Document:

Amended and Restated Promissory Note A Secured by Deed of Trust

 Exhibit 10.26 
 Loan No.: 3406565 
 MERS No.: 8000101-0000005518-5 
 AMENDED AND RESTATED 
 PROMISSORY NOTE A SECURED BY DEED OF TRUST 
  

			
	 $94,500,000.00
	  	Dated as of March 30, 2007

 FOR VALUE RECEIVED, the undersigned, 4370 LA JOLLA VILLAGE LLC, a Delaware limited
liability company (“Borrower”), having an address at P.O. Box 6380, Newport Beach, California 92658-6380, Attn: Senior Vice President, Project Finance and Banking, promises to pay to the order of BANK OF AMERICA, N.A., a
national banking association (together with its successors and assigns, “Lender”), at the office of Lender at 214 North Tryon Street, Charlotte, North Carolina 28255, or at such other place as Lender may designate to Borrower
in writing from time to time, the principal sum of Ninety Four Million Five Hundred Thousand and No/100 Dollars ($94,500,000.00), together with interest on so much thereof as is from time to time outstanding and unpaid, from the date of the advance
of the principal evidenced hereby, at the rate of 5.602510052910050% (the “Note Rate”), together with all other amounts due hereunder or under the other Loan Documents (as defined herein), in lawful money of the United States
of America, which shall at the time of payment be legal tender in payment of all debts and dues, public and private. 
 WHEREAS, that certain Promissory Note Secured by Deed of Trust dated as of March 30, 2007, was executed by Borrower, in favor of Bank of America, N.A., a national banking association, in the original principal amount of $88,800,000.00
(the “Original Note”); 
 WHEREAS, Lender originally made a mezzanine loan (the “Mezzanine
Loan”) to 4370 La Jolla Village Mezz LLC, a Delaware limited liability company of the principal sum of Sixteen Million and No/100 Dollars ($16,000,000.00) but Lender and Borrower have instead elected to amend and restate the Original
Note to add the principal amount of the Mezzanine Loan to the original principal amount of the Original Note and to make conforming changes to the Loan Documents (as hereinafter defined); 
 WHEREAS, Lender and Borrower desired and agreed to make certain amendments to the Original Note, and to that end the Lender, Trustee and
Borrower agreed to enter into the Amended and Restated Promissory Note Secured by Deed of Trust (the “ Amended and Restated Note”), which replaced and superseded the Original Note; 
 WHEREAS, on the date hereof, Lender and Borrower have entered into that certain Note Splitter and Modification Agreement (as amended,
restated, supplemented or otherwise modified from time to time, the “Splitter Agreement”) which splits the indebtedness evidenced by the Amended and Restated Note into two (2) separate obligations of indebtedness
evidenced by (a) this Amended and Restated Promissory Note A Secured by Deed of Trust (as amended, restated, split, consolidated, replaced, supplemented or otherwise modified from time 

 
to time, this “Note”) evidencing the aggregate principal amount of Ninety Four Million Five Hundred Thousand and No/100 Dollars
($94,500,000.00) and (b) that certain Amended and Restated Promissory Note B Secured by Deed of Trust, dated as of the date hereof, evidencing the principal amount of Ten Million Three Hundred and No/100 Dollars ($10,300,000.00) (as amended,
restated, split, consolidated, replaced, supplemented or otherwise modified from time to time, “Note B”); 
 NOW, THEREFORE, in consideration of the foregoing and of other good and valuable consideration, the receipt and sufficiency of which prior to the execution of these presents is hereby acknowledged, Lender and Borrower now agree to enter
into and make this Note: 
 ARTICLE I. - TERMS AND CONDITIONS 
 1.1.    Computation of Interest.    Interest shall be computed hereunder based on a 360 day year multiplied by the actual number of days elapsed.
Interest shall accrue from the date on which funds are advanced hereunder (regardless of the time of day) through and including the day on which funds are credited pursuant to Section 1.2 hereof. 
 1.2.    Payment of Principal and
Interest.    Payments in federal funds immediately available at the place designated for payment received by Lender prior to 2:00 p.m. local time on a day on which Lender is open for business at said place of payment (a
“Business Day”) shall be credited prior to close of business, while other payments, at the option of Lender, may not be credited until immediately available to Lender in federal funds at the place designated for payment prior
to 2:00 p.m. local time on the next Business Day. Interest only shall be payable in one hundred twenty-six (126) consecutive monthly installments in the amounts set forth on Annex 1, beginning on May 1, 2007 (the “First
Payment Date”), and continuing on the first (1st) day of each and every calendar month thereafter through and including
September 1, 2017 (each, a “Payment Date”). Except as otherwise specifically provided for herein, on October 1, 2017 (the “Maturity Date”), the entire outstanding principal balance hereof,
together with all accrued but unpaid interest thereon, shall be due and payable in full. In the event any Payment Date falls on a day which is not a Business Day, such payment will be made on the first Business Day succeeding such scheduled due
date. 
 1.3.    Application of Payments.    So long as no Event of Default
(as hereinafter defined) exists hereunder or under any other Loan Document, each such monthly installment shall be applied, first, to any amounts hereafter advanced by Lender hereunder or under any other Loan Document, second, to any late fees and
other amounts payable to Lender, third, to the payment of accrued interest and last to reduction of principal. 
 1.4.    Payment of “Short Interest”.    If the advance of the principal amount evidenced by this Note is made on a date other than a Payment Date, Borrower shall pay to Lender
contemporaneously with the execution hereof interest at the Note Rate for a period from the date hereof through and including March 31, 2007. 
 1.5.    Prepayment; Yield Maintenance; Defeasance. 
 (a)     This Note may be prepaid in whole but not in part (except as otherwise specifically provided herein) at any time provided (i) written notice of such prepayment is 

  

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received by Lender not more than ninety (90) days and not less than thirty(30) days prior to the date of such prepayment, or such lesser time as Lender
approves in its reasonable discretion (which notice may be revoked by Borrower at any time prior to the date of such prepayment), (ii) if such prepayment is on a Payment Date, such prepayment is accompanied by all interest accrued hereunder
through and including the date of such prepayment, or if such prepayment is on a date other than a Payment Date, then, subject to the following paragraph, such prepayment is accompanied by the amount of interest which would have accrued on this Note
if such prepayment occurred on the next Payment Date, and all other sums due hereunder or under the other Loan Documents, and (iii) if such prepayment occurs before April 1, 2017, Lender is paid a prepayment fee (the “Yield
Maintenance Premium”) in an amount equal to the present value of a series of payments each equal to the Payment Differential (as hereinafter defined) and payable on each Payment Date over the remaining original term of this Note through
the first day of the Open Period (as hereinafter defined) and including the payment of outstanding principal balance of this Note on the first day of the Open Period, discounted at the Reinvestment Yield (as hereinafter defined) for the number of
months remaining as of the date of such prepayment to each such Payment Date through the first day of the Open Period, based upon payments of principal (to the extent applicable) and interest through the first day of the Open Period. The term
“Payment Differential” shall mean an amount equal to (i) the Note Rate less the Reinvestment Yield, divided by (ii) twelve (12) and multiplied by (iii) the principal sum outstanding under this Note after
application of the constant monthly payment due under this Note on the date of such prepayment, provided that the Payment Differential shall in no event be less than zero. The term “Reinvestment Yield” shall mean an amount
equal to the sum of (i) 0.50% plus (ii) the lesser of (A) the yield on the U.S. Treasury issue (primary issue) with a maturity date closest to the first day of the Open Period, or (B) the yield on the U.S. Treasury issue (primary
issue) with a term equal to the remaining average life of the indebtedness evidenced by this Note, with such yield being based on the bid price for such issue as published in the Wall Street Journal on the date that is fourteen (14) days prior
to the date of such prepayment (or, if such bid price is not published on that date, the next preceding date on which such bid price is so published) and converted to a monthly compounded nominal yield. In the event that any prepayment fee is due
hereunder, Lender shall deliver to Borrower a statement setting forth the amount and determination of the prepayment fee, and, provided that Lender shall have in good faith applied the formula described above, Borrower shall not have the right to
challenge the calculation or the method of calculation set forth in any such statement in the absence of manifest error, which calculation may be made by Lender on any day between the fifteenth (15th) day preceding the date of such prepayment
and the seventh (7th) day preceding the date of such prepayment. Lender shall not be obligated or required to have actually reinvested the
prepaid principal balance at the Reinvestment Yield or otherwise as a condition to receiving the prepayment fee. This Note may be prepaid in whole but not in part without premium or penalty on any date beginning on or after April 1, 2017 (the
“Open Period”), provided (i) written notice of such prepayment is received by Lender not more than ninety (90) days and not less than thirty (30) days prior to the date of such prepayment (which notice may be
revoked by Borrower at any time prior to the date of such prepayment), and (ii) if such prepayment is on a Payment Date, such prepayment is accompanied by all interest accrued hereunder through and including the date of such prepayment, or if
such prepayment is on a date other than a Payment Date, then, subject to the following paragraph, such prepayment is accompanied by the amount of interest which would have accrued on this Note if such 

  

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prepayment occurred on the next Payment Date, and all other sums due hereunder or under the other Loan Documents. If, upon any such permitted prepayment on
or after April 1, 2017 the aforesaid prior written notice has not been timely received by Lender, there shall be due a prepayment fee equal to (and in lieu of the Yield Maintenance Premium) an amount equal to the lesser of (i) interest
computed at the Note Rate on the outstanding principal balance of this Note so prepaid for the period from, and including, the date of prepayment through the earliest date prepayment could have occurred if Borrower had given Lender thirty
(30) days’ notice of prepayment, and (ii) interest computed at the Note Rate on the outstanding principal balance of this Note so prepaid that would have been payable for the period from, and including, the date of prepayment through
the Maturity Date of this Note as though such prepayment had not occurred. 
 If any prepayment is made on any day other than a Payment Date,
then the amount of such prepayment, including all principal and interest (including any payment of interest for a period after the date such payment is made, the “Prepayment Amount”) received by Lender shall be deposited by Lender within
one (1) Business Day after receipt into an interest bearing account or sub-account controlled by Lender (the “Prepayment Account”). Sums held in the Prepayment Account shall be invested in Permitted Investments selected by Lender. On
the next scheduled Payment Date following receipt of the Prepayment Amount, the Prepayment Amount shall be applied to prepayment of the applicable loan and (a) if prior to Securitization of the Financing, Lender or (b) if after
Securitization of the Financing, the servicer at the time of such prepayment of the applicable loan shall remit to Borrower all interest earned on amounts on deposit in the Prepayment Account from the date deposited in the Prepayment Account to the
date such Prepayment Amount is applied to make such prepayment. Borrower shall be responsible for all income or other taxes on the interest earned on sums deposited in the Prepayment Account. 
 (b)     If the indebtedness evidenced by this Note shall have been declared due and payable by Lender pursuant to
Article II hereof or the provisions of any other Loan Document due to an Event of Default by Borrower and in lieu of the Yield Maintenance Premium, then, in addition to the indebtedness evidenced by this Note being immediately due and payable, a
prepayment fee in an amount equal to the Yield Maintenance Premium shall also then be immediately due and payable as though Borrower were prepaying the entire indebtedness on the date of such acceleration. 
 (c)     Prepayments of this Note shall not be permitted, except as provided in Section 1.5(a) above and for full
or partial prepayments resulting from Lender’s election to accelerate the outstanding principal balance of this Note pursuant to Section 2.21 of the Security Instrument or to apply insurance or condemnation proceeds to reduce the
outstanding principal balance of this Note as provided in the Security Instrument, in which event no prepayment fee or premium shall be due. No notice of prepayment shall be required under the circumstances specified in the preceding sentence. No
principal amount repaid may be reborrowed. Any such partial prepayments of principal shall be applied to the unpaid principal balance evidenced hereby and upon such application the amount of the monthly interest payments required to be paid pursuant
to Section 1.2 above shall be reduced accordingly. Except as otherwise expressly provided in this Section, the prepayment fees provided above shall be due, to the extent permitted by applicable law, under any and all circumstances where all or
any portion of this Note is paid prior to the first day of the Open Period, whether such prepayment is voluntary or involuntary, including, without limitation, if such prepayment results from Lender’s exercise of 

  

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its rights upon an Event of Default and acceleration of the Maturity Date of this Note (irrespective of whether foreclosure proceedings have been commenced),
and shall be in addition to any other sums due hereunder or under any of the other Loan Documents. No tender of a prepayment of this Note with respect to which a prepayment fee is due shall be effective unless such prepayment is accompanied by the
applicable prepayment fee. 
 (d)     In lieu of prepayment of the Loan in full under Section 1.5(a)
above, Borrower may have the Property released from the lien of the Security Instrument prior to the Open Period in connection with a Defeasance (as hereinafter defined). 
 (i)     On any Payment Date on or after the earlier to occur of (A) the date that is three
(3) years after the Closing Date and (B) the day immediately following the date which is two (2) years after the “startup day,” within the meaning of Section 860G(a) (9) of the Internal Revenue Code of 1986, as
amended from time to time or any successor statute (the “Code”), of a “real estate mortgage investment conduit,” within the meaning of Section 860D of the Code (a “REMIC Trust”), that
holds this Note, at Borrower’s option, Lender shall cause the release of the Property from the lien of the Security Instrument and the other Loan Documents (a “Defeasance”) upon the satisfaction of the following
conditions: 
 (A)     Borrower shall give not less than thirty (30) days’
prior written notice to Lender (or such shorter period of time if permitted by Lender in its reasonable discretion) specifying the date Borrower intends for the Defeasance to be consummated (the “Release Date”). 

(B)     All accrued and unpaid interest and all other sums due under this Note and under the other
Loan Documents up to and including the Release Date shall be paid in full on or prior to the Release Date. 
 (C)     Borrower shall deliver to Lender on or prior to the Release Date: 
  

	 	(1)	 (x) direct, non-callable, fixed rate obligations of the United States of America or (y) non-callable, fixed rate obligations, other than U.S. Treasury
Obligations, that are “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, including, without limitation, Treasury strips where the underlying securities from which such
strips arose are “government securities” ((x) and (y), collectively, “U.S. Obligations”), that provide for payments prior, but as close as possible, to all successive monthly Payment Dates occurring after the
Release Date and to, at Borrower’s option, the first day of the Open Period, the Maturity Date or any monthly Payment Date between such dates (as applicable, the “Defeasance Payment Date”), with each such payment, when
taken together with any unapplied amounts from prior payments on the hereinafter-defined Defeasance Collateral (“Excess Cash Collateral”) (but without regard to investment earnings on such Excess Cash Collateral), 

  

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being equal to or greater than the amount of the corresponding installment of principal and/or interest required to be paid under this Note (including, but
not limited to, the outstanding principal balance of the Loan on the Defeasance Payment Date) through the Defeasance Payment Date, which shall be due and payable on such date (the “Defeasance Collateral”), each of which shall
be duly endorsed by the holder thereof as reasonably directed by Lender or accompanied by a written instrument of transfer in form and substance reasonably satisfactory to Lender (including, without limitation, such instruments as may be required by
the depository institution holding such securities or the issuer thereof, as the case may be, to effectuate book-entry transfers and pledges through the book-entry facilities of such institution) in order to perfect upon the delivery of the
Defeasance Security Agreement (as hereinafter defined) the first priority security interest in the Defeasance Collateral in favor of Lender in conformity with all applicable state and federal laws governing granting of such security interests.

  

	 	(2)	 a pledge and security agreement, in form and substance reasonably satisfactory to Lender, creating a first priority security interest in favor of Lender in the
Defeasance Collateral (the “Defeasance Security Agreement”); 

  

	 	(3)	 one or more opinions of counsel for Borrower (or, in the case of the opinion specified in clause (ii) below, counsel for Lender) that is standard in
commercial lending transactions subject only to customary qualifications, assumptions and exceptions opining, that (i) Lender has a perfected first priority security interest in the Defeasance Collateral and that the Defeasance Security
Agreement is enforceable against Borrower in accordance with its terms, and (ii) the release of the lien of the Security Instrument and the pledge of Defeasance Collateral will not directly or indirectly result in or cause any REMIC Trust that
then holds this Note to fail to maintain its status as a REMIC Trust; 

  

	 	(4)	 evidence in writing from any applicable Rating Agency (as defined in the Security Instrument) to the effect that the Defeasance will not result in a downgrading,
withdrawal or qualification of the respective ratings in effect immediately prior to such Defeasance for any Securities (as hereinafter defined) issued in connection with the securitization which are then outstanding; provided, however, no evidence
from a Rating Agency shall be required if this Note does not meet the then-current review requirements of such Rating Agency. 

  

	 	(5)	 a certificate in form and scope reasonably acceptable to Lender from an independent accountant certifying that the Defeasance 

  

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Collateral will generate amounts sufficient to make all payments of principal and interest due under this Note through the Defeasance Payment Date and the
outstanding principal balance of the Loan due on the Defeasance Payment Date, based upon payments of principal and interest through the Defeasance Payment Date; 

  

	 	(6)	 Intentionally Deleted. 

  

	 	(7)	 Intentionally Deleted. 

  

	 	(8)	 payment of all reasonable out-of-pocket costs and expenses incurred by Lender in connection with the Defeasance of the Property, including, without limitation,
all legal fees and costs and expenses incurred by Lender or its agents in connection with release of the Property, review of the proposed Defeasance Collateral and preparation of the Defeasance Security Agreement and related documentation, any
revenue, documentary, stamp, intangible or other taxes, charges or fees due in connection with substitution of collateral for the Property shall be paid on or before the Release Date. 

  

	 	(D)    	 Intentionally Deleted. 

 (E)     The documents executed by Borrower and Lender in connection with the Defeasance (the “Defeasance Documents”) shall provide that, if so directed by Borrower,
Excess Cash Collateral shall be invested in obligations of, or obligations guaranteed as to principal and interest by, the United States or an agency or instrumentality thereof, backed by the full faith and credit of the United States (or other U.S.
Obligations otherwise acceptable to each Rating Agency as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification, or withdrawal of the then current ratings assigned to any of the certificates
issued by the REMIC Trust) (“Escrow Investments”). Such Escrow Investments must mature, unless payable on demand, no later than one Business Day before the date the proceeds of such Escrow Investments are required, after
taking into account payments on other Defeasance Collateral or other Escrow Investments, to pay an installment of principal and/or interest required to be paid under this Note. Such Escrow Investments (1) must have a predetermined fixed dollar
amount of principal due at maturity that cannot vary or change, (2) if such Escrow Investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move
proportionately with that index, and (3) must not be subject to liquidation prior to their maturity, and (4) must, unless otherwise agreed to in writing by Borrower, be purchased at fair market value. No such Escrow Investment shall be
made unless Lender holds a first priority perfected security interest in such Escrow Investment and all filings and other actions necessary to ensure the validity, perfection, and priority of such security interest have been taken. 
  

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 (F)     The Defeasance Documents shall also provide
that any Escrow Investments and any earnings thereon, including, in the case of Escrow Investments purchased at a discount to face value, any difference between the purchase price and the face value at maturity, in excess of the amounts applied to
pay installments of principal and/or interest under the Note shall be retained as part of the Defeasance Collateral and shall provide further that, upon payment in full of all installments of principal and/or interest required to be paid under this
Note (including, but not limited to, the scheduled outstanding principal balance of the Loan which amount is due and payable on the Defeasance Payment Date based upon payments of principal and interest through and including such date) and all fees
and expenses agreed to by Borrower and Lender in the Defeasance Documents, shall be paid promptly to Borrower or Successor Borrower, as applicable. 
 (ii)     Upon compliance with the requirements of subsection 1.5(d)(i), the Property shall be released from the lien of the Security Instrument and the other Loan Documents,
and the Defeasance Collateral shall constitute collateral which shall secure this Note and all other obligations under the Loan Documents. Lender will, at Borrower’s expense, execute and deliver any agreements reasonably requested by Borrower
to release the lien of the Security Instrument from the Property and to effect the release under the last sentence of subclause (iii) below. 
 (iii)     Upon the release of the Property in accordance with this Section 1.5(d), Borrower shall assign all its obligations and rights under this Note, together
with the pledged Defeasance Collateral, to a newly created successor entity which complies with the terms of Section 2.29 of the Security Instrument established or designated by Borrower (“Successor Borrower”).
The Successor Borrower shall execute an assumption agreement in form and substance reasonably satisfactory to Lender pursuant to which it shall assume Borrower’s obligations under this Note and the Defeasance Security Agreement and Borrower
shall be relieved of its obligations under such documents and the other Loan Documents, except with respect to those obligations which are expressly stated in the Loan Documents to survive. As conditions to such assignment and assumption, Borrower
shall (x) deliver to Lender an opinion of counsel, that such assumption agreement is enforceable against the Successor Borrower in accordance with its terms and that this Note and the Defeasance Security Agreement as so assumed, are enforceable
against the Successor Borrower in accordance with their respective terms, subject to customary qualifications, assumptions and exceptions, and (y) pay all reasonable out-of-pocket costs and expenses (including, but not limited to, legal fees)
incurred by Lender or its agents in connection with such assignment and assumption (including, without limitation, the preparation of the assumption agreement and related documentation). Upon such assumption, Borrower shall be relieved of its
obligations hereunder and under the other Loan Documents, except for those provisions the Loan documents which by their terms survive. 
 (e)     THE PROVISIONS OF THIS SECTION 1.5 APPLY TO ANY PAYMENT OF PRINCIPAL BEFORE ITS SCHEDULED DUE DATE, WHETHER MADE VOLUNTARILY OR INVOLUNTARILY FOLLOWING ANY ACCELERATION OF THIS

  

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NOTE. THE PORTION OF THE PRINCIPAL BALANCE OF THIS NOTE THAT IS DISCHARGED AT ANY JUDICIAL OR NONJUDICIAL FORECLOSURE SALE UNDER THE SECURITY INSTRUMENT
SHALL BE DEEMED TO BE A PREPAYMENT, AND LENDER SHALL BE ENTITLED (BUT NOT REQUIRED) TO INCLUDE IN LENDER’S CREDIT BID AT ANY SUCH FORECLOSURE SALE THE FULL AMOUNT OF THE PREPAYMENT PREMIUM OWED BY REASON OF SUCH PREPAYMENT. IF ANY PREPAYMENT OF
PRINCIPAL IS TENDERED WITHOUT THE ENTIRE PREPAYMENT PREMIUM DUE HEREUNDER, THEN LENDER EITHER MAY REFUSE TO ACCEPT THE TENDERED PREPAYMENT OR MAY ACCEPT THE TENDERED PREPAYMENT AND THEREAFTER REQUIRE BORROWER TO PAY THE YIELD MAINTENANCE PREMIUM
WHICH SHALL CONSTITUTE INDEBTEDNESS EVIDENCED BY THIS NOTE AND SECURED BY THE SECURITY INSTRUMENT. AS A MATERIAL INDUCEMENT TO LENDER TO MAKE THE LOAN EVIDENCED BY THIS NOTE, BORROWER EXPRESSLY WAIVES ALL RIGHTS UNDER ANY PRESENT OR FUTURE STATUTE
OR LAW INCLUDING BUT NOT LIMITED TO SECTION 2954.10 OF THE CALIFORNIA CIVIL CODE, OR ANY SUCCESSOR STATUTE THAT PROHIBITS OR RESTRICTS THE COLLECTION OF PREPAYMENT PREMIUMS IN CONNECTION WITH ACCELERATION FOLLOWING DEFAULT OR A TRANSFER OF THE
PROPERTY OR OF AN INTEREST IN THE BORROWER. 
              BORROWER’S INITIALS 
 1.6.    Security.     The indebtedness evidenced by this Note and the obligations created hereby are secured by, among other things, that certain Amended and Restated Deed of Trust, Security
Agreement and Fixture Filing (the “Security Instrument”) from Borrower for the benefit of Lender, dated of even date herewith, covering the Property. The Security Instrument, together with this Note and all other documents to
or of which Lender is a party or beneficiary now or hereafter evidencing, securing, guarantying, modifying or otherwise relating to the indebtedness evidenced hereby, are herein referred to collectively as the “Loan
Documents”. Some of the Loan Documents are to be filed for record on or about the date hereof in the appropriate public records. 
 ARTICLE II. - DEFAULT 
 2.1.    Events of Default.     It is
hereby expressly agreed that should any default occur in the payment of principal or interest as stipulated above and such payment is not made on the date such payment is due, or should any other default occur under any other Loan Document and not
be cured within any applicable grace or notice period (if any), then an Event of Default (an “Event of Default”) shall exist hereunder, and in such event the indebtedness evidenced hereby, including all sums advanced or
accrued hereunder or under any other Loan Document, and all unpaid interest accrued thereon, shall, at the option of Lender and without notice to Borrower, at once become due and payable and may be collected forthwith, whether or not there has been
a prior demand for payment and regardless of the stipulated date of maturity. 
 2.2.    Late
Charges.     In the event that any payment is not received by Lender on the date when due (subject to any applicable grace period, but excepting any payment due at maturity by acceleration or otherwise), then, in addition to
any default interest payments due hereunder, 

  

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Borrower shall also pay to Lender a late charge in an amount equal to three percent (3%) of the amount of such overdue payment. Notwithstanding the
language in this Section 2.2, provided no other Event of Default is continuing, on one (1) occasion per calendar year, Borrower shall be allowed two (2) days to cure an Event of Default stemming from a failure of Lender to
receive any payment on the date when due (subject to any applicable grace period, but excepting any payment due at maturity by acceleration or otherwise) without incurring any late charge under this Section 2.2. 
 2.3.    Default Interest Rate.     So long as any Event of Default exists hereunder or
under any other Loan Document, regardless of whether or not there has been an acceleration of the indebtedness evidenced hereby, and at all times after maturity of the indebtedness evidenced hereby (whether by acceleration or otherwise), interest
shall accrue on the outstanding principal balance of this Note, from the date due until the date credited, at a rate per annum equal to two percent (2%) in excess of the Note Rate, or, if such increased rate of interest may not be collected
under applicable law (as applicable), then at the maximum rate of interest, if any, which may be collected from Borrower under applicable law (as applicable, the “Default Interest Rate”), and such default interest shall be
immediately due and payable. 
 2.4.    Borrower’s Agreements.    
Borrower acknowledges that it would be extremely difficult or impracticable to determine Lender’s actual damages resulting from any late payment or default, and such late charges and default interest are reasonable estimates of those damages
and do not constitute a penalty. The remedies of Lender in this Note or in the Loan Documents, or at law or in equity, shall be cumulative and concurrent, and may be pursued singly, successively or together, in Lender’s discretion. 

2.5.    Borrower to Pay Costs.     In the event that this Note, or any part hereof, is
collected by or through an attorney-at-law, Borrower agrees to pay all costs of collection, including, but not limited to, reasonable attorneys’ fees. 
 2.6.    Exculpation.     Notwithstanding anything in this Note or the Loan Documents to the contrary, but subject to the qualifications hereinbelow
set forth, Lender agrees that: 
 (a)    Borrower shall be liable upon the indebtedness evidenced hereby
and for the other obligations arising under the Loan Documents to the full extent (but only to the extent) of the security therefor, the same being all properties (whether real or personal), rights, estates and interests now or at any time hereafter
securing the payment of this Note and/or the other obligations of Borrower under the Loan Documents (collectively, the “Property”); 
 (b)    if an Event of Default occurs under the Loan Documents, any judicial proceedings brought by Lender against Borrower shall be limited to the preservation, enforcement
and foreclosure, or any thereof, of the liens, security titles, estates, assignments, rights and security interests now or at any time hereafter securing the payment of this Note and/or the other obligations of Borrower under the Loan Documents, and
no attachment, execution or other writ of process shall be sought, issued or levied upon any assets, properties or funds of Borrower other than the Property, except with respect to the liability described below in this section; and 
  

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 (c)     in the event of a foreclosure of such liens, security titles,
estates, assignments, rights or security interests securing the payment of this Note and/or the other obligations of Borrower under the Loan Documents, no judgment for any deficiency upon the indebtedness evidenced hereby shall be sought or obtained
by Lender against Borrower, except with respect to the liability described below in this section; provided, however, that, notwithstanding the foregoing provisions of this section, Borrower shall be fully and personally liable for any and all
liabilities, obligations, losses, damages, costs and expenses (including, without limitation, reasonable attorneys’ fees), causes of action, suits, claims, demands and judgments of any nature or description whatsoever resulting from
(i) misapplication or misappropriation of proceeds paid under any insurance policies required to be maintained by Borrower pursuant to Section 2.3 of the Security Instrument (or paid as a result of any other claim or cause of action
against any person or entity) by reason of damage, loss or destruction to all or any portion of the Property, to the full extent of such proceeds not previously delivered to Lender, but which, under the terms of the Loan Documents, should have been
delivered to Lender, (ii) misapplication or misappropriation of proceeds or awards resulting from the condemnation or other taking in lieu of condemnation of all or any portion of the Property, to the full extent of such proceeds or awards not
previously delivered to Lender, but which, under the terms of the Loan Documents, should have been delivered to Lender, (iii) all tenant security deposits or other refundable deposits paid to or held by Borrower or any other person or entity in
connection with leases of all or any portion of the Property which are not applied in accordance with the terms of the applicable lease or other agreement, (iv) rent and other payments received from tenants under leases of all or any portion of
the Property paid more than one (1) month in advance, (v) rents, issues, profits and revenues of all or any portion of the Property received or applicable to a period during the continuance of any Event of Default hereunder or under the
Loan Documents which are not either applied to the ordinary and necessary expenses of owning and operating the Property or paid to Lender, (vi) intentional physical waste committed on the Property, intentional damage to the Property as a result
of the intentional misconduct of Borrower or any of its affiliates, to the full extent of the losses or damages incurred by Lender on account of such occurrence, (vii) subject to Borrower’s ability to contest the same in accordance with
the provisions of the Security Instrument, failure to pay any valid taxes, assessments, mechanic’s liens or materialmen’s liens which could create liens on any portion of the Property which would be superior to the lien or security title
of the Security Instrument or the other Loan Documents, to the full extent of the amount claimed by any such lien claimant except, with respect to any such taxes or assessments, to the extent that funds have been deposited with Lender pursuant to
the terms of the Security Instrument specifically for the applicable taxes or assessments and not applied by Lender to pay such taxes and assessments, (viii) for all obligations and indemnities of Borrower under the Loan Documents relating to
Hazardous Substances (as defined in the Security Instrument) or radon in violation of any Environmental Laws or compliance with Environmental Laws (as defined in the Security Instrument) to the full extent of any losses or damages incurred by Lender
and/or any of its affiliates as a result of the existence of such Hazardous Substances or radon or failure to comply with such Environmental Laws, (ix) a default by Borrower of any of the covenants set forth in Section 2.9 of the Security
Instrument or a default by Borrower or any general partner, manager or managing member of Borrower which is a Single-Purpose Entity (as defined in the Security Instrument) of the covenants set forth in Section 2.29 of the Security Instrument to
the extent of any losses or damages incurred by Lender or as a result of such default, and (x) fraud, material intentional 

  

 11 

 
misrepresentation, intentional failure to disclose a material fact or any intentional untrue statement of a material fact in the written materials and/or
information provided to Lender or any of its affiliates by or on behalf of Borrower or any indemnitor, to the full extent of any losses, damages and expenses of Lender and/or any of its affiliates on account thereof. References herein to particular
sections of the Loan Documents shall be deemed references to such sections as affected by other provisions of the Loan Documents relating thereto. Nothing contained in this section shall (1) be deemed to be a release or impairment of the
indebtedness evidenced by this Note or the other obligations of Borrower under the Loan Documents or the lien of the Loan Documents upon the Property, or (2) preclude Lender from foreclosing the Loan Documents in case of any Event of Default or
from enforcing any of the other rights of Lender except as stated in this section, or (3) limit or impair in any way whatsoever the Amended and Restated Environmental Indemnity Agreement (the “Environmental Indemnity
Agreement”) of even date herewith executed and delivered in connection with the indebtedness evidenced by this Note or release, relieve, reduce, waive or impair in any way whatsoever, any obligation of any party to the Environmental
Indemnity Agreement. 
 Notwithstanding the foregoing, the agreement of Lender not to pursue recourse liability as set forth
in this Section 2.6 SHALL BECOME NULL AND VOID and shall be of no further force and effect if the Property or any part thereof shall become an asset in (A) a voluntary bankruptcy or insolvency proceeding of Borrower or Indemnitor, or
(B) an involuntary bankruptcy or insolvency proceeding of Borrower or Indemnitor in which the Borrower or the Indemnitor colludes, consents or acquiesces with creditors in such bankruptcy or insolvency proceeding and which is not dismissed
within ninety (90) days of filing. 
 Notwithstanding anything to the contrary in this Note, the Security Instrument or
any of the other Loan Documents, Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the
indebtedness evidenced hereby or secured by the Security Instrument or any of the other Loan Documents or to require that all collateral shall continue to secure all of the indebtedness owing to Lender in accordance with this Note, the Security
Instrument and the other Loan Documents. 
 ARTICLE III. - GENERAL CONDITIONS 
 3.1.    No Waiver; Amendment.     No failure to accelerate the indebtedness evidenced
hereby by reason of default hereunder, acceptance of a partial or past due payment, or indulgences granted from time to time shall be construed (i) as a novation of this Note or as a reinstatement of the indebtedness evidenced hereby or as a
waiver of such right of acceleration or of the right of Lender thereafter to insist upon strict compliance with the terms of this Note, or (ii) to prevent the exercise of such right of acceleration or any other right granted hereunder or by any
applicable laws; and Borrower hereby expressly waives the benefit of any statute or rule of law or equity now provided, or which may hereafter be provided, which would produce a result contrary to or in conflict with the foregoing. No extension of
the time for the payment of this Note or any installment due hereunder made by agreement with any person now or hereafter liable for the payment of this Note shall operate to release, discharge, modify, change or affect the original liability of
Borrower under this Note, either in whole or in part, unless Lender agrees otherwise in writing. This Note may not be changed orally, but only by an agreement in writing 

  

 12 

 
signed by the party against whom enforcement of any waiver, change, modification or discharge is sought. 
 3.2.    Waivers.     Presentment for payment, demand, protest and notice of demand,
protest and nonpayment and all other notices are hereby waived by Borrower. Borrower hereby further waives and renounces, to the fullest extent permitted by law, all rights to the benefits of any moratorium, reinstatement, marshaling, forbearance,
valuation, stay, extension, redemption, appraisement, exemption and homestead now or hereafter provided by the Constitution and laws of the United States of America and of each state thereof, both as to itself and in and to all of its property, real
and personal, against the enforcement and collection of the obligations evidenced by this Note or the other Loan Documents. 
 3.3.    Limit of Validity.     The provisions of this Note and of all agreements between Borrower and Lender, whether now existing or hereafter arising and whether written or oral, including,
but not limited to, the Loan Documents, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of demand or acceleration of the maturity of this Note or otherwise, shall the amount contracted for, charged,
taken, reserved, paid or agreed to be paid (“Interest”) to Lender for the use, forbearance or detention of the money loaned under this Note exceed the maximum amount permissible under applicable law. If, from any circumstance
whatsoever, performance or fulfillment of any provision hereof or of any agreement between Borrower and Lender shall, at the time performance or fulfillment of such provision shall be due, exceed the limit for Interest prescribed by law or otherwise
transcend the limit of validity prescribed by applicable law, then, ipso facto, the obligation to be performed or fulfilled shall be reduced to such limit, and if, from any circumstance whatsoever, Lender shall ever receive anything of value
deemed Interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive Interest shall be applied to the reduction of the principal balance owing under this Note in the inverse order of its maturity (whether or not
then due) or, at the option of Lender, be paid over to Borrower, and not to the payment of Interest. All Interest (including any amounts or payments judicially or otherwise under the law deemed to be Interest) contracted for, charged, taken,
reserved, paid or agreed to be paid to Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of this Note, including any extensions and renewals hereof until payment in full of
the principal balance of this Note so that the Interest thereon for such full term will not exceed at any time the maximum amount permitted by applicable law. To the extent United States federal law permits a greater amount of interest than is
permitted under the law of the State in which the Property is located, Lender will rely on United States federal law for the purpose of determining the maximum amount permitted by applicable law. Additionally, to the extent permitted by applicable
law now or hereafter in effect, Lender may, at its option and from time to time, implement any other method of computing the maximum lawful rate under the law of the State in which the Property is located or under other applicable law by giving
notice, if required, to Borrower as provided by applicable law now or hereafter in effect. This Section 3.3 will control all agreements between Borrower and Lender. 
 3.4.    Use of Funds.     Borrower hereby warrants, represents and covenants that no funds disbursed hereunder shall be used for personal, family or
household purposes. 
  

 13 

 3.5.    Unconditional Payment.    
Borrower is and shall be obligated to pay principal, interest and any and all other amounts which become payable hereunder or under the other Loan Documents absolutely and unconditionally and without any abatement, postponement, diminution or
deduction and without any reduction for counterclaim or setoff. In the event that at any time any payment received by Lender hereunder shall be deemed by a court of competent jurisdiction to have been a voidable preference or fraudulent conveyance
under any bankruptcy, insolvency or other debtor relief law, then the obligation to make such payment shall survive any cancellation or satisfaction of this Note or return thereof to Borrower and shall not be discharged or satisfied with any prior
payment thereof or cancellation of this Note, but shall remain a valid and binding obligation enforceable in accordance with the terms and provisions hereof, and such payment shall be immediately due and payable upon demand. 
 3.6.    Governing Law.     THIS NOTE SHALL BE INTERPRETED, CONSTRUED AND ENFORCED
ACCORDING TO THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED. 
 3.7.    Waiver of Jury
Trial.     EACH OF BORROWER AND LENDER, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT
TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THE DEBT EVIDENCED BY THIS NOTE OR ANY CONDUCT, ACT OR OMISSION OF LENDER OR BORROWER, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, PARTNERS,
MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH LENDER OR BORROWER, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. 
 ARTICLE IV. - MISCELLANEOUS PROVISIONS 
 4.1.     Successors and Assigns; Joint and Several; Interpretation.     The terms and provisions hereof shall be binding upon and inure to the benefit of Borrower and Lender and their
respective heirs, executors, legal representatives, successors, successors-in-title and assigns, whether by voluntary action of the parties or by operation of law. As used herein, the terms “Borrower” and “Lender” shall be deemed
to include their respective heirs, executors, legal representatives, successors, successors-in-title and assigns, whether by voluntary action of the parties or by operation of law. If Borrower consists of more than one person or entity, each shall
be jointly and severally liable to perform the obligations of Borrower under this Note. All personal pronouns used herein, whether used in the masculine, feminine or neuter gender, shall include all other genders; the singular shall include the
plural and vice versa. Titles of articles and sections are for convenience only and in no way define, limit, amplify or describe the scope or intent of any provisions hereof. Time is of the essence with respect to all provisions of this Note. This
Note and the other Loan Documents contain the entire agreements between the parties hereto relating to the subject matter hereof and thereof and all prior agreements relative hereto and thereto which are not contained herein or therein are
terminated. 
 4.2.    Taxpayer Identification.     Borrower’s Tax
Identification Number is 20-8592399. 
  

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 [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

 15 

 IN WITNESS WHEREOF, Borrower has executed this Note as of the date first written above.

  

			
	BORROWER:
	  
 4370 LA JOLLA VILLAGE LLC,
 a Delaware limited liability company

		
	 By:
	 	 /s/ Marina L. Massari

		 	 Name: Marina L. Massari

		 	 Title: Senior Vice President

		
	 By:
	 	 /s/ Robert M. Lang

		 	 Name: Robert M. Lang

		 	 Title: Vice President

 ANNEX 1 TO PROMISSORY NOTE 
 BY 4370 LA JOLLA VILLAGE LLC 
 TO BANK OF AMERICA, N.A. 
 [SEE ATTACHED] 

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

			
	BORROWER:
	  
 4370 LA JOLLA VILLAGE LLC,
 a Delaware limited liability company

		
	 By:
	 	 /s/ Marina L. Massari

		 	 Name: Marina L. Massari

		 	 Title: Senior Vice President

		
	 By:
	 	 /s/ Robert M. Lang

		 	 Name: Robert M. Lang

		 	 Title: Vice PresidentAmended and Restated Intercreditor Agreement

 Exhibit 10.27 
 EXECUTION VERSION 
  
  
  
 AMENDED AND RESTATED 
 INTERCREDITOR AGREEMENT 
 Dated as of
December 31, 2008 
 by and between 
 BANK OF AMERICA, NATIONAL ASSOCIATION, 
 (Note A Holder) 
 and 
 CBRE REALTY FINANCE CDO 2007-1, LTD, 
 (Note B Holder) 
  
  
  

 THIS AMENDED AND RESTATED INTERCREDITOR AGREEMENT, dated as of December 31,
2008 (this “Agreement”), by and between BANK OF AMERICA, NATIONAL ASSOCIATION (also known as Bank of America, N.A.), a national banking association (“Initial Note A Holder”), and CBRE REALTY FINANCE CDO
2007-1, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Note B Holder”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to that certain Amended and Restated Deed of Trust,
Security Agreement and Fixture Filing, dated as of March 30, 2007 (as modified or amended from time to time, the “Deed of Trust”), among 4370 La Jolla Village LLC, a Delaware limited liability company
(“Borrower”), as grantor, PRLAP, Inc., a North Carolina corporation, as trustee, and Mortgage Electronic Registration Systems, Inc., a Delaware corporation, Note A Holder originated a mortgage loan (the “Mortgage
Loan”) in the original principal amount of $104,800,000 to Borrower; 
 WHEREAS, the Mortgage Loan is
evidenced by (i) that certain Amended and Restated Promissory Note A Secured by Deed of Trust, dated as of March 30, 2007, in the original principal amount of $94,500,000 (“Note A”), and (ii) that certain Amended and
Restated Promissory Note B Secured by Deed of Trust, dated as of March 30, 2007, in the original principal amount of $10,300,000 (“Note B” and collectively with Note A, the “Notes”), all as more particularly
described on the Mortgage Loan Schedule; 
 WHEREAS, the Mortgage Loan is secured by one or more parcels of real
property located as described on the Mortgage Loan Schedule (collectively, the “Mortgaged Property”); 
 WHEREAS, pursuant to that certain Assignment and Assumption, dated as of July 3, 2007, among Bank of America, National Association (“Initial Note B Holder”), a national banking association, and CBRE Realty
Finance Holdings IV, LLC, a Delaware limited liability company (“CBRE RFH”), Initial Note B Holder sold, transferred and assigned to CBRE RFH all of Initial Note B Holder’s right, title and interest in and to Note B and CBRE
RFH agreed to acquire and assume such right, title and interest in and to Note B. Pursuant to that certain Allonge to Amended and Restated Promissory Note B Secured by Deed of Trust and that certain Omnibus Assignment, each dated September 28,
2007, CBRE RFH transferred and assigned its interest in and to Note B to, and said interest was acquired and assumed by Note B Holder; 
 WHEREAS, the servicing of the Mortgage Loan will be governed by this Agreement prior to the Note A Sale (as hereinafter defined) and by the Servicing Agreement (as hereinafter defined) after the Note A Sale;
and 
 WHEREAS, the Initial Note A Holder and the Note B Holder desire to enter into this Agreement to amend and
restate that certain Intercreditor Agreement, dated as of July 3, 2007, between Initial Note A Holder and Initial Note B Holder so as to revise the terms under which they, and their successors and assigns, shall hold Note A and
Note B, respectively. 

 NOW, THEREFORE, in consideration of the mutual promises contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.    Definitions; Conflicts.    References to a “Section” or the “recitals” are, unless otherwise specified, to a Section or the recitals of this
Agreement. Whenever used in this Agreement, the following terms shall have the respective meanings set forth below. Any capitalized term used herein without definition shall have the meaning in the Servicing Agreement. 
 “Advance Interest” shall mean any amount of interest calculated at the “Advance Rate” as such term is
identified in the Servicing Agreement. 
 “Advances” shall mean any liabilities, costs, fees or expenses
(including, without limitation, legal fees and special servicing fees), or any protective or other property advances made by or incurred by any Holder or the Servicer on behalf of the Borrower or other servicing and/or property advances and interest
on all such advances made in connection with the Mortgage Loan. 
 “Affiliate” shall have the meaning
assigned such term in the Servicing Agreement. 
 “Agreement” shall mean this Intercreditor Agreement, the
exhibits and schedules hereto and all amendments hereof and supplements hereto. 
 “Appraisal Reduction
Amount” shall have the meaning assigned such term in the Servicing Agreement. 
 “Appraisal Trigger
Event” shall have the meaning assigned such term in the Servicing Agreement. 
 “Approved Letter of
Credit” shall mean an unconditional and irrevocable standby letter of credit payable on sight demand at a domestic location reasonably acceptable to the Servicer with the Note A Holder as beneficiary, issued by a domestic bank or other
domestic financial institution the long-term unsecured debt obligations of which are rated at least “AA-” (or its equivalent) by the Rating Agencies. 
 “Borrower” shall mean the borrower or borrowers under the Mortgage Loan. 
 “Borrower Related Party” shall have the meaning assigned to such term in Section 19. 
 “Business Day” shall have the meaning assigned such term in the Servicing Agreement. 
 “CBRE RFH” shall have the meaning assigned to such term in the recitals to this Agreement. 

 “CDO” shall have the meaning assigned to such term in the definition of
“Qualified Institutional Lender”. 
 “CDO Asset Manager” shall mean with respect to any CDO
Vehicle that is a CDO, the entity that is responsible for managing or administering the underlying assets of such CDO Vehicle or, if applicable, the assets of any Intervening Trust Vehicle (including, without limitation, the right to exercise any
consent and control rights available to the holder of Note B). 
 “CDO Vehicle” shall have the meaning
assigned to such term in the definition of “Qualified Institutional Lender”. 
 “Code” shall mean
the Internal Revenue Code of 1986, as amended. 
 “Conduit” shall have the meaning assigned to such term in
Section 18(d). 
 “Conduit Credit Enhancer” shall have the meaning assigned to such term in
Section 18(d). 
 “Conduit Inventory Loan” shall have the meaning assigned to such term in
Section 18(d). 
 “Control Appraisal Period” shall exist with respect to the Mortgage Loan, if
and for so long as: 
 (a)    (1) the initial Note B Principal Balance minus (2) the
sum (without duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to and received on Note B, (y) any Appraisal Reduction Amount and, without duplication (z) any losses realized with
respect to the Mortgage Loan under the Servicing Agreement then in effect that are allocated in accordance with Section 6(e) below to Note B, plus (3) the amount of any Reserve Collateral posted by the Note B Holder, is less than

 (b)    25% of the excess of (1) the initial Note B Principal Balance over
(2) any payments of principal (whether as principal prepayments or otherwise) allocated to and received on Note B. 
 “Controlling Holder” shall mean the Note B Holder unless and until a Control Appraisal Period has occurred, and thereafter the Note A Operating Advisor; provided, however, that if and so long as at any time
the Note B Holder is the Borrower or any Borrower Related Party, the Controlling Holder shall be the Note A Operating Advisor. 
 “Cure Option Notice” shall have the meaning assigned to such term in Section 10(a). 
 “Cure Period” shall mean a Monetary Default Cure Period or a Non-Monetary Default Cure Period, as the context may require. 
 “Decisions” shall have the meaning assigned to such term in Section 6. 

 “Deed of Trust” shall have the meaning assigned to such term in the
recitals. 
 “Defaulted Mortgage Loan Purchase Price” shall mean the sum (without duplication) of:
(a) the Note A Principal Balance as of the date of purchase (which, for the avoidance of doubt, it is noted will have been reduced to the extent that cure payments made by the Note B Holder consisted of principal payments made on behalf of the
Borrower that were applied in reduction of the principal amount of the Note A Principal Balance), (b) accrued and unpaid interest thereon at the Note A Interest Rate, up to but excluding (provided payment is made in good funds by 11:00
a.m. New York local time) the date of purchase, (c) any other amounts (excluding Prepayment Premiums) due under the Mortgage Loan that are allocable to the Note A Holder, (d) any unreimbursed Advances owed to Note A Holder or the Servicer
or any other party to the Servicing Agreement and any expenses incurred by Note A Holder or the Servicer or any other party to the Servicing Agreement in enforcing the Mortgage Loan Documents (including, without limitation, fees and expenses payable
or reimbursable to any Servicer, including, without limitation, special servicing fees, liquidation fees, and workout fees); provided, however, that no liquidation fee or workout fee shall be payable if the purchase occurs or the
purchase right is exercised not later than 90 days from the date that the purchase option provided to the Note B Holder pursuant to this Agreement became exercisable, (e) any accrued and unpaid Advance Interest and (f) any Recovered Costs
not previously reimbursed to the Note A Holder pursuant to this Agreement. If the Mortgage Loan is converted into an REO Loan, for purposes of determining the Defaulted Mortgage Loan Purchase Price, interest will continue to accrue on the Mortgage
Loan as if it were not so converted. 
 “Defaulted Note Purchase Date” shall have the meaning assigned to
such term in Section 11. 
 “Delivered Letter of Credit” shall have the meaning assigned to such
term in Section 6(e). 
 “Draw Amount” shall have the meaning assigned to such term in
Section 6(e). 
 “Event of Default” shall, except as set forth in Section 10(a),
mean an “Event of Default” as defined in the Deed of Trust. 
 “Federal Funds Rate” shall mean,
for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New
York. 
 “Final Recovery Determination” shall have the meaning assigned to such term in the Servicing
Agreement. 
 “Fitch” shall mean Fitch, Inc., and its successors in interest. 
 “Grace Period” shall have the meaning assigned to such term in Section 10(a). 
 “Holders” shall mean collectively the Note A Holder and the Note B Holder. 

 “Initial Note A Holder” shall have the meaning assigned to such term in
the preamble to this Agreement. 
 “Initial Note B Holder” shall have the meaning assigned to such term in
the recitals to this Agreement. 
 “Interest Rate” shall mean the Note A Interest Rate or the Note B
Interest Rate, as applicable. 
 “Intervening Trust Vehicle” shall mean with respect to any CDO Vehicle that
is a CDO, a trust vehicle or entity which holds Note B as collateral securing (in whole or in part) any obligation or security held by such CDO Vehicle as collateral for the CDO. 
 “Monetary Default” shall have the meaning assigned to such term in Section 10(a). 
 “Monetary Default Cure Period” shall have the meaning assigned to such term in Section 10(a). 
 “Moody’s” shall mean Moody’s Investors Service, Inc., and its successors in interest.

 “Mortgage Loan” shall have the meaning assigned to such term in the recitals. 
 “Mortgage Loan Documents” shall mean Note A, Note B, the Deed of Trust and all other documents evidencing or securing
the Mortgage Loan. 
 “Mortgage Loan Principal Balance” shall mean, at any date of determination, the sum of
the Note A Principal Balance and the Note B Principal Balance. 
 “Mortgage Loan Schedule” shall mean the
schedule attached hereto as Exhibit A. 
 “Mortgaged Property” shall have the meaning assigned to
such term in the recitals. 
 “Non-Exempt Person” shall mean any Person other than a Person who is either
(i) a U.S. Person or (ii) has on file with an agent for the relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which, pursuant to applicable provisions of (A) any income tax
treaty between the United States and the country of residence of such Person, (B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit the Note A Holder to make such
payments free of any obligation or liability for withholding. 
 “Non-Monetary Default” shall have the
meaning assigned to such term in Section 10(d). 
 “Non-Monetary Default Cure Period” shall have
the meaning assigned to such term in Section 10(d). 

 “Note” shall mean either Note A or Note B, as applicable. 
 “Note A” shall have the meaning assigned to such term in the recitals. 
 “Note A Default Interest Rate” shall mean a rate per annum equal to the Note A Interest Rate plus the Note
Default Interest Spread. 
 “Note A Holder” shall mean the Initial Note A Holder or any subsequent holder of
Note A. 
 “Note A Interest Rate” shall mean a rate per annum equal to 5.602510052910050%.

 “Note A Operating Advisor” shall have the meaning assigned to such term in Section 18(f).

 “Note A Percentage Interest” shall mean, as of any date, the ratio of the Note A Principal Balance to the
Mortgage Loan Principal Balance. 
 “Note A Principal Balance” shall mean, at any time of determination, the
initial Note A Principal Balance as set forth in the Mortgage Loan Schedule, less (i) any payments of principal applied to Note A pursuant to Sections 3 or 4, (ii) any cure payments applied to the principal balance of Note A
pursuant to Section 10, and (iii) any reduction in the principal balance of Note A pursuant to Section 5. 
 “Note A Sale” shall mean the sale by the Initial Note A Holder of the totality of, or participation interests in, Note A. 
 “Note A Sale Date” shall mean the date that that the Note A Sale is consummated, for which transaction the Note B Holder (or the Operating Advisor, as applicable) shall receive
contemporaneous written notice and which notice shall include the contact information for the holder(s) of interests in Note A and the designation of the Note A Operating Advisor. 
 “Note B” shall have the meaning assigned to such term in the recitals. 
 “Note B Default Interest Rate” shall mean a rate per annum equal to the Note B Interest Rate plus the Note
Default Interest Spread. 
 “Note B Holder” shall mean CBRE Realty Finance CDO 2007-1, Ltd., an exempted
company incorporated with limited liability under the laws of the Cayman Islands, or any subsequent holder of Note B. 
 “Note B Holder Purchase Notice” shall have the meaning assigned to such term in Section 11. 
 “Note B Interest Rate” shall mean a rate per annum equal to 7.50%. 

 “Note B Percentage Interest” shall mean, as of any date, the ratio of
the Note B Principal Balance to the Mortgage Loan Principal Balance. 
 “Note B Principal Balance” shall
mean at any time of determination, the initial Note B Principal Balance as set forth in the Mortgage Loan Schedule, less (i) any payments of principal applied to Note B pursuant to Sections 3 or 4, and (ii) any reduction in
the principal balance of Note B pursuant to Section 5. 
 “Note B Servicing Fee” shall
have the meaning assigned to such term in Section 9(c). 
 “Note Default Interest Spread” shall
mean a rate per annum equal to the lesser of (i) the difference between (A) the maximum interest rate permitted by applicable law and (B) the applicable Interest Rate, and (ii) 3.0%. 
 “Note Pledgee” shall have the meaning assigned to such term in Section 18(c). 
 “Payment Date” shall mean the Payment Date set forth in Note A and Note B. 
 “Percentage Interest” shall mean, with respect to the Note A Holder, the Note A Percentage Interest, and with respect to
the Note B Holder, the Note B Percentage Interest, as each may be adjusted from time to time. 
 “Permitted Fund
Manager” shall mean any Person that on the date of determination is (i) a nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund
with committed capital of at least $250,000,000 and (iii) not subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors. 
 “Person” shall have the meaning assigned such term in the Servicing Agreement. 
 “Pledge” shall have the meaning assigned to such term in Section 18(c). 
 “Prepayment Premium” shall mean any prepayment premium, yield maintenance premium, spread maintenance premium, or similar fee required to be paid in connection with a voluntary or involuntary
prepayment of the Mortgage Loan. 
 “Principal Balance” shall mean either the Note A Principal Balance or
the Note B Principal Balance, as applicable. 
 “Qualified Institutional Lender” shall mean with respect to
Note A or Note B, a Person (other than Borrower or any Borrower Related Party) that is: 
 (a)    a real estate investment trust, bank, saving and loan association, investment bank, insurance company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual
fund, government entity or plan; provided that any such Person referred to in this clause (a) satisfies the Eligibility Requirements; 

 (b)    an investment company, money management firm
or “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as
amended; provided that any such Person referred to in this clause (b) satisfies the Eligibility Requirements; 
 (c)    an institution substantially similar to any of the foregoing entities described in clauses (a) or (b) that satisfies the Eligibility Requirements; 
 (d)    any entity Controlled by any of the entities described in clauses (a),
(b) or (c) above; 
 (e)    a Qualified Trustee (or a single
purpose bankruptcy remote entity that contemporaneously pledges its interest in Note B to a Qualified Trustee) in connection with the creation of collateralized debt obligations (“CDO”) secured by Note B (a “CDO
Vehicle”); provided that either: (1) one or more classes of securities issued by such CDO Vehicle is initially rated at least investment grade by each of the Rating Agencies or (2) in the case of a CDO Vehicle that is a
CDO, the CDO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CDO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional Lender under clauses (a),
(b), (c) or (d) of this definition; 
 (f)    [Intentionally Omitted]; or 
 (g)    an investment
fund, limited liability company, limited partnership or general partnership where a Permitted Fund Manager acts as the general partner, managing member or fund manager and at least 50% of the equity interests in such investment vehicle are owned,
directly or indirectly, by one or more entities that are otherwise Qualified Institutional Lenders under clauses (a), (b), (c) or (d) of this definition. 
 For purposes of this definition, satisfaction of the “Eligibility Requirements” shall mean (x) such entity has at
least $250,000,000 in capital/statutory surplus or shareholders’ equity (except with respect to a pension advisory firm or similar fiduciary) and at least $600,000,000 in total assets (in name or under management), and (y) is regularly
engaged in the business of making or owning commercial real estate loans (or interests therein) similar to the Mortgage Loan or owning or operating commercial real estate properties. 
 For purposes of this definition only, “Control” shall mean the ownership, directly or indirectly, in the aggregate of
more than 50% of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise voting
power, by contract or otherwise (“Controlled” has the meaning correlative thereto). 
 “Qualified
Servicer” shall mean any nationally recognized commercial mortgage loan servicer (i) rated at least “CSS3” (or equivalent successor rating), in the case of a special servicer, or at least “CMS3” (or equivalent
successor rating), in the case of a master servicer, by Fitch or any successor to Fitch, and (ii) listed on S&P’s Select Servicer List as a U.S. 

 
Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable. 
 “Qualified Trustee” shall mean (i) a corporation, national bank, national banking association or a trust company,
organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred, having a combined capital and surplus of at least $100,000,000
and subject to supervision or examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose long-term senior unsecured debt is rated either of the then in
effect top two rating categories of each of the Rating Agencies. 
 “Rating Agencies” shall mean Fitch,
Moody’s and S&P or, if any of such entities shall for any reason no longer perform the functions of a securities rating organization, any other nationally recognized statistical rating agency designated by the Note A Operating Advisor.

 “Recovered Costs” shall mean any amounts referred to in clauses (d) and/or (e) of
the definition of “Defaulted Mortgage Loan Purchase Price” that, at the time of determination, had been previously paid or reimbursed to any Servicer from sources other than collections on or in respect of the Mortgage Loan or the
Mortgaged Property (including, without limitation, from collections on or in respect of loans other than the Mortgage Loan). 
 “Redirection Notice” shall have the meaning assigned to such term in Section 18(c). 
 “REO Loan” shall mean that the title to the Mortgaged Property shall have been acquired on behalf of Note A Holder (and any participant of Note A) and the Note B Holder. 
 “Reserve Collateral” shall have the meaning assigned to such term in Section 6(e). 
 “S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and its successors in interest. 
 “Sequential Pay Event” shall mean (a) any Event of Default, with
respect to an obligation of Borrower to pay money due under the Mortgage Loan, (b) any other Event of Default for which the Mortgage Loan is actually accelerated, (c) any other Event of Default which causes the Mortgage Loan to become a
Specially Serviced Loan, or (d) any bankruptcy or insolvency event that constitutes an Event of Default. A Sequential Pay Event shall no longer exist to the extent it has been cured (including any cure payment made by the Note B Holder in
accordance with Section 10). 
 “Servicer” shall mean (a) prior to the Note A Sale Date,
the Initial Note A Holder (or its designee), or (b) after the Note A Sale Date, any of the primary servicer, master servicer or the special servicer under the Servicing Agreement, as the context requires. 
 “Servicing Agreement” shall mean the Servicing Agreement, dated as of the Note A Sale Date, among KBS Debt Holdings II
X, LLC, as Note A Holder, Note B Holder, and Bank 

 
of America, National Association, as servicer and special servicer. The term “Servicing Agreement” shall also include, as the context may require,
any subsequent servicing agreement entered into pursuant to Section 6(a) below. 
 “Servicing Fee
Rate” shall mean the per annum rate (expressed as a percentage of the sum of the Note A Principal Balance and the Note B Principal Balance) at which the fee payable to any Servicer is determined, which rate will be as set forth in
the Servicing Agreement; provided that at no time shall such rate (excluding any special servicing fee rate) exceed in the case of Note B, 0.01% per annum. 
 “Servicing Standard” shall mean the obligation of the Initial Note A Holder, the related master or special Servicer, as applicable, to service and administer the Mortgage Loan
solely in the best interest and for the benefit of the Note A Holder and the Note B Holder as a collective whole, exercising the higher of (x) the same care, skill, prudence and diligence with which the Note A Holder (or, in the event that the
Note A Holder is not then servicing the Mortgage Loan, the then Servicer of the Mortgage Loan) services and administers similar mortgage loans for other third party portfolios, giving due consideration to customary and usual standards of practice of
prudent institutional commercial lenders servicing their own loans and (y) the same care, skill, prudence and diligence which the Note A Holder (or, in the event that the Note A Holder is not then servicing the Mortgage Loan, the then Servicer
of the Mortgage Loan) utilizes for mortgage loans which the Note A Holder (or such Servicer) owns, in each case, acting in accordance with applicable law, the terms of this Agreement, the Mortgage Loan Documents and the Mortgage Loan’s
insurance policies and with a view to the maximization of timely recovery of principal and interest on a net present value basis on Note A and Note B as a collective whole, but without regards to: 
  

	 	(A)	 any relationship that the Note A Holder (or such Servicer) or any Affiliate of the Note A Holder (or such Servicer) may have with the Borrower or any Affiliates
of the Borrower; 

  

	 	(B)	 the ownership of any interest in the Mortgage Loan or any Affiliate of Note A Holder (or such Servicer); 

  

	 	(C)	 the ownership of any junior indebtedness with respect to the Mortgaged Property by the Note A Holder (or such Servicer) or any Affiliate of the Note A Holder (or
such Servicer); 

  

	 	(D)	 the Note A Holder’s (or such Servicer’s) obligation to make Advances or otherwise incur servicing expenses with respect to the Mortgage Loan;

  

	 	(E)	 Note A Holder’s (or such Servicer’s) right to receive compensation for its services hereunder or with respect to any particular transaction;

  

	 	(F)	 the ownership, or servicing or management for others, by the Note A Holder (or such Servicer) or any sub-servicer, of any other mortgage loans or properties; or

	 	(G)	 any repurchase or indemnity obligation on the part of the Note A Holder in its capacity as a mortgage loan seller; provided, however, for so long
as the Mortgage Loan is serviced pursuant to the Servicing Agreement, “Servicing Standard” shall have the same meaning as the analogous definition set forth in the Servicing Agreement. 

 “Special Servicer” shall have the meaning assigned to such term in the Servicing Agreement. 
 “Specially Serviced Loan” shall have the meaning assigned such term in the Servicing Agreement. 
 “Taxes” shall mean any income or other taxes, levies, imposts, duties, fees, assessments or other charges of whatever
nature, now or hereafter imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein. 
 “Transfer” shall have the meaning assigned to such term in Section 18(a). 
 “U.S. Person” shall mean a citizen or resident of the United States, a corporation or partnership (except to the extent provided in applicable Treasury Regulations) created or organized in or under
the laws of the United States, any state or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, or an estate whose income is subject to United States federal income tax regardless
of its source, or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more United States fiduciaries have the authority to control all substantial decisions of such
trust (or, to the extent provided in applicable Treasury Regulations, a trust in existence on August 20, 1996 which is eligible to elect to be treated as a U.S. Person). 
 2.    Ownership of Note B. 
 The Note B
Holder is the owner of Note B. The Note B Holder and the Note A Holder acknowledge and agree that, subject in each case to this Agreement, the Mortgage Loan shall be serviced initially by the Initial Note A Holder (or its designee) prior to the Note
A Sale Date. From and after the Note A Sale Date, the Mortgage Loan shall be serviced pursuant to the Servicing Agreement. The Note B Holder hereby irrevocably and unconditionally consents to the appointment of each Servicer under the Servicing
Agreement and agrees to reasonably cooperate with such Servicer with respect to the servicing of the Mortgage Loan and Note B. The Note B Holder hereby irrevocably and unconditionally appoints each Servicer as the Note B Holder’s
attorneys-in-fact to sign any documents reasonably required with respect to the administration and servicing of Note B on its behalf under the Servicing Agreement (subject at all times to the rights of the Note B Holder set forth herein and in the
Servicing Agreement). In no event shall the Servicing Agreement require the Servicer to enforce the rights of the Note B Holder against the Note A Holder or limit the Servicer in enforcing the rights of the Note A Holder against the Note B Holder;
provided, however, this statement shall not be construed to otherwise limit the rights of the Note B Holder as between it and the Note A Holder. Notwithstanding anything to 

 
the contrary in this Agreement, in the event of a conflict between the terms of the Servicing Agreement and this Agreement, the Servicing Agreement shall
control. 
 3.    Subordination of Note B; Payments Prior to a Sequential Pay
Event.    Note B and the right of the Note B Holder to receive payments of interest and principal or any other amounts with respect to Note B shall at all times be junior, subject and subordinate to Note A and the right of
the Note A Holder, to receive payments of interest and principal or any other amounts with respect to Note A, in accordance with the terms hereof. If no Sequential Pay Event as determined by the Servicer, shall have occurred and be continuing (or if
a Sequential Pay Event has occurred and is continuing, but the Note B Holder is exercising or has notified the A Note Holder its intention to exercise its cure rights in accordance with Section 10 of this Agreement and thereafter
actually exercises such rights as and when required hereunder, then prior to the expiration of the cure period), all amounts tendered by the Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or
the related Mortgaged Property or amounts realized as proceeds thereof whether received in the form of monthly payments, the balloon payment, liquidation proceeds, proceeds under title, hazard or other insurance policies or awards or settlements in
respect of condemnation proceedings or similar exercise of the power of eminent domain proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan (other than proceeds, awards or settlements to be
applied to the restoration or repair of the Mortgaged Property or released to the Borrower in accordance with the terms of the Mortgage Loan Documents), but excluding (x) all amounts for required reserves or escrows required by the Mortgage
Loan Documents or received as reimbursements on account of recoveries in respect of Advances, which amounts shall be applied in accordance with the Servicing Agreement, and (y) all amounts that are then due, payable or reimbursable to any
Servicer pursuant to the Servicing Agreement (which amounts shall be paid to such entities in accordance with the Servicing Agreement), shall be remitted (without duplication) by the Servicer in the following order of priority (and payments shall be
made on the date set forth in the Servicing Agreement): 
 (a)    first, to the Note A Holder in
an amount equal to the accrued and unpaid interest on the Note A Principal Balance at the Note A Interest Rate minus the Servicing Fee Rate; 
 (b)    second, to the Note A Holder in an amount equal to its pro rata (based upon the outstanding Note A Principal Balance and Note B Principal Balance immediately prior to such date
of payment) portion of the principal payments received, if any, with respect to the Mortgage Loan plus any portion of the Note A Principal Balance previously written down pursuant to Section 5 that has not been repaid pursuant to this
Section 3 or Section 4; 
 (c)    third, to the Note A Holder up to the
amount of any unreimbursed costs and expenses paid by the Note A Holder including any Recovered Costs not reimbursed to the Note A Holder pursuant to this Agreement (or paid or advanced by any Servicer on its behalf and not previously paid or
reimbursed) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement; 

 (d)    fourth, to the Note B Holder, up to the amount of any
unreimbursed cure payments paid by the Note B Holder with respect to the Mortgage Loan pursuant to this Agreement; 
 (e)    fifth, to the Note B Holder, up to an amount equal to the accrued and unpaid interest on the Note B Principal Balance, at the Note B Interest Rate minus the Servicing Fee Rate; 
 (f)    sixth, to the Note B Holder, in an amount equal to its pro rata (based upon the outstanding Note
A Principal Balance and Note B Principal Balance immediately prior to such date of payment) portion of the principal payments received, if any, with respect to the Mortgage Loan plus any portion of the Note B Principal Balance previously written
down pursuant to Section 5 that has not been repaid pursuant to this Section 3 or Section 4; 
 (g)    seventh, any Prepayment Premium, to the extent actually paid by the Borrower, shall be paid to each of the Note A Holder and the Note B Holder, pro rata, (based upon the Note A Principal Balance and
the Note B Principal Balance); 
 (h)    eighth, any default interest in excess of the interest
paid in accordance with clauses (a) and (e) of this Section 3 or any late payment charges, to the extent actually paid by the Borrower, shall be paid to the Note A Holder and the Note B Holder, pro rata
(based upon the Note A Principal Balance and the Note B Principal Balance immediately prior to such date of payment) to the extent not required to be otherwise applied under the Servicing Agreement; and 
 (i)    ninth, any remaining amount not required to be returned to the Borrower shall be paid to the Note A
Holder and the Note B Holder in accordance with their respective initial Percentage Interests. 
 4.    Payments Following a Sequential Pay Event.    If a Sequential Pay Event (as determined by the Servicer in the event and to the extent that any subjective determination is required), shall
have occurred and be continuing, all amounts tendered by the Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the related Mortgaged Property or amounts realized as proceeds thereof whether
received in the form of monthly payments, the balloon payment, liquidation proceeds, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power of eminent
domain proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the
Borrower in accordance with the Mortgage Loan Documents), but excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents or received as reimbursements on account of recoveries in respect of Advances and
(y) all amounts that are then due, payable or reimbursable to any Servicer pursuant to the Servicing Agreement (which amounts shall be paid to such entities in accordance with the Servicing Agreement), shall be remitted (without duplication) by
the Servicer in the following order of priority (and payments shall be made at such times as are set forth in the Servicing Agreement): 

 (a)    first, to the Note A Holder in an amount equal to the
accrued and unpaid interest on the Note A Principal Balance at the Note A Interest Rate minus the Servicing Fee Rate; 
 (b)    second, to the Note A Holder in an amount equal to the Note A Principal Balance, until such time as the unpaid principal amount of such Note has been reduced to zero and all accrued and unpaid interest and
all other amounts (other than default interest, late payment charges and Prepayment Premiums) due in respect of such Note have been paid in full plus any portion of the Note A Principal Balance previously written down pursuant to
Section 5 that has not been repaid pursuant to Section 3 or this Section 4; 
 (c)    third, to the Note A Holder up to the amount of any unreimbursed costs and expenses paid by the Note A Holder including any Recovered Costs not reimbursed to the Note A Holder pursuant to this Agreement (or
paid or advanced by any Servicer on its behalf and not previously paid or reimbursed) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement; 
 (d)    fourth, to the Note B Holder up to the aggregate amount of all payments made by the Note B Holder in connection with its cure rights hereunder; 
 (e)    fifth, in an amount equal to the accrued and unpaid interest on the Note B Principal Balance at the
Note B Interest Rate minus the Servicing Fee Rate; 
 (f)    sixth, to the Note B Holder in an
amount equal to the Note B Principal Balance until such time as the unpaid principal amount of such Note has been reduced to zero and all accrued and unpaid interest and all other amounts due in respect of such Note have been paid in full (other
than Prepayment Premiums) plus any portion of the Note B Principal Balance previously written down pursuant to Section 5 that has not been repaid pursuant to this Section 3 or Section 4; 
 (g)    seventh, to the Note A Holder, in an amount equal to the portion of any Prepayment Premium, to the
extent actually paid by the Borrower, the pro rata share allocable to Note A; 
 (h)    eighth, to the Note B Holder, in an amount equal to the portion of any Prepayment Premium, to the extent actually paid by the Borrower, the pro rata share allocable to Note B; 
 (i)    ninth, to the extent default interest or late payment charges on the Mortgage Loan are not required to
be otherwise applied under the Servicing Agreement, any default interest in excess of the interest paid in accordance with clauses (a) and (e) above: first, to Note A up to an amount equal to interest at the Note A Default
Interest Rate on Note A and second, to Note B up to an amount equal to interest at the Note B Default Interest Rate on Note B, and third, any remaining late payment charges after such payments to the Note A Holder and the Note B Holder allocated
pro rata based on their respective initial Percentage Interests; and 
 (j)    tenth, if
any excess amount is paid by or on behalf of the Borrower, and not otherwise applied in accordance with the foregoing clauses (a) through (i), such remaining 

 
amount shall be paid as follows: any remaining amount (other than late payment charges and default interest received from the Borrower required to be
otherwise applied under the Servicing Agreement as described in clause (i)) to the Note A Holder and the Note B Holder in accordance with their respective initial Percentage Interests. 
 If, as a result of a foreclosure or deed in lieu of foreclosure, the Servicer and/or Note A Holder (or any nominee or designee thereof)
becomes the owner of the Mortgaged Property, (x) the Mortgaged Property shall be held in the name of the Note A Holder (or any designee thereof) for the benefit of Note A Holder and Note B Holder (subject to any participations of Note A and
Note B) and be subject to the terms of this Agreement and (y) all net income derived from the Mortgaged Property shall be applied and distributed in the same manner and priority as set forth in this Section 4 as if the Mortgage Loan
Documents had remained in full force and effect, notwithstanding the fact that the Mortgage Loan Documents may have been terminated pursuant to such a foreclosure or deed in lieu of foreclosure. 
 Following any period during which the terms of this Section 4 hereof are in effect, in the event that the Mortgage Loan is
restructured in connection with a workout such that no Sequential Pay Event has occurred and is continuing, then the terms of Section 3 hereof shall again be in effect, subject, however, to the terms of Section 5
hereof. 
 5.    Modifications.    In the event the Mortgage Loan is modified
(whether by the Note A Holder or the Servicer pursuant to the Servicing Agreement) in connection with a bankruptcy, insolvency or other similar proceeding affecting the Borrower or the Mortgaged Property, such that (i) the Mortgage Loan
Principal Balance is decreased, (ii) either Interest Rate or scheduled amortization payments on Note A or Note B are reduced, (iii) payments of interest or principal on Note A or Note B are waived, reduced or deferred or (iv) any
other adjustment is made to any of the terms of the Mortgage Loan, all payments to the Note A Holder pursuant to Sections 3 and 4, as applicable, shall be made as though such modification did not occur, with the payment terms of Note A
remaining the same as they are on the date hereof, and the Note B Holder shall bear the full economic effect of all adverse changes made as described in clauses (i) through (iv) above (up to the amount of the then remaining
Note B Principal Balance and accrued interest thereon), including, but not limited to, decreases, waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such modification. 
 6.    Administration of the Mortgage Loan. 
 (a)    From and after the date hereof, all decisions, consents, waivers, approvals, amendments, modifications and
other actions (collectively “Decisions”) authorized to be taken under or in connection with this Agreement or the Mortgage Loan Documents by any lender thereunder or the holder of any Note shall be taken by the Note A Holder (or the
Servicer on its behalf pursuant to the Servicing Agreement) in accordance with the Servicing Standard, and the other terms and conditions of, the Servicing Agreement and applicable law, and the Note B Holder shall not exercise any such rights with
respect to Note B or otherwise, except as otherwise expressly provided in this Agreement. Such Decisions made by the Servicer pursuant to and in accordance with the Servicing Agreement shall automatically be deemed to be exercised reasonably for
purposes of this Section (6)(a) and any Servicing Agreement. The Note A Holder (or the Servicer acting on behalf of the Note A Holder) shall not have any fiduciary 

 
duty to the Note B Holder in connection with the administration of the Mortgage Loan; provided, however, that this sentence shall not relieve
such Servicer of its obligation to act in accordance with the Servicing Standard. Upon the consummation of the Note A Sale, the Note A Holder and the Note B Holder each acknowledges and agrees that the Servicing Agreement will govern the terms of
the servicing and administration of the Mortgage Loan. The Note A Holder agrees to provide a copy of the Servicing Agreement to the Note B Holder prior to the closing of the Note A Sale. At any time that Note A is no longer subject to the provisions
of the Servicing Agreement, the Note A Holder shall cause the Mortgage Loan to be serviced by the Servicer pursuant to a servicing agreement that has been agreed upon by the Note A Holder (and the Note B Holder so long as no Control Appraisal Period
has occurred and is continuing) and that is substantially similar to the servicing provisions of the Servicing Agreement (including without limitation as regards the right of the Note B Holder to select the Special Servicer for the Mortgage Loan)
and all references herein to the “Servicing Agreement” shall mean such subsequent Servicing Agreement; provided, however, that until a replacement Servicing Agreement has been entered into, the Note A Holder shall cause the
Mortgage Loan to be serviced by the Servicer pursuant to the provisions of the Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan; provided, further, however, that until
a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Person appointed by the Note A Holder (who shall be a Qualified Servicer) and does not have to be performed by the service providers set
forth under the Servicing Agreement; provided such Person shall perform the obligations of the Servicer as set forth in the previously existing Servicing Agreement as if it had remained in effect and such Person was the Servicer thereunder.
Servicing of the Mortgage Loan shall be carried out by the Servicer pursuant to this Agreement, the Mortgage Loan Documents, the Servicing Agreement then in effect and applicable law. Notwithstanding anything to the contrary contained herein, in
accordance with the Servicing Agreement, the Note A Holder shall cause the Servicer to service and administer the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests of both the Note A Holder and the Note B
Holder as a collective whole (it being understood that the interest of Note B is a junior interest, subject to the terms and conditions of this Agreement). 
 (b)    Provided no Control Appraisal Period has occurred and is continuing and so long as the Note B Holder otherwise qualifies to be the Controlling Holder, the Note B Holder
shall be entitled to the consultation and consent rights (including, without limitation, pursuant to Sections 3.8 and 3.9 of the Servicing Agreement) afforded to, and otherwise to act as, the Controlling Holder subject to and in
accordance with the provisions of the Servicing Agreement. 
 Without limiting the effect of the foregoing, it is understood
that the Servicer shall not comply and shall not act in accordance with any advice or consultation provided by the Controlling Holder if such advice or consultation would (i) require or cause the Special Servicer to violate any applicable law,
(ii) be inconsistent with the Servicing Standard, (iii) require or cause the Special Servicer to violate the provisions of this Agreement or the Servicing Agreement, (iv) require or cause the Special Servicer to violate the terms of
the Mortgage Loan, (v) expose any participant or any party to the Servicing Agreement or their affiliates, officers, directors, employees or agents to any claim, suit or liability, or (vi) materially expand the scope of any Special
Servicer’s responsibilities under the Servicing Agreement and the Note B Holder 

 
shall not be permitted to give any direction which would cause the Servicer to violate any of the immediately preceding clauses (i) through
(vi). 
 Notwithstanding the foregoing, if the Servicer determines in accordance with the Servicing Standard that
immediate action is necessary to protect the interest of the Note A Holder, then the Servicer may take any such action without waiting for the response of the Controlling Holder. 
 (c)    Subject to Section 6(f) hereof, so long as a Control Appraisal Period does not exist and is
continuing and so long as the Note B Holder is not determined to be the Borrower or a Borrower Related Party, (a) the Note B Holder shall have the right to appoint the Special Servicer with respect to the Mortgage Loan; provided that
such Special Servicer shall be a Qualified Servicer, (b) the Note B Holder, at its expense (including, without limitation, the reasonable costs and expenses of counsel to any third parties and amounts required to be paid to the Special Servicer
under the Servicing Agreement), may remove the Special Servicer with respect to the Mortgage Loan at any time for any reason whatsoever or no reason, upon at least 30 days prior notice to the Special Servicer, and (c) the Note B Holder shall
then appoint a successor Special Servicer in accordance with this Section 6(c); provided that such Special Servicer shall be a Qualified Servicer. 
 (d)    [Intentionally Omitted]. 
 (e)    Within ten Business Days after the Note B Holder’s receipt of notice from the Servicer (who pursuant to the terms and conditions of the Servicing Agreement is solely authorized to declare a Control Appraisal
Period) indicating that the Mortgage Loan is in a Control Appraisal Period, the Note B Holder may, at its option, post with the Note A Holder cash, an Approved Letter of Credit, government securities, or any other instruments meeting Rating Agency
criteria under the Servicing Agreement as “eligible investments” (to be held by the Note A Holder in a segregated securities account solely and exclusively in the name of the Note A Holder, meeting the Rating Agency criteria under the
Servicing Agreement for an “eligible account” on behalf of the Note A Holder) in an amount that is 125% of the amount that, when added to and for this purpose considered a part of the appraised value of the Mortgaged Property, will cause
the Mortgage Loan to no longer be in a Control Appraisal Period (such cash, letter of credit, government securities or other instruments, “Reserve Collateral”). The Note B Holder may make such election upon written notice to the
Note A Holder of its intention to post Reserve Collateral and upon notifying the Note A Holder of such intention, the Note B Holder shall post such Reserve Collateral as quickly as practicable (but in no event more than ten Business Days following
the receipt of notice indicating that the Mortgage Loan is in a Control Appraisal Period) by delivering physical possession thereof to the Note A Holder. The Reserve Collateral shall be pledged to the Note A Holder in a manner reasonably
satisfactory to the Note A Holder and may be applied by the Note A Holder upon the Final Recovery Determination as provided below, but any such application shall not be deemed to effect a cure by the Borrower or to reduce the Borrower’s
obligation to repay the principal, interest or other sums owed on the Mortgage Loan. The Note A Holder may require an opinion, at the expense of the Note B Holder, in form and substance and from counsel reasonably acceptable to the Note A
Holder, regarding the validity and perfection of the Note A Holder’s interest in any Reserve Collateral. Upon the posting of such Reserve Collateral, the Mortgage Loan shall not be considered to be in 

 
a Control Appraisal Period and Controlling Holder shall be entitled to exercise all of its rights hereunder and under the Servicing Agreement as the
Controlling Holder; provided, however, that posting of such collateral shall not prevent the Mortgage Loan from being subject to a Control Appraisal Period again (provided that such collateral shall be taken into account in
determining the Mortgaged Property’s value when calculating whether such a Control Appraisal Period has occurred), in which event the foregoing provisions of this Section 6(e) shall again apply and the Note B Holder shall again be
entitled to post Reserve Collateral. Notwithstanding the foregoing, if the appraised value of the Mortgaged Property, without giving effect to any Reserve Collateral, has increased such that a Control Appraisal Period is not in effect, then the Note
A Holder shall release the Reserve Collateral upon the written request of the Note B Holder; provided, however, that any costs and expenses associated with release of such Reserve Collateral shall be paid by the Note B Holder prior to
such release. In the event (i) the Note B Holder shall fail to provide the Note A Holder with a replacement for any Approved Letter of Credit delivered to the Note A Holder pursuant to this Section 6(e) (“Delivered Letter of
Credit”) on or prior to the 30th day prior to the expiration of any previously existing Delivered Letter of Credit or (ii) the long-term unsecured debt rating of the bank issuing the Delivered Letter of Credit shall be downgraded below
“AA-” by S&P and “Aa3” by Moody’s, withdrawn or qualified by any Rating Agency and the letter of credit required to be delivered hereunder is not replaced within 30 days of receipt of notice of such downgrading,
withdrawal or qualification, the Note A Holder may draw on the Delivered Letter of Credit. In the event the Note A Holder draws on the Delivered Letter of Credit in accordance with the provisions of this Section 6(e), the Note B Holder shall be
required to either (a) provide an additional letter of credit which shall be an Approved Letter of Credit in an amount equal to the amount drawn under the Delivered Letter of Credit (the “Draw Amount”), in which case the Draw
Amount shall be returned to the Note B Holder or (b) the Draw Amount shall be deposited with the Note A Holder as Reserve Collateral. Any Reserve Collateral held by the Note A Holder shall be applied only after a Final Recovery Determination
has been made to pay sums due and owing to the Note A Holder; provided that if all sums due and owing on account of (i) interest at the Note A Interest Rate, (ii) the Note A Principal Balance and (iii) any unreimbursed Realized
Losses allocated to Note A have been paid in full, any unapplied portion of the Reserve Collateral shall be returned to the Note B Holder. 
 (f)    Notwithstanding anything to the contrary set forth in this Section 6, as of the Note A Sale Date, the Servicing Agreement shall control regarding the servicing and administration
of the Mortgage Loan. 
 7.    Payment Procedure.    The Note A Holder and
Note B Holder each hereby directs the Servicer, in accordance with the priorities set forth in Sections 3 or 4, as applicable, and subject to the terms of the Servicing Agreement, to deposit into the accounts as set forth in the
Servicing Agreement (a) all payments received with respect to and allocable to Note A which shall be credited to the account or sub-account established on behalf of the Note A Holder pursuant to the Servicing Agreement and (b) all payments
received with respect to and allocable to Note B which shall be credited to the account or sub-account established on behalf of the Note B Holder pursuant to the Servicing Agreement. The Servicer shall deposit such amounts as set forth in the
Servicing Agreement and credit such amounts to the accounts or sub-accounts established on behalf of the Note A Holder or the Note B Holder, as applicable, by the “Remittance Date” as defined in the Servicing Agreement. If any Servicer
holding or having distributed any amount received or collected in respect of Note A or Note B determines, or a 

 
court of competent jurisdiction orders, at any time that any amount received or collected in respect of Note A or Note B must, pursuant to any insolvency
bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to the Note A Holder, the Note B Holder or any Servicer or paid to any other Person, then, notwithstanding any other provision of this Agreement, no
Servicer shall be required to distribute any portion thereof to the Note B Holder or the Note A Holder, as applicable, and the Note B Holder or the Note A Holder, as applicable, will promptly on demand repay to such Servicer the portion thereof
which shall have been theretofore distributed to the Note B Holder or the Note A Holder, as applicable, together with interest thereon at such rate, if any, as such Servicer shall have been required to pay to the Borrower, the Note A Holder, the
Note B Holder, Servicer, or such other person or entity with respect thereto and the Servicer will diligently seek to obtain the recovery of such amounts therefrom (including out of any subsequent collections on Note B or Note A, as applicable). If,
in error or for any other reason (other than an Advance required to be made pursuant to the terms of the Servicing Agreement), the Servicer makes any payment to the Note A Holder or the Note B Holder before the Servicer has received the
corresponding payment (it being understood that the Servicer is under no obligation to do so), and the Servicer does not receive the corresponding payment within five Business Days of its payment to the Note A Holder or the Note B Holder (as the
case may be), such Holder will, at the Servicer’s request, promptly return that payment to the Servicer (together with interest on that payment at the Federal Funds Rate for each day from the making of that payment to the Note B Holder or Note
A Holder until it is returned to the Servicer). The Note A Holder and the Note B Holder each agree that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of its distributable share
thereof, it will promptly remit such excess to the Servicer. The Servicer shall have the right to offset any amounts due hereunder from the Note A Holder or the Note B Holder with respect to the Mortgage Loan against any future payments due to the
Note A Holder or the Note B Holder, as applicable, under the Mortgage Loan; provided, that the Note A Holder’s and the Note B Holder’s obligations under this Section 7 are separate and distinct obligations from one
another. The Note A Holder’s and the Note B Holder’s obligations under this Section 7 constitute absolute, unconditional and continuing obligations and each Servicer shall be deemed a third party beneficiary of these
provisions. 
 8.    Return of Funds.    If, at any time that the Note A is
outstanding, the Servicer shall pay to the Note B Holder any amount received on the Mortgage Loan, or shall make an advance to the Note B Holder (it being understood that there is no obligation to make any such advance) in each case when the Note A
Holder has not received all payments to which it is entitled or a portion of such advance is determined to be a nonrecoverable advance as described in the Servicing Agreement, then the Note B Holder shall promptly return such amount to the Servicer
on demand and the Servicer will diligently seek to obtain the recovery of such amounts from the Note B Holder in accordance with the Servicing Agreement. If the Servicer determines that any amount received or collected thereby must be returned to
the Borrower or paid to any other Person pursuant to any bankruptcy or insolvency law or ruling (or the equivalent), the Servicer shall not be obligated to distribute such amount to the Note B Holder, and, if so distributed, the Note B Holder shall
promptly return such amount to the Servicer on demand, and the Servicer will diligently seek to obtain the recovery of such amounts therefrom (including out of any subsequent collections on Note B). Each of the duties and obligations specified in
this Section 8 shall survive any termination of this Agreement. The Note B Holder hereby further agrees that, except as expressly agreed herein, it has no right, title or interest in or 

 
to, or any other claim to any asset of any trust fund whatsoever (other than a trust fund established which holds all or any part of Note B), including as
security for or in satisfaction of any claim it might have arising from the performance or failure of performance by the Note A Holder of any provision of this Agreement, or the performance or failure of performance by the Servicer of any provision
of, or duty or obligation under, the Servicing Agreement. 
 9.    Interim Servicing. 

(a)    Notwithstanding anything herein to the contrary, each Holder agrees and acknowledges that the terms of this
Section 9 shall apply only prior to the occurrence of the Note A Sale. As of the Note A Sale Date, the Servicing Agreement shall control regarding the servicing and administration of the Mortgage Loan. 
 (b)    The Initial Note A Holder shall perform and discharge the following duties to the extent consistent with the
Servicing Standard in servicing and administering of the Mortgage Loan prior to the Note A Sale Date: 
 (i)    The Initial Note A Holder shall use reasonable efforts, including requesting a certification from the Borrower at least annually, to determine whether the Borrower is complying with the requirements of the
Mortgage Loan Documents within the time frames set forth therein. The Initial Note A Holder shall report to the Note B Holder any non-compliance as promptly as reasonably practicable. 
 (ii)    In connection with any proposed extension of the Maturity Date pursuant to the terms and
conditions of the Notes, the Initial Note A Holder shall use reasonable efforts to determine whether the Borrower satisfies all the requisite conditions precedent to any such extension and shall promptly report to the Note B Holder in writing
whether such conditions have been satisfied and include all supporting calculations and assumptions. 
 (iii)    The Initial Note A Holder shall use reasonable efforts to review the operating statements, financial statements and budgets delivered by the Borrower pursuant to the Mortgage Loan Documents as promptly as
reasonably practicable and will promptly advise the Note B Holder in writing of any material adverse change from prior statements or budgets or any apparent violation of the provisions of the Mortgage Loan Documents shown by the information set
forth on the statements and budgets. Promptly after its receipt of the operating statements, financial statements or budgets delivered by the Borrower pursuant to the Mortgage Loan Documents, the Initial Note A Holder shall deliver copies of the
same to the Note B Holder. 
 (iv)    All payments due to the Note B Holder under
Section 3 or 4 shall be made on or before the fifth Business Day after each Payment Date. The Initial Note A Holder shall deliver to the Note B Holder a statement on or before each remittance date under this Agreement reflecting
the Initial Note A Holder’s calculation of the payment due to the Note B Holder under the terms of this Agreement. 
 (v)    The Initial Note A Holder shall keep and maintain accounting records, upon which shall be recorded all amounts payable to each Holder pursuant to the 

 
terms of this Agreement. Such accounting records shall at all times reflect the current and correct outstanding principal balance of Note A and Note B, and
may be prepared manually or electronically, or by any combination of such methods; provided, that the method of accounting utilized by the Initial Note A Holder shall record historical data, current principal, and other required statistical
information in such manner as may be exhibited to the Note B Holder in visible form. In addition, the Initial Note A Holder shall keep, and furnish copies thereof to the Note B Holder upon request, records setting forth the calculation of the amount
of interest (and, if applicable, principal) payable to each Holder during each interest period. 
 (vi)    The Initial Note A Holder shall keep and maintain records with respect to any UCC financing statements filed in connection with the Mortgage Loan. 
 (c)    In consideration of the Initial Note A Holder’s servicing the Mortgage Loan and Note B, the Note B Holder
shall pay monthly on each Payment Date to the Initial Note A Holder (which may also be retained from distributions due to the Note B Holder under Section 9(b)) a servicing fee in the amount of 0.01% multiplied by the Note B Principal
Balance divided by twelve (the “Note B Servicing Fee”). Such servicing fee shall be paid on the same basis and for the same period of time that interest is paid on the Mortgage Loan. 
 (d)    The Note B Holder shall have the right upon reasonable notice to the Initial Note A Holder, at any reasonable
time during normal business hours and at the Note B Holder’s expense, to have access to and to examine the Initial Note A Holder’s books and records relating to Note A and Note B, the Mortgage Loan Documents and the Mortgaged Property.

 (e)    The Initial Note A Holder, for so long as any related escrow account is held at Bank of
America, National Association (or at one of its Affiliates or subsidiaries), shall provide to the Note B Holder a report of account balances in all such escrow account. The Initial Note A Holder shall use reasonable efforts to cause such weekly
reconciliation and report to be in the form then currently used by Bank of America, National Association. If any such escrow account is not held at Bank of America, National Association (or at one of its Affiliates or subsidiaries), then the Initial
Note A Holder shall, at no cost to the Initial Note A Holder, make reasonable efforts to direct the bank holding such escrow account to make available to each Holder, whether via website access or in an Excel spreadsheet delivered via email, a
report of account balances in such escrow account. 
 The Initial Note A Holder acknowledges and agrees that it shall direct
the disbursement of funds from the related escrow accounts pursuant to this Agreement and the Mortgage Loan Documents and shall promptly provide copies of all correspondence sent by the Initial Note A Holder, including, without limitation, all
disbursement instructions and statements received. 
 The Initial Note A Holder shall notify the Borrower and the Note B
Holder of any known deficiencies in the required escrow accounts three (3) Business Days prior to each Payment Date. 

 (f)    The Note B Holder acknowledges that the Initial Note A Holder
has the right to appoint any Qualified Servicer to perform the actual servicing of the Mortgage Loan without obtaining the consent of the Note B Holder. Such Qualified Servicer shall assume the servicing and administration obligations of the Initial
Note A Holder hereunder until the date immediately prior to the Note A Sale Date and shall be entitled to the Note B Servicing Fee, from the date such successor assumes such obligations for so long as such Qualified Servicer administers and services
the Mortgage Loan hereunder; provided, that (a) such Qualified Servicer shall be engaged to take only such actions and obligations of Initial Note A Holder as directly relate to the servicing and administration of the Mortgage Loan and
shall not be entitled to any of the other rights of the Initial Note A Holder hereunder, (b) such Qualified Servicer executes and delivers an agreement relating to such servicing obligations in form and substance reasonably satisfactory to the
Initial Note A Holder containing customary representations and warranties, an agreement to service the Mortgage Loan in accordance with this Agreement, and provisions providing for the termination without fee or cause in connection with the closing
of the Note A Sale. 
 (g)    The Note B Holder may separately appoint a servicer for Note B, but any
such servicer shall have no servicing rights or responsibilities with respect to the Mortgage Loan or under this Agreement, and such servicer shall be compensated solely by the Note B Holder from funds payable to the Note B Holder hereunder or
otherwise. 
 10.    Cure Rights of Note B Holder. 
 (a)    Subject to Section 10(b) below, in the event that the Borrower fails to make any payment on the
Mortgage Loan by the end of the applicable grace period (the “Grace Period”) for such payment permitted under the applicable Mortgage Loan Documents (a “Monetary Default”) and the Mortgage Loan is not a Specially
Serviced Loan as a result of a Monetary Default; provided that the Note B Holder is not the Borrower or an Affiliate thereof, the Note A Holder (or the Servicer) shall promptly deliver a notice (a “Cure Option Notice”) of
such default to the Note B Holder and the Note B Holder shall have the right, but not the obligation, to cure such Monetary Default (a “Cure”) within five Business Days after delivery of the Cure Option Notice and at no other times
(the “Monetary Default Cure Period”). At the time such cure payment is made, the Note B Holder shall pay or reimburse the Note A Holder or the Servicer, as applicable, for all unreimbursed Advances, Advance Interest incurred, and
fees to any Servicer. So long as a Monetary Default exists for which a cure payment permitted hereunder is made, such Monetary Default shall not be treated as an Event of Default or a Sequential Pay Event for purposes of Section 4;
provided, however, that such limitation shall not prevent the Note A Holder from collecting default interest or late charges from the Borrower or exercising any other right or remedy; provided, further, however,
that the Note A Holder shall not accelerate (other than with respect to a bankruptcy or insolvency affecting the Borrower) or foreclose upon the Mortgage Loan during the time period permitted for the Note B Holder to exercise its cure rights
hereunder. 
 (b)    Notwithstanding anything to the contrary contained in this Section 10,
the Note B Holder’s right to cure a Monetary Default or Non-Monetary Default shall be limited to (A) three consecutive defaults of the same type, (B) four defaults during any 12-month period, 

 
and (C) six defaults (of which no more than four shall be with respect to a Non-Monetary Default) for the life of the Mortgage Loan. 
 (c)    No action taken by the Note B Holder in accordance with this Agreement shall excuse performance by the
Borrower of its obligations under the Mortgage Loan Documents and Note A Holder’s rights under the Mortgage Loan Documents shall not be waived or prejudiced by virtue of the Note B Holder’s actions under this Agreement. Subject to the
terms of this Agreement, Note B Holder shall be subrogated to Note A Holder’s rights to any payment owing to Note A Holder for which Note B Holder makes a cure payment as permitted under Section 10 but which subrogation rights may
not be exercised against the Borrower until 91 days after Note A is paid in full. 
 (d)    In the event
that an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary Default”); provided that the Note B Holder is not the Borrower or an Affiliate thereof, the
Note A Holder (or the Servicer) shall promptly deliver a Cure Option Notice to the Note B Holder, the Note B Holder shall have the right, but not the obligation, to cure such Non-Monetary Default within 30 days after delivery of the Cure Option
Notice to cure such Non-Monetary Default; provided, however, that if such Non-Monetary Default is susceptible of cure but cannot reasonably be cured within such period and if curative action was promptly commenced and is being
diligently pursued by the Note B Holder, the Note B Holder shall be given an additional period of time as is reasonably necessary to enable the Note B Holder in the exercise of due diligence to cure such Non-Monetary Default for so long as
(i) the Note B Holder diligently and expeditiously proceeds to cure such Non-Monetary Default, (ii) the Note B Holder makes all cure payments that it is permitted to make in accordance with the terms and provisions of
Section 10(a) hereof, (iii) such additional period of time does not exceed 30 days, (iv) such Non-Monetary Default is not caused by a bankruptcy, insolvency or assignment for the benefit of creditors of the Borrower or during
such period of time that the Note B Holder has to cure a Non-Monetary Default in accordance with this Section 10(d) (the “Non-Monetary Default Cure Period”), a bankruptcy, insolvency or assignment for the benefit of
creditors of the Borrower does not occur, and (v) during such Non-Monetary Default Cure Period, there is no material adverse effect on the Borrower or the use, operation or value of the Mortgaged Property or the value of the Mortgage Loan as a
result of such Non-Monetary Default or the attempted cure. The Note B Holder shall not contact the Borrower in order to effect any cures under this Section 10(d) without the prior written consent of the Note A Holder. 
 11.    Purchase of Note A By Note B Holder.    The Note B Holder shall have the right, by
written notice to the Note A Holder (a “Note B Holder Purchase Notice”) delivered (i) during the period for which the Note B Holder is entitled to make a cure payment pursuant to Section 10 hereof, or (ii) at
any time the Note A is a Specially Serviced Loan, or (iii) if foreclosure proceedings shall have been commenced or shall be pursued, within 20 Business Days following the giving of notice to the Controlling Holder that such proceedings shall
have commenced, to purchase Note A in whole but not in part at the Defaulted Mortgage Loan Purchase Price. Upon the delivery of the Note B Holder Purchase Notice to the Note A Holder, the Note A Holder shall sell (and the Note B Holder shall
purchase) Note A (including, without limitation, any participations therein) at the Defaulted Mortgage Loan Purchase Price, on a date (the “Defaulted Note Purchase Date”) not less than five Business Days nor more than 30 days

 
after the date of the Note B Holder Purchase Notice, as shall be established by the Note A Holder. The Defaulted Mortgage Loan Purchase Price shall be
calculated by the Note A Holder (or its designee) three Business Days prior to the Defaulted Note Purchase Date (and such calculation shall be accompanied by reasonably detailed back-up documentation explaining how such price was determined) and
shall, absent manifest error, be binding upon the Note B Holder. Concurrently with the payment to the Note A Holder of the Defaulted Mortgage Loan Purchase Price, the Note A Holder will execute at the sole cost and expense of the Note B Holder in
favor of the Note B Holder customary assignment documentation which will assign Note A and the related Mortgage Loan Documents without recourse, representations or warranties (except for representations as to the Note A Holder’s ownership,
right, power and authority to transfer Note A and not having previously assigned, transferred, participated or encumbered its rights in Note A (other than as permitted under this Agreement and released as of the date of the consummation of
such sale)). The right of the Note B Holder to purchase Note A shall automatically terminate (a) with respect to a purchase option described in clause (ii) above, (A) upon the delivery of notification by the Note A Holder or
any Servicer on its behalf to the Note B Holder of the Note A Holder’s intention to sell Note A or the Mortgaged Property, unless within five Business Days of receipt of such notice, the Note B Holder elects to proceed with such purchase option
or (B) upon a foreclosure sale, sale by power of sale or delivery of a deed in lieu of foreclosure with respect to the Mortgaged Property, (b) with respect to a purchase option described in clause (i) above only, upon the
expiration of such period for a Cure Period afforded to the Note B Holder in such clause (i), or (c) in any event, when no Event of Default exists. 
 12.    Limitation on Liability.    The Note A Holder (including any Servicer on its behalf) shall have no liability to the Note B Holder with
respect to Note B for any actions or omissions on the part of the Note A Holder (or such Servicer) which are taken or made in accordance with the terms of this Agreement and the Servicing Agreement, except with respect to losses actually suffered
due to the gross negligence or willful misconduct on the part of the Note A Holder (or such Servicer), and notwithstanding any other provision hereof, such liability shall be limited to the seeking of damages by the Note B Holder with respect to
principal, interest and other amounts due under the Mortgage Loan Documents related to Note B. The Note B Holder (including any Servicer on its behalf) shall have no liability to the Note A Holder with respect to Note A, except with respect to
losses actually suffered due to the gross negligence or willful misconduct on the part of the Note B Holder (or such Servicer), and notwithstanding any other provision hereof, such liability shall be limited to the seeking of damages by Note A
Holder with respect to principal, interest and other amounts due under the Mortgage Loan Documents related to Note A. Subject to the terms of Section 6, the Note B Holder also acknowledges that the Note A Holder does not owe the Note B Holder
any fiduciary duty with respect to any action taken under the Mortgage Loan Documents; provided, however, that the Mortgage Loan shall be serviced in accordance with the Servicing Standard. 
 13.    Representations of the Note B Holder.    The Note B Holder represents, and it is
specifically understood and agreed, that the Note B Holder is holding Note B for its own account in the ordinary course of its business and the Note A Holder shall have no liability or responsibility to the Note B Holder except as expressly set
forth herein. The Note B Holder further represents and warrants that the execution, delivery and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and does 

 
not contravene the Note B Holder’s organizational documents or any law or contractual restriction binding upon the Note B Holder, and that this
Agreement is the legal, valid and binding obligation of the Note B Holder enforceable against the Note B Holder in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that the enforcement of rights
with respect to indemnification and contribution obligations may be limited by applicable law. The Note B Holder represents and warrants that it is duly organized, validly existing, in good standing and possesses of all licenses and authorizations
necessary to carry on its business. To the Note B Holder’s actual knowledge, all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and
performance of this Agreement by the Note B Holder have been obtained or made. To the Note B Holder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation against the Note B Holder, an
adverse outcome of which materially affects performance under this Agreement. 
 The foregoing representations and warranties
(which are made solely as of the date of this Agreement) shall run to the benefit of the Note A Holder and its successors and assigns, and shall remain the representations and obligations of the Note B Holder and not become the obligations of any
successor or transferee of the Note B Holder and shall survive (i) any sale of Note A, (ii) any transfer by Note A Holder of its rights hereunder and (iii) any transfer of all or any portion of Note A by Note A Holder. 
 14.    Representations of the Initial Note A Holder.    The Initial Note A Holder
represents and warrants that the execution, delivery and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and does not contravene the Initial Note A Holder’s
organizational documents or any law or contractual restriction binding upon the Initial Note A Holder, and that this Agreement is the legal, valid and binding obligation of the Initial Note A Holder enforceable against the Initial Note A Holder in
accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification and contribution obligations may be limited by applicable law. The Initial Note
A Holder represents and warrants that it is duly organized, validly existing, in good standing as a national banking association under the laws of the United States of America. To the Initial Note A Holder’s actual knowledge, all consents,
approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance of this Agreement by the Initial Note A Holder have been obtained or made. To the Initial
Note A Holder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation against the Initial Note A Holder, an adverse outcome of which materially affects performance under this Agreement. The
information set forth in Exhibit A attached hereto is true and correct in all material respects. 
 The foregoing
representations and warranties (which are made solely as of the date of this Agreement) shall run to the benefit of the Note B Holder and its successors and 

 
assigns, and shall remain the representations and obligations of the Initial Note A Holder and not become the obligations of any successor or transferee of
the Initial Note A Holder and shall survive (i) any sale of Note B, (ii) any transfer by Note A Holder of its rights hereunder and (iii) any transfer of all or any portion of Note A by Note A Holder. 
 15.    Independent Analysis by the Note B Holder.    The Note B Holder acknowledges that
the Note B Holder has, independently and without reliance upon representations made, or materials furnished, by the Note A Holder and based on such documents and information as the Note B Holder has deemed appropriate, made the Note B Holder’s
own credit analysis and decision to purchase Note B. The Note B Holder hereby acknowledges other than those representations expressly contained in this Agreement that the Note A Holder has made no representations or warranties with respect to the
Mortgage Loan, the Mortgaged Property or the Borrower, and that the Note A Holder shall have no responsibility for (i) the collectibility of the Mortgage Loan, (ii) the validity, enforceability or legal effect of any of the Mortgage Loan
Documents or the title insurance policy or policies or any survey furnished or to be furnished to the originator in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of the lien created or to
be created by the Mortgage Loan Documents, or (iv) the financial condition of the Borrower. The Note B Holder assumes all risk of loss in connection with Note B. 
 16.    No Creation of a Partnership or Exclusive Purchase Right.    Nothing contained in this Agreement, and no action taken pursuant hereto shall
be deemed to constitute a partnership, association, joint venture or other similar arrangement between the Note A Holder and the Note B Holder, and the Note A Holder (including any Servicer) shall have no fiduciary duties in favor of the Note B
Holder or, except as expressly set forth herein, have any obligations to the Note B Holder; provided, however, the Mortgage Loan must be serviced in accordance with the Servicing Agreement and the Servicing Standard. No holder of Note
A or Note B shall have any obligation whatsoever to offer to the other the opportunity to purchase notes or participation interests relating to any future loans originated by either Note A Holder or its affiliates, or Note B Holder or its
affiliates, and if a holder of Note A or Note B chooses to offer to the other the opportunity to purchase notes or any participation interests in any future mortgage loans originated by such holder or its affiliates, such offer shall be on such
terms and at such purchase price and interest rate as such holder chooses, in its sole and absolute discretion. Except as otherwise expressly agreed to by the parties hereto, neither the Note B Holder nor the Note A Holder shall have any obligation
whatsoever to purchase from the other any notes or participation interests in any future loans originated by such holder or its affiliates. 
 17.    Not a Security.    Note B shall not be deemed to be a “security” within the meaning of the Securities Act of 1933, as amended, or the Securities Exchange
Act of 1934, as amended. 
 18.    Sale of Note B and Note A. 
 (a)    The Note B Holder (and any subsequent holder of Note B) agrees that it shall not sell, assign, transfer,
pledge, syndicate, hypothecate, contribute, encumber or otherwise dispose of (“Transfer” and, the act of Transferring, a “Transfer”) all or any portion of Note B without the Note A Holder’s prior written
consent, which consent shall not be unreasonably 

 
withheld, conditioned or delayed; provided that (a) the Note B Holder shall have the right to Transfer Note B or any portion thereof to a
Qualified Institutional Lender without the Note A Holder’s prior written consent; provided that prior to any such Transfer, the Note A Holder is provided with (i) a certificate from a senior officer of the Note B Holder or the
transferee certifying that transferee is a Qualified Institutional Lender and (ii) a copy of the assignment and assumption agreement referred to in clause (II) of the next sentence below and (b) the Note B Holder shall have the
right to Transfer up to 49% in the aggregate of Note B to entities that are not Qualified Institutional Lenders (provided such Transfers are Transfers of participation interests) without the Note A Holder’s prior written consent.
Notwithstanding the foregoing, both prior to and from and after the Note A Sale Date, (I) the Note B Holder shall not Transfer all or any portion of Note B to the Borrower or an Affiliate thereof, or to any non-U.S. Person who is a “10
percent shareholder” within the meaning of Section 871(h)(3)(B) of the Code or to a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code with respect to the Borrower, and any such Transfer shall be
void ab initio and (II) in connection with any Transfer of Note B or any portion thereof, a transferee shall execute an assignment and assumption agreement which shall by its terms be expressly subject to the terms and conditions of this
Agreement. The Note B Holder agrees that it shall pay the expenses of Note A Holder (including all expenses of any Servicer and the paying agent). In the event of a Transfer of Note B or a portion thereof in contravention of the terms of this
Section 18, the rights (but not the obligations) provided to the Note B Holder (and the applicable transferee) under this Agreement shall be void and of no further force or effect. 
 (b)    The Note A Holder may Transfer all or any portion of Note A without the Note B Holder’s consent. The Note
A Holder shall not Transfer all or any portion of Note A to the Borrower or an Affiliate thereof, or to any non-U.S. Person who is a “10 percent shareholder” within the meaning of Section 871(h)(3)(B) of the Code or to a
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code with respect to the Borrower, and any such Transfer shall be void ab initio. 
 (c)    Notwithstanding any other provision hereof, either Holder may pledge (a “Pledge”) its Note A
or Note B, as the case may be, to any entity (other than the Borrower or any Borrower Related Party) that has extended a credit facility to such Holder and that is either a Qualified Institutional Lender or a financial institution whose long-term
unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions set forth in this Section 18(c), it being further agreed that a financing
provided by a Note Pledgee to a Holder or any person that Controls such Holder that is secured by such Holder’s interest in the Note A or Note B, as applicable, and is structured as a repurchase arrangement, shall qualify as a
“Pledge” hereunder. Upon written notice by the applicable Holder to the other Holder and any Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee), the other Holder agrees to acknowledge
receipt of such notice and thereafter agrees: (i) to give the Note Pledgee written notice of any default by the pledging Holder in respect of its obligations under this Agreement of which default such Holder has actual knowledge; (ii) to
allow such Note Pledgee a period of ten (10) days from its receipt of such notice to cure a monetary default and 30 days from receipt of such notice to cure a non-monetary default by the pledging Holder in respect of its obligations to the
other Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement shall be effective against 

 
such Note Pledgee without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; provided
that the consent of a Note Pledgee shall not be required unless the pledging Holder had the right to consent to such amendment, modification, wavier or termination; (iv) that such other Holder shall give to such Note Pledgee copies of any
notice of default under this Agreement and the Mortgage Loan simultaneously with the giving of same to the pledging Holder and accept any cure thereof by such Note Pledgee that such pledging Holder has the right (but not the obligation) to effect
hereunder, as if such cure were made by such pledging Holder; (v) that such other Holder shall deliver to such Note Pledgee such estoppel certificate(s) as such Note Pledgee shall reasonably request; provided that any such certificate(s)
shall be in a form reasonably satisfactory to such other Holder; and (vi) that, upon written notice (a “Redirection Notice”) to the other Holder and any Servicer by such Note Pledgee that the pledging Holder is in default,
beyond any applicable cure periods, under the pledging Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement between the pledging Holder and such Note Pledgee (which notice need not be joined in or confirmed by
the pledging Holder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that any Holder or Servicer would otherwise be obligated to pay to the pledging Holder
from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging Holder hereby unconditionally and absolutely releases the other Holder and any Servicer from any liability to the pledging Holder on account of any Holder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or any such other Holder to have been delivered by a Note Pledgee. A Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging
Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and this Agreement. In such event, the Holders and any Servicer shall recognize such Note Pledgee (and any
transferee other than the Borrower or any Affiliate thereof that is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the
successor to the pledging Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the pledging Holder hereunder accruing from and
after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement and the Holder (or any Servicer, as applicable) shall issue to such Note Pledgee or Qualified
Institutional Lender a certificate evidencing such Transfer in such entity’s name or as it may otherwise direct. The rights of a Note Pledgee under this Section 18(c) shall remain effective as to any Holder (and any Servicer) unless
and until such Note Pledgee shall have notified any such Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note A or Note B, as the case may be, has terminated. 
 (d)    Notwithstanding any provisions herein to the contrary, if a conduit (“Conduit”) that is not a
Qualified Institutional Lender provides financing to the Note B Holder, then such Holder shall have the right to grant a security interest in Note B to such Conduit notwithstanding that such Conduit is not a Qualified Institutional Lender, if the
following conditions are satisfied: 
 (i)    The loan (the “Conduit Inventory
Loan”) made by the Conduit to the Note B Holder to finance the acquisition and holding of its interest in Note B will require a third party (the “Conduit Credit Enhancer”) to provide credit enhancement; 

 (ii)    The Conduit Credit Enhancer will be a
Qualified Institutional Lender; 
 (iii)    The administrator of the Conduit will be a
Qualified Institutional Lender; 
 (iv)    Such Holder will pledge its interest in such
Note B to the Conduit as collateral for the Conduit Inventory Loan; 
 (v)    The Conduit
Credit Enhancer and the Conduit will agree that, if such Holder defaults under the Conduit Inventory Loan, or if the Conduit is unable to refinance its outstanding commercial paper even if there is no default by such Holder, the Conduit Credit
Enhancer will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of Note B to the Conduit Credit Enhancer; and 
 (vi)    Unless the Conduit is in fact then a Qualified Institutional Lender, the Conduit will not have any greater right to acquire the interests in Note B, by foreclosure or
otherwise, than would any other purchaser that is not a Qualified Institutional Lender at a foreclosure sale conducted by a Note Pledgee. 
 (e)    If more than one Person shall hold a direct interest in Note B, the holder(s) of more than 50% of the principal amount of Note B (or if none of the Persons holding a direct interest own more
than 50%, then the holder of a plurality of such interests) shall designate by written notice to Note A Holder one of such Persons (the “Operating Advisor”) to act on behalf of all such Persons holding an interest in Note B. The
Operating Advisor shall have the sole right to receive any notices that are required to be given or that may be given to Note B Holder pursuant to this Agreement and to exercise the rights and powers given to Note B Holder hereunder, including any
approval rights of Note B Holder; provided, however, until the Operating Advisor has been so designated, the last Person known to Note A Holder to hold more than a 50% direct interest in Note B (or if none of the Persons holding a
direct interest own more than 50%, then the last Person known to Note A Holder to hold a plurality of such interests) shall be deemed to be the Operating Advisor. Once the Operating Advisor has been designated hereunder, Note A Holder shall be
entitled to rely on such designation until it has received written notice from the holder(s) of more than 50% of the principal amount of Note B (or if none of the Persons holding a direct interest own more than 50%, then the Person holding a
plurality of such interests) of the designation of a different Person to act as the Operating Advisor. 
 (f)    If more than one Person shall hold a direct interest in Note A, the holder(s) of more than 50% of the principal amount of Note A (or if none of the Persons holding a direct interest own more than 50%, then
(i) each holder shall be entitled to receive any notices that are required to be given or that may be given to the Note A Holder pursuant to this Agreement, and (ii) the holder of a plurality of such interests) shall designate by written
notice to Note B Holder one of such Persons (the “Note A Operating Advisor”) to act on behalf of all such Persons holding an interest in Note A. Notwithstanding the foregoing, if the participation agreement or co-lender agreement
among the holders of the A Note provides for a different designation mechanism, the Note A Operating Advisor shall be determined by such mechanism and Note B Holder shall be entitled to rely on such designation if such other different designation
mechanism 

 
is set forth in the written notice to the Note B Holder. The Note A Operating Advisor shall have the sole right to deliver any notices that are required to
be given or that may be given by Note A Holder pursuant to this Agreement and to exercise the rights and powers given to Note A Holder hereunder, including any approval rights of Note A Holder; provided, however, until the Note A Operating Advisor
has been so designated, the last Person known to Note B Holder to hold more than a 50% direct interest in Note A (or if none of the Persons holding a direct interest own more than 50%, then the last Person known to Note B Holder to hold a plurality
of such interests) shall be deemed to be the Note A Operating Advisor. Once the Note A Operating Advisor has been designated hereunder, Note B Holder shall be entitled to rely on such designation until it has received written notice from the
holder(s) of more than 50% of the principal amount of Note A (or if none of the Persons holding a direct interest own more than 50%, then the Person holding a plurality of such interests) of the designation of a different Person to act as the Note A
Operating Advisor. 
 (g)    Any Transfer notice sent to the Servicer shall include either (i) a
description of the related agreement, including a reference that the notice relates to the “Northern Trust Tower Intercreditor Agreement”, a list of the original parties to this Agreement, a statement that such Transfer notice relates to
the Northern Trust Tower Mortgage Loan, together with the original principal balance of the Mortgage Loan, the origination date of the Mortgage Loan, and the parties to the Mortgage Loan, or (ii) a copy of this Agreement. 
 19.    Other Business Activities.    Each holder of Note A and Note B acknowledges that
the other may make loans or otherwise extend credit to, and generally engage in any kind of business with any Affiliate of the Borrower (“Borrower Related Party”), and receive payments on such other loans or extensions
of credit to any Borrower Related Party and otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement and the transactions contemplated hereby were not in effect. 
 20.    Exercise of Remedies by the Note A Holder.    Subject to the terms and conditions
of the Servicing Agreement, including, without limitation, any rights granted to the Note B Holder in the Servicing Agreement, the Note B Holder acknowledges that the Note A Holder (or any Servicer acting on behalf of the Note A Holder) may
exercise, or omit to exercise, any rights that the Note A Holder (or any Servicer acting on behalf of the Note A Holder) may have under the Servicing Agreement (subject to the Servicing Standard and the rights of the Controlling Holder) in a manner
that may be adverse to the interests of the Note B Holder, so long as such exercise is in accordance with the terms of this Agreement, and that, subject to Section 12, the Note A Holder (or any Servicer acting on behalf of the Note A
Holder) shall have no liability whatsoever to the Note B Holder in connection with the Note A Holder’s exercise of rights or any omission by the Note A Holder to exercise such rights taken or made in accordance with the terms hereof and of the
Servicing Agreement. Except as otherwise expressly set forth in this Agreement and in the Servicing Agreement, the Note A Holder (or any Servicer acting on behalf of the Note A Holder) shall have the sole and exclusive authority with respect to the
administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole authority (i) with respect to the voting of all claims with respect to the Mortgage Loan in any bankruptcy,
insolvency or other similar proceedings, to the extent permitted by applicable law, (ii) to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure to act by the Borrower or any other party to 

 
the Mortgage Loan Documents and (iii) to call or waive any Events of Default, accelerate the maturity of the Mortgage Loan or institute any foreclosure
action and Note B Holder, except as set forth in this Agreement and/or in the Servicing Agreement, shall have no voting, consent or other rights whatsoever with respect to the Note A Holder’s administration of, or exercise of its rights and
remedies with respect to, the Mortgage Loan. Except as otherwise expressly set forth in this Agreement and in the Servicing Agreement, the Note B Holder agrees that the Note B Holder shall have no right to, and hereby presently and irrevocably
assigns and conveys to the Note A Holder (or any Servicer acting on behalf of the Note A Holder) the rights, if any, that the Note B Holder has to, (A) call or cause the Note A Holder or such Servicer to call an Event of Default under the
Mortgage Loan, (B) exercise any remedies with respect to the Mortgage Loan or the Borrower, including, without limitation, filing or causing the Note A Holder or such Servicer to file any bankruptcy petition against the Borrower or (C) to
the extent permitted by applicable law, vote any claims with respect to the Mortgage Loan in any bankruptcy, insolvency or similar type of proceeding of the Borrower. The Note B Holder shall, from time to time, execute such documents as the Note A
Holder or any Servicer shall reasonably require to evidence such assignment with respect to the rights described in clause (C) of the preceding sentence. Subject to Section 12, the Note A Holder (or any Servicer acting on
behalf of the Note A Holder) shall not have any fiduciary duty to the Note B Holder in connection with the administration of the Mortgage Loan. The Note B Holder expressly and irrevocably waives for itself and any Person claiming through or under
Note B Holder any and all rights that it may have under Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions of any similar law which purports to give a junior loan participant or noteholder the right to
initiate any loan enforcement or foreclosure proceedings. 
 21.    Reimbursement For Recovered
Costs.    In the event that the Note A Holder or any Servicer has made a determination that the final payments or recoveries on or with respect to the Mortgage Loan have been received, and there remains unpaid amounts
described in Section 3(c) or Section 4(c), the Note B Holder will reimburse the Note A Holder, on demand, for its ratable share of such costs and expenses (based on its Percentage Interest in the Mortgage Loan). The Note B
Holder’s obligations under this Section 21 shall survive the termination of this Agreement and the Servicing Agreement. To the extent that such reimbursement is not made within ten days after demand therefor, such amounts shall
accrue interest at the Note B Interest Rate. 
 22.    No Pledge or
Loan.    This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the Note A Holder to the Note B Holder, or a loan from the Note A Holder to the Note B Holder and both the Note A
Holder and the Note B Holder intend to and shall reflect on their books and records the sale of the Note B to the Note B Holder. 
 23.    Governing Law; Waiver of Jury Trial.    THE PARTIES AGREE THAT THE STATE OF NEW YORK HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY,
AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT

 
REGARD TO CONFLICT OF LAW PRINCIPLES (OTHER THAN TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 24.    Submission To Jurisdiction; Waivers.    Each party hereto hereby irrevocably and
unconditionally: 
 (a)    SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN
DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; 
 (b)    CONSENTS THAT ANY SUCH
ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS
BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 
 (c)    AGREES THAT
SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER ADDRESS OF
WHICH THE PURCHASER SHALL HAVE BEEN NOTIFIED; AND 
 (d)    AGREES THAT NOTHING HEREIN SHALL
AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION. 
 25.    Modifications.    This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by the parties hereto. 
 26.    Withholding Taxes. 
 (a)    If Note A Holder or the Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other amounts payable to Note B Holder with respect to the
Mortgage Loan as a result of Note B Holder constituting a Non-Exempt Person, Note A Holder, in its capacity as servicer, shall be entitled to do so with respect to Note B Holder’s interest in such payment (all withheld amounts being deemed paid
to Note B Holder); provided that Note A Holder shall furnish Note B Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information which may reasonably be requested for purposes of assisting Note
B Holder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which Note B Holder is subject to tax. 

 (b)    Note B Holder shall and hereby agrees to indemnify Note A
Holder against and hold Note A Holder harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of Note A Holder to withhold Taxes from payment made to Note B Holder in
reliance upon any representation, certificate, statement, document or instrument made or provided by Note B Holder to Note A Holder in connection with the obligation of Note A Holder to withhold Taxes from payments made to Note B Holder, it being
expressly understood and agreed that (i) Note A Holder shall be absolutely and unconditionally entitled to accept any such representation, certificate, statement, document or instrument as being true and correct in all respects and to fully
rely thereon without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) Note B Holder shall, upon request of Note A Holder and at its
sole cost and expense, defend any claim or action relating to the foregoing indemnification by counsel selected by Note A Holder. 
 (c)    Note B Holder represents to Note A Holder (for the benefit of the Borrower) that it is not a Non-Exempt Person and that neither Note A Holder nor the Borrower is obligated under applicable law to withhold Taxes on
sums paid to it with respect to the Mortgage Loan or otherwise pursuant to this Agreement. Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of this Agreement, Note B Holder shall deliver to
Note A Holder evidence satisfactory to Note A Holder substantiating that it is not a Non-Exempt Person and that Note A Holder is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
under this Agreement. Without limiting the effect of the foregoing, (a) if the Note B Holder is created or organized under the laws of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the
preceding sentence by furnishing to the Note A Holder an Internal Revenue Service Form W-9 and (b) if Note B Holder is not created or organized under the laws of the United States, any state thereof or the District of Columbia, and if the
payment of interest or other amounts by the Borrower is treated for United States income tax purposes as derived in whole or part from sources within the United States, Note B Holder shall satisfy the requirements of the preceding sentence by
furnishing to the Note A Holder Internal Revenue Service Form W-8ECI or Form W-8BEN, or successor forms, as may be required from time to time, duly executed by Note B Holder, as evidence of Note B Holder’s exemption from the withholding of
United States tax with respect thereto. Note A Holder shall not be obligated to make any payment hereunder to Note B Holder in respect of the Note B Interest or otherwise until Note B Holder shall have furnished to Note A Holder the requested forms,
certificates, statements or documents. 
 27.    Successors and Assigns; Third Party
Beneficiaries.    This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns (except for, in the case of a successor or assignee of Note A, the
representations and warranties as otherwise set forth in Section 14 which shall remain the representations and obligations of the Initial Note A Holder and shall survive any assignment or transfer of Note A). Except as provided in
Section 7, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party hereto; provided, however, that Servicer is a third party beneficiary to this Agreement and, as such,
shall acknowledge the terms and conditions of this Agreement. 

 28.    Counterparts.    This Agreement may
be executed in counterparts, each one of which shall constitute an original and all of which together shall constitute one and the same instrument. 
 29.    Captions.    The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not intended to summarize or
otherwise describe the subject matter of the paragraphs and shall not be given any consideration in the construction of this Agreement. 
 30.    Notices.    All notices required hereunder shall be given by (i) telephone (confirmed in writing) or shall be in writing and personally delivered,
(ii) sent by facsimile transmission if the sender on the same day sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery service (charges prepaid) or
(iv) certified United States mail, postage prepaid return receipt requested, and addressed to the respective parties at their addresses set forth on Exhibit B hereto, or at such other address as any party shall hereafter inform the other
party by written notice given as aforesaid. All written notices so given shall be deemed effective upon receipt. 
 31.    Custody of Mortgage Loan Documents.    The originals of all of the Mortgage Loan Documents (other than Note B) will be held by the Note A Holder (or its designee) on behalf of the
Holders. The original Note B shall be held by the Note B Holder. 
 [NO FURTHER TEXT ON THIS PAGE] 

 IN WITNESS WHEREOF, the Initial Note A Holder and the Note B Holder have caused
this Agreement to be duly executed as of the day and year first above written. 
  

					
	 BANK OF AMERICA, NATIONAL
 ASSOCIATION, a
national banking association

		
	 By: 
	 	/s/ Steven Wasser
		 	 Name: Steven Wasser

		 	 Title: Managing Director

	
	CBRE Realty Finance CDO 2007-1, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands
		
		 	 By: CBRE Realty Finance Management,
 LLC, a
Delaware limited liability
 company, its Collateral Manager

			
		 	By: 	 	/s/ Susan M. Orr
		 		 	 Name: Susan M. Orr

		 		 	 Title: Managing Director

 EXHIBIT A 
  

	A.	 Description of Mortgage Loan 

  

			
	 	 
	Borrower:	  	4370 La Jolla Village LLC, a Delaware limited liability company
	 	 
	Date of Mortgage Loan:	  	March 30, 2007
	 	 
	Initial Aggregate Principal Amount of Mortgage Loan:	  	$104,800,000
	 	 
	 Aggregate Principal Balance of Mortgage Loan
 (as of the date hereof):
	  	$104,800,000
	 	 
	Location of Mortgaged Property:	  	County of San Diego, California
	 	 
	Maturity Date:	  	October 1, 2017

  

 Exh A-1 

	B.	 Description of Notes 

  

			
	 	 
	 Initial Note A Principal Balance:
	  	 $94,500,000

	 	 
	 Initial Note B Principal Balance:
	  	 $10,300,000

	 	 
	 Initial Note A Percentage Interest (rounded to five
decimals):
	  	 90.17176%

	 	 
	 Initial Note B Percentage Interest (rounded to five
decimals):
	  	 9.82824%

	 	 
	 Note A Interest Rate:
	  	 5.602510052910050%

	 	 
	 Note B Interest Rate:
	  	 7.50%

  

 Exh A-2 

 EXHIBIT B 
  

			
	Initial Note A Holder:    Bank of America, National Association
	
	 Notice Address:    214 North Tryon Street, NC1-027-22-03, Charlotte, North Carolina 28255, Attention: Stephen Hogue, telecopy number:
(704) 386-1094 (with copies to Paul Kurzeja, Esq., Assistant General Counsel, Bank of America Corporation, Bank of America Corporate Center, 101 South Tryon Street (30th Floor, Charlotte, North Carolina 28255), telecopy number:
(704) 409-0267, with copy to: Henry A. LaBrun, Esq., Cadwalader, Wickersham & Taft LLP, 227 West Trade Street, 24th Floor, Charlotte, North Carolina 28202

		
	Note B Holder:	  	CBRE Realty Finance CDO 2007-1, Ltd.
		
	Notice Address:	  	c/o Realty Finance Corporation
		  	185 Asylum Street, 31st Floor
		  	Hartford, CT 06103
		  	Attention: General Counsel
		  	Telecopy Number: (860) 275-6225

  

 Exh B-1

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