Document:

Merix Corporation Deferred Compensation Plan

 EXHIBIT 10.2 
 Merix Corporation 
 “DEFERRED COMPENSATION PLAN” 
 (Effective September 1, 2006) 
  

 Merix Corporation 
 DEFERRED COMPENSATION PLAN 
 THIS PLAN is adopted as of the 1st day of September, 2006, by Merix Corporation, an Oregon corporation, the Service Recipient, hereinafter referred to as the
“Plan Sponsor,” as follows: 
 RECITALS 
 WHEREAS, the Plan Sponsor wishes to establish the Merix Corporation nonqualified “Deferred Compensation Plan” (the “Plan”) to provide additional retirement benefits and income tax deferral
opportunities for a select group of management and/or highly compensated employees. As a result, this Plan is intended to be a “top hat plan,” exempt from certain requirements of ERISA, pursuant to sections 201(2), 301(a)(3) and 401(a)(1)
of ERISA; and 
 WHEREAS, the Plan Sponsor intends that the Plan shall at all times be administered and interpreted in such a manner
as to constitute an unfunded nonqualified deferred compensation plan for tax purposes and for purposes of Title I of ERISA. This Plan is not intended to qualify for favorable tax treatment pursuant to IRC Section 401(a) of the Code or any
successor section or statute. This Plan is intended to comply with the requirements of Section 409A of the Code, as added under The American Jobs Creation Act of 2004, and the Treasury regulations or any other authoritative guidance issued
under that section. 
 NOW, THEREFORE, the Plan Sponsor hereby adopts the following “Deferred Compensation Plan.”

 ARTICLE 1 
 Definitions 
 For the purpose of this Plan, unless otherwise clearly apparent from the context, the following phrases or
terms shall have the following indicated meanings: 
 1.1 “Account or Accounts” shall mean a book account reflecting amounts
credited to a Participant’s Separation of Service Account and/or Scheduled Withdrawal Account(s), as adjusted for deemed investment performance and all distributions or withdrawals made by the Participant or his or her Beneficiary. To the
extent that it is considered necessary or appropriate, the Plan Administrator shall maintain separate subaccounts for each source of contribution under the Plan or shall otherwise provide a means for determining that portion of an Account
attributable to each contribution source. 
 1.2 “Annual Deferral Amount” shall mean that portion of a
Participant’s Base Salary, Performance-Based Bonus, commissions and Director Fees that a Participant elects to defer for any one Plan Year. 
 1.3 “Affiliate” shall mean any business entity other than the Plan Sponsor that is a member of a controlled group of corporations, within the meaning of Section 414(b) of the Code, of which the Plan Sponsor is a
member; all other trade or business (whether or not incorporated) under common control, within the meaning of 

 
Section 414(c) of the Code, with the Plan Sponsor; any service organization other than the Plan Sponsor that is a member of an Affiliated service group,
within the meaning of Section 414(m) of the Code, of which the Plan Sponsor is a member; and any other organization that is required to be aggregated with the Plan Sponsor under Section 414(o) of the Code and whose Eligible Employees are
authorized to participate in this Plan by the Plan Administrator. 
 1.4 “Base Salary” shall mean the annual cash
compensation relating to services performed during any Plan Year, (excluding bonuses, commissions, overtime, fringe benefits, incentive payments, non-monetary awards, relocation expenses, retainers, directors fees and other fees, severance
allowances, pay in lieu of vacations, insurance premiums paid by the Plan Sponsor, insurance benefits paid to the Participant or his or her Beneficiary, stock options and grants, and car allowances) paid to a Participant for services rendered to the
Plan Sponsor or an Affiliate. Base Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of the Plan Sponsor or an Affiliate and shall be
calculated to include amounts not otherwise included in the Participant’s gross income under Code Section 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by the Plan Sponsor; provided, however, that all such amounts will be
included in compensation only to the extent that, had there been no such Plan, the amounts would have been payable in cash to the Participant. 
 1.5 “Beneficiary” shall mean one or more persons, trusts, estates or other entities that are entitled to receive benefits under this Plan upon the death of the Participant. 
 1.6 “Cause” shall mean any of the following acts or circumstances: 
 (a) Willful destruction by the Participant of property of the Plan Sponsor or an Affiliate having a material value to the Plan Sponsor or such Affiliate;

 (b) fraud, embezzlement, theft, or comparable dishonest activity committed by the Participant (excluding acts involving a de minimis
dollar value and not related to the Plan Sponsor or an Affiliate); 
 (c) the Participant’s conviction of or entering a plea of guilty
or nolo contendere to any crime constituting a felony or any misdemeanor involving fraud, dishonesty or moral turpitude (excluding acts involving a de minimis dollar value and not related to the Plan Sponsor or an Affiliate); 
 (d) the Participant’s breach, neglect, refusal, or failure to materially discharge the Participant’s duties (other than due to physical or
mental illness) commensurate with the Participant’s title and function or the Participant’s failure to comply with the lawful directions of the Board of Directors or a senior managing officer of the Plan Sponsor, or of the Board of
Directors or a senior managing officer of an Affiliate that employs the Participant, in any such case that is not cured within fifteen (15) days after the Participant has received written notice thereof from such Board of Directors or senior
managing officer; 
  

 (e) any willful misconduct by the Participant which may cause substantial economic or reputation
injury to the Plan Sponsor, including, but not limited to, sexual harassment, or; 
 (f) A willful and knowing material
misrepresentation to the Board or a senior managing officer of the Plan Sponsor or to the Board of Directors or a senior managing officer of an Affiliate that employs the Participant. 
 1.7 “Change of Control” shall mean the occurrence of either Subparagraph (a), (b), or (c), below, or any combination of said
event(s) as described within the meaning of Treasury regulations 1.409A-3(g)(5): 
 (a) Change of Ownership of the Plan Sponsor. A
change of ownership of the Plan Sponsor occurs on the date that any one person or persons acting as a Group (as that term is defined in Subparagraph (2)) acquires ownership of the stock of the Plan Sponsor, that, together with stock held by
such person or Group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Plan Sponsor or of any corporation that owns at least fifty percent (50%) of the total fair market
value and total voting power of Plan Sponsor. 
 However, if any person or Group is considered to own more than fifty percent (50%) of
the total fair market value or total voting power of the stock of the Plan Sponsor, the acquisition of additional stock by the same person or Group of persons is not considered to cause a Change of Control. In addition, the term Change of Control
shall apply if there is an increase in the percentage of stock owned by any one person or persons, acting as a Group, as a result of a transaction in which the Plan Sponsor acquires its stock in exchange for property. The rule set forth in the
immediately preceding sentence applies only when there is a transfer of stock of the Plan Sponsor (or issuance of stock of the Plan Sponsor) and the stock of the Plan Sponsor remains outstanding after the transaction. 
 Persons will not be considered to be acting as a Group solely because they purchase or own stock of the Plan Sponsor at the same time or as a result of
the same public offering. However, persons will be considered to be acting as a Group if they are shareholders of the Plan Sponsor and it, or its parent, enters into a merger, consolidation, purchase or acquisition of stock or similar business
transaction with another corporation. If a person owns stock in the Plan Sponsor and another corporation is involved in a business transaction, then the shareholder of the Plan Sponsor is deemed to be acting as a Group with other shareholders in the
Plan Sponsor prior to the transaction. 
 (b) Effective Change of Control. If the Plan Sponsor does not qualify under Subparagraph
(a), above, then it may still meet the definition of Change of Control on the date that either: 
 (i) Any one person, or more than one
person, acting as a Group acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Plan Sponsor possessing thirty-five percent
(35%) or more of the total voting power of the stock of the Plan Sponsor; or 
 (ii) A majority of the numbers of the Plan
Sponsor’s Board of Directors are replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Plan Sponsor’s Board of Directors prior to the date of the
appointment or election. 
 (c) Change in Ownership of Plan Sponsor’s Assets. A change in the ownership of a substantial
portion of the Plan Sponsor’s assets occurs on the date that any person, or more than one person acting as a group, acquires or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such
person or person’s assets from the Plan Sponsor that have a total fair market value equal to more than forty percent (40%) of the total gross fair market value of all of the assets of the Plan Sponsor immediately prior to such acquisition
or acquisitions. For this purpose, gross fair market value means the value of 

 
the assets of the Plan Sponsor, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 There will be no Change of Control under this Subparagraph (c) when there is a transfer to an entity that is controlled by the
shareholders of the Plan Sponsor immediately after the transfer. A transfer of assets by the Plan Sponsor is not treated as a change in ownership of such assets if the assets are transferred to: 
 (i) A shareholder of the Plan Sponsor (immediately before the asset transfer) in exchange for or with respect to its stock; 
 (ii) An entity, fifty percent (50%) or more of the total value or voting power of which is owned directly or indirectly by the Plan Sponsor;

 (iii) A person, or more than one person, acting as a Group, that owns, directly or indirectly, fifty percent (50%) or more of the
total value or voting power of all the outstanding stock of the Plan Sponsor; or 
 (iv) An entity, at least fifty percent (50%) of the
total value or voting power of which is owned, directly or indirectly, by a person described in (iii) above. 
 Notwithstanding the
above, the definition of Change of Control shall comply with the definition provided by the Internal Revenue Service in its regulations, as amended from time to time with regard to Section 409A. 
 1.8 “Claimant” shall mean a person who believes that he or she is being denied a benefit to which he or she is entitled hereunder.

 1.9 “Compensation” shall mean the total cash remuneration, including regular Base Salary, , Performance-Based Bonus,
commissions and Director Fees paid by the Plan Sponsor to an Eligible Employee with respect to his or her services performed for the Plan Sponsor or an Affiliate. 
 1.10 “Disability” shall mean a condition of the Participant whereby he or she either: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an
accident and health plan covering employees of the Plan Sponsor. A Participant will also be deemed disabled if determined to be totally disabled by the Social Security Administration or in accordance with a disability insurance program, provided
that the definition of Disability applied under such disability insurance program complies with the requirements of Treasury regulation 1.409A-3(g)(4). 
 1.11 “Effective Date” is September 1, 2006. 
 1.12 “Election
Form” shall mean the form or forms established from time to time by the Plan Administrator on which the Participant makes certain designations as required on that form and under the terms of the Plan. 
  

 1.13 “Eligible Employee” shall mean for any Plan Year (or applicable portion of a
Plan Year), a person who is determined by the Plan Sponsor, or its designee, to be a member of a select group of management or highly compensated employees of the Plan Sponsor, and who is designated by the Plan Sponsor, or its designee, to be an
Eligible Employee under the Plan. If the Plan Sponsor determines that an individual first becomes an Eligible Employee during a Plan Year, the Plan Sponsor shall notify the individual of its determination and of the date during the Plan Year on
which the individual shall first become an Eligible Employee. 
 1.14 “Entry Date” shall mean with respect to an individual,
the first day of the pay period following the date on which the individual first becomes an Eligible Employee. (Wayne, how does this work? If a new participant enters the plan, he/she has 30 days to complete the election forms. Shouldn’t it be
the first pay period after the forms are signed, submitted and accepted by Merix?) 
 1.15 “ERISA” shall mean the
Employee Retirement Income Security Act of 1974, as it may be amended from time to time. 
 1.16 “Participant” shall
mean any Eligible Employee (i) who is selected to participate in this Plan, (ii) who completes and signs certain Election Form(s) required by the Plan Administrator, and (iii) whose signed Election Form(s) are accepted by the Plan
Administrator or a former Eligible Employee who continues to be entitled to a benefit under this Plan. A spouse or former spouse of a Participant shall not be treated as a Participant in this Plan or have an Account balance under this Plan, even if
he or she has an interest in the Participant’s benefits under this Plan as a result of applicable law or property settlements resulting from legal separation or marital dissolution or divorce 
 1.17 “Participation Agreement” shall mean the document executed by the Eligible Employee and Plan Administrator whereby the
Eligible Employee agrees to participate in the Plan. 
 1.18 “Performance-Based Bonus” shall mean the Participant’s
bonus that is contingent on the satisfaction of pre established organizational or individual performance criteria relating to a performance period of at least twelve (12) consecutive months in which the Participant performs services.
Organizational or individual performance criteria are considered pre established if established in writing by no later than ninety (90) days after the commencement of the period of services to which the criteria relates, provided that the right
to the amount is substantially uncertain, or the amount itself is not readily ascertainable, at the time the criteria is established within the meaning of Treasury regulation 1.409A-1(e). 
 1.19 “Permissible Payments” shall mean one or more of the following events upon which payment may be made to a Participant or his
Beneficiary under the terms of the Plan: (i) the Participant’s Separation from Service, (ii) the Participant’s death, (iii) the Participant’s Disability, (iv) a change in ownership or effective control of the Plan
Sponsor, or in the ownership of a substantial portion of the assets of the Plan Sponsor, (v) upon the occurrence of an Unforeseeable Emergency, or (vi) a time (or pursuant to a fixed schedule) specified under the Plan, within the meaning
of Treasury regulation 1.409A-3(a). 
  

 1.20 “Plan Administrator” shall be the Board of Directors or their designee. A
Participant in the Plan should not serve as a singular Plan Administrator. If a Participant is part of a group of participants designated as a committee or Plan Administrator, then the Participant may not participate in any activity or decision
relating solely to his or her individual benefits under the Plan; matters solely affecting the applicable Participant will be resolved by the remaining Plan Administrator members or by the Board. 
 1.21 “Plan” shall mean the Merix Corporation “Deferred Compensation Plan,” which shall be evidenced by this
instrument, as amended from time to time. 
 1.22 “Plan Sponsor Contribution Account” shall mean: (i) the sum of the
Participant’s Plan Sponsor Contribution matching and/or discretionary contribution amounts, plus (ii) amounts credited (net of amounts debited, which may result in an aggregate negative number) in accordance with all applicable crediting
provisions of this Plan that relate to the Participant’s Plan Sponsor Contribution Account, less (iii) all distributions made to, or withdrawals by, the Participant or his or her Beneficiary that relate to the Participant’s Plan
Sponsor Contribution Account, and tax withholding amounts deducted (if any) from the Participant’s Plan Sponsor Contribution Account. At the time of the Participant’s initial deferral election, the Participant shall specify the time and
form in which payment shall be made to the Participant or his or her Beneficiaries from this Account. The Participant may be permitted to change the time or form of payment subject to Paragraph 7.7 (Subsequent Changes to Time and Form of Payment)
below. 
 1.23 “Plan Year” shall mean, for the first plan year, the period beginning on the Effective Date of the
Plan and ending December 31 of such calendar year, and thereafter, a twelve (12) month period beginning January 1 of each calendar year and continuing through December 31 of such calendar year. 
 1.24 “Separation From Service Account” shall mean: (i) the sum of the Participant’s Annual Deferral Amount(s) that may be
allocated in whole or in part by a Participant pursuant to his or her initial deferral election to the Separation From Service Account for any one Plan Year, plus (ii) amounts credited (net of amounts debited, which may result in an aggregate
negative number), less (iii) all distributions made from, and tax withholding amounts which may have been deducted from the Separation From Service Account. At the time of the Participant’s initial deferral election, the Participant shall
specify the form in which payment shall be made to the Participant or his or her Beneficiaries from this Account. Elections made to the Separation from Service Account are irrevocable. 
 1.25 “Section 409A” shall mean Code Section 409A and the Treasury regulations or other authoritative guidance issued under that
section. 
 1.26 “Specified Employee” shall mean a key employee (as defined by Internal Revenue Code
Section 416(i) without regard to paragraph (5) thereof), and as further defined in Treasury regulation 1.409A-(1)(i),) of a Plan Sponsor the stock of which is publicly traded on an established securities market or otherwise within the
meaning of Section 409A(2)(B)(i). Notwithstanding other provisions of this Plan to the contrary, distributions by the Plan Sponsor to Specified Employees (if any) may not be made before the date which is six (6) months after the date of
Separation from Service (or, if earlier, the date of death of the specified employee) within the meaning of 

 
Treasury regulation 1.409A-(3)(g)(2). If payments to a Specified Employee are to be made in installments each installment payment to which a Specified
Employee is entitled upon a Separation from Service will be delayed by six (6) months. A Participant meeting the definition of Specified Employee on December 31 or during a 12 month period ending December 31 will be treated as a
Specified Employee for the 12 month period commencing the following April 1. 
 1.27 “Scheduled Withdrawal Account”
shall mean: (i) the sum of the Participant’s Annual Deferral Amount(s) that may be allocated in whole or in part by a Participant pursuant to his or her initial deferral election to the Scheduled Withdrawal Account for any one Plan Year,
plus (ii) amounts credited (net of amounts debited, which may result in an aggregate negative number), less (iii) all distributions made to, or withdrawals by, the Participant or his or her Beneficiary, and tax withholding amounts which
may have been deducted from the Participant’s Scheduled Withdrawal Account. At the time of the Participant’s annual deferral election, for each Plan Year, the Participant may specify the time and form in which payment shall be made to the
Participant. The Participant may be permitted to change the time or form of payment subject to 7.7 (Subsequent Changes to Time and Form of Payment) below. 
 1.28 “Separation from Service” shall mean a participant’s termination of active employment, whether voluntary or involuntary, other than by death, disability, or leave of absence with the Plan
Sponsor or Affiliate(s), within the meaning of Section 409A(a)(2)(A)(i) of the Code, and the treasury regulations thereto, as they may be amended from time to time. 
 1.29 “Treasury Regulations shall mean regulations promulgated by the Internal Revenue Service for the U.S. Department of the Treasury,
either proposed, or permanent, and as may be amended from time to time. 
 1.30 “Trust” shall mean one or more trusts
that may be established in accordance with the terms of the Plan. 
 1.31 “Unforeseeable Emergency” shall mean a
severe financial hardship of the Participant or Beneficiary resulting from an illness or accident of the Participant or Beneficiary, the Participant or Beneficiary’s spouse, or the Participant or Beneficiary’s dependent(s) (as defined in
IRC Section 152(a)) or loss of the Participant or Beneficiary’s property due to casualty or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant or Beneficiary
within the meaning of Section 409A of the Code, and Treasury regulation 1.409A-3(g)(3). 
 ARTICLE 2 
 Selection, Enrollment, Eligibility 
 2.1 Selection by Plan Sponsor. Participation in this Plan shall be limited to a select group of management or highly compensated employees of the Plan Sponsor, as determined by the Plan Sponsor in its sole and absolute
discretion. The initial group of Eligible Employees shall become Participants on the Effective Date of the Plan. Any individual selected by the Plan Administrator as an Eligible Employee after the Effective Date, shall 

 become a Participant on the first Entry Date occurring on or after the date on which he or she becomes an Eligible
Employee. 
 2.2 Re-Employment. If a Participant who incurs a Separation from Service with the Plan Sponsor or an Affiliate, is
subsequently re-employed, he or she may at the sole and absolute discretion of the Plan Administrator, become a Participant in accordance with the provisions of above Article. 
 2.3 Enrollment Requirements. As a condition to participation in this Plan, each selected Eligible Employee shall complete, execute, and
return to the Plan Administrator an Election Form within the time specified by the Plan Administrator. In addition, the Plan Administrator shall establish such other enrollment requirements as it determines necessary or advisable. All elections to
defer Compensation with respect to a Plan Year shall be irrevocable, except as permitted under Section 3.3(d) below (Unforeseeable Emergency). 
 2.4 Plan Aggregation Rules. This Plan shall constitute an “account balance plan” as defined in Section 31.3121(v)(2)-1(c)(1)(ii)(A). For purposes of Section 409A, all amounts deferred by or on behalf of a
Participant under this Plan shall be aggregated with deferred amounts under other “account balance plans” currently maintained or adopted in the future by the Plan Sponsor, and all amounts shall be treated as deferred under the rules
governing a single plan. 
 2.5 Termination of Participation and/or Deferrals. If the Plan Administrator determines that a
Participant who has not experienced a Separation from Service no longer qualifies as a member of a select group of management or highly compensated employees or that such a Participant’s participation in the Plan could jeopardize the status of
this Plan as “unfunded” and “maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees,” the Plan Administrator shall have the right to
terminate any deferral election the Participant has made for the remainder of the Plan Year but only to the extent such termination complies with the requirements of Sections 409A, and/or to prevent the Participant from making future deferral
elections and receiving Plan Sponsor Contribution Amounts under the Plan. 
 ARTICLE 3 
 Contributions and Credits 
 3.1
Minimum Deferrals. 
 (a) Annual Deferral Amount. For each Plan Year, a Participant may elect to defer
Compensation in fixed dollar amounts or percentages subject to the minimums (if any) set forth in his or her Election Form. If the election is made for less than the stated minimum amount, or if no election is made, the amount deferred shall be
zero. 
  

 (b) Short Plan Year. If an Eligible Employee first becomes a Participant after the first
day of a Plan Year, the minimum Annual Deferral Amount (if any) shall be the amount set forth in his or her Election Form on a prorated basis for the months remaining in the Plan Year. 
 3.2 Maximum Deferrals.  
 (a) Annual Deferral Amount. For each Plan Year, a Participant may elect to defer Compensation in fixed dollar amounts or percentages subject to the maximums (if any) set forth in his or her Election
Form. If the election is made for more than the stated maximum amount, then the amount deferred shall default to the maximum amount. 
 (b)
Short Plan Year. If an Eligible Employee first becomes a Participant after the first day of a Plan Year, the maximum Annual Deferral Amount with respect to Base Salary and commissions for that Plan Year shall be limited to the amount
of Compensation not yet earned by the Participant as of the date the Participant submits an Election Form to the Plan Administrator for acceptance. 
 3.3 Election to Defer Compensation. 
 (a) First Year of Eligibility. If an Eligible Employee becomes a
Participant in the Plan after the beginning of a Plan Year, he or she may make an initial deferral election within thirty (30) days after the date he or she first becomes eligible with respect to Compensation paid for services to be performed
subsequent to the election. In the event an election of deferral is made with respect to a Performance-Based Bonus in the first year of eligibility but after the beginning of a performance period, the deferral election will apply to the portion of
the bonus paid for services performed subsequent to the election and will be calculated based on the total bonus for the performance period multiplied by the ratio of the number of days remaining in the performance period after the election over the
total number of days in the performance period. An election to defer Compensation shall be irrevocable and shall continue in effect for the entire Plan Year with respect to which it is made, except as provided for below. For these elections to be
valid, the Election Form must be completed and signed by the Participant and accepted by the Plan Administrator. 
 (b) Deferral
Election Rules. For each succeeding Plan Year after the first, a Participant shall make an election to defer Compensation, on the Election Form provided by the Plan Sponsor, in his or her taxable year before the year in which the services
are performed. If no such Election Forms are timely delivered for a Plan Year, the Annual Deferral Amount shall be zero for that Plan Year. An election to defer Compensation shall include an election as to both the time and form of payment.

 (c) Bonus Qualifying as Performance-Based Bonus. Notwithstanding anything in (a) or (b) above to the contrary, to
the extent that the Plan Sponsor determines that an Eligible Employee bonus constitutes Performance-Based Bonus, within the meaning of Section 409A(a)(4)(B)(iii) of the Code, based on services performed over a period of at least twelve
(12) months, an election to defer Performance-Based Bonus 

 
with respect to a performance period shall be made on or before the day which is six (6) months before the end of the performance period. In no event
may an election to defer Performance-Based Bonus be made after such bonus has become both substantially certain to be paid or readily ascertainable, within the meaning of Treasury regulations 1.409A-2(a)(7). 
 (d) Terminations of Deferral Elections Following an Unforeseeable Emergency. If a Participant receives a payment upon an Unforeseeable
Emergency under this Plan, the deferral election for that Plan Year shall terminate upon payment to the Participant. A Participant may again elect to defer Compensation for any succeeding Plan Year, in accordance with the terms of this Plan.

 3.4 Withholding and Crediting of Annual Deferral Amounts. For each Plan Year, the Base Salary portion of the Annual Deferral
Amount shall be withheld from each regularly scheduled payroll in approximately equal amounts (or as otherwise specified by the Plan Administrator), as adjusted from time to time for increases and decreases in Base Salary (if the Annual Deferral
Amount with respect to Base Salary is expressed as a percentage). The, the Performance-Based Bonus, the commissions and/or the Director fees portion of the Annual Deferral Amount shall be withheld at the time such Compensation otherwise would be
paid to the Participant. Annual Deferral Amounts shall be credited to a Participant’s Separation of Service Account and/or Scheduled Withdrawal Account at the time such amounts would otherwise have been paid to a Participant. 
 ARTICLE 4 
 Earnings on
Account(s) 
 4.01 Account Earnings. From time to time, as appropriate, the Plan Sponsor will also credit the
Participant’s Account Balance with interest on the existing credit balance at a rate determined at the sole discretion of the Plan Sponsor, said rate to be 6.15% for the first Plan Year. 
 ARTICLE 5 
 Vesting and Taxes 
 5.1 Vesting of Benefits. A Participant shall at all times be 100% vested in his or her Separation From Service Account and Scheduled
Withdrawal Account A Participant’s Plan Sponsor Contribution Account shall vest according to the sole discretion of the Plan Administrator. The vesting schedule applied to each Plan Sponsor contribution shall be communicated to the Participant
at the same time that the Participant is informed of such Plan Sponsor contribution. Notwithstanding any vesting schedule established by the Plan Administrator with respect to contributions made to the Plan Sponsor Contribution Account, such Plan
Sponsor Contribution Account shall be 100% vested upon the Participant’s death, Disability or upon a Change of Control. 
 5.2
FICA, Withholding and Other Taxes. 
 (a) Annual Deferral Amounts. For each Plan Year in which an Annual Deferral
Amount is being withheld from a Participant, the Plan Sponsor shall withhold from that portion of the Participant’s Base Salary, , Performance-Based Bonus, commissions and/or Director Fees that are not being deferred, in a manner determined in
the sole discretion of the Plan Sponsor, the Participant’s share of FICA and other 

 employment taxes on such Annual Deferral Amount. If necessary, the Plan Sponsor may reduce all or a portion of the Annual
Deferral Amount in order to comply with this Section 6.2. 
 (b) Distributions. The Plan Sponsor, or trustee of the
Trust, shall withhold from any payments made to a Participant or Beneficiary under this Plan all federal, state and local income, employment and other taxes required to be withheld by the Plan Sponsor in a manner elected by the Participant or
Beneficiary (or in the absence of such an election, in a manner determined in the sole and absolute discretion of the Plan Sponsor or the trustee of the Trust), provided that such manner complies with applicable tax withholding requirements.

 ARTICLE 6 
 Permissible Payments, Changes in Time and Form of Payments, Method of Payments 
 6.1 Payment Following
Retirement or Separation From Service. A Participant shall be paid his or her vested Account balance with payments being made or commencing within ninety (90) days following the Participant’s Retirement or if earlier, within sixty
(60) days following the Participant’s Separation from Service. Notwithstanding the above, if the Participant is a Specified Employee, as described in Section 416(i) of the Code without regard to paragraph 5 thereof, and as further
defined in Treasury regulation 1.409A-(1)(i), such payment shall instead be made or commence six (6) months after the Participant’s Separation from Service, or Retirement. Amounts shall be distributed according to the form of payment
selected by the Participant and permitted by the Plan. 
 6.2 Payment Following Disability. In the event of a qualifying
Disability, the Participant shall be paid his or her vested Account balance with payment or payments being made or commencing within sixty (60)) days following the determination of a Participant’s Disability. Amounts shall be distributed
according to the form of payment selected by the Participant and permitted by the Plan Sponsor. 
 6.3 Payment Following Death.
In the event of the Participant’s death, the Participant’s Beneficiary shall be paid the Participant’s vested Account balance with payment or payments being made or commencing within sixty (60) days following the date of death of
the Participant (without regard to whether the Participant was treated as a Specified Employee). Amounts shall be distributed according to the form of payment selected by the Participant and permitted by the Plan Sponsor. 
 6.4 Payment Following Change in Control. A Participant shall be paid his or her vested Account balance following a Change in Control with
payments being made or commencing within sixty (60) days following the Change in Control event, but only to the extent such payment(s) complies with regulations and other guidance issued by the United States Secretary of the Treasury or
Internal Revenue Service with respect to Section 409A(a)(2)(A)(v) of the Code. Amounts shall be distributed in the form of a lump sum payment. 
  

 6.5 Payment in the Event of an Unforeseeable Emergency. If the Participant experiences an
Unforeseeable Emergency, the Participant may petition the Plan Administrator for payment of an amount that shall not exceed the lesser of: (i) the Participant’s vested Account(s), or (ii) the amount reasonably needed to satisfy the
Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the payment. A Participant may not receive such a payment to the extent that the Unforeseeable Emergency is or may be relieved: (i) through
reimbursement or compensation by insurance or otherwise, or (ii) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship. If the Plan Administrator approves
a Participant’s petition for a payment then the Participant shall receive said payment, in a lump sum, as soon as administratively feasible after such approval. 
 6.6 Subsequent Changes in the Time or Form of Payment. If permitted by the Plan Sponsor, and subject to the limitations set forth below, a Participant may elect to change his or her time or form of
payment, by submitting a new Election Form to the Plan Administrator, provided the following conditions are met: 
 (i) Such change
will not take effect until at least twelve (12) months after the date on which the new election is made and approved by the Plan Administrator 
 (ii) the change cannot be made less than twelve (12) months before the date of the first scheduled original payment, 
 (iii) In the case of an election related to a payment other than a payment on account of death, disability, or unforeseeable emergency, the first payment with respect to which the change is made must be
deferred for a period of not less than five (5) years from the date such payment would otherwise have been made. 
 6.7 Effect of
Other Permissible Payment Events. Should an event occur that triggers a payment under Sections 6.1 (payment following Retirement or Separation from Service), 6.2 (payment following Disability), 6.3 (payment following Death), or 6.5 (payment
following a Change in Control), any Account balances subject to the Scheduled Withdrawal Account(s) under Sections 6.1 and 6.4 that have not yet been paid shall not be paid in accordance with Section 6.1 and 6.4, but instead shall be paid in
accordance with the event that triggers a distribution under the above referenced Sections. 
 6.8 Additional Pre-Retirement Death
Benefit. In addition to any other benefits payable under this Plan, upon the death of a Participant prior to Separation from Service, the Plan Sponsor shall pay to the Participant’s Beneficiary a lump sum payment equal to the
Participant’s annual Base Salary rate at the time of the Participant’s death. Payment of this benefit shall be contingent upon the Participant providing consent for the Plan Sponsor to purchase a corporate-owned life insurance policy on
the Participant’s life and upon such policy being issued to the Plan Sponsor. 
 6.9 Method of Payments. 
 (a) Definition of Payment. The term “payment” shall be treated as a single payment for purposes of subsequent changes of time or
form of payment, within the meaning of Treasury regulations 1.409A-2(b)(2)(iii). 
  

 (b) Form of Payment. If permitted by the Plan Sponsor, a Participant, in connection with
his or her commencement of participation in the Plan, may elect the form (method) of payment for the applicable Permissible Payment event. Upon the occurrence of a Permissible Payment event, the Account(s) shall be calculated as of the date of said
event. If a Participant has failed to select a payment form, his or her Account(s) shall be paid in a lump sum. Installment payments (if applicable) made after the first payment shall be paid on or about the first business day in January of each
subsequent year until all required installments have been paid. The amount of each payment shall be determined by dividing the value of the Account(s) immediately prior to such payment by the number of payments remaining to be paid. Any unpaid
Account Balance shall continue to be valued pursuant to Article 4.01, in which case any deemed income, gains, losses, or expenses shall be reflected in the actual payments. The final installment payment shall be equal to the balance of the
Account(s), calculated as of the payment date. 
 (c) Lump Sum Payment of Minimum Account Balances. Notwithstanding anything
else contained herein to the contrary, if a Participant or Beneficiary is to receive a Permissible Payment in the form of installments, and if the Vested Account balance for a Participant at the due date of the first installment is ten thousand
dollars ($10,000.00) or less, payment of the Account(s) shall be made instead in a lump sum, and no installment payments shall be available. 
 6.10 No Accelerations. Notwithstanding anything in this Agreement to the contrary, no change submitted on a Participant Election Form shall be accepted by the Plan Sponsor if the change accelerates the time over which
distributions shall be made to the Participant (except as otherwise permitted by Section 409A), and the Plan Sponsor shall deny any change made to an election if the Plan Sponsor determines that the change violates the requirement under
Section 409A. The Plan Sponsor may, however, accelerate certain distributions under the Plan to the extent permitted under Section 409A (e.g., Q&A 15 of IRS Notice 2005-1) as follows: 
 (a) Domestic Relations Order. The Plan will permit direct payment of a Participant’s vested Account Balance to an individual other than
a Participant as necessary to fulfill a domestic relations order, as defined in Section 414(p)(1)(B) of the Code. 
 (b) Conflicts
of Interest. The Plan will permit such acceleration of the time or schedule of payment under the Plan as may be necessary to comply with a certificate of divesture. 
 (c) Payment of Employment Taxes. The Plan will permit the acceleration of the time or schedule of a payment to pay the Federal Insurance
Contributions Act (FICA) tax imposed on Compensation deferred by a Participant and Plan Sponsor Contributions under the Plan (the FICA amount). Additionally, the Plan will permit the acceleration of the time or schedule of a payment to pay the
income tax on wages imposed as a result of the payment of the FICA amount, and to pay the additional income tax on wages attributable to the pyramiding wages and taxes. However, the total payment under this acceleration provision will not exceed the
aggregate of the FICA amount, and the income tax withholding related to such FICA amount. 
 (d) Payment upon Income Inclusion under
Section 409A. The Plan will permit the acceleration of the time or schedule of a payment to a Participant at any time the Plan fails to meet the requirements of 409A and related Treasury Regulations. Such Payment may not exceed the
amount required to be included in income as a result of the failure to comply with the requirements of 409A and associated Treasury Regulations. 
 6.11 Unsecured General Creditor Status of Participant: 
 (a) Payment to the Participant or any Beneficiary hereunder
shall be made from assets which shall continue, for all purposes, to be part of the general, unrestricted assets of the Plan Sponsor and no person shall have any interest in any such asset by virtue of any provision of this Plan. The Plan
Sponsor’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Plan Sponsor under the provisions hereof, such right shall be no
greater than the right of any unsecured general creditor of the Plan Sponsor and no 

 
such person shall have or acquire any legal or equitable right, interest or claim in or to any property or assets of the Plan Sponsor. 
 (b) In the event that the Plan Sponsor purchases an insurance policy or policies insuring the life of a Participant or employee, to allow the Plan
Sponsor to recover or meet the cost of providing benefits, in whole or in part, hereunder, no Participant or Beneficiary shall have any rights whatsoever in said policy or the proceeds there from. The Plan Sponsor, or Trustee shall be the primary
owner and beneficiary of any such insurance policy or property and shall possess and may exercise all incidents of ownership therein. 
 (c)
In the event that the Plan Sponsor purchases an insurance policy or policies on the life of a Participant as provided for above, then all of such policies shall be subject to the claims of the creditors of the Plan Sponsor. 
 (d) If the Plan Sponsor chooses to obtain insurance on the life of a Participant in connection with its obligations under this Plan, the Participant
hereby agrees to take such physical examinations and to truthfully and completely supply such information as may be required by the Plan Sponsor or the insurance company designated by the Plan Sponsor. 
 6.12 Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Plan
Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence, or (ii) to the conservator or Administrator or, if none, to the person having
custody of an incompetent payee. Any such distribution shall fully discharge the Plan Sponsor and the Plan Administrator from further liability on account thereof. 
 6.13 Excise Tax Limitation: In the event that any payment or benefit (within the meaning of Section 280G(b)(2) of the Code) to the Participant or for the Participant’s benefit paid or payable
or distributed or distributable (including, but not limited to, the acceleration of the time for the vesting or payment of such benefit or payment) pursuant to the terms of this Plan or otherwise in connection with, or arising out of, the
Participant’s employment with the Plan Sponsor or any of its Affiliates or a Change of Control within the meaning of Section 280G of the Code (a “Payment” or “Payments”), would be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then the Payments shall be reduced (but not below zero) but only to the extent necessary that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code
(the “Section 4999 Limit”). Unless the Participant shall have given prior written notice specifying a different order to the Plan Sponsor to effectuate the limitations described in the preceding sentence, the Plan Sponsor shall reduce
or eliminate the Payments by first reducing or eliminating those Payments or benefits which are not payable in cash and then by reducing or eliminating cash Payments, in each case in reverse order beginning with payments or benefits which are to be
paid the farthest in time. Any notice given by the Participant pursuant to the preceding sentence shall take precedence over the provisions of any other plan, arrangement or agreement governing the Participant’s rights and entitlements to any
benefits or compensation. 
 6.15 Delay in Payment by Plan Sponsor. In the case of payments by the Plan Sponsor to a
Participant or Participant’s Beneficiary, the deduction for which would be limited or eliminated by the application of IRC Section 162(m), payments that would otherwise violate securities laws, or payments that would violate loan covenants
or other contractual terms to which the Participant is a party, and where such a violation would result in material harm to the Plan Sponsor, said payments may be delayed. In the case of deduction limitations imposed by IRC Section 162(m)
payment will be deferred either to a date in the first year in which the Plan Sponsor reasonably anticipates that a payment of such amount would not result in a limitation under 162(m) or the year in which the Participant Separates from Service.
Payments delayed for other permissible reasons must be made in the first calendar year in which the Plan Sponsor reasonably anticipates that the payment would not violate the loan contractual terms, the violation would not result in material harm to
the Plan Sponsor, or the payment would not result in a violation of Federal securities law or other applicable laws. 
  

 ARTICLE 7 
 Beneficiary Designation 
 7.1 Designation of Beneficiaries.  
 (a) Each Participant may designate any person or persons (who may be named contingently or successively) to receive any benefits payable under the Plan
upon the Participant’s death, and the designation may be changed from time to time by the Participant by filing a new designation. Each designation will revoke all prior designations by the same Participant, shall be in the form prescribed by
the Plan Administrator, and shall be effective only when filed in writing with the Plan Administrator during the Participant’s lifetime. 
 (b) In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due to a Beneficiary, there is no living Beneficiary validly named by the Participant, the Plan Sponsor shall pay the benefit payment to the
Participant’s spouse, if then living, and if the spouse is not then living to the Participant’s then living descendants, if any, per stripes, and if there are no living descendants, to the Participant’s estate. In determining the
existence or identity of anyone entitled to a benefit payment, the Plan Sponsor may rely conclusively upon information supplied by the Participant’s personal representative, executor or administrator. 
 (c) If a question arises as to the existence or identity of anyone entitled to receive a death benefit payment under the Plan, or if a dispute arises
with respect to any death benefit payment under the Plan, the Plan Sponsor may distribute the payment to the Participant’s estate without liability for any tax or other consequences, or may take any other action which the Plan Sponsor deems to
be appropriate. 
 7.2 Information to be Furnished by Participants and Beneficiaries; Inability to Locate Participants or
Beneficiaries. Any communication, statement or notice addressed to a Participant or to a Beneficiary at his or her last post office address as shown on the Plan Sponsor’s records shall be binding on the Participant or Beneficiary for
all purposes of this Plan. The Plan Sponsor shall not be obligated to search for any Participant or Beneficiary beyond the sending of a registered letter to the last known address. 
 ARTICLE 8 
 Termination, Amendment or Modification 

 8.1 Plan Termination. The Plan Sponsor reserves the right to terminate the Plan in
accordance with one of the following, subject to the restrictions imposed by 409A and associated Treasury Regulations: 
 (a)
Corporate Dissolution or Bankruptcy - Distributions will be made if the Plan is terminated within twelve (12) months of a corporate dissolution taxed under IRC Section 331, or with the approval of a bankruptcy court pursuant to
11 U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of: 
 (i) The calendar year in which the Plan termination occurs; 
 (ii) The calendar year in which the
amount is no longer subject to a substantial risk of forfeiture; or 
 (iii) The first calendar year in which the payment is
administratively practicable. 
 (b) Change of Control - Distributions
will be made if the Plan Sponsor terminates the Plan within the thirty (30) days preceding or the twelve (12) months following a Change in Control event (as defined in Treasury Regulations 1.409A-2(g)(4)(i)). The plan will then be treated
as terminated only if all substantially similar arrangements sponsored by the Plan Sponsor are terminated so that all participants in all similar arrangements are required to receive all amounts of Compensation deferred under the terminated
arrangements within twelve (12) months of the date of termination of the arrangements. 
 (c) Discretionary
Termination The Plan Sponsor may also terminate the Plan and make distributions provided that: 
 (i) All plans sponsored by the Plan
Sponsor that would be aggregated with any terminated arrangements under Reg. 1.409A-1(c) that are terminated; 
 (ii) No payments other than
payments that would be payable under the terms of the plan if the termination had not occurred are made within twelve (12) months of the plan termination; 
 (iii) All payments are made within twenty-four (24) months of the plan termination; and 
 (iv) The
Plan Sponsor does not adopt a new plan that would be aggregated with any terminated plan if the same Participant participated in both arrangements, at any time within five years following the date of termination of the Plan. 
 The Plan Sponsor also reserves the right to suspend the operation of the Plan for a fixed or indeterminate period of time. 
  

 8.2 Amendment. The Plan Sponsor may, at any time, amend or modify this Plan in whole or in
part; provided, however, that, except to the extent necessary to bring the Plan into compliance with Section 409A(a)(2),(3), or (4): (i) no amendment or modification shall be effective to decrease the value or vested percentage of a
Participant’s Account(s), in existence at the time an amendment or modification is made, and (ii) no amendment or modification shall materially and adversely affect the Participant’s rights to be credited with additional amounts on
such Account(s), or otherwise materially and adversely affect the Participant’s rights with respect to such Account(s). The amendment or modification of this Plan shall have no effect on any Participant or Beneficiary who has become entitled to
the payment of benefits under this Plan as of the date of the amendment or modification. 
 ARTICLE 9 
 Administration 
 9.1 Plan
Administrator Duties. The Plan Administrator shall be responsible for the management, operation and administration of the Plan. The Plan Administrator shall act at meetings by affirmative vote of a majority of its members. Any action
permitted to be taken at a meeting may be taken without a meeting if, prior to such action, a unanimous written consent to the action is signed by all members and such written consent is filed with the minutes of the proceedings of the Plan
Administrator. A member shall not vote or act upon any matter which relates solely to himself or herself as a Participant. The Chair or any other member or members of the Plan Administrator designated by the Chair may execute any certificate or
other written direction on behalf of the Plan Administrator. When making a determination or calculation, the Plan Administrator shall be entitled to rely on information furnished by a Participant or the Plan Sponsor. No provision of this Plan shall
be construed as imposing on the Plan Administrator any fiduciary duty under ERISA or other law, or any duty similar to any fiduciary duty under ERISA or other law. 
 9.2 Plan Administrator Authority. The Plan Administrator shall enforce this Plan in accordance with its terms, shall be charged with the general administration of this Plan, and shall have all powers
necessary to accomplish its purposes, including, but not by way of limitation, the following: 
 (a) To construe and interpret the terms and
provisions of this Plan; 
 (b) To compute and certify the amount and kind of benefits payable to Participants and their Beneficiaries; to
determine the time and manner in which such benefits are paid; and to determine the amount of any withholding taxes to be deducted; 
 (c) To
maintain all records that may be necessary for the administration of this Plan; 
  

 (d) To provide for the disclosure of all information and the filing or provision of all reports and
statements to Participants, Beneficiaries or governmental agencies as shall be required by law; 
 (e) To make and publish such rules for the
regulation of this Plan and procedures for the administration of this Plan as are not inconsistent with the terms hereof; 
 (f) To
administer this Plan’s claims procedures; 
 (g) To approve election forms and procedures for use under this Plan; and 
 (h) To appoint a plan record keeper or any other agent, and to delegate to them such powers and duties in connection with the administration of this Plan
as the Plan Administrator may from time to time prescribe. 
 9.3 Binding Effect of Decision. The decision or action of the
Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of this Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon
all persons having any interest in this Plan. 
 9.4 Compensation, Expenses and Indemnity. The Plan Administrator shall serve
without compensation for services rendered hereunder. The Plan Administrator is authorized at the expense of the Plan Sponsor to employ such legal counsel and/or Plan record keeper as it may deem advisable to assist in the performance of its duties
hereunder. Expense and fees in connection with the administration of this Plan shall be paid by the Plan Sponsor. 
 9.5 Plan Sponsor
Information. To enable the Plan Administrator to perform its functions, the Plan Sponsor shall supply full and timely information to the Plan Administrator, on all matters relating to the Compensation of its Participants, the date and
circumstances of the Disability, death, or Separation from Service of its employees who are Participants, and such other pertinent information as the Plan Administrator may reasonably require. 
 9.6 Periodic Statements. Under procedures established by the Plan Administrator, a Participant shall be provided a statement of account on
an annual basis (or more frequently as the Plan Administrator shall determine) with respect to such Participant’s Accounts. 
  

 ARTICLE 10 
 Claims Procedures 
 10.1 Claims Procedure. This Article is based on final
regulations issued by the Department of Labor and published in the Federal Register on November 21, 2000 and codified in Section 2560.503-1 of the Department of Labor Regulations. If any provision of this Article conflicts with the
requirements of those regulations, the requirements of those regulations will prevail. 
 (a) Claim. A Participant or
Beneficiary (hereinafter referred to as a “Claimant”) who believes he or she is entitled to any Plan benefit under this Plan may file a claim with the Plan Sponsor. The Plan Sponsor shall review the claim itself or appoint an individual or
entity to review the claim. 
 (b) Claim Decision. The Claimant shall be notified within ninety (90) days after the claim
is filed whether the claim is allowed or denied, unless the claimant receives written notice from the Plan Sponsor or appointee of the Plan Sponsor prior to the end of the ninety (90) day period stating that special circumstances require an
extension of the time for decision. Such extension is not to extend beyond the day which is one hundred eighty (180) days after the day the claim is filed. If the Plan Sponsor denies the claim, it must provide to the Claimant, in writing or by
electronic communication: 
 (i) The specific reasons for such denial; 
 (ii) Specific reference to pertinent provisions of this Plan on which such denial is based; 
 (iii) A description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such
material or such information is necessary; and 
 (iv) A description of the Plan’s appeal procedures and the time limits applicable to
such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial of the appeal of the denial of the benefits claim. 
 (c) Review Procedures. A request for review of a denied claim must be made in writing to the Plan Sponsor within sixty (60) days after
receiving notice of denial. The decision upon review will be made within sixty (60) days after the Plan Sponsor’s receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a
decision will be rendered not later than one hundred twenty (120) days after receipt of a request for review. A notice of such an extension must be provided to the Claimant within the initial sixty (60) day period and must explain the
special circumstances and provide an expected date of decision. The reviewer shall afford the Claimant an opportunity to review and receive, without charge, all relevant documents, information and records and to submit issues and comments in writing
to the Plan Sponsor. The reviewer shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the benefit
determination. Upon completion of its review of an adverse initial claim determination, the Plan Sponsor will give the Claimant, in writing or by electronic notification, a notice containing: 
 (i) its decision; 
 (ii) the specific
reasons for the decision; 
 (iii) the relevant Plan provisions on which its decision is based; 
  

 (iv) a statement that the Claimant is entitled to receive, upon request and without charge, reasonable
access to, and copies of, all documents, records and other information in the Plan’s files which is relevant to the Claimant’s claim for benefit; 
 (v) a statement describing the Claimant’s right to bring an action for judicial review under ERISA Section 502(a); and 
 (vi) If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination on review, a statement that a copy of the rule, guideline, protocol or other similar
criterion will be provided without charge to the Claimant upon request. 
 (c) Calculation of Time Periods. For purposes of the
time periods specified in this Article, the period of time during which a benefit determination is required to be made begins at the time a claim is filed in accordance with the Plan procedures without regard to whether all the information necessary
to make a decision accompanies the claim. If a period of time is extended due to a Claimant’s failure to submit all information necessary, the period for making the determination shall be tolled from the date the notification is sent to the
Claimant until the date the Claimant responds. 
 (d) Failure of Plan to Follow Procedures. If the Plan fails to follow the
claims procedure required by this Article, a Claimant shall be deemed to have exhausted the administrative remedies available under the Plan and shall be entitled to pursue any available remedy under ERISA Section 502(a) on the basis that the
Plan has failed to provide reasonable claims procedure that would yield a decision on the merits of the claim. 
 (e) Failure of
Claimant to Follow Procedures. A Claimant’s compliance with the foregoing provisions of this Article is a mandatory prerequisite to the Claimant’s right to commence any legal action with respect to any claim for benefits under the
Plan. 
 10.2 Arbitration of Claims. All claims or controversies arising out of or in connection with this Plan shall, subject
to the initial review provided for in the foregoing provisions of this Article be resolved through arbitration as provided in this Article. Except as otherwise provided or by mutual agreement of the parties, any arbitration shall be administered
under and by the Judicial Arbitration & Mediation Services, Inc. (“JAMS”), in accordance with the JAMS procedure then in effect. The arbitration shall be held in the JAMS office nearest to where the Claimant is or was last
employed by the Plan Sponsor or at a mutually agreeable location. The prevailing party in the arbitration shall have the right to recover its reasonable attorney’s fees, disbursements and costs of the arbitration (including enforcement of the
arbitration decision), subject to any contrary determination by the arbitrator. 
 ARTICLE 11 
 The Trust 
 11.1
Establishment of Trust. The Plan Sponsor may establish a grantor trust, of which the Plan Sponsor is the grantor, within the meaning of subpart E, part I, subchapter J, subtitle A of the Code, to pay benefits under this Plan (the
“Trust”). If the Plan Sponsor establishes a Trust, all benefits payable under this Plan to a Participant shall be paid directly by the Plan Sponsor from the Trust. To the extent such benefits are not paid from the Trust, the benefits shall
be paid from the general assets of the Plan Sponsor. The Trust, if any, shall be an irrevocable grantor trust which conforms to the terms of the model trust as described in IRS Revenue Procedure 92-64, I.R.B. 1992-33. If the Plan Sponsor establishes
a Trust, the assets of the Trust will be subject to the claims of the Plan Sponsor’s creditors in the event of its insolvency. Except as may otherwise be provided under the Trust, the Plan Sponsor shall be obligated to set aside, earmark or
escrow any funds or other assets to satisfy its obligations under this Plan, and the Participant and/or his or her designated Beneficiaries shall not have any property interest in any specific assets of the Plan Sponsor other than the unsecured
right to receive payments from the Plan Sponsor, as provided in this Plan. 
  

 11.2 Interrelationship of the Plan and the Trust. The provisions of the Plan shall govern
the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust (if established) shall govern the rights of the Participant and the creditors of the Plan Sponsor to the assets transferred to the Trust. Each
shall at all times remain liable to carry out its obligations under the Plan. The Plan Sponsor’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust. 
 11.3 Contribution to the Trust. Amounts may be contributed by the Plan Sponsor to the Trust at the sole discretion of the Plan Sponsor.

 ARTICLE 12 
 Miscellaneous 
 12.1 Validity. In case any provision of this Plan shall be illegal or invalid for any
reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. To the extent any provision of the Plan is
determined by the Plan Administrator (acting in good faith), the Internal Revenue Service, the United States Department of the Treasury or a court of competent jurisdiction to fail to comply with Section 409A(a)(2),(3) or (4) of the Code
with respect to any Participant or Participants, such provision shall have no force or effect with respect to such Participant or Participants. 
 12.2 Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in
advance of actual receipt, the amounts, if any, payable hereunder, or any part hereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. Except as provided for in Section 6.10(a) above, no part
of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment (except to the extent the Plan Sponsor may be required to garnish amounts from payments due under this Plan pursuant to applicable law) or
sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a Participants’ or any other persons’ bankruptcy or
insolvency or be transferable to a spouse as a result of a property settlement or otherwise. If any Participant, Beneficiary or successor in interest is adjudicated bankrupt or purports to commute, sell, assign, transfer, pledge, anticipate,
mortgage or otherwise encumber transfer, hypothecate, alienate or convey in advance of actual receipt, the amount, if any, payable hereunder, or any part thereof, the Plan Administrator, in its discretion, may cancel such distribution or payment (or
any part thereof) to or for the benefit of such Participant, Beneficiary or successor in interest in such manner as the Plan Administrator shall direct. 
 12.3 Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Plan Sponsor and the Participant. Nothing in this Plan
shall be deemed to give a Participant the right to be retained in the service of the Plan Sponsor as an employee or to interfere with the right of the Plan Sponsor to discipline or discharge the Participant at any time. 
 12.4 Unclaimed Benefits. In the case of a benefit payable on behalf of such Participant, if the Plan Administrator is unable to locate the
Participant or beneficiary to whom such benefit is payable, such Plan benefit may be forfeited to the Plan Sponsor upon the Plan Administrator’s determination. Notwithstanding the foregoing, if, subsequent to any such forfeiture, the
Participant or beneficiary to whom such Plan benefit is payable makes a valid claim for such Plan benefit, such forfeited Plan benefit shall be paid by the Plan Administrator to the Participant or beneficiary, without interest from the date it would
have otherwise been paid. 
  

 12.5 Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and
interpreted according to the internal laws of the State of Oregon, without regard to its conflicts of laws principles. 
 12.6
Notice. Any notice, consent or demand required or permitted to be given under the provisions of this Plan shall be in writing and shall be signed by the party giving or making the same. If such notice, consent or demand is mailed, it
shall be sent by United States certified mail, postage prepaid, addressed to the addressee’s last known address as shown on the records of the Plan Sponsor. The date of such mailing shall be deemed the date of notice consent or demand. Any
person may change the address to which notice is to be sent by giving notice of the change of address in the manner aforesaid. 
 12.7
Coordination with Other Benefits. The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for
Employees of the Plan Sponsor. The Plan shall supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided. 
 12.8 Compliance. A Participant shall have no right to receive payment with respect to the Participant’s Account Balance until all
legal and contractual obligations of the Plan Sponsor relating to establishment of the Plan and the making of such payments shall have been complied with in full. 
 12.9 Successor Company. The Plan may be continued after a sale of assets of the Plan Sponsor, or a merger or consolidation of the Plan Sponsor into another corporation or entity only if and to the
extent that the transferee, purchaser or successor entity agrees to continue the Plan. In the event that the Plan is not continued by the transferee, purchaser or successor entity, the Plan shall automatically terminate, and the provisions of
Article 9.1 shall become operative. 
 12.10 Section 409A Compliance. Notwithstanding anything in the Plan to the
contrary, (i) this Plan may be amended by the Plan Sponsor at any time, retroactively if required, to the extent required to conform the Plan to Section 409A, (ii) no provision of the Plan shall be followed to the extent that
following such provision would result in a violation of Section 409A, and (iii) no election made by a Participant hereunder, and no change made by a Participant to a previous election shall be accepted by the Plan Sponsor if the Plan
Sponsor determines that acceptance of such election or change could violate any of the requirements of Section 409A, resulting in early taxation and penalties. 
 IN WITNESS WHEREOF, the Plan Sponsor has signed this Plan document as of             , 20    . 
  

			
	ATTEST/WITNESS	  	For: Merix Corporation
		
	  
 (Signature)
	  	  
 (Signature)

		
	  
 (Print Name)
	  	  
 (Print Name)

		
		  	  
 (Title)

		
		  	  
 (Date)

 CORPORATE RESOLUTIONS 
 BE IT RESOLVED by the Board of Directors of Merix Corporation, that said Corporation hereby establishes a nonqualified deferred compensation plan
for select directors, executives, officers, and members of management. 
 WHEREAS, each Participant has rendered competent and
faithful service on behalf of the Corporation resulting in substantial growth and profits to the Corporation; and 
 WHEREAS, the
Corporation values the efforts, abilities and accomplishments of the Participants as important members of management and recognized that their future services are vital to its continued growth and profits and that the loss of their services would
result in substantial financial losses; and 
 WHEREAS, the Corporation desires to provide additional compensation them and their
heirs in recognition of their past and future services; and 
 WHEREAS, each Participant by agreeing to participate in this Plan, has
indicated that he/she desires to provide for the financial security of his/her family; 
  

 NOW, THEREFORE, BE IT RESOLVED, that the Merix Corporation “Deferred Compensation Plan”
is hereby adopted effective September 1, 2006. 
 BE IT FURTHER RESOLVED, that
                    , be authorized, on behalf of the Corporation, to take all actions and to execute all documents he deems necessary to
place the Plan into effect. 
 (SPECIMEN) 
 Department of Labor Notification Letter 
 (To Be Completed on Corporate Letterhead) 

 

			
		
	TO:	  	Top Hat Plan Exemption
		
		  	Pension and Welfare Benefits Administration
		
		  	Room N-1513 – Public Disclosure Room
		
		  	U.S. Department of Labor
		
		  	200 Constitution Avenue, N.W.
		
		  	Washington, DC 20210
		
	FROM:	  	ABC Corporation, Inc.
		
		  	Employer Identification Number: 72-7713918
		
		  	1000 Park Avenue, Suite C-17
		
		  	 Anywhere, USA 77777
  

                      DATE 
 This document constitutes the statement required by 29 C. F. R. Sec. 2520 104-23 (a) (1) to be filed with the Secretary of Labor in respect to a Non-Qualified Deferred Compensation Plan maintained by the
above employer. 

 The employer currently maintains
             Nonqualified Deferred Compensation Plan for employees who are members of a select group of management or who are highly compensated. There are currently
             participants in the plan. A copy of the plan document will be furnished upon request. 
 Respectfully submitted, 
  
 (To be signed by an officer of the Corporation)Loan Agreement

 Exhibit 10.30 
  

 LOAN AGREEMENT 
 Dated as of November 14, 2006 
 Between 
 KBS SOUTHPARK COMMERCE CENTER II, LLC 
 as Borrower 
 And 
 GREENWICH CAPITAL FINANCIAL PRODUCTS,
INC. 
 as Lender 
  

 TABLE OF CONTENTS 
  

			
	 DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	1
		
	 Specific Definitions
	  	1
		
	 Index of Other Definitions
	  	13
		
	 Principles of Construction
	  	15
		
	 GENERAL LOAN TERMS
	  	15
		
	 The Loan
	  	15
		
	 Interest; Monthly Payments
	  	15
		
	 Loan Repayment
	  	16
		
	 Release of Property
	  	19
		
	 Payments and Computations
	  	20
		
	 CASH MANAGEMENT AND RESERVES
	  	20
		
	 Cash Management Arrangements
	  	20
		
	 [intentionally deleted]
	  	21
		
	 Taxes and Insurance
	  	21
		
	 Capital Expense Reserves
	  	21
		
	 Rollover Reserve
	  	22
		
	 Operating Expense Subaccount
	  	23
		
	 Casualty/Condemnation Subaccount
	  	23
		
	 [Intentionally Omitted]
	  	23
		
	 Cash Collateral Subaccount
	  	23
		
	 Grant of Security Interest; Application of Funds
	  	24
		
	 Property Cash Flow Allocation
	  	24
		
	 Permitted REIT Distributions
	  	26
		
	 REPRESENTATIONS AND WARRANTIES
	  	26
		
	 Organization; Special Purpose
	  	27
		
	 Proceedings; Enforceability
	  	27

  

 (i) 

			
	 	  	Page
	 No Conflicts
	  	27
		
	 Litigation
	  	27
		
	 Title
	  	27
		
	 No Bankruptcy Filing
	  	28
		
	 Full and Accurate Disclosure
	  	28
		
	 Tax Filings
	  	29
		
	 ERISA; No Plan Assets
	  	29
		
	 Compliance
	  	29
		
	 Contracts
	  	30
		
	 Federal Reserve Regulations; Investment Company Act
	  	30
		
	 Easements; Utilities and Public Access
	  	30
		
	 Physical Condition
	  	30
		
	 Leases
	  	31
		
	 Fraudulent Transfer
	  	31
		
	 Ownership of Borrower
	  	31
		
	 Purchase Options
	  	32
		
	 Management Agreement
	  	32
		
	 Hazardous Substances
	  	32
		
	 Name; Principal Place of Business
	  	32
		
	 Other Debt
	  	32
		
	 COVENANTS
	  	33
		
	 Existence
	  	33
		
	 Taxes and Other Charges
	  	33
		
	 Access to Property
	  	33
		
	 Repairs; Maintenance and Compliance; Alterations
	  	33
		
	 Performance of Other Agreements
	  	34
		
	 Cooperate in Legal Proceedings
	  	34
		
	 Further Assurances
	  	34

  

 (ii) 

			
	 	  	Page
	 Environmental Matters
	  	35
		
	 Title to the Property
	  	37
		
	 Leases
	  	37
		
	 Estoppel Statement
	  	38
		
	 Property Management
	  	38
		
	 Special Purpose Bankruptcy Remote Entity
	  	39
		
	 Assumption in Non-Consolidation Opinion
	  	39
		
	 Change in Business or Operation of Property
	  	39
		
	 Debt Cancellation
	  	40
		
	 Affiliate Transactions
	  	40
		
	 Zoning
	  	40
		
	 No Joint Assessment
	  	40
		
	 Principal Place of Business
	  	40
		
	 Change of Name, Identity or Structure
	  	40
		
	 Indebtedness
	  	41
		
	 Licenses
	  	41
		
	 Compliance with Restrictive Covenants, Etc.
	  	41
		
	 ERISA
	  	41
		
	 Prohibited Transfers
	  	41
		
	 Liens
	  	43
		
	 Dissolution
	  	43
		
	 Expenses
	  	44
		
	 Indemnity
	  	44
		
	 Patriot Act Compliance
	  	45
		
	 Anti-Poaching Covenant
	  	46
		
	 NOTICES AND REPORTING
	  	46
		
	 Notices
	  	46
		
	 Borrower Notices and Deliveries
	  	47

  

 (iii) 

			
	 	  	Page
	 Financial Reporting
	  	47
		
	 INSURANCE; CASUALTY; AND CONDEMNATION
	  	49
		
	 Insurance
	  	49
		
	 Casualty
	  	52
		
	 Condemnation
	  	53
		
	 Application of Proceeds or Award
	  	54
		
	 DEFAULTS
	  	55
		
	 Events of Default
	  	55
		
	 Remedies
	  	57
		
	 SPECIAL PROVISIONS
	  	58
		
	 Sale of Note and Secondary Market Transaction
	  	58
		
	 MISCELLANEOUS
	  	62
		
	 Exculpation
	  	62
		
	 Brokers and Financial Advisors
	  	64
		
	 Retention of Servicer
	  	64
		
	 Survival
	  	64
		
	 Lender’s Discretion
	  	65
		
	 Governing Law
	  	65
		
	 Modification, Waiver in Writing
	  	65
		
	 Trial by Jury
	  	65
		
	 Headings/Exhibits
	  	66
		
	 Severability
	  	66
		
	 Preferences
	  	66
		
	 Waiver of Notice
	  	66
		
	 Remedies of Borrower
	  	66
		
	 Prior Agreements
	  	67
		
	 Offsets, Counterclaims and Defenses
	  	67
		
	 Publicity
	  	67

  

 (iv) 

			
	 	  	Page
	 No Usury
	  	67
		
	 Conflict; Construction of Documents
	  	68
		
	 No Third Party Beneficiaries
	  	68
		
	 Yield Maintenance Premium
	  	68
		
	 Assignment
	  	68
		
	 Certain Additional Rights of Lender
	  	68
		
	 Set-Off
	  	69
		
	 Counterparts
	  	70

  

			
	Schedule 1	  	Form of Tenant Direction Letter
	Schedule 2	  	Exceptions to Representations and Warranties
	Schedule 3	  	Rent Roll
	Schedule 4	  	Organization of Borrower
	Schedule 5	  	Definition of Special Purpose Bankruptcy Remote Entity

  

 (v) 

 LOAN AGREEMENT 
 THIS LOAN AGREEMENT dated as of November 14, 2006 (as the same may be modified, supplemented, amended or otherwise changed, this “Agreement”) is made between KBS SOUTHPARK COMMERCE CENTER
II, LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Borrower”), and GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation (together with its successors and assigns,
“Lender”). 
  

	1.	DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

 1.1
Specific Definitions. The following terms have the meanings set forth below: 
 Affiliate: as
to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common Control with such Person or is a director or officer of such Person or of an Affiliate of such Person. 
 Allocated Share: shall mean at any time, and from time to time, an amount expressed as a percentage which is calculated by
dividing the cost basis of the Property by the cost basis of all real property owned directly or indirectly by the REIT or the REIT Operating Partnership. 
 Approved Asset Manager: An entity Controlled by Peter M. Bren or Charles J. Schreiber, including KBS Capital Advisors LLC, or another entity reasonably acceptable to Lender. 
 Approved Capital Expenses: Capital Expenses incurred by Borrower, provided that during a Cash Management Period, such
Capital Expenses shall either be (i) included in the Approved Capital Budget for the current calendar month or (ii) approved by Lender. 
 Approved Leasing Expenses: actual out-of-pocket expenses incurred by Borrower and payable to third parties that are not Affiliates of Borrower in leasing space at the Property pursuant to Leases entered
into in accordance with the Loan Documents, including brokerage commissions and tenant improvements, which expenses (i) are (A) specifically approved by Lender in connection with approving the applicable Lease, (B) incurred in the
ordinary course of business and on market terms and conditions in connection with Leases which do not require Lender’s approval under the Loan Documents, or (C) otherwise approved by Lender, which approval shall not be unreasonably
withheld or delayed, and (ii) are substantiated by executed Lease documents and brokerage agreements. 
 Approved
Leasing Expenses: actual out-of-pocket expenses incurred by Borrower and payable to third parties that are not Affiliates of Borrower in re-leasing space demised under a Lease at the Property pursuant to replacement Leases entered into in
accordance with the Loan Documents, including brokerage commissions and tenant improvements. 

 Approved Mezzanine Lender: (i) GCM or (ii) a “Qualified
Transferee” (as such term is defined in the Intercreditor Agreement between Lender and GCM), (iii) a successor holder of the Mezzanine Loan that (A) prior to the occurrence of a Secondary Market Transaction, has been approved by
Lender acting reasonably or (B) after the occurrence of a Secondary Market Transaction, has obtained a Rating Comfort Letter with respect to the transfer of the Mezzanine Loan to such holder and has been approved by the Servicer or
(iv) the lender under any other Approved Mezzanine Loan that (A) prior to the occurrence of a Secondary Market Transaction, has been approved by Lender acting reasonably or (B) after the occurrence of a Secondary Market Transaction,
has been approved by the Servicer and the Rating Agencies. 
 Approved Mezzanine Loan: 
 (i) the Mezzanine Loan; 
 (ii) a loan from an Approved Mezzanine Lender to Mezzanine Loan Borrower, the proceeds of which are used to refinance the Mezzanine Loan, provided that: (A) such loan shall be secured by the same collateral
as the Mezzanine Loan; (B) the new Approved Mezzanine Lender and the Mezzanine Loan Documents evidencing and securing such loan shall have been approved by (x) Lender in its reasonable discretion if such loan is made prior to the
occurrence of a Secondary Market Transaction or (y) by the Servicer and the Rating Agencies if such loan is made after the occurrence of a Secondary Market Transaction; (C) such loan shall be in an amount and have an interest rate that
does not exceed the original principal amount and the interest rate of the Mezzanine Loan, and shall otherwise be on terms and conditions that are not materially less favorable to the Mezzanine Loan Borrower than the terms and conditions of the
Mezzanine Loan; (D) the term of such Approved Mezzanine Loan shall expire on the Stated Maturity Date; (E) the Approved Mezzanine Lender shall enter into an intercreditor agreement in form and content substantially similar to the
intercreditor agreement entered into between the holder of the Loan and the holder of the Mezzanine Loan; and (F) if such refinancing of the Mezzanine Loan occurs after a Secondary Market Transaction, no such refinancing shall be permitted
which would result in a downgrade, qualification or withdrawal of any of the ratings of any of the Securities issued in such Secondary Market Transaction; and 
 (iii) a new loan from an Approved Mezzanine Lender to Mezzanine Loan Borrower, provided that: (A) such loan shall be secured by
the same or similar collateral as the Mezzanine Loan (including a pledge of all membership interests in the Mezzanine Borrower); (B) the new Approved Mezzanine Lender and the Mezzanine Loan Documents evidencing and securing such loan shall have
been approved by (x) Lender in its reasonable discretion if such loan is made prior to the occurrence of a Secondary Market Transaction or (y) by the Servicer and the Rating Agencies if such loan is made after the occurrence of a Secondary
Market Transaction; (C) such loan shall be in an amount and have an interest rate that does not exceed the original principal amount and the interest rate of the Mezzanine Loan; (D) the term of such Approved Mezzanine Loan shall expire on
the Stated Maturity Date; (E) the Combined Debt Service Coverage Ratio for the Loan and the new Mezzanine Loan shall be at least 1.00:1.00 determined by Lender in its reasonable discretion in accordance with Lender’s and the Rating
Agencies’ then current underwriting standards and adjustments; (F) the Approved Mezzanine Lender shall enter into an intercreditor agreement acceptable to (x) Lender if such Approved Mezzanine Loan is made prior to the occurrence of a
Secondary Market Transaction or (y) the 

  

 -2- 

 
Servicer and the Rating Agencies if such Approved Mezzanine Loan is made after the occurrence of a Secondary Market Transaction; and (G) if such
Approved Mezzanine Loan is made after a Secondary Market Transaction, no such Approved Mezzanine Loan shall be permitted which would result in a downgrade, qualification or withdrawal of any of the ratings of any of the Securities issued in such
Secondary Market Transaction. 
 Approved Operating Expenses: operating expenses incurred by Borrower which
(i) are included in the Approved Operating Budget for the current calendar month, (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Property or (iii) have been
approved by Lender, which approval shall not be unreasonably withheld. 
 Available Cash: as of each Payment
Date during the continuance of a Cash Management Period, the amount of Rents, if any, remaining in the Deposit Account after the application of all of the payments required under clauses (i) through (viii) of Section 3.11(a)
hereof. 
 Borrower’s Knowledge: the knowledge of Borrower or Sole Member or any of its respective
directors, officers, members or employees. Such Borrower or Sole Member or any of its respective directors, officers, members or employees shall be deemed to have knowledge of any applicable fact if (i) such Person has actual knowledge of such
fact, or (ii) such Person has received a notification of such fact. 
 Business Day: any day other than a
Saturday, Sunday or any day on which commercial banks in New York, New York are authorized or required to close. 
 Capital Expenses: expenses that are capital in nature or required under GAAP to be capitalized. 
 Cash Management Period: shall commence upon Lender giving notice to the Clearing Bank of the occurrence of any of the following: (i) an Event of Default hereunder, or (ii) an Event of Default (as such term is defined
in the Mezzanine Loan Documents), or (iii) a default after the lapse of any applicable notice and cure period under any Approved Mezzanine Loan other than the Mezzanine Loan, and shall end upon Lender giving notice (and which Lender covenants
to promptly give) to the Clearing Bank that the sweeping of funds into the Deposit Account may cease, which notice Lender shall give promptly after (1) the Loan and all other obligations under the Loan Documents and any Approved Mezzanine Loan
have been repaid in full, (2) with respect to the matters described in clause (i) above, such Event of Default has been cured and no other Event of Default has occurred and is continuing, and (3) with respect to the matters described
in clause (ii) above, such Event of Default has been cured and no other Event of Default has occurred and is continuing, (4) with respect to the matters described in clause (iii) above, such default has been cured and no other such
default has occurred and is continuing. 
 Code: the Internal Revenue Code of 1986, as amended and as it may be
further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
  

 -3- 

 Control: with respect to any Person, either (i) ownership directly or
indirectly of 49% or more of all equity interests in such Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting
securities, by contract or otherwise. 
 Debt: the unpaid Principal, all interest accrued and unpaid thereon,
any Yield Maintenance Premium and all other sums due to Lender in respect of the Loan or under any Loan Document. 
 Debt Service: with respect to any particular period, the scheduled Principal and interest payments due under the Note in such period. 
 Combined Debt Service Coverage Ratio: as of any date, the ratio calculated by Lender of (i) the Net Operating Income
for the twelve (12)-month period ending with the most recently completed calendar month to (ii) the aggregate of the Debt Service on the Loan anticipated to come due on the Loan during the succeeding 12-month period and the scheduled principal
and interest payments anticipated to come due on the Approved Mezzanine Loan during the succeeding 12-month period. 
 Default: the occurrence of any event under any Loan Document which, with the giving of notice or passage of time, or both, would be an Event of Default. 
 Default Rate: a rate per annum equal to the lesser of (i) the maximum rate permitted by applicable law, or
(ii) five percent (5%) above the Interest Rate, compounded monthly. 
 Defeasance Collateral: U.S.
Obligations, which provide payments (i) on or prior to, but as close as possible to, all Payment Dates and other scheduled payment dates, if any, under the Note after the Defeasance Date and up to and including the Stated Maturity Date, and
(ii) in amounts equal to or greater than the Scheduled Defeasance Payments. 
 Deposit Bank: Wachovia Bank,
National Association, or such other bank or depository selected by Lender in its discretion. 
 Eligible
Account: a separate and identifiable account from all other funds held by the holding institution that is either (i) an account or accounts (A) maintained with a federal or state-chartered depository institution or trust company
which complies with the definition of Eligible Institution or (B) as to which Lender has received a Rating Comfort Letter from each of the applicable Rating Agencies with respect to holding funds in such account, or (ii) a segregated trust
account or accounts maintained with the corporate trust department of a federal depository institution or state chartered depository institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal
Regulations §9.10(b), having in either case corporate trust powers, acting in its fiduciary capacity, and a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal and state authorities. An
Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. 
  

 -4- 

 Eligible Institution: a depository institution insured by the Federal
Deposit Insurance Corporation the short term unsecured debt obligations or commercial paper of which are rated at least A-1 by S&P, P-1 by Moody’s and F-1+ by Fitch, in the case of accounts in which funds are held for thirty (30) days
or less or, in the case of Letters of Credit or accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least “AA” by Fitch and S&P and “Aa2” by
Moody’s. 
 ERISA: the Employment Retirement Income Security Act of 1974, as amended from time to time, and
the rules and regulations promulgated thereunder. 
 ERISA Affiliate: all members of a controlled group of
corporations and all trades and business (whether or not incorporated) under common Control and all other entities which, together with Borrower, are treated as a single employer under any or all of Section 414(b), (c),
(m) or (o) of the Code. 
 Future Required Repairs: all repairs and capital improvements
to the Property required to maintain and operate the Property, required to comply with any Leases, or required to comply with applicable law. 
 GAAP: generally accepted accounting principles in the United States of America as of the date of the applicable financial report. 
 GCM: Greenwich Capital Financial Products, Inc. 
 Governmental Authority: any court, board, agency, commission, office or authority of any nature whatsoever or any
governmental unit (federal, state, county, district, municipal, city or otherwise) now or hereafter in existence. 
 Interest Period: (i) the period from the date on which the Loan is funded through the first day thereafter that is the fifth day of the next succeeding calendar month and (ii) each period thereafter from the sixth
day of each calendar month through the fifth day of the next succeeding calendar month; except that the Interest Period, if any, that would otherwise commence before and end after the Maturity Date shall end on the Maturity Date. Notwithstanding the
foregoing, if Lender exercises its right to change the Payment Date to a New Payment Date in accordance with Section 2.2.4 hereof, then from and after such election, each Interest Period shall be the period from the New Payment Date in
each calendar month through the day immediately preceding the next succeeding New Payment Date. 
 Interest
Rate: a rate of interest equal to 5.6725% per annum (or, when applicable pursuant to this Agreement or any other Loan Document, the Default Rate). 
 Leases: all leases and other agreements or arrangements heretofore or hereafter entered into affecting the use, enjoyment or
occupancy of, or the conduct of any activity upon or in, the Property or the Improvements, including any guarantees, extensions, renewals, modifications or amendments thereof and all additional remainders, reversions and other rights and estates
appurtenant thereunder. 
  

 -5- 

 Lease Termination Payments: (i) all fees, penalties, commissions or
other payments made to Borrower in connection with or relating to the rejection, buy-out, termination, surrender or cancellation of any Lease (including in connection with any bankruptcy proceeding), (ii) any security deposits or proceeds of
letters of credit held by Borrower in lieu of cash security deposits, which Borrower is permitted to retain pursuant to the applicable provisions of any Lease and (iii) any payments made to Borrower relating to unamortized tenant improvements
and leasing commissions under any Lease. 
 Legal Requirements: statutes, laws, rules, orders, regulations,
ordinances, judgments, decrees and injunctions of Governmental Authorities affecting Borrower, any Loan Document or all or part of the Property or the construction, ownership, use, alteration or operation thereof, whether now or hereafter enacted
and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instrument, either of record or known to Borrower, at any time in force
affecting all or part of the Property. 
 Lien: any mortgage, deed of trust, lien (statutory or otherwise),
pledge, hypothecation, easement, restrictive covenant, preference, assignment, security interest or any other encumbrance, charge or transfer of, or any agreement to enter into or create any of the foregoing, on or affecting all or any part of the
Property or any interest therein, or any direct or indirect interest in Borrower or Sole Member, including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the
foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 
 Loan Documents: this Agreement and all other documents, agreements and instruments now or hereafter evidencing, securing or delivered to Lender in connection with the Loan, including the following, each of which is dated as of
the date hereof: (i) the Promissory Note or Promissory Notes made by Borrower to Lender in the aggregate principal amount equal to the Loan (the “Note”), (ii) the Mortgage, Assignment of Leases and Rents, Security
Agreement and Fixture Filing made by Borrower (or the Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing made by Borrower to a trustee, as the case may be) in favor of Lender which covers the Property (the
“Mortgage”), (iii) Assignment of Leases and Rents from Borrower to Lender, (iv) Assignment of Agreements, Licenses, Permits and Contracts from Borrower to Lender, (v) the Deposit Account Control Agreement (the
“Clearing Account Agreement”) among Borrower, Lender, Manager and Clearing Bank, and (vi) the Deposit Account Agreement (the “Deposit Account Agreement”) among Borrower, Lender, Manager and the
Deposit Bank; and as each of the foregoing may be (and each of the foregoing defined terms shall refer to such documents as they may be) amended, restated, replaced, severed, split, supplemented or otherwise modified from time to time (including
pursuant to Section 9.1.8 hereof). 
 Management Agreement: the Property Management Agreement dated
November 14, 2006 between Borrower and Manager, pursuant to which Manager is to manage the Property, as same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with Section 5.12
hereof. 
  

 -6- 

 Manager: CB Richard Ellis, Inc., a Delaware corporation, or any successor,
assignee or replacement manager appointed by Borrower in accordance with Section 5.12 hereof. 
 Material
Adverse Effect: occurrence or existence of a condition or event which would have a material adverse effect on (i) the business, profits, operations or financial condition of Borrower, (ii) the ability of Borrower to pay any amounts
under the Loan Documents as they become due or (iii) the value of the Property. 
 Material Alteration: any
alteration affecting structural elements of the Property the cost of which exceeds $1,000,000; provided, however, that in no event shall (i) any Future Required Repairs, (ii) any tenant improvement work performed pursuant to any Lease
existing on the date hereof or entered into hereafter in accordance with the provisions of this Agreement, or (iii) alterations performed as part of a Restoration, constitute a Material Alteration. 
 Material Lease: all Leases which individually or in the aggregate with respect to the same tenant and its Affiliates
(i) cover more than 10,000 square feet of the Improvements or (ii) have a term of more than five years (not taking into account any extension options). 
 Maturity Date: the date on which the final payment of principal of the Note becomes due and payable as therein provided,
whether at the Stated Maturity Date, by declaration of acceleration, or otherwise. 
 Mezzanine Loan: that
certain mezzanine loan in the principal amount of $5,200,000 made by GCM to Mezzanine Loan Borrower concurrently with the Loan, and evidenced and secured by the Mezzanine Loan Documents. 
 Mezzanine Loan Borrower: KBS REIT Acquisition IV, LLC, a Delaware limited liability company. 
 Mezzanine Loan Documents: (i) that certain Mezzanine Loan Agreement of even date herewith between GCM and Mezzanine
Loan Borrower, (ii) that certain Promissory Note of even date herewith in the original principal amount of the Mezzanine Loan made by Mezzanine Loan Borrower and payable to GCM (and any successor holder of the Mezzanine Loan), (iii) that
certain Pledge and Security Agreement of even date herewith made by Mezzanine Loan Borrower in favor of GCM, (iv) the Guaranty of Recourse Obligations made by the REIT Operating Partnership, (v) each UCC Financing Statement executed by
Mezzanine Loan Borrower in favor of GCM in connection with the foregoing and (vi) any other “Loan Document” as defined in the Mezzanine Loan Agreement referred to in clause (i) above, as each of the foregoing may be modified,
amended and restated from time to time in accordance with the terms and provisions of the Intercreditor Agreement of even date herewith between Lender and GCM. Without limiting the foregoing, the term Mezzanine Loan Documents shall also include all
documents, agreements or instruments evidencing, securing or delivered to an Approved Mezzanine Lender in connection with any Approved Mezzanine Loan. 
 Mezzanine Loan Liens: (i) the Liens in favor of the holder of the Mezzanine Loan created pursuant to the Mezzanine Loan Documents and (ii) Liens on the membership interests held by Mezzanine
Loan Borrower in Borrower pursuant to any other Approved Mezzanine Loan. 
  

 -7- 

 Monthly Mezzanine Debt Service Payment: an amount equal to the scheduled
payment of principal and interest payable by Mezzanine Loan Borrower on the Mezzanine Loan. 
 Net Operating
Income: for any period, the net operating income of the Property determined in accordance with GAAP. 
 Officer’s Certificate: a certificate delivered to Lender by Borrower or the REIT, as the case may be which is signed by an authorized person on behalf of such party. 
 Other Charges: all ground rents, maintenance charges, impositions other than Taxes, and any other charges, including vault
charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property or any part thereof. 
 Payment Date: the sixth day of each calendar month or, upon Lender’s exercise of its right to change the Payment Date
in accordance with Section 2.2.4 hereof, the New Payment Date (in either case, if such day is not a Business Day, the Payment Date shall be the first Business Day thereafter). 
 Permitted Encumbrances: (i) the Liens created by the Loan Documents, (ii) all Liens and other matters disclosed in
the Title Insurance Policy, (iii) Liens, if any, for Taxes or Other Charges not yet delinquent, (iv) any workers’, mechanics’ or other similar Liens on the Property provided that any such Lien is bonded or discharged within sixty
(60) days after Borrower first receives notice of such Lien, (v) such other title and survey exceptions as Lender approves in writing in Lender’s discretion, (vi) the Mezzanine Loan Liens and (vii) Liens incurred by REIT
Operating Partnership or any Person having any direct or indirect ownership interest in REIT Operating Partnership. 
 Permitted REIT Distributions: distributions (directly or indirectly) by Borrower to the REIT to the extent that, if not distributed to the REIT: 
 (i) the REIT would, as the result of the failure of Borrower to receive cash from the Property, be unable to distribute all REIT taxable
income with respect to the Property; or 
 (ii) the REIT would, solely as a result of the failure of Borrower to receive cash
from the Property, fail to satisfy its obligations to pay the Permitted REIT Operating Expenses after exhausting all other REIT resources available to pay such expenses. 
 Permitted REIT Operating Expenses: the Allocated Share of all actual costs, expenses and/or amounts incurred by, or payable
or reimbursable by, the REIT or the REIT Operating Partnership for any of the following: (a) charges and fees charged by banks, audit fees, tax preparation fees, legal fees (not including any legal fees incurred by Borrower at the property
level or in any litigation or legal matter concerning Lender, including a bankruptcy filing affecting Borrower), accounting consulting fees related to emerging technical pronouncements, tax consulting fees relating to real estate investment trust
issues, due diligence costs and fees arising from state and local taxes, fees and expenses incurred in connection with annual corporate filings, and local, state and federal income taxes, and (b) professional fees related to 

  

 -8- 

 
corporate structuring and/or filings, consulting fees and filing fees arising from SEC reporting requirements including, without limitation, 10K filings, 10Q
filings, and 8k filings, consulting fees and other fees and costs related to Sarbanes—Oxley 404 compliance requirements. 
 For purposes of calculating Permitted REIT Distributions, Permitted REIT Operating Expenses (i) may be included in the calculation of Permitted REIT Distributions only to the extent that funds are not available from resources of the
REIT other than the Property to pay such Permitted REIT Operating Expenses, (ii) shall include, without limitation, annual depreciation in an amount not less than $605,000, and (iii) shall not exceed $75,000 in any calendar year.

 Permitted Transfers: 
 (i) a Lease entered into in accordance with the Loan Documents; or 
 (ii) a Permitted Encumbrance; or 
 (iii) a Transfer and Assumption; or 
 (iv) provided that no Default or Event of Default shall
then exist, a transfer or encumbrance of any indirect (but not any direct) interest in Borrower (including, without limitation, the transfer or encumbrance of any interest in the REIT Operating Partnership, KBS REIT Holdings LLC, or the REIT)
provided that: 
 (A) such transfer or encumbrance shall not (x) result in both Charles J. Schreiber, Jr. and Peter M.
Bren no longer Controlling the Approved Asset Manager or (y) result in Approved Asset Manager no longer being the sole asset manager of the REIT and solely responsible for the day-to-day management, operating, direction and supervision of the
operations and administration of the REIT and its assets pursuant to that certain Advisory Agreement dated as of November 8, 2005, between Approved Asset Manager and the REIT; 
 (B) after giving effect to such Transfer, the REIT (or an Approved Mezzanine Lender) shall continue to own at least 51% of all equity
interests (direct or indirect) in Borrower and the Approved Asset Manager shall continue to Control Borrower; and 
 (C)
Borrower shall give Lender notice of such Transfer together with copies of all instruments effecting such Transfer not less than ten (10) days prior to the date of such Transfer. 
 Person: any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated
association, any other person or entity, and any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 
 Plan: (i) an employee benefit or other plan established or maintained by Borrower or any ERISA Affiliate or to which
Borrower or any ERISA Affiliate makes or is 

  

 -9- 

 
obligated to make contributions and (ii) which is subject to Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code.

 Property: the parcel of real property and Improvements thereon owned by Borrower and encumbered by the
Mortgage; together with all rights pertaining to such real property and Improvements, and all other collateral for the Loan as more particularly described in the Granting Clauses of the Mortgage and referred to therein as the Trust Property. The
Property is located in Austin, Texas. 
 Rating Agency: each of Standard & Poor’s, a division of
The McGraw-Hill Companies, Inc. (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”), and Fitch, Inc., a division of Fitch Ratings Ltd. (“Fitch”) or any other
nationally-recognized statistical rating organization to the extent any of the foregoing have been engaged by Lender or its designee in connection with or in anticipation of any Secondary Market Transaction. 
 Rating Comfort Letter: a letter issued by each of the applicable Rating Agencies which confirms that the taking of the
action referenced to therein will not result in any qualification, withdrawal or downgrading of any existing ratings of Securities created in a Secondary Market Transaction. 
 REIT: KBS Real Estate Investment Trust, Inc., a Maryland corporation. 
 REIT Operating Partnership: KBS Limited Partnership, a Delaware limited partnership. 
 Release Date: the earlier to occur of (i) the forty second (42nd) Payment Date of the Term and (ii) the date
that is two (2) years from the “startup day” (within the meaning of Section 860G(a)(9) of the Code) of the REMIC Trust established in connection with the final Secondary Market Transaction involving this Loan. 
 REMIC Trust: a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code that
holds the Note. 
 Rents: all rents, rent equivalents, moneys payable as damages (including payments by reason
of the rejection of a Lease in a Bankruptcy Proceeding) or in lieu of rent or rent equivalents, royalties (including all oil and gas or other mineral royalties and bonuses), income, fees, receivables, receipts, revenues, deposits (excluding
security, utility and other deposits until such deposits are forfeited to Borrower or Manager by the Person that made such deposit), accounts, cash, issues, profits, charges for services rendered, and other payment and consideration of whatever form
or nature received by or paid to or for the account of or benefit of Borrower, Manager or any of their agents or employees from any and all sources arising from or attributable to the Property and the Improvements, including all receivables,
customer obligations, installment payment obligations and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of the Property or
rendering of services by Borrower, Manager or any of their agents or employees and proceeds, if any, from business interruption or other loss of income insurance. 
  

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 Scheduled Defeasance Payments: the Monthly Debt Service Payment Amount
required under the Note for all Payment Dates occurring after the Defeasance Date (including the outstanding Principal balance on the Note as of the Stated Maturity Date). 
 Security Agreement: a security agreement in form and substance satisfactory to Lender (in Lender’s sole but good faith
discretion) pursuant to which Borrower grants Lender a perfected, first priority security interest in the Defeasance Collateral Account and the Defeasance Collateral. 
 Servicer: a servicer selected by Lender to service the Loan, including any “master servicer” or “special
servicer” appointed under the terms of any pooling and servicing agreement or similar agreement entered into as a result of a Secondary Market Transaction. 
 Sole Member: KBS REIT Acquisition IV LLC, a Delaware limited liability company, the sole member of Borrower. 
 State: the state in which the Property is located. 
 Stated Maturity Date: December 6, 2016, as such date may be changed in accordance with Section 2.2.4
hereof. 
 Taxes: all real estate and personal property taxes, assessments, water rates or sewer rents,
maintenance charges, impositions, vault charges and license fees, now or hereafter levied or assessed or imposed against all or part of the Property. 
 Term: the entire term of this Agreement, which shall expire upon repayment in full of the Debt and full performance of each and every obligation to be performed by Borrower pursuant to the Loan
Documents. 
 Title Insurance Policy: the ALTA mortgagee title insurance policy in the form acceptable to Lender
issued with respect to the Property and insuring the Lien of the Mortgage. 
 Transfer: (i) any sale,
conveyance, transfer, lease or assignment, or the entry into any agreement to sell, convey, transfer, lease or assign, whether by law or otherwise, of, on, in or affecting (x) all or part of the Property (including any legal or beneficial
direct or indirect interest therein), (y) any direct or indirect interest in Borrower (including any profit interest), or (z) any direct or indirect interest in Sole Member or (ii) any change of Control of Borrower or Sole Member.

 For purposes hereof: 
 (i) a Transfer of an interest in Borrower or Sole Member shall be deemed to include: 
 (A) if Borrower or Sole Member or controlling shareholder of Borrower or Sole Member is a corporation, the voluntary or involuntary sale, conveyance or transfer of such corporation’s stock (or the stock of any corporation directly
or indirectly controlling such corporation by operation of law or otherwise) or the creation or issuance of new stock in one or a 

  

 -11- 

 
series of transactions by which an aggregate of more than ten percent (10%) of such corporation’s stock shall be vested in a party or parties who
are not now stockholders or any change in the Control of such corporation; and 
 (B) if Borrower, Sole Member or
controlling shareholder of Borrower or Sole Member is a limited or general partnership, joint venture or limited liability company, the change, removal, resignation or addition of a general partner, managing partner, limited partner, joint venturer
or member or the transfer of the partnership interest of any general partner, managing partner or limited partner or the transfer of the interest of any joint venturer or member; and 
 (ii) a change of Control of Borrower or Sole Member shall be deemed to have occurred if: 
 (A) there is any change in the identity of any individual or entity or any group of individuals or entities who have the right, by
virtue of any partnership agreement, articles of incorporation, by-laws, articles of organization, operating agreement or any other agreement, with or without taking any formative action, to cause Borrower (or Sole Member) to take some action or to
prevent, restrict or impede Borrower (or Sole Member) from taking some action which, in either case, Borrower (or Sole Member) could take or could refrain from taking were it not for the rights of such individuals, or 
 (B) the individual or entity or group of individuals or entities that Control Borrower (and Sole Member) as described in clause
(A) ever cease to own at least fifty-one percent (51%) of all equity interests (direct or indirect) in Borrower (and Sole Member). 
 UCC: the Uniform Commercial Code as in effect in the State or the state in which any of the Cash Management Accounts are located, as the case may be. 
 U.S. Obligations: obligations that are “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act of 1940, as amended, and, to the extent acceptable to the applicable Rating Agencies, other non-callable government securities satisfying the REMIC Provisions (hereinafter defined) (which may include so-called
“agency securities” including (a) Government National Mortgage Association (“GNMA”) straight pass-through certificates; (b) fully-modified GNMA pass-through certificates; (c) Federal Home Loan Mortgage Corporation
(“FHLMC”) pass-through certificates; and (d) Federal National Mortgage Association (“FNMA”) straight pass-through certificates), but only to the extent in each case (i) such obligations are not subject to prepayment,
call or early redemption, (ii) such obligations qualify as a “real estate asset” under section 856(c)(4)(A) of the Code; and (iii) the interest income generated by such obligations qualify as “interest on obligations secured
by mortgages on real property or on interests in real property” under section 856(c)(3)(B) of the Code. As used herein, “REMIC Provisions” mean provisions of the federal income tax law relating to real estate mortgage
investment conduits, which appear at Sections 860A through 860G of Subchapter M of Chapter 1 of Subtitle A of the Code, and related provisions, and temporary and final regulations and, to the extent not inconsistent with such temporary and
final regulations, proposed regulations, and published rulings, notices and announcements promulgated thereunder, as the foregoing may be in effect from time to time. 
  

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 Welfare Plan: an employee welfare benefit plan, as defined in
Section 3(1) of ERISA. 
 Yield Maintenance Premium: an amount which, when added to the outstanding
Principal, would be sufficient to purchase U.S. Obligations which provide payments (a) on or prior to, but as close as possible to, all successive scheduled payment dates under this Agreement through the Stated Maturity Date and (b) in
amounts equal to the Monthly Debt Service Payment Amount required under this Agreement through the Stated Maturity Date together with the outstanding principal balance of the Note as of the Stated Maturity Date assuming all such Monthly Debt Service
Payment Amounts are made (including any servicing costs associated therewith). In no event shall the Yield Maintenance Premium be less than zero. 
 1.2 Index of Other Definitions. The following terms are defined in the sections or Loan Documents indicated below: 
 “Annual
Budget” - 6.3.5 
 “Applicable Taxes” - 2.2.3 
 “Approved Annual Budget” - 6.3.5 
 “Approved Capital Budget” - 6.3.5 
 “Approved Operating Budget” - 6.3.5 
 “Award” -
7.3.2 
 “Bankruptcy Proceeding” - 4.7 
 “Borrower’s Recourse Liabilities” - 10.1 
 “Capital Reserve Subaccount” - 3.4 
 “Cash Collateral Subaccount” - 3.9 
 “Cash Management
Accounts” - 3.10 
 “Casualty” - 7.2.1 
 “Casualty/Condemnation Prepayment” - 2.3.2 
 “Casualty/Condemnation Subaccount” - 3.7 
 “Clearing Account” - 3.1 
 “Clearing Account
Agreement” - 1.1 (Definition of Loan Documents) 
 “Clearing Bank” - 3.1 
 “Condemnation” - 7.3.1 
 “Defeasance Collateral
Account” - 2.3.3 
 “Defeasance Event” - 2.3.3 
 “Defeasance Date” - 2.3.3 
 “Deposit Account” - 3.1 
 “Deposit Account Agreement” - 1.1 (Definition of Loan Documents) 
 “Disclosure Document” -
9.1.2 
 “Easements” - 4.14 
 “Endorsement” - 5.26 
 “Environmental Laws” - 4.21 
 “Equipment” - Mortgage 
 “Event of Default” - 8.1 
 “Exchange Act” - 9.1.2 
 “Fitch” - 1.1
(Definition of Rating Agency) 
 “GCM Group” - 9.1.3 
  

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 “Government Lists” - 5.31 
 “Hazardous Substances” - 4.21 
 “Improvements” - Mortgage 
 “Indemnified Liabilities” - 5.30 
 “Indemnified
Party” - 5.30 
 “Independent Director” - Schedule 5 
 “Insurance Premiums” - 7.1.2 
 “Insured Casualty” - 7.2.2 
 “Issuer” - 9.1.3 
 “Late Payment Charge” - 2.5.3

 “Lender’s Consultant” - 5.8.1 
 “Liabilities” - 9.1.3 
 “Licenses” - 4.11 
 “Loan” - 2.1 
 “Monthly Debt Service Payment Amount” - 2.2.1 
 “Moody’s” - 1.1 (Definition of Rating Agency) 
 “Mortgage” - 1.1 (Definition of Loan Documents) 
 “New Payment Date” - 2.2.4 
 “Note” - 1.1 (Definition of Loan Documents) 
 “Notice” - 6.1 
 “O & M Program” - 5.8.3 
 “OFAC” - 5.31 
 “Operating Expense Subaccount” - 3.6 
 “Patriot Act” - 5.31 
 “Patriot Act Offense” -
5.31 
 “Permitted Indebtedness” - 5.22 
 “Permitted Investments” - Deposit Account Agreement 
 “Permitted Prepayment Date” - 2.3.4 
 “Policies” - 7.1.2 
 “Principal” - 2.1

 “Proceeds” - 7.2.2 
 “Projection
Period” - 3.12 
 “Proposed Material Lease” - 5.10.2 
 “Provided Information” - 9.1.1 
 “Qualified Carrier” - 7.1.1 
 “Registration Statement” - 9.1.3 
 “REIT Distribution
Notice” - 3.12 
 “Remedial Work” - 5.8.2 
 “REMIC Provisions” - 1.1 (Definition of U.S. Obligations) 
 “Rent Roll” - 4.16 
 “Required Records” - 6.3. 
 “Restoration” -
7.4.1 
 “Rollover Reserve Subaccount” - 3.5 
 “S&P” - 1.1 (Definition of Rating Agency) 
 “Secondary Market Transaction” - 9.1.1 
 “Securities” - 9.1.1 
  

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 “Securities Act” - 9.1.2 
 “Security Deposit Account” - 3.8 
 “Security Deposit Subaccount” - 3.8 
 “Significant Casualty” - 7.2.2 
 “Special Purpose
Bankruptcy Remote Entity” - 5.13 
 “Springing Recourse Event” - 10.1 
 “Subaccounts” - 3.1 
 “Successor Borrower” - 2.3.3 
 “Tax and Insurance Subaccount” - 3.3 
 “Toxic
Mold” - 4.21 
 “Transfer and Assumption” - 5.26 
 “Transferee Borrower” - 5.26 
 “Underwriter Group” - 9.1.3 
 “Underwriters” - 9.1.3 
 1.3
Principles of Construction. Unless otherwise specified, (i) all references to sections and schedules are to those in this Agreement, (ii) the words “hereof,” “herein” and “hereunder” and words of
similar import refer to this Agreement as a whole and not to any particular provision, (iii) all definitions are equally applicable to the singular and plural forms of the terms defined, (iv) the word “including” means
“including but not limited to,” and (v) accounting terms not specifically defined herein shall be construed in accordance with GAAP. 
  

	2.	GENERAL LOAN TERMS 

 2.1 The
Loan. Lender is making a loan (the “Loan”) to Borrower in the original principal amount (the “Principal”) of $18,000,000, which shall mature on the Stated Maturity Date. Borrower acknowledges
that the proceeds of the Loan are being and shall be used to (i) acquire the Property, (ii) fund certain of the Subaccounts, and (iii) pay transaction costs. Any excess proceeds may be used for any lawful purpose. No amount repaid in
respect of the Loan may be reborrowed. 
 2.2 Interest; Monthly Payments. 
 2.2.1 Generally. From and after the date the Loan is funded, interest on the unpaid Principal shall accrue at the
Interest Rate and be payable as hereinafter provided. On the date the Loan is funded, Borrower shall pay interest on the unpaid Principal from the date of funding through and including December 5, 2006. On January 6, 2007 and each Payment
Date thereafter through and including November 6, 2016, Borrower shall pay interest on the unpaid Principal which has accrued through the last day of the Interest Period immediately preceding such Payment Date (the “Monthly Debt
Service Payment Amount”). All accrued and unpaid interest shall be due and payable on the Maturity Date. If the Loan is repaid on any date other than on a Payment Date (whether prior to or after the Stated Maturity Date), Borrower shall
also pay interest that would have accrued on such repaid Principal to but not including the next Payment Date. 
  

 -15- 

 2.2.2 Default Rate. After the occurrence and during the continuance
of an Event of Default, the entire unpaid Debt shall bear interest at the Default Rate, and shall be payable upon demand from time to time, to the extent permitted by applicable law. 
 2.2.3 Taxes. Any and all payments by Borrower hereunder and under the other Loan Documents shall be made free and
clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding taxes imposed on Lender’s income, and franchise taxes imposed on
Lender by the law or regulation of any Governmental Authority (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to in this Section 2.2.3 as “Applicable
Taxes”). If Borrower shall be required by law to deduct any Applicable Taxes from or in respect of any sum payable hereunder to Lender, the following shall apply: (i) the sum payable shall be increased as may be necessary so that after
making all required deductions (including deductions applicable to additional sums payable under this Section 2.2.3), Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrower
shall make such deductions and (iii) Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. Payments pursuant to this Section 2.2.3 shall be made within
ten (10) days after the date Lender makes written demand therefor. 
 2.2.4 New Payment Date. Lender
shall have the right, to be exercised not more than once during the term of the Loan, to change the Payment Date to a date other than the sixth day of each month (a “New Payment Date”), on thirty (30) days’ written
notice to Borrower; provided, however, that any such change in the Payment Date: (i) shall not modify the amount of regularly scheduled monthly principal and interest payments, except that the first payment of principal and interest payable on
the New Payment Date shall be accompanied by interest at the interest rate herein provided for the period from the Payment Date in the month in which the New Payment Date first occurs to the New Payment Date, and (ii) shall change the Stated
Maturity Date to the New Payment Date occurring in the month set forth in the definition of Stated Maturity Date. 
 2.3 Loan
Repayment. 
 2.3.1 Repayment. Borrower shall repay the entire outstanding principal balance of
the Note in full on the Maturity Date, together with interest thereon to (but excluding) the date of repayment and any other amounts due and owing under the Loan Documents. Borrower shall have no right to prepay or defease all or any portion of the
Principal except in accordance with Section 2.3.2 below, Section 2.3.3 below and Section 2.4 below. Except during the continuance of an Event of Default, all proceeds of any repayment, including any prepayments of
the Loan, shall be applied by Lender as follows in the following order of priority: First, accrued and unpaid interest at the Interest Rate; Second, to Principal; and Third, to and any other amounts then due and owing under the Loan Documents. If
prior to the Stated Maturity Date the Debt is accelerated by reason of an Event of Default, then Lender shall be entitled to receive, in addition to the unpaid Principal and accrued interest and other sums due under the Loan Documents, an amount
equal to the Yield Maintenance Premium applicable to such Principal so accelerated. During the continuance of an Event of Default, all proceeds of repayment, including any payment or recovery on the Property (whether through foreclosure, 

  

 -16- 

 
deed-in-lieu of foreclosure, or otherwise) shall, unless otherwise provided in the Loan Documents, be applied in such order and in such manner as Lender
shall elect in Lender’s discretion. 
 2.3.2 Mandatory Prepayments. The Loan is subject to mandatory
prepayment in certain instances of Insured Casualty or Condemnation (each a “Casualty/Condemnation Prepayment”), in the manner and to the extent set forth in Section 7.4.2 hereof. Each Casualty/Condemnation
Prepayment, after deducting Lender’s costs and expenses (including reasonable attorneys’ fees and expenses) in connection with the settlement or collection of the Proceeds or Award, shall be applied in the same manner as repayments under
Section 2.3.1 above, and if such Casualty/Condemnation Prepayment is made on any date other than a Payment Date, then such Casualty/Condemnation Prepayment shall include interest that would have accrued on the Principal prepaid to but
not including the next Payment Date, provided that a Secondary Market Transaction has occurred. Provided that no Event of Default is continuing, any such mandatory prepayment under this Section 2.3.2 shall be without the payment of the
Yield Maintenance Premium. Notwithstanding anything to the contrary contained herein, each Casualty/Condemnation Prepayment shall be applied in inverse order of maturity and shall not extend or postpone the due dates of the monthly installments due
under the Note or this Agreement, or change the amounts of such installments. 
 2.3.3 Defeasance 
 (a) Conditions to Defeasance. Provided no Event of Default shall be continuing, Borrower shall have the right after the
Release Date and prior to the Permitted Prepayment Date to voluntarily defease the entire amount of the Principal and obtain a release of the Lien of the Mortgage by providing Lender with the Defeasance Collateral (a “Defeasance
Event”), subject to the satisfaction of the following conditions precedent: 
 (i) Borrower shall give Lender
not less than thirty (30) days prior written notice specifying a Payment Date (the “Defeasance Date”) on which the Defeasance Event is to occur. 
 (ii) Borrower shall pay to Lender (A) all payments of Principal and interest due on the Loan to and including the Defeasance Date
and (B) all other sums, then due under the Note, this Agreement and the other Loan Documents; 
 (iii) Borrower shall
deposit the Defeasance Collateral into the Defeasance Collateral Account and otherwise comply with the provisions of subsections (b) and (c) of this Section 2.3.3; 
 (iv) Borrower shall execute and deliver to Lender a Security Agreement in respect of the Defeasance Collateral Account and the Defeasance
Collateral; 
 (v) Borrower shall deliver to Lender an opinion of counsel for Borrower that is standard in commercial lending
transactions and subject only to customary qualifications, assumptions and exceptions opining, among other things, that (A) Lender has a legal and valid perfected first priority security interest in the Defeasance Collateral Account and 

  

 -17- 

 
the Defeasance Collateral, and (B) a non-consolidation opinion with respect to the Successor Borrower; 
 (vi) if required by any Rating Agency, Borrower shall deliver to Lender and the Rating Agencies a Rating Comfort Letter as to the
Defeasance Event; 
 (vii) Borrower shall deliver an Officer’s Certificate certifying that the requirements set forth in
this Section 2.3.3 have been satisfied; 
 (viii) Borrower shall deliver a certificate of a nationally recognized
public accounting firm acceptable to Lender certifying that (A) the Defeasance Collateral will generate monthly amounts equal to or greater than the Scheduled Defeasance Payments, (B) the revenue from the Defeasance Collateral will be
applied within four (4) months of receipt towards payments of Debt Service, (C) the securities that comprise the Defeasance Collateral are not subject to prepayment, call or early redemption and (D) the interest income to Borrower (or
the Successor Borrower, if applicable) from the Defeasance Collateral will not in any tax year exceed the interest expense associated with the defeased Loan; 
 (ix) Borrower shall deliver such other certificates, opinions, documents and instruments as Lender may reasonably request; 
 (x) Borrower shall pay all costs and expenses of Lender incurred in connection with the Defeasance Event, including Lender’s
reasonable attorneys’ fees and expenses and Rating Agency fees and expenses, 
 (xi) if a securitization has occurred,
Lender shall have received an opinion of its counsel that is standard in commercial lending transactions and subject only to customary qualifications, assumptions and exceptions opining, among other things, that the REMIC Trust formed pursuant to
such securitization will not fail to maintain its status as a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code as a result of a Defeasance Event pursuant to this Section 2.3.3, and

 (xii) All conditions with respect to the defeasance of any Approved Mezzanine Loan shall have been satisfied. 

(b) Defeasance Collateral Account. On or before the date on which Borrower delivers the Defeasance Collateral, Borrower
shall open at any Eligible Institution the defeasance collateral account (the “Defeasance Collateral Account”) which shall at all times be an Eligible Account. Lender will agree to cooperate with Borrower in structuring the
defeasance such that the securities can be held by a trust in which Lender is the beneficiary, provided that the same satisfies all Rating Agency requirements and requirements of the REMIC Provisions applicable to the defeasance. The Defeasance
Collateral Account shall contain only (i) Defeasance Collateral, and (ii) cash from interest and principal paid on the Defeasance Collateral. All cash from interest and principal payments paid on the Defeasance Collateral shall be paid
over to Lender on each Payment Date and applied first to accrued and unpaid interest and then to Principal. Any cash from interest and principal paid on the Defeasance Collateral not needed to pay accrued and unpaid interest or Principal shall be
retained in the Defeasance Collateral Account as additional collateral for the Loan. Borrower shall cause the Eligible 

  

 -18- 

 
Institution at which the Defeasance Collateral is deposited to enter an agreement with Borrower and Lender, satisfactory to Lender in its sole discretion,
pursuant to which such Eligible Institution shall agree to hold and distribute the Defeasance Collateral in accordance with this Agreement. The Successor Borrower shall be the owner of the Defeasance Collateral Account and shall report all income
accrued on Defeasance Collateral for federal, state and local income tax purposes in its income tax return. Borrower shall prepay all cost and expenses associated with opening and maintaining the Defeasance Collateral Account. Lender shall not in
any way be liable by reason of any insufficiency in the Defeasance Collateral Account. 
 (c) Successor
Borrower. In connection with a Defeasance Event under this Section 2.3.3, Borrower shall, if required by the Rating Agencies or if Borrower elects to do so, establish or designate a successor entity (the “Successor
Borrower”) which shall be a Special Purpose Bankruptcy Remote Entity and which shall be approved by the Rating Agencies. Any such Successor Borrower may, at Borrower’s option, be an Affiliate of Borrower unless the Rating Agencies
shall require otherwise. Borrower shall transfer and assign all obligations, rights and duties under and to the Defeased Note, together with the Defeasance Collateral to such Successor Borrower. Such Successor Borrower shall assume the obligations
under the Note and the Security Agreement and Borrower shall be relieved of its obligations under such documents. Borrower shall pay a minimum of $1,000 to any such Successor Borrower as consideration for assuming the obligations under the Note and
the Security Agreement. Borrower shall pay all costs and expenses incurred by Lender, including Lender’s attorney’s fees and expenses, incurred in connection therewith. 
 2.3.4 Optional Prepayments. From and after the second Payment Date prior to the Stated Maturity Date (the
“Permitted Prepayment Date”), Borrower shall have the right to prepay the Loan in whole (but not in part), provided that Borrower gives Lender at least fifteen (15) days’ prior written notice thereof. If any such
prepayment is not made on a Payment Date, Borrower shall also pay interest that would have accrued on such prepaid Principal to, but not including, the next Payment Date. Any such prepayment shall be made without payment of the Yield Maintenance
Premium. 
 2.4 Release of Property. 
 2.4.1 Release on Defeasance. If Borrower has elected to defease the Note and the requirements of
Section 2.3.3 above and this Section 2.4 have been satisfied, the Property shall be released from the Lien of the Mortgage and the Defeasance Collateral pledged pursuant to the Security Agreement shall be the sole source of
collateral securing the Note. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty (30) days prior to the Defeasance Date (or such shorter time as is acceptable to Lender in its sole discretion), a
release of Lien (and related Loan Documents) for execution by Lender. Any such release shall be in a form appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lender.
In connection therewith, Borrower shall provide all documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in
compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the Lien of the Mortgage, including
Lender’s reasonable attorneys’ fees. 
  

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 2.4.2 Release on Payment in Full. Lender shall, upon the written
request and at the expense of Borrower, upon payment in full of the Debt in accordance herewith, release or, if requested by Borrower, assign to Borrower’s designee (without any representation or warranty by and without any recourse against
Lender whatsoever), the Lien of the Loan Documents if not theretofore released. 
 2.5 Payments and Computations.

 2.5.1 Making of Payments. Each payment by Borrower shall be made in funds settled through the New York
Clearing House Interbank Payments System or other funds immediately available to Lender by 11:00 a.m., New York City time, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower.
Whenever any such payment shall be stated to be due on a day that is not a Business Day, such payment shall be made on the first Business Day thereafter. All such payments shall be made irrespective of, and without any deduction, set-off or
counterclaim whatsoever and are payable without relief from valuation and appraisement laws and with all costs and charges incurred in the collection or enforcement thereof, including attorneys’ fees and court costs. 
 2.5.2 Computations. Interest payable under the Loan Documents shall be computed on the basis of the actual number of
days elapsed over a 360-day year. 
 2.5.3 Late Payment Charge. If any Principal, interest or other sum
due under any Loan Document is not paid by Borrower on the date on which it is due other than the payment due on the Maturity Date, Borrower shall pay to Lender upon demand an amount equal to the lesser of five percent (5%) of such unpaid sum
or the maximum amount permitted by applicable law (the “Late Payment Charge”), in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the
use of such delinquent payment. Such amount shall be secured by the Loan Documents. 
  

	3.	CASH MANAGEMENT AND RESERVES 

 3.1
Cash Management Arrangements. Borrower shall cause all Rents to be transmitted directly by tenants of the Property into an Eligible Account (the “Clearing Account”) maintained by Borrower at a local bank
selected by Borrower, which shall at all times be an Eligible Institution (the “Clearing Bank”) as more fully described in the Clearing Account Agreement. A form of tenant direction letter for such purpose is attached hereto
as Schedule 1. Without in any way limiting the foregoing, all Rents received by Borrower or Manager shall be deposited into the Clearing Account within one (1) Business Day of receipt. Funds deposited into the Clearing Account shall be
swept by the Clearing Bank on a daily basis into Borrower’s operating account at the Clearing Bank, unless a Cash Management Period is continuing, in which event such funds shall be swept on a daily basis into an Eligible Account at the Deposit
Bank controlled by Lender (the “Deposit Account”) and applied and disbursed in accordance with this Agreement. Funds in the Deposit Account shall be invested at Lender’s discretion only in Permitted Investments. Lender
will also establish subaccounts of the Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as
“Subaccounts”). The Deposit Account and any Subaccount will be under the sole control and dominion of Lender, and Borrower shall have 

  

 -20- 

 
no right of withdrawal therefrom. Borrower shall pay for all expenses of opening and maintaining all of the above accounts. 
 3.2 [intentionally deleted] 
 3.3 Taxes and Insurance. Borrower shall pay to Lender on each Payment Date (i) one-twelfth (1/12th) of the Taxes that Lender estimates will be payable during the next twelve (12) months in order to
accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates and (ii) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal
of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Such amounts will be
transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Provided that no Event of Default has occurred and is continuing, Lender will (a) apply funds in the Tax and Insurance Subaccount to payments of
Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, provided that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due, or
(b) reimburse Borrower for such amounts upon presentation of evidence of payment; subject, however, to Borrower’s right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and
Insurance Premiums, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such
bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable judgment that the funds in the Tax and Insurance Subaccount will be insufficient to
pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may increase (or decrease) the monthly contribution required to be made by Borrower to the Tax and Insurance Subaccount. 
 The foregoing obligations to fund and maintain the Tax and Insurance Subaccount shall be conditionally waived for so long as (A) Borrower timely
pays such charges prior to delinquency and Lender receives satisfactory evidence of such payment prior to delinquency and (B) no Event of Default shall have occurred hereunder. Upon the failure of any of the foregoing conditions, Lender may
demand full compliance with the provisions of this Section 3.3(a) for the remaining term of the Loan. 
 3.4
Capital Expense Reserves. Borrower shall pay to Lender on each Payment Date an amount sufficient to pay anticipated Approved Capital Expenses. Lender will transfer such amounts into a Subaccount (the “Capital Reserve
Subaccount”). Additionally, upon thirty (30) days’ prior notice to Borrower, Lender may reassess the amount of the monthly payment required under this Section 3.4 from time to time in its reasonable discretion
(based upon its then current underwriting standards). Provided that no Default or Event of Default has occurred and is continuing, Lender shall disburse funds held in the Capital Reserve Subaccount to Borrower, within fifteen (15) days after
the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000 provided that (i) such disbursement is for an Approved Capital Expense; (ii) Lender shall have (if it
desires) verified (by an inspection conducted at Borrower’s expense) performance of the work associated with such Approved Capital Expense; and (iii) the request for disbursement is accompanied by (A) an 

  

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Officer’s Certificate certifying (1) that such funds will be used to pay or reimburse Borrower for Approved Capital Expenses and a description
thereof, (2) that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full, (3) that the same has not been the subject of a previous
disbursement, and (4) that all previous disbursements have been used to pay the previously identified Approved Capital Expenses, (B) lien waivers or other evidence of payment satisfactory to Lender, (C) at Lender’s option, a
title search for the Property indicating that the Property is free from all Liens, claims and other encumbrances not previously approved by Lender and (D) such other evidence as Lender shall reasonably request that the Approved Capital Expenses
at the Property to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. The foregoing obligations to fund and maintain the Capital Reserve Subaccount shall be conditionally
waived for so long as no Event of Default shall have occurred hereunder. Upon the failure of the foregoing condition, Lender may demand full compliance with the provisions of this Section 3.4 for the remaining term of the Loan.

 3.5 Rollover Reserve. 
 3.5.1 For so long as an Event of Default is continuing, on the first Payment after the occurrence of such Event of Default, and on each Payment Date during the continuation of an Event of Default, Borrower
shall pay to Lender for transfer into a Subaccount (the “Rollover Reserve Subaccount”) the sum of $16,800, subject to Section 3.12 below. All such funds may be used to pay Approved Leasing Expenses as set forth
below. Lender shall refund to Borrower all amounts remaining on deposit in the Rollover Reserve Subaccount when such Event of Default has been cured and no other Event of Default has occurred and is continuing. 
 3.5.2 At any time that funds are on deposit in the Rollover Reserve Subaccount, Lender may, at Lender’s sole option, disburse
funds held in the Rollover Reserve Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, provided
(i) such disbursement is for an Approved Leasing Expense; (ii) Lender shall have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of any construction work associated with such Approved Leasing
Expense; and (iii) the request for disbursement is accompanied by (A) an Officer’s Certificate certifying (1) that such funds will be used only to pay (or reimburse Borrower for) Approved Leasing Expenses and a description
thereof, (2) that all outstanding trade payables that are due and payable for the applicable Approved Leasing Expense (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in
full, (3) that the same has not been the subject of a previous disbursement, and (4) that all previous disbursements have been used only to pay (or reimburse Borrower for) the previously identified Approved Leasing Expenses, and
(B) reasonably detailed supporting documentation as to the amount, necessity and purpose therefor. 
 3.5.3
Borrower shall also pay to Lender for transfer into the Rollover Reserve Subaccount all Lease Termination Payments received by Borrower. Provided no Default or Event of Default is continuing, upon Lender’s receipt of satisfactory evidence that
all Approved Leasing Expenses incurred in connection with re-tenanting the space that was the subject of the 

  

 -22- 

 
termination (and any other expenses in connection with the re-tenanting of the applicable space) have been paid in full (which evidence may include
(i) a letter or certification from the applicable broker, if any, that all brokerage commissions payable in connection therewith have been paid and (ii) an estoppel certificate executed by each applicable tenant which certifies that all
contingencies under such Lease to the payment of full rent (including Borrower’s contribution to the cost of any tenant improvement work) have been satisfied), any portion of the applicable Lease Termination Payment (if any) remaining in the
Rollover Reserve Subaccount shall be disbursed to Borrower; provided, however, if a Cash Management Period is then continuing, then no such funds shall be disbursed to Borrower, and all such funds shall instead be deposited into the Deposit Account,
to be applied in accordance with this Agreement. 
 3.6 Operating Expense Subaccount. During a Cash Management Period,
on each Payment Date, a portion of the Rents that have been deposited into the Deposit Account during the immediately preceding Interest Period in an amount equal to the monthly amount set forth in the Approved Operating Budget for the following
month as being necessary for payment of Approved Operating Expenses at the Property for such month, shall be transferred into a Subaccount for the payment of Approved Operating Expenses (the “Operating Expense Subaccount”).
Provided no Event of Default has occurred and is continuing, Lender shall disburse funds held in the Operating Expense Subaccount to Borrower, within fifteen (15) days after delivery by Borrower to Lender of a request therefor (but not more
often than once per month), in increments of at least $1,000, provided (i) such disbursement is for an Approved Operating Expense; and (ii) such disbursement is accompanied by (A) an Officer’s Certificate certifying (1) that
such funds will be used to pay Approved Operating Expenses and a description thereof, (2) that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) that are
due and payable have been paid in full, (3) that the same has not been the subject of a previous disbursement, and (4) that all previous disbursements have been or will be used to pay the previously identified Approved Operating Expenses,
and (B) reasonably detailed documentation satisfactory to Lender as to the amount, necessity and purpose therefor. 
 3.7
Casualty/Condemnation Subaccount. Borrower shall pay, or cause to be paid, to Lender all Proceeds or Awards due to any Casualty or Condemnation to be transferred to a Subaccount (the “Casualty/Condemnation
Subaccount”) in accordance with the provisions of Article 7 hereof. All amounts in the Casualty/Condemnation Subaccount shall disbursed in accordance with the provisions of Article 7 hereof. 
 3.8 [Intentionally Omitted]. 
 3.9 Cash Collateral Subaccount. If a Cash Management Period shall have commenced, then on the immediately succeeding Payment Date and on each Payment Date thereafter during the continuance of such Cash Management
Period, all Available Cash shall be paid to Lender as provided under Section 3.11(a) below, which amounts shall be transferred by Lender into a Subaccount (the “Cash Collateral Subaccount”) as cash collateral for
the Debt. Any funds in the Cash Collateral Account and not previously disbursed or applied shall be disbursed to Borrower upon the termination of such Cash Management Period. Lender shall have the right, but not the obligation, at any time an Event
of Default has occurred and is continuing, in its sole and absolute discretion to apply all sums then on deposit in the Cash 

  

 -23- 

 
Collateral Subaccount to the Debt, in such order and in such manner as Lender shall elect in its sole and absolute discretion, including to make a prepayment
of Principal (together which the applicable Yield Maintenance Premium applicable thereto). 
 3.10 Grant of Security Interest;
Application of Funds. As security for payment of the Debt and the performance by Borrower of all other terms, conditions and provisions of the Loan Documents, Borrower hereby pledges and assigns to Lender, and grants to Lender a security
interest in, all Borrower’s right, title and interest in and to all Rents and in and to all payments to or monies held in the Clearing Account, the Deposit Account, all Subaccounts created pursuant to this Agreement (collectively, the
“Cash Management Accounts”). Borrower hereby grants to Lender a continuing security interest in, and agrees to hold in trust for the benefit of Lender, all Rents in its possession prior to the (i) payment of such Rents
to Lender or (ii) deposit of such Rents into the Deposit Account. Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any Cash Management Account, or permit any
Lien to attach thereto, or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto. This Agreement is, among other things, intended by the parties to be a
security agreement for purposes of the UCC. Upon the occurrence and during the continuance of an Event of Default, Lender may apply any sums in any Cash Management Account in any order and in any manner as Lender shall elect in Lender’s
discretion without seeking the appointment of a receiver and without adversely affecting the rights of Lender to foreclose the Lien of the Mortgage or exercise its other rights under the Loan Documents. Cash Management Accounts shall not constitute
trust funds and may be commingled with other monies held by Lender; provided that Borrower shall be entitled to request Lender to open and maintain a separate Deposit Account such that the funds with respect to the Property are not commingled with
other monies held by Lender so long as Borrower shall pay the costs and expenses with respect to such Deposit Account. All interest which accrues on the funds in any Cash Management Account (other than the Tax and Insurance Subaccount) shall accrue
for the benefit of Borrower and shall be taxable to Borrower and shall be added to and disbursed in the same manner and under the same conditions as the principal sum on which said interest accrued. Upon repayment in full of the Debt, all remaining
funds in the Subaccounts, if any, shall be promptly disbursed to Borrower. 
 3.11 Property Cash Flow Allocation.

 (a) Notwithstanding anything stated to the contrary in this Agreement (but subject to Section 3.11(c) below),
all Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority: 
 (i) First, at any time prior to the Maturity Date hereunder, to Borrower to make Permitted REIT Distributions attributable to the
immediately preceding Interest Period, subject to Section 3.12 below. For so long as the Mezzanine Loan remains outstanding at any time prior to the stated maturity date of the Mezzanine Loan, notwithstanding that an Event of Default
shall have occurred and be continuing, Rents deposited into the Deposit Account shall be disbursed to Borrower to make Permitted REIT Distributions to the extent that sufficient amounts are on deposit in the Deposit Account to fully fund payment of
the Monthly 

  

 -24- 

 
Debt Service Payment Amount (under subsection (iv) below) and the Monthly Mezzanine Debt Service Payment Amount (under subsection (viii) below)
without regard for the adequacy of all Rents then on deposit in the Deposit Account to fully fund any prior amounts described in this Section 3.11(a), subsections (ii), (iii), (v), (vi) and (vii) below. No Rents shall be
disbursed to Borrower to make Permitted REIT Distributions for so long as the Mezzanine Loan remains outstanding from and after the stated maturity date of the Mezzanine Loan. 
 (ii) Second, (if the obligation to fund the Tax and Insurance Subaccount is no longer waived by Lender pursuant to Section 3.3
hereof) to make payments into the Tax and Insurance Subaccount as required under Section 3.3 hereof; 
 (iii)
Third, to pay the monthly portion of the fees charged by the Deposit Bank in accordance with the Deposit Account Agreement; 
 (iv) Fourth, to Lender to pay the Monthly Debt Service Payment Amount due on such Payment Date (plus, if applicable, interest at the Default Rate and all other amounts, other than those described under other clauses of this
Section 3.11(a), then due to Lender under the Loan Documents); 
 (v) Fifth, (if the obligation to fund the
Capital Reserve Subaccount is no longer waived by Lender pursuant to Section 3.4 hereof) to make payments into the Capital Reserve Subaccount as required under Section 3.4 hereof; 
 (vi) Sixth, to make payments for Approved Operating Expenses as required under Section 3.6 hereof; 
 (vii) Seventh, to make payments into the Rollover Reserve Subaccount as required under Section 3.5 hereof; 
 (viii) Eighth, if the Mezzanine Loan (or any portion thereof) is outstanding, to make payments in the amount of the Monthly Mezzanine Debt
Service Payment into the subordinate deposit account established under the Mezzanine Loan; and 
 (ix) Ninth, if the Mezzanine
Loan (or any portion thereof) is outstanding, all remaining Available Cash on such Payment Date shall be deposited into the subordinate deposit account established under the Mezzanine Loan or, if the Mezzanine Loan has been paid in full, all
remaining Available Cash on such Payment Date shall be deposited into the Cash Collateral Subaccount in accordance with Section 3.9 hereof. 
 (b) The failure of Borrower to make all of the payments required under clauses (ii) through (viii) of Section 3.11(a) above in full on each Payment Date shall constitute an Event of Default under
this Agreement; provided, however, if adequate funds are available in the Deposit Account for such payments, the failure by the Deposit Bank to allocate such funds into the appropriate Subaccounts shall not constitute an Event of Default.

 (c) Notwithstanding anything to the contrary contained in this Section 3.11, after the occurrence of an Event
of Default, Lender may apply all Rents deposited into the Deposit Account and other proceeds of repayment (after disbursement to Borrower for 

  

 -25- 

 
payment of any Permitted REIT Distribution then due and payable in accordance with the provisions of Section 3.11(a)(i) above) to payment of
amounts outstanding under the Loan Documents or with respect to the Mezzanine Loan, in such order and in such manner as Lender shall elect. 
 (d) Any funds in the Deposit Account and not previously disbursed or applied shall be disbursed to Borrower upon termination of any applicable Cash Management Period. 
 3.12 Permitted REIT Distributions. Borrower’s right to receive Rents deposited into the Deposit Account or any Subaccount or
make Permitted REIT Distributions shall be subject to the following terms and conditions in this Section 3.12. At least 14 days prior to the end of the then current Projection Period (as defined below), Borrower shall deliver to Lender
(a) written notice setting forth an estimate of the REIT’s taxable income for the Property and the Permitted REIT Operating Expenses (the “REIT Distribution Notice”) for the immediate succeeding period of no less
than one fiscal quarter and no more than one fiscal year (each, a “Projection Period”), which REIT Distribution Notice shall also set forth the amount of cash flow from the Property needed to make Permitted REIT Distributions
related to such Projection Period, and (b) written confirmation from Ernst & Young or another “Big 4” accounting firm that the estimate of the REIT’s taxable income generated by the Property for the applicable Projection
Period, as reflected in the REIT Distribution Notice, is a reasonable estimate of the same, all in form and substance reasonably acceptable to Lender. Such estimate shall be based on (1) the REIT’s actual taxable income for the Property
and the actual Permitted REIT Operating Expenses for the then current calendar year and (2) the REIT’s projected taxable income for the Property and the projected Permitted REIT Operating Expenses for the remainder of such calendar year.
Within 30 days following the end of each fiscal quarter, Borrower shall deliver to Lender a statement of the REIT’s actual taxable income for the Property and the actual Permitted REIT Operating Expenses for the immediately ended fiscal quarter
and evidence supporting such statement and (A) if the Permitted REIT Distributions made for such fiscal quarter exceeded the estimate set forth in the REIT Distribution Notice applicable to such fiscal quarter, the estimate of the Permitted
REIT Distributions for the immediately succeeding fiscal quarter shall be adjusted to reduce the estimated amount of the Permitted REIT Distributions by the amount of such excess and (B) if the Permitted REIT Distributions made for such fiscal
quarter was less than the estimate set forth in the REIT Distribution Notice applicable to such fiscal quarter, the estimate of the Permitted REIT Distributions for the immediately succeeding fiscal quarter shall be adjusted to increase the
estimated amount of the Permitted REIT Distributions by the amount of such shortfall. Notwithstanding anything stated to the contrary in this Section 3, Lender acknowledges and agrees that the funding of all reserves and other amounts
under this Section 3 are expressly subject to the provisions of Section 3.11 and the disbursement to Borrower of Permitted REIT Distributions as provided therein. 
  

	4.	REPRESENTATIONS AND WARRANTIES 

 Borrower represents and
warrants to Lender as of the date hereof that, except to the extent (if any) disclosed on Schedule 2 hereto with reference to a specific Section of this Article 4: 
  

 -26- 

 4.1 Organization; Special Purpose. Each of Borrower and Sole Member has been duly
organized and is validly existing and in good standing under the laws of the state of its formation, with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its properties
and to transact the business in which it is now engaged. Each of Borrower and Sole Member is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties,
business and operations. Borrower is a Special Purpose Bankruptcy Remote Entity. 
 4.2 Proceedings; Enforceability.
Borrower has taken all necessary action to authorize the execution, delivery and performance of the Loan Documents. The Loan Documents have been duly executed and delivered by Borrower and constitute legal, valid and binding obligations of Borrower
enforceable against Borrower in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents are not subject to,
and Borrower has not asserted, any right of rescission, set-off, counterclaim or defense, including the defense of usury. No exercise of any of the terms of the Loan Documents, or any right thereunder, will render any Loan Document unenforceable.

 4.3 No Conflicts. The execution, delivery and performance of the Loan Documents by Borrower and the transactions
contemplated hereby will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any Lien (other than pursuant to the Loan Documents) upon any of the
property of Borrower pursuant to the terms of, any agreement or instrument to which Borrower is a party or by which its property is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or
regulation of any Governmental Authority having jurisdiction over Borrower or any of its properties. Borrower’s rights under the Licenses and the Management Agreement will not be adversely affected by the execution and delivery of the Loan
Documents, Borrower’s performance thereunder, the recordation of the Mortgage, or the exercise of any remedies by Lender. Any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required
for the execution, delivery and performance by Borrower of the Loan Documents has been obtained and is in full force and effect. 
 4.4
Litigation. To Borrower’s Knowledge, there are no actions, suits or other proceedings at law or in equity by or before any Governmental Authority now pending or threatened against or affecting Borrower, Sole Member, or the
Property, which, if adversely determined, might have a Material Adverse Effect. 
 4.5 Agreements. Borrower is not a
party to any agreement or instrument or subject to any restriction which might have a Material Adverse Effect. Borrower is not in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in
any Permitted Encumbrance or any other agreement or instrument to which it is a party or by which it or the Property is bound which might have a Material Adverse Effect. 
 4.6 Title. To Borrower’s Knowledge, Borrower has good, marketable and indefeasible title in fee to the real property and good title to the balance of the Property, free and clear of all Liens
except the Permitted Encumbrances. All transfer taxes, deed stamps, intangible 

  

 -27- 

 
taxes or other amounts in the nature of transfer taxes required to be paid by any Person under applicable Legal Requirements in connection with the transfer
of the Property to Borrower have been paid. The Mortgage when properly recorded in the appropriate records, together with any UCC Financing Statements required to be filed in connection therewith, will create (i) a valid, perfected first
priority lien on the Borrower’s interest in the Property and (ii) valid and perfected first priority security interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the
terms thereof, in each case subject only to any applicable Permitted Encumbrances. All mortgage, recording, stamp, intangible or other similar taxes required to be paid by any Person under applicable Legal Requirements in connection with the
execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents have been paid. The Permitted Encumbrances will not have a Material Adverse Effect. To Borrower’s Knowledge no Condemnation or other
proceeding has been commenced or, to Borrower’s best knowledge, is contemplated with respect to all or part of the Property or for the relocation of roadways providing access to the Property. To Borrower’s Knowledge and except as set forth
in the Title Insurance Policy, there are no claims for payment for work, labor or materials affecting the Property which are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents. To Borrower’s
Knowledge, there are no outstanding options to purchase or rights of first refusal affecting all or any portion of the Property. To Borrower’s Knowledge, the survey for the Property delivered to Lender does not fail to reflect any material
matter affecting the Property or the title thereto. Except as expressly set forth in the survey for the Property delivered to Lender, to Borrower’s Knowledge, all of the Improvements included in determining the appraised value of the Property
lie wholly within the boundaries and building restriction lines of the Property, and no improvement on an adjoining property encroaches upon the Property, and no easement or other encumbrance upon the Property encroaches upon any of the
Improvements, except those insured against by the Title Insurance Policy. To Borrower’s Knowledge, each parcel comprising the Property is a separate tax lot and is not a portion of any other tax lot that is not a part of the Property. Except as
set forth in the Title Insurance Policy and to Borrower’s Knowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, or any contemplated improvements to the Property
that may result in such special or other assessments. 
 4.7 No Bankruptcy Filing. Borrower is not contemplating either
the filing of a petition by it under any state or federal bankruptcy or insolvency law or the liquidation of all or a major portion of its property (a “Bankruptcy Proceeding”), and Borrower has no knowledge of any Person
contemplating the filing of any such petition against it. In addition, neither Borrower nor Sole Member has been a party to, or the subject of a Bankruptcy Proceeding for the past ten (10) years. 
 4.8 Full and Accurate Disclosure. No statement of fact made by Borrower in any Loan Documents contains any untrue statement of a
material fact or omits to state any material fact necessary to make statements contained therein not misleading. There is no material fact presently known to Borrower that has not been disclosed to Lender which might have a Material Adverse Effect.
All financial data, including the statements of cash flow and income and operating expense, that have been delivered to Lender in respect of Borrower and, to Borrower’s Knowledge, the Property (i) are true, complete and correct in all
material respects, (ii) accurately represent the financial condition of Borrower and the Property as of the date of such reports, and 

  

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(iii) to the extent prepared by an independent certified public accounting firm, have been prepared in accordance with GAAP consistently applied
throughout the periods covered, except as disclosed therein. Borrower has no contingent liabilities, liabilities for delinquent taxes, unusual forward or long-term commitments, unrealized or anticipated losses from any unfavorable commitments or any
liabilities or obligations not expressly permitted by this Agreement. Since the date of such financial statements, there has been no materially adverse change in the financial condition, operations or business of Borrower or, to Borrower’s
Knowledge, the Property from that set forth in said financial statements. 
 4.9 Tax Filings. To the extent required,
Borrower has filed (or has obtained effective extensions for filing) all federal, state and local tax returns required to be filed and have paid or made adequate provision for the payment of all federal, state and local taxes, charges and
assessments payable by Borrower. Borrower believes that its tax returns (if any) properly reflect the income and taxes of Borrower for the periods covered thereby, subject only to reasonable adjustments required by the Internal Revenue Service or
other applicable tax authority upon audit. 
 4.10 ERISA; No Plan Assets. As of the date hereof and throughout the Term
(i) Borrower is not and will not be an “employee benefit plan,” as defined in Section 3(3) of ERISA, (ii) none of the assets of Borrower constitutes or will constitute “plan assets” of one or more such plans within
the meaning of 29 C.F.R. Section 2510.3-101, (iii) Borrower is not and will not be a “governmental plan” within the meaning of Section 3(32) of ERISA, and (iv) transactions by or with Borrower are not and will not be
subject to state statutes regulating investment of, and fiduciary obligations with respect to, governmental plans. As of the date hereof, neither Borrower, nor any member of a “controlled group of corporations” (within the meaning of
Section 414 of the Code) maintains, sponsors or contributes to a “defined benefit plan” (within the meaning of Section 3(35) of ERISA) or a “multiemployer pension plan” (within the meaning of Section 3(37)(A) of
ERISA). 
 4.11 Compliance. To Borrower’s Knowledge and except as set forth in the survey and the zoning report for
the Property delivered to Lender, Borrower and the Property and the use thereof comply in all material respects with all applicable Legal Requirements (including with respect to parking and applicable zoning and land use laws, regulations and
ordinances). Borrower is not in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority, the violation of which might have a Material Adverse Effect. To Borrower’s Knowledge, the Property is used
exclusively as a first class office building and other appurtenant and related uses. To Borrower’s Knowledge, in the event that all or any part of the Improvements are destroyed or damaged, said Improvements can be legally reconstructed to
their condition prior to such damage or destruction, and thereafter exist for the same use without violating any zoning or other ordinances applicable thereto and without the necessity of obtaining any variances or special permits. To
Borrower’s Knowledge, no legal proceedings are pending or, to the knowledge of Borrower, threatened with respect to the zoning of the Property. Except as disclosed in the survey delivered to Lender and/or the title report delivered to Lender,
neither the zoning nor any other right to construct, use or operate the Property is in any way dependent upon or related to any property other than the Property. To Borrower’s Knowledge, all certifications, permits, licenses and approvals,
including certificates of completion and occupancy permits required for the legal use, occupancy and operation of the Property 

  

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(collectively, the “Licenses”), have been obtained and are in full force and effect. To Borrower’s Knowledge, the use being made
of the Property is in conformity with the certificate of occupancy issued for the Property and all other restrictions, covenants and conditions affecting the Property. 
 4.12 Contracts. There are no service, maintenance or repair contracts affecting the Property that are not terminable on one (1) month’s notice or less without cause and without penalty
or premium. All service, maintenance or repair contracts affecting the Property have been entered into at arms-length in the ordinary course of Borrower’s business and provide for the payment of fees in amounts and upon terms comparable to
existing market rates. 
 4.13 Federal Reserve Regulations; Investment Company Act. No part of the proceeds of the Loan
will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose that would be inconsistent with such Regulation
U or any other regulation of such Board of Governors, or for any purpose prohibited by Legal Requirements or any Loan Document. Borrower is not (i) an “investment company” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended; (ii) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding
company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (iii) subject to any other federal or state law or regulation which purports to restrict or regulate its
ability to borrow money. 
 4.14 Easements; Utilities and Public Access. To Borrower’s Knowledge, all easements,
cross easements, licenses, air rights and rights-of-way or other similar property interests (collectively, “Easements”), if any, necessary for the full utilization of the Improvements for their intended purposes have been
obtained, are described in the Title Insurance Policy and are in full force and effect without default thereunder. The Property has rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to
service it for its intended uses. All public utilities necessary or convenient to the full use and enjoyment of the Property are located in the public right-of-way abutting the Property, and all such utilities are connected so as to serve the
Property without passing over other property absent a valid easement. All roads necessary for the use of the Property for its current purpose have been completed and dedicated to public use and accepted by all Governmental Authorities. 

4.15 Physical Condition. The Property, including all Improvements, parking facilities, systems, Equipment and landscaping, are in
good condition, order and repair in all material respects; to Borrower’s Knowledge, there exists no structural or other material defect or damages to the Property, whether latent or otherwise. Borrower has not received notice from any insurance
company or bonding company of any defect or inadequacy in the Property, or any part thereof, which would adversely affect its insurability or cause the imposition of extraordinary premiums or charges thereon or any termination of any policy of
insurance or bond. Except as disclosed in the survey delivered to Lender, to Borrower’s Knowledge, no portion of the Property is located in an area as identified by the Federal Emergency Management Agency as an area having special flood
hazards. The Improvements have suffered no material casualty or damage which has not been fully repaired and the cost thereof fully paid. 
  

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 4.16 Leases. To Borrower’s Knowledge, the rent roll attached hereto as Schedule
3 (the “Rent Roll”) is true, complete and correct and the Property is not subject to any Leases other than the Leases described in the Rent Roll or in the title report delivered to Lender. Except as set forth on the Rent Roll
or as otherwise disclosed to Lender in writing: To Borrower’s Knowledge, (i) each Lease is in full force and effect; (ii) the tenants under the Leases have accepted possession of and are in occupancy of all of their respective demised
premises, have commenced the payment of rent under the Leases, and there are no offsets, claims or defenses to the enforcement thereof; (iii) all rents due and payable under the Leases have been paid and no portion thereof has been paid for any
period more than thirty (30) days in advance; (iv) the rent payable under each Lease is the amount of fixed rent set forth in the Rent Roll, and there is no claim or basis for a claim by the tenant thereunder for an adjustment to the rent;
(v) no tenant has made any claim against the landlord under any Lease which remains outstanding, there are no defaults on the part of the landlord under any Lease, and no event has occurred which, with the giving of notice or passage of time,
or both, would constitute such a default; (vi) there is no present material default by the tenant under any Lease; (vii) all security deposits under Leases are as set forth on the Rent Roll and are held consistent with
Section 3.8 hereof; (viii) Borrower is the sole owner of the entire lessor’s interest in each Lease; (ix) each Lease is the valid, binding and enforceable obligation of the Borrower and the applicable tenant thereunder;
(x) no Person has any possessory interest in, or right to occupy, the Property except under the terms of the Lease; and (xi) each Lease is subordinate to the Loan Documents, either pursuant to its terms or pursuant to a subordination and
attornment agreement. None of the Leases contains any option to purchase or right of first refusal to purchase the Property or any part thereof. Neither the Leases nor the Rents have been assigned or pledged except to Lender, and no other Person has
any interest therein except the tenants thereunder. 
 4.17 Fraudulent Transfer. Borrower has not entered into the Loan
or any Loan Document with the actual intent to hinder, delay, or defraud any creditor, and Borrower has received reasonably equivalent value in exchange for its obligations under the Loan Documents. Giving effect to the transactions contemplated by
the Loan Documents, the fair saleable value of Borrower’s assets exceeds and will, immediately following the execution and delivery of the Loan Documents, exceed Borrower’s total probable liabilities, including subordinated, unliquidated,
disputed or contingent liabilities, including the maximum amount of its contingent liabilities or its debts as such debts become absolute and matured. Borrower’s assets do not and, immediately following the execution and delivery of the Loan
Documents will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does not believe that it will, incur debts and liabilities (including contingent
liabilities and other commitments) beyond its ability to pay such debts as they mature (taking into account the timing and amounts to be payable on or in respect of obligations of Borrower). 
 4.18 Ownership of Borrower. The sole managing member of Borrower is the Sole Member. The direct membership interests in Borrower are
owned free and clear of all Liens, warrants, options and rights to purchase. Borrower has no obligation to any Person to purchase, repurchase or issue any ownership interest in it. The organizational chart attached hereto as Schedule 4 is
complete and accurate and illustrates all Persons who have a direct or indirect ownership interest in Borrower other than those Persons who have a direct or indirect ownership in the REIT. 
  

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 4.19 Purchase Options. To Borrower’s Knowledge, neither the Property nor any
part thereof is subject to any purchase options or other similar rights in favor of third parties. 
 4.20 Management
Agreement. The Management Agreement is in full force and effect. There is no default, breach or violation existing thereunder, and no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the
giving of notice, or both, would constitute a default, breach or violation thereunder, by either party thereto. 
 4.21
Hazardous Substances. Except as set forth in the environmental reports obtained by Lender in connection with the making of this Agreement, and to Borrower’s Knowledge, (i) the Property is not in violation of any Legal
Requirement pertaining to or imposing liability or standards of conduct concerning environmental regulation, contamination or clean-up, including the Comprehensive Environmental Response, Compensation and Liability Act, the Resource Conservation and
Recovery Act, the Emergency Planning and Community Right-to-Know Act of 1986, the Hazardous Substances Transportation Act, the Solid Waste Disposal Act, the Clean Water Act, the Clean Air Act, the Toxic Substance Control Act, the Safe Drinking Water
Act, the Occupational Safety and Health Act, any state super-lien and environmental clean-up statutes (including with respect to Toxic Mold), any local law requiring related permits and licenses and all amendments to and regulations in respect of
the foregoing laws (collectively, “Environmental Laws”); (ii) the Property is not subject to any private or governmental Lien or judicial or administrative notice or action or inquiry, investigation or claim relating to
hazardous, toxic and/or dangerous substances, toxic mold or fungus of a type that may pose a risk to human health or the environment or would negatively impact the value of the Property (“Toxic Mold”) or any other substances
or materials which are included under or regulated by Environmental Laws (collectively, “Hazardous Substances”); (iii) no Hazardous Substances are or have been (including the period prior to Borrower’s acquisition
of the Property), discharged, generated, treated, disposed of or stored on, incorporated in, or removed or transported from the Property other than in compliance with all Environmental Laws; (iv) no Hazardous Substances are present in, on or
under any nearby real property which could migrate to or otherwise affect the Property; (v) no Toxic Mold is on or about the Property which requires remediation; (vi) no underground storage tanks exist on the Property and the Property has
never been used as a landfill; and (vii) there have been no environmental investigations, studies, audits, reviews or other analyses conducted by or on behalf of Borrower which have not been provided to Lender. 
 4.22 Name; Principal Place of Business. Borrower does not use and will not use any trade name and has not done and will not do
business under any name other than its actual name set forth herein. The principal place of business of Borrower is its primary address for notices as set forth in Section 6.1 hereof, and Borrower has no other place of business.

 4.23 Other Debt. There is no indebtedness with respect to the Property or any excess cash flow or any residual
interest therein, whether secured or unsecured, other than Permitted Encumbrances and Permitted Indebtedness. 
 All of the representations and warranties in
this Article 4 and elsewhere in the Loan Documents (i) shall survive for so long as any portion of the Debt remains owing to Lender and (ii) shall be deemed to have been relied upon by Lender notwithstanding any investigation
heretofore or 

  

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hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.21 above
shall survive in perpetuity. 
  

	5.	COVENANTS 

 Until the end of the Term, Borrower hereby
covenants and agrees with Lender that: 
 5.1 Existence. Each of Borrower and Sole Member shall (i) do or cause to
be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, and franchises, (ii) continue to engage in the business presently conducted by it, (iii) obtain and maintain all Licenses, and
(iv) qualify to do business and remain in good standing under the laws of each jurisdiction, in each case as and to the extent required for the ownership, maintenance, management and operation of the Property. 
 5.2 Taxes and Other Charges. Borrower shall pay all Taxes and Other Charges as the same become due and payable, and deliver to
Lender receipts for payment or other evidence satisfactory to Lender that the Taxes and Other Charges have been so paid no later than thirty (30) days before they would be delinquent if not paid (provided, however, that Borrower need not pay
such Taxes nor furnish such receipts for payment of Taxes paid by Lender pursuant to Section 3.3 hereof). Borrower shall not suffer and shall promptly cause to be paid and discharged any Lien against the Property, and shall promptly pay
for all utility services provided to the Property. After prior notice to Lender, Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity
or application of any Taxes or Other Charges, provided that (i) no Default or Event of Default has occurred and is continuing, (ii) such proceeding shall suspend the collection of the Taxes or such Other Charges, (iii) such proceeding
shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder, (iv) no part of or interest in the Property will be in danger of
being sold, forfeited, terminated, canceled or lost, (v) Borrower shall have furnished such security as may be required in the proceeding, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties
thereon, and (vi) Borrower shall promptly upon final determination thereof pay the amount of such Taxes or Other Charges, together with all costs, interest and penalties. Lender may pay over any such security or part thereof held by Lender to
the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established. 
 5.3
Access to Property. Subject to the rights of tenants under the Leases, Borrower shall permit agents, representatives, consultants and employees of Lender to inspect the Property or any part thereof at reasonable hours upon reasonable
advance notice. 
 5.4 Repairs; Maintenance and Compliance; Alterations. 
 5.4.1 Repairs; Maintenance and Compliance. Borrower shall at all times maintain, preserve and protect all franchises
and trade names, and Borrower shall cause the Property to be maintained in a good and safe condition and repair and shall not remove, demolish or alter the Improvements or Equipment (except for alterations performed in accordance with
Section 5.4.2 below and normal replacement of Equipment with Equipment of equivalent value 

  

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and functionality). Borrower shall promptly comply with all Legal Requirements and immediately cure properly any violation of a Legal Requirement. Borrower
shall notify Lender in writing within two (2) Business Days after Borrower first receives notice of any such non-compliance. Borrower shall promptly repair, replace or rebuild any part of the Property that becomes damaged, worn or dilapidated
and shall complete and pay for any Improvements at any time in the process of construction or repair. 
 5.4.2
Alterations. Borrower may, without Lender’s consent, perform alterations to the Improvements and Equipment which (i) do not constitute a Material Alteration, (ii) do not adversely affect Borrower’s financial
condition or the value or Net Operating Income of the Property and (iii) are in the ordinary course of Borrower’s business in operating and maintaining the Property. Borrower shall not perform any Material Alteration without Lender’s
prior written consent, which consent shall not be unreasonably withheld or delayed. Lender may, as a condition to giving its consent to a Material Alteration, require that Borrower deliver to Lender security for payment of the cost of such Material
Alteration in an amount in excess of $1,000,000 of the cost of the Material Alteration as estimated by Lender. Upon substantial completion of the Material Alteration, Borrower shall provide evidence satisfactory to Lender that (i) the Material
Alteration was constructed in accordance with applicable Legal Requirements and substantially in accordance with plans and specifications approved by Lender (which approval shall not be unreasonably withheld or delayed), (ii) all contractors,
subcontractors, materialmen and professionals who provided work, materials or services in connection with the Material Alteration have been paid in full and have delivered unconditional releases of lien and (iii) all material Licenses necessary
for the use, operation and occupancy of the Material Alteration (other than those which depend on the performance of tenant improvement work) have been issued. Borrower shall reimburse Lender upon demand for all out-of-pocket costs and expenses
(including the reasonable fees of any architect, engineer or other professional engaged by Lender) incurred by Lender in reviewing plans and specifications or in making any determinations necessary to implement the provisions of this
Section 5.4.2. 
 5.5 Performance of Other Agreements. Borrower shall observe and perform in all material
respects each and every term to be observed or performed by it pursuant to the terms of any agreement or instrument affecting or pertaining to the Property, including the Loan Documents. 
 5.6 Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to, and permit Lender, at its option, to
participate in, any proceedings before any Governmental Authority which may in any way affect the rights of Lender under any Loan Document. 
 5.7 Further Assurances. Borrower shall, at Borrower’s sole cost and expense, (i) execute and deliver to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts
necessary or desirable, to evidence, preserve and/or protect the collateral at any time securing or intended to secure the Debt and/or for the better and more effective carrying out of the intents and purposes of the Loan Documents, as Lender may
reasonably require from time to time; and (ii) upon Lender’s request therefor given from time to time after the occurrence of any Default or Event of Default pay for (a) reports of UCC, federal tax lien, state tax lien, judgment and
pending litigation searches with respect to Borrower and 

  

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Sole Member and (b) searches of title to the Property, each such search to be conducted by search firms reasonably designated by Lender in each of the
locations reasonably designated by Lender. 
 5.8 Environmental Matters. 
 5.8.1 Hazardous Substances. So long as Borrower owns or is in possession of the Property, Borrower shall
(i) keep the Property free from Hazardous Substances and in compliance with all Environmental Laws, (ii) promptly notify Lender if Borrower shall become aware that (A) any Hazardous Substance is on or near the Property, (B) the
Property is in violation of any Environmental Laws or (C) any condition on or near the Property shall pose a threat to the health, safety or welfare of humans and (iii) remove such Hazardous Substances and/or cure such violations and/or
remove such threats, as applicable, as required by law, promptly after Borrower becomes aware of same, at Borrower’s sole expense. Nothing herein shall prevent Borrower from recovering such expenses from any other party that may be liable for
such removal or cure. 
 5.8.2 Environmental Monitoring. 
 (a) Borrower shall give prompt written notice to Lender of (i) any proceeding or inquiry by any party (including any Governmental
Authority) with respect to the presence of any Hazardous Substance on, under, from or about the Property, (ii) all claims made or threatened by any third party (including any Governmental Authority) against Borrower or the Property or any party
occupying the Property relating to any loss or injury resulting from any Hazardous Substance, and (iii) Borrower’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Property that could cause
the Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Upon becoming aware of the presence of mold or fungus at the Property, Borrower shall (i) undertake an investigation to identify the source(s) of such
mold or fungus and, to the extent required by applicable law, shall develop and implement an appropriate remediation plan to eliminate the presence of any Toxic Mold, (ii) perform or cause to be performed all acts reasonably necessary for the
remediation of any Toxic Mold (including taking any action necessary to clean and disinfect any portions of the Property affected by Toxic Mold, including providing any necessary moisture control systems at the Property), and (iii) provide
evidence reasonably satisfactory to Lender of the foregoing. Borrower shall permit Lender to join and participate in, as a party if it so elects, any legal or administrative proceedings or other actions initiated with respect to the Property in
connection with any Environmental Law or Hazardous Substance, and Borrower shall pay all reasonable attorneys’ fees and disbursements incurred by Lender in connection therewith. 
 (b) If Lender, on its good faith judgment, determines that reasonable cause exists for the performance of an environmental inspection or
audit of the Property, at any time and from time to time upon Lender’s request, Borrower shall provide such inspection or audit of the Property prepared by a licensed hydrogeologist, licensed environmental engineer or qualified environmental
consulting firm approved by Lender assessing the presence or absence of Hazardous Substances on, in or near the Property, and if Lender in its good faith judgment determines that reasonable cause exists for the performance of such environmental
inspection or audit, then the cost and expense of such audit or inspection shall be paid by Borrower. Such 

  

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inspections and audit may include soil borings and ground water monitoring. If Borrower fails to provide any such inspection or audit within thirty
(30) days after such request, Lender may order same, and Borrower hereby grants to Lender and its employees and agents access to the Property and a license to undertake such inspection or audit. 
 (c) If any environmental site assessment report prepared in connection with such inspection or audit recommends that an operations and
maintenance plan be implemented for any Hazardous Substance, whether such Hazardous Substance existed prior to the ownership of the Property by Borrower, or presently exists or is reasonably suspected of existing, Borrower shall cause such
operations and maintenance plan to be prepared and implemented at its expense upon request of Lender, to the extent required by applicable law, and with respect to any Toxic Mold, Borrower shall, to the extent required by applicable law, take all
action necessary to clean and disinfect any portions of the Improvements affected by Toxic Mold in or about the Improvements, including providing any necessary moisture control systems at the Property. If any investigation, site monitoring,
containment, cleanup, removal, restoration or other work of any kind is reasonably necessary under an applicable Environmental Law (“Remedial Work”), Borrower shall commence all such Remedial Work within thirty (30) days
after written demand by Lender and thereafter diligently prosecute to completion all such Remedial Work within such period of time as may be required under applicable law. All Remedial Work shall be performed by licensed contractors approved in
advance by Lender and under the supervision of a consulting engineer approved by Lender which approval shall not be unreasonably withheld or delayed. All costs of such Remedial Work shall be paid by Borrower, including Lender’s reasonable
attorneys’ fees and disbursements incurred in connection with the monitoring or review of such Remedial Work. If Borrower does not timely commence and diligently prosecute to completion the Remedial Work, Lender may (but shall not be obligated
to) cause such Remedial Work to be performed at Borrower’s expense. Notwithstanding the foregoing, Borrower shall not be required to commence such Remedial Work within the above specified time period: (x) if prevented from doing so by any
Governmental Authority, (y) if commencing such Remedial Work within such time period would result in Borrower or such Remedial Work violating any Environmental Law, or (z) if Borrower, at its expense and after prior written notice to
Lender, is contesting by appropriate legal, administrative or other proceedings, conducted in good faith and with due diligence, the need to perform Remedial Work. Borrower shall have the right to contest the need to perform such Remedial Work,
provided that, (1) Borrower is permitted by the applicable Environmental Laws to delay performance of the Remedial Work pending such proceedings, (2) neither the Property nor any part thereof or interest therein will be sold, forfeited or
lost if Borrower fails to promptly perform the Remedial Work being contested, and if Borrower fails to prevail in contest, Borrower would thereafter have the opportunity to perform such Remedial Work, (3) Lender would not, by virtue of such
permitted contest, be exposed to any risk of any civil liability for which Borrower has not furnished additional security as provided in clause (4) below, or to any risk of criminal liability, and neither the Property nor any interest therein
would be subject to the imposition of any Lien for which Borrower has not furnished additional security as provided in clause (4) below, as a result of the failure to perform such Remedial Work and (4) Borrower shall have furnished to
Lender additional security in respect of the Remedial Work being contested and the loss or damage that may result from Borrower’s failure to prevail in such contest in such amount as may be reasonably requested by Lender but in no event less
than the cost of such Remedial Work as 

  

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estimated by Lender and Borrower or Lender’s Consultant and any loss or damage that may result from Borrower’s failure to prevail in such contest.

 (d) Borrower shall not install or permit to be installed on the Property any underground storage tank. 
 5.9 Title to the Property. Borrower will warrant and defend the title to the Property, and the validity and priority of all Liens
granted or otherwise given to Lender under the Loan Documents, subject only to Permitted Encumbrances, against the claims of all Persons. 
 5.10 Leases. 
 5.10.1 Generally. Upon request, Borrower shall furnish
Lender with executed copies of all Leases then in effect. All renewals of Leases and all proposed leases shall be arm’s length transactions with bona fide, independent third-party tenants. 
 5.10.2 Leasing. The following shall apply so long as (a) the Mezzanine Loan is outstanding, or (b) an Event
of Default is continuing: Borrower shall not enter into a proposed Material Lease or a proposed renewal, extension or modification of an existing Material Lease without the prior written consent of Lender, which consent shall not, so long as no
Event of Default is continuing, be unreasonably withheld or delayed. Prior to seeking Lender’s consent to any Material Lease, Borrower shall deliver to Lender a copy of such proposed lease (a “Proposed Material Lease”)
blacklined to show changes from the standard form of Lease approved by Lender and then being used by Borrower. Lender shall approve or disapprove each Proposed Material Lease or proposed renewal, extension or modification of an existing Material
Lease for which Lender’s approval is required under this Agreement within five (5) Business Days of the submission by Borrower to Lender of a written request for such approval, accompanied by a final copy of the Proposed Material Lease or
proposed renewal, extension or modification of an existing Material Lease. If requested by Borrower, Lender will grant conditional approvals of Proposed Material Leases or proposed renewals, extensions or modifications of existing Material Leases at
any stage of the leasing process, from initial “term sheet” through negotiated lease drafts, provided that Lender shall retain the right to disapprove any such Proposed Material Lease or proposed renewal, extension or modification of an
existing Material Lease, if subsequent to any preliminary approval material changes are made to the terms previously approved by Lender, or additional material terms are added that had not previously been considered and approved by Lender in
connection with such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. Provided that no Event of Default is continuing, if Borrower provides Lender with a written request for approval (which
written request shall specifically refer to this Section 5.10.2 and shall explicitly state in 14-point bold type that failure by Lender to approve or disapprove within five (5) Business Days will constitute a deemed approval) and
Lender fails to reject the request in writing delivered to Borrower within five (5) Business Days after receipt by Lender of the request, the Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease
shall be deemed approved by Lender, and Borrower shall be entitled to enter into such Proposed Material Lease or proposed renewal, extension or modification of an existing Material Lease. 
  

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 5.10.3 Lease Execution and Modification. 
 (a) In no event shall any Lease contain any option to purchase or any right of first refusal to purchase. Borrower shall deliver to Lender
copies of all Leases within thirty (30) days after the execution of the Lease. 
 (b) Borrower (i) shall observe and
perform the material obligations imposed upon the lessor under the Leases and shall not do or permit anything to impair the value of the Leases as security for the Debt; (ii) shall promptly send copies to Lender of all notices of default that
Borrower shall send or receive under any Lease; (iii) shall enforce, in accordance with commercially reasonable practices for properties similar to the Property, the terms, covenants and conditions in the Leases to be observed or performed by
the lessees, short of termination thereof; (iv) shall not collect any of the Rents more than one (1) month in advance (other than security deposits); (v) shall not execute any other assignment of lessor’s interest in the Leases
or the Rents (except as contemplated by the Loan Documents); (vi) shall not modify any Lease in a manner inconsistent with Section 5.10; and (vii) shall not convey or transfer or suffer or permit a conveyance or transfer of the
Property so as to effect a merger of the estates and rights of, or a termination or diminution of the obligations of, lessees under Leases. 
 5.11 Estoppel Statement. After request by Lender, Borrower shall within ten (10) days furnish Lender with a statement addressed to Lender, its successors and assigns, duly acknowledged and certified, setting forth
(i) the unpaid Principal, (ii) the Interest Rate, (iii) the date installments of interest and/or Principal were last paid, (iv) any offsets or defenses to the payment of the Debt, and (v) that the Loan Documents are valid,
legal and binding obligations and have not been modified or if modified, giving particulars of such modification. 
 5.12
Property Management. 
 5.12.1 Management Agreement. Borrower shall (i) cause the
Property to be managed pursuant to the Management Agreement; (ii) promptly perform and observe all of the covenants required to be performed and observed by it under the Management Agreement and do all things necessary to preserve and to keep
unimpaired its rights thereunder; (iii) promptly notify Lender of any default under the Management Agreement of which it is aware; (iv) if requested, promptly deliver to Lender a copy of each financial statement, business plan, capital
expenditure plan, and property improvement plan and any other notice, report and estimate received by Borrower under the Management Agreement; and (v) promptly enforce the performance and observance of all of the covenants required to be
performed and observed by Manager under the Management Agreement, the failure of which covenants could cause a Material Adverse Effect. Without Lender’s prior written consent (not to be unreasonably withheld), Borrower shall not
(a) surrender, terminate, cancel, extend or renew the Management Agreement or otherwise replace the Manager or enter into any other management agreement (except as provided below in this Section 5.12.1); (b) reduce or consent
to the reduction of the term of the Management Agreement; (c) increase or consent to the increase of the amount of any charges under the Management Agreement; (d) otherwise modify, change, supplement, alter or amend in any material
respect, or waive or release any of its rights and remedies under, the Management Agreement; or (e) suffer or permit the occurrence and continuance of a default beyond any applicable cure period under the Management Agreement (or any successor
management 

  

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agreement) if such default permits the Manager to terminate the Management Agreement (or such successor management agreement). For so long as the Mezzanine
Loan is outstanding, Borrower may from time to time appoint, without Lender’s consent, a successor manager to manage the Property, provided that (A) Borrower provides to Lender prompt notice of such appointment and provides to Lender such
items and information regarding such appointment and successor manager as Lender may reasonably request, (B) such successor manager has the management expertise in managing properties similar in size and type to the Property (provided, that
such condition shall be deemed satisfied if the successor manager is CB Richard Ellis, Jones Lang or PM Realty Group), (C) the property management agreement with such successor manager provides compensation to the manager at market rates for
similar properties and otherwise contains economic terms that are no less favorable to Borrower than such terms that were contained in the property management agreement with the prior property manager, and (D) such successor manager promptly
executes a consent and subordination of management agreement substantially in the form of the Consent and Subordination of Manager of even date herewith executed and delivered by Manager to Lender. After the Mezzanine Loan is paid in full, Borrower
may from time to time appoint, without Lender’s consent, a successor manager to manage the Property, provided that (A) Borrower provides to Lender prompt notice of such appointment and provides to Lender such items and information
regarding such appointment and successor manager as Lender may reasonably request, (B) the property management agreement with such successor manager provides compensation to the manager at market rates for similar properties, and (C) such
successor manager promptly executes a consent and subordination of management agreement substantially in the form of the Consent and Subordination of Manager of even date herewith executed and delivered by Manager to Lender. 
 5.12.2 Termination of Manager. If (i) an Event of Default shall be continuing, or (ii) upon the gross
negligence, malfeasance or willful misconduct of the Manager, Borrower shall, at the request of Lender, terminate the Management Agreement and replace Manager with a replacement manager acceptable to Lender in Lender’s discretion and the
applicable Rating Agencies on terms and conditions satisfactory to Lender and the applicable Rating Agencies. Borrower’s failure to appoint an acceptable manager within thirty (30) days after Lender’s request of Borrower to terminate
the Management Agreement shall constitute an immediate Event of Default. 
 5.13 Special Purpose Bankruptcy Remote
Entity. Borrower shall at all times be a Special Purpose Bankruptcy Remote Entity. Borrower shall not directly or indirectly make any change, amendment or modification to its organizational documents, or otherwise take any action which could
result in Borrower not being a Special Purpose Bankruptcy Remote Entity. A “Special Purpose Bankruptcy Remote Entity” shall have the meaning set forth on Schedule 5 hereto. 
 5.14 Assumption in Non-Consolidation Opinion. Borrower and Sole Member shall each conduct its business so that the assumptions (with
respect to each Person) made in that certain substantive non-consolidation opinion letter delivered by Borrower’s counsel in connection with the Loan, shall be true and correct in all respects. 
 5.15 Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and
shall not enter into any line of business other 

  

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than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or
undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as a first class office building property or terminate such business for any reason whatsoever (other than temporary
cessation in connection with renovations to the Property). 
 5.16 Debt Cancellation. Borrower shall not cancel or
otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business. 
 5.17 Affiliate Transactions. Borrower shall not enter into, or be a party to, any transaction with an Affiliate of Borrower or any
of the members of Borrower except in the ordinary course of business and on terms which are fully disclosed to Lender in advance and are no less favorable to Borrower or such Affiliate than would be obtained in a comparable arm’s-length
transaction with an unrelated third party. 
 5.18 Zoning. Borrower shall not initiate or consent to any zoning
reclassification of any portion of the Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of the Property in any manner that could result in such use becoming a non-conforming use under any
zoning ordinance or any other applicable land use law, rule or regulation, without the prior consent of Lender, which consent shall not be unreasonably withheld or delayed. 
 5.19 No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Property (i) with any other
real property constituting a tax lot separate from the Property, and (ii) with any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against
such personal property shall be assessed or levied or charged to the Property. 
 5.20 Principal Place of Business.
Borrower shall not change its principal place of business or chief executive office without first giving Lender thirty (30) days’ prior notice. 
 5.21 Change of Name, Identity or Structure. Borrower shall not change its name, identity (including its trade name or names) or Borrower’s corporate, partnership or other structure without
notifying Lender of such change in writing at least thirty (30) days prior to the effective date of such change and, in the case of a change in Borrower’s structure that could result in Borrower not being a Special Purpose Bankruptcy
Remote Entity or result in a violation of the transfer provisions of the Loan Documents, without first obtaining the prior written consent of Lender. Borrower shall execute and deliver to Lender, prior to or contemporaneously with the effective date
of any such change, any financing statement or financing statement change required by Lender to establish or maintain the validity, perfection and priority of the security interest granted herein. At the request of Lender, Borrower shall execute a
certificate in form satisfactory to Lender listing the trade names under which Borrower intends to operate the Property, and representing and warranting that Borrower does business under no other trade name with respect to the Property. 

 

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 5.22 Indebtedness. Borrower shall not create, incur or assume any indebtedness other
than (i) the Debt, and (ii) unsecured trade payables, unsecured capital expenses and operating expenses incurred in the ordinary course of business relating to the ownership and operation of the Property which (A) are not evidenced by
a note, (B) do not exceed, at any time, a maximum aggregate amount of three percent (3%) of the original amount of the Principal (except that real estate taxes and insurance premiums shall not be included in the calculation of such 3%
threshold), and (C) are paid within sixty (60) days after the date incurred (collectively, “Permitted Indebtedness”). 
 5.23 Licenses. Borrower shall not Transfer any License required for the operation of the Property. 
 5.24 Compliance with Restrictive Covenants, Etc. Borrower will not enter into, modify, waive in any material respect or release any Easements, restrictive covenants or other Permitted
Encumbrances, or suffer, consent to or permit the foregoing, without Lender’s prior written consent, which consent may be granted or denied in Lender’s reasonable discretion. 
 5.25 ERISA. 
 5.25.1 Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan
Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA. 
 5.25.2 Borrower shall not maintain, sponsor, contribute to or become obligated to contribute to, or suffer or permit any ERISA Affiliate of Borrower to, maintain, sponsor, contribute to or become obligated to contribute to, any Plan
or any Welfare Plan or permit the assets of Borrower to become “plan assets,” whether by operation of law or under regulations promulgated under ERISA. 
 5.25.3 Borrower shall deliver to Lender such certifications or other evidence from time to time throughout the Term, as requested
by Lender in its sole discretion, that (A) Borrower is not and does not maintain an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan” within the
meaning of Section 3(32) of ERISA; (B) Borrower is not subject to state statutes regulating investments and fiduciary obligations with respect to governmental plans; and (C) the assets of Borrower do not constitute “plan
assets” within the meaning of 29 C.F.R. Section 2510.3-101. 
 5.26 Prohibited Transfers. 
 5.26.1 Generally. Borrower shall not make, suffer or permit the occurrence of any Transfer other than a Permitted
Transfer. 
 5.26.2 Transfer and Assumption. 
 (a) Notwithstanding the foregoing and subject to the terms and satisfaction of all the conditions precedent set forth in this
Section 5.26.2, Borrower shall have a right to Transfer the Property to another party (the “Transferee Borrower”) and have the 

  

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Transferee Borrower assume all of Borrower’s obligations under the Loan Documents (collectively, a “Transfer and Assumption”).
Borrower may make a written application to Lender for Lender’s consent to the Transfer and Assumption, subject to the conditions set forth in paragraphs (b) and (c) of this Section 5.26.2. Together with such written
application, Borrower will pay to Lender the reasonable review fee then required by Lender. Borrower also shall pay on demand all of the reasonable costs and expenses incurred by Lender, including reasonable attorneys’ fees and expenses, and
including the fees and expenses of Rating Agencies and other outside entities, in connection with considering any proposed Transfer and Assumption, whether or not the same is permitted or occurs. 
 (b) Lender’s consent, which may be withheld in Lender’s reasonable discretion, to a Transfer and Assumption shall be subject to
the following conditions: 
 (i) No Event of Default has occurred and is continuing; 
 (ii) Borrower has submitted to Lender true, correct and complete copies of any and all information and documents of any kind requested by
Lender concerning the Property, Transferee Borrower, replacement guarantors and indemnitors and Borrower; 
 (iii) Evidence
satisfactory to Lender has been provided showing that the Transferee Borrower and such of its Affiliates as shall be designated by Lender comply and will comply with Section 5.13 hereof, as those provisions may be modified by Lender
taking into account the ownership structure of Transferee Borrower and its Affiliates; 
 (iv) If the Loan, by itself or
together with other loans, has been the subject of a Secondary Market Transaction, then Lender shall have received a Rating Comfort Letter from the applicable Rating Agencies; 
 (v) If the Loan has not been the subject of a Secondary Market Transaction, then Lender shall have determined in its reasonable
discretion (taking into consideration such factors as Lender may determine, including the attributes of the loan pool in which the Loan might reasonably be expected to be securitized) that no rating for any securities that would be issued in
connection with such securitization will be diminished, qualified, or withheld by reason of the Transfer and Assumption; 
 (vi) Borrower shall have paid all of Lender’s reasonable costs and expenses in connection with considering the Transfer and Assumption, and shall have paid the amount requested by Lender as a deposit against Lender’s costs and
expenses in connection with the effecting the Transfer and Assumption; 
 (vii) Borrower and the Transferee Borrower shall
have indicated in writing in form and substance reasonably satisfactory to Lender their readiness and ability to satisfy the conditions set forth in subsection (c) below; 
 (viii) The identity, experience, financial condition and creditworthiness of the Transferee Borrower shall be reasonably satisfactory to
Lender; 
  

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 (ix) The proposed property manager and proposed Management Agreement shall be
satisfactory to Lender and the applicable Rating Agencies; 
 (x) All Approved Mezzanine Loans have been paid in full.

 (c) If Lender consents to the Transfer and Assumption, the Transferee Borrower and/or Borrower as the case may be, shall
immediately deliver the following to Lender: 
 (i) Borrower shall deliver to Lender an assumption fee in the amount of
(x) one-half percent (0.5%) of the then unpaid Principal for the first Transfer and Assumption and (y) one percent (1%) of the then unpaid Principal for each Transfer and Assumption thereafter; 
 (ii) Borrower and Transferee Borrower shall execute and deliver to Lender any and all documents required by Lender, in form and substance
required by Lender, in Lender’s sole discretion; 
 (iii) Counsel to the Transferee Borrower shall deliver to Lender
opinions in form and substance satisfactory to Lender as to such matters as Lender shall reasonably require, which may include opinions as to substantially the same matters and were required in connection with the origination of the Loan (including
a new substantive non-consolidation opinion with respect to the Transferee Borrower); 
 (iv) Borrower shall cause to be
delivered to Lender, an endorsement (relating to the change in the identity of the vestee and execution and delivery of the Transfer and Assumption documents) to the Title Insurance Policy in form and substance acceptable to Lender, in Lender’s
reasonable discretion (the “Endorsement”); and 
 (v) Borrower shall deliver to Lender a payment in
the amount of all remaining unpaid costs incurred by Lender in connection with the Transfer and Assumption, including but not limited to, Lender’s reasonable attorneys fees and expenses, all recording fees, and all fees payable to the title
company for the delivery to Lender of the Endorsement. 
 5.27 Liens. Without Lender’s prior written consent,
Borrower shall not create, incur, assume, permit or suffer to exist any Lien on all or any portion of the Property or any direct or indirect legal or beneficial ownership interest in Borrower or Sole Member, except Liens in favor of Lender and
Permitted Encumbrances, unless such Lien is bonded or discharged within thirty (30) days after Borrower first receives notice of such Lien. 
 5.28 Dissolution. Borrower shall not (i) engage in any dissolution, liquidation or consolidation or merger with or into any other business entity, (ii) engage in any business activity not related to the
ownership and operation of the Property or (iii) transfer, lease or sell, in one transaction or any combination of transactions, all or substantially all of the property or assets of Borrower except to the extent expressly permitted by the Loan
Documents. 
  

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 5.29 Expenses. Subject to Section 9.1.1(A), Borrower shall reimburse
Lender upon receipt of notice for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender or Servicer in connection with the Loan, including (i) the preparation,
negotiation, execution and delivery of the Loan Documents and the consummation of the transactions contemplated thereby and all the costs of furnishing all opinions by counsel for Borrower; (ii) Borrower’s and Lender’s ongoing
performance under and compliance with the Loan Documents, including confirming compliance with environmental and insurance requirements; (iii) the negotiation, preparation, execution, delivery and administration of any consents, amendments,
waivers or other modifications of or under any Loan Document and any other documents or matters requested by Lender; (iv) filing and recording of any Loan Documents; (v) title insurance, surveys, inspections and appraisals; (vi) the
creation, perfection or protection of Lender’s Liens in the Property and the Cash Management Accounts (including fees and expenses for title and lien searches, intangibles taxes, personal property taxes, Mortgage, recording taxes, due diligence
expenses, travel expenses, accounting firm fees, costs of appraisals, environmental reports and Lender’s Consultant, surveys and engineering reports); (vii) enforcing or preserving any rights in response to third party claims or the
prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, the Loan Documents, the Property, or any other security given for the Loan; (viii) fees charged by Servicer or the
Rating Agencies in connection with the Loan or any modification thereof and (ix) enforcing any obligations of or collecting any payments due from Borrower under any Loan Document or with respect to the Property or in connection with any
refinancing or restructuring of the Loan in the nature of a “work-out”, or any insolvency or bankruptcy proceedings. Any costs and expenses due and payable by Borrower hereunder which are not paid by Borrower within ten (10) days
after demand may be paid from any amounts in the Deposit Account, with notice thereof to Borrower. The obligations and liabilities of Borrower under this Section 5.29 shall survive the Term and the exercise by Lender of any of its rights
or remedies under the Loan Documents, including the acquisition of the Property by foreclosure or a conveyance in lieu of foreclosure. Notwithstanding the foregoing, in no event shall any of the costs and expenses described in this
Section 5.29 above include ongoing regular servicing fees relating to the day-to-day servicing of the Loan, for which Borrower shall not be charged. 
 5.30 Indemnity. Borrower shall defend, indemnify and hold harmless Lender and each of its Affiliates and their respective successors and assigns, including the directors, officers, partners,
members, shareholders, participants, employees, professionals and agents of any of the foregoing (including any Servicer) and each other Person, if any, who Controls Lender, its Affiliates or any of the foregoing (each, an “Indemnified
Party”), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and
disbursements of counsel for an Indemnified Party in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not Lender shall be designated a party thereto, court costs and costs of appeal at all
appellate levels, investigation and laboratory fees, consultant fees and litigation expenses), that may be imposed on, incurred by, or asserted against any Indemnified Party (collectively, the “Indemnified Liabilities”) in
any manner, relating to or arising out of or by reason of the Loan, including: (i) any breach by Borrower of its obligations under, or any misrepresentation by Borrower contained in, any Loan Document; (ii) the use or intended use of the
proceeds of the Loan; (iii) any information provided by or on behalf of Borrower, or contained in any documentation approved by 

  

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Borrower; (iv) ownership of the Mortgage, the Property or any interest therein, or receipt of any Rents; (v) any accident, injury to or death of
persons or loss of or damage to property occurring in, on or about the Property or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (vi) any use, nonuse or condition in, on or about the Property
or on adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (vii) performance of any labor or services or the furnishing of any materials or other property in respect of the Property; (viii) the
presence, disposal, escape, seepage, leakage, spillage, discharge, emission, release, or threatened release of any Hazardous Substance on, from or affecting the Property; (ix) any personal injury (including wrongful death) or property damage
(real or personal) arising out of or related to such Hazardous Substance; (x) any lawsuit brought or threatened, settlement reached, or government order relating to such Hazardous Substance; (xi) any violation of the Environmental Laws
which is based upon or in any way related to such Hazardous Substance, including the costs and expenses of any Remedial Work; (xii) any failure of the Property to comply with any Legal Requirement; (xiii) any claim by brokers, finders or
similar persons claiming to be entitled to a commission in connection with any Lease or other transaction involving the Property or any part thereof, or any liability asserted against Lender with respect thereto; and (xiv) the claims of any
lessee of any portion of the Property or any Person acting through or under any lessee or otherwise arising under or as a consequence of any Lease; provided, however, that Borrower shall not have any obligation to any Indemnified Party hereunder to
the extent that it is finally judicially determined that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of such Indemnified Party and provided, further, that Borrower shall not have any
obligation to any Indemnified Party to the extent that it is finally judicially determined that such Indemnified Liability arises solely from the failure of Lender or any third party or other respective agents to comply with any applicable federal,
state or other securities or “blue sky” laws or regulations thereunder. Any amounts payable to any Indemnified Party by reason of the application of this paragraph shall be payable on demand and shall bear interest at the Default Rate from
the date loss or damage is sustained by any Indemnified Party until paid. The obligations and liabilities of Borrower under this Section 5.30 shall survive the Term and the exercise by Lender of any of its rights or remedies under the
Loan Documents, including the acquisition of the Property by foreclosure or a conveyance in lieu of foreclosure. 
 5.31 Patriot
Act Compliance. Borrower will use its good faith and commercially reasonable efforts to comply with the Patriot Act (as defined below) and all applicable requirements of governmental authorities having jurisdiction over Borrower and the
Property, including those relating to money laundering and terrorism. Lender shall have the right to audit Borrower’s compliance with the Patriot Act and all applicable requirements of governmental authorities having jurisdiction over Borrower
and the Property, including those relating to money laundering and terrorism. In the event that Borrower fails to comply with the Patriot Act or any such requirements of governmental authorities, then Lender may, at its option, cause Borrower to
comply therewith and any and all reasonable costs and expenses incurred by Lender in connection therewith shall be secured by the Mortgage and the other Loan Documents and shall be immediately due and payable. For purposes hereof, the term
“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as the same may be amended from time to time, and corresponding provisions
of future laws. 
  

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 (a) Neither Borrower nor any member of Borrower or member or partner of such member nor
to Borrower’s Knowledge, any owner of a direct or indirect interest in Borrower (a) is listed on any Government Lists (as defined below), (b) is a person who has been determined by competent authority to be subject to the prohibitions
contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC (as defined below) or in any enabling legislation or other Presidential Executive Orders
in respect thereof, (c) has been previously indicted for or convicted of any felony involving a crime or crimes of moral turpitude or for any Patriot Act Offense (as defined below), or (d) is currently under investigation by any
governmental authority for alleged criminal activity. For purposes hereof, the term “Patriot Act Offense” means any violation of the criminal laws of the United States of America or of any of the several states, or that would
be a criminal violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under (a) the criminal laws
against terrorism; (b) the criminal laws against money laundering, (c) the Bank Secrecy Act, as amended, (d) the Money Laundering Control Act of 1986, as amended, or the (e) Patriot Act. “Patriot Act Offense” also
includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense. For purposes hereof, the term “Government Lists” means (i) the Specially Designated Nationals and Blocked
Persons Lists maintained by Office of Foreign Assets Control (“OFAC”), (ii) any other list of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the Rules and Regulations of OFAC
that Lender notified Borrower in writing is now included in “Governmental Lists”, or (iii) any similar lists maintained by the United States Department of State, the United States Department of Commerce or any other government
authority or pursuant to any Executive Order of the President of the United States of America that Lender notified Borrower in writing is now included in “Governmental Lists”. 
 5.32 Anti-Poaching Covenant. Borrower shall not, and Borrower shall not permit any of its Affiliates to, persuade or solicit any
tenant at the Property to relocate to another property owned by an Affiliate of Borrower without making all commercially reasonable efforts to retain such tenant at the Property. 
  

	6.	NOTICES AND REPORTING 

 6.1
Notices. All notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document (a “Notice”) shall be given in writing and shall be effective for all purposes if either
hand delivered with receipt acknowledged, or by a nationally recognized overnight delivery service (such as Federal Express), or by certified or registered United States mail, return receipt requested, postage prepaid, or by facsimile and confirmed
by facsimile answer back, in each case addressed as follows (or to such other address or Person as a party shall designate from time to time by notice to the other party): If to Lender: Greenwich Capital Financial Products, Inc., 600 Steamboat Road,
Greenwich, Connecticut 06830, Attention: Mortgage Loan Department, Telecopier (203) 618-2052, with a copy to: Allen Matkins Leck Gamble Mallory & Natsis LLP, 515 South Figueroa Street, Seventh Floor, Los Angeles, California 90071-3398,
Attention: Gregg J. Loubier, Esq., Telecopier: (213) 620-8816; if to Borrower: c/o KBS Capital Advisors, 620 Newport Center Drive, Suite 1300, Newport Beach, CA 92660, Attention: Stacie Yamane, Telecopier: (949) 417-6523, with a copy to:
KBS Capital Advisors, 620 Newport Center Drive, Suite 1300, Newport Beach, CA 92660, Attention: Walter 

  

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Foster, Telecopier: (949) 417-6518. A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of
registered or certified mail, when delivered or the first attempted delivery on a Business Day; in the case of overnight delivery, upon the first attempted delivery on a Business Day; or in the case of facsimile, upon the confirmation of such
facsimile transmission. 
 6.2 Borrower Notices and Deliveries. Borrower shall (a) give prompt written notice to
Lender of: (i) any litigation, governmental proceedings or claims or investigations pending or threatened against Borrower or Sole Member which might materially adversely affect Borrower’s or Sole Member’s condition (financial or
otherwise) or business or the Property; and (ii) any material adverse change in Borrower’s or Sole Member’s condition, financial or otherwise, or of the occurrence of any Default or Event of Default of which Borrower has knowledge;
and (b) furnish and provide to Lender: (i) any Securities and Exchange Commission or other public filings, if any, of Borrower, Sole Member, Manager, or any Affiliate of any of the foregoing within two (2) Business Days of such filing
and (ii) all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, reasonably requested, from time to time, by Lender. In
addition, after request by Lender (but no more frequently than twice in any year), Borrower shall furnish to Lender (x) within ten (10) days, a certificate addressed to Lender, its successors and assigns reaffirming all representations and
warranties of Borrower set forth in the Loan Documents as of the date requested by Lender or, to the extent of any changes to any such representations and warranties, so stating such changes, and (y) during an Event of Default, within thirty
(30) days, tenant estoppel certificates addressed to Lender, its successors and assigns from each tenant at the Property in form and substance reasonably satisfactory to Lender. 
 6.3 Financial Reporting. 
 6.3.1 Bookkeeping. Borrower shall keep on a calendar year basis, in accordance with GAAP, proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and
all items of income and expense and any services, Equipment or furnishings provided in connection with the operation of the Property, whether such income or expense is realized by Borrower, Manager or any Affiliate of Borrower. Lender shall have the
right from time to time during normal business hours upon reasonable notice to examine such books, records and accounts at the office of Borrower or other Person maintaining them, and to make such copies or extracts thereof as Lender shall desire.
After an Event of Default, Borrower shall pay any costs incurred by Lender to examine such books, records and accounts, as Lender shall determine to be necessary or appropriate in the protection of Lender’s interest. 
 6.3.2 Annual Reports. Borrower shall furnish to Lender annually, within 120 days after each calendar year, a complete
copy of the REIT’s annual financial statements prepared in accordance to GAAP audited by a “big four” accounting firm or another independent certified public accountant (accompanied by an unqualified opinion from such accounting firm
or other independent certified public accountant) reasonably acceptable to Lender. In addition, Borrower shall furnish annual unaudited financial statements of the Borrower, each in accordance with GAAP and containing balance sheets and statements
of profit and loss for Borrower and the Property in such form that is reasonably acceptable to Lender. Each such statement (x) shall be in form and substance that is reasonably satisfactory to Lender, (y) shall 

  

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set forth the financial condition and the income and expenses for the Property for the immediately preceding calendar year, including statements of annual
Net Operating Income as well as (1) a list of tenants, if any, occupying more than twenty percent (20%) of the rentable space of the Property, (2) a breakdown showing (a) the year in which each Lease then in effect expires,
(b) the percentage of rentable space covered by such Lease, (c) the percentage of base rent with respect to which Leases shall expire in each such year, expressed both on a per year and a cumulative basis and (z) shall be accompanied
by an Officer’s Certificate certifying that to the best of their knowledge and belief (1) that such statement is true, correct, complete and accurate and presents fairly the financial condition of the Property and has been prepared in
accordance with GAAP and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it. 
 6.3.3 Monthly/Quarterly Reports. At any time prior to the date that Lender sells its entire interest in the Loan
Documents, Borrower shall furnish to Lender within forty-five (45) days after the end of each calendar month the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information
necessary and sufficient under GAAP to fairly represent the financial position and results of operation of the Property during such calendar month, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar
month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10%) or more between
budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrower during each calendar month as of the last day of such calendar month; (v) a statement that Borrower has not
incurred any indebtedness other than indebtedness permitted hereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly
rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by
percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Thereafter, Borrower shall furnish to Lender within forty-five (45) days after the
end of each calendar quarter the following items: (i) quarterly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the financial position and results
of operation of the Property during such calendar quarter, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar quarter; (iii) a comparison of the budgeted income and expenses and the actual income
and expenses for each quarter and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of
the actual Capital Expenses made by Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; (vi) an
aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of
expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a
delinquency report for the Property. Each such statement shall be 

  

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accompanied by an Officer’s Certificate certifying to the best of their knowledge and belief (1) that such items are true, correct, accurate, and
complete and fairly present the financial condition and results of the operations of Borrower and the Property in accordance with GAAP (subject to normal year-end adjustments) and (2) whether there exists a Default or an Event of Default, and
if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it. 
 6.3.4
Other Reports. Borrower shall furnish to Lender, within ten (10) Business Days after request, such further detailed information with respect to the operation of the Property and the financial affairs of Borrower, Sole Member or
Manager as may be reasonably requested by Lender or any applicable Rating Agency. 
 6.3.5 Annual Budget.
Borrower shall prepare and submit (or shall cause Manager to prepare and submit) to Lender within thirty (30) days after commencement of a Cash Management Period and by November 30th of each year during the Term, for approval by Lender,
which approval shall not be unreasonably withheld or delayed, a proposed pro forma budget for the Property for the succeeding calendar year (the “Annual Budget”, and each Annual Budget approved by Lender is referred to herein
as the “Approved Annual Budget”)), and, promptly after preparation thereof, any revisions to such Annual Budget. The Annual Budget shall consist of (i) an operating expense budget showing, on a month-by-month basis, in
reasonable detail, each line item of the Borrower’s anticipated operating income and operating expenses (on a cash and accrual basis), including amounts required to establish, maintain and/or increase any monthly payments required hereunder
(and once such Annual Budget has been approved by Lender, such operating expense budget shall be referred to herein as the “Approved Operating Budget”), and (ii) a Capital Expense budget showing, on a month-by-month
basis, in reasonable detail, each line item of anticipated Capital Expenses (and once such Annual Budget has been approved by Lender, such Capital Expense budget shall be referred to herein as the “Approved Capital Budget”).
Until such time that any Annual Budget has been approved by Lender, the prior Approved Annual Budget shall apply for all purposes hereunder (with such adjustments as reasonably determined by Lender (including increases for any non-discretionary
expenses)). 
  

	7.	INSURANCE; CASUALTY; AND CONDEMNATION 

 7.1 Insurance. 
 7.1.1 Coverage. Borrower, at its sole cost, for the
mutual benefit of Borrower and Lender, shall obtain and maintain during the Term the following policies of insurance: 
 (a)
Property insurance insuring against loss or damage customarily included under so called “all risk” or “special form” policies including fire, lightning, vandalism, and malicious mischief, boiler and machinery and, if required by
Lender, flood and/or earthquake coverage and subject to subsection (j) below, coverage for damage or destruction caused by the acts of “Terrorists” (or such policies shall have no exclusion from coverage with respect thereto) and such
other insurable hazards as, under good insurance practices, from time to time are insured against for other property and buildings similar to the premises in nature, use, location, height, and type of construction. Such insurance policy shall also
insure for ordinance 

  

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of law coverage, costs of demolition and increased cost of construction in amounts satisfactory to Lender. Each such insurance policy shall (i) be in an
amount equal to 100% of the then replacement cost of the Improvements without deduction for physical depreciation, (ii) have deductibles no greater than $10,000 per occurrence, (iii) be paid annually in advance and (iv) be on a
replacement cost basis and contain either no coinsurance or, if coinsurance, an agreed amount endorsement, and shall cover, without limitation, all tenant improvements and betterments that Borrower is required to insure on a replacement cost basis.
Lender shall be named Mortgagee and Loss Payee on a Standard Mortgagee Endorsement. 
 (b) Flood insurance if following the
date hereof any part of the Property is located in an area now or hereafter designated by the Federal Emergency Management Agency as a Zone “A” & “V” Special Hazard Area, or such other similar Special Hazard Area. Such
policy shall (i) be in an amount equal to (A) 100% of the full replacement cost of the Improvements on the Property (without any deduction for depreciation) or (B) such other amount as agreed to by Lender and (ii) have a maximum
permissible deductible of $3,000. Without limiting Lender’s rights to require flood insurance in the future if any part of the Property is located in any such designated area, Lender hereby acknowledges that as of the date hereof such flood
insurance is not required. 
 (c) Public liability insurance, including (i) “Commercial General Liability
Insurance”, (ii) “Owned”, “Hired” and “Non Owned Auto Liability”; and (iii) umbrella liability coverage for personal injury, bodily injury, death, accident and property damage, such insurance providing in
combination no less than containing minimum limits per occurrence of $2,000,000 and $4,000,000 in the aggregate for any policy year with no deductible or self insured retention; together with at least $25,000,000 excess and/or umbrella liability
insurance for any and all claims. The policies described in this subsection shall also include coverage for elevators, escalators, independent contractors, “Contractual Liability” (covering, to the maximum extent permitted by law,
Borrower’s obligation to indemnify Lender as required under this Agreement and the other Loan Documents), “Products” and “Completed Operations Liability” coverage. 
 (d) Rental loss and/or business interruption insurance (i) with Lender being named as “Lender Loss Payee”, (ii) in an
amount equal to 100% of the projected Rents from the Property during the period of restoration; and (iii) containing an extended period of indemnity endorsement which provides that after the physical loss to the Property has been repaired, the
continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the Property is repaired or replaced and operations are resumed,
whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such insurance shall be increased from time to time during the Term as and when the estimated or actual Rents increase. 

(e) Comprehensive boiler and machinery insurance covering all mechanical and electrical equipment against physical damage, rent loss
and improvements loss and covering, without limitation, all tenant improvements and betterments that Borrower is required to insure pursuant to the lease on a replacement cost basis and in an amount equal to the 

  

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lesser of (i) $2,000,000 and (ii) 100% of the full replacement cost of the Improvements on such Property (without any deduction for depreciation).

 (f) Worker’s compensation and disability insurance with respect to any employees of Borrower, as required by any Legal
Requirement. 
 (g) During any period of repair or restoration, builder’s “all-risk” insurance on the so called
completed value basis in an amount equal to not less than the full insurable value of the Property, against such risks (including fire and extended coverage and collapse of the Improvements to agreed limits) as Lender may request, in form and
substance acceptable to Lender. 
 (h) Coverage to compensate for ordinance of law, the cost of demolition and the increased
cost of construction in an amount satisfactory to Lender. 
 (i) Such other insurance (including environmental liability
insurance, earthquake insurance, mine subsidence insurance and windstorm insurance) as may from time to time be reasonably required by Lender in order to protect its interests. Without limiting Lender’s rights to require earthquake insurance in
the future Lender hereby acknowledges that as of the date hereof such earthquake insurance is not required. 
 (j)
Notwithstanding anything in subsection (a) above to the contrary, Borrower shall be required to obtain and maintain coverage in its property insurance Policy (or by a separate Policy) against loss or damage by terrorist acts in an amount equal
to 100% of the “Full Replacement Cost” of the Property; provided that such coverage is available. In the event that such coverage with respect to terrorist acts is not included as part of the “all risk” property policy required
by subsection (a) above, Borrower shall, nevertheless be required to obtain coverage for terrorism (as stand alone coverage) (expressly excluding any loss due to flood caused by terrorist acts) in an amount equal to 100% of the “Full
Replacement Cost” of the Property; provided that such coverage is available. Borrower shall obtain the coverage required under this subsection (j) from a carrier which otherwise satisfies the rating criteria specified in
Section 7.1.2 below (a “Qualified Carrier”) or in the event that such coverage is not available from a Qualified Carrier, Borrower shall obtain such coverage from the highest rated insurance company providing such
coverage. 
 7.1.2 Policies. All policies of insurance (the “Policies”) required
pursuant to Section 7.1.1 above shall (i) be issued by companies approved by Lender and licensed to do business in the State, with a claims paying ability rating of “A” or better by S&P (and the equivalent by any other
Rating Agency) (provided, however for multi-layered policies, (A) if four (4) or less insurance companies issue the Policies, then at least 75% of the insurance coverage represented by the Policies must be provided by insurance companies
with a claims paying ability rating of “A” or better by S&P (and the equivalent by any other Rating Agency), with no carrier below “BBB” (and the equivalent by any other Rating Agency) or (B) if five (5) or more
insurance companies issue the Policies, then at least sixty percent (60%) of the insurance coverage represented by the Policies must be provided by insurance companies with a claims paying ability rating of “A” or better by S&P
(and the equivalent by any other Rating Agency), with no carrier below “BBB” (and the equivalent by any other Rating Agency), or a rating of 

  

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A:XV or better in the current Best’s Insurance Reports; (ii) name Lender and its successors and/or assigns as their interest may appear as the
mortgagee (in the case of property insurance), loss payee (in the case of business interruption/loss of rents coverage) and an additional insured (in the case of liability insurance); (iii) contain (in the case of property insurance) a
Non-Contributory Standard Mortgagee Clause and a Lender’s Loss Payable Endorsement, or their equivalents, naming Lender as the person to which all payments made by such insurance company shall be paid; (iv) contain a waiver of subrogation
against Lender; (v) be assigned and the originals thereof delivered to Lender; (vi) contain such provisions as Lender deems reasonably necessary or desirable to protect its interest, including (A) endorsements providing that neither
Borrower, Lender nor any other party shall be a co-insurer under the Policies, (B) that Lender shall receive at least thirty (30) days’ prior written notice of any modification, reduction or cancellation of any of the Policies,
(C) an agreement whereby the insurer waives any right to claim any premiums and commissions against Lender, provided that the policy need not waive the requirement that the premium be paid in order for a claim to be paid to the insured and
(D) providing that Lender is permitted to make payments to effect the continuation of such policy upon notice of cancellation due to non-payment of premiums; (vii) in the event any insurance policy (except for general public and other
liability and workers compensation insurance) shall contain breach of warranty provisions, such policy shall provide that with respect to the interest of Lender, such insurance policy shall not be invalidated by and shall insure Lender regardless of
(A) any act, failure to act or negligence of or violation of warranties, declarations or conditions contained in such policy by any named insured, (B) the occupancy or use of the premises for purposes more hazardous than permitted by the
terms thereof, or (C) any foreclosure or other action or proceeding taken by Lender pursuant to any provision of the Loan Documents; and (viii) be satisfactory in form and substance to Lender and approved by Lender as to amounts, form,
risk coverage, deductibles, loss payees and insureds. Borrower shall pay the premiums for such Policies (the “Insurance Premiums”) as the same become due and payable and furnish to Lender evidence of the renewal of each of
the Policies together with (unless such Insurance Premiums have been paid by Lender pursuant to Section 3.3 hereof) receipts for or other evidence of the payment of the Insurance Premiums reasonably satisfactory to Lender. If Borrower
does not furnish such evidence and receipts at least thirty (30) days prior to the expiration of any expiring Policy, then Lender may, but shall not be obligated to, procure such insurance and pay the Insurance Premiums therefor, and Borrower
shall reimburse Lender for the cost of such Insurance Premiums promptly on demand, with interest accruing at the Default Rate. Borrower shall deliver to Lender a certified copy of each Policy within thirty (30) days after its effective date.
Within thirty (30) days after request by Lender, Borrower shall obtain such increases in the amounts of coverage required hereunder as may be reasonably requested by Lender, taking into consideration changes in the value of money over time,
changes in liability laws, changes in prudent customs and practices, and the like. 
 7.2 Casualty. 
 7.2.1 Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a
“Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or
rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction. 
  

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 7.2.2 Settlement of Proceeds. If a Casualty covered by any of the Policies
(an “Insured Casualty”) occurs where the loss does not exceed $250,000, provided no Event of Default has occurred and is continuing, Borrower may settle and adjust any claim without the prior consent of Lender; provided such
adjustment is carried out in a competent and timely manner, and Borrower is hereby authorized to collect and receipt for the insurance proceeds (the “Proceeds”). In the event of an Insured Casualty where the loss equals or
exceeds $250,000 (a “Significant Casualty”), Lender may, in its sole discretion, settle and adjust any claim without the consent of Borrower and agree with the insurer(s) on the amount to be paid on the loss, and the Proceeds
shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Subaccount and disbursed in accordance herewith. If Borrower or any party other than Lender is a payee on any check representing Proceeds with respect to a
Significant Casualty, Borrower shall immediately endorse, and cause all such third parties to endorse, such check payable to the order of Lender. Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to
endorse such check payable to the order of Lender. The expenses incurred by Lender in the settlement, adjustment and collection of the Proceeds shall become part of the Debt and shall be reimbursed by Borrower to Lender upon demand. Notwithstanding
anything to the contrary contained herein, if in connection with a Casualty any insurance carrier makes a payment under a property insurance Policy that Borrower proposes be treated as business or rental interruption insurance, then, notwithstanding
any designation (or lack of designation) by the insurance carrier as to the purpose of such payment, as between Lender and Borrower, such payment shall not be treated as business or rental interruption insurance proceeds unless Borrower has
demonstrated to Lender’s satisfaction that the remaining net Proceeds that will be received from the property insurance carriers are sufficient to pay 100% of the cost of fully restoring the Improvements or, if such net Proceeds are to be
applied to repay the Debt in accordance with the terms hereof, that such remaining net Proceeds will be sufficient to pay the Debt in full. 
 7.3 Condemnation. 
 7.3.1 Notice; Restoration. Borrower shall promptly give Lender
notice of the actual or threatened commencement of any condemnation or eminent domain proceeding affecting the Property (a “Condemnation”) and shall deliver to Lender copies of any and all papers served in connection with
such Condemnation. Following the occurrence of a Condemnation, Borrower, regardless of whether an Award is available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to the extent
practicable to be of at least equal value and of substantially the same character (and to have the same utility) as prior to such Condemnation. 
 7.3.2 Collection of Award. With respect any award or payment in respect of a Condemnation (an “Award”) which is equal to or less than $250,000, provided no Event of Default is
continuing, Borrower shall have exclusive power to collect, receive and retain any such Award and to make any compromise, adjustment or settlement in connection with such Condemnation. With respect any Award which is greater that $250,000, provided
no Event of Default is continuing, Borrower shall have exclusive power to collect, receive and retain any such Award and to make any compromise, adjustment or settlement in connection with such Condemnation, subject to Lender’s approval which
shall not be unreasonably withheld, delayed or conditioned. At any time that an Event of Default is continuing, Lender is hereby irrevocably 

  

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appointed as Borrower’s attorney-in-fact, coupled with an interest, with exclusive power to collect, receive and retain any such Award and to make any
compromise, adjustment or settlement in connection with such Condemnation. Notwithstanding any Condemnation (or any transfer made in lieu of or in anticipation of such Condemnation), Borrower shall continue to pay the Debt at the time and in the
manner provided for in the Loan Documents, and the Debt shall not be reduced unless and until any Award shall have been actually received and applied by Lender to expenses of collecting the Award and to discharge of the Debt. Lender shall not be
limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate or rates provided in the Note. If the Property is sold, through foreclosure or otherwise, prior to the
receipt by Lender of such Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall be recoverable or shall have been sought, recovered or denied, to receive all or a portion of the Award sufficient to pay the Debt.
Borrower shall cause any Award that is payable to Borrower to be paid directly to Lender. Lender shall hold such Award in the Casualty/Condemnation Subaccount and disburse such Award in accordance with the terms hereof. 
 7.4 Application of Proceeds or Award. 
 7.4.1 Application to Restoration. If an Insured Casualty or Condemnation occurs where (i) the loss is in an aggregate amount less than the fifteen percent (15%) of the unpaid Principal;
(ii) in the reasonable judgment of Lender, the Property can be restored within six (6) months, and prior to six (6) months before the Stated Maturity Date and prior to the expiration of the rental or business interruption insurance
with respect thereto, to the Property’s pre-existing condition and utility as existed immediately prior to such Insured Casualty or Condemnation and to an economic unit not less valuable and not less useful than the same was immediately prior
to the Insured Casualty or Condemnation, and after such restoration will adequately secure the Debt; (iii) less than (x) thirty percent (30%), in the case of an Insured Casualty or (y) fifteen percent (15%), in the case of a
Condemnation, of the rentable area of the Improvements has been damaged, destroyed or rendered unusable as a result of such Insured Casualty or Condemnation; (iv) Leases demising in the aggregate at least sixty-five percent (65%) of the
total rentable space in the Property and in effect as of the date of the occurrence of such Insured Casualty or Condemnation remain in full force and effect during and after the completion of the Restoration (hereinafter defined); and (v) no
Event of Default shall have occurred and be then continuing, then the Proceeds or the Award, as the case may be (after reimbursement of any expenses incurred by Lender), shall be applied to reimburse Borrower for the cost of restoring, repairing,
replacing or rebuilding the Property (the “Restoration”), in the manner set forth herein. Borrower shall commence and diligently prosecute such Restoration. Notwithstanding the foregoing, in no event shall Lender be obligated
to apply the Proceeds or Award to reimburse Borrower for the cost of Restoration unless, in addition to satisfaction of the foregoing conditions, both (x) Borrower shall pay (and if required by Lender, Borrower shall deposit with Lender in
advance) all costs of such Restoration in excess of the net amount of the Proceeds or the Award made available pursuant to the terms hereof; and (y) Lender shall have received evidence reasonably satisfactory to it that during the period of the
Restoration, the Rents will be at least equal to the sum of the operating expenses and Debt Service and other reserve payments required hereunder, as reasonably determined by Lender. 
  

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 7.4.2 Application to Debt. Except as provided in Section 7.4.1
above, any Proceeds and/or Award may, at the option of Lender in its discretion, be applied to the payment of (i) accrued but unpaid interest on the Note, (ii) the unpaid Principal and (iii) other charges due under the Note and/or any
of the other Loan Documents, or applied to reimburse Borrower for the cost of any Restoration, in the manner set forth in Section 7.4.3 below. Any such prepayment of the Loan shall be without any Yield Maintenance Premium. 
 7.4.3 Procedure for Application to Restoration. If Borrower is entitled to reimbursement out of the Proceeds or an Award
held by Lender, such Proceeds or Award shall be disbursed from time to time from the Casualty/Condemnation Subaccount upon Lender being furnished with (i) evidence satisfactory to Lender of the estimated cost of completion of the Restoration,
(ii) a fixed price or guaranteed maximum cost construction contract for Restoration satisfactory to Lender, (iii) prior to the commencement of Restoration, all immediately available funds in addition to the Proceeds or Award that in
Lender’s judgment are required to complete the proposed Restoration, (iv) such architect’s certificates, waivers of lien, contractor’s sworn statements, title insurance endorsements, bonds, plats of survey, permits, approvals,
licenses and such other documents and items as Lender may reasonably require and approve in Lender’s discretion, and (iv) all plans and specifications for such Restoration, such plans and specifications to be approved by Lender prior to
commencement of any work. Lender may, at Borrower’s expense, retain a consultant to review and approve all requests for disbursements, which approval shall also be a condition precedent to any disbursement. No payment made prior to the final
completion of the Restoration shall exceed ninety percent (90%) of the value of the work performed from time to time; funds other than the Proceeds or Award shall be disbursed prior to disbursement of such Proceeds or Award; and at all times,
the undisbursed balance of such Proceeds or Award remaining in the hands of Lender, together with funds deposited for that purpose or irrevocably committed to the satisfaction of Lender by or on behalf of Borrower for that purpose, shall be at least
sufficient in the reasonable judgment of Lender to pay for the cost of completion of the Restoration, free and clear of all Liens or claims for Lien. Provided no Default or Event of Default then exists, any surplus that remains out of the Proceeds
held by Lender after payment of such costs of Restoration shall be paid to Borrower. Any surplus that remains out of the Award received by Lender after payment of such costs of Restoration shall, in the discretion of Lender, be retained by Lender
and applied to payment of the Debt or returned to Borrower. 
  

	8.	DEFAULTS 

 8.1 Events of
Default. An “Event of Default” shall exist with respect to the Loan if any of the following shall occur: 
 (a) any Monthly Debt Service Payment Amount is not paid when due or any portion of the Debt is otherwise not paid within ten (10) days of the due date (other than amounts due on the Maturity Date and except to the extent a shorter
grace period is expressly provided for in the Loan Documents with respect to the applicable payment) or any other amount under Section 3.11(a)(ii) through (ix) hereof is not paid in full on each Payment Date (provided, however, if
adequate funds are available in the Deposit Account for such payments, the failure by the Deposit Bank to allocate such funds into the appropriate Subaccounts shall not constitute an Event of Default); 
  

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 (b) any of the Taxes are not paid when due, subject to Borrower’s right to contest
Taxes in accordance with Section 5.2 hereof except to the extent sums sufficiently to pay such Taxes have been deposited with Lender in accordance with this Agreement; 
 (c) the Policies are not kept in full force and effect, or are not delivered to Lender upon request; 
 (d) a Transfer other than a Permitted Transfer occurs; 
 (e) any material representation or warranty made by Borrower or in any Loan Document, or in any report, certificate, financial statement
or other instrument, agreement or document furnished by Borrower in connection with any Loan Document, shall be false or misleading in any material respect as of the date the representation or warranty was made; provided, however, as to any such
false or misleading representation or warranty or statement which can be true and correct by reasonable action of Borrower and which false or misleading representation or warranty was made unintentionally, Borrower shall have a period of thirty
(30) days following written notice to Borrower to undertake and complete all action necessary to make such representation, warranty or statement true and correct in all material respects (except that Borrower shall not have the benefit of this
grace period if such false or misleading representation or warranty has already caused a Material Adverse Effect). 
 (f)
Borrower or Sole Member shall make an assignment for the benefit of creditors, or shall generally not be paying its debts as they become due; 
 (g) a receiver, liquidator or trustee shall be appointed for Borrower or Sole Member; or Borrower or Sole Member shall be adjudicated a bankrupt or insolvent; or any petition for bankruptcy, reorganization or
arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower or Sole Member, as the case may be; or any proceeding for the dissolution or liquidation
of Borrower or Sole Member shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Borrower or Sole Member, as the case may be, only upon the same not being
discharged, stayed or dismissed within ninety (90) days; 
 (h) Borrower breaches any covenant contained in Sections
5.12.1 (a)—(f), 5.13 (to the extent any breach under Section 5.13 could cause Borrower to be consolidated with any other Person in a bankruptcy or similar proceeding), 5.15, 5.22, 5.25 or
5.28 hereof; 
 (i) except as expressly permitted hereunder, the actual or threatened alteration, improvement,
demolition or removal of all or any portion of the Improvements without the prior written consent of Lender; 
 (j) an Event
of Default as defined or described elsewhere in this Agreement or in any other Loan Document occurs; or any other event shall occur or condition shall exist, if the effect of such event or condition is to accelerate or to permit Lender to accelerate
the maturity of any portion of the Debt subject to any applicable notice and cure periods expressly provided therein; 
  

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 (k) a default occurs under any term, covenant or provision set forth herein or in any
other Loan Document which specifically contains a notice requirement or grace period and such notice has been given and such grace period has expired; 
 (l) any of the assumptions contained in any substantive non-consolidation opinion, delivered to Lender by Borrower’s counsel in connection with the Loan or otherwise hereunder, were not true and correct as of the
date of such opinion or thereafter became untrue or incorrect; 
 (m) a default shall be continuing under any of the other
terms, covenants or conditions of this Agreement or any other Loan Document not otherwise specified in this Section 8.1, for ten (10) business days after notice to Borrower from Lender, in the case of any default which can be cured
by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other default; provided, however, that if such non-monetary default is susceptible of cure but cannot reasonably be cured within such thirty
(30)-day period, and Borrower shall have commenced to cure such default within such thirty (30)-day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30)-day period shall be extended for an additional period
of time as is reasonably necessary for Borrower in the exercise of due diligence to cure such default, such additional period not to exceed ninety (90) days. 
 8.2 Remedies. 
 8.2.1 Acceleration. Upon the occurrence of an
Event of Default (other than an Event of Default described in paragraph (f) or (g) of Section 8.1 above) and at any time and from time to time thereafter, in addition to any other rights or remedies available to it pursuant to
the Loan Documents or at law or in equity, Lender may take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and in and to the Property; including declaring the Debt to be
immediately due and payable (including unpaid interest), Default Rate interest, Late Payment Charges, Yield Maintenance Premium and any other amounts owing by Borrower), without notice or demand; and upon any Event of Default described in paragraph
(f) or (g) of Section 8.1 above, the Debt (including unpaid interest, Default Rate interest, Late Payment Charges, Yield Maintenance Premium and any other amounts owing by Borrower) shall immediately and automatically become
due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained in any Loan Document to the contrary notwithstanding. 
 8.2.2 Remedies Cumulative. Upon the occurrence of an Event of Default, all or any one or more of the rights, powers,
privileges and other remedies available to Lender against Borrower under the Loan Documents or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared, or be
automatically, due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents. Any such actions taken by Lender shall be
cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Lender may determine in its discretion, to the fullest extent permitted by law, without impairing or otherwise
affecting the other rights and remedies of Lender permitted by 

  

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law, equity or contract or as set forth in the Loan Documents. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default
is continuing, (i) to the extent permitted by applicable law, Lender is not subject to any “one action” or “election of remedies” law or rule, and (ii) all Liens and other rights, remedies or privileges provided to
Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property, the Mortgage has been foreclosed, the Property has been sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has
been paid in full. To the extent permitted by applicable law, nothing contained in any Loan Document shall be construed as requiring Lender to resort to any portion of the Property for the satisfaction of any of the Debt in preference or priority to
any other portion, and Lender may seek satisfaction out of the entire Property or any part thereof, in its discretion. 
 8.2.3 [Intentionally Omitted] 
 8.2.4 Delay. No delay or omission to exercise any
remedy, right or power accruing upon an Event of Default, or the granting of any indulgence or compromise by Lender shall impair any such remedy, right or power hereunder or be construed as a waiver thereof, but any such remedy, right or power may
be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default shall not be construed to be a waiver of any subsequent Default or Event of Default or to impair any remedy, right or power
consequent thereon. Notwithstanding any other provision of this Agreement, Lender reserves the right to seek a deficiency judgment or preserve a deficiency claim in connection with the foreclosure of the Mortgage to the extent necessary to foreclose
on all or any portion of the Property, the Rents, the Cash Management Accounts or any other collateral. 
 8.2.5
Lender’s Right to Perform. If Borrower fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof
from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause
performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Debt (
and to the extent permitted under applicable laws, secured by the Mortgage and other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of
any such failure. 
  

	9.	SPECIAL PROVISIONS 

 9.1 Sale of Note
and Secondary Market Transaction. 
 9.1.1 General; Borrower Cooperation. Lender shall have the right at
any time and from time to time (i) to sell or otherwise transfer the Loan or any portion thereof or the Loan Documents or any interest therein to one or more investors, (ii) to sell participation interests in the Loan to one or more
investors (iii) to cause the Loan to be split into two or more separate loans or (iv) to securitize the Loan or any portion thereof in a single asset securitization or a pooled loan securitization of rated single or multi-class securities
(the “Securities”) secured by or 

  

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evidencing ownership interests in the Note and the Mortgage (each such sale, assignment, participation and/or securitization is referred to herein as a
“Secondary Market Transaction”). In connection with any Secondary Market Transaction, Borrower shall use all reasonable efforts and cooperate fully and in good faith with Lender and otherwise assist Lender in satisfying the
market standards to which Lender customarily adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with any such Secondary Market Transactions, including: (a) to (i) to provide such
financial and other information with respect to the Property, Borrower and its Affiliates, Manager and any tenants of the Property, (ii) provide business plans and budgets relating to the Property and (iii) subject to the rights of tenants
at the Property, perform or permit or cause to be performed or permitted such site inspection, appraisals, surveys, market studies, environmental reviews and reports, engineering reports and other due diligence investigations of the Property, as may
be reasonably requested from time to time by Lender or the Rating Agencies or as may be necessary or appropriate in connection with a Secondary Market Transaction or Exchange Act requirements (the items provided to Lender pursuant to this paragraph
(a) being called the “Provided Information”), together, if customary, with appropriate verification of and/or consents to the Provided Information through letters of auditors or opinions of counsel of independent
attorneys acceptable to Lender and the Rating Agencies; (b) cause counsel to render opinions as to non-consolidation and any other opinion customary in securitization transactions with respect to the Property, Borrower and its Affiliates, which
counsel and opinions shall be reasonably satisfactory to Lender and the Rating Agencies; (c) make such representations and warranties as of the closing date of any Secondary Market Transaction with respect to the Property, Borrower and the Loan
Documents as are customarily provided in such transactions and as may be reasonably requested by Lender or the Rating Agencies and consistent with the facts covered by such representations and warranties as they exist on the date thereof, including
the representations and warranties made in the Loan Documents; (d) provide current certificates of good standing and qualification with respect to Borrower and Sole Member from appropriate Governmental Authorities; and (e) execute such
amendments to the Loan Documents and Borrower’s organizational documents, as may be requested by Lender or the Rating Agencies or otherwise to effect a Secondary Market Transaction, provided that nothing contained in this subsection
(e) shall result in a material economic change in the transaction; provided that notwithstanding anything to the contrary in this Section 9.1.1 Borrower shall not be required to (A) incur any out-of-pocket expense in connection
with the Secondary Market Transaction unless Lender agrees to pay for such out of pocket expenses as they are incurred by Borrower (including, without limitation, a change in the interest rate or the stated maturity of the Loan), (B) agree to a
modification of any Loan Document that would have a material impact upon the rights, liabilities, or responsibilities of Borrower, or (C) take any actions that would impose a significant burden on Borrower. Borrower’s cooperation
obligations set forth herein shall continue until the Loan has been paid in full. 
 9.1.2 Use of Information.
Borrower understands that all or any portion of the Provided Information and the Required Records may be included in disclosure documents in connection with a Secondary Market Transaction, including a prospectus or private placement memorandum
(each, a “Disclosure Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the
Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or provided or made available to investors or prospective investors in the Securities, the 

  

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Rating Agencies, and service providers or other parties relating to the Secondary Market Transaction. If the Disclosure Document is required to be revised,
Borrower shall cooperate with Lender in updating the Provided Information or Required Records for inclusion or summary in the Disclosure Document or for other use reasonably required in connection with a Secondary Market Transaction by providing all
current information pertaining to Borrower, Manager and the Property necessary to keep the Disclosure Document accurate and complete in all material respects with respect to such matters. 
 9.1.3 Borrower Obligations Regarding Disclosure Documents. In connection with a Disclosure Document, Borrower shall:
(a) if requested by Lender, certify in writing that Borrower has carefully examined those portions of such Disclosure Document, pertaining to Borrower, the Property, Manager and the Loan, and that such portions do not contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; and (b) indemnify (in a separate instrument of
indemnity, if so requested by Lender) (i) any underwriter, syndicate member or placement agent (collectively, the “Underwriters”) retained by Lender or its issuing company affiliate (the “Issuer”)
in connection with a Secondary Market Transaction, (ii) Lender and (iii) the Issuer that is named in the Disclosure Document or registration statement relating to a Secondary Market Transaction (the “Registration
Statement”), and each of the Issuer’s directors, each of its officers who have signed the Registration Statement and each person or entity who controls the Issuer or the Lender within the meaning of Section 15 of the
Securities Act or Section 30 of the Exchange Act (collectively within (iii), the “GCM Group”), and each of its directors and each person who controls each of the Underwriters, within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act (collectively, the “Underwriter Group”) for any losses, claims, damages or liabilities (the “Liabilities”) to which Lender, the GCM Group or the
Underwriter Group may become subject (including reimbursing all of them for any legal or other expenses actually incurred in connection with investigating or defending the Liabilities) insofar as the Liabilities arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in any of the Provided Information or in any of the applicable portions of such sections of the Disclosure Document applicable to Borrower, Manager, the Property or the
Loan, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated in the applicable portions of such sections or necessary in order to make the statements in the applicable portions of
such sections in light of the circumstances under which they were made, not misleading; provided, however, that Borrower shall not be required to indemnify Lender for any Liabilities relating to untrue statements or omissions which Borrower
identified to Lender in writing at the time of Borrower’s examination of such Disclosure Document. 
 9.1.4
Borrower Indemnity Regarding Filings. In connection with filings under the Exchange Act, Borrower shall (i) indemnify Lender, the GCM Group and the Underwriter Group for any Liabilities to which Lender, the GCM Group or the
Underwriter Group may become subject insofar as the Liabilities arise out of or are based upon the omission or alleged omission to state in the Provided Information a material fact required to be stated in the Provided Information in order to make
the statements in the Provided Information, in light of the circumstances under which they were made not misleading and (ii) reimburse Lender, the GCM Group or the Underwriter Group for any legal or other expenses actually incurred by 

  

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Lender, GCM Group or the Underwriter Group in connection with defending or investigating the Liabilities. 
 9.1.5 Indemnification Procedure. Promptly after receipt by an indemnified party under Section 9.1.3 above or
Section 9.1.4 above of notice of the commencement of any action for which a claim for indemnification is to be made against Borrower, such indemnified party shall notify Borrower in writing of such commencement, but the omission to so
notify Borrower will not relieve Borrower from any liability that it may have to any indemnified party hereunder except to the extent that failure to notify causes prejudice to Borrower. If any action is brought against any indemnified party, and it
notifies Borrower of the commencement thereof, Borrower will be entitled, jointly with any other indemnifying party, to participate therein and, to the extent that it (or they) may elect by written notice delivered to the indemnified party promptly
after receiving the aforesaid notice of commencement, to assume the defense thereof with counsel satisfactory to such indemnified party in its discretion. After notice from Borrower to such indemnified party under this Section 9.1.5,
Borrower shall not be responsible for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, if the defendants in any such
action include both Borrower and an indemnified party, and any indemnified party shall have reasonably concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or additional to those
available to Borrower, then the indemnified party or parties shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties.
Borrower shall not be liable for the expenses of more than one separate counsel unless there are legal defenses available to it that are different from or additional to those available to another indemnified party. 
 9.1.6 Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnity
agreement provided for in Section 9.1.3 above or Section 9.1.4 above is for any reason held to be unenforceable by an indemnified party in respect of any Liabilities (or action in respect thereof) referred to therein which
would otherwise be indemnifiable under Section 9.1.3 above or Section 9.1.4 above, Borrower shall contribute to the amount paid or payable by the indemnified party as a result of such Liabilities (or action in respect
thereof); provided, however, that no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person not guilty of such fraudulent misrepresentation. In
determining the amount of contribution to which the respective parties are entitled, the following factors shall be considered: (i) the GCM Group’s and Borrower’s relative knowledge and access to information concerning the matter with
respect to which the claim was asserted; (ii) the opportunity to correct and prevent any statement or omission; and (iii) any other equitable considerations appropriate in the circumstances. Lender and Borrower hereby agree that it may not
be equitable if the amount of such contribution were determined by pro rata or per capita allocation. 
 9.1.7
[Intentionally Omitted] 
 9.1.8 Severance of Loan. Lender shall have the right, at any time (whether
prior to, in connection with, or after any Secondary Market Transaction or for the purpose of enforcing Lender’s rights and remedies under the Loan Documents), with respect to all or any 

  

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portion of the Loan, to modify, split and/or sever all or any portion of the Loan as hereinafter provided. Without limiting the foregoing, Lender may
(i) cause the Note and the Mortgage to be split into a first and second mortgage loan, (ii) create one more senior and subordinate notes (i.e., an A/B or A/B/C structure), (iii) create multiple components of the Note or Notes (and
allocate or reallocate the principal balance of the Loan among such components) or (iv) otherwise sever the Loan into two (2) or more loans secured by mortgages and by a pledge of partnership or membership interests (directly or
indirectly) in Borrower (i.e., a senior loan/mezzanine loan structure), in each such case, in whatever proportion and whatever priority Lender determines; provided, however, in each such instance the outstanding principal balance of all the Notes
evidencing the Loan (or components of such Notes) immediately after the effective date of such modification equals the outstanding principal balance of the Loan immediately prior to such modification and the weighted average of the interest rates
for all such Notes (or components of such Notes) immediately after the effective date of such modification equals the interest rate of the original Note immediately prior to such modification. If requested by Lender, Borrower (and Borrower’s
constituent members, if applicable) shall execute within two (2) Business Days after such request, such documentation as Lender may reasonably request to evidence and/or effectuate any such modification or severance. Borrower shall not be
required to (A) incur any out-of-pocket expense in connection with any action taken pursuant to this Section 9.1.8 unless Lender agrees to pay for such out of pocket expenses as they are incurred by Borrower (including, without
limitation, a change in the interest rate or the stated maturity of the Loan), (B) agree to a modification of any Loan Document that would have a material impact upon the rights, liabilities, or responsibilities of Borrower, or (C) take
any actions that would impose a significant burden on Borrower. 
  

	10.	MISCELLANEOUS 

 10.1
Exculpation. Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to perform and observe the obligations contained in the Loan Documents by any action or proceeding wherein a money
judgment shall be sought against Borrower, except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest and rights under
the Loan Documents, or in the Property, the Rents or any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be
enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the Rents and in any other collateral given to Lender, and Lender shall not sue for, seek or demand any deficiency judgment against Borrower in any such
action or proceeding under or by reason of or under or in connection with any Loan Document. The provisions of this Section 10.1 shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or
secured by any Loan Document; (ii) impair the right of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Mortgage; (iii) affect the validity or enforceability of any of the Loan Documents
or any guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder; (iv) impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of the Assignment of Leases;
(vi) constitute a prohibition against Lender to commence any other appropriate action or proceeding in order for Lender to fully realize the security granted by the Mortgage or to exercise its remedies against the Property; or
(vii) constitute a waiver of the right of Lender to enforce the liability and obligation 

  

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of Borrower (but not any of Borrower’s constituent members, partners, officers, directors or shareholders), by money judgment or otherwise, to the
extent of any loss, damage, cost, expense, liability, claim or other obligation incurred by Lender (including attorneys’ fees and costs reasonably incurred) arising out of or in connection with the following (all such liability and obligation
of Borrower for any or all of the following being referred to herein as “Borrower’s Recourse Liabilities”): 
 (a) fraud or intentional misrepresentation by Borrower or Sole Member in connection with obtaining the Loan; 
 (b) intentional waste of the Property or any portion thereof, or after an Event of Default the removal or disposal of any portion of the Property; 
 (c) any Proceeds paid by reason of any Insured Casualty or any Award received in connection with a Condemnation or other sums or payments
attributable to the Property to the extent not applied in accordance with the provisions of the Loan Documents (except to the extent that Borrower did not have the legal right, because of a bankruptcy, receivership or similar judicial proceeding, to
direct disbursement of such sums or payments); 
 (d) all Rents of the Property received or collected by or on behalf of the
Borrower after an Event of Default and not applied to payment of Principal and interest due under the Note, and to the payment of actual and reasonable operating expenses of the Property, as they become due or payable (except to the extent that such
application of such funds is prevented by bankruptcy, receivership, or similar judicial proceeding in which Borrower is legally prevented from directing the disbursement of such sums); 
 (e) misappropriation (including failure to turn over to Lender on demand following an Event of Default) of tenant security deposits and
rents collected in advance; 
 (f) the failure to pay Taxes or Insurance Premiums, provided Borrower shall not be liable to
the extent funds to pay such amounts are available in the Tax and Insurance Subaccount and Lender failed to pay same; 
 (g)
the failure to pay transfer fees and charges due Lender under the Loan Documents in connection with any subordinate financing or any transfer of all or any part of the Property, or any interest therein, from Borrower to Borrower’s transferee,
or transfer of beneficial interest in Borrower; or 
 (h) the breach of any representation, warranty, covenant or
indemnification in any Loan Document concerning Environmental Laws or Hazardous Substances, including Section 4.21 hereof and Section 5.8 hereof, and clauses (viii) through (xi) of Section 5.30 hereof.

 Notwithstanding anything to the contrary in this Agreement or any of the Loan Documents, (A) Lender shall not be deemed to have waived any right
which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall continue to secure all of 

  

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the Debt in accordance with the Loan Documents, and (B) Lender’s agreement not to pursue personal liability of Borrower as set forth above SHALL
BECOME NULL AND VOID and shall be of no further force and effect, and the Debt shall be fully recourse to Borrower (but not any of Borrower’s other constituent members, partners, officers, directors or shareholders) in the event that one or
more of the following occurs (each, a “Springing Recourse Event”): (i) an Event of Default described in Section 8.1(d) hereof shall have occurred (solely as a result of a voluntary Transfer), or (ii) a
breach of the covenants set forth in Section 5.13 hereof, or (iii) Borrower’s voluntary commencement of proceedings to be adjudicated bankrupt or insolvent; Borrower’s consent to the institution of bankruptcy or insolvency
proceedings against it; Borrower’s filing of a petition seeking, or consent to, reorganization or relief under any applicable federal or state law relating to bankruptcy or insolvency; Borrower’s consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of Borrower or a substantial part of Borrower’s property; Borrower’s assignment for the benefit of creditors; or the filing of an involuntary petition in bankruptcy or
insolvency proceedings against Borrower by any principal of or owner of any interest in Borrower or any affiliate of or party related to Borrower (but excluding any owner or affiliate that indirectly owns or is affiliated with Borrower solely from
its ownership of shares in the REIT). 
 10.2 Brokers and Financial Advisors. Borrower shall indemnify and hold Lender harmless
from and against any and all claims, liabilities, costs and expenses (including attorneys’ fees, whether incurred in connection with enforcing this indemnity or defending claims of third parties) of any kind in any way relating to or arising
from a claim by any Person that such Person acted on behalf of Borrower in connection with the transactions contemplated herein. Lender shall indemnify and hold Borrower harmless from and against any and all claims, liabilities, costs and expenses
(including attorneys’ fees, whether incurred in connection with enforcing this indemnity or defending claims of third parties) of any kind in any way relating to or arising from a claim by any Person that such Person acted on behalf of Lender
in connection with the transactions contemplated herein. The provisions of this Section 10.2 shall survive the expiration and termination of this Agreement and the repayment of the Debt. 
 10.3 Retention of Servicer. Lender reserves the right to retain the Servicer to act as its agent hereunder with such powers as are
specifically delegated to the Servicer by Lender, whether pursuant to the terms of this Agreement, any pooling and servicing agreement or similar agreement entered into as a result of a Secondary Market Transaction, the Deposit Account Agreement or
otherwise, together with such other powers as are reasonably incidental thereto. Borrower shall pay any reasonable fees and expenses of the Servicer (i) in connection with a release of the Property (or any portion thereof), (ii) in
connection with an assumption or modification of the Loan, (iii) in connection with the enforcement of the Loan Documents or (iv) in connection with any other action or approval taken by Servicer hereunder on behalf of Lender (which shall
not include ongoing regular servicing fees relating to the day-to-day servicing of the Loan, for which Borrower shall not be charged). 
 10.4 Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and
delivery to Lender of the Note, and shall continue in full force and effect so long as any of the Debt is unpaid or such longer period if expressly set 

  

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forth in this Agreement. All Borrower’s covenants and agreements in this Agreement shall inure to the benefit of the respective legal representatives,
successors and assigns of Lender. 
 10.5 Lender’s Discretion. Whenever pursuant to this Agreement or any other Loan
Document, Lender exercises any right given to it to approve or disapprove, or consent or withhold consent, or any arrangement or term is to be satisfactory to Lender or is to be in Lender’s discretion, the decision of Lender to approve or
disapprove, to consent or withhold consent, or to decide whether arrangements or terms are satisfactory or not satisfactory, or acceptable or unacceptable or in Lender’s discretion shall (except as is otherwise specifically herein provided) be
in the reasonable discretion of Lender. 
 10.6 Governing Law. 
 THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO CONTRACTS MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER
JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 10.7 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement or of any other Loan Document, nor consent to any
departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for
the purpose, for which given. Except as otherwise expressly provided herein, no notice to or demand on Borrower shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances. Neither any failure nor any
delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under any other Loan Document, shall operate as or constitute a waiver
thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any
amount payable under any Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under the Loan Documents, or to declare an Event of Default for failure to effect prompt
payment of any such other amount. 
 10.8 Trial by Jury. BORROWER AND LENDER HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO 

  

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ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EITHER PARTY IS HEREBY AUTHORIZED TO
FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER. 
 10.9 Headings/Exhibits.
The Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. The Exhibits attached hereto, are hereby incorporated by reference as a part of the
Agreement with the same force and effect as if set forth in the body hereof. 
 10.10 Severability. Wherever possible, each
provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to
the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 10.11 Preferences. Upon the occurrence and continuance of an Event of Default, Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the Debt.
To the extent Borrower makes a payment to Lender, or Lender receives proceeds of any collateral, which is in whole or part subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver
or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the Debt or part thereof intended to be satisfied shall be revived and continue in full force
and effect, as if such payment or proceeds had not been received by Lender. This provision shall survive the expiration or termination of this Agreement and the repayment of the Debt. 
 10.12 Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender except with respect to matters
for which this Agreement or any other Loan Document specifically and expressly requires the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to
waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which no Loan Document specifically and expressly requires the giving of notice by Lender to Borrower.

 10.13 Remedies of Borrower. If a claim or adjudication is made that Lender or any of its agents, including Servicer, has
acted unreasonably or unreasonably delayed acting in any case where by law or under any Loan Document, Lender or any such agent, as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents,
including Servicer, shall be liable for any monetary damages, and Borrower’s sole remedy shall be to commence an action seeking injunctive relief or declaratory judgment. Any action or proceeding to determine whether Lender has acted reasonably
shall be determined by an action seeking declaratory judgment. Borrower specifically waives any claim against Lender and its agents, including Servicer, with respect to actions taken by Lender or its agents on Borrower’s behalf. 
  

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 10.14 Prior Agreements. This Agreement and the other Loan Documents contain the entire
agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements, understandings and negotiations among or between such parties, whether oral or written, are superseded by the terms
of this Agreement and the other Loan Documents. 
 10.15 Offsets, Counterclaims and Defenses. Borrower hereby waives the right
to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents, including Servicer, or otherwise offset any obligations to make payments required under the Loan Documents.

 10.16 Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any media intended to
reach the general public, which refers to the Loan Documents, the Loan, Lender or any member of the GCM Group, a Loan purchaser, the Servicer or the trustee in a Secondary Market Transaction, shall be subject to the prior written approval of Lender,
which approval shall not be unreasonably withheld. Lender shall have the right to issue any of the foregoing without Borrower’s approval. Notwithstanding anything stated to the contrary in this Section 10.16, nothing contained in
this Section 10.16 shall prohibit or impair Borrower’s right to disclose information relating to the Loan and/or the Loan Documents (a) to any due diligence representatives and/or consultants that are engaged by, work for or
are acting on behalf of, any securities dealers and/or broker dealers evaluating Borrower, (b) in connection with any filings (including any amendment or supplement to any S-11 filing) with governmental agencies (including the SEC) by the REIT,
and (c) to any broker/dealers in the REIT’s broker/dealer network and any of the REIT investors. 
 10.17 No Usury.
Borrower and Lender intend at all times to comply with applicable state law or applicable United States federal law (to the extent that it permits Lender to contract for, charge, take, reserve or receive a greater amount of interest than under state
law) and that this Section 10.17 shall control every other agreement in the Loan Documents. If the applicable law (state or federal) is ever judicially interpreted so as to render usurious any amount called for under the Note or any
other Loan Document, or contracted for, charged, taken, reserved or received with respect to the Debt, or if Lender’s exercise of the option to accelerate the maturity of the Loan or any prepayment by Borrower results in Borrower having paid
any interest in excess of that permitted by applicable law, then it is Borrower’s and Lender’s express intent that all excess amounts theretofore collected by Lender shall be credited against the unpaid Principal and all other Debt (or, if
the Debt has been or would thereby be paid in full, refunded to Borrower), and the provisions of the Loan Documents immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of the execution of
any new document, so as to comply with applicable law, but so as to permit the recovery of the fullest amount otherwise called for thereunder. All sums paid or agreed to be paid to Lender for the use, forbearance or detention of the Loan shall, to
the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Debt does not exceed the maximum lawful
rate from time to time in effect and applicable to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained in any Loan Document, it is not the intention of Lender to accelerate the maturity of any interest
that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. 
  

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 10.18 Conflict; Construction of Documents. In the event of any conflict between the
provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that each is represented by separate counsel in connection with the negotiation and drafting of the Loan
Documents and that the Loan Documents shall not be subject to the principle of construing their meaning against the party that drafted them. 
 10.19 No Third Party Beneficiaries. The Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in any Loan Document shall be deemed to confer upon anyone other than the Lender and Borrower any
right to insist upon or to enforce the performance or observance of any of the obligations contained therein. 
 10.20 Yield
Maintenance Premium. Borrower acknowledges that (a) Lender is making the Loan in consideration of the receipt by Lender of all interest and other benefits intended to be conferred by the Loan Documents and (b) if payments of
Principal are made to Lender prior to the Stated Maturity Date, for any reason whatsoever, whether voluntary, as a result of Lender’s acceleration of the Loan after an Event of Default, by operation of law or otherwise, Lender will not receive
all such interest and other benefits and may, in addition, incur costs. For these reasons, and to induce Lender to make the Loan, Borrower agrees that, except as expressly provided in Article 7 hereof, all prepayments, if any, whether
voluntary or involuntary, will be accompanied by the Yield Maintenance Premium. Such Yield Maintenance Premium shall be required whether payment is made by Borrower, by a Person on behalf of Borrower, or by the purchaser at any foreclosure sale, and
may be included in any bid by Lender at such sale. Borrower further acknowledges that (A) it is a knowledgeable real estate developer and/or investor; (B) it fully understands the effect of the provisions of this Section 10.20,
as well as the other provisions of the Loan Documents; (C) the making of the Loan by Lender at the Interest Rate and other terms set forth in the Loan Documents are sufficient consideration for Borrower’s obligation to pay a Yield
Maintenance Premium (if required); and (D) Lender would not make the Loan on the terms set forth herein without the inclusion of such provisions. Borrower also acknowledges that the provisions of this Agreement limiting the right of prepayment
and providing for the payment of the Yield Maintenance Premium and other charges specified herein were independently negotiated and bargained for, and constitute a specific material part of the consideration given by Borrower to Lender for the
making of the Loan except as expressly permitted hereunder. 
 10.21 Assignment. The Loan, the Note, the Loan Documents and/or
Lender’s rights, title, obligations and interests therein may be assigned by Lender and any of its successors and assigns to any Person at any time in its discretion, in whole or in part, whether by operation of law (pursuant to a merger or
other successor in interest) or otherwise. Upon such assignment, all references to Lender in this Agreement and in any Loan Document shall be deemed to refer to such assignee or successor in interest and such assignee or successor in interest shall
thereafter stand in the place of Lender. Borrower may not assign its rights, title, interests or obligations under this Agreement or under any of the Loan Documents except in connection with a Transfer and Assumption permitted hereunder. 

10.22 Certain Additional Rights of Lender. Notwithstanding anything to the contrary which may be contained in this
Agreement, Lender shall have: 
  

 -68- 

 (i) the right to routinely consult with Borrower’s management regarding the
significant business activities and business and financial developments of Borrower, provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances. Consultation
meetings should occur on a regular basis (no less frequently than quarterly) with Lender having the right to call special meetings at any reasonable times; 
 (ii) the right, in accordance with the terms of this Agreement, to examine the books and records of Borrower at any time upon reasonable notice; 
 (iii) the right, in accordance with the terms of this Agreement, to receive monthly, quarterly and year-end financial reports, including
balance sheets, statements of income, shareholder’s equity and cash flow, a management report and schedules of outstanding indebtedness; 
 (iv) the right, without restricting any other rights of Lender under this Agreement (including any similar right), to restrict financing to be obtained with respect to the Property so long as any portion of the Debt
remains outstanding; 
 (v) the right, without restricting any other right of Lender under this Agreement or the other Loan
Documents (including any similar right), to restrict, upon the occurrence of an Event of Default, Borrower’s payments of management, consulting, director or similar fees to Affiliates of Borrower from the Rents; 
 (vi) the right, without restricting any other rights of Lender under this Agreement (including any similar right), to approve any
operating budget and/or capital budget of Borrower; 
 (vii) the right, without restricting any other rights of Lender under
this Agreement (including any similar right), to approve any acquisition by Borrower of any other significant property (other than personal property required for the day to day operation of the Property); and 
 (viii) the right, without restricting any other rights of Lender under this Agreement (including any similar right), to restrict the
transfer of interests in Borrower held by its members, and the right to restrict the transfer of interests in such member, except for any transfer that is a Permitted Transfer. 
 The rights described above may be exercised directly or indirectly by any Person that owns substantially all of the ownership interests in
Lender. The provisions of this Section are intended to satisfy the requirement of management rights for purposes of the Department of Labor “plan assets” regulation 29 C.F.R., Section 2510.3-101. 
 10.23 Set-Off. In addition to any rights and remedies of Lender provided by this Agreement and by law, following and during the continuance of
an Event of Default, Lender shall have the right, without prior notice to Borrower, any such notice being expressly waived by Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by Borrower hereunder (whether
at the stated maturity, by 

  

 -69- 

 
acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional
or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Lender or any Affiliate thereof to or for
the credit or the account of Borrower. 
 10.24 Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
 [Remainder of Page Intentionally Left Blank] 
  

 -70- 

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

									
	KBS SOUTHPARK COMMERCE CENTER II, LLC, a Delaware limited liability company
		
	By:	 	KBS REIT ACQUISITION IV, LLC, a Delaware limited liability company, its sole member
			
		 	By:	 	KBS Limited Partnership, a Delaware limited partnership, its sole member
				
		 		 	By:	 	KBS REAL ESTATE INVESTMENT TRUST, INC., a Maryland corporation, general partner
					
		 		 		 	By:	 	/s/ Charles J. Schreiber, Jr.
		 		 		 		 	Charles J. Schreiber, Jr.
		 		 		 		 	Chief Executive Officer
	
	GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation
		
	By:	 	/s/ Authorized Signatory
		 	Name:
		 	Title:

  

 -71- 

 Schedule 1 
 Form of Notice to Tenants 
 [BORROWER’S NAME AND ADDRESS] 
                 , 200_ 
 Certified Mail 
 Return Receipt Requested

 [Name and Address of Tenant] 
  

	 	Re:	Lease of Space at
                             

                     ,
                    (the “Building”) 
 Ladies and Gentlemen: 
 The undersigned is the owner of the Building and the landlord under your lease of space in the Building
(your “Lease”). 
 By this letter, you are hereby directed (1) to make all checks, in payment of rent and other sums due to
the landlord under your Lease, payable to the order of “[Borrower] for the benefit of Greenwich Capital Financial Products, Inc., as beneficiary, Account No.
                    ” , and (2) to deliver such checks or otherwise make such payments to the following address: 
 [Name and Address of Clearing Bank] 
 The
foregoing direction is irrevocable, except with the written consent of our mortgagee, Greenwich Capital Financial Products, Inc. (or its successors or assigns), notwithstanding any future contrary request or direction from the undersigned or any
other person (other than Greenwich Capital Financial Products, Inc. (or its successors or assigns). Thank you for your cooperation. 
  

					
	Very truly yours,
	
	[BORROWER]
		
	By:	 	  
		 	Name:	 	  
		 	Title:	 	  

  

 Schedule 1 
 -1- 

 Schedule 2 
 Exceptions to Representations and Warranties 
 None 

 Schedule 2 
 -1- 

 Schedule 3 
 Rent Roll 

 Schedule 3 
 -1- 

 Schedule 4 
 Organization of Borrower 
  

 Schedule 4 
 -1- 

 Schedule 5 
 Definition of Special Purpose Bankruptcy Remote Entity 
 A “Special Purpose Bankruptcy Remote
Entity” means (x) a limited liability company that is a Single Member Bankruptcy Remote LLC or (y) a corporation, limited partnership or limited liability company which at all times since its formation and at all times
thereafter 
 (i) was and will be organized solely for the purpose of (A) owning the Property or (B) acting as a
general partner of the limited partnership that owns the Property or member of the limited liability company that owns the Property; 
 (ii) has not engaged and will not engage in any business unrelated to (A) the ownership of the Property, (B) acting as general partner of the limited partnership that owns the Property or (C) acting as a member of the limited
liability company that owns the Property, as applicable; 
 (iii) has not had and will not have any assets other than those
related to the Property or its partnership or member interest in the limited partnership or limited liability company that owns the Property, as applicable; 
 (iv) has not engaged, sought or consented to and will not engage in, seek or consent to any dissolution, winding up, liquidation,
consolidation, merger, asset sale (except as expressly permitted by this Agreement), transfer of partnership or membership interests or the like, or amendment of its limited partnership agreement, articles of incorporation, articles of organization,
certificate of formation or operating agreement (as applicable); 
 (v) [Intentionally Omitted]; 
 (vi) [Intentionally Omitted]; 
 (vii) if such entity is a limited liability company, has and will have at least one member that has been and will be a Special Purpose Bankruptcy Remote Entity that has been and will be a corporation or a limited
liability company and such corporation or limited liability company is the managing member of such limited liability company; 
 (viii) if such entity is a limited liability company, has and will have articles of organization, a certificate of formation and/or an operating agreement, as applicable, providing that (A) such entity will dissolve only upon the
bankruptcy of the managing member, (B) the vote of a majority-in-interest of the remaining members is sufficient to continue the life of the limited liability company in the event of such bankruptcy of the managing member and (C) if the
vote of a majority-in-interest of the remaining members to continue the life of the limited liability company following the bankruptcy of the managing member is not obtained, the limited liability company may 

  

 Schedule 5 
 -1- 

 
not liquidate the Property without the consent of the applicable Rating Agencies for as long as the Loan is outstanding; 
 (ix) has not, and without the unanimous consent of all of its partners, directors or members (including all Independent Directors), as
applicable, will not, with respect to itself or to any other entity in which it has a direct or indirect legal or beneficial ownership interest (A) file a bankruptcy, insolvency or reorganization petition or otherwise institute insolvency
proceedings or otherwise seek any relief under any laws relating to the relief from debts or the protection of debtors generally, (B) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or
any similar official for such entity or for all or any portion of such entity’s properties, (C) make any assignment for the benefit of such entity’s creditors or (D) take any action that might cause such entity to become
insolvent; 
 (x) has remained and will remain solvent and has maintained and will maintain adequate capital in light of its
contemplated business operations; 
 (xi) has not failed and will not fail to correct any known misunderstanding regarding the
separate identity of such entity; 
 (xii) has maintained and will maintain its accounts, books and records separate from any
other Person and will file its own tax returns; 
 (xiii) has maintained and will maintain its books, records, resolutions and
agreements as official records; 
 (xiv) has not commingled and will not commingle its funds or assets with those of any other
Person; 
 (xv) has held and will hold its assets in its own name; 
 (xvi) has conducted and will conduct its business in its name, 
 (xvii) has maintained and will maintain its financial statements, accounting records and other entity documents separate from any other
Person; 
 (xviii) has paid and will pay its own liabilities, including the salaries of its own employees, out of its own
funds and assets; 
 (xix) has observed and will observe all partnership, corporate or limited liability company formalities,
as applicable; 
 (xx) has maintained and will maintain an arm’s-length relationship with its Affiliates; 
 (xxi) (a) if such entity owns the Property, has and will have no indebtedness other than Permitted Indebtedness, or (b) if such
entity acts as the general 

  

 Schedule 5 
 -2- 

 
partner of a limited partnership which owns the Property, has and will have no indebtedness other than unsecured trade payables in the ordinary course of
business relating to acting as general partner of the limited partnership which owns the Property which (1) do not exceed, at any time, $100,000 and (2) are paid within sixty (60) days of the date incurred, or (c) if such entity
acts as a managing member of a limited liability company which owns the Property, has and will have no indebtedness other than unsecured trade payables in the ordinary course of business relating to acting as a member of the limited liability
company which owns the Property which (1) do not exceed, at any time, $100,000 and (2) are paid within sixty (60) days of the date incurred; 
 (xxii) has not and will not assume or guarantee or become obligated for the debts of any other Person or hold out its credit as being available to satisfy the obligations of any other Person except for the Loan;

 (xxiii) has not and will not acquire obligations or securities of its partners, members or shareholders; 
 (xxiv) has allocated and will allocate fairly and reasonably shared expenses, including shared office space, and uses separate stationery,
invoices and checks; 
 (xxv) except in connection with the Loan, has not pledged and will not pledge its assets for the
benefit of any other Person; 
 (xxvi) has held itself out and identified itself and will hold itself out and identify itself
as a separate and distinct entity under its own name and not as a division or part of any other Person; 
 (xxvii) has
maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person; 
 (xxviii) has not made and will not make loans to any Person; 
 (xxix) has not identified and will not identify its partners, members or shareholders, or any Affiliate of any of them, as a division or
part of it; 
 (xxx) has not entered into or been a party to, and will not enter into or be a party to, any transaction with
its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are intrinsically fair and are no less favorable to it than would be obtained in a comparable arm’s-length transaction with an
unrelated third party; 
 (xxxi) has and will have no obligation to indemnify its partners, officers, directors, members or
Special Members, as the case may be, or has such an obligation that is fully subordinated to the Debt and will not constitute a claim against it if cash flow 

  

 Schedule 5 
 -3- 

 
in excess of the amount required to pay the Debt is insufficient to pay such obligation; and 
 (xxxii) will consider the interests of its creditors in connection with all corporate, partnership or limited liability actions, as
applicable. 
 “Independent Director” means (x) in the case of a Single Member Bankruptcy Remote LLC: a natural person selected
by Borrower and reasonably satisfactory to Lender who shall not have been at the time of such individual’s appointment as an Independent Director of the Single Member Bankruptcy Remote LLC, does not thereafter become while serving as an
Independent Director (except pursuant to an express provision in the Single Member Bankruptcy Remote LLC’s limited liability company agreement providing for the Independent Director to become a Special Member (defined below) upon the sole
member of such Single Member Bankruptcy Remote LLC ceasing to be a member in such Single Member Bankruptcy Remote LLC) and shall not have been at any time during the preceding five (5) years (i) a shareholder/partner/member of, or an
officer or employee of, Borrower or any of its shareholders, subsidiaries or Affiliates, (ii) a director (other than as an Independent Director) of any shareholder, subsidiary or Affiliate of Borrower, (iii) a customer of, or supplier to,
Borrower or any of its shareholders, subsidiaries or Affiliates, (iv) a Person who Controls any such shareholder, supplier or customer, or (v) a member of the immediate family of any such shareholder/ director/partner/member, officer,
employee, supplier or customer or of any director of Borrower (other than as an Independent Director); and (y) in the case of a corporation, an individual selected by Borrower and reasonably satisfactory to Lender who shall not have been at the
time of such individual’s appointment as a director, does not thereafter become while serving as an Independent Director and shall not have been at any time during the preceding five (5) years (i) a shareholder/partner/member of, or
an officer, employee, consultant, agent or advisor of, Borrower or any of its shareholders, subsidiaries, members or Affiliates, (ii) a director of any shareholder, subsidiary, member, or Affiliate of Borrower other than Borrower’s general
partner or managing member, (iii) a customer of, or supplier to, Borrower or any of its shareholders, subsidiaries or Affiliates that derives more than 10% of its purchases or income from its activities with Borrower or any Affiliate of
Borrower, (iv) a Person who Controls any such shareholder, supplier or customer, or (v) a member of the immediate family (including a grandchild or sibling) of any such shareholder/director/partner/member, officer, employee, supplier or
customer or of any other director of Borrower’s general partner or managing member. The Independent Director for the Loan shall not be the same person as any director (including any Independent Director) associated with the Mezzanine Loan
Borrower. 
 “Single Member Bankruptcy Remote LLC” means a limited liability company organized under the laws of the State of
Delaware which at all times since its formation and at all times thereafter (i) complies with the following clauses of the definition of Special Purpose Bankruptcy Remote Entity above: (i)(A), (ii)(A), (iii), (iv), (ix), (x), (xi) and
(xiii) through (xxxii); (ii) has maintained and will maintain its accounts, books and records separate from any other person; (iii) has and will have an operating agreement which provides that the business and affairs of Borrower
shall be managed by or under the direction of a board of one or more directors designated by Sole Member, and at all times there shall be at least one (1) duly appointed Independent Director on the board of directors, and the board of directors
will not take any 

  

 Schedule 5 
 -4- 

 
action requiring the unanimous affirmative vote of 100% of the members of its board of directors unless, at the time of such action there is at least one
(1) member of the board of directors who is an Independent Director, and all of the directors and all Independent Directors shall have participated in such vote (the Independent Director of the Borrower shall not be the same person as any
director (including any Independent Director) associated with the Mezzanine Loan Borrower; (iv) has and will have an operating agreement which provides that, as long as any portion of the Debt remains outstanding, (A) upon the occurrence
of any event that causes Sole Member to cease to be a member of Borrower (other than (x) upon an assignment by Sole Member of all of its limited liability company interest in Borrower and the admission of the transferee, if permitted pursuant
to the organizational documents of Borrower and the Loan Documents, or (y) the resignation of Sole Member and the admission of an additional member of Borrower, if permitted pursuant to the organizational documents of Borrower and the Loan
Documents), the person acting as an Independent Director of Borrower shall, without any action of any Person and simultaneously with Sole Member ceasing to be a member of Borrower, automatically be admitted as the sole member of Borrower (the
“Special Member”) and shall preserve and continue the existence of Borrower without dissolution, (B) no Special Member may resign or transfer its rights as Special Member unless (x) a successor Special Member has
been admitted to Borrower as a Special Member, and (y) such successor Special Member has also accepted its appointment as an Independent Director and (C) except as expressly permitted pursuant to the terms of this Agreement, Sole Member
may not resign and no additional member shall be admitted to Borrower; (v) has and will have an operating agreement which provides that, as long as any portion of the Debt remains outstanding, (A) Borrower shall be dissolved, and its
affairs shall be would up only upon the first to occur of the following: (x) the termination of the legal existence of the last remaining member of Borrower or the occurrence of any other event which terminates the continued membership of the
last remaining member of Borrower in Borrower unless the business of Borrower is continued in a manner permitted by its operating agreement or the Delaware Limited Liability Company Act (the “Act”) or (y) the entry of a
decree of judicial dissolution under Section 18-802 of the Act; (B) upon the occurrence of any event that causes the last remaining member of Borrower to cease to be a member of Borrower or that causes Sole Member to cease to be a member
of Borrower (other than (x) upon an assignment by Sole Member of all of its limited liability company interest in Borrower and the admission of the transferee, if permitted pursuant to the organizational documents of Borrower and the Loan
Documents, or (y) the resignation of Sole Member and the admission of an additional member of Borrower, if permitted pursuant to the organizational documents of Borrower and the Loan Documents), to the fullest extent permitted by law, the
personal representative of such member shall be authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued membership of such member in Borrower, agree in writing to continue the existence of Borrower
and to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of Borrower, effective as of the occurrence of the event that terminated the continued membership of such member in Borrower;
(C) the bankruptcy of Sole Member or a Special Member shall not cause such member or Special Member, respectively, to cease to be a member of Borrower and upon the occurrence of such an event, the business of Borrower shall continue without
dissolution; (D) in the event of dissolution of Borrower, Borrower shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of Borrower in an orderly manner), and the assets of Borrower shall
be applied in the manner, and in the order of 

  

 Schedule 5 
 -5- 

 
priority, set forth in Section 18-804 of the Act; and (E) to the fullest extent permitted by law, each of Sole Member and the Special Members shall
irrevocably waive any right or power that they might have to cause Borrower or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of Borrower, to compel any sale of all or any portion of
the assets of Borrower pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of Borrower. 
  

 Schedule 5 
 -6- 

 Schedule 6 
 [not utilized] 
  

 Schedule 6 
 -1-

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