Document:

Exhibit

        10.1

    

     

    EXECUTION VERSION

     

    LIMITED LIABILITY COMPANY AGREEMENT 

     

    OF

     

    WOODBRIDGE WIND-DOWN ENTITY LLC

     

    This Limited Liability Company Agreement (this “Agreement”) of Woodbridge Wind-Down Entity LLC, a Delaware limited liability company (the “Company”), is entered into as of this 15th day of February, 2019, by the Company’s sole member, Woodbridge Liquidation Trust (the “Member”), pursuant to and in accordance with the Delaware Limited
      Liability Company Act, 6 Del. C. § 18-101, et seq. (as amended, the “Act”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in that
      certain First Amended Joint Chapter 11 Plan of Liquidation of Woodbridge Group of Companies, LLC and Its Affiliated Debtors dated August 22, 2018 (as it may be amended, modified, supplemented or restated from
      time to time, the “Plan”).

     

    1.          Name. The name of the limited liability company governed hereby is Woodbridge Wind-Down Entity LLC.

     

    2.         Certificates; Fees and Expenses. The Member or any Officer (as defined below) shall execute, deliver and
        file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct business. The Member hereby ratifies and approves all
        actions taken by the Company, any authorized person, any Manager (as defined below) or any Officer in connection with the formation of the Company prior to this Agreement. All fees and expenses incurred with respect to the organization, operation
        and management of the Company shall be borne by the Company.

     

    3.          Purpose. The purpose of the Company shall be (a) to accept, hold, administer and distribute the Wind-Down
        Assets in accordance with the provisions of the Plan and this Agreement; (b) to engage in such other activities and businesses that are necessary and/or incidental to the foregoing; and (c) consistent with the purpose of the Liquidation Trust as
        set forth in Section 5.4.4 of the Plan.

     

    4.         Powers; Title to Property. The Company shall have the power to do any and all acts reasonably necessary,
        appropriate, proper, advisable, incidental or convenient to or for the furtherance of the purpose and business described herein and for the protection and benefit of the Company. All property owned by the Company shall be owned by the Company as an
        entity and the Member shall not have any ownership interest in such property in its individual name, and the Member’s interest in the Company shall be personal property for all purposes. The Company shall hold title to all of its property in the
        name of the Company and not in the name of the Member.

     

    5.          Principal Business Office. The principal place of business and office of the Company shall be located, and
        the Company’s business shall be conducted from, such place or places as may hereafter be determined by the Board (as defined below).

    
      
        
 

    

    
    6.          Registered Agent. The registered office of the Company required by the Act to be maintained in the State of
        Delaware shall be the office of the initial registered agent named in the Certificate of Formation of the Company or such other office (which need not be a place of business of the Company) as the Member may designate from time to time in the
        manner provided by the Act. The registered agent of the Company in the State of Delaware shall be the initial registered agent named in the Certificate of Formation of the Company or such other Person as the Member may designate from time to time
        in the manner provided by the Act.

     

    7.          Term. The term of the Company commenced on the date of filing of the Certificate of Formation of the Company
        in accordance with the Act and shall continue until the dissolution of the Company in accordance with Section 17.

     

    8.         Limited Liability. Except as otherwise provided by the Act, the debts, obligations and liabilities of the
        Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and none of the Member, any Manager, any Officer or any employee or agent of the Company shall be obligated personally
        for any such debt, obligation or liability of the Company solely by reason of acting in such capacity.

     

    9.          Members. The Member was deemed admitted as a member of the Company upon its execution and delivery of this
        Agreement. The Member will at all times be the sole and exclusive owner of the Company, and the Company will not issue any equity interests to any other Person.

     

    10.        Additional Contributions. The Member is not required to make additional capital contributions to the
        Company.

     

    11.        Profits and Losses. The Member shall treat all items of income, gain, loss, deduction and credit of the
        Company as its own.

     

    12.        Distributions. Distributions of cash or other assets of the Company shall be made as and when determined by
        the Board in its sole discretion; provided, however, that commencing on the first Business Day that is no later than thirty (30) calendar days after the quarter-end of the first full calendar quarter
        following the Effective Date and continuing on the first Business Day that is no later than thirty (30) calendar days after each calendar quarter-end thereafter, the Company shall remit to the Member as of such quarter-end any Cash in excess of its
        budgeted reserve for ongoing operations, other anticipated Wind-Down Expenses and its other Plan obligations.

     

    13.        Wind-Down Board.

     

    (a)        Except as otherwise expressly provided herein, management of the Company shall be vested in a board of managers of
        the Company (the “Board”; and each member of the Board, a “Manager”) comprised of (x) the CEO (as defined below) and (y) two (2) other natural persons, both of whom shall be appointed by the Member. The Board shall have the power to
        do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, to effectuate and carry out the purposes and business of the Company. To the extent of
        their powers set forth herein, the Board is an agent of the Company for the purpose of the Company’s business and affairs, and the actions of the Board taken in accordance with such powers set forth herein shall bind the Company. Notwithstanding
        the last sentence of Section 18-402 of the Act, except as set forth in a duly adopted resolution of the Board that is not inconsistent with this Agreement and the Plan, no individual Manager, in his or her capacity as such, shall have any authority
        to bind the Company. The initial Managers shall be as set forth on Schedule A.

    
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    (b)        Managers shall serve until they resign, die, become incapacitated or are removed. Any Manager may resign as such at
        any time upon giving not less than thirty (30) calendar days’ prior notice thereof to the other members of the Board. Any Manager may be removed as such with Cause (as defined below) by the Member at any time. Any vacancy occurring on the Board may
        be filled by the Member and shall remain vacant until so filled. For purposes of this Agreement, “Cause” means, with respect to any Manager, (i) the embezzlement, misappropriation of any property or other asset of the Company; (ii) the
        commission of, or the entering of a plea of nolo contendere or guilty with respect to, any felony whatsoever or any misdemeanor involving moral turpitude; or (iii) any willful and material breach of the terms of this Agreement or the terms of the
        Plan applicable to such Manager.

     

    (c)        A majority of the then serving Managers shall constitute a quorum for the transaction of business of the Board at a
        meeting of the Board and the act of a majority of the Managers present at a meeting of the Board at which a quorum is present shall be the act of the Board. Each Manager shall have one vote on all such matters. A Manager who is present at a duly
        called meeting of the Board at which action on any matter is taken shall be presumed to have assented to the action unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with
        the person acting as Secretary of the meeting before the adjournment thereof or shall deliver such dissent to the Company immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Manager who voted in favor of
        such action. Meetings of the Board may be held at such place or places as shall be determined from time to time by resolution of the Board. At all meetings of the Board, business shall be transacted in such order as shall from time to time be
        determined by resolution of the Board. Attendance of a Manager at a meeting shall constitute a waiver of notice of such meeting, except where a Manager attends a meeting for the express purpose of objecting to the transaction of any business on the
        ground that the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board need be specified in any waiver of notice.

     

    

    (d)        Regular meetings of the Board, if any, shall be held without notice at such times and places as shall be designated
        from time to time by resolution of the Board. Special meetings of the Board, if any, may be called by any Manager on at least twenty-four (24) hours’ notice to each Manager. Such notice to the Managers need not state the purpose or purposes of, or
        the business to be transacted at, such meeting, except as may be otherwise required by the Act. The Managers may participate in and hold a meeting of the Board by means of a conference telephone or similar communications equipment by means of which
        all persons participating in the meeting can hear each other, and participation in such meeting shall constitute attendance and presence in person at such meeting.

      
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      (e)        Any action permitted or required by the Act or this Agreement to be taken at a meeting of the Board may be taken without a meeting if a consent in writing
          (including electronically), setting forth the action to be taken, is provided to each Manager and signed (or clearly indicated electronically) by each member of the Board. Such consent shall have the same force and effect as a vote at a meeting
          and may be stated as such in any document or instrument filed with the Secretary of State of the State of Delaware, and the execution of such consent shall constitute attendance or presence in person at a meeting of the Board. Such consent shall
          be filed with the minutes of the proceedings of the Board.

    

    

    

    (f)        Subject to applicable withholding requirements, the compensation of each Manager (other than the CEO) for his or
        her service on the Board will be $20,000 per month for each calendar month of service during the first year after the Effective Date and $15,000 per month for each calendar month of service after the first year after the Effective Date. The Company
        shall also reimburse each Manager in respect of all actual, reasonable and documented out-of-pocket costs and expenses incurred by such Manager in accordance with Company policies.

     

    (g)        Managers, in the performance of their duties as such, shall owe to the Company and its Members duties of loyalty
        and due care of the type owed by the directors of a corporation to such corporation and its stockholders under the laws of the State of Delaware.

     

    14.        Officers.

     

    (a)        The Board may, from time to time, designate and appoint one or more natural persons as an officer of the Company
        (each, an “Officer”). No Officer need be a resident of the State of Delaware, a Member or a Manager. Any Officers so designated shall have such authority and perform such duties as the Board may, from time to time, delegate to them. The
        Board may assign titles to particular Officers. Unless the Board otherwise decides and except as may otherwise be provided in any applicable written employment agreement, if the title is one commonly used for officers of a business corporation, the
        assignment of such title shall constitute the delegation to such Officer of the authority and duties that are normally associated with that office, subject to Section 14(d) and any other specific delegation of authority and duties made to such
        Officer by the Board. Each Officer shall hold office until such Officer’s successor shall be duly designated and qualified or until such Officer’s earlier death or earlier resignation or removal in the manner hereinafter provided. Any number of
        offices may be held by the same individual. The salaries or other compensation, if any, of the Officers and agents of the Company shall be fixed from time to time by the Board in accordance with the Plan. The Board hereby designates Frederick Chin
        to hold the office of “Chief Executive Officer” as of the Effective Date (the “CEO”).

     

    (b)        Any Officer (subject to any contract rights available to the Company, if applicable) may resign as such at any
        time; provided, that the CEO may only resign upon giving not less than thirty (30) calendar days’ prior notice thereof in a notice Filed in the Chapter 11 Cases. Any Officer may be removed as such, either with or without cause, by the Board in its
        discretion at any time. Any vacancy occurring in any office of the Company may be filled by the Board, subject to the approval of the Member, and shall remain vacant until so filled.

    
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    (c)        Subject to the supervision of the Board and the provisions of this Agreement, the CEO shall have the authority and
        right, without the need for Bankruptcy Court approval (unless otherwise indicated in the Plan), to carry out and implement all applicable provisions of the Plan for the ultimate benefit of the Member,
        including to:

     

    (i)          retain, compensate, and employ professionals and other Persons to represent the Company with
        respect to and in connection with its rights and responsibilities;

     

    (ii)         establish, maintain, and administer accounts of the Debtors as appropriate;

     

    (iii)        maintain, develop, improve, administer, operate, conserve, supervise, collect, settle, and
        protect the Wind-Down Assets (subject to the limitations described herein or in the Plan);

     

    (iv)       sell, liquidate, transfer, assign, distribute, abandon, or otherwise dispose of the Wind-Down
        Assets or any part thereof or any interest therein, including through the formation on or after the Effective Date of any new or additional legal entities to be owned by the Company to own and hold particular Wind-Down Assets separate and apart
        from any other Wind-Down Assets, upon such terms as the CEO determines to be necessary, appropriate, or desirable (subject to the limitations described herein or in the Plan), including the consummation of any sale transaction for any Wind-Down
        Assets as to which an approval order was entered by the Bankruptcy Court before the Effective Date;

     

    (v)         invest Cash of the Debtors and the Estates, including any Cash realized from the liquidation of
        the Wind-Down Assets, which investments, for the avoidance of doubt, will not be required to comply with Bankruptcy Code section 345(b);

     

    (vi)        negotiate, incur, and pay the Wind-Down Expenses, including in connection with the resolution
        and satisfaction of any Wind-Down Claim Expenses;

     

    (vii)      exercise and enforce all rights and remedies regarding any loans or related interests as to
        which the lender was a Debtor and the underlying borrower actually is or actually was a Person that is not a Debtor, including any such rights or remedies that any Debtor or any Estate was entitled to exercise or enforce prior to the Effective Date
        on behalf of a Holder of a Non-Debtor Loan Note Claim, and including rights of collection, foreclosure, and all other rights and remedies arising under any promissory note, mortgage, deed of trust, or other document with such underlying borrower or
        under applicable law;

     

    (viii)     comply with the Plan, exercise the CEO’s rights, and perform the CEO’s obligations; and

     

    (ix)        exercise such other powers as deemed by the CEO to be necessary and proper to implement the
        provisions of the Plan.

    

      (d)         Officers, in the performance of their duties as such, shall owe to the Company and its Members duties of loyalty and due care of the
          type owed by the officers of a corporation to such corporation and its stockholders under the laws of the State of Delaware.

    

    
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      15.          Certain Covenants.

       

      (a)          The Company shall advise the Member regarding the status of the affairs of the Company on at least a monthly
          basis and shall reasonably make available to the Member such information as is necessary for any reporting by the Member.

       

      (b)          The Company shall advise the Member regarding any material actions by the Board, including the sale of any
          property prior to entering into a contract of sale or the change in course of the business plan agreed to as part of the Plan. If there is any disagreement between the Company and the Member as to a material matter, in the first instance the
          Company and the Member shall seek to resolve their dispute regarding such material matter. In the event the Company and the Member cannot resolve the dispute, then no action will be taken regarding such material matter absent an order of the
          Bankruptcy Court.

       

      (c)          Except as expressly provided herein (including, but not limited to, Section 14(c)) or may be approved by the
          Member, the Company shall not be entitled to encumber, invest or gift any of its assets or make asset acquisitions.

       

      (d)          The Company shall be subject to the same limitations imposed on the Liquidation Trustee under the terms of the
          Plan and the Liquidation Trust Agreement.

       

      
        16.          Indemnification. The Company and the Member shall indemnify the Managers, the Officers and each of
            their respective accountants, agents, assigns, attorneys, bankers, consultants, directors, employees, executors, financial advisors, investment bankers, brokers, managers, members, officers, partners, predecessors, principals, professional
            persons, representatives, and successors (each, an “Indemnified Party”) for, and shall defend and hold them harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost, or expense (including
            the reasonable fees and expenses of their respective professionals) incurred without gross negligence or willful misconduct on the part of the applicable Indemnified Party (which gross negligence or willful misconduct, if any, must be
            determined by a final, non-appealable order of a court of competent jurisdiction) for any action taken, suffered, or omitted to be taken by the Indemnified Parties in connection with the acceptance, administration, exercise, and performance of
            their duties under the Plan or this Agreement, as applicable. An act or omission taken with the approval of the Bankruptcy Court, and not inconsistent therewith, will be conclusively deemed not to constitute gross negligence or willful
            misconduct. In addition, the Company and the Member shall, to the fullest extent permitted by law, indemnify, defend, and hold harmless the Indemnified Parties, from and against and with respect to any and all losses, liabilities, damages,
            judgments, fines, penalties, claims, demands, settlements, costs, or expenses (including the reasonable fees and expenses of their respective professionals) arising out of or due to their actions or omissions, or consequences of such actions or
            omissions, with respect to the Company or the implementation or administration of the Plan if the applicable Indemnified Party acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interest of the
            Company. The costs and expenses incurred in enforcing the right of indemnification in this Section 16 shall be paid by the Company or the Member, as applicable.

        

        
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        17.          Dissolution.

         

        (a)          The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (i)
            the written consent of the Member, (ii) the entry of a decree of judicial dissolution under Section 18-802 of the Act and (iii) the sale or other disposition of all of the Wind-Down Assets.

         

        (b)          In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its
            affairs (including the sale or other transfer of the assets of the Company in an orderly manner).

         

        18.          Elections. The Member shall determine the accounting methods and conventions under the tax laws of any
            and all applicable jurisdictions as to the treatment of income, gain, loss, deduction and credit of the Company or any other method or procedure related to the preparation of such tax returns. The Member may cause the Company to make or refrain
            from making any and all elections permitted by such tax laws. Notwithstanding the foregoing, the Company shall be treated as a disregarded entity for income tax purposes.

         

        19.          Fiscal Year. The fiscal year of the Company for financial, accounting and income tax purposes shall be
            the same fiscal year as the Member.

         

        20.          Severability. If any term, provision covenant or restriction contained in this Agreement is held by a
            court of competent jurisdiction or other authority to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions contained in this Agreement shall remain in full force
            and effect and shall in no way be affected, impaired or invalidated.

         

        21.          Counterparts. This Agreement may be executed in counterparts and a facsimile or other electronic form
            of signature shall be of the same force and effect as an original.

         

        22.          Entire Agreement; Conflicts. This Agreement, together with the Plan and the Liquidation Trust
            Agreement, constitutes the entire agreement of the Member with respect to the subject matter hereof. In the event of any inconsistency or conflict between the terms hereof and (i) the terms of the Plan, the terms of the Plan shall
          govern and control in each instance, and (ii) the terms of the Liquidation Trust Agreement, the terms of the Liquidation Trust Agreement shall govern and control in each instance.

         

        23.          Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
            State of Delaware without regard to principles of conflicts of law.

         

        24.         Jurisdiction. The Bankruptcy Court shall have jurisdiction regarding the Member, the Company, the Board
            and the Wind-Down Assets, including the determination of all disputes arising out of or related to administration of the Company. The Bankruptcy Court shall have continuing jurisdiction and venue to hear and finally determine all disputes and
            related matters arising out of or related to this Agreement or the administration of the Company. The parties expressly consent to the Bankruptcy Court hearing and exercising such judicial power as is necessary to finally determine all such
            disputes and matters. If the Bankruptcy Court abstains from exercising, or declines to exercise, jurisdiction or is otherwise without jurisdiction over any matter arising in, arising under, or related to the Chapter 11 Cases, including the
            matters set forth in this Agreement, then the provisions of this Agreement shall have no effect on and shall not control, limit or prohibit the exercise of jurisdiction by any other court having competent jurisdiction with respect to such
            matter, and all applicable references in this Agreement to an order or decision of the Bankruptcy Court shall instead mean an order or decision of such other court of competent jurisdiction.

        
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        25.          Amendments.    This Agreement may not be modified, altered, supplemented or amended except pursuant to
            a written agreement executed and delivered by the Member.

         

        26.        Interpretation.    The
            various headings of this Agreement are inserted for convenience only and shall not affect the meaning or understanding of this Agreement or any provision hereof. In this Agreement, except to the extent the context otherwise requires, (i)
            reference to any Section, subsection, clause, Schedule, preamble or recital, is, unless otherwise specified, to that such Section, subsection, clause, Schedule, preamble or recital under this Agreement, (ii) the words “hereof,” “herein,” and
            similar terms shall refer to this Agreement and not to any particular section of this Agreement, (iii) references to any document or agreement, including this Agreement, shall be deemed to include references to such document or agreement as
            amended, supplemented, replaced or restated from time to time in accordance with its terms and subject to compliance with any requirements set forth therein, (iv) references to any law, statute, rule, regulation or form (including in the
            definition thereof) shall be deemed to include references to such statute, rule, regulation or form as amended, modified, supplemented or replaced from time to time (and, in the case of any statute, include any rules and regulations promulgated
            under such statute), and all references to any section of any statute, rule, regulation or form include any successor to such section, (v) references to any party hereto shall include its successors and permitted assigns, (vi) wherever the word
            “include,” “includes” or “including” is used herein, it shall be deemed to be followed by the words “without limitation,” and any list of examples following such term shall in no way restrict or limit the generality of the word or provision
            with respect to which such examples are provided, (vii) the words “shall” and “will” are used interchangeably throughout this Agreement, and the use of either connotes a mandatory requirement, (viii) the word “or” is not meant to be exclusive,
            and shall be interpreted as “and/or”, (ix) unless otherwise specified, references to “day” or “days” are references to calendar days, (x) the terms “Dollars” and “$” mean United States Dollars, (xi) whenever the context required, terms shall
            include the plural as well as the singular number, the masculine gender shall include the feminine, and the feminine gender shall include the masculine and (xii) references to any time periods herein that are initiated by the receipt of a
            notice shall be deemed not to include the date such notice is received in the calculation of such time period.

         

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         IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Agreement as of the date first above written.

        

        

        

        
          	 	MEMBER 
	 	 	 
	 	WOODBRIDGE LIQUIDATION TRUST
	 	 
	 	By:

                	
	 	 	Name:  Michael Goldberg

                
	 	 	Title:  Liquidation Trustee

                

        

        

        

        [SIGNATURE PAGE TO LIMITED LIABILITY COMPANY AGREEMENT OF WOODBRIDGE WIND-DOWN ENTITY LLC]

        

        
          
            
 

        

        SCHEDULE A 

         

        BOARD OF MANAGERS 

        

        

        Richard Nevins

         

        M. Freddie Reiss 

        

        

        Frederick ChinExhibit 10.2

     

     

    

    

    LOAN AGREEMENT

     

    (REVOLVING LINE OF CREDIT)

     

    This Loan Agreement (Revolving Line of Credit) (the “Agreement”), dated April 9, 2019, for
      reference purposes only, is executed by and between WB Propco, LLC, a Delaware limited liability company (the “Borrower”), and First Republic Bank (the “Lender”), with
      reference to the following facts:

     

    A.          Borrower has requested a line of credit loan in the original principal
        amount of Twenty-Seven Million Six-Hundred and Fifty-Five Thousand and 00/100 Dollars ($27,655,000.00) (referred to as the “Loan” or the “Line of Credit Loan”) from the Lender for the purposes set forth in
        this Agreement The Loan will be secured by, among other collateral, a Deed of Trust, Fixture Filing, Assignment of Rents and Security Agreement from each Subsidiary Guarantor dated the same date as this Agreement (each a “Deed of Trust” and
        collectively the “Deeds of Trust) encumbering the real property and improvements more particularly described in each Deed of Trust (collectively, the “Property” and each a “Property”).

     

    B.           Borrower and the Lender desire to enter into this Agreement to establish
        certain terms and conditions relating to the Loan.

     

    THEREFORE, for valuable consideration, Borrower and the Lender agree as follows:

     

    ARTICLE 1

     
     

     
    DEFINITIONS

     

    For purposes of this Agreement, the following terms shall have the following definitions:

     

    1.1         Allocated Loan
            Amount. “Allocated Loan Amount’ means, with respect to each Property, the Allocated Loan Amount set forth next to such Property listed on Schedule A hereto.

     

    1.2         Borrower’s
            Application “Borrower’s Application” means the written application, if any, and all financial statements and other information submitted by Borrower to the Lender in connection with the Lender’s approval of the
        Loan.

     

    1.3         Business Day.
        “Business Day” means any day other than a day on which commercial banks in California are authorized or required by law to close.

     

    1.4         Collateral. “Collateral” means all real and personal property of Borrower or any third Person now or hereafter securing all or any part of the Obligations.

     

    1.5         Commitment.
        “Commitment” means an amount equal to the principal face amount of the Note, as amended from time to time

     

    1.6         Default
        “Default” means any event which, with notice or passage of time or both, would constitute an Event of Default.

     

    1.7         Event of Default. “Event of Default” means the Lender’s declaration by written notice to
        Borrower of a default by Borrower under the Loan Documents based on the occurrence of one or more of the events described in Section 4.1 of this Agreement.

     

    1.8       Governmental
            Authorities. “Governmental Authorities” means (a) the United States; (b) the state, county, city or other political subdivision in which any of the Collateral is located; (c) all other governmental or quasigovernmental authorities,
        boards, bureaus, agencies, commissions, departments, administrative tribunals, instrumentalities and authorities; and (d) all judicial authorities and public utilities having or exercising jurisdiction over Borrower or the Collateral. The term
        “Governmental Authority” means any one of the Governmental Authorities.

     

    1.9         Governmental
            Permits. “Governmental Permits” means all permits, approvals, licenses, and authorizations now or hereafter issued by any Governmental Authorities for or in connection with the conduct of Borrower’s business or the ownership or use
        by Borrower of the Collateral or any of its other assets.

    

    

    	
            Loan Number: 203909-01

          	
            CA - LOC LoanAgmt (CRE)

          
	
            Obligor No.: 021-0922659

          	
            REV. DATE 06/2016

          

    
      
        
 

    

    
    1.10      Governmental
            Requirements. “Governmental Requirements” means all existing and future laws, ordinances, rules, regulations, orders, and requirements of all Governmental Authorities applicable to Borrower,
        the Collateral or any of Borrowers other assets.

     

    1.11       Guaranties. “Guaranties” means, collectively, (a) the Continuing Guaranties of Payment and Performance, substantially in the form attached hereto as Exhibit ‘‘C”, now or hereafter executed by the Guarantors, and all
        extensions, renewals, modifications and replacements of any or all of such documents; and (b) any pledge of or grant of security interest in any certificate of deposit, account, stock, securities, bonds, or other property or asset of any kind if
          any, now or hereafter executed by any third Person to secure any or all of the Obligations, and all extensions, renewals, modifications and replacements of any or all of such documents (collectively, the “Third Party Pledge Agreements”).

     

    1.12      Guarantors. “Guarantors” means, collectively, (a) the Person or Persons, if any, now or hereafter guaranteeing payment of the Note or payment or performance of any or all of
        the other Obligations, including the Persons, if any, identified as guarantors in the Loan Schedule: and (b) the Person or Persons, if any,
        now or hereafter entering into any of the Third Party Pledge Agreements to secure any or all of the Obligations.

     

    1.13       Line of Credit
            Advance. “Line of Credit Advance” means each advance of principal under the Note made by the Lender to or for the benefit of Borrower pursuant to a Request for Advance or otherwise.

     

    1.14       Loan Closing. “Loan Closing” or “Closing Date” means the date on which the Deeds of Trust are recorded in the official records of the county in which each Property is located.

     

    1.15       Loan Documents. “Loan Documents” means the Note, Deeds of Trust and other Security Agreements, Guaranties, Third Party Pledge Agreements, this Agreement, all other documents otherwise evidencing or securing the Loan, now or
        hereafter executed by Borrower and any of the Guarantors, respectively, and delivered to the Lender at the Lender’s request in connection with the Loan, and all extensions, renewals, modifications and replacements of any or all of such documents.

     

    1.16       Loan Fee.
        “Loan Fee” means the Loan fee specified in Section 8 of the Loan Schedule which shall be payable by Borrower to the Lender prior to or on the Loan Closing.

     

    1.17       Loan Schedule. “Loan Schedule” means the Loan Schedule attached to this Agreement as Exhibit A.

     

    1.18       Material Adverse
            Effect. “Material Adverse Effect” means (i) a material adverse effect on the ability of the Borrower or any Guarantor to perform any of its obligations
        under any Loan Document, (ii) a material adverse effect on the legality, validity or enforceability of any Loan Document, (iii) a material adverse effect on the rights and remedies of the Lender under any Loan Document, or (iv) a material adverse
        effect on the value of any Property or condition.

     

    1.19       Maturity Date. “Maturity Date” means the stated maturity date of the Note.

     

    1.20       Minimum Advance
            Amount. “Minimum Advance Amount” means the minimum principal amount that may be requested by Borrower from the Lender in a Request for Advance under this Agreement as set forth in Section 7.3
        of the Loan Schedule.

     

    1.21       Note. “Note” means (a) the promissory note dated the same date as this
        Agreement executed by Borrower evidencing the Loan and all extensions, renewals, modifications and replacements of such promissory note; and (b) any additional note or notes now or hereafter executed by Borrower in favor of the Lender which
        specifically recite that they arise out of this Agreement, and all extensions, renewals, modifications and replacements of any or all of such note or notes.

     

    1.22       Obligations. “Obligations” means all debts, obligations, and liabilities of Borrower to the Lender currently existing or hereafter made, incurred, created, or arising under any or all of the Loan Documents.

     

    1.23       Permitted Liens. ‘Permitted Liens” means (a) liens in favor of the Lender, (b) liens for taxes (i) not yet delinquent or (ii) being contested in good faith and by appropriate proceedings promptly initiated and diligently
        conducted, (c) easements, rights-of-way, limitations, zoning restrictions and other similar charges or encumbrances recorded against the Property prior to the date hereof.

     

    1.24       Person. “Person” means any natural person or any entity, including any corporation, partnership, joint venture, trust, limited liability company, unincorporated organization, trustee, or Governmental Authority.

    
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    1.25       Real Property
            Security Instruments. “Real Property Security Instrument” or “Real Property Security Instruments” means, collectively. the Deeds of Trust and any and all other deeds of trust and mortgages if any, now or hereafter executed by
        Borrower or any other Person pursuant to which Borrower or such Person grants a lien on real property to the Lender to secure any or all of the Obligations, and all extensions, renewals, modifications and replacements of any or all of such
        documents.

     

    1.26       Release Amount.
        “Release Amount” means, with respect to each property, the Release Amount set forth next to such Property listed on Schedule A hereto.

     

    1.27       Request for Advance.
        “Request for Advance” means a written or telephonic request (or other form of request acceptable to the Lender) for an advance of principal under the Line of Credit Note submitted by Borrower to the Lender pursuant to this Agreement

     

    1.28       Security Agreements.
        ‘Security Agreements” means, collectively, the Personal Property Security Agreements and Real Property Security Instruments.

     

    1.29       Other Terms.
        All accounting terms with an initial capital letter that are used but not defined in this Agreement shall have the respective meanings given to such terms in accordance with generally accepted accounting principles, consistently applied on the
        liquidation basis of accounting.

     

    ARTICLE 2

     

    DISBURSEMENT OF LOAN PROCEEDS

     

    2.1         Line of Credit.
        The Lender agrees, on the terms and conditions contained in this Agreement and the other Loan Documents, to make a line of credit Loan to Borrower during the period from the Closing Date up to but not including the Maturity Date in the aggregate
        principal amount not to exceed at any time outstanding the amount of the Commitment. Each Line of Credit Advance which shall not utilize the Commitment in full shall be in an amount not less than Minimum Advance Amount.

     

    2.2         Loan Closing;
            Conditions Precedent. The Lender’s obligation to make the first Line of Credit Advance and extend credit under this Agreement is subject to the Lender’s determination, in its discretion, that Borrower has satisfied all of the
        Lender’s conditions and requirements with respect to the closing of the Loan, including the following conditions: (a) the Lender’s receipt, at Borrower’s expense, of a lender’s policy of title insurance or a commitment to issue a lender’s policy of
        title insurance which satisfies the requirements of the Loan Documents; (b) the Lender’s receipt of a policy of fire and casualty insurance, commercial general liability insurance, and such other policies of insurance as are required under the
        terms of the Loan Documents; (c) the Lender’s receipt of each and all of the Loan Documents, as set forth on the Closing Checklist attached hereto as Exhibit “D”, each of which shall be duly executed by Borrower and the other parties thereto; (d)
        if Borrower or any other Person executing any of the Loan Documents is other than a natural person, the Lender shall have received such organizational and authorization documents as set forth on the Closing Checklist attached hereto as Exhibit “D”;
        (e) Borrower shall have paid all fees, charges, and other expenses required to be paid by Borrower under the terms of the Loan Documents as of the Closing Date: and (f) evidence satisfactory to the Lender of the filing of appropriate financing
        statements on Form UCC-1 and recordation of the Deeds of Trust, in each case, in such office or offices as may be necessary to perfect the security interests purported to be created by the Security Agreements. The documents and items required under
        this Section are to be provided for the sole benefit of the Lender, and the Lender, at its option, but without any obligation of any kind to do so, may waive any one or more of its requirements under this Section without notice to Borrower or any
        other Person. Any such waiver by the Lender shall be granted in the Lender’s sole and absolute discretion, and no such waiver shall be binding or enforceable against the Lender unless such waiver is expressly set forth in writing and signed by a
        duly authorized officer of the Lender. Each of the documents and items to be received by the Lender under this Section shall be acceptable to the Lender in form and substance

     

    2.3         Use of Loan
            Proceeds. All Loan proceeds received by Borrower shall be used by Borrower solely for payment of those costs, charges. and other items required to be paid out of the proceeds of the Loan as shown in the Loan Documents, general
        working capital purposes in the ordinary course of Borrower’s business, and any other use specified in the Loan Schedule. The Lender shall have no obligation to monitor or verify the use or application of any Loan proceeds disbursed by the Lender.
        Borrower shall not, directly or indirectly, use all or any part of the Loan proceeds for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (the “Board
        of Governors’’) or to extend credit to any Person for the purpose of purchasing or carrying any such margin stock or for any purpose which violates or is inconsistent with Regulation X of the Board of Governors, unless such use has been expressly
        approved in writing by the Lender, in its discretion.

     

    2.4         Initial Loan
            Fee; Annual Fee. Concurrently with or prior to the Closing Date, Borrower shall pay to the Lender the Loan Fee specified in the Loan Schedule, The entire Loan Fee shall be deemed to be fully earned by the Lender as of the Loan
        Closing, and no part of the Loan Fee shall be refundable to Borrower, whether or not the principal balance of the Loan is prepaid prior to the Maturity Date. In addition to the Loan Fee, Borrower shall pay to the Lender on the first (1st) annual anniversary of the Closing Date and on each annual anniversary of the Closing Date thereafter an annual servicing fee equal to Seventy-Five and 00/100 Dollars
        ($75.00) (the “Annual Fee”). The Annual Fee shall be deemed to be fully earned by the Lender as of the date on which the Annual Fee is payable and shall not be refundable to Borrower, whether or not the principal balance of the Loan is prepaid
        prior to the Maturity Date.

    
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    2.5         Requests for
            Advances Under Line of Credit. Each Request for Advance shall indicate the proposed date for the Line of Credit Advance requested by Borrower in the Request for Advance (referred to as the
        “Advance Date”). Each Request for Advance shall be in form reasonably satisfactory to the Lender. Each Advance Date shall be a Business Day. Provided that no Default
        or Event of Default has occurred and is continuing and that no material damage or destruction has occurred on a Property, on or about the Advance Date, the Lender shall make the Line of Credit Advance available to Borrower, as elected by Borrower,
        in immediately available funds by deposit or credit to an account in Borrower’s name established or to be established at one of the Lender’s offices, by check payable directly to Borrower or to a payee designated by Borrower, or by such other
        method as may be reasonably designated by the Borrower. If material damage or destruction has occurred at a Property, at the option of the Lender, (a) the Line of Credit Advance shall be limited so that the outstanding Loan balance does not exceed
        the Commitment less the Allocated Loan Amount for the Property where the damage or destruction has occurred; provided that if the Line of Credit Advance is so limited, the Proceeds (as defined in the Deed of Trust for such Property) resulting from
        such casualty shall be retained by the Borrower and/or applicable Subsidiary Guarantor, or (b) in the event the Loan is fully drawn or is “Overadvanced” (as hereinafter defined), all or a portion of the Proceeds (as defined in such Deed of Trust
        for such Property), in an amount at no time to exceed the Allocated Loan Amount for such Property, shall be paid over to the Lender and applied to the Loan with a corresponding reduction in the
        Commitment; provided that, so long as no Event of Default is then continuing, substantially concurrently with such turnover of proceeds and reduction of the Commitment, the Lender will reconvey the Deed of Trust for such Property. In the event the
        Line of Credit Advance is limited as set forth in clause (a) above, the Line of Credit Advance shall be reinstated by the Lender upon Lender’s receipt of evidence, acceptable to Lender, that the Property has been fully repaired or reconstructed and
        that the fair market value of the Property is at least as great as it was prior to the date on which the damage or destruction occurred, as demonstrated by an appraisal acceptable to
        Lender. As used herein, “Overadvanced” means that, not taking into account the Allocated Loan Amount of the damaged or destroyed Property, the outstanding principal balance of the Loan exceeds the Allocated Loan Amount with respect to the
        balance of the Properties (those Properties other than the damaged or destroyed Property). If the Lender makes a Line of Credit Advance by wire transfer of funds (a “Wire Transfer”) pursuant to a Request for Advance, Borrower acknowledges and
        agrees that (a) the transmission of the Line of Credit Advance by Wire Transfer may be significantly delayed as a result of Governmental Requirements; and (b) Lender’s standard Wire Transfer fee shall be immediately due and payable by Borrower to
        the Lender for each Request for Advance made by Wire Transfer, and the Lender, at its option and without further authorization from Borrower, shall have the right to automatically pay such fee from any portion of the Commitment that remains
        available. Principal, interest, and all other sums owing to the Lender under any of the Loan Documents shall be evidenced by records maintained by the Lender for such purposes. Each payment on and any other credits with respect to the Obligations
        shall be evidenced by entries in such records, and such entries shall be conclusive and binding on Borrower and all other parties to the Loan Documents.

     

    2.6          Reliance by Lender. The Lender may conclusively presume that all requests, statements, information, certifications, and representations, whether written or oral, submitted or made by Borrower or any of its agents to the Lender in
        connection with the Loan are true and correct, and the Lender shall be entitled to rely thereon, without investigation or inquiry of any kind by the Lender, in disbursing the Loan proceeds and taking or refraining from taking any other action in
        connection with the Loan. Without limiting the generality of this Section, Borrower acknowledges and agrees that (a) it is in the best interest of Borrower that the Lender respond to and be entitled to rely upon Requests for Advances that are given
        by Borrower in writing, by telephone, or by other telecommunication method acceptable to the Lender without the Lender having to inquire into the actual authority of the Person making such request and purporting to act on behalf of Borrower; (b)
        therefore, the Lender may conclusively rely on any and all Requests for Advances (whether made in writing, by telephone, or by other telecommunication method) made by (i) any Person who purports to be one of the agents of Borrower who has been
        authorized to act for Borrower in any resolution or other form of authorization of any kind delivered to the Lender (a “Borrower Authorization”); and (ii) any other Person who the Lender in good faith believes to be authorized to act for
        Borrower (notwithstanding the fact that such other Person is not identified in any Borrower Authorization); and (a) Borrower assumes all risks arising out of any lack of actual authority by any Person submitting any form of Request for Advance
        (whether made in writing, by telephone, or by other telecommunication method) to the Lender and the Lender’s reliance or, such Request for Advance.

     

    ARTICLE 3

     

    BORROWER’S COVENANTS

     

    3.1         Existence of
            Borrower. If Borrower is a corporation or other form of entity, Borrower shall maintain its existence in good standing under the laws of the state in which it is organized and maintain its
        qualification as a foreign entity in good standing in each jurisdiction in which the nature of its business requires qualification as a foreign entity and where the failure to qualify would have a Material Adverse Effect.

    
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    3.2         Books and Records;
            Inspections by Lender. Borrower shall keep and maintain complete and accurate books and records relating to its operations at its principal place of business. The Lender shall have access to
        such books and records at all reasonable times upon not less than two (2) Business Days prior written notice to Borrower for the purposes of examination, inspection, verification, copying and for any other reasonable purpose; provided that unless
        there exists an “Event Requiring Financials” (as hereinafter defined) such access shall be limited to one visit during each calendar year. Borrower shall provide Lender with such other information concerning the financial condition and affairs of
        Borrower, the Guarantors, the General Partners, and Managers as Lender may reasonably require within ten (10) business days after Lender’s request for such information, provided that such request shall be limited to one time per year unless there
        exists an Event Requiring Financials. As used herein, an Event Requiring Financials shall mean: (i) an uncured Event of Default; (ii) occurrence of damage requiring repair or reconstruction on the Property; (iii) a sale of the Lender; or (iv) a
        sale of the Loan by the Lender. Borrower shall deliver to Lender, or cause to be delivered to Lender, a complete and accurate copy of each federal income tax return filed by Borrower and any Guarantor, General Partner, and Manager within thirty
        (30) days after the date on which each such return is filed. Borrower authorizes the Lender, at its option but without any obligation of any kind to do so, to discuss the affairs, finances and accounts of Borrower with its Chief Executive Officer
        and/or Chief Financial Officer and with Borrower’s independent accountants and auditors, and Borrower irrevocably authorizes all accountants and auditors employed or retained by Borrower to respond to and answer all reasonable requests from the
        Lender for financial and other information regarding Borrower; such discussions, meetings, requests and other communications shall include the Borrower’s Chief Executive or Chief Financial Officer. Borrower waives the benefit of any
        accountant-client privilege or other evidentiary privilege precluding or limiting the disclosure or delivery of any of its books and records to the Lender (except that Borrower does not waive any attorney-client privilege).

     

    3.3         Reports. Without limiting any of the other terms of the Loan Documents, from time to time within ten (10) Business Days (or such longer period of time as the Borrower may reasonably request in respect of the scope of
        such request) after the Lender’s written reasonable request to Borrower, Borrower shall deliver to the Lender such reports and information available to Borrower concerning the business, financial condition and affairs of Borrower and each Guarantor
        as the Lender may reasonably request.

     

    3.4         Payment of Obligations.

     

    (a)          Upon the sale of any Property, (i) the Borrower shall, immediately upon the
        receipt of the net proceeds from such sale, repay the Loan in an amount equal to the lesser of (A) the Release Amount and (B) the then current outstanding principal amount of the Loan together with all interest and other amounts owing to Lender
        under the Loan Documents, and (ii) the Commitment shall be, concurrently with the consummation of such sale and release of liens by the Lender on such Property, reduced by an amount equal to the Allocated Loan Amount for such Property.

     

    (b)          Borrower shall pay all of its indebtedness under the Note and pay and
        perform all of its other Obligations under the Loan Documents as and when the same become due.

     

    3.5          Notice of Material
            Adverse Changes. Borrower shall immediately notify the Lender in writing of (a) the occurrence of any event or development which could reasonably be expected to have a Material Adverse Effect;
        (b) the commencement of any claim, proceeding, litigation or investigation in the future threatened or instituted by or against Borrower involving any claim or claims which, individually or in the aggregate, could reasonably be expected to have a
        Material Adverse Effect;   and (c) any occurrence of a Default or an Event of Default.

     

    3.6         Further Assurances. Upon the Lender’s request, Borrower shall execute and deliver to the Lender such further documents and agreements, in form and substance reasonably satisfactory to the Lender, as the Lender may reasonably
        require to effectuate the terms of this Agreement and each of the other Loan Documents.

     

    3.7          Claims. Borrower shall pay when due all claims which, if unpaid, might become a lien or charge on any or all of the properties or assets of Borrower.

     

    3.8          Taxes. Subject to Section 3.9, Borrower shall pay when due all foreign, federal, state and local
        taxes, assessments, and governmental charges now or hereafter levied upon or against Borrower or any of its properties or assets, including all income, franchise, personal property, real property, excise, withholding, sales and use taxes such that
        at no time does the aggregate amount of any such unpaid taxes, assessments and other governmental charges exceed $100,000.

     

    3.9         Contest. Borrower shall have the right to contest the payment of any tax, assessment, charge or claim referred to in Section 3.7 or 3.8 above, provided that (a) appropriate contest proceedings are promptly and in good
        faith commenced and diligently prosecuted by Borrower: (b) a bond is posted or other appropriate action reasonably acceptable to the Lender is taken to prevent such tax, assessment, charge or claim in excess of $100,000 from becoming a lien on the
        properties and assets of Borrower; and (c) Borrower notifies the Lender in writing of the commencement of, and any material development in, such proceedings.

    
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    3.10       Pension Plans. Borrower shall pay all amounts necessary to fund all of its present and future employee benefit plans in accordance with their terms, and Borrower shall not permit the occurrence of any event with respect to any
        such plan which would reasonably be expected to have a Material Adverse Effect.

     

    3.11       Insurance. Borrower shall maintain insurance against such risks and liabilities, in such forms, and for such amounts as are customarily maintained by entities engaged in the same or similar businesses and similarly
        situated, The form and substance of all such insurance policies shall be reasonably acceptable to the Lender and such insurance shall be maintained with financially sound and reputable insurers acceptable to the Lender, it being understood and
        agreed that the form of insurance policies and the insurers in place on the Closing Date are acceptable to the Lender. Upon the Lender’s request, Borrower shall provide the Lender with evidence satisfactory to the Lender regarding the maintenance
        of the insurance required by this Section, including proof of premium payments and copies of insurance policies, certificates of insurance, and endorsements. If Borrower fails to provide or pay for any policies of insurance required by this
        Section, the Lender, at its option and in its discretion, but without any obligation of any kind to do so, shall have the right to obtain the same at Borrower’s expense.

     

    3.12        Disposition of Property; Maintenance
          of Properties.

     

    (a)          Borrower and the Subsidiary Guarantors may dispose of any Property so long as
        (i) no Event of Default has occurred and is continuing at the time of consummation of such disposition, (ii) such disposition is for net proceeds in an amount equal to or greater than the Release Amount and (iii) the Release Amount is applied to
        pay down the Loan in accordance with Section 3.4 of this Agreement.

     

    (b)          Borrower and the WB 141 S. Carolwood, LLC shall be permitted to continue and
        complete the process of “untying” the lots and performing the construction in respect of the Property referred to as “Owlwood”, listed on Schedule A hereto, so long as such untying and construction would not result in a Material Adverse Effect.
        Lender further reserves the right to appraise each parcel of Owlwood separately (at Borrower’s sole cost and expense), once the process of untying is done and, after good faith consultation with the Borrower, to amend the Allocated Loan Amount for
        Owlwood on Schedule A to reflect Allocated Loan Amounts of each new parcel comprising such Property.

     

    (c)          Except as otherwise permitted by the Loan Documents, Borrower shall maintain
        its properties in good condition and repair.

     

    3.13        Licenses. Borrower shall maintain all Governmental Permits necessary for the ownership of it properties and the conduct of its businesses.

     

    3.14       Compliance with
            Applicable Laws. Borrower shall at all times comply with and keep in effect all Governmental Permits relating to Borrower, the Collateral, and Borrower’s other assets. Borrower shall at all
        times comply with, and shall cause the Collateral to comply with (a) all Governmental Requirements. including all Hazardous Substance Laws, (b) all requirements and orders of all judicial authorities which
        have jurisdiction over Borrower or the Collateral, and (c) all covenants, conditions, restrictions and other documents relating to Borrower or the Collateral.

     

    3.15       Place of Business;
            Borrower’s Name. Borrower shall give the Lender at least thirty (30) days prior written notice of any change in the location of Borrower’s chief executive office. Borrower shall give the Lender
        not less than thirty (30) days prior written notice before changing its name or doing business under any other name. Borrower has complied, and will in the future comply, with all Governmental Requirements relating to the conduct of Borrower’s
        business under a fictitious business name,

     

    3.16       Negative Covenants. Without the Lender’s prior written consent, and except as may otherwise expressly be allowed in the Loan Schedule, Borrower shall not take any of the following actions: (a) if Borrower is a corporation,
        partnership, limited liability company, or other form of entity, elect to make any change in Borrower’s corporate or capital structure which would have a Material Adverse Effect: or (b) make any material change in Borrower’s general business
        objectives, purposes, operations, or financial structure in such manner as to materially and adversely affect the ability of Borrower to pay or perform any of the Obligations.

    
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    ARTICLE 4

     

    DEFAULT AND REMEDIES

     

    4.1          Events of Default.
        The Lender, at its option, may declare Borrower to be in default under this Agreement and the other Loan Documents upon the occurrence of any or all of the following events (the declaration of such a default by the Lender shall constitute an “Event
        of Default”):

     

    (a)          Event of Default Under Deed of Trust. The occurrence of any “Event of Default (as such term is defined in the Deeds of Trust) under the terms of the Deeds of Trust;

     

    (b)          Failure to Permit Inspections. If Borrower fails to permit any inspection of the Collateral or any of Borrower’s books and records in accordance with the terms of the Loan Documents;

     

    (c)          Performance of Obligations to Third
            Persons. If (i) Borrower fails to pay any of its indebtedness or to perform any of its obligations when due under any document between Borrower and any other Person who holds a lien on the
        Collateral that is senior to the lien held by the Lender in the Collateral and fails to cure such breach within any applicable cure period under such document; or (ii) Borrower fails to pay any of its indebtedness or to perform any of its material
        obligations when due under any other material document evidencing indebtedness or consideration payable by the Borrower in an amount in excess of $250,000, between Borrower and any other Person, provided the Lender reasonably determines that such
        failure could have a Material Adverse Effect. Nothing contained in this Section constitutes or shall be construed as the Lenders consent to any lien being placed on the Collateral, other than the Permitted Liens;

     

    (d)          Impairment of Security Interest or
            Lender’s Rights. If any Security Agreement, after delivery thereof pursuant hereto, shall for any reason fail or cease to create a valid and perfected and, except to the extent permitted by the
        terms hereof or thereof, first priority lien (subject to Permitted Liens) in favor of the Lender on any portion of the Collateral with a value individually or in the aggregate in excess of $250,000;

     

    (e)          Judgments. If one or more judgments, orders or awards (or any
        settlement of any litigation or other proceeding that, if breached, could reasonably be expected to result in a judgment, order or award) for the payment of money exceeding $250,000 in the aggregate (except to the extent of the amount covered by
        insurance pursuant to which the insurer has been notified and has not denied coverage) shall be rendered against Borrower and the same is not vacated, discharged, stayed or bonded pending appeal for a period of 60 days;

     

    (f)          Default by Guarantors. If any Guarantor fails to pay any of its indebtedness or perform any of its obligations under any Guaranty for the benefit of Lender or the revocation, limitation or termination or attempted revocation,
        limitation or termination of any of the obligations of any Guarantor under any Guaranty for the benefit of Lender, except in accordance with the express written terms of such Guaranty; or

     

    (g)          Misrepresentation by Guarantors. If any request, statement, information, certification, representation or warranty, whether written or oral, submitted or made by any Guarantor to the Lender in connection with the Loan or any other extension of
        credit by the Lender to Borrower or such Guarantor, now or in the future, is false or misleading in any material respect;

     

    (h)          Material Adverse Effect. If an event or development occurs which would reasonably be expected to have a Material Adverse Effect.

     

    4.2        Remedies.
        Upon the Lender’s election to declare Borrower to be in default under the Loan Documents pursuant to Section 4.1 above, Borrower shall be deemed to be in default under the Loan Documents, and the Lender shall have the right to do any or all of the
        following:

     

    (a)          Acceleration. The Lender shall have the right to declare any or all of the Obligations to be immediately due and payable. including the entire principal amount and all accrued but unpaid interest under the Note, and
        notwithstanding the Maturity Date of the Note, such Obligations shall thereupon be immediately due and payable:

     

    (b)          Remedies Under Other Loan Documents. The Lender may exercise any or all rights and remedies which the Lender may have under any or all of the Loan Documents and applicable law;

     

    (c)          Discontinuation of
            Disbursements. The Lender may discontinue or withhold any or all advances of the Loan proceeds, and the Lender shall have no further obligation to make any Line of Credit Advance; and

     

    (d)          Discontinuation of Other Extensions of
            Credit. The Lender may discontinue advancing money or extending credit to or for the benefit of Borrower in connection with any other document between the Lender and Borrower.

    
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    ARTICLE 5

     

    WARRANTIES AND REPRESENTATIONS

     

    5.1          Borrower’s
            Warranties and Representations. As a material inducement to the Lender’s extension of credit to Borrower in connection with the Loan, Borrower warrants and represents to the Lender as follows:

     

    (a)          Chief Executive Office.
        Borrower’s chief executive office is located at the address set forth in Borrower’s Application.

     

    (b)          Borrowers Name. Borrower has
        set forth above its full and correct name, and Borrower does not use any other names or tradenames, except for the tradenames disclosed in Borrower’s Application.

     

    (c)          Tax Claims. To the best of
        Borrower’s knowledge, there are no claims or adjustments proposed by any taxing authority for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower. Borrower and each Guarantor have filed all
        federal, state and local tax returns required to be filed under applicable Governmental Requirements and have paid all taxes, assessments, fees, penalties, and other governmental charges that are due and payable in connection therewith such that
        the aggregate amount of any such unpaid taxes, assessments and other governmental charges does not exceed $250,000.

     

    (d)          Margin Stock. Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying any “margin stock” (as defined in Regulation G of the Board of Governors of the Federal Reserve System), and
        no part of the proceeds of the Loan shall be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock, unless such use is approved in writing by the Lender or otherwise
        expressly contemplated by the Loan Documents.

     

    (e)          Licenses and Governmental Requirements. Neither Borrower nor any Subsidiary Guarantor (i) is in violation in any material respect of any Governmental Permits or Governmental Requirements (including all Hazardous Substance Laws) to which it is subject;
        or (ii) has failed to obtain any Governmental Permits necessary for the ownership of its properties or the conduct of its business.

     

    (f)          Other Facts. None of the information set forth in Borrower’s Application, taken as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in light of
        the circumstances under which they were made, misleading; provided that, with respect to any projections. the Borrower represents that such information was prepared in good faith based upon assumptions of the Borrower believed to be reasonable at
        the time prepared The Borrower has disclosed to the Lender all matters known to it, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

     

    5.2          OFAC; Patriot Act Compliance.

     

    (a)          Borrower is not a Person (i) whose property or interest in property is blocked
        or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) who
        engages in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such Person in any manner violative of such Section 2, or (iii) who is on the list of Specially Designated Nationals and
        Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order (“OFAC”).

     

    (b)          Borrower is in compliance with the Patriot Act. No proceeds of the Loan will
        be used, directly or indirectly, for payments to any governmental official or employee, political party or its officials, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business
        or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.

     

    5.3          Borrower’s
            Warranties. Borrower’s warranties and representations set forth in Section 5.1 above and in the other Loan Documents shall be true and correct at the time of execution of this Agreement, as of
        the Closing Date, and as of the date of each Line of Credit Advance, shall survive the closing of the Loan, and shall remain true and correct as of each date on which such warranties and representations are given. For purposes of this Agreement and
        the other Loan Documents, the term “to the best of Borrower’s knowledge” shall be deemed to mean to the best knowledge of Borrower after a commercially reasonable and diligent investigation, inspection and inquiry by Borrower.

     

    ARTICLE 6

     

    MISCELLANEOUS

     

    6.1          Relationship of
            Parties. The Lender shall not be deemed to be, nor do the Lender or Borrower intend that the Lender shall ever become, a partner, joint venturer, trustee, fiduciary, manager, controlling
        person, or other business associate or participant of any kind in the business or affairs of Borrower, whether as a result of the Loan Documents or any of the transactions contemplated by the Loan Documents.
        In exercising its rights and remedies under the Loan Documents, the Lender shall at all times be acting only as a lender to Borrower within the normal and usual scope of activities of a lender.

    
      8

      
        
 

    

    6.2        Indemnification.
        Borrower shall indemnify and hold the Lender and its officers, directors, agents, employees, representatives, shareholders, affiliates, successors and assigns (collectively, the “Indemnified Parties”) harmless from and against any and all claims,
        demands, damages (including special and consequential damages), liabilities, actions, causes of action, legal proceedings, administrative proceedings, suits, injuries, costs, losses, debts, liens, interest, fines, charges, penalties and expenses
        (including reasonable attorneys’, accountants’, consultants’, and expert witness fees and costs) of every kind and nature (collectively, the “Claims”) arising directly or indirectly out of or relating to any or all of the following: (i) Borrower’s
        breach of any of its Obligations or warranties under the Loan Documents: (ii) any act or omission by Borrower or any of its employees or agents if such claim is based on any act or omission by Borrower or such employees or agents; (iii) Borrower’s
        use of the Collateral or any other activity or thing allowed or suffered by Borrower to be done on or about the any of Borrower’s properties; and (iv) any claims for commissions, finder’s fees or brokerage fees arising out of the Loan or the
        transactions contemplated by the Loan Documents. Notwithstanding anything to the contrary contained in this Section, Borrower shall not be obligated to indemnify any Indemnified Party for any liabilities resulting solely from the gross negligence
        or intentional tortious conduct of such Indemnified Party which such Indemnified Party is determined by the final judgment of a court of competent jurisdiction to have committed. Borrower’s obligation to indemnify the Indemnified Parties under this
        Section 6.2 shall survive the cancellation of the Note and the release of the Lender’s security interests under the Security Agreements.

     

    6.3          Confidentiality.

     

    (a)          For purposes of this Agreement, “Confidential Information” shall mean: any
        and all written information provided or made accessible by Borrower to Lender with respect to the Loan that given the nature of the information or the circumstances surrounding its disclosure, reasonably should be considered as confidential.
        Confidential Information does not include information which: (a) is or becomes part of the public domain other than through a breach of this Agreement by the Lender at the time or subsequent to the time it was communicated by the Borrower to the
        Lender; (b) is in the possession of the Lender or its authorized persons at the time it was communicated by the Borrower to the Lender; (c) is obtained by the Lender or its authorized persons on a
        non-confidential basis from a third party not known by the Lender or its authorized persons to be bound by any obligation of non-disclosure or confidence to the Borrower; (d) is developed by the Lender or its authorized persons independently of and
        without reference to any Confidential Information before it was communicated by the Borrower to the Lender or its authorized persons; or (e) is explicitly approved for disclosure by the Borrower in written or electronic form.

     

    (b)         Lender is permitted to use Confidential Information only with respect to
        Loan, and except as provided herein, Lender shall not disclose Confidential Information to anyone without Borrower’s prior written consent. Lender shall keep Confidential Information confidential and avoid disclosure, dissemination or unauthorized
        use of Confidential Information with at least the same degree of care as Lender protects its own proprietary information, but in all circumstances no less than reasonable care. Lender is permitted to disclose Confidential Information to: (a)
        Lender’s officers, employees, attorneys, accountants, auditors, directors, partners, participants, agents, representatives, affiliates or other authorized representatives (each together with Lender, collectively, “Lender Representatives”); (b) to
        prospective transferees or purchasers of all or any portion of the Loan (provided, however, that any prospective transferee or purchaser shall have entered into an agreement containing provisions
        substantially the same as those in this Section); (c) as required by law, regulation, subpoena, or other order; (d) to Lender’s regulators or as otherwise required in connection with Lender’s examination or audit; (e) as Lender considers
        appropriate in exercising remedies under the Loan Documents; and (f) to third party service providers of Lender so long as such service providers are subject to substantially similar confidentiality requirements.

     

    6.4        Power of Attorney. Borrower irrevocably appoints the Lender, with full power of substitution, as Borrower’s attorney-in-fact, coupled with an interest, with full power, in the Lender’s own name or in the name of Borrower, after
        the occurrence and continuance of an Event of Default, to sign, record and file all documents referred to in Section 3.6 above. The Lender shall have the right to exercise the power of attorney granted in this Section directly or to delegate all or
        part of such power to one or more agents of the Lender. Nothing contained in the Loan Documents shall be construed to obligate the Lender to act on behalf of Borrower as attorney-in-fact.

     

    6.5        Actions. Whether or not an Event of Default has occurred, the Lender shall have the right, but not the obligation, to commence, appear in, or defend any action or proceeding which affects or which the Lender determines
        may affect (a) the Collateral; (b) Borrower’s or the Lender’s respective rights or obligations under the Loan Documents; (c) the Loan; or (d) the disbursement of any proceeds of the Loan. Whether or not an Event of Default has occurred, the Lender
        shall at all times have the right to take any or all actions on its own behalf which the Lender determines to be necessary or appropriate to protect the Lender’s interest in connection with the Loan.

     

    6.6         Documents. The form and substance of all documents and instruments which Borrower is required to deliver to the Lender under this Agreement shall be subject to the Lender’s approval.

    
      9

      
        
 

    

    6.7        Interpretation. Whenever the context of this Agreement reasonably requires, all words used in the singular shall be deemed to have been used in the plural, and the neuter gender shall be deemed to include the masculine and
        feminine gender, and vice versa. The headings to sections of this Agreement are for convenient reference only and shall not be used in interpreting this Agreement. For purposes of this Agreement, (a) the term “including” shall be deemed to mean
        “including without limitation”; (b) the term “document” shall be deemed to include all written contracts, commitments, agreements, and instruments; and (c) the term “discretion,” when applied to any determination, consent, or approval right by the
        Lender, shall be deemed to mean the Lender’s sole but good faith business judgment.

     

    6.8          Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, and all of which together shall constitute one and the same document.

     

    6.9         Successors. Subject to the restrictions contained in the Loan Documents, the Loan Documents shall be binding upon and inure to the benefit of the Lender and Borrower and their respective permitted successors and assigns.

     

    6.10        Secured by Deeds of
            Trust. This Agreement and all of Borrower’s obligations under this Agreement are secured by the Deeds of Trust.

     

    [Remainder of the Page Left Intentionally Blank]

    

    

    
      10

      
        
 

    

  

  
    Dated: April 9, 2019

    

    

    BORROWER:

    

    

    WB Propco, LLC,

    a Delaware limited liability company

    

    

    	 	
            By:

          	 	 
	 	 	
            Frederick Chin, Chief Executive Officer

          	 

    

    

    [Signature Page to Loan Agreement]

    
      
        
 

    

    LENDER:

    

    

    First Republic Bank

    

    

    	
            By:

          	 	 
	
            Its:

          	
             

            Jodi L. Gee

          	 
	 	
            Manager

          	 
	 	
            Commercial Lending Services

          	 

    

    

    [Signature Page to Loan Agreement]

    
      
        
 

    

    
    LOAN AGREEMENT

    

    

    (LINE OF CREDIT)

    

    

    SCHEDULE A

    

    

    	
            PROPERTY

          	
            ALLOCATED

              LOAN AMOUNT

            

            

          	
            RELEASE AMOUNT

          
	
            “Owlwood” -10060 and

              10100 W. Sunset Blvd. &141

              S. Carolwood Dr. Los

              Angeles, CA 90077

             

          	
            $15,510,000

          	
            $19,387,500

          
	
            9127 Thrasher Avenue, West

              Hollywood, CA 90069

             

          	
            $6,475,000

          	
            $8,093,750

          
	
            8124 West 3rd Street, Los

              Angeles, CA 90048

             

          	
            $3,395,000

          	
            $4,243,750

          
	
            10750 Chalon Rd., Los

              Angeles, CA 90077

             

          	
            $2,275,000

          	
            $2,843,750

          
	
            Total

          	
            $27,655,000

          	
            $34,568,750

            

            

          

    
      1

      
        
 

    

    
    LOAN AGREEMENT

    

    

    (LINE OF CREDIT)

    

    

  

  
    EXHIBIT “A”

    

    

    LOAN SCHEDULE

    

    

    This Loan Schedule is an integral part of the Loan Agreement between the Lender and Borrower, and the following terms are incorporated in
      and made a part of the Loan Agreement to which this Loan Schedule is attached:

    	 
	 

    
      	1.1	
              Borrower: WB Propco, LLC, a Delaware limited liability company

            

    

    	 
	 

    1.2         Guarantors: ‘‘Subsidiary Guarantors” means: (a) WB 141 S. Carolwood, LLC, (b) WB 9127 Thrasher, LLC, (c) WB 8124 3rd Street LLC, and (d) WB
      10750 Chalon, LLC

    

    

    ‘‘Parent Guarantor” means Woodbridge Wind-Down Entity LLC.

    	 
	 

    
      	1.3	
              Minimum Advance Amount:   N/A.

            

    

    	 
	 

    
      	1.4	
              Loan Fee: Origination Fee of Two Percent (2.0%) annually.

            

    

    	 
	 

    1.5         Nature of Line of Credit. The Line of Credit Loan is a revolving line of credit loan, and within the limits of the
      Commitment and subject to the terms and conditions of this Agreement and the other Loan Documents, Borrower may borrow, prepay pursuant to the note evidencing Line of Credit Loan, and reborrow the principal amount of the Line of Credit Loan, in each
      case, for general working capital purposes in the ordinary course of Borrower’s operations, other general corporate purposes, including, making direct and indirect distributions to the Woodbridge Wind-Down Entity LLC.

    

    

    
      A-1

      
        
 

    

    
    LOAN AGREEMENT

    

    

    (LINE OF CREDIT).

    

    

    EXHIBIT “B”

    

    

    COVENANTS

    

    

    This Exhibit “B” is an integral part of the Agreement between the Lender and Borrower, and the following terms are incorporated in and made a part of the Agreement to which this Exhibit “B” is attached:

    	 
	 

    1.         No Additional Indebtedness. Without

        the prior written consent of Lender, none of the Borrower or the Subsidiary Guarantors (a) shall directly or indirectly incur indebtedness (secured or unsecured) for borrowed money, excluding (i) debts as of the date of this Agreement that were
        previously disclosed in writing to Lender (other than those that are being paid substantially concurrently with the funding of the Loan), (ii) other borrowing from Lender and (iii) unsecured debt incurred in the normal course of business, and (b)
        shall not directly or indirectly make, create, incur, assume or permit to exist any guaranty of any kind of any indebtedness or other obligation of any other person during the term of this Agreement, excluding any guaranties as of the date of this
        Agreement previously disclosed in writing to Lender.

    

    

    2.           Negative Pledge. None

        of the Borrower or the Subsidiary Guarantors shall mortgage, pledge, grant or permit to exist a security interest in, or a lien upon, all or any portion of the Property or all or any portion of any real property owned by Borrower or the Subsidiary
        Guarantors, except for Permitted Liens or otherwise approved by Lender in its sole discretion.

    

    

    3.            Primary Banking. Borrower
        shall maintain its primary depository account with Lender at all times while the Loan is outstanding

    

    

    4.           Tax Returns. Borrower

        shall deliver to Lender a complete and accurate copy of its filed tax returns (including K-1 schedule and all other applicable schedules) or filed application for an extension of such tax return, within thirty (30) days after filing, commencing
        with the fiscal year ending June 30, 2020.

    

    

    5.            Financial Statements.
        Within sixty (60) days after each quarter end, Borrower shall deliver to the Lender unaudited financial statements which are prepared on the liquidation basis of accounting.

    
      

      	 

    

    
      B-1

      
        
 

    

    
    LOAN AGREEMENT

    

    

    (LINE OF CREDIT)

    

    

    EXHIBIT “C”

    

    

    FORM OF GUARANTY

    

    

    This Continuing Guaranty of Payment and Performance (“Guaranty”), dated April 9, 2019 for reference purposes only, is executed by Woodbridge Wind-Down Entity LLC, a Delaware limited liability company (“Guarantor”), in favor of First Republic Bank (the “Lender”), with reference to the following facts:

    

    

    A.        WB Propco, LLC (“Borrower”), has requested a loan in the original principal face
        amount of up to Twenty-Seven Million Six Hundred Fifty-Five Thousand and 00/100 Dollars ($27,655,000.00) (the “Loan”) from the Lender which will be evidenced by that certain Loan Agreement, dated as of April 9, 2019, by and between the Borrower and Lender (the “Loan Agreement”) and the Borrower’s promissory note dated April 9, 2019 (the “Note”) in favor of the Lender,
        The Loan will be secured by certain deeds of trust dated April 9, 2019 (collectively, the “Deeds of Trust”) executed by each Subsidiary Guarantor, in favor of the Lender, as beneficiary. In connection with
        the Loan, Borrower and the Subsidiary Guarantors, as applicable, will also execute and deliver to the Lender, among other documents, an Environmental Indemnity Agreement (the “Indemnity
        Agreement”) and an Assignment of Leases (“Assignment of Leases”), each dated the same date as the Note. The Note, Deed of Trust, Indemnity Agreement, Assignment of Leases, and all other documents
        executed by Borrower and delivered to the Lender at the Lender’s request in connection with the Loan [including any Building Loan Agreement (if the Loan is a construction loan) and any other form of loan agreement], and all extensions, renewals,
        modifications, and replacements of any or all of such documents, are referred to collectively as the “Loan Documents.” Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Loan Agreement,

    

    

    B.          Guarantor is
        directly interested in the Loan and will benefit as a result of the Lender’s extension of credit to Borrower in connection with the Loan.

    

    

    C.          As one of the conditions to closing and funding the Loan. the Lender will require that Guarantor execute and deliver this
        Guaranty to the Lender Guarantor desires to guaranty Borrower’s indebtedness and obligations to the Lender in connection with the Loan on the terms and conditions of this Guaranty.

    

    

    THEREFORE, for good, adequate and valuable consideration, the receipt of which is hereby acknowledged by Guarantor, Guarantor agrees as follows:

    

    

    1.            Guaranty of Indebtedness. Guarantor irrevocably and unconditionally guarantees the full and prompt payment and performance to the Lender or its order of all Indebtedness (as defined in this Section 1) of Borrower to the Lender now or hereafter owing under the Loan Documents at the times and according to the terms expressed in the Loan Documents. All payments by Guarantor shall be made only in
        lawful money of the United States of America. For purposes of this Guaranty, the term “Indebtedness” means all now existing and future debts, obligations, and liabilities of Borrower to the Lender under the Loan Documents, however arising, whether
        absolute or contingent, liquidated or unliquidated, secured or unsecured, and whether Borrower may be liable individually or jointly with others. Without limiting the preceding sentence, the term “Indebtedness” shall include all principal, interest
        (including interest at any default rate under the Note and any interest which may be negatively amortized or added to the principal amount of the Loan under the Note), late charges, reasonable attorneys’ fees, and all other fees, costs, advances,
        sums, and expenses now or hereafter owing under the Note or other Loan Documents, including any and all of the foregoing sums which would have accrued under the Loan Documents but for the commencement of a case by or against Borrower under Title 11 of the United States Code (11 U.S.C. §§101, et seq.) or any successor statute (the “Bankruptcy Code”)
        or under any other law governing any federal or state bankruptcy, insolvency, reorganization, or other similar proceeding (collectively, a “Bankruptcy Proceeding”). The amount of the Indebtedness may exceed the original principal face amount of the
        Note.

    

    

    2.           Absolute and Unconditional Guaranty of Payment. This Guaranty constitutes an absolute and unconditional continuing guaranty of payment and performance of the Indebtedness, does not constitute a guaranty of collectibility, is unconditionally delivered, and
        is not subject to the performance or occurrence of any condition precedent, including any condition relating to the genuineness, validity, or enforceability of the Loan Documents.

    

    

    3.           Loan Documents. Guarantor

        acknowledges and agrees that (a) Borrower’s execution, delivery and performance of its obligations under the Loan Documents, and Borrower’s consummation of the transactions contemplated by the Loan Documents, have been duly authorized by all
        requisite action on the part of Borrower; and (b) the Loan Documents constitute the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with their respective terms.

    
      C-1

      
        
 

    

    4.           Modification to Loan Documents and Other Matters Not Affecting Guarantor’s
          Liability.

    

    

    4.1          Matters Not Affecting Guarantor’s Liability. Guarantor agrees that the Lender, in its discretion, shall have the right to do any one or more of the following without notice to or the consent or approval of Guarantor, without prejudice of any kind to the
        Lender, without in any way discharging, releasing or otherwise affecting Guarantor’s liability under this Guaranty, and without giving Guarantor any recourse or claim of any kind against the Lender: (a) modify, accelerate, accept partial payment
        of, compromise, settle, renew, extend the time for payment or performance of, or decline to enforce any of Borrower’s Indebtedness to the Lender under or in connection with the Loan Documents; (b) increase or decrease the principal amount of the
        Loan; (c) release or discharge, in whole or in part, or grant any indulgence or forbearance to Borrower or any other person under or in connection with the Loan Documents, including any release given in connection with a deed in lieu of foreclosure
        under the Deed of Trust; (d) release, waive, substitute, or add any or all real property or personal property collateral under the Loan Documents securing payment of the Indebtedness (collectively, the “Collateral”); (e) release, substitute or add
        any one or more endorsers or guarantors of the Indebtedness; (f) amend, supplement, alter or change in any respect whatsoever any term or provision of the Loan Documents or any other agreement relating to the Indebtedness, including any increase,
        decrease, or other change in the rate of interest under the Note; (g) subordinate, in whole or in part, or otherwise alter the priority of any lien or security interest now or hereafter held by the Lender in the Collateral; (h) file or refrain from
        filing any claim in any Bankruptcy Proceeding by or against Borrower or any other guarantor of the Indebtedness; (i) make other or additional loans or extensions of credit to Borrower and take and hold security for any such loan or extension of
        credit; (j) credit or apply any payments received from Borrower, any other guarantor of the Indebtedness, or any other person, or realized from the Collateral or any other source, to any existing or future indebtedness of Borrower to the Lender in
        such manner and order of priority as the Lender may determine, whether or not such indebtedness is guaranteed by this Guaranty, secured by any Collateral, or due at the time of such application; (k) direct the order and manner of any sale of the
        Collateral in any judicial or nonjudicial foreclosure sale, and bid on the Collateral at any such sale; (l) otherwise deal with Borrower, any other guarantor of the Indebtedness, or any other person in connection with the Loan in such manner as the
        Lender, in its discretion, may determine; and (m) exercise any right or remedy with respect to the Indebtedness or the Collateral, notwithstanding any effect on or impairment of Guarantor’s subrogation, reimbursement or other rights against
        Borrower, whether by operation of Section 580d of the California Code of Civil Procedure or otherwise, including the Lender’s exercise of any remedy which destroys Guarantor’s subrogation rights as set forth in Section 6.4 below.

    

    

    4.2          Waiver of Defenses Based on Changes to Loan Documents and Other
            Matters. Guarantor acknowledges that in the absence of the waivers contained in this Section 4.2, if the Lender were to take any of the actions
        described in Section 4.1 above, Guarantor would have or may have a defense to the enforcement of this Guaranty. Without limiting the generality of Section 4.1 above, Guarantor waives all such defenses and all rights, benefits, remedies and defenses
        under California Civil Code Section 2819 which, in the absence of the waivers contained in this Section 4.2, provides that if the Lender, without the consent of Guarantor, were to alter the Indebtedness in any respect or in any way were to impair
        or suspend the rights or remedies of Guarantor against Borrower, Guarantor may be exonerated and may have a defense against the enforcement of this Guaranty. Guarantor agrees that as a result of the waivers contained in this Section 4.2, Guarantor
        shall remain liable to the Lender under this Guaranty even if the Lender takes any or all of the actions described in Section 4.1 above.

    

    

    5.           Grant of Security Interest to the Lender and the Lender’s Setoff
            Rights. To secure Guarantor’s obligations to the Lender under this Guaranty. Guarantor grants a security interest to the Lender in, and agrees that the Lender shall have a right of setoff
        against the deposit account with account number # 80007450390 titled “Woodbridge Wind Down Entity DBA Viewpoint Collection Propco Collateral Deposits” held by the Guarantor at First Republic Bank. The Lender shall have the right to enforce such
        security interest and right of setoff without demand on or notice to Guarantor, and no waiver or release of any such security interest or right of setoff shall be valid or enforceable against the Lender unless such waiver is expressly set forth in
        a written agreement signed by the Lender.

    

    

    6.           Waiver of Defenses by Guarantor. Guarantor expressly waives and relinquishes all rights, remedies, benefits, and defenses accorded by applicable law to guarantors and agrees not to assert or take advantage of any such rights, remedies,
        benefits, or defenses. Without limiting the preceding sentence, Guarantor waives each and all of the following:

    

    

    6.1          Enforcement of the Lender’s Remedies. All rights, remedies, benefits, and defenses under California Civil Code Section 2845 which, in the absence of the waivers contained in this Section 6.1, provides that Guarantor may have a defense against
        enforcement of this Guaranty if the Lender were to fail to proceed against Borrower, to pursue any other remedy in the Lender’s power which might lighten Guarantor’s burden under this Guaranty, or to proceed with diligence in the enforcement or
        collection of the Indebtedness. Without limiting the preceding sentence, Guarantor waives all rights which it may have to require the Lender (a) to proceed or exhaust its rights or remedies against Borrower, any other guarantor of the Indebtedness,
        or any other person, before pursuing its rights and remedies against Guarantor under this Guaranty; (b) to proceed or exhaust its rights or remedies against the Collateral for the Indebtedness before pursuing its rights and remedies against
        Guarantor under this Guaranty; and (c) to exercise any other right or remedy of any kind with respect to the Loan, the Collateral, or otherwise before pursuing its rights and remedies against Guarantor under this Guaranty. Guarantor agrees that the
        Lender may pursue its rights and remedies against Guarantor under this Guaranty without taking any action against Borrower or any other person and without proceeding against or exhausting the Collateral;

    
      C-2

      
        
 

    

    6.2          Enforcement Against Property of Guarantor. All rights, remedies, benefits, and defenses under California Civil Code Section 2850 which, in the absence of the waivers contained in this Section 6.2, provides that whenever both property of Guarantor and
        property of Borrower are pledged or hypothecated to secure the Indebtedness, Guarantor is or may be entitled to have the property of the Borrower first applied to discharge the Indebtedness;

    

    

    6.3          Defenses of Borrower.
        All rights, remedies, benefits and defenses under California Civil Code Section 2810 which, in the absence of the waivers contained in this Section 6.3, provides that if there were no liability on the part of Borrower at the time of
        execution of the Loan Documents, or the liability of Borrower under the Loan Documents were to hereafter cease, Guarantor may have a defense against enforcement of this Guaranty. Without limiting the preceding sentence, Guarantor waives all rights,
        remedies, benefits, and defenses arising out of or based on any or all of the following: (a) the lack of capacity or other legal disability, lack of authority, death or incompetency of Borrower or any other person; (b) any impairment of any lien or
        security interest of the Lender in the Collateral; (c) any diminution or loss in value of the Collateral (including any diminution caused as a result of any hazardous waste or substance contaminating the Collateral); (d) any failure by the Lender
        to obtain or perfect any lien or security interest in any real or personal property to secure the Indebtedness: (e) any defense by Borrower or any other person to payment of the Indebtedness; (f) the failure of the Lender to file or enforce any
        claim against the estate of Borrower or any other person in any Bankruptcy Proceeding or any other proceeding; (g) any change in the legal or beneficial ownership or title to the Collateral, or any change in the name under which Borrower was formed
        or organized, whether effected with or without the consent of the Lender; and (h) the release, discharge, modification, impairment or limitation of Borrower’s liability for the Indebtedness from any cause, whether consented to by the Lender,
        arising by operation of law, or resulting from any Bankruptcy Proceeding. Guarantor agrees that as a result of the waivers contained in this Section 6.3. Guarantor shall remain liable to the Lender under this Guaranty even if Borrower had no
        liability at the time of execution of the Loan Documents or thereafter ceases to be liable;

    

    

    6.4          Guarantor’s Subrogation Rights. All rights, remedies, benefits and defenses arising out of an election of remedies by the Lender, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a
        guaranteed obligation, has destroyed Guarantor’s rights of subrogation and reimbursement against Borrower, as principal, or against any other person, by operation of California Code of Civil Procedure Section 580d or otherwise. Guarantor
        acknowledges that (a) subject to the terms of this Guaranty, Guarantor has or may have under certain circumstances certain subrogation, reimbursement, and other recovery rights against Borrower which may entitle Guarantor to recover from Borrower
        all or part of the Indebtedness which Guarantor may be required to pay to the Lender under this Guaranty; (b) in the absence of the waivers contained in this Section 6.4, if the Lender were to elect to conduct a nonjudicial foreclosure sale of all
        or part of the real property encumbered by the Deed of Trust, Guarantor would have or may have a defense to the enforcement of this Guaranty in an action by the Lender to collect a deficiency judgment against Guarantor based on such an election of remedies by the Lender; and (c) such defense by Guarantor would be based on, among other things, existing case law which holds that because a nonjudicial foreclosure sale by a lender destroys a guarantor’s
        subrogation or other recovery rights against the borrower by the operation of California Code of Civil Procedure Section 580d, the lender is estopped or barred from enforcing a guaranty against a guarantor because the lender has elected a remedy
        which has prejudiced the guarantor’s subrogation or other recovery rights against the borrower. Without in any way limiting any of the terms of this Guaranty (including the waivers contained in this Section 6.4), Guarantor acknowledges and agrees that this Section 6.4 constitutes a waiver by Guarantor of the defense described in the preceding sentence;

    

    

    6.5          Impairment or Destruction of Guarantors Subrogation Rights. Without limiting the generality of Section 6.5 above, all rights, remedies, benefits, and defenses under the following statutes to the extent, if at all, such statutes may directly or indirectly apply to
        Guarantor: (a) California Code of Civil Procedure Section 580a which, in the absence of the waivers contained in this Section 6.5, may directly or indirectly limit the liability of Guarantor following a nonjudicial foreclosure sale under the Deed
        of Trust to the difference between the Indebtedness and the fair market value of the real property transferred at such nonjudicial foreclosure sale; (b) California Code of Civil Procedure Sections 580b and 580d which, in the absence of the waivers
        contained in this Section 6.5, may directly or indirectly limit the Lender’s right to recover a deficiency judgment against Guarantor with respect to certain purchase money obligations or following a non-judicial foreclosure sale under the Deed of
        Trust, respectively; and (c) California Code of Civil Procedure Section 726 which, in the absence of the waivers contained in this Section 6.5, may directly or indirectly require the Lender to exhaust the Collateral before obtaining a personal
        judgment for the Indebtedness. WITHOUT LIMITING ANY OF THE TERMS OF THIS SECTION 6.5 OR ANY OF THE OTHER PROVISIONS OF THIS GUARANTY, GUARANTOR WAIVES ALL RIGHTS AND DEFENSES THAT GUARANTOR MAY HAVE BECAUSE THE BORROWER’S INDEBTEDNESS IS SECURED BY
        REAL PROPERTY. THIS MEANS, AMONG OTHER THINGS: (1) THE LENDER MAY COLLECT FROM THE GUARANTOR UNDER THIS GUARANTY WITHOUT FIRST FORECLOSING ON ANY REAL OR PERSONAL PROPERTY COLLATERAL PLEDGED BY BORROWER TO SECURE THE LOAN; AND (2) IF THE LENDER
        FORECLOSES ON ANY REAL PROPERTY COLLATERAL PLEDGED BY THE BORROWER TO SECURE THE LOAN, THEN (A) THE AMOUNT OF THE INDEBTEDNESS MAY BE REDUCED BY ONLY THE PRICE FOR WHICH THAT COLLATERAL IS SOLD AT THE FORECLOSURE SALE, EVEN IF THE COLLATERAL IS
        WORTH MORE THAN THE SALE PRICE; AND (B) THE LENDER MAY COLLECT FROM GUARANTOR EVEN IF THE LENDER, BY FORECLOSING ON THE REAL PROPERTY COLLATERAL SECURING THE LOAN, HAS DESTROYED ANY RIGHT THE GUARANTOR MAY HAVE TO COLLECT FROM THE BORROWER. THIS IS
        AN UNCONDITIONAL AND IRREVOCABLE WAIVER OF ANY AND ALL RIGHTS AND DEFENSES THAT GUARANTOR MAY HAVE BECAUSE THE BORROWER’S DEBT IS SECURED BY REAL PROPERTY COLLATERAL. SUCH RIGHTS AND DEFENSES INCLUDE, BUT ARE NOT LIMITED TO, ANY AND ALL RIGHTS AND
        DEFENSES BASED ON SECTIONS 580a, 580b, 580d, OR 726 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE, The waivers contained in this Section 6.5 are intended to apply to all real property Collateral which secures the Indebtedness of Borrower to the Lender
        and not with respect to real property collateral, if any, which secures this Guaranty;

    
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    6.6          Scope of Guarantor’s Liability. All rights, benefits, remedies, and defenses based upon any statute or rule of law, including California Civil Code Section 2809, which provides that the obligations of a guarantor may not be larger in amount
        or in other respects more burdensome than those of the principal debtor. Guarantor agrees that as a result of the waivers contained in this Section 6.6, even if Guarantor’s obligations under this Guaranty may be larger in amount or in other
        respects more burdensome than those of Borrower, Guarantor shall remain liable to the Lender under this Guaranty;

    

    

    6.7          Borrower’s Financial Condition. All rights, benefits, remedies and defenses based on any failure by the Lender to disclose to Guarantor any facts now or hereafter known to the Lender with respect to Borrower, its financial condition, the
        Collateral, or any of the transactions contemplated by the Loan Documents, regardless of whether the Lender (a) has reason to believe that any such facts materially increase the risk beyond that which Guarantor intends to assume or that any such
        facts are unknown to Guarantor; or (b) has a reasonable opportunity to communicate such facts to Guarantor;

    

    

    6.8          Bankruptcy Claims. All

        rights, benefits, remedies, and defenses arising out of or based on any action taken or omitted to be taken by the Lender in any Bankruptcy Proceeding relating to Borrower, including (a) any election by the Lender to have the Lender’s claim in such proceeding treated as being secured or partially secured or unsecured, including any election under Section 1111(b)(2) of the Bankruptcy Code: and (b) any extension of credit to Borrower in any
        Bankruptcy Proceeding and any taking or holding by the Lender of security for any such extension of credit, including any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code;

    

    

    6.9          Marshalling of Assets or Liens. All rights which Guarantor may have to require marshalling of assets or liens in the event of the Lender’s exercise of any its rights or remedies with respect to the Collateral, including all rights, remedies,
        benefits and defenses under California Civil Code Sections 2899 and 3433 which, in the absence of the waivers contained in this Section 6.9, may entitle Guarantor to require, among other things, that (a) the Lender resort first to Collateral in
        which the Lender holds an exclusive lien to satisfy the Indebtedness; and (b) the Lender resort first to funds for satisfaction of the Indebtedness in which Guarantor has no interest;

    

    

    6.10          Waiver of Notices. Presentment,

        demand for payment, protest, notice of demand, dishonor, protest and nonpayment, and all other notices and demands in connection with the delivery, acceptance, performance, default under, and enforcement of this Guaranty or the Indebtedness,
        including notice of (a) the creation, existence, renewal, extension, modification, or incurring of any Indebtedness; (b) recordation of any notice of default or notice of sale under the Deed of Trust; (c) any judicial or nonjudicial foreclosure
        sale of the Collateral; and (d) any other action or non-action on the part of Borrower, the Lender, any other guarantor or endorser of the Indebtedness, or any other person, including any action described in Section 4.1 above which is taken by the
        Lender in connection with the Loan;

    

    

    6.11          No Offsets. All rights, remedies, benefits, and defenses under any applicable law, regulation, or procedure which provides, in substance, that where cross demands for money exist between parties at
        any point in time when neither demand is barred by the applicable statute of limitations, and an action is thereafter commenced by one such party, the other party may assert the defense of payment in that the two demands are compensated so far as
        they equal each other, notwithstanding that an independent action asserting the claim would at the time of filing the response be barred by the applicable statute of limitations. Guarantor agrees that as a result of the waivers contained in this
        Section 6.11, no obligations or indebtedness of Guarantor to the Lender under this Guaranty may be offset by all or part of any claim, cause of action, or cross-claim of any kind, whether liquidated or unliquidated, which Guarantor now has or may
        hereafter acquire or allege to have acquired against the Lender; and

    

    

    6.12          Statute of Limitations. The defense of all statutes of limitations in any action by the Lender against Guarantor to the fullest extent permitted by law.

    

    

    7.          Scope of Guarantor’s Waivers. Without limiting any of the terms of this Guaranty, Guarantor acknowledges and agrees that (a) in the absence of the waivers contained in this Guaranty, certain statutes and case law of the State of California, including certain
        provisions of California Civil Code Sections 2799 through 2855, may provide Guarantor with defenses to liability under this Guaranty, (b) Guarantor has carefully
        considered and understands such defenses; (c) by executing this Guaranty, Guarantor has waived and relinquished, to the maximum extent permitted by law, each and all of such defenses; and (d) the Lender is
        entering into the transactions described in recital Section A of this Guaranty in reliance on, among other things, such waivers by Guarantor.

    
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    8.          Independent Investigation by Guarantor. Guarantor acknowledges and agrees that it is fully apprised and aware of and has independently obtained all material facts and information concerning Borrower and its financial condition, the Collateral, and
        all other matters relating to the transactions which are the subject of the Loan Documents. Guarantor assumes all risks arising out of this Guaranty, including the risk that new extensions of credit may be made by the Lender to Borrower under
        circumstances in which Borrower’s financial condition has materially changed. Guarantor assumes full and complete responsibility for hereafter obtaining all material facts and information concerning Borrower and its financial condition, the
        Collateral, and all other matters relating to the transactions which are the subject of the Loan Documents, and the Lender shall be under no obligation at any time to provide Guarantor with any facts or information concerning Borrower, its
        financial condition or any change therein, the Collateral, or any other matter relating to the transactions which are the subject of the Loan Documents. Guarantor waives any defense to the enforcement of this Guaranty that Guarantor may have by
        reason of the failure of the Lender to provide Guarantor with any information respecting Borrower or its financial condition, the Collateral, or any other matters relating to the transactions which are the subject
        of the Loan Documents, including those defenses set forth in Section 6.7 above.

    

    

    9.          Joint and Several Liability. Each Guarantor signing this Guaranty as a Guarantor shall be jointly and severally liable to the Lender for the performance of Guarantor’s obligations under this Guaranty. Each Guarantor who is a married person agrees that the
        Lender shall have the right to recourse against his or her community property and separate property for any and all Indebtedness to the fullest extent permitted by law. The Lender shall have the right to enforce this Guaranty against any one or
        more of the entities signing this Guaranty as Guarantor, without necessity of joining all of such entities in such action.

    

    

    10.          Subrogation and Other Rights. Until all Indebtedness of Borrower to the Lender has been performed and paid in full, (a) Guarantor shall have no right of subrogation or reimbursement against Borrower, no right of subrogation against any Collateral, and no
        right of contribution against any other guarantor of the Indebtedness; and (b) Guarantor waives all rights to enforce any remedy which the Lender now has or may hereafter have against Borrower and any benefit of, and any right to participate in,
        any Collateral now or hereafter held by the Lender. Without limiting the preceding sentence, until all Indebtedness of Borrower to the Lender has been performed and paid in full, Guarantor waives the following rights, remedies, benefits, and
        defenses:

    

    

     10.1          Reimbursement Rights.
        All rights, remedies, benefits and defenses under California Civil Code Section 2847 which, in the absence of the waivers contained in this Section 10.1, provides that if Guarantor were to satisfy or pay the Indebtedness. Borrower would or
        may be obligated to reimburse Guarantor for amounts which Guarantor has paid, including necessary costs and expenses;

    

    

     10.2          Subrogation Rights.
        All rights, remedies, benefits, and defenses under California Civil Code Section 2848 which, in the absence of the waivers contained in this Section 10.2, provides that if Guarantor were to satisfy or pay the Indebtedness,
        Guarantor would or may be entitled (a) to enforce every remedy which the Lender then has against Borrower to the extent of reimbursing Guarantor for the sums which Guarantor has expended; and (b) to require that any other guarantors of the
        Indebtedness contribute thereto; and

    

    

     10.3          Benefit of the Lender’s Collateral. All rights, remedies, benefits, and defenses under California Civil Code Section 2849 which, in the absence of the waivers contained in this Section 10.3, provides that Guarantor is or may be entitled to the benefit of the Collateral now or hereafter held by the Lender or security now or hereafter held by another guarantor of the Indebtedness.

    

    

    11.          Subordination. Except

        as otherwise provided in this Section 11, all existing and future indebtedness of Borrower to Guarantor and, if Borrower is a partnership, corporation or other entity, the right, if any, of Guarantor to withdraw any capital invested by Guarantor in
        Borrower (such indebtedness and right to receive capital are referred to collectively as the “Subordinated Debt”), are subordinated to all Indebtedness of Borrower to the Lender. Following and during the continuance of an “Event of Default” (as
        defined in the Loan Documents), (a) without the prior written consent of the Lender, none of the Subordinated Debt shall be paid to or withdrawn by Guarantor, nor shall Guarantor accept any payment of the Subordinated Debt; and (b) at the Lender’s
        request, Guarantor shall cause Borrower to pay to the Lender all or any part of the Subordinated Debt designated by the Lender which Guarantor is otherwise entitled to receive. Any payment of Subordinated Debt by Borrower to Guarantor in violation
        of this Guaranty shall be received by Guarantor in trust for the Lender, and Guarantor shall cause the same to be paid to the Lender immediately on account of the Indebtedness of Borrower to the Lender. No such payment shall reduce or affect in any
        manner the liability of Guarantor under this Guaranty.

    
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    12.          Bankruptcy Proceedings.
        Guarantor shall file in any Bankruptcy Proceeding or other proceeding in which the filing of claims is required or permitted by law all claims which Guarantor may have against Borrower relating to any indebtedness of Borrower to Guarantor
        and, upon the Lender’s request, shall assign to the Lender all rights of Guarantor thereunder pursuant to a written assignment reasonably acceptable to the Lender in form and substance. If Guarantor has not filed any such claim by the earlier of
        ten (10) days after the Lender’s request or thirty (30) days before such claim is required to be filed by applicable law, regulation, rule, or court order, then Guarantor appoints the Lender as Guarantor’s attorney-in-fact to cause such claim to be
        filed in the name of Guarantor or, at the Lender’s discretion, in the name of a nominee designated by the Lender. The foregoing power of attorney is coupled with an interest and may not be revoked by Guarantor. The Lender or its nominee shall have
        the sole right to accept or reject any plan proposed in any Bankruptcy Proceeding and to take any other action which a party filing a claim is entitled to take. In all such cases, the person authorized to pay such claim shall pay to the Lender the
        amount payable on such claim and, to the full extent necessary for that purpose, Guarantor hereby assigns to the Lender all of Guarantor’s rights to any such payments or distributions to which Guarantor would otherwise be entitled; provided,
        however, Guarantor’s obligations hereunder shall only be satisfied or partially satisfied, as applicable, as a result of such payment or distribution to the extent of, and in an amount equal to, the payment or distribution in cash actually received
        by the Lender. If the Lender receives any property under this Section other than cash, then at the Lender’s option, the same shall be held as collateral for amounts due under this Guaranty. Nothing in this Guaranty shall be deemed to obligate the
        Lender to file any claim as Guarantor’s attorney-in-fact.

    

    

    13.          Continuation of Guaranty if Payments are Avoided or Recovered
            from the Lender. The Lender shall have the right to refund to Borrower any payment or recovery received by the Lender on account of the Indebtedness, and payment to the Lender of the amount
        refunded shall be fully guaranteed by Guarantor under this Guaranty. Without limiting the preceding sentence, if the Lender is required to pay, return or restore to Borrower or any other person any amount previously paid or recovered on account of
        the Indebtedness as a preference, fraudulent transfer or because of any Bankruptcy Proceeding or other similar proceeding, or for any other reason, Guarantor’s obligations shall be reinstated and revived, and the Lender’ rights shall continue, with
        regard to such amount as though such amount had never been paid to or recovered by the Lender, regardless of payment in full of the Indebtedness prior to such payment, return, or restoration to Borrower or any other person.

    

    

    14.          The Lender’s Rights Cumulative. The Lender’s rights and remedies under this Guaranty are cumulative with and in addition to (a) the Lender’s rights and remedies under any existing or future agreement
        between the Lender and Guarantor, including any other guaranty executed by Guarantor relating to any indebtedness of Borrower to the Lender; and (b) all rights and remedies which the Lender may have under applicable law or any other agreement,
        including any other guaranty by any other guarantor of any indebtedness of Borrower to the Lender. No provision of this Guaranty shall be deemed to be in limitation of any other provision of this
        Guaranty.

    

    

    15.          The Lender’s Exercise of Rights. The obligations of Guarantor hereunder are independent of the obligations of Borrower, and the Lender shall have the right to commence and prosecute a separate action against Guarantor, whether or not Borrower
        is joined in such action or a separate action is brought against Borrower. The Lender shall have the right to commence and prosecute successive actions against Guarantor for separate breaches of this
        Guaranty. The Lender shall have the right to exercise any one or more of its rights and remedies under or in connection with this Guaranty at the Lender’s option, in its discretion, without notice to
        Guarantor or any other person (except as otherwise expressly required by this Guaranty or under any other written agreement executed by the Lender), and in such order and manner and at such times as the Lender may determine in its sole and absolute
        discretion. Whenever (a) the terms of this Guaranty grant the Lender the right to consent to or approve any transaction or matter; (b) the Lender is authorized or empowered under this Guaranty to make a determination with respect to any transaction
        or matter; or (c) this Guaranty provides that any agreement or other item must be approved by or acceptable to the Lender, then except as otherwise expressly provided, if at all, in this Guaranty, (i) the Lender shall have the right to grant or
        withhold such approval or consent and make such determination in its sole and absolute discretion; and (ii) the form and substance of such agreement or other item must be satisfactory to the Lender in its
        sole and absolute discretion. Whenever the terms of this Guaranty require the Lender’s consent to or approval of any transaction, matter, or agreement, such consent or approval shall not be deemed to be effective unless it is set forth in a written
        agreement signed by the Lender,

    

    

    16.          Attorneys’ Fees and Costs and Other Expenses. Upon the Lender’s demand, Guarantor shall reimburse the Lender for all costs and expenses, including reasonable attorneys’, accountants’, consultants’, and expert witnesses’ fees and costs,
        which are incurred by the Lender in connection with the exercise of any or all of the Lender’s rights and remedies under this Guaranty, including reasonable attorneys’ fees and costs incurred in
        connection with the enforcement of the Indebtedness or any or all of the Lender’s rights against Guarantor under this Guaranty, whether or not any legal proceedings are instituted by the Lender, and all costs, reasonable attorneys’ fees and
        expenses incurred by the Lender in connection with any Bankruptcy Proceeding or other similar proceeding involving Guarantor which in any way affects the Lender’s exercise of any of its rights and remedies under this Guaranty. Guarantor’s
        obligation to reimburse the Lender under this Section shall include payment of interest on all amounts expended by the Lender from the date of expenditure at the rate of interest applicable to principal under the Note at the time of such
        expenditure. Without limiting the terms of this Section, Guarantor agrees that the Lender shall be entitled to retain such attorneys as the Lender, in its discretion, may select at such attorneys’ customary rates and charges for legal fees, costs
        and other services, and the Lender shall be entitled to full reimbursement from Guarantor for all such fees, costs and charges, regardless of any schedule, formula or other guideline for attorneys’ fees, whether described as reasonable or
        otherwise, which is established, set or adopted pursuant to any governmental requirements or by any trial, appellate, or bankruptcy court or governmental authority.

    
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    17.        Reserved.

    

    

    18.       Representations and Warranties by Guarantor. As a material inducement to the Lender’s extension of credit to Borrower in connection with the Loan, Guarantor makes the following representations and warranties to the Lender, each of which shall survive the
        closing of the Loan and all other extensions of credit to Borrower which comprise part of the Indebtedness:

    

    

    18.1         Corporate, Partnership, or Limited Liability Company Existence. If Guarantor is a  corporation, partnership, or limited liability company, Guarantor is duly organized, validly existing and in good standing under the laws of the state of its incorporation or organization, as
        applicable, and Guarantor is qualified to do business and is in good standing under the laws of the State of California.

    

    

    18.2          Existence of Trust. If

        Guarantor is a trust, Guarantor is duly organized and validly existing, and the trustees of Guarantor are qualified to act in such capacity.

    

    

    18.3          Authority. Guarantor

        has the full power and authority to carry on its business and to enter into and perform all of its obligations under this Guaranty, and this Guaranty, when executed by the persons signing this Guaranty on
        behalf of Guarantor, shall constitute the legal, valid and binding obligation of Guarantor enforceable in accordance with its terms. The person or persons executing this Guaranty on behalf of Guarantor are duly authorized to execute this Guaranty.
        No consent of any other person not previously obtained by Guarantor, and no consent, approval, authorization or other action by or filing with any governmental authority not previously obtained, taken, or made, as applicable, is required in
        connection with the execution, delivery and performance of Guarantor’s obligations under this Guaranty.

    

    

    18.4        No Violations. Guarantor’s

        execution of this Guaranty and Guarantor’s performance of its obligations hereunder will not result in a breach or violation of (a) any governmental requirements applicable to Guarantor or any judgment, writ, injunction, decree or order of any
        court relating and known to Guarantor; (b) any mortgage, commitment, restriction, or other document to which Guarantor is a party or by which Guarantor is bound; (c) Guarantor’s agreement or certificate of limited partnership, if Guarantor is a
        limited partnership; (d) Guarantor’s agreement or statement of partnership, if Guarantor is a general partnership; (e) Guarantor’s articles of incorporation or bylaws, if Guarantor is a corporation; (f) Guarantor’s articles of organization or
        operating agreement, if Guarantor is a limited liability company; or (g) Guarantor’s trust agreement, if Guarantor is a trust.

    

    

    18.5        Financial Information. All

        statements respecting the financial condition of Guarantor and Borrower, respectively, which have been furnished to the Lender or which are hereafter submitted to the Lender (a) are or shall be accurate and complete in all material respects as of
        the dates appearing thereon; (b) present or shall present fairly, in all material respects, the financial condition and results of operations of the person to whom the financial statement applies as of the dates and for the periods shown on such
        statements; (c) disclose or shall disclose all material suits, actions, proceedings and contingent liabilities affecting the person to whom the financial statement applies; and (d) have been or shall be prepared in accordance with generally
        accepted accounting principles on the liquidation basis of accounting or such other accounting principles as may be reasonably acceptable to the Lender, consistently applied. None of the reports, information and documents furnished to the Lender by
        Guarantor in connection with the Loan, taken as a whole, contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, misleading;
        provided that, with respect to any projections, the Guarantor represents that such information was prepared in good faith based upon assumptions of the Guarantor believed to be reasonable at the time prepared.

    

    

    18.6          Litigation. There

        are no actions, suits, proceedings or investigations pending or, to the best of Guarantor’s knowledge, threatened against or affecting Guarantor in any court or before any other governmental authority, nor
        does Guarantor know of any basis for any such action, suit, proceeding or investigation which would reasonably be expected to have a material adverse effect on the ability of the Guarantor to perform any of its obligations under this Guaranty.

    

    

    18.7          Loan Documents. Guarantor
        has received copies of the Loan Documents described in recital Section A above, has carefully read such Loan Documents, and understands all of the terms of such Loan Documents. To the best of Guarantor’s knowledge, the representations and
        warranties made by Borrower to the Lender under the Loan Documents are true and correct.

    

    

    19.         Default. The
        occurrence of any default by Borrower under any of the Loan Documents, or Guarantor’s default under any of the terms of this Guaranty or the failure of any of Guarantor’s representations or warranties under this Guaranty to be accurate and
        complete, shall at the option of the Lender entitle the Lender to declare the Indebtedness, or such portion thereof as may be designated by the Lender, to be immediately due and payable by Guarantor to the Lender.

    

    

    20.          Severability. If

        any provision of this Guaranty is held by any court of competent jurisdiction to be unlawful, voidable, void, or unenforceable for any reason, such provision shall be deemed to be severable from and shall in no way affect the validity or
        enforceability of the remaining provisions of this Guaranty, and such remaining provisions shall continue in full force and effect. Without limiting the preceding sentence, if any of the waivers contained in this Guaranty is held by any court of
        competent jurisdiction to be unlawful, voidable, void, or unenforceable for any reason, such waiver shall be effective to the maximum extent permitted by law.

    
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    21.          Successors; Continuing Guaranty. This Guaranty shall inure to the benefit of the Lender and its successors and assigns (including any assignee of the Loan Documents) and shall be binding on Guarantor and its heirs, executors, administrators,
        personal representatives, successors and assigns. Guarantor’s liability under this Guaranty shall continue until all Indebtedness has been paid or performed in full. This is a continuing guaranty of payment and performance of the Indebtedness and
        may not be revoked by Guarantor under any circumstances, except only to the extent that such revocation is expressly permitted under applicable law and the terms of this Guaranty with respect to future new loan transactions between the Lender and
        Borrower entered into after the effective date of such revocation and with respect to which there is no continuing consideration. Subject to and except as otherwise provided in this Section 21, this Guaranty may be revoked solely with respect to
        future new loan transactions between the Lender and Borrower as to which there is no continuing consideration only by a written notice of revocation by Guarantor to the Lender which has been received by an officer of the Lender at the Lender’s
        offices located at the address for notices to the Lender which is specified in Section 23 below. Any such notice of revocation by Guarantor to the Lender (a) shall not be effective until 5 p.m., Pacific Standard time, on the first (1st) business
        day following the date on which such notice is actually received by the Lender pursuant to Section 23 below; and (b) shall not apply or be effective with respect to (i) any Indebtedness created, existing or arising prior to the time such notice of
        revocation becomes effective pursuant to this Section (whether or not such Indebtedness is then outstanding or has then accrued); or (ii) any extension, renewal, modification, amendment, supplement, or replacement of the Indebtedness, whether made
        before or after such notice of revocation becomes effective pursuant to this Section; or (iii) any Indebtedness which is reinstated or revived pursuant to the terms of Section 13 above, whether such reinstatement or revival occurs before or after
        such notice of revocation becomes effective pursuant to this Section. If Guarantor is a natural person, this Guaranty shall not be terminated or revoked by the death of Guarantor with respect to future extensions of credit by the Lender to
        Borrower, unless and until a notice of revocation has been received by the Lender from the duly appointed representative, executor or administrator of Guarantor’s estate in accordance with this Section, notwithstanding the fact that the Lender may
        have knowledge of Guarantor’s death.

    

    

    22.          Assignment. The

        Lender shall have the right, without notice to or the consent of Guarantor or any other person, (a) to assign this Guaranty, in whole or in part, to any person in connection with the sale, transfer, pledge or assignment of any or all of Loan
        Documents; and (b) to sell one or more participations in this Guaranty to any person in connection with the sale of participations in the Loan Documents. Upon any assignment of this Guaranty, Guarantor shall be liable to the assignee under this
        Guaranty without in any manner affecting the liability of Guarantor to the Lender with respect to any Indebtedness which continues to be owing to the Lender. The Lender is authorized to disclose to any assignee, participant in the Loan, or
        prospective assignee or participant in the Loan all documents and information now or hereafter in the Lender’s possession or control relating to Guarantor, the Indebtedness, or the Collateral, provided that such disclosure shall be made exclusively
        in connection with the proposed assignment of this Guaranty or sale of a participation in the Loan.

    

    

    23.          Notices. All
        notices and demands which the Lender may elect to give to Guarantor under this Guaranty shall be in writing and shall be effective on the
        earlier of personal delivery to Guarantor or three (3) days after deposit in first-class or certified United States mail, postage prepaid, addressed to Guarantor at the address set forth opposite Guarantor’s signature appearing below. All notices
        and demands by Guarantor to the Lender under this Guaranty shall be in writing and shall be effective only on actual receipt by the Lender at the Lender’s address set forth in the Deed of Trust; provided, however, that nonreceipt of any such notice
        or demand by the Lender as a result of the Lender’s refusal to accept delivery shall be deemed receipt by the Lender. For purposes of this Section, written notice shall be deemed to include notice given by telegram, telecopy, telex, and overnight
        courier service. Guarantor’s and the Lender’s respective addresses set forth in this Section may be changed by written notice given to the other party in accordance with this Section. If Guarantor consists of more than one person, service of any
        notice or demand on any one of such persons by the Lender shall be effective service on Guarantor for all purposes

    

    

    24.          Amendments; Time of the Essence. This Guaranty may be modified or supplemented only by a written agreement signed by the Lender and Guarantor. Time is of the essence in the performance of each
        provision of this Guaranty by Guarantor.

    

    

    25.          No Waivers or Release by the Lender. No waiver by the Lender of any of its rights or remedies in connection with the Indebtedness or of any of the terms or conditions of the Loan Documents or this Guaranty, and no release by the Lender of
        Guarantor under this Guaranty, shall be effective unless such waiver or release is in writing and signed by a duly authorized officer of the Lender. Without limiting the generality of this Section, (a) no delay or omission by the Lender in
        exercising any of its rights or remedies in connection with the Indebtedness or this Guaranty shall constitute or be construed as a waiver of such rights or remedies; (b) no waiver by the Lender of any default by Borrower under the Loan Documents
        or by Guarantor under this Guaranty, or consent by the Lender to any act or omission by Borrower or Guarantor, shall constitute or be construed as a waiver of or consent to any other or subsequent default, act or omission by Borrower or Guarantor;
        (c) no disbursement of the proceeds of the Loan or any future advance by the Lender following any default by Borrower under the Loan Documents shall constitute or be construed as a waiver of such default or obligate the Lender to make any other
        disbursement under the Loan Documents; (d) no acceptance by the Lender of any late payment or late or defective performance of any of the Indebtedness by Borrower shall constitute a waiver by the Lender of the right to require prompt payment and
        performance strictly in accordance with the Loan Documents with respect to any other payment or performance of any of the Indebtedness; (e) no acceptance by the Lender of any payment or performance
        following any notice of default which has been given by the Lender shall constitute a waiver of the Lenders right to proceed with the exercise of its remedies with respect to any Indebtedness which has not been paid or performed in full; and (f) no
        acceptance by the Lender of any partial payment or performance from Guarantor shall constitute a waiver by the Lender of any of its rights or remedies relating to any obligations of Guarantor which have not been paid or performed in full.

    
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    26.          Interpretation. Whenever

        the context of this Guaranty reasonably requires, all words used in the singular shall be deemed to have been used in the plural, and the neuter gender shall be deemed to include the masculine and feminine
        gender, and vice versa. For purposes of this Guaranty, except as otherwise expressly provided in this Guaranty, (a) all references to the Indebtedness shall be deemed to refer to any or all of the Indebtedness; (b) all references to the Collateral
        shall be deemed to refer to any or all of the Collateral; (c) all references to the Loan Documents shall be deemed to refer to any or all of the Loan Documents; (d) all references to Borrower shall be deemed to include the Borrower named above in
        this Guaranty, any person at any time assuming or otherwise becoming primarily liable on the Indebtedness, and any person holding or acting on behalf of the estate of the Borrower named above in this Guaranty, including any debtor in possession or
        trustee under the Bankruptcy Code or in any other Bankruptcy Proceeding and any receiver, liquidator, custodian, or sequestrator of Borrower or Borrower’s property; (e) the term “including” shall be deemed to mean “including without limitation,”
        and the term “include” shall be deemed to mean “include but not be limited to”; (f) the term “document” or “agreement” shall include all contracts, commitments, restrictions, agreements, mortgages, and instruments; (g) the term “discretion” shall
        be deemed to mean “sole and absolute discretion”; and (h) the term “person” shall include any natural person and any entity, including any corporation, partnership, joint venture, trust, unincorporated organization, trustee, or governmental
        authority. The headings to sections of this Guaranty are for convenient reference only, do not in any way define or limit any of the terms of this Guaranty, and shall not be used in interpreting this Guaranty.

    

    

    27.          Governing Law;
            Consent to Jurisdiction and Venue. This Guaranty shall be governed by and interpreted in accordance with the laws of the State of California, notwithstanding anything to the contrary contained
        in the Loan Documents. In any action brought under or arising out of this Guaranty, Guarantor irrevocably and unconditionally (a) consents to the jurisdiction of any competent court within the State of
        California; (b) consents to service of process by any means authorized by California law; and (c) agrees that the Lender may commence any such action in any court having jurisdiction over the matter located in any county in which the Lender has an
        office or in which all or part of the Collateral is located. Without limiting the preceding sentence, Guarantor waives all existing and future objections which Guarantor may have to (i) personal jurisdiction over Guarantor by any court within the
        State of California: and (ii) venue by any court specified in Section 27(c) above.

    

    

    28.          Entire Agreement. Except

        as otherwise expressly provided in this Section, this Guaranty contains the entire agreement between Guarantor and the Lender concerning the subject matter of this Guaranty and supersedes all prior and contemporaneous negotiations, agreements,
        statements, understandings, terms, conditions, representations and warranties, whether oral or written, made by Guarantor or the Lender concerning the subject matter of this Guaranty. Notwithstanding the preceding sentence, nothing contained in
        this Guaranty shall be deemed to supersede or otherwise affect (a) any other guaranty executed by Guarantor in favor of the Lender; or (b) any other written agreement now or at any time hereafter executed by Guarantor and the Lender. Without
        limiting this Section, Guarantor agrees that no promise, agreement, representation, or warranty of any kind which is not expressed in this Guaranty was made to induce Guarantor to enter into this Guaranty, and no course of dealing between the
        Lender and Guarantor or Borrower or extrinsic or parol evidence of any kind shall be used to supplement, modify or vary any of the terms of this Guaranty.

    

    

    29.          WAIVER OF RIGHT TO JURY TRIAL. GUARANTOR IRREVOCABLY WAIVES ALL RIGHTS TO A
        JURY TRIAL IN ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND DIRECTLY OR INDIRECTLY ARISING OUT OF OR IN ANY WAY RELATING TO THE LOAN, THIS GUARANTY, THE DEED OF TRUST, OR ANY OF THE OTHER LOAN DOCUMENTS EXECUTED BY BORROWER, ANY OR ALL OF THE REAL
        AND PERSONAL PROPERTY COLLATERAL SECURING THE LOAN, OR ANY OF THE TRANSACTIONS WHICH ARE CONTEMPLATED BY THE LOAN DOCUMENTS OR THIS GUARANTY. THE JURY TRIAL WAIVER CONTAINED IN THIS SECTION IS INTENDED TO APPLY, TO THE FULLEST EXTENT PERMITTED BY
        LAW, TO ANY AND ALL DISPUTES AND CONTROVERSIES THAT ARISE OUT OF OR IN ANY WAY RELATE TO ANY OR ALL OF THE MATTERS DESCRIBED IN THE PRECEDING SENTENCE, INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS, AND ALL OTHER COMMON LAW AND
        STATUTORY CLAIMS OF ANY KIND, THIS GUARANTY MAY BE FILED WITH ANY COURT OF COMPETENT JURISDICTION AS GUARANTOR’S WRITTEN CONSENT TO GUARANTOR’S WAIVER OF A JURY TRIAL. GUARANTOR HAS INITIALED THIS SECTION BELOW TO INDICATE ITS AGREEMENT WITH THE
        JURY TRIAL WAIVER AND OTHER TERMS CONTAINED IN THIS SECTION.

    

    

    	
            /          /           /           /

          
	
            GUARANTOR’S INITIALS

          

    
      C-9

      
        
 

    

    

    

    30.          UNDERSTANDING OF WAIVERS AND OTHER TERMS. GUARANTOR ACKNOWLEDGES AND AGREES THAT (A) IT HAS CAREFULLY READ AND UNDERSTANDS
        ALL OF THE TERMS OF THIS GUARANTY; (B) IT HAS EXECUTED THIS GUARANTY FREELY AND VOLUNTARILY, AFTER HAVING CONSULTED WITH GUARANTOR’S INDEPENDENT LEGAL COUNSEL AND AFTER HAVING HAD ALL OF THE TERMS OF THIS GUARANTY EXPLAINED TO IT BY ITS INDEPENDENT
        LEGAL COUNSEL OR AFTER HAVING HAD A FULL AND ADEQUATE OPPORTUNITY TO CONSULT WITH GUARANTOR’S INDEPENDENT LEGAL COUNSEL; (C) EACH OF THE WAIVERS CONTAINED IN THIS GUARANTY IS REASONABLE, NOT CONTRARY TO PUBLIC POLICY OR LAW, AND HAS BEEN
        INTENTIONALLY, KNOWINGLY, AND VOLUNTARILY AGREED TO BY GUARANTOR; AND (D) EACH OF THE WAIVERS CONTAINED IN THIS GUARANTY HAS BEEN AGREED TO BY GUARANTOR WITH FULL KNOWLEDGE OF ITS SIGNIFICANCE AND CONSEQUENCES, INCLUDING FULL KNOWLEDGE OF THE
        SPECIFIC NATURE OF ANY DEFENSE WHICH GUARANTOR HAS AGREED TO WAIVE PURSUANT TO THIS GUARANTY.

    

    

    [Remainder of Page Blank]

    
      C-10

      
        
 

    

    Guarantor:

    

    

    Woodbridge Wind-Down Entity LLC,

    

    

    a Delaware limited liability company

    

    

    	 	
            By:

          	 	 
	 	 	Frederick Chin, Chief Executive Officer 

          	 

    

    

    Address:

    14140 Ventura Boulevard, #302, Sherman Oaks, CA 91423

    
      C-11

      
        
 

    

    EXHIBIT “A”

    

    

    COVENANTS

    

    

    This Exhibit ‘‘A” is an integral part of the Agreement between the Lender and Guarantor, and the following terms are incorporated in and made a part of the Agreement to which this
      Exhibit “A” is attached:

    	 

    

    

    Financial Statements and Tax Returns. If requested by the Lender, Guarantor shall deliver to
      the Lender (a) copies of the Guarantor’s unaudited financial statements for the fiscal quarter most recently ended within sixty (60) days after the close of such fiscal quarter; and (b) the most recent federal income tax returns for Guarantor within
      thirty (30) days after the date on which such returns are required to be filed by Guarantor, commencing only with the fiscal year ending June 30, 2020. All financial statements furnished to the Lender under this Section shall be prepared in
      accordance with good accounting practices, consistently applied, on the liquidation basis of accounting. Guarantor shall provide the Lender with such other information concerning the financial condition and affairs of Guarantor as the Lender may
      require within ten (10) business days (or such longer period of time as the Guarantor may reasonably request in respect of the scope of such request) after the Lender’s request for such information

    
      C-12

      
        
 

    

  

  
    LOAN AGREEMENT

     

    (LINE OF CREDIT)

     

    EXHIBIT “D”

     

    CLOSING CHECKLIST

     

    Loan Amount: $27,655,000

    Loan Number: 203909-01

      Obligor Number: 0210922659

     

    between

     

    First Republic Bank,

    as Lender 

    and

     

    WB Propco, LLC,

    as Borrower

      
      
 

    DOCUMENT CHECKLIST

     

    Closing Date: April 9, 2019

     

    

    

  

  
    D-1

    
      
 

  

  	
          Parties

        
	
          “Borrower”

        	
          WB Propco, LLC, a Delaware limited liability company

        
	
          “Parent Guarantor”

        	
          Woodbridge Wind-Down Entity, LLC, a Delaware limited liability company

        
	
          “Subsidiary Guarantors”

        	
          WB 141 S. Carolwood, LLC (“Carolwood Guarantor”), a Delaware limited liability company

          WB 9127 Thrasher, LLC (“Thrasher Guarantor”), a Delaware limited liability company

          WB 8124 3rd Street, LLC (3rd Street Guarantor”), a Delaware limited liability company

          WB 10750 Chalon, LLC (“Chalon Guarantor”), a Delaware limited liability company

        
	
          “Lender”

        	
          First Republic Bank

        
	
          Counsel

        
	
          “RS”

        	
          Reed Smith LLP, counsel to Lender

        
	
          “KTBS”

        	
          Klee, Tuchin, Bogdanoff & Stem LLP, counsel to Borrower, Parent Guarantor and Subsidiary Guarantors

        
	
          “GW”

        	
          Glaser Weil Fink Howard Avchen & Shapiro LLP, counsel to Borrower, Parent Guarantor and Subsidiary Guarantors

        
	
          Title/Escrow

        
	
          “Title Company”

        	
          Fidelity National Title 

          Michael Brinkman 

          Commercial Title Officer 

          4400 MacArthur Blvd., Suite 200 

          Newport Beach, CA 92660 

          Direct: (949) 221-4723 

          Group Email: MBTeam@fnf.com 

          Email: mike.brinkman,@fnf.com

        
	
          “Escrow Agent”

        	
          A & A Escrow Services, Inc.

        

   

  	 	
          COLLATERAL PROPERTIES (EACH, A “PROPERTY”, AND COLLECTIVELY, “PROPERTIES”)

        
	 	
          Property

        	
          Subsidiary Guarantor

        
	
          1.

        	
          10060 and 10100 West Sunset Boulevard & 141 South Carolwood Drive (“Carolwood”)

        	
          Carolwood Guarantor

        
	
          2.

        	
          9127 Thrasher (“Thrasher”)

        	
          Thrasher Guarantor

        
	
          3.

        	
          8124 West 3rd Street (“3rd Street”)

        	
          3rd Street Guarantor

        
	
          4.

        	
          10750 Chalon Road (“Chalon”)

        	
          Chalon Guarantor

        

  
    D-2

    
      
 

  

  
  	
          No.

        	
          Item

        	
          Responsible Party

        	
          Status

        	
          Signatories

        
	
          PRINCIPAL LOAN DOCUMENTS:

        
	
          1.

        	
          Loan Agreement

        	
          RS

        	
          Final.

        	
          ☐ Borrower 

            ☐ Lender

        
	
          2.

        	
          Promissory Note

        	
          RS

        	
          Final.

        	
          ☐ Borrower

        
	
          3.

        	
          Guaranty

        	
          RS

        	
          Final.

        	
          ☐ Parent Guarantor

        
	
          4.

        	
          Automatic Debit Addendum

        	
          RS

        	
          Final.

        	
          ☐ Borrower

        
	
          5.

        	
          Agreement to Provide Insurance

        	
          RS

        	
          Final.

        	
          ☐ Borrower

        
	
          6.

        	
          Accommodation Deed of Trust

        	
          RS

        	
           

        	
           

        
	
           

        	
          A. Carolwood

        	
          RS

        	
          Final.

        	
          ☐ Carolwood Guarantor 

        
	
           

        	
          B. Thrasher

        	
          RS

        	
          Final.

        	
          ☐ Thrasher Guarantor

        
	
           

        	
          C. 3rd Street

        	
          RS

        	
          Final.

        	
          ☐ 3rd Street
            Guarantor

        
	
           

        	
          D. Chalon

        	
          RS

        	
          Final.

        	
          ☐ Chalon Guarantor

        
	
          7.

        	
          Partial Release Rider to Deed of Trust

        	
          RS

        	
           

        	
           

        
	
           

        	
          A. Carolwood

        	
          RS

        	
          Final.

        	
          ☐ Carolwood Guarantor 

            ☐ Borrower 

            ☐ Lender

        
	
           

        	
          B. Thrasher

        	
          RS

        	
          Final.

        	
          ☐Thrasher Guarantor 

            ☐ Borrower 

            ☐ Lender

        
	
           

        	
          C. 3rd Street

        	
          RS

        	
          Final.

        	
          ☐ 3rd Street
            Guarantor 

            ☐ Borrower

            ☐ Lender

        
	
           

        	
          D. Chalon

        	
          RS

        	
          Final.

        	
          ☐ Chalon Guarantor 

            ☐ Borrower 

            ☐ Lender

        
	
          8.

        	
          Accommodation Party Assignment of Leases (3rd Street)

        	
          RS

        	
          Final.

        	
          ☐ 3rd Street
            Guarantor

        
	
          9.

        	
          Rider to Accommodation Party Assignment of Leases (3rd Street)

        	
          RS

        	
          Final.

        	
          ☐ 3rd Street Guarantor

        
	
          10.

        	
          Environmental Indemnity and Rider Thereto

        	
          RS

        	
          Final.

        	
          ☐ Borrower

          ☐ Carolwood Guarantor

          ☐ Thrasher Guarantor

          ☐ 3rd Street
            Guarantor

          ☐ Chalon Guarantor

          ☐  Lender

        
	
          11.

        	
          Payer of Record and Billing Address Confirmation, Compliance Agreement, and Impound Account Election

        	
          RS

        	
          Final.

        	
          ☐ Borrower

        

  

  
    D-3

    
      
 

  

  	
          No.

        	
          Item

        	
          Responsible Party

        	
          Status

        	
          Signatories

        
	
          12.

        	
          Trust Certification by the Woodbridge Liquidation Trust

        	
          RS/KTBS

        	
          Final.

        	
          ☐ Liquidation Trustee

        
	 	
          A. Exhibits

        	
          RS/KTBS

        	
          Final.

        	
          N/A; included above.

        
	
          13.

        	
          Omnibus LLC Written Consent/Resolutions of Borrower. Parent Guarantor and Subsidiary Guarantors

        	
          KTBS

        	
          Final.

        	
          ☐ Liquidation Trust Supervisory Board of the Woodbridge Liquidation Trust (as Sole Member of the Parent Guarantor)

            ☐ Board of Managers of Parent Guarantor (as Sole Member of the Borrower)

            ☐ Board of Managers of Borrower (as Sole Member of each Property Guarantor)

        
	
          14.

        	
          Loan Disbursement Instructions (WB Propco, LLC)

        	
          RS

        	
          Final.

        	
          ☐ Borrower 

            ☐ Lender

        
	
          15.

        	
          UCC-1 Financing Statement for Subsidiary Guarantors (Los Angeles County)

        	 	 	 
	 	
          A.  Carolwood

        	
          RS

        	
          Final.

        	
          N/A

        
	 	
          B.  Thrasher

        	
          RS

        	
          Final.

        	
          N/A

        
	 	
          C. 3rd Street

        	
          RS

        	
          Final.

        	
          N/A

        
	 	
          D.  Chalon

        	
          RS

        	
          Final.

        	
          N/A

        
	
          16.

        	
          UCC-1 financing Statement for Subsidiary Guarantors (DE Secretary of State)

        	 	 	 
	 	
          A.  Carolwood

        	
          RS

        	
          Final.

        	
          N/A

        
	 	
          B.   Thrasher

        	
          RS

        	
          Final.

        	
          N/A

        
	 	
          C.   3rd Street

        	
          RS

        	
          Final.

        	
          N/A

        
	 	
          D.   Chalon

        	
          RS

        	
          Final.

        	
          N/A

        
	
          ENTITY DILICENCE:

        
	
          17.

        	
          Trust Agreement for Liquidation Trust

        	
          KTBS

        	
          Received.

        	
          N/A

        
	
          18.

        	
          LLC Operating Agreement for Borrower

        	
          KTBS

        	
          Received.

        	
          N/A

        
	
          19.

        	
          LLC Operating Agreement for Property Guarantors

        	 	 	 
	 	
          A. Carolwood

        	
          KTBS

        	
          Received.

        	
          N/A

        
	 	
          B.  Thrasher

        	
          KTBS

        	
          Received.

        	
          N/A

        
	 	
          C. 3rd Street

        	
          KTBS

        	
          Received.

        	
          N/A

        
	 	
          D.  Chalon

        	
          KTBS

        	
          Received.

        	
          N/A

        
	
          20.

        	
          Certificate of Good Standing for Borrower (DE)

        	
          KTBS

        	
          Received.

        	
          N/A

        
	
          21.

        	
          Certificate of Good Standing for Subsidiary Guarantors (DE)

        	 	 	 
	 	
          A. Carolwood

        	
          KTBS

        	
          Received.

        	
          N/A

        
	 	
          B. Thrasher

        	
          KTBS

        	
          Received.

        	
          N/A

        

  

  
    D-4

    
      
 

  

  	
          No.

        	
          Item

        	
          Responsible Party

        	
          Status

        	
          Signatories

        
	 	
          C. 3rd Street

        	
          KTBS

        	
          Received.

        	
          N/A

        
	 	
          D. Chalon

        	
          KTBS

        	
          Received.

        	
          N/A

        
	
          22.

        	
          Certificate of Status for Borrower (CA)

        	
          KTBS

        	
          Received.

        	
          N/A

        
	
          23.

        	
          Certificate of Status for Subsidiary Guarantors (CA)

        	 	 	 
	 	
          A. Carolwood

        	
          KTBS

        	
          Received.

        	
          N/A

        
	 	
          B. Thrasher

        	
          KTBS

        	
          Received.

        	
          N/A

        
	 	
          C. 3rd Street

        	
          KTBS

        	
          Received.

        	
          N/A

        
	 	
          D. Chalon

        	
          KTBS

        	
          Received.

        	
          N/A

        
	
          REAL PROPERTY DUE DILIGENCE:

        
	
          24.

        	
          Preliminary- Title Report

        	 	 	 
	 	
          A. Carolwood

        	
          Title Company

        	
          Received.

        	
          N/A

        
	 	
          B. Thrasher

        	
          Title Company

        	
          Received.

        	
          N/A

        
	 	
          C. 3rd Street

        	
          Title Company

        	
          Received.

        	
          N/A

        
	 	
          D. Chalon

        	
          Title Company

        	
          Received.

        	
          N/A

        
	
          GENERAL CLOSING DELIVERABLES:

        
	
          25.

        	
          Legal Opinion

          (Execution, Delivery, Authority, Perfection, Enforceability, Non-contravention, etc.)

        	
          GW

        	
          Final.

        	
          ☐ GW

        
	
          26.

        	
          Lender’s Title Policy Pro Forma

        	
          Title

          Company/RS

        	
          Received.

        	
          N/A

        
	
          27.

        	
          Closing Escrow Instructions

        	
          RS

        	 	
          ☐ RS

          ☐ Title Company

            ☐ Escrow Agent

        
	
          28.

        	
          Settlement Statement

        	
          Title Company

        	 	
          ☐ Borrower

        

  

  
    D-5

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