Document:

Purchase and Sale Agreement (related to the Parkway at Oak Hill Buildings)

 Exhibit 10.7 
 AGREEMENT OF PURCHASE AND SALE 
 [Parkway at Oak Hill, Austin, Texas] 
 This Agreement of Purchase and Sale (“Agreement”) is made and entered into by and between Purchaser and Seller.

 RECITALS 
  

	A.	 Defined terms are indicated by initial capital letters. Defined terms shall have the meaning set forth herein, whether or not such terms are used before or after
the definitions are set forth. 

  

	B.	 Purchaser desires to purchase the Property and Seller desires to sell the Property, all upon the terms and conditions set forth in this Agreement.

 NOW, THEREFORE, in consideration of the mutual terms, provisions, covenants and agreements set
forth herein, as well as the sums to be paid by Purchaser to Seller, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Purchaser and Seller agree as follows: 
 ARTICLE 1 - Basic Information 
 1.1      Certain Basic Terms. The following defined terms shall have the meanings set forth below: 
  

			
	 1.1.1    Seller:
	  	 PKWY, LLC, a Delaware limited partnership

		
	 1.1.2    Purchaser:
	  	 Wells Mid-Horizon Value-Added Fund 1, LLC, a Georgia limited liability company

		
	 1.1.3    Purchase Price:
	  	 $19,000,000.00

		
	 1.1.4    Earnest Money:
	  	 $250,000.00, including interest thereon, to be deposited in accordance with Section 3.1 below.

		
	 1.1.5    Title Company:
	  	 Title Network, Ltd.

		  	 4965 Preston Park Blvd., Suite 320
 Plano, TX 75093

		  	 Attention:         Michelle Necaise

		  	 Telephone:        (469) 241-0688

		  	 Facsimile:         (469) 241-0711

		
	 1.1.6    Escrow Agent:
	  	 Title Network, Ltd.

		  	 4965 Preston Park Blvd., Suite 320
 Plano, TX 75093

		  	 Attention:         Michelle Necaise

		  	 Telephone:        (469) 241-0688

		  	 Facsimile:         (469) 241-0711

  

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	 1.1.7    Broker:
	  	 Holliday Fenoglio Fowler

		
	 1.1.8    Effective Date:
	  	 The date on which this Agreement is executed by the latter to sign of Purchaser or Seller, as indicated on the signature page of this Agreement.

		
	 1.1.9    Property
	  	
	             Information
	  	
	             Delivery Date:
	  	 The date which is ten (10) days after the Effective Date.

		
	 1.1.10  Title Commitment
             Delivery Date;
	  	 The date which is ten (10) days after the Effective Date.

		
	 1.1.11  Survey Deliver
             Date:
	  	 The date which is ten (10) days after the Effective Date.

		
	 1.1.12  Title and Survey
	  	
	             Review Period:
	  	 The period ending at the end of the Inspection Period.

		
	 1.1.13  Inspection Period:
	  	 The period beginning on August 28, 2008 and ending thirty (30) days thereafter.

		
	 1.1.14  Closing Date:
	  	 The date which is fifteen business (15) days after the expiration of the inspection Period.

  

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 1.2      Closing Costs. Closing costs shall be
allocated and paid as follows: 
  

					
	Cost	 	  	  	 Responsible Part

	 Title Commitment required to be delivered pursuant to Section 5.1
	 	 	  	 Seller

	 Premium for standard form Title Policy required to be delivered pursuant to Section 5.4

	 	 	  	 Seller

	 Premium for any upgrade of Title Policy for extended or additional coverage and any
endorsements desired by Purchaser, any inspection fee charged by the Title Company, tax certificates, municipal and utility lien certificates, and any other Title Company charges
	 	 	  	 Purchaser

	 Costs of Survey (excluding any extra charges for any extraordinary revisions requested
by Purchaser, if any)
	 	 	  	 Seller

	 Costs for UCC Searches
	 	 	  	 Purchaser

	 Recording Fees
	 	 	  	 Seller

	 Any deed taxes, documentary stamps, transfer taxes, intangible taxes, mortgage taxes or
other similar taxes, fees or assessments
	 	 	  	 Seller

	 Any escrow fee charged by Escrow Agent for holding the Earnest Money or conducting the
Closing
	 	 	  	 Purchaser  1
/2
 Seller  1
/2

	 Real Estate Sales Commission to Broker
	 	 	  	 Seller

 1.3      Notice Addresses: 
  

							
	 Purchaser:
	  	 Wells Real Estate Funds
	  		 	
		  	 6200 The Corners Parkway
 Suite 250
 Atlanta, Georgia 30092
	  	 Copy to:
	 	 McGuireWoods LLP
 1170
Peachtree Street
 Suite 2100

				
		  	 Attention: Keith Willby
 Telephone: (770) 243-8446
 Facsimile: (770) 243-8199
	  		 	 Attention: Stephen Peterson
 Telephone: (404) 443-5719
 Facsimile: (404) 443-5764

				
	 Seller:
	  	 c/o Archon Group
	  	 Copy to:
	 	 c/o Archon Group

		  	 6011 Connection Drive
 Irving, TX 75039
 Attention: Steve Reynolds
 Telephone: 972-368-265 8
 Facsimile: 972-3 68-4098
	  		 	 6011 Connection Drive
 Irving, TX 75039
 Attention: Scott McMillan
 Telephone: 972-368-25 87
 Facsimile: 972-368-3199

				
		  		  	 And:
	 	 Brown McCarroll, L.L.P.
 2001 Ross Avenue
 Suite 2000
 Dallas, Texas 75201
 Attn: Robert W. Dupuy
 Telephone: 214-999-6102
 Facsimile: 214-999-6170

  

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 ARTICLE 2 - Property 
 2.1      Subject to the terms and conditions of this Agreement, Seller agrees to sell to Purchaser,
and Purchaser agrees to purchase from Seller, the following property (collectively, the “Property”): 
 2.1.1 Real Property. The land described in, Exhibit A attached hereto (the “Land”), together with (i) all improvements located thereon (“Improvements”), (ii) all right, title and interest
of Seller in and to all and singular the rights, benefits, privileges, easements, tenements, hereditaments, and appurtenances thereon or in anywise appertaining thereto, and (iii) without warranty, all right, title, and interest of Seller, if
any, in and to all strips and gores and any land lying in the bed of any street, road or alley, open or proposed, adjoining such Land (collectively, the “Real Property”). 
 2.1.2 Leases. All of Seller’s right, title and interest in all leases of the Real Property (other than License
Agreements), including leases which may be made by Seller after the Effective Date and prior to Closing as permitted by this Agreement (the “Leases”). 
 2.1.3 Tangible Personal Property. All of Seller’s right, title and interest in the equipment, machinery, furniture, furnishings, supplies and other tangible personal property, if any,
owned by Seller and now or hereafter located in and used in connection with the operation, ownership or management of the Real Property, but specifically excluding any items of personal property owned by tenants at or on the Real Property and
further excluding any items of personal property owned by third parties and leased to Seller (collectively, the “Tangible Personal Property”), which Tangible Personal Property shall include, without limitation, the property listed
on Schedule 2.1.3 hereof. 
 2.1.4 Intangible Personal Property. All of Seller’s right, title and interest, if
any, without warranty, in all intangible personal property related to the Real Property and the Improvements, including, without limitation: all trade names and trade marks associated with the Real Property and the Improvements, including
Seller’s rights and interests, if any, in the name Parkway at Oak Hill; the plans and specifications and other architectural and engineering drawings for the Improvements, if any (to the extent assignable without cost to Seller and without the
consent of any third-party); contract rights related to the operation, ownership or management of the Real Property, including maintenance, service, construction, supply and equipment rental contracts, if any, but not including Leases or License
Agreements (collectively, the “Service Contracts”) (but only to the extent assignable without cost to Seller and without the consent of any third-party); warranties (to the extent assignable without cost to Seller and without the
consent of any third-party); governmental permits, approvals and licenses, if any (to the extent assignable without cost to Seller and without the consent of any third-party); and telephone exchange numbers (but only to the extent assignable without
cost to Seller and without the consent of any third-party) (all of the items described in this Section 2.1.4 collectively referred to as the “Intangible Personal Property”). 
 2.1.5 License Agreements. All of Seller’s right, title and interest,
without warranty, in and to all agreements (other than Leases), if any, for the leasing or licensing of rooftop space or equipment, telecommunications equipment, cable access and other space, equipment and facilities that are located on or within
the Real Property and generate income to Seller as the owner of the Real Property, including agreements which may be made by Seller after the Effective Date and prior to Closing as permitted by this Agreement (the “License
Agreements”). Anything in this Agreement to the contrary notwithstanding, Purchaser shall assume the obligations of the “lessor” or “licensor” under all License Agreements, some or all of which may be non-cancelable.

  

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 2.1.6 Private Rights of Way. Any of Seller’s right, title and interest in and
to (i) private rights of way serving or appurtenant to the Real Property, and (ii) any allocations of floor area ratio or density attributed or appurtenant to the Real Property. 
 2.1.7 Development Rights. All of Seller’s right, title, interest, powers, privileges, benefits, and options of Seller
or otherwise accruing to Seller as the owner of the land, allocable to the Property, including, but not limited to any development rights, floor area ratio allocations, lot coverage allocations, allocations of development density, zoning rights or
other rights allocated to or attributable to the Property. 
 ARTICLE 3 - Earnest Money 
 3.1 Deposit and Investment of Earnest Money. Within three (3) business days after the Effective Date, Purchaser shall deposit
the Earnest Money with Escrow Agent. Escrow Agent shall invest the Earnest Money in government insured interest-bearing accounts satisfactory to Seller and Purchaser, shall not commingle the Earnest Money with any funds of Escrow Agent or others,
and shall promptly provide Purchaser and Seller with confirmation of the investments made. Such account shall have no penalty for early withdrawal. 
 3.2 Independent Consideration. Simultaneously with the delivery of the Earnest Money to the Title Company by the Purchaser, Purchaser shall pay to Seller One Hundred and No/100 Dollars ($100.00) as independent
consideration for Seller’s performance under this Agreement (“Independent Consideration”), which shall be retained by Seller in all instances, and shall not be applied against the Purchase Price. 
 3.3 Form; Failure to Deposit. The Earnest Money and Independent Consideration shall be in the form of a certified or
cashier’s check or the wire transfer to Escrow Agent of immediately available U.S. federal funds. If Purchaser fails to timely deposit any portion of the Earnest Money or the Independent Consideration within the time periods required, Seller
may terminate this Agreement by written notice to Purchaser and thereafter the parties hereto shall have no further rights or obligations hereunder, except for rights and obligations which, by their terms, survive the termination hereof. 

3.4 Disposition of Earnest Money. The Earnest Money shall be applied as a credit to the Purchase Price at Closing. However, if
Purchaser elects to terminate this Agreement prior to the expiration of the Inspection Period pursuant to Section 4.5, Escrow Agent shall pay the entire Earnest Money to Purchaser. No notice to Escrow Agent from Seller shall be
required for the release of the Eames’ Money to Purchaser by Escrow Agent if Purchaser terminates this Agreement pursuant to Section 4.5. In the event of a termination of this Agreement by either Seller or Purchaser for any reason
other than pursuant to Section 4.5, Escrow Agent is authorized to deliver the Earnest Money to the party hereto entitled to same pursuant to the terms hereof on or before the tenth (10th) business day following receipt by
Escrow Agent and the non-terminating party of written notice of such termination from the terminating party, unless the other party hereto notifies Escrow Agent that it disputes the right of the other party to receive the Earnest Money. In such
event, Escrow Agent may interplead the Earnest Money into a court of competent jurisdiction in the county in which the Earnest Money has been deposited. All attorneys’ fees and costs and Escrow Agent’s costs and expenses incurred in
connection with such interpleader shall be assessed against the party that is not awarded the Earnest Money, or if the Earnest Money is distributed in part to both parties, then in the inverse proportion of such distribution. 
  

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 ARTICLE 4 - Due Diligence 
 4.1 Due Diligence Materials To Be Delivered. To the extent such items are in Seller’s possession, Seller shall deliver to
Purchaser the following (the “Property Information”) on or before the Property information Delivery Date: 
 4.1.1 Financial Information. Copy of operating statements and a summary of capital expenditures pertaining to the Property for the twelve (12) months preceding the Effective Date of this Agreement or such lesser period as Seller
has owned the Property (“Operating Statements”); 
 4.1.2 Environmental Reports. Copy of any
environmental reports or site assessments related to the Property prepared for the benefit of Seller; 
 4.1.3 Tax
Statements. Copy of ad valorem tax statements received by Seller relating to the Property for the current tax period; 
 4.1.4 Title and Survey. Copy of Seller’s most current title insurance information and survey of the Property; 
 4.1.5 Service Contracts. A list, together with copies, of Service Contracts;  
 4.1.6
Personal Property. A list of Tangible Personal Property; and 
 4.1.7 License Agreements. A list, together
with copies, of any License Agreements. 
 4.1.8 Capital Expenditures. Evidence of capital expenditures made to the
Property over the period of Seller’s ownership, if any. 
 4.2 Due Diligence Materials To Be Made Available. To
the extent such items are in Seller’s possession, Seller shall make available to Purchaser for Purchaser’s review, at Seller’s option at either the offices of Seller’s Asset Manager (defined below) or property manager or at the
Property, the following items and information (the “Additional Property Information”) on or before the Property Information Delivery Date, and Purchaser at its expense shall have the right to make copies of same: 
 4.2.1 Maintenance Records and Warranties. Maintenance work orders for the period of time that Seller has owned the Property
and warranties, if any, on roofs, air conditioning units, fixtures and equipment; 
 4.2.2 Plans and Specifications.
Building plans and specifications relating to the Property; and 
 4.2.3 Licenses, Permits and Certificates of
Occupancy. Licenses, permits and certificates of occupancy relating to the Property. 
 4.2.4 General Documentation.
Copies of all books, records, bills, invoices, lease files, and other documentation or information related to the ownership, construction, operation and leasing of the Property to the extent in Seller’s possession or reasonable control,
provided, however, that Seller shall not be required to provide Purchaser with copies of tax returns, information that Seller may have relating to the prior owner of the Property that does not relate directly to the Property (including, without
limitation, credit reports) or other proprietary or confidential information, 
  

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 4.3 Physical Due Diligence. Commencing on the Effective Date and continuing
until the Closing, Purchaser shall have reasonable access to the Property at all reasonable times during normal business hours, upon appropriate notice to tenants as permitted or required under the Leases, for the purpose of conducting reasonably
necessary tests, including surveys and architectural, engineering, geotechnical and environmental inspections and tests, provided that (i) Purchaser must give Seller twenty-four (24) hours’ prior telephone or written notice of any
such inspection or test, and with respect to any intrusive inspection or test (i.e., core sampling) must obtain Seller’s prior written consent (which consent may be given, withheld or conditioned in Seller’s sole discretion),
(ii) prior to performing any inspection or test, Purchaser must deliver a certificate of insurance to Seller evidencing that Purchaser and its contractors, agents and representatives have in place reasonable amounts of commercial general
liability insurance and workers compensation insurance for its activities on the Property in terms and amounts reasonably satisfactory to Seller covering any accident arising in connection with the presence of Purchaser, its contractors, agents and
representatives on the Property, which insurance shall name Seller and Asset Manager as additional insureds thereunder, and (iii) all such tests shall be conducted by Purchaser in compliance with Purchaser’s responsibilities set forth in
Section 4.12 below. Purchaser shall bear the cost of all such inspections or tests and shall be responsible for and act as the generator with respect to any wastes generated by those tests. Subject to the provisions of
Section 4.8 hereof, Purchaser or Purchaser’s representatives may meet with any tenant; provided, however, Purchaser must contact Seller at least forty-eight (48) hours in advance by telephone or fax to inform Seller of
Purchaser’s intended meeting and to allow Seller the opportunity to attend such meeting if Seller desires. Subject to the provisions of Section 4.8 hereof, Purchaser or Purchaser’s representatives may meet with any governmental
authority for any good faith, reasonable purpose in connection with the transaction contemplated by this Agreement; provided, however, Purchaser must contact Seller at least forty-eight (48) hours in advance by telephone or fax to inform Seller
of Purchaser’s intended meeting and to allow Seller the opportunity to attend such meeting if Seller desires, Purchaser shall not be required to provide such notice before making general inquiries of governmental agencies in connection with the
Property. 
 4.4 Intentionally Deleted. 
 4.5 Due Diligence/Termination Right. Purchaser shall have through the last day of the Inspection Period in which to (i) examine, inspect, and investigate the Property Information and
the Additional Property Information (collectively, the “Property Documents”) and the Property and, in Purchaser’s sole and absolute judgment and discretion, determine whether the Property is acceptable to Purchaser,
(ii) obtain all necessary internal approvals, and (iii) satisfy all other contingencies of Purchaser. Notwithstanding anything to the contrary in this Agreement, Purchaser may terminate this Agreement for any reason or no reason by giving
written notice of termination to Seller and Escrow Agent (the “Due Diligence Termination Notice”) on or before the last day of the Inspection Period. If Purchaser does not timely give a Due Diligence Termination Notice, this
Agreement shall continue in full force and effect, Purchaser shall be deemed to have waived its right to terminate this Agreement pursuant to this Section 4.5, and Purchaser shall be deemed to have acknowledged that it has
received or had access to all Property Documents and conducted all inspections and tests of the Property that it considers important. 
 4.6 Return of Documents and Reports. If this Agreement terminates for any reason other than Seller’s default hereunder, Purchaser shall promptly return and/or deliver to Seller all Property 

  

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Documents and copies thereof. Additionally, if this Agreement terminates for any reason other than Seller’s default, then Purchaser must deliver to
Seller copies of all third party reports, investigations and studies, other than economic analyses (collectively, the “Reports” and, individually, a “Report”) prepared for Purchaser in connection with its due
diligence review of the Property. The Reports shall be delivered to Seller without any representation or warranty as to the completeness or accuracy of the Reports or any other matter relating thereto, and Seller shall have no right to rely on any
Report without the written consent of the party preparing same. Purchaser’s obligation to deliver the Property Documents and the Reports to Seller shall survive the termination of this Agreement. 
 4.7 Service Contracts. On or prior to the last day of the Inspection Period, Purchaser will advise Seller in writing of
which Service Contracts it will assume and for which Service Contracts Purchaser requests that Seller deliver written termination at or prior to Closing, provided Seller shall have no obligation to terminate, and Purchaser shall be obligated to
assume, any Service Contracts which by their terms cannot be terminated without penalty or payment of a fee. Seller shall deliver at Closing notices of termination of all Service Contracts that are not so assumed. Purchaser must assume the
obligations arising from and after the Closing Date under those Service Contracts (i) that Purchaser has agreed to assume, or that Purchaser is obligated to assume pursuant to this Section 4.7, and (ii) for which a termination
notice is delivered as of or prior to Closing but for which termination is not effective until after Closing. 
 4.8
Proprietary Information; Confidentiality. Purchaser acknowledges that the Property Documents are proprietary and confidential and will be delivered to Purchaser solely to assist Purchaser in determining the feasibility of purchasing the
Property. Purchaser shall not use the Property Documents for any purpose other than as set forth in the preceding sentence. Purchaser shall not disclose the contents to any person other than to those persons who are responsible for determining the
feasibility of Purchaser’s acquisition of the Property and who have agreed to preserve the confidentiality of such information as required hereby (collectively, “Permitted Outside Parties”). Purchaser shall not divulge the
contents of the Property Documents and other information except in strict accordance with the confidentiality standards set forth in this Section 4.8 In permitting Purchaser to review the Property Documents or any other information,
Seller has not waived any privilege or claim of confidentiality with respect thereto, and no third party benefits or relationships of any kind, either express or implied, have been offered, intended or created. 
 4.9 No Representation or Warranty by Seller. Purchaser acknowledges that, except as expressly set forth in this Agreement, neither
Seller nor Asset Manager has made nor makes any warranty or representation regarding the truth, accuracy or completeness of the Property Documents or the source(s) thereof. Purchaser further acknowledges that some if not all of the Property
Documents were prepared by third parties other than Seller and Asset Manager. Seller and Asset Manager expressly disclaim any and all liability for representations or warranties, express or implied, statements of fact and other matters contained in
such information, or for omissions from the Property Documents, or in any other written or oral communications transmitted or made available to Purchaser. Purchaser shall rely solely upon its own investigation with respect to the Property,
including, without limitation, the Property’s physical, environmental or economic condition, compliance or lack of compliance with any ordinance, order, permit or regulation or any other attribute or matter relating thereto. Seller and Asset
Manager have not undertaken any independent investigation as to the truth, accuracy or completeness of the Property Documents and are providing the Property Documents solely as an accommodation to Purchaser. 
 4.10 Purchaser’s Responsibilities. In conducting any inspections, investigations or tests of 

  

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the Property and/or Property Documents, Purchaser and its agents and representatives shall: (i) not disturb the tenants or interfere with their use of
the Property pursuant to their respective Leases; (ii) not interfere with the operation and maintenance of the Property; (iii) not damage any part of the Property or any personal property owned or held by any tenant or any third party;
(iv) not injure or otherwise cause bodily harm to Seller, Asset Manager, or their respective agents, guests, invitees, contractors and employees or any tenants or their guests or invitees; (v) comply with all applicable laws;
(vi) promptly pay when due the costs of all tests, investigations, and examinations done with regard to the Property; (vii) not permit any liens to attach to the Real Property by reason of the exercise of its rights hereunder; (viii) repair any
damage to the Real Property resulting directly or indirectly from any such inspection or tests; and (ix) not reveal or disclose prior to Closing any information obtained during the Inspection Period concerning the Property and the Property
Documents to anyone other than the Permitted Outside Parties, in accordance with the confidentiality standards set forth in Section 4.8 above, or except as may be otherwise required by law. 
 4.11 Purchaser’s Agreement to Indemnity. Purchaser indemnifies and
holds Seller and Asset Manager harmless from and against any and all liens, claims, causes of action, damages, liabilities and expenses (including reasonable attorneys’ fees) arising out of Purchaser’s inspections or tests permitted under
this Agreement or any violation of the provisions of Sections 4.3, 4.8 and 4.10; provided, however, the indemnity shall not extend to protect Seller from any pre-existing liabilities for matters merely discovered by Purchaser (i.e., latent
environmental contamination) so long as Purchaser’s actions do not aggravate any pre-existing liability of Seller. Purchaser also indemnifies and holds any tenant harmless from and against any and all claims, causes of action, damages,
liabilities and expenses which such tenant may suffer or incur due to Purchaser’s breach of its obligation under Section 4.8, above to maintain the confidential nature of any Property Documents or other information relative to such tenant. Purchaser’s obligations under this Section 4.11 shall survive the termination
of this Agreement and shall survive the Closing. 
 4.12 Environmental Studies; Seller’s Right to
Terminate. As additional consideration for the transaction contemplated in this Agreement, Purchaser must provide to Seller, immediately following the receipt of same by Purchaser, copies of any and all reports, tests or studies involving
contamination of or other environmental concerns relating to the Property; provided, however, Purchaser shall have no obligation to cause any such tests or studies to be performed on the Property. Seller acknowledges that Purchaser has not made and
does not make any warranty or representation regarding the truth or accuracy of any such studies or reports. Notwithstanding Section 4.11 above, Purchaser shall have no liability or culpability of any nature as a result of having
provided such information to Seller or as a result of Seller’s reliance thereon or arising out of the fact that Purchaser merely conducted such tests or studies, so long as Purchaser’s actions do not aggravate any pre-existing liability of
Seller. In the event that such reports, tests or studies indicate the existence or reasonable potential existence of any contamination of any portion of the Property that is not disclosed in the Property Documents and that is material (meaning that
the reasonably estimated cost of remediation and/or other liability associated therewith, as determined by Seller’s environmental consultants, exceeds $50,000.00), then Seller may terminate this Agreement by giving written notice to Purchaser
within ten (10) business days after Purchaser has provided Seller with copies of such reports, tests or studies, whereupon the Earnest Money shall be returned to Purchaser, the parties shall have no further obligations hereunder except for
obligations that expressly survive the termination hereof, and Seller shall pay to Purchaser an amount equal to the lesser of (A) Purchaser’s actual out-of-pocket expenditures incurred directly in connection with negotiating this Agreement
and/or conducting due diligence activities contemplated hereunder, or (B) Fifty Thousand and No/100 Dollars ($50,000.00), provided, however, that Purchaser must make written demand of Seller for such reimbursement and provide Seller reasonable
supporting documentation of actual expenditures within 

  

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thirty (30) days of the termination of this Agreement, and if Purchaser fails to provide such written demand and supporting documentation within such
thirty (30) day period, then Purchaser shall be deemed to have forever waived its right to recover any amount from Seller. 
 ARTICLE 5 - Title and Survey 
 5.1 Title Commitment. Seller shall cause to be prepared and
delivered to Purchaser on or before the Title Commitment Delivery Date: (i) a current commitment for title insurance or preliminary title report underwritten by Fidelity National Title Insurance Company (the “Title Commitment”)
issued by the Title Company, in the amount of the Purchase Price, with Purchaser as the proposed insured, and (ii) copies of all documents of record referred to in the Title Commitment as exceptions to title to the Property. 
 5.2 New or Updated Survey. Purchaser may elect to obtain a new survey or revise, modify, or re-certify Seller’s existing
survey (“Survey”) as necessary in order for the Title Company to delete the survey exception from the Title Policy or to otherwise satisfy Purchaser’s objectives. 
 5.3 Title Review. During the Title and Survey Review Period, Purchaser shall review title to the Property as disclosed by
the Title Commitment and the Survey and shall be permitted to provide Seller with written notice of any matters disclosed in the Title Commitment or Surrey that Purchaser deems unacceptable (the “Title Objection Letter”). Within
five (5) business days after receipt of the Title Objection Letter, Seller may provide Purchaser with written notice as to which objections Seller will or will not cure (the “Seller’s Cure Notice”). In the event that the
Seller’s Cure Notice indicates that Seller will not cure any objection raised in the Title Objection Letter, Purchaser shall have five (5) days from receipt of Seller’s Cure Notice in which to terminate this Agreement, and upon such
termination Purchaser shall receive a return of the Earnest Money, subject to the subsequent sentence. Notwithstanding the foregoing to the contrary no event may Purchaser terminate this Agreement pursuant to the preceding sentence later than the
last day of the Inspection Period. Purchaser’s failure to terminate prior to the Inspection Period shall be deemed Purchaser’s acceptance of Seller’s Cure Notice and of the title to the Property as reflected in the last Title
Commitment received by Purchaser prior to the expiration of the Inspection Period and the Survey. Seller shall have no obligation to cure title objections except matters that Seller agrees to cure in Seller’s Cure Notice, financing liens of an
ascertainable amount created by, under or through Seller, which liens Seller shall cause to be released at or prior to Closing (with Seller having the right to apply the Purchase Price or a portion thereof for such purpose), and Seller shall deliver
the Property free and clear of any such financing liens. Seller her agrees to remove any exceptions or encumbrances to title which are voluntarily created by, under or through Seller after the Effective Date without Purchaser’s consent (if
requested, such consent shall not be unreasonably withheld or delayed). The term “Permitted Exceptions” shall mean: (i) the matters shown in the Title Commitment or Survey to which Purchaser does not object, or that Seller
elects not to cure without a resulting termination of the Agreement by Purchaser and (ii) rights of tenants, if any, and licensees or vendors under License Agreements or Service Contracts not terminated as of Closing. 
 5.4 Delivery of Title Policy at Closing. In the event that the Title Company does not issue at Closing, or unconditionally commit
at Closing to issue, to Purchaser, an owner’s title policy in accordance with the Title Commitment, insuring Purchaser’s title to the Property in the amount of the Purchase Price, subject only to the standard exceptions and exclusions from
coverage contained in such policy and the Permitted Exceptions (the “Title Policy”), Purchaser shall have the right to terminate this Agreement, in which case the Earnest Money shall be immediately returned to Purchaser and the
parties hereto shall have no further rights or obligations, other than those that by their terms survive the termination of this Agreement. 
  

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 ARTICLE 6 - Operations and Risk of Loss 
 6.1      Ongoing Operations. From the Effective Date through Closing: 
 6.1.1 Leases, Service Contracts and License Agreements. Seller will perform its obligations under any Leases, Service Contracts and
License Agreements. 
 6.1.2 New Contracts. Except as provided in Subsection 6.1.4, Seller will not enter into
any contract that will be an obligation affecting the Property subsequent to the Closing, except contracts entered into in the ordinary course of business that are terminable without cause and without the payment of any termination penalty on not
more than thirty (30) days’ prior notice. 
 6.1.3 Maintenance of Improvements; Removal of Personal Property.
Subject to Sections 6.2 and 6.3, Seller shall maintain all Improvements substantially in their present condition (ordinary wear and tear and casualty excepted) and in a manner consistent with Seller’s maintenance of the Improvements
during Seller’s period of ownership. Seller will not remove any Tangible Personal Property except as may be required for necessary repair or replacement, and replacement shall be of approximately equal quality and quantity as the removed item
of Tangible Personal Property. 
 6.1.4 Leasing; License Agreements. Seller will not amend or terminate any existing
Lease or License Agreement or enter into any new Lease or new License Agreement without providing Purchaser (i) all relevant supporting documentation, as reasonably determined by Seller, including, without limitation, tenant financial
information to the extent in Seller’s possession, and (ii) Seller’s request for Purchaser’s approval. If Purchaser’s consent is requested by Seller as to any amendment or termination of a Lease or License Agreement, or as to
a new Lease or new License Agreement, Purchaser agrees to give Seller written notice of approval or disapproval of a proposed amendment or termination of a Lease or License Agreement or new Lease or new License Agreement within five
(5) business days after Purchaser’s receipt of the items in (i) and (ii) of this Subsection 6.1.4. If Purchaser does not respond to Seller’s request within such time period, then Purchaser will be deemed to have
approved such amendment, termination or new Lease or new License Agreement. Purchaser’s approval rights and obligations will vary depending on whether the request for approval from Seller is delivered to Purchaser before or after the expiration
of the Inspection Period, as follows: 
 (a) With respect to a request for approval delivered by Seller
to Purchaser before the expiration of the Inspection Period, Purchaser’s consent shall not be required. Moreover, whether or not Purchaser consents to an amendment or termination of a Lease or License Agreement or the entering into of a new
Lease or License Agreement, Seller may amend or terminate a Lease or License Agreement or enter into a new Lease or License Agreement at anytime prior to the expiration of the Inspection Period; however, if Purchaser does not consent to same or is
not deemed to have approved same, and if Seller elects to amend or terminate a Lease or License Agreement or enter into a new Lease or License Agreement notwithstanding Purchaser’s failure to approve same, then Purchaser may, at the time Seller
notifies Purchaser of the execution of said amendment, termination or new Lease or License Agreement, elect to terminate this Agreement and receive a return of the Earnest Money; provided that if Purchaser does not elect to terminate within five
(5) days after said notification from Seller, then Purchaser shall have waived its right to terminate pursuant to this Subsection 6.1.4. 
  

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 (b) With respect to a request for approval delivered by Seller to
Purchaser after the expiration of the Inspection Period, Purchaser may withhold its consent at its sole discretion, and Seller may not amend or terminate a Lease or License Agreement or enter into a new Lease or new License Agreement without
Purchaser’s written consent. 
 6.2 Damage. If prior to Closing the Properly is damaged by fire or other
casualty, Seller shall estimate the cost to repair and the time required to complete repairs and will provide Purchaser written notice of Seller’s estimation (the “Casualty Notice”) as soon as reasonably possible after the
occurrence of the casualty. 
 6.2.1 Material. In the event of any Material Damage to or destruction of the
Property or any portion thereof prior to Closing, either Seller or Purchaser may, at its option, terminate this Agreement by delivering written notice to the other on or before the expiration of thirty (30) days after the date Seller delivers
the Casualty Notice to Purchaser (and if necessary, the Closing Date shall be extended to give the parties the full thirty-clay period to make such election and to obtain insurance settlement agreements with Seller’s insurers). Upon any such
termination, the Earnest Money shall be returned to Purchaser and the parties hereto shall have no further rights or obligations hereunder, other than those that by their terms survive the termination of this Agreement. If neither Seller nor
Purchaser so terminates this Agreement within said thirty (30) day period, then the parties shall proceed under this Agreement and close on schedule (subject to extension of Closing as provided above), and as of Closing Seller shall assign to
Purchaser, without representation or warranty by or recourse against Seller, all of Seller’s rights in and to any resulting insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Seller
as a result of such damage or destruction and Purchaser shall assume full responsibility for all needed repairs, and Purchaser shall receive a credit at Closing for any deductible amount under such insurance policies Out the amount of the deductible
plus insurance proceeds shall not exceed the lesser of (A) the cost of repair or (B) the Purchase Price and a pro rata share of the rental or business loss proceeds, if any). For the purposes of this Agreement, “Material
Damage” and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $100,000.00 to repair or which, in Seller’s reasonable estimation, will take longer than ninety (90) days to
repair. 
 6.2.2 Not Material. If the Property is not Materially Damaged, then neither Purchaser nor Seller
shall have the right to terminate this Agreement, and Seller shall, at its option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to Purchaser, or (ii) credit Purchaser at Closing for the reasonable
cost to complete the repair (in which case Seller shall retain all insurance proceeds and Purchaser shall assume full responsibility for all needed repairs). 
 6.3 Condemnation. If proceedings in eminent domain are instituted with respect to the Property or any portion thereof, Purchaser may, at its option, by written notice to Seller given
within ten (10) days after Seller notifies Purchaser of such proceedings (and if necessary the Closing Date shall be automatically extended to give Purchaser the full ten-day period to make such election), either: (i) terminate this
Agreement, in which case the Earnest Money shall be immediately returned to Purchaser and the parties hereto shall have no further rights or obligations, other than those that by their terms survive the termination of this Agreement, or
(ii) proceed under this Agreement, in which event Seller shall, at Closing, assign to Purchaser its entire right, title and interest in and to any condemnation award, and Purchaser shall have the sole right after Closing to negotiate and
otherwise deal with the condemning authority in respect of such matter. If Purchaser does not give Seller written notice of its election within the time required above, then Purchaser shall be deemed to have elected option (ii) above.

  

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 6.4 Insurance. Seller shall keep the Property insured under its current
policies against fire and other hazards covered by extended coverage endorsement and commercial general liability insurance against claims for bodily injury, death and property damage occurring in, on or about the Property. 
 6.5 No Listing. From the date hereof until the earlier of termination of this Agreement or the Closing Date, Seller will not
solicit or make or accept any offers to sell the Property or enter into any contracts or agreements regarding any disposition of all or any portion of the Property or any interest therein. 
 6.6 Change in Status. In the event that, between the Effective Date and the Closing Date, Seller becomes aware (as defined
in Section 9.3 below) that any of the representations and warranties set forth in this Agreement are no longer materially true and correct, Seller shall promptly notify Purchaser in writing. 
 ARTICLE 7 - Closing 
 7.1 Closing. The consummation of the transaction contemplated herein (“Closing”) shall occur on the Closing Date by deposit of the required Closing deliveries with the Escrow Agent. Funds shall be deposited
into and held by Escrow Agent in a closing escrow account with a bank satisfactory to Purchaser and Seller. Upon satisfaction or completion of all closing conditions and deliveries, the parties shall direct Escrow Agent to immediately record and
deliver the closing documents to the appropriate parties and make disbursements according to the closing statements executed by Seller and Purchaser. 
 7.2 Conditions to Parties’ Obligation to Close. In addition to all other conditions set forth herein, the obligation of Seller, on the one hand, and Purchaser, on the other hand, to consummate the
transactions contemplated hereunder are conditioned upon the following: 
 7.2.1 Representations and Warranties. The
other party’s representations and warranties contained herein shall be true and correct in all material respects as of the date of this Agreement and the Closing Date; 
 7.2.2 Deliveries. As of the Closing Date, the other party shall have tendered all deliveries to be made at Closing; and 
 7.2.3 Actions, Suits, etc. There shall exist no pending or threatened actions, suits, arbitrations, claims, attachments,
proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings, against the other party that would materially and adversely affect the operation or value of the Property or the other party’s
ability to perform its obligations under this Agreement. 
 So long as a party is not in default hereunder, if any condition
to such party’s obligation to proceed with the Closing hereunder has not been satisfied as of the Closing Date (or such earlier date as is provided herein), such party may, in its sole discretion, terminate this Agreement by delivering written
notice to the other party on or before the Closing Date (or such earlier date as is provided herein), or elect to close (or to permit any such earlier termination deadline to pass) notwithstanding the non-satisfaction of such condition, in which
event such party shall be deemed to have waived any such condition. In the event such party elects to close (or to permit any such earlier termination deadline to pass), 

  

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notwithstanding the non-satisfaction of such condition, said party shall be deemed to have waived said condition, and there shall be no liability on the part
of any other party hereto for breaches of representations and warranties of which the party electing to close had knowledge at the Closing. 
 7.3 Seller’s Deliveries in Escrow. As of or prior to the Closing Date, Seller shall deliver in escrow to Escrow Agent the following: 
 7.3.1 Deed. A special warranty or other limited warranty deed (as Seller’s local counsel or Title Company shall advise,
warranting title only against any party claiming by, through or under Seller) in form acceptable for recordation under the law of the state where the Property is located hereof and including a list of Permitted Exceptions to which the conveyance
shall be subject, executed and acknowledged by Seller, conveying to Purchaser Seller’s interest in the Real Property (the “Deed”); 
 7.3.2 Bill of Sale, Assignment and Assumption. A Bill of Sale, Assignment and Assumption of Leases and Contracts in the form of Exhibit B attached hereto (the
“Assignment”), executed and acknowledged by Seller, vesting in Purchaser, Seller’s right, title and interest in and to the property described therein free of any claims, except for the Permitted Exceptions to the extent
applicable; 
 7.3.3 Conveyancing or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or
returns, if any, as are required to be delivered or signed by Seller by applicable state and local law in connection with the conveyance of the Real Property; 
 7.3.4 FIRPTA. A Foreign Investment in Real Property Tax Act affidavit executed by Seller; 
 7.3.5 Authority. Evidence of the existence, organization and authority of Seller and of the authority of the persons executing documents on behalf of Seller reasonably satisfactory to the
underwriter for the Title Policy; 
 7.3.6 Owner’s Affidavit. An affidavit as to parties in possession and
debts and liens in a form reasonably required by the Title Company and acceptable to Seller, sufficient to allow the Title Company to remove certain of the standard exceptions from the Title Commitment; 
 7.3.7 Certification Regarding Representations and Warranties. A recertification of Seller’s representations set forth in
Section 9.1 hereof; and 
 7.3.8 Additional Documents. Any additional documents that Escrow Agent or the Title
Company may reasonably require for the proper consummation of the transaction contemplated by this Agreement (provided, however, no such additional document shall expand any obligation, covenant, representation or warranty of Seller or result in any
new or additional obligation, covenant, representation or warranty of Seller under this Agreement beyond those expressly set forth in this Agreement). 
 7.4 Purchaser’s Deliveries in Escrow. As of or prior to the Closing Date, Purchaser shall deliver in escrow to Escrow Agent the following: 
 7.4.1 Bill of Sale, Assignment and Assumption. The Assignment, executed and acknowledged by Purchaser; 
  

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 7.4.2 ERISA Letter. A letter to Seller in the form of Exhibit C
attached hereto duly executed by Purchaser, confirming that Purchaser is not acquiring the Property with the assets of an employee benefit plan as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974
(“ERISA”) and, in the event Purchaser is unable or unwilling to make such a representation, Purchaser shall be deemed to be in default hereunder, and Seller shall have the right to terminate this Agreement and to receive and retain
the Earnest Money; 
 7.4.3 Conveyancing or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or
returns, if any, as are required to be delivered or signed by Purchaser by applicable state and local law in connection with the conveyance of Real Property; and 
 7.4.4 Additional Documents. Any additional documents that Seller, Escrow Agent or the Title Company may reasonably require for the proper consummation of the transaction contemplated by
this Agreement (provided, however, no such additional document shall expand any obligation, covenant, representation or warranty of Purchaser or result in any new or additional obligation, covenant, representation or warranty of Purchaser under this
Agreement beyond those expressly set forth in this Agreement). 
 7.5 Closing Statements. As of or prior to the
Closing Date, Seller and Purchaser shall deposit with Escrow Agent executed closing statements consistent with this Agreement in the form required by Escrow Agent. 
 7.6 Purchase Price. At or before 3:00 p.m. local time on the Closing Date, Purchaser shall deliver to Escrow Agent the Purchase Price, less the Earnest Money that is applied to the
Purchase Price, plus or minus applicable prorations, in immediate, same-day U.S. federal funds wired for credit into Escrow Agent’s escrow account, which funds must be delivered in a manner to permit Escrow Agent to deliver good funds to Seller
or its designee on the Closing Date (and, if requested by Seller, by wire transfer); in the event that Escrow Agent is unable to deliver good funds to Seller or its designee on the Closing Date, then the closing statements and related prorations
will be revised as necessary. 
 7.7 Possession. Seller shall deliver possession of the Property to Purchaser
at the Closing subject only to the Permitted Exceptions. 
 7.8 Delivery of Books and Records. After the Closing,
Seller shall deliver to the offices of Purchaser’s property manager or to the Real Property to the extent in Seller’s or its property manager’s possession or control: License Agreements; maintenance records and warranties; plans and
specifications; licenses, permits and certificates of occupancy; copies or originals of all books and records of account, contracts, and copies of correspondence with tenants and suppliers; receipts for deposits, unpaid bills and other papers or
documents which pertain to the Property; all advertising materials; booklets; keys; and other items, if any, used in the operation of the Property. 
 7.9 Notice to Tenants. Seller and Purchaser shall each execute, and Purchaser shall deliver to any tenant immediately after the Closing, a notice regarding the sale in substantially the form of Exhibit D
attached hereto, or such other form as may be required by applicable state law. This obligation on the part of Purchaser shall survive the Closing. 
  

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 ARTICLE 8 - Prorations, Deposits, Commissions 
 8.1 Prorations. At Closing, the following items shall be prorated as of the date of Closing with all items of income and expense
for the Property being borne by Purchaser from and after (but including) the date of Closing: Tenant Receivables (defined below) and other income and rents that have been collected by Seller as of Closing; fees and assessments; prepaid expenses and
obligations under Service Contracts; accrued operating expenses; real and personal ad valorem taxes (“Taxes”); and any assessments by private covenant for the then-current calendar year of Closing. Specifically, the following shall
apply to such prorations and to post-Closing collections of Tenant Receivables: 
 8.1.1 Taxes. If Taxes for the
year of Closing are not known or cannot be reasonably estimated, Taxes shall be prorated based on Taxes for the year prior to Closing. Any additional Taxes relating to the year of Closing or prior years arising out of a change in the use of the Real
Property or a change in ownership shall be assumed by Purchaser effective as of Closing and paid by Purchaser when due and payable, and Purchaser shall indemnify Seller from and against any and all such Taxes, which indemnification obligation shall
survive the Closing. 
 8.1.2 Utilities. Purchaser shall take all steps necessary to effectuate the transfer of
all utilities to its name as of the Closing Date, and where necessary, post deposits with the utility companies. Seller shall ensure that all utility meters are read as of the Closing Date. Seller shall be entitled to recover any and all deposits
held by any utility company as of the Closing Date. 
 8.1.3 Tenant Receivables. Rents due from tenants under any
Leases executed during the term of this Agreement and from tenants or licensees under License Agreements and operating expenses and/or taxes payable by tenants under Leases (collectively, “Tenant Receivables”) and not collected by
Seller as of Closing shall not be prorated between Seller and Purchaser at Closing but shall be apportioned on the basis of the period for which the same is payable and if, as and when collected, as follows: 
 (a) Tenant Receivables and other income received from tenants under Leases and/or tenants or licensees under
License Agreements after Closing shall be applied in the following order of priority: (i) first, to payment of the current Tenant Receivables then due for the month in which the Closing Date occurs, which amount shall be apportioned
between Purchaser and Seller as of the Closing Date as set forth in Section 8.1 hereof (with Seller’s portion thereof to be delivered to Seller); (ii) second, to Tenant Receivables first coming due after Closing and
applicable to the period of time after Closing, which amount shall be retained by Purchaser; (iii) third, to payment of Tenant Receivables first coming due after Closing but applicable to the period of time before Closing,
including, without limitation, the Tenant Receivables described in Subsection 8.1.3(b) below (collectively, “Unbilled Tenant Receivables”), which amount shall be delivered to Seller; and (iv) thereafter, to
delinquent Tenant Receivables which were due and payable as of Closing but not collected by Seller as of Closing (collectively, “Uncollected Delinquent Tenant Receivables”), which amount shall be delivered to Seller. Notwithstanding
the foregoing, Seller shall have the right to pursue the collection of Uncollected Delinquent Tenant Receivables for a period of one (1) year after Closing without prejudice to Seller’s rights or Purchaser’s obligations hereunder,
provided, however, Seller shall have no right to cause any such tenant or licensee to be evicted or to exercise any other “landlord” remedy (as set forth in such tenant’s Lease or licensee’s License agreement) against such tenant
other than to sue for collection. Any sums received by Purchaser to which Seller is entitled shall be held in trust for 

  

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Seller on account of such past due rents payable to Seller, and Purchaser shall remit to Seller any such sums received by Purchaser to which Seller is
entitled within ten (10) business days after receipt thereof less reasonable, actual costs and expenses of collection, including reasonable attorneys’ fees, court costs and disbursements, if any. Seller expressly agrees that if Seller
receives any amounts after the Closing Date which are attributable, in whole or in part, to any period after the Closing Date, Seller shall remit to Purchaser that portion of the monies so received by Seller to which Purchaser is entitled within ten
(10) business days after receipt thereof. With respect to Unbilled Tenant Receivables, Purchaser covenants and agrees to (A) bill the same when billable and (B) cooperate with Seller to determine the correct amount of operating
expenses and/or taxes due. The provisions of this Subsection 8.1.3(a) shall survive the Closing. 
 (b) Without limiting the generality of the requirements of Subsection 8.1.3(a)(ii) above, if the final reconciliation or determination of operating expenses and/or taxes due under the Leases shows that a net amount is owed by
Seller to Purchaser, said amount shall be paid by Seller to Purchaser within ten (10) business days of such final determination under the Leases. If the final determination of operating expenses and/or taxes due under the Leases shows that a
net amount is owed by Purchaser to Seller, Purchaser shall, within ten (10) business days of such final determination, remit said amount to Seller. Purchaser agrees to receive and hold any monies received on account of such past due expenses
and/or taxes in trust for Seller and to pay same promptly to Seller as aforesaid. The provisions of this Subsection 8.1.3(b) shall survive the Closing. 
 8.2 Leasing Costs. Purchaser agrees to pay or discharge at or prior to Closing all leasing commissions, costs for tenant improvements, lease buyout costs, moving allowances, design
allowances, legal fees and other costs, expenses and allowances incurred in order to induce a tenant to enter into a Lease (collectively, “Leasing Costs”) that are due prior to Closing with respect to Leases entered into during the
term of this Agreement, which obligation shall survive the Closing. 
 8.3 Closing Costs. Closing costs shall
be allocated between Seller and Purchaser in accordance with Section 1.2. 
 8.4 Final Adjustment After
Closing. If final bills are not available or cannot be issued prior to Closing for any item being prorated under Section 8.1, then Purchaser and Seller agree to allocate such items on a fair and equitable basis as soon as such
bills are available, final adjustment to be made as soon as reasonably possible after the Closing. Payments in connection with the final adjustment shall be due within thirty (30) days of written notice. All such rights and obligations shall
survive the Closing. 
 8.5 Tenant Deposits. All tenant and licensee security deposits collected and not
applied by Seller (and interest thereon if required by law or contract) shall be transferred or credited to Purchaser at Closing. As of the Closing, Purchaser shall assume Seller’s obligations related to tenant and licensee security deposits,
but only to the extent they are credited or transferred to Purchaser. 
 8.6 Commissions. Seller shall be responsible
to Broker for a real estate sales commission at Closing Out only in the event of a Closing in strict accordance with this Agreement) in accordance with a separate agreement between Seller and Broker. Broker may share its commission with any licensed
broker involved in this transaction, but the payment of the commission by Seller to Broker shall fully satisfy any obligations of Seller to pay a commission hereunder. Under no circumstances shall Seller owe a commission or other compensation
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broker shall not be an affiliate, subsidiary or related in any way to Purchaser. Other than as stated above in this Section 8.6, Seller and
Purchaser each represent and warrant to the other that no real estate brokerage commission is payable to any person or entity in connection with the transaction contemplated hereby, and each agrees to and does hereby indemnify and hold the other
harmless against the payment of any commission to any other person or entity claiming by, through or under Seller or Purchaser, as applicable. This indemnification shall extend to any and all claims, liabilities, costs and expenses (including
reasonable attorneys’ fees and litigation costs) arising as a result of such claims and shall survive the Closing. 
 ARTICLE 9 -
Representations and Warranties 
 9.1      Seller’s Representations and
Warranties. Seller represents and warrants to Purchaser that: 
 9.1.1 Organization and Authority. Seller has been
duly organized, is validly existing, and is in good standing in the state in which it was formed. Seller has the full right and authority and has obtained any and all consents required to enter into this Agreement and to consummate or cause to be
consummated the transactions contemplated hereby. This Agreement has been, and all of the documents to be delivered by Seller at the Closing will be, authorized and executed and constitute, or will constitute, as appropriate, the valid and binding
obligation of Seller, enforceable in accordance with their terms. 
 9.1.2 Conflicts and Pending Actions. There is no
agreement to which Seller is a party or, to Seller’s knowledge, that is binding on Seller which is in conflict with this Agreement. To Seller’s knowledge, there is no action or proceeding pending or threatened against Seller or relating to
the Property, which challenges or impairs Seller’s ability to execute or perform its obligations under this Agreement, or would in any instance bind the Property or the Purchaser. 
 9.1.3 Tenant/Leases. As of the Effective Date there are no tenants of the Property. 
 9.1.4 Service Contracts and License Agreements. To Seller’s knowledge, the list of Service Contracts and License Agreements
to be delivered to Purchaser pursuant to this Agreement set forth on Schedule 9.1.4 hereof is a correct and complete list of the Service Contracts and License Agreements currently affecting the Property, 
 9.1.5 Notices from Governmental Authorities. To Seller’s knowledge, during Seller’s period of ownership Seller has not
received from any governmental authority written notice of any material violation of any laws applicable (or alleged to be applicable) to the Real Property, or any part thereof, that has not been corrected, except as set forth on Schedule
9.1.5 hereof or as may be reflected by the Property Documents or otherwise disclosed in writing to Purchaser. 
 9.1.6
No Condemnation. To the knowledge of Seller, as of the date hereof, there are no pending or contemplated condemnation or eminent domain proceedings (or process or purchase in lieu thereof) affecting the Property or any part thereof. 

9.1.7 FIRPTA. Seller is not a “foreign person” within the meaning of Sections 1445 and 7701 the Internal
Revenue Code of 1986, as amended. 
  

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 9.1.8 OFAC. Seller represents that Seller is not and will not be an entity
or person (i) that is listed in the annex to, or is otherwise subject to the provisions of Executive Order 13224 issued on September 24, 2001 (“EO13224”), (ii) whose name appears on the United States Treasury
Department’s Office of Foreign Assets Control (“OFAC”) most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including, but not
limited to, the OFAC website, http:www.treas.gov/ofac/tl1sdn.pdf) (iii) who commits, threatens to commit or supports “terrorism”, as that term is defined in EO13224, (iv) is subject to sanctions of the United States government or
is in violation of any federal, state, municipal or local laws, statutes, codes, ordinances, orders, decrees, rules or regulations relating to terrorism or money laundering, including, without limitation, EO13224 and the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (any and all parties or persons described in clauses (i) - (iv) above are herein referred to as a “Prohibited Person”). Seller covenants
and agrees that Seller shall not (aa) conduct any business, nor engage in any transaction or dealing, with any Prohibited Person, including, but not limited to, the making or receiving of any contribution of funds, goods, or services, to or for the
benefit of a Prohibited Person, or (bb) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding; or attempts to violate, any of the prohibitions set forth in EO13224. 
 9.2 Purchaser’s Representations and Warranties. Purchaser represents and warrants to Seller that: 
 9.2.1 Organization and Authority. Purchaser has been duly organized and is validly existing as a limited liability company in good
standing in the State of Georgia and is qualified to do business in the state in which the Real Property is located. Purchaser has the full right and authority and has obtained any and all consents required to enter into this Agreement and to
consummate or cause to be consummated the transactions contemplated hereby. This Agreement has been, and all of the documents to be delivered by Purchaser at the Closing will be, authorized and properly executed and constitute, or will constitute,
as appropriate, the valid and binding obligation of Purchaser, enforceable in accordance with their terms. 
 9.2.2
Conflicts and Pending Action. There is no agreement to which Purchaser is a party or to Purchaser’s knowledge binding on Purchaser which is in conflict with this Agreement. There is no action or proceeding pending or, to Purchaser’s
knowledge, threatened against Purchaser which challenges or impairs Purchaser’s ability to execute or perform its obligations under this Agreement. 
 9.2.3 OFAC. Purchaser represents that Purchaser is not and will not be an entity or person (i) that is listed in the annex to, or is otherwise subject to the provisions of EO13224, (ii) whose name
appears on the OFAC most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including, but not limited to, the OFAC website,
http:www.treas.gov/ofac/tllsdn.pdf) (iii) who commits, threatens to commit or supports “terrorism”, as that term is defined in EO13224, (iv) is subject to sanctions of the United States government or is in violation of any
federal, state, municipal or local laws, statutes, codes, ordinances, orders, decrees, rules or regulations relating to terrorism or money laundering, including, without limitation, EO13224 and the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. Purchaser covenants and agrees that Purchaser shall not (aa) conduct any business, nor engage in any transaction or dealing, with any Prohibited Person, including, but not
limited to, the making or receiving of any contribution of funds, goods, or services, to or for the benefit of a Prohibited Person, or (bb) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or
avoiding, or attempts to violate, any of the prohibitions set forth in EO13224. 
  

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 9.3 Survival of Representations and Warranties. The representations and warranties
set forth in this Article 9 are made as of the date of this Agreement and, except in the case of Subsection 9.1.5, are remade as of the Closing Date and shall not be deemed to be merged into or waived by the instruments of Closing, but
shall survive the Closing for a period of nine (9) months (the “Survival Period”). Terms such as “Seller becomes aware”, “to Seller’s knowledge,” “to the best of Seller’s knowledge” or
like phrases mean the actual present and conscious awareness or knowledge of Steve Reynolds and Steve Sullivan (“Asset Manager’s Employees”), without any duty of inquiry or investigation. Asset Manager’s Employees are the
individuals within Seller’s organization most likely to have knowledge related to the representations and warranties contained herein. So qualifying Seller’s knowledge shall in no event give rise to any personal liability on the part of
Asset Manager’s Employees or any other officer or employee of Seller or its Asset Manager, on account of any breach of any representation or warranty made by Seller herein. Said terms do not include constructive knowledge, imputed knowledge, or
knowledge Seller or such persons do not have but could have obtained through further investigation or inquiry. No broker, agent, or party other than Seller is authorized to make any representation or warranty for or on behalf of Seller. Each party
shall have the right to bring an action against the other on the breach of a representation or warranty hereunder, but only on the following conditions: (i) the party bringing the action for breach first learns of the breach after Closing and
files such action within the Survival Period, and (ii) neither party shall have the right to bring a cause of action for a breach of a representation or warranty unless the damage to such party on account of such breach (individually or when
combined with damages from other breaches) equals or exceeds $50,000.00. Neither party shall have any liability after Closing for the breach of a representation or warranty hereunder of which the other party hereto had knowledge as of Closing.
Furthermore, Purchaser agrees that the maximum liability of Seller for the alleged breach of any or all representations or warranties set forth in this Agreement is limited to $250,000.00. The provisions of this Section 9.3, shall
survive the Closing. Any breach of a representation or warranty that occurs prior to Closing shall be governed by Article 10. 
 ARTICLE 10 - Default and Remedies 
 10.1 Seller’s Remedies. If Purchaser fails to perform
its obligations pursuant to this Agreement at or prior to Closing for any reason except failure by Seller to perform hereunder, or if prior to Closing any one or more of Purchaser’s representations or warranties are breached in any material
respect, Seller shall be entitled, as its sole remedy (except as provided in Sections 4.11, 8.6, 10.3 and 10.4 hereof), to terminate this Agreement and recover the Earnest Money as liquidated damages and not as
penalty, in full satisfaction of claims against Purchaser hereunder. Seller and Purchaser agree that Seller’s damages resulting from Purchaser’s default are difficult, if not impossible, to determine and the Earnest Money is a fair
estimate of those damages which has been agreed to in an effort to cause the amount of such damages to be certain. Notwithstanding anything in this Section 10.1 or in Exhibit E to the contrary, in the event of Purchaser’s
default or a termination of this Agreement, Seller shall have all remedies available at law or in equity in the event Purchaser or any party related to or affiliated with Purchaser is asserting any claims or right to the Property that would
otherwise delay or prevent Seller from having clear, indefeasible and marketable title to the Property, and in said event Seller shall not be required to submit such matter to arbitration as contemplated by Exhibit E. In all other events
Seller’s remedies shall be limited to those described in this Section 10.1 and Sections 4.11, 8.6, 10.3 and 10.4 hereof. If Closing is consummated, Seller shall have all remedies available at law or in equity in the event
Purchaser fails to perform any obligation of Purchaser under this Agreement that survives Closing. 
  

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 10.2 Purchaser’s Remedies. If Seller fails to perform its obligations
pursuant to this Agreement for any reason except failure by Purchaser to perform hereunder, or if at or prior to Closing any one or more of Seller’s representations or warranties are breached in any material respect, Purchaser shall elect, as
its sole remedy, either to (i) terminate this Agreement by giving Seller timely written notice of such election prior to or at Closing and recover the Earnest Money, (ii) enforce specific performance, or (iii) waive said failure or
breach and proceed to Closing. Notwithstanding anything herein to the contrary, Purchaser shall be deemed to have elected to terminate this Agreement if Purchaser fails to deliver to Seller written notice of its intent to file a claim or assert a
cause of action for specific performance against Seller on or before ten (10) business days following the scheduled Closing Date or, having given such notice, fails to file a lawsuit asserting such claim or cause of action in the county in
which the Property is located within two (2) months following the scheduled Closing Date. Purchaser’s remedies shall be limited to those described in this Section 10.2 and Sections 10.3 and 10.4 hereof. If, however, the
equitable remedy of specific performance is not available, Purchaser may seek any other right or remedy available at law or in equity; provided, however, that in no event shall Seller’s liability exceed the lesser of (i) $100,000.00 or
(ii) the actual reasonable out-of-pocket expenses incurred by Purchaser and paid (A) to Purchaser’s attorneys in connection with the negotiation of this Agreement and (B) to unrelated and unaffiliated third party consultants in
connection with the performance of examinations, inspections and/or investigations pursuant to Article 4. For purposes of this provision, specific performance shall be considered not available to Purchaser only if a court of competent
jurisdiction (or an arbitrator, as per Exhibit E) determines conclusively that Purchaser is entitled to specific performance on the merits of its claim but said court or arbitrator is unable to enforce specific performance due to reasons
beyond the control of the court or arbitrator. IN NO EVENT SHALL SELLER’S DIRECT OR INDIRECT PARTNERS, SHAREHOLDERS, OWNERS OR AFFILIATES, ANY OFFICER, DIRECTOR, EMPLOYEE OR AGENT OF THE FOREGOING, OR ANY AFFILIATE OR CONTROLLING PERSON THEREOF
HAVE ANY LIABILITY FOR ANY CLAIM, CAUSE OF ACTION OR OTHER LIABILITY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE PROPERTY, WHETHER BASED ON CONTRACT, COMMON LAW, STATUTE, EQUITY OR OTHERWISE. 
 10.3 Attorneys’ Fees. In the event either party hereto employs an attorney in connection with claims by one party
against the other arising from the operation of this Agreement, the non-prevailing party shall pay the prevailing party all reasonable fees and expenses, including attorneys’ fees, incurred in connection with such enforcement. 
 10.4 Other Expenses. If this Agreement is terminated due to the default of a party, then the defaulting party shall pay any
fees or charges due to Escrow Agent for holding the Earnest Money as well as any escrow cancellation fees or charges and any fees or charges due to the Title Company for preparation and/or cancellation of the Title Commitment. 
  

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 ARTICLE 11 - Disclaimers, Release and Indemnity 
 11.1 Disclaimers By Seller. Except for those representations and warranties in Section 9.1 of this Agreement
and the warranty of title contained in the Deed, it is understood and agreed that Seller and Asset Manager have not at any time made and are not now making, and they specifically disclaim, any warranties or representations of any kind or character,
express or implied, with respect to the Property (except as set forth m Section 9.1 hereof), including, but not limited to, warranties or representations as to (i) matters of title, (ii) environmental matters relating to the Property
or any portion thereof, including, without limitation, the presence of Hazardous Materials in, on, under or in the vicinity of the Property, (iii) geological conditions, including, without limitation, subsidence, subsurface conditions, water
table, underground water reservoirs, limitations regarding the withdrawal of water, and geologic faults and the resulting damage of past and/or future faulting, (iv) whether, and to the extent to which the Property or any portion thereof is
affected by any stream (surface or underground), body of water, wetlands, flood prone area, flood plain, Roadway or special flood hazard, (v) drainage, (vi) soil conditions, including the existence of instability, past soil repairs, soil
additions or conditions of soil fill, or susceptibility to landslides, or the sufficiency of any undershoring, (vii) the presence of endangered species or any environmentally sensitive or protected areas, (viii) zoning or building
entitlements to which the Property or any portion thereof may be subject, (ix) the availability of any utilities to the Property or any portion thereof including, without limitation, water, sewage, gas and electric, (x) usages of adjoining
property, (xi) access to the Property or any portion thereof, (xii) the value, compliance with the plans and specifications, size, location, age, use, design, quality, description, suitability, structural integrity, operation, title to, or
physical or financial condition of the Property or any portion thereof, or any income, expenses, charges, liens, encumbrances, rights or claims on or affecting or pertaining to the Property or any part thereof, (xiii) the condition or use of
the Property or compliance of the Property with any or all past, present or future federal, state or local ordinances, rules, regulations or laws, building, fire or zoning ordinances, codes or other similar laws, (xiv) the existence or
non-existence of underground storage tanks, surface impoundments, or landfills, (xv) the merchantability of the Property or fitness of the Property for any particular purpose, (xvi) the truth, accuracy or completeness of the Property
Documents, (xvii) tax consequences, or (xviii) any other matter or thing with respect to the Property. 
 11.2
Sale “As Is, Where Is.” Purchaser acknowledges and agrees that upon Closing, Seller shall sell and convey to Purchaser and Purchaser shall accept the Property “AS IS, WHERE IS, WITH ALL FAULTS,” except for those
representations and warranties in Section 9.1 of this Agreement and the warranty of title contained in the Deed. Except for those representations and warranties in Section 9.1 of this Agreement and the warranty of title
contained in the Deed, Purchaser has not relied and will not rely on, and Seller has not made and is not liable for or bound by, any express or implied warranties, guarantees, statements, representations or information pertaining to the Property or
relating thereto (including specifically, without limitation, Property information packages distributed with respect to the Property) made or furnished by Seller, the Asset Manager of the Property, or any real estate broker, agent or third party
representing or purporting to represent Seller, to whomever made or given, directly or indirectly, orally or in writing. Purchaser represents that it is a knowledgeable, experienced and sophisticated purchaser of real estate and that, except for
those representations and warranties in Section 9.1 of this Agreement and the warranty of title contained in the Deed, it is relying solely on its own expertise and that of Purchaser’s consultants in purchasing the Property and
shall make an independent verification of the accuracy of any documents and information provided by Seller. Purchaser will conduct such inspections and investigations of the Property as Purchaser deems necessary, including, but not limited to, the
physical and environmental conditions thereof, and shall rely upon same. By failing to terminate this Agreement prior to the expiration of the Inspection Period, Purchaser acknowledges that 

  

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Seller has afforded Purchaser a full opportunity to conduct such investigations of the Property as Purchaser deemed necessary to satisfy itself as to the
condition of the Property and the existence or non-existence or curative action to be taken with respect to any Hazardous Materials on or discharged from the Property, and will rely solely upon same and not upon any information provided by or on
behalf of Seller or its agents or employees with respect thereto, other than such representations, warranties and covenants of Seller as are expressly set forth in this Agreement. Upon Closing, Purchaser shall assume the risk that adverse matters,
including, but not limited to, adverse physical or construction defects or adverse environmental, health or safety conditions, may not have been revealed by Purchaser’s inspections and investigations. 
 11.3 11.3 Seller Released from Liability. Purchaser acknowledges that it will have the opportunity to inspect the Property during
the Inspection Period, and during such period, observe its physical characteristics and existing conditions and the opportunity to conduct such investigation and study on and of the Property and adjacent areas as Purchaser deems necessary, and
Purchaser hereby FOREVER RELEASES AND DISCHARGES Seller and Asset Manager from all responsibility and liability, including without limitation, liabilities under the Comprehensive Environmental Response, Compensation and Liability Act Of 1980 (42
U.S.G. Sections 9601 et seq.), as amended (“CERCLA”), regarding the condition, valuation, salability or utility of the Property, or its suitability for any purpose whatsoever (including, but not limited to, with respect to
the presence in the soil, air, structures and surface and subsurface waters, of Hazardous Materials or other materials or substances that have been or may in the future be determined to be toxic, hazardous, undesirable or subject to regulation and
that may need to be specially treated, handled and/or removed from the Property under current or future federal, state and local laws, regulations or guidelines, and any structural and geologic conditions, subsurface soil and water conditions and
solid and hazardous waste and Hazardous Materials on, under, adjacent to or otherwise affecting the Property). Purchaser further hereby WAIVES (and by Closing this transaction will be deemed to have WAIVED) any and all objections and complaints
(including, but not limited to, federal, state and local statutory and common law based actions, and any private right of action under any federal, state or local laws, regulations or guidelines to which the Property is or maybe subject, including,
but not limited to, CERCLA) concerning the physical characteristics and any existing conditions of the Property. Purchaser further hereby assumes the risk of changes in applicable laws and regulations relating to past, present and future
environmental conditions on the Property and the risk that adverse physical characteristics and conditions, including, without limitation, the presence of Hazardous Materials or other contaminants, may not have been revealed by its investigation.

 11.4 “Hazardous Materials” Defined. For purposes hereof, “Hazardous Materials” means
“Hazardous Material,” “Hazardous Substance,” “Pollutant or Contaminant,” and “Petroleum” and “Natural Gas Liquids,” as those terms are defined or used in Section 101 of CERCLA, and any other
substances regulated because of their effect or potential effect on public health and the environment, including, without limitation, PCBs, lead paint, asbestos, urea formaldehyde, radioactive materials, putrescible materials, and infectious
materials. 
 11.5 Survival. The terms and conditions of this Article 11 shall expressly survive the Closing,
not merge with the provisions of any closing documents and shall be incorporated into the Deed. 
 Purchaser acknowledges and
agrees that the disclaimers and other agreements set forth herein are an integral part of this Agreement and that Seller would not have agreed to sell the Property to Purchaser for the Purchase Price without the disclaimers and other agreements set
forth above. 
  

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 ARTICLE 12 - Miscellaneous 
 12.1 Parties Bound; Assignment. This Agreement, and the terms, covenants, and conditions herein contained, shall inure to the
benefit of and be binding upon the heirs, personal representatives, successors, and assigns of each of the parties hereto. Purchaser may assign its rights under this Agreement upon the following conditions: (i) the assignee of Purchaser must be
an affiliate of Purchaser or an entity controlling, controlled by, or under common control with Purchaser, (ii) all of the Earnest Money must have been delivered in accordance herewith, (iii) the Inspection Period shall be deemed to have
ended, (iv) the assignee of Purchaser shall assume all obligations of Purchaser hereunder, but Purchaser shall remain primarily liable for the performance of Purchaser’s obligations, and (v) a copy of the fully executed written
assignment and assumption agreement shall be delivered to Seller at least three (3) days prior to Closing. 
 12.2
Headings. The article, section, subsection, paragraph and/or other headings of this Agreement are for convenience only and in no way limit or enlarge the scope or meaning of the language hereof. 
 12.3 Invalidity and Waiver. If any portion of this Agreement is held invalid or inoperative, then so far as is reasonable
and possible the remainder of this Agreement shall be deemed valid and operative, and, to the greatest extent legally possible, effect shall be given to the intent manifested by the portion held invalid or inoperative. The failure by either party to
enforce against the other any term or provision of this Agreement shall not be deemed to be a waiver of such party’s right to enforce against the other party the same or any other such term or provision in the future. 
 12.4 Governing Law. This Agreement shall, in all respects, be governed, construed, applied, and enforced in accordance with
the law of the state in which the Real Property is located. 
 12.5 Survival. The provisions of this Agreement that
contemplate performance after the Closing and the obligations of the parties not fully performed at the Closing shall survive the Closing and shall not be deemed to be merged into or waived by the instruments of Closing. 
 12.6 Entirety and Amendments. This Agreement embodies the entire agreement between the parties and supersedes all prior agreements
and understandings relating to the Property. This Agreement may be amended or supplemented only by an instrument in writing executed by the party against whom enforcement is sought. 
 12.7 Time. Time is of the essence in the performance of this Agreement. 
 12.8 Confidentiality. Purchaser shall make no public announcement or disclosure of any information related to this Agreement to
outside brokers or third parties, before or after the Closing, without the prior written specific consent of Seller; provided, however, that Purchaser may, subject to the provisions of Section 4.8, make disclosure of this Agreement to
its Permitted Outside Parties as necessary to perform its obligations hereunder and as may be required under laws or regulations applicable to Purchaser. 
 12.9 Notices. All notices required or permitted hereunder shall be in writing and shall be served on the parties at the addresses set forth in Section 1.3. Any such notices shall, unless
otherwise provided herein, be given or served (i) by depositing the same in the United States mail, postage paid, 

  

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certified and addressed to the party to be notified, with return receipt requested, (ii) by overnight delivery using a nationally recognized overnight
courier, (iii) by personal delivery, or (iv) by facsimile, evidenced by confirmed receipt. Notice deposited in the mail in the manner hereinabove described shall be effective on the third (3rd) business day after such deposit. Notice given in any other manner shall be effective only if and when received by the party to be notified between the hours of 8:00 a.m. and
5:00 p.m. of any business day with delivery made after such hours to be deemed received the following business day. A party’s address may be changed by written notice to the other party; provided, however, that no notice of a change of address
shall be effective until actual receipt of such notice. Copies of notices are for informational purposes only, and a failure to give or receive copies of any notice shall not be deemed a failure to give notice. Notices given by counsel to the
Purchaser shall be deemed given by Purchaser and notices given by counsel to the Seller shall be deemed given by Seller. 
 12.10 Construction. The parties acknowledge that the parties and their counsel have reviewed and revised this Agreement and agree that the normal rule of construction - to the effect that any ambiguities are to be resolved against
the drafting party - shall not be employed in the interpretation of this Agreement or any exhibits or amendments hereto. 
 12.11 Calculation of Time Periods. Unless otherwise specified, in computing any period of time described herein, the day of the act or event after which the designated period of time begins to run is not to be included and the last
day of the period so computed is to be included, unless such last day is a Saturday, Sunday or legal holiday for national banks in the location where the Property is located, in which event the period shall run until the end of the next day which is
neither a Saturday, Sunday, or legal holiday. The last day of any period of time described herein shall be deemed to end at 5:00 p.m, local time in the state in which the Real Property is located. 
 12.12 Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original, and all of such counterparts shall constitute one Agreement. To facilitate execution of this Agreement, the parties may execute and exchange by telephone facsimile counterparts of the signature pages, provided that executed originals
thereof are forwarded to the other party on the same day by any of the delivery methods set forth in Section 12.9 other than facsimile. 
 12.13 No Recordation. Without the prior written consent of Seller, there shall be no recordation of either this Agreement or any memorandum hereof, or any affidavit pertaining hereto, and any such recordation
of this Agreement or memorandum or affidavit by Purchaser without the prior written consent of Seller shall constitute a default hereunder by Purchaser, whereupon Seller shall have the remedies set forth in Section 10.1 hereof.

 12.14 Further Assurances. In addition to the acts and deeds recited herein and contemplated to be performed,
executed and/or delivered by either party at Closing, each party agrees to perform, execute and deliver, but without any obligation to incur any additional liability or expense, on or after the Closing any further deliveries and assurances as may be
reasonably necessary to consummate the transactions contemplated hereby or to further perfect the conveyance, transfer and assignment of the Property to Purchaser, which obligation shall survive Closing. 
 12.15 Discharge of Obligations. The acceptance of the Deed by Purchaser shall be deemed to be a full performance and discharge of
every representation and warranty made by Seller herein and every agreement and obligation on the part of Seller to be performed pursuant to the provisions of this Agreement, except those which are herein specifically stated to survive Closing.

  

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 12.16 ERISA. Under no circumstances shall Purchaser have the right to assign this
Agreement to any person or entity owned or controlled by an employee benefit plan if Seller’s sale of the Property to such person or entity would, in the reasonable opinion of Seller’s ERISA advisors or consultants, create or otherwise
cause a “prohibited transaction” under ERISA. In the event Purchaser assigns this Agreement or transfers any ownership interest in Purchaser, and such assignment or transfer would make the consummation of the transaction hereunder a
“prohibited transaction” under ERISA and necessitate the termination of this Agreement then, notwithstanding any contrary provision which may be contained herein, Seller shall have the right to terminate this Agreement. 
 12.17 No Third Party Beneficiary. The provisions of this Agreement and of the documents to be executed and delivered at Closing
are and will be for the benefit of Seller, Asset Manager and Purchaser only and are not for the benefit of any third party (other than Asset Manager), and accordingly, no third party (other than Asset Manager) shall have the right to enforce the
provisions of this Agreement or of the documents to be executed and delivered at Closing, except that a tenant of the Property may enforce Purchaser’s indemnity obligation under Section 4.11 hereof. 
 12.18 Asset Manager: Designated Representative. Seller has engaged Archon Group, L.P. or affiliated companies
(“Asset Manager”) to provide certain asset management services with respect to the Property, including acting as a liaison between Seller and Purchaser in connection with the Property and this Agreement. The Asset Manager will
appoint one or more representatives (“Designated Representative(s)”) to deal with Purchaser. Whenever any approval, acceptance, consent, direction or action of Seller is required pursuant to this Agreement, Purchaser shall
send to the Designated Representative a written notice requesting same, which notice shall: (i) describe in detail the matter for which such approval, acceptance, consent, direction or other action of Seller is requested; (ii) be
accompanied by a copy of any contract, agreement or other document to be executed by Seller evidencing such approval, consent, acceptance, direction or action of Seller; and (iii) be accompanied by such other documents, written explanations and
information as may be reasonably necessary to explain the request fully and completely. The Asset Manager will communicate Seller’s response to any such requests to Purchaser. 
 12.19 Mandatory Arbitration. The parties have agreed to submit certain disputes to mandatory arbitration in accordance with the
provisions of Exhibit E attached hereto and made a part hereof for all purposes. 
 [SIGNATURE PAGES AND EXHIBITS TO FOLLOW]

  

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 SIGNATURE PAGE TO AGREEMENT OF 
 PURCHASE AND SALE 
 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on the day and year written below. 
  

					
		 		 	SELLER:
			
		 		 	 PKWY, LLC, a Delaware limited liability company

			
	 Date executed by Seller:
	 		 	 By:  /s/ Steve Reynolds

	  
	 		 	 Name:  Steve Reynolds

		 		 	 Title:  Assistant Secretary

			
		 		 	PURCHASER:
			
		 		 	 Wells Mid-Horizon Value-Added Fund 1, LLC,

		 		 	 a Georgia limited liability company

			
		 		 	 By:  Wells Investment Management Company, LLC,

		 		 	 a Georgia limited liability company, its manager

			
	 Date executed by Purchaser:
	 		 	 By:  /s/ Kevin A. Hoover

	 9/19/08
	 		 	 Name:  Kevin A. Hoover

		 		 	 Title:  President

  

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 JOINDER BY ESCROW AGENT 
 Escrow Agent has executed this Agreement in order to confirm that Escrow Agent has received and shall hold the Earnest Money required to be deposited under this Agreement and the interest earned
thereto, in escrow, and shall disburse the Earnest Money, and the interest earned thereon, pursuant to the provisions of this Agreement. 
  

			
		 	 Title Network, Ltd.

		
	 Date executed by executed by Escrow Agent:
	 	 By:  /s/ Michelle Necaise

	 9/24/08
	 	 Name:  Michelle Necaise

		 	 Title:  Commercial Escrow Officer

  

 Agreement of Purchase and Sale - (Parkway at Oak Hill) - Page 28 
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 FIRST AMENDMENT TO 
 AGREEMENT OF PURCHASE AND SALE 
 This First Amendment to Agreement of Purchase
and Sale (this “Amendment”) is entered into to be effective as of September 29, 2008 by and between PKWY, LLC, a Delaware limited partnership (“Seller”) and Wells Mid-Horizon Value-Added Fund I, LLC, a Georgia
limited liability company (“Purchaser”). 
 RECITALS 
 A.        Seller and Purchaser are parties to that certain Agreement of Purchase and Sale dated
effective September 19, 2008 (the “Agreement”) regarding certain property described therein. 
 B.        Seller and Purchaser desire to modify the Agreement pursuant to the terms hereof 
 Now, therefore, in consideration of the mutual terms, provisions, covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Purchaser and Seller agree as follows: 
 1.        Defined terms in this Amendment
shall have the meanings set forth herein, and to the extent a term is capitalized and not defined herein, it shall be defined as provided in the Agreement. 
 2.        The Inspection Period, as defined in Section 1.1.13 of the Agreement, is hereby amended so that the Inspection Period will end on
September 30, 2008. 
 3.        The Closing Date, as defined in
Section 1.1.14 of the Agreement, is hereby amended to be October 20, 2008. 
 4.        Seller and Purchaser hereby reinstate, ratify and confirm the terms of the Agreement as modified by this Amendment; provided however, if there is any conflict between the terms of the
Agreement and this Amendment, the terms of this Amendment shall control. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall constitute one agreement. The
delivery of counterpart signatures by facsimile or pdf transmission shall have the same force and effect as the delivery of a signed hard copy. 
 [Signatures Follow] 
  

 4187282.1 
 13662.94208

 Executed by the parties to be effective as of the date first written above. 

 

	
	SELLER:
	
	 PKWY, LLC, a Delaware limited liability company

	
	 By:  /s/ Steve Reynolds

	 Name:  Steve Reynolds

	 Title:  Assistant Secretary

  

 4187282.1 
 13662.94208

	
	PURCHASER:
	
	 Wells Mid-Horizon Value-Added Fund 1, LLC,
 a Georgia limited liability company

	
	 By:  Wells Investment Management Company, LLC,

	 a Georgia limited liability company, its manager

	
	 By:  /s/ Kevin A. Hoover

	 Name:  Kevin A. Hoover

	 Title:  President

  

 4187282.1 
 13662.94208

 SECOND AMENDMENT TO 
 AGREEMENT OF PURCHASE AND SALE 
 This Second Amendment to Agreement of
Purchase and Sale (this “Amendment”) is entered into to be effective as of September 30, 2008 by and between PKWY, LLC, a Delaware limited partnership (“Seller”) and Wells Mid-Horizon Value-Added Fund I, LLC, a
Georgia limited liability company (“Purchaser”). 
 RECITALS 
 A.        Seller and Purchaser are parties to that certain Agreement of Purchase and Sale dated
effective September 19, 2008 as amended by that certain First Amendment to Agreement of Purchase and Sale (as amended, the “Agreement”) regarding certain property described therein. 
 B.        Seller and Purchaser desire to modify the Agreement pursuant to the terms hereof.

 Now, therefore, in consideration of the mutual terms, provisions, covenants and agreements set forth herein and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Purchaser and Seller agree as follows: 
 1.        Defined terms in this Amendment shall have the meanings set forth herein, and to the extent a term is capitalized and not defined herein, it shall be defined as
provided in the Agreement. 
 2.        The Inspection Period, as defined in
Section 1.1.13 of the Agreement, is hereby amended so that the Inspection Period will end on October 1, 2008. 
 3.        Seller and Purchaser hereby reinstate, ratify and confirm the terms of the Agreement as modified by this Amendment; provided however, if there is any conflict between the terms of the
Agreement and this Amendment, the terms of this Amendment shall control. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall constitute one agreement. The
delivery of counterpart signatures by facsimile or pdf transmission shall have the same force and effect as the delivery of a signed hard copy. 
 [Signatures Follow] 
  

 4187797.1 
 13662.94208

 Executed by the parties to be effective as of the date first written above. 

 

	
	SELLER:
	
	 PKWY, LLC, a Delaware limited liability company

	
	 By:  /s/ Steve Reynolds

	 Name:  Steve Reynolds

	 Title:  Assistant Secretary

  

 4187797.1 
 13662.94208

	
	PURCHASER:
	
	 Wells Mid-Horizon Value-Added Fund I, LLC,
 a Georgia limited liability company

	
	 By:  Wells Investment Management Company, LLC,

	 a Georgia limited liability company, its manager

	
	 By:  /s/ Kevin A. Hoover

	 Name:  Kevin A. Hoover

	 Title:  President

  

 4187797.1 
 13662.94208

 THIRD AMENDMENT TO 
 AGREEMENT OF PURCHASE AND SALE 
 This Third Amendment to Agreement of Purchase
and Sale (this “Amendment”) is entered into to be effective as of October 1, 2008 by and between PKWY, LLC, a Delaware limited partnership (“Seller”) and Wells Mid-Horizon Value-Added Fund I, LLC, a Georgia
limited liability company (“Purchaser”). 
 RECITALS 
 A.        Seller and Purchaser are parties to that certain Agreement of Purchase and Sale dated
effective September 19, 2008 as amended by those certain First and Second Amendments to Agreement of Purchase and Sale (as amended, the “Agreement”) regarding certain property described therein. 
 B.        Seller and Purchaser desire to modify the Agreement pursuant to the terms hereof.

 Now, therefore, in consideration of the mutual terms, provisions, covenants and agreements set forth herein and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Purchaser and Seller agree as follows: 
 1.        Defined terms in this Amendment shall have the meanings set forth herein, and to the extent a term is capitalized and not defined herein, it shall be defined as
provided in the Agreement. 
 2.        The Inspection Period, as defined in
Section 1.1.13 of the Agreement, is hereby amended so that the Inspection Period will end on October 2, 2008. 
 3.        Seller and Purchaser hereby reinstate, ratify and confirm the terms of the Agreement as modified by this Amendment; provided however, if there is any conflict between the terms of the
Agreement and this Amendment, the terms of this Amendment shall control. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall constitute one agreement. The
delivery of counterpart signatures by facsimile or pdf transmission shall have the same force and effect as the delivery of a signed hard copy. 
 [Signatures Follow] 
  

 4189396.1 
 13662.94208

 Executed by the parties to be effective as of the date first written above. 

 

	
	SELLER:
	
	 PKWY, LLC, a Delaware limited liability company

	
	 By:  /s/ Steve Reynolds

	 Name:  Steve Reynolds

	 Title:  Assistant Secretary

  

 4189396.1 
 13662.94208

	
	PURCHASER:
	
	 Wells Mid-Horizon Value-Added Fund I, LLC,
 a Georgia limited liability company

	
	 By:  Wells Investment Management Company, LLC,

	 a Georgia limited liability company, its manager

	
	 By:  /s/ Douglas P. Williams

	 Name:  Douglas P. Williams

	 Title:  Senior Vice President

  

 4189396.1 
 13662.94208

 FOURTH AMENDMENT TO 
 AGREEMENT OF PURCHASE AND SALE 
 This Fourth Amendment to Agreement of
Purchase and Sale (this “Amendment”) is entered into to be effective as of October 2, 2008 by and between PKWY, LLC, a Delaware limited partnership (“Seller”) and Wells Mid-Horizon Value-Added Fund I, LLC, a
Georgia limited liability company (“Purchaser”). 
 RECITALS 
 A.        Seller and Purchaser are parties to that certain Agreement of Purchase and Sale dated
effective September 19, 2008 as amended by those certain First, Second and Third Amendments to Agreement of Purchase and Sale (as amended, the “Agreement”) regarding certain property described therein. 
 B.        Seller and Purchaser desire to modify the Agreement pursuant to the terms hereof.

 Now, therefore, in consideration of the mutual terms, provisions, covenants and agreements set forth herein and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Purchaser and Seller agree as follows: 
 1.        Defined terms in this Amendment shall have the meanings set forth herein, and to the extent a term is capitalized and not defined herein, it shall be defined as
provided in the Agreement. 
 2.        Purchaser’s obligation to close the
transaction contemplated by the Agreement shall be conditioned upon Purchaser’s receipt at or prior to Closing of an estoppel certificate (the “Estoppel”) executed by AAW Oak Hill, Ltd. in substantially the same of Exhibit
A attached to this Amendment. So long as Purchaser is not in default under the Agreement, if the foregoing condition has not been satisfied as of the Closing Date or if Purchaser receives an executed Estoppel that is not substantially in the
same form of the attached Exhibit A prior to the Closing Date (the “Early Estoppel Date”), Purchaser may, in its sole discretion, terminate this Agreement by delivering written notice to Seller on or before the Closing
Date or the first business day after the Early Estoppel Date (the “Estoppel Termination Deadline”), as applicable, or elect to close or to permit the Estoppel Termination Deadline to pass, as applicable, notwithstanding the
non-satisfaction of such condition, in which event Purchaser shall be deemed to have waived such condition. In the event Purchaser elects to close (or to permit the Estoppel Termination Deadline to pass without terminating the Agreement),
notwithstanding the non-satisfaction of such condition, Purchaser shall be deemed to have waived said condition, and there shall be no liability on the part of Seller related to said failed condition. If Purchaser timely terminates the Agreement
pursuant to this Paragraph 2, the Escrow Agent shall promptly deliver the Earnest Money to Purchaser and the parties shall be relieved of all obligations except any that survive a termination of the Agreement. 
 3.        Seller and Purchaser hereby reinstate, ratify and confirm the terms of the Agreement as
modified by this Amendment; provided however, if there is any conflict between the terms of the Agreement and this Amendment, the terms of this Amendment shall control. 
  

 4189936.1 
 13662.94208

 This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an
original, and all such counterparts shall constitute one agreement. The delivery of counterpart signatures by facsimile or pdf transmission shall have the same force and effect as the delivery of a signed hard copy. 
 [Signatures Follow] 
  

 4189936.1 
 13662.94208

 Executed by the parties to be effective as of the date first written above. 

 

	
	SELLER:
	
	 PKWY, LLC, a Delaware limited liability company

	
	 By:  /s/ Steve Reynolds

	 Name:  Steve Reynolds

	 Title:  Assistant Secretary

  

 4189396.1 
 13662.94208

	
	PURCHASER:
	
	 Wells Mid-Horizon Value-Added Fund I, LLC,
 a Georgia limited liability company

	
	 By:  Wells Investment Management Company, LLC,

	 a Georgia limited liability company, its manager

	
	 By:  /s/ Kevin A. Hoover

	 Name:  Kevin A. Hoover

	 Title:  President

  

 4189936.1 
 13662.94208Credit Agreement

 Exhibit 10.8 
  
 EXECUTION COPY 
 CREDIT AGREEMENT

 DATED AS OF JUNE 30, 2006 
 among 
 WELLS MID-HORIZON VALUE - ADDED FUND I, LLC, 
 as the Company 
 THE VARIOUS FINANCIAL INSTITUTIONS PARTY HERETO,

 as Lenders, 
 and

 LASALLE BANK NATIONAL ASSOCIATION, 
 as Administrative Agent 
  
  

 
 LASALLE BANK NATIONAL ASSOCIATION, 

 as Arranger 

 Table of Contents 
  

			
	  	  	Page
		
	 SECTION 1 DEFINITIONS
	  	1
	 1.1 Definitions
	  	1
	 1.2 Other Interpretive Provisions
	  	17
	 SECTION 2 COMMITMENTS OF THE LENDERS; BORROWING, CONVERSION AND LETTER OF CREDIT PROCEDURES
	  	18
	 2.1 Commitments
	  	18
	 2.1.1 Revolving Loan Commitment
	  	18
	 2.1.2 L/C Commitment
	  	18
	 2.2 Loan Procedures
	  	19
	 2.2.1 Various Types of Loans
	  	19
	 2.2.2 Borrowing Procedures
	  	19
	 2.2.3 Conversion and Continuation Procedures
	  	19
	 2.3 Letter of Credit Procedures
	  	20
	 2.3.1 L/C Applications
	  	20
	 2.3.2 Participations in Letters of Credit
	  	21
	 2.3.3 Reimbursement Obligations
	  	21
	 2.3.4 Funding by Lenders to Issuing Lender
	  	22
	 2.4 Commitments Several
	  	23
	 2.5 Certain Conditions
	  	23
	 2.6 Extension of Scheduled Termination Date
	  	23
	 2.7 Increase of Revolving Commitment
	  	24
	 2.8 Appraisals
	  	24
	 SECTION 3 EVIDENCING OF LOANS
	  	25
	 3.1 Notes
	  	25
	 3.2 Recordkeeping
	  	25
	 SECTION 4 INTEREST
	  	25
	 4.1 Interest Rates
	  	25
	 4.2 Interest Payment Dates
	  	26
	 4.3 Setting and Notice of LIBOR Rates
	  	26
	 4.4 Computation of Interest
	  	26
	 SECTION 5 FEES
	  	26
	 5.1 Non-Use Fee
	  	26
	 5.2 Letter of Credit Fees
	  	26
	 5.3 Administrative Agent’s Fees
	  	27
	 SECTION 6 REDUCTION OR TERMINATION OF THE REVOLVING COMMITMENT; PREPAYMENTS
	  	27
	 6.1 Reduction or Termination of the Revolving Commitment
	  	27
	 6.1.1 Voluntary Reduction or Termination of the Revolving Commitment
	  	27
	 6.1.2 All Reductions of the Revolving Commitment
	  	27
	 6.2 Prepayments
	  	27
	 6.2.1 Voluntary Prepayments
	  	27
	 6.2.2 Mandatory Prepayments
	  	28
	 6.3 Manner of Prepayments; All Prepayments
	  	28

  

 i 

 Table of Contents 
 (continued) 
  

			
	  	  	Page
	 6.4 Repayments
	  	28
	 SECTION 7 MAKING AND PRORATION OF PAYMENTS; SETOFF; TAXES
	  	28
	 7.1 Making of Payments
	  	28
	 7.2 Application of Certain Payments
	  	29
	 7.3 Due Date Extension
	  	29
	 7.4 Setoff
	  	29
	 7.5 Proration of Payments
	  	29
	 7.6 Taxes
	  	29
	 SECTION 8 INCREASED COSTS; SPECIAL PROVISIONS FOR LIBOR LOANS
	  	31
	 8.1 Increased Costs
	  	31
	 8.2 Basis for Determining Interest Rate Inadequate or Unfair
	  	32
	 8.3 Changes in Law Rendering LIBOR Loans Unlawful
	  	32
	 8.4 Funding Losses
	  	33
	 8.5 Right of Lenders to Fund through Other Offices
	  	33
	 8.6 Discretion of Lenders as to Manner of Funding
	  	33
	 8.7 Mitigation of Circumstances; Replacement of Lenders
	  	33
	 8.8 Conclusiveness of Statements; Survival of Provisions
	  	34
	 SECTION 9 REPRESENTATIONS AND WARRANTIES
	  	34
	 9.1 Organization
	  	34
	 9.2 Authorization; No Conflict
	  	34
	 9.3 Validity and Binding Nature
	  	35
	 9.4 Financial Condition
	  	35
	 9.5 No Material Adverse Change
	  	35
	 9.6 Litigation and Contingent Liabilities
	  	35
	 9.7 Ownership of Properties; Liens
	  	35
	 9.8 Equity Ownership; Subsidiaries
	  	35
	 9.9 Pension Plans
	  	36
	 9.10 Investment Company Act
	  	36
	 9.11 [Intentionally Omitted]
	  	36
	 9.12 Regulation U
	  	37
	 9.13 Taxes
	  	37
	 9.14 Solvency, etc
	  	37
	 9.15 Environmental Matters
	  	37
	 9.16 Insurance
	  	38
	 9.17 Real Property
	  	38
	 9.18 Information
	  	38
	 9.19 Intellectual Property
	  	38
	 9.20 Burdensome Obligations
	  	38
	 9.21 Labor Matters
	  	38
	 9.22 No Default
	  	39
	 SECTION 10 AFFIRMATIVE COVENANTS
	  	39
	 10.1 Reports, Certificates and Other Information
	  	39
	 10.1.1 Annual Report
	  	39

  

 ii 

 Table of Contents 
 (continued) 
  

			
	  	  	Page
		
	 10.1.2 Interim Reports
	  	39
	 10.1.3 Compliance Certificates
	  	40
	 10.1.4 Reports to the SEC and to Shareholders
	  	40
	 10.1.5 Notice of Default, Litigation and ERISA Matters
	  	40
	 10.1.6 Management Reports
	  	41
	 10.1.7 Projections
	  	41
	 10.1.8 Other Information
	  	41
	 10.2 Books, Records and Inspections
	  	41
	 10.3 Maintenance of Property; Insurance
	  	42
	 10.4 Compliance with Laws; Payment of Taxes and Liabilities
	  	43
	 10.5 Maintenance of Existence, etc
	  	43
	 10.6 Use of Proceeds
	  	43
	 10.7 Employee Benefit Plans
	  	43
	 10.8 Environmental Matters
	  	44
	 10.9 Further Assurances
	  	44
	 10.10 Deposit Accounts
	  	44
	 10.11 Syndication
	  	44
	 SECTION 11 NEGATIVE COVENANTS
	  	44
	 11.1 Debt
	  	44
	 11.2 Liens
	  	45
	 11.3 Intentionally Omitted
	  	46
	 11.4 Restricted Payments
	  	46
	 11.5 Mergers, Consolidations, Sales
	  	46
	 11.6 Modification of Organizational Documents
	  	46
	 11.7 Transactions with Affiliates
	  	46
	 11.8 Unconditional Purchase Obligations
	  	47
	 11.9 Inconsistent Agreements
	  	47
	 11.10 Business Activities
	  	47
	 11.11 Investments
	  	47
	 11.12 Intentionally Omitted
	  	48
	 11.13 Fiscal Year
	  	48
	 11.14 Financial Covenants
	  	48
	 11.14.1 Maximum Leverage Ratio
	  	48
	 11.14.2 Minimum Net Operating Income to Interest Expense Ratio
	  	48
	 11.14.3 Minimum Fixed Charge Coverage Ratio
	  	48
	 11.14.4 Maximum Variable Rate Debt to Total Asset Value Ratio
	  	48
	 11.14.5 Limitation on Investments
	  	49
	 11.15 Cancellation of Debt
	  	49
	 SECTION 12 EFFECTIVENESS; CONDITIONS OF LENDING, ETC
	  	49
	 12.1 Initial Credit Extension
	  	49
	 12.1.1 Notes
	  	49
	 12.1.2 Authorization Documents
	  	49
	 12.1.3 Consents, etc
	  	50

  

 iii 

 Table of Contents 
 (continued) 
  

			
	  	  	Page
	 12.1.4 Letter of Direction
	  	50
	 12.1.5 Guaranty and Collateral Agreement
	  	50
	 12.1.6 Intentionally Omitted
	  	50
	 12.1.7 Opinions of Counsel
	  	50
	 12.1.8 Insurance
	  	50
	 12.1.9 Payment of Fees
	  	50
	 12.1.10 Search Results; Lien Terminations
	  	50
	 12.1.11 Filings, Registrations and Recordings
	  	50
	 12.1.12 Closing Certificate, Consents and Permits
	  	51
	 12.1.13 Other
	  	51
	 12.2 Conditions
	  	51
	 12.2.1 Compliance with Warranties, No Default, etc
	  	51
	 12.2.2 Confirmatory Certificate
	  	51
	 SECTION 13 EVENTS OF DEFAULT AND THEIR EFFECT
	  	51
	 13.1 Events of Default
	  	51
	 13.1.1 Non-Payment of the Loans, etc
	  	51
	 13.1.2 Non-Payment of Other Debt
	  	52
	 13.1.3 Other Material Obligations
	  	52
	 13.1.4 Bankruptcy, Insolvency, etc
	  	52
	 13.1.5 Non-Compliance with Loan Documents
	  	52
	 13.1.6 Representations; Warranties
	  	52
	 13.1.7 Pension Plans
	  	53
	 13.1.8 Judgments
	  	53
	 13.1.9 Invalidity of Collateral Documents, etc
	  	53
	 13.1.10 Change of Control
	  	53
	 13.1.11 Material Adverse Effect
	  	53
	 13.2 Effect of Event of Default
	  	53
	 SECTION 14 THE AGENT
	  	54
	 14.1 Appointment and Authorization
	  	54
	 14.2 Issuing Lender
	  	54
	 14.3 Delegation of Duties
	  	54
	 14.4 Exculpation of Administrative Agent
	  	55
	 14.5 Reliance by Administrative Agent
	  	55
	 14.6 Notice of Default
	  	55
	 14.7 Credit Decision
	  	56
	 14.8 Indemnification
	  	56
	 14.9 Administrative Agent in Individual Capacity
	  	57
	 14.10 Successor Administrative Agent
	  	57
	 14.11 Collateral Matters
	  	57
	 14.12 Administrative Agent May File Proofs of Claim
	  	58
	 14.13 Other Agents; Arrangers and Managers
	  	58
	 SECTION 15 GENERAL
	  	59
	 15.1 Waiver; Amendments
	  	59

  

 iv 

 Table of Contents 
 (continued) 
  

			
	  	  	Page
		
	 15.2 Confirmations
	  	59
	 15.3 Notices
	  	59
	 15.4 Computations
	  	60
	 15.5 Costs, Expenses and Taxes
	  	60
	 15.6 Assignments; Participations
	  	60
	 15.6.1 Assignments
	  	60
	 15.6.2 Participations
	  	61
	 15.7 Register
	  	62
	 15.8 GOVERNING LAW
	  	62
	 15.9 Confidentiality
	  	62
	 15.10 Severability
	  	63
	 15,11 Nature of Remedies
	  	63
	 15.12 Entire Agreement
	  	63
	 15.13 Counterparts
	  	63
	 15.14 Successors and Assigns
	  	64
	 15.15 Captions
	  	64
	 15.16 Customer Identification - USA Patriot Act Notice
	  	64
	 15.17 INDEMNIFICATION BY THE COMPANY
	  	64
	 15.18 Nonliability of Lenders
	  	65
	 15.19 FORUM SELECTION AND CONSENT TO JURISDICTION
	  	66
	 15.20 WAIVER OF JURY TRIAL
	  	66

  

 v 

			
		    	 ANNEXES

		
	 ANNEX A
	    	 Lenders and Pro Rata Shares

	 ANNEX B
	    	 Addresses for Notices

		
		    	 SCHEDULES

		
	 SCHEDULE 9.6
	    	 Litigation and Contingent

	 SCHEDULE 9.8
	    	 Liabilities Subsidiaries

	 SCHEDULE 9.16
	    	 Insurance

	 SCHEDULE 9.17
	    	 Real Property

	 SCHEDULE 9.21
	    	 Labor Matters

	 SCHEDULE 11.2
	    	 Existing Liens

	 SCHEDULE 11.11
	    	 Investments

		
		    	 EXHIBITS

		
	 EXHIBIT A
	    	 Form of Note (Section 3.1)

	 EXHIBIT B
	    	 Form of Compliance Certificate (Section 10.1.3)

	 EXHIBIT C
	    	 Form of Assignment Agreement (Section 15.6.1)

	 EXHIBIT D
	    	 Form of Notice of Borrowing (Section 2.2.2)

	 EXHIBIT E
	    	 Form of Notice of Conversion/Continuation (Section 2.2.3)

 CREDIT AGREEMENT 
 THIS CREDIT AGREEMENT dated as of June 30, 2006 (this “Agreement”) is entered into among WELLS MID-HORIZON VALUE - ADDED FUND I, LLC, a Georgia limited liability company
(the “Company”), the financial institutions that are or may from time to time become parties hereto (together with their respective successors and assigns, the “Lenders”) and LASALLE BANK NATIONAL ASSOCIATION (in
its individual capacity, “LaSalle”), as administrative agent for the Lenders. 
 The Lenders have agreed to
make available to the Company a revolving credit facility (which includes letters of credit) upon the terms and conditions set forth herein. 
 In consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 SECTION 1    DEFINITIONS. 
 1.1        Definitions.    When used herein the following terms shall have the following meanings: 
 Administrative Agent means LaSalle in its capacity as administrative agent for the Lenders hereunder and any successor thereto in such capacity. 
 Affected Loan - see Section 8.3. 
 Affiliate of any Person means (a) any other Person which, directly or indirectly, controls or is controlled by or is under common control with such Person, (b) any officer or
director of such Person and (c) with respect to any Lender, any entity administered or managed by such Lender or an Affiliate or investment advisor thereof and which is engaged in making, purchasing, holding or otherwise investing in commercial
loans. A Person shall be deemed to be “controlled by” any other Person if such Person possesses, directly or indirectly, power to vote 5% or more of the securities (on a fully diluted basis) having ordinary voting power for the election of
directors or managers or power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. Unless expressly stated otherwise herein, neither the Administrative Agent nor any Lender shall be deemed
an Affiliate of any Loan Party. 
 Agent Fee Letter means the fee letter dated as of June 30, 2006 between the
Company and the Administrative Agent. 
 Agreement - see the Preamble. 
  

 1 

 Applicable Margin means, for any day when determining the LIBOR Margin or the L/C
Fee Rate, the rate per annum set forth below opposite the level (the “Level”) then in effect: 
  

					
	 Level    
	 	 Maximum
Leverage Ratio    
 (calculated under    
 Section 11.14.1)    
	 	 LIBOR    
Mar in and    
L/C Fee Rate    
  

	 I
	 	 Less than 45%
	 	1.10%
	 II
	 	 Greater than or equal to 45%
 but less than 55%
	 	1.25%
	 III
	 	 Greater than or equal to 55%
 but less than 65%
	 	1.40%
	 IV
	 	 Greater than or equal to 65%
	 	1.60%

 The LIBOR Margin and the L/C Fee Rate shall be adjusted, to the extent applicable,
on the fifth (5th) Business Day after the Company provides or is required to provide the annual and quarterly financial statements and other information pursuant to Sections 10.1.1 or 10.1.2, as applicable, and the
related Compliance Certificate, pursuant to Section 10.1.3. Notwithstanding anything contained in this paragraph to the contrary, (a) if the Company fails to deliver the financial statements and Compliance Certificate in accordance
with the provisions of Sections 10.1.1, 10.1.2 and 10.1.3, the LIBOR Margin and the L/C Fee Rate shall be based upon Level IV above beginning on the date such financial statements and Compliance Certificate were required to be
delivered until the fifth (5th) Business Day after such financial statements and Compliance Certificate are actually delivered, whereupon the Applicable Margin shall be determined by the then current Level; and (b) no reduction to any
Applicable Margin shall become effective at any time when an Event of Default or Unmatured Event of Default has occurred and is continuing. 
 Appraised Value means, in respect of any Real Property Asset, including any Borrowing Base Property, a value reasonably acceptable to the Administrative Agent that is determined by an appraiser approved by the
Administrative Agent in its reasonable discretion. For purposes hereof, any appraiser that the Administrative Agent has approved in the course of discussions with the Company prior to the Closing Date shall be automatically deemed approved hereunder
unless and until the Administrative Agent subsequently notifies the Company that such appraiser is no longer approved by the Administrative Agent. Any appraiser that is not affirmatively approved by the Administrative Agent during discussions with
the Company prior to the Closing Date may be approved by the Administrative Agent subsequent to the Closing Date if the Administrative Agent has received from the Company such information in respect of such appraiser as it deems necessary to
determine the acceptability and credibility thereof and subsequently approves such appraiser based on such information. 
 Assignee - see Section 15.6.1. 
 Assignment Agreement - see Section 15.6.1. 
 Attorney Costs means, with respect to any Person, all reasonable fees and charges of any counsel to such Person, the reasonable
allocable cost of internal legal services of such Person, all reasonable disbursements of such internal counsel and all court costs and similar legal expenses. 
  

 2 

 Bank Product Agreements means those certain cash management service agreements
entered into from time to time between any Loan Party and a Lender or its Affiliates in connection with any of the Bank Products. 
 Bank Product Obligations means all obligations, liabilities, contingent reimbursement obligations, fees, and expenses owing by the Loan Parties to any Lender or its Affiliates pursuant to or evidenced by the Bank Product Agreements
and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including all such amounts that a Loan Party is obligated to reimburse to the
Administrative Agent or any Lender as a result of the Administrative Agent or such Lender purchasing participations or executing indemnities or reimbursement obligations with respect to the Bank Products provided to the Loan Parties pursuant to the
Bank Product Agreements. 
 Bank Products means any service or facility extended to any Loan Party by any Lender or
its Affiliates including: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) ACH transactions, (f) cash management, including controlled disbursement, accounts or services,
or (g) Hedging Agreements. 
 Base Rate means at any time the greater of (a) the Federal Funds Rate plus
0.5% and (b) the Prime Rate. 
 Base Rate Loan means any Loan which bears interest at or by reference to the Base
Rate. 
 Borrowing Base Asset Value means, for any determination date, the aggregate for all of the Borrowing Base
Properties of (x) for each Non-Stabilized Property, the most current “as-is” Appraised Value for each such Non-Stabilized Property as it appears in the most recent appraisal approved by the Administrative Agent for such Non-Stabilized
Property, and (y) for each Stabilized Property, the lesser of (1) the “stabilized” Appraised Value for such Stabilized Property as it appears in the most recent appraisal approved by the Administrative Agent for such Stabilized
Property and (2) the Mortgageability Amount for such Stabilized Property divided by 0.75%. 
 Borrowing Base
Property means each Real Property Asset that satisfies the Borrowing Base Property Conditions. 
 Borrowing Base
Property Conditions means, with respect to any Real Property Asset, the following, in each case as satisfied in the Administrative Agent’s sole reasonable judgment: 
 (i)  such Real Property Asset is owned or leased by the Company and is of a type that is reasonably acceptable
to the Administrative Agent; 
 (ii)  the Administrative Agent possesses a first priority perfected
Lien on such Real Property Asset; 
 (iii)  the Administrative Agent has received each of the
following with respect to such Real Property Asset, in each case in form and substance acceptable to it: 
 (a)  an
ALTA loan title insurance policy insuring the Administrative Agent’s Lien on such Real Property Asset that (1) is in such amount, provides such coverage and covers title status as reasonably required by the Administrative Agent,
(2) is issued by an insurer reasonably acceptable to the Administrative Agent, and (3) includes such endorsements as reasonably required by the Administrative Agent; 
  

 3 

 (b)  copies of all documents of record concerning such Real Property Asset as
shown on the commitment for the ALTA loan title insurance policy referred to in clause (a) above; 
 (c)  original or certified copies of all insurance policies required to be maintained with respect to such Real Property Asset by this Agreement, the applicable Mortgage or any other Loan Document; 
 (d)  an ALTA survey in respect of such Real Property Asset certified to the Administrative Agent and such title insurer
referred to above meeting such standards as the Administrative Agent may reasonably establish and otherwise reasonably satisfactory to the Administrative Agent; 
 (e)  an environmental site assessment report in respect of such Real Property Asset, the nature and scope of which is reasonably satisfactory to the Administrative Agent, and prepared
by environmental engineers reasonably satisfactory to the Administrative Agent; 
 (f)  a flood insurance policy
covering such Real Property Asset if required by the Flood Disaster Protection Act of 1973; 
 (g)  an appraisal,
prepared by an independent appraiser in form and substance reasonably acceptable to the Administrative Agent, of such Real Property Asset, which appraisal shall satisfy the requirements of the Financial Institutions Reform, Recovery and Enforcement
Act, if applicable, and shall evidence compliance with the supervisory loan to value limits set forth in the Federal Deposit Insurance Corporation Improvement Act of 1991, if applicable; and 
 (h)  to the extent such Real Property Asset is leased, and not owned, by the Company, a consent, in form and substance
reasonably acceptable to the Administrative Agent, from the owner and/or mortgagee, as applicable, of such Real Property Asset setting forth such Person’s consent to a Mortgage by the Company in favor of the Administrative Agent in respect of
the Company’s interest in such Real Property Asset. 
 Borrowing Base Requirements means the following as of any
date of determination: 
 (i)  the ratio of Net Operating Income for the Borrowing Base Properties
to Implied Debt Service shall equal or exceed (x) for the period beginning on the Financial Covenant Start Date and ending on the twenty-four month anniversary thereof, 1.15 to 1.00 and (y) thereafter, 1.25 to 1.00; 
  

 4 

 (ii)  the aggregate amount of Net Operating Income for
Non-Stabilized Properties shall not exceed (x) for the period beginning twelve months after the Financial Covenant Start Date and ending on the twenty-four month anniversary of the Financial Covenant Start Date, 50% of Net Operating Income for
all Borrowing Base Properties, and (y) thereafter, 25% of Net Operating Income for all Borrowing Base Properties; 
 (iii)  Net Operating Income for the space within those Borrowing Base Properties rented or leased by Dark Tenants shall not exceed (x) for the period beginning on the Financial Covenant Start Date and
ending on the nine month anniversary thereof, 50% of Net Operating Income for all Borrowing Base Properties, and (y) thereafter, 25% of Net Operating Income for all Borrowing Base Properties; provided, however, that at no time on
and after the Financial Covenant Start Date shall Net Operating Income for the space within those Borrowing Base Properties leased or rented by Non-Investment Grade Dark Tenants exceed 50% of the aggregate Net Operating Income for all the space
within those Borrowing Base Properties leased or rented by Dark Tenants; 
 (iv)  on and after the
Financial Covenant Start Date, the ratio (expressed as a percentage) of the aggregate principal amount of the Obligations to the Borrowing Base Asset Value is less than or equal to 70%; 
 (v)  on and after the Financial Covenant Start Date, at least 50% of each Borrowing Base Property is subject to
rental or lease arrangements with tenants or lessees; 
 (vi)  at least (x) for the period
beginning on the Financial Covenant Start Date and ending on the twelve month anniversary thereof, 65%, and (y) thereafter, 75%, of the Borrowing Base Properties taken as a whole are subject to rental or lease arrangements with tenants or
lessees, with occupancy being determined on a weighted average basis for all of the Borrowing Base Properties; 
 (vii)  on and after the Financial Covenant Start Date, the aggregate principal amount of the Obligations shall not exceed the sum of (x) for all Non-Stabilized Properties, 75% of the most current “as-is” Appraised
Value for each such Non-Stabilized Property as it appears in the most recent appraisal approved by the Administrative Agent for such Non-Stabilized Property and (y) for all Stabilized Properties, the lesser of (1) 75% of the mot current
“stabilized” Appraised Value for such Stabilized Property as it appears in the most recent appraisal approved by the Administrative Agent for such Stabilized Property and (2) the Mortgageability Amount for such Stabilized Property;
and 
 (viii)  on and after the Financial Covenant Start Date, each Real Property Asset
constituting Collateral qualifies as a Borrowing Base Asset. 
 BSA - see Section 10.4. 
  

 5 

 Business Day means any day on which LaSalle is open for commercial banking
business in Chicago, Illinois and, in the case of a Business Day which relates to a LIBOR Loan, on which dealings are carried on in the London interbank eurodollar market. 
 Capital Lease means, with respect to any Person, any lease of (or other agreement conveying the right to use) any real or personal property by such Person that, in conformity with GAAP, is
accounted for as a capital lease on the balance sheet of such Person. 
 Capital Securities means, with respect to any
Person, all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of such Person’s capital, whether now outstanding or issued or acquired after the Closing Date, including common shares,
preferred shares, membership interests in a limited liability company, limited or general partnership interests in a partnership, interests in a trust, interests in other unincorporated organizations or any other equivalent of such ownership
interest. 
 Cash Collateralize means to deliver cash collateral to the Administrative Agent, to be held as cash
collateral for outstanding Letters of Credit, pursuant to documentation satisfactory to the Administrative Agent. Derivatives of such term have corresponding meanings. 
 Cash Equivalent Investment means, at any time, (a) any evidence of Debt, maturing not more than one year after such time, issued or guaranteed by the United States Government or any
agency thereof, (b) commercial paper, maturing not more than one year from the date of issue, or corporate demand notes, in each case (unless issued by a Lender or its holding company) rated at least A-1 by Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc. or P-l by Moody’s Investors Service, Inc., (c) any certificate of deposit, time deposit or banker’s acceptance, maturing not more than one year after such time, or any
overnight Federal Funds transaction that is issued or sold by any Lender or its holding company (or by a commercial banking institution that is a member of the Federal Reserve System and has a combined capital and surplus and undivided profits of
not less than $500,000,000), (d) any repurchase agreement entered into with any Lender (or commercial banking institution of the nature referred to in clause (c)) which (i) is secured by a fully perfected security interest in any
obligation of the type described in any of clauses (a) through (c) above and (ii) has a market value at the time such repurchase agreement is entered into of not less than 100% of the repurchase obligation of such Lender
(or other commercial banking institution) thereunder and (e) money market accounts or mutual funds which invest exclusively in assets satisfying the foregoing requirements, and (f) other short term liquid investments approved in writing by
the Administrative Agent. 
 Change of Control means the occurrence of any of the following events: (a) Leo F.
Wells, III shall cease to own and control, directly or indirectly at least 51% of the outstanding Capital Securities of the Manager; (b) the Manager is removed, terminated or resigns as the manager of the Borrower and the other Loan Parties
without the prior written approval of the Required Lenders unless the Manager is replaced by an Affiliate reasonably acceptable to the Required Lenders; or (c) any six of the eleven persons who are directors and/or executive officers of the
Manager as of the Closing Date cease to be directors and/or executive officers of the Manager at any time. 
  

 6 

 Closing Date - see Section 12.1. 
 Code means the Internal Revenue Code of 1986. 
 Collateral has the meaning set forth in the Guaranty and Collateral Agreement. 
 Collateral Documents means, collectively, the Guaranty and Collateral Agreement, each Mortgage, each control agreement and any other agreement or instrument pursuant to which the Company, any Subsidiary or any
other Person grants or purports to grant collateral to the Administrative Agent for the benefit of the Lenders or otherwise relates to such collateral. 
 Commitment means, as to any Lender, such Lender’s commitment to make Loans, and to issue or participate in Letters of Credit, under this Agreement. The initial amount of each Lender’s commitment to
make Loans is set forth on Annex A. 
 Company - see the Preamble. 
 Company Portfolio Requirements means on any date: 
 (i)  at least (x) for the period beginning on the Financial Covenant Start Date and ending on the twelve month anniversary thereof, 65%, and (y) thereafter, 75%, of the Real
Property Assets taken as a whole are subject to rental or lease arrangements with tenants or lessees, with occupancy being determined on a weighted average basis for all of the Borrowing Base Properties; and 
 (ii)  from and after the eighteenth month after the Financial Covenant Start Date, no more than (i) 20% of Net Operating
Income shall arise from any single Real Property Asset, (ii) no more than 40% of Net Operating Income shall arise from any one multiple statistical area (as each such area shall be identified by the Company and approved by the Administrative
Agent), and (iii) no more than 20% of Net Operating Income shall arise from any single tenant or lessor (as determined based upon all of the space rented or leased by such tenant or lessor). 
 Compliance Certificate means a Compliance Certificate in substantially the form of Exhibit B. 
 Consolidated Net Income means, with respect to the Company and its Subsidiaries for any period, the net income (or loss) of the
Company and its Subsidiaries for such period, excluding any extraordinary gains and any gains from discontinued operations. 
 Contingent Liability means, with respect to any Person, each obligation and liability of such Person and all such obligations and liabilities of such Person incurred pursuant to any agreement, undertaking or arrangement by which such
Person: (a) guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise
to assure a creditor against loss) the indebtedness, dividend, obligation or other liability of any other Person in any manner (other than by endorsement of instruments in the course of collection), including any indebtedness, dividend or other
obligation which may be issued or incurred at some future time; (b) guarantees the payment of dividends or other 

  

 7 

 
distributions upon the Capital Securities of any other Person; (c) undertakes or agrees (whether contingently or otherwise): (i) to purchase,
repurchase, or otherwise acquire any indebtedness, obligation or liability of any other Person or any property or assets constituting security therefor, (ii) to advance or provide funds for the payment or discharge of any indebtedness,
obligation or liability of any other Person (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency, assets, level of income, working capital or other financial condition of any other
Person, or (iii) to make payment to any other Person other than for value received; (d) agrees to lease property or to purchase securities, property or services from such other Person with the purpose or intent of assuring the owner of
such indebtedness or obligation of the ability of such other Person to make payment of the indebtedness or obligation; (e) to induce the issuance of, or in connection with the issuance of, any letter of credit for the benefit of such
other Person; or (f) undertakes or agrees otherwise to assure a creditor against loss. The amount of any Contingent Liability shall (subject to any limitation set forth herein) be deemed to be the outstanding principal amount (or maximum
permitted principal amount, if larger) of the indebtedness, obligation or other liability guaranteed or supported thereby. 
 Controlled Group means all members of a controlled group of corporations, all members of a controlled group of trades or businesses (whether or not incorporated) under common control and all members of an affiliated service group
which, together with the Company or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code or Section 4001 of ERISA. 
 Corporate Asset Value means, for any determination date, the sum of all of the Company’s cash and Cash Equivalent Investments that are free and clear of all Liens and other
restrictions upon the use thereof plus the amount that results from dividing Net Operating Income for all of the Company’s Real Property Assets that do not constitute Borrowing Base Properties by the greater of (x) 8.50% and
(y) the sum of the yield on five year US Treasuries (as determined as of such date by the Administrative Agent in its reasonable discretion) plus 4.25%. 
 Dark Tenant means any Person that rents or leases a portion of a Borrowing Base Property and makes rental or lease payments in respect of its interests in such Borrowing Base Property
prior to or subsequent to occupying or taking possession of such portion of a Borrowing Base Property, but in no event currently occupies or possesses such portion of a Borrowing Base Property. 
 Debt of any Person means, without duplication, (a) all indebtedness of such Person, (b) all borrowed money of such
Person, whether or not evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person as lessee under Capital Leases which have been or should be recorded as liabilities on a balance sheet of such Person in
accordance with GAAP, (d) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business); provided, that if a Person enters into a purchase
agreement with respect to any real property, and such purchase agreement contemplates that such Person shall enter into a related lease agreement, amounts owing under such lease agreement by such Person shall not constitute “Debt” until
such time as such lease agreement is entered into by such Person and is valid, binding and enforceable or such Person makes regular lease payments in respect of such real property irrespective of the status of the related lease, (e) all
indebtedness secured by a Lien on the property of such 

  

 8 

 
Person, whether or not such indebtedness shall have been assumed by such Person; provided that if such Person has not assumed or otherwise become
liable for such indebtedness, such indebtedness shall be measured at the fair market value of such property securing such indebtedness at the time of determination, (f) all obligations, contingent or otherwise, with respect to the face amount
of all letters of credit (whether or not drawn), bankers’ acceptances and similar obligations issued for the account of such Person (including the Letters of Credit), (g) all Hedging Obligations of such Person, (h) all Contingent
Liabilities of such Person, (i) all Debt of any partnership of which such Person is a general partner and (j) any Capital Securities or other equity instrument, whether or not mandatorily redeemable, that under GAAP is characterized as
debt, whether pursuant to financial accounting standards board issuance No. 150 or otherwise. 
 Dollar and the
sign “$” mean lawful money of the United States of America. 
 EBITDA means for any period,
Consolidated Net Income for such period plus, to the extent deducted in determining such Consolidated Net Income, Interest Expense, income tax expense, depreciation and amortization for such period. 
 Environmental Claims means all claims, however asserted, by any governmental, regulatory or judicial authority or other Person
alleging potential liability or responsibility for violation of any Environmental Law, or for release or injury to the environment. 
 Environmental Laws means all present or future federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and codes, together with all administrative or judicial orders, consent agreements, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any governmental authority, in each case relating to any matter arising out of or relating to public health and safety, or pollution or protection of the environment or
workplace, including any of the foregoing relating to the presence, use, production, generation, handling, transport, treatment, storage, disposal, distribution, discharge, emission, release, threatened release, control or cleanup of any Hazardous
Substance. 
 ERISA means the Employee Retirement Income Security Act of 1974. 
 Event of Default means any of the events described in Section 13.1. 
 Excluded Taxes means taxes based upon, or measured by, the Lender’s or Administrative Agent’s (or a branch of the
Lender’s or Administrative Agent’s) overall net income, overall net receipts, or overall net profits (including franchise taxes imposed in lieu of such taxes), but only to the extent such taxes are imposed by a taxing authority (a) in
a jurisdiction in which such Lender or Administrative Agent is organized, (b) in a jurisdiction which the Lender’s or Administrative Agent’s principal office is located, or (c) in a jurisdiction in which such Lender’s or
Administrative Agent’s lending office (or branch) in respect of which payments under this Agreement are made is located. 
 Federal Funds Rate means, for any day, a fluctuating interest rate equal for each day during such period to 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 for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published 

  

 9 

 
for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal
funds brokers of recognized standing selected by the Administrative Agent. The Administrative Agent’s determination of such rate shall be binding and conclusive absent manifest error. 
 Financial Covenant Start Date means the first date on which a Loan is made hereunder. 
 Fiscal Quarter means a fiscal quarter of a Fiscal Year. 
 Fiscal Year means the fiscal year of the Company and its Subsidiaries,
which period shall be the 12-month period ending on December 31st of each year. References to a Fiscal Year with a number corresponding to any
calendar year (e.g., “Fiscal Year 2003”) refer to the Fiscal Year ending on December 31st of such calendar year. 

FRB means the Board of Governors of the Federal Reserve System or any successor thereto. 
 GAAP means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the
Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the
U.S. accounting profession) and the Securities and Exchange Commission, which are applicable to the circumstances as of the date of determination. 
 Group - see Section 2.2.1. 
 Guaranty and Collateral Agreement means the
Guaranty and Collateral Agreement dated as of the date hereof executed and delivered by the Loan Parties, together with any joinders thereto and any other guaranty and collateral agreement executed by a Loan Party, in each case in form and substance
satisfactory to the Administrative Agent. 
 Hazardous Substances means (a) any petroleum or petroleum products,
radioactive materials, asbestos in any form that is or could become friable, urea formaldehyde foam insulation, dielectric fluid containing levels of polychlorinated biphenyls, radon gas and mold; (b) any chemicals, materials, pollutant or
substances defined as or included in the definition of “hazardous substances”, “hazardous waste”, “hazardous materials”, “extremely hazardous substances”, “restricted hazardous waste”, “toxic
substances”, “toxic pollutants”, “contaminants”, “pollutants” or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance, the exposure to, or release
of which is prohibited, limited or regulated by any governmental authority or for which any duty or standard of care is imposed pursuant to, any Environmental Law. 
 Hedging Agreement means any interest rate, currency or commodity swap agreement, cap agreement or collar agreement, and any other agreement or arrangement designed to protect a Person
against fluctuations in interest rates, currency exchange rates or commodity prices. 
 Hedging Obligation means, with
respect to any Person, any liability of such Person under any Hedging Agreement. The amount of any Person’s obligation in respect of any Hedging Obligation shall be deemed to be the incremental obligation that would be reflected in the
financial statements of such Person in accordance with GAAP. 
  

 10 

 Implied Debt Service means, as determined for each Fiscal Quarter as of the last
day of such Fiscal Quarter, the average outstanding principal amount of the Revolving Loans for such Fiscal Quarter times the Implied Debt Service Interest Rate (calculated using an assumed amortization period of 25 years). 
 Implied Debt Service Interest Rate means, for any Fiscal Quarter, beginning with the Fiscal Quarter in which the Financial
Covenant Start Date occurs, and in each case as determined by the Administrative Agent in its reasonable discretion, the greatest of (x) the average rate of interest which accrued on the average outstanding principal amount of the Revolving
Loans during such Fiscal Quarter, (y) the yield for ten year US treasuries in effect as of the last date of such Fiscal Quarter plus 2%, and (z) 7.25%. 
 Indemnified Liabilities - see Section 15.16. 
 Interest
Expense means for any period the consolidated interest expense of the Company and its Subsidiaries for such period (including all imputed interest on Capital Leases). 
 Interest Period means, as to any LIBOR Loan, the period commencing on the date such Loan is borrowed or continued as, or converted into, a LIBOR Loan and ending on the date one, two, three
or six months thereafter as selected by the Company pursuant to Section 2.2.2 or 2.2.3, as the case may be; provided that: 
 (a)        if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the following Business Day unless the result
of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the preceding Business Day; 
 (b)        any Interest Period that begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest
Period shall end on the last Business Day of the calendar month at the end of such Interest Period; and 
 (c)        the Company may not select any Interest Period for a Revolving Loan which would extend beyond the scheduled Termination Date. 
 Investment means, with respect to any Person, any investment in another Person, whether by acquisition of any debt or Capital
Security, by making any loan or advance, by becoming obligated with respect to a Contingent Liability in respect of obligations of such other Person (other than travel and similar advances to employees in the ordinary course of business).

 Issuing Lender means LaSalle, in its capacity as the issuer of Letters of Credit hereunder, or any Affiliate of
LaSalle that may from time to time issue Letters of Credit, and their successors and assigns in such capacity. 
 LaSalle - see the Preamble. 
  

 11 

 L/C Application means, with respect to any request for the issuance of a Letter of
Credit, a letter of credit application in the form being used by the Issuing Lender at the time of such request for the type of letter of credit requested. 
 L/C Fee Rate - see the definition of Applicable Margin. 
 Lender - see the Preamble. References to the “Lenders” shall include the Issuing Lender; for purposes of clarification only, to the extent that LaSalle (or any successor Issuing Lender) may have any rights or
obligations in addition to those of the other Lenders due to its status as Issuing Lender, its status as such will be specifically referenced. In addition to the foregoing, for the purpose of identifying the Persons entitled to share in the
Collateral and the proceeds thereof under, and in accordance with the provisions of, this Agreement and the Collateral Documents, the term “Lender” shall include Affiliates of a Lender providing a Bank Product. 
 Lender Party - see Section 15.17. 
 Letter of Credit - see Section 2.1.3. 
 Letter of
Credit Sublimit means (x) $5,000,000 prior to the date on which the Revolving Commitment is increased, if at all, pursuant to Section 2.7, and (y) $10,000,000 on and after the date on which the Revolving Commitment is
increased, if at all, pursuant to Section 2.7. 
 LIBOR Loan means any Loan which bears interest at a rate
determined by reference to the LIBOR Rate. 
 LIBOR Margin, - see the definition of Applicable Margin. 
 LIBOR Office means with respect to any Lender the office or offices of such Lender which shall be making or maintaining the LIBOR
Loans of such Lender hereunder. A LIBOR Office of any Lender may be, at the option of such Lender, either a domestic or foreign office. 
 LIBOR Rate means a rate of interest equal to (a) the per annum rate of interest at which United States dollar deposits in an amount comparable to the amount of the relevant LIBOR Loan and for a period
equal to the relevant Interest Period are offered in the London Interbank Eurodollar market at 11:00 A.M. (London time) two (2) Business Days prior to the commencement of such Interest Period (or three (3) Business Days prior to the
commencement of such Interest Period if banks in London, England were not open and dealing in offshore United States dollars on such second preceding Business Day), as displayed in the Bloomberg Financial Markets system (or other authoritative
source selected by the Administrative Agent in its sole discretion) or, if the Bloomberg Financial Markets system or another authoritative source is not available, as the LIBOR Rate is otherwise determined by the Administrative Agent in its sole and
absolute discretion, divided by (b) a number determined by subtracting from 1.00 the then stated maximum reserve percentage for determining reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency funding or
liabilities as defined in Regulation D (or any successor category of liabilities under Regulation D), such rate to remain fixed for such Interest Period. The Administrative Agent’s determination of the LIBOR Rate shall be conclusive, absent
manifest error. 
  

 12 

 Lien means, with respect to any Person, any interest granted by such Person in any
real or personal property, asset or other right owned or being purchased or acquired by such Person (including an interest in respect of a Capital Lease) which secures payment or performance of any obligation and shall include any mortgage, lien,
encumbrance, title retention lien, charge or other security interest of any kind, whether arising by contract, as a matter of law, by judicial process or otherwise. 
 Loan Documents means this Agreement, the Notes, the Letters of Credit, the Master Letter of Credit Agreement, the L/C Applications, the Agent Fee Letter, the Collateral Documents, and all
documents, instruments and agreements delivered in connection with the foregoing. 
 Loan Party means the Company and
each Subsidiary. 
 Loan or Loans means the Revolving Loans. 
 Manager means Wells Investment Management Company, a Georgia corporation, in its capacity as manager of the Company. 

Margin Stock means any “margin stock” as defined in Regulation U. 
 Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit
agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time. 
 Material
Adverse Effect means (a) a material adverse change in, or a material adverse effect upon, the financial condition, operations, assets, business, properties or prospects of the Loan Parties taken as a whole, (b) a material impairment of
the ability of any Loan Party to perform any of the Obligations under any Loan Document or (c) a material adverse effect upon any substantial portion of the collateral under the Collateral Documents or upon the legality, validity, binding
effect or enforceability against any Loan Party of any Loan Document. 
 Mortgage means a mortgage, deed of trust,
leasehold mortgage or similar instrument granting the Administrative Agent a Lien on real property of any Loan Party. 
 Mortgageability Amount means such amount as determined by the Company and as approved by the Administrative Agent for any Stabilized Property for any date that uses the following to determine the amount of mortgage Debt that could be
incurred in respect of such Stabilized Property: (i) Net Operating Income corresponding with such Stabilized Property, (ii) a rate at which interest would accrue on such mortgage Debt equal to the yield for ten year US Treasuries
plus 2%, using an assumed amortization period of 25 years for such mortgage Debt incurred in respect of such Stabilized Property and (iii) a debt service coverage ratio (calculated on terms acceptable to the Administrative Agent) with
respect to each such Stabilized Property equal to or greater than 1.25 to 1.00. 
 Multiemployer Pension Plan means a
multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Company or any other member of the Controlled Group may have any liability. 
  

 13 

 Net Operating Income means, for each Fiscal Quarter as of the last day of such
Fiscal Quarter, and in each case as determined in accordance with GAAP, the annualized actual revenues of the Company and its Subsidiaries for such Fiscal Quarter minus (i) annualized actual operating expenses for such Fiscal Quarter,
(ii) the greater of (x) annualized management fees actually paid during such Fiscal Quarter (as reported to the Administrative Agent by the Company for each Fiscal Quarter) and (y) imputed management fees equal to 3% times
annualized gross rental revenues in respect of Real Property Assets for such Fiscal Quarter, and (iii) reserves in an aggregate amount equal to the sum for all Real Property Assets of (x) $0.10 times the total square feet of each
such Real Property Asset that is an industrial property plus (y) $0.20 times the total square feet of each such Real Property Asset that is an office or other similar commercial property. 
 Non-Investment Grade Dark Tenant means a Dark Tenant whose long-term unsecured Debt rating without giving effect to credit
enhancement (or if such Dark Tenant does not have long-term unsecured Debt, its general corporate rating) is equal to or less than BB+ by Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or Bal by
Moody’s Investors Service, Inc. 
 Non-Stabilized Properly means any Borrowing Base Property for which less than
85% of the space available for lease or rent therein is occupied by tenants making lease payments or paying rent for their respective spaces in such Borrowing Base Property. 
 Non-Use Fee Rate means, for any calendar quarter, a percentage equal to (x) 0.20% if the average daily excess of the Revolving Commitment over Revolving Outstandings during such
quarter was greater than 50% of the average amount of the Revolving Commitment during such quarter, and (y) 0.125% if the average daily excess of the Revolving Commitment over Revolving Outstandings during such quarter was less than or equal to
50% of the average amount of the Revolving Commitment during such quarter. 
 Non-U.S. Participant - see
Section 7.6(d). 
 Note means a promissory note substantially in the form of Exhibit A. 

 Notice of Borrowing - see Section 2.2.2. 
 Notice of Conversion/Continuation - see Section 2.2.3. 
 Obligations means all obligations (monetary (including post-petition interest, allowed or not) or otherwise) of any Loan Party
under this Agreement and any other Loan Document including Attorney Costs and any reimbursement obligations of each Loan Party in respect of Letters of Credit and surety bonds, all Hedging Obligations permitted hereunder which are owed to any Lender
or its Affiliate or Administrative Agent, and all Bank Products Obligations, all in each case howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due.

 OFAC - see Section 10.4. 
  

 14 

 Operating Lease means any lease of (or other agreement conveying the right to use)
any real or personal property by any Loan Party, as lessee, other than any Capital Lease. 
 PBGC means the Pension
Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA. 
 Participant -
see Section 15.6.2. 
 Pension Plan means a “pension plan”, as such term is defined in
Section 3(2) of ERISA, which is subject to Title IV of ERISA or the minimum funding standards of ERISA (other than a Multiemployer Pension Plan), and as to which the Company or any member of the Controlled Group may have any liability,
including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a contributing sponsor under Section 4069
of ERISA. 
 Permitted Lien means a Lien expressly permitted hereunder pursuant to Section 11.2.

 Person means any natural person, corporation, partnership, trust, limited liability company, association,
governmental authority or unit, or any other entity, whether acting in an individual, fiduciary or other capacity. 
 Prime Rate means, for any day, the rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent as its prime rate (whether or not such rate is actually charged by the Administrative
Agent), which is not intended to be the Administrative Agent’s lowest or most favorable rate of interest at any one time. Any change in the Prime Rate announced by the Administrative Agent shall take effect at the opening of business on the day
specified in the public announcement of such change; provided that the Administrative Agent shall not be obligated to give notice of any change in the Prime Rate. 
 Pro Rata Share means with respect to a Lender’s obligation to make Revolving Loans, participate in Letters of Credit, reimburse the Issuing Lender, receive payments of principal,
interest, fees, costs, and expenses with respect thereto, and with respect to all other matters as to a particular Lender, (x) prior to the Revolving Commitment being terminated or reduced to zero, the percentage obtained by dividing
(i) such Lender’s Revolving Commitment, by (ii) the aggregate Revolving Commitment of all Lenders and (y) from and after the time the Revolving Commitment has been terminated or reduced to zero, the percentage obtained by
dividing (i) the aggregate unpaid principal amount of such Lender’s Revolving Outstandings and by (ii) the aggregate unpaid principal amount of all Revolving Outstandings. 
 Real Property Asset means each industrial, office or similar commercial building, together with the real estate on which such
building is located, that is owned or leased by the Company. 
 Regulation D means Regulation D of the FRB.

 Regulation U means Regulation U of the FRB. 
 Replacement Lender - see Section 8.7(b). 
  

 15 

 Reportable Event means a reportable event as defined in Section 4043 of ERISA
and the regulations issued thereunder as to which the PBGC has not waived the notification requirement of Section 4043(a), or the failure of a Pension Plan to meet the minimum funding standards of Section 412 of the Code (without regard to
whether the Pension Plan is a plan described in Section 4021(a)(2) of ERISA) or under Section 302 of ERISA. 
 Required Lenders means, at any time, Lenders whose Pro Rata Shares exceed 66 2/3%. 
 Revolving Commitment means $25,000,000, as reduced from time to time
pursuant to Section 6.1 or as may be increased pursuant to Section 2.7. 
 Revolving Loan -
see Section 2.1.1. 
 Revolving Loan Availability means the Revolving Commitment. 
 Revolving Outstandings means, at any time, the sum of (a) the aggregate principal amount of all outstanding Revolving Loans,
plus (b) the Stated Amount of all Letters of Credit. 
 SEC means the Securities and Exchange Commission or any
other governmental authority succeeding to any of the principal functions thereof. 
 Senior Officer means, with
respect to any Loan Party, any of the chief executive officer, the chief financial officer, the chief operating officer or the treasurer of such Loan Party. 
 Stabilized Property means any Borrowing Base Property for which at least 85% of the space available for lease or rent therein is occupied by tenants making lease payments or paying rent
for their respective spaces in such Borrowing Base Property. 
 Stated Amount means, with respect to any Letter of
Credit at any date of determination, (a) the maximum aggregate amount available for drawing thereunder under any and all circumstances plus (b) the aggregate amount of all unreimbursed payments and disbursements under such Letter of
Credit. 
 Subsidiary means, with respect to any Person, a corporation, partnership, limited liability company or
other entity of which such Person owns, directly or indirectly, such number of outstanding Capital Securities as have more than 50% of the ordinary voting power for the election of directors or other managers of such corporation, partnership,
limited liability company or other entity. Unless the context otherwise requires, each reference to Subsidiaries herein shall be a reference to Subsidiaries of the Company. 
 Taxes means any and all present and future taxes, duties, levies, imposts, deductions, assessments, charges or withholdings, and any and all liabilities (including interest and penalties
and other additions to taxes) with respect to the foregoing, but excluding Excluded Taxes. 
 Termination Date means
the earlier to occur of (a) June 30, 2009, as such date may be extended, if at all, pursuant to Section 2.6, or (b) such other date on which the Commitments terminate pursuant to Section 6 or
Section 13. 
  

 16 

 Termination Event means, with respect to a Pension Plan that is subject to Title
IV of ERISA, (a) a Reportable Event, (b) the withdrawal of Company or any other member of the Controlled Group from such Pension Plan during a plan year in which Company or any other member of the Controlled Group was a “substantial
employer” as defined in Section 4001(a)(2) of ERISA or was deemed such under Section 4068(f) of ERISA, (c) the termination of such Pension Plan, the filing of a notice of intent to terminate the Pension Plan or the treatment of
an amendment of such Pension Plan as a termination under Section 4041 of ERISA, (d) the institution by the PBGC of proceedings to terminate such Pension Plan or (e) any event or condition that might constitute grounds under
Section 4042 of ERISA for the termination of, or appointment of a trustee to administer, such Pension Plan. 
 Total
Debt means all Debt of the Company and its Subsidiaries, determined on a consolidated basis, excluding (a) contingent obligations in respect of Contingent Liabilities (except to the extent constituting Contingent Liabilities in respect of
Debt of a Person other than any Loan Party), (b) Hedging Obligations, and (c) Debt of the Company to Subsidiaries and Debt of Subsidiaries to the Company or to other Subsidiaries. 
 Total Plan Liability means, at any time, the present value of all vested and unvested accrued benefits under all Pension Plans,
determined as of the then most recent valuation date for each Pension Plan, using PBGC actuarial assumptions for single employer plan terminations. 
 type - see Section 2.2.1. 
 UCC is defined in the Guaranty and Collateral
Agreement. 
 Unfunded Liability means the amount (if any) by which the present value of all vested and unvested
accrued benefits under all Pension Plans exceeds the fair market value of all assets allocable to those benefits, all determined as of the then most recent valuation date for each Pension Plan, using PBGC actuarial assumptions for single employer
plan terminations. 
 Unmatured Event of Default means any event that, if it continues uncured, will, with lapse of
time or notice or both, constitute an Event of Default. 
 Withholding Certificate - see Section 7.6(d).

 Wholly-Owned Subsidiary means, as to any Person, a Subsidiary all of the Capital Securities of which (except
directors’ qualifying Capital Securities) are at the time directly or indirectly owned by such Person and/or another Wholly-Owned Subsidiary of such Person. 
 1.2        Other Interpretive Provisions. 
   (a)        The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 
   (b)        Section, Annex, Schedule and Exhibit references are to this Agreement
unless otherwise specified. 
  

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   (c)        The term
“including” is not limiting and means “including without limitation.” 
   (d)        In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to”
and “until” each mean “to but excluding”, and the word “through” means “to and including.” 
   (e)        Unless otherwise expressly provided herein, (i) references to agreements (including this Agreement and the other Loan Documents) and other contractual instruments shall be
deemed to include all subsequent amendments, restatements, supplements and other modifications thereto, but only to the extent such amendments, restatements, supplements and other modifications are not prohibited by the terms of any Loan Document,
and (ii) references to any statute or regulation shall be construed as including all statutory and regulatory provisions amending, replacing, supplementing or interpreting such statute or regulation. 
   (f)        This Agreement and the other Loan Documents may use several different
limitations, tests or measurements to regulate the same or similar matters. All such limitations, tests and measurements are cumulative and each shall be performed in accordance with its terms. 
   (g)        This Agreement and the other Loan Documents are the result of negotiations
among and have been reviewed by counsel to the Administrative Agent, the Company, the Lenders and the other parties thereto and are the products of all parties. Accordingly, they shall not be construed against the Administrative Agent or the Lenders
merely because of the Administrative Agent’s or Lenders’ involvement in their preparation. 
 SECTION 2    COMMITMENTS OF THE LENDERS; BORROWING, CONVERSION AND LETTER OF CREDIT PROCEDURES. 
 2.1        Commitments.    On and subject to the terms and conditions of this Agreement, each of the Lenders, severally and for itself alone, agrees to make loans to, and to
issue or participate in letters of credit for the account of, the Company as follows: 
 2.1.1     Revolving Loan Commitment.    Each Lender with a Revolving Loan Commitment agrees to make loans on a revolving basis (“Revolving Loans”) from time to time until
the Termination Date in such Lender’s Pro Rata Share of such aggregate amounts as the Company may request from all Lenders; provided that the Revolving Outstandings will not at any time exceed Revolving Loan Availability. No Lender shall
be required to make any Loan hereunder if the Borrowing Base Requirements shall not be satisfied immediately before and after making such Loan or if the Borrowing Base Property Conditions have not been satisfied with respect to any Real Property
Assets securing the Obligations. 
 2.1.2     L/C Commitment.    Subject
to Section 2.3.1, the Issuing Lender agrees to issue letters of credit, in each case containing such terms and conditions as are permitted by this Agreement and are reasonably satisfactory to the Issuing Lender (each, a “Letter
of Credit”), at the request of and for the account of the Company from time to time before the scheduled Termination Date and, as more fully set forth in Section 2.3.2, each Lender agrees to purchase a participation in each such
Letter of Credit; provided that (a) the aggregate Stated Amount of all Letters of Credit shall not at any time exceed the Letter of Credit Sublimit and (b) the Revolving 

  

 18 

 
Outstandings shall not at any time exceed Revolving Loan Availability. The Issuing Lender shall not be required to issue any Letter of Credit hereunder if
the requirements for making a Loan hereunder have not been satisfied (including, without limitation, the Borrowing Base Requirements). 
 2.2        Loan Procedures. 
 2.2.1     Various Types of Loans.    Each Revolving Loan shall be divided into tranches which are, either a Base Rate Loan or a LIBOR Loan (each a “type” of Loan), as the
Company shall specify in the related notice of borrowing or conversion pursuant to Section 2.2.2 or 2.2.3. LIBOR Loans having the same Interest Period which expire on the same day are sometimes called a “Group” or
collectively “Groups”. Base Rate Loans and LIBOR Loans may be outstanding at the same time, provided that not more than eight (8) different Groups of LIBOR Loans shall be outstanding at any one time. All borrowings,
conversions and repayments of Revolving Loans shall be effected so that each Lender will have a ratable share (according to its Pro Rata Share) of all types and Groups of Loans. 
 2.2.2     Borrowing Procedures.    The Company shall give written notice (each such
written notice, a “Notice of Borrowing”) substantially in the form of Exhibit D or telephonic notice (followed immediately by a Notice of Borrowing) to the Administrative Agent of each proposed borrowing not later than
(a) in the case of a Base Rate borrowing, 11:00 A.M., Chicago time, on the proposed date of such borrowing, and (b) in the case of a LIBOR borrowing, 11:00 A.M., Chicago time, at least three Business Days prior to the proposed date of such
borrowing. Each such notice shall be effective upon receipt by the Administrative Agent, shall be irrevocable, and shall specify the date, amount and type of borrowing and, in the case of a LIBOR borrowing, the initial Interest Period therefor.
Promptly upon receipt of such notice, the Administrative Agent shall advise each Lender thereof. Not later than 1:00 P.M., Chicago time, on the date of a proposed borrowing, each Lender shall provide the Administrative Agent at the office specified
by the Administrative Agent with immediately available funds covering such Lender’s Pro Rata Share of such borrowing and, so long as the Administrative Agent has not received written notice that the conditions precedent set forth in
Section 11 with respect to such borrowing have not been satisfied, the Administrative Agent shall pay over the funds received by the Administrative Agent to the Company on the requested borrowing date. Each borrowing shall be on a
Business Day. Each Base Rate borrowing shall be in an aggregate amount of at least $1,000,000 and an integral multiple of $50,000, and each LIBOR borrowing shall be in an aggregate amount of at least $1,000,000 and an integral multiple of $50,000.

 2.2.3     Conversion and Continuation Procedures.    (a) Subject
to Section 2.2.1, the Company may, upon irrevocable written notice to the Administrative Agent in accordance with clause (b) below: 
   (A)            elect, as of any Business Day, to convert any Loans (or any part thereof in an aggregate amount not less
than $1,000,000 and an integral multiple of $50,000) into Loans of the other type; or 
   (B)            elect, as of the last day of the applicable Interest Period, to continue any LIBOR Loans having Interest Periods expiring on such day (or any part
thereof in an aggregate amount not less than $1,000,000 and an integral multiple of $50,000) for a new Interest Period; 
  

 19 

 provided that after giving effect to any prepayment, conversion or continuation, the aggregate
principal amount of each Group of LIBOR Loans shall be at least $1,000,000 and an integral multiple of $50,000. 
 (b)        The Company shall give written notice (each such written notice, a “Notice of Conversion/Continuation”) substantially in the form of Exhibit E or telephonic notice
(followed immediately by a Notice of Conversion/Continuation) to the Administrative Agent of each proposed conversion or continuation not later than (i) in the case of conversion into Base Rate Loans, 11:00 A.M., Chicago time, on the proposed
date of such conversion and (ii) in the case of conversion into or continuation of LIBOR Loans, 11:00 A.M., Chicago time, at least three Business Days prior to the proposed date of such conversion or continuation, specifying in each case:

   (A)        the proposed date of conversion or continuation;

   (B)        the aggregate amount of Loans to be converted or continued;

   (C)        the type of Loans resulting from the proposed conversion or
continuation; and 
   (D)        in the case of conversion into, or
continuation of, LIBOR Loans, the duration of the requested Interest Period therefor. 
 (c)        If upon the expiration of any Interest Period applicable to LIBOR Loans, the Company has failed to select timely a new Interest Period to be applicable to such LIBOR Loans, the Company
shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective on the last day of such Interest Period. 
 (d)        The Administrative Agent will promptly notify each Lender of its receipt of a notice of conversion or continuation pursuant to this Section 2.2.3 or, if no timely notice is
provided by the Company, of the details of any automatic conversion. 
 (e)        Any conversion of a LIBOR Loan on a day other than the last day of an Interest Period therefor shall be subject to Section 8.4. 
 2.3        Letter of Credit Procedures. 
 2.3.1     L/C Applications.    The Company shall execute and deliver to the Issuing
Lender the Master Letter of Credit Agreement from time to time in effect. The Company shall give notice to the Administrative Agent and the Issuing Lender of the proposed issuance of each Letter of Credit on a Business Day which is at least three
Business Days (or such lesser number of days as the Administrative Agent and the Issuing Lender shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall
be accompanied by an L/C Application, duly executed by the Company and in all respects satisfactory to the Administrative Agent and the Issuing Lender, together 

  

 20 

 
with such other documentation as the Administrative Agent or the Issuing Lender may request in support thereof, it being understood that each L/C Application
shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Termination Date (unless such Letter of Credit is Cash
Collateralized)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Termination Date which is Cash Collateralized for the benefit of the Issuing Lender shall be the sole
responsibility of the Issuing Lender. So long as the Issuing Lender has not received written notice that the conditions precedent set forth in Section 12 with respect to the issuance of such Letter of Credit have not been satisfied, the
Issuing Lender shall issue such Letter of Credit on the requested issuance date. The Issuing Lender shall promptly advise the Administrative Agent of the issuance of each Letter of Credit and of any amendment thereto, extension thereof or event or
circumstance changing the amount available for drawing thereunder. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall
control. 
 2.3.2     Participations in Letters of
Credit.    Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed
irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the
Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate
Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2,
Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the
Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender
hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as
the Administrative Agent or such Lender may reasonably request. 
 2.3.3     Reimbursement
Obligations.    (a) The Company hereby unconditionally and irrevocably agrees to reimburse the Issuing Lender for each payment or disbursement made by the Issuing Lender under any Letter of Credit honoring any demand for
payment made by the beneficiary thereunder, in each case on the date that such payment or disbursement is made. Any amount not reimbursed on the date of such payment or disbursement shall bear interest from the date of such payment or disbursement
to the date that the Issuing Lender is reimbursed by the Company therefor, payable on demand, at a rate per annum equal to the Base Rate from time to time in effect plus, beginning on the third Business Day after receipt of notice from the
Issuing Lender of such payment or disbursement, 2%. The Issuing Lender shall notify the Company and the Administrative Agent whenever any demand for payment is made under any Letter of Credit by the beneficiary thereunder; provided that the
failure of the Issuing Lender to so notify the Company or the Administrative Agent shall not affect the rights of the Issuing Lender or the Lenders in any manner whatsoever. 
  

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   (b)        The Company’s
reimbursement obligations hereunder shall be irrevocable and unconditional under all circumstances, including (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any other Loan Document, (b) the existence
of any claim, set-off, defense or other right which any Loan Party may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the
Administrative Agent, the Issuing Lender, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, any other Loan Document, the transactions contemplated herein or any unrelated transactions (including any
underlying transaction between any Loan Party and the beneficiary named in any Letter of Credit), (c) the validity, sufficiency or genuineness of any document which the Issuing Lender has determined complies on its face with the terms of the
applicable Letter of Credit, even if such document should later prove to have been forged, fraudulent, invalid or insufficient in any respect or any statement therein shall have been untrue or inaccurate in any respect, or (d) the surrender or
impairment of any security for the performance or observance of any of the terms hereof. Without limiting the foregoing, no action or omission whatsoever by the Administrative Agent or any Lender (excluding any Lender in its capacity as the Issuing
Lender) under or in connection with any Letter of Credit or any related matters shall result in any liability of the Administrative Agent or any Lender to the Company, or relieve the Company of any of its obligations hereunder to any such Person.

 2.3.4     Funding by Lenders to Issuing Lender.    If the Issuing
Lender makes any payment or disbursement under any Letter of Credit and (a) the Company has not reimbursed the Issuing Lender in full for such payment or disbursement by 11:00 A.M., Chicago time, on the date of such payment or disbursement,
(b) a Revolving Loan may not be made in accordance with Section 2.3.2 or (c) any reimbursement received by the Issuing Lender from the Company is or must be returned or rescinded upon or during any bankruptcy or reorganization
of the Company or otherwise, each other Lender with a Revolving Loan Commitment shall be obligated to pay to the Administrative Agent for the account of the Issuing Lender, in full or partial payment of the purchase price of its participation in
such Letter of Credit, its Pro Rata Share of such payment or disbursement (but no such payment shall diminish the obligations of the Company under Section 2.3.3), and, upon notice from the Issuing Lender, the Administrative Agent shall
promptly notify each other Lender thereof. Each other Lender irrevocably and unconditionally agrees to so pay to the Administrative Agent in immediately available funds for the Issuing Lender’s account the amount of such other Lender’s Pro
Rata Share of such payment or disbursement. If and to the extent any Lender shall not have made such amount available to the Administrative Agent by 2:00 P.M., Chicago time, on the Business Day on which such Lender receives notice from the
Administrative Agent of such payment or disbursement (it being understood that any such notice received after noon, Chicago time, on any Business Day shall be deemed to have been received on the next following Business Day), such Lender agrees to
pay interest on such amount to the Administrative Agent for the Issuing Lender’s account forthwith on demand, for each day from the date such amount was to have been delivered to the Administrative Agent to the date such amount is paid, at a
rate per annum equal to (a) for the first three days after demand, the Federal Funds Rate from time to time in effect and (b) thereafter, the Base Rate from time to time in effect. Any Lender’s failure to make available to the
Administrative Agent its Pro Rata Share of any such 

  

 22 

 
payment or disbursement shall not relieve any other Lender of its obligation hereunder to make available to the Administrative Agent such other Lender’s
Pro Rata Share of such payment, but no Lender shall be responsible for the failure of any other Lender to make available to the Administrative Agent such other Lender’s Pro Rata Share of any such payment or disbursement. 
 2.4        Commitments Several.    The failure of any Lender to make a
requested Loan on any date shall not relieve any other Lender of its obligation (if any) to make a Loan on such date, but no Lender shall be responsible for the failure of any other Lender to make any Loan to be made by such other Lender.

 2.5        Certain Conditions.    Except as otherwise
provided in Section 2.3.4 of this Agreement, no Lender shall have an obligation to make any Loan, or to permit the continuation of or any conversion into any LIBOR Loan, and the Issuing Lender shall not have any obligation to issue any
Letter of Credit, if an Event of Default or Unmatured Event of Default exists (including, without limitation, the breach of any requirement of Section 11.14, even if the 30 day cure period permitted in respect of such breach under
Section 13.1.5 has not yet expired), if the Company has violated a Company Portfolio Requirement, or if the Borrowing Base Requirements have not been satisfied. 
 2.6        Extension of Scheduled Termination Date.    The Company may request one extension of the scheduled Termination Date
set forth in clause (a) of the definition thereof from June 30, 2009 to June 30, 2010 by submitting a written request for such extension to the Administrative Agent (an “Extension Request”) not less than ninety
(90) days prior to June 30, 2009, which Extension Request shall include (i) the Company’s request to extend the scheduled Termination Date set forth in clause (a) of the definition thereof to June 30, 2010 and
(ii) the date (which must be not less than forty-five (45) days after the date of the Extension Request) as of which the Lenders must respond to the Extension Request (the “Response Date”). The Administrative Agent shall
forward the Extension Request to the Lenders promptly after its receipt thereof. Each Lender shall deliver its written consent to the Extension Request no later than the Response Date (and the failure to provide such written consent by such date
shall be deemed to be a decision not to extend). If any Lender declines to extend the scheduled Termination Date then in effect, and no other Lender is willing to acquire such declining Lender’s Commitment, Obligations and other rights and
duties hereunder on or prior to the date on which the requested extension is to be effective, all Obligations and other amounts due hereunder shall be paid in full by the Company to the Lenders and the Administrative Agent on the then effective
Termination Date (without giving effect to any such requested extension thereof). No such extension shall occur if an Event of Default or an Unmatured Event of Default is outstanding as of the date on which the extension shall occur or if the
Company has not been in compliance with the financial covenants set forth in Article XI, including, without limitation, Section 11.14, for the two Fiscal Quarters immediately preceding the date on which the Company has requested the
Extension Request to take effect. In the event the Lenders honor the Extension Request and agree to extend the scheduled Termination Date, the Company agrees that it shall pay to the Administrative Agent for the ratable benefit of the Lenders, in
immediately available funds, and as a condition to completing the extension, a fee equal to 0.20% times the Revolving Commitment then in effect. 
  

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 2.7        Increase of Revolving
Commitment.    The Company may request that the Revolving Commitment be increased by $25,000,000 one time during the term of this Agreement. No such request shall be made or honored after the occurrence of an Event of Default
or an Unmatured Event of Default. No such request or corresponding increase shall result in the Revolving Commitment exceeding $50,000,000 minus the aggregate amount of all reductions in the Revolving Commitment made prior to the requested
date of such increase. The Company shall deliver such request, if at all, in writing to the Administrative Agent and the Lenders no more than sixty (60) and no fewer than forty-five (45) days before the date on which the Company wishes
such increase to take effect. Each of the Lenders shall be given the opportunity to participate in the requested increase ratably in the proportions that their respective Commitments bear to the Revolving Commitment then in effect. No Lender shall
have any obligation to increase its Commitment pursuant to any such request. On or prior to the date that is thirty (30) days after receipt of such increase request, each Lender shall submit to the Administrative Agent and the Company a notice
indicating the maximum amount by which it is willing to increase its Commitment in connection with such increase request. Any Lender which does not submit a notice to the Administrative Agent and the Company prior to the required delivery date shall
be deemed to have denied any increase in its Commitment. In the event that the increases of Commitments set forth in the notices received from existing Lenders exceed $25,000,000, the Administrative Agent and the Arranger shall have the right, in
consultation with the Company, to allocate the amount of increases among the Lenders necessary to satisfy the requirements hereof and provide for an increase not in excess of $25,000,000. In the event that the aggregate amount of increases existing
Lenders are willing to offer is less than $25,000,000, the Company may request that Administrative Agent seek out other financial institutions to act as Lenders hereunder and to provide the additional amount of the requested increase. The
Administrative Agent shall use reasonable efforts to seek out such financial institutions and all such financial institutions must be in form and substance acceptable to the Company and the Administrative Agent. If existing Lenders and, if
applicable, new financial institutions, are willing to provide additional Commitments in the amount of $25,000,000, then such increase shall be given effect as of the date approved by the Lenders if the Administrative Agent has received from the
Company, the Lenders and such new financial institutions those agreements, documents and instruments reasonably required by the Administrative Agent (with each such agreement, document and instrument being in form and substance acceptable to the
Administrative Agent) to consummate such increase, including, without limitation, amendments, joinder documents, affirmations, legal opinion letters, and promissory notes. In the event existing Lenders and, if necessary, new financial institutions,
are unwilling to assume the full amount of the requested $25,000,000 increase, then the Company’s request shall be deemed to be rejected and the Company shall not be entitled to make any further requests for such an increase. No such increase
shall be given effect if an Event of Default or Unmatured Event of Default is outstanding on the proposed effective date for such increase. No Lender shall have any duty or obligation to agree to increase its Commitment hereunder upon the
Company’s request for such an increase. 
 2.8        Appraisals.    From time to time, the Administrative Agent may request from the Company, or may obtain on its own (at the Company’s expense), new appraisals
with respect to the Borrowing Base Properties for which appraisals have been previously delivered; provided, however, that no more than one appraisal per year shall be obtained with respect to any Borrowing Base Property unless
(x) an Event of Default has occurred and is continuing or (y) the 

  

 24 

 
latest appraisal for a Borrowing Base Property demonstrates a material decline in the Appraised Value of such Borrowing Base Property as compared to the
Appraised Value of such Borrowing Base Property in effect prior to the latest appraisal, in which case the Administrative Agent may continue to obtain appraisals for such Borrowing Base Property free of such annual restriction until such time as the
Administrative Agent is satisfied, in its sole discretion, that the Appraised Value of such Borrowing Base Property has stabilized or improved. For the avoidance of doubt, all such appraisals shall include both an “as is” Appraised Value
and a “stabilized” Appraised Value for each Borrowing Base Property included in such appraisal. All such appraisals shall be in form and substance acceptable to the Administrative Agent. The amounts that appear in such new appraisals shall
be used to determine the Company’s compliance with the terms and conditions hereof, including compliance with all financial covenants. The Company may submit supplemental appraisals to the Administrative Agent from time to time with respect to
a Borrowing Base Property. The Administrative Agent, in its reasonable discretion, may reject such additional or supplemental appraisal and decline to use amounts set forth therein to determine the Company’s compliance with this Agreement.
Prior to the occurrence and continuance of an Event of Default, the Borrower shall only be obligated to pay for one appraisal per year for any Borrowing Base Property. 
 SECTION 3    EVIDENCING OF LOANS. 
 3.1        Notes.    The Loans of each Lender shall be evidenced by a Note, with appropriate insertions, payable to the order of such Lender in a face principal amount equal
to the sum of such Lender’s Revolving Loan Commitment. 
 3.2        Recordkeeping.    The Administrative Agent, on behalf of each Lender, shall record in its records, the date and amount of each Loan made by each Lender, each
repayment or conversion thereof and, in the case of each LIBOR Loan, the dates on which each Interest Period for such Loan shall begin and end. The aggregate unpaid principal amount so recorded shall be rebuttably presumptive evidence of the
principal amount of the Loans owing and unpaid. The failure to so record any such amount or any error in so recording any such amount shall not, however, limit or otherwise affect the Obligations of the Company hereunder or under any Note to repay
the principal amount of the Loans hereunder, together with all interest accruing thereon. 
 SECTION
4    INTEREST. 
 4.1        Interest
Rates.    The Company promises to pay interest on the unpaid principal amount of each Loan for the period commencing on the date of such Loan until such Loan is paid in full as follows: 
 (a)        at all times while such Loan is a Base Rate Loan, at a rate per annum equal to the sum
of the Base Rate from time to time in effect; and 
 (b)        at all times while
such Loan is a LIBOR Loan, at a rate per annum equal to the sum of the LIBOR Rate applicable to each Interest Period for such Loan plus the LIBOR Margin from time to time in effect; 
 provided that at any time an Event of Default exists, unless the Required Lenders otherwise consent, the interest rate applicable to each Loan shall be increased by 2% (and, in the case of

  

 25 

 
Obligations not bearing interest, such Obligations shall bear interest at the Base Rate applicable to Revolving Loans plus 2%, with the understanding that
any increase with respect to letter of credit fees shall be governed by Section 5.2), provided further that such increase may thereafter be rescinded by the Required Lenders, notwithstanding Section 15.1.
Notwithstanding the foregoing, upon the occurrence of an Event of Default under Sections 13.1.1 or 13.1.4, such increase shall occur automatically. 
 4.2        Interest Payment Dates.    Accrued interest on each Base Rate Loan shall be payable in arrears on the first day of
each calendar month and at maturity. Accrued interest on each LIBOR Loan shall be payable on the last day of each Interest Period relating to such Loan unless such Interest Period is longer than one month, in which interest shall be payable on the
last day of each calendar month to occur during such Interest Period and on the last day of such Interest Period. Accrued and unpaid interest shall also be due and payable upon a prepayment of such Loan and at maturity. After maturity, and at any
time an Event of Default exists, accrued interest on all Loans shall be payable on demand. 
 4.3        Setting and Notice of LIBOR Rates.    The applicable LIBOR Rate for each Interest Period shall be determined by the Administrative Agent, and notice thereof shall
be given by the Administrative Agent promptly to the Company and each Lender. Each determination of the applicable LIBOR Rate by the Administrative Agent shall be conclusive and binding upon the parties hereto, in the absence of demonstrable error.
The Administrative Agent shall, upon written request of the Company or any Lender, deliver to the Company or such Lender a statement showing the computations used by the Administrative Agent in determining any applicable LIBOR Rate hereunder.

 4.4        Computation of Interest.    Interest shall
be computed for the actual number of days elapsed on the basis of a year of 360 days. The applicable interest rate for each Base Rate Loan shall change simultaneously with each change in the Base Rate. 
 SECTION 5    FEES. 
 5.1        Non-Use Fee.    The Company agrees to pay to the Administrative Agent for the account of each Lender a non-use fee, for the period from the
Closing Date to the Termination Date, at the Non-Use Fee Rate in effect from time to time of such Lender’s Pro Rata Share (as adjusted from time to time) of the unused amount of the Revolving Commitment. For purposes of calculating usage under
this Section, the Revolving Commitment shall be deemed used to the extent of Revolving Outstandings. Such non-use fee shall be payable in arrears on the last day of each calendar quarter and on the Termination Date for any period then ending for
which such non-use fee shall not have previously been paid. The non-use fee shall be computed for the actual number of days elapsed on the basis of a year of 360 days. 
 5.2        Letter of Credit Fees.    (a) The Company agrees to pay to the Administrative Agent for the account of each
Lender a letter of credit fee for each Letter of Credit equal to the L/C Fee Rate in effect from time to time of such Lender’s Pro Rata Share (as adjusted from time to time) of the undrawn amount of such Letter of Credit (computed for the
actual number of days elapsed on the basis of a year of 360 days); provided that, (i) from and after the date on which there are at least two Lenders subject hereto, the Administrative Agent shall pay to each Lender a 

  

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letter of credit fee for each Letter of Credit equal to the L/C Fee Rate in effect at such time, minus 0.125%, of such Lender’s Pro Rata Share (as
adjusted from time to time) on the undrawn amount of such Letter of Credit (computed for the actual number of days elapsed on the basis of a year of 360 days), and the Administrative Agent shall concurrently remit to the Issuing Lender the dollar
amount representing the difference between (x) the letter of credit fee paid by the Company to the Administrative Agent pursuant to the first sentence of this Section 5.2 and (y) the aggregate amount of the letter of credit
fees paid by the Administrative Agent to each Lender pursuant to this clause (i); and (ii) unless the Required Lenders otherwise consent, the rate applicable to each Letter of Credit shall be increased by 2% at any time that an Event of
Default exists. Such letter of credit fee shall be payable in arrears on the last day of each calendar quarter and on the Termination Date (or such later date on which such Letter of Credit expires or is terminated) for the period from the date of
the issuance of each Letter of Credit (or the last day on which the letter of credit fee was paid with respect thereto) to the date such payment is due or, if earlier, the date on which such Letter of Credit expired or was terminated. 
 (b)        In addition, with respect to each Letter of Credit, the Company agrees to pay to the
Issuing Lender, for its own account, such fees and expenses as the Issuing Lender customarily requires in connection with the issuance, negotiation, processing and/or administration of letters of credit in similar situations. 
 5.3        Administrative Agent’s Fees.    The Company agrees to
pay to the Administrative Agent such agent’s fees as are mutually agreed to from time to time by the Company and the Administrative Agent including the fees set forth in the Agent Fee Letter. 
 SECTION 6    REDUCTION OR TERMINATION OF THE REVOLVING COMMITMENT; PREPAYMENTS. 
 6.1        Reduction or Termination of the Revolving Commitment. 
 6.1.1     Voluntary Reduction or Termination of the Revolving Commitment.    The
Company may from time to time on at least five Business Days’ prior written notice received by the Administrative Agent (which shall promptly advise each Lender thereof) permanently reduce the Revolving Commitment to an amount not less than the
Revolving Outstandings. Any such reduction shall be in an amount not less than $1,000,000 and an integral multiple of $50,000. Concurrently with any reduction of the Revolving Commitment to zero, the Company shall pay all interest on the Revolving
Loans, all non-use fees and all letter of credit fees and shall Cash Collateralize in full all obligations arising with respect to the Letters of Credit. 
 6.1.2     All Reductions of the Revolving Commitment.    All reductions of the Revolving Commitment shall reduce the Commitments ratably among the Lenders according
to their respective Pro Rata Shares. 
 6.2        Prepayments. 
 6.2.1    Voluntary Prepayments.    The Company may from time to time prepay the Loans in
whole or in part; provided that the Company shall give the Administrative Agent (which shall promptly advise each Lender) notice thereof not later than 11:00 A.M., Chicago time, on the day of such prepayment (which shall be a Business Day),
specifying the Loans to be prepaid and the date and amount of prepayment. Any such partial prepayment shall be in an amount not less than $1,000,000 and an integral multiple of $50,000. 
  

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 6.2.2    Mandatory Prepayments. 
 (a)        If on any day the Company has not satisfied the Borrowing Base Requirements, then the
Company shall immediately prepay Revolving Loans and/or Cash Collateralize the outstanding Letters of Credit, or do a combination of the foregoing, in an amount sufficient to cause the Company’s compliance with the Borrowing Base Requirements.

 (b)        If on any day on which the Revolving Commitment is reduced pursuant to
Section 6.1 the Revolving Outstandings exceed the Revolving Commitment, the Company shall immediately prepay Revolving Loans or Cash Collateralize the outstanding Letters of Credit, or do a combination of the foregoing, in an amount
sufficient to eliminate such excess. 
 (c)        For so long as the Company is in
violation of the Company Portfolio Requirements, (i) all amounts on deposit in the Company’s and its Subsidiaries’ deposit accounts maintained by LaSalle in accordance with Section 10.10 shall be applied in payment of the
Obligations and (ii) the Company shall arrange for all amounts received by the Company in respect of the Borrowing Base Properties (including, without limitation, all rental payments) to be deposited into the Company’s and its
Subsidiaries’ deposit accounts maintained by LaSalle in accordance with Section 10.10 for application to the Obligations. 
 6.3        Manner of Prepayments; All Prepayments.    Each voluntary partial prepayment shall be in a principal amount of at least $1,000,000 and an
integral multiple of $50,000. Any partial prepayment of a Group of LIBOR Loans shall be subject to the proviso to Section 2.2.3(a). Any prepayment of a LIBOR Loan on a day other than the last day of an Interest Period therefor shall
include interest on the principal amount being repaid and shall be subject to Section 8.4. Except as otherwise provided by this Agreement, all principal payments in respect of the Loans shall be applied first, to repay outstanding Base
Rate Loans and then to repay outstanding LIBOR Rate Loans in direct order of Interest Period maturities. 
 6.4        Repayments.    The Revolving Loans of each Lender shall be paid in full and the Revolving Commitment shall terminate on the Termination Date. 
 SECTION 7    MAKING AND PRORATION OF PAYMENTS; SETOFF; TAXES. 
 7.1        Making of Payments.    All payments of principal or interest on the Notes, and of all fees, shall be made by the Company to the
Administrative Agent in immediately available funds at the office specified by the Administrative Agent not later than 1:00 p.m., Chicago time, on the date due; and funds received after that hour shall be deemed to have been received by the
Administrative Agent on the following Business Day. The Administrative Agent shall promptly remit to each Lender its share of all such payments received in collected funds by the Administrative Agent for the account of such Lender. All payments
under Section 8.1 shall be made by the Company directly to the Lender entitled thereto without setoff, counterclaim or other defense. 
  

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 7.2        Application of Certain
Payments.    So long as no Unmatured Event of Default or Event of Default has occurred and is continuing, (a) payments matching specific scheduled payments then due shall be applied to those scheduled payments and
(b) voluntary and mandatory prepayments shall be applied as set forth in Sections 6.2 and 6.3. After the occurrence and during the continuance of an Unmatured Event of Default or Event of Default, all amounts collected or received
by the Administrative Agent or any Lender as proceeds from the sale of, or other realization upon, all or any part of the Collateral shall be applied as the Administrative Agent shall determine in its discretion or, in the absence of a specific
determination by the Administrative Agent, as set forth in the Guaranty and Collateral Agreement. Concurrently with each remittance to any Lender of its share of any such payment, the Administrative Agent shall advise such Lender as to the
application of such payment. 
 7.3        Due Date
Extension.    If any payment of principal or interest with respect to any of the Loans, or of any fees, falls due on a day which is not a Business Day, then such due date shall be extended to the immediately following
Business Day (unless, in the case of a LIBOR Loan, such immediately following Business Day is the first Business Day of a calendar month, in which case such due date shall be the immediately preceding Business Day) and, in the case of principal,
additional interest shall accrue and be payable for the period of any such extension. 
 7.4        Setoff.    The Company, for itself and each other Loan Party, agrees that the Administrative Agent and each Lender have all rights of set-off and bankers’
lien provided by applicable law, and in addition thereto, the Company, for itself and each other Loan Party, agrees that at any time any Event of Default exists, the Administrative Agent and each Lender may apply to the payment of any Obligations of
the Company and each other Loan Party hereunder, whether or not then due, any and all balances, credits, deposits, accounts or moneys of the Company and each other Loan Party then or thereafter with the Administrative Agent or such Lender.

 7.5        Proration of Payments.    If any Lender
shall obtain any payment or other recovery whether voluntary, involuntary, by application of offset or otherwise, on account of (a) principal of or interest on any Loan, but excluding (i) any payment pursuant to Section 8.7 or
15.6 and (ii) payments of interest on any Affected Loan or (b) its participation in any Letter of Credit, in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account of principal of
and interest on the Loans (or such participation) then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held by them as shall be necessary to cause
such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase
shall be rescinded and the purchase price restored to the extent of such recovery. 
 7.6    Taxes. 
 (a)        All payments made by
the Company hereunder or under any Loan Documents shall be made without setoff, counterclaim, or other defense. To the extent permitted by applicable law, all payments hereunder or under the Loan Documents (including any payment of principal,
interest, or fees) to, or for the benefit, of any person shall be made by the Company free and clear of and without deduction or withholding for, or account of, any Taxes now or hereinafter imposed by any taxing authority. 
  

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 (b)        If the Company makes any payment
hereunder or under any Loan Document in respect of which it is required by applicable law to deduct or withhold any Taxes, the Company shall increase the payment hereunder or under any such Loan Document such that after the reduction for the amount
of Taxes withheld (and any taxes withheld or imposed with respect to the additional payments required under this Section 7.6(b)), the amount paid to the Lenders or the Administrative Agent equals the amount that was payable hereunder or
under any such Loan Document without regard to this Section 7.6(b). To the extent the Company withholds any Taxes on payments hereunder or under any Loan Document, the Company shall pay the full amount deducted to the relevant taxing
authority within the time allowed for payment under applicable law and shall deliver to the Administrative Agent within 30 days after it has made payment to such authority a receipt issued by such authority (or other evidence satisfactory to the
Administrative Agent) evidencing the payment of all amounts so required to be deducted or withheld from such payment. 
 (c)        If any Lender or the Administrative Agent is required by law to make any payments of any Taxes on or in relation to any amounts received or receivable hereunder or under any other Loan
Document, or any Tax is assessed against a Lender or the Administrative Agent with respect to amounts received or receivable hereunder or under any other Loan Document, the Company will indemnify such person against (i) such Tax (and any
reasonable counsel fees and expenses associated with such Tax) and (ii) any taxes imposed as a result of the receipt of the payment under this Section 7.6(c). A certificate prepared in good faith as to the amount of such payment by
such Lender or the Administrative Agent shall, absent manifest error, be final, conclusive, and binding on all parties. 
 (d)        (i)        To the extent permitted by applicable law, each Lender that is not a United States person within the meaning of Code
Section 7701(a)(30) (a “Non-U.S. Participant”) shall deliver to the Company and the Administrative Agent on or prior to the Closing Date (or in the case of a Lender that is an Assignee, on the date of such assignment to such
Lender) two accurate and complete original signed copies of IRS Form W-8BEN, W-8ECI, or W-8IMY (or any successor or other applicable form prescribed by the IRS) certifying to such Lender’s entitlement to a complete exemption from, or a reduced
rate in, United States withholding tax on interest payments to be made hereunder or any Loan. If a Lender that is a Non-U.S. Participant is claiming a complete exemption from withholding on interest pursuant to Code Sections 871(h) or 881(c),
the Lender shall deliver (along with two accurate and complete original signed copies of IRS Form W-8BEN) a certificate in form and substance reasonably acceptable to Administrative Agent (any such certificate, a “Withholding
Certificate”). In addition, each Lender that is a Non-U.S. Participant agrees that from time to time after the Closing Date, (or in the case of a Lender that is an Assignee, after the date of the assignment to such Lender), when a lapse in
time (or change in circumstances occurs) renders the prior certificates hereunder obsolete or inaccurate in any material respect, such Lender shall, to the extent permitted under applicable law, deliver to the Company and the Administrative Agent
two new and accurate and complete original signed copies of an IRS Form W-8BEN, W-8ECI, or W-8IMY (or any successor or other applicable forms prescribed by the IRS), and if applicable, a new Withholding Certificate, to confirm or establish the
entitlement of such Lender or the Administrative Agent to an exemption from, or reduction in, United States withholding tax on interest payments to be made hereunder or any Loan. 
  

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 (ii)        Each Lender that is not a Non-U.S.
Participant (other than any such Lender which is taxed as a corporation for U.S. federal income tax purposes) shall provide two properly completed and duly executed copies of IRS Form W-9 (or any successor or other applicable form) to the Company
and the Administrative Agent certifying that such Lender is exempt from United States backup withholding tax. To the extent that a form provided pursuant to this Section 7.6(d)(ii) is rendered obsolete or inaccurate in any material
respects as result of change in circumstances with respect to the status of a Lender, such Lender shall, to the extent permitted by applicable law, deliver to the Company and the Administrative Agent revised forms necessary to confirm or establish
the entitlement to such Lender’s or Agent’s exemption from United States backup withholding tax. 
 (iii)        The Company shall not be required to pay additional amounts to a Lender, or indemnify any Lender, under this Section 7.6 to the extent that such obligations would not have
arisen but for the failure of such Lender to comply with Section 7.6(d). 
 (iv)        Each Lender agrees to indemnify the Administrative Agent and hold the Administrative Agent harmless for the full amount of any and all present or future Taxes and related liabilities
(including penalties, interest, additions to tax and expenses, and any Taxes imposed by any jurisdiction on amounts payable to the Administrative Agent under this Section 7.6) which are imposed on or with respect to principal, interest
or fees payable to such Lender hereunder and which are not paid by the Company pursuant to this Section 7.6, whether or not such Taxes or related liabilities were correctly or legally asserted. This indemnification shall be made within
30 days from the date the Administrative Agent makes written demand therefor. 
 SECTION 8    INCREASED
COSTS; SPECIAL PROVISIONS FOR LIBOR LOANS. 
 8.1        Increased
Costs.    (a) If, after the date hereof, the adoption of, or any change in, any applicable law, rule or regulation, or any change in the interpretation or administration of any applicable law, rule or regulation by any
governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender with any request or directive (whether or not having the force of law) of any such authority, central
bank or comparable agency: (i) shall impose, modify or deem applicable any reserve (including any reserve imposed by the FRB, but excluding any reserve included in the determination of the LIBOR Rate pursuant to Section 4), special
deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by any Lender; or (ii) shall impose on any Lender any other condition affecting its LIBOR Loans, its Note or its obligation to make LIBOR
Loans; and the result of anything described in clauses (i) and (ii) above is to increase the cost to (or to impose a cost on) such Lender (or any LIBOR Office of such Lender) of making or maintaining any LIBOR Loan, or to reduce the amount
of any sum received or receivable by such Lender (or its LIBOR Office) under this Agreement or under its Note with respect thereto, then upon demand by such Lender (which demand shall be accompanied by a statement setting forth the basis for such
demand and a calculation of the amount thereof in reasonable detail, a copy of which shall be furnished to the Administrative Agent), the Company shall pay directly to such Lender such additional amount as will 

  

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compensate such Lender for such increased cost or such reduction, so long as such amounts have accrued on or after the day which is 180 days prior to the
date on which such Lender first made demand therefor. 
 (b)        If any Lender
shall reasonably determine that any change in, or the adoption or phase-in of, any applicable law, rule or regulation regarding capital adequacy, or any change in the interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the interpretation or administration thereof, or the compliance by any Lender or any Person controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of
law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on such Lender’s or such controlling Person’s capital as a consequence of such Lender’s obligations hereunder
or under any Letter of Credit to a level below that which such Lender or such controlling Person could have achieved but for such change, adoption, phase-in or compliance (taking into consideration such Lender’s or such controlling
Person’s policies with respect to capital adequacy) by an amount deemed by such Lender or such controlling Person to be material, then from time to time, upon demand by such Lender (which demand shall be accompanied by a statement setting forth
the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which shall be furnished to the Administrative Agent), the Company shall pay to such Lender such additional amount as will compensate such Lender or
such controlling Person for such reduction so long as such amounts have accrued on or after the day which is 180 days prior to the date on which such Lender first made demand therefor. 
 8.2        Basis for Determining Interest Rate Inadequate or Unfair. If: 
 (a)        the Administrative Agent reasonably determines (which determination shall be binding
and conclusive on the Company) that by reason of circumstances affecting the interbank LIBOR market adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate; or 
 (b)        the Required Lenders advise the Administrative Agent that the LIBOR Rate as determined
by the Administrative Agent will not adequately and fairly reflect the cost to such Lenders of maintaining or funding LIBOR Loans for such Interest Period (taking into account any amount to which such Lenders may be entitled under
Section 8.1) or that the making or funding of LIBOR Loans has become impracticable as a result of an event occurring after the date of this Agreement which in the opinion of such Lenders materially affects such Loans; 
 then the Administrative Agent shall promptly notify the other parties thereof and, so long as such circumstances shall continue, (i) no
Lender shall be under any obligation to make or convert any Base Rate Loans into LIBOR Loans and (ii) on the last day of the current Interest Period for each LIBOR Loan, such Loan shall, unless then repaid in full, automatically convert to a
Base Rate Loan. 
 8.3        Changes in Law Rendering LIBOR Loans
Unlawful.    If any change in, or the adoption of any new, law or regulation, or any change in the interpretation of any applicable law or regulation by any governmental or other regulatory body charged with the
administration thereof, should make it (or in the good faith judgment of any Lender cause a substantial question 

  

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as to whether it is) unlawful for any Lender to make, maintain or fund LIBOR Loans, then such Lender shall promptly notify each of the other parties hereto
and, so long as such circumstances shall continue, (a) such Lender shall have no obligation to make or convert any Base Rate Loan into a LIBOR Loan (but shall make Base Rate Loans concurrently with the making of or conversion of Base Rate Loans
into LIBOR Loans by the Lenders which are not so affected, in each case in an amount equal to the amount of LIBOR Loans which would be made or converted into by such Lender at such time in the absence of such circumstances) and (b) on the last
day of the current Interest Period for each LIBOR Loan of such Lender (or, in any event, on such earlier date as may be required by the relevant law, regulation or interpretation), such LIBOR Loan shall, unless then repaid in full, automatically
convert to a Base Rate Loan. Each Base Rate Loan made by a Lender which, but for the circumstances described in the foregoing sentence, would be a LIBOR Loan (an “Affected Loan”) shall remain outstanding for the period corresponding
to the Group of LIBOR Loans of which such Affected Loan would be a part absent such circumstances. 
 8.4        Funding Losses.    The Company hereby agrees that upon demand by any Lender (which demand shall be accompanied by a statement setting forth the basis for the
amount being claimed, a copy of which shall be furnished to the Administrative Agent), the Company will indemnify such Lender against any net loss or expense which such Lender may sustain or incur (including any net loss or expense incurred by
reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain any LIBOR Loan), as reasonably determined by such Lender, as a result of (a) any payment, prepayment or conversion of any LIBOR
Loan of such Lender on a date other than the last day of an Interest Period for such Loan (including any conversion pursuant to Section 8.3) or (b) any failure of the Company to borrow, convert or continue any Loan on a date
specified therefor in a notice of borrowing, conversion or continuation pursuant to this Agreement. For this purpose, all notices to the Administrative Agent pursuant to this Agreement shall be deemed to be irrevocable. 
 8.5        Right of Lenders to Fund through Other Offices.    Each
Lender may, if it so elects, fulfill its commitment as to any LIBOR Loan by causing a foreign branch or Affiliate of such Lender to make such Loan; provided that in such event for the purposes of this Agreement such Loan shall be deemed to
have been made by such Lender and the obligation of the Company to repay such Loan shall nevertheless be to such Lender and shall be deemed held by it, to the extent of such Loan, for the account of such branch or Affiliate. 
 8.6        Discretion of Lenders as to Manner of
Funding.    Notwithstanding any provision of this Agreement to the contrary, each Lender shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood,
however, that for the purposes of this Agreement all determinations hereunder shall be made as if such Lender had actually funded and maintained each LIBOR Loan during each Interest Period for such Loan through the purchase of deposits having a
maturity corresponding to such Interest Period and bearing an interest rate equal to the LIBOR Rate for such Interest Period. 
 8.7        Mitigation of Circumstances; Replacement of Lenders.    (a) Each Lender shall promptly notify the Company and the Administrative Agent of any event of which
it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s sole judgment, otherwise disadvantageous to such Lender) to mitigate or 

  

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avoid, (i) any obligation by the Company to pay any amount pursuant to Sections 7.6 or 8.1 or (ii) the occurrence of any
circumstances described in Sections 8.2 or 8.3 (and, if any Lender has given notice of any such event described in clause (i) or (ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify the
Company and the Administrative Agent). Without limiting the foregoing, each Lender will designate a different funding office if such designation will avoid (or reduce the cost to the Company of) any event described in clause (i) or
(ii) above and such designation will not, in such Lender’s sole judgment, be otherwise disadvantageous to such Lender. 
 (b)        If the Company becomes obligated to pay additional amounts to any Lender pursuant to Sections 7.6 or 8.1, or any Lender gives notice of the occurrence of any circumstances
described in Sections 8.2 or 8.3, the Company may designate another bank which is acceptable to the Administrative Agent and the Issuing Lender in their reasonable discretion (such other bank being called a “Replacement
Lender”) to purchase the Loans of such Lender and such Lender’s rights hereunder, without recourse to or warranty by, or expense to, such Lender, for a purchase price equal to the outstanding principal amount of the Loans payable to
such Lender plus any accrued but unpaid interest on such Loans and all accrued but unpaid fees owed to such Lender and any other amounts payable to such Lender under this Agreement, and to assume all the obligations of such Lender hereunder, and,
upon such purchase and assumption (pursuant to an Assignment Agreement), such Lender shall no longer be a party hereto or have any rights hereunder (other than rights with respect to indemnities and similar rights applicable to such Lender prior to
the date of such purchase and assumption) and shall be relieved from all obligations to the Company hereunder, and the Replacement Lender shall succeed to the rights and obligations of such Lender hereunder. 
 8.8        Conclusiveness of Statements; Survival of
Provisions.    Determinations and statements of any Lender pursuant to Sections 8.1, 8.2, 8.3 or 8.4 shall be conclusive absent demonstrable error. Lenders may use reasonable averaging and
attribution methods in determining compensation under Sections 8.1 and 8.4, and the provisions of such Sections shall survive repayment of the Obligations, cancellation of any Notes, expiration or termination of the Letters of Credit
and termination of this Agreement. 
 SECTION 9    REPRESENTATIONS AND WARRANTIES. 
 To induce the Administrative Agent and the Lenders to enter into this Agreement and to induce the Lenders to make Loans and issue and
participate in Letters of Credit hereunder, the Company represents and warrants to the Administrative Agent and the Lenders that: 
 9.1        Organization.    Each Loan Party is validly existing and in good standing under the laws of its jurisdiction of organization; and each Loan Party is duly
qualified to do business in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, except for such jurisdictions where the failure to so qualify would not have a Material Adverse Effect.

 9.2        Authorization; No Conflict.    Each Loan
Party is duly authorized to execute and deliver each Loan Document to which it is a party, the Company is duly authorized to borrow monies hereunder and each Loan Party is duly authorized to perform its Obligations under each 

  

 34 

 
Loan Document to which it is a party. The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party, and the
borrowings by the Company hereunder, do not and will not (a) require any consent or approval of any governmental agency or authority (other than any consent or approval which has been obtained and is in full force and effect), (b) conflict
with (i) any provision of law, (ii) the charter, by-laws or other organizational documents of any Loan Party or (iii) any agreement, indenture, instrument or other document, or any judgment, order or decree, which is binding upon any
Loan Party or any of their respective properties or (c) require, or result in, the creation or imposition of any Lien on any asset of any Loan Party (other than Liens in favor of the Administrative Agent created pursuant to the Collateral
Documents). 
 9.3      Validity and Binding Nature.    Each of this
Agreement and each other Loan Document to which any Loan Party is a party is the legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, subject to bankruptcy, insolvency and similar laws
affecting the enforceability of creditors’ rights generally and to general principles of equity. 
 9.4      Financial Condition.    The audited consolidated financial statements of the Company and its Subsidiaries as at December 31, 2005, and the unaudited consolidated
financial statements of the Company and the Subsidiaries as at April 30, 2006, copies of each of which have been delivered to each Lender, were prepared in accordance with GAAP and present fairly the consolidated financial condition of the
Company and its Subsidiaries as at such dates and the results of their operations for the periods then ended. 
 9.5      No Material Adverse Change.    Since December 31, 2005, there has been no material adverse change in the financial condition, operations, assets, business, properties or
prospects of the Loan Parties taken as a whole. 
 9.6      Litigation and Contingent
Liabilities.  No litigation (including derivative actions), arbitration proceeding or governmental investigation or proceeding is pending or, to the Company’s knowledge, threatened against any Loan Party which might reasonably be
expected to have a Material Adverse Effect, except as set forth in Schedule 9.6. Other than any liability incident to such litigation or proceedings, no Loan Party has any material contingent liabilities not listed on Schedule 9.6 or
permitted by Section 11.1. 
 9.7      Ownership of Properties;
Liens.  Each Loan Party owns good and, in the case of real property, marketable title to all of its properties and assets, real and personal, tangible and intangible, of any nature whatsoever (including patents, trademarks, trade
names, service marks and copyrights), free and clear of all Liens, charges and claims (including infringement claims with respect to patents, trademarks, service marks, copyrights and the like) except as permitted by Section 11.2.

 9.8      Equity Ownership; Subsidiaries.  All issued and outstanding
Capital Securities of each Loan Party are duly authorized and validly issued, fully paid, non-assessable, and free and clear of all Liens other than those in favor of the Administrative Agent, and such securities were issued in compliance with all
applicable state and federal laws concerning the issuance of securities. Schedule 9.8 sets forth the authorized Capital Securities of each Loan Party as of the 

  

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Closing Date. All of the issued and outstanding Capital Securities of the Company are owned as set forth on Schedule 9.8 as of the Closing Date, and
all of the issued and outstanding Capital Securities of each Wholly-Owned Subsidiary is, directly or indirectly, owned by the Company. As of the Closing Date, except as set forth on Schedule 9.8, there are no pre-emptive or other outstanding
rights, options, warrants, conversion rights or other similar agreements or understandings for the purchase or acquisition of any Capital Securities of any Loan Parry. 
 9.9      Pension Plans.  (a) The Unfunded Liability of all Pension Plans does not in the aggregate exceed twenty percent of the Total Plan
Liability for all such Pension Plans. Each Pension Plan complies in all material respects with all applicable requirements of law and regulations. No contribution failure under Section 412 of the Code, Section 302 of ERISA or the terms of
any Pension Plan has occurred with respect to any Pension Plan, sufficient to give rise to a Lien under Section 302(f) of ERISA, or otherwise to have a Material Adverse Effect. There are no pending or, to the knowledge of Company, threatened,
claims, actions, investigations or lawsuits against any Pension Plan, any fiduciary of any Pension Plan, or Company or other any member of the Controlled Group with respect to a Pension Plan or a Multiemployer Pension Plan which could reasonably be
expected to have a Material Adverse Effect. Neither the Company nor any other member of the Controlled Group has engaged in any prohibited transaction (as defined in Section 4975 of the Code or Section 406 of ERISA) in connection with any
Pension Plan or Multiemployer Pension Plan which would subject that Person to any material liability. Within the past five years, neither the Company nor any other member of the Controlled Group has engaged in a transaction which resulted in a
Pension Plan with an Unfunded Liability being transferred out of the Controlled Group, which could reasonably be expected to have a Material Adverse Effect. No Termination Event has occurred or is reasonably expected to occur with respect to any
Pension Plan, which could reasonably be expected to have a Material Adverse Effect. 
 (b)      All contributions (if any) have been made to any Multiemployer Pension Plan that are required to be made by the Company or any other member of the Controlled Group under the terms of the plan or of any
collective bargaining agreement or by applicable law; neither the Company nor any other member of the Controlled Group has withdrawn or partially withdrawn from any Multiemployer Pension Plan, incurred any withdrawal liability with respect to any
such plan or received notice of any claim or demand for withdrawal liability or partial withdrawal liability from any such plan, and no condition has occurred which, if continued, could result in a withdrawal or partial withdrawal from any such
plan; and neither the Company nor any other member of the Controlled Group has received any notice that any Multiemployer Pension Plan is in reorganization, that increased contributions may be required to avoid a reduction in plan benefits or the
imposition of any excise tax, that any such plan is or has been funded at a rate less than that required under Section 412 of the Code, that any such plan is or may be terminated, or that any such plan is or may become insolvent. 
 9.10      Investment Company Act.  No Loan Party is an “investment company” or a
company “controlled” by an “investment company” or a “subsidiary” of an “investment company,” within the meaning of the Investment Company Act of 1940. 
 9.11      [Intentionally Omitted]. 
  

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 9.12      Regulation U.  The Company is
not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock. 
 9.13      Taxes.  Each Loan Party has timely filed all tax returns and reports required by law to have been filed by it and has paid all taxes and
governmental charges due and payable with respect to such return, except any such taxes or charges which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been
set aside on its books. The Loan Parties have made adequate reserves on their books and records in accordance with GAAP for all taxes that have accrued but which are not yet due and payable. No Loan Party has participated in any transaction that
relates to a year of the taxpayer (which is still open under the applicable statute of limitations) which is a “reportable transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2) (irrespective of the date when
the transaction was entered into). 
 9.14      Solvency, etc.  On the Closing
Date, and immediately prior to and after giving effect to the issuance of each Letter of Credit and each borrowing hereunder and the use of the proceeds thereof, with respect to each Loan Parry, individually, (a) the fair value of its assets is
greater than the amount of its liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated in accordance with GAAP, (b) the present fair saleable value of its assets is not
less than the amount that will be required to pay the probable liability on its debts as they become absolute and matured, (c) it is able to realize upon its assets and pay its debts and other liabilities (including disputed, contingent and
unliquidated liabilities) as they mature in the normal course of business, (d) it does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay as such debts and liabilities mature and (e) it
is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which its property would constitute unreasonably small capital. 
 9.15      Environmental Matters.  The on-going operations of each Loan Party comply in all respects with all Environmental Laws, except such
non-compliance which could not (if enforced in accordance with applicable law) reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect. Each Loan Party has obtained, and maintained in good standing,
all licenses, permits, authorizations, registrations and other approvals required under any Environmental Law and required for their respective ordinary course operations, and for their reasonably anticipated future operations, and each Loan Party
is in compliance with all terms and conditions thereof, except where the failure to do so could not reasonably be expected to result in material liability to any Loan Party and could not reasonably be expected to result, either individually or in
the aggregate, in a Material Adverse Effect. No Loan Party or any of its properties or operations is subject to, or reasonably anticipates the issuance of, any written order from or agreement with any Federal, state or local governmental authority,
nor subject to any judicial or docketed administrative or other proceeding, respecting any Environmental Law, Environmental Claim or Hazardous Substance. There are no Hazardous Substances or other conditions or circumstances existing with respect to
any property, arising from operations prior to the Closing Date, or relating to any waste disposal, of any Loan Party that would reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect. No Loan Party
has any underground storage tanks that are not properly registered or permitted under applicable Environmental Laws or that at any time have released, leaked, disposed of or otherwise discharged Hazardous Substances. 
  

 37 

 9.16      Insurance.  Set forth on
Schedule 9.16 is a complete and accurate summary of the property and casualty insurance program of the Loan Parties as of the Closing Date (including the names of all insurers, policy numbers, expiration dates, amounts and types of coverage,
annual premiums, exclusions, deductibles, self-insured retention, and a description in reasonable detail of any self-insurance program, retrospective rating plan, fronting arrangement or other risk assumption arrangement involving any Loan Party).
Each Loan Party and its properties are insured with financially sound and reputable insurance companies which are not Affiliates of the Loan Parties, in such amounts, with such deductibles and covering such risks as are customarily carried by
companies engaged in similar businesses and owning similar properties in localities where such Loan Parties operate. 
 9.17      Real Property.  Set forth on Schedule 9.17 is a complete and accurate list, as of the Closing Date, of the address of all real property owned or leased by any Loan Party,
together with, in the case of leased property, the name and mailing address of the lessor of such property. 
 9.18      Information.     All information heretofore or contemporaneously herewith furnished in writing by any Loan Party to the Administrative Agent or any Lender for purposes
of or in connection with this Agreement and the transactions contemplated hereby is, and all written information hereafter furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender pursuant hereto or in connection
herewith will be, true and accurate in every material respect on the date as of which such information is dated or certified, and none of such information is or will be incomplete by omitting to state any material fact necessary to make such
information not misleading in light of the circumstances under which made (it being recognized by the Administrative Agent and the Lenders that any projections and forecasts provided by the Company are based on good faith estimates and assumptions
believed by the Company to be reasonable as of the date of the applicable projections or assumptions and that actual results during the period or periods covered by any such projections and forecasts may differ from projected or forecasted results).

 9.19      Intellectual Property.  Each Loan Party owns and possesses or has
a license or other right to use all patents, patent rights, trademarks, trademark rights, trade names, trade name rights, service marks, service mark rights and copyrights as are necessary for the conduct of the businesses of the Loan Parties,
without any infringement upon rights of others which could reasonably be expected to have a Material Adverse Effect. 
 9.20      Burdensome Obligations.  No Loan Party is a party to any agreement or contract or subject to any restriction contained in its organizational documents which could reasonably be
expected to have a Material Adverse Effect. 
 9.21      Labor
Matters.  Except as set forth on Schedule 9.21, no Loan Party is subject to any labor or collective bargaining agreement. There are no existing or threatened strikes, lockouts or other labor disputes involving any Loan Party
that singly or in the aggregate could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees of the Loan Parties are not in violation of the Fair Labor Standards Act or any other applicable law, rule
or regulation dealing with such matters. 
  

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 9.22      No Default.  No Event of Default
or Unmatured Event of Default exists or would result from the incurrence by any Loan Party of any Debt hereunder or under any other Loan Document. 
 SECTION 10    AFFIRMATIVE COVENANTS. 
 Until the expiration or
termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents are paid in full and all Letters of Credit have been terminated, the Company agrees that, unless at any time the Required Lenders shall
otherwise expressly consent in writing, it will: 
 10.1      Reports, Certificates and
Other Information.  Furnish to the Administrative Agent and each Lender: 
 10.1.1  Annual
Report.  Promptly when available and in any event within 120 days after the close of each Fiscal Year: (a) a copy of the annual audit report of the Company and its Subsidiaries for such Fiscal Year, including therein consolidated
balance sheets and statements of earnings and cash flows of the Company and its Subsidiaries as at the end of such Fiscal Year, certified without adverse reference to going concern value and without qualification by independent auditors of
recognized standing selected by the Company and reasonably acceptable to the Administrative Agent, together with (i) a written statement from such accountants to the effect that in making the examination necessary for the signing of such annual
audit report by such accountants, nothing came to their attention that caused them to believe that the Company was not in compliance with any provision of Sections 11.1, 11.4 or 11.14 of this Agreement insofar as such provision
relates to accounting matters or, if something has come to their attention that caused them to believe that the Company was not in compliance with any such provision, describing such non-compliance in reasonable detail and (ii) a comparison
with the budget for such Fiscal Year and a comparison with the previous Fiscal Year; and (b) a consolidating balance sheet of the Company and its Subsidiaries as of the end of such Fiscal Year and consolidating statement of earnings and cash
flows for the Company and its Subsidiaries for such Fiscal Year, certified by a Senior Officer of the Company. 
 10.1.2  Interim Reports.  (a) Promptly when available and in any event within 60 days after the end of each Fiscal Quarter, consolidated and consolidating balance sheets of the Company and its Subsidiaries as
of the end of such Fiscal Quarter, together with consolidated and consolidating statements of earnings and cash flows for such Fiscal Quarter and for the period beginning with the first day of such Fiscal Year and ending on the last day of such
Fiscal Quarter, together with a comparison with the corresponding period of the previous Fiscal Year and a comparison with the budget for such period of the current Fiscal Year, certified by a Senior Officer of the Company; and (b) upon the
request of the Administrative Agent, consolidated and consolidating balance sheets of the Company and its Subsidiaries as of the end of each month (within 30 days after the end of such month), together with consolidated and consolidating statements
of earnings and a consolidated statement of cash flows for such month and for the period beginning with the first day of such Fiscal Year and ending on the last day of such month, 

  

 39 

 
together with a comparison with the corresponding period of the previous Fiscal Year and a comparison with the budget for such period of the current Fiscal
Year, certified by a Senior Officer of the Company. 
 10.1.3  Compliance
Certificates.  Contemporaneously with the furnishing of a copy of each annual audit report pursuant to Section 10.1.1 and each set of quarterly statements pursuant to Section 10.1.2, a duly completed compliance
certificate in the form of Exhibit B, with appropriate insertions, dated the date of such annual report or such quarterly statements and signed by a Senior Officer of the Company, containing (i) a computation of each of the financial
ratios and restrictions set forth in Section 11.14, (ii) a computation of certain of the Borrowing Base Requirements, (iii) computations of EBITDA and the Company’s aggregate net equity proceeds since the Closing Date
required to determine the Guarantors’ compliance with the terms of the Guaranty and Collateral Agreement, (iv) a certification to the effect that such officer has not become aware of any Event of Default or Unmatured Event of Default that
has occurred and is continuing or, if there is any such event, describing it and the steps, if any, being taken to cure it, and (v) a written statement of the Company’s management setting forth a discussion of the Company’s financial
condition, changes in financial condition and results of operations. 
 10.1.4  Reports to the SEC and to
Shareholders.  Promptly upon the filing or sending thereof, copies of all regular, periodic or special reports of any Loan Party filed with the SEC; copies of all registration statements of any Loan Party filed with the SEC (other than
on Form S-8); and copies of all proxy statements or other communications made to security holders generally. 
 10.1.5  Notice of Default, Litigation and ERISA Matters.  Promptly upon becoming aware of any of the following, written notice describing the same and the steps being taken by the Company or the Subsidiary
affected thereby with respect thereto: 
  (a)      the occurrence of an Event of Default
or an Unmatured Event of Default; 
  (b)      any litigation, arbitration or governmental
investigation or proceeding not previously disclosed by the Company to the Lenders which has been instituted or, to the knowledge of the Company, is threatened against any Loan Party or to which any of the properties of any thereof is subject which
might reasonably be expected to have a Material Adverse Effect; 
  (c)      the
institution of any steps by any member of the Controlled Group or any other Person to terminate any Pension Plan, or the failure of any member of the Controlled Group to make a required contribution to any Pension Plan (if such failure is sufficient
to give rise to a Lien under Section 302(f) of ERISA) or to any Multiemployer Pension Plan, or the taking of any action with respect to a Pension Plan which could result in the requirement that the Company furnish a bond or other security to
the PBGC or such Pension Plan, or the occurrence of any event with respect to any Pension Plan or Multiemployer Pension Plan which could result in the incurrence by any member of the Controlled Group of any material liability, fine or penalty
(including any claim or demand for withdrawal liability or partial withdrawal from any Multiemployer Pension Plan), or any material increase in the contingent liability of the Company with respect to any post-retirement welfare benefit plan or other
employee benefit plan of the 

  

 40 

 
Company or another member of the Controlled Group, or any notice that any Multiemployer Pension Plan is in reorganization, that increased contributions may
be required to avoid a reduction in plan benefits or the imposition of an excise tax, that any such plan is or has been funded at a rate less than that required under Section 412 of the Code, that any such plan is or may be terminated, or that
any such plan is or may become insolvent; 
  (d)      any cancellation or material change
in any insurance maintained by any Loan Party; or 
  (e)      any other event (including
(i) any violation of any Environmental Law or the assertion of any Environmental Claim or (ii) the enactment or effectiveness of any law, rule or regulation) which might reasonably be expected to have a Material Adverse Effect. 

10.1.6  Management Reports.  Promptly upon receipt thereof, copies of all detailed financial and management
reports submitted to the Company by independent auditors in connection with each annual or interim audit made by such auditors of the books of the Company. 
 10.1.7  Projections.  As soon as practicable, and in any event not later than 15 days prior to the commencement of each Fiscal Year, financial projections for the
Company and its Subsidiaries for such Fiscal Year (including monthly operating and cash flow budgets) prepared in a manner consistent with the projections delivered by the Company to the Lenders prior to the Closing Date or otherwise in a manner
reasonably satisfactory to the Administrative Agent, accompanied by a certificate of a Senior Officer of the Company on behalf of the Company to the effect that (a) such projections were prepared by the Company in good faith, (b) the
Company has a reasonable basis for the assumptions contained in such projections and (c) such projections have been prepared in accordance with such assumptions. 
 10.1.8  Other Information.    Promptly from time to time, such other information concerning the Loan Parties as any Lender or the Administrative Agent may
reasonably request. 
 10.2     Books, Records and Inspections.  Keep, and cause
each other Loan Party to keep, its books and records in accordance with sound business practices sufficient to allow the preparation of financial statements in accordance with GAAP; permit, and cause each other Loan Party to permit, any Lender or
the Administrative Agent or any representative thereof to inspect the properties and operations of the Loan Parties; and permit, and cause each other Loan Party to permit, at any reasonable time and with reasonable notice (or at any time without
notice if an Event of Default exists), any Lender or the Administrative Agent or any representative thereof to visit any or all of its offices, to discuss its financial matters with its officers and its independent auditors (and the Company hereby
authorizes such independent auditors to discuss such financial matters with any Lender or the Administrative Agent or any representative thereof), and to examine (and, at the expense of the Loan Parties, photocopy extracts from) any of its books or
other records; and permit, and cause each other Loan Party to permit, the Administrative Agent and its representatives to inspect the tangible assets of the Loan Parties, to perform appraisals of the Collateral, and to inspect, audit, check and make
copies of and extracts from the books, records, computer data, computer programs, journals, orders, receipts, correspondence and other data relating to Collateral. All such inspections or audits by the Administrative Agent shall be at the
Company’s expense. 
  

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 10.3      Maintenance of Property;
Insurance.  (a) Keep, and cause each other Loan Party to keep, all property useful and necessary in the business of the Loan Parties in good working order and condition, ordinary wear and tear excepted. 
 (b)        Maintain, and cause each other Loan Party to maintain, with responsible insurance
companies, such insurance coverage as may be required by any law or governmental regulation or court decree or order applicable to it and such other insurance, to such extent and against such hazards and liabilities, as is customarily maintained by
companies similarly situated, but which shall insure against all risks and liabilities of the type identified on Schedule 9.16 and shall have insured amounts no less than, and deductibles no higher than, those set forth on such schedule; and,
upon request of the Administrative Agent or any Lender, furnish to the Administrative Agent or such Lender a certificate setting forth in reasonable detail the nature and extent of all insurance maintained by the Loan Parties. The Company shall
cause each issuer of an insurance policy to provide the Administrative Agent with an endorsement (i) showing the Administrative Agent as loss payee with respect to each policy of property or casualty insurance and naming the Administrative
Agent as an additional insured with respect to each policy of liability insurance, (ii) providing that 30 days’ notice will be given to the Administrative Agent prior to any cancellation of, material reduction or change in coverage
provided by or other material modification to such policy and (iii) reasonably acceptable in all other respects to the Administrative Agent. The Company shall execute and deliver to the Administrative Agent a collateral assignment, in form and
substance satisfactory to the Administrative Agent, of each business interruption insurance policy maintained by the Company. 
  (c)      UNLESS THE COMPANY PROVIDES THE ADMINISTRATIVE AGENT WITH EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY THIS AGREEMENT, THE ADMINISTRATIVE AGENT MAY PURCHASE INSURANCE AT THE COMPANY’S
EXPENSE TO PROTECT THE ADMINISTRATIVE AGENT’S AND THE LENDERS’ INTERESTS IN THE COLLATERAL. THIS INSURANCE MAY, BUT NEED NOT, PROTECT ANY LOAN PARTY’S INTERESTS. THE COVERAGE THAT THE ADMINISTRATIVE AGENT PURCHASES MAY NOT PAY ANY
CLAIM THAT IS MADE AGAINST ANY LOAN PARTY IN CONNECTION WITH THE COLLATERAL. THE COMPANY MAY LATER CANCEL ANY INSURANCE PURCHASED BY THE ADMINISTRATIVE AGENT, BUT ONLY AFTER PROVIDING THE ADMINISTRATIVE AGENT WITH EVIDENCE THAT THE COMPANY HAS
OBTAINED INSURANCE AS REQUIRED BY THIS AGREEMENT. IF THE ADMINISTRATIVE AGENT PURCHASES INSURANCE FOR THE COLLATERAL, THE COMPANY WILL BE RESPONSIBLE FOR THE COSTS OF THAT INSURANCE, INCLUDING INTEREST AND ANY OTHER CHARGES THAT MAY BE IMPOSED WITH
THE PLACEMENT OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF THE CANCELLATION OR EXPIRATION OF THE INSURANCE. THE COSTS OF THE INSURANCE MAY BE ADDED TO THE PRINCIPAL AMOUNT OF THE LOANS OWING HEREUNDER. THE COSTS OF THE INSURANCE MAY BE MORE THAN
THE COST OF THE INSURANCE THE LOAN PARTIES MAY BE ABLE TO OBTAIN ON THEIR OWN. 
  

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 10.4      Compliance with Laws; Payment of Taxes and
Liabilities.  (a) Comply, and cause each other Loan Party to comply, in all material respects with all applicable laws, rules, regulations, decrees, orders, judgments, licenses and permits, except where failure to comply could not
reasonably be expected to have a Material Adverse Effect; (b) without limiting clause (a) above, ensure, and cause each other Loan Party to ensure, that no person who owns a controlling interest in or otherwise controls a Loan Party
is or shall be (i) listed on the Specially Designated Nationals and Blocked Person List maintained by the Office of Foreign Assets Control (“OFAC”), Department of the Treasury, and/or any other similar lists maintained by OFAC
pursuant to any authorizing statute, Executive Order or regulation or (ii) a person designated under Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001), any related enabling legislation or any
other similar Executive Orders, (c) without limiting clause (a) above, comply, and cause each other Loan Party to comply, with all applicable Bank Secrecy Act (“BSA”) and anti-money laundering laws and regulations
and (d) pay, and cause each other Loan Party to pay, prior to delinquency, all taxes and other governmental charges against it or any collateral, as well as claims of any kind which, if unpaid, could become a Lien on any of its property;
provided that the foregoing shall not require any Loan Party to pay any such tax or charge so long as it shall contest the validity thereof in good faith by appropriate proceedings and shall set aside on its books adequate reserves with
respect thereto in accordance with GAAP and, in the case of a claim which could become a Lien on any collateral, such contest proceedings shall stay the foreclosure of such Lien or the sale of any portion of the collateral to satisfy such claim.

 10.5      Maintenance of Existence, etc.      Maintain
and preserve, and (subject to Section 11.5) cause each other Loan Party to maintain and preserve, (a) its existence and good standing in the jurisdiction of its organization and (b) its qualification to do business and good
standing in each jurisdiction where the nature of its business makes such qualification necessary (other than such jurisdictions in which the failure to be qualified or in good standing could not reasonably be expected to have a Material Adverse
Effect). 
 10.6      Use of Proceeds.  Use the proceeds of the Loans, and the
Letters of Credit, solely for working capital purposes, acquisitions of Real Property Assets, and for other general business purposes; and not use or permit any proceeds of any Loan to be used, either directly or indirectly, for the purpose, whether
immediate, incidental or ultimate, of “purchasing or carrying” any Margin Stock. 
 10.7      Employee Benefit Plans. 
   (a)      Maintain, and cause each other member of the Controlled Group to maintain, each Pension Plan in substantial compliance with all applicable requirements of law and regulations. 

  (b)      Make, and cause each other member of the Controlled Group to make, on a timely
basis, all required contributions to any Multiemployer Pension Plan. 
   (c)      Not, and not permit any other member of the Controlled Group to (i) seek a waiver of the minimum funding standards of ERISA, (ii) terminate or withdraw from any Pension Plan or
Multiemployer Pension Plan or (iii) take any other action with respect to any 

  

 43 

 
Pension Plan that would reasonably be expected to entitle the PBGC to terminate, impose liability in respect of, or cause a trustee to be appointed to
administer, any Pension Plan, unless the actions or events described in clauses (i), (ii) and (iii) individually or in the aggregate would not have a Material Adverse Effect. 
 10.8      Environmental Matters.  If any release or threatened release or other disposal
of Hazardous Substances shall occur or shall have occurred on any real property or any other assets of any Loan Party, the Company shall, or shall cause the applicable Loan Party to, cause the prompt containment and removal of such Hazardous
Substances and the remediation of such real property or other assets as necessary to comply with all Environmental Laws and to preserve the value of such real property or other assets. Without limiting the generality of the foregoing, the Company
shall, and shall cause each other Loan Party to, comply with any Federal or state judicial or administrative order requiring the performance at any real property of any Loan Party of activities in response to the release or threatened release of a
Hazardous Substance. To the extent that the transportation of Hazardous Substances is permitted by this Agreement, the Company shall, and shall cause its Subsidiaries to, dispose of such Hazardous Substances, or of any other wastes, only at licensed
disposal facilities operating in compliance with Environmental Laws. 
 10.9      Further
Assurances.  Take, and cause each other Loan Party to take, such actions as are necessary or as the Administrative Agent or the Required Lenders may reasonably request from time to time to ensure that the Obligations of each Loan Party
under the Loan Documents are secured by substantially all of the Collateral and guaranteed by Wells Management Company, Inc. and the Company’s Subsidiaries, in each case as the Administrative Agent may determine, including the execution and
delivery of guaranties, security agreements, mortgages, deeds of trust, financing statements and other documents, and the filing or recording of any of the foregoing. 
 10.10    Deposit Accounts.  Unless the Administrative Agent otherwise consents in writing, in order to facilitate the Administrative Agent’s and the
Lenders’ maintenance and monitoring of their security interests in the Collateral, maintain a material portion of their deposit accounts with the Administrative Agent. 
 10.11    Syndication.  Enter into such modifications to the Loan Documents as the Administrative Agent may reasonably request as necessary for the initial
syndication of the Loans and the Commitments and, in the event such initial syndication shall prove to be impracticable in the Administrative Agent’s reasonable determination, such modifications (including adjustments to the LIBOR Margin) as
the Administrative Agent may reasonably request as necessary to make the syndication of the Loans and the Commitments reasonably practicable; provided, however, that the foregoing shall only apply with respect to Loans and Commitments in excess of
$25,000,000. 
 SECTION 11    NEGATIVE COVENANTS 
 Until the expiration or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents
are paid in full and all Letters of Credit have been terminated, the Company agrees that, unless at any time the Required Lenders shall otherwise expressly consent in writing, it will: 
 11.1      Debt.  Not, and not permit any other Loan Party to, create, incur, assume or
suffer to exist any Debt if the creation, incurrence, assumption or existence of any such Debt would (i) cause an Event of Default under Section 11.14 (without giving effect to the 30 day cure period provided for in
Section 13.1.5) or (ii) would cause a breach of the Company Portfolio Requirements. 
  

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 11.2      Liens.  Not, and not permit any
other Loan Party to, create or permit to exist any Lien on any of its real or personal properties, assets or rights of whatsoever nature (whether now owned or hereafter acquired), except: 
   (a)      Liens for taxes or other governmental charges not at the time delinquent or thereafter
payable without penalty or being contested in good faith by appropriate proceedings and, in each case, for which it maintains adequate reserves; 
   (b)       Liens arising in the ordinary course of business (such as (i) Liens of carriers, warehousemen, mechanics and materialmen and other similar Liens imposed by law
and (ii) Liens in the form of deposits or pledges incurred in connection with worker’s compensation, unemployment compensation and other types of social security (excluding Liens arising under ERISA) or in connection with surety bonds,
bids, performance bonds and similar obligations) for sums not overdue or being contested in good faith by appropriate proceedings and not involving any advances or borrowed money or the deferred purchase price of property or services and, in each
case, for which it maintains adequate reserves; 
   (c)       Liens described on
Schedule 11.2 as of the Closing Date; 
   (d)      (i) Liens arising in
connection with Capital Leases (and attaching only to the property being leased), (ii) Liens existing on property at the time of the acquisition thereof by any Loan Party (and not created in contemplation of such acquisition) and
(iii) Liens that constitute purchase money security interests on any property securing debt incurred for the purpose of financing all or any part of the cost of acquiring such property, provided that any such Lien attaches to such
property within 20 days of the acquisition thereof and attaches solely to the property so acquired; 
   (e)      attachments, appeal bonds, judgments and other similar Liens, for sums not exceeding $500,000 arising in connection with court proceedings, provided the execution or other
enforcement of such Liens is effectively stayed and the claims secured thereby are being actively contested in good faith and by appropriate proceedings; 
   (f)      easements, rights of way, restrictions, minor defects or irregularities in title and other similar Liens not interfering in any material respect with the ordinary
conduct of the business of any Loan Party; 
   (g)      Liens arising under the Loan
Documents; 
   (h)      Liens securing Debt incurred pursuant to
Section 11.1; 
  

 45 

 
provided that in no event shall any Lien arising under this Section 11.2 (other than Liens under the Loan Documents which secure the
Obligations) attach to any Borrowing Base Property or any other asset securing the repayment of the Obligations. 
 11.3      Intentionally Omitted. 
 11.4      Restricted Payments.  Not, and not permit any other Loan Party to, (a) make any distribution to any holders of its Capital Securities, (b) purchase or redeem any of its
Capital Securities, (c) pay any management fees or similar fees to any holders of its Capital Securities or any Affiliate thereof unless (1) such fees are paid in the ordinary course on terms and at rates that are as favorable as and that
reflect market terms and rates found in comparable arm’s-length transactions with Persons other than Affiliates and (2) such terms and rates are reasonably acceptable to the Administrative Agent; provided, that during the
continuance of an Event of Default, there shall be no increase in the amount or rate of any such fee, or (d) set aside funds for any of the foregoing. Notwithstanding the foregoing, (x) any Subsidiary may pay dividends or make other
distributions to the Company or to a domestic Wholly-Owned Subsidiary, and (y) the Company may make ordinary course distributions to holders of its Capital Securities so long as no Event of Default is outstanding, (ii) no Event of Default
has occurred during the two Fiscal Quarters immediately preceding the Fiscal Quarter in which such distribution is to be made (with the understanding that the Administrative Agent may waive the condition set forth in this clause in its sole
reasonable discretion upon the Company’s request for such a waiver), (iii) there is no outstanding breach of the Company Portfolio Requirements, and (iv) no Event of Default has occurred under Section 11.14 (without giving
effect to the 30 day cure period provided for in Section 13.1.5). 
 11.5      Mergers, Consolidations, Sales.  Not, and not permit any other Loan Party to, (a) be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially
all of the assets or any Capital Securities of any class of, or any partnership or joint venture interest in, any other Person, (b) sell, transfer, convey or lease all or any substantial part of its assets or Capital Securities (including the
sale of Capital Securities of any Subsidiary) except for sales of inventory in the ordinary course of business, or (c) sell or assign with or without recourse any receivables, except for (i) any such merger, consolidation, sale, transfer,
conveyance, lease or assignment of or by any Wholly-Owned Subsidiary into the Company or into any other domestic Wholly-Owned Subsidiary; (ii) any such purchase or other acquisition by the Company or any domestic Wholly-Owned Subsidiary of the
assets or Capital Securities of any Wholly-Owned Subsidiary. 
 11.6      Modification of
Organizational Documents.  Not permit the charter, by-laws or other organizational documents of any Loan Party to be amended or modified in any way which could reasonably be expected to materially adversely affect the interests of the
Lenders; not change, or allow any Loan Party to change, its state of formation or its organizational form. 
 11.7      Transactions with Affiliates.  Not, and not permit any other Loan Party to, enter into, or cause, suffer or permit to exist any transaction, arrangement or contract with any of its
other Affiliates (other than the Loan Parties) which is on terms which are less favorable than are obtainable from any Person which is not one of its Affiliates. 
  

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 11.8      Unconditional Purchase
Obligations.  Not, and not permit any other Loan Party to, enter into or be a party to any contract for the purchase of materials, supplies or other property or services if such contract requires that payment be made by it regardless
of whether delivery is ever made of such materials, supplies or other property or services. 
 11.9      Inconsistent Agreements.  Not, and not permit any other Loan Party to, enter into any agreement containing any provision which would (a) be violated or breached by any borrowing
by the Company hereunder or by the performance by any Loan Party of any of its Obligations hereunder or under any other Loan Document, (b) prohibit any Loan Party from granting to the Administrative Agent and the Lenders, a Lien on any of its
assets or (c) create or permit to exist or become effective any encumbrance or restriction on the ability of any Subsidiary to (i) pay dividends or make other distributions to the Company or any other Subsidiary, or pay any Debt owed to
the Company or any other Subsidiary, (ii) make loans or advances to any Loan Party or (iii) transfer any of its assets or properties to any Loan Party, other than (A) customary restrictions and conditions contained in agreements
relating to the sale of all or a substantial part of the assets of any Subsidiary pending such sale, provided that such restrictions and conditions apply only to the Subsidiary to be sold and such sale is permitted hereunder
(B) restrictions or conditions imposed by any agreement relating to purchase money Debt, Capital Leases and other secured Debt permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such
Debt and (C) customary provisions in leases and other contracts restricting the assignment thereof. 
 11.10    Business Activities.  Not, and not permit any other Loan Party to, engage in any line of business other than the businesses engaged in on the date hereof and businesses reasonably related
thereto. 
 11.11    Investments.  Not, and not permit any other Loan Party to, make or
permit to exist any Investment in any other Person, except the following: 
   (a)      contributions by the Company to the capital of any Wholly-Owned Subsidiary, or by any Subsidiary to the capital of any other domestic Wholly-Owned Subsidiary, so long as the recipient of
any such capital contribution has guaranteed the Obligations; 
   (b)      Investments constituting Debt permitted by Section 11.1; 
   (c)      Contingent Liabilities constituting Debt permitted by Section 11.1 or Liens permitted by Section 11.2; 
   (d)      Cash Equivalent Investments; 
   (e)      bank deposits in the ordinary course of business; 
   (f)      Investments listed on Schedule 11.11 as of the Closing Date. 
 provided that (x) any Investment which when made complies with the requirements of the definition of the term “Cash Equivalent
Investment” may continue to be held notwithstanding that such Investment if made thereafter would not comply with such requirements; (y) no 

  

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Investment otherwise permitted by clause (b) or shall be permitted to be made if, immediately before or after giving effect thereto, any Event of
Default or Unmatured Event of Default exists. 
 11.12    Intentionally Omitted. 
 11.13    Fiscal Year. Not change its Fiscal Year. 
 11.14    Financial Covenants. 
 11.14.1        Maximum Leverage Ratio.  As determined as of the last day of each of the Company’s Fiscal Quarters, beginning with the
Fiscal Quarter in which the Financial Covenant Start Date occurs, the Company and its Subsidiaries shall not permit the ratio (expressed as a percentage) of the aggregate outstanding principal amount of their Total Debt (including, without
limitation, the Obligations) to the sum of the Borrowing Base Asset Value and Corporate Asset Value in effect on such date to exceed 70%; provided, that the Company shall also be in compliance with this covenant on the Financial Covenant
Start Date immediately after giving effect to the Loans made on such date. 
 11.14.2        Minimum Net Operating Income to Interest Expense Ratio.  As determined as of the last day of each of its Fiscal Quarters, beginning with the Fiscal Quarter in which the
Financial Covenant Start Date occurs, the Company and its Subsidiaries shall not permit the ratio of (x) their Net Operating Income for the applicable Fiscal Quarter to (y) the aggregate of all interest, charges and similar expenses paid
by the Company and its Subsidiaries to a lender (including any Lender hereunder) during such Fiscal Quarter in connection with borrowed money or the deferred purchase price of assets that are treated as interest in accordance with GAAP, to be less
than (x) 1.35 to 1.00 during the period beginning on the Financial Covenant Start Date and ending on the twenty-four month anniversary thereof, and (y) 1.50 to 1.00 thereafter; provided, that the Company shall also be in compliance
with this covenant on the Financial Covenant Start Date immediately after giving effect to the Loans made on such date. 
 11.14.3        Minimum Fixed Charge Coverage Ratio.  As determined as of the last day of each of the Company’s Fiscal Quarters, beginning with the Fiscal Quarter in which the
Financial Covenant Start Date occurs, the Company and its Subsidiaries shall not permit the ratio of (x) Net Operating Income for the applicable Fiscal Quarter to (y) the sum of (i) the aggregate of all interest, charges and similar
expenses paid by the Company and its Subsidiaries to a lender (including any Lender hereunder) during such Fiscal Quarter in connection with borrowed money or the deferred purchase price of assets that are treated as interest in accordance with
GAAP, plus (ii) the aggregate amount of current maturities of that portion of Debt constituting principal during such Fiscal Quarter, plus (iii) all cash distributions made by the Company to the holders of its Capital Securities
during such Fiscal Quarter to be less than (x) 1.15 to 1.00 during the period beginning on the Financial Covenant Start Date and ending on the twenty-four month anniversary thereof, and (y) 1.30 to 1.00 thereafter; provided, that
the Company shall also be in compliance with this covenant on the Financial Covenant Start Date immediately after giving effect to the Loans made on such date. 
 11.14.4        Maximum Variable Rate Debt to Total Asset Value Ratio.  As determined as of the last day of each of the Company’s
Fiscal Quarters to occur during the period beginning on 

  

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the Financial Covenant Start Date and ending on the twelve month anniversary thereof, the Company and its Subsidiaries shall not permit the ratio (expressed
as a percentage) of Total Debt owing by the Company and its Subsidiaries during the applicable Fiscal Quarter which accrues interest at a variable (and not a fixed) rate of interest to the aggregate value, as determined in accordance with GAAP, of
the Company’s and its Subsidiaries’ assets (including, without limitation, all Real Property Assets and all assets included in the calculation of Corporate Asset Value) to exceed 30%; provided, however, that the principal
amount of the Revolving Loans and the principal amount of any Debt subject to a Hedging Agreement in form and substance acceptable to the Administrative Agent shall not be included in any calculation required under this Section 11.14.4.

 11.14.5            Limitation on
Investments.    The Company and its Subsidiaries shall not permit at any time on and after the Financial Covenant Start Date the aggregate amount of their respective investments in the following, taken as a whole, to exceed
30% of Corporate Asset Value, and shall not permit the aggregate amount of their respective investments in each of the following to exceed the amount set forth next to each such investment: (i) unimproved real property or real property that
does not constitute a Real Property Asset (may not exceed 10% of Corporate Asset Value); (ii) joint ventures not constituting Subsidiaries formed to engage in real estate activities permitted hereunder (may not exceed 15% of Corporate Asset
Value); (iii) real estate development projects (may not exceed 15% of Corporate Asset Value); and (iv) any other asset other than a Real Property Asset not described in clauses (i) through (iii) (may not exceed 5% of Corporate
Asset Value). 
 11.15     Cancellation of Debt.     Not, and not permit any
other Loan Party to, cancel any claim or debt owing to it. 
 SECTION 12    EFFECTIVENESS;
CONDITIONS OF LENDING, ETC. 
 The obligation of each Lender to make its Loans and of the Issuing Lender to issue Letters of
Credit is subject to the following conditions precedent: 
 12.1       Initial Credit
Extension.    The obligation of the Lenders to make the initial Loans and the obligation of the Issuing Lender to issue its initial Letter of Credit (whichever first occurs) is, in addition to the conditions precedent
specified in Section 12.2, subject to the conditions precedent that the Administrative Agent shall have received (i) evidence, reasonably satisfactory to the Administrative Agent, that the Company has received cash equity
contributions in an amount not less than $10,000,000, and (ii) all of the following, each duly executed and dated the Closing Date (or such earlier date as shall be satisfactory to the Administrative Agent), in form and substance satisfactory
to the Administrative Agent (and the date on which all such conditions precedent have been satisfied or waived in writing by the Administrative Agent and the Lenders is called the “Closing Date”): 
 12.1.1    Notes.  A Note for each Lender. 
 12.1.2    Authorization Documents.    For each Loan Party, such Person’s
(a) charter (or similar formation document), certified by the appropriate governmental authority; (b) good standing certificates in its state of incorporation (or formation) and in each other state requested 

  

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by the Administrative Agent; (c) bylaws (or similar governing document); (d) resolutions of its board of directors (or similar governing body)
approving and authorizing such Person’s execution, delivery and performance of the Loan Documents to which it is party and the transactions contemplated thereby; and (e) signature and incumbency certificates of its officers executing any
of the Loan Documents (it being understood that the Administrative Agent and each Lender may conclusively rely on each such certificate until formally advised by a like certificate of any changes therein), all certified by its secretary or an
assistant secretary (or similar officer) as being in full force and effect without modification. 
 12.1.3  Consents, etc.      Certified copies of all documents evidencing any necessary corporate or partnership action, consents and governmental approvals (if any) required for the execution,
delivery and performance by the Loan Parties of the documents referred to in this Section 12. 
 12.1.4  Intentionally Omitted. 
 12.1.5  Guaranty and Collateral
Agreement.  A counterpart of the Guaranty and Collateral Agreement executed by each Loan Party, together with all instruments, transfer powers and other items required to be delivered in connection therewith. 
 12.1.6  Intentionally Omitted. 
 12.1.7  Opinions of Counsel.    Opinions of counsel for each Loan Party, including local counsel reasonably requested by the Administrative Agent. 

12.1.8  Insurance.    Evidence of the existence of insurance required to be maintained pursuant
to Section 10.3(b), together with evidence that the Administrative Agent has been named as a lender’s loss payee and an additional insured on all related insurance policies. 
 12.1.9  Payment of Fees.    Evidence of payment by the Company of all accrued and unpaid fees, costs
and expenses to the extent then due and payable on the Closing Date, together with all Attorney Costs of the Administrative Agent to the extent invoiced prior to the Closing Date, plus such additional amounts of Attorney Costs as shall
constitute the Administrative Agent’s reasonable estimate of Attorney Costs incurred or to be incurred by the Administrative Agent through the closing proceedings (provided that such estimate shall not thereafter preclude final settling
of accounts between the Company and the Administrative Agent). 
 12.1.10              Search Results; Lien Terminations.      Certified copies of Uniform Commercial Code search reports dated a date
reasonably near to the Closing Date, listing all effective financing statements which name any Loan Party (under their present names and any previous names) as debtors, and any UCC termination statements required by the Administrative Agent.

 12.1.11              Filings, Registrations and
Recordings.    The Administrative Agent shall have received each document (including Uniform Commercial Code financing statements) required by the Collateral Documents or under law or reasonably requested by the
Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Lenders, a perfected Lien on the collateral described therein, prior to any other Liens (subject only to Liens
permitted pursuant to Section 11.2), in proper form for filing, registration or recording. 
  

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 12.1.12              Closing Certificate, Consents and Permits.    A certificate executed by an officer of the Company on behalf of the Company
certifying the matters set forth in Section 12.2.1 as of the Closing Date. 
 12.1.13              Other.    Such other documents as the Administrative Agent or any Lender may reasonably request. 
 12.2     Conditions.    The obligation (a) of each Lender to make each Loan and
(b) of the Issuing Lender to issue each Letter of Credit is subject to the following further conditions precedent that: 
 12.2.1  Compliance with Warranties, No Default, etc.    Both before and after giving effect to any borrowing and the issuance of any Letter of Credit, the following statements shall be true and correct:

    (a)      the representations and warranties of each Loan
Party set forth in this Agreement and the other Loan Documents shall be true and correct in all respects with the same effect as if then made (except to the extent stated to relate to a specific earlier date, in which case such representations and
warranties shall be true and correct as of such earlier date); 
    (b)      no Event of Default or Unmatured Event of Default shall have then occurred and be continuing; and 
    (c)      with respect to any Loan made on the Financial Covenant Start
Date, the Company is in pro forma compliance, to the Administrative Agent’s satisfaction, with the requirements of Section 11.14 after giving effect to the Loans made on such date, and the Company is in compliance with the Borrowing Base
Requirements. 
 12.2.2  Confirmatory Certificate.      If requested by the
Administrative Agent or any Lender, the Administrative Agent shall have received a certificate dated the date of such requested Loan or Letter of Credit and signed by a duly authorized representative of the Company as to the matters set out in
Section 12.2.1 (it being understood that each request by the Company for the making of a Loan or the issuance of a Letter of Credit shall be deemed to constitute a representation and warranty by the Company that the conditions precedent
set forth in Section 12.2.1 will be satisfied at the time of the making of such Loan or the issuance of such Letter of Credit), together with such other documents as the Administrative Agent or any Lender may reasonably request in
support thereof. 
 SECTION 13    EVENTS OF DEFAULT AND THEIR EFFECT. 
 13.1      Events of Default.    Each of the following shall constitute an Event
of Default under this Agreement: 
 13.1.1  Non-Payment of the Loans, etc.  Default in the payment
when due of the principal of any Loan; or default, and continuance thereof for five days, in the payment when due of any interest, fee, reimbursement obligation with respect to any Letter of Credit or other amount payable by the Company hereunder or
under any other Loan Document. 
  

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 13.1.2  Non-Payment of Other Debt.  Any default shall occur
and shall remain uncured or unremedied for five days thereafter under the terms applicable to any Debt of any Loan Party in an aggregate amount (for all such Debt so affected and including undrawn committed or available amounts and amounts owing to
all creditors under any combined or syndicated credit arrangement) exceeding $1,000,000 and such default shall (a) consist of the failure to pay such Debt when due, whether by acceleration or otherwise, or (b) accelerate the maturity of
such Debt or permit the holder or holders thereof, or any trustee or agent for such holder or holders, to cause such Debt to become due and payable (or require any Loan Party to purchase or redeem such Debt or post cash collateral in respect
thereof) prior to its expressed maturity. 
 13.1.3  Other Material
Obligations.    Default in the payment when due, or in the performance or observance of, any material obligation of, or condition agreed to by, any Loan Party with respect to any material purchase or lease of goods or
services where such default, singly or in the aggregate with all other such defaults, might reasonably be expected to have a Material Adverse Effect. 
 13.1.4  Bankruptcy, Insolvency, etc.    Any Loan Party becomes insolvent or generally fails to pay, or admits in writing its inability or refusal to pay, debts as they become due;
or any Loan Party applies for, consents to, or acquiesces in the appointment of a trustee, receiver or other custodian for such Loan Party or any property thereof, or makes a general assignment for the benefit of creditors; or, in the absence of
such application, consent or acquiescence, a trustee, receiver or other custodian is appointed for any Loan Party or for a substantial part of the property of any thereof and is not discharged within 90 days; or any bankruptcy, reorganization, debt
arrangement, or other case or proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding, is commenced in respect of any Loan Party, and if such case or proceeding is not commenced by such Loan Party, it is
consented to or acquiesced in by such Loan Party, or remains for 90 days undismissed; or any Loan Party takes any action to authorize, or in furtherance of, any of the foregoing. 
 13.1.5  Non-Compliance with Loan Documents.  (a) Failure by any Loan Party to comply with or to perform
any covenant set forth in Sections 10.1.5, 10.3(b) or 10.5 or Section 11 (other than Section 11.14); (b) failure by any Loan Party to comply with or to perform its obligations set forth in
Section 6.2.2(c)(ii) and continuance of such failure described in this clause (b) for 10 days; or (c) failure by any Loan Party to comply with or to perform any other provision of this Agreement (including
Section 11.14) or any other Loan Document (and not constituting an Event of Default under any other provision of this Section 13) and continuance of such failure described in this clause (c) for 30 days;
provided, however, that the breach of a Company Portfolio Requirement shall not at any time constitute an Event of Default. 
 13.1.6  Representations; Warranties. Any representation or warranty made by any Loan Party herein or any other Loan Document is breached or is false or misleading in any material respect, or any
schedule, certificate, financial statement, report, notice or other writing furnished 

  

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by any Loan Party to the Administrative Agent or any Lender in connection herewith is false or misleading in any material respect on the date as of which the
facts therein set forth are stated or certified. 
 13.1.7  Pension Plans.  (a) Any Person
institutes steps to terminate a Pension Plan if as a result of such termination the Company or any member of the Controlled Group could be required to make a contribution to such Pension Plan, or could incur a liability or obligation to such Pension
Plan, in excess of $100,000; (b) a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA; (c) the Unfunded Liability exceeds twenty percent of the Total Plan
Liability, or (d) there shall occur any withdrawal or partial withdrawal from a Multiemployer Pension Plan and the withdrawal liability (without unaccrued interest) to Multiemployer Pension Plans as a result of such withdrawal (including any
outstanding withdrawal liability that the Company or any member of the Controlled Group have incurred on the date of such withdrawal) exceeds $100,000. 
 13.1.8  Judgments.    Final judgments which exceed an aggregate of $100,000 shall be rendered against any Loan Party and shall not have been paid, discharged or vacated or had
execution thereof stayed pending appeal within 30 days after entry or filing of such judgments. 
 13.1.9  Invalidity of Collateral Documents, etc.  Any Collateral Document shall cease to be in full force and effect; or any Loan Party (or any Person by, through or on behalf of any Loan Party) shall contest in
any manner the validity, binding nature or enforceability of any Collateral Document. 
 13.1.10              Change of Control.  A Change of Control shall occur. 
 13.1.11              Material Adverse Effect.  The occurrence of any event having a Material Adverse Effect.

 13.2     Effect of Event of Default.    If any Event of Default
described in Section 13.1.4 shall occur in respect of the Company, the Commitments shall immediately terminate and the Loans and all other Obligations hereunder shall become immediately due and payable and the Company shall become
immediately obligated to Cash Collateralize all Letters of Credit, all without presentment, demand, protest or notice of any kind; and, if any other Event of Default shall occur and be continuing, the Administrative Agent may (and, upon the written
request of the Required Lenders shall) declare the Commitments to be terminated in whole or in part and/or declare all or any part of the Loans and all other Obligations hereunder to be due and payable and/or demand that the Company immediately Cash
Collateralize all or any Letters of Credit, whereupon the Commitments shall immediately terminate (or be reduced, as applicable) and/or the Loans and other Obligations hereunder shall become immediately due and payable (in whole or in part, as
applicable) and/or the Company shall immediately become obligated to Cash Collateralize the Letters of Credit (all or any, as applicable), all without presentment, demand, protest or notice of any kind. The Administrative Agent shall promptly advise
the Company of any such declaration, but failure to do so shall not impair the effect of such declaration. Any cash collateral delivered hereunder shall be held by the Administrative Agent (without liability for interest thereon) and applied to the
Obligations arising in connection with any drawing under a Letter of Credit. After the expiration or termination of all Letters of Credit, such cash 

  

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collateral shall be applied by the Administrative Agent to any remaining Obligations hereunder and any excess shall be delivered to the Company or as a court
of competent jurisdiction may elect. The Administrative Agent, at the Company’s expense, shall also be entitled to retain appraisers in form and substance acceptable to it to reappraise any or all of the Borrowing Base Properties and use the
Appraised Values resulting from such appraisals in its determination of the Company’s compliance with the terms and conditions of this Agreement and in furtherance of its exercise of rights and remedies under this Agreement and the other Loan
Documents. In addition to the foregoing, during the continuance of an Event of Default, the Borrower and its Subsidiaries shall not, without the Administrative Agent’s prior approval, materially modify or change their cash management
arrangements, which includes, without limitation, the movement of accounts or material amounts from existing cash management banks to new cash management banks. 
 SECTION 14  THE AGENT. 
 14.1     Appointment and Authorization.    Each Lender hereby irrevocably (subject to Section 14.10) appoints, designates and authorizes the Administrative Agent to take such
action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with
such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, the Administrative Agent shall not have any duty or responsibility except those
expressly set forth herein, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in other Loan Documents with
reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is
intended to create or reflect only an administrative relationship between independent contracting parties. 
 14.2     Issuing Lender.  The Issuing Lender shall act on behalf of the Lenders (according to their Pro Rata Shares) with respect to any Letters of Credit issued by it and the documents associated
therewith. The Issuing Lender shall have all of the benefits and immunities (a) provided to the Administrative Agent in this Section 14 with respect to any acts taken or omissions suffered by the Issuing Lender in connection with
Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such Letters of Credit as fully as if the term “Administrative Agent”, as used in this
Section 14, included the Issuing Lender with respect to such acts or omissions and (b) as additionally provided in this Agreement with respect to the Issuing Lender. 
 14.3     Delegation of Duties.    The Administrative Agent may execute any of its
duties under this Agreement or any other Loan Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The
Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. 
  

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 14.4      Exculpation of Administrative
Agent.  None of the Administrative Agent nor any of its directors, officers, employees or agents shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any
other Loan Document or the transactions contemplated hereby (except to the extent resulting from its own gross negligence or willful misconduct in connection with its duties expressly set forth herein as determined by a final, nonappealable judgment
by a court of competent jurisdiction), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation or warranty made by any Loan Party or Affiliate of the Company, or any officer thereof, contained
in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan
Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (or the creation, perfection or priority of any Lien or security interest therein), or for any failure of the Company
or any other party to any Loan Document to perform its Obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the
agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of the Company or any of the Company’s Subsidiaries or Affiliates. 
 14.5      Reliance by Administrative Agent.  The Administrative Agent shall be entitled to
rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice, consent, certificate, electronic mail message, affidavit, letter, telegram, facsimile, telex or telephone message,
statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the Company),
independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive
such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, confirmation from the Lenders of their obligation to indemnify the Administrative Agent against any and all liability and expense which may be
incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a
request or consent of the Required Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon each Lender. For purposes of determining compliance with the conditions specified in Section 12,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a
Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 
 14.6      Notice of Default.    The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Event of
Default or Unmatured Event of Default except with respect to defaults in the payment of principal, interest and fees required to be paid 

  

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to the Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have received written notice from a Lender or the Company
referring to this Agreement, describing such Event of Default or Unmatured Event of Default and stating that such notice is a “notice of default”. The Administrative Agent will notify the Lenders of its receipt of any such notice. The
Administrative Agent shall take such action with respect to such Event of Default or Unmatured Event of Default as may be requested by the Required Lenders in accordance with Section 13; provided that unless and until the
Administrative Agent has received any such request, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default or Unmatured Event of Default as it shall
deem advisable or in the best interest of the Lenders. 
 14.7      Credit
Decision.  Each Lender acknowledges that the Administrative Agent has not made any representation or warranty to it, and that no act by the Administrative Agent hereafter taken, including any consent and acceptance of any assignment or
review of the affairs of the Loan Parties, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender as to any matter, including whether the Administrative Agent has disclosed material information in its
possession. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties, and made its own decision to enter into this Agreement and to extend credit to the Company hereunder. Each
Lender also represents that it will, independently and without reliance upon the Administrative Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and
decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and
creditworthiness of the Company. Except for notices, reports and other documents expressly herein required to be furnished to the Lenders by the Administrative Agent, the Administrative Agent shall not have any duty or responsibility to provide any
Lender with any credit or other information concerning the business, prospects, operations, property, financial or other condition or creditworthiness of the Company which may come into the possession of the Administrative Agent. 
 14.8      Indemnification.    Whether or not the transactions contemplated
hereby are consummated, each Lender shall indemnify upon demand the Administrative Agent and its directors, officers, employees and agents (to the extent not reimbursed by or on behalf of the Company and without limiting the obligation of the
Company to do so), according to its applicable Pro Rata Share, from and against any and all Indemnified Liabilities (as hereinafter defined); provided that no Lender shall be liable for any payment to any such Person of any portion of the
Indemnified Liabilities to the extent determined by a final, nonappealable judgment by a court of competent jurisdiction to have resulted from the applicable Person’s own gross negligence or willful misconduct. No action taken in accordance
with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for
its ratable share of any costs or out-of-pocket expenses (including Attorney Costs and Taxes) incurred by the Administrative Agent in connection with 

  

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the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise)
of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses by or
on behalf of the Company. The undertaking in this Section shall survive repayment of the Loans, cancellation of the Notes, expiration or termination of the Letters of Credit, any foreclosure under, or modification, release or discharge of, any or
all of the Collateral Documents, termination of this Agreement and the resignation or replacement of the Administrative Agent. 
 14.9      Administrative Agent in Individual Capacity.  LaSalle and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests
in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Loan Parties and Affiliates as though LaSalle were not the Administrative Agent hereunder and without notice to or consent of any
Lender. Each Lender acknowledges that, pursuant to such activities, LaSalle or its Affiliates may receive information regarding the Company or its Affiliates (including information that may be subject to confidentiality obligations in favor of the
Company or such Affiliate) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. With respect to their Loans (if any), LaSalle and its Affiliates shall have the same rights and powers under
this Agreement as any other Lender and may exercise the same as though LaSalle were not the Administrative Agent, and the terms “Lender” and “Lenders” include LaSalle and its Affiliates, to the extent applicable, in their
individual capacities. 
 14.10    Successor Administrative Agent.    The
Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders. If the Administrative Agent resigns under this Agreement, the Required Lenders shall, with (so long as no Event of Default exists) the consent of the
Company (which shall not be unreasonably withheld or delayed), appoint from among the Lenders a successor agent for the Lenders. If no successor agent is appointed prior to the effective date of the resignation of the Administrative Agent, the
Administrative Agent may appoint, after consulting with the Lenders and the Company, a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights,
powers and duties of the retiring Administrative Agent and the term “Administrative Agent” shall mean such successor agent, and the retiring Administrative Agent’s appointment, powers and duties as Administrative Agent shall be
terminated. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Section 14 and Sections 15.5 and 15.16 shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was Administrative Agent under this Agreement. If no successor agent has accepted appointment as Administrative Agent by the date which is 30 days following a retiring Administrative Agent’s notice of
resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders
appoint a successor agent as provided for above. 
 14.11    Collateral Matters.  The
Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion, (a) to release any Lien granted to or held by the Administrative Agent under any Collateral Document (i) upon termination of the Commitments and
payment in 

  

 57 

 
full of all Loans and all other obligations of the Company hereunder and the expiration or termination of all Letters of Credit; (ii) constituting
property sold or to be sold or disposed of as part of or in connection with any disposition permitted hereunder; or (iii) subject to Section 15.1, if approved, authorized or ratified in writing by the Required Lenders; or
(b) to subordinate its interest in any Collateral to any holder of a Lien on such Collateral which is permitted by Section 11.2(d)(i) or (d)(iii). Upon request by the Administrative Agent at any time, the Lenders will confirm
in writing the Administrative Agent’s authority to release, or subordinate its interest in, particular types or items of Collateral pursuant to this Section 14.11. 
 14.12    Administrative Agent May File Proofs of Claim.  In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then
be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Company) shall be entitled and empowered, by intervention in such proceeding or otherwise:

       (a)        to file and prove a claim for the
whole amount of the principal and interest owing and unpaid in respect of the Loans, and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and
the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Sections 5, 15.5 and 15.17) allowed in such judicial proceedings; and 
       (b)        to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other
amounts due the Administrative Agent under Sections 5, 15.5 and 15.17. 
 Nothing contained herein shall
be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to
authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 
 14.13    Other Agents; Arrangers and Managers.  None of the Lenders or other Persons identified on the facing page or signature pages of this Agreement as a “syndication agent,”
“documentation agent,” “co-agent,” “book manager,” “lead manager,” “arranger,” “lead arranger” or “co-arranger”, if any, shall have any right, power, obligation, liability,
responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable to all 

  

 58 

 
Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary
relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 

SECTION 15    GENERAL. 
 15.1      Waiver; Amendments.  No delay on the part of the Administrative Agent or any Lender in the exercise of any right, power or remedy shall
operate as a waiver thereof, nor shall any single or partial exercise by any of them of any right, power or remedy preclude other or further exercise thereof, or the exercise of any other right, power or remedy. No amendment, modification or waiver
of, or consent with respect to, any provision of this Agreement or the other Loan Documents shall in any event be effective unless the same shall be in writing and acknowledged by Lenders having an aggregate Pro Rata Shares of not less than the
aggregate Pro Rata Shares expressly designated herein with respect thereto or, in the absence of such designation as to any provision of this Agreement, by the Required Lenders, and then any such amendment, modification, waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given. No amendment, modification, waiver or consent shall (a) extend or increase the Commitment of any Lender without the written consent of such Lender,
(b) extend the date scheduled for payment of any principal (excluding mandatory prepayments) of or interest on the Loans or any fees payable hereunder without the written consent of each Lender directly affected thereby, (c) reduce the
principal amount of any Loan, the rate of interest thereon or any fees payable hereunder, without the consent of each Lender directly affected thereby (except for periodic adjustments of interest rates and fees resulting from a change in the
Applicable Margin or other fee rates as provided for in this Agreement); or (d) release any party from its obligations under or all or any substantial part of the Collateral granted under the Guaranty and Collateral Agreement or any other
Collateral Document, change the definition of Required Lenders, any provision of this Section 15.1 or reduce the aggregate Pro Rata Share required to effect an amendment, modification, waiver or consent, without, in each case, the
written consent of all Lenders. No provision of Section 14 or other provision of this Agreement affecting the Administrative Agent in its capacity as such shall be amended, modified or waived without the consent of the Administrative
Agent. No provision of this Agreement relating to the rights or duties of the Issuing Lender in its capacity as such shall be amended, modified or waived without the consent of the Issuing Lender. 
 15.2      Confirmations.  The Company and each holder of a Note agree from time to time,
upon written request received by it from the other, to confirm to the other in writing (with a copy of each such confirmation to the Administrative Agent) the aggregate unpaid principal amount of the Loans then outstanding under such Note.

 15.3      Notices.    Except as otherwise provided in Sections
2.2.2 and 2.2.3, all notices hereunder shall be in writing (including facsimile transmission) and shall be sent to the applicable party at its address shown on Annex B or at such other address as such party may, by written notice
received by the other parties, have designated as its address for such purpose. Notices sent by facsimile transmission shall be deemed to have been given when sent; notices sent by mail shall be deemed to have been given three Business Days after
the date when sent by 

  

 59 

 
registered or certified mail, postage prepaid; and notices sent by hand delivery or overnight courier service shall be deemed to have been given when
received. For purposes of Sections 2.2.2 and 2.2.3, the Administrative Agent shall be entitled to rely on telephonic instructions from any person that the Administrative Agent in good faith believes is an authorized officer or employee
of the Company, and the Company shall hold the Administrative Agent and each other Lender harmless from any loss, cost or expense resulting from any such reliance. 
 15.4      Computations.  Where the character or amount of any asset or liability or item of income or expense is required to be determined, or any
consolidation or other accounting computation is required to be made, for the purpose of this Agreement, such determination or calculation shall, to the extent applicable and except as otherwise specified in this Agreement, be made in accordance
with GAAP, consistently applied; provided that if the Company notifies the Administrative Agent that the Company wishes to amend any covenant in Sections 10 or 11.14 (or any related definition) to eliminate or to take into
account the effect of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Company that the Required Lenders wish to amend Sections 10 or 11.14 (or any related definition) for such purpose),
then the Company’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant (or related definition)
is amended in a manner satisfactory to the Company and the Required Lenders. 
 15.5      Costs, Expenses and Taxes.    The Company agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent (including Attorney Costs and
any Taxes) in connection with the preparation, execution, syndication, delivery and administration (including perfection and protection of any Collateral and the costs of Intralinks (or other similar service), if applicable) of this Agreement, the
other Loan Documents and all other documents provided for herein or delivered or to be delivered hereunder or in connection herewith (including any amendment, supplement or waiver to any Loan Document), whether or not the transactions contemplated
hereby or thereby shall be consummated, and all reasonable out-of-pocket costs and expenses (including Attorney Costs and any Taxes) incurred by the Administrative Agent and each Lender after an Event of Default in connection with the collection of
the Obligations or the enforcement of this Agreement the other Loan Documents or any such other documents or during any workout, restructuring or negotiations in respect thereof. In addition, the Company agrees to pay, and to save the Administrative
Agent and the Lenders harmless from all liability for, any fees of the Company’s auditors in connection with any reasonable exercise by the Administrative Agent and the Lenders of their rights pursuant to Section 10.2. All
Obligations provided for in this Section 15.5 shall survive repayment of the Loans, cancellation of the Notes, expiration or termination of the Letters of Credit and termination of this Agreement. 
 15.6      Assignments; Participations. 
 15.6.1   Assignments.  (a) Any Lender may at any time assign to one or more Persons (any such
Person, an “Assignee”) all or any portion of such Lender’s Loans and Commitments, with the prior written consent of the Administrative Agent, the Issuing Lender (for an assignment of the Revolving Loans and the Revolving
Commitment) and, so long as no Event of Default exists, the Company (which consents shall not be unreasonably withheld or delayed and shall 

  

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not be required for an assignment by a Lender to a Lender or an Affiliate of a Lender). Except as the Administrative Agent may otherwise agree, any such
assignment shall be in a minimum aggregate amount equal to $5,000,000 or, if less, the remaining Commitment and Loans held by the assigning Lender. The Company and the Administrative Agent shall be entitled to continue to deal solely and directly
with such Lender in connection with the interests so assigned to an Assignee until the Administrative Agent shall have received and accepted an effective assignment agreement in substantially the form of Exhibit C hereto (an
“Assignment Agreement”) executed, delivered and fully completed by the applicable parties thereto and a processing fee of $5,000. No assignment may be made to any Person if at the time of such assignment the Company would be
obligated to pay any greater amount under Sections 7.6 or 8 to the Assignee than the Company is then obligated to pay to the assigning Lender under such Sections (and if any assignment is made in violation of the foregoing, the Company will
not be required to pay such greater amounts). Any attempted assignment not made in accordance with this Section 15.6.1 shall be treated as the sale of a participation under Section 15.6.2. The Company shall be deemed to have
granted its consent to any assignment requiring its consent hereunder unless the Company has expressly objected to such assignment within three Business Days after notice thereof. 
 (b)        From and after the date on which the conditions described above have been met,
(i) such Assignee shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to such Assignee pursuant to such Assignment Agreement, shall have the rights and
obligations of a Lender hereunder and (ii) the assigning Lender, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released from its rights (other than its
indemnification rights) and obligations hereunder. Upon the request of the Assignee (and, as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, the Company shall execute and deliver to the Administrative Agent for
delivery to the Assignee (and, as applicable, the assigning Lender) a Note in the principal amount of the Assignee’s Pro Rata Share of the Revolving Commitment (and, as applicable, a Note in the principal amount of the Pro Rata Share of the
Revolving Commitment retained by the assigning Lender). Each such Note shall be dated the effective date of such assignment. Upon receipt by the assigning Lender of such Note, the assigning Lender shall return to the Company any prior Note held by
it. 
 (c)        Any Lender may at any time pledge or assign a security interest in
all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a
security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 15.6.2  Participations.    Any Lender may at any time sell to one or more Persons participating
interests in its Loans, Commitments or other interests hereunder (any such Person, a “Participant”). In the event of a sale by a Lender of a participating interest to a Participant, (a) such Lender’s obligations hereunder
shall remain unchanged for all purposes, (b) the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations hereunder and (c) all amounts

  

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payable by the Company shall be determined as if such Lender had not sold such participation and shall be paid directly to such Lender. No Participant shall
have any direct or indirect voting rights hereunder except with respect to any event described in Section 15.1 expressly requiring the unanimous vote of all Lenders or, as applicable, all affected Lenders. Each Lender agrees to
incorporate the requirements of the preceding sentence into each participation agreement which such Lender enters into with any Participant. The Company agrees that if amounts outstanding under this Agreement are due and payable (as a result of
acceleration or otherwise), each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement and with respect to any Letter of Credit to the same extent as if the amount of
its participating interest were owing directly to it as a Lender under this Agreement; provided that such right of set-off shall be subject to the obligation of each Participant to share with the Lenders, and the Lenders agree to share with
each Participant, as provided in Section 7.5. The Company also agrees that each Participant shall be entitled to the benefits of Section 7.6 or 8 as if it were a Lender (provided that on the date of the
participation no Participant shall be entitled to any greater compensation pursuant to Section 7.6 or 8 than would have been paid to the participating Lender on such date if no participation had been sold and that each Participant
complies with Section 7.6(d) as if it were an Assignee). 
 15.7      Register.    The Administrative Agent shall maintain a copy of each Assignment Agreement delivered and accepted by it and register (the “Register”) for the
recordation of names and addresses of the Lenders and the Commitment of each Lender from time to time and whether such Lender is the original Lender or the Assignee. No assignment shall be effective unless and until the Assignment Agreement is
accepted and registered in the Register. All records of transfer of a Lender’s interest in the Register shall be conclusive, absent manifest error, as to the ownership of the interests in the Loans. The Administrative Agent shall not incur any
liability of any kind with respect to any Lender with respect to the maintenance of the Register. 
 15.8      GOVERNING LAW.  THIS AGREEMENT AND EACH NOTE SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF ILLINOIS APPLICABLE TO CONTRACTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 15.9      Confidentiality.    As required by federal law and the Administrative Agent’s policies and practices, the Administrative Agent may need to obtain, verify, and record
certain customer identification information and documentation in connection with opening or maintaining accounts, or establishing or continuing to provide services. The Administrative Agent and each Lender agree to use commercially reasonable
efforts (equivalent to the efforts the Administrative Agent or such Lender applies to maintain the confidentiality of its own confidential information) to maintain as confidential all information provided to them by any Loan Party and designated as
confidential, except that the Administrative Agent and each Lender may disclose such information (a) to Persons employed or engaged by the Administrative Agent or such Lender in evaluating, approving, structuring or administering the Loans and
the Commitments; (b) to any assignee or participant or potential assignee or participant that has agreed to comply with the covenant contained in this Section 15.9 (and any such assignee or participant or potential assignee or
participant may disclose such information to Persons employed or engaged by them as described in clause (a) above); (c) as 

  

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required or requested by any federal or state regulatory authority or examiner, or any insurance industry association, or as reasonably believed by the
Administrative Agent or such Lender to be compelled by any court decree, subpoena or legal or administrative order or process; (d) as, on the advice of the Administrative Agent’s or such Lender’s counsel, is required by law;
(e) in connection with the exercise of any right or remedy under the Loan Documents or in connection with any litigation to which the Administrative Agent or such Lender is a party; (f) to any nationally recognized rating agency that
requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender; (g) to any Affiliate of the Administrative Agent, the Issuing Lender or any other Lender who may provide
Bank Products to the Loan Parties; or (h) that ceases to be confidential through no fault of the Administrative Agent or any Lender. Notwithstanding the foregoing, the Company consents to the publication by the Administrative Agent or any
Lender of a tombstone or similar advertising material relating to the financing transactions contemplated by this Agreement, and the Administrative Agent reserves the right to provide to industry trade organizations information necessary and
customary for inclusion in league table measurements. 
 15.10    Severability.    Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this
Agreement. All obligations of the Company and rights of the Administrative Agent and the Lenders expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by applicable law. 
 15.11    Nature of Remedies.    All Obligations of the Company and rights of the
Administrative Agent and the Lenders expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by applicable law. No failure to exercise and no delay in exercising, on the part of the
Administrative Agent or any Lender, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. 
 15.12    Entire
Agreement.  This Agreement, together with the other Loan Documents, embodies the entire agreement and understanding among the parties hereto and supersedes all prior or contemporaneous agreements and understandings of such Persons,
verbal or written, relating to the subject matter hereof and thereof (except as relates to the fees described in Section 5.3) and any prior arrangements made with respect to the payment by the Company of (or any indemnification for) any
fees, costs or expenses payable to or incurred (or to be incurred) by or on behalf of the Administrative Agent or the Lenders. 
 15.13    Counterparts.  This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts and each such counterpart shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same Agreement. Receipt of an executed signature page to this Agreement by facsimile or other electronic transmission shall constitute effective delivery thereof.
Electronic records of executed Loan Documents maintained by the Lenders shall deemed to be originals. 
  

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 15.14    Successors and Assigns.  This Agreement
shall be binding upon the Company, the Lenders and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of the Company, the Lenders and the Administrative Agent and the successors and assigns of the
Lenders and the Administrative Agent. No other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. The Company may
not assign or transfer any of its rights or Obligations under this Agreement without the prior written consent of the Administrative Agent and each Lender. 
 15.15    Captions.  Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement. 
 15.16    Customer Identification - USA Patriot Act Notice.  Each Lender and LaSalle (for itself and
not on behalf of any other parry) hereby notifies the Loan Parties that, pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56, signed into law October 26, 2001 (the “Act”), it is required to obtain, verify
and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender or LaSalle, as applicable, to identify the Loan Parties in accordance with
the Act. 
 15.17    INDEMNIFICATION BY THE COMPANY.  IN CONSIDERATION OF THE
EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE ADMINISTRATIVE AGENT AND THE LENDERS AND THE AGREEMENT TO EXTEND THE COMMITMENTS PROVIDED HEREUNDER, THE COMPANY HEREBY AGREES TO INDEMNIFY, EXONERATE AND HOLD THE ADMINISTRATIVE AGENT, EACH LENDER AND
EACH OF THE OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES AND AGENTS OF THE ADMINISTRATIVE AGENT AND EACH LENDER (EACH A “LENDER PARTY”) FREE AND HARMLESS FROM AND AGAINST ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, LOSSES, LIABILITIES,
DAMAGES AND EXPENSES, INCLUDING ATTORNEY COSTS (COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”), INCURRED BY THE LENDER PARTIES OR ANY OF THEM AS A RESULT OF, OR ARISING OUT OF, OR RELATING TO (A) ANY TENDER OFFER, MERGER, PURCHASE OF
CAPITAL SECURITIES, PURCHASE OF ASSETS OR OTHER SIMILAR TRANSACTION FINANCED OR PROPOSED TO BE FINANCED IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, WITH THE PROCEEDS OF ANY OF THE LOANS, (B) THE USE, HANDLING, RELEASE, EMISSION, DISCHARGE,
TRANSPORTATION, STORAGE, TREATMENT OR DISPOSAL OF ANY HAZARDOUS SUBSTANCE AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY, (C) ANY VIOLATION OF ANY ENVIRONMENTAL LAWS WITH RESPECT TO CONDITIONS AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN
PARTY OR THE OPERATIONS CONDUCTED THEREON, (D) THE INVESTIGATION, CLEANUP OR REMEDIATION OF OFFSITE LOCATIONS AT WHICH ANY LOAN PARTY OR THEIR RESPECTIVE PREDECESSORS ARE ALLEGED TO HAVE DIRECTLY OR INDIRECTLY DISPOSED OF HAZARDOUS SUBSTANCES
OR (E) THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT OR ANY 

  

 64 

 
OTHER LOAN DOCUMENT BY ANY OF THE LENDER PARTIES, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF THE APPLICABLE LENDER PARTY’S
GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY A FINAL, NONAPPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION. IF AND TO THE EXTENT THAT THE FOREGOING UNDERTAKING MAY BE UNENFORCEABLE FOR ANY REASON, THE COMPANY HEREBY AGREES TO MAKE
THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND SATISFACTION OF EACH OF THE INDEMNIFIED LIABILITIES WHICH IS PERMISSIBLE UNDER APPLICABLE LAW. ALL OBLIGATIONS PROVIDED FOR IN THIS SECTION 15.17 SHALL SURVIVE REPAYMENT OF THE LOANS,
CANCELLATION OF THE NOTES, EXPIRATION OR TERMINATION OF THE LETTERS OF CREDIT, ANY FORECLOSURE UNDER, OR ANY MODIFICATION, RELEASE OR DISCHARGE OF, ANY OR ALL OF THE COLLATERAL DOCUMENTS AND TERMINATION OF THIS AGREEMENT. 
 15.18    Nonliability of Lenders.  The relationship between the Company on the one hand and the
Lenders and the Administrative Agent on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Loan Party arising out of or in connection with
this Agreement or any of the other Loan Documents, and the relationship between the Loan Parties, on the one hand, and the Administrative Agent and the Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and
creditor. Neither the Administrative Agent nor any Lender undertakes any responsibility to any Loan Party to review or inform any Loan Party of any matter in connection with any phase of any Loan Party’s business or operations. The Company
agrees, on behalf of itself and each other Loan Party, that neither the Administrative Agent nor any Lender shall have liability to any Loan Parry (whether sounding in tort, contract or otherwise) for losses suffered by any Loan Party in connection
with, arising out of, or in any way related to the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable
judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. NO LENDER PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY OTHERS OF
ANY INFORMATION OR OTHER MATERIALS OBTAINED THROUGH INTRALINKS OR OTHER SIMILAR INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH THIS AGREEMENT, NOR SHALL ANY LENDER PARTY HAVE ANY LIABILITY WITH RESPECT TO, AND THE COMPANY ON BEHALF OF ITSELF
AND EACH OTHER LOAN PARTY, HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR ANY SPECIAL, PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ARISING OUT OF ITS ACTIVITIES IN CONNECTION
HEREWITH OR THEREWITH (WHETHER BEFORE OR AFTER THE CLOSING DATE). The Company acknowledges that it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party. No
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Loan Parties and the Lenders 
  

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 15.19    FORUM SELECTION AND CONSENT TO
JURISDICTION.    ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF ILLINOIS OR IN
THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE ADMINISTRATIVE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER
JURISDICTION. THE COMPANY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF ILLINOIS AND OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET
FORTH ABOVE. THE COMPANY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF ILLINOIS. THE COMPANY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 15.20    WAIVER OF JURY TRIAL.    EACH OF THE COMPANY, THE
ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT
DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY. 
 [signature pages follow] 
  

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 The parties hereto have caused this Agreement to be duly executed and delivered by their
duly authorized officers as of the date first set forth above. 
  

							
		 	 WELLS MID-HORIZON VALUE-ADDED FUND I, LLC,

		 	 a Georgia limited liability company

				
		 	 By:
	 	 Wells Investment Management Company, LLC,
 Its Manager
	 	
		
		 	 

  
  
 Signature Page to 
 Credit Agreement 

					
		 	 LASALLE BANK NATIONAL ASSOCIATION, as
 Administrative Agent, as Issuing Lender and as a Lender

		
		 	 By: /s/ Kathryn Schad, Vice President

		 	 Name: Kathryn Schad

		 	 Title: Vice President

  
  
 Signature Page to 
 Credit Agreement 

 ANNEX A 
 LENDERS AND PRO RATA SHARES 
  

					
	Lender	  	Revolving	  	Pro Rata Share
	 	  	 Commitment
 Amount
	  	 
	 	  	 	  	 
	 	  	 	  	 
	 LaSalle Bank
 National Association
	  	$25,000,000	  	100%
	 	  	 	  	 
	TOTALS	  	$25,000,000	  	100%
	 	  	 	  	 

 FIRST CONSOLIDATED AMENDATORY AGREEMENT 
 This First Consolidated Amendatory Agreement (“Amendment”) is made and entered into as of November 21, 2008,
by and between WELLS MID-HORIZON VALUE -ADDED FUND I, LLC, a Georgia limited liability company, whose address is 6200 The Corners Parkway, Suite 250, Norcross, California 30092 (“Borrower”), and BANK OF AMERICA, N.A.,
a national banking association (as successor by merger to LaSalle Bank National Association), whose place of business is Bank of America Plaza, Suite 600, 600 Peachtree Street, N.E., Atlanta, Georgia 30308, Attn: Commercial Real Estate Banking
(“Administrative Agent”); 
 W I T N E S S E T H :

 WHEREAS, Administrative Agent, certain other financial institutions from time to time party thereto
(“Lenders”), and Borrower, have entered into that certain Credit Agreement dated as of June 30, 2006 (as it may hereafter be modified, supplemented, restated, extended, or renewed and in effect from time to time, the
“Credit Agreement”), which Credit Agreement sets forth the terms and conditions of a loan from Administrative Agent and Lenders to Borrower in an amount up to Twenty-Five Million and No/100 Dollars ($25,000,000.00) (the
“Loan”); 
 WHEREAS, the Loan is evidenced by that certain Note dated as of June 30, 2006 and,
potentially, certain additional Notes upon and of such other date that any additional financial institution becomes a Lender under the Credit Agreement, executed by Borrower and payable to the order of each Lender in the aggregate principal face
amount of Twenty-Five Million and No/100 Dollars ($25,000,000.00) (such notes, as they may hereafter be renewed, extended, supplemented, increased or modified in effect from time to time, and all other notes given in substitution thereof, or in
modification, renewal or extension thereof, in whole or in part, are hereinafter collectively called the “Note”); 
 WHEREAS, to secure, inter alia, the Loan, Borrower or one or more of its Subsidiaries (as defined in the Credit Agreement) has made, executed, and delivered to Administrative Agent for the benefit of Lenders one or more
mortgages, deeds of trust, leasehold mortgages or similar security instruments granting Administrative Agent a lien on certain real property owned, directly or indirectly, by Borrower or such Subsidiary (each such security instrument, as so amended,
and as it may hereafter be renewed, extended, supplemented, increased or modified and in effect from time to time, and all other security instruments given in substitution thereof, or in modification, renewal or extension thereof, in whole or in
part, is herein called the “Mortgage”); 
 WHEREAS, Borrower has requested that Administrative Agent and
Lenders permanently waive certain financial covenants under the Credit Agreement; and 
 WHEREAS, Administrative Agent and
Lenders have agreed to amend the Credit Agreement and the other Loan Documents as hereinafter provided. 
 NOW, THEREFORE, in
consideration of the premises, the mutual covenants contained herein, and the sum of Ten and No/100 Dollars ($10.00), paid in hand by each party to the other, the receipt, adequacy and sufficiency of all of which are hereby acknowledged, the parties
agree as follows: 
 1.        Amendment of Credit Agreement.  The
Credit Agreement is hereby amended as follows: 
     (a)        The definition of “Company Portfolio Requirements” set forth in Section 1.1 of the Credit Agreement is hereby deleted in its entirety
and replaced with the following: 
 Company Portfolio Requirements means on any date at least
(x) for the period beginning on the Financial Covenant Start Date and ending on the twelve month anniversary thereof, 65%, and (y) thereafter, 75%, of the Real Property Assets taken as a whole are subject to rental or lease arrangements
with tenants or lessees, with occupancy being determined on a weighted average basis for all of the Borrowing Base Properties.” 
  

 2 

 (b)        The definition of “Borrowing
Base Property Conditions” set forth in Section 1.1 of the Credit Agreement is hereby amended to add the following additional condition: 
     (iv) “unless otherwise approved by Administrative Agent, in its sole and absolute discretion, such Real Property Asset is not located within any metropolitan
statistical area in which any other Borrowing Base Property is located or occupied by the existing tenant base represented by any other Borrowing Base Property.” 
 (c)        The definition of “Applicable Margin” set forth in Section 1.1 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following: 
 “Applicable Margin means; for any day when
determining the LIBOR Margin or the L/C Fee Rate, a rate per annum equal to two hundred twenty-five (225) basis points.” 
 (d)        From and after the date hereof, all written notices to be made to Administrative Agent, Issuing Lender, or “LaSalle” in accordance with Section 15.3 of the Credit Agreement
or elsewhere in the Loan Documents shall be made to the following address: 
 Bank of America, N.A.

 Commercial Real Estate Banking 
 GA1-006-06-25 
 600 Peachtree Street, N.E. 
 Atlanta, Georgia 30308

 Attn: Lissette Rivera-Pauley 
 Telephone: 404-607-4179 
 Facsimile: 404-607-4145 
 2.        Amendment of Loan Documents. The Loan Documents are further amended hereby such that (a) all references therein to “LaSalle”, “Administrative Agent”, or
“Issuing Lender” shall be deemed to refer to “Bank of America, N.A., a national banking association (as successor by merger to LaSalle Bank National Association)”; and (b) all references therein to the “Note”, the
“Credit Agreement”, the “Mortgage”, and the “Loan Documents” shall be deemed to include all amendments and modifications thereto (including, without limitation, this Amendment), as may now exist or as may be hereafter
executed by Borrower and Administrative Agent. 
 3.        Counterparts. This
Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall
constitute but one and the same instrument; and any signature page from any such counterpart or any electronic facsimile thereof may be attached or appended to any other counterpart to complete a fully executed counterpart of this Agreement and any
telecopy or other facsimile transmission of any signature shall be deemed an original and shall bind such party. 
 1990020 

 WELLS MID-HORIZON VALUE ADDED FUND I 
 FIRST CONSOLIDATED AMENDATORY AGREEMENT 
 PAGE 2 

 4.        Costs and
Expenses.  Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of Administrative Agent and Lenders in connection with the preparation, execution, delivery and enforcement of this Amendment, and any other
transactions contemplated hereby, including, without limitation, the reasonable fees and out-of-pocket expenses of legal counsel to Administrative Agent and Lenders, and Borrower agrees to take such further action as Administrative Agent shall
reasonably request in connection herewith to evidence the amendments herein contained to the Loan Documents. 
 5.        Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of Illinois. 
 6.        Binding; Successors and Assigns.  This Amendment shall be binding upon
and inure to the benefit of the successors and permitted assigns of the parties hereto. 
 7.        Ratification.  The Loan Documents, as herein amended, remain in full force and effect in accordance with their respective terms, and Borrower and Administrative Agent hereby
ratify and affirm the same. Borrower acknowledges that it is fully obligated under the terms of the Loan Documents, that, it has no offsets or defenses with respect to its obligations thereunder, and that it has no claims or counterclaims against
Administrative Agent or any of the Lenders, whether related to the Loan or otherwise. 
 8.        No Novation.  Borrower, Administrative Agent, and Lenders hereby agree that nothing herein or in the other Loan Documents, as modified hereby, shall in any way waive
Administrative Agent’s or Lenders’ rights, powers or remedies under the Loan Documents; (ii) shall in any way limit, impair or prejudice Administrative Agent or Lenders from exercising any past, present or future right, power or
remedy from and after the date hereof under the Loan Documents; and (iii) shall not constitute or be deemed to be a novation of the indebtedness evidenced and secured by the Loan Documents. 
 9.        Incorporation of Recitals.  The recitals set forth at the beginning of
this Amendment are confirmed by the parties as true and correct and are incorporated herein by reference. The recitals are a substantive, contractual part of this Amendment. 
 10.      Conditions Precedent.  The conditions precedent to the effectiveness of this Amendment and the closing the loan modification contemplated
by this Amendment are set forth in that certain Closing Requirements and Checklist - Loan Modification, which lists items required by Administrative Agent for the closing of said modification of the Loan. 
 [Remainder of page intentionally left blank] 
 1990020 
 WELLS MID-HORIZON VALUE ADDED FUND I 
 FIRST CONSOLIDATED AMENDATORY AGREEMENT 
 PAGE 3

 IN WITNESS WHEREOF, Borrower and Administrative Agent have executed and sealed this
Amendment as of the day and year first above written. 
  

			
	 BORROWER:

	
	 WELLS MID-HORIZON VALUE-ADDED FUND I, LLC, a Georgia limited liability company

		
	 By:
	 	 Wells Investment Management Company, LLC, its Manager

		
		 	 

 [Signatures continued on following page] 
  
  
 3990020 
 WELLS MID-HORIZON VALUE ADDED FUND I 
 FIRST CONSOLIDATED AMENDATORY AGREEMENT 
 BORROWER SIGNATURE PAGE

 [Signatures continued from previous page] 
  

	
	 ADMINISTRATIVE AGENT:

	
	 BANK OF AMERICA, N.A., a national banking association (as successor by merger to LaSalle Bank National Association), as Administrative Agent

	
	 

	
	 [BANK SEAL]

 [Signatures continued on following page] 
  
  
 1990020 
 WELLS MID-HORIZON VALUE ADDED FUND I 
 FIRST CONSOLIDATED AMENDATORY AGREEMENT 
 ADMINISTRATIVE AGENT
SIGNATURE PAGE 

 The undersigned is the sole “Lender” under the Credit Agreement and pursuant to
Section 15.1 of the Credit Agreement hereby consents to the foregoing Amendment. 
 Executed under seal as of the date
of the Amendment. 
  

	
	 LENDER:

	
	 BANK OF AMERICA, N.A., a national banking association (as successor by merger to LaSalle Bank National Association), as Lender

	
	 

	
	         [BANK SEAL]

  
  
 1990020 
 WELLS MID-HORIZON VALUE ADDED FUND I 

FIRST CONSOLIDATED AMENDATORY AGREEMENT. 
 LENDER SIGNATURE PAGE

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