Document:

Amended and Restated Promissory Note

 Exhibit 10.21 
 AMENDED AND RESTATED PROMISSORY NOTE 
  

			
	$300,000,000	  	New York, New York
		  	Dated as of March 28, 2008

 This AMENDED AND RESTATED PROMISSORY NOTE (this “Note”) is made by NATIONAL
INDUSTRIAL PORTFOLIO BORROWER, LLC, a Delaware limited liability company, having its principal place of business at c/o Hackman Capital Partners, LLC, 11111 Santa Monica Boulevard, Suite 950, Los Angeles, California 90025, as maker
(“Borrower”), to the order of CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having its place of business at 388 Greenwich Street, 11th Floor, New York, NY 10013, as payee (“Lender”). 
 WITNESSETH: 
 WHEREAS, Lender and Borrower
entered into a certain Loan Agreement (the “Existing Loan Agreement”) dated as of August 8, 2007, pursuant to the terms of which, among other things, Lender made a loan to Borrower in the original principal amount of $315,000,000.00 (the
“Existing Loan”), which loan is evidenced by that certain Promissory Note made by Borrower in favor of Lender, dated as of August 8, 2007, 2006, in the original principal amount of $315,000,000.00 (the “Original Note”);

 WHEREAS, Citigroup Global Markets Realty Corp., a New York corporation (“Mezzanine A Lender”), National Industrial Mezz A, LLC,
a Delaware limited liability company (“Mezzanine A Borrower”) and National Industrial Mezz B, LLC, a Delaware limited liability company (“Mezzanine A Pledgor”) entered into a certain Mezzanine A Loan Agreement dated as of
August 8, 2007 (the “Existing Mezzanine A Loan Agreement”), pursuant to the terms of which, among other things, Mezzanine A Lender made a loan to Mezzanine A Borrower in the maximum principal amount of $136,000,000.00 (the
“Existing Mezzanine A Loan”); 
 WHEREAS, pursuant to Section 9.6 of the Existing Loan Agreement, Lender, Mezzanine A Lender,
Borrower and Mezzanine A Borrower desire to reallocate the principal amount of the Existing Loan and the Existing Mezzanine A Loan and adjust the interest rate rates thereon; 
 WHEREAS, in furtherance of the foregoing and pursuant to that certain Amended and Restated Mezzanine A Loan Agreement of even date herewith, Mezzanine A
Lender is advancing a loan to Mezzanine A Borrower in the principal amount of $15,000,000 (the “Mezzanine A Additional Advance”), thereby increasing the amount of the Existing Mezzanine A Loan to $151,000,000, and Mezzanine A Borrower
shall use the proceeds of the Mezzanine A Additional Advance to make a contribution to Borrower in the amount of $15,000,000 (the “Mezzanine A Contribution”); 
 WHEREAS, Borrower shall use the Mezzanine A Contribution to partially prepay the Existing Loan on the date hereof, such that the outstanding principal balance of the Existing Loan after giving effect to such
prepayment shall equal $300,000,00; and 
 WHEREAS, in furtherance of the foregoing, Borrower and Lender wish to amend the Original Note in
its entirety. 

 NOW THEREFORE, in consideration of the premises and the covenants and agreements hereinafter set forth,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby covenant and agree that all of the terms, provisions and obligations contained in
the Original Note are hereby amended, restated and superseded in their entirety to read as follows: 
 FOR VALUE RECEIVED, Borrower hereby
unconditionally promises to pay to the order of Lender at its place of business, or at such other place as the holder hereof may from time to time designate in writing, the principal sum of THREE HUNDRED MILLION AND 00/100 DOLLARS ($300,000,000.00)
advanced pursuant to the terms of that certain Loan Agreement dated as of August 8, 2007, between Borrower and Lender, as amended and restated by that certain Amended and Restated Loan Agreement dated as of the date hereof between Borrower and
Lender (the “Loan Agreement”), in lawful money of the United States of America with interest thereon to be computed from March 15, 2008, at the Applicable Interest Rate (as defined in the Loan Agreement), and to be paid in accordance
with the terms of this Note and the Loan Agreement. Certain capitalized terms used but not defined herein shall have the respective meanings assigned to such terms in the Loan Agreement. 
 ARTICLE 1 - PAYMENT TERMS 
 Borrower agrees to pay the principal sum of this
Note and interest on the unpaid principal sum of this Note from time to time outstanding at the rates and at the times specified in Article 2 of the Loan Agreement and the outstanding balance of the principal sum of this Note and all accrued and
unpaid interest thereon shall be due and payable on the Maturity Date. For the purposes of this Note and the Loan Agreement, the term “Spread” shall mean 0.84408333% per annum. 
 ARTICLE 2 - DEFAULT AND ACCELERATION 
 The Debt shall without notice become
immediately due and payable at the option of Lender if any payment required in this Note is not paid on or prior to the date when due or if not paid on the Maturity Date or on the happening of any other Event of Default and in addition, Lender shall
be entitled to receive interest on the entire unpaid principal sum at the Default Rate pursuant to the terms of the Loan Agreement. This Article 2, however, shall not be construed as an agreement or privilege to extend the date of the payment of the
Debt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. 
 ARTICLE 3 -
LOAN DOCUMENTS 
 This Note is secured by each Security Instrument and the other Loan Documents. All of the terms, covenants and
conditions contained in the Loan Agreement, each Security Instrument and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event of a conflict or
inconsistency between the terms of this Note and the Loan Agreement, the terms and provisions of the Loan Agreement shall govern. 
  

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 ARTICLE 4 - SAVINGS CLAUSE 
 This Note and the Loan Agreement are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the
principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Note, the Loan Agreement or the other Loan Documents,
Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be
immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to
be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in
full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 
 ARTICLE 5 - NO ORAL CHANGE 
 This Note
may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any
modification, amendment, waiver, extension, change, discharge or termination is sought. 
 ARTICLE 6 - WAIVERS 
 Borrower and all others who may become liable for the payment of all or any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, notice of intention to accelerate, notice of acceleration, protest and notice of protest and non-payment and all other notices of any kind. No release of any security for the Debt or extension of time for payment of this
Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Loan Agreement or the other Loan Documents made by agreement between Lender or any other Person shall release, modify, amend, waive, extend,
change, discharge, terminate or affect the liability of Borrower, and any other Person who may become liable for the payment of all or any part of the Debt, under this Note, the Loan Agreement or the other Loan Documents. No notice to or demand on
Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further action without further notice or demand as provided for in this Note, the Loan Agreement or the other Loan Documents. If Borrower is a
partnership, the agreements herein contained shall remain in force and be applicable, notwithstanding any changes in the individuals or entities comprising the partnership, and the term “Borrower,” as used herein, shall include any
alternate or successor partnership, but any predecessor partnership and their partners shall not thereby be released from any liability. If Borrower is a corporation, the agreements contained herein shall remain in full force and be applicable
notwithstanding any changes in the shareholders comprising, or the officers and directors relating to, the corporation, and the term “Borrower” as used herein, shall include any 

  

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alternate or successor corporation, but any predecessor corporation shall not be relieved of liability hereunder. If Borrower is a limited liability company,
the agreements herein contained shall remain in force and be applicable, notwithstanding any changes in the members comprising the limited liability company, and the term “Borrower” as used herein, shall include any alternate or successor
limited liability company, but any predecessor limited liability company and their members shall not thereby be released from any liability. (Nothing in the foregoing sentence shall be construed as a consent to, or a waiver of, any prohibition or
restriction on transfers of interests in such partnership, corporation or limited liability company which may be set forth in the Loan Agreement, any Security Instrument or any other Loan Document.) If Borrower consists of more than one person or
party, the obligations and liabilities of each such person or party shall be joint and several. 
 ARTICLE 7 - TRANSFER 
 Upon the transfer of this Note, Borrower hereby waiving notice of any such transfer, Lender may deliver all the collateral mortgaged, granted, pledged or
assigned pursuant to the Loan Documents, or any part thereof, to the transferee who shall thereupon become vested with all the rights herein or under applicable law given to Lender with respect thereto, and Lender shall thereafter forever be
relieved and fully discharged from any liability or responsibility in the matter; but Lender shall retain all rights hereby given to it with respect to any liabilities and the collateral not so transferred. 
 ARTICLE 8 - EXCULPATION 
 Notwithstanding anything to the contrary contained in this Note, the liability of Borrower to pay the Debt and for the performance of the other agreements, covenants and obligations contained herein and in the Security Instruments, the Loan
Agreement and the other Loan Documents shall be limited as set forth in Section 9.4 of the Loan Agreement. 
 ARTICLE 9 - GOVERNING
LAW 
 This Note shall be governed in accordance with the terms and provisions of Section 10.3 of the Loan Agreement. 
 ARTICLE 10 - NOTICES 
 All notices or
other written communications hereunder shall be delivered in accordance with Section 10.6 of the Loan Agreement. 
 ARTICLE 11 - NO
DISCHARGE 
 This Note does not, and shall not, be construed to discharge or extinguish the debt secured by the Loan Documents, nor does
it in any way affect or impair the lien of the Security Instruments and the other Loan Documents. No action undertaken pursuant to this Note shall constitute a waiver or a novation of Lender ‘s rights under the Loan Documents. Neither this
Note, the Original Note nor anything contained herein or therein shall be construed as a substitution or novation of the indebtedness evidenced by the Original Note, which shall remain 

  

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in full force and effect, as amended and restated in its entirety as provided herein and this Note does not evidence any new or additional indebtedness other
than the indebtedness evidenced by the Original Note, as amended and restated in its entirety as provided herein. 
 ARTICLE 12 - NOTE
REGISTER 
 Lender, or any Servicer selected by Lender in accordance with Section 9.3 of the Loan Agreement, acting solely for this
purpose as the non-fiduciary agent of Borrower (in such capacity, “Agent”), shall maintain a register (the “Note Register”) on which it will record the names and addresses of, and wire transfer instructions for, the Lender and
any Person subsequently acquiring any direct interest in this Note (each a “Holder”). Upon the sale or transfer of a direct interest in the Note or portion thereof, (i) the transferring Holder shall inform the Agent in writing that
such transfer has taken place and provide the Agent with the name, address, wiring instructions and tax identification number of the transferee and (ii) the Agent will record such information in the Note Register. The Person in whose name the
Note or an interest therein is so registered shall be deemed and treated as the sole owner and Holder thereof for all purposes of this Agreement. No transfer of a direct interest in the Note or portion thereof shall be effective unless it has been
recorded in the Note Register pursuant to this Article 12. The Agent shall promptly provide the names and addresses of the Holder or Holders to any other party hereto or any successor Holder or Holders upon written request and any such Person may,
without further investigation, conclusively rely upon such information. The Agent shall have no liability to any Person for the provision of any such names and addresses. 
 [NO FURTHER TEXT ON THIS PAGE] 
  

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

													
	NATIONAL INDUSTRIAL PORTFOLIO BORROWER, LLC, a Delaware limited liability company
		
	By:	 	National Industrial Mezz A, LLC, a Delaware limited liability company, its Sole Member
			
		 	By:	 	National Industrial Mezz B, LLC, a Delaware limited liability company, its Sole Member
				
		 		 	By:	 	National Industrial Holdings, LLC, a Delaware limited liability company, its Sole Member
					
		 		 		 	By:	 	New Leaf – KBS JV, LLC, a Delaware limited liability company, its Sole Member
						
		 		 		 		 	By:	 	New Leaf Industrial Partners Fund, L.P., a Delaware limited partnership, its Managing Member
							
		 		 		 		 		 	By:	 	/s/ Authorized Signatory
		 		 		 		 		 	Name:	 	
		 		 		 		 		 	Title:First Amendment to Mezzanine A Loan Agreement

 Exhibit 10.22 
 FIRST AMENDMENT TO MEZZANINE A LOAN AGREEMENT 
 THIS FIRST AMENDMENT TO MEZZANINE A LOAN AGREEMENT (this “Amendment”), dated as of March 6, 2008, and effective as of February 29, 2008, is made between NATIONAL INDUSTRIAL MEZZ A, LLC, a Delaware limited
liability company, having its principal place of business at c/o Hackman Capital Partners, LLC, 11111 Santa Monica Boulevard, Suite 950, Los Angeles, California 90025 (“Borrower”) and CITIGROUP GLOBAL MARKETS REALTY CORP., a
New York corporation, having its place of business at 388 Greenwich Street, 11th floor, New York, NY 10013 (“Lender”), and is
acknowledged, consented and agreed to by NATIONAL INDUSTRIAL MEZZ B, LLC, a Delaware limited liability company, having its principal place of business at c/o Hackman Capital Partners, LLC, 11111 Santa Monica Boulevard, Suite 950, Los Angeles,
California 90025 (“Mezzanine A Pledgor”), HACKMAN CAPITAL PARTNERS, LLC, a Delaware limited liability company (“HCP”), MICHAEL D. HACKMAN (“Hackman”) and JONATHAN EPSTEIN
(“Epstein”), each having an office at 11111 Santa Monica Boulevard, Suite 950, Los Angeles, California 90025, WILLIAM MANLEY, having an address at c/o Calare Properties, Inc., 43 Broad Street, Hudson, Massachusetts 01749
(“Manley”) and CALARE PROPERTIES, INC., a Delaware corporation, having an office at 43 Broad Street, Hudson, Massachusetts 01749 (“Calare”) (HCP, Hackman, Epstein, Manley and Calare hereinafter referred to,
individually and collectively, as the context may require, as “Guarantor”). 
 W I T N
E S S E T H: 
 WHEREAS, Lender, Borrower and Mezzanine A Pledgor entered into a certain
Mezzanine A Loan Agreement (the “Loan Agreement”) dated as of August 8, 2007, pursuant to the terms of which, among other things, Lender made a loan to Borrower in the maximum principal amount of $136,000,000.00 (the
“Loan”); and 
 WHEREAS, Borrower and Lender wish to amend the Loan Agreement pursuant to the terms hereof. All
capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Loan Agreement. 
 NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereto hereby covenant, agree, represent and warrant as follows: 
 I. AMENDMENT TO LOAN AGREEMENT 
 1.1 Revised Definition. Effective as of
February 29, 2008, the definition of “Spread” in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “Spread” shall mean 1.25% per annum. 

 II. RATIFICATION 
 2.1 Guarantor Ratification. Guarantor hereby (i) acknowledges, consents and agrees to the modifications to the Loan Agreement made herein and (ii) ratifies and confirms to Lender as of the date
hereof that all of the terms, covenants, indemnifications and provisions of the Guaranty and the Environmental Indemnity are and shall remain in full force and effect with respect to Guarantor. Each Guarantor, with respect to itself, hereby
represents and warrants that it has the full power, authority and legal right to execute this Amendment. 
 2.2 Mezzanine A
Pledgor. Mezzanine A Pledgor hereby (i) acknowledges, consents and agrees to the modifications to the Loan Agreement made herein and (ii) ratifies and confirms to Lender as of the date hereof that all of the terms, representations,
warranties, covenants, indemnifications and provisions of the Pledge Agreement and the Loan Agreement are and shall remain in full force and effect and are true and correct with respect to Mezzanine A Pledgor. Mezzanine A Pledgor hereby represents
and warrants that it has the full power, authority and legal right to execute this Amendment. 
 III. MISCELLANEOUS 
 3.1 No Discharge. Borrower acknowledges that nothing contained herein shall be construed to relieve Borrower from its obligations under the
Note, the Loan Agreement, the Pledge Agreement and the other Loan Documents. 
 3.2 Borrower Confirmation. Borrower hereby
confirms to Lender as of the date hereof that all of the terms, covenants, indemnifications and provisions of the Pledge Agreement and the other Loan Documents are and shall remain in full force and effect without change except as otherwise
expressly and specifically modified by this Amendment. 
 3.3 Borrower Representations. Borrower represents and warrants that
Borrower has full power, authority and legal right to execute this Amendment and to keep and observe all of the terms of this Amendment on its part to be observed or performed. 
 3.4 Inconsistencies. In the event of any conflict or ambiguity between the terms, covenants and provisions of this Amendment and those of
the Loan Agreement and the other Loan Documents, the terms, covenants and provisions of this Amendment shall control. 
 3.5 No
Oral Modification. This Amendment may not be modified, amended, waived, changed or terminated orally, but only by an agreement in writing signed by the party against whom the enforcement of the modification, amendment, waiver, change or
termination is sought. 
 3.6 Binding Effect. This Amendment shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. 
 3.7 Counterparts. This Amendment may be executed in any number of
duplicate originals and each such duplicate original shall be deemed to constitute but one and the same instrument. 

 3.8 Invalidity. If any term, covenant or condition of this Amendment shall be held to be
invalid, illegal or unenforceable in any respect, this Amendment shall be construed without such provision. 
 3.9 Governing
Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflict of laws, and any applicable law of the United States of America. 
 3.10 No Discharge. This Amendment does not, and shall not be construed to, constitute the creation of a new indebtedness or the
satisfaction, discharge or extinguishment of the debt secured by the Loan Documents, nor does it in any way affect or impair the lien of the Loan Documents. No action undertaken pursuant to this Amendment shall constitute a waiver or a novation of
Lender’s rights under the Loan Documents. 
 3.11 Lien Confirmation. Borrower hereby acknowledges the lien of the Loan
Documents to be a valid and existing first lien on the Collateral, and the lien of the Loan Documents is hereby agreed to continue in full force and effect, unaffected and unimpaired by this Amendment. 
 [NO FURTHER TEXT ON THIS PAGE.] 

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

			
	
	 BORROWER:
  
 NATIONAL INDUSTRIAL MEZZ A, LLC, a Delaware limited liability company

		
	By:	 	National Industrial Mezz B, LLC, a Delaware limited liability company, its Sole Member
		
		 	 By: National Industrial Holdings, LLC, a       Delaware limited liability company,
       its Sole Member

		
		 	         By: New Leaf – KBS JV, LLC, a
              Delaware limited liability
               company, its Sole Member

		
		 	                By: New Leaf Industrial Partners
                      Fund, L.P., a Delaware
                      limited partnership, its
                      Managing Member
		
		 	                       By: /s/ Authorized Signatory
		 	                        Name:

                        Title:

  

			
	
	 LENDER:
  
 CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation

		
	By:	 	/s/ Authorized Signatory
		 	 Name:
 Title:

 ACKNOWLEDGED AND AGREED TO BY 
 MEZZANINE A PLEDGOR: 
  

			
	NATIONAL INDUSTRIAL MEZZ B, LLC, a Delaware limited liability company
		
	By:	 	National Industrial Holdings, LLC, a Delaware limited liability company, its Sole Member
		
		 	 By: New Leaf – KBS JV, LLC, a Delaware
       limited liability company, its Sole Member

		
		 	      By: New Leaf Industrial Partners Fund,
            L.P., a Delaware limited partnership,
            its Managing Member

		
		 	                     By: /s/ Authorized
Signatory
                          Name:
                          Title:

 ACKNOWLEDGED AND AGREED TO BY 
 GUARANTOR: 
  

			
	HACKMAN CAPITAL PARTNERS, LLC, a California limited liability company
		
	By:	 	/s/ Authorized Signatory
		 	 Name:
 Title:

  

	
	
	/s/ Michael D. Hackman
	Michael D. Hackman, Individually

  

	
	
	/s/ Jonathan Epstein
	Jonathan Epstein, Individually

  

	
	
	/s/ William Manley
	William Manley, Individually

  

			
	CALARE PROPERTIES, INC., a Delaware corporation
		
	By:	 	/s/ Authorized Signatory
		 	 Name:
 Title:

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