Document:

EX-10.7

 Exhibit 10.7 

Loan No. 1015003 

PROMISSORY NOTE 
 (One-Month
LIBO Rate, Adjusted Monthly) 
  

			
	$120,000,000.00	  	November 4, 2015

  

	1.	PROMISE TO PAY. FOR VALUE RECEIVED, the undersigned REDLANDS DC LP, a Delaware limited partnership, formerly known as IIT Redlands DC LP, CAJON DC LP, a Delaware limited partnership, formerly
known as IIT Cajon DC LP, MIAMI DC III LLC, a Delaware limited liability company, formerly known as IIT Miami DC III LLC, MIAMI DC IV LLC, a Delaware limited liability company, formerly known as IIT Miami DC IV LLC, MIAMI DC III
LAND LLC, a Delaware limited liability company, formerly known as IIT Miami DC III Land LLC, TAMARAC COMMERCE CENTER DC II LLC, a Delaware limited liability company, formerly known as IIT Tamarac Commerce Center II LLC, TAMARAC
COMMERCE CENTER DC III LLC, a Delaware limited liability company, formerly known as IIT Tamarac Commerce Center III LLC, LEHIGH VALLEY CROSSING DC I LLC, a Delaware limited liability company, formerly known as IIT Lehigh Valley Crossing
DC I LLC, LEHIGH VALLEY CROSSING DC II LLC, a Delaware limited liability company, formerly known as IIT Lehigh Valley Crossing DC II LLC, LEHIGH VALLEY CROSSING DC III LLC, a Delaware limited liability company, formerly known as IIT
Lehigh Valley Crossing DC III LLC, BLUEGRASS DC II LLC, a Delaware limited liability company, formerly known as IIT Bluegrass DC II LLC (individually and collectively, “Borrower”), promise to pay to the order of
WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”), via wire transfer, or by such other means or at such other places as may be designated in writing by Lender, the principal sum of ONE HUNDRED TWENTY MILLION AND
NO/100ths Dollars ($120,000,000.00) or so much thereof as may from time to time be owing under this Promissory Note (“Note”) by reason of advances by Lender to or for the benefit or account of Borrower, with interest thereon,
per annum, at one or more of the Effective Rates (as hereinafter defined) calculated in accordance with the terms and provisions of the Interest Rate Agreement attached hereto as Exhibit A (based on a 360-day year and charged on the basis of
actual days elapsed). All sums owing hereunder are payable in lawful money of the United States of America, in immediately available funds without offset, deduction or counterclaim of any kind. 

Various terms not otherwise defined herein are defined and described as follows: 

“Business Day” means: (a) for all purposes other than as set forth in clause (b) below, any day, except a
Saturday, Sunday or any other day on which commercial banks in New York, New York are authorized or required by law to close; and (b) with respect to the determination of any LIBO Rate (as defined in the Interest Rate Agreement attached hereto
as Exhibit A), any day that is a day for trading by and between banks in Dollar deposits in the London interbank market. 

“Loan Agreement” is that certain Construction Loan Agreement dated as of the date hereof between Borrower and Lender,
as the same may be amended, modified, supplemented or replaced from time to time. 
  

	2.	INTEREST PAYMENTS. Interest accrued on this Note for amounts funded under the Loan shall be due and payable on the first (1st) Business Day of each
month commencing with the first (1st) month after the date of this Note (“Due Date”). 

 

	3.	MATURITY DATE. The outstanding principal balance of this Note, together with all accrued and unpaid interest, shall be due and payable in full on November 3, 2017 (or such later date pursuant to
Section 2.13 of the Loan Agreement, the “Maturity Date”). Principal amounts outstanding hereunder, upon which repayment obligations exist and interest accrues, shall be determined by the records of Lender, which
shall be deemed to be conclusive in the absence of clear and convincing evidence to the contrary presented by Borrower. 

  

	4.	SECURED NOTE. This Note is secured by, the mortgages, deeds of trust and deeds to secure debt identified on Schedule 1 attached hereto (collectively, as the same may be amended, modified,
supplemented or replaced from time to time, (“Security Instrument”) and the other Loan Documents. 

  
 Page 1 of 12 

 LOAN NO. 1015003 

 

	5.	DIRECT DEBIT. In order to assure timely payment to Lender of accrued interest, principal, fees and late charges due and owing under the Loan evidenced by this Note, Borrower and Guarantor, as applicable,
hereby irrevocably authorize Lender to directly debit the Master Operating Account first and the Operating Account (as defined in the Loan Agreement) to the extent there are not sufficient funds in the Master Operating Account for payment when due
of all such amounts payable to Lender. Borrower represents and warrants to Lender that Borrower is the legal owner of the Operating Account. Guarantor represents and warrants to Lender that Guarantor is the legal owner of the Master Operating
Account . Written confirmation of the amount and purpose of any such direct debit shall be given to Borrower and Guarantor by Lender not less frequently than monthly. In the event any direct debit of the Master Operating Account is returned for
insufficient funds, Borrower shall pay Lender upon demand, in immediately available funds, all amounts and expenses due and owing to Lender. 

  

	6.	LATE CHARGE. If any interest or principal payment required hereunder is not received by Lender (whether by direct debit or otherwise) on or before the fifteenth (15th) calendar day following the first (1st) Business Day of the month (regardless of whether the fifteenth (15th) day falls on a
Saturday, Sunday or legal holiday) in which it becomes due, Borrower shall pay, at Lender’s option, a late or collection charge equal to four percent (4%) of the amount of such unpaid payment (“Late Charge”).

  

	7.	PREPAYMENT. Provided no Default has occurred under the Loan Documents and is continuing, Borrower may prepay this Note, whether voluntary, mandatory, upon acceleration or otherwise, in whole or in part,
without a prepayment penalty in accordance with the terms of the Loan Agreement, upon prior written notice to Lender as specified below. 

As a condition to any prepayment, Borrower must give prior written notice to Lender not less than ten (10) days prior to the payment date
upon which the prepayment shall be made. In connection with any prepayment, Borrower shall pay any LIBO Rate Price Adjustment, as hereinafter defined and/or any termination charges associated with any Swap Agreement(s) (as defined in the Loan
Agreement) between Borrower and Lender. 
 Borrower acknowledges that any prepayment of the Loan shall cause Lender to lose its interest rate
yield on the Loan and may cause Lender to have to reinvest the prepaid amount in loans with a lesser yield (including, without limitation, possibly in debt obligations other than first mortgage loans on commercial properties). As a consequence,
Borrower understands and agrees that the foregoing terms and conditions of prepayment are an integral part of the consideration for Lender making the Loan. 
  

	8.	DEFAULT RATE. From and after the Maturity Date, or such earlier date on which a Default (as defined in the Loan Agreement) exists under the Loan Agreement or under any of the other Loan Documents, then at
the option of Lender, all sums owing on this Note shall bear interest at a rate per annum equal to five percent (5%) in excess of the interest rate otherwise accruing under this Note (“Default Rate”). To the extent
permitted by law, the Default Rate shall apply both before and after any judgment on the indebtedness evidenced by this Note. 

  

	9.	ACCELERATION. If: (a) Borrower shall fail to pay when due any sums payable hereunder; or (b) upon the occurrence of any Default, as defined in any one or more of the Security Instrument,
Loan Agreement, any other Loan Document, any Other Related Document, or any obligation secured by any of the foregoing, which Default is not cured within the applicable grace period, if any; THEN Lender may, at its sole option, declare all
sums owing under this Note immediately due and payable; provided, however, that if any document related to this Note provides for automatic acceleration of payment of sums owing hereunder, all sums owing hereunder shall be
automatically due and payable in accordance with the terms of that document. 

  

	10.	MISCELLANEOUS. 

  

	 	10.1	Notices. All notices or other communications required or permitted to be given pursuant to this Note shall be given to the parties at the address and in the manner provided for in the Loan Agreement,
except as otherwise provided herein. 

  

	 	10.2	 Waiver of Right to Trial by Jury. TO THE EXTENT PERMITTED BY APPLICABLE STATE LAW, EACH PARTY TO THIS NOTE HEREBY EXPRESSLY WAIVES ANY RIGHT
TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THE LOAN 

  
 Page 2 of 12 

 LOAN NO. 1015003 

 

	 	
DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY
OF THEM WITH RESPECT TO THE LOAN DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS NOTE MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY. 

  

	 	10.3	Waiver. Except as otherwise provided, Borrower waives presentment; demand; notice of dishonor; notice of default or delinquency; notice of acceleration; notice of protest and nonpayment; notice of costs,
expenses or losses and interest thereon; notice of late charges; and diligence in taking any action to collect any sums owing under this Note or in proceeding against any of the rights or interests in or to properties securing payment of this Note.

  

	 	10.4	Time. Time is of the essence of each and every term herein. 

  

	 	10.5	Governing Law and Consent to Jurisdiction. This Note and any claim, controversy or dispute arising under or related to this Note, the relationship of the parties, and/or the interpretation and enforcement
of the rights and duties of the parties will be governed by, and construed and enforced in accordance with, the laws of New York without regard to any conflicts of law principles, except to the extent preempted by federal laws. Borrower and all
persons and entities in any manner obligated to Lender under the Loan Documents consent to the jurisdiction of any federal or state court within New York having proper venue and also consent to service of process by any means authorized by New York
or federal law. 

  

	 	10.6	Commercial Use; Maximum Rate Permitted By Law. Borrower hereby represents that this loan is for commercial use and not for personal, family or household purposes. 

It is the specific intent of Borrower and Lender that this Note bear a lawful rate of interest, and if any court of competent jurisdiction
should determine that the rate herein provided for exceeds that which is statutorily permitted for the type of transaction evidenced hereby, the interest rate shall be reduced to the highest rate permitted by applicable law, with any excess interest
heretofore collected being applied against principal or, if such principal has been fully repaid, returned to Borrower on demand. 
  

	 	10.7	Lender’s Damages. Borrower recognizes that its default in making any payment as provided herein or in any other Loan Document as agreed to be paid when due, or the occurrence of any other Default
hereunder or under any other Loan Document, will require Lender to incur additional expense in servicing and administering the Loan, in loss to Lender of the use of the money due and in frustration to Lender in meeting its other financial and loan
commitments and that the damages caused thereby would be extremely difficult and impractical to ascertain. Borrower agrees (a) that an amount equal to the Late Charge plus the accrual of interest at the Default Rate is a reasonable estimate of
the damage to Lender in the event of a late payment, and (b) that the accrual of interest at the Default Rate following any other Default is a reasonable estimate of the damage to Lender in the event of such other Default, regardless of whether
there has been an acceleration of the loan evidenced hereby. Nothing in this Note shall be construed as an obligation on the part of Lender to accept, at any time, less than the full amount then due hereunder, or as a waiver or limitation of
Lender’s right to compel prompt performance. 

  

	 	10.8	Joint and Several Liability. If this Note is executed by more than one person or entity as Borrower, the obligations of each such person or entity shall be joint and several. No person or entity shall be a
mere accommodation maker, but each shall be primarily and directly liable hereunder. 

  
 Page 3 of 12 

 LOAN NO. 1015003 

 

	 	10.9	Defined Terms. Unless otherwise defined herein, capitalized terms used in this Note shall have the meanings attributed to such terms in the Loan Agreement. 

 

	 	10.10	Use of Singular and Plural; Gender. When the identity of the parties or other circumstances make it appropriate, the singular number includes the plural, and the masculine gender includes the feminine
and/or neuter.  

  

	 	10.11	Exhibits, Schedules and Riders. All exhibits, schedules, riders and other items attached hereto are incorporated into this Note by such attachment for all purposes. 

 

	 	10.12	Inconsistencies. In the event of any inconsistencies between the terms of this Note and the terms of any of the other Loan Documents related to the Loan, the terms of the Loan Agreement shall prevail.

  

	 	10.13	Integration; Interpretation. This Note and the other Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral
agreements of the parties. There are no unwritten oral agreements between the parties. This instrument may be amended only by an instrument in writing executed by the parties hereto. 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

  
 Page 4 of 12 

 LOAN NO. 1015003 
  

 IN WITNESS WHEREOF, Borrower has duly executed and delivered this Note as of the date appearing on the first
page of this Note. 
  

					
	BORROWER
	
	BLUEGRASS DC II LLC, formerly known as IIT Bluegrass DC II LLC
	LEHIGH VALLEY CROSSING DC I LLC, formerly known as IIT Lehigh Valley Crossing DC I LLC
	LEHIGH VALLEY CROSSING DC II LLC, formerly known as IIT Lehigh Valley Crossing DC II LLC
	LEHIGH VALLEY CROSSING DC III LLC, formerly known as IIT Lehigh Valley Crossing DC III LLC
	MIAMI DC III LLC, formerly known as IIT Miami DC III LLC
	MIAMI DC IV LLC, formerly known as IIT Miami DC IV LLC
	TAMARAC COMMERCE CENTER DC II LLC, formerly known as IIT Tamarac Commerce Center II LLC
	TAMARAC COMMERCE CENTER DC III LLC, formerly known as IIT Tamarac Commerce Center III LLC
	 MIAMI DC III LAND LLC, formerly known as IIT Miami DC III Land LLC,

each a Delaware limited liability company

		
	By:	 	 /s/ Lainie P. Minnick

	Name:	 	Lainie P. Minnick
	Title:	 	Senior Vice President, Finance and Treasurer
	
	CAJON DC LP, a Delaware limited partnership, formerly known as IIT Cajon DC LP
		
	By:	 	Cajon DC GP LLC, a Delaware limited liability company, formerly known as IIT Cajon DC GP LLC, its general partner
			
		 	By:	 	 /s/ Lainie P. Minnick

		 	Name:	 	Lainie P. Minnick
		 	Title:	 	Senior Vice President, Finance and Treasurer

  
 Page 5 of 12 

 Loan No. 1015003 
  

					
	REDLANDS DC LP, a Delaware limited partnership, formerly known as IIT Redlands DC LP
		
	By:	 	Redlands DC GP LLC, a Delaware limited liability company, formerly known as IIT Redlands DC GP LLC, its general partner
			
		 	By:	 	 /s/ Lainie P. Minnick

		 	Name:	 	Lainie P. Minnick
		 	Title:	 	Senior Vice President, Finance and Treasurer

  
 Page 6 of 12 

 Loan No. 1015003 
  

 DC Liquidating Assets Holdco LLC, as Guarantor, hereby joins in the Promissory Note
(“Note”) dated as of November     , 2015 between the borrowers identified therein and Wells Fargo Bank, National Association, only for the purpose of agreeing to be bound by, and to comply with, the
terms and conditions of Section 5 of the Note. 
  

					
	DC LIQUIDATING ASSETS HOLDCO LLC,
	a Delaware limited liability company
		
		 	 By: DC Industrial Liquidating Trust,

a Maryland statutory trust,
 its managing member

			
		 	By:	 	 /s/ Lainie P. Minnick

		 	Name:	 	Lainie P. Minnick
		 	Title:	 	Senior Vice President,
		 		 	Finance and Treasurer

  
 Page 7 of 12 

 Loan No. 1015003 
  

 EXHIBIT A - INTEREST RATE AGREEMENT 

Exhibit A to Promissory Note (“Note”) made by REDLANDS DC LP, a Delaware limited partnership, formerly known as IIT
Redlands DC LP, CAJON DC LP, a Delaware limited partnership, formerly known as IIT Cajon DC LP, MIAMI DC III LLC, a Delaware limited liability company, formerly known as IIT Miami DC III LLC, MIAMI DC IV LLC, a Delaware limited
liability company, formerly known as IIT Miami DC IV LLC, MIAMI DC III LAND LLC, a Delaware limited liability company, formerly known as IIT Miami DC III Land LLC, TAMARAC COMMERCE CENTER DC II LLC, a Delaware limited liability
company, formerly known as IIT Tamarac Commerce Center II LLC, TAMARAC COMMERCE CENTER DC III LLC, a Delaware limited liability company, formerly known as IIT Tamarac Commerce Center III LLC, LEHIGH VALLEY CROSSING DC I LLC, a Delaware
limited liability company, formerly known as IIT Lehigh Valley Crossing DC I LLC, LEHIGH VALLEY CROSSING DC II LLC, a Delaware limited liability company, formerly known as IIT Lehigh Valley Crossing DC II LLC, LEHIGH VALLEY CROSSING DC III
LLC, a Delaware limited liability company, formerly known as IIT Lehigh Valley Crossing DC III LLC, BLUEGRASS DC II LLC, a Delaware limited liability company, formerly known as IIT Bluegrass DC II LLC (individually and collectively,
“Borrower”) to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (collectively with its successors or assigns, “Lender”). 

R E C I T A L S 

Borrower has requested and Lender has agreed to provide the option to fix the rate of interest for specified periods on specified portions of the outstanding
principal balance as a basis for calculating the Effective Rate on such portions of the principal amounts owing under the Note (“One-Month LIBO Rate Option”). Borrower understands: (i) the process of exercising the
One-Month LIBO Rate Option as provided herein; (ii) that amounts owing under the Note may bear interest at different rates and for different time periods; and (iii) that absent the terms and conditions hereof, it would be extremely
difficult to calculate Lender’s additional costs, expenses, and damages in the event of a Default or prepayment by Borrower hereunder. Given the above, Borrower agrees that the provisions herein (including, without limitation, the LIBO Rate
Price Adjustment defined below) provide for a reasonable and fair method for Lender to recover its additional costs, expenses and damages in the event of a Default or prepayment by Borrower. 

 

	1.	RATES AND TERMS DEFINED. Various rates and terms not otherwise defined herein or in the Note are defined and described as follows: 

“Calculated Interest Rate” is the rate of interest equal to the sum of: (a) three percent (3.00%), plus
(b) the LIBO Rate. 
 “Effective Rate” is the rate of interest calculated in accordance with
Section 2 hereof. 
 “LIBO Rate” is the rate of interest per annum determined by Lender on the basis of
the rate for United States dollar deposits for delivery on the first (1st) day of each LIBO Rate Period, for a period approximately equal to such LIBO Rate Period, as reported on Reuters
Screen LIBOR01 Page (or any successor page) at approximately 11:00 a.m., London time, two (2) Business Days prior to the first day of the LIBO Rate Period (or if not so reported, then as determined by Lender from another recognized source or
interbank quotation). In no event shall LIBO Rate be less than zero percent (0.00%). 
 “LIBO Rate Period” is a
period commencing on the first (1st) Business Day of a calendar month and continuing to, but not including, the first (1st) Business
Day of the next calendar month; provided, however, no LIBO Rate Period shall extend beyond the Maturity Date. 
 “LIBO Rate
Portion” is the principal balance of the Note which is subject to a Calculated Interest Rate. 
 “Regulatory
Costs” are, collectively, future, supplemental, emergency or other increases in the Reserve Percentage or the FDIC assessment rates, or any other new or increased requirements or costs imposed by any domestic or foreign governmental
authority to the extent that they are attributable to Lender having entered into the Loan Documents or the performance of Lender’s obligations thereunder, and which result in a reduction in Lender’s rate of return from the Loan,
Lender’s rate of return on overall capital or any amount due and payable to Lender under any Loan Document. Regulatory Costs shall not, however, include any requirements or costs that are incurred or suffered by Lender as a direct result of
Lender’s willful misconduct. 

  
 Page 8 of 12 

 LOAN NO. 1015003 
  

 “Reserve Percentage” is at any time the percentage announced within
Lender as the reserve percentage for the Loan under Regulation D, or other regulations from time to time in effect concerning reserves for Eurocurrency Liabilities, as defined in Regulation D, from related institutions as though Lender were in
a net borrowing position, as promulgated by the Board of Governors of the Federal Reserve System, or its successor. 

“Taxes” as referred to herein, are, collectively, all withholdings, interest equalization taxes, stamp taxes or other
taxes (except income and franchise taxes) imposed by any domestic or foreign governmental authority that are attributable to the Lender having entered into the Loan Documents or the performance of Lender’s obligations thereunder. 

 

	2.	EFFECTIVE RATE. Provided no Default exists under the Note or under any of the other Loan Documents, the “Effective Rate” upon which interest shall be calculated for the Note shall
be one or more of the following: 

  

	 	2.1	Initial Disbursement; Subsequent Disbursements. 

  

	 	(i)	For the initial disbursement of principal under the Note (“Initial Disbursement”), the Effective Rate on such principal amount shall be the Calculated Interest Rate on the date of disbursement,
as determined by Lender. 

  

	 	(ii)	For any and all disbursements of principal under the Note made subsequent to the Initial Disbursement at any time, and from time to time, within the same calendar month as the Initial Disbursement (“Initial
Month Subsequent Disbursements”), the Effective Rate on such principal amount(s) shall likewise be the Calculated Interest Rate applicable to the Initial Disbursement. 

 

	 	(iii)	Such Effective Rate shall apply to the Initial Disbursement, and any Initial Month Subsequent Disbursements, from the respective dates of disbursement through and including the date immediately preceding the first (1st) Business Day of the next calendar month. On the first (1st) Business Day of such next calendar month, the Initial Disbursement, and
any Initial Month Subsequent Disbursements, shall become the LIBO Rate Portion for purposes of calculation of the Effective Rate under Section 2.2 hereof. 

 

	 	(iv)	For any and all disbursements of principal under the Note made at any time, and from time to time, after the calendar month in which the Initial Disbursement was made, any such principal disbursed shall also be added to
the LIBO Rate Portion for purposes of calculation of the Effective Rate under Section 2.2 hereof. 

  

	 	2.2	Reset of Effective Rate. Commencing with the first (1st) Business Day of the first
(1st) calendar month after the Initial Disbursement, and continuing thereafter on the first (1st) Business Day of each succeeding
calendar month, the Effective Rate on the outstanding LIBO Rate Portion under the Note (i.e., all outstanding principal on such first (1st) Business Day) shall be reset to the Calculated
Interest Rate, as determined by Lender on each such first (1st) Business Day.  

  

	 	2.3	Requests. Any written request by Borrower to Lender shall be delivered to Lender at Wells Fargo Bank, NA, 608 2nd Ave. S 11th floor | Minneapolis, MN 55402, Attention: Breanna Schmid, Loan Servicing
Specialist, Loan No. 1015003, with a copy to Lender at Wells Fargo Bank, NA, 1800 Century Park East, Suite 1200, Los Angeles, California 90067, Attention: Kevin Stacker, Senior Vice President, or at such other place as may be designated in
writing by Lender. 

 Lender is authorized to rely upon the telephonic request and acceptance of Lainie Minnick, Jeff Latier
or Brian Wilkinson as Borrower’s duly authorized agent(s), or such additional authorized agents as Borrower shall designate in writing to Lender. Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of
Lender as Lender may from time to time designate. 
  

	 	2.4	Post-Maturity; Default Rate. From and after the Maturity Date, or such earlier date on which a Default exists under the Loan Agreement or any of the other Loan Documents, THEN at the option of Lender, all
sums owing on the Note shall bear interest at a rate per annum equal to the Default Rate. 

  
 Page 9 of 12 

 LOAN NO. 1015003 
  

	3.	TAXES, REGULATORY COSTS AND RESERVE PERCENTAGES. Within thirty (30) calendar days after Lender’s demand, Borrower shall pay to Lender, in addition to all other amounts which may be, or become,
due and payable under the Note and the other Loan Documents, any and all Taxes and Regulatory Costs. Lender shall give Borrower notice of any Taxes and Regulatory Costs as soon as practicable after their occurrence, but Borrower shall be liable for
any Taxes and Regulatory Costs regardless of whether or when notice is so given. A certificate as to the amount of such Taxes and Regulatory Costs, submitted to Borrower by Lender, shall be conclusive and binding for all purposes, absent manifest
error. 

  

	4.	LIBO RATE PRICE ADJUSTMENT. Borrower acknowledges that prepayment or acceleration of a LIBO Rate Portion during a LIBO Rate Period shall result in Lender’s incurring additional costs, expenses and/or
liabilities and that it is extremely difficult and impractical to ascertain the extent of such costs, expenses and/or liabilities. Therefore, on the date a LIBO Rate Portion is prepaid or the date all sums payable hereunder become due and payable,
by acceleration or otherwise (“Price Adjustment Date”), Borrower will pay Lender (in addition to all other sums then owing to Lender) an amount (“LIBO Rate Price Adjustment”) equal to the then present
value of (a) the amount of interest that would have accrued on the LIBO Rate Portion for the remainder of the LIBO Rate Period at the Calculated Interest Rate set on the first
(1st) Business Day of the month in which such amount is prepaid or becomes due, less (b) the amount of interest that would accrue on the same LIBO Rate Portion for the same period if the
Calculated Interest Rate were set on the Price Adjustment Date at the Calculated Interest Rate in effect on the Price Adjustment Date. The present value shall be calculated by using as a discount rate the Calculated Interest Rate quoted on the Price
Adjustment Date. 

  

	5.	PURCHASE, SALE AND MATCHING OF FUNDS. Borrower understands, agrees and acknowledges the following: (a) Lender has no obligation to purchase, sell and/or match funds in connection with the use of a
Calculated Interest Rate as a basis for calculating an Effective Rate or LIBO Rate Price Adjustment; (b) a Calculated Interest Rate is used merely as a reference in determining an Effective Rate or a LIBO Rate Price Adjustment; and
(c) Borrower has accepted a Calculated Interest Rate as a reasonable and fair basis for calculating an Effective Rate or a LIBO Rate Price Adjustment. Borrower further agrees to pay the LIBO Rate Price Adjustment, Taxes and Regulatory Costs, if
any, whether or not Lender elects to purchase, sell and/or match funds. 

  

	6.	MISCELLANEOUS. As used in this Exhibit, the plural shall mean the singular and the singular shall mean the plural as the context requires. 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

  
 Page 10 of 12 

 Loan No. 1015003 
  

 This Exhibit is executed concurrently with and as part of the Note referred to and described first above.

  

					
	BORROWER
	
	BLUEGRASS DC II LLC, formerly known as IIT Bluegrass DC II LLC
	LEHIGH VALLEY CROSSING DC I LLC, formerly known as IIT Lehigh Valley Crossing DC I LLC
	LEHIGH VALLEY CROSSING DC II LLC, formerly known as IIT Lehigh Valley Crossing DC II LLC
	LEHIGH VALLEY CROSSING DC III LLC, formerly known as IIT Lehigh Valley Crossing DC III LLC
	MIAMI DC III LLC, formerly known as IIT Miami DC III LLC
	MIAMI DC IV LLC, formerly known as IIT Miami DC IV LLC
	TAMARAC COMMERCE CENTER DC II LLC, formerly known as IIT Tamarac Commerce Center II LLC
	TAMARAC COMMERCE CENTER DC III LLC, formerly known as IIT Tamarac Commerce Center III LLC
	 MIAMI DC III LAND LLC, formerly known as IIT Miami DC III Land LLC,

each a Delaware limited liability company

		
	By:	 	 /s/ Lainie P. Minnick

	Name:	 	Lainie P. Minnick
	Title:	 	Senior Vice President, Finance and Treasurer
	
	CAJON DC LP, a Delaware limited partnership, formerly known as IIT Cajon DC LP
		
	By:	 	Cajon DC GP LLC, a Delaware limited liability company, formerly known as IIT Cajon DC GP LLC, its general partner
			
		 	By:	 	 /s/ Lainie P. Minnick

		 	Name:	 	Lainie P. Minnick
		 	Title:	 	Senior Vice President, Finance and Treasurer
	
	REDLANDS DC LP, a Delaware limited partnership, formerly known as IIT Redlands DC LP
		
	By:	 	Redlands DC GP LLC, a Delaware limited liability company, formerly known as IIT Redlands DC GP LLC, its general partner
			
		 	By:	 	 /s/ Lainie P. Minnick

		 	Name:	 	Lainie P. Minnick
		 	Title:	 	Senior Vice President, Finance and Treasurer

  
 Page 11 of 12 

 Loan No. 1015003 
  

 SCHEDULE 1 - SECURITY INSTRUMENTS 

 

	 	(a)	Deed of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Redlands DC LP, a Delaware limited partnership, for the benefit of Lender, dated as of even date
herewith, and to be recorded in the records of San Bernardino County, California; 

  

	 	(b)	Deed of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Cajon DC LP, a Delaware limited partnership, for the benefit of Lender, dated as of even date herewith,
and to be recorded in the records of San Bernardino County, California; 

  

	 	(c)	Mortgage with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Miami DC III LLC, a Delaware limited liability company, and Miami DC III Land LLC, a Delaware limited
liability company, for the benefit of Lender, dated as of even date herewith, and to be recorded in the records of Miami-Dade County, Florida; 

  

	 	(d)	Mortgage with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Miami DC IV LLC, a Delaware limited liability company, for the benefit of Lender, dated as of even date
herewith, and to be recorded in the records of Miami-Dade County, Florida; 

  

	 	(e)	Mortgage with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Tamarac Commerce Center DC II LLC, a Delaware limited liability company, for the benefit of Lender, dated as
of even date herewith, and to be recorded in the records of Broward County, Florida; 

  

	 	(f)	Mortgage with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Tamarac Commerce Center DC III LLC, a Delaware limited liability company, for the benefit of Lender, dated
as of even date herewith, and to be recorded in the records of Broward County, Florida; 

  

	 	(g)	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Lehigh Valley Crossing DC I LLC, a Delaware limited liability company, for the benefit of Lender, dated as of
even date herewith, and to be recorded in the records of Lehigh County, Pennsylvania; 

  

	 	(h)	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Lehigh Valley Crossing DC I LLC, a Delaware limited liability company, for the benefit of Lender, dated as of
even date herewith, and to be recorded in the records of Lehigh County, Pennsylvania; 

  

	 	(i)	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Lehigh Valley Crossing DC III LLC, a Delaware limited liability company, for the benefit of Lender, dated as of
even date herewith, and to be recorded in the records of Lehigh County, Pennsylvania; and 

  

	 	(j)	Deed to Secure Debt with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Bluegrass DC II LLC, a Delaware limited liability company, for the benefit of Lender, dated as of
even date herewith, and to be recorded in the records of Forsyth County, Georgia. 

  
 Page 12 of 12EX-10.8

 EXHIBIT 10.8 

Loan No. 1015003 
 REPAYMENT
GUARANTY AGREEMENT 
 (Secured Loan) 

This REPAYMENT GUARANTY AGREEMENT (“Guaranty”) is dated November 4, 2015, by DC LIQUIDATING ASSETS HOLDCO LLC, a Delaware limited
liability company (“Guarantor”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION (collectively with its successors or assigns, “Lender”). 

R E C I T A L S 
  

	A.	Pursuant to the terms of that certain Construction Loan Agreement by and between the borrowers party thereto, each a Delaware limited liability company or limited partnership, as applicable (collectively,
“Borrower”) and Lender dated as of even date herewith, as the same may be amended, modified, supplemented or replaced from time to time, “Loan Agreement”), Lender has agreed to loan to Borrower the
principal sum of up to ONE HUNDRED TWENTY MILLION AND NO/100 DOLLARS ($120,000,000.00) (“Loan”) for the purposes specified in the Loan Agreement. 

 

	B.	The Loan Agreement provides that the Loan is evidenced by that certain Promissory Note dated of even date herewith, executed by Borrower payable to the order of Lender in the principal amount of the Loan (as the same
may be amended, modified, supplemented or replaced from time to time, “Note”).The Loan is further evidenced and secured by certain other documents described in the Loan Agreement as Loan Documents. 

 

	C.	The Note is secured by, among other things, the mortgages, deeds to secure debt and deeds of trust identified on Schedule 1 to this Agreement (collectively, and as the same may be amended, modified,
supplemented or replaced from time to time, “Security Instrument”). 

  

	D.	The real property which is the subject of the Security Instrument is referred to hereinafter as the “Property”. 

 

	E.	The Loan Agreement, the Security Instrument, the Note, and those other documents described in the Loan Agreement as Loan Documents, together with all modifications, extensions, renewals and amendments thereto, are
collectively referred to hereinafter as the “Loan Documents”. This Guaranty is not one of the Loan Documents. 

  

	F.	The purpose of the Loan includes, without limitation, the construction on certain of the Property of certain improvements (“Construction Improvements”) described in plans and specifications
required by the Loan Agreement (“Plans and Specifications”). 

  

	G.	Guarantor is the direct or indirect owner of an equity interest in Borrower and will benefit from the Loan to be made by Lender to Borrower. 

THEREFORE, to induce Lender to enter into the Loan Agreement and to make the Loan, and in consideration thereof, Guarantor unconditionally, absolutely and
irrevocably guarantees and agrees as follows: 
  

	1.	GUARANTY. Guarantor hereby unconditionally, absolutely and irrevocably guarantees and promises to pay to Lender or order, on demand, in lawful money of the United States of America, in immediately
available funds, the aggregate principal amount of the Loan or so much thereof as may be due and owing under the Note or any of the other Loan Documents, together with interest and any other sums payable under the Note or any of the other Loan
Documents or under or in connection with a Swap Agreement between Borrower and Lender. 

	2.	NO WAIVER, RELEASE OR IMPAIRMENT. Nothing contained in this Guaranty shall be deemed to waive, release, affect or impair the indebtedness evidenced by the Loan Documents or the obligations of Borrower
under the Loan Documents, or the liens and security interests created by the Loan Documents, or Lender’s rights to enforce its rights and remedies under the Loan Documents and under this Guaranty or the indemnity provided herein, in the Loan
Documents or in connection with the Loan, or otherwise provided in equity or under applicable law, including, without limitation, the right to pursue any remedy for injunctive or other equitable relief, or any suit or action in connection with the
preservation, enforcement or foreclosure of the liens, mortgages, assignments and security interests which are now or at any time hereafter security for the payment and performance of all obligations under the Loan Agreement or in the other Loan
Documents. The provisions of Section 1 of this Guaranty shall prevail and control over any contrary provisions elsewhere in this Guaranty or the other Loan Documents. 

 

	3.	REMEDIES. If Guarantor fails to promptly perform its obligations under this Guaranty, Lender may from time to time, and without first requiring performance by Borrower or any other guarantor or without
exhausting any or all security (if any) for the Loan or any Swap Agreement between Borrower and Lender, bring any action at law or in equity or both to compel Guarantor to perform its obligations hereunder, and collect in any such action
compensation for all loss, cost, damage, injury and expense sustained or incurred by Lender as a direct or indirect consequence of the failure of Guarantor to perform its obligations hereunder, together with interest thereon at the rate of interest
applicable to the principal balance of the Note. 

  

	4.	RIGHTS OF LENDER. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to:
(a) approve modifications to the Plans and Specifications so long as such modifications do not materially increase the cost of constructing the Construction Improvements nor materially increase the time necessary to complete the Construction
Improvements; (b) change the terms or conditions of disbursement of the Loan so long as such changes do not materially interfere with Borrower’s ability to construct the Construction Improvements as and when required under the Loan
Agreement; (c) renew, modify or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Lender;
(d) declare all sums owing to Lender under the Note or any of the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Lender, due and payable upon the occurrence of a Default under the
Loan Documents or an Event of Default as defined in any Swap Agreement between Borrower and Lender; (e) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the
other Loan Documents; (f) otherwise modify the terms of any of the Loan Documents or any Swap Agreement between Borrower and Lender, except for: (i) increases in the principal amount of the Note or changes in the manner by which interest
rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or the other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or
(ii) advancement of the Maturity Date (as defined in the Note) of the Note where no Default has occurred under the Loan Documents; (g) take and hold security for the performance of Borrower’s obligations under the Note or the other
Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Lender, and exchange, enforce, waive, subordinate and release any such security in whole or part; (h) apply such security and direct the
order or manner of sale thereof as Lender in its discretion may determine; (i) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents or any
obligations under or in connection with any Swap Agreement between Borrower and Lender; (j) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole
discretion, whether or not any such obligations are covered by this Guaranty; and (k) assign this Guaranty in whole or in part (as long as the interests in the other Loan Documents are also assigned to the same assignee subject to the terms of
the Loan Agreement); and (l) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty subject to the terms of the Loan Agreement. 

  
 - 2 - 

	5.	 GUARANTOR’S WAIVERS. Guarantor waives any and all rights and defenses based upon or arising out of (a) any legal disability or
other defense of Borrower, any other guarantor or other person, or by reason of the cessation or limitation of the liability of Borrower from any cause other than full payment of all sums payable under the Loan Documents and satisfaction of all
obligations under or in connection with any Swap Agreement between Borrower and Lender, (b) any lack of authority of the officers, directors, partners, managers, members or agents acting or purporting to act on behalf of Borrower, Guarantor or
any principal of Borrower or Guarantor, any defect in the formation of Borrower, Guarantor or any principal of Borrower or Guarantor; (c) the application by Borrower of the proceeds of the Loan for purposes other than the purposes represented
by Borrower to Lender or intended or understood by Lender or Guarantor; (d) any act or omission by Lender which directly or indirectly results in, or contributes to, the release of Borrower or any other person or any collateral for any
obligation to Lender in connection with the Loan (other than as a result of a repayment in full of all of the obligations of Borrower under the Loan); (e) the unenforceability or invalidity of any collateral assignment or guaranty with respect
to any obligation to Lender in connection with the Loan, or the lack of perfection or continuing perfection or lack of priority of any lien which secures any obligation to Lender in connection with the Loan; (f) any failure of Lender to marshal
assets in favor of Guarantor or any other person; (g) any modification of any obligation to Lender in connection with the Loan, including, without limitation, any renewal, extension, acceleration or increase in interest rate; (h) an
election of remedies by Lender, even though that election of remedies, such as a nonjudicial foreclosure, if available and/or permitted, with respect to security for a guaranteed obligation, has or may have destroyed Guarantor’s rights of
subrogation, reimbursement and contribution against the principal by the operation of applicable law or otherwise; (i) Lender’s failure to disclose to Guarantor any information concerning Borrower’s financial condition or any other
circumstances bearing on Borrower’s ability to pay and perform its obligations under the Note or any of the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Lender, or upon the failure
of any other principals of Borrower to guaranty the Loan or any obligations under or in connection with any Swap Agreement between Borrower and Lender; (j) any statute or rule of law which provides that the obligation of a surety or guarantor
must be neither larger in amount nor in any other respects more burdensome than that of a principal or which reduces a surety’s or guarantor’s obligation in proportion to the principal obligation; (k) any failure of Lender to file or
enforce a claim in any bankruptcy or other proceeding with respect to any person; (l) Lender’s election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the Federal
Bankruptcy Code or any successor statute; (m) any borrowing or any grant of a security interest under Section 364 of the Federal Bankruptcy Code; (n) any right of subrogation, any right to enforce any remedy which Lender may have
against Borrower and any right to participate in, or benefit from, any security for the Note or the other Loan Documents or any obligations under or in connection with any Swap Agreement between Borrower and Lender now or hereafter held by Lender;
(o) presentment, demand, protest, notice of intent to accelerate, notice of acceleration, and other notices of any kind (except for notices to Borrower, as required in the Loan Documents); (p) any statute of limitations affecting the
liability of Guarantor hereunder or the enforcement hereof; (q) any right to require Lender to institute suit or exhaust remedies against Borrower or others liable for any of such indebtedness, to enforce Lender’s rights against any
collateral which shall have been given to secure the Loan, to enforce Lender’s rights against any other guarantors of such indebtedness, to join Borrower or any others liable on such indebtedness in any action seeking to enforce this Guaranty,
to resort to any other means of obtaining payment of such indebtedness; (r) notices of disbursement of Loan proceeds, acceptance hereof, proof of non-payment, default under any of the Loan Documents, notices and demands of any kind;
(s) the invalidity, illegality or unenforceability of all or any portion of the indebtedness guaranteed hereby or any of the Loan Documents for any reason whatsoever, including that interest on such indebtedness violates applicable usury laws,
that Borrower or others liable for all or a portion thereof have valid defenses, claims or offsets to all or a portion of such indebtedness, or that the 

  
 - 3 - 

	 	
Note or other Loan Documents have been forged or otherwise are irregular or not genuine or authentic (it being agreed that Guarantor shall remain liable under this Guaranty regardless of whether
Borrower or any other person shall be found not liable for repayment of all or a portion of such indebtedness); (t) use of cash collateral under Section 363 of the United States Bankruptcy Code; or (u) any agreement or stipulation
with respect to the provision of adequate protection in any bankruptcy proceeding of any person. Guarantor further specifically waives any and all rights and defenses that Guarantor may have because Borrower’s debt is secured by real property;
this means, among other things, that: (1) Lender may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower; (2) if Lender forecloses on any real property collateral pledged by
Borrower, then (A) the amount of the debt may be reduced only by 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) Lender may collect from Guarantor even
if Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from Borrower. The foregoing sentence is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because
Borrower’s debt is secured by real property. These rights and defenses being waived by Guarantor include, but are not limited to, any rights or defenses based upon deficiency limitation or anti-deficiency, redemption or other similar rights.
Without limiting the generality of the foregoing or any other provision hereof, Guarantor further expressly waives to the extent permitted by law any and all rights and defenses, including without limitation, any rights of subrogation,
reimbursement, indemnification and contribution, which might otherwise be available to Guarantor under applicable law. To the extent permitted under applicable law, Guarantor agrees that the payment or performance of any act which tolls any statute
of limitations applicable to the Note or any of the other Loan Documents shall similarly operate to toll the statute of limitations applicable to Guarantor’s liability hereunder. This understanding and waiver is made in addition to and not in
limitation of any of the other terms and conditions of this Guaranty. 

  

	6.	 GUARANTOR’S WARRANTIES. Guarantor warrants, represents, covenants and acknowledges to Lender that: (a) Lender would not make
the Loan nor enter into any Swap Agreement with the Borrower but for this Guaranty; (b) Guarantor has reviewed all of the terms and provisions of the Loan Agreement, any Swap Agreement between Borrower and Lender, Plans and Specifications and
the other Loan Documents; (c) there are no conditions precedent to the effectiveness of this Guaranty; (d) Guarantor has established adequate means of obtaining from sources other than Lender, on a continuing basis, financial and other
information pertaining to Borrower’s financial condition, the Property and Borrower’s activities relating thereto and the status of Borrower’s performance of obligations under the Loan Documents and any Swap Agreement with Lender, and
Guarantor agrees to keep adequately informed from such means of any facts, events or circumstances which might in any way affect Guarantor’s risks hereunder, and Lender has made no representation to Guarantor as to any such matters;
(e) the most recent financial statements of Guarantor heretofore or hereafter delivered to Lender (i) are or will be materially complete and correct, (ii) present fairly and accurately the financial condition of Guarantor as of the
respective dates thereof, and (iii) are or will be prepared in accordance with the same accounting standards used by Guarantor to prepare the financial statements delivered to and approved by Lender in connection with the making of the Loan, or
other accounting standards approved by Lender, and since the date of such financial statements, there has been no material adverse change in such financial condition of Guarantor, nor has any asset or property reflected on such financial statements
been sold, transferred, assigned, mortgaged, pledged or encumbered which would have a Material Adverse Effect except as previously disclosed in writing by Guarantor to Lender; (f) Guarantor has not and will not, without the prior written
consent of Lender, sell, lease, assign, encumber, pledge, hypothecate, mortgage, transfer or otherwise dispose of all or substantially all of Guarantor’s assets, or any interest therein, other than in the ordinary course of Guarantor’s
business and subject to Permitted Transfers; (g) Guarantor is not and will not be, as a consequence of the execution and delivery of this Guaranty, impaired or rendered “insolvent”, as that term is defined in Section 101 of the
Federal Bankruptcy Code, or otherwise rendered unable to pay Guarantor’s debts as the same mature and will not have thereby undertaken liabilities in excess of the present fair value of Guarantor’s assets; and (h) the calculation of
liabilities in any 

  
 - 4 - 

	 	
such financial statements do NOT include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option
election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities, and therefore,
the amount of liabilities is the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount. Guarantor acknowledges and agrees that Lender may request and obtain additional
information from third parties regarding any of the above, including, without limitation, credit reports. 

  

	7.	COVENANTS. 

  

	 	7.1	Advisory Agreement. Guarantor shall not make any changes (other than immaterial or ministerial changes) without Lender consent (such consent not to be unreasonably withheld, conditioned or delayed) to the
Management Services Agreement dated November 4, 2015, among Guarantor, DC Industrial Liquidating Trust and DCG Liquidating Advisor LLC (the “Advisory Agreement”); provided, however, that any renewal of the Advisory
Agreement made in conformance with the terms and conditions of the Advisory Agreement is hereby deemed approved by Lender. Any and all amounts payable pursuant to such agreement shall be subordinate to the Loan; provided, however, that
so long as no Default exists, Borrower may pay the amounts due and payable in accordance with the Advisory Agreement approved by Lender. Any amounts accruing under the Advisory Agreement and not paid as the result of the existence of a Default shall
accrue and may be payable upon Lender’s written confirmation acting reasonably that such Default has been waived or cured. Guarantor shall cause DCG Liquidating Advisor LLC to enter into a subordination agreement in form and substance
reasonably acceptable to Lender. 

  

	 	7.2	Other Covenants. To the extent Borrower is obligated to cause Guarantor to comply with certain covenants under the Loan Agreement or any of the other Loan Documents, Guarantor shall so comply with such
covenants, including, without limitation, the restrictions on transfer set forth in Sections 9.18 and 9.19 of the Loan Agreement. 

  

	8.	FINANCIAL STATEMENTS. 

  

	 	8.1	Guarantor Financial Statements. 

 Guarantor shall make available to Lender, as
soon as available, but in no event later than ninety (90) days after Guarantor’s fiscal year end, financial statements acceptable in form to Lender, including a statement of net assets and changes in net assets per the Liquidation Basis of
Accounting (GAAP) consistently applied, together with supporting property and mortgage debt schedules, for Guarantor. 
  

	 	8.2	Tax Returns. If requested by Lender, Guarantor shall deliver to Lender as soon as available, but no later than October 31st of each year, complete copies of federal and state tax returns for Guarantor
together with all applicable schedules thereto, each of which shall be signed and certified by an authorized officer of the Guarantor to be true and complete copies of such returns. 

 

	 	8.3	Other Information. From time to time, upon Lender’s delivery to Guarantor of at least ten (10) days prior written notice, such other information with regard to Guarantor as Lender may reasonably
request in writing. 

  

	 	8.4	 Form; Warranty. Guarantor agrees that all financial statements to be delivered to Lender pursuant to this Section shall: (a) be
complete and correct in all material 

  
 - 5 - 

 
respects; (b) present fairly the financial condition of the Guarantor; (c) disclose all liabilities that are required to be reflected or reserved against; and (d) unless otherwise
set forth above, be prepared in accordance with the Liquidation Basis Accounting (GAAP) consistently applied. 
  

	9.	SUBORDINATION. Guarantor subordinates all present and future indebtedness owing by Borrower or, following the occurrence of a Default, by any other guarantor under any guaranty or indemnity of the Loan or
an Event of Default under, and defined in, any Swap Agreement between Borrower and Lender, to Guarantor to the obligations at any time owing by Borrower to Lender under the Note and the other Loan Documents or under or in connection with any Swap
Agreement between Borrower and Lender. Guarantor agrees to make no claim for such indebtedness until all obligations of Borrower under the Note and the other Loan Documents and under or in connection with any Swap Agreement between Borrower and
Lender have been fully discharged. Guarantor agrees that it will not take any action or initiate any proceedings, judicial or otherwise, to enforce Guarantor’s rights or remedies with respect to any such indebtedness, including without
limitation any action to enforce remedies with respect to any defaults under such indebtedness or to any collateral securing such indebtedness or to obtain any judgment or prejudgment remedy against Borrower or any such collateral until all
obligations of Borrower under the Note and the other Loan Documents and under or in connection with any Swap Agreement between Borrower and Lender have been fully discharged. Guarantor also agrees that until all obligations of Borrower under the
Note and the other Loan Documents and under or in connection with any Swap Agreement between Borrower and Lender have been fully discharged, it will not commence or join with any other creditor or creditors of Borrower in commencing any bankruptcy,
reorganization or insolvency proceedings against Borrower. Guarantor further agrees not to assign all or any part of such indebtedness unless Lender is given prior notice and such assignment is expressly made subject to the terms of this Guaranty.

  

	10.	BANKRUPTCY OF BORROWER. In any bankruptcy or other proceeding in which the filing of claims is required by law, Guarantor shall file all claims which Guarantor may have against Borrower relating to any
indebtedness of Borrower to Guarantor and shall assign to Lender all rights of Guarantor thereunder. If Guarantor does not file any such claim, Lender, as attorney-in-fact for Guarantor, is hereby authorized to do so in the name of Guarantor or, in
Lender’s discretion, to assign the claim to a nominee and to cause proof of claim to be filed in the name of Lender’s nominee. The foregoing power of attorney is coupled with an interest and cannot be revoked. Lender or Lender’s
nominee shall have the right, in its reasonable discretion, to accept or reject any plan proposed in such proceeding and to take any other action which a party filing a claim is entitled to do. In all such cases, whether in administration,
bankruptcy or otherwise, the person or persons authorized to pay such claim shall pay to Lender the amount payable on such claim and, to the full extent necessary for that purpose, Guarantor hereby assigns to Lender all of Guarantor’s rights to
any such payments or distributions; provided, however, Guarantor’s obligations hereunder shall not be satisfied except to the extent that Lender receives cash by reason of any such payment or distribution. If Lender receives
anything hereunder other than cash, the same shall be held as collateral for amounts due under this Guaranty. If all or any portion of the obligations guaranteed hereunder are paid or performed, the obligations of Guarantor hereunder shall continue
and shall remain in full force and effect in the event that all or any part of such payment or performance is avoided or recovered directly or indirectly from Lender as a preference, fraudulent transfer or otherwise under the Bankruptcy Code or
other similar laws, irrespective of (a) any notice of revocation given by Guarantor prior to such avoidance or recovery, or (b) full payment and performance of all of the indebtedness and obligations evidenced and secured by the Loan
Documents and under or in connection with any Swap Agreement between Borrower and Lender. 

  

	11.	 ADDITIONAL, INDEPENDENT AND UNSECURED OBLIGATIONS. This Guaranty is a continuing guaranty of payment and not of collection and cannot be
revoked by Guarantor and shall continue to be effective with respect to any indebtedness referenced in Section 1 hereof arising or created after any attempted revocation hereof or after the death of Guarantor (if

  
 - 6 - 

	 	
Guarantor is a natural person, in which event this Guaranty shall be binding upon Guarantor’s estate and Guarantor’s legal representatives and heirs). The obligations of Guarantor
hereunder shall be in addition to and shall not limit or in any way affect the obligations of Guarantor under any other existing or future guaranties unless said other guaranties are expressly modified or revoked in writing. This Guaranty is
independent of the obligations of Borrower under the Note, the other Loan Documents and under or in connection with any Swap Agreement between Borrower and Lender, and the Security Instrument. Lender may bring a separate action to enforce the
provisions hereof against Guarantor without taking action against Borrower or any other party or joining Borrower or any other party as a party to such action. Except as otherwise provided in this Guaranty, this Guaranty is not secured and shall not
be deemed to be secured by any security instrument unless such security instrument expressly recites that it secures this Guaranty. 

  

	12.	CREDIT REPORTS. Each legal entity and individual obligated on this Guaranty hereby authorizes Lender to order and obtain, from a credit reporting agency of Lender’s choice, a third party credit report
on such legal entity and individual; provided, however, Lender shall keep such credit reports confidential. 

  

	13.	ENFORCEABILITY. Guarantor hereby acknowledges that: (a) the obligations undertaken by Guarantor in this Guaranty are complex in nature, and (b) numerous possible defenses to the enforceability of
these obligations may presently exist and/or may arise hereafter, and (c) as part of Lender’s consideration for entering into this transaction and any Swap Agreement between Borrower and Lender, Lender has specifically bargained for the
waiver and relinquishment by Guarantor of all such defenses, and (d) Guarantor has had the opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type contemplated herein. Given all
of the above, Guarantor does hereby represent and confirm to Lender that Guarantor is fully informed regarding, and that Guarantor does thoroughly understand: (i) the nature of all such possible defenses, and (ii) the circumstances under
which such defenses may arise, and (iii) the benefits which such defenses might confer upon Guarantor, and (iv) the legal consequences to Guarantor of waiving such defenses. Guarantor acknowledges that Guarantor makes this Guaranty with
the intent that this Guaranty and all of the informed waivers herein shall each and all be fully enforceable by Lender, and that Lender is induced to enter into this transaction in material reliance upon the presumed full enforceability thereof.

  

	14.	MISCELLANEOUS. 

  

	 	14.1	Notices. All notices, demands, or other communications under this Guaranty and the other Loan Documents shall be in writing and shall be delivered to the appropriate party at the address set forth below
(subject to change from time to time by written notice to all other parties to this Guaranty). All notices, demands or other communications shall be considered as properly given if delivered personally or sent by first class United States Postal
Service mail, postage prepaid, or by Overnight Express Mail or by overnight commercial courier service, charges prepaid, except that notice of Default may be sent by certified mail, return receipt requested, charges prepaid. Notices so sent shall be
effective three (3) Business Days after mailing, if mailed by first class mail, and otherwise upon delivery or refusal; provided, however, that non receipt of any communication as the result of any change of address of which the
sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. For purposes of notice, the address of the parties shall be: 

 

					
		 	Guarantor:	 	 DC Liquidating Assets Holdco LLC
 c/o Dividend
Capital
 518 17th Street, 17th Floor
 Denver, Colorado
80202
 Attn: Lainie Minnick, Senior Vice President

  
 - 7 - 

					
			
		 	With a copy to:	 	 DC Liquidating Assets Holdco LLC
 c/o Dividend
Capital
 518 17th Street, 17th Floor
 Denver, Colorado
80202
 Attn: Joshua J. Widoff, General Counsel

			
		 	Lender:	 	 Wells Fargo Bank, National Association

Commercial Real Estate/ REIT Finance Group
 (AU#2754)

10 S. Wacker Drive, 32nd Floor
 Chicago, Illinois 60606

Attn: Craig V. Koshkarian, Vice President
 Loan No.
1015003

			
		 	With a copy to:	 	 Wells Fargo Bank, National Association

Commercial Real Estate/ REIT Finance Group
 (AU#2754)

1800 Century Park East, Suite 1200
 Los Angeles, California
90067
 Attn: Ryan S. Gawel, Vice President
 Loan No.
1015003

			
		 	 and to:
	 	 Wells Fargo Bank, National Association
 Loan
Center
 608 2nd Ave S
 Minneapolis, Minnesota 55402

Attn: Breanna Schmid, Loan Servicing Specialist
 Loan No.
1015003

 Any party shall have the right to change its address for notice hereunder to any other location within the
continental United States by the giving of thirty (30) days’ notice to the other party in the manner set forth hereinabove. Guarantor shall forward to Lender, without delay, any notices, letters or other communications delivered to
Guarantor naming Lender or the “Construction Lender” or any similar designation as addressee which would reasonably be expected to adversely affect the construction of the Construction Improvements or the ability of Guarantor to perform
its obligations to Lender under the Loan Documents. 
  

	 	14.2	Attorneys’ Fees and Expenses; Enforcement. If any attorney is engaged by Lender to enforce or defend any provision of this Guaranty, any of the other Loan Documents or Other Related Documents, or as a
consequence of any Default under the Loan Documents, or an Event of Default under or in connection with, and as defined in, any Swap Agreement between Borrower and Lender, with or without the filing of any legal action or proceeding, and including,
without limitation, any fees and expenses incurred in any bankruptcy proceeding or in connection with any appeal of a lower court decision, then Guarantor shall immediately pay to Lender, upon demand, the amount of all reasonable attorneys’
fees and expenses and all costs incurred in connection therewith, including all trial and appellate proceedings in any legal action, suit, bankruptcy or other proceeding, together with interest thereon from the date of such demand until paid at the
rate of interest applicable to the principal balance of the Note as specified therein. In the event of any legal proceedings, court costs and attorneys’ fees shall be set by the court and not by jury and shall be included in any judgment
obtained by Lender. 

  

	 	14.3	 No Waiver. No previous waiver and no failure or delay by Lender in acting with respect to the terms of the Note or this Guaranty shall
constitute a waiver of any breach, default, 

  
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or failure of condition under the Note or this Guaranty or the obligations secured thereby. A waiver of any term of the Note or this Guaranty or of any of the obligations secured thereby must be
made in writing and shall be limited to the express written terms of such waiver. 

  

	 	14.4	Loan Sales and Participation; Disclosure of Information. Lender may sell or assign all or any portion (not less than $5,000,000) of its rights and obligations under the Loan with Borrower’s prior
written approval (such approval not to be unreasonably withheld or delayed); provided, that, (i) during the existence of a Default, Lender shall not be required to sell or assign any minimum amount or obtain Borrower’s approval, and
(ii) such approval shall be deemed granted if Borrower fails to approve or disapprove such sale or assignment within 10 Business Days following Lender’s request therefor. Lender, may, at any time and in its sole expense, grant
participations in the Loan. If Lender assigns or participates any portion (but not all) of its interest in the Loan, Lender shall become and remain the sole administrative agent under the Loan, and shall be Borrower’s sole point of contact with
respect to the Loan. Lender may freely grant participations of all or any portion of the Loan. 

 Anything in this Guaranty to
the contrary notwithstanding, and without the need to comply with any of the formal or procedural requirements of this Guaranty, including this Section, any lender may at any time and from time to time pledge and assign all or any portion of its
rights under all or any of the Loan Documents to a Federal Reserve Bank; provided that no such pledge or assignment shall release such lender from its obligations thereunder. 
  

	 	14.5	Waiver of Right to Trial by Jury. TO THE EXTENT PERMITTED BY APPLICABLE STATE LAW, EACH PARTY TO THIS GUARANTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
(a) ARISING UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO
THE LOAN DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS GUARANTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT
AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY. THIS PROVISION IS A MATERIAL INDUCEMENT OF LENDER TO MAKE THE LOAN TO BORROWER. 

 

	 	14.6	Severability. If any provision or obligation under this Guaranty shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be deemed severed
from this Guaranty and the validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision had never been a part of this Guaranty.

  

	 	14.7	Heirs, Successors and Assigns. Except as otherwise expressly provided under the terms and conditions herein, the terms of this Guaranty shall bind and inure to the benefit of the heirs, executors,
administrators, nominees, successors and assigns of the parties hereto. 

  
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	 	14.8	Time. Time is of the essence of each and every term herein. 

  

	 	14.9	Governing Law And Consent To Jurisdiction. This Guaranty and any claim, controversy or dispute arising under or related to this Guaranty, the relationship of the parties, and/or the interpretation and
enforcement of the rights and duties of the parties will be governed by, and construed and enforced in accordance with, the laws of New York without regard to any conflicts of law principles, except to the extent preempted by federal laws.
Guarantor and all persons and entities in any manner obligated to Lender under the Loan Documents consent to the jurisdiction of any federal or state court within the State of New York having proper venue and also consent to service of process
by any means authorized by New York or federal law. 

  

	 	14.10	Survival. This Guaranty shall be deemed to be continuing in nature and shall remain in full force and effect and shall survive the exercise of any remedy by Lender under the Security Instrument or any of
the other Loan Documents, including without limitation any foreclosure or deed in lieu thereof. 

  

	 	14.11	Joint and Several Liability. THE LIABILITY OF THE GUARANTOR HEREUNDER SHALL BE JOINT AND SEVERAL WITH THE BORROWER AND ALL OTHER GUARANTORS OF BORROWER’S OBLIGATIONS UNDER THE NOTE AND LOAN DOCUMENTS
AND ANY OBLIGATIONS UNDER OR IN CONNECTION WITH ANY SWAP AGREEMENT BETWEEN BORROWER AND LENDER. 

  

	 	14.12	Headings. All article, section or other headings appearing in this Guaranty are for convenience of reference only and shall be disregarded in construing this Guaranty. 

 

	 	14.13	Powers Of Attorney. The powers of attorney granted by Guarantor to Lender in this Guaranty shall (i) not be exercised by Lender unless and until there is a Default under the Loan that has occurred and
is continuing, and (ii) be unaffected by the disability of the principal so long as any portion of the Loan remains unpaid or unperformed or any obligations under or in connection with any Swap Agreement between Borrower and Lender remain
unpaid or unperformed. Lender shall have no obligation to exercise any of the foregoing rights and powers in any event. Guarantor acknowledges that this power of attorney forms a part of a contract (this Guaranty) and is security for money or for
the performance of a valuable act. Lender hereby discloses that it may exercise the foregoing power of attorney for Lender’s benefit, and such authority need not be exercised for Guarantor’s best interest. 

 

	 	14.14	Defined Terms. Unless otherwise defined herein, capitalized terms used in this Guaranty shall have the meanings attributed to such terms in the Loan Agreement. 

 

	 	14.15	Rules Of Construction. The word “Borrower” as used herein shall include both the named Borrower and any other person at any time assuming or otherwise becoming primarily liable for all or any
part of the obligations of the named Borrower under the Note and the other Loan Documents. The term “person” as used herein shall include any individual, company, trust or other legal entity of any kind whatsoever. If this Guaranty is
executed by more than one person, the term “Guarantor” shall include all such persons. The word “Lender” as used herein shall include Lender, its successors, assigns and affiliates. 

 

	 	14.16	Use Of Singular And Plural; Gender. When the identity of the parties or other circumstances make it appropriate, the singular number includes the plural, and the masculine gender includes the feminine
and/or neuter. 

  
 - 10 - 

	 	14.17	Exhibits, Schedules And Riders. All exhibits, schedules, riders and other items attached hereto are incorporated into this Guaranty by such attachment for all purposes. 

 

	 	14.18	Community Property. If Guarantor is a natural person, this Guaranty shall be binding against Guarantor’s sole and separate property and the property now or hereafter owned by the marital community
property of Guarantor. 

  

	 	14.19	Integration; Interpretation. This Guaranty contains the entire agreement of the parties with respect to the matters contemplated hereby and supersedes all prior negotiations or agreements, written or oral.
This Guaranty shall not be modified except by written instrument executed by all parties. 

 [The remainder of this page
intentionally left blank.] 

  
 - 11 - 

 Loan No. 1015003 
  

 IN WITNESS WHEREOF, Guarantor has duly executed and delivered this Guaranty as of the date appearing on the
first page of this Guaranty. 
  

					
	“GUARANTOR”
	
	 DC LIQUIDATING ASSETS HOLDCO LLC,
 a
Delaware limited liability company

		
	By:	 	 DC Industrial Liquidating Trust,
 a
Maryland statutory trust,
 its managing member

			
		 	By:	 	 /s/ Lainie P. Minnick

		 	Name:	 	Lainie P. Minnick
		 	Title:	 	Senior Vice President, Finance and Treasurer

 SCHEDULE 1 - REAL PROPERTY SECURITY INSTRUMENTS 

 

	(a)	Deed of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Redlands DC LP, a Delaware limited partnership, for the benefit of Lender, dated as of even date
herewith, and to be recorded in the records of San Bernardino County, California; 

  

	(b)	Deed of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Cajon DC LP, a Delaware limited partnership, for the benefit of Lender, dated as of even date herewith,
and to be recorded in the records of San Bernardino County, California; 

  

	(c)	Mortgage with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Miami DC III LLC, a Delaware limited liability company, and Miami DC III Land LLC, a Delaware limited
liability company, for the benefit of Lender, dated as of even date herewith, and to be recorded in the records of Miami-Dade County, Florida; 

  

	(d)	Mortgage with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Miami DC IV LLC, a Delaware limited liability company, for the benefit of Lender, dated as of even date
herewith, and to be recorded in the records of Miami-Dade County, Florida; 

  

	(e)	Mortgage with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Tamarac Commerce Center DC II LLC, a Delaware limited liability company, for the benefit of Lender, dated as
of even date herewith, and to be recorded in the records of Broward County, Florida; 

  

	(f)	Mortgage with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Tamarac Commerce Center DC III LLC, a Delaware limited liability company, for the benefit of Lender, dated
as of even date herewith, and to be recorded in the records of Broward County, Florida; 

  

	(g)	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Lehigh Valley Crossing DC I LLC, a Delaware limited liability company, for the benefit of Lender, dated as of
even date herewith, and to be recorded in the records of Lehigh County, Pennsylvania; 

  

	(h)	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Lehigh Valley Crossing DC I LLC, a Delaware limited liability company, for the benefit of Lender, dated as of
even date herewith, and to be recorded in the records of Lehigh County, Pennsylvania; 

  

	(i)	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Lehigh Valley Crossing DC III LLC, a Delaware limited liability company, for the benefit of Lender, dated as of
even date herewith, and to be recorded in the records of Lehigh County, Pennsylvania; and 

  

	(j)	Deed to Secure Debt with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing granted by Bluegrass DC II LLC, a Delaware limited liability company, for the benefit of Lender, dated as of
even date herewith, and to be recorded in the records of Forsyth County, Georgia. 

  
 - 13 -

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