Document:

Mortgage Assignment(related to the origination of the 11 S.LaSalle Mortgage Loan

 Exhibit 10.148 
 MORTGAGE, ASSIGNMENT OF LEASES AND RENTS,  
 SECURITY AGREEMENT, FIXTURE FILING AND FINANCING
STATEMENT 
 THIS MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT, FIXTURE FILING AND FINANCING STATEMENT (this “Mortgage”)
is made this 8th day of August, 2007, by PRIME LASALLE/MADISON PARTNERS, LLC, an Illinois limited liability company (herein, together with its successors and assigns, the “Borrower”), and having its address at: c/o The Prime Group,
Inc., 321 North Clark Street, Suite 2500, Chicago, IL 60610, in favor of KBS DEBT HOLDINGS, LLC, a Delaware limited liability company (herein, the “Lender”), having its address at c/o KBS Capital Advisors, LLC, 620 Newport Center
Drive, Suite 1300, Newport Beach, California 92660, Attention: Stacie Yamane, together with its successors and assigns. 
 R E C I T A L S

 A. Loan Agreement and Promissory Note. Pursuant to that certain Loan Agreement dated as of even date herewith, by and between
Borrower and Lender (herein, as the same may be amended, modified, revised or restated from time to time, is called the “Loan Agreement”), Lender has agreed to make, and Borrower has agreed to take from Lender, a loan (the
“Loan”) in the original principal amount of Forty-Three Million Three Hundred Thousand and No/100 Dollars ($43,300,000.00). Such Loan will be made pursuant to the terms and conditions set forth in the Loan Agreement. The Loan is
evidenced by that certain Promissory Note, dated of even date herewith, in the original principal amount of Forty-Three Million Three Hundred Thousand and No/100 Dollars ($43,300,000.00), executed by Borrower in favor of Lender (herein, as the same
may be amended, modified or restated from time to time, is called the “Note”). 
 The Loan shall bear interest and be
payable as provided in the Note and shall be due and payable in full on the date set forth in the Note, unless accelerated or prepaid pursuant to the terms of the Loan Agreement, the Note or the other Loan Documents (as defined in the Loan
Agreement). 
 Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Loan Agreement. 
 B. Loan Documents. The Loan Agreement, the Note and any other documents and instruments executed and delivered in connection with the Loan
Agreement, the Note or as security therefor, including, without limitation, this Mortgage, Consent and Subordination of Property Manager, Limited Repayment Guaranty, Guaranty of Non-Recourse Carveouts, Unsecured Environmental Indemnity Agreement,
Pledge and Assignment of Reserve Accounts, Clearing Account Agreement, Cash Management Agreement, and Certification of No Material Change or Damage (each as defined in the Loan Agreement) and each as the same may be amended, modified or restated
from time to time, are hereinafter collectively referred to as the “Loan Documents”. 
 C. The Liabilities. As used
in this Mortgage, the term “Liabilities” means and includes all of the following: 
 (i) all performance and payment
obligations to the Lender arising under or in connection with the Loan Agreement, the Note, this Mortgage or any of the other Loan Documents, other than the obligations under each of the Limited Repayment Guaranty, Guaranty of Non-Recourse
Carveouts, and Unsecured Environmental Indemnity Agreement, which obligations are and shall remain, for as long as Lender deems necessary, unsecured obligations; 

 (ii) all payment, reimbursement, indemnification and other obligations to the Lender, in each case
howsoever created, arising or evidenced, whether direct or indirect, joint or several, absolute or contingent, or now or hereafter existing, or due or to become due, arising out of or in connection with the Loan Agreement, the Note, this Mortgage or
any of the other Loan Documents; 
 (iii) all indebtedness of any kind arising under, and all amounts of any kind which at any time become
due or owing to the Lender under or with respect to, all of the covenants, obligations and agreements in, under or pursuant to the Loan Agreement, the Note, this Mortgage, and the other Loan Documents; 
 (iv) any and all advances, costs or expenses paid or incurred by the Lender (a) to protect any or all of the Collateral (hereinafter defined) and
other collateral under the Loan Documents, (b) to perform any obligation of the Borrower hereunder and any obligation of the Borrower under the Loan Agreement, the Note or any other Loan Documents or collect any amount owing to the Lender,
which is secured hereby or under the Loan Documents; 
 (v) interest on all of the foregoing including, where applicable, interest at the
Default Interest Rate (as defined in the Note) as applicable to the Note Rate (as defined in the Note); and 
 (vi) all costs of enforcement
and collection (including, without limitation, attorneys’ fees and court costs) of this Mortgage, the Loan Documents and any of the foregoing. 
 D. The Collateral. For purposes of this Mortgage, the term “Collateral” means and includes all right, title and interest of the Borrower, if any, in and to all of the following: 
 (i) Real Estate. All of the land described on Exhibit A attached hereto (the “Land”), together with all and singular the
tenements, rights, easements, hereditaments, rights of way, privileges, liberties, appendages and appurtenances now or hereafter belonging or in anyway appertaining to the Land (including, without limitation, all rights relating to storm and
sanitary sewer, water, gas, electric, railway and telephone services); all development rights, air rights, water, water rights, water stock, gas, oil, minerals, coal and other substances of any kind or character underlying or relating to the Land;
all estate, claim, demand, right, title or interest of the Borrower in and to any street, road, highway, or alley (vacated or otherwise) adjoining the Land or any part thereof; all strips and gores belonging, adjacent or pertaining to the Land; and
any after-acquired title to any of the foregoing (all of the foregoing is herein referred to collectively as the “Real Estate”); 
  

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 (ii) Improvements and Fixtures. All buildings, structures, replacements, furnishings, fixtures,
fittings and other improvements and property of every kind and character now or hereafter located or erected on the Real Estate, together with all building or construction materials, equipment, appliances, machinery, plant equipment, fittings,
apparatus, fixtures and other articles of any kind or nature whatsoever now or hereafter found on, affixed to or attached to the Real Estate, including (without limitation) all motors, boilers, engines and devices for the operation of pumps, and all
heating, electrical, lighting, power, plumbing, air conditioning, refrigeration and ventilation equipment (all of the foregoing is herein referred to collectively as the “Improvements”); 
 (iii) Personal Property. All furniture, furnishings, equipment (including, without limitation, telephone and other communications equipment,
window cleaning, building cleaning, monitoring, garbage, air conditioning, pest control and other equipment) and all other tangible property of any kind or character now or hereafter owned by the Borrower and used or useful in connection with the
Real Estate, regardless of whether located on the Real Estate or located elsewhere including, without limitation, all rights of the Borrower under any lease to furniture, furnishings, fixtures and other items of personal property at any time during
the term of such lease (all of the foregoing is herein referred to collectively as the “Goods”); 
 (iv) Intangibles.
All goodwill, trademarks, trade names, option rights, purchase contracts, books and records and general intangibles of the Borrower relating to the Premises (defined below) and all accounts, contract rights, instruments, chattel paper and other
rights of the Borrower for payment of money to it for property sold or lent by it, for services rendered by it, for money lent by it, or for advances or deposits made by it, and any other intangible property of the Borrower related to the Real
Estate or the Improvements (all of the foregoing is herein referred to collectively as the “Intangibles”); 
 (v)
Rents. All rents, issues, profits, royalties, avails, income and other benefits derived or owned by the Borrower directly or indirectly from the Premises, including without limitation, judgments, settlements or bankruptcy claims for unpaid
rents or damages arising in connection with any rejection of a Lease (defined below) in bankruptcy as well as rental loss insurance proceeds and claims therefor (all of the foregoing is herein collectively called the “Rents”);

 (vi) Leases. All rights of the Borrower under all leases, subleases, licenses, occupancy agreements, concessions or other
arrangements, whether written or oral, whether now existing or entered into at any time hereafter, whereby any person agrees to pay money or any consideration for the use, possession or occupancy of, or any estate in, the Premises or any part
thereof, and all rents, income, profits, benefits, avails, advantages and claims against guarantors under any thereof (all of the foregoing, as each of the same may be amended and modified from time to time, is herein referred to collectively as the
“Leases”); 
 (vii) Plans. All rights of the Borrower, if any, to plans and specifications, designs, drawings and
other matters prepared in connection with the Premises (all of the foregoing, as each of the same may be amended and modified from time to time, is herein called the “Plans”); 
  

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 (viii) Contracts for Services. All rights of the Borrower, if any, under any contracts executed by
the Borrower with any provider of goods or services for or in connection with any construction undertaken on, or services performed or to be performed in connection with, the Real Estate, including any architect’s contract and any management
agreement (all of the foregoing, as each of the same may be amended and modified from time to time, is herein referred to collectively as the “Contracts for Services”); 
 (ix) Contracts for Sale or Financing. All rights of the Borrower, if any, as seller or borrower under any agreement, contract, understanding or
arrangement pursuant to which the Borrower has or may hereafter have, with the prior written consent of the Lender, obtained the agreement of any person to pay or disburse any money for the Borrower’s sale (or borrowing on the security) of the
Collateral or any part thereof (all of the foregoing, as each of the same may be amended and modified from time to time, is herein referred to collectively as the “Contracts for Sale”); 
 (x) Accounts. All reserves, escrows and deposit accounts maintained by Borrower with respect to the Property, including, without limitation, all
accounts established or maintained pursuant to the Cash Management Agreement, Clearing Account Agreement and Pledge and Assignment of Reserve Accounts; together with all deposits or wire transfers made to such accounts and all cash, checks, drafts,
certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof; 
 (xi) Interest Rate Cap Agreement. The Interest Rate Cap Agreement, including, but not limited to, all “accounts,” “chattel
paper,” “general intangibles” and “investment property” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing; and all products and proceeds of
any of the foregoing; and 
 (xii) Other Property. All other property or rights of the Borrower of any kind or character related to
the Real Estate or the Improvements, and all proceeds (including insurance and condemnation proceeds) and products of any of the foregoing. (All of the Real Estate and the Improvements, and any other property which is real estate under applicable
law, is sometimes referred to collectively herein as the “Premises”; and all of the Collateral other than the Premises is sometimes referred to herein as the “Personal Property”). 
 G R A N T 
 NOW THEREFORE, for and in
consideration of the Lender’s making any loan, advance or other financial accommodation to or for the benefit of the Borrower, including sums advanced and readvanced under the Loan Agreement or the Note, and in consideration of the various
agreements contained herein, in the Loan Agreement, the Note and in the Loan Documents, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Borrower, and in order to secure the full,
timely and proper payment and performance of each and every one of the Liabilities, 
  

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 BORROWER DOES HEREBY IRREVOCABLY, UNCONDITIONALLY AND ABSOLUTELY MORTGAGE, GRANT, BARGAIN, SELL, PLEDGE,
ENFEOFF, ASSIGN, WARRANT, TRANSFER AND CONVEY TO LENDER, AND ITS SUCCESSORS FOREVER, TOGETHER WITH THE RIGHT OF ENTRY AND POSSESSION, ALL OF THE COLLATERAL AND THE BORROWER DOES HEREBY GRANT, BARGAIN, TRANSFER, SELL, ASSIGN AND CONVEY TO THE LENDER
A CONTINUING FIRST PRIORITY SECURITY INTEREST IN AND TO ALL OF THE COLLATERAL SUBJECT TO THE PERMITTED EXCEPTIONS (DEFINED BELOW). 
 TO HAVE
AND TO HOLD the Premises unto the Lender, its successors and assigns, hereby expressly waiving and releasing any and all right, benefit, privilege, advantage or exemption under and by virtue of any and all statutes and laws of the state or other
jurisdiction in which the Real Estate is located providing for the exemption of homesteads from sale on execution or otherwise. 
 The
Borrower hereby covenants with and warrants to the Lender and to the purchaser at any foreclosure sale: that at the execution and delivery hereof it is well seized of the Premises, and of a good, indefeasible estate therein, in fee simple; that the
Collateral is free from all encumbrances whatsoever (and any claim of any other person thereto) other than (i) the security interest granted to the Lender herein and pursuant to the Loan Documents and (ii) the encumbrances and other
matters set forth in the title insurance policy insuring the lien of this Mortgage in favor of the Lender (collectively, the “Permitted Exceptions”); that it has good and lawful right to sell, mortgage and convey the Collateral; and
that it and its successors and assigns will forever warrant and defend the Collateral against all claims and demands whatsoever with the exception of the Permitted Exceptions. 
 I. COVENANTS AND AGREEMENTS 
 OF THE BORROWER 
 Further to secure the payment and performance of the Liabilities, the Borrower hereby covenants, warrants and agrees with the Lender as follows:

 1.1 Recitals and Grant. The Recitals and Grant set forth above are true and correct and are incorporated herein by reference.

 1.2 Payment of Liabilities. The Borrower agrees that it will pay, or will cause to be paid, timely and in the manner required in
the appropriate documents or instruments, all amounts due hereunder and under the Loan Documents and all other Liabilities (including fees and charges). All sums payable by the Borrower hereunder shall be paid without demand, counterclaim, offset,
deduction or defense. The Borrower waives all rights now or hereafter conferred by statute or otherwise to any such demand, counterclaim, offset, deduction or defense. 
 1.3 Payment of Taxes. Subject to Section 1.18 hereof, the Borrower will pay or cause to be paid when due all taxes and assessments, general or special, and any and all levies, claims, charges,
expenses and liens, ordinary or extraordinary, governmental or non-governmental, statutory or otherwise, due or to become due, that may be levied, assessed, made, imposed or charged on or against the Collateral or any property used in connection
therewith. In 

  

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addition, the Borrower will pay before due any tax or other charge on the interest or estate in lands created or represented by this Mortgage or by any of
the Loan Documents, whether levied against the Borrower or the Lender or otherwise. Upon request of Lender, Borrower will submit to the Lender all receipts showing payment of all of such taxes, assessments and charges. 
 1.4 Maintenance and Repair. The Borrower will: 
 (a) not abandon the Premises; 
 (b) not do or suffer anything to be done which could reasonably be expected
to depreciate or impair the value of the Collateral or the security of this Mortgage; 
 (c) not remove or demolish any of the Improvements
except in connection with the renovation of the Premises or the leasing of space in the Premises in accordance with the Loan Agreement; 
 (d) pay promptly for all labor and materials for all construction, repairs, demolition and improvements to or on the Premises; 
 (e) except as expressly permitted in the Loan Agreement, not make any changes, additions or alterations to the Premises or the Improvements except as required by any applicable governmental requirement or as otherwise approved in writing by
Lender; 
 (f) maintain, preserve and keep the Goods and the Improvements in good, safe and insurable condition and repair and promptly make
any needful and proper repairs, replacements, renewals, additions or substitutions required by wear, damage, obsolescence or destruction, all as promptly as possible under the circumstances but in all cases in compliance with any time period
provided under applicable requirements of governmental authorities and insurance underwriters; 
 (g) not commit, suffer, or permit waste of
any part of the Premises; and 
 (h) maintain all grounds and abutting streets and sidewalks which it has an obligation to maintain in good
and neat order and repair. 
 1.5 Sales; Liens. Without in any way limiting the provisions of the Loan Agreement, and except as
otherwise expressly permitted in the Loan Agreement, the Borrower will not: 
 (a) Sales: sell, contract to sell, assign, transfer or
convey, or permit to be transferred or conveyed, the Collateral or any part thereof or any interest or estate in any thereof (including any conveyance into a trust or any conveyance of the beneficial interest in any trust that may be holding title
to the Premises) or remove any of the Collateral from the Premises (except as permitted in the Loan Agreement) or from the state in which the Real Estate is located; or 
  

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 (b) Liens: create, suffer or permit to be created or to exist any deed of trust, mortgage, lien,
claim, security interest, charge, encumbrance or other right or claim of any kind whatsoever (whether voluntarily or by operation of law) upon the Collateral or any part thereof or any of the Third Party Agreements (defined below), except those of
current taxes not then due and payable, the Permitted Exceptions and mechanic’s liens being diligently contested in good faith and continuing in accordance with Section 1.18 hereof. 
 1.6 Delivery of Documents; Access by Lender. 
 (a) Delivery of Documents. The Borrower will at all times deliver to the Lender either all of its executed originals (in the case of chattel paper or instruments) or (in all other cases), if requested by Lender, certified copies of
all Leases, agreements creating or evidencing Intangibles, Plans, Contracts for Services, Contracts for Sale, all amendments and supplements thereto, and any other document which is, or which evidences, governs, or creates, Collateral. 

(b) Access by Lender. In accordance with the terms of the Loan Agreement, Lender shall have the right to, among other things, enter onto,
inspect, perform tests (including environmental studies and assessments in connection with the preparation of, or enforcement of, its rights and remedies under the Loan Documents) and investigate the Premises and the Collateral and the books,
records and documents relating thereto. 
 1.7 Stamp and Other Taxes. If the Federal, or any state, county, local, municipal or other
government or any subdivision of any thereof having jurisdiction, shall levy, assess or charge any tax (excepting therefrom any income tax on the Lender’s receipt of interest payments on the principal portion of the Liabilities), assessment or
imposition upon this Mortgage, any of the other Liabilities, or any of the other Loan Documents, the interest of the Lender in the Collateral, or any of the foregoing, or upon the Lender by reason of or as holder of any of the foregoing, or shall at
any time or times require revenue stamps to be affixed to this Mortgage or any of the other Loan Documents, the Borrower shall pay, or cause to be paid, all such taxes and stamps to or for the Lender as they become due and payable. If any law or
regulation is enacted or adopted permitting, authorizing or requiring any tax, assessment or imposition to be levied, assessed or charged, which law or regulation prohibits the Borrower from paying the tax, assessment, stamp, or imposition to or for
the Lender, then such event shall constitute an Event of Default hereunder and all sums hereby secured shall become immediately due and payable at the option of the Lender. 
  

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 1.8 Insurance. The Borrower will at all times maintain or cause to be maintained on the Goods, the
Improvements and on all other Collateral, all insurance required pursuant to the terms of the Loan Agreement. All claims for insurance proceeds shall be settled, and the insurance proceeds disbursed and applied, in accordance with the terms of the
Loan Agreement. Borrower has assigned to Lender all of its right, title and interest in, to and under all insurance proceeds as provided herein and in the Loan Agreement. 
 1.9 Eminent Domain. In case the Collateral, or any part or interest in any thereof, is taken by condemnation or eminent domain, all Condemnation Awards (as defined in the Loan Agreement) are to be settled,
assigned and applied in accordance with the terms of the Loan Agreement. Borrower has assigned to the Lender all of its right, title and interest in, to and under all Condemnation Awards as provided in the Loan Agreement. 
 1.10 Governmental Requirements. 
 (a)
Compliance With Laws. The Borrower will at all times fully comply with, and cause the Collateral and the use and condition thereof fully to comply with, all federal, state, county, municipal, local and other governmental statutes, ordinances,
requirements, regulations, rules, orders and decrees of any kind whatsoever that apply or relate to the Borrower or the Collateral or the use thereof, including, without limitation, all federal, state, county and local laws relating to handicapped
access to the Premises. Notwithstanding the foregoing, the Borrower shall have the right to diligently contest any such governmental requirement so long as (i) no Event of Default has occurred and is continuing, (ii) Borrower has provided
Lender with prior written notice of its intention to contest such governmental requirements, (iii) the contest is in good faith and by appropriate legal proceedings, (iv) adequate reserves are being maintained in accordance with generally
accepted accounting principles, consistently applied and (v) forfeiture of any part of the Collateral will not result from the Borrower’s failure to comply with such governmental requirement during the period of such contest. 

(b) Compliance With Permits. The Borrower further agrees that it will observe and comply with all conditions and requirements necessary to
preserve and extend any and all rights, licenses, permits, privileges, franchises and concessions (including, without limitation, those relating to land use and development, landmark preservation, construction, access, water rights and use, noise,
environmental pollution and hazardous waste and substances) which are applicable to the Borrower or have been granted for the Collateral or the use thereof. 
 (c) Changes in Use; Zoning. Unless required by applicable law, or unless Lender has otherwise first agreed in writing, the Borrower shall not make or allow any changes to be made in the nature of the occupancy
or use of the Premises or any portion thereof for which the Premises or such portion was intended at the time this Mortgage was delivered. The Borrower shall not initiate or acquiesce in any change in any zoning or other land use classification now
or hereafter in effect and affecting the Premises or any part thereof without in each case obtaining the Lender’s prior written consent thereto. 
  

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 1.11 No Mechanics’ Liens. Subject to Section 1.18 hereof, the Borrower will not
suffer any mechanic’s, laborer’s or materialmen’s lien to be created or remain outstanding upon the Premises or any part thereof. In addition, it is further expressly made a covenant and condition hereof that the lien of this Mortgage
shall extend to any and all improvements and fixtures now or hereafter on the Premises, prior to any other lien thereon that may be claimed by any person, so that subsequently accruing claims for lien on the Premises shall be junior and subordinate
to this Mortgage. The Borrower agrees to promptly deliver to the Lender a copy of any notices that the Borrower receives with respect to any pending or threatened lien or the foreclosure thereof. 
 1.12 Continuing Priority. The Borrower will (a) pay such fees, taxes and charges, execute and file (at the Borrower’s expense) such
financing statements, obtain such acknowledgements or consents, notify such obligors or providers of services and materials and do all such other acts and things as the Lender may from time to time request to establish and maintain a valid and
perfected lien on and security interest in the Collateral, subject only to the Permitted Exceptions; and (b) keep all tangible Collateral on the Real Estate except as the Lender may otherwise consent in writing. 
 1.13 Utilities. The Borrower will pay or cause to be paid all utility charges incurred in connection with the Collateral promptly when due and
maintain all utility services available for use at the Premises. 
 1.14 Third Party Agreements. 
 (a) Performance of Obligations. The Borrower will, for the benefit of the Lender, fully and promptly keep, observe, perform and satisfy each
obligation, condition, covenant, and restriction of the Borrower affecting the Premises or imposed on it under any “Third Party Agreements” so that there will be no default thereunder and so that the persons (other than the Borrower)
obligated thereon shall be and remain at all times obligated to perform for the benefit of the Lender. The Borrower will not permit to exist any condition, event or fact which could allow or serve as a basis or justification for any such person to
avoid such performance. The Borrower shall promptly deliver to the Lender copies of any demands or notices of default sent or received by the Borrower in connection with any Third Party Agreement and allow the Lender the right, but not the
obligation, to cure any such default. For purposes hereof, “Third Party Agreements” shall mean all agreements between the Borrower (or its predecessor(s) in title) relating to the Collateral or the Liabilities secured hereby,
including, without limitation, all reciprocal easement agreements and covenants, conditions and restrictions affecting the Premises (other than easements to utilities companies on such utility company’s standard form that will not have a
Material Adverse Effect on the Premises), the Management Agreement (as defined in the Loan Agreement), the Contracts for Sale, Contracts for Services that provide for more than ninety (90) days prior written notice to terminate or the payment
of a penalty or fee to terminate, the Intangibles and any other document imposing an obligation, covenant or restriction against the Collateral or Borrower. The term “Third Party Agreement” shall not, however, include the Leases.

  

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 (b) Enforceability. In addition, the Borrower will enforce, at its expense, each and every
obligation of the parties (other than the Borrower) under the Third Party Agreements. Without the prior written consent of the Lender, the Borrower shall not (i) collect the proceeds of any Intangibles more than thirty (30) days before the
same shall be due and payable; (ii) modify or amend, cancel or terminate any of the Third Party Agreements, or (iii) in any other manner impair Lender’s rights and interest with respect to the Third Party Agreements or the Leases or
the Rents. 
 1.15 Assignment of Leases and Rents and Collections; Future Leases. 
 (a) Assignment; License. Borrower irrevocably, absolutely and unconditionally assigns and transfers to Lender all of Borrower’s right, title
and interest (but not the obligations) in, to and under the Leases now existing or hereafter entered into, and all of the Rents, whether now due, past due, or to become due, and including all prepaid rents and security deposits, and all other
amounts due with respect to any of the other Collateral. Lender shall hold and apply all such Leases and Rents in payment or reimbursement of the Liabilities and all other sums payable under this Mortgage and the Loan Documents. So long as no Event
of Default has occurred and is continuing, the Borrower shall have a license to collect and receive all Rents and other amounts. Borrower shall hold any Rents received under the foregoing license in trust for the benefit of Lender. Upon the
occurrence of an Event of Default, Borrower’s right to collect, receive and retain the Rents under the foregoing license shall automatically be revoked without regard to the adequacy of Lender’s security hereunder and without notice to or
demand upon the Borrower. Thereafter, until an Event of Default no longer exists, Lender shall have the sole right, with or without taking possession of the Premises, to collect all Rents. This is an absolute assignment and not an assignment for
security only. 
 (b) Mortgagee-in-Possession. It is understood and agreed that neither the foregoing assignment to the Lender nor the
exercise by the Lender of any of its rights or remedies under Article III hereof shall be deemed to make the Lender a “mortgagee-in-possession” or otherwise responsible or liable in any manner with respect to the Collateral or the
use, occupancy, enjoyment of any portion thereof, unless and until the Lender, in person or by agent, assumes actual possession thereof to the maximum extent permitted by applicable law. Nor shall appointment of a receiver for the Collateral by any
court at the request of the Lender or by agreement with the Borrower, or the entering into possession of any part of the Collateral by such receiver, be deemed to make the Lender a mortgagee-in-possession or otherwise responsible or liable in any
manner with respect to the Collateral or the use, occupancy, enjoyment or operation of all or any portion thereof. 
 (c) Notice to
Tenants. Upon the occurrence of any Event of Default, this Mortgage shall constitute a direction to and full authority to each lessee under any Leases, each guarantor of any of the Leases and any other person obligated under any of the
Collateral to pay all Rents and other amounts to the Lender without proof of the Event of Default relied upon. The Borrower hereby irrevocably authorizes each such person to rely upon and comply with any notice or demand by the Lender for the
payment to the Lender of any Rents and other amounts due or to become due under such documents. 
  

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 (d) Application of Rents; Future Assurance. The Borrower shall apply the Rents and other amounts
to the payment of all necessary and reasonable operating costs and expenses of the Collateral, debt service on the Liabilities and otherwise in compliance with the provisions of the Loan Documents. The Borrower shall at any time or from time to
time, upon request of the Lender, transfer and assign to the Lender in such form as may be satisfactory to the Lender, the Borrower’s interest in any of the Leases. 
 (e) Assignment by Lender. The Lender shall have the right to assign the Lender’s right, title and interest in any Leases to any subsequent holder of this Mortgage or any participating interest therein or
to any person acquiring title to all or any part of the Collateral through foreclosure, deed-in-lieu or otherwise. Any subsequent assignee shall have all the rights and powers herein provided to the Lender. 
 (f) Remedies. Without limiting the remedies contained in Article III, upon the occurrence and during the continuation of any Event of
Default, the Lender shall have the right to execute new leases of any part of the Collateral, including leases that extend beyond the term of this Mortgage. At any time after the occurrence and during the continuation of an Event of Default, the
Lender shall have the authority, as the Borrower’s attorney-in-fact, such authority being coupled with an interest and irrevocable, to sign the name of the Borrower and to bind the Borrower on all papers and documents relating to the operation,
leasing and maintenance of the Collateral. 
 (g) Future Leases. From and after the date hereof, all Leases entered into in connection
with the Premises shall be made in accordance with the terms and conditions of the Loan Agreement. 
 1.16 The Lender’s
Performance. If the Borrower fails to pay or perform any of its obligations herein contained (including payment of expenses of foreclosure and court costs), the Lender may (but need not), as agent or attorney-in-fact of the Borrower, after
the expiration of any applicable notice or cure period (except in the case of an emergency affecting the Premises or the lien of this Mortgage, in which case no notice or cure period shall be applicable) make any payment or perform (or cause to be
performed) any obligation of the Borrower hereunder, in any form and manner deemed expedient by the Lender, and any amount so paid or expended (plus reasonable compensation to the Lender for its out-of-pocket and other expenses for each matter for
which it acts under this Mortgage), with interest thereon at the Default Interest Rate (as defined in the Note) applicable to the Note Rate (as defined in the Note), shall be added to the principal debt hereby secured and shall be repaid to the
Lender upon demand. 
 By way of illustration and not in limitation of the foregoing, the Lender may (but need not) do all or any of the
following: (a) make payments of principal or interest or other amounts on account of any lien, encumbrance or charge on any of the Collateral; (b) complete 

  

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construction; (c) make repairs; (d) collect Rents; (e) prosecute collection of the Collateral or proceeds thereof; (f) purchase,
discharge, compromise or settle any tax lien or any other lien, encumbrance, suit, proceeding, title or claim thereof; (g) contest any tax or assessment; and (h) redeem from any tax sale or forfeiture affecting the Premises or any easement
benefiting the Premises. 
 In making any payment or securing any performance relating to any obligation of the Borrower hereunder, the
Lender shall be the sole judge of the legality, validity and amount of any lien or encumbrance and of all other matters necessary to be determined in satisfaction thereof. No such action of the Lender shall ever be considered as a waiver of any
right accruing to it on account of the occurrence of any matter which constitutes an Event of Default. 
 1.17 Subrogation
Rights. To the extent that the proceeds of the Loan are used, directly or indirectly, to pay off, satisfy or discharge, in whole or in part, any outstanding lien, charge or prior encumbrance against the Collateral or any part thereof, then as
additional security hereunder, Lender shall be subrogated to any and all rights, superior titles and liens owned or claimed by any owner or holder of such outstanding liens, charges and prior encumbrances, however remote and irrespective of whether
said liens, charges or encumbrances have been released of record by the holder thereof upon payment. 
 1.18 Borrower’s Right to
Contest. Borrower may contest or object to the legal validity or amount of any tax or any mechanics’ or materialmen’s lien on the Premises on and subject to the following conditions: (i) no Event of Default has occurred and
remains uncured, (ii) after having given Lender at least five (5) Business Days’ prior written notice of its intention to institute such proceedings, Borrower shall in good faith have instituted appropriate legal proceedings with
respect thereto, the pendency of which shall have the legal effect of staying the effectiveness and enforcement of such taxes or lien (as the case may be) and any and all other remedies relating thereto which may affect the Premises or the
title thereto, and Borrower shall at all times thereafter prosecute such proceedings diligently and in good faith to completion; and (iii) Borrower shall either (A) have duly paid the full amount of the tax or lien under protest or
(B) have fully bonded over or title-insured over such tax or lien to Lender’s full satisfaction (such title endorsement to affirmatively cover costs of defense). 
 II. DEFAULT 
 Each of the following shall constitute an event of default (an “Event of
Default”) hereunder: 
 2.1 Loan Documents. The occurrence of an Event of Default under the terms and provisions of the Loan
Agreement or any of the other Loan Documents (as defined in the Loan Agreement or such other Loan Documents); or 
 2.2 Provisions of this
Mortgage. Non-compliance by the Borrower with, or failure by the Borrower to perform, any agreement contained herein (other than any non-compliance or failure which constitutes an Event of Default under Section 2.1 or 2.3) and
continuance of such non-compliance or failure for ten (10) Business Days (after written notice) with respect to the payment of any amounts required to be paid under this Mortgage (other than 

  

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amounts required to be paid under the Note) or for thirty (30) days after notice thereof to the Borrower from the Lender with respect to all other
non-monetary defaults under this Mortgage; provided, however, that if such non-monetary default cannot, with diligence, be cured within such thirty (30) day period, then so long as Borrower is diligently pursuing a cure for such default,
Borrower shall have an additional sixty (60) days after the expiration of the initial thirty (30) days within which to cure such default. 
 2.3 Sales and Liens. A default by the Borrower under Section 1.5 for which there is no notice or cure period. 
 III. REMEDIES 
 3.1 Acceleration. Upon the occurrence of any Event of Default, the entire outstanding Liabilities
together with interest thereon at the Default Interest Rate as applied to the Note Rate shall (a) automatically become immediately due and payable in the event of the occurrence of an Event of Default under Section 16(i) of the Loan
Agreement and (b) at the option of the Lender, become immediately due and payable in the event of occurrence of any other Event of Default. 
 3.2 Remedies Cumulative. No remedy or right of the Lender hereunder or under any of the Loan Documents, or otherwise available under applicable law or in equity, shall be exclusive of any other right or remedy, but each such
remedy or right shall be in addition to every other remedy or right now or hereafter existing under any such document or under applicable law or in equity. No delay in the exercise of, or omission to exercise, any remedy or right accruing on any
Event of Default shall impair any such remedy or right or be construed to be a waiver of any such Event of Default or an acquiescence therein, nor shall it affect any subsequent Event of Default of the same or a different nature. Every such remedy
or right may be exercised concurrently or independently, and when and as often as may be deemed expedient by the Lender. All obligations of the Borrower, and all rights, powers and remedies of the Lender, expressed herein shall be in addition to,
and not in limitation of, those provided by law or in equity or in any of the Loan Documents or any other written agreement or instrument relating to any of the Liabilities or any security therefor. 
 3.3 Judicial Foreclosure; Receiver. 
 (a) Judicial Foreclosure. Upon the occurrence of any Event of Default, Lender shall have the right immediately to foreclose this Mortgage by applicable judicial proceedings. 
 (b) Receiver; Lender-in-Possession. Upon the filing of any complaint for that purpose, the court in which such complaint is filed may, upon
application of Lender or at any time thereafter, either before or after foreclosure sale, and to the maximum extent permitted by law, notice to Borrower or to any party claiming under Borrower and without regard to the solvency or insolvency at the
time of such application of any person then liable for the payment of any of the Liabilities, without regard to the then value of the Premises or whether the same 

  

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shall then be occupied, in whole or in part, as a homestead, by the owner of the equity of redemption, and without regarding any bond from the complainant in
such proceedings, appoint a receiver for the benefit of the Lender, or permit Lender to take possession, charge, and control of the Premises to the maximum extent permitted by applicable law, to lease the same, to keep the buildings thereon insured
and in good repair, and to collect all Rents during the pendency of such foreclosure suit, and, in case of foreclosure sale, during any period of redemption. 
 (c) Powers of Receiver and Lender. The court may, from time to time, authorize said receiver or the Lender, as mortgagee-in-possession to the maximum extent permitted by applicable law, to apply the net amounts
received by Lender remaining in its hands, after deducting reasonable compensation for itself and its counsel as allowed by the court, in payment (in whole or in part) of any or all of the Liabilities, including without limitation the following, in
such order of application as Lender may elect: (i) amounts due under the Loan Documents, (ii) amounts due upon any decree entered in any suit foreclosing this Mortgage, (iii) costs and expenses (including, without limitation,
reasonable attorneys fees and court costs) of foreclosure and litigation upon the Premises, (iv) insurance premiums, repairs, taxes, special assessments, water charges and interest, penalties and costs, in connection with the Premises,
(v) any other lien or charge upon the Premises that may be or become superior to the lien of this Mortgage, or of any decree foreclosing the same and (vi) all moneys advanced by Lender to cure or attempt to cure any Event of Default by
Borrower in the performance of any obligation or condition contained in any Loan Documents or this Mortgage or otherwise, to protect the security hereof provided herein, or in any Loan Documents, with interest on such advances at the Default
Interest Rate applicable to the Note Rate, and any balance shall be applied by Lender toward the payment of such Liabilities in such order and application as Lender may from time to time elect. 
 (d) Partial Foreclosure; Separate Sales. This Mortgage may be foreclosed once against all, or successively against any portion or portions, of the
Premises, as Lender may elect, until all of the Premises have been foreclosed against and sold. As part of the foreclosure, there may be a sale to the highest bidder all or any part of the Premises, and all right, title, interest, claim and demand
therein, and the right of redemption thereof, as an entirety, or in separate lots, as Lender may elect, and in one sale or in any number of separate sales held at one time or at any number of times, all in any manner and upon such notice as provided
by applicable law. 
 (e) Transfer of Title. Upon the completion of any such sale or sales and any necessary confirmation thereof by
the court, there shall be transferred and delivered to the purchaser or purchasers the property so sold, in the manner and form as provided by applicable law. 
 (f) Lender’s Right to Bid in Liabilities. In the case of any sale of the Premises pursuant to any judgment or decree of any court at public auction or otherwise, Lender may become the purchaser, and for
the purpose of making settlement for or payment of the purchase price, shall be entitled to deliver over and use the Liabilities and any claims for the debt in order that there may be credited as paid on the purchase price the amount of such
Liabilities and debt. 

  

 -14- 

 
In case of any foreclosure of this Mortgage (or the commencement of or preparation therefor) in any court, all expenses of every kind paid or incurred by the
Lender for the enforcement, protection or collection of this security, including court costs, reasonable attorneys’ fees, stenographers’ fees, costs of advertising, and costs of title insurance and any other documentary evidence of title,
shall be paid by the Borrower. 
 3.4 Possession of the Premises; Remedies for Leases and Rents. The Borrower hereby waives all right
to the possession, income, and Rents of the Premises and other Collateral from and after the occurrence of any Event of Default, and the Lender is hereby expressly authorized and empowered, at and following any such occurrence and during the
continuation of an Event of Default, to enter into and upon and take possession of the Premises and other Collateral or any part thereof. If any Event of Default shall occur, then, whether before or after institution of legal proceedings to
foreclose the lien of this Mortgage or before or after the sale thereunder, the Lender shall be entitled, in its discretion, to do all or any of the following: (i) to the maximum extent permitted by applicable law, (which, if required by law
may be through a receiver) enter and take actual possession of the Premises, the Rents, the Leases and other Collateral relating thereto or any part thereof personally, or by its agents or attorneys, and exclude the Borrower therefrom; (ii) to
the maximum extent permitted by applicable law, enter upon and take and maintain possession of all of the documents, books, records, papers and accounts of the Borrower relating thereto; (iii) as attorney-in-fact or agent of the Borrower, or in
its own name (or, if required by law, a receiver) as mortgagee and under the powers herein granted, hold, operate, manage and control the Premises, the Rents, the Leases and other Collateral relating thereto and conduct the business, if any, thereof
either personally or by its agents, contractors or nominees, with full power to use such measures, legal or equitable, as in its discretion or in the discretion of its successors or assigns may be deemed proper or necessary to enforce the payment of
the Rents, the Leases and other Collateral relating thereto (including actions for the recovery of rent, actions in forcible detainer and actions in distress of rent); (iv) cancel or terminate any Lease or sublease for any cause or on any
ground which would entitle the Borrower to cancel the same; (v) elect to disaffirm any Lease or sublease made subsequent hereto or subordinated to the lien hereof; (vi) make all necessary or proper repairs, decorations, renewals,
replacements, alterations, additions, betterments and improvements to the Premises that, in its discretion, may seem appropriate; (vii) complete any construction in progress thereon at the expense of Borrower and to continue any and all
outstanding contracts for the erection and completion of the Improvements; (viii) insure and reinsure the Collateral for all risks incidental to the Lender’s possession, operation and management thereof; and (ix) receive all such
Rents and proceeds, and perform such other acts in connection with the management and operation of the Collateral, as the Lender in its discretion may deem proper, the Borrower hereby granting the Lender full power and authority to exercise each and
every one of the rights, privileges and powers contained herein at any and all times after and during the continuation of any Event of Default without notice to the Borrower or any other person, except as provided herein. 
 The Lender, in the exercise of the rights and powers conferred upon it hereby, shall have full power to use and apply the Rents to the payment, in such
order as Lender may determine, of or on account of any one or more of the following in such order as it may determine: (a) to the payment of the operating expenses of the Premises, including the cost of management and leasing thereof (which
shall include reasonable compensation to the Lender and its agents or contractors, if management be delegated to agents or contractors, and it shall also include lease 

  

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commissions and other compensation and expenses of seeking and procuring tenants and entering into Leases), established claims for damages, if any, and
premiums on insurance hereinabove authorized; (b) to the payment of taxes, charges and special assessments, the costs of all repairs, decorating, renewals, replacements, alterations, additions, betterments and improvements of the Collateral,
including the cost from time to time of installing, replacing or repairing the Collateral, and of placing the Collateral in such condition as will, in the judgment of the Lender, make it readily rentable; and (c) to the payment of any
Liabilities. 
 The entering upon and taking possession of the Premises, or any part thereof, and the collection of any Rents and the
application thereof as aforesaid shall not cure or waive any Event of Default theretofore or thereafter occurring or affect any notice or Event of Default hereunder or invalidate any act done pursuant to any such Event of Default or notice, and,
notwithstanding continuance in possession of the Premises or any part thereof by the Lender or a receiver and the collection, receipt and application of the Rents, the Lender shall be entitled to exercise every right provided for in this Mortgage or
by law or in equity upon or after the occurrence and during the continuation of an Event of Default. 
 3.5 Personal Property.

 (a) Remedies. If any Event of Default shall occur, the Borrower shall, promptly upon request by the Lender, assemble the Collateral
and make it available to the Lender at such place or places, reasonably convenient for both the Lender and the Borrower, as the Lender shall designate. 
 Without limiting the generality of the foregoing, whenever there exists an Event of Default hereunder, the Lender may, with respect to so much of the Collateral as is personal property under applicable law, to the
fullest extent permitted by applicable law, without further notice, advertisement, hearing or process of law of any kind, (i) notify any person obligated on the Collateral to perform directly for the Lender its obligations thereunder,
(ii) enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof or compromise or extend or renew for any period (whether or not longer than the original period) any obligations
of any nature of any party with respect thereto, (iii) endorse any checks, drafts or other writings in the name of the Borrower to allow collection of the Collateral, (iv) take control of any proceeds of the Collateral, (v) enter upon
any premises where any of the Collateral may be located and take possession of and remove such Collateral and render all or any part of the Collateral unusable, all without being responsible for loss or damage, (vi) sell any or all of the
Collateral, free of all rights and claims of the Borrower therein and thereto, at any lawful public or private sale, and (vii) bid for and purchase any or all of the Collateral at any such public or private sale. Any proceeds of any disposition
by the Lender of any of the Collateral may be applied by the Lender to the payment of expenses in connection with the Collateral, including reasonable attorneys’ fees and legal expenses, and any balance of such proceeds shall be applied by the
Lender toward the payment of such of the Liabilities and in such order of application as the Lender may from time to time elect. Without limiting the foregoing, the Lender may exercise from time to time any rights and remedies available to it under
the Uniform Commercial Code as enacted in the State of Illinois (the “Uniform Commercial Code”) or other applicable law as in effect from time to time or otherwise available to it under applicable law. 
  

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 (b) Notices. The Borrower hereby expressly waives, to the fullest extent permitted by applicable
law, except as otherwise expressly provided in this Mortgage or any of the other Loan Documents any and all notices, advertisements, hearings, or process of law in connection with the exercise by the Lender of any of its rights and remedies after an
Event of Default occurs. If any notification of intended disposition of any of the Collateral is required by law, such notification, if mailed, shall be deemed reasonably and properly given if mailed by registered or certified mail, return receipt
requested, at least ten (10) Business Days before such disposition, postage prepaid, addressed to the Borrower at the address shown above. The Borrower hereby expressly waives presentment, demand, notice of dishonor, protest and notice of
protest in connection with the Note, the Liabilities and, to the fullest extent permitted by applicable law, any and all other notices, demands, advertisements, hearings or process of law in connection with the exercise by the Lender of any of its
rights and remedies hereunder, except as otherwise provided herein or in any of the other Loan Documents. 
 (c) Power of Attorney.
The Borrower hereby constitutes the Lender its attorney-in-fact with full power of substitution to take possession of the Collateral upon any Event of Default and, as the Lender in its sole discretion deems necessary or proper, to execute and
deliver all instruments required by the Lender to accomplish the disposition of the Collateral; this power of attorney is a power coupled with an interest and is irrevocable while any of the Liabilities are outstanding. 
 3.6 Performance of Third Party Agreements. The Lender may, in its sole discretion at any time after the occurrence and during the continuation of
an Event of Default, notify any person obligated to the Borrower under or with respect to any Third Party Agreements of the existence of an Event of Default, require that performance be made directly to the Lender at the Borrower’s expense, and
advance such sums as are necessary or appropriate to satisfy the Borrower’s obligations thereunder; and exercise, on behalf of the Borrower, any and all rights of the Borrower under any Third Party Agreements as the Lender in its sole
discretion deems necessary or appropriate, and the Borrower agrees to cooperate with the Lender in all ways reasonably requested by the Lender (including the giving of any notices requested by, or joining in any notices given by, the Lender) to
accomplish the foregoing. 
 3.7 No Liability on Lender. Notwithstanding anything contained herein, the Lender shall not be obligated
to perform or discharge, and does not hereby undertake to perform or discharge, any obligation, duty or liability of the Borrower, whether hereunder, under any of the Third Party Agreements or otherwise. The Lender shall not have responsibility for
the control, care, management or repair of the Premises or be responsible or liable for any negligence in the management, operation, upkeep, repair or control of the Premises resulting in loss, injury or death to any tenant, licensee, employee,
stranger or other person. No liability shall be enforced or asserted against the Lender in its exercise of the powers granted to it under this Mortgage, and the Borrower expressly waives and releases any such liability. Should the Lender incur any
such liability, loss or damage under any of the Third Party Agreements or under or by 

  

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reason hereof, or in the defense of any claims or demands, the Borrower agrees to reimburse the Lender immediately upon demand for the full amount thereof,
including costs, expenses and attorneys’ fees, except for any liability, loss or damage caused by the Lender’s gross negligence or willful misconduct. 
 IV. GENERAL 
 4.1 Permitted Acts. Borrower agrees that, without affecting or diminishing in
any way the liability of Borrower or any other person, except any person expressly released in writing by Lender (with the consent of any pledgee of the Liabilities), for the payment or performance of any of the Liabilities or for the performance of
any obligation contained herein or affecting the lien hereof upon the Collateral or any part thereof, Lender may at any time and from time to time, without notice to or the consent of any person: (a) release any person liable for the payment or
performance of the Liabilities or any guaranty given in connection therewith; (b) extend the time for, or agree to alter the terms of payment, reimbursement or performance of any of the Liabilities or any guaranty given in connection therewith;
(c) modify or waive any obligation; (d) subordinate, modify or otherwise deal with the lien hereof; (e) accept additional security of any kind for repayment of the Liabilities or any guaranty given in connection therewith;
(f) release any Collateral or other property securing any or all of the Liabilities or any guaranty given in connection therewith; (g) make releases of any portion of the Premises; (h) consent to the making of any map or plat of the
Premises; (i) consent to the creation of any easements on the Premises or of any covenants restricting the use or occupancy thereof; or (j) exercise or refrain from exercising, or waive, any right Lender may have. 
 4.2 Indemnification. Without limiting any other indemnification contained in the Loan Documents, Borrower agrees to indemnify Lender, and hold
Lender and each of its officers, directors, employees and agents harmless, from and against any and all losses, damages, costs, expenses and claims of any kind whatsoever (including, without limitation, reasonable attorneys’ fees), except to
the extent that such losses, damages, costs, expenses and claims are caused by Lender’s gross negligence or willful misconduct, which Lender may pay or incur in connection with the Loan Agreement, the Note, this Mortgage and the other Loan
Documents and any suit or proceeding in or to which Lender may be made or become a party, which suit or proceeding does or may affect all or any portion of the Collateral or the value, use or operation thereof or this Mortgage or the validity,
enforceability, lien or priority hereof or of any of the Liabilities or indebtedness secured hereby. 
 4.3 Obligatory Future
Advances. This Mortgage is granted to secure future advances and loans from Lender to or for the benefit of Borrower or their respective successors and assigns or the Premises, as provided in the Loan Agreement regardless of whether, at the time
or times of such advances, Borrower is then the owner of the Collateral or any interest in any hereof, and costs and expenses of enforcing Borrower’s obligations under this Mortgage, the Loan Documents and the Loan Agreement. All advances,
disbursements or other payments required by the Loan Agreement are obligatory advances up to the credit limits established therein and shall, to the fullest extent permitted by law, have priority over any and all mechanics’ liens and other
liens and encumbrances arising after this Mortgage is recorded. 
  

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 4.4 Fixture Filing. This Mortgage is intended to constitute a security agreement between Borrower
and Lender. The recording of this Mortgage shall be effective as a financing statement filed as a fixture filing within the purview of the Uniform Commercial Code with respect to all fixtures and goods described herein, which goods are or may become
fixtures relating to the Real Estate, and is to be recorded with the appropriate authority where the Real Estate (including said fixtures) is located. This Mortgage shall also be effective as a financing statement covering minerals or the like
(including oil and gas) and is to be filed for record in the real property records of the county in which the Real Estate is located. The mailing address of Borrower (debtor) is set forth above on the first page of this Mortgage and the address of
Lender (secured party) from which information concerning the security interest may be obtained is set forth above on the first page of this Mortgage. 
 4.5 Security Agreement. This Mortgage shall be self-operative and constitute a security agreement pursuant to the Uniform Commercial Code with respect to the Collateral, and Lender shall have all of the rights
and remedies of a secured party under the Uniform Commercial Code as well as all other rights and remedies available at law or in equity. Borrower shall, and irrevocably constitutes and appoints Lender the attorney-in-fact of Borrower to, execute,
deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Lender may request or require in order to impose, perfect or continue
the perfection of the lien or security interest created hereby. Borrower shall pay (or reimburse Lender for) all costs of filing such statements and renewals and releases thereof and shall pay all reasonable costs and expenses of any record searches
for financing statements that Lender may reasonably require. 
 4.6 Release of Lien. Upon payment of all sums secured by this
Mortgage, Lender shall release the Collateral from the lien of this Mortgage and shall surrender the Note. 
 4.7 Notices. Borrower
hereby requests that a copy of any notice of default and any notice of sale hereunder be mailed to it at the address set forth above in this Mortgage. All notices, demands and other communications hereunder to either party shall be given to the
parties hereto at their addresses set forth above shall be deemed to have been given in accordance with the terms of the Loan Agreement. 
 4.8 Place of Organization. Borrower represents and warrants that it is organized or registered under the laws of the State of Illinois and Borrower agrees that it shall not change the jurisdiction in which it is organized or
registered without Lender’s prior written approval. 
 4.9 Successors; Borrower; Gender. All provisions hereof shall bind
Borrower and Lender and their respective successors, vendees and assigns and shall inure to the benefit of the Lender, its successors and assigns, and Borrower and its permitted successors and assigns. Borrower shall not have any right to assign any
of its rights hereunder. Except as limited by the preceding sentence, the word “Borrower” shall include all persons claiming under or through Borrower and all persons liable for the payment or performance by Borrower of any of the
Liabilities (other than Guarantors) whether or not such persons shall have executed this Mortgage or the other Loan Documents. Wherever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall be
applicable to all genders. 
  

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 4.10 Care by the Lender. Lender shall be deemed to have exercised reasonable care in the custody
and preservation of any of the Collateral assigned by Borrower to Lender or in the Lender’s possession if it takes such action for that purpose as Borrower requests in writing, but failure of Lender to comply with any such request shall not be
deemed to be (or to be evidence of) a failure to exercise reasonable care, and no failure of Lender to preserve or protect any rights with respect to such Collateral against prior parties, or to do any act with respect to the preservation of such
Collateral not so requested by Borrower, shall be deemed a failure to exercise reasonable care in the custody or preservation of such Collateral. 
 4.11 Lender Statements. If Borrower requests a statement of Lender as to the Liabilities secured by this Mortgage, Borrower shall pay to Lender for each such statement such reasonable fee as is charged by Lender as of the time said
statement is furnished. Borrower shall also pay the charges of Lender for any other service rendered to or on behalf of Borrower in connection with this Mortgage or the Liabilities, including the delivery to the Lender of a request for full or
partial release of the Collateral from the lien of this Mortgage, transmitting records pertaining to this Mortgage and the Liabilities and replacing any existing policy of insurance held hereunder with another such policy. 
 4.12 No Waiver; Writing. No delay on the part of Lender in the exercise of any right or remedy shall operate as a waiver thereof, and no single or
partial exercise by Lender of any right or remedy shall preclude other or further exercise thereof or the exercise of any other right or remedy. The granting or withholding of consent by Lender to any transaction as required by the terms hereof
shall not be deemed a waiver of the right to require consent to future or successive transactions. 
 4.13 Governing Law. This
Mortgage shall be a contract made under and governed by the internal laws of the State of Illinois. 
 4.14 Attorneys’ Fees. If
any Event of Default occurs, Borrower shall pay all costs of enforcement and collection, including but not limited to, reasonable attorneys’ fees, whether or not such enforcement and collection includes the filing of a lawsuit. As used in this
Mortgage and in the other Loan Documents, the term “attorneys’ fees” or “attorneys’ fees and costs” shall mean the reasonable fees and expenses of counsel to the parties hereto, which may include printing, photostating,
duplicating and other expenses, air freight charges, and fees billed for law clerks, paralegals, librarians and others not admitted to the bar but performing services under the supervision of an attorney. The terms “attorneys’ fees”
or “attorneys’ fees and costs” shall also include, without limitation, all such reasonable fees and expenses incurred with respect to appeals, arbitrations, bankruptcy proceedings and any post-judgment proceedings to collect any
judgment, and whether or not any action or proceeding is brought with respect to the matter for which said fees and expenses were incurred. The provisions allowing for the recovery of post-judgment fees, costs and expenses are separate and several
and shall survive the merger of the applicable Loan Document into any judgment. 
 4.15 Waiver. Borrower, on behalf of itself and all
persons now or hereafter interested in the Premises or the Collateral, voluntarily and knowingly hereby: waives, to the fullest extent permitted by applicable law, all rights under all appraisement, homestead, moratorium, valuation, exemption, stay,
extension, and redemption statutes, laws or equities now 

  

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or hereafter existing, and hereby further waives the pleading of any statute of limitations as a defense to any and all Liabilities secured by this Mortgage,
and Borrower agrees that no defense, claim or right based on any thereof will be asserted, or may be enforced, in any action enforcing or relating to this Mortgage or any of this Collateral. Without limiting the generality of the preceding sentence,
Borrower, on its own behalf and on behalf of each and every person acquiring any interest in or title to the Premises subsequent to the date of this Mortgage, hereby irrevocably waives any and all rights of redemption from sale under any order or
decree of foreclosure of this Mortgage or under any power contained herein or under any sale pursuant to any statute, order, decree or judgment of any court. Borrower, for itself and for all persons hereafter claiming through or under it or who may
at any time hereafter become holders of liens junior to the lien of this Mortgage, hereby expressly waives and releases all rights to direct the order in which any of the Collateral shall be sold in the event of any sale or sales pursuant hereto and
to have any of the Collateral and/or any other property now or hereafter constituting security for any of the indebtedness secured hereby marshalled upon any foreclosure of this Mortgage or of any other security for any of said indebtedness.

 4.16 JURY TRIAL. BORROWER HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY
RIGHTS UNDER THIS MORTGAGE OR ANY LOAN DOCUMENTS TO WHICH IT IS A PARTY, OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY RELATIONSHIP
EXISTING IN CONNECTION WITH THIS MORTGAGE OR ANY RELATED DOCUMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 
 4.17 No Merger. It being the desire and intention of the parties hereto that this Mortgage and the lien hereof do not merge in fee simple title to the Premises, it is hereby understood and agreed that
should Lender acquire an additional or other interests in or to the Premises or the ownership thereof, then, unless a contrary intent is manifested by Lender as evidenced by an express statement to that effect in an appropriate document duly
recorded, this Mortgage and the lien hereof shall not merge in the fee simple title, toward the end that this Mortgage may be foreclosed as if owned by a stranger to the fee simple title. 
 4.18 Time of Essence. Time is declared to be of the essence in this Mortgage, the Note and the Loan Documents and of every part hereof and
thereof. 
 4.19 No Reliance by Others on the Premises; Single Zoning Lot and Tax Parcel. Borrower covenants that it will not cause or
permit any land, building or other improvement, or other property of any kind whatsoever which is not subject to the lien of this Mortgage (regardless of whether such property is owned by Borrower) to rely on the Premises or any part thereof or any
interest therein to fulfill any municipal or governmental requirement of any kind 

  

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whatsoever, and Borrower hereby assigns to Lender any and all rights to give or withhold consent for all or any portion of the Premises or any interest
therein to be so used. Borrower represents, warrants and covenants that no building or other improvement located on or comprising part of the Premises does, or at any time will, rely on any property not subject to the lien of this Mortgage to
fulfill any governmental or municipal requirement of any kind whatsoever. Borrower shall not cause or permit to be impaired the integrity of the Premises as a single zoning lot and one or more single tax parcels separate and apart from all other
zoning lots and tax parcels. Any act or omission by Borrower which would result in a violation of any of the provisions of this Section shall be void ab initio and of no force or effect for any purpose whatsoever. 
 4.20 Intentionally Deleted. 
 4.21
Lender Not a Joint Venturer or Partner. Borrower and Lender acknowledge and agree that in no event shall Lender be deemed to be a partner or joint venturer with Borrower. Without limitation of the foregoing, Lender shall not be deemed to be
such a partner or joint venturer on account of its becoming a Lender in possession or exercising any rights pursuant to this Mortgage or pursuant to any other instrument or document evidencing or securing any of the Liabilities secured hereby, or
otherwise. 
 4.22 Inconsistency With Loan Agreement. If there should be any irreconcilable inconsistency between the provisions of
this Mortgage and the provisions of the Loan Agreement, the terms and provisions of the Loan Agreement shall govern and control. 
 V.
STATE LAW PROVISIONS 
 5.1 Principles Of Construction. In the event of any inconsistencies between the terms and conditions of
this Article 5 and the other terms and conditions of this Mortgage, the terms and conditions of this Article 5 shall control and be binding. 
 5.2 Waiver Of Appraisement, Valuation, Stay, Extension And Redemption Laws. Borrower agrees, to the full extent permitted by law, that in case of an Event of Default, neither Borrower nor anyone claiming
through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay or extension laws now or hereafter in force, or take any other action that would prevent or hinder the enforcement or foreclosure of this Mortgage
or the absolute sale of the Collateral, or the final and absolute delivery of possession thereof, immediately after such foreclosure sale, of the purchaser thereat. Borrower, for itself and all who may, at any time, claim through or under it, hereby
waives, to the full extent that it may lawfully so do, the benefit of all such laws, and any and all right to have the assets comprising the Collateral marshaled upon any foreclosure of the lien hereof, and agrees that Lender or any court having
jurisdiction to foreclose such lien may sell the Collateral in part or as an entirety. Borrower acknowledges that the transaction of which this Mortgage is a part is a transaction that does not include either agricultural real estate (as defined in
Section 15-1201 of the Illinois Mortgage Foreclosure Law (735 ILCS 5/15-1101 et seq.; the “Foreclosure Act”) or residential real estate (as defined in Section 15-1219 of the Foreclosure Act). On behalf of Borrower, and each and
every person acquiring any interest in, or title to, the Collateral subsequent to the date of this Mortgage, and on behalf of all other persons, to the maximum extent permitted by applicable law, Borrower hereby waives any and all rights:
(a) of redemption from any foreclosure, or other disposition of any kind or nature, of the Collateral, or any part thereof, or interest therein, under or pursuant to rights herein granted to Lender; and (b) to reinstatement of the
Indebtedness, including, without limitation, any right to reverse any acceleration of the Indebtedness pursuant to 735 ILCS 5/15-1602. All waivers by Borrower in this Mortgage have 

  

 -22- 

 
been made voluntarily, intelligently and knowingly by Borrower, after Borrower has been afforded an opportunity to be informed by counsel of Borrower’s
choice as to possible alternative rights. Borrower’s execution of this Mortgage shall be conclusive evidence of the making of such waivers and that such waivers have been voluntarily, intelligently and knowingly made. 
 5.3 Receiver. If an Event of Default shall have occurred and be continuing, Lender, upon application to a court of competent jurisdiction, shall
be entitled, as a matter of strict right, without notice and without regard to the occupancy or value of any security for the Indebtedness, or the insolvency of any party bound for its payment, to the appointment of a receiver to take possession of,
and to operate, the Collateral, and to collect and apply the Rents and other benefits thereof. The receiver shall have all rights and powers to the fullest extent permitted by law. Borrower shall pay to Lender, upon demand, all of Lender’s
costs and expenses, including, without limitation, receiver’s fees and expenses and reasonable attorneys’ fees and expenses, incurred pursuant to this Section, plus interest thereon at the Default Interest Rate, and all such amounts shall
be additional Indebtedness. 
 5.4 Use of Proceeds. Borrower hereby represents and agrees that the proceeds of the Note secured by
this Mortgage will be used for the purposes specified in the Illinois Interest Act, 815 ILCS §205/4(l), and the Indebtedness constitutes a business loan which comes within the purview of said Section 205/4(c). 
 5.5 Illinois Mortgage Foreclosure Law. 
 (a) In the event any provision in this Mortgage shall be inconsistent with any provision of the Foreclosure Act, the provisions of the Foreclosure Act shall take precedence over the provisions of this Mortgage, but shall not invalidate or
render unenforceable any other provision of this Mortgage that can be construed in a manner consistent with the Foreclosure Act. 
 (b) If
any provision of this Mortgage shall grant to Lender any rights or remedies upon default of Borrower which are more limited than the rights that would otherwise be vested in Lender under the Foreclosure Act in the absence of said provision, Lender
shall be vested with the rights granted in the Foreclosure Act to the full extent permitted by law. 
 (c) Without limiting the generality of
the foregoing, all expenses incurred by Lender to the extent reimbursable under Sections 15-1510 and 15-1512 of the Foreclosure Act, whether incurred before or after any decree or judgment of foreclosure, and whether enumerated in this Mortgage,
shall be added to the Indebtedness secured by this Mortgage or by the judgment of foreclosure. 
 5.6 Illinois Collateral Protection
Act. Unless Borrower provides Lender with evidence of the insurance coverage required by this Mortgage, if any, Lender may purchase insurance at Borrower’s expense to protect Lender’s interests in the Collateral. This insurance may,
but need not, protect Borrower’s interest. The coverage that Lender purchases may not pay any claim that Borrower may make or any claim that is made against Borrower in connection with the Collateral. Borrower may later cancel any insurance
purchased by Lender, but only 

  

 -23- 

 
after providing Lender with evidence that Borrower has obtained insurance as required by this Mortgage. If Lender purchases insurance for the Collateral,
Borrower will be responsible for the costs of such insurance, including interest and any other charges that may be imposed in connection with the placement of such insurance, until the effective date of the cancellation or expiration of such
insurance. Without limitation of any other provision of this Mortgage or any other Loan Document, the cost of such insurance shall be added to the Indebtedness. The cost of the insurance may be more than the cost of insurance Borrower may be able to
obtain on its own. 
 5.7 Maximum Indebtedness. The total unpaid principal balance of Indebtedness secured hereby (including
disbursements that Lender may, but shall not be obligated to, make under this Mortgage, the Loan Documents or any other document with respect thereto) at any one time outstanding may be substantially less but shall not exceed Eighty-Six Million Six
Hundred Thousand Dollars ($86,600,000). This Mortgage shall be valid and have priority to the extent of the maximum amount secured hereby over all subsequent liens and encumbrances, including statutory liens, excepting solely taxes and assessments
levied on the Collateral given priority by law. 
 (the remainder of this page left intentionally blank) 
  

 -24- 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Mortgage on the day and year
first above written. 
  

							
	PRIME LASALLE/MADISON PARTNERS, LLC,
	 an Illinois limited liability company

		
	 By:
	 	Prime/11 S. LaSalle, LLC, an Illinois limited liability company, its Manager
			
		 	By:	 	The Prime Group, Inc., an Illinois corporation, its Manager
				
		 		 	By:	 	 /s/ Michael W. Reschke

		 		 		 	Michael W. Reschke
		 		 		 	Chairman and Chief Executive Officer

  

 S-1 

			
	STATE OF ILLINOIS            	  	)
		  	)ss
	COUNTY OF COOK	  	)

 On
                                        
                    , 2007 before me,
                                        
                                        
personally appeared Michael W. Reschke personally known to me (or proved to me on the basis of satisfactory evidence) to be the Chairman and Chief Executive Office of The Prime Group, Inc., the Manager of Prime/11 S. LaSalle, LLC, which is the
Manager of Prime LaSalle/Madison Partners, LLC, and the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument. 
  

			
	 WITNESS my hand and seal.

	
	 /s/ Authorized Signatory

	 Signature
	 	

			
		
	 Printed Name:Loan Agreement (related to the Bridge Loan) Dated July 24, 2007

 Exhibit 10.149 
 LOAN AGREEMENT 
 between 
 KBS LIMITED PARTNERSHIP 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 Entered into as of July 24, 2007

 TABLE OF CONTENTS 
  

					
	 ARTICLE I DEFINITIONS
	  	1
	                     Section 1.01
	  	DEFINED TERMS.	  	1
	                     Section 1.02
	  	EXHIBITS INCORPORATED.	  	3
		
	ARTICLE II LOAN	  	3
	                     Section 2.01
	  	LOAN.	  	3
	                     Section 2.02
	  	LOAN UNSECURED.	  	3
	                     Section 2.03
	  	LOAN FEE.	  	3
	                     Section 2.04
	  	NOTE.	  	3
	                     Section 2.05
	  	PURPOSE.	  	4
	                     Section 2.06
	  	INTEREST; PAYMENTS.	  	4
	                     Section 2.07
	  	CREDIT FOR PRINCIPAL PAYMENTS.	  	4
	                     Section 2.08
	  	MATURITY DATE.	  	4
	                     Section 2.09
	  	GUARANTY.	  	4
		
	 ARTICLE III DISBURSEMENT
	  	4
	                     Section 3.01
	  	CONDITIONS PRECEDENT.	  	4
	                     Section 3.02
	  	DISBURSEMENT AUTHORIZATION.	  	4
	                     Section 3.03
	  	FUNDS TRANSFER DISBURSEMENTS.	  	5
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	5
	                     Section 4.01
	  	AUTHORITY/ENFORCEABILITY.	  	5
	                     Section 4.02
	  	BINDING OBLIGATIONS.	  	5
	                     Section 4.03
	  	FORMATION AND ORGANIZATIONAL DOCUMENTS.	  	5
	                     Section 4.04
	  	NO VIOLATION.	  	5
	                     Section 4.05
	  	LITIGATION.	  	6
	                     Section 4.06
	  	FINANCIAL CONDITION.	  	6
	                     Section 4.07
	  	NO MATERIAL ADVERSE CHANGE.	  	6
	                     Section 4.08
	  	ACCURACY.	  	6
	                     Section 4.09
	  	TAX LIABILITY.	  	6
	                     Section 4.10
	  	NO SUBORDINATION.	  	6
	                     Section 4.11
	  	PERMITS; FRANCHISES.	  	6
	                     Section 4.12
	  	OTHER OBLIGATIONS.	  	6
	                     Section 4.13
	  	BUSINESS LOAN.	  	6
	                     Section 4.14
	  	TAX SHELTER REGULATIONS.	  	7
		
	 ARTICLE V COVENANTS OF BORROWER
	  	7
	                     Section 5.01
	  	MERGER, CONSOLIDATION, SALE OF ASSETS.	  	7
	                     Section 5.02
	  	GUARANTEES.	  	7
	                     Section 5.03
	  	MANAGEMENT.	  	7
	                     Section 5.04
	  	EXPENSES.	  	7
	                     Section 5.05
	  	ERISA COMPLIANCE.	  	7
	                     Section 5.06
	  	EXISTENCE; ORGANIZATION.	  	7
	                     Section 5.07
	  	TAXES AND OTHER LIABILITIES.	  	8
	                     Section 5.08
	  	NOTICE.	  	8
	                     Section 5.09
	  	INSURANCE.	  	8
	                     Section 5.10
	  	NEGATIVE PLEDGE.	  	8
	                     Section 5.11
	  	MATERIAL TRANSACTIONS.	  	8
	                     Section 5.12
	  	FACILITIES.	  	8
		
	 ARTICLE VI REPORTING COVENANTS
	  	8
	                     Section 6.01
	  	FINANCIAL INFORMATION.	  	8
	                     Section 6.02
	  	BOOKS AND RECORDS.	  	9
		
	 ARTICLE VII DEFAULTS AND REMEDIES
	  	9
	                     Section 7.01
	  	DEFAULT.	  	9

  

 i 

					
	                     Section
7.02
	  	ACCELERATION UPON DEFAULT; REMEDIES.	  	10
	                     Section 7.03
	  	RIGHT OF CONTEST.	  	10
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	10
	                     Section 8.01
	  	INDEMNITY.	  	10
	                     Section 8.02
	  	FORM OF DOCUMENTS.	  	10
	                     Section 8.03
	  	NOTICES.	  	10
	                     Section 8.04
	  	RELATIONSHIP OF PARTIES.	  	11
	                     Section 8.05
	  	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT.	  	11
	                     Section 8.06
	  	IMMEDIATELY AVAILABLE FUNDS.	  	11
	                     Section 8.07
	  	LENDER’S CONSENT.	  	11
	                     Section 8.08
	  	LOAN SALES AND PARTICIPATIONS; DISCLOSURE OF INFORMATION.	  	11
	                     Section 8.09
	  	CAPITAL ADEQUACY.	  	12
	                     Section 8.10
	  	SEVERABILITY.	  	12
	                     Section 8.11
	  	NO WAIVER; SUCCESSORS.	  	12
	                     Section 8.12
	  	TIME.	  	12
	                     Section 8.13
	  	HEADINGS.	  	12
	                     Section 8.14
	  	GOVERNING LAW.	  	12
	                     Section 8.15
	  	USA PATRIOT ACT NOTICE; COMPLIANCE.	  	12
	                     Section 8.16
	  	INTEGRATION; INTERPRETATION.	  	13
	                     Section 8.17
	  	JOINT AND SEVERAL LIABILITY.	  	13
	                     Section 8.18
	  	COUNTERPARTS.	  	13
		
	 EXHIBIT A – DOCUMENTS
	  	
		
	 EXHIBIT B – TRANSFER AUTHORIZER DESIGNATION
	  	
		
	 SCHEDULE 4.05 – LITIGATION
	  	

  

 ii 

 LOAN AGREEMENT 
 THIS LOAN AGREEMENT (“Agreement”) is entered into as of July 24, 2007, by and between KBS LIMITED PARTNERSHIP, a Delaware limited partnership (“Borrower”), and WELLS FARGO BANK,
NATIONAL ASSOCIATION (“Lender”). 
 R E C I T A L 
 Borrower desires to borrow from Lender, and Lender agrees to loan to Borrower, the extension of credit for which provision is made herein. 
 NOW, THEREFORE, Lender and Borrower agree as follows: 
 ARTICLE I DEFINITIONS 
 Section 1.01 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. 
 “Agreement” – shall have the meaning ascribed to such term in the preamble hereto. 
 “Bankruptcy Code” – means the Bankruptcy Reform Act of 1978 (11 USC § 101-1330) as now or hereafter amended or recodified.

 “Borrower” – means KBS Limited Partnership, a Delaware limited partnership. 
 “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. 
 “Default” – shall have the meaning ascribed to such term in Section 7.01. 
 “Effective Date” – means the date Borrower satisfies all conditions precedent in accordance with Section 3.01.

 “GAAP” – means, as to a particular Person, such accounting practice as, in the opinion of the independent accountants
of recognized national standing regularly retained by such Person and acceptable to the Lender, conforms at the time to Generally Accepted Accounting Principles, consistently applied. Generally Accepted Accounting Principles means those principles
and practices (a) which are recognized as such by the Financial Accounting Standards Board of the United States of America, (b) which are applied for all periods after the date hereof in a manner consistent with the manner in which such
principles and practices were applied to the most recent audited financial statements of the relevant Person furnished to the Administrative Agent or where a change therein has been concurred in by such Person’s independent auditors, and
(c) which are consistently applied for all periods after the date hereof so as to reflect properly the financial condition, and results of operations and changes in financial position, of such Person. 
 “Guarantee” – by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any
Indebtedness or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement
conditions or 

  

 1 

 
otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee”
used as a verb has a corresponding meaning. 
 “Guarantor” – means KBS Real Estate Investment Trust, Inc., a Maryland
corporation, and any other person or entity who, or which, in any manner, is or becomes obligated to Lender under any guaranty now or hereafter executed in connection with respect to the Loan (collectively or severally as the context thereof may
suggest or require). 
 “Guaranty” – means the Repayment Guaranty executed by Guarantor for the benefit of Lender and
dated the date hereof, as the same may be amended, modified or replaced. 
 “Indebtedness” – means, with respect to a
Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed; (b) all obligations of such Person (other than trade debt incurred in the ordinary
course of business), whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or
(iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial
payment for property; (c) Capitalized Lease Obligations of such Person; (d) all Letter of Credit Liabilities of such Person; (e) all Off Balance Sheet Liabilities of such Person; (f) net obligations under any Derivative Contract
in an amount equal to the Derivatives Termination Value thereof; and (g) all Indebtedness of other Persons to the extent (i) such Person has Guaranteed or is otherwise recourse to such Person or (ii) is secured by a Lien on any
property of such Person. 
 “Investment” – means, with respect to any Person, any acquisition or investment (whether or
not of a controlling interest) by such Person, whether by means of (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of
Indebtedness of, or purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of
transactions) of assets of another Person that constitute the business or a division or operating unit of another Person. Any commitment or option to make an Investment in any other Person shall constitute an Investment. Except as expressly provided
otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such
Investment. 
 “Lender” – means Wells Fargo Bank, National Association. 
 “Lien” – as applied to the real property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure
debt, deed of trust, pledge, lien, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security interest, security title or encumbrance of any kind in respect of any property of
such Person, or upon the income or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of
Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; (c) the filing of any financing statement under the Uniform Commercial Code or its equivalent in any
jurisdiction; and (d) any agreement by any such person to grant, give or otherwise convey any of the foregoing. 
 “Loan” – means the principal sum that Lender agrees to lend and Borrower agrees to borrow pursuant to the terms and conditions of this Agreement: Seventy-Six Million Four Hundred Thousand Dollars $76,400,000.

 “Loan Documents” – means those documents, as hereafter amended, supplemented, replaced or modified, properly executed
and in recordable form, if necessary, listed in Exhibit A as Loan Documents. 
 “Maturity Date” – means
October 24, 2007. 
  

 2 

 “Note” – means that certain 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. 
 “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 A as Other
Related Documents. 
 “Participant” – shall have the meaning ascribed to such term in Section 8.08. 
 “Person” – means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other
entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Property” – means real property owned by Borrower or any Subsidiary or Unconsolidated Affiliate improved with one or more domestic, stabilized, operating industrial properties. 
 “Subsidiary” – means, for any Person, any corporation, partnership or other entity of which at least a majority of the securities or
other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity (without regard to the
occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. “Wholly Owned Subsidiary”
means any such corporation, partnership or other entity of which all of the equity securities or other ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are so owned or controlled. 
 “Unconsolidated Affiliate” – shall mean, in respect of any Person, any other Person in whom such Person holds an Investment, which
Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated financial
statements of such Person. 
 Section 1.02 EXHIBITS INCORPORATED. 
 All exhibits, schedules or other items attached hereto are incorporated into this Agreement by such attachment for all purposes. 
 ARTICLE II LOAN 
 Section 2.01 LOAN. 
 By and subject to the terms of this Agreement and each other document identified on Exhibit A hereto as a Loan Document, Lender agrees to lend to
Borrower and Borrower agrees to borrow from Lender up to the principal sum of Seventy-Six Million Four Hundred Thousand Dollars ($76,400,000). 
 Section 2.02 LOAN UNSECURED. 
 This Loan is unsecured. 
 Section 2.03 LOAN FEE. 
 Upon,
and in consideration of, the execution by Lender of this Agreement, Borrower shall pay to Lender a non-refundable loan fee in the amount of Sixty-Five Thousand Dollars ($65,000). 
 Section 2.04 NOTE. 
 The Loan
shall be evidenced by the Note. 
  

 3 

 Section 2.05 PURPOSE. 
 The proceeds of the Loan shall be used for the primarily for the purpose of acquiring a portfolio of eight unencumbered, existing, stabilized industrial properties in Minnesota, Texas, Ohio, Indiana, Michigan and
Georgia (the “Portfolio”), and if the Portfolio is not acquired within five (5) days after the date hereof, then, at Lender’s request, Borrower shall return the proceeds of the Loan to Lender. 
 Section 2.06 INTEREST; PAYMENTS. 
 Except as
otherwise provided in any Loan Document, interest shall accrue upon the outstanding principal balance of the Loan at the rate(s) provided in the Note, and such interest shall be payable as required therein. 
 Section 2.07 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 11:00 a.m. (Pacific Standard Time or Pacific Daylight Time, as applicable)
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. 
 Section 2.08 MATURITY DATE. 
 All sums due and owing under this Agreement and the other Loan Documents shall be payable in full on the Maturity Date. All payments due to Lender under this Agreement, whether at the Maturity Date or otherwise, shall be paid in immediately
available funds. 
 Section 2.09 GUARANTY. 
 All obligations of Borrower to Lender under the Loan Documents shall be guaranteed by Guarantor. 
 ARTICLE III DISBURSEMENT

 Section 3.01 CONDITIONS PRECEDENT. 
 Lender’s obligation to advance the loan proceeds or take any other action under the Loan Documents shall be subject to Borrower’s satisfaction of each of the following conditions precedent: 
 (a) The representations and warranties contained herein shall be true on and as of the date of the signing of this Agreement and on the
date such action is to be taken, with the same effect as though such representations and warranties had been made on and as of such dates, and on such dates no Default, as defined in this Agreement, shall exist and no event or circumstance shall
have occurred or arisen which would constitute a Default or Potential Default. 
 (b) Prior to taking any such action
hereunder, Borrower shall have delivered to Lender all Loan Documents and such other documents, instruments, policies, forms of evidence and other materials as Lender may request under the terms of the Loan Documents. 
 Section 3.02 DISBURSEMENT AUTHORIZATION. 
 On the
Effective Date, the proceeds of the Loan shall be deposited to or for the benefit or account of Borrower under the terms of this Agreement and any disbursement which is made by means of wire transfer shall be subject to the provisions of
Section 3.03. 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 B. 
  

 4 

 Section 3.03 FUNDS TRANSFER DISBURSEMENTS. 
 Borrower hereby authorizes Lender to disburse the proceeds of the Loan as requested by any authorized representative of the Borrower. 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 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 IV REPRESENTATIONS AND WARRANTIES 
 As a material inducement to Lender’s entry into this Agreement, Borrower represents and warrants to Lender as of the date hereof and continuing thereafter that: 
 Section 4.01 AUTHORITY/ENFORCEABILITY. 
 If other
than an individual, 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 borrow as contemplated by the Loan Documents. 
 Section 4.02 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. 
 Section 4.03 FORMATION AND ORGANIZATIONAL DOCUMENTS. 
 Borrower has delivered to Lender all formation and
organizational documents of Borrower, of the partners, joint venturers or members of Borrower, if any, and of Guarantor, 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 immediately provide Lender with copies of any amendments or modifications of the formation or organizational documents. 
 Section 4.04 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) 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 bound or regulated; or (c) violate any statute, law, regulation or ordinance, or any order of any court or governmental entity.

  

 5 

 Section 4.05 LITIGATION. 
 Except as listed on Schedule 4.05 attached hereto, there are no claims, actions, suits, or proceedings pending, or to Borrower’s knowledge threatened, against Borrower. 
 Section 4.06 FINANCIAL CONDITION. 
 All financial
statements and information heretofore and hereafter delivered to Lender by Borrower, including, without limitation, information relating to the financial condition of Borrower, the partners, joint venturers or members of Borrower, and/or any
Guarantors, fairly and accurately represent the financial condition of the subject thereof and have been prepared (except as noted therein) in accordance with generally accepted accounting principles consistently applied. 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. 
 Section 4.07 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. 
 Section 4.08 ACCURACY. 
 All reports, documents, instruments, information and forms of evidence delivered to Lender concerning the Loan or security for the Loan or required by the Loan Documents are accurate, correct and sufficiently complete
to give Lender true and accurate knowledge of their subject matter, and do not contain any misrepresentation or omission. 
 Section 4.09 TAX LIABILITY. 
 Borrower has filed all required federal, state, county and municipal tax returns, or applicable
extensions, 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. 
 Section 4.10 NO SUBORDINATION. 
 There is no
agreement, indenture, contract or instrument to which Borrower is a party or by which Borrower may be bound that requires the subordination in right of payment of any of Borrower’s obligations subject to this Agreement to any other obligation
of Borrower. 
 Section 4.11 PERMITS; FRANCHISES. 
 Borrower possesses, and will hereafter possess, all permits, memberships, franchises, contracts and licenses required and all trademark rights, trade names, trade name rights, patents, patent rights and fictitious
name rights necessary to enable it to conduct the business in which it is now engaged without conflict with the rights of others. 
 Section 4.12 OTHER OBLIGATIONS. 
 Borrower is not in default on any obligation for borrowed money, any purchase money obligation or any
other material lease, commitment, contract, instrument or obligation. 
 Section 4.13 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 or agricultural purposes of the Borrower. 
  

 6 

 Section 4.14 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. 
 ARTICLE V COVENANTS
OF BORROWER 
 Section 5.01 MERGER, CONSOLIDATION, SALE OF ASSETS. 
 Borrower shall not merge into or consolidate with any corporation or other entity, or sell, lease, assign, transfer or otherwise dispose of all or substantially all of
its assets other than in the ordinary course of business. 
 Section 5.02 GUARANTEES. 
 Without the prior written consent of Lender, Borrower shall not guarantee or become liable in any way as a surety, endorser (other than as endorser of negotiable
instruments in the ordinary course of business) or accommodation endorser or otherwise for debt or obligations of any other person or entity. 
 Section 5.03 MANAGEMENT. 
 At all times during the term of the Loan, Peter Bren and Chuck Schreiber shall remain actively involved in
the management of Borrower and Guarantor. 
 Section 5.04 EXPENSES. 
 Borrower shall immediately pay Lender upon demand all costs and expenses incurred by Lender in connection with: (a) the preparation of this Agreement, all other Loan Documents and Other Related Documents
contemplated hereby; (b) the administration of this Agreement, the other Loan Documents and Other Related Documents for the term of the Loan; and (c) the enforcement or satisfaction by Lender of any of Borrower’s obligations under
this Agreement, the other Loan Documents or the Other Related Documents. For all purposes of this Agreement, Lender’s costs and expenses shall include, without limitation, all legal fees and expenses, accounting fees and auditor fees. 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. 
 Section 5.05 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 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. 
 Section 5.06
EXISTENCE; ORGANIZATION. 
 If other than a natural person or persons, Borrower shall preserve and maintain its existence and all of its rights,
privileges and franchises; conduct its business in an orderly, efficient, and regular manner; and comply with the requirements of all applicable laws, rules, regulations and orders of a governmental authority. In addition, Borrower shall not,
without Lender’s prior written consent, amend or otherwise modify its partnership agreement and/or certificate of partnership or permit any of its Subsidiaries to amend or modify their respective organizational documents, if doing so would have
a material adverse effect on Borrower’s ability to perform its obligations under this Agreement or any other Loan Documents. 
  

 7 

 Section 5.07 TAXES AND OTHER LIABILITIES. 
 Borrower shall pay and discharge when due any and all indebtedness, obligations, assessments and taxes, both real and personal, owed by or relating to Borrower and
Borrower’s properties (including federal and state income taxes), except such as Borrower may in good faith contest or as to which a bona fide dispute may arise, provided provision is made to the satisfaction of Lender for eventual payment
thereof in the event that it is found that the same is an obligation of Borrower. 
 Section 5.08 NOTICE. 
 Borrower shall promptly give notice in writing to Lender of: (a) any litigation pending or threatened against Borrower; (b) the occurrence of any breach or
default in the payment or performance of any obligation owing by Borrower to any person or entity, other than Lender; (c) any change in the name of Borrower, and in the case of a Borrower which is an organization, any change in its identity or
organizational structure; (d) any uninsured or partially uninsured loss through fire, theft, liability damage; or (e) any termination or cancellation of any insurance policy which Borrower is required herein to maintain. 
 Section 5.09 INSURANCE. 
 Borrower shall maintain
and keep in force insurance of the types and in amounts customarily carried in lines of business similar to Borrower’s, including but not limited to fire, extended coverage, public liability, damage, terrorism and workers’ compensation,
carried in companies and in amounts satisfactory to Lender, and deliver to Lender from time to time at Lender’s request schedules setting forth all insurance then in effect. 
 Section 5.10 NEGATIVE PLEDGE. 
 Without limiting
the foregoing, without Lender’s prior written consent (which consent may be conditioned on repayment in whole or in part of the Loan), Borrower shall not voluntarily encumber or sell the Portfolio, or any of the individual properties comprising
the Portfolio, during the term of the Loan. 
 Section 5.11 MATERIAL TRANSACTIONS. 
 Prior to the occurrence of any acquisition, disposition, merger or asset purchase by Borrower or its Subsidiaries, the value of which exceeds $100,000,000, Borrower shall
provide written notice to Lender of its intent to engage in such transaction. 
 Section 5.12 FACILITIES. 
 Borrower shall keep all Borrower’s properties useful or necessary to Borrower’s business in good repair and condition, and from time to time make necessary
repairs, renewals and replacements thereto so that Borrower’s properties shall be fully and efficiently preserved and maintained. 
 ARTICLE VI REPORTING COVENANTS 
 Section 6.01 FINANCIAL INFORMATION. 
 (a) Borrower shall deliver to Lender, as soon as available, but in no event later than forty-five (45) days after the end of each
fiscal quarter, Borrower’s consolidated financial statements (including a balance sheet, income statement, statement of retained earnings and statement of cash flows) prepared in accordance with GAAP and certified as accurate by an officer of
Borrower. 
 (b) At Lender’s request, Borrower shall deliver, or cause to be delivered to Lender, any other financial
information maintained with respect to Borrower, Guarantor, any Subsidiaries and any Unconsolidated Affiliates, including, without limitation, cash flow projections, budgets, operating statements and leasing status reports for individual properties.

  

 8 

 (c) At Lender’s request, Borrower shall deliver such other information as Lender may
reasonably request. 
 Section 6.02 BOOKS AND RECORDS. 
 Borrower shall maintain complete books of account and other records in accordance with generally accepted accounting principles consistently applied, and permit any representative of Lender, at any reasonable time, to
inspect, audit and examine such books and records, to make copies of the same, and to inspect the properties of Borrower. 
 ARTICLE VII
DEFAULTS AND REMEDIES 
 Section 7.01 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 and the occurrence of any event which with notice, the
passage of time, or both would be a Default shall constitute a potential default (“Potential Default): 
 (a)
Borrower’s failure to pay when due any sum, to perform when due any other obligation, or to observe any covenant, the payment, performance, or observance of which is required under the Note or any of the other Loan Documents; provided,
however, that wherever provision is made for a time period during which Borrower may undertake to remedy such failure, then such failure shall constitute a Default only if it is not remedied within that time period; or 
 (b) The occurrence of a breach or default in the payment or performance of any obligation imposed by any instrument or agreement (other
than the Loan Documents) pursuant to which Guarantor, Borrower or any Subsidiary has borrowed money from, or incurred liability to, any person or entity including Lender, beyond any applicable notice and cure period; or 
 (c) The sequestration or attachment of, or any levy or execution upon, any 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 
 (d) (i) The failure of any representation or warranty of Borrower in any of the Loan Documents and the continuation of such failure for more than ten (10) days after written notice to Borrower from Lender
requesting that Borrower cure such failure; or (ii) any material adverse change in the financial condition of Borrower or any Guarantor from the financial condition represented to Lender as of the later of: (A) the date hereof; or
(B) the date upon which the financial condition of such party was first represented to Lender; or 
 (e) (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 assets; or 
 (f) 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 prior to the earlier of the entry of any court order granting relief sought in such involuntary petition, or thirty (30) days
after the date of filing of such involuntary petition; or 
 (g) The occurrence of any of the events specified in
Section 7.01 (e) or 7.01 (f) as to any person or entity other than Borrower, including, without limitation, any Guarantor, which is in any manner obligated to Lender under the Loan Documents; or 
  

 9 

 (h) The occurrence of any material management or organizational change in Borrower or
Guarantor or any change in control of Borrower or Guarantor; or 
 (i) The retirement, death, incapacity or withdrawal of both
Peter Bren and Chuck Schreiber from the day to day management of Borrower and/or Guarantor; or 
 (j) The sale, assignment,
pledge, hypothecation, mortgage or transfer of all or a substantial portion of assets of Borrower or Guarantor other than in the ordinary course of business of said entity; or 
 (k) Any Default by Guarantor under any provision of the Guaranty. 
 Section 7.02 ACCELERATION UPON DEFAULT; REMEDIES. 
 Upon the occurrence of any Default specified in this Article, 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. 
 Section 7.03 RIGHT OF CONTEST. 
 Borrower may
contest in good faith any claim, demand, levy or assessment by any person other than Lender which would constitute a Default, if Borrower pursues the contest diligently and in a manner which Lender determines will not be prejudicial to Lender nor
impair the rights of Lender under the Loan Documents. 
 ARTICLE VIII MISCELLANEOUS PROVISIONS 
 Section 8.01 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, 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,
OR ANY CONSTITUENT PARTNER OR MEMBER OF BORROWER. 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 TO INDEMNIFY LENDER SHALL SURVIVE THE REPAYMENT OF THE LOAN. 
 Section 8.02 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. 
 Section 8.03 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 (subject to change from time to time by
written notice to all other parties to this Agreement). All notices, demands or other communications shall be considered as properly given if delivered personally or sent by first class United States Postal Service mail, postage prepaid, except that
notice of a Default may be sent by certified mail, return receipt requested, or by Overnight Express Mail or by overnight commercial courier service, charges prepaid. Notices so sent shall be effective three (3) days after mailing, if mailed by
first class mail, and otherwise upon receipt; 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. 
  

 10 

 Section 8.04 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, except as expressly provided in this Agreement and the other Loan Documents. 
 Section 8.05 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, and including, without limitation, any fees and
expenses incurred in any bankruptcy proceeding of the Borrower, then Borrower shall immediately pay to Lender, upon demand, the amount of all 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. 
 Section 8.06 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. 
 Section 8.07
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. 
 Section 8.08 LOAN SALES AND PARTICIPATIONS; DISCLOSURE OF INFORMATION. 
 Borrower agrees that Lender may elect, at any time, to sell, assign or grant participations in all or any portion of its rights and obligations under the Loan Documents, and that any such sale, assignment or
participation may be to one or more financial institutions, private investors, and/or other entities, at Lender’s sole discretion (“Participant”). Borrower further agrees that Lender 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: (a) any party connected with the
Loan (including, without limitation, the Borrower, any partner, joint venturer or member of Borrower, any constituent partner, joint venturer or member of Borrower and any Guarantor); and/or (b) any lending relationship other than the Loan
which Lender may have with any party connected with the Loan. 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 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;
provided, however, that Borrower shall not incur any costs, or be exposed to any additional liability, as a result of such modifications and/or amendments. 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, any 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 such Lender from its obligations thereunder. 
 (a)
Notwithstanding any other provision of this Agreement to the contrary, Lender shall not sell, transfer, or assign the Loan or the Loan Documents, nor grant any participation therein, to any entity other than a subsidiary, parent or affiliate of
Lender. 
 (b) Notwithstanding any other provision of this Agreement to the contrary, Lender shall not sell, transfer, assign
or grant participation in the Loan or the Loan Documents unless Lender remains the principal or “lead” lender therefore. 
  

 11 

 Section 8.09 CAPITAL ADEQUACY. 
 If Lender or any Participant in the Loan, or either of them, determines that compliance with 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 such Participant, or any corporation controlling Lender or such Participant, as a consequence of, or with reference to,
Lender’s or such Participant’s or such corporation’s commitments or its making or maintaining advances below the rate which Lender or such Participant or such corporation controlling Lender could have achieved but for such compliance
(taking into account the policies of Lender or such Participant or corporation with regard to capital), then Borrower shall, from time to time, within thirty (30) calendar days after written demand by Lender or such Participant, pay to Lender
or such Participant additional amounts sufficient to compensate Lender or such Participant or such corporation controlling Lender to the extent that Lender determines such increase in capital is allocable to Lender’s obligations hereunder. A
certificate as to such amounts, submitted to Borrower by Lender or such Participant, shall be conclusive and binding for all purposes, absent manifest error. 
 Section 8.10 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 collectibility therefore, 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.

 Section 8.11 NO WAIVER; SUCCESSORS. 
 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, or from any previous waiver of any similar or unrelated Default or failure of condition.
Any waiver or approval hereunder must be in writing and shall be limited to its specific terms. The terms and provisions hereof shall bind and inure to the benefit of the heirs, successors and assigns of the parties. 
 Section 8.12 TIME. 
 Time is of the essence of
each and every term of this Agreement. 
 Section 8.13 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. 
 Section 8.14 GOVERNING LAW. 
 This Agreement shall be governed by, and construed and enforced in accordance with the laws of the State of California, 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 California having proper venue and also consent to service of process by any means authorized by California or federal
law. 
 Section 8.15 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 

 Section 8.16 INTEGRATION; INTERPRETATION. 
 The Loan Documents contain or expressly incorporate by reference the entire agreement of the parties with respect to the matters contemplated therein and supersede all
prior negotiations or agreements, written or oral. The Loan Documents shall not be modified except by written instrument executed by all parties. Any reference to the Loan Documents includes any amendments, renewals or extensions now or hereafter
approved by Lender in writing. 
 Section 8.17 JOINT AND SEVERAL LIABILITY. 
 The liability of all persons and entities obligated in any manner under this Agreement and any of the Loan Documents shall be joint and several. 
 Section 8.18 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. 
 Section 8.19 LIMITATION OF LIABILITY. 
 Notwithstanding anything to the contrary contained herein or in any Loan Document, none of the constituent shareholders, partners or members in Borrower
shall have any liability whatsoever for the repayment of the Loan or performance of any of the other obligations contained herein or in any of the Loan Documents. Without limiting in any manner the generality of the foregoing, Lender shall have no
right to recover from any constituent shareholder, partner or member in Borrower any distribution from Borrower; provided, however, that nothing in this Section 8.19 is intended, or shall be deemed, to constitute a waiver
of any rights Lender may have under the United States Bankruptcy Code or other applicable law with respect to fraudulent transfers or conveyances. For avoidance of doubt, the foregoing is not intended to , nor shall it in any way, limit
Guarantor’s liability under the Guaranty. 
  

 13 

 IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement as of the date appearing on the first page of this
Agreement. 
  

									
	 “LENDER”
	 		  	WELLS FARGO BANK, NATIONAL ASSOCIATION
				
		 		  	 By:
	 	 /s/ John Ferguson

		 		  		 	John Ferguson
		 		  	 Its:
	 	Senior Vice President
			
		 		  	Lender’s Address 
			
		 		  	 Real Estate Group
 Orange County

2030 Main Street, Suite 800
 Irvine, CA 92614

		 		  	Attn:	 	John Ferguson
		 		  		 	Senior Vice President
		 		  	 Tel: (949) 251-4310
 Fax: (949) 851-9728

			
	 “BORROWER”
	 		  	 KBS LIMITED PARTNERSHIP,
 a Delaware
limited partnership

				
		 		  	 By:
	 	 KBS REAL ESTATE INVESTMENT TRUST, INC.,
 a Maryland corporation, general partner

					
		 		  		 	 By:
	 	 /s/ Charles J. Schreiber, Jr.

		 		  		 		 	Charles J. Schreiber, Jr.
		 		  		 		 	Chief Executive Officer
			
		 		  	Borrower’s Address:
			
		 		  	 c/o KBS Capital Advisors LLC
 620 Newport Center Drive, Suite 1300
 Newport Beach, CA 92660
 Attention: Stacie Yamane
 Tel: (949) 417-6560
 Fax: (949) 417-6520

			
		 		  	 With a copy to:
 Morgan, Lewis & Bockius
LLP
 5 Park Plaza, Suite 1750
 Irvine, CA 92614
 Attention: L. Bruce Fischer, Esq.
 Tel: (949) 399-7145
 Fax: (949) 399-700

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