Document:

EX-10.21

 Exhibit 10.21 
 PURCHASE AND SALE AGREEMENT 
 BY AND BETWEEN 

CANARSIE PLAZA LLC, 
 a Delaware limited liability company, 
 as Seller, 

and 

SERIES D, LLC, 
 an Arizona limited liability company, 
 as Purchaser 

Dated:  November 9, 2012 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Section 1.
	  	Agreement of Purchase and Sale	  	 	1	  
			
	 Section 2.
	  	The Purchase Price	  	 	3	  
			
	 Section 3.
	  	Purchaser’s Inspection	  	 	3	  
			
	 Section 4.
	  	Title	  	 	5	  
			
	 Section 5.
	  	Closing Date	  	 	8	  
			
	 Section 6.
	  	“AS IS”	  	 	9	  
			
	 Section 7.
	  	Satisfaction of Liens	  	 	9	  
			
	 Section 8.
	  	Representations, Warranties and Covenants	  	 	10	  
			
	 Section 9.
	  	Operation of Property Prior to Closing; Exclusivity	  	 	17	  
			
	 Section10.
	  	Conditions to Obligations to Close	  	 	19	  
			
	 Section 11.
	  	Closing Documents	  	 	21	  
			
	 Section 12.
	  	Brokerage	  	 	24	  
			
	 Section 13.
	  	Notices	  	 	24	  
			
	 Section 14.
	  	Prorations and Costs	  	 	25	  
			
	 Section 15.
	  	Damage or Destruction Prior to Closing and Condemnation	  	 	29	  
			
	 Section 16.
	  	Remedies	  	 	31	  
			
	 Section 17.
	  	Reporting Requirements	  	 	32	  
			
	 Section 18.
	  	Miscellaneous	  	 	33	  
			
	 Section 19.
	  	Confidentiality	  	 	34	  
			
	 Section 20.
	  	Time of Essence	  	 	35	  
			
	 Section 21.
	  	Intentionally Omitted	  	 	35	  
			
	 Section 22.
	  	Rights of First Refusal	  	 	35	  
			
	 Section 23.
	  	Tenant Audit Right	  	 	35	  
			
	 Section 24.
	  	SEC S-X 3-14 Audit	  	 	35	  
			
	 Section 25.
	  	New Leases	  	 	36	  
			
	 Section 26.
	  	Master Leases	  	 	37	  
			
	 Section 27.
	  	Jake’s Rental Support	  	 	40	  

  
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 Exhibits: 

 

			
	 Exhibit A
	  	Description of Land
	 Exhibit B
	  	Earnest Money Escrow Agreement
	 Exhibit C-1
	  	Assignment & Assumption of Leases
	 Exhibit C-2
	  	Tenant Notice Letter
	 Exhibit C-3
	  	Bill of Sale
	 Exhibit C-4
	  	Assignment of Warranties, Approvals and Intangibles
	 Exhibit C-5
	  	Assignment and Assumption of Contracts
	 Exhibit C-6
	  	Vendor Notice Letter
	 Exhibit C-7
	  	Estoppel Certificate for REA
	 Exhibit D-1
	  	Tenant Estoppel Certificate
	 Exhibit D-2
	  	Key Tenants
	 Exhibit E
	  	Due Diligence Materials
	 Exhibit F
	  	Environmental Reports and Correspondence

 Schedules: 
  

			
	 Schedule 1.5
	  	Lease Schedule
	 Schedule 1.9A
	  	List of Must Assume Contracts
	 Schedule 1.9B
	  	List of Contracts
	 Schedule 8.1.6
	  	List of Pending Litigation
	 Schedule 8.1.17
	  	List of Utility Deposits
	 Schedule 8.1.18
	  	List of Purchase Options and Rights of First Refusal
	 Schedule 8.1.20
	  	List of Violations
	 Schedule 10.9
	  	NYCEDC Letter re Second Modification of Covenants and Restrictions
	 Schedule 10.10
	  	Additional Purchaser’s Conditions
	 Schedule 26.4
	  	Leasing Guidelines

  
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 PURCHASE AND SALE AGREEMENT 

(Canarsie Plaza) 
 PURCHASE AND SALE AGREEMENT (“Agreement”) made this
9th day of November, 2012 (“Effective Date”)
between CANARSIE PLAZA LLC, a Delaware limited liability company, having an address at 1311 Mamaroneck Avenue, Suite 260, White Plains, New York 10605 (“Seller”), and SERIES D, LLC, an Arizona limited liability company, having an address
at c/o Cole Real Estate Investments, 2325 E. Camelback Road, Suite 1100, Phoenix, Arizona 85016 (Series D, LLC or its permitted assignee pursuant to Section 18.7 below is hereinafter referred to as “Purchaser”). 

W I T N E S S E T H: 
 RECITALS 
 A. Seller owns a shopping center (“Center”) known as Canarsie
Plaza located in Brooklyn, New York. The land (“Land”) on which the Center is located is more particularly described on Exhibit “A” attached hereto and incorporated herein by this reference (all of Seller’s right,
title and interest in and to such Land and all improvements located on such Land are herein referred to as the “Property”). 
 B. Seller desires to sell and Purchaser desires to acquire the Property on the terms and provisions hereinbelow set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows: 
 Section 1. Agreement of Purchase and Sale. Seller hereby agrees to sell and convey and Purchaser agrees
to purchase on such terms and conditions as are hereinafter set forth, all of the following: 
 1.1 All of Seller’s right,
title and interest in and to the Property, together with all covenants, easements, rights-of-way, rights, privileges and other tenements, appurtenances and hereditaments appertaining thereto, including, without limitation, all of Seller’s
right, title and interest (if any) in and to (a) any strips or gores adjoining or adjacent to the Land, (b) the streets and roads adjoining or adjacent to the Land to the center line thereof, (c) all mineral, water and irrigation
rights, if any, running with or otherwise pertaining to the Land, and (d) any award made or to be made or settlement in lieu thereof for the Property by reason of condemnation, eminent domain or exercise of police power; 

1.2 All of Seller’s right, title and interest in and to all apparatus, fittings and fixtures in or on the Property or which are
attached thereto, if any (“Fixtures”); 
 1.3 All of Seller’s right, title and interest in and to any equipment,
machinery and personal property located in or on the Property, if any (“Personal Property”); 

 1.4 All of Seller’s right, title and interest in and to the trademark, service mark,
trade name and name “Canarsie Plaza” and all other trademarks, services marks, trade names, names and logos used in connection with the advertising and promotion of the Project (as hereinafter defined) or otherwise relating to the Project,
and any variations thereof, together with all good will of the business connected with the use of and symbolized by such trademarks, service marks, trade names, names and logos, any telephone numbers and listings for the Property and any copyrights,
trade secrets, intellectual property and other intangible property relating to the Property, if any (“Intangibles”); 

1.5 The interest of Seller, as landlord, in all leasehold estates created by those certain leases, tenancies and rental agreements and
all amendments thereto and all guaranties thereof that are described in the Schedule of Leases attached hereto as Schedule “1.5” (sometimes hereinafter referred to as the “Lease Schedule”) together with additional leases,
tenancies and rental agreements entered into by Seller in accordance with the terms of this Agreement (herein collectively referred to as the “Leases;” and the tenants under the Leases are herein, collectively, referred to as the
“Tenants”); 
 1.6 All of Seller’s right, title and interest in and to all warranties and guaranties, if any,
relating to the Property (collectively, the “Warranties”); 
 1.7 All of Seller’s right, title and interest in
and to all consents, authorizations, variances or waivers, licenses, permits and approvals from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality (collectively, “Governmental
Authority”) relating to the Property (collectively, the “Approvals”); 
 1.8 All of Seller’s right, title
and interest in and to all operating and reciprocal easement agreements affecting the Property (the “REA’s”), including without limitation any rights as a declarant, operator, approving party or like authority thereunder; and

 1.9 All of Seller’s right, title and interest in and to all other written agreements which affect the Property
(“Contracts”) including, without limitation, personal property leases and contracts, other than the Leases and Permitted Exceptions (as hereinafter defined), and other than the Contracts which Purchaser elects not to assume, provided that
Purchaser shall assume those certain contracts attached hereto as Schedule “1.9A” (the “Must Assume Contracts”). A schedule of all Contracts in existence on the Effective Date is attached hereto as Schedule
“1.9B”; 
 The Property, the Fixtures, the Leases, the Personal Property, the Intangibles, the Warranties, the
Approvals, the Contracts, and all other interests of Seller in and to the Property (the Property, the Fixtures, the Leases, the Personal Property, the Intangibles, the Warranties, the Approvals, the Contracts, and all other interests of Seller in
and to the Property are herein collectively referred to as the “Project”). Seller and Purchaser agree that no portion of the Purchase Price (as hereinafter defined) is attributable to the Personal Property included in this sale.

  
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 Section 2. The Purchase Price. The purchase price (the “Purchase
Price”) for the Project is $124,000,000.00, to be paid as follows: 
 2.1 $5,000,000.00 (such amount, together with the
Extension Deposit (as hereinafter defined), if made, and any interest earned on such amount(s), the “Deposit”) shall be paid by Purchaser to First American Title Insurance Company, National Commercial Services, The Esplanade Commercial
Center, 2425 E. Camelback Road, Suite 300, Phoenix, AZ 85016, Attention: Brandon Grajewski (“Escrow Agent” or “Title Company”) within three (3) business days after the Effective Date. The Deposit shall be held in escrow by
the Escrow Agent to be disbursed as provided in the Earnest Money Escrow Agreement, the form of which is attached hereto as Exhibit “B” (the “Earnest Money Escrow Agreement”). The parties shall execute the Earnest Money
Escrow Agreement contemporaneously with the execution of this Agreement. If the purchase and sale of the Project is consummated in accordance with the terms and provisions of this Agreement, then the Deposit shall be applied fully to reduce the
Purchase Price at Closing and transferred to an account or accounts designated in writing by Seller. The Deposit shall be paid to the party entitled to receive the Deposit as provided in the Earnest Money Escrow Agreement. The Deposit shall be
non-refundable to Purchaser except as specifically set forth herein. 
 2.2 The balance of the Purchase Price after deducting
the Deposit shall be paid by Purchaser at Closing, plus or minus prorations and adjustments to be made pursuant to this Agreement, in good immediately available United States funds by wire transfer to a bank account or accounts to be designated in
writing by the Title Company prior to the Closing for transfer to an account or accounts designated in writing by Seller. 

Notwithstanding anything in this Agreement to the contrary, a portion of the Deposit in the amount of $100.00 shall be non-refundable and
shall be distributed to Seller at Closing or other termination of this Agreement as full payment and independent consideration for Seller’s performance under this Agreement and for the rights granted to Purchaser hereunder. Such $100.00
independent consideration shall be deducted from any refund or delivery of the Deposit to Purchaser pursuant to this Agreement and shall simultaneously be distributed to Seller. 

Section 3. Purchaser’s Inspection. 
 3.1 Purchaser acknowledges that Purchaser has been given the full opportunity to inspect and investigate the Property prior to the Effective Date, either independently or through agents, representatives
or experts of Purchaser’s choosing. In connection with the foregoing, prior to the Effective Date Seller has either delivered to Purchaser, or made available to Purchaser by posting on a website to which Purchaser has been given access, all of
the materials described on Exhibit “E” hereto and any other documents or other information in the possession of Seller or its agents pertaining to the Project (the “Property Information”). Purchaser’s execution of
this Agreement conclusively evidences Purchaser’s satisfaction with the Property Information and Purchaser’s investigation of the Property. Notwithstanding the foregoing, Seller shall have an ongoing obligation during the pendency of this
Agreement to provide Purchaser with any type of document or instrument described in Exhibit “E” which is created or modified in any respect after the Effective Date. 

3.2 During the term of this Agreement, Seller, upon notice, will provide Purchaser or its designated representatives continued access to
the Property at reasonable times; provided that, (i) such access shall be coordinated with a representative of Seller and, at Seller’s 

  
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election, may be accompanied by a representative of Seller, (ii) any entry into any Tenant’s space shall be subject to the terms of such Tenant’s Lease, and Purchaser shall not
communicate with any Tenants or occupants of the Property without, in each instance, the prior written consent of Seller, which consent may be withheld in Seller’s sole discretion (iii) Purchaser shall indemnify, defend and hold Seller
harmless from and against all claims for costs, expenses, losses, damages and/or liabilities (collectively “Claims”) asserted against Seller arising from Purchaser’s due diligence activities on or about the Property, excluding from
the foregoing indemnity any Claims relating to Purchaser’s mere discovery of any pre-existing conditions (except to the extent the same are aggravated by Purchaser or its designated representatives) and/or the gross negligence or willful
misconduct of Seller or any of Seller’s agents or representatives, (iv) Purchaser shall not damage the Property but if in such event any damage shall nonetheless result, Purchaser shall promptly repair any damage (or, at Seller’s
option, credit Seller the costs thereon) resulting from any such activities and restore the Property to its condition prior to such activities, (v) Purchaser shall fully comply with all applicable laws, ordinances, rules and regulations and any
conditions imposed by any insurance policy then in effect with respect to the Property of which Purchaser is given notice by Seller (collectively, the “Legal Requirements”), (vi) Purchaser shall not permit any inspections,
investigations or other due diligence activities to result in any liens, judgments or other encumbrances being filed against the Property and shall, at its sole cost and expense, as promptly as possible but in no event more than thirty
(30) days, discharge of record any such liens or encumbrances that are so filed or recorded, and (vii) Purchaser shall not perform any tests with respect to the Property without the prior written consent of Seller in each instance, which
consent may be withheld in Seller’s reasonable discretion, provided however, if such tests are invasive Seller shall have the right to withhold its consent to such tests in its sole discretion. Purchaser’s liabilities under this Section
shall survive the Closing or earlier termination of this Agreement. Purchaser shall (i) exercise reasonable care at all times that Purchaser shall be present upon the Property and (ii) not knowingly engage in any activities which would
violate the provisions of any permit or license pertaining to the Property. 
 As a condition precedent to entering the Premises
in connection with any inspection, Purchaser shall maintain or cause to be maintained, at Purchaser’s sole cost and expense, a policy of comprehensive general public liability and property damage insurance by an insurer or syndicate of insurers
reasonably acceptable to Seller: (a) with a combined single limit of not less than One Million Dollars ($1,000,000.00) general liability and Five Million Dollars ($5,000,000.00) excess umbrella liability, (b) insuring Seller as an
additional insured against any injuries or damages to persons or property that may result from or are related to (x) Purchaser’s entry upon the Premises and (y) any inspection or other activity conducted thereon by representatives or
agents of Purchaser and (c) containing a provision to the effect that insurance provided by Purchaser hereunder shall be primary and noncontributing with any other insurance available to Seller. Purchaser shall deliver evidence of such
insurance coverage to Seller prior to the commencement of the first inspection and proof of continued coverage prior to any subsequent inspection. 
 3.3 Intentionally Omitted. 
 3.4 Intentionally Omitted. 

  
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 Section 4. Title. 

4.1 The Property shall be sold, and title thereto conveyed, subject only to the provisions of this Article 4 and to the following
matters (collectively, the “Permitted Exceptions”): 
 (i) the matters set forth in Schedule B-II of that
certain Certificate of Title issued by First American Title Insurance Company under Title Commitment Number: NCS-562905-PHXI with an effective date of August 20, 2012, as amended by Amendment No. 1 dated September 25, 2012 (the
“Title Commitment”) other than items listed as items 2 (except to the extent provided in item (iv) below), 8, 9, and, unless such documents are assigned to Purchaser’s lender as provided in Section 4.2 below, items 4 and
19-24, of Schedule B-II thereof; 
 (ii) the Leases; 

(iii) all present and future zoning, building, environmental and other laws, ordinances, codes, restrictions and regulations of all
governmental authorities having jurisdiction with respect to the Property, including, without limitation, landmark designations and all zoning variances and special exceptions, if any; 

(iv) All presently existing and future liens of real estate taxes or assessments and water rates, water meter charges, water frontage
charges and sewer taxes, rents and charges, if any, provided that such items are not yet due and payable as of the date of the Closing, subject to adjustment as hereinbelow provided; 

(v) State of facts shown on or by that certain survey of the Property prepared by LAN Associates and dated September 17, 2012, last
revised September 25, 2012 (the “Survey”), and any additional facts which would be shown on or by an accurate current survey of the Premises (collectively, “Facts”), provided that, solely with respect to such additional
Facts, the same shall not have a material adverse effect on the use of the Premises for its current use; 
 (vi) Standard
exclusions from coverage contained in the form of title policy or “marked-up” title commitment employed by the Title Insurer; 
 (vii) Any financing statements, chattel mortgages, encumbrances or mechanics’ or other liens entered into by, or arising from, any financing statements filed on a day more than
five (5) years prior to the Closing and not extended or renewed since the date of original filing and any financing statements, chattel mortgages, encumbrances or mechanics’ or other liens filed against property no longer contained in
the Property, provided that the Title Insurer shall remove them as exceptions from the title insurance policy to be issued to Purchaser at Closing or shall affirmatively insure over them; 

(viii) Any lien or encumbrance arising out of the acts or omissions of Purchaser directly or indirectly, including acts or omission of
its agents, independent contractors, employees, invitees and affiliates; 

  
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 (ix) Any other matter which the Title Insurer may raise as an exception to title, provided
the Title Insurer will either omit or affirmatively insure against collection or enforcement of same out of the Premises; 
 (x)
Any encumbrance that will be extinguished upon conveyance of the Property to Purchaser, provided that the Title Insurer shall remove them as exceptions from the title insurance policy to be issued to Purchaser at Closing or shall affirmatively
insure over them; and 
 (xi) Any other matter which, pursuant to the terms of this Agreement, is a permitted condition of the
transaction contemplated by this Agreement. 
 4.1.1. Purchaser acknowledges receipt of the Title Commitment issued by the
Title Company as well as the Survey, which Purchaser shall cause to be certified to the Title Company, Purchaser, Seller and, if applicable, Purchaser’s lender. Purchaser will cause copies of the Title Commitment, all documents of record which
are listed as exceptions in the Title Commitment and the Survey (collectively, the “Title Materials”) to be delivered to Seller. If an update or endorsement to the Title Commitment delivered to Purchaser after the Effective Date or a
revision to the Survey (“Title/Survey Update”) issued after the Effective Date discloses a title or Survey matter that was not disclosed in the Title Materials or in a previous Title/Survey Update, which in each case are not Permitted
Exceptions, Purchaser may deliver to Seller, within five (5) days following Purchaser’s receipt of the Title/Survey Update (“Title/Survey Update Review Period”) a written objection (an “Objection”) to such defect first
disclosed on the Title/Survey Update accompanied by a copy of the Title/Survey Update. Purchaser shall be deemed to have agreed to accept title subject to all matters reflected in the Title Commitment and any Title/Survey Update and to the state of
facts shown on the Survey, other than Objections that have been timely given, so long as such Objections are to matters that are not Permitted Exceptions and provided that, in no event shall Purchaser be deemed to have agreed to accept title subject
to (i) monetary liens, encumbrances or security interests against Seller and/or the Property that have been created, consented to or affirmatively permitted by Seller in writing (including, without limitation, the items listed as items 4 and
19-24 of Schedule B-II of the Title Commitment unless such documents are assigned to Purchaser’s lender as provided in Section 4.2 below), (ii) encumbrances that have been voluntarily placed against the Property by Seller after
the Effective Date without Purchaser’s prior written consent and that will not otherwise be satisfied on or before the Closing or (iii) exceptions that can be removed from the Title Commitment by Seller’s delivery of a customary
owner’s title affidavit or gap indemnity, provided same shall not require any indemnities except for such “gap” indemnity or require any escrows or holdbacks unless consented to by Seller, in each instance, in its sole and absolute
discretion (all of the foregoing hereinafter collectively referred to as the “Seller’s Required Removal Items”). All title matters and exceptions set forth in the Title Commitment and any Title/Survey Update and the state of facts
shown on the Survey which are not Objections, or which are thereafter deemed to be accepted or waived by Purchaser as hereinafter provided, other than the Seller’s Required Removal Items, are hereafter referred to as the “Permitted
Exceptions”. 
 4.1.2. If Purchaser notifies Seller within the Title/Survey Update Review Period of Objections which are
not Permitted Exceptions, then within five (5) business days after 

  
 6 

 
Seller’s receipt of Purchaser’s notice, Seller shall notify Purchaser in writing (“Seller’s Title Response Notice”) of the Objections which Seller agrees to satisfy at or
prior to the Closing, at Seller’s sole cost and expense, and of the Objections that Seller cannot or will not satisfy. Failure by Seller to respond to Purchaser by the expiration of said five (5) business day response period shall be
deemed as Seller’s election not to cure the Objections raised by Purchaser. Notwithstanding the foregoing, Seller shall, in any event, be obligated to satisfy Seller’s Required Removal Items. If Seller chooses not to satisfy all or any of
the Objections other than the Seller’s Required Removal Items, Seller shall notify Purchaser thereof within the allowed five (5) business day period, then Purchaser shall have the option to be exercised within five (5) business days
following Purchaser’s receipt of the Seller’s Title Response Notice of either (i) terminating this Agreement by giving written notice of termination to Seller, whereupon (A) Purchaser shall receive a full return of the Deposit,
and (B) except for obligations that this Agreement expressly states survive termination, neither party shall have any further rights against the other hereunder, or (ii) electing to consummate the purchase of the Project, in which case
Purchaser shall be deemed to have waived such Objections, without any adjustment in the Purchase Price, and such Objections shall become “Permitted Exceptions” for all purposes hereunder. Failure by Purchaser to respond to Seller by the
expiration of said five (5) business day response period shall be deemed its election to waive the applicable Objection(s), which shall automatically become “Permitted Exceptions”. If, at or prior to the Closing, Seller is unable or
unwilling to satisfy any Objections that Seller has agreed to satisfy in Seller’s Title Response Notice, subject to Seller’s rights in the immediately following sentence, Purchaser shall have the sole option, at Purchaser’s sole
discretion and without having any other right or remedy, (i) to adjourn the Closing Date by giving written notice of such adjournment to Seller in order to allow Seller additional time to satisfy such Objections, (ii) to terminate this
Agreement by giving written notice of termination to Seller, whereupon (A) Purchaser shall receive a full return of the Deposit, (B) except for obligations that this Agreement expressly states survive termination, neither party shall have
any further rights against the other hereunder, and (C) Seller shall be obligated to reimburse Purchaser on demand all of Purchaser’s verifiable third-party, actual out-of-pocket costs and expenses in connection with its investigation of
the Property and the transactions contemplated by this Agreement, up to the aggregate amount of $100,000.00, upon presentation of invoices therefor (the “Purchaser’s Reimbursement Cap”), or (iii) to close this transaction in
accordance with the terms and provisions hereof and accepting title in its then existing condition with all matters set forth in the Title Commitment or on the Survey (other than Seller’s Required Removal Items and Objections that Seller has
cured) being deemed to be Permitted Exceptions. Notwithstanding the foregoing, prior to Purchaser having the adjournment and/or termination rights described in subparagraphs (i)-(ii) of the immediately prior sentence, Seller shall have the
right (but no obligation) to extend the Closing Date in order to cure any such Objections, in one or more adjournments, for a period not to exceed thirty (30) days in the aggregate. 

4.1.3. It is a condition to Purchaser’s obligation to close that the Title Company shall be prepared to cause title to the Property
to be insured with a 2006 ALTA Owners Policy of Title Insurance to Purchaser (the “Title Policy”) , at Purchaser’s sole cost and expense, insuring Purchaser’s fee simple title to the Property, subject only to the Permitted
Exceptions. 

  
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 4.2 The Property is currently encumbered by a mortgage in the approximate outstanding
principal balance of $70 million in favor of Manufacturer’s and Traders Trust Company (the “Existing Mortgage”). Seller shall reasonably cooperate and assist the Purchaser in arranging for an assignment of the Existing Mortgage to
Purchaser’s designee, without representation, warranty or recourse by or to Seller, provided that (i) such cooperation by Seller shall be without charge or cost to Seller, (ii) all costs related to the assignment of the Existing
Mortgage in lieu of a satisfaction of such Existing Mortgage (including, without limitation, all legal fees incurred by the holder of the Existing Mortgage), as distinguished from the amount required to pay the principal, interest, and any
prepayment charges due to the holder of such Existing Mortgage in connection with such assignment, shall be Purchaser’s obligation to pay, (iii) such assignment shall not delay the Closing Date, and (iv) any net benefit to Purchaser
in mortgage recording tax savings, will be split at Closing equally between Purchaser and Seller. In connection therewith, upon the assignment of the Existing Mortgage to Purchaser’s designee at Closing, Seller shall receive a credit from
Purchaser for fifty percent (50%) of such mortgage recording tax savings amount at Closing, after deduction of all third party costs incurred by Purchaser related to such assignment (including, without limitation, all legal fees incurred by the
holder of the Existing Mortgage). Seller shall not be responsible, in any manner whatsoever, for any failure of any holder of the Existing Mortgage to deliver an assignment of the Existing Mortgage. Purchaser acknowledges that Seller makes no
representation of its ability to deliver an assignment from the holder of the Existing Mortgage encumbering the Property. If the holder of the Existing Mortgage does not assign the Existing Mortgage to Purchaser’s designee at Closing, then
Seller shall be obligated, notwithstanding anything herein to the contrary, to obtain a satisfaction of the Existing Mortgage at the Closing (and Seller may use or instruct the Title Company to use any cash portion of the Purchase Price for the
Property to satisfy the Existing Mortgage). If the holder of the Existing Mortgage does assign the Existing Mortgage to Purchaser’s designee at Closing, Seller shall use or instruct the Title Company to use a portion of the Purchase Price to
pay the holder of the Existing Mortgage the principal, interest, and any prepayment charges due to such holder in connection with such assignment. Notwithstanding the foregoing (or anything herein to the contrary), in no event shall the Closing be
contingent upon the assignment of the Existing Mortgage or any financing of the purchase of the Property by Purchaser. 

Section 5. Closing Date. Provided that all of the conditions to Purchaser’s obligation to close shall be satisfied in
accordance with Section 10 herein, and subject to adjournment by Seller or Purchaser, as the case may be, as provided in this Agreement, the sale contemplated by this Agreement shall be consummated and closed through an escrow arrangement with
the Title Company on or before November 28, 2012, TIME OF THE ESSENCE, or such earlier or later date as the parties may mutually agree upon in writing. The terms and conditions of such escrow arrangement shall be consistent with the terms of
this Agreement and shall otherwise be reasonably acceptable to Seller, Purchaser and the Title Company. The consummation and the closing of the purchase and sale of the Project as contemplated by this Agreement are herein referred to as the
“Closing,” and the date on which the Closing occurs is herein referred to as the “Closing Date.” 

Notwithstanding the foregoing, in addition to each party’s respective rights to adjourn the Closing Date pursuant to the express
terms of this Agreement in the event certain of Purchaser’s conditions to Closing have not been satisfied, Purchaser shall have the 

  
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one-time right to extend the scheduled date of Closing for up to thirty (30) days by delivering written notice to Seller prior to the date on which the Closing is scheduled to occur and by
depositing an additional earnest money deposit of $2,000,000.00 (the “Extension Deposit”) with Title Company on or prior to the initially scheduled Closing Date (as the same previously may have been adjourned, if applicable). 

Section 6. “AS IS”. Purchaser acknowledges that prior to the Effective Date Purchaser has made such investigations
and inspections of the Project and the books and records relating thereto as it has deemed necessary to satisfy itself as to all matters relating to its purchase of the Project. Except as otherwise expressly set forth herein, Purchaser shall
purchase the Project in its “AS IS” condition as of the Effective Date, subject to reasonable wear and tear until Closing and subject to casualty damage as herein provided. 

This Agreement and the Exhibits and Schedules attached hereto contain all the terms of the agreement entered into between the parties,
and Purchaser acknowledges that neither Seller nor any representatives of Seller has made any representations or held out any inducements to Purchaser, other than those herein expressed. Without limiting the generality of the foregoing, Purchaser
has not relied on any representations or warranties of Seller other than as expressly set forth herein or in any document executed by Seller pursuant to this Agreement, in either case express or implied, as to (i) the current or future real
estate tax liability, assessment or valuation of the Property; (ii) the potential qualification of the Property for any and all benefits conferred by federal, state or municipal laws, whether for subsidies, special real estate tax treatment,
insurance, mortgages, or any other benefits, whether similar or dissimilar to those enumerated; (iii) the availability of any financing for the purchase, alteration, rehabilitation or operation of the Property from any source, including but not
limited to, state, city, or federal government or any institutional lender; (iv) the physical condition of the Property; or (v) compliance with any applicable law, rule or regulation, building code, zoning code and Environmental Law
(defined in Section 8.1.15). 
 Except as set forth in Sections 8.4 and 16 herein, nothing in this Section 6 shall be
deemed to limit Seller’s liability as expressly provided in this Agreement with respect to Seller’s representations, warranties, covenants and indemnities that survive the Closing. 

The provisions of this Section 6 shall survive the Closing and conveyance of title to the Property. 

Section 7. Satisfaction of Liens. If at the Closing there are any liens on the Property which Seller is obligated to pay and
discharge, provided that Seller shall be permitted to bond over same, provided such bonded liens are omitted from the Title Policy, Seller shall have the right to instruct the Title Company to use any cash portion of the Purchase Price to satisfy
the same. Provided that Seller shall have delivered to the Title Company at or before the Closing acceptable pay-off letters from any lien holders verifying the amounts to be paid at Closing to satisfy and release such liens of record and Seller
authorizes the Title Company to use the Purchase Price (or a portion thereof) to pay such liens, such that the Title Company will issue at Closing the Title Policy without exception thereto, then the mere existence of any such liens to be satisfied
and released out of the Purchase Price shall not be deemed unsatisfied Objections to title. 

  
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 Section 8. Representations, Warranties and Covenants. 

8.1 Seller hereby represents, warrants and covenants for the sole, exclusive and limited benefit of Purchaser as of the Effective Date
and as of the Closing as follows: 
 8.1.1. Seller is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of Delaware and is entitled to and has all requisite power and authority to own and operate its assets as they are presently owned and operated, to enter into this Agreement and to carry out the transactions
contemplated hereby. 
 8.1.2. The execution of this Agreement by Seller, the consummation of the transactions herein
contemplated, and the execution and delivery of all documents to be executed and delivered by Seller, have been or will be duly authorized by all requisite action on the part of Seller and this Agreement has been and all documents to be delivered by
Seller pursuant to this Agreement, will be, duly executed and delivered by Seller and is or will be, as the case may be, binding upon and enforceable against Seller in accordance with their respective terms. 

8.1.3. Neither the execution of this Agreement nor the carrying out of the transactions contemplated herein will result in any violation
of or be in conflict with the instruments pursuant to which Seller was organized and/or operates, or any applicable law, rule or regulation of any governmental or quasi-governmental agency, department, board, commission, bureau or other entity or
instrumentality (collectively, “Governmental Authority”), or of any instrument or agreement to which Seller is a party, nor will it result in the creation or imposition of any lien on the Project nor will it result in the termination or
the right to terminate any agreement to which Seller is a party or which affects the Project and no consent or approval of any third party is required for the execution of this Agreement by Seller or the carrying out by Seller of the transactions
contemplated herein. 
 8.1.4. Attached hereto as Schedule “1.5” is the Lease Schedule which
(a) identifies all Tenant Leases in effect at the Project (b) contains a list of all Lease documents including the original leases, amendments, side letter agreements and guaranties, and (c) contains an aged receivables report, a list
of Tenant security deposits, and a rent roll, all of which, to the best of Seller’s knowledge, are complete and accurate in all material respects. 
 As of the Effective Date, Seller has not entered into any Leases or other tenancies for any space in the Property other than those set forth on the Lease Schedule. As of the Effective Date, Seller has
delivered or made available legible copies which, to the best of Seller’s knowledge, are true, correct and complete copies of each Lease (including all guarantees, amendments, letter agreements, addenda and/or assignments thereof) and sublease,
if any, and any other agreements between Seller (or any affiliate of Seller) and a Tenant (or any affiliate of Tenant) described in the Lease Schedule. 
 Except as expressly set forth on the Lease Schedule: 
 (A) no Tenant has made any
written claim or, to Seller’s knowledge, has any other claim, whether or not in writing: (i) that Seller has defaulted in performing any of its obligations under any of the Leases which has not heretofore been cured,

  
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(ii) that any condition exists which with the passage of time or giving of notice, or both, would constitute any such default, (iii) that such Tenant is entitled to any reduction in, refund
of, or counterclaim, offset, allowance, credit, rebate, concession or deduction against, or is otherwise disputing, any rents or other charges paid, payable or to become payable by such Tenant, including but not limited to CAM and other similar
charges, or (iv) that such Tenant is entitled to cancel its Lease or to be relieved of its operating covenants thereunder. No Tenant has given Seller any written notice of its intention or desire to modify or terminate its Lease or requesting a
reduction or abatement of rent or requesting consent to assign or terminate its Lease; 
 (B) all of the Leases are valid and
are in full force and effect in accordance with their terms, and there is no default by the landlord or by any Tenant thereunder including, without limitation, default by a Tenant in the payment of rent, additional rent or other charges due and
payable under the Leases. Seller has not sent a notice of termination with respect to any of the Leases; 
 (C) the Leases have
not been modified, amended or supplemented and there are no other agreements or commitments (oral or written) between Seller and any of the Tenants; 
 (D)(i) no construction, alteration, decoration or other work remains to be performed under any Lease listed in Schedule “1.5” by the landlord thereunder, (ii) the cost of all such
work to be performed by the landlord under any such Lease, including all amounts owed to all contractors, architects, and others who performed services in connection with the construction of such improvements, have been paid in full, and
(iii) all construction allowances or other sums to be paid to any Tenants of the Leases listed in Schedule “1.5” have been paid in full. There are no written promises, understandings or commitments between Seller and any person
or entity with respect to the foregoing which would be binding upon Purchaser other than those contained in the documents comprising the Leases listed in Schedule “1.5” hereof; 

(E) all brokerage commissions and other compensation and fees payable by reason of the Leases have been fully paid for the current term
of any Lease or, if not paid, shall be the obligation of Seller and either paid by Seller at or prior to Closing or credited to Purchaser at Closing. There exists no exclusive or continuing leasing or brokerage agreements as to any premises in the
Property; 
 (F) no Tenant has paid any rent for any period of more than thirty (30) days in advance; 

(G) each Tenant is now in possession of the premises leased to it under its Lease; 

(H) to Seller’s knowledge, none of the Tenants has (1) filed a petition in bankruptcy in any federal or state court,
(2) been the subject of a bankruptcy petition filed in any federal or state court that has not been dismissed or (3) has made an assignment for the benefit of creditors of all or a substantial portion of its assets; 

  
 11 

 (I) no renewal, extension or expansion options have been granted to any Tenant, except as
set forth in such Tenant’s Lease; 
 (J) Subject to the rights of the holder of any existing mortgage financing on the
Project, Seller has the sole right to collect rent under each Lease, and such right has not been assigned, pledged, hypothecated, or otherwise encumbered in any manner that will survive the Closing; 

(K) neither Seller nor any affiliate of Seller has made a loan or other advance to, or has any ownership interest in, any Tenant or any
affiliate of any Tenant; 
 (L) except for any security deposits as shown on Schedule “1.5”, there are no
security deposits that have been deposited with Seller or otherwise chargeable to Seller’s account by any party under the Leases; 
 (M) no Tenant is entitled to any free rent periods or rental abatements, concessions and other inducements for any period subsequent to Closing; and 

(N) Seller has had no discussions with any Tenant regarding modifying or terminating its respective Lease which has not been reduced to
writing. 
 8.1.5. Attached hereto as Schedule “1.9B” is a list of all Contracts. All amounts due and payable
under Contracts have been paid and Seller has not received written notice of default under any of the Contracts nor, to Seller’s knowledge, are any parties in default under any of the Contracts. 

8.1.6. There are no actions, suits or other proceedings by any person, firm, corporation, Tenant or by any Governmental Authority now
pending or, to Seller’s knowledge, threatened against or affecting the Project or any part thereof, except those which are described on Schedule “8.1.6” nor, to Seller’s knowledge, are there any investigations pending or
threatened against or affecting the Project by any Governmental Authority, except those which are described on Schedule “8.1.6”. For purposes of Section 10.1 below, Purchaser acknowledges that the filing (or threat of filing)
of any action, suit, or other proceeding of the type described herein after the Effective Date and prior to the date of Closing which is fully covered by insurance (subject to customary deductibles) shall not be considered a material adverse change.

 8.1.7. Seller has no employees or employee benefit plans. Any employees at the Property are employees of the manager of the
Property. Seller agrees to pay any amounts or damages which may be assessed against Seller, Purchaser or the Property for the termination of any such employee. There are no pending claims or, to Seller’s knowledge, any threatened claims against
Seller by any employee whose employment is related to the Property. Purchaser shall not have any obligation with respect to any such employee, including to employ any such persons or to make any payment to them. 

8.1.8. Seller has no knowledge of any pending or threatened (a) eminent domain proceedings affecting the Property, in whole or in
part, or (b) action or proceeding to change road patterns or grades which would affect ingress to or egress from the Property. Seller has not and will not, without the prior written consent of Purchaser, take any action before any

  
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Governmental Authority, the object of which would be to change the present zoning of or other land use limitations, upon the Property, or any portion thereof, or its potential use, and, to
Seller’s knowledge, there are no pending proceedings, the object of which would be to change the present zoning or other land use limitations. 
 8.1.9. To Seller’s knowledge, there are no persons having any rights or asserting any claims for occupancy or possession of the Property, except Seller, the Tenants, as tenants only under the Leases,
and benefited parties under any instruments of record, and no party has been granted by Seller any license, lease, or other right of possession of the Property, or any part thereof, except the Tenants under the Leases, and benefited parties under
any instruments of record. The Lease Schedule sets forth a list of all subtenants and concessionaires of Tenants and assignees of Tenants known to or approved by Seller. 
 8.1.10. No amounts have been paid to Seller by Tenants, merchants and other associations for promotional funds or other similar contributions of payment. Seller does not hold any funds with respect to
outstanding gift certificates. 
 8.1.11. Seller has received no written notice from any insurance company or board of fire
underwriters requesting the performance of any work or alterations with respect to the Property that has not been performed or required an increase in insurance rates applicable to the Property as a result of work which has not been performed.
Seller has received no written notice of default or cancellation under any insurance policies covering the Property. 
 8.1.12.
On the Closing Date, there will be no contract or agreement in effect for the leasing or management of the Property for which Purchaser shall be bound. 
 8.1.13. All bills and claims for labor performed on behalf of Seller and materials furnished to Seller with respect to the Property for all periods prior to the Effective Date, including improvements
constructed by Seller as the landlord under the Leases, which are properly due, have been (or prior to the Closing Date will be) paid in full. 
 8.1.14. Seller is not insolvent or bankrupt. Seller has not commenced (within the meaning of any federal or state bankruptcy law) a voluntary case, consented to the entry of an order for relief against it
in an involuntary case, or consented to the appointment of a custodian of it or for all or any substantial part of its property, nor has a court of competent jurisdiction entered an order or decree under any federal or state bankruptcy law that is
for relief against Seller in an involuntary case or appointed a custodian of Seller for all or any substantial part of its property. 
 8.1.15. Seller has not received any written notice from any Governmental Authority of the violation of any Environmental Laws (as hereinafter defined). “Environmental Laws” means all laws or
regulations which relate to the manufacture, processing, distribution, use or storage of Hazardous Materials (as hereinafter defined). “Hazardous Materials” shall mean: 

(i) Those substances included within the definitions of “hazardous substances,” “hazardous materials,” “toxic
substances,” or “solid waste” in the: Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 42 

  
 13 

 
U.S.C. § 9601 et. seq., as amended by the Superfund Amendments and Reauthorization Act or any equivalent state or local laws or ordinances; the Resource Conservation and Recovery Act
(“RCRA”), 42 U.S.C. § 6901 et. seq., as amended by the Hazardous and Solid Waste Amendments of 1984, or any equivalent state or local laws or ordinances; the Federal Insecticide, Fungicide, and Rodenticide Act (“FIFRA”), 7
U.S.C. § 136 et. seq. or any equivalent state or local laws or ordinances; the Hazardous Materials Transportation Act, 49 U.S.C. § 1801, et. seq.; the Emergency Planning and Community Right-to-Know Act (“EPCRA”), 42 U.S.C. §
11001 et. seq. or any equivalent state or local laws or ordinances; the Toxic Substance Control Act (“TSCA”), 15 U.S.C. § 2601 et. seq. or any equivalent state or local laws or ordinances; or the Occupational Safety and Health Act, 29
U.S.C. § 651 et. seq. or any equivalent state or local laws or ordinances; 
 (ii) Those substances listed in the United
States Department of Transportation Table (49 CFR 172.101 and amendments thereto or by the Environmental Protection Agency (or any successor agency) as hazardous substances (40 CFR Part 302 and amendments thereto); 

(iii) Any material waste or substance which is (A) designated as a “hazardous substance” pursuant to Section 311 of
the Clean Water Act, 33 U.S.C. § 1251 et seq. (33 U.S.C. § 1321) or listed pursuant to Section 307 of the Clean Water Act (33 U.S.C. § 1317) or (B) radioactive materials; and 

(iv) These substances included within the definitions of “hazardous substances”, “hazardous materials”, “toxic
substances” or “solid waste” in the Hazardous Waste Management Act of 1978. 
 Attached hereto as Exhibit “F” is
a list of all environmental reports and any written communications with the New York State Department of Environmental Conservation in Seller’s possession relating to the Property. 

8.1.16. Seller has received no written notice of any new assessments or special assessments that have not been previously charged or
placed of record with respect to the Property are pending, contemplated or threatened with respect to the Property Seller has received no written notice of any proceedings pending for the increase of the assessed valuation of the Property.

 8.1.17. Except as set forth on Schedule “8.1.17”, there are no utility deposits posted by Seller with
respect to the Property. 
 8.1.18. Except for the right of first refusal expressly described in Schedule
“8.1.18”, which has been waived by the party(ies) benefitted thereby, there are no options to purchase or rights of first refusal to purchase the Project affecting or relating to the Project or any portion thereof. 

8.1.19. No construction agreements, contracts or plans or any agreements, contract or plans relating to any current or proposed capital
expenditures or repairs relating to the Property have been entered into on behalf of Seller which are currently in force and effect. Seller has not entered into any undertakings or commitments with any Governmental

  
 14 

 
Authority, which require the payment of money or the performance of any duty in connection with the ownership of the Property, which will be in effect as of Closing. Seller has not received any
written notice from any Governmental Authority having jurisdiction over the Property or from any other person of and, to Seller’s knowledge, there does not exist any other obligation to any such Governmental Authority for the performance of any
capital improvements or other work to be performed by Seller in or about the Property or donations of monies or land (other than general real estate taxes) which has not been completely performed and paid for, which will be in effect as of Closing.

 8.1.20. Except for the building code violations set forth on Schedule 8.1.20, which are the responsibility of
BJ’s Wholesale under the terms of its Lease, Seller has not received any written notice that the Property is in violation in any material respect of any federal, state or local governmental order, regulation, statute, code or ordinance
(including, without limitation, The Americans With Disabilities Act and zoning laws, regulations and ordinances) dealing with the ownership, use, construction, operation, safety or maintenance thereof, which has not heretofore been cured.

 8.1.21. As of the Effective Date, Seller has not received any written notice that the Property or any Tenant is in violation
of any restriction, condition, or agreement contained in any easement, restrictive covenant, or similar instrument or agreement affecting title to the Property or any portion thereof. 

8.1.22. To Seller’s knowledge, the Property Information delivered to Purchaser pursuant to Section 3.1 constitutes true,
correct and complete copies of such Property Information in Seller’s possession. 
 8.1.23. As used in this Agreement, the
term “Seller’s knowledge” means knowledge of Robert Masters and Jeremy Hill. Seller represents and warrants that Robert Masters and Jeremy Hill are the persons within Seller’s organization having the most comprehensive knowledge
of the matters set forth in this Section 8.1. Such individuals shall have no personal liability under this Agreement or otherwise with respect to the Property. 
 8.2 Purchaser hereby warrants and represents for the sole, exclusive and limited benefit of Seller as of the Effective Date and as of the Closing, as follows: 

(a) Purchaser is and will continue at all times to be until the Closing an entity, duly and validly existing in the state of its
formation. 
 (b) The execution of this Agreement by Purchaser, the consummation of the transactions herein contemplated, and
the execution and delivery of all documents to be executed and delivered by Purchaser, have been or will be, prior to the Closing, duly authorized by all requisite action on the part of Purchaser and this Agreement has been, and all documents to be
delivered by Purchaser pursuant to this Agreement, will be, duly executed and delivered by Purchaser and is or will be, as the case may be, binding upon and enforceable against Purchaser in accordance with their respective terms; 

(c) Neither the execution of this Agreement nor the carrying out by Purchaser of the transactions contemplated herein will result in any
violation of or be in conflict with the instruments pursuant to which Purchaser was organized and/or operates, or any 

  
 15 

 
applicable law, rule or regulation of any Governmental Authority, or of any instrument or agreement to which Purchaser is a party and no consent or approval of any third party is required for the
execution of this Agreement by Purchaser or the carrying out by Purchaser of the transactions contemplated herein. 
 8.3
Office of Foreign Asset Control and Anti-Money Laundering: 
 (a) Seller and Purchaser each represents and warrants to
the other that: (i) they are not acting, directly or indirectly, for or on behalf of any person, group, entity or nation listed by the United States Treasury Department as a Specially Designated National and Blocked Person (“SDN
List”), or for or on behalf of any person, group, entity or nation designated in Presidential Executive Order 13224 as a person who commits, threatens to commit, or supports terrorism; and (ii) they are not engaged in this transaction
directly or indirectly on behalf of, or facilitating this transaction directly or indirectly on behalf of, any such person, group, entity or nation. 
 (b) Seller and Purchaser each represents and warrants to the other that they are not a person and/or entity with whom United States Persons are restricted from doing business under the International
Emergency Economic Powers Act, 50 U.S.C. §1701 et seq.; the Trading with the Enemy Act, 50 U.S.C. App. §5; any executive orders promulgated thereunder; any implementing regulations promulgated thereunder by the U.S. Department of Treasury
Office of Foreign Assets Control (“OFAC”) (including those persons and/or entities named on the SDN List); or any other applicable law of the United States. 
 (c) Seller and Purchaser each represents and warrants to the other that no person and/or entity who is named on the SDN List has any direct interest in Seller or Purchaser with the result that the direct
investment in Seller or Purchaser is prohibited by any applicable law of the United States. 
 (d) Seller and Purchaser each
represents and warrants to the other that none of the funds of Seller and Purchaser have been derived from any unlawful activity with the result that the direct investment in Seller or Purchaser is prohibited by applicable law of the United States.

 (e) Seller and Purchaser each represents and warrants to the other that they are not in violation of the U.S. Federal Bank
Secrecy Act, as amended by Title III (the “International Money Laundering Abatement and Financial Anti-Terrorism Act”) of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001 (the “Patriot Act”), Public Law 107-56; its implementing regulations promulgated by the U.S. Department of Treasury Financial Crimes Enforcement Network (“FinCEN”) (31 CFR Part 103); or any other anti-money laundering law
of the United States. 
 (f) Seller and Purchaser each agree that in the event of a breach of this Section 8.3 or any
applicable law relating to the subject of this Section 8.3, the non-breaching party may take such action as may be necessary in order to comply with this provision and/or the applicable law, including, but not limited to, terminating this
Agreement. 
 For purposes of this Section 8.3, Purchaser’s representations and warranties as they relate to its investors is based on
information provided by its U.S. broker dealer network in connection with 

  
 16 

 
the normal and customary investor screening practices used by its U.S. broker dealer network. Purchaser has and will continue to rely exclusively on its U.S. broker dealer network to implement
the normal and customary investor screening practices mandated by applicable law and FINRA regulations. 
 8.4 Between the
Effective Date and the Closing, if any representation or warranty contained in Section 8.1 or 8.2 shall fail to be true and correct then the party making such representation and warranty shall promptly notify the other party; provided, however,
that any liability and/or remedy to the injured party as a result thereof, if any, shall be strictly subject to the provisions of Section 16 herein. 
 Section 9. Operation of Property Prior to Closing; Exclusivity. 
 9.1
From the Effective Date until the Closing or sooner termination of this Agreement, Seller covenants as follows: (a) Seller shall continue to operate the Project in the manner in which it presently operates the Project; (b) Seller will
maintain the existing insurance covering the Property or if any of such policies is expiring such policies shall be replaced with new policies containing the same coverage; (c) Seller will not remove any of the Fixtures unless it replaces the
same with Fixtures of the same quality; (d) subject to the terms of Section 9.6 below, Seller will continue to maintain the Project in its present order and condition, reasonable wear and tear excepted, make all necessary repairs and
replacements thereto and deliver the Project at the Closing in substantially the same condition it is in on the Effective Date, reasonable wear and tear and damage by fire or other casualty excepted; (e) Seller will give prompt written notice
to Purchaser of any fire or other casualty affecting the Property after the Effective Date; (f) Seller will deliver to Purchaser, promptly after receipt by Seller, a copy of (i) all current written default and other material notices to and
from Tenants; (ii) all current written default and other material notices from the service providers under any Contracts; and (iii) all written notices of any Violations and any other material notices received from any Governmental
Authority with respect to the Property; (g) Seller shall not alter, amend or become a party to any new Contract unless the Contract is terminable within thirty (30) days after the Closing of the Project and such termination can occur
without penalty or other cost to Purchaser, without Purchaser’s prior written consent, which Purchaser may withhold in its sole and absolute discretion; (h) without the prior written approval of Purchaser in accordance with
Section 9.3 below, Seller shall not terminate the Lease of any Key Tenant (as defined in Exhibit “D-2” hereto) without Purchaser’s prior written consent; (i) Seller will not apply any security deposits held by Seller
under any of the Leases except in connection with the termination of a Lease due to a material default by the Tenant thereunder; (j) Seller shall perform its obligations under all Leases and all Must Assume Contracts; (k) Seller shall not
settle any condemnation claim or insurance casualty claim without Purchaser’s prior written consent not to be unreasonably withheld or delayed; and (l) Seller shall promptly notify Purchaser if Seller receives notice or knowledge of any
information that would result in a misrepresentation under Section 8.1 hereof; provided, however, that any liability and/or remedy to the injured party as a result thereof, if any, shall be strictly subject to the provisions of Section 16
herein; and (m) if requested by Purchaser, Seller shall reasonably endeavor and assist with Purchaser’s request to obtain subordination, non-disturbance and attornment agreements (“SNDAs”) from the Tenants pursuant to the Leases
in the form provided by Purchaser or on the controlling form of such Lease; provided that (x) the receipt of the SNDAs by Purchaser shall not be a condition to Closing, and (y) the failure to receive the SNDAs shall not constitute a
default by Seller hereunder or closing deliverable hereunder. 

  
 17 

 9.2 Seller covenants on or prior to the Closing to pay or satisfy (or credit to Purchaser as
provided in Section 14.1.7 hereof) all commissions or referral fees with respect to all Leases listed on Schedule “1.5” hereto for the current term of any Leases. Except as otherwise provided in Section 25 hereof with
respect to Leases of Suite L and Suite G5, any commission or referral fee with respect to any Lease entered into after the Effective Date with the consent of Purchaser pursuant to the provisions of Section 9.3 hereof, and any commission or
referral fee with respect to any subsequent Lease term under any existing Lease, shall be the sole responsibility of Purchaser from and after Closing. The provisions of this Section shall survive Closing. 

9.3 From the Effective Date until the Closing or sooner termination of this Agreement, Seller shall not enter into any new Lease without
the prior written approval of Purchaser (which shall not be unreasonably withheld, delayed or conditioned) nor shall it renew, amend, modify, extend or terminate any Lease or grant any new rent abatement or concessions to existing tenants without
the prior written approval of Purchaser (which shall not be unreasonably withheld, delayed or conditioned). Seller shall notify Purchaser of any proposed amendment, modification or termination of a Lease or any proposed new Lease in writing,
including the identity of the proposed tenant, together with a summary of the terms thereof in reasonable detail, and Purchaser shall notify Seller in writing within five (5) business days of receipt of its consent thereto or of any objections
thereto together with the reasons therefor. In the event Purchaser shall not notify Seller whether or not Purchaser consents to any such amendment, modification or termination of a Lease or any such new Lease within five (5) business days
following Purchaser’s receipt of Seller’s notification thereof, such amendment, modification or termination of a Lease or such new Lease shall be deemed approved by Purchaser. From the Effective Date until the Closing, Seller will not
consent to any request by a Tenant for permission to assign its Lease or sublet its leased premises (or any part thereof) to the extent Seller, as landlord, has the right to approve or consent to such assignment or subletting without obtaining
Purchaser’s prior written consent thereto, which consent shall not be unreasonably withheld, conditioned or delayed. 
 9.4
From the Effective Date until the Closing Seller shall not enter into any construction contract, architectural agreement, or other similar agreement relating to the design, development or construction of any tenant improvements or other improvements
to the Property without the prior written approval of Purchaser (which shall not be unreasonably withheld, delayed, or conditioned). 
 9.5 Within five (5) day after the Effective Date, Purchaser will advise Seller in writing of any Contracts which Purchaser requires that Seller terminate prior to Closing, except for any Must-Assume
Contracts; provided that in any event Seller shall terminate any existing management and leasing agreement(s) with respect to the Project on or before the Closing Date and provided that Purchaser agrees that Seller shall have at least thirty
(30) days to terminate any Contract, in the event that, if such Contracts still have an unfinished period to run before termination as of the Closing Date (i.e., since any Contract termination period has not then expired notwithstanding Seller
having delivered such termination notice), then Purchaser shall 

  
 18 

 
credit Seller at Closing monthly charges under such Contracts which are applicable, on a pro rata basis, to the period of time (but in no event for a period more than 30 days) after the Closing
prior to such Contracts’ termination. Seller shall be responsible for any termination fees or charges incurred in connection with any Contracts which Purchaser does not elect and is not required to assume at Closing. Purchaser shall be
responsible for any termination fees or charges incurred in connection with the termination of any Must-Assume Contracts. 
 9.6
Prior to the Closing, Seller shall repair all damages to the Property caused by Hurricane Sandy, except to the extent that any such repairs are the responsibility of the Tenants under the terms of the Leases. 

9.7 From the Effective Date until the Closing or sooner termination of this Agreement, Seller agrees that neither Seller nor any agent,
partner or subsidiary or affiliate of Seller shall be permitted to enter into agreements to sell the Property. 

Section 10. Conditions to Obligations to Close. The obligations of Purchaser to consummate the transactions contemplated
herein shall be subject to the fulfillment of the following conditions (“Purchaser’s Conditions”), any of which may be waived by Purchaser in its sole and absolute discretion: 

10.1 The representations and warranties of Seller made herein shall be true and correct in all material respects when made, and there
shall not have occurred changes in any such representations or warranties prior to Closing which, together with any adverse matters disclosed in the REA Estoppel referred to in Section 10.5 below and in the Estoppel Certificates referred to in
Section 11.2, are reasonably anticipated to have an adverse economic impact, in the aggregate, which would exceed the Floor (as defined in Section 16 herein). 
 10.2 Seller shall have performed and complied with all material covenants and agreements made herein and Seller shall have delivered to the Title Company all of the closing documents required pursuant to
Section 11.1 hereof. 
 10.3 Purchaser’s receipt of the Required Tenant Executed Estoppels (as hereinafter defined) or
Seller Estoppel Certificates, if applicable, pursuant to Section 11.2. 
 10.4 Delivery of possession of the Property to
Purchaser subject only to the Permitted Exceptions. 
 10.5 Receipt of an executed estoppel certificate in the form attached as
Exhibit “C-7” hereto and made a part hereof from the party named therein, or in such other form as required pursuant to the terms of the REA referenced therein, and indicating no defaults or disputes which, together with any adverse
changes in the representations and warranties of Seller as referenced in Section 10.1 above and adverse matters disclosed in the Estoppel Certificates referred to in Section 11.2, are reasonably anticipated to have an adverse economic
impact, in the aggregate, which would exceed the Floor (the “REA Estoppel”). 
 10.6 As of the Closing Date, except
for Tenants leasing not more than 2,800 square feet of gross leasable area in the aggregate, (a) no Tenants shall have (i) filed a petition in bankruptcy, (ii) been adjudicated insolvent or bankrupt, (iii) petitioned a court for
the 

  
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appointment of any receiver of or trustee for it or any substantial part of its property, (iv) commenced any proceeding under any reorganization, arrangement, readjustment of debt,
dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect, (v) become the subject of an involuntary bankruptcy petition, (vi) vacated its leased premises, or (vii) had its Lease terminated;
(b) there shall not have been commenced and be pending against any Tenant any proceeding of the nature described in subparagraph (a) of this subsection; and (c) no order for relief shall have been entered with respect to any Tenant.

 10.7 Delivery to Purchaser of evidence that any existing management agreement and/or leasing agreement entered into by Seller
with respect to the Property has been terminated. 
 10.8 Delivery to Purchaser of copies of any existing warranties for the
Property. 
 10.9 The execution by the New York City Economic Development Corporation and Seller of a Second Modification of
Covenants and Restrictions in the form attached to that certain letter dated October 9, 2012 from the New York City Economic Development Corporation to the Seller, a copy of which letter is attached hereto as Schedule “10.9”,
and the delivery of such Second Modification to the Title Company for recording in connection with the Closing. 
 10.10
Satisfaction of the additional conditions set forth on Schedule “10.10” attached hereto. 
 In the event any of
the Purchaser’s Conditions shall not be satisfied as of the Closing Date, subject to Seller’s rights to extend the Closing Date pursuant to the final sentence of this paragraph, Purchaser shall have the right, at Purchaser’s sole
discretion, (i) to adjourn the Closing Date by giving written notice to Seller in order to allow Seller additional time to satisfy Purchaser’s Conditions, or (ii) to terminate this Agreement by giving written notice to Seller and
receive a return of the Deposit and any amount owing under Section 16 hereof, whereupon neither party shall have any further rights or obligations hereunder except for any provisions of this Agreement that expressly survive termination, or
(iii) to obtain specific performance of Seller’s performance of Seller’s obligations under this Agreement in accordance with and subject to the terms of Section 16.2 hereof, in the case of a failure of Seller to deliver to the
Title Company all of the closing documents required pursuant to Section 11.1 below, or (iv) to waive such condition. In the event that Purchaser elects to adjourn the Closing Date as provided herein, subject to the following sentence, and
in the event any of Purchaser’s Conditions shall remain unsatisfied at the end of such adjournment, Purchaser shall have the right at Purchaser’s sole discretion and without limiting any other right or remedy of Purchaser, to terminate
this Agreement pursuant to item (ii) of the preceding sentence or to waive such condition. Notwithstanding the foregoing or anything herein to the contrary, prior to Purchaser’s right to either terminate the Agreement in accordance with
this paragraph, in the event any of the Purchaser’s Conditions shall not be satisfied as of the Closing Date, Seller shall have the right, in Seller’s sole discretion, to adjourn the Closing Date one or more times, but no more than thirty
(30) days in the aggregate, by giving written notice to Purchaser, in order to allow Seller additional time to satisfy such Purchaser’s Conditions. 

  
 20 

 Section 11. Closing Documents. 

11.1 At the Closing, Seller shall deliver the following documents to the Title Company except for the Leases, Contracts and materials
referred to in Section 11.1.13, as to which delivery at Closing shall be coordinated with Purchaser: 
 11.1.1. a bargain
and sale deed executed by Seller and acknowledged by a notary public and in proper form for recording conveying fee title to the Property to Purchaser subject only to the Permitted Exceptions; 

11.1.2. a certified schedule executed by Seller in the form of the Lease Schedule attached hereto as Schedule “1.5”
updating and recertifying the information set forth in the Lease Schedule attached hereto as Schedule “1.5”, including the rent roll for the Property, updated to the date and time of Closing and certified by Seller to be complete
and accurate in all material respects to the best of Seller’s knowledge; 
 11.1.3. assignments of Seller’s interest
in all the Leases in the form of Exhibit “C-1” attached hereto and made a part hereof executed by Seller; 

11.1.4. a notice to all Tenants advising them of the transfer of title to the Property in the form of Exhibit “C-2”
attached hereto and made a part hereof executed by Seller; 
 11.1.5. bill of sale in the form of Exhibit
“C-3” attached hereto and made a part hereof executed by Seller; 
 11.1.6. an assignment transferring
Seller’s right, title and interest in and to Warranties, Approvals and Intangibles, if any, in the form of Exhibit “C-4” attached hereto and made a part hereof executed by Seller; 

11.1.7. a FIRPTA Affidavit executed by Seller stating that Seller is not a foreign person (as defined in Section 1445 of the
Internal Revenue Code of 1986, as amended, and the Regulations promulgated thereunder); 
 11.1.8. an assignment of the
Contracts (other than those that Purchaser has elected not to assume), in the form of Exhibit “C-5” attached hereto and made a part hereof executed by Seller; 

11.1.9. a notice letter in the form of Exhibit “C-6” attached hereto and made a part hereof executed by Seller to each
vendor under a Contract being assigned advising the vendor of the transfer of the Property and the assignment and assumption of the applicable Contract with stamped addressed envelopes and completed certified mail return receipt cards; 

11.1.10. a closing statement setting forth the Purchase Price and all closing credits and adjustments expressly provided for in this
Agreement (“Closing Statement”) executed by Seller; 
 11.1.11. such authorization documentation of each party
comprising Seller and such other instruments and documents executed by Seller (including without limitation, an owner’s title affidavit and gap indemnity) as shall be reasonably required by the Title Company to consummate this transaction;

  
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 11.1.12. subject to the terms of Section 4.1.1 hereof, a title affidavit and customary
“gap indemnity” executed by Seller containing the minimum representations and agreements which the Title Company shall reasonably require in order to issue the Title Policy free of Seller’s Required Removal Items; 

11.1.13. the fully executed Second Modification of Covenants and Restrictions referenced in Section 10.9 above; 

11.1.14. Seller’s certification that it has completed the repairs identified on PetSmart’s Warranty List dated August 28,
2012; 
 11.1.15. such other instruments and documents which shall be necessary in connection with the transaction contemplated
herein and which do not impose, create, or potentially create any liability or expense upon Seller not expressly required under this Agreement; and 
 11.1.16. to the extent not previously delivered by Seller to Purchaser, the Tenant Executed Estoppels, the REA Estoppel and any other documents contemplated by Section 10; and to the extent not
previously delivered by Seller to Purchaser, (a) records and files which are in Seller’s possession or control relating to the current operation and maintenance of the Project, including, without limitation, current tax bills, current
water, sewer, utility and fuel bills, payroll records, billing records for Tenants, repair and maintenance records and the like which affect or relate to the Project, (b) all documents necessary to conduct 2012 Tenant reconciliations as
described in Section 14 hereof, including, without limitation, a CAM reconciliation for the period from January 1, 2012 to the Closing Date, (c) all architectural and engineering plans and specifications relating to the Property in
Seller’s possession or control, and (d) all original Leases and Contracts, Approvals, and Warranties. Seller’s obligation to provide the files and materials listed herein shall survive the Closing. 

Seller and Purchaser shall cooperate in preparing the Closing Statement, beginning no less than three (3) business days prior to the
Closing Date. 
 11.2 Seller shall diligently and in good faith endeavor to obtain and deliver to Purchaser estoppel
certificates dated not sooner than within thirty (30) days of the Closing Date in the form of Exhibit “D-1” attached hereto and made a part hereof (or in such form as may be prescribed under any Lease or in the form required by
any Tenant’s lease, provided same are certified to Purchaser, Purchaser’s lender and their respective successors and assigns) (“Estoppel Certificate”) duly executed by each of the Tenants of the Property. Estoppel Certificates in
the form described above executed by Tenants and that (1) are dated not sooner than within thirty (30) days of the Closing Date, (2) have all blanks completed or marked not applicable, as appropriate, (3) have all exhibits
completed and attached, as applicable, (4) do not indicate: (x) any material discrepancy from the Rent Roll or Leases, (y) any Lease amendment that was not previously provided by Seller to Purchaser pursuant to Section 3.1, or
(z) any adverse claim or landlord default which, together with any adverse changes referenced in Section 10.1, any 

  
 22 

 
adverse matters referred to in Section 10.5, and any adverse matters disclosed in other Estoppel Certificates, is reasonably anticipated to have an adverse economic impact, in the aggregate,
which would exceed the Floor (items (1)-(4) being collectively referred to herein as the “Estoppel Requirements”) are herein referred to as the “Tenant Executed Estoppels,” it being agreed that the inclusion of
qualifications as to knowledge shall not cause any Estoppel Certificate to be non-compliant. Claims of any Tenant set forth in any Estoppel Certificate shall not be deemed (alone or in combination with other matters), to cause such Estoppel
Certificate not to be a Tenant Executed Estoppel unless the facts underlying such claims are materially inconsistent with Seller’s representations or agreements under this Agreement. Without limiting the generality of the foregoing sentence, an
Estoppel Certificate shall be a Tenant Executed Estoppel notwithstanding that such Estoppel Certificate may contain claims that are based on (i) facts disclosed in writing to Purchaser prior to Purchaser’s execution of this Agreement or
(ii) an assertion by any Tenant that there are amounts due from Seller to such Tenant allocable to periods prior to the Closing and for which amounts Seller has advised Purchaser prior to the Closing, without being under any obligation to do
so, that it shall pay at or prior to Closing. It shall be a condition to Purchaser’s obligation to purchase the Property that Seller shall have obtained Tenant Executed Estoppels from (i) all Tenants listed on Exhibit
“D-2” annexed hereto (the “Key Tenants”) and (ii) Tenants leasing at least seventy-five (75%) of the square footage of the leased portion of the remainder of the Project (after subtracting the square footage leased
by the Key Tenants) (collectively, the “Required Tenant Executed Estoppels”) by the Closing. In the event that Seller is unable to obtain the Required Tenant Executed Estoppels prior to the scheduled date for Closing, Seller shall have the
right to extend the Closing Date for up to thirty (30) days in the aggregate to obtain such Tenant Executed Estoppels. In addition, Seller shall have the option, but in no event shall be under any obligation, to deliver an Estoppel Certificate
executed by Seller that satisfies the Estoppel Requirements (a “Seller Estoppel Certificate”) for each Lease, other than the Leases of the Key Tenants, for which Seller does not obtain a Tenant Executed Estoppel, and Purchaser agrees to
accept same in the place of Tenant Executed Estoppels with respect to Tenants leasing up to fifty percent (50%) of the square footage in the Center not leased by the Key Tenants. Notwithstanding the foregoing, if, subsequently, Purchaser
receives a Tenant Executed Estoppel for which Seller had previously delivered a Seller Estoppel Certificate, Seller shall be released from any liability in regards to its Seller Estoppel Certificate, it being acknowledged that thereafter such Tenant
Executed Estoppel shall replace such Seller Estoppel Certificate. In the event that Seller fails to extend the Closing Date as permitted hereunder to obtain the Required Tenant Executed Estoppels or fails, after exercising such thirty (30) day
extension, to satisfy the requirements of this Section 11.2, Purchaser shall have the right to (x) terminate this Agreement by giving written notice of termination to Seller, whereupon (A) Purchaser shall receive a full return of the
Deposit, and (B) except for obligations that this Agreement expressly states survive termination, neither party shall have any further rights against the other hereunder, or (y) adjourn the Closing Date for a period not exceeding thirty
(30) days by giving written notice to Seller in order to allow Seller additional time to obtain the Required Tenant Executed Estoppels. Seller agrees to forward any Tenant Executed Estoppels received by Seller from a Tenant to Purchaser
promptly after Seller’s receipt of same. 

  
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 11.3 At the Closing, Purchaser shall deliver the following documents in addition to payment
of the balance of the Purchase Price: 
 11.3.1. evidence reasonably satisfactory to Seller of Purchaser’s authority to
execute and deliver this Agreement and the documents to be delivered by it pursuant thereto; 
 11.3.2. an instrument of
assumption of all of Seller’s obligations under the Leases in the form of Exhibit “C-1” executed by Purchaser; 
 11.3.3. an instrument of assumption of all of Seller’s obligations under those Contracts being assumed by Purchaser, in the form of Exhibit “C-5” executed by Purchaser; 

11.3.4. the Closing Statement executed by Purchaser; and 
 11.3.5. such other instruments or documents which shall be necessary in connection with the transaction herein contemplated and which do not impose, create, or potentially create any liability or expense
upon Purchaser not expressly required under this Agreement, including any transfer tax forms. 
 The acceptance of the Deed by
Purchaser shall be deemed to be full performance and discharge of any and all obligations on the part of Seller to be performed pursuant to the provisions of this Agreement, except where such agreements and obligations are specifically stated to
survive. 
 11.4 With respect to the $2,500,000 letter of credit delivered by BJ’s Wholesale Club, Inc. to Seller under its
Lease, Seller will deliver to Purchaser at Closing the original letter of credit and an executed counterpart of the related transfer request form, directing the issuer of such letter of credit to transfer such letter of credit to Purchaser in the
full amount thereof. In addition, following the Closing, upon the request of Purchaser, Seller will execute and deliver any supplemental documents required by the issuer of such letter of credit in order to transfer such letter of credit to
Purchaser, provided any such additional documents do not impose any additional liability or expense upon Seller. 

Section 12. Brokerage. Each of Seller and Purchaser represents and warrants to the other that no brokers, finders or other
parties have been involved with it in this transaction except HFF, LP (“Broker”). Seller shall pay a commission to Broker with respect to the transaction contemplated herein pursuant to a separate written agreement between Seller and
Broker and shall indemnify, defend and hold Purchaser harmless against any costs, claims or expenses, including reasonable attorneys’ fees, arising out of any claim by Broker for such commission. Seller and Purchaser shall indemnify, defend and
hold harmless the other against any costs, claims or expenses, including reasonable attorneys’ fees, arising out of the breach of their respective representations and/or agreements hereunder. The provisions of this Section shall survive the
Closing. 
 Section 13. Notices. All notices or other communications hereunder to either party shall be (i) in
writing and shall be deemed to be given on the earlier to occur of (a) actual receipt, (b) the date of electronic or facsimile transmission in the case of delivery by facsimile or electronic mail (provided that the original thereof shall
be promptly sent by overnight courier for next business day delivery), (c) the following business day after the date of delivery to a nationally recognized overnight courier service, or (d) the third business day after deposit of both

  
 24 

 
the original and copy as provided below in a regularly maintained receptacle for the United States mail, by registered or certified mail, return receipt requested, postage prepaid, addressed as
provided hereinafter, and (ii) addressed: 
  

					
	 If to Purchaser:
	 		 	Series D, LLC
		 		 	c/o Cole Real Estate Investments
		 		 	2325 E. Camelback Road, Suite 1100
		 		 	Phoenix, Arizona 85016
		 		 	Attention:  Legal Department-Real Estate
		 		 	Facsimile Number:  480-449-7012
		 		 	E-mail:  Jpons@colecapital.com
			
	 With a copy to:
	 		 	Morris, Manning & Martin, LLP
		 		 	1600 Atlanta Financial Center
		 		 	3343 Peachtree Road, NE
		 		 	Atlanta, Georgia 30326
		 		 	Attention:  Andrew C. Williams, Esq.
		 		 	Facsimile Number:  404-365-9532
		 		 	E-mail:  Awilliams@mmmlaw.com
			
	 If to Seller:
	 		 	Canarsie Plaza LLC
		 		 	c/o Acadia Realty Trust
		 		 	1311 Mamaroneck Avenue, Suite 260
		 		 	White Plains, New York 10605
		 		 	Attention:  Robert Masters, General Counsel
		 		 	Facsimile Number:  914-428-2380
		 		 	E-mail:  rmasters@acadiarealty.com

 The time period within which a response to any notice or request must be given, if any, shall commence to run from the
date of actual receipt of such notice, request, or other communication by the addressee thereof. The above address may be changed by written notice to the other party; provided that no notice of a change of address, facsimile number or e-mail
address shall be effective until actual receipt of such notice. Copies of notices are for informational purposes only, and a failure to give or receive copies of any notice shall not be deemed a failure to give notice. 

Section 14. Prorations and Costs. 
 14.1 Prorations. Purchaser and Seller shall apportion as of midnight of the day preceding the Closing, the items hereinafter set forth. Any errors or omissions in computing apportionments at
Closing shall be promptly corrected. The obligations set forth in this Section 14 shall survive the Closing. The items to be adjusted are: 
 14.1.1. City ad valorem taxes and other assessments for the tax year in which the Closing occurs. 

  
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 14.1.2. all base rent, percentage rent and additional rent and similar charges to the
extent collected by Seller. Any base rent, percentage rent, additional rent or other charges received from a Tenant after the Closing shall be applied in the following order of priority: 

1. First, to the rents owing for the calendar month in which the Closing occurred; 

2. Second, to any rents then owing for any calendar month or months following the calendar month in which the Closing occurred; and

 3. Third, to rents owing for any calendar month or months preceding the calendar month in which the Closing occurred until
the Tenant, under the applicable Lease, is current. 
 For a period of six (6) months after the Closing, Purchaser shall
bill Tenants for all amounts due under their Leases accruing prior to the Closing (including, without limitation, base rent, additional rent, percentage rent or other Tenant charges for the year 2012) and shall use reasonable efforts to collect from
Tenants any base rent, additional rent, percentage rent or other Tenant charges owing with respect to the period prior to the Closing. To the extent delinquent amounts for base rents, additional rents, percentage rents and other tenant charges for
the period prior to the Closing (“Delinquent Rents”) are collected by Purchaser, subject to clauses 1, 2 and 3 above, such amounts, net of reasonable costs of collection, including without limitation, reasonable attorney’s fees, shall
be paid to Seller no later than ten (10) business days following the date on which such amounts have been received by Purchaser or its agent. Purchaser shall not be obligated to expend any funds or commence legal proceedings to collect any
Delinquent Rents. In no event shall Seller commence or pursue any legal proceedings against any Tenant after the Closing other than actions against Key Tenants for non-payment of rent. Any such action must be commenced within sixty (60) days
after Closing, and Seller shall not have the right to seek eviction. Further, in the event Seller commences any such action and the applicable Tenant names Purchaser as a third party defendant or otherwise causes Purchaser to be named in any such
action, Seller shall indemnify and defend Purchaser from such claims except with respect to any claims asserted by such Tenant relating to matters arising after the Closing. 
 At Closing, percentage rents shall be separately apportioned based on the percentage rents actually collected by Seller. Such apportionment shall be made separately for each Tenant who is obligated to pay
percentage rent on the basis of the fiscal year set forth in the Tenant’s Lease for the determination and payment of percentage rent. Any percentage rent received from a Tenant after the Closing shall be applied as follows: (a) Purchaser
shall be entitled to a prorata portion of such percentage rent payment based on the number of days within the applicable percentage rent fiscal year period that Purchaser owned the Project and (b) Seller shall be entitled to a prorata portion
of such percentage rent payment based on the number of days within the applicable percentage rent period that Seller owned the Project. 
 No later than one (1) year after the Closing Date (the “Final Adjustment Date”), Seller and Purchaser shall make a final adjustment in accordance with the provisions of this
Section 14.1 of percentage rent and other items of additional rents for which final adjustments or prorations could not be determined at the Closing, if any, because of the lack of 

  
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actual statements, bills or invoices for the current period, the year end adjustment of common area maintenance, taxes and like items, the unavailability of final sales figures or amounts for
percentage rent or any other reason. Except to the extent otherwise provided in Section 14.1.3, any net adjustment in favor of Purchaser or Seller is to be paid in cash by the other no later than ten (10) business days after such final
adjustment has been made. 
 14.1.3. To the extent Tenants pay monthly estimates of common area maintenance charges, central
plant charges, taxes and similar expenses (collectively, “Charges”) with an adjustment at the end of each fiscal year applicable to Charges, they shall be prorated in accordance with this Section. Until the adjustment described in this
Section is made, all amounts received by Seller as interim payments of Charges before the Closing Date shall be retained by Seller, except that all interim payments received by either party for the month in which the Closing Date occurs shall be
prorated as between Seller and Purchaser based upon the number of days in that month and the party receiving the interim payment shall remit to (if received on or after the Closing Date) or credit (if received before the Closing Date) the other
party its proportionate share. All amounts received by Purchaser as interim payments of Charges on or after the Closing Date shall be retained by Purchaser until year end adjustment and determination of Seller’s allocable share thereof except
to the extent provided in Section 14.1.2 above. No later than the Final Adjustment Date, Seller’s allocable share of actual Charges for Leases in effect as of the Closing Date shall be determined by multiplying the total payments due from
each Tenant for such fiscal year (the sum of estimated payments plus or minus year end adjustments) by a fraction, the numerator of which is Seller’s actual cost of providing common area maintenance services and taxes (as the case may be) prior
to the Closing Date (within that portion of the fiscal year prior to the Closing Date in which the applicable Lease is in effect), and the denominator of which is the cost of providing such services and paying such taxes for the entire fiscal year
(or that portion of the fiscal year in which the applicable Lease is in effect). If, on the basis of amounts actually incurred and the estimated payments received by Seller, Seller has retained amounts in excess of its allocable share, it shall
remit, within thirty (30) days after notice from Purchaser of the excess owed Purchaser, such excess to Purchaser. If, on the basis of the foregoing amounts, Seller has retained less than its allocable share (the “Seller Shortfall”),
Purchaser shall use reasonable efforts for a period of ninety (90) days after the Final Adjustment Date to collect the Seller Shortfall from the Tenants of the Property and, to the extent collected by Purchaser, Purchaser shall promptly remit
the Seller Shortfall, net of reasonable costs of collection, including without limitation, reasonable attorney’s fees, to Seller. Purchaser shall not be obligated to expend any funds or commence legal proceedings to collect any Seller
Shortfall. In no event shall Seller commence any legal proceedings against any Tenant after the Closing with respect to any Seller Shortfall. 
 In the event there is a dispute with any Tenant relating to Charges billed by Seller relating to the period prior to the Closing Date, Seller shall be responsible for resolving such dispute with such
Tenant and, if it is determined that credits are due to such Tenant with respect to such charges, Seller shall remit such amount either to the Purchaser or directly to the Tenant within ten (10) days after determination thereof. In the event
there is a dispute with any Tenant relating to Charges billed by Purchaser relating to the period after the Closing Date, Purchaser shall be responsible for resolving such dispute with such Tenant and, if it is determined that credits are due to
such Tenant with respect to such charges, Purchaser shall remit such amount to the Tenant within ten (10) days after determination thereof. 

  
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 Notwithstanding anything to the contrary provided in the preceding paragraph, Seller shall
be entitled to receive and retain all reconciliation payments made by Tenants with respect to Charges for the calendar years preceding the calendar year of Closing, and shall be responsible for any amounts owed to Tenants in connection with the
final reconciliation of Charges for such prior calendar years. If any such reconciliation payment with respect to Charges for a calendar year preceding the year in which the Closing occurs is received by Purchaser after the Closing, Purchaser shall
remit such payment to Seller within ten (10) business days after receipt. If any Tenant which is owed a refund with respect to Charges for a calendar year preceding the calendar year of Closing deducts or sets off such amount against rents or
other charges owed by such Tenant after the Closing, Seller shall remit such amount to Purchaser promptly following the occurrence of such set off or deduction. 
 14.1.4. All other income and all operating expenses of the Project for the assumed Contracts and public utility charges and charges and/or payments under the REAs with respect to the Project shall be
prorated at the Closing effective as of the Closing Date, and appropriate cash adjustments shall be made by Purchaser and Seller. Seller and Purchaser shall cooperate to arrange for final utility readings as close to the Closing Date as possible and
the issuance of a final bill to Seller with Purchaser being designated the billing party in lieu of Seller for all utilities that may be in the name of Seller from and after the Closing Date. Notwithstanding anything herein to the contrary, the
management agreement and leasing agreement, if any, for the Property shall be terminated as of the Closing date and there shall be no apportionment of any fees or charges thereunder. 

14.1.5. At Closing, any prepaid rents and security deposits under the Leases (together with any interest accrued thereon) shall be
transferred to Purchaser either directly or by way of a credit in favor of Purchaser. 
 14.1.6. If, at Closing, the Property
or any part thereof shall have been affected by an assessment or assessments, which are or may become payable in annual installments, of which the first installment is then a charge or lien, then for the purposes of this Agreement, all the unpaid
installments of any such assessment due and payable in calendar years prior to the year in which the Closing occurs shall be paid by Seller and all installments becoming due and payable after the Closing shall be assumed and paid by Purchaser,
except, however, that any installments which are due and payable in the calendar year in which the Closing occurs shall be adjusted pro rata. However, if such an assessment or assessments shall be due in one lump sum payment, then to the extent such
assessment(s) is for improvements in place as of the date of this Agreement, then such assessment(s) shall be paid by Seller but if such assessment(s) is for improvements to be made subsequent to the date of Closing, then the same shall be paid by
Purchaser. 
 14.1.7. All unpaid tenant improvement costs or allowances, free rent periods or rental abatements, concessions
and other inducements and all brokerage commissions relating to the Leases listed on Schedule “1.5” hereto with respect to the current term of any Leases and space demised to such Tenants as of the date hereof, and any amounts owing
by Seller hereunder or pursuant to Section 9.2 hereof, shall be the obligation of Seller. Except as provided in Section 25 hereof with respect to Leases of Suite L and Suite G5, Purchaser shall be responsible for all tenant improvement
costs or allowances, free rent periods or rental 

  
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abatements, concessions and other inducements and all brokerage commissions relating to any Leases entered into after the Effective Date with the approval of Purchaser, as well as all tenant
improvement costs or allowances, free rent periods or rental abatements, concessions and other inducements and brokerage commissions relating to or arising from any renewal, expansion, or extension of any of the existing Leases listed on Schedule
“1.5” hereto. Seller’s obligations described in this Section either (i) shall be paid at Closing (or paid when due if sooner) by Seller with evidence of payment delivered to Purchaser at Closing, or (ii) Purchaser shall
receive a credit against the Purchase Price for any such amount(s) not paid. 
 14.1.8. At Closing, Purchaser shall receive a
credit against the Purchase Price for (i) amounts paid to Seller by Tenants, merchants and other associations for promotional funds, and other similar contributions or payments, if any and (ii) all funds held by Seller with respect to
outstanding gift certificates, if any. 
 14.2 Purchaser’s Costs. Purchaser will pay: 

14.2.1. The fees and disbursements of Purchaser’s counsel, inspecting architect, engineer, environmental consultant and other
consultants, if any; 
 14.2.2. Any closing escrow fees of the Title Company; 

14.2.3. The cost of the Title Commitment and the Title Policy, including any search and exam fees, as well as the cost of all
endorsements thereto ; 
 14.2.4. Any costs relating to any financing obtained by Purchaser (including, without limitation, any
mortgage taxes and any additional title premiums resulting from obtaining a loan title policy); 
 14.2.5. The cost of the
Survey; and 
 14.2.6. Recording fees (other than the cost of recording any releases that Seller is required or has agreed to
remove in accordance with this Agreement). 
 14.3 Seller’s Costs. Seller will pay: 

14.3.1. The fees and disbursements of Seller’s counsel; 
 14.3.2. The cost of releasing all liens, judgments and other encumbrances that Seller has agreed to or is required to remove in accordance with this Agreement; and 

14.3.3. Any transfer taxes relating to the conveyance of the Property to Purchaser. 

Section 15. Damage or Destruction Prior to Closing and Condemnation. 

15.1 If prior to the Closing the Property is damaged or destroyed but not materially damaged or destroyed, by fire or other casualty,
Purchaser shall nonetheless be required to perform this Agreement and shall be entitled to the casualty insurance proceeds 

  
 29 

 
payable with respect thereto (including without limitation any business income, rent loss or like insurance proceeds relating to Property income lost or abated for periods following Closing (such
lost or abated income, the “Lost Income”)) under the policies of insurance maintained by Seller (collectively, the “Insurance Proceeds”) and to a credit against the Purchase Price in an amount equal to the deductible under any
insurance policy maintained by the Seller which covers such damage or destruction, but without any further reduction or credit against the Purchase Price. If the Property is materially damaged or destroyed by fire or other casualty, Purchaser may
terminate this Agreement on written notice to Seller given within ten (10) business days after receiving notice of the occurrence of such fire or casualty. If Purchaser shall exercise such option to terminate, the Purchaser shall receive a full
refund of the Deposit and except for obligations that this Agreement expressly states survive termination, neither party shall have any further rights against the other hereunder. If Purchaser does not exercise such option to terminate, this
Agreement shall remain in full force and effect in accordance with its terms and Purchaser shall be entitled to the Insurance Proceeds plus a credit against the Purchase Price in an amount equal to the deductible under any insurance policy
maintained by Seller which covers such damage or destruction. For purposes hereof, the Project shall be deemed “materially damaged or destroyed” if (i) the cost of repair and restoration to the Property of such damage or destruction
as estimated by the engineer or contractor selected by Seller and Purchaser is greater than $5 Million, in the case of the premises leased to BJ’s Wholesale, greater than $2 Million, in the case of the improvements located on Lot 5, or greater
than $1 Million, in the case of the other improvements located on the Land (such amounts, a “Significant Portion”), (ii) if such damage or destruction would entitle Tenants paying rents with an aggregate capitalized value of
$1,000,000 or more, based on a capitalization rate of 6.14%, to terminate their Lease(s) (to the extent such Tenants have not waived such right), (iii) if such damage or destruction would entitle Tenants to abate their rent with resulting Lost
Income not covered by Insurance Proceeds which can be assigned to Purchaser after the Closing in excess of $60,000.00, or (iv) if such damage or destruction is not covered by insurance, or if such insurance is not for the full replacement cost,
except for deductible amounts. This Article is an express agreement to the contrary of Section 5-1311 of the New York General Obligations Law. 
 15.2 In the event prior to Closing a condemnation proceeding is commenced, a condemnation proceeding is concluded, or all or any part of the Property is conveyed in lieu of condemnation, which
condemnation would have a material and adverse effect on the Property, Purchaser shall have the right to terminate this Agreement, in which event the Purchaser shall receive a full refund of the Deposit, and except for obligations that this
Agreement expressly states survive termination, neither party shall have any further rights against the other hereunder. In the event Purchaser does not elect to terminate this Agreement or in the event such condemnation proceeding would not have a
material adverse effect on the Property, Purchaser shall thenceforth be required to close the transaction contemplated hereunder and Seller shall assign to Purchaser, at the Closing, all of Seller’s rights, title and interest in and to any
condemnation claim and/or award payable with respect to the Property. For purposes of this Section 15.2, a “material and adverse effect” shall include the taking of Improvements resulting in a reduction in the value of the Property in
amounts in excess of the amounts set forth in Section 15.1 as a “Significant Portion” with respect to the respective portions of the Property described therein, or a condemnation or conveyance in lieu thereof that will entitle
Tenant(s) paying rents with an aggregate capitalized value of $1,000,000 or more, based on a capitalization rate of 6.14%, to terminate their Leases (to the extent that such Tenant(s) do not waive such rights), or that will entitle Tenants to abate
their rent with resulting Lost Income in excess of $60,000.00. 

  
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 Section 16. Remedies. 

16.1 IF THE SALE IS NOT CONSUMMATED DUE TO ANY DEFAULT BY PURCHASER HEREUNDER, THEN SELLER, AS ITS SOLE AND EXCLUSIVE REMEDY FOR
PURCHASER’S DEFAULT, SHALL RETAIN THE DEPOSIT, AS LIQUIDATED DAMAGES, THE PARTIES HAVING AGREED THAT SELLER’S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO PURCHASER’S DEFAULT, WOULD BE EXTREMELY DIFFICULT
OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN
SUCH EVENT. EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THE FOREGOING SHALL BE DEEMED TO BE SELLER’S UNCONDITIONAL AND IRREVOCABLE ELECTION OF
A REMEDY FOR A DEFAULT BY PURCHASER UNDER THIS AGREEMENT. 
 16.2 A. Subject to this Section, if Seller shall default in its
obligations under this Agreement, beyond any applicable notice and cure periods, or if there shall be a material breach discovered by Purchaser before Closing of any of Seller’s representations or warranties in Section 8 hereunder, the
parties hereto agree that Purchaser’s sole remedy shall be limited either (a) to the termination of this Agreement, in which event Purchaser shall receive a full return of the Deposit and, in addition, Seller shall reimburse Purchaser for
its actual out-of-pocket costs and expenses in connection with Purchaser’s investigation of the Property and the transactions contemplated by this Agreement up to the Purchaser’s Reimbursement Cap, or (b) to specific performance of
this Agreement, provided Purchaser initiates such action no later than sixty (60) days after any rights of Purchaser arise due to such uncured Seller default or breach hereunder. For purposes of this Section, “material” shall mean any
state of facts which, taken alone or together with all other untruths or inaccuracies and all such covenants with which Seller has not materially complied, can reasonably be anticipated to have an economic impact, in the aggregate, in excess of the
Floor (as hereinafter defined). Seller may elect to provide Purchaser with a credit against the Purchase Price at Closing in the amount of the damage estimated by Purchaser to result or potentially result from such breach or default by delivering
notice of such intention to Purchaser no later than ten (10) days from the date of Purchaser’s notice to cure any such material breach, in which case such breach shall be deemed cured and Purchaser shall no longer have the right to
terminate the Agreement as a result thereof. 
 B. Notwithstanding the terms of Section 16.2A above, if specific
performance is unavailable as a remedy to Purchaser because of Seller’s affirmative intentional act in breach of this Agreement for the purpose of avoiding the transaction described in this Agreement, Purchaser shall have the right to pursue
any remedy at law or in equity including, without limitation, a claim for money damages. 

  
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 C. Notwithstanding anything to the contrary contained herein, the representations of Seller
set forth in Section 8 of this Agreement shall survive the Closing under this Agreement for a period of six (6) months after the Closing Date (the “Survival Period”); provided, however, that the representations of Seller set
forth in this Agreement with respect to Leases shall not survive the Closing to the extent a Tenant Executed Estoppel covering substantially the same matter is delivered. Each such Seller representation shall automatically be null and void and of no
further force and effect after the Survival Period unless, prior to the end of the Survival Period, Purchaser shall have asserted in writing a specific claim with respect to the particular Surviving Seller Representation and commenced a legal
proceeding within forty-five (45) days thereafter against Seller alleging that Seller is in breach of such surviving Seller representation and that Purchaser has suffered actual damages as a result thereof (a “Proceeding”). In no
event shall Purchaser be entitled to assert any consequential, special or punitive damages, nor shall it be entitled to any award or payment based on such damages. If Purchaser timely commences a Proceeding, and a court of competent jurisdiction,
pursuant to a final, non-appealable order in connection with such Proceeding, determines that (1) the applicable surviving Seller representation was breached as of the Closing Date and (2) Purchaser suffered actual damages (the
“Damages”) by reason of such breach and (3) Purchaser did not have knowledge of such breach prior to the Closing, then Purchaser shall be entitled to receive an amount equal to the Damages, but in no event in an amount greater than
the Ceiling (as hereinafter defined); provided, however, Purchaser shall not be entitled to pursue any claim against Seller for Damages to Purchaser that are less than the Floor (as hereinafter defined). If Purchaser has claim(s) against Seller, in
excess of the Floor in the aggregate, then Purchaser shall be entitled to pursue the actual loss suffered by Purchaser in connection with such claim(s) against Seller, but in no event shall Seller’s liability for any and all claims exceed the
Ceiling. For purposes of this Section 16, Purchaser shall be deemed to have knowledge of the fact in issue prior to Closing if Thomas P. Falatko or John M. Pons had actual (and not imputed or constructive) knowledge of the fact in issue prior
to Closing or if such information is included in any Lease, Contract, or any other Property Information provided by Seller to Purchaser with respect to the Property. Purchaser represents that Thomas P. Falatko and John M. Pons are the persons within
Purchaser’s organization with primary responsibility for Purchaser’s due diligence with respect to the Property. As used herein, “Floor” shall mean with respect to any claim or claims against Seller for breach of any Surviving
Seller Representation, SEVENTY FIVE THOUSAND AND 00/100 Dollars ($75,000.00), and “Ceiling” shall mean THREE MILLION AND 00/100 Dollars ($3,000,000.00). The provisions of this Section 16 shall constitute the sole and exclusive remedy
after closing for breaches of Seller’s representations and warranties. 
 16.3 The provisions of Sections 16.1 and 16.2
hereof shall not limit any rights or remedies that either party may have against the other after the Closing with respect to those provisions of this Agreement that survive Closing or the documents delivered pursuant to Sections 11.1 and 11.3
hereof. 
 Section 17. Reporting Requirements. Purchaser and Seller shall each deposit such other instruments
required to close the escrow and consummate the purchase and sale of the Property in accordance with the terms hereof, including, without limitation, an agreement designating the Title Company as the “Reporting Person” for the transaction
pursuant to Section 6045(e) of the Internal Revenue Code and the regulations promulgated thereunder, and executed 

  
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by Seller, Purchaser and the Title Company, but in no event shall such instruments impose, create or potentially create any liability for Seller or Purchaser not expressly provided for herein.
Such agreement shall comply with the requirements of Section 6045(e) of the Internal Revenue Code and the regulations promulgated thereunder. 
 Section 18. Miscellaneous. 
 18.1 This Agreement constitutes the
entire Agreement between the parties and supersedes any other previous agreement, oral or written, between the parties. This Agreement cannot be changed, modified, waived or terminated orally but only by an agreement in writing signed by the parties
hereto. This Agreement shall be binding upon the parties hereto and their respective heirs, executors, personal representatives and permitted successors and assigns, subject, however, to limitations set forth herein regarding assignments of this
Agreement. 
 18.2 In the event of a default by either party hereto which becomes the subject of litigation, the losing party
agrees to pay the reasonable legal fees of the prevailing party. For purposes of this Section, a party will be considered to be the “prevailing party” if (a) such party initiated the litigation and substantially obtained the relief
which it sought (whether by judgment, voluntary agreement or action of the other party, trial, or alternative dispute resolution process), (b) such party did not initiate the litigation and either (i) received a judgment in its favor, or
(ii) did not receive judgment in its favor, but the party receiving the judgment did not substantially obtain the relief which it sought, or (c) the other party to the litigation withdrew its claim or action without having substantially
received the relief which it was seeking. The provision of this Section shall survive the Closing or the termination of this Agreement. 
 18.3 This Agreement may be executed by facsimile, by email (in “.pdf” format) and/or in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and
all of which together shall constitute one and the same instrument. 
 18.4 This Agreement shall be governed, construed and
enforced in accordance with the laws of the State of New York. 
 18.5 The headings used in this Agreement are for convenience
only and do not constitute substantive matters to be considered in construing same. 
 18.6 The parties agree that neither this
Agreement nor any memorandum or notice thereof shall be recorded. 
 18.7 This Agreement may be assigned by Purchaser in whole
(but not in part) to an affiliate of Purchaser which Purchaser controls or which is under common control with Purchaser, without the prior written consent of the Seller provided, that Seller, within no less than three (3) business days prior to
Closing, shall have received written notice of such assignment(s) together with an executed copy of each assignment and assumption instrument pursuant to which Purchaser assigns all of its right, title and interest in and to this Agreement to the
assignee(s) (including all rights to the Deposit) and the assignee(s) assume and agree to be bound by all of the obligations of Purchaser under this Agreement. No assignment of this 

  
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Agreement shall release Purchaser herein; provided, however, with respect to any assignment, if Closing occurs the assigning party (but not the assignee) shall be relieved of all its obligations
arising under this Agreement before, on and after Closing. For purposes of this Section 18.7, “control” shall mean the authority to make management decisions regarding the day-to-day operations of the entity and co-authority with
respect to customary major decisions. 
 18.8 Submission of this form of Agreement for examination shall not bind Seller or
Purchaser in any manner nor be construed as an offer to sell and no contract or obligations of Seller or Purchaser shall arise until this Agreement is executed by both Seller and Purchaser and delivery is made to each and the Deposit has been made
by Purchaser. 
 18.9 Each of the parties agrees that upon request from the other party following the Closing and without
further consideration, such party shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further acts or instruments as shall be reasonably requested by a party in order to effect or carryout
the transactions contemplated herein provided same do not impose any obligations or liabilities upon the party not contemplated in this Agreement. The provisions of this Section 18.9 shall survive the Closing. 

18.10 If the final date of any period set forth herein (including, but not limited to, the Closing Date) falls on a Saturday, Sunday or
legal holiday under the laws of the State of Arizona, or the United States of America, the final date of such period shall be extended to the next day that is not a Saturday, Sunday or legal holiday. The term “days” as used herein shall
mean calendar days, with the exception of “business days”, which term shall mean each day except for any Saturday, Sunday or legal holiday under the laws of the State of New York, or the United States of America. 

Section 19. Confidentiality. All Property Information provided by Seller or its agents and representatives to Purchaser with
respect to the Property (“Confidential Information”) shall be treated as confidential information by Purchaser, using the same degree of care with respect to the Confidential Information as Purchaser employs with respect to its own
proprietary or confidential information of like importance and make no use of any such disclosed information not independently known to Purchaser except in connection with the transactions contemplated hereby. Notwithstanding the foregoing,
Purchaser may disclose Confidential Information (i) to its respective consultants, investors, lenders, appraisers, attorneys, accountants, advisers, and affiliates (collectively, “Related Parties”), provided the Purchaser shall advise
each parties of the confidential nature of such information and that such parties are required to maintain the confidentiality thereof, and (ii) to the extent Purchaser is required to disclose the same pursuant to a court order, applicable laws
or regulations or pursuant to a legal dispute between Purchaser and Seller. Purchaser and the Related Parties shall not be obligated to keep confidential any Confidential Information that (1) is already in the public domain, (2) is or
becomes generally available to the public other than as a result of a disclosure by Purchaser, or (3) is or becomes available to Purchaser on a non-confidential basis from a source other than Seller who, to Purchaser’s knowledge, is not
subject to a confidentiality agreement with, or other obligation of secrecy to, Seller prohibiting such disclosure. Purchaser’s obligations under the foregoing provisions of this Section shall terminate on the earlier of (x) twelve months
from the Effective Date, or (y) the Closing Date. Except as required by applicable law, each party agrees 

  
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that it shall not publicize this transaction after the Closing without the prior written approval of the other party, which approval shall not be unreasonably withheld. This provision shall
survive Closing. 
 Section 20. Time of Essence. With respect to each party’s performance of each of its
respective obligations under this Agreement involving a date for performance, whether expressly stated herein or pursuant to an extension or adjournment right, as the case may be, including, without limitation, Closing, TIME SHALL BE OF THE ESSENCE.

 Section 21. Intentionally Omitted. 
 Section 22. Rights of First Refusal. If any of the Leases contain tenant rights of first refusal or rights of first offer to purchase the Property (either such right, a “ROFR”),
Seller shall deliver a written right of first refusal or offer notice to the applicable Tenant in accordance with the requirements of the applicable ROFR within five (5) days after the Effective Date. Seller agrees that if any Tenant gives
notice of its intent to exercise its ROFR under its Lease or does actually exercise such ROFR, this Agreement shall be deemed to terminate, provided that Purchaser shall receive a full return of the Deposit and Seller shall promptly reimburse to
Purchaser all reasonable out-of-pocket and third party property diligence expenses incurred by Purchaser, including, without limitation, reasonable attorneys’ fees and costs. 

Section 23. Tenant Audit Right. In the event that any Tenant has the right to inspect and audit the books, records and other
documents of the landlord under its Lease which evidence the purchase price of the Property, the development and construction costs of the improvements, and/or common area maintenance costs and expenses, Seller hereby covenants and agrees that it
shall retain such books, records and other documents which will enable such Tenant to conduct a full and complete audit thereof until the date that is six (6) months after the latest date that such Tenant could demand an inspection and/or audit
thereof pursuant to its Lease and, upon written request therefor from Purchaser, or any successor or assign, thereof, shall provide both Purchaser and such Tenant with reasonable access thereto and otherwise reasonably cooperate with both Purchaser
and such Tenant with respect to such inspection and/or audit by such Tenant. In the event such Tenant claims any right to a credit, refund or other reimbursement as a result of such audit, Seller shall indemnify, hold harmless and defend the
Indemnified Parties from any and all Claims relating thereto or arising therefrom. The provisions of this Section 23 shall survive Closing. 
 Section 24. SEC S-X 3-14 Audit. In order to enable Purchaser to comply with reporting requirements, Seller agrees to provide Purchaser and its representatives information
sufficient for Purchaser to comply with SEC Rule 3-14 of Regulation S-X, including Seller’s most current financial statements relating to the financial operation of the Property for the current fiscal year and the most recent
pre-acquisition fiscal year, and upon request, support for certain operating revenues and expenses specific to the Property. Seller understands that certain of such financial information may be included in filings required to be made
by Purchaser with the U.S. Securities and Exchange Commission. This Section 24 shall survive Closing for a period of one (1) year. 

  
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 Section 25. New Leases. 

25.1 Purchaser acknowledges that Seller is in negotiations with Value Depot and Mama Brown’s BBQ for leases of Suite L (4,365 square
feet) and Suite G5 (1,550 square feet), respectively, at the Property. Purchaser acknowledges that Seller has provided Purchaser with copies of the letters of intent entered into by Seller for such new leases. Purchaser hereby approves the terms set
forth in such letters of intent, provided that the final terms and conditions of such leases shall remain subject to the approval of Purchaser, not to be unreasonably withheld. 

25.2 In the event that an approved Lease is entered into by Seller with Mama Brown’s BBQ or Value Depot prior to Closing:

 25.2.1. Purchaser shall receive at Closing a credit against the Purchase Price in an amount equal to the sum of (i) any
unpaid or undisbursed portion of any third party leasing commissions, tenant improvement allowance or other allowances, and other out-of-pocket expenses required to be paid by the landlord in connection with such Lease (collectively, “Leasing
Costs”), and (ii) pro forma rent (including base rent and triple net charges), at the monthly rate provided for in such Lease for the first full lease year following the rental commencement date and the expiration of any applicable
abatements or concessions, for the period commencing on the date of Closing and continuing until the last day of the month in which payment of full base rent and triple net charges are projected to commence under such Lease (“Stub Rent”).

 25.2.2. Following the Closing, if the actual rent commencement date under such Lease (the “Actual Rent Commencement
Date”) occurs before the projected rent commencement date (the “Projected Rent Commencement Date”), Purchaser shall reimburse Seller for the difference between the Stub Rent credit received by Purchaser at Closing and the amount that
the Stub Rent credit would have been if the Projected Rent Commencement Date for such Lease had been the same as the Actual Rent Commencement Date. If, however, the Actual Rent Commencement Date under such Lease does not occur on or before the
Projected Rent Commencement Date, then from and after the Projected Rent Commencement Date Seller shall pay to Purchaser, on the first day of each month following the Projected Rent Commencement Date until the Actual Rent Commencement Date occurs,
additional pro forma rent (including base rent and triple net charges) at the monthly rate set forth above (“Additional Stub Rent”); provided, however, such Additional Stub Rent shall be pro rated for the calendar month in which the Actual
Rent Commencement Date occurs under such Lease. 
 25.2.3. Seller, at Seller’s sole cost and expense, shall be responsible
for any improvements required to be constructed by the Landlord pursuant to the terms of any Lease entered into with Mama Brown’s BBQ or Value Depot in order to bring the applicable space to “white box” condition, as described in the
approved letters of intent with Mama Brown’s BBQ and Value Depot (such improvements being herein referred to as the “Landlord Improvements”). Following the Closing, Seller and its contractors and subcontractors shall have a license to
enter the applicable space for the purpose of constructing the Landlord Improvements. Any construction undertaken by Seller shall be diligently undertaken and performed in a good and workmanlike manner, with new materials, free of all liens, in
accordance with all applicable laws, rules, ordinances and regulations governing construction, 

  
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and in a manner which will not unreasonably interfere with the occupancy of the other tenants of the Property or otherwise unreasonably disrupt the operations of the Property. Seller agrees to
indemnify, defend and hold harmless Purchaser, its successors and assigns, from and against any loss, cost, liability, damage or expense to the extent arising from construction of the Landlord Improvements by Seller or its contractors, except to the
extent arising from the gross negligence or willful misconduct of Purchaser, its agents, contractors or representatives. 

25.2.4. Following the Closing and prior to commencing or continuing construction of any Landlord Improvements, Seller shall obtain or
require its contractor to obtain and deliver to Purchaser evidence of, and thereafter maintain so long as such construction activity is occurring, at least the minimum insurance coverages set forth below: 

(a) Commercial General Liability insurance covering all operations by or on behalf of the Seller and its contractor(s), in an amount no
less than One Million Dollars ($1,000,000) per occurrence, naming Purchaser as an additional insured, covering personal injury liability, premises and operations, products and completed operations, broad form property damage (including completed
operations), explosions, collapse, and underground hazards, and contractual liability; 
 (b) Automobile liability insurance
coverage including coverage for owned, hired, and non-owned automobiles, with limits of not less than $500,000 combined single limit each accident for bodily injury or property damage; 

(c) Worker’s compensation and employer’s liability insurance; and 

(d) Fire and extended coverage insurance with respect to the applicable premises, naming Purchaser as the insured, in the so-called
“Builder’s Risk 100% Completed Value Non-Reporting” form. 
 25.2.5. This Section 25 shall survive the
Closing. 
 Section 26. Master Leases. 
 26.1 In the event that an approved Lease is not entered into with Mama Brown’s BBQ for Suite G5 prior to Closing, then at Closing Acadia Strategic Opportunity Fund II, LLC (“Master
Lessee”), an affiliate of Seller, shall enter into an agreement with Purchaser pursuant to which Master Lessee shall master lease such premises from Purchaser for a period of five (5) years following the Closing Date (the “Master
Lease Period”) upon the following terms and conditions: 
 26.1.1. Master Lessee shall provide an allowance to Purchaser in
the amount of up to $345,000 with respect to base rent, real estate taxes, operating expenses, and insurance costs attributable to Suite G5 during the Master Lease Period (the “Suite G5 Rent Allowance”), as well as an allowance of up to
$105,000 for Leasing Costs (as defined in Section 25.2.1 above) in connection with the leasing of such premises (the “Suite G5 Leasing Cost Allowance”). 

  
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 26.1.2. Commencing on the date of Closing, and thereafter on the first day of each
subsequent month during the Master Lease Period, Master Lessee shall pay to Purchaser the sum of $5,762.00, or an appropriate pro rata portion thereof for any partial month (the “Suite G5 Master Lease Rent”), in payment of base rent, real
estate taxes, operating expenses, and insurance costs allocable to Suite G5. Notwithstanding the foregoing, if Purchaser enters into a Lease with a third party for Suite G5 at any time during the Master Lease Period, then from and after the date on
which the tenant under such Lease commences payment of rent until the end of the Master Lease Period, Master Lessee shall be obligated to pay only the amount of the shortfall, if any, between (x) the amount of base rent and triple net charges
payable by such third party tenant under such Lease, and (y) the Suite G5 Master Lease Rent, and Master Lessee shall be released of any additional liability with respect to Suite G5 Master Lease Rent (regardless of whether the third party
tenant thereafter actually pays the amounts due under its Lease). 
 26.1.3. In the event that Purchaser enters into a Lease of
Suite G5 with a third party during the Master Lease Period, Master Lessee shall reimburse Purchaser for any Leasing Costs incurred by Purchaser in connection with such Lease, up to the amount of the Suite G5 Leasing Cost Allowance. Such
reimbursement shall be paid by Master Lessee to Purchaser within five (5) business days after Master Lessee’s receipt of a reimbursement request for such costs from Purchaser, together with copies of invoices or other documentation
evidencing such costs. If Suite G5 is fully leased to a third party tenant during the Master Lease Period and the Leasing Costs attributable to such space are less than the full amount of the Suite G5 Leasing Cost Allowance, the Master Lessee shall
be entitled to retain the unused portion of the Suite G5 Leasing Cost Allowance. To the extent Suite G5 is not fully leased within the Master Lease Period, however, any unused portion of the Suite G5 Leasing Allowance shall be paid to Purchaser by
the Master Lessee at the expiration of the Master Lease Period. 
 26.2 In the event that an approved Lease is not entered into
with Value Depot for Suite L prior to Closing, then at Closing Master Lessee shall enter into an agreement with Purchaser pursuant to which Master Lessee shall master lease such premises from Purchaser for the Master Lease Period upon the following
terms and conditions: 
 26.2.1. Master Lessee shall provide an allowance to Purchaser in the amount of up to $1,000,000 with
respect to rents, real estate taxes, operating expenses, and insurance costs attributable to Suite L during the Master Lease Period (the “Suite L Rent Allowance”), as well as an allowance of up to $200,000 for Leasing Costs in connection
with the leasing of such premises (the “Suite L Leasing Cost Allowance”). 
 26.2.2. Commencing on the date of
Closing, and thereafter at the beginning of each subsequent month during the Master Lease Period, Master Lessee shall pay to Purchaser the sum of $16,871.00, or an appropriate pro rata portion thereof for any partial month (the “Suite L Master
Lease Rent”), in payment of base rent, real estate taxes, operating expenses, and insurance costs allocable to Suite L. Notwithstanding the foregoing, if Purchaser enters into a Lease with a third party for Suite L at any time during the Master
Lease Period, then from and after the date on which the tenant under such Lease commences payment of rent until the end of the Master Lease Period, Master Lessee shall be obligated to pay only the amount of the shortfall, if any, between
(x) the amount of base rent and triple net charges payable by such third 

  
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party tenant under such Lease, and (y) the Suite L Master Lease Rent, and Master Lessee shall be released of any additional liability with respect to the Suite L Master Lease Rent
(regardless of whether the third party tenant thereafter actually pays the amount due under its Lease). 
 26.2.3. In the event
that Purchaser enters into a Lease of Suite L with a third party tenant during the Master Lease Period, Master Lessee shall reimburse Purchaser for any Leasing Cost incurred by Purchaser in connection with such Lease, up to the amount of the Suite L
Leasing Cost Allowance. Such reimbursement shall be paid by Master Lessee to Purchaser within five (5) business days after Master Lessee’s receipt of a reimbursement request for such costs from Purchaser, together with copies of invoices
or other documentation evidencing such costs. If Suite L is fully leased to one or more third party tenants during the Master Lease Period and the Leasing Costs attributable to such space are less than the full amount of the Suite L Leasing Cost
Allowance, the Master Lessee shall be entitled to retain the unused portion of the Suite L Leasing Cost Allowance. To the extent Suite L is not fully leased within the Master Lease Period, however, any unused portion of the Suite L Leasing Cost
Allowance shall be paid to Purchaser by the Master Lessee at the expiration of the Master Lease Period. 
 26.3 During the
Master Lease Period, Purchaser shall use commercially reasonable efforts to market and lease any premises which are master leased pursuant to this Section 26 (the “Master Leased Space”) in accordance with sound, reasonable and prudent
leasing practices. Purchaser agrees that all new Leases of Master Leased Space entered into by Purchaser during the Master Lease Period shall be on market terms, including, without limitation, with respect to any “free rent” or reduced
rent periods or other concessions provided under or in connection with such new Leases. Promptly after execution thereof, and in any event upon request, Purchaser shall provide Master Lessee with a copy of any Lease of the Master Leased Space
executed by Purchaser during the Master Lease Period. 
 26.4 During the Master Lease Period Master Lessee shall have the
non-exclusive right, but not the obligation, either directly or through Master Lessee’s agents, to solicit prospective tenants for the Master Leased Space. Purchaser shall approve or disapprove of any letter of intent or lease proposed by
Master Lessee within ten (10) calendar days after receipt by Purchaser of a request for approval from Master Lessee. Approval of any such proposed letter of intent or lease shall be within Purchaser’s discretion, provided that Purchaser
shall not unreasonably withhold its approval of any such proposed letter of intent or lease so long as the letter of intent or proposed lease meets the leasing guidelines attached hereto as Schedule “26.4”. If Purchaser does not
approve or disapprove a proposed lease or letter of intent within the ten (10) day approval period described above, such letter of intent or proposed lease shall be deemed approved. 

26.5 Master Lessee, at Master Lessee’s sole cost and expense, shall be responsible for any Landlord Improvements required to be
constructed by the Landlord pursuant to the terms of any Lease of the Master Leased Space. Subject to (i) Purchaser’s approval (not to be unreasonably withheld) of the contractor for the Landlord Improvements, and
(ii) Purchaser’s execution of an approved Lease for the applicable space, Master Lessee and its contractors and subcontractors shall have a license to enter the applicable space for the purpose of constructing the Landlord Improvements.
Any construction undertaken by Master Lessee shall be diligently 

  
 39 

 
undertaken and performed in a good and workmanlike manner, with new materials, free of all liens, in accordance with all applicable laws, rules, ordinances and regulations governing construction,
and in a manner which will not unreasonably interfere with the occupancy of the other tenants of the Property or otherwise unreasonably disrupt the operations of the Property. Master Lessee agrees to indemnify, defend and hold harmless Purchaser,
its successors and assigns, from and against any loss, cost, liability, damage or expense to the extent arising from construction of the Landlord Improvements by Master Lessee or its contractor, except to the extent arising from the gross negligence
or willful misconduct of Purchaser, its agents, contractors or representatives. 
 26.6 Prior to commencing construction of any
Landlord Improvements, Master Lessee shall obtain or require its contractor to obtain and deliver to Purchaser evidence of, and thereafter maintain so long as such construction activity is occurring, at least the minimum insurance coverages set
forth in Section 25.2.4 above. 
 26.7 Purchaser acknowledges and agrees that, except as may be expressly set forth to the
contrary in this Section 26, Master Lessee shall have no obligations or liabilities with respect to the Master Leased Space, including, without limitation, any obligation relating to (i) utilities, (ii) occupying the Master Leased
Space or conducting any business therein, (iii) repair, restoration, replacement or maintenance of the Master Leased Space, (iv) compliance with any applicable laws, rules, regulations or orders of any governmental authority (including,
without limitation, any of the foregoing as they may relate to Hazardous Materials), and (v) maintenance of insurance pertaining to the Master Leased Space. 
 26.8 At Closing, Purchaser and Master Lessee shall enter into Master Lease(s) which incorporates the applicable terms of this Section 26. 

Section 27. Jake’s Rental Support. 
 27.1 At Closing, Seller shall deliver an agreement from the Master Lessee to Purchaser with respect to the Lease to Jake’s Wayback Hamburgers (the “Jake’s Lease”) providing as follows
(the “Jake’s Rental Support Obligation”) 
 27.1.1. If for any monthly period (or partial
monthly period) between the date of Closing and the first (1st) anniversary of the date of Closing (the “Jake’s Rental Support Period”), Jake’s Wayback Hamburgers (“Jake’s”) fails to pay the full amount of rent (including CAM,
tax, and insurance contributions) when and as due under the terms of its Lease, and provided such failure continues after all applicable notice and cure periods set forth in the Jake’s Lease have been exhausted by Purchaser, then Master Lessee
shall pay to Purchaser upon demand the unpaid amount due for such month (or an appropriate pro rata portion thereof for any partial calendar month period) under the Jake’s Lease. The liability of Master Lessee pursuant to the Jake’s Rental
Support Obligation shall reduce as a result of each payment of rent made by Jake’s to Purchaser applicable to the Jake’s Rental Support Period. Purchaser shall use commercially reasonable efforts to collect the rent due from Jake’s
during the Jake’s Rental Support Period, notwithstanding any payment by the Master Lessee pursuant to this Section 27. In the event Master Lessee makes a payment to Purchaser under the Jake’s Rental Support Obligation and Jake’s
later pays said amount to Purchaser, Purchaser shall promptly refund to 

  
 40 

 
Master Lessee the amount previously paid by Master Lessee. In the event any amounts due from Jake’s under the Jake’s Lease are abated due to casualty or condemnation, Master
Lessee’s obligation under the Jake’s Rental Support Obligation shall be abated accordingly. In no event shall Master Lessee have any liability to Purchaser for rent payments which are due under the Jake’s Lease after the first
(1st) anniversary of the Closing Date. 

27.1.2. In order to draw upon the Jake’s Rental Support Obligation, Purchaser shall deliver written notice to Master Lessee
certifying that Purchaser has exhausted all notice and cure periods under the Jake’s Lease for the applicable month and the amount of any payment shortfall for such month (a “Deficiency Notice”). Master Lessee shall pay the specified
amount to Purchaser within five (5) business days after receipt of such Deficiency Notice. 
 27.1.3.
Notwithstanding the terms of Section 27.1.2 above, if the Closing occurs after the tenth (10th) day of the calendar month of Closing and Seller has not received payment of the monthly rent due from Jake’s for such calendar month, Purchaser shall receive a credit at Closing for its pro
rata share of such monthly rent, which credit shall be applied against the Jake’s Rental Support Obligation. 

  
 41 

 IN WITNESS WHEREOF, this Agreement has been entered into as of the day and year first above
written. 
  

					
	SELLER:	 	PURCHASER:
		
	 CANARSIE PLAZA LLC,

a Delaware limited liability company
	 	 SERIES D, LLC, an Arizona limited
 liability company

			
	 By: /s/ Robert
Masters                    
	 	By:	 	/s/ John M. Pons                    
	 Name: Robert Masters
	 		 	     John M. Pons,
	 Title: Senior Vice President
	 		 	     Authorized Officer

 JOINDER: 
 Provided that the Closing of the transaction described in the foregoing Agreement shall occur, the undersigned Acadia Strategic Opportunity Fund II, LLC, an affiliate of the Seller, for good and valuable
consideration, the receipt of which is hereby acknowledged, agrees to and hereby unconditionally guarantees the obligations and liabilities of Seller under such Agreement and the related Closing Documents, subject to the limitations on survival and
liability set forth therein. 
 Dated this 9th day of November, 2012. 

 

			
	 ACADIA STRATEGIC OPPORTUNITY FUND
 II, LLC, a Delaware limited liability company

 
			
		
	 By:
	 	/s/ Robert
Masters                    

 
			
	 Name:
	 	Robert Masters

 
			
	 Title:
	 	Senior Vice President

  
 42EX-10.22

 Exhibit 10.22 
 Loan Number 94-0960353 
  

 
  

LOAN AGREEMENT 
 Dated as of December 5, 2012 
 Between 

COLE MT BROOKLYN NY, LLC, a Delaware limited liability company 
 as Borrower 
 and 

PNC BANK, NATIONAL ASSOCIATION, 
 as Lender 
  
  

 

 TABLE OF CONTENTS 

 

											
	 	  	 	 	  	 	  	Page	 
	 I.
	  	 	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	 	1	  
				
		  	 	Section 1.1  	  	  	Definitions	  	 	1	  
				
		  	 	Section 1.2  	  	  	Principles of Construction	  	 	27	  
			
	 II.
	  	 	GENERAL TERMS	  	 	28	  
				
		  	 	Section 2.1  	  	  	The Loan	  	 	28	  
				
		  	 	2.1.1.	  	  	Agreement to Lend and Borrow	  	 	28	  
				
		  	 	2.1.2.	  	  	Single Disbursement to Borrower	  	 	28	  
				
		  	 	2.1.3.	  	  	The Note, Security Instrument and Other Loan Documents	  	 	28	  
				
		  	 	2.1.4.	  	  	Use of Proceeds	  	 	28	  
				
		  	 	Section 2.2  	  	  	Interest Rate and Payments	  	 	28	  
				
		  	 	2.2.1.	  	  	Interest Generally; Usury	  	 	28	  
				
		  	 	2.2.2.	  	  	Interest Calculation	  	 	29	  
				
		  	 	2.2.3.	  	  	Payments Before Maturity Date; Monthly Debt Service Payment Amount	  	 	29	  
				
		  	 	2.2.4.	  	  	Payment on Maturity Date	  	 	29	  
				
		  	 	2.2.5.	  	  	Payments After Default	  	 	29	  
				
		  	 	2.2.6.	  	  	Late Payment Charge	  	 	30	  
				
		  	 	2.2.7.	  	  	Release on Payment in Full	  	 	30	  
				
		  	 	Section 2.3  	  	  	Manner of Making Payments	  	 	30	  
				
		  	 	2.3.1.	  	  	Making of Payments	  	 	30	  
				
		  	 	2.3.2.	  	  	Credit for Payment Receipt	  	 	30	  
				
		  	 	2.3.3.	  	  	Invalidated Payments	  	 	30	  
				
		  	 	2.3.4.	  	  	No Deductions, etc	  	 	30	  
				
		  	 	2.3.5.	  	  	Application of Payments	  	 	31	  
				
		  	 	2.3.6.	  	  	Increased Costs	  	 	31	  
				
		  	 	2.3.7.	  	  	Indemnified Taxes	  	 	32	  
				
		  	 	Section 2.4  	  	  	Prepayments	  	 	33	  
				
		  	 	2.4.1.	  	  	Voluntary Prepayments	  	 	33	  

  
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 TABLE OF CONTENTS 

(continued) 
  

											
	 	  	 	 	  	 	  	Page	 
		  	 	2.4.2.	  	  	Prepayment Consideration	  	 	33	  
				
		  	 	2.4.3.	  	  	Mandatory Prepayments	  	 	34	  
				
		  	 	2.4.4.	  	  	Prepayments After Event of Default	  	 	34	  
			
	 III.
	  	 	CASH MANAGEMENT	  	 	35	  
				
		  	 	Section 3.1  	  	  	Establishment of Lockbox Account and Cash Management Account	  	 	35	  
				
		  	 	3.1.1.	  	  	Establishment of Lockbox Account	  	 	35	  
				
		  	 	3.1.2.	  	  	Establishment of Cash Management Account	  	 	36	  
				
		  	 	3.1.3.	  	  	Accounts Generally	  	 	36	  
				
		  	 	Section 3.2  	  	  	Daily Transfers from the Lockbox Account	  	 	36	  
				
		  	 	Section 3.3  	  	  	Monthly Disbursements from the Cash Management Account	  	 	36	  
				
		  	 	Section 3.4  	  	  	Deposit and Disbursement of Funds Allocated for Payment of Monthly Reserve Fund Deposits	  	 	37	  
				
		  	 	Section 3.5  	  	  	Deposit and Disbursement of Funds Allocated to Triggering Event Period Reserve Funds;
Excess Cash Reserve Fund	  	 	37	  
				
		  	 	Section 3.6  	  	  	Borrower’s Obligation Not Affected	  	 	38	  
				
		  	 	Section 3.7  	  	  	Payments Received Under this Agreement	  	 	38	  
			
	 IV.
	  	 	REPRESENTATIONS AND WARRANTIES	  	 	38	  
				
		  	 	Section 4.1  	  	  	Borrower Representations	  	 	38	  
				
		  	 	4.1.1.	  	  	Organization	  	 	38	  
				
		  	 	4.1.2.	  	  	Proceedings	  	 	38	  
				
		  	 	4.1.3.	  	  	No Conflicts	  	 	39	  
				
		  	 	4.1.4.	  	  	Litigation	  	 	39	  
				
		  	 	4.1.5.	  	  	Agreements	  	 	39	  
				
		  	 	4.1.6.	  	  	Title	  	 	39	  
				
		  	 	4.1.7.	  	  	Solvency; No Bankruptcy Filing	  	 	40	  
				
		  	 	4.1.8.	  	  	Financial Information	  	 	40	  
				
		  	 	4.1.9.	  	  	Full and Accurate Disclosure	  	 	41	  
				
		  	 	4.1.10.	  	  	No Plan Assets	  	 	41	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
		 	 4.1.11.
	  	Compliance	  	 	41	  
				
		 	 4.1.12.
	  	Compliance with Anti-Terrorism Laws	  	 	42	  
				
		 	 4.1.13.
	  	Reliance	  	 	43	  
				
		 	 4.1.14.
	  	No Contingent Liabilities	  	 	43	  
				
		 	 4.1.15.
	  	Condemnation	  	 	43	  
				
		 	 4.1.16.
	  	Federal Reserve Regulations	  	 	43	  
				
		 	 4.1.17.
	  	Access; Utilities	  	 	43	  
				
		 	 4.1.18.
	  	Not a Foreign Person	  	 	44	  
				
		 	 4.1.19.
	  	Separate Lots	  	 	44	  
				
		 	 4.1.20.
	  	Assessments	  	 	44	  
				
		 	 4.1.21.
	  	Enforceability	  	 	44	  
				
		 	 4.1.22.
	  	No Prior Assignment	  	 	44	  
				
		 	 4.1.23.
	  	Insurance	  	 	44	  
				
		 	 4.1.24.
	  	Use of Property	  	 	44	  
				
		 	 4.1.25.
	  	Certificate of Occupancy; Licenses	  	 	44	  
				
		 	 4.1.26.
	  	Flood Zone	  	 	44	  
				
		 	 4.1.27.
	  	Physical Condition	  	 	45	  
				
		 	 4.1.28.
	  	Boundaries	  	 	45	  
				
		 	 4.1.29.
	  	Leases	  	 	45	  
				
		 	 4.1.30.
	  	Survey	  	 	46	  
				
		 	 4.1.31.
	  	[Reserved]	  	 	46	  
				
		 	 4.1.32.
	  	Filing and Recording Taxes	  	 	46	  
				
		 	 4.1.33.
	  	Management Agreement	  	 	46	  
				
		 	 4.1.34.
	  	Illegal Activity	  	 	47	  
				
		 	 4.1.35.
	  	Investment Company Act	  	 	47	  
				
		 	 4.1.36.
	  	Bank Holding Company	  	 	47	  
				
		 	 4.1.37.
	  	Principal Place of Business; State of Organization	  	 	47	  
				
		 	 4.1.38.
	  	Taxpayer Identification Number	  	 	47	  

  
 -iii-

 TABLE OF CONTENTS 

(continued) 
  

											
	 	  	 	 	  	 	  	Page	 
		  	 	4.1.39.	  	  	Business Purposes	  	 	47	  
				
		  	 	4.1.40.	  	  	Taxes	  	 	47	  
				
		  	 	4.1.41.	  	  	Forfeiture	  	 	47	  
				
		  	 	4.1.42.	  	  	Accounts	  	 	47	  
				
		  	 	4.1.43.	  	  	Reciprocal Easement Agreements	  	 	48	  
				
		  	 	4.1.44.	  	  	Material Agreements	  	 	49	  
				
		  	 	Section 4.2     	  	  	Survival of Representations	  	 	49	  
			
	 V.
	  	 	BORROWER COVENANTS	  	 	49	  
				
		  	 	Section 5.1     	  	  	Existence; Compliance with Legal Requirements; Insurance	  	 	49	  
				
		  	 	Section 5.2     	  	  	Taxes and Other Charges	  	 	50	  
				
		  	 	Section 5.3     	  	  	Litigation	  	 	51	  
				
		  	 	Section 5.4     	  	  	Access to Property	  	 	51	  
				
		  	 	Section 5.5     	  	  	Notice of Default	  	 	51	  
				
		  	 	Section 5.6     	  	  	Cooperate in Legal Proceedings	  	 	52	  
				
		  	 	Section 5.7     	  	  	Performance Under Loan Documents	  	 	52	  
				
		  	 	Section 5.8     	  	  	Award and Insurance Benefits	  	 	52	  
				
		  	 	Section 5.9     	  	  	Further Assurances	  	 	52	  
				
		  	 	Section 5.10   	  	  	Financial Reporting	  	 	53	  
				
		  	 	Section 5.11   	  	  	Business and Operations	  	 	55	  
				
		  	 	Section 5.12   	  	  	Title to the Property	  	 	56	  
				
		  	 	Section 5.13   	  	  	Costs of Enforcement	  	 	56	  
				
		  	 	Section 5.14   	  	  	Estoppel Statements	  	 	56	  
				
		  	 	Section 5.15   	  	  	Loan Proceeds	  	 	56	  
				
		  	 	Section 5.16   	  	  	No Joint Assessment	  	 	57	  
				
		  	 	Section 5.17   	  	  	Leasing Matters	  	 	57	  
				
		  	 	Section 5.18   	  	  	Alterations; Repairs	  	 	58	  
				
		  	 	Section 5.19   	  	  	Access Laws	  	 	59	  
				
		  	 	Section 5.20   	  	  	Property Management	  	 	59	  

  
 -iv-

 TABLE OF CONTENTS 

(continued) 
  

									
	 	  	 	  	 	  	Page	 
		  	Section 5.21	  	Compliance with Anti-Terrorism Laws	  	 	61	  
				
		  	Section 5.22	  	Liens	  	 	62	  
				
		  	Section 5.23	  	Dissolution	  	 	62	  
				
		  	Section 5.24	  	Change In Business	  	 	62	  
				
		  	Section 5.25	  	Debt Cancellation	  	 	62	  
				
		  	Section 5.26	  	Affiliate Transactions	  	 	62	  
				
		  	Section 5.27	  	Zoning	  	 	62	  
				
		  	Section 5.28	  	Name, Identity, Structure, or Principal Place of Business	  	 	62	  
				
		  	Section 5.29	  	ERISA	  	 	63	  
				
		  	Section 5.30	  	Reciprocal Easement Agreements	  	 	63	  
			
	 VI.
	  	TRANSFERS	  	 	64	  
				
		  	Section 6.1	  	Borrower Acknowledgement	  	 	64	  
				
		  	Section 6.2	  	Prohibition on Transfers	  	 	64	  
				
		  	Section 6.3	  	Transfer Documentation	  	 	65	  
				
		  	Section 6.4	  	No Impairment	  	 	66	  
				
		  	Section 6.5	  	Death or Incapacity of Individual Guarantor	  	 	66	  
				
		  	Section 6.6	  	Additional Permitted Transfers	  	 	66	  
				
		  	            6.6.1.	  	Permitted Transfers of Interests in Guarantor	  	 	66	  
				
		  	            6.6.2.	  	Permitted Transfers of Non-Controlling Interests; UPREIT Transactions	  	 	66	  
				
		  	            6.6.3.	  	Additional Insolvency Opinion	  	 	67	  
				
		  	Section 6.7	  	Prohibited Persons	  	 	67	  
			
	 VII.
	  	INSURANCE; CASUALTY; CONDEMNATION; RESTORATION	  	 	68	  
				
		  	Section 7.1	  	Insurance	  	 	68	  
				
		  	Section 7.2	  	Casualty	  	 	73	  
				
		  	Section 7.3	  	Condemnation	  	 	73	  
				
		  	Section 7.4	  	Restoration	  	 	74	  
			
	 VIII.
	  	SINGLE PURPOSE ENTITY PROVISIONS	  	 	78	  

  
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(continued) 
  

											
	 	  	 	 	  	 	  	Page	 
		  	 	Section 8.1   	  	  	Single Purpose Entity Separateness	  	 	78	  
				
		  	 	Section 8.2   	  	  	Single Purpose Entity and Cash Management Compliance	  	 	85	  
			
	 IX.
	  	 	RESERVE FUNDS	  	 	86	  
				
		  	 	Section 9.1   	  	  	Reserve Funds and Reserve Accounts Generally	  	 	86	  
				
		  	 	Section 9.2   	  	  	Tax and Insurance Escrow Fund	  	 	86	  
				
		  	 	Section 9.3   	  	  	Early Lease Termination Reserve	  	 	87	  
				
		  	 	9.3.1.	  	  	Disbursements for Qualified Replacement Lease for Entire Vacated Space	  	 	87	  
				
		  	 	9.3.2.	  	  	Disbursements for Qualified Replacement Lease for Less Than Entire Vacated Space	  	 	88	  
				
		  	 	Section 9.4   	  	  	Required Repairs; No Reserve For Required Repairs	  	 	88	  
				
		  	 	9.4.1.	  	  	Performance of Required Repairs	  	 	88	  
			
	 X.
	  	 	DEFAULTS	  	 	90	  
				
		  	 	Section 10.1 	  	  	Event of Default	  	 	90	  
				
		  	 	Section 10.2 	  	  	Remedies	  	 	94	  
				
		  	 	Section 10.3 	  	  	Remedies Cumulative; Waivers	  	 	96	  
			
	 XI.
	  	 	SPECIAL PROVISIONS	  	 	96	  
				
		  	 	Section 11.1 	  	  	Sale of Notes and Securitization	  	 	96	  
				
		  	 	Section 11.2 	  	  	Securitization Indemnification	  	 	98	  
				
		  	 	Section 11.3 	  	  	Exculpation	  	 	99	  
				
		  	 	Section 11.4 	  	  	Servicer	  	 	103	  
				
		  	 	Section 11.5 	  	  	Conversion to Registered Form	  	 	104	  
				
		  	 	Section 11.6 	  	  	Mezzanine Financing	  	 	104	  
			
	 XII.
	  	 	ACCOUNTS AND ACCOUNT COLLATERAL	  	 	106	  
				
		  	 	Section 12.1 	  	  	Permitted Investments	  	 	106	  
				
		  	 	Section 12.2 	  	  	Income From Permitted Investments	  	 	106	  
				
		  	 	Section 12.3 	  	  	Sole Dominion and Control	  	 	106	  
				
		  	 	Section 12.4 	  	  	Grant of Security Interest	  	 	106	  
				
		  	 	Section 12.5 	  	  	No Other Security Interest	  	 	106	  

  
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(continued) 
  

											
	 	 	 	 	  	 	  	Page	 
		 	 	Section 12.6  	  	  	Change of Account Names	  	 	107	  
				
		 	 	Section 12.7  	  	  	Rights on Default	  	 	107	  
				
		 	 	Section 12.8  	  	  	Limitations on Liability of Lender	  	 	107	  
				
		 	 	Section 12.9  	  	  	Indemnity	  	 	108	  
				
		 	 	Section 12.10	  	  	Disbursement of Disputed Funds	  	 	108	  
				
		 	 	Section 12.11	  	  	Disbursement Upon Payment in Full	  	 	109	  
				
		 	 	Section 12.12	  	  	Letters of Credit	  	 	109	  
			
	 XIII.
	 	  
	 MISCELLANEOUS
	  	 	110	  
				
		 	 	Section 13.1  	  	  	Survival	  	 	110	  
				
		 	 	Section 13.2  	  	  	Lender’s Discretion	  	 	110	  
				
		 	 	Section 13.3  	  	  	Governing Law	  	 	110	  
				
		 	 	Section 13.4  	  	  	Modification, Waiver in Writing	  	 	111	  
				
		 	 	Section 13.5  	  	  	Nonwaiver	  	 	111	  
				
		 	 	Section 13.6  	  	  	Notices	  	 	111	  
				
		 	 	Section 13.7  	  	  	Financing Statements	  	 	112	  
				
		 	 	Section 13.8  	  	  	Waiver of Trial by Jury	  	 	112	  
				
		 	 	Section 13.9  	  	  	Headings	  	 	113	  
				
		 	 	Section 13.10	  	  	Severability	  	 	113	  
				
		 	 	Section 13.11	  	  	Preferences	  	 	113	  
				
		 	 	Section 13.12	  	  	Waiver of Automatic or Supplemental Stay	  	 	113	  
				
		 	 	Section 13.13	  	  	Bankruptcy Acknowledgment	  	 	114	  
				
		 	 	Section 13.14	  	  	Waiver of Notice	  	 	114	  
				
		 	 	Section 13.15	  	  	Remedies of Borrower	  	 	114	  
				
		 	 	Section 13.16	  	  	Expenses; Indemnity	  	 	115	  
				
		 	 	Section 13.17	  	  	Exhibits Incorporated	  	 	116	  
				
		 	 	Section 13.18	  	  	Offsets, Counterclaims and Defenses	  	 	116	  
				
		 	 	Section 13.19	  	  	No Joint Venture or Partnership; No Third Party Beneficiaries	  	 	116	  
				
		 	 	Section 13.20	  	  	Disclosure of Information	  	 	116	  

  
 -vii-

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(continued) 
  

									
	 	 	 	  	 	  	Page	 
		 	Section 13.21	  	Waiver of Marshalling of Assets	  	 	117	  
				
		 	Section 13.22	  	Waiver of Counterclaim	  	 	117	  
				
		 	Section 13.23	  	Conflict; Construction of Documents; Reliance	  	 	117	  
				
		 	Section 13.24	  	Brokers and Financial Advisors	  	 	118	  
				
		 	Section 13.25	  	Prior Agreements	  	 	118	  
				
		 	Section 13.26	  	Assignments	  	 	118	  
				
		 	Section 13.27	  	Duplicate Originals; Counterparts	  	 	119	  

  
 -viii-

 LOAN AGREEMENT 

THIS LOAN AGREEMENT, dated as of December 5, 2012 (as amended, restated, replaced, supplemented or otherwise modified from time to
time, this “Agreement”), is made between PNC BANK, NATIONAL ASSOCIATION, a national banking association (together with its successors and assigns, “Lender”) and COLE
MT BROOKLYN NY, LLC, a Delaware limited liability company, having its principal place of business at 2325 East Camelback Road, Suite 1100, Phoenix, AZ 85016 (“Borrower”). 

RECITALS: 

A. Borrower desires to obtain the Loan from Lender; and 
 B. Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan Documents. 

C. Borrower acknowledges that while Lender has originated this Loan for its own account, the provisions contained herein regarding
Lender’s right to sell, participate or Securitize the Loan are an important inducement to Lender making the Loan. 

NOW, THEREFORE, in consideration of the making of the Loan by Lender and the covenants, agreements, representations and warranties
set forth in this Agreement, and intending to be legally bound, the parties hereto hereby covenant, agree, represent and warrant as follows: 

I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
 Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent: 

“Acceptable Limited Liability Company” shall have the meaning set forth in
Section 8.1(c) hereof. 
 “Access Laws” shall mean the Americans with
Disabilities Act of 1990, the Fair Housing Amendments Act of 1988, all similar state and local Laws and ordinances related to access and all rules, regulations, and orders issued pursuant thereto including, without limitation, the Americans with
Disabilities Act Accessibility Guidelines for Buildings and Facilities. 
 “Account
Collateral” shall mean: (a) the Accounts, the Reserve Funds, the Triggering Event Period Reserve Funds, and any and all other amounts from time to time deposited or held in any of the Accounts; (b) any and all amounts
invested in Permitted Investments; (c) all interest, dividends, Cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property from time to time held in the Accounts, or received,
receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing; and (d) to the extent not covered by clauses (a) – (c) above, all “proceeds” (as defined under the UCC), products, distributions,
dividends or substitutions on or of any or all of the foregoing. 

  
 1 

 “Accounts” shall mean, collectively, the Lockbox Account, the Cash
Management Account, the Reserve Accounts, the Triggering Event Period Reserve Accounts, and any sub-accounts established under any of the foregoing, and any other escrow accounts or reserve accounts established by the Loan Documents. 

“Act” shall have the meaning set forth in Section 8.1(c)(i) hereof. 

“Acts of Terror” shall have the meaning set forth in Section 7.1(l) hereof. 

“Additional Collateral” shall have the meaning set forth in Section 1 of the Assignment of
Agreements. 
 “Additional Insolvency Opinion” shall mean any non-consolidation opinion acceptable to
Lender and any applicable Rating Agencies required to be delivered in connection with the Loan Documents after the Closing Date. 
 “Affiliate” shall mean, 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. 

“Affiliated Manager” shall mean any Manager which is an Affiliate of Borrower, SPC Party or any Guarantor, or in
which Borrower, SPC Party, or any Guarantor has, directly or indirectly, any legal, beneficial or economic interest. 

“ALTA” shall mean American Land Title Association, or any successor thereto. 

“Alteration Threshold” shall mean five percent (5.0%) of the outstanding balance of the Loan. 

“Annual Budget” shall mean the operating budget, including all planned Capital Expenditures, for the Property
prepared by Borrower for the applicable Fiscal Year or other period. 
 “Anti-Terrorism Laws” shall mean
any Laws relating to terrorism or money laundering including, without limitation, (i) the Executive Orders, (ii) the USA Patriot Act, (iii) the Laws comprising or implementing the Bank Secrecy Act, 31 U.S.C. §§ 5311-5330 and
12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959, (iv) the Money Laundering Control Act of 1986, 18 U.S.C. § 1956 and 18 U.S.C. § 1957, and (v) the Laws now or hereafter administered by the United States
Treasury Department’s Office of Foreign Asset Control, as any of the foregoing may from time to time be amended, renewed, extended or replaced. 
 “Applicable Interest Rate” shall mean a rate of three and 69/100th percent (3.69%). 
 “Applicable Policies” shall have the meaning set forth in Section 7.1(l) hereof. 
 “Appraisal” shall mean an appraisal (i) in form and substance acceptable to Lender and prepared no later than thirty (30) days prior to the date of determination of the
Loan to Value Ratio and (ii) prepared in accordance with the requirements of FIRREA by an independent third party appraiser holding an MAI designation, who is licensed or state certified if required under the laws of the state where the
Property is located, who meets the requirements of FIRREA and who is otherwise acceptable to Lender. 

  
 2 

 “Approved Accountant” shall mean an accounting firm or other
independent certified public accountant reasonably acceptable to Lender. 
 “Approved Bank” means
(a) a bank or other financial institution which has the Required Rating, (b) if a Securitization has not occurred, a bank or other financial institution acceptable to Lender or (c) if a Securitization has occurred, a bank or other
financial institution with respect to which Lender shall have received a Rating Agency Confirmation. 
 “Approved
Annual Budget” shall have the meaning set forth in Section 5.10(e) hereof. 

“Approved Lease Form” shall have the meaning set forth in Section 5.17(b)(i) hereof.

 “Assignment of Agreements” shall mean that certain first priority Assignment of Agreements Affecting
Real Estate, dated as of the date hereof, from Borrower, as assignor, to Lender, as assignee, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Assignment of Leases” shall mean that certain first priority Assignment of Leases and Rents, dated as of the
date hereof, from Borrower, as assignor, to Lender, as assignee, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Assignment of Management Agreement” shall mean that certain Assignment of Management Agreement and Subordination of Management Fees, dated as of the date hereof, among Lender,
Borrower and Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Award” shall mean any award, payment or other compensation paid by any Governmental Authority to Borrower in
connection with a Condemnation in respect of the Property, including interest thereon, which may heretofore and hereafter be made with respect to the Property, whether from the exercise of the right of eminent domain (including but not limited to
any transfer made in lieu of or in anticipation of the exercise of the right), or for a change of grade, or for any other injury to or decrease in the value of the Property. 
 “Bankruptcy Action” shall mean with respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy Code or other Creditors Rights Laws; (b) the
filing of an involuntary petition against such Person under the Bankruptcy Code or other Creditors Rights Laws that is not dismissed within one hundred and twenty (120) days; (c) such Person filing an answer consenting to or otherwise
acquiescing in or joining in any involuntary petition filed against it by any other Person under the Bankruptcy Code or other Creditors Rights Laws; (d) such Person consenting to or acquiescing in or joining in an application for the
appointment of a custodian, receiver, trustee, or examiner for such Person or the Property; or (e) such Person making an assignment for the benefit of creditors. 
 “Bankruptcy Code” shall mean Title 11 U.S.C. § 101 et seq., and the regulations adopted and promulgated pursuant thereto (as the same may be amended from time to time).

 “Basel III” shall mean the global regulatory standards issued on January 13, 2011
by members of the Basel Committee on Banking Supervision. 

  
 3 

 “Basic Carrying Costs” shall mean the sum of the following costs
associated with the Property for the relevant Fiscal Year or payment period: (a) Taxes, (b) Other Charges, and (c) Insurance Premiums. 
 “Borrower” shall have the meaning set forth in the introductory paragraph of this Agreement. 
 “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which national banks in New York, New York, Pittsburgh, Pennsylvania or Overland Park, Kansas
are authorized or required to be closed. 
 “Capital Expenditures” shall mean, for any period, the
amount expended for items capitalized under GAAP (or another basis of accounting acceptable to Lender and consistently applied) (including expenditures for building improvements or major repairs, leasing commissions and tenant improvements).

 “Cash” shall mean coin or currency of the United States of America or immediately available federal
funds, including such funds delivered by wire transfer. 
 “Cash Management Account” shall have the
meaning set forth in Section 3.1.2 hereof. 
 “Cash Management Bank” shall mean an
Eligible Institution selected by Lender. 
 “Cash Management Covenants” shall mean the covenants of
Borrower set forth in Section 3.1.1 and Section 12.5 hereof. 

“Casualty” shall have the meaning specified in Section 7.2 hereof. 

“Casualty Consultant” shall have the meaning set forth in Section 7.4(b)(iii) hereof.

 “Casualty Retainage” shall have the meaning set forth in Section 7.4(b)(iv)
hereof. 
 “Change in Law” shall mean the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Official Body or (c) the making or issuance of any request,
rule, guideline or directive (whether or not having the force of Law) by any Official Body; provided however, that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Law) and (y) all requests, rules, regulations, guidelines, interpretations or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision Practices (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of Law), in
each case pursuant to Basel III, shall in each case be deemed to be a Change in Law regardless of the date enacted, adopted, issued, promulgated or implemented. 
 “Closing Date” shall mean the date of the funding of the Loan. 

  
 4 

 “Code” shall mean the Internal Revenue Code of 1986, as amended, and
as it may be further amended from time to time, and any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 

“Collateral” shall mean the Property, the Accounts, the Account Collateral, the Guaranty, the Personal Property,
the Additional Collateral, the Management Agreement as it relates to the Property, and all other real or personal property that is at any time pledged, mortgaged or otherwise given as security to Lender for the payment of the Debt or the performance
of the Other Obligations. 
 “Condemnation” shall mean a temporary or permanent taking by any
Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any
change of grade affecting the Property. 
 “Condemnation Proceeds” shall have the meaning set forth in
Section 7.4(b) hereof. 
 “Control” shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise, including the power to elect a majority of the directors or
trustees of a corporation or trust, as the case may be. “Controlled” and “Controlling” shall have correlative meanings. 
 “Covered Rating Agency Information” shall mean any Provided Information furnished to the Rating Agencies in connection with issuing, monitoring and/or maintaining the Securities.

 “Creditors Rights Laws” shall mean with respect to any Person, any existing or future Law of any
jurisdiction, domestic or foreign, applicable to such Person, relating to bankruptcy, insolvency, reorganization, rehabilitation, conservatorship, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with
respect to its debts or debtors. 
 “Debt” shall mean the outstanding principal amount of the Loan set
forth in, and evidenced by, this Agreement, the Note and the other Loan Documents, together with all interest accrued and unpaid thereon and all other sums (including, without limitation, the Prepayment Consideration) due to Lender in respect of the
Loan under the Note, this Agreement, any Security Instrument or any other Loan Document. 
 “Debt
Service” shall mean, with respect to any particular period of time, scheduled principal and/or interest payments under the Note. 
 “Debt Service Coverage Ratio” shall mean a ratio determined by Lender on a quarterly basis in which: (a) the numerator is Underwritten Net Cash Flow for the twelve
(12) calendar month period immediately preceding the date of calculation and (b) the denominator is the Debt Service payments due and payable for the twelve (12) calendar month period immediately preceding the date of calculation;
provided, however, solely for purposes of calculating the Debt Service Coverage Ratio, Debt Service shall mean the constant derived using an interest rate equal to the Applicable Interest Rate based upon a thirty (30) year amortization
schedule computed on the basis of a 360-day year consisting of twelve (12) thirty (30) day months. 

  
 5 

 “Default” shall mean the occurrence of any event hereunder or under
any other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 

“Default Rate” shall mean, with respect to the Loan, a rate per annum equal to the lesser of (a) the Maximum
Legal Rate, or (b) five percent (5%) above the Applicable Interest Rate. 
 “Disbursement
Date” shall mean the first day of each calendar month, or if such first day is not a Business Day, the next succeeding Business Day; provided that, in the event that on such day there are insufficient funds in the Cash Management
Account to satisfy in full the then applicable Required Disbursement Amounts, the “Disbursement Date” shall mean the fifth day of each calendar month, or if such fifth day is not a Business Day, the next succeeding Business Day.

 “Disbursement Fee” shall mean a nonrefundable fee equal to $200.00 payable as a condition to
disbursement from certain of the Reserve Accounts, as set forth in Article IX hereof, as compensation for Lender’s review, analysis and processing of such disbursement. 

“Disclosure Document” shall have the meaning set forth in Section 11.2(a) hereof. 

“Early Lease Termination Reserve Account” shall have the meaning set forth in Section 9.3
hereof. 
 “Early Lease Termination Reserve Funds” shall have the meaning set forth in
Section 9.3 hereof. 
 “Eligible Account” shall mean a separate and identifiable
account from all other funds held by the holding institution that is either (a) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible
Institution or (b) a segregated trust account or accounts maintained with a federal or state-chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a state-chartered depository institution or
trust company, is subject to regulations substantially similar to 12 C.F.R. § 9.10(b), having in either case a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities. An
Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. Notwithstanding the foregoing, any Reserve Account or Triggering Event Period Reserve Account may at Lender’s option, be (i) commingled with
other monies held by Lender, or (ii) established as one or more separate accounts at an Eligible Institution (which may include one or more book-entry sub-accounts as deemed necessary by Lender). 

“Eligible Institution” shall mean a depository institution or trust company, insured by the Federal Deposit
Insurance Corporation, (a) 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 (b) the long term unsecured debt obligations of which are rated at least “AA-” by S&P, “Aa3” by Moody’s and “AA-” by Fitch in the case of accounts in which
funds are held for more than thirty (30) days, provided that PNC Bank shall be deemed to be an Eligible Institution for so long as it maintains (i) a short term unsecured debt obligations or commercial paper rating of 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 

  
 6 

 
for thirty (30) days or less and (ii) a long term unsecured debt obligations rating of at least “A-” by S&P, “A-1” by Moody’s and “A” by Fitch in
the case of accounts in which funds are held for more than thirty (30) days. 
 “Embargoed Person”
shall mean any Person or government subject to trade restrictions under United States Law including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C.
App. 1 et. seq., and any executive orders or regulations promulgated thereunder. 
 “Environmental
Indemnity” shall mean that certain Environmental Indemnification Agreement, dated as of the date hereof, executed by Borrower and each Guarantor on a joint and several basis for the benefit of Lender, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. 
 “Environmental Law” shall
have the meaning set forth in Section 2(b) of the Environmental Indemnity. 
 “Environmental
Report” shall mean that certain Phase I Environmental Site Assessment dated September 12, 2012 issued by IVI Assessment Services, Inc. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to time, and any successor statute of similar import,
and the rules and regulations thereunder, as from time to time in effect. 
 “Event of Default” shall
have the meaning set forth in Section 10.1(a) hereof. 
 “Excess Cash Reserve
Account” shall have the meaning set forth in Section 3.5 hereof. 
 “Excess Cash
Reserve Fund” shall have the meaning set forth in Section 3.5 hereof. 
 “Exchange
Act” shall have the meaning set forth in Section 11.2(a) hereof. 
 “Exchange Act
Filing” shall have the meaning set forth in Section 11.2(a) hereof. 
 “Excluded
Taxes” shall have the meaning set forth in Section 2.3.7(a) hereof. 
 “Executive
Orders” shall mean Executive Order No. 12947 (effective January 23, 1995), Executive Order 13099 (effective August 20, 1998), Executive Order No. 13372 (effective February 16, 2005), and Executive Order 13224
(effective September 24, 2001), as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

“Extraordinary Expense” shall mean an extraordinary operating expense not set forth in the Approved Annual
Budget. 
 “FIRREA” shall mean the Financial Institutions Reform, Recovery and Enforcement Act of 1989
(as the same may have been or may hereafter be amended, restated, supplemented or otherwise modified). 
 “Fiscal
Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during each year of the term of the Loan. 
 “Fitch” shall mean Fitch, Inc. 

  
 7 

 “Flood Insurance Acts” shall have the meaning set forth in
Section 7.1(a)(vii) hereof. 
 “Flood Insurance Policies” shall have the meaning set
forth in Section 7.1(a)(vii) hereof. 
 “GAAP” shall mean generally accepted
accounting principles in the United States of America as are in effect from time to time, and applied on a consistent basis both as to classification of items and amounts. 
 “Governmental Authority” shall mean any court, board, department, agency, commission, office or other authority of any nature whatsoever for any governmental unit (federal, state,
county, district, municipal, city or otherwise) whether now or hereafter in existence. 
 “Governmental
Plan” shall have the meaning set forth in Section 4.1.10(b) hereof. 
 “Gross Income
From Operations” shall mean, during any period, all cash income derived from the ownership and operation of the Property from whatever source, during such period, including, but not limited to, Rents, utility charges, escalations,
forfeited security deposits, interest on credit accounts, service fees or charges, license fees, parking fees, rent concessions or credits, and other required pass-throughs but excluding (i) sales, use and occupancy or other taxes on receipts
required to be accounted for by Borrower to any Governmental Authority, (ii) refunds and uncollectible accounts, (iii) proceeds from sales of furniture, fixtures and equipment, (iv) Insurance Proceeds (other than business interruption
or other loss of income insurance), (v) Awards, (vi) unforfeited security deposits, (vii) utility and other similar deposits, (viii) any disbursements to Borrower from the Reserve Funds or the Triggering Event Period Reserve
Funds, and (ix) any payments from any other events not related to the ordinary course of operation of the Property. 

“Guarantor” shall mean Cole Credit Property Trust IV, Inc., a Maryland corporation, and any other Person
guaranteeing any payment or performance obligation of Borrower in respect of the Loan following the date hereof, and any other Person providing any indemnity in respect of the Loan following the date hereof. 

“Guaranty” shall mean that certain Guaranty of Recourse Obligations of Borrower, dated as of the date hereof,
from Guarantor to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Hazardous Materials” shall have the meaning set forth in Section 2(d) of the Environmental
Indemnity. 
 “Improvements” shall have the meaning set forth in the Granting Clauses of the Security
Instrument. 
 “Indebtedness” shall mean, as to any Person at any time the sum (without duplication) of
all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person, for, or in respect of: (i) borrowed money,
(ii) amounts raised under or liabilities in respect of any note purchase or acceptance credit facility, (iii) reimbursement obligations (contingent or otherwise) 

  
 8 

 
under any letter of credit, currency swap agreement, interest rate swap, cap, collar or floor agreement or other interest rate management device, (iv) any other transaction (including,
without limitation forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements, or
(v) any guaranty. 
 “Indemnified Parties” shall mean Lender (including Lender as holder of any
Security Instrument, as mortgagee in possession, or as successor in interest to the owner of the Property by virtue of a foreclosure or acceptance of a deed in lieu of foreclosure), each Person, if any, who Controls, or is Controlled by, or is under
common Control with Lender, each Servicer, any Person who may hold or acquire or will have held (either during the term of the Loan or as a part of or following a foreclosure or acceptance of a deed in lieu of foreclosure) a full or partial interest
in the Loan (including, but not limited to, custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan for the benefit of other Persons), any receiver or other fiduciary appointed in a foreclosure or
other Creditors Right Law proceeding, any Person who was involved in the origination or modification of the Loan, any Person in whose name the Lien of any Security Instrument is or will be recorded, each of their respective successors and assigns
(other than any transferee of the Property that is not Lender, a successor to Lender by merger, consolidation or acquisition of all or substantially all of the assets of Lender or a subsequent holder of the Note or the owner of an interest in the
Note), and each of their respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, and subcontractors. 
 “Indemnified Taxes” shall mean any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed,
levied, collected, withheld or assessed by any Governmental Authority. 
 “Independent Director” shall
mean a natural Person who: 
 (a) is not at the time of initial appointment and has never been, and will not while serving as
Independent Director be: (i) a stockholder (or other equity owner), director (with the exception of serving as the Independent Director of Borrower or SPC Party), officer, employee, partner, member (other than a “special
member” or “springing member”), manager, attorney or counsel of Borrower, equity owners of Borrower or any Guarantor or any Affiliate of Borrower or any Guarantor; (ii) a creditor, customer, supplier,
service provider (including provider of professional services) or other Person who derives any of its purchases or revenues from its activities with Borrower or any Guarantor, equity owners of Borrower or any Guarantor or any Affiliate of Borrower
or any Guarantor; (iii) a member of the immediate family of any Person described in subsection (i) or subsection (ii) above that is a natural person; and (iv) any Person Controlling or under common Control with any Person
described in subsection (i), subsection (ii) or subsection (iii) above; and 
 (b) has (i) prior experience as an
independent director or independent manager for a corporation, a trust or limited liability company whose charter documents required the unanimous consent of all independent directors or independent managers thereof before such corporation, trust or
limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state Law relating to bankruptcy, and (ii) at least three
(3) years of employment 

  
 9 

 
experience with CT Corporation, Corporation Service Company, Lord Securities Corporation, National Registered Agents, Inc., Stewart Management Company, or Wilmington Trust Company, or if none of
these companies is then providing professional independent directors, another nationally recognized company acceptable to Lender and any applicable Rating Agencies, that is not an Affiliate of Borrower or any Guarantor and that provides, inter alia,
professional independent directors or independent managers in the ordinary course of their respective business to issuers of securitization or structured finance instruments, agreements or securities or lenders originating commercial real estate
loans for inclusion in securitization or structured finance instruments, agreements or securities (a “Professional Independent Director”) and is an employee of such a company or companies at all times during his or her
service as an Independent Director. A natural Person who satisfies the foregoing definition except for being (or having been) the independent director or independent manager of a “special purpose entity” Affiliated with Borrower or SPC
Party (provided such Affiliate does not or did not own a direct or indirect equity interest in Borrower or SPC Party) shall not be disqualified from serving as an Independent Director, provided that such natural Person satisfies all other criteria
set forth above and that the fees such individual earns from serving as independent director or independent manager of Affiliates of Borrower or SPC Party in any given year constitute in the aggregate less than five percent (5%) of such
individual’s annual income for that year. A natural Person who satisfies the foregoing definition other than subparagraph (a)(ii) shall not be disqualified from serving as an Independent Director if such individual is a Professional Independent
Director and such individual complies with the requirements of the previous sentence. 
 “Insolvency
Opinion” shall mean that certain non-consolidation opinion letter dated as of the date hereof delivered by in connection with the Loan. 
 “Insurance Premiums” shall have the meaning set forth in Section 7.1(b) hereof. 
 “Insurance Proceeds” shall have the meaning set forth in Section 7.4(b) hereof. 

“Interest Accrual Period” shall mean, with respect to any Payment Date, the period beginning
on and including the first (1st) day of the calendar
month preceding each Payment Date through and including the last day of the calendar month preceding each Payment Date. 

“Interest Bearing Accounts” shall have the meaning set forth in Section 12.2 hereof.

 “Investor” shall mean any purchaser, transferee, assignee, Servicer, participant or investor in all
or any portion of the Loan or any Securities. 
 “Land” shall have the meaning set forth in the Granting
Clause of the Security Instrument. 
 “Law” shall mean any law (including common law), constitution,
statute, treaty, regulation, rule, ordinance, opinion, release, ruling, order, executive order, injunction, writ, decree, bond judgment authorization or approval, Lien or award of or any settlement arrangement with any Governmental Authority.

 “Lease” shall mean any lease, sublease or subsublease, letting, license, concession, occupancy
agreement, or other agreement (whether written or oral and whether now or hereafter 

  
 10 

 
in effect) entered into by Borrower (or a predecessor-in-interest to Borrower) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of
the Land or any space in the Improvements at the Property, and (a) every extension, renewal, replacement, modification, amendment, restatement or other agreement relating thereto (whether before or after the filing by or against Borrower of any
petition for relief under any Creditors Rights Laws), and (b) all right title and interest of Borrower, its successors and assigns therein and thereunder, including, without limitation, any guaranty, letter of credit or other credit support
given by any tenant or other Person to guarantee or secure the performance and observance of covenants to be performed by any other party thereto. 
 “Lease Termination Payments” shall mean all rents, additional rents and other payments made to Borrower in connection with any termination, rejection, cancellation, surrender, sale
or other disposition of any Lease (including in any Bankruptcy Action), together with any unamortized tenant improvements or leasing commissions, lease buy-out or surrender payments, and any similar proceeds, and any settlement of claims of Borrower
against third parties in connection with any Lease. 
 “Leasing Requirements” shall mean, with respect
to any Lease that is not a Major Lease that such Lease (i) provides for rental rates reasonably comparable to existing local market rates for similar properties, (ii) is on commercially reasonable terms with unaffiliated third parties,
and, (iii) does not contain any terms which would have a Material Adverse Effect. 
 “Legal
Requirements” shall mean all federal, state, county, municipal and other governmental statutes, Laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Property, or the
construction, use, alteration or operation thereof, whether now or hereafter enacted and in force, and all Licenses and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either
of record or known to Borrower, at any time in force affecting the Property, including, without limitation, any which may (a) require repairs, modifications or alterations in or to the Property, or (b) in any way limit the use and
enjoyment thereof. 
 “Lender” shall have the meaning set forth in the introductory paragraph of this
Agreement. 
 “Letter of Credit” shall mean an irrevocable, auto-renewing, unconditional, transferable,
clean sight draft standby letter of credit having an initial term of not less than one (1) year and with automatic renewals for one (1) year periods (unless the obligation being secured by, or otherwise requiring the delivery of, such
letter of credit is required to be performed at least thirty (30) days prior to the initial expiry date of such letter of credit), for which Borrower shall have no reimbursement obligation and which reimbursement obligation is not secured by
any of the Collateral, in favor of Lender and entitling Lender to draw thereon in New York, New York, based solely upon presentation of a sight draft. A Letter of Credit must be issued by an Approved Bank. 

“Liabilities” shall mean any and all claims, demands, actions, proceedings, suits, judgments, awards, liabilities
(including, without limitation, strict liabilities), losses, damages, fines, penalties, charges, fees, obligations, debts, disbursements, costs and expenses of any kind 

  
 11 

 
or nature whatsoever including, without limitation, amounts paid in settlement, punitive damages, foreseeable damages of whatever kind or nature, including litigation costs and reasonable
attorneys’ fees and expenses, and reasonable attorneys’ fees and expenses imposed upon, incurred by, or asserted against any Indemnified Party or by the Underwriter Group, as applicable, in connection with any investigative, administrative
or judicial proceeding commenced or threatened, whether or not any such Indemnified Party or any member of the Underwriter Group, as applicable, shall be designated a party thereto. 

“Licenses” shall have the meaning set forth in Section 4.1.25 hereof. 

“Lien” shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any
other encumbrance, charge or transfer of, on or affecting Borrower, the Property, any portion thereof or any interest therein, whether voluntarily or involuntarily given, including, without limitation, any conditional sale or other title retention
agreement, any financing lease, assignment or deposit arrangement 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
(including construction liens) and encumbrances (whether or not a lien or other encumbrance is created or exists at the time of filing). 
 “LLC” shall have the meaning set forth in Section 8.1(c) hereof. 
 “LLC Agreement” shall have the meaning set forth in Section 8.1(c) hereof. 
 “Loan” shall mean the loan made by Lender to Borrower pursuant to this Agreement. 
 “Loan Documents” shall mean, collectively, this Agreement, the Note, each Security Instrument, each Assignment of Leases, Assignment of Agreements, the Guaranty, the Environmental
Indemnity, the Assignment of Management Agreement, the Lockbox Agreement, and all other documents executed and/or delivered by Borrower or Guarantor in connection with the Loan as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time. 
 “Loan to Value Ratio” shall mean a percentage calculated by
Lender by multiplying (i) a fraction, the numerator of which is the outstanding principal balance of the Loan, and the denominator of which is the value of the Property based on a current Appraisal thereof, by (ii) one hundred percent
(100%). 
 “Lockbox Account” shall have the meaning set forth in Section 3.1.1(a)
hereof. 
 “Lockbox Address” shall have the meaning set forth in Section 3.1.1(a)
hereof. 
 “Lockbox Agreement” shall have the meaning set forth in Section 3.1.1(a)
hereof, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Lockbox Bank” shall mean PNC Bank, National Association, provided that it remains an Eligible Institution, and
any successor Eligible Institution or other Eligible Institution selected by Lender. 
 “Lockout Period”
shall have the meaning set forth in Section 2.4.2 hereof. 

  
 12 

 “Major Lease” shall mean (a) any Lease which together with all
other Leases to the same tenant and to any Affiliates of such tenant, (i) provides for gross annual rental income representing fifteen percent (15%) or more of the total annual rental income for the Property, or (ii) covers fifteen
percent (15%) or more of the total rentable space at the Property, in the aggregate, or (iii) is with an Affiliate of Borrower, and (b) any instrument guaranteeing or providing credit support for any of the foregoing. 

“Management Agreement” shall mean that certain Property Management and Leasing Agreement dated on or about the
date hereof between Borrower and Manager pursuant to which the Manager is to provide management and other services with respect to the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in
accordance with the terms and conditions of this Agreement. 
 “Manager” shall mean (i) Cole Realty
Advisors, Inc., an Arizona corporation or (ii) such other entity selected as the manager of the Property in accordance with the terms of this Agreement or the other Loan Documents. 

“Material Action” shall mean, with respect to any entity, (i) to consolidate or merge such entity with or
into any Person, except as expressly permitted by the Loan Documents, or (ii) to sell all or substantially all of the assets of such entity, except as expressly permitted by the Loan Documents, or (iii) to the fullest extent permitted by
Law, to dissolve or liquidate such entity, or (iv) to amend the organizational documents of such entity with respect to any matter required to be set forth therein by Article VIII hereof, or (v) any Bankruptcy Action, or
(vi) to take action in furtherance of any of the foregoing actions. 
 “Material Adverse Effect”
shall mean a material adverse effect on (i) the Property, (ii) title to the Property, (iii) the current ability of the Property to generate net cash flow sufficient to service the Loan, (iv) the business, profits, operations or
financial condition of Borrower, Guarantor or Operating Partnership, taken as a whole, (v) the enforceability, validity, perfection or priority of the lien the Security Instrument or the other Loan Documents, (vi) the ability of Borrower
to perform its obligations under the Security Instrument or the other Loan Documents, (vii) the current principal use of the Property, or (viii) the ability of Guarantor to perform its obligations under the Guaranty. 

“Material Agreements” shall mean, collectively, all contracts and agreements to which Borrower is a party
relating to the ownership, management, development, use, operation, leasing, maintenance, repair or improvement of the Property (other than the Management Agreement, the Leases and the REAs). 

“Maturity Date” shall mean the Scheduled Maturity Date set forth in Section 2.4.2 hereof, or
such other date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise. 

“Maximum Legal Rate” shall mean the maximum non-usurious interest rate, if any, that at any time or from time to
time may be contracted for, taken, reserved, charged or received on the Debt evidenced by the Note and as provided for herein or the other Loan Documents, under the Laws of such state or states whose Laws are held by any court of competent
jurisdiction to govern the interest rate provisions of the Loan. 

  
 13 

 “Member” shall have the meaning set forth in
Section 8.1(c)(i) hereof. 
 “Mezzanine Borrower(s)” shall have the meaning set forth
in Section 11.6 hereof. 
 “Mezzanine Lender” shall mean PNC Bank, and any subsequent
owner and holder of the Mezzanine Loan. 
 “Mezzanine Loan(s)” shall have the meaning set forth in
Section 11.6 hereof. 
 “Monthly Debt Service Payment Amount” shall have the meaning
set forth in Section 2.2.3 hereof. 
 “Monthly Insurance Premium Deposit” shall have
the meaning set forth in Section 9.2 hereof. 
 “Monthly Reserve Fund Deposits” shall
mean all deposits required to be made by Borrower to the Reserve Funds on a monthly basis pursuant to Article IX hereof. 
 “Monthly Tax Deposit” shall have the meaning set forth in Section 9.2 hereof. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 
 “Mortgage Loan” shall have the meaning set forth in Section 11.6 hereof. 
 “Net Cash Flow” shall mean for any period the amount obtained by subtracting Operating Expenses and Capital Expenditures for such period from Gross Income From Operations for such
period. 
 “Net Cash Flow Schedule” shall have the meaning set forth in
Section 5.10(b) hereof. 
 “Net Operating Income” shall mean for any period the
amount obtained by subtracting Operating Expenses from Gross Income From Operations. 
 “Net Proceeds”
shall have the meaning set forth in Section 7.4(b) hereof. 
 “Net Proceeds
Deficiency” shall have the meaning set forth in Section 7.4(b)(vi) hereof. 

“Non-U.S. Entity” shall have the meaning set forth in Section 2.3.7(b) hereof. 

“Note” shall mean that certain Consolidated, Amended and Restated Promissory Note dated as of the date hereof in
the principal amount of SEVENTY FIVE MILLION AND NO/100 DOLLARS ($75,000,000.00), made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Officers’ Certificate” shall mean a certificate delivered to Lender by Borrower
or any Guarantor, as applicable, which is signed by a Responsible Officer of Borrower (or its manager) or any Guarantor, as applicable. 
 “Official Body” shall mean the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency,
authority, 

  
 14 

 
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the
Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 

“Open Period Start Date” shall have the meaning set forth in Section 2.4.2 hereof. 

“Operating Account” shall mean the operating account of Borrower (i) established in the name of Borrower and
(ii) maintained by Borrower (or maintained by Guarantor or Operating Partnership acting solely on behalf of Borrower), for the purposes set forth under this Agreement. For the avoidance of doubt, no funds other than funds belonging to Borrower
shall be deposited into the Operating Account. 
 “Operating Expenses” shall mean the total of all cash
expenditures of whatever kind incurred by or on behalf of Borrower (other than expenditures incurred by a tenant pursuant to its Lease) relating to the operation, maintenance and management of the Property that are incurred on a regular monthly or
other periodic basis, including without limitation, utilities, ordinary repairs and maintenance, insurance, License fees, property taxes and assessments, advertising expenses, management fees, payroll and related taxes, computer processing charges,
operational equipment or other lease payments as approved by Lender, and other similar costs, but excluding depreciation, amortization (i.e., depreciation of lease assets), permitted prepayments of principal, Debt Service, Capital Expenditures,
actual tenant improvement and leasing commission expenditures, and Monthly Reserve Fund Deposits. 
 “Operating
Partnership” shall mean Cole Operating Partnership IV, LP, a Delaware limited partnership. 
 “Other
Charges” shall mean all maintenance charges, impositions other than Taxes, and any other charges, including, without limitation, 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. 
 “Other Obligations” shall have the
meaning set forth in Section 2.02 of the Security Instrument. 
 “Other Taxes” shall
mean all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or
otherwise with respect to this Agreement or any other Loan Document. 
 “Payment
Date” shall mean the first (1st) day of
each calendar month during the term of the Loan, or if such day is not a Business Day, the immediately succeeding Business Day. 

“Permitted Encumbrances” shall mean collectively, (a) the Liens and security interests created by the Loan
Documents, (b) all Liens and other matters disclosed in the Title Insurance Policy, (c) Liens, if any, for Taxes imposed by any Governmental Authority not yet due or 

  
 15 

 
delinquent, (d) the Leases existing as of the date hereof and any Leases entered into after the date hereof in accordance with this Agreement and any liens that the tenants under such Leases
are allowed to suffer, contest or create pursuant to the express terms of such Leases, but only to the extent and for the duration so expressly allowed; and (e) such other title and survey exceptions which do not have a Material Adverse Effect
or which Lender has approved or may approve in writing in Lender’s sole discretion. 
 “Permitted Equipment
Leases” shall mean equipment leases or other similar instruments entered into by Borrower or Manager with respect to the Personal Property; provided, that, in each case, such equipment leases or similar instruments (i) are entered
into on commercially reasonable terms and conditions in the ordinary course of Borrower’s business and (ii) relate to Personal Property which is (A) used in connection with the operation and maintenance of the Property in the ordinary
course of Borrower’s business and (B) readily replaceable without material interference or interruption to the operation of the Property. 
 “Permitted Investments” shall mean any one or more of the following obligations or securities acquired at a purchase price of not greater than par, including those issued by
Servicer, the trustee under any Securitization or any of their respective Affiliates, payable on demand or having a maturity date not later than the Business Day immediately prior to the first Payment Date following the date of acquiring such
investment and meeting one of the appropriate standards set forth below: 
 (a) obligations of, or obligations fully guaranteed
as to payment of principal and interest by, the United States or any agency or instrumentality thereof provided such obligations are backed by the full faith and credit of the United States of America including, without limitation, obligations of:
the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed
Title XI financing), the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area
Transit Authority (guaranteed transit bonds); provided, however, that the investments described in this clause must (i) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P,
not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move
proportionately with that index and (iv) not be subject to liquidation prior to their maturity; 
 (b) Federal Housing
Administration debentures; 
 (c) obligations of the following United States government sponsored agencies: Federal Home Loan
Mortgage Corp. (debt obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt obligations), the Student Loan
Marketing Association (debt obligations), the Financing Corp. (debt obligations), and the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this clause must (i) have a predetermined fixed dollar
of principal due at maturity that cannot vary or change, (ii) if rated by S&P, not have an “r” highlighter affixed to their rating, (iii) if 

  
 16 

 
such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index and
(iv) not be subject to liquidation prior to their maturity; 
 (d) federal funds, unsecured certificates of deposit, time
deposits, bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if
not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in
a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (i) have a predetermined fixed dollar of principal
due at maturity that cannot vary or change, (ii) if rated by S&P, not have an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such interest rate must be tied to a single
interest rate index plus a fixed spread (if any) and must move proportionately with that index and (iv) not be subject to liquidation prior to their maturity; 
 (e) fully Federal Deposit Insurance Corporation insured demand and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings and loan
association or savings bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest
short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current
ratings assigned to the Securities); provided, however, that the investments described in this clause must (i) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, not have an
“r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index and (iv) not be subject to liquidation prior to their maturity; 
 (f) debt obligations with maturities of not more
than 365 days and at all times rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in
and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest long term unsecured rating category; provided, however, that the investments described
in this clause must (i) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, not have an “r” highlighter affixed to their rating, (iii) if such investments have
a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index and (iv) not be subject to liquidation prior to their maturity; 

(g) commercial paper (including both non-interest bearing discount obligations and interest bearing obligations payable on demand or on a
specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days and 

  
 17 

 
that at all times is rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed
in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest short term unsecured debt rating;
provided, however, that the investments described in this clause must (i) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, not have an “r” highlighter affixed to
their rating, (iii) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index and (iv) not be subject to
liquidation prior to their maturity; 
 (h) units of taxable money market funds or mutual funds, which funds are regulated
investment companies, seek to maintain a constant net asset value per share, which funds have the highest rating available from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable
to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) for money
market funds or mutual funds; and 
 (i) any other security, obligation or investment which has been approved as a Permitted
Investment in writing by Lender and, in the event that the Loan or any interest therein is included in a Securitization, by Rating Agency Confirmation; 
 provided, however, that no obligation or security shall be a Permitted Investment if (i) such obligation or security evidences a right to receive only interest payments or (ii) the right to
receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. 

“Permitted Transfer” shall mean each of the following: 

(a) Permitted Encumbrances; 
 (b) All Transfers of worn out or obsolete furnishings, fixtures or equipment that are promptly replaced with property of equivalent value and functionality; 

(c) All Leases permitted pursuant to Section 5.17 hereof; 

(d) A Transfer of the Property and assumption of the Loan pursuant to Section 6.2 hereof; and 

(e) Any Transfer permitted by Section 6.6 hereof. 

“Person” shall mean any individual, corporation, partnership (whether general or limited), joint venture, limited
liability company, limited liability partnership, estate, trust, joint stock company, unincorporated association, any federal, state, county or municipal government or political subdivision or any bureau, department or agency thereof and any
fiduciary acting in such capacity on behalf of any of the foregoing or any other entity. 

  
 18 

 “Personal Property” shall have the meaning set forth in the Granting
Clauses of the Security Instrument. 
 “Plan” shall have the meaning set forth in
Section 4.1.10(a) hereof. 
 “Plan Assets” shall have the meaning set forth in
Section 4.1.10(a) hereof. 
 “PNC Bank” shall mean PNC Bank, National Association, a
national banking association. 
 “Policies” shall have the meaning specified in
Section 7.1(b) hereof. 
 “Prepayment Consideration” shall have the meaning set forth
in Section 2.4.2 hereof. 
 “Prepayment Date” shall have the meaning set forth in
Section 2.4.1 hereof. 
 “Prohibited Governmental Transactions” shall have the
meaning set forth in Section 4.1.10(b) hereof. 
 “Prohibited Person” shall mean any
of the following: (a) a Person that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Orders; (b) a Person owned or Controlled by, or acting for or on behalf of, any Person that is listed in the Annex
to, or is otherwise subject to the provisions of, the Executive Orders; (c) a Person or government with whom Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; (d) a Person that supports,
engages in, or conspires to or intends to engage in, “terrorism” as defined in any Executive Order, or engages in or conspires, attempts or intends to engage in any transaction that violates, evades or avoids, or has the purpose of
violating, evading or avoiding, or attempts or intends to violate, evade or avoid, any of the prohibitions set forth in any Anti-Terrorism Laws; (e) a Person that is named as a “specially designated national or blocked person” on the
most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list; or (f) a Person who is an Affiliate of or
associated with a Person or entity listed above. 
 “Prohibited Transaction” shall have the meaning set
forth in Section 4.1.10(a) hereof. 
 “Property” shall mean the parcel of real
property, the Improvements thereon and all Personal Property owned by Borrower and encumbered by the Security Instrument, and any part or portion thereof, together with all rights pertaining to such property and Improvements, as more particularly
described in the Granting Clauses of the Security Instrument. 
 “Property Condition Report” shall mean
the Property Condition Report dated September 12, 2012 issued by IVI Assessment Services, Inc., or any new or updated report with respect to the Property prepared by a company satisfactory to Lender regarding the physical condition of the
Property, satisfactory in form and substance to Lender in its sole discretion. 
 “Provided Information”
shall have the meaning set forth in Section 11.1(a) hereof. 

  
 19 

 “Purchase and Sale Agreement” shall mean
that certain Purchase and Sale Agreement dated November 9, 2012, as amended, between Canarsie Plaza, LLC, as seller, and Series D, LLC, as purchaser, as assigned to Borrower. 

“Qualified Replacement Lease” shall mean a renewal of or a replacement for a then existing Lease for space in the
Property or a Lease which is for vacant space in the Property, provided each such Lease must (i) be with a tenant reasonably satisfactory to Lender and (ii) comply with Section 5.17 hereof. 

“Rating Agencies” shall mean (i) prior to the inclusion of the Loan or any interest therein in a
Securitization, each of Moody’s and Fitch, and any other nationally-recognized statistical rating organization (as identified by the Securities and Exchange Commission) which has been designated by Lender, and (ii) if the Loan or any
interest therein is included or is anticipated to be included in a Securitization, each of S&P, Moody’s, and Fitch, and any other nationally-recognized statistical rating organization (as identified by the Securities and Exchange
Commission) to the extent any of the foregoing have been engaged by Lender or its designee in connection with, or in anticipation of, any Securitization. 
 “Rating Agency Confirmation” shall mean a written confirmation from each of the Rating Agencies (unless otherwise agreed by Lender) that an action shall not result in a downgrade,
withdrawal or qualification of any Securities issued in connection with a Securitization. In the event that no Securities are outstanding or the Loan is not part of a Securitization, any action that would otherwise require Rating Agency Confirmation
or approval by a Rating Agency shall instead require the consent of Lender. For the purposes of this Agreement, if any Rating Agency shall, in writing, waive, decline or refuse to review or otherwise engage any request for Rating Agency Confirmation
or approval hereunder, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the condition that Rating Agency Confirmation or approval by such Rating Agency (only) be obtained for purposes of this Agreement.

 “REA” shall mean any reciprocal easement agreement or similar agreement now or hereafter benefiting
or burdening the Property. 
 “Real Property Value to Loan Ratio” shall mean the ratio (expressed as a
percentage), in which (A) the numerator is the fair market value of the interests in real property which secure the Loan, and (B) the denominator is the adjusted issue price of the Loan. For purposes of this definition,
(i) “interests in real property” and “real property” shall have the meanings assigned to such terms by 26 C.F.R. §§ 1.856-3(c) and (d), and (ii) “adjusted issue price” shall have the meaning assigned
to such term by 26 C.F.R. § 1.1275-1(b). For purposes of this definition, the fair market value of the interests in real property which secure the Loan shall be determined by Lender, in Lender’s sole discretion, by any commercially
reasonable method permitted to a REMIC Trust under the Code and, to the extent permitted to a REMIC Trust under the Code, the fair market value of the interests in real property for purposes of Section 7.4(d) hereof may take into
account any planned Restoration. Notwithstanding the foregoing, unless Lender determines that applicable REMIC regulations or other applicable authority require a different valuation method, Lender shall determine clause (A) of the Real
Property Value to Loan Ratio by capitalizing net operating income for the interests in real property which secure the Loan using a capitalization rate or range of capitalization rates that Lender has no reason to believe is incorrect. 

  
 20 

 “Registrar” shall have the meaning set forth in
Section 11.5 hereof. 
 “Regulation AB” shall mean Regulation AB under the Securities
Act and the Exchange Act, as such Regulation may be amended, modified or replaced. 
 “Release” shall
have the meaning set forth in Section 2(e) of the Environmental Indemnity. 
 “REMIC
Opinion” shall mean an opinion of counsel in form and substance satisfactory to Lender and to the Rating Agencies, stating that the transaction which requires such opinion to be delivered will not (1) cause any REMIC Trust formed
pursuant to a Securitization to fail to maintain its status as a REMIC Trust, or (2) constitute a “significant modification” of the Loan within the meaning of Treasury Regulation Section 1.1001-3(b), or (3) cause the Loan to
fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code. 
 “REMIC
Trust” shall mean a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code that holds all or any portion of the Note. 

“Rent Roll” shall mean a written statement from Borrower, in form and substance satisfactory to Lender, detailing
the names of all tenants of the Property, the portion of the Property occupied by each tenant, the base rent and any other charges payable under each Lease, the term of each Lease, the beginning date and expiration date of each Lease, whether any
tenant is in monetary default under its Lease (and detailing the nature of such default), and any other information as is required by Lender. 
 “Rents” shall mean all rents (including, without limitation percentage rents), ground rents, additional rents, rent equivalents, moneys payable as damages or in lieu of rent or
rent equivalents (including, without limitation, damages and other claims arising from any rejection by a tenant of its Lease under any Creditors Rights Law), revenues, issues, royalties and profits from the Land (including, without limitation, all
oil and gas or other mineral royalties and bonuses), income, receivables, receipts, deposits (including, without limitation, cash, letters of credit or securities deposited under any Lease to secure the performance by the lessee of its obligations
thereunder, utility deposits and other deposits), accounts, cash, charges for services rendered, charges for electricity, oil, gas, water, steam, heat, ventilation, air-conditioning and any other energy, telecommunication, telephone, utility or
similar items or time use charges, HVAC equipment charges, sprinkler charges, escalation charges, license fees, maintenance fees, charges for Taxes, operating expenses or other reimbursables payable to Borrower (or to Manager for the account of
Borrower), under any Lease, all Lease Termination Payments, all other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from any and all sources arising from or
attributable to the Land or the Improvements, all proceeds, if any, payable to Borrower from business interruption or other loss of income insurance relating to the use, enjoyment or occupancy of the Land and/or the Improvements (whether paid or
accruing before or after the filing by or against Borrower of any petition for relief under any Creditors Rights Laws), and all proceeds or streams of payment payable to Borrower from the sale or other disposition of any Lease or any Rents.

  
 21 

 “Required Disbursement Amounts” shall mean, for any given
Disbursement Date, the amounts required to be disbursed under Section 3.3.1(a) through Section 3.3.1(e) hereof. 
 “Required Rating” means (i) a rating of not less than “A-1” (or its equivalent) from each of the Rating Agencies if the term of such Letter of Credit is no longer
than three (3) months or if the term of such Letter of Credit is in excess of three (3) months, a rating of not less than “AA-” (or its equivalent) from each of the Rating Agencies or (ii) such other rating with respect to
which Lender shall have received a Rating Agency Confirmation. 
 “Required Repairs” shall mean
(1) the deferred maintenance and existing deficiencies listed in the Property Condition Report, and (2) New York City Department of Buildings, Violation Nos. 9027/412422, 9027/412424,9027,4134300, 9027/4144301, 9027/4144302, 9027/414303,
and 9027/412423. 
 “Reserve Accounts” shall mean the Tax and Insurance Escrow Account, the Early Lease
Termination Reserve Account or any other escrow or reserve Account established pursuant to Article IX hereof. 

“Reserve Funds” shall mean the Tax and Insurance Escrow Fund, the Early Lease Termination Reserve Fund or any
other escrow or reserve fund established pursuant to Article IX hereof. 
 “Responsible
Officer” shall mean with respect to a Person, the chairman of the board, president, chief operating officer, chief financial officer, treasurer, or vice president of such Person (or of the manager, general partner or similar authorized
party of such Person, as applicable) or such other similar officer of such Person reasonably acceptable to Lender and appropriately authorized by the applicable Person in a manner reasonably acceptable to Lender. 

“Restoration” shall have the meaning set forth in Section 7.2 hereof. 

“Restoration Threshold” shall mean an amount equal to five percent (5.0%) of the outstanding balance of the
Loan. 
 “Restricted Party” shall mean collectively, Borrower, any SPC Party, any Guarantor, and
Operating Partnership. 
 “S&P” shall mean Standard & Poor’s Ratings Services, a
division of McGraw-Hill, Inc. 
 “Sale or Pledge” shall mean a voluntary or involuntary (including, but
not limited to, any levy, seizure or attachment) sale, conveyance, assignment, alienation, mortgage, hypothecation, encumbrance, grant of a Lien on, a security interest or option in, pledge, repurchase, reverse repurchase or other transfer or
disposal of a legal or beneficial interest (directly or indirectly, whether by operation of Law or otherwise, and whether or not for consideration or of record) other than (i) Leases for actual occupancy by a space tenant thereunder, and
(ii) utility easements granted in the ordinary course of business that have no Material Adverse Effect. 

“Scheduled Maturity Date” shall have the meaning set forth in Section 2.4.2 hereof.

 “Secondary Market Transactions” shall have the meaning set forth in Section 11.1
hereof. 

  
 22 

 “Securities” shall have the meaning set forth in
Section 11.1 hereof. 
 “Securities Act” shall have the meaning set forth in
Section 11.2(a) hereof. 
 “Securitization” shall have the meaning set forth in
Section 11.1 hereof. 
 “Security Instrument” shall mean the first priority
Consolidated, Amended and Restated Mortgage, Assignment of Leases and Rents, and Security Agreement, dated as of the date hereof, executed and delivered by Borrower in favor of Lender as security for the payment of the Debt and the performance of
the Other Obligations and encumbering the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Servicer” shall have the meaning set forth in Section 11.4 hereof. 
 “Servicing Fee” shall have the meaning set forth in Section 11.4 hereof. 
 “Severed Loan Documents” shall have the meaning set forth in Section 10.2(c) hereof. 
 “Single Purpose Entity” shall have the meaning set forth in Section 8.1(d) hereof. 
 “SPC Party” shall have the meaning set forth in Section 8.1(b) hereof. 
 “Special Member” shall have the meaning set forth in Section 8.1(c)(i) hereof. 
 “Sponsor” shall mean Guarantor. 

“State” shall mean the State in which the Land (as defined in the Security Instrument) is located. 

“Survey” shall mean a survey of the Property prepared by a surveyor licensed in the state where the Property is
located and satisfactory to Lender and the company or companies issuing the Title Insurance Policy, and containing a certification of such surveyor satisfactory to Lender. 
 “Tax and Insurance Escrow Account” shall have the meaning set forth in Section 9.2 hereof. 

“Tax and Insurance Escrow Fund” shall have the meaning set forth in Section 9.2 hereof.

 “Taxes” shall mean all real estate and personal property taxes, assessments, water rates or sewer
rents, now or hereafter levied or assessed or imposed against the Property. 
 “TC Cap” shall have the
meaning set forth in Section 7.1(l) hereof. 
 “Terminating Tenant” shall have the
meaning set forth in Section 9.3 hereof. 
 “Terrorism Coverage” shall have the
meaning set forth in Section 7.1(l) hereof. 
 “TILC Costs” shall mean
(a) customary and reasonable third party tenant improvement costs and expenses actually incurred by Borrower and (b) customary and reasonable leasing commissions paid to any management or brokerage company in connection with any Qualified
Replacement Lease. 

  
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 “Title Insurance Policy” shall mean any ALTA mortgagee title
insurance policy in form and substance satisfactory to Lender (or, if the State does not permit the issuance of such ALTA policy, such form as shall be permitted in the State and satisfactory to Lender) issued on or after the date hereof by a title
insurance company satisfactory to Lender with respect to the Property and insuring the Lien of the Security Instrument, with endorsements thereto as to such matters as Lender may designate (provided that such endorsements are available in the state
where the Property is located). 
 “Transfer” shall mean any Sale or Pledge of the Property or of any
legal or beneficial interest therein, or any Sale or Pledge of an interest in any Restricted Party. Without limiting the generality of the foregoing, a Transfer is deemed to include: (a) an installment sales agreement wherein Borrower agrees to
sell the Property for a price to be paid in installments; (b) an agreement by Borrower leasing all or a substantial part of the Property for other than actual occupancy by a space tenant thereunder; (c) a sale, assignment or other transfer
of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents (other than pursuant to the Assignment of Leases); (d) if a Restricted Party is a corporation, any merger, consolidation or
Sale or Pledge of such corporation’s stock or the creation or issuance of new stock; (e) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change, removal, resignation or
addition of a general partner or the Sale or Pledge of the partnership interest of any general partner or any profits or proceeds relating to such partnership interest, or the Sale or Pledge of limited partnership interests or any profits or
proceeds relating to such limited partnership interest or the creation or issuance of new limited partnership interests; (f) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation
or addition of a managing member or non-member manager (or if no managing member, any member) or the Sale or Pledge of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such
membership interest, or the Sale or Pledge of non-managing membership interests or the creation or issuance of new non-managing membership interests; or (g) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the
Sale or Pledge of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests. 
 “Transferee” shall have the meaning set forth in Section 6.2(e) hereof. 
 “Treasury Rate” shall mean the yield calculated by the linear interpolation of the yields, as reported in Federal Reserve Statistical Release H.15-Selected Interest Rates under the
heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury constant maturities with maturity dates (one longer and one shorter) most nearly approximating the Open Period Start
Date. (In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Treasury Rate.) Lender shall notify Borrower of the amount and the basis of determination of the required Prepayment
Consideration. 
 “TRIA” shall have the meaning set forth in Section 7.1(l) hereof.

 “Triggering Event” shall mean the earlier to occur of: (a) an Event of Default or (b) the
date on which the Debt Service Coverage Ratio for the immediately preceding two (2) calendar quarters is less than 1.25 to 1.00. 

  
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 “Triggering Event Period” shall mean each period commencing upon the
date on which a Triggering Event occurs and ending on the earlier to occur of (a) the Payment Date following the date on which a Triggering Event Termination occurs, or (b) the date upon which the Debt has been paid and satisfied in full
and the Other Obligations have been performed (other than contingent obligations which survive such payment and satisfaction). 

“Triggering Event Period Reserve Accounts” shall mean the Excess Cash Reserve Account. 

“Triggering Event Period Reserve Funds” shall mean the Excess Cash Reserve Fund. 

“Triggering Event Termination” shall mean, with respect to any Triggering Event Period, the earliest to occur of:
(a) if such Triggering Event was triggered by an Event of Default, Borrower’s cure of such Event of Default and Lender’s acceptance of such cure (which cure Lender is not obligated to accept and may reject or accept in its sole and
absolute discretion, unless required by Law), prior to Lender accelerating the Debt and exercising any of its remedies under the Loan Documents, (b) if such Triggering Event was triggered by a Debt Service Coverage Ratio calculation, the
occurrence of the Debt Service Coverage Ratio being at least 1.30 to 1.00 for two (2) consecutive calendar quarters; provided, however, that any such Triggering Event Termination shall be subject to the condition that no Event of Default shall
have occurred and be continuing. 
 “UCC” or “Uniform Commercial Code” shall
mean the Uniform Commercial Code as in effect in the state where the Land is located; provided, however, the UCC in effect in the Commonwealth of Pennsylvania shall govern the Account Collateral. 

“Underwriter Group” shall mean any and all of the following Persons: (i) Lender (and for purposes of this
definition, Lender shall include its officers and directors), (ii) the Affiliate of PNC Bank that has filed any registration statement relating to any Securitization, if applicable, each of its directors, each of its officers who have signed
any such registration statement and each Person who controls the Affiliate within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, (iii) PNC Capital Markets LLC, a Pennsylvania limited liability
company, each of its directors and each Person who controls PNC Bank within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act and (iv) PNC Bank, each of its directors and each Person who controls PNC
Bank within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act. 

“Underwritten Net Cash Flow” shall mean Underwritten Net Operating Income, adjusted to reflect the following:

 (i) normalized capital expenditures in an amount equal to the product obtained by multiplying $0.20 by the aggregate number
of rentable square feet of space at the Property; 
 (ii) normalized tenant improvement costs and leasing commissions equal to
the product obtained by multiplying $1.34 by the aggregate number of square feet of space at the Property; and 
 (iii)
adjustments for non-recurring or extraordinary items. 

  
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 “Underwritten Net Operating Income” shall mean for any period the
amount obtained by subtracting Operating Expenses from Gross Income From Operations, and then applying the following adjustments: 
 (a) Gross Income From Operations will be adjusted to exclude: 
 (i) Rents from any
tenant subject to any Bankruptcy Action that has not affirmed its Lease in the applicable bankruptcy proceeding pursuant to a final, non-appealable order of a court of competent jurisdiction; 

(ii) Rents from any tenant that is in arrears in the payment of Rent for more than ninety (90) days; 

(iii) [intentionally omitted]; 
 (iv) Rents from any tenant that is not in occupancy of, or not open for business at its demised premises (unless such tenant, or any entity which has guaranteed the obligations of such tenant under its
Lease, has a long term issuer credit rating that is BBB- or better by S&P (or, if not rated by S&P, a comparable investment grade rating from another Rating Agency)), or from any tenant that has not commenced paying full unabated Rent
pursuant to its Lease; 
 (v) Rents from any temporary or month-to-month tenant; 

(vi) Rents from any tenant which is an Affiliate of Borrower; 
 (vii) Rents paid more than one (1) month in advance; 
 (viii) Lease
Termination Payments; 
 (ix) forfeited security deposits; 

(x) interest on credit accounts; 
 (xi) rent concessions; and 
 (xii) License fees. 

(b) Gross Income From Operations will be adjusted to reflect: 
 (i) any contractual adjustments to Rent expected to occur within the twelve (12) month period following the date of calculation; 

(ii) [intentionally omitted]; and 
 (iii) adjustments for non-recurring or extraordinary items. 
 (c) Operating
Expenses will be adjusted to reflect: 
 (i) [intentionally omitted]; 

  
 26 

 (ii) the greater of (x) the actual management fees paid to Manager for the most recent
trailing twelve (12) calendar months and (y) four percent (4.0%) of Gross Income from Operations; and 
 (iii)
adjustments for non-recurring or extraordinary items. 
 “USA Patriot Act” shall mean the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (October 26, 2001), as the same has been, or shall hereafter be amended, renewed, extended or replaced. 

“U.S. Obligations” shall mean (i) direct obligations of the United States of America for the payment of
which its full faith and credit is pledged and which are not subject to prepayment, call or early redemption, (ii) other non-callable “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of
1940, as amended which (a) will not result in a reduction, downgrade or withdrawal of the ratings for the certificates or any class thereof issued in connection with a Securitization, (b) are then outstanding and (c) are then being
generally accepted by the Rating Agencies without any reduction, downgrade or withdrawal of the ratings for the certificates or any class thereof issued in connection with a Securitization or (iii) other non-callable instruments, which
(w) if a Securitization has occurred, will not cause the REMIC Trust formed pursuant to such Securitization to fail to maintain its status as a “real estate mortgage investment conduit” within the meaning of Section 860D of the
Code, (x) will not result in a reduction, downgrade or withdrawal of the ratings for the certificates or any class thereof issued in connection with a certificate, (y) are then outstanding and (z) are then being generally accepted by
the Rating Agencies without any reduction, downgrade or withdrawal of the ratings for the certificates or any class thereof issued in connection with a Securitization. 
 “Vacated Space” shall have the meaning set forth in Section 9.3.1 hereof. 
 “Yield Maintenance Premium” shall mean an amount determined by Lender equal to (a) the present value, as of the Prepayment Date, of the remaining scheduled payments of
principal and interest from the Prepayment Date through the Maturity Date (including any balloon payment) determined by discounting such payments at a rate which, when compounded monthly, is equivalent to the Treasury Rate plus 50 basis points when
compounded semi-annually, less (b) the principal portion of the Loan prepaid. 
 “Zoning
Regulations” shall have the meaning set forth in Section 4.1.11 hereof. 
 “Zoning
Report” shall mean that certain Municipal Information Summary Report dated September 17, 2012 issued by IVI Assessment Services, Inc. 
 Section 1.2 Principles of Construction. 
 All references to
sections and exhibits are to sections and exhibits in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise.
Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 

  
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 II. GENERAL TERMS 
 Section 2.1 The Loan. 
 2.1.1. Agreement to Lend and
Borrow. Subject to and upon the terms and conditions set forth in this Agreement, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. 

2.1.2. Single Disbursement to Borrower. Borrower may request and receive only one borrowing hereunder in respect of the Loan and
no amount borrowed and repaid hereunder in respect of the Loan may be reborrowed. 
 2.1.3. The Note, Security Instrument and
Other Loan Documents. The Loan shall be evidenced by the Note and secured by the Security Instrument, each Assignment of Leases and the other Loan Documents. 
 2.1.4. Use of Proceeds. Borrower shall use the proceeds of the Loan to (a) acquire the Property or to repay and discharge any existing loans relating to the Property, (b) pay all past due
Basic Carrying Costs, if any, in respect of the Property, (c) make deposits into the Reserve Funds on the Closing Date in the amounts provided herein, (d) pay costs and expenses incurred in connection with the acquisition of the Property
or the closing of the Loan, as approved by Lender, (e) fund any working capital requirements of the Property, as approved by Lender and (f) distribute the balance, if any, to Borrower. 

Section 2.2 Interest Rate and Payments. 
 2.2.1. Interest Generally; Usury. 
 (a) Except as herein provided
with respect to interest accruing at the Default Rate, interest on the outstanding principal balance of the Loan shall accrue at the Applicable Interest Rate from (and including) the Closing Date to (but excluding) the Maturity Date. 

(b) This Agreement and the Note are subject to the express condition that at no time shall Borrower be obligated or required to pay
interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents,
Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be
immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal (but not subject to any Prepayment Consideration) and not on account of the
interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout
the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is
outstanding. 

  
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 2.2.2. Interest Calculation. Interest on the outstanding principal balance of the
Loan shall be calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year by (c) the outstanding
principal balance of the Loan. The accrual period for calculating interest due on each Payment Date shall be the Interest Accrual Period immediately prior to such Payment Date. Borrower understands and acknowledges that such interest accrual
requirement results in more interest accruing on the Loan than if either (i) a thirty (30) day month and a three hundred sixty (360) day year or (ii) the actual number of days in a month and a three hundred and sixty five
(365) day year were used to compute the accrual of interest on the Loan. 
 2.2.3. Payments Before
Maturity Date; Monthly Debt Service Payment Amount. Borrower shall pay to Lender: (a) unless the Closing Date occurs on the first (1st) day of a calendar month, on the Closing Date, an amount equal to interest only at the Applicable Interest Rate
on the outstanding principal balance of the Loan from the Closing Date up to and including December 31, 2012, calculated by multiplying (i) the actual number of days elapsed during such period by (ii) a daily rate based on a three
hundred sixty (360) day year by (iii) the outstanding principal balance of the Loan on the Closing Date and (b) on the Payment Date occurring in February, 2013 and on each Payment Date thereafter up to but not including the Maturity
Date, an amount equal to interest only at the Applicable Interest Rate, calculated by multiplying (i) the actual number of days elapsed in each Interest Accrual Period by (ii) a daily rate based on a three hundred sixty (360) day year
by (iii) the outstanding principal balance of the Loan during each Interest Accrual Period (the “Monthly Debt Service Payment Amount”). 
 2.2.4. Payment on Maturity Date. Borrower shall pay to Lender on the Maturity Date the Debt, including but not limited to, the outstanding principal balance of the Loan, all accrued and unpaid
interest thereon through the end of the Interest Accrual Period immediately prior to the Maturity Date and all other amounts due hereunder and under the Note, each Security Instrument and the other Loan Documents. 

2.2.5. Payments After Default. Upon the occurrence and during the continuance of an Event of Default (including, without
limitation, failure to repay the Debt on the Maturity Date), interest on the outstanding principal balance of the Loan and, to the extent permitted by Law, overdue interest and other amounts due in respect of the Loan, shall accrue at the Default
Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the earlier of the date such Event of
Default has ceased to exist or the date of actual receipt and collection of the Debt in full. To the extent permitted by applicable Law, interest at the Default Rate shall be added to the Debt, shall itself accrue interest at the same rate as the
Loan and shall be secured by each Security Instrument. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the Debt, nor as a waiver of any other right or remedy accruing to Lender by reason of the
occurrence of any Event of Default. Anything herein to the contrary notwithstanding, all interest accrued at the Default Rate shall be immediately due and payable upon demand by Lender. 

  
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 2.2.6. Late Payment Charge. If any principal, interest or any
other sum due under the Loan Documents (other than the balloon payment due on the Maturity Date) is not paid by Borrower on or before the seventh (7th) day after the date the same is due and payable, 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 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. Any such amount shall be secured by each Security Instrument and the other Loan Documents to the extent permitted by applicable Law. 
 2.2.7. Release on Payment in Full. Lender shall, upon the written request and at the sole cost and expense of Borrower, after payment in full of the Debt and the performance of the Other
Obligations in accordance with the terms and provisions of each Security Instrument and the other Loan Documents, release the Lien of each Security Instrument and the other Loan Documents on the Property. 

Section 2.3 Manner of Making Payments. 

2.3.1. Making of Payments. Subject to Section 3.7 hereof, each payment by Borrower
hereunder or under the Note or any of the other Loan Documents shall be made in funds immediately available to Lender by 2:00 p.m., central time, on the date such payment is due, to PNC Bank, National Association, c/o Midland Loan Services, c/o Bank
of Oklahoma, Lockbox #2585, 6242 East 41st Street, Tulsa,
OK 74135, or such other place as Lender may from time to time designate in writing. Whenever any payment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the first Business Day
following such scheduled due date. 
 2.3.2. Credit for Payment Receipt. Subject to Section 3.7
hereof, no payment due under the Note, this Agreement or any of the other Loan Documents shall be deemed paid to Lender until received by Lender at its designated office on a Business Day prior to 2:00 p.m., central time. Subject to
Section 3.7 hereof, any payment received after the time established by the preceding sentence shall be deemed to have been paid on the immediately succeeding Business Day. Each payment that is paid to Lender within ten
(10) days prior to the date on which such payment is due, and prior to its scheduled Payment Date, shall not be deemed a prepayment and shall be deemed to have been received on the Payment Date solely for the purpose of calculating interest
due. 
 2.3.3. Invalidated Payments. If any payment received by Lender is deemed by a court of competent jurisdiction to
be a voidable preference or fraudulent conveyance under any Creditors Rights Laws, and is required to be returned by Lender, then the obligation to make such payment shall be reinstated, notwithstanding that the Note may have been marked satisfied
and returned to Borrower or otherwise canceled, and such payment shall be immediately due and payable upon demand. 
 2.3.4.
No Deductions, etc. All payments made by Borrower hereunder or under the Note or the other Loan Documents shall be made irrespective of, and without any deduction for, any setoff, defense, claim or counterclaims. 

  
 30 

 2.3.5. Application of Payments. Provided no Event of Default has occurred and is
continuing, payments of principal and interest due from Borrower shall be applied (a) first, to the payment or reimbursement of any expenses (including but not limited to late charges), costs or obligations (other than the principal and
interest) for which Borrower shall be obligated or Lender entitled pursuant to the provisions of the Loan Documents, (b) second, to the payment of accrued but unpaid interest, (c) third, to the payment of unpaid Reserve Funds required
pursuant to the provisions of the Loan Documents, and (d) fourth, to the payment of principal then outstanding. If at any time Lender receives less than the full amount due and payable on a Payment Date or upon the occurrence and during the
continuance of an Event of Default, Lender may apply all payments received to amounts then due and payable in any manner and in any order determined by Lender, in its sole discretion. Lender’s acceptance of a payment from Borrower in an amount
that is less than the full amount then due and Lender’s application of such payments to amounts then due from Borrower shall not constitute or be deemed to constitute a waiver of the unpaid amounts or an accord and satisfaction. 

2.3.6. Increased Costs. 
 (a) Increased Costs Generally. If any Change in Law shall: 
 (i) impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, Lender; 

(ii) subject Lender to any tax of any kind whatsoever with respect to this Agreement, or change the basis of taxation of payments to
Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 2.3.7(c) hereof and the imposition of, or any change in the rate of, any Excluded Tax payable by Lender); or 

(iii) impose on Lender any other condition, cost or expense affecting this Agreement; 

and the result of any of the foregoing shall be to reduce the amount of any sum received or receivable by Lender hereunder (whether of
principal, interest or any other amount) then, upon request of Lender, Borrower will pay to Lender such additional amount or amounts as will compensate Lender for such reduction suffered. 

(b) Capital Requirements. If Lender determines that any Change in Law affecting Lender or any lending office of Lender or
Lender’s holding company regarding capital requirements has or would have the effect of reducing the rate of return on Lender’s capital or on the capital of Lender’s holding company as a consequence of this Agreement, or the Loan to a
level below that which Lender or Lender’s holding company could have achieved but for such Change in Law (taking into consideration Lender’s policies and the policies of Lender’s holding company with respect to capital adequacy), then
from time to time Borrower will pay to Lender such additional amount or amounts as will compensate Lender or Lender’s holding company for any such reduction suffered. 

  
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 2.3.7. Indemnified Taxes. 

(a) All payments made by Borrower hereunder shall be made free and clear of, and without reduction for or on account of, Indemnified
Taxes, excluding (i) Indemnified Taxes measured by Lender’s net income, and franchise taxes imposed on it, by the jurisdiction under the Laws of which Lender is resident or organized, or any political subdivision thereof, (ii) taxes
measured by Lender’s overall net income, and franchise taxes imposed on it, by the jurisdiction of Lender’s lending office or any political subdivision thereof or in which Lender is resident or engaged in business, (iii) any branch
profits taxes imposed by the United States of America or any similar taxes imposed by any other jurisdiction in which Borrower is located, and (iv) withholding taxes imposed by the United States of America, any state, commonwealth, protectorate
territory or any political subdivision or taxing authority thereof or therein as a result of the failure of Lender which is a Non-U.S. Entity to comply with the terms of subsection (b) below (collectively, “Excluded
Taxes”). If any non-excluded Indemnified Taxes are required to be withheld from any amounts payable to Lender hereunder, the amounts so payable to Lender shall be increased to the extent necessary to yield to Lender (after payment of
all non-excluded Indemnified Taxes) interest or any such other amounts payable hereunder at the rate or in the amounts specified hereunder. Whenever any non-excluded Indemnified Tax is payable pursuant to applicable Law by Borrower, Borrower shall
send to Lender an original official receipt showing payment of such non-excluded Indemnified Tax or other evidence of payment reasonably satisfactory to Lender. Borrower hereby indemnifies and hold harmless Lender for any incremental taxes, interest
or penalties that may become payable by Lender which may result from any failure by Borrower to pay any such non-excluded Indemnified Tax when due to the appropriate taxing authority or any failure by Borrower to remit to Lender the required
receipts or other required documentary evidence. 
 (b) In the event that any successor and/or assign of Lender is not
incorporated under the Laws of the United States of America or a state thereof (a “Non-U.S. Entity”) Lender agrees that, prior to the first date on which any payment is due such entity hereunder, it will deliver to Borrower
two duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8ECI or successor applicable form, as the case may be, certifying in each case that such entity is entitled to receive payments under the Note, without deduction or
withholding of any United States federal income taxes. Each entity required to deliver to Borrower a Form W-8BEN or W-8ECI pursuant to the preceding sentence further undertakes to deliver to Borrower two further copies of such forms, or successor
applicable forms, or other manner of certification, as the case may be, on or before the date that any such form expires (which, in the case of the Form W-8ECI, is the last day of each U.S. taxable year of the Non-U.S. Entity) or becomes obsolete or
after the occurrence of any event requiring a change in the most recent form previously delivered by it to Borrower, and such other extensions or renewals thereof as may reasonably be requested by Borrower, certifying in the case of a Form W-8BEN or
W-8ECI that such entity is entitled to receive payments under the Note without deduction or withholding of any United States federal income taxes, unless in any such case an event (including, without limitation, any change in treaty, Law or
regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such entity from duly completing and delivering any such form with respect to it and
such entity advises Borrower that it is not capable of receiving payments without any deduction or withholding of United States federal income tax. 

  
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 (c) Without limiting the generality of this Section 2.3.7, Borrower shall timely pay to
the relevant Official Body in accordance with applicable Law, or at the option of Lender timely reimburse Lender for, the payment of, any Other Taxes (other than Excluded Taxes). 

Section 2.4 Prepayments. 

2.4.1. Voluntary Prepayments. Except as set forth in this Section 2.4, Borrower shall not
have the right to prepay all or any portion of the Debt. After the Lockout Period, Borrower may prepay the Debt in whole, but not in part, on any Payment Date, provided the following conditions are satisfied: (a) no Event of Default shall be
occurring on either the date the required prepayment notice is received by Lender or the Prepayment Date; (b) Borrower shall give a revocable written notice to Lender specifying the date on which a prepayment is to be made (the date of any
prepayment hereunder, whether pursuant to such notice or not, and whether voluntary or involuntary, being herein referred to as the “Prepayment Date”) not more than sixty (60) days and not less than thirty (30) days
prior to the Prepayment Date; and (c) the applicable Prepayment Consideration, if any, is paid by Borrower to Lender with such prepayment of the entire Debt in full. Additionally, any such prepayment not actually received by Lender before 2:00
p.m., central time, on the fifth (5th) day of the
month must also include the interest which would have accrued on the amount of such prepayment during the entire Interest Accrual Period in which the prepayment is made. 
 BORROWER HEREBY AGREES THAT IN THE EVENT BORROWER DELIVERS A PREPAYMENT NOTICE AND FAILS TO PREPAY THE LOAN IN ACCORDANCE WITH THE PREPAYMENT NOTICE AND THE TERMS OF THIS SECTION 2.4.1 (A
“PREPAYMENT FAILURE”), BORROWER SHALL INDEMNIFY LENDER FROM AND AGAINST, AND SHALL BE RESPONSIBLE FOR, ALL LOSSES (INCLUDING ANY BREAKAGE COSTS) INCURRED BY LENDER WITH RESPECT TO ANY SUCH PREPAYMENT FAILURE, PROVIDED THAT
SUCH INDEMNITY SHALL NOT BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NON-APPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE, ILLEGAL ACTS, BAD FAITH OR WILLFUL MISCONDUCT
OF LENDER. 
 2.4.2. Prepayment Consideration. Lender shall not be obligated to accept any prepayment of the Debt unless
it is accompanied by the applicable Prepayment Consideration. The “Prepayment Consideration” shall be calculated by Lender as follows: 
  

			
	 From the date hereof through

December 31, 2014 (the “Lockout Period”):
	  	Not applicable; No prepayment permitted.

  
 33 

			
	 January 1, 2015 through

June 30, 2022:
	  	The greater of (i) one percent (1.0%) of the outstanding principal balance of the Loan on a Prepayment Date; or (ii) the Yield Maintenance Premium.
		
	 July 1, 2022 (the “Open Period 
 Start Date”) through
 January 1, 2023 (the “Scheduled Maturity
Date”):
	  	No Prepayment Consideration (i.e., $0.00).
		
	 Prepayment After an Event
 of
Default but before the
 Open Period Start Date:
	  	The Prepayment Consideration set forth in Section 2.4.4 hereof.

 Borrower acknowledges that the Prepayment Consideration is a bargained for consideration and is not a
penalty. Borrower recognizes that Lender would incur substantial additional costs and expenses in the event of a prepayment of the Debt and that the Prepayment Consideration compensates Lender for such costs and expenses (including without
limitation, the loss of Lender’s investment opportunity during the period from the Prepayment Date until the Maturity Date). Borrower agrees that Lender shall not, as a condition to receiving the Prepayment Consideration, be obligated to
actually reinvest the amount prepaid in any treasury obligation or in any other manner whatsoever. Any Prepayment Consideration shall be subject to reduction if and to the extent characterized as interest under applicable law, by the amount, if any,
which would cause the interest on the Note to exceed the Maximum Legal Rate. 
 2.4.3. Mandatory Prepayments. If Borrower
receives any Net Proceeds and if Lender is not obligated to make, and does not make, such Net Proceeds available to Borrower for the Restoration of the Property pursuant to the terms of this Agreement, then Borrower shall prepay the outstanding
principal balance of the Loan in an amount equal to one hundred percent (100%) of such Net Proceeds. No Prepayment Consideration shall be due in connection with any prepayment made pursuant to this Section 2.4.3. Any partial
prepayment under this Section 2.4.3 shall be applied to the last payments of principal due under the Loan; provided, however, if an Event of Default has occurred and is then continuing, Lender may apply such Net Proceeds to the
Debt in any order or priority in its sole discretion. 
 2.4.4. Prepayments After Event of Default. If, during the
continuance of any Event of Default (and prior to the Open Period Start Date), Borrower shall tender payment of an amount sufficient to satisfy the Debt, such tender by Borrower shall be deemed to be a voluntary prepayment in the amount tendered and
in such case Borrower shall also pay to Lender, with respect to the amount tendered, Prepayment Consideration equal to the greater of (a) four percent (4.0%) of the outstanding principal balance of the Loan on the date of such tendered
prepayment and (b) the Yield Maintenance Premium (provided that all references to the “Prepayment Date” contained in the definition of Yield Maintenance Premium shall mean the date of said tendered prepayment) which Prepayment
Consideration shall be immediately due and payable. Lender shall not be obligated to accept any such tender unless it is accompanied by all Prepayment Consideration due in connection therewith. 

  
 34 

 III. CASH MANAGEMENT 
 Section 3.1 Establishment of Lockbox Account and Cash Management Account. 
 3.1.1. Establishment of Lockbox Account. 
 (a) Borrower shall, upon the
occurrence of a Triggering Event (i) establish, and hereby covenants to maintain during any Triggering Event Period, a segregated account (the “Lockbox Account”) with Lockbox Bank directly into which Borrower shall
deposit or cause to be deposited all Rents (including, without limitation all Lease Termination Payments) or other revenue of any kind from the Property received by each Borrower or Manager, in accordance with Section 3.1.1(b)
hereof, and (ii) execute a deposit account control agreement, in form and substance acceptable to Lender, with Lender and Lockbox Bank providing for the sole dominion and control and security interest in the Lockbox Account by Lender (the
“Lockbox Agreement”). The Lockbox Account shall be in the name of Borrower, for the benefit of Lender. The Lockbox Agreement shall require the Lockbox Bank to maintain the Lockbox Account as an Eligible Account, and shall
provide that Borrower and Lender or its Servicer shall have the right to electronic access to information regarding balances, deposits into and withdrawals from the Lockbox Account and to receive periodic reports from the Lockbox Bank with respect
thereto. Borrower shall not in any way alter, modify or change the Lockbox Account or Lockbox Agreement without the prior written consent of Lender. Upon the occurrence of a Triggering Event and during the continuance of a Triggering Event Period,
Borrower shall also establish, and hereby covenants to maintain with, Lockbox Bank a lockbox address at the Lockbox Bank (the “Lockbox Address”). 
 (b) Borrower represents, warrants and covenants that upon the occurrence and during the continuance of a Triggering Event Period (i) Borrower shall, and shall cause Manager to, immediately deposit
all Rents or other revenue of any kind from the Property received by Borrower or Manager directly into the Lockbox Account within two (2) Business Days of receipt, (ii) Borrower shall, or shall cause Manager to, send a notice,
substantially in the form of Exhibit A, to all tenants then under Leases directing them to pay all Rents and other sums due thereunder directly to the Lockbox Address (or to the Lockbox Account via wire transfer), and
(iii) neither Borrower nor any other Person shall open any other such account with respect to the deposit of income in connection with the Property. During any Triggering Event Period, any Rents and any other revenue of any kind from the
Property held by Borrower or Manager prior to being deposited into the Lockbox Account shall be deemed to be Collateral and shall be held in trust by Borrower or Manager, as applicable, for the benefit, and as the property, of Lender and shall not
be commingled with any other funds or property of Borrower or Manager. Borrower warrants and covenants that it shall not rescind, withdraw or change any notices or instructions required to be sent by it pursuant to this
Section 3.1.1(b) without Lender’s prior written consent. 
 (c) In the event the Lockbox Bank resigns or
is otherwise terminated under the Lockbox Agreement, Borrower shall (i) cooperate with Lender in connection with the appointment of a replacement Lockbox Bank, and (ii) deliver to Lender a fully executed replacement Lockbox Agreement in
form and substance acceptable to Lender within thirty (30) days of Lockbox Bank’s resignation or termination. In connection with any resignation or other termination of the Lockbox Bank, Borrower shall also cooperate with Lender to issue
new notices or instructions to replace the notices and instructions required to be sent by it pursuant to Section 3.1.1(b) hereof. 

  
 35 

 3.1.2. Establishment of Cash Management Account. Upon the occurrence of a
Triggering Event and during the continuance of any Triggering Event Period, Lender shall establish an Account (the “Cash Management Account”) with the Cash Management Bank (which may include one or more book-entry
sub-accounts as deemed necessary by Lender). The Cash Management Account shall be in the name of Lender, as lender and secured party for Borrower. 
 3.1.3. Accounts Generally. The Lockbox Account and the Cash Management Account shall be subject to the additional terms and conditions set forth in Article 12 hereof.

 Section 3.2 Daily Transfers from the Lockbox Account. The Lockbox Agreement shall provide that, so long as no
Triggering Event Period is then continuing, on each Business Day on which available funds are on deposit in the Lockbox Account, Lockbox Bank shall transfer all such available funds (less a peg amount of $1,000 required by Lockbox Bank) to the
Operating Account. Upon the occurrence of a Triggering Event and during the continuance of any Triggering Event Period, the Lockbox Agreement shall provide that all transfers from the Lockbox Account to the Operating Account shall immediately cease
and the Lockbox Bank shall, on each Business Day on which available funds are on deposit in the Lockbox Account, transfer all such available funds (less a peg amount of $1,000 required by Lockbox Bank) to the Cash Management Account. 

Section 3.3 Monthly Disbursements from the Cash Management Account. Provided no Event of Default is then continuing, Lender
shall withdraw all funds on deposit in the Cash Management Account on the Disbursement Date. Lender shall disburse any amounts transferred to the Cash Management Account representing any Lease Termination Payments to Lender for deposit into the
Early Lease Termination Reserve, and Lender shall disburse the balance of such funds in the following order of priority: 
 (a)
First, to Cash Management Bank, for the payment of fees and expenses incurred in connection with this Agreement and the Cash Management Account; 
 (b) Next, to Lender, funds sufficient to pay the Monthly Tax Deposit if required to be made under Section 9.2 hereof; 

(c) Next, to Lender, funds sufficient to pay the Monthly Insurance Premium Deposit if required to be made under
Section 9.2 hereof; 
 (d) Next, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount;

 (e) Next, to Lender, funds sufficient to pay any interest accruing at the Default Rate, late payment charges, and any unpaid
reimbursable costs and expenses incurred by Lender on Borrower’s behalf or in the enforcement of Lender’s rights under the Loan Documents, if any; 

  
 36 

 (f) Next, to Borrower, funds sufficient to pay all Operating Expenses due pursuant to an
Annual Budget, or Approved Annual Budget, as applicable, for such calendar month to Borrower, together with other amounts incurred by Borrower in connection with the operation and maintenance of the Property and approved by Lender in it sole
discretion; 
 (g) Next, to Borrower, funds sufficient to pay for Extraordinary Expenses approved by Lender in its sole
discretion, if any; 
 (h) Next, if the Triggering Event was an Event of Default, to Servicer, for the payment of the Servicing
Fee; and 
 (i) Next, all amounts remaining in the Cash Management Account after deposits pursuant to clauses (a) through
(h) above for the current month and all prior months to Lender, for deposit into the Excess Cash Reserve Account. 

Notwithstanding the foregoing or any other provision of this Agreement or of the other Loan Documents, during the continuance of an Event
of Default, Lender reserves the right, exercisable at its sole option, to apply Rents and other sums on deposit in or deposited into the Cash Management Account (and any sub-account established thereunder) to the payment of the Debt, in such order,
manner, amounts, times and priority as Lender in its sole discretion determines (including to the payment of the items for which the Reserve Funds or the Triggering Event Period Reserve Funds were established, if Lender so elects in its sole
discretion), and such reserved rights shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents. 
 Section 3.4 Deposit and Disbursement of Funds Allocated for Payment of Monthly Reserve Fund Deposits. Provided no Event of Default is then continuing, all amounts disbursed to Lender pursuant
to Section 3.3 hereof to pay Monthly Reserve Fund Deposits shall be deposited by Lender into the applicable Reserve Account established by Lender pursuant to Article IX hereof, and disbursed by Lender in accordance
with the applicable provisions of Article IX hereof. 
 Section 3.5 Deposit and Disbursement of Funds
Allocated to Triggering Event Period Reserve Funds; Excess Cash Reserve Fund. All amounts disbursed to Lender pursuant to Section 3.3.1 (i) hereof shall hereinafter be referred to as the “Excess Cash Reserve
Fund”. The Excess Cash Reserve Fund shall be held by Lender in an Eligible Account (the “Excess Cash Reserve Account”) at the Cash Management Bank. The Excess Cash Reserve Fund shall not constitute trust funds
and, at Lender’s option, may be (1) commingled with other monies held by Lender, or (2) be established as a separate account at the Cash Management Bank. The Excess Cash Reserve Fund may be (x) applied by Lender to any of the
items for which any Reserve Fund was established, as determined by Lender, or (y) held in the Excess Cash Reserve Account as additional Collateral for the Loan. If on any Payment Date no Triggering Event Period is continuing, Lender shall,
after the application of amounts held in the Excess Cash Reserve Fund in accordance with subsection (x) above, disburse the balance of the Excess Cash Reserve Fund to the Operating Account. In the event that a Triggering Event Period is
continuing solely as the result of clause (b) of the Triggering Event definition, then, to the extent that there are insufficient funds in the Cash Management Account to pay in full all amounts required to be paid from the Cash Management
Account as and when due and payable or insufficient funds in the 

  
 37 

 
Cash Management Account to pay Operating Expenses or Extraordinary Expenses, Borrower may request that Lender allow funds then held in the Excess Cash Reserve Fund to be used to pay such
shortfalls and Lender shall not unreasonably withhold its consent to such request. 
 Section 3.6 Borrower’s
Obligation Not Affected. Subject to the last sentence of Section 3.5 and the provisions of Section 3.7, the failure of Borrower to pay the Monthly Debt Service Payment Amount, the Monthly Reserve Fund
Deposits or any other amounts to Lender as and when the same become due pursuant to this Agreement and the other Loan Documents shall constitute an Event of Default, and the insufficiency of funds on deposit in the Accounts shall not absolve
Borrower of the obligation to make any such payments, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever. 
 Section 3.7 Payments Received Under this Agreement. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, and provided no Event of
Default has occurred and is continuing, Borrower’s obligations with respect to the Monthly Debt Service Payment Amount, the Monthly Reserve Fund Deposits, and any other escrows or reserves established pursuant to this Agreement or any other
Loan Document, and Borrower’s obligations to pay Basic Carrying Costs shall (provided Lender is not prohibited from withdrawing or applying any funds in the Accounts by applicable Law or otherwise) be deemed satisfied to the extent sufficient
amounts are deposited in the Lockbox Account or Cash Management Account to satisfy such obligations on or before the date each such payment is required, regardless of whether any of such amounts are so applied by Lender. 

IV. REPRESENTATIONS AND WARRANTIES 
 Section 4.1 Borrower Representations. 
 Borrower represents and
warrants as of the Closing Date that: 
 4.1.1. Organization. Borrower has been duly formed or organized, as applicable,
and is validly existing and in good standing in the jurisdiction in which it is formed or organized, as applicable, with requisite power and authority to own its properties and to transact the businesses in which it is now engaged. Borrower 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, businesses and operations. Borrower possesses all rights, Licenses and authorizations, governmental or
otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is now engaged, and the sole business of Borrower is the ownership, management and operation of the Property. Attached hereto as Exhibit
B is a true and correct copy of the organizational structure chart of Borrower relating to Borrower and certain Affiliates and other parties, which is true, complete and correct on and as of the date hereof. Neither Guarantor, nor any
managing member, general partner or similar controlling Person of Borrower, nor any Person that holds a ten percent (10%) or greater direct ownership interest in Borrower (a) is the subject of a Bankruptcy Action, (b) has a prior
record of having been the subject of a Bankruptcy Action, or (c) has been convicted of a felony. 
 4.1.2.
Proceedings. Borrower has full power, authority and legal right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the Property pursuant 

  
 38 

 
to the terms of the Loan Documents and to keep and observe all of the terms of this Agreement and the other Loan Documents on Borrower’s part to be performed, and the Loan is permitted under
the Cole Credit Property Trust IV, Inc. Investment, Disposition and Borrowing Policies dated as of August 7, 2012. Borrower taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan
Documents. This Agreement and such other Loan Documents have been duly executed and delivered by or on behalf of Borrower and constitute legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their
respective terms, except as such enforcement may be limited by applicable Creditors Rights Laws and similar Laws affecting rights of creditors generally, and general principles of equity (regardless of whether enforcement is sought in a proceeding
in equity or at law). 
 4.1.3. No Conflicts. The execution, delivery and performance of this Agreement and
the other Loan Documents by Borrower 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, charge or encumbrance (other than pursuant to
the Loan Documents) upon any of the property or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership agreement, management agreement, or other agreement or instrument to which Borrower is a
party or by which any of Borrower’s property or assets is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction
over Borrower or any of Borrower’s properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any court or any such regulatory authority or other governmental agency or body required for the
execution, delivery and performance by Borrower of this Agreement or any other Loan Documents has been obtained and is in full force and effect. 
 4.1.4. Litigation. There is no pending, filed or, to Borrower’s actual knowledge, threatened action, suit or proceeding, arbitration or governmental investigation, at law or in
equity or by or before any Governmental Authority or other agency, involving Borrower, Guarantor, or the Collateral, an adverse outcome of which would reasonably be expected to have a Material Adverse Effect. 

4.1.5. Agreements. Borrower is not a party to any agreement or instrument or subject to any restriction which would
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 agreement or instrument to which it is a party or by which Borrower or the
Property is bound. Borrower has no financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Borrower is a party or by which Borrower or the Property is otherwise bound, other than
(a) obligations incurred in the ordinary course of the operation of the Property as permitted pursuant to Section 8.1(d)(xi) hereof and (b) obligations under the Loan Documents. 

4.1.6. Title. Borrower has good, marketable and insurable fee simple title to the real property comprising part of
the Property and good title to the balance of the Property, free and clear of all Liens whatsoever except the Permitted Encumbrances. To Borrower’s actual knowledge, the Security Instrument, when properly recorded in the appropriate records,
together with any Uniform Commercial Code financing statements required to be filed in connection 

  
 39 

 
therewith, will create (a) a valid, perfected first priority Lien on the Property, subject only to Permitted Encumbrances and (b) perfected first priority security interests in and to,
and perfected collateral assignments of, all personalty (including the Leases of the Property), all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances. To Borrower’s actual knowledge and
except as set forth in the Title Insurance Policy, and 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 actual knowledge, the Assignment of Leases, when properly recorded in the appropriate records will create perfected first priority security interests in and to, and perfected collateral assignments of, all applicable Leases and
Rents for the Property, all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances. 
 4.1.7. Solvency; No Bankruptcy Filing. Borrower (a) has not entered into the transaction contemplated hereby or executed the Note, this Agreement or any other Loan Documents with
the actual intent to hinder, delay or defraud any creditor and (b) has received reasonably equivalent value in exchange for its obligations under the Loan Documents. Giving effect to the Loan, the fair saleable value of Borrower’s assets
exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s
assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured.
Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to incur debt and
liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on
or in respect of obligations of Borrower). The Property is not the subject of any Bankruptcy Action. No Bankruptcy Action has been filed against any Restricted Party in the last seven (7) years, and no Restricted Party in the last seven
(7) years has ever made an assignment for the benefit of creditors or taken advantage of any Creditors Rights Laws. No Restricted Party is contemplating either the filing of any Bankruptcy Action by it or the liquidation of all or a major
portion of any Restricted Party’s assets or property, and Borrower has no knowledge of any Person contemplating the filing of any Bankruptcy Action against it or against any other Restricted Party. 

4.1.8. Financial Information. All financial information submitted by Borrower to Lender including but not limited to
all financial statements, statements of cash flow and income and operating statements, Rent Rolls, reports, certificates and other documents submitted in connection with the Loan (including the application therefor) or in satisfaction of the terms
thereof and all statements of fact made by Borrower in this Agreement or in any other Loan Document, are (a) true, complete and correct in all material respects, (b) accurately represent the financial condition of the Property as of the
date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance with GAAP (or such other basis of accounting acceptable to Lender and consistently applied)
throughout the periods covered, except as expressly disclosed therein. 

  
 40 

 4.1.9. Full and Accurate Disclosure. No statement of fact made by
Borrower in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no material fact
presently known to Borrower which has not been disclosed to Lender which has a Material Adverse Effect, nor as far as Borrower can foresee, would have a Material Adverse Effect. There has been no material adverse change in any condition, fact,
circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or that would otherwise have a Material Adverse Effect. Borrower has disclosed to Lender all material facts and has not
failed to disclose any material fact that could cause any representation or warranty made herein to be materially misleading. 

4.1.10. No Plan Assets. 
 (a) (i) Borrower is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA (a “Plan”), (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. § 2510.3-101 (“Plan Assets”) and (iii) Borrower is not engaging 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, the Security Agreement or the other Loan Documents) to be a non-exempt (under a statutory or
administrative class exemption) prohibited transaction under ERISA (a “Prohibited Transaction”). 
 (b)
(i) Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA (“Governmental Plan”) and (ii) transactions by or with Borrower are not subject to state statutes regulating
investment of, and fiduciary obligations with respect to, governmental plans similar to the provisions of Section 406 of ERISA or Section 4975 of the Code currently in effect (“Prohibited Governmental
Transactions”), which prohibit or otherwise restrict the transactions contemplated by this Agreement. 
 4.1.11.
Compliance. To Borrower’s actual knowledge, except as disclosed in the Zoning Report, the Environmental Report and on Schedule 1 to the Environmental Indemnity, Borrower and the Property and the use thereof comply in all
material respects with all applicable Legal Requirements, including, without limitation, all Environmental Laws. To Borrower’s actual knowledge and except as may be disclosed in the Zoning Report, the Improvements are in compliance in all
material respects with all applicable laws, building and zoning ordinances, codes, rules, covenants, and restrictions governing the occupancy, use and operation of the Property (“Zoning Regulations”), or constitute a legal
non-conforming use or structure, and any non-conformity with Zoning Regulations constitutes a legal non-conforming use or structure which does not materially and adversely affect the use, operation or value of the Property. In the event of Casualty
or destruction, (a) the Property may be restored or repaired to the full extent necessary to maintain the use of the Improvements immediately prior to such Casualty or destruction, or (b) “Ordinance or Law Coverage” has been
obtained for the Property in accordance with Section 7.1(a)(i) hereof, in amounts approved by Lender, that provides coverage for additional costs to rebuild and/or repair the Improvements to current Zoning Regulations, or
(c) the inability to restore the Improvements to the full extent of the use or structure immediately prior to the Casualty or destruction would not materially and adversely 

  
 41 

 
affect the use, operation or value of the Property. Borrower is not in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority. There has not been
committed by Borrower or, to Borrower’s actual knowledge, any other Person in occupancy of or involved with the operation or use of the Property any act or omission affording the federal government or any other Governmental Authority the right
of forfeiture as against the Property or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. 
 4.1.12. Compliance with Anti-Terrorism Laws. As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any Permitted Transfers:

 (a) None of Borrower, Operating Partnership, Guarantor or any Person that is an Affiliate of Borrower, Operating Partnership
or Guarantor, or any Manager, is in violation of any Anti-Terrorism Laws, no such party has been charged with, or has reason to believe that such party is under investigation for violation of any Anti-Terrorism Law, no such party has been convicted
of any violation of, has been subject to civil penalties pursuant to, or had any of its property seized or forfeited under any Anti-Terrorism Law. 
 (b) None of Borrower, Operating Partnership, Guarantor or any Person that is an Affiliate of Borrower, Operating Partnership or Guarantor, or any Manager, is a Prohibited Person; each such party is
operated under policies, procedures and practices, if any, that are in compliance with Anti-Terrorism Laws and available to Lender for review and inspection during normal business hours and upon reasonable notice; no such party has received notice
from the Secretary of State or the Attorney General of the United States or any other department, agency or office of the United States claiming a violation or a possible violation of any Anti-Terrorism Law; and no such party has been determined by
competent authority to be subject to any of the prohibitions contained in any Anti-Terrorism Law. 
 (c) None of Borrower,
Operating Partnership, Guarantor or any Person that is an Affiliate of Borrower, Operating Partnership or Guarantor, or any Manager, (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to or
for the benefit of any Prohibited Person, (y) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to any Executive Order or (z) engages in or conspires to engage in any
transaction that evades or avoids, or has the purpose of violating, evading or avoiding, or attempts to violate, evade or avoid any of the prohibitions set forth in any Anti-Terrorism Law. 

(d) To Borrower’s knowledge, as of the date hereof and at all times throughout the term of the Loan, including after giving effect
to any transfers of interests permitted pursuant to the Loan Documents, (i) none of the funds or other assets of Borrower, Operating Partnership or Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any
Embargoed Person; (ii) unless expressly waived in writing by Lender, no Embargoed Person has any interest of any nature whatsoever in Borrower, Operating Partnership or Guarantor, as applicable, with the result that the investment in Borrower,
Operating Partnership and/or Guarantor, as applicable (whether directly or indirectly), is prohibited by Legal Requirements or the Loan is in violation of Legal Requirements; and (c) to the best knowledge of Borrower, none of the funds of
Borrower, Operating Partnership or Guarantor, as applicable, have been derived from any unlawful activity with the result that the investment in Borrower, Operating Partnership and/or Guarantor, as applicable (whether directly or indirectly), is
prohibited by Legal Requirements or the Loan is in violation of Legal Requirements. 

  
 42 

 With respect to parties owning direct or indirect interests in Operating Partnership or
Guarantor, Lender acknowledges that Borrower has relied exclusively on its U.S. broker-dealer network to implement the normal and customary investor screening practices mandated by applicable law and FINRA regulations in making the foregoing
representations. Furthermore, Borrower makes no representation or warranty under this Section 4.1.12 with respect to indirect owners of Borrower whose indirect ownership derives from ownership in publicly traded companies.

 4.1.13. Reliance. To Borrower’s actual knowledge, the Property is not relied upon by, and does not
rely upon, any building or improvement not part of the Property to fulfill any zoning, building code or other governmental or municipal requirement for structural support or the furnishing of any essential building systems or utilities, except to
the extent of any valid and existing reciprocal easement agreements shown in the Title Insurance Policy. 
 4.1.14. No
Contingent Liabilities. Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and
reasonably likely to have a Material Adverse Effect, except as expressly referred to or reflected in said financial statements. 

4.1.15. Condemnation. There is no proceeding pending or, to Borrower’s actual knowledge, threatened, including
any Condemnation or other proceeding, for the total or partial condemnation of the Property or for the relocation of roadways providing access to the Property. 
 4.1.16. Federal Reserve Regulations. Borrower executed and delivered the Loan Documents and received and applied the proceeds of the Loan for its own account (and for the account of
its direct and indirect owners) and not as an agent, nominee or trustee for any other party or entity that is not a direct or indirect owner of Borrower. 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 which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or
for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents. 

4.1.17. Access; Utilities. The Property (a) is located on or adjacent to a public road and has direct legal
access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sanitary sewer (or
well and septic), storm drainage facilities, and all required utilities, all of which are appropriate for the current use of the Property. All public utilities necessary or convenient for the full use and enjoyment of the Property are located either
in the public right of way abutting the Property (which are connected as to serve the Property without passing over other property) or in recorded easements servicing the Property. All roads necessary for the use of the Property for its current
purposes have been completed and dedicated to public use and accepted by all Governmental Authorities. 

  
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 4.1.18. Not a Foreign Person. Neither Borrower nor Guarantor, nor any
Person who Controls Borrower or Guarantor, is a “foreign person”, “foreign corporation”, “foreign partnership”, “foreign trust”, or “foreign estate” under the provisions of Section 1445 of the
Code. 
 4.1.19. Separate Lots. To Borrower’s actual knowledge, the Property is comprised of one
(1) or more separate tax parcels which do not include any property which is not part of the Property. 
 4.1.20.
Assessments. To Borrower’s actual knowledge and except as set forth in the Title Insurance Policy, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor
are there any contemplated improvements to the Property that may result in such special or other assessments. 
 4.1.21.
Enforceability. To Borrower’s actual knowledge, the Loan Documents are not subject to any right of rescission, set off, counterclaim or defense by Borrower, including the defense of usury, nor would the operation of any of the
terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable, and Borrower has not asserted any right of rescission, set off, counterclaim or defense with respect thereto. 

4.1.22. No Prior Assignment. There are no prior collateral assignments of the Leases or any portion of the Rents due
and payable or to become due and payable which are presently outstanding. 
 4.1.23. Insurance. Borrower
has obtained and has delivered to Lender certified copies of all Policies (or other evidence acceptable to Lender) reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. To Borrower’s actual knowledge,
no claims have been made under any such Policy, and no Person, including Borrower, has done, by act or omission, anything which would impair the coverage of any such Policy. 
 4.1.24. Use of Property. The Property is used exclusively for purposes and other appurtenant and related uses disclosed to Lender on or prior to the Closing Date. 

4.1.25. Certificate of Occupancy; Licenses. To Borrower’s actual knowledge, all certifications, permits,
licenses, franchises, consents and other approvals, including without limitation, certificates of completion, certificates of occupancy and occupancy permits necessary for the legal use, occupancy and operation of the Property as it is current used
(collectively, the “Licenses”), have been obtained and are in full force and effect. Borrower shall keep and maintain (or cause to be kept and maintained) all Licenses necessary for the operation of the Property in full force
and effect. The use being made of the Property is in conformity with the certificates of occupancy issued for the Property. 

4.1.26. Flood Zone. Except as may be set forth in any flood certificate delivered to Lender in connection with the
Loan, none of the Improvements on the Property are located in an area as identified by the Federal Emergency Management Agency as an area having special flood hazards or, if any portion of the Improvements on the Property are located in such an
area, the Flood Insurance Policies required by Section 7.1(a)(vii) hereof are in full force and effect with respect to the Property. To Borrower’s actual knowledge and except as may be set forth on

  
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any Survey or Phase I environmental assessment delivered to Lender in connection with the Loan, no part of the Property consists of or is classified at wetlands, tidelands or swamp and overflow
lands. 
 4.1.27. Physical Condition. 

(a) To Borrower’s actual knowledge and except as may be disclosed in the Property Condition Report, the Property, including, without
limitation, all buildings, building systems for the Improvements, Improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior
sidings and doors, landscaping, irrigation systems and all structural components, are in good working order. To Borrower’s actual knowledge and except as disclosed in the Property Condition Report, the Property is (i) free of any material
damage, (ii) in good repair and condition, and (iii) free of structural defects, or any other material defects or damages (whether latent or otherwise) except as follows: (A) any damage or deficiencies that would not materially and
adversely affect the use, operation or value of the Property or the security intended to be provided by the Security Instrument or repairs with respect to such damage or deficiencies estimated to cost less than $100,000; (B) repairs that have
been completed; or (C) the Required Repairs. Borrower has not received notice from any insurance company or bonding company of any structural or other defects or inadequacies in the Property which would adversely affect the insurability of the
same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 
 (b) To Borrower’s actual knowledge, (i) all existing Improvements have been fully completed and all costs and expenses of construction have been fully paid; and (ii) complete and final
payment has been made for all construction, repairs or new Improvements made to the Property within the applicable period for filing Lien claims in the State. 
 4.1.28. Boundaries. To Borrower’s actual knowledge and except as may be set forth on the Survey, all of the Improvements which were included in determining the appraised value of
the Property lie wholly within the boundaries and building restriction lines of the Property, and no improvements on adjoining properties encroach upon the Property, and none of the Improvements encroach upon any easements, and no easements or other
encumbrances upon the Property encroach upon any of the Improvements, so as to affect the value, current use or marketability of the Property except those which are insured against by the Title Insurance Policy. 

4.1.29. Leases. The Property is not subject to any Leases other than the Leases described in the Rent Roll attached
hereto as Exhibit C, which Rent Roll is accurate and complete in all material respects as of the date hereof. Borrower is the sole owner of the entire lessor’s interest in the Leases. No Person has any possessory interest in the
Property or right to occupy the same except under and pursuant to the provisions of the Leases. The Leases are valid and enforceable and have not been altered, modified or amended in any manner since copies of same were last delivered to Lender.
None of the Rents (including security deposits) have been collected for more than one (1) month in advance. To Borrower’s actual knowledge and except as may be disclosed in any tenant estoppel certificates delivered to Lender or as
disclosed on 

  
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Schedule 1 hereto, all work to be performed by Borrower under each Lease has been performed as required and has been accepted by the applicable tenant, and any payments, free rent,
partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower to any tenant have already been received by such tenant. The current Leases are in full force and effect and, to Borrower’s
actual knowledge and except as may be disclosed in any tenant estoppel certificates delivered to Lender or as disclosed on Schedule 1, there are no defaults thereunder by either party and there are no conditions that, with the passage
of time or the giving of notice, or both, would constitute defaults thereunder. There has been no prior Transfer of any Lease or of the Rents received therein, other than to Borrower and sales, transfers, assignments, hypothecations or pledges which
may have been made by the tenants under the Leases. To Borrower’s actual knowledge and except as may be disclosed in any tenant estoppel certificates delivered to Lender or as disclosed on Schedule 1 hereto, no tenant listed on
Exhibit C has assigned its Lease or sublet all or any portion of the premises demised thereby, no such tenant holds its leased premises under assignment or sublease, nor does anyone except such tenant and its employees occupy such
leased premises. Except as may be set forth in the Leases, no tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a
part. Except as may be set forth in the Leases, no tenant under any Lease has any right or option for additional space in the Improvements. To Borrower’s actual knowledge no tenant intends to use its leased premises on the Property for any
activity which, directly or indirectly, involves the use, generation, treatment, storage, transportation or Release of any Hazardous Materials in violation of Environmental Law. True and correct copies of all Leases in existence as of the Closing
Date were delivered to Lender prior to the execution of this Agreement. 
 4.1.30.
Survey. To Borrower’s actual knowledge, the Survey does not fail to reflect any material matter affecting the Property or the title thereto. 

4.1.31. [Reserved]. 
 4.1.32. Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person under
applicable Legal Requirements currently in effect in connection with the transfer of the Property to Borrower have been paid. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under applicable
Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Security Instrument and the Assignment
of Leases, have been paid, and, under current Legal Requirements, the Security Instrument is enforceable in accordance with its terms by Lender (or any subsequent holder thereof), except as such enforcement may be limited by applicable Creditors
Rights Laws and similar Laws affecting rights of creditors generally, and general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

4.1.33. Management Agreement. The Management Agreement is in full force and effect and there is no default
thereunder by any party thereto and, to Borrower’s actual knowledge, no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. The Management Agreement was entered into on
commercially reasonable terms. 

  
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 4.1.34. Illegal Activity. To Borrower’s actual knowledge, no
portion of the Property has been or will be purchased, improved, equipped or furnished with proceeds of any illegal activity and, to Borrower’s actual knowledge, there are no illegal activities or activities relating to controlled substances at
the Property. 
 4.1.35. Investment Company Act. Borrower is not (a) an “investment company”
or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; or (b) subject to any other federal or state Law or regulation which purports to restrict or
regulate its ability to borrow money. 
 4.1.36. Bank Holding Company. Borrower is not a “bank holding
company” or a direct or indirect subsidiary of a “bank holding company” as defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board of Governors of the Federal Reserve System. 

4.1.37. Principal Place of Business; State of Organization. Borrower’s principal place of business as of the
date hereof is the address set forth in the introductory paragraph of this Agreement. Borrower is organized under the Laws of the state of Delaware and Borrower’s organizational identification number is 5234438. 

4.1.38. Taxpayer Identification Number. Borrower’s United States taxpayer identification number is 27-3148135
(which is the Operating Partnership’s United States taxpayer identification number). 
 4.1.39. Business
Purposes. The Loan is solely for the business purpose of Borrower, and is not for personal, family, household, or agricultural purposes. 
 4.1.40. Taxes. Borrower and each Guarantor has filed all federal, state, county, municipal, and city income and other tax returns required to have been filed by it and has paid all
taxes and related liabilities which have become due pursuant to such returns or pursuant to any assessments received by it. Borrower knows of no basis for any additional assessment in respect of any such taxes and related liabilities for prior
years. 
 4.1.41. Forfeiture. Neither Borrower nor, to Borrower’s actual knowledge, any other Person
in occupancy of or involved with the operation or use of the Property has committed any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any monies paid in
performance of Borrower’s obligations under the Note, this Agreement or the other Loan Documents. Borrower hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording such right of forfeiture. 

4.1.42. Accounts. 
 (a) This Agreement creates valid and continuing security interests (as defined in the UCC) in the Lockbox Account, the Cash Management Account, each Reserve Account, and each Triggering Event Period
Reserve Account, and any sub-accounts established under any 

  
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of the foregoing, in favor of Lender, which security interests are prior to all other Liens, other than Permitted Encumbrances, and are enforceable as such against creditors of and purchasers
from Borrower, and other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Accounts; 
 (b) Borrower and Lender agree that the Lockbox Account is and shall be maintained (i) as a “deposit account” (as such term is defined in Section 9-102(a)(29) of the UCC), (ii) in
such a manner that Lender shall have control (within the meaning of Section 9-104(a)(2) of the UCC) over the Lockbox Account and (iii) such that neither Borrower nor Manager shall have any right of withdrawal from the Lockbox Account and
except as set forth in Section 3.2 hereof, no Account Collateral shall be released to Borrower or Manager from the Lockbox Account. Without limiting Borrower’s obligations under the immediately preceding sentence, Borrower
shall only establish and maintain the Lockbox Account with an Eligible Institution that has executed the Lockbox Agreement; 

(c) Borrower acknowledges that Lender intends to maintain each Account (other than the Lockbox Account), as follows: (i) as a
“securities account” (as such term is defined in Section 8-501(a) of the UCC), (ii) in such a manner that Lender shall have control (within the meaning of Section 8-106(d)(2) of the UCC) over such Account, (iii) such
that neither Borrower nor Manager shall have any right of withdrawal from such Account and, except as provided herein, no Account Collateral shall be released to Borrower or Manager from such Account, (iv) in such a manner that the applicable
Eligible Institution shall agree to treat all property credited to such Account as “financial assets” and (v) such that all securities or other property underlying any financial assets credited to such Accounts shall be registered in
the name of the applicable Eligible Institution, indorsed to the applicable Eligible Institution or in blank or credited to another securities account maintained in the name of the applicable Eligible Institution and in no case will any financial
asset credited to such Account be registered in the name of Borrower, payable to the order of Borrower or specially indorsed to Borrower except to the extent the foregoing have been specially indorsed to the applicable Eligible Institution or in
blank; 
 (d) [intentionally omitted]; and 
 (e) Other than the security interests granted to Lender pursuant to this Agreement, Borrower has not pledged, assigned, or sold, granted a security interest in, or otherwise conveyed, any Account
Collateral. 
 4.1.43. Reciprocal Easement Agreements. With respect to each REA, Borrower hereby represents
that to Borrower’s actual knowledge (a) each REA is in full force and effect and has not been amended, restated, replaced or otherwise modified (except, in each case, as expressly set forth herein or in the Title Insurance Policy),
(b) there are no defaults under any REA by any party thereto and, to Borrower’s actual knowledge, no event has occurred which, but for the passage of time, the giving of notice, or both, would constitute a default under any REA,
(c) all payments and other sums due and payable under any REA have been paid in full, (d) no party to any REA has commenced any action or given or received any notice for the purpose of terminating any REA, and (e) the representations
made in any estoppel or similar document delivered with respect to any REA in connection with the Loan are true, complete and correct. 

  
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 4.1.44. Material Agreements. With respect to each Material Agreement,
Borrower hereby represents that to Borrower’s actual knowledge (a) each Material Agreement is in full force and effect and has not been amended, restated, replaced or otherwise modified (except, in each case, as expressly set forth
herein), (b) there are no defaults under any Material Agreement by any party thereto and, to Borrower’s actual knowledge, no event has occurred which, but for the passage of time, the giving of notice, or both, would constitute a default
under any Material Agreement, (c) all payments and other sums due and payable under any Material Agreement have been paid in full, (d) no party to any Material Agreement has commenced any action or given or received any notice for the
purpose of terminating any Material Agreement, and (e) the representations made in any estoppels or similar document delivered with respect to any Material Agreement in connection with the Loan are true, complete and correct. 

Section 4.2 Survival of Representations. Borrower agrees that all of the representations and warranties of
Borrower set forth in Section 4.1 hereof and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains owing to Lender under this Agreement or any of the other Loan Documents by Borrower. All
representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on
its behalf. 
 V. BORROWER COVENANTS 
 From the date hereof and until payment and performance in full of all obligations of Borrower under the Loan Documents in accordance with the terms of this Agreement and the other Loan Documents, Borrower
hereby covenants and agrees with Lender that: 
 Section 5.1 Existence; Compliance with Legal Requirements;
Insurance. Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, Licenses and comply with all Legal Requirements applicable to it and the Property. There
shall never be committed by Borrower and Borrower shall not permit any other Person in occupancy of or involved with the operation or use of the Property to commit any act or omission affording the federal government or any state or local government
the right of forfeiture as against the Property or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. Borrower hereby covenants and agrees not to commit, permit or suffer to exist any act or omission
affording such right of forfeiture. Borrower shall at all times maintain, preserve and protect all franchises and trade names and preserve all the remainder of its property used or useful in the conduct of its business and shall keep the Property in
good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto to allow the Property to remain consistently competitive in its market.
Borrower shall cause the Property to be insured at all times in accordance with the terms and conditions of Article VII hereof. After prior written notice to Lender, Borrower, at Borrower’s expense, may contest by appropriate
legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower or the Property or any alleged violation of any Legal Requirement,
provided that (i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which Borrower

  
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is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, Laws and ordinances; (iii) the Property and no
part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower shall promptly upon final determination thereof comply with any such Legal Requirement determined to be valid or
applicable or cure any violation of any Legal Requirement; (v) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower or the Property; and (vi) Borrower shall furnish such security as may be
required in the proceeding, or as may be requested by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith. Lender may apply any such security, as necessary to cause
compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally established or the Property (or any part thereof or interest therein) shall
be in danger of being sold, forfeited, terminated, cancelled or lost. 
 Notwithstanding the foregoing, to the extent any Lease
with a tenant remains in effect and such tenant remains liable for the obligations under its Lease, such tenant shall have the right to exercise any contest rights explicitly set forth in such Lease in accordance with the express terms thereof and,
to the extent such rights conflict or are inconsistent with the provisions of this Section 5.1, the provisions set forth in such Lease shall govern and control. 

Section 5.2 Taxes and Other Charges. Borrower shall pay or cause to be paid all Taxes and Other Charges now or
hereafter levied or assessed or imposed against the Property prior to delinquency; provided, however, Borrower’s obligation to directly pay Taxes shall be suspended for so long as Borrower complies with the terms and provisions of
Section 9.2 hereof. Borrower will deliver to Lender receipts for payment or other evidence satisfactory to Lender that the Taxes and Other Charges have been so paid or are not then delinquent no later than ten (10) days prior
to the date on which the Taxes and/or Other Charges would otherwise be delinquent if not paid; provided, however, that (i) Borrower is not required to furnish such receipts for payment of Taxes and Other Charges in the event Taxes and Other
Charges have been paid by Lender pursuant to Section 9.2 hereof, and (ii) if the tenant under a Lease is required to pay such Taxes or Other Charges directly to the applicable Governmental Authority and Borrower timely
requests and diligently pursues evidence of such payment, and further provided that no enforcement action has been commenced by the applicable Governmental Authority resulting from any tenant’s failure to pay Taxes or Other Charges, then
Borrower shall have an additional thirty (30) day period to provide such evidence to Lender. Borrower shall not suffer and shall promptly cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien or charge
against the Property (other than Permitted Encumbrances), and shall promptly pay for or cause to be paid all utility services provided to the Property. After prior written 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 in whole or in part of any Lien, Taxes or Other Charges with respect to the Property, provided that the following
conditions are satisfied: (a) no Event of Default has occurred and remains uncured; (b) Borrower is permitted to contest under the provisions of any document or agreement affecting the Property; (c) 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 and such proceeding shall be conducted in

  
 50 

 
accordance with all applicable statutes, Laws and ordinances; (d) neither the Property nor any interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost;
(e) Borrower shall promptly upon final determination thereof pay the amount of any such Lien, Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (f) such proceeding shall
suspend the collection of such contested Lien, Taxes or Other Charges from the Property; and (g) Borrower shall furnish such security as may be required in the proceeding, or as may be requested by Lender, to insure the payment of any such
Lien, Taxes or Other Charges, together with all interest and penalties thereon. 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 or the Property (or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of the Security Instrument or the other Loan Documents being
primed by any related Lien. 
 Notwithstanding the foregoing, to the extent the Lease with a tenant remains in effect and such
tenant remains liable for the obligations under its Lease, such tenant shall have the right to exercise any contest rights explicitly set forth in such Lease in accordance with the express terms thereof and, to the extent such rights conflict or are
inconsistent with the provisions of this Section 5.2, the provisions set forth in such Lease shall govern and control. 
 Section 5.3 Litigation. Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings pending or threatened against Borrower which might have
a Material Adverse Effect. 
 Section 5.4 Access to Property. Subject to the rights of tenants under
the Leases, Borrower shall permit agents, representatives and employees of Lender to conduct physical inspections of the Property to ensure Borrower is appropriately maintaining the Property. Following any such inspection, should Lender determine
that the Property has not been maintained as required herein, Lender shall have the right to demand that Borrower complete corrective measures reasonably satisfactory to Lender within a thirty (30) day period of time; provided, however, that if
Borrower shall notify Lender in writing prior to the expiration of such thirty (30) day period that such default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and that Borrower has commenced to
cure such default within such thirty (30) day period, and if Borrower thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in
the exercise of due diligence to cure such failure, such additional period not to exceed ninety (90) days or such longer period of time upon which Borrower and Lender mutually agree in writing (provided, however, Lender shall not unreasonably
withhold its consent to such longer period of time if the failure is the responsibility of the tenant of the Property and Borrower, in its reasonable business judgment, does not want to declare a default under the corresponding Lease). 

Section 5.5 Notice of Default. Borrower shall promptly advise Lender of any material adverse change in
Borrower’s condition, financial or otherwise, or of the occurrence of any Default or Event of Default of which Borrower has knowledge. 

  
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 Section 5.6 Cooperate in Legal Proceedings. Borrower shall
cooperate with Lender with respect to any proceedings before any court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in
connection therewith, permit Lender, at its election, to participate in any such proceedings. 
 Section 5.7
Performance Under Loan Documents. Borrower shall observe, perform and satisfy all the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan
Documents executed and delivered by, or applicable to, Borrower, and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by, or
applicable to, Borrower without the prior written consent of Lender. 
 Section 5.8 Award and Insurance
Benefits. Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses
incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and the payment by Borrower of the actual expense of an appraisal on behalf of Lender in case of Casualty or Condemnation affecting the Property) out of
such Award or Insurance Proceeds. 
 Section 5.9 Further Assurances. Borrower shall, at
Borrower’s sole cost and expense: 
 (a) furnish to Lender all instruments, documents, boundary surveys, footing or
foundation surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished by Borrower pursuant to the
terms of the Loan Documents or reasonably requested by Lender in connection therewith; 
 (b) 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 obligations of Borrower under the
Loan Documents, as Lender may reasonably require including, without limitation, the execution and delivery of all such writings necessary to transfer any Licenses, as required by Lender, into the name of Lender or its designee after the occurrence
of any Event of Default; and 
 (c) do and execute all and such further lawful and reasonable acts, conveyances and assurances
for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to time and Borrower hereby expressly authorizes and appoints Lender its
attorney-in-fact to execute such documents and instruments in the name of and upon behalf of Borrower, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest; provided, however, unless an Event of Default has
occurred and is then continuing, Lender shall not exercise its right under such power of attorney until ten (10) Business Days after notice has been given by Lender to Borrower of Lender’s intent to exercise its rights under such power of
attorney. 

  
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 Section 5.10 Financial Reporting. 

(a) Borrower will keep and maintain or will cause to be kept and maintained on a Fiscal Year basis, in accordance with GAAP (or such
other accounting basis acceptable to Lender), proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and all items of income and expense in connection with the operation of the Property. Lender shall have
the right from time to time at all times during normal business hours upon reasonable notice to examine such books, records and accounts at the office of Borrower or other Person maintaining such books, records and accounts and to make such copies
or extracts thereof as Lender shall desire. During the continuance of an Event of Default, Borrower shall pay on demand any costs and expenses incurred by Lender to examine Borrower’s accounting records with respect to the Property, as Lender
shall determine to be necessary or appropriate in the protection of Lender’s interest. 
 (b) Borrower will furnish to
Lender annually, within one hundred twenty (120) days following the end of each Fiscal Year of Borrower, a complete copy of Borrower’s annual financial statements covering the Property for such Fiscal Year and containing statements of
profit and loss for Borrower and for the Property, and a balance sheet for Borrower. Such statements shall set forth the financial condition and the results of operations for the Property for such Fiscal Year, and shall include, but not be limited
to, amounts representing annual Net Operating Income, Gross Income From Operations and Operating Expenses. Borrower’s annual financial statements shall be accompanied by a certificate executed by a Responsible Officer of Borrower or SPC Party,
as applicable, stating that each such annual financial statement presents fairly the financial condition and the results of operations of Borrower and the Property and has been prepared in accordance with GAAP (or such other accounting basis
acceptable to Lender). To the extent that Borrower consists of more than one Person, such annual financial statements shall include an annual combined balance sheet of the Persons constituting Borrower (and no other Persons), together with the
related combined statements of operations, and member’s capital, including a combining balance sheet and statement of income for the Property on a combined basis. Together with Borrower’s annual financial statements, Borrower shall furnish
to Lender an Officer’s Certificate certifying as of the date thereof whether there exists a Default or Event of Default under the Loan Documents executed and delivered by, or applicable to, Borrower, and if such Default or Event of Default
exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the same. 
 (c)
Borrower will furnish, or cause to be furnished, to Lender on or before forty-five (45) days after the end of each calendar quarter the following items, accompanied by an Officer’s Certificate of Borrower or SPC Party, as applicable,
stating 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 (subject to normal year-end adjustments): (i) a Rent Roll for the subject
quarter; and (ii) quarterly and year-to-date operating statements (including Capital Expenditures) prepared for each calendar quarter, noting Net Operating Income, Gross Income From Operations, and Operating Expenses, and other information
necessary and sufficient to fairly represent the financial position and results of operation of the Property during such calendar quarter, all in form satisfactory to Lender. In addition, such Officer’s Certificate shall certify that the
representations and warranties of Borrower, and SPC Party if applicable, set forth in Section 8.1(d)(xi) are true and correct as of the date of such Officer’s Certificate and that there are no trade payables outstanding for
more than sixty (60) days. 

  
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 (d) Intentionally Deleted. 

(e) On the Closing Date, Borrower shall submit to Lender an Annual Budget for the partial year period commencing on the Closing Date in
form and substance reasonably satisfactory to Lender. Borrower shall submit to Lender an Annual Budget not later than sixty (60) days prior the commencement of each Fiscal Year in form reasonably satisfactory to Lender. During the continuance
of a Triggering Event Period, the Annual Budget shall be subject to Lender’s prior written approval (each such Annual Budget, an “Approved Annual Budget”). In the event that Lender objects to a proposed Annual Budget
submitted by Borrower which requires the approval of Lender hereunder, Lender shall advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections)
and Borrower shall promptly revise such Annual Budget and resubmit the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower a reasonably
detailed description of such objections) and Borrower shall promptly revise the same in accordance with the process described in this Section 5.10(e) until Lender approves the Annual Budget. Until such time that Lender approves a
proposed Annual Budget which requires the approval of Lender hereunder, the most recently Approved Annual Budget or Annual Budget (as the case may be) shall apply; provided that, such Approved Annual Budget shall be adjusted to reflect actual
increases in Basic Carrying Costs. During the continuance of any Triggering Event Period, in the event that Borrower must incur an Extraordinary Expense, then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such
proposed Extraordinary Expense for Lender’s prior written approval. 
 (f) Borrower will furnish or cause to be furnished
to Lender annually, within one hundred twenty (120) days following the end of each Fiscal Year of each Guarantor, a complete copy of each Guarantor’s annual financial statements audited by an Approved Accountant containing statements of
profit and loss and a balance sheet for each Guarantor. Each Guarantor’s annual financial statements shall be accompanied by (i) a certificate executed by such Guarantor (if Guarantor is a natural person) or by the chief financial officer
of such Guarantor (if such Guarantor is not a natural person) stating that each such annual financial statement presents fairly the financial condition and the results of operations of such Guarantor being reported upon, and has been prepared in
accordance with GAAP (or such other accounting basis acceptable to Lender), and (ii) an unqualified opinion of an Approved Accountant. Together with each Guarantor’s annual financial statements, Borrower will furnish or cause such
Guarantor to furnish to Lender an Officer’s Certificate certifying as of the date thereof whether there exists a Default or Event of Default under the Loan Documents executed and delivered by, or applicable to, such Guarantor, and if such
Default or Event of Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the same. 
 (g) In addition to the other requirements of this Section 5.10, if Lender intends to effectuate a Securitization of the entire Loan, then, prior to such Securitization, Borrower shall
deliver, or cause to be delivered to Lender, within thirty (30) days after the close of each calendar month (except for the months of January and the last month of the quarter), the 

  
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following items, accompanied by an Officer’s Certificate of Borrower or SPC Party, as applicable, stating 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 (subject to normal year-end adjustments): (i) a Rent Roll for the subject month; and (ii) monthly and year-to-date operating statements (including Capital
Expenditures) prepared for each calendar month, noting Net Operating Income, Gross Income From Operations, and Operating Expenses, and other information necessary and sufficient to fairly represent the financial position and results of operation of
the Property during such calendar month, all in form satisfactory to Lender. In addition, such Officer’s Certificate shall certify that the representations and warranties of Borrower, and SPC Party if applicable, set forth in
Section 8.1(d)(xi) are true and correct as of the date of such Officer’s Certificate and that there are no trade payables outstanding for more than sixty (60) days. 

(h) Intentionally Omitted. 
 (i) 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 or any Guarantor as may be reasonably requested by Lender (including a certified copy of each of Borrower’s and each Guarantor’s federal, state and local income tax returns). 

(j) Any reports, statements or other information required to be delivered under this Agreement shall be delivered (i) in paper form,
or (ii) via electronic mail, FTP upload, website submission or any future commonly available technology acceptable to Lender in its sole discretion, and prepared using Microsoft Word or Excel, Adobe PDF, an XML file or any future industry
standard or commonly available technology acceptable to Lender in is sole discretion. 
 (k) Subject to
Section 13.20 hereof, Borrower agrees that Lender may forward to each Investor or any Rating Agency, and each prospective Investor, all documents and information which Lender now has or may hereafter acquire relating to the Debt
and to Borrower, any Guarantor, and the Property, whether furnished by Borrower, any Guarantor, or otherwise, as Lender reasonably determines necessary. Borrower irrevocably waives any and all rights it may have under any applicable Laws to prohibit
such disclosure, including, but not limited, to any right of privacy. 
 (l) Upon request, Borrower shall furnish to Lender from
time to time such financial, statistical and operating data and financial statements with respect to Borrower or Guarantor (including, to the extent applicable, financial statements prepared in accordance with GAAP and audited by an Approved
Accountant), in each case, as Lender reasonably determines to be required in order to comply with any applicable Legal Requirements (including those applicable to Lender or any Servicer (including, without limitation and to the extent applicable,
Regulation AB)), within the time frames necessary in order to comply with such Legal Requirements. 
 Section 5.11
Business and Operations. Borrower shall continue to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Property, and shall
continue to operate the Property for such purposes. Borrower will qualify to do business and will remain in good standing under the Laws of the jurisdiction as and to the extent the same are required for the ownership, maintenance, management and
operation of the Property. 

  
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 Section 5.12 Title to the Property. Borrower will warrant and
defend (a) the title to the Property, subject only to Permitted Encumbrances and (b) the validity and priority of the Lien of the Security Instrument, the Assignment of Leases and the other Loan Documents, subject only to Permitted
Encumbrances, in each case against the claims of all Persons whomsoever. Borrower shall reimburse Lender on demand for any losses, costs, damages or expenses (including reasonable attorneys’ fees and court costs) incurred by Lender if an
interest in the Property, other than as permitted hereunder, is claimed by another Person. 
 Section 5.13 Costs
of Enforcement. In the event (a) that the Security Instrument is foreclosed in whole or in part or that the Security Instrument or any other Loan Document is put into the hands of an attorney for collection, suit, action or
foreclosure, (b) of the foreclosure of any mortgage prior to or subsequent to the Security Instrument in which proceeding Lender is made a party or (c) of any Bankruptcy Action in respect of Borrower or any Restricted Party, Borrower, its
successors or assigns, shall pay (and reimburse Lender accordingly) all costs of collection and defense, including reasonable attorneys’ fees and costs, incurred by Lender or Borrower in connection therewith and in connection with any appellate
proceeding or post judgment action involved therein, together with all required service or use taxes. The attorneys’ fee due hereunder shall include reasonable attorneys’ fees: (i) incurred by lender both before and after a judgment
is obtained, (ii) incurred by Lender during any levy or execution proceedings, and (iii) incurred during or as a result of any appeal. 
 Section 5.14 Estoppel Statements. 
 (a) After request by
Lender, Borrower shall within ten (10) Business Days furnish Lender with a statement, duly acknowledged and certified, setting forth (i) the amount of the original principal amount of the Note, (ii) the unpaid principal amount of the
Note, (iii) the Applicable Interest Rate of the Note, (iv) the date installments of interest and/or principal were last paid, (v) that no Default or Event of Default has occurred and is continuing, (vi) any offsets or defenses to
the payment of the Debt, if any and (vii) that the Note, this Agreement, the Security Instrument and the other Loan Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such
modification. 
 (b) Borrower shall use commercially reasonable efforts to deliver to Lender upon request, estoppel
certificates, in form and content satisfactory to Lender, from all tenants specified by Lender. If any tenant fails to provide such estoppel certificate, Borrower shall provide a landlord estoppel certificate to Lender with respect to the tenancy of
such tenant, in form and substance satisfactory to Lender. Notwithstanding the foregoing, to the extent that any Lease provides for a specific form of estoppels or limits the matters to which a tenant is required to certify, Lender shall accept such
estoppels set forth in or contemplated by such Lease to satisfy this Section 5.14(b), and Lender shall not exercise its right pursuant to this Section 5.14(b) more than two (2) times during any calendar
year unless there is an Event of Default. 
 Section 5.15 Loan Proceeds. Borrower shall use the
proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4 hereof. 

  
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 Section 5.16 No Joint Assessment. Borrower shall not suffer,
permit or initiate the joint assessment of the Property (a) with any other real property constituting a tax lot separate from the Property and (b) which constitutes real property 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 such real property portion of the Property. 

Section 5.17 Leasing Matters. 
 (a) With respect to all Leases, Borrower shall: (i) observe and perform in all material respects the obligations imposed upon Borrower as landlord; (ii) not do or permit to be done anything to
impair the value of any of the Leases as security for the Debt (including, without limitation, relocating or moving any tenant under any Lease to any other property owned by any Guarantor or any Affiliate of Borrower, SPC Party or any Guarantor);
(iii) promptly send to Lender copies of all notices of default which Borrower shall send or receive thereunder; (iv) enforce, in a commercially reasonable manner, all of the terms, covenants and conditions which are to be performed by any
tenant, short of termination thereof; (v) not collect any of the Rents more than one (1) month in advance; (vi) not execute any other assignment of Borrower’s interest in any of the Leases or the Rents; and (vii) execute and
deliver at the request of Lender all such further assurances, confirmations and assignments in connection with the Property as Lender shall from time to time reasonably require. 

(b) Without obtaining Lender’s prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed,
Borrower shall not: 
 (i) extend any Lease or enter into any new or renewal Lease affecting the Property (except for extension
or renewal that may be exercised in the tenant’s discretion); provided, however, so long as there exists no Event of Default, no such approval of Lender shall be required if: (A) such Lease is not a Major Lease, (B) such Lease
complies with the Leasing Requirements; (C) an executed copy of such Lease shall be furnished to Lender within ten (10) Business Days after its execution; and (D) such Lease provides that upon Borrower’s request the tenant
thereunder shall subordinate such Lease to the Security Instrument and shall agree to attorn to Lender and such subordination and attornment shall be evidenced by a written agreement executed by such tenant in form and substance satisfactory to
Lender (such subordination and attornment may be conditioned on Lender entering into a nondisturbance agreement with respect to such Lease); 
 (ii) consent to any assignment of or subletting by any tenant under any of the Major Leases (except in accordance with the terms of such tenant’s Lease); 

(iii) alter, modify, change, cancel or terminate any guaranty of any of the Major Leases; 

(iv) alter, modify, change the terms of, cancel, terminate or accept a surrender of any of the Major Leases; or 

(v) transfer or permit a transfer of the Property, or of any interest therein, even if such a transfer is permitted under the Security
Instrument, if such transfer would effect a merger of the estates and rights of, or a termination or diminution of the obligations of, tenants under any of the Major Leases. 

  
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 (c) Whenever Lender’s approval or consent is required pursuant to the provisions of
this Section 5.17, Lender shall use good faith efforts to respond within ten (10) Business Days after Lender’s receipt of Borrower’s written request for approval or consent, accompanied by the applicable Lease or
other item for which consent is sought. If Lender fails to respond to such request within ten (10) Business Days, and Borrower sends a second request containing a legend clearly marked in not less than fourteen (14) point bold face type,
underlined, in all capital letters “REQUEST DEEMED APPROVED IF NO RESPONSE WITHIN 10 BUSINESS DAYS”, Lender shall be deemed to have approved or consented to such Lease or other item for which consent is sought if Lender fails to
respond to such second written request before the expiration of such ten (10) Business Day period. 
 (d) Borrower shall
provide Lender with written notice of any tenant “going dark” under such tenant’s lease within five (5) Business Days after Borrower learns that such tenant “goes dark”. 

Section 5.18 Alterations; Repairs. 
 (a) Lender’s prior approval shall be required in connection with any alterations to any Improvements (i) that may have a Material Adverse Effect, (ii) the cost of which (including any
related alteration, improvement or replacement) is reasonably anticipated to exceed the Alteration Threshold, or (iii) that are structural in nature; provided, however, that with respect to items (i) and (ii) above, such approval may
be granted or withheld in Lender’s reasonable discretion, and with respect to item (iii) above, such approval may be granted or withheld in Lender’s sole discretion. If the total unpaid amounts incurred and to be incurred with respect
to any alterations to the Improvements (other than such amounts to be paid or reimbursed by tenants under the Leases) shall at any time exceed the Alteration Threshold, Borrower shall promptly deliver to Lender as security for the payment of such
amounts (the “Alteration Security”) and as additional security for Borrower’s obligations under the Loan Documents any of the following as determined by Borrower: (i) cash, (ii) U.S. Obligations,
(iii) other securities acceptable to Lender, (provided that Lender shall have received a Rating Agency Confirmation as to the form and issuer of same if the Loan or any interest therein is included in a Securitization), or (iv) a
completion bond (provided that Lender shall have received a Rating Agency Confirmation as to the form and issuer of same if the Loan or any interest therein is included in a Securitization) or an irrevocable letter of credit (payable on sight draft
only) issued by an Eligible Institution. Such security shall be in an amount equal to the excess of the total unpaid amounts incurred and to be incurred with respect to such alterations to the Improvements (other than such amounts to be paid or
reimbursed by tenants under the Leases) over the Alteration Threshold. All alterations by Borrower to any Improvements shall be made lien-free and in a good and workmanlike manner in accordance with all Legal Requirements. 

Notwithstanding the foregoing provisions of this Section 5.18(a), to the extent the Lease with a tenant remains in
effect and such tenant remains liable for the obligations under its Lease, such tenant shall have the right to perform any alterations permitted by such Lease (which do not require Borrower’s consent or for which such consent was obtained from
Borrower prior to the Closing Date and Borrower has advised Lender in writing of such consent) in accordance with the express terms thereof and, to the extent such rights conflict or are inconsistent with the provisions of this
Section 5.18(a), the provisions set forth in such Lease shall govern and control. 

  
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 (b) Borrower shall promptly repair, replace or rebuild (or cause same to be done) any part
of the Property which may become damaged, worn or dilapidated, and shall also complete and pay for (or cause to be completed and paid for) any structure at any time in the process of construction or repair on the Property. 

Section 5.19 Access Laws. 
 (a) Borrower agrees that the Property shall at all times comply in all material respects with the requirements of the Access Laws. 
 (b) Notwithstanding any provisions set forth herein or in any other document regarding Lender’s approval of alterations of the Property, Borrower shall not alter the Property in any manner which
would increase Borrower’s responsibilities for compliance with the applicable Access Laws without the prior written approval of Lender. The foregoing shall apply to tenant improvements constructed by Borrower or by any of its tenants to the
extent Borrower’s consent to such improvements is required under the terms of the applicable Leases. Lender may condition any such approval upon receipt of a certificate of an architect, engineer or other person acceptable to Lender regarding
compliance with applicable Access Laws. 
 (c) Borrower covenants and agrees to give prompt notice to Lender of the receipt by
Borrower of any complaints related to any violations of any Access Laws and of the commencement of any proceedings or investigations which relate to compliance with applicable Access Laws. 

Section 5.20 Property Management. 
 (a) Borrower shall cause the Manager to manage the Property in a first class manner. Borrower shall (i) pay all sums required to be paid by Borrower under the Management Agreement,
(ii) diligently perform, observe and enforce all of the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed, observed and enforced and (iii) promptly notify Lender of the giving of any notice
to Borrower of any default by Borrower in the performance or observance of any of the terms, covenants or conditions of the Management Agreement on the part of Borrower to be performed and observed and deliver to Lender a true copy of each such
notice. Borrower shall comply with all obligations of Borrower under the Assignment of Management Agreement. The property management fee and all other fees payable under the Management Agreement shall not exceed four percent (4.0%) of the Gross
Income from Operations. 
 (b) Borrower shall not remove or replace the Manager (which, with respect to an Affiliated Manager,
shall be deemed to occur upon a change of Control of the Manager) or terminate, cancel, modify, change, supplement, alter or amend the Management Agreement in any respect as it relates to the Property (collectively, a “Management
Change”) without (i) Lender’s prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned and (ii) in the event that the Loan or any interest therein is included in a Securitization, a
Rating Agency Confirmation if required by Lender. As conditions precedent to any replacement of the Manager, Borrower shall (i), and shall cause the new manager of the 

  
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Property to execute an Assignment of Management Agreement in form and substance acceptable to Lender, (ii) cause the new manager to assume each and every other obligation of Manager under
the Loan Documents, and (iii) pay all of Lender’s and any Rating Agency costs and expenses incurred in connection with such replacement (including, without limitation, all reasonable attorney’s fees) and (iv) deliver an
Additional Insolvency Opinion to Lender if such new Manager is an Affiliated Manager. 
 (c) Borrower hereby assigns to Lender
as further security for the payment of the Debt and for the performance and observance of the terms, covenants and conditions of this Agreement, all the rights, privileges and prerogatives of Borrower to surrender the Management Agreement as it
relates to the Property or to terminate, cancel, modify, change, supplement, alter or amend the Management Agreement in any respect as it relates to the Property; provided that, Borrower shall not be required to obtain Lender’s consent with
respect to any non-material changes, supplements, alterations or amendments to the Management Agreement. Any such surrender of the Management Agreement or termination, cancellation, modification, change, supplement, alteration or amendment of the
Management Agreement without the prior consent of Lender (if required pursuant to the preceding sentence) shall be void and of no force and effect. If Borrower shall default in the performance or observance of any term, covenant or condition of the
Management Agreement, then, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its obligations hereunder, Lender shall have the right, but shall be under no obligation, to
pay any sums and to perform any act or take any action as may be appropriate to cause all the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed or observed to be promptly performed or observed on
behalf of Borrower, to the end that the rights of Borrower in, to and under the Management Agreement shall be kept unimpaired and free from default. Lender and any Person designated by Lender shall have, and are hereby granted, subject to the terms
and conditions of, and the rights of tenants under the Leases, the right to enter upon the Property at any time and from time to time for the purpose of taking any such action. If Manager shall deliver to Lender a copy of any notice sent to Borrower
of default under the Management Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good faith, in reliance thereon. Borrower shall, from time to time, cause Manager to deliver
such certificates of estoppel with respect to compliance by Borrower with the terms of the Management Agreement as may be reasonably requested by Lender. Borrower shall exercise each individual option, if any, to extend or renew the term of the
Management Agreement upon demand by Lender made at any time within one (1) year of the last day upon which any such option may be exercised, and Borrower hereby expressly authorizes and appoints Lender as its attorney-in-fact to exercise any
such option in the name of and upon behalf of Borrower, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest. Any sums expended by Lender pursuant to this paragraph shall bear interest at the Applicable
Interest Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by the Lien of each Security Instrument and the other Loan Documents, and shall be immediately
due and payable upon demand by Lender therefor. 
 (d) Borrower covenants and agrees, that, if (i) an Event of Default
exists, (iii) a default or event of default exists under the Management Agreement with respect to the Property beyond any applicable grace or cure period, or (iv) Manager becomes insolvent,

  
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Borrower shall, at the request of Lender, remove the Property from the application of the Management Agreement, and require Manager to transfer its responsibility for the management of the
Property to a management company selected by, or otherwise acceptable to, Lender. 
 Section 5.21 Compliance with
Anti-Terrorism Laws. 
 (a) None of Borrower, any of Borrower’s Affiliates, any Guarantor, Manager or any agents of
Borrower, Borrower’s Affiliates, any Guarantor or Manager acting in any capacity in connection with the Loan shall (i) conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit
of any Prohibited Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to any Anti-Terrorism Law or (iii) engage in or conspire to engage in any transaction that
evades or avoids, or has the purpose of violating, evading or avoiding, or attempts to violate, evade or avoid any of the prohibitions set forth in any Anti-Terrorism Law. Borrower shall deliver to Lender any certification or other evidence
requested from time to time by Lender in its reasonable discretion confirming compliance with this Section 5.21(a). 
 (b) Borrower shall perform reasonable due diligence to insure that at all times throughout the term of the Loan, including after giving effect to any Permitted Transfers, that the representations and
warranties set forth in Section 4.1.12 hereof remain true, correct and complete. 
 (c) Borrower covenants
and agrees that in the event Borrower receives any notice that Borrower, Operating Partnership or Guarantor (or any of their respective beneficial owners, affiliates or participants) or any Person that has an interest in the Property is designated
as an Embargoed Person, becomes a Prohibited Person, or is indicted, arraigned, or custodially detained on charges involving any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, Borrower shall immediately notify Lender in
writing. At Lender’s option, it shall be an Event of Default hereunder if Borrower, Guarantor, Operating Partnership or any other party to the Loan (other than Lender, any Affiliate of Lender or any party acting on behalf of Lender) is
designated as an Embargoed Person, becomes a Prohibited Person, or is indicted, arraigned, or custodially detained on charges involving any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law. 

(d) The USA Patriot Act requires all financial institutions to obtain, verify and record certain information that identifies individuals
or business entities which open an “account” with such financial institution. Consequently, Lender may from time to time request, and Borrower shall provide to Lender, Borrower’s name, address, tax identification number and/or such
other identification information as shall be necessary for Lender to comply with the USA Patriot Act and any other Anti-Terrorism Law. An “account” for this purpose may include, without limitation, a deposit account, cash management
service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 
 (e) Lender shall have the right to audit Borrower’s compliance with Anti-Terrorism Laws. 

  
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 Section 5.22 Liens. Borrower shall not, without the prior written consent
of Lender, create, incur, assume or suffer to exist any Lien on the Property or permit any such action to be taken, except for the Permitted Encumbrances. 
 Section 5.23 Dissolution. Borrower shall not (a) to the fullest extent permitted by applicable law, engage in any dissolution, liquidation or consolidation or merger with or into
any other business entity, or (b) without the prior written consent of Lender, (i) engage in any business activity not related to the ownership and operation of the Property, (ii) transfer, lease or sell, in one transaction or any
combination of transactions, the assets or all or substantially all of the properties or assets of Borrower except to the extent expressly permitted by the Loan Documents, (iii) unless required by applicable law, modify, amend, waive or
terminate its organizational documents or its qualification and good standing in any jurisdiction or (iv) cause the SPC Party to (x) to the fullest extent permitted by applicable law, dissolve, wind up or liquidate or take any action, or
omit to take an action, as a result of which the SPC Party would be dissolved, wound up or liquidated in whole or in part, or (y) unless required by applicable law, amend, modify, waive or terminate the certificate of incorporation or bylaws of
the SPC Party. 
 Section 5.24 Change In Business. Borrower shall not enter into any line of business other
than the ownership and operation of the Property, or make any 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. 

Section 5.25 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. 
 Section 5.26 Affiliate Transactions. Borrower shall not enter into, or be a party to, any transaction with any Affiliate of Borrower (including, without limitation, the payment of any
fees or commissions to any such Affiliate) except in the ordinary course of business and on terms which are fully disclosed to Lender in writing and 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. 
 Section 5.27 Zoning. Without the
prior written consent of Lender, Borrower shall not initiate or consent to (a) any change, modification or alteration of the existing access to the Property; or (b) any change in any private restrictive covenant, replat, easement, zoning
Law or other public or private restriction, limiting or defining the uses which may be made of the Property. If under applicable zoning provisions the use of the Property is or shall become a nonconforming use, Borrower will not cause or permit such
nonconforming use to be discontinued or abandoned without the prior written consent of Lender. 
 Section 5.28
Name, Identity, Structure, or Principal Place of Business. Borrower shall not change its name, identity (including its trade name or names), or principal place of business set forth in the introductory paragraph of this Agreement,
without, in each case, first giving Lender thirty (30) days prior written notice. Borrower shall not change its corporate, partnership or other structure, or the place of its organization, without, in each case, the prior

  
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written consent of Lender. Upon Lender’s request, Borrower shall execute and deliver additional financing statements, security agreements and other instruments which may be necessary to
effectively evidence or perfect Lender’s security interest in the Property as a result of such change of principal place of business or place of organization. 
 Section 5.29 ERISA. 
 (a) Borrower shall not engage in any
Prohibited Transaction or Prohibited Governmental Transactions subjecting Lender to liability for a violation of ERISA, the Code, a state statute or other similar Law. 
 (b) Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the term of the Loan, as requested by Lender, that (i) Borrower is
not and does not maintain a Plan or a Governmental Plan, (ii) Borrower is not engaging in a Prohibited Transaction or any Prohibited Governmental Transactions; and (iii) one or more of the following circumstances is true: 

(i) Equity interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R. § 2510.3-101(b)(2); 

(ii) Less than twenty-five percent (25%) of each outstanding class of equity interests in Borrower are held by “benefit plan
investors” within the meaning of 29 C.F.R. § 2510.3-101(f)(2); or 
 (iii) Borrower qualifies as an “operating
company” or a “real estate operating company” within the meaning of 29 C.F.R. § 2510.3-101(c) or (e). 

Section 5.30 Reciprocal Easement Agreements. Borrower agrees that without the prior consent of Lender, Borrower shall not
execute modifications to any REA if such modifications will have a Material Adverse Effect on the Property. Without limiting the generality of the foregoing, Borrower shall not, without the prior written consent of Lender, take (and hereby assigns
to Lender any right it may have to take) any action to terminate, surrender, or accept any termination or surrender of, any REA. Borrower shall pay (or cause to be paid) all charges and other sums to be paid by Borrower pursuant to the terms of any
REA as the same shall become due and payable and prior to the expiration of any applicable grace period therein provided. Borrower shall comply, in all material respects, with all of the terms, covenants and conditions on Borrower’s part to be
complied with pursuant to terms of any REA. Borrower shall take all actions as may be reasonably necessary from time to time to preserve and maintain all REA’s in accordance with applicable Laws, rules and regulations. Borrower shall enforce,
in a commercially reasonable manner, the obligations to be performed by the parties to each REA (other than Borrower). Borrower shall promptly furnish to Lender any notice of default or other communication delivered to Borrower in connection with
any REA by any party to any such REA or any third party other than routine correspondence and invoices. Borrower shall not assign (other than to Lender) or encumber its rights under any REA. 

  
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 VI. TRANSFERS 
 Section 6.1 Borrower Acknowledgement. Borrower acknowledges that Lender has examined and relied on the creditworthiness and experience of Borrower and its stockholders, general partners,
members and principals in owning and operating properties such as the Property in agreeing to make the Loan, and will continue to rely on Borrower’s ownership of the Property as a means of maintaining the value of the Property as security for
repayment of the Debt. Borrower acknowledges that Lender has a valid interest in maintaining the value of the Property so as to ensure that, should Borrower default in the repayment of the Debt, Lender can recover the Debt by a sale of the Property.

 Section 6.2 Prohibition on Transfers. Borrower shall not directly or indirectly permit or allow any Transfer to
be undertaken or cause any Transfer to occur, other than a Permitted Transfer, unless Lender shall have expressly approved, in its reasonable discretion, such request in writing, subject to satisfaction of all of the following conditions:

 (a) Lender shall receive Borrower’s written request for a Transfer at least sixty (60) days prior to the proposed
date of closing of such Transfer; 
 (b) The date of closing of such Transfer is on a date other than during the period that is
sixty (60) days prior to the anticipated closing date of a Securitization and the period that is sixty (60) days after the actual closing date of a Securitization; 
 (c) No Event of Default has occurred and is continuing under this Agreement, any Security Instrument, the Note or the other Loan Documents; 

(d) Borrower or Transferee shall pay any and all reasonable out-of-pocket costs incurred in connection with the transfer (including,
without limitation, Lender’s reasonable attorneys’ fees and disbursements, third party report fees, all fees and expenses of the Rating Agencies and their counsel, and all recording fees, transfer taxes, title insurance premiums and
mortgage and intangible taxes), regardless of whether the transfer is consummated; 
 (e) The identity, experience (including,
without limitation, demonstrated expertise in owning and operating properties similar in location, size, class and operation to the Property), financial condition, creditworthiness (including, without limitation, no history of any Bankruptcy Action
within the preceding 7 years, no pending regulatory action or litigation and no existing defaults under any other permitted indebtedness), single purpose nature and bankruptcy remoteness of the transferee (“Transferee”) shall
be satisfactory to Lender; 
 (f) The identity, experience (including, without limitation, demonstrated expertise in owning and
operating properties similar in location, size, class and operation to the Property), financial condition and creditworthiness (including, without limitation, no history of any Bankruptcy Action within the preceding 7 years) of the sponsor(s) or
principals(s) of Transferee and of any party proposed to become a substitute Guarantor, as evidenced by financial statements and other information requested by Lender, shall be satisfactory to Lender; 

(g) Transferee, the sponsor(s) or principal(s) of Transferee, and any party approved by Lender as set forth above to become a substitute
Guarantor shall comply with the provisions of Section 5.21 hereof; 

  
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 (h) The organizational documents of the Transferee and its sponsor(s) or principal(s) shall
be in form and substance satisfactory to Lender; 
 (i) Transferee shall assume all of the obligations of Borrower under the
Loan Documents, and any party approved by Lender as set forth in subsection (f) above to become a substitute Guarantor shall assume all of the obligations of each Guarantor under the Guaranty and the Environmental Indemnity, in each case
pursuant to documentation required by Lender and by the Rating Agencies, including, without limitation, an assumption agreement in form and substance satisfactory to Lender and the Rating Agencies; 

(j) The Property shall be managed by a property manager with sufficient experience in the management of properties similar to the
Property and otherwise satisfactory to Lender in all respects following such transfer, and such manager shall enter into an assignment of management agreement and subordination of management fees satisfactory to Lender; 

(k) if required by Lender, receipt of Rating Agency Confirmation; 

(l) Transferee shall deliver, at Lender’s election, either a new title insurance policy or an endorsement to the existing Title
Insurance Policy insuring the Security Instrument as modified by the assumption agreement, as a valid first Lien on the Property and naming Transferee as owner of the Property, which endorsement shall insure that as of the recording of the
assumption agreement the Property is not subject to any additional exceptions or Liens other than Permitted Encumbrances, and otherwise in form and substance satisfactory to Lender; 

(m) Borrower shall pay to Lender a non-refundable application fee of $10,000.00, together with an assumption fee equal to one percent
(1.0%) of the outstanding principal balance of the Loan; and 
 (n) Transferee shall deliver to Lender each of the
following opinions: (i) if the Loan or any interest therein is included in a Securitization and if required by Lender, a REMIC Opinion; (ii) an Additional Insolvency Opinion; and (iii) any other applicable opinions reasonably required
by Lender and the Rating Agencies, in form and substance and delivered by counsel satisfactory to Lender and the Rating Agencies. 
 (o) Borrower’s obligations under the contract of sale pursuant to which the Transfer is proposed to occur shall expressly be subject to the satisfaction of the terms and conditions of this
Section 6.2. 
 Any Transfer made in violation of this Agreement shall be null and void ab initio. If Borrower complies with
the foregoing conditions to sale, assignment, or other transfer of the Property, the number of such transfers made in accordance with this Section 6.2 shall be unlimited. A consent by Lender with respect to a transfer of the
Property in its entirety to, and the related assumption of the Loan by, a Transferee pursuant to this Section 6.2 shall not be construed to be a waiver of the right of Lender to consent to any subsequent transfer of the Property.

 Section 6.3 Transfer Documentation. Upon the effective date of any Permitted Transfer, Borrower shall deliver to
Lender copies of all documents evidencing any such transfer and shall provide Lender an updated organizational structure chart, certified pursuant to an Officer’s Certificate as true, complete and correct. 

  
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 Section 6.4 No Impairment. Lender shall not be required to demonstrate
any actual impairment of its security or any increased risk of default hereunder in order to declare the Debt immediately due and payable upon any Transfer, which is not a Permitted Transfer, consummated without Lender’s prior written consent
or upon any Permitted Transfer not consummated in accordance with the terms and conditions of this Agreement. This Section 6.4 shall apply to every Transfer regardless of whether voluntary or not, or whether or not Lender has consented to any
previous Transfer. 
 Section 6.5 Death or Incapacity of Individual Guarantor. Within sixty (60) days after the
death, incarceration, indictment or legal incapacity of any Guarantor who is an individual, Borrower shall cause a substitute Guarantor approved by Lender to deliver to Lender a substitute Guaranty and Environmental Indemnity in form and substance
identical to the Guaranty and Environmental Indemnity delivered on the Closing Date, a legal opinion with respect to the enforceability of such Guaranty and Environmental Indemnity in form and substance similar to the enforceability opinion
delivered on the Closing Date and otherwise satisfactory to Lender and such other certificates, opinions, documents or instruments as Lender may require including but not limited to, an Additional Insolvency Opinion. Lender’s approval of any
proposed substitute Guarantor shall be made in Lender’s sole and absolute discretion, and can be based on any number of factors, including, without limitation, Rating Agency Confirmation if required by Lender, receipt of a credit report and
credit check and other due diligence with respect to the substitute Guarantor satisfactory to Lender. 
 Section 6.6
Additional Permitted Transfers. 
 6.6.1. Permitted Transfers of Interests in Guarantor. For the avoidance of
doubt and notwithstanding the restrictions contained in Section 6.2 hereof or in the Security Instruments, the following Transfers shall be permitted without Lender’s consent: So long as Cole Credit Property Trust IV, Inc. is
the Guarantor, the sale, transfer or issuance of shares in Guarantor to third party investors (each, a “Cole Investor”) through licensed U.S. broker-dealers in accordance with applicable Law or the subsequent Sale or Pledge
(for estate planning purposes or otherwise) of such shares by any such respective or individual Cole Investor to the Guarantor or third parties (provided no Person, together with any Affiliates of such Person, owns or holds a security interest in,
or pledge of, more than forty-nine percent (49%) of the legal and/or beneficial interests in Guarantor); provided, however, with respect to such transfers: 
 (a) no such transfers shall result in a change in Control of Guarantor; 
 (b)
after giving effect to such transfers, (A) Guarantor shall own at least a fifty-one percent (51%) direct or indirect legal and beneficial ownership interest in each Borrower, any SPC Party and Operating Partnership; (B) Guarantor
shall Control each Borrower, any SPC Party and Operating Partnership; and (C) Guarantor shall control the day-to-day operation of the Property; and 
 (c) the Property shall continue to be managed by Manager or a replacement manager in accordance with Section 5.20 hereof. 

6.6.2. Permitted Transfers of Non-Controlling Interests; UPREIT Transactions. For the avoidance of doubt and notwithstanding the
restrictions contained in 

  
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Section 6.2 hereof or in the Security Instruments, the following Transfers shall be permitted without Lender’s consent: (1) the transfer (but not the pledge), in one
or a series of transactions, of not more than forty-nine percent (49%) of the limited partnership interests, non-managing membership interests or shares (as the case may be) in any Restricted Party, or (2) the issuance of limited
partnership interests in Operating Partnership in connection with the purchase by Operating Partnership of additional assets (i.e., an UPREIT transaction); provided, however, with respect to such transfers: 

(a) Lender shall receive not less than thirty (30) days prior written notice of such transfers; 

(b) no such transfers shall result in a change in Control of any Restricted Party; 

(c) after giving effect to such transfers, (A) Guarantor shall own at least a fifty-one percent (51%) direct or indirect legal
and beneficial ownership interest in each Borrower, any SPC Party and Operating Partnership; (B) Guarantor shall Control each Borrower, any SPC Party and Operating Partnership; and (C) Guarantor shall control the day-to-day operation of
the Property; 
 (d) the Property shall continue to be managed by Manager or a replacement manager in accordance with
Section 5.20 hereof; 
 (e) in the case of the transfer of any direct equity ownership interests in Borrower
or any SPC Party, such transfers shall be conditioned upon continued compliance with the relevant provisions of Article VIII hereof; 
 (f) such transfers shall be conditioned upon each Borrower’s and Guarantor’s ability to, after giving effect to the equity transfer in question, (A) remake the representations contained
herein relating to ERISA matters, the Patriot Act, OFAC and matters concerning Embargoed Persons (and, upon Lender’s request, Borrower and Guarantor shall deliver to Lender (1) an Officer’s Certificate containing such updated
representations effective as of the date of the consummation of the applicable equity transfer, and (2) searches, acceptable to Lender, for any entity or individual owning, directly or indirectly, 20% or more of the interests in Borrower as a
result of such transfer), and (B) continue to comply with the covenants contained herein relating to ERISA matters, the Patriot Act, OFAC and matters concerning Embargoed Persons. 

6.6.3. Additional Insolvency Opinion. Notwithstanding (and without limiting) the foregoing, no transfer of any direct or indirect
ownership interests in Borrower may be made such that the transferee owns, in the aggregate with the ownership interests in Borrower of transferee’s Affiliates, more than a forty-nine percent (49%) interest in Borrower unless such transfer
is conditioned upon the delivery of an Additional Insolvency Opinion acceptable to Lender and any applicable Rating Agency. 

Section 6.7 Prohibited Persons. Notwithstanding anything to the contrary contained in this Article VI,
no transfer of the Property, or of any interest therein, and no transfer of any interest in a Restricted Party (whether or not such transfer shall constitute a Transfer) shall be made to any Prohibited Person. 

  
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 VII. INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 

Section 7.1 Insurance. 
 (a) From the date hereof until payment and performance in full of all obligations of Borrower under the Loan Documents, Borrower shall obtain and maintain, or cause to be obtained and maintained, Policies
for Borrower and the Property providing at least the following coverages: 
 (i) insurance with respect to the Improvements and
the Personal Property insuring against any peril now or hereafter included within the classification “Risk of Direct Physical Loss” or “Special Cause of Loss” (including, without limitation, fire, lighting, windstorm, hail, and
terrorism, in each case, (A) in an amount equal to 100% of the “Full Replacement Cost” for the Property, which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations,
underground utilities and footings); (B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions or to be written on a no co-insurance form; (C) in cases where the
applicable tenant is not required under the terms and conditions of its Lease to obtain insurance, providing for no deductible in excess of 5% of the net cash flow of the Property up to a maximum deductible of $100,000 (except when a separate
wind-loss or earthquake deductible applies, then the amount must not exceed 5% of the replacement cost value of the Property); (D) in cases whether the applicable tenant is required under the terms and conditions of its Lease to obtain
insurance, providing for no tenant deductible that exceeds the amount permitted pursuant to the terms and conditions of such tenant’s Lease; (E) if any of the Improvements or the use of the Property shall at any time constitute legal
non-conforming structures or uses, the policy of insurance must include ordinance and law protection including replacement of undamaged building value, increased cost of repairs or reconstruction, or additional demolition and removal costs. The Full
Replacement Cost shall be redetermined from time to time (but not more frequently than once in any twelve (12) calendar months) at the request of Lender by an appraiser or contractor designated and paid by Borrower and approved by Lender, or by
an engineer or appraiser in the regular employ of the insurer. After the first appraisal, additional appraisals may be based on construction cost indices customarily employed in the trade. No omission on the part of Lender to request any such
ascertainment shall relieve Borrower of any of its obligations under this Section 7.1(a)(i); 
 (ii)
commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, including “Dram Shop” or other liquor liability coverage if alcoholic beverages
are sold from or may be consumed at the Property such insurance (A) to be on the so-called “occurrence” form with a combined single limit of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate; (B) to continue
at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and
operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all written and oral contracts; (5) contractual liability covering the
indemnities contained in Article 10 of the Security Instrument to the extent the same is available; and (6) acts of terrorism and similar acts of sabotage; 

  
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 (iii) business interruption and/or loss of rents insurance (A) with loss payable to
Lender; (B) covering all risks required to be covered by the insurance provided for in Section 7.1(a)(i); (C) in an amount equal to 100% of the projected net operating income plus fixed expenses for the Property (on an
actual loss sustained basis) for a period continuing until the Restoration of the Property is completed; the amount of such business interruption and/or loss of rents insurance shall be determined prior to the Closing Date and at least once each
year thereafter based on Lender’s determination of the projected net operating income plus fixed expenses for the Property for a eighteen (18) month period and, if the business interruption and/or loss of rents insurance includes extra
expense coverage, the amount of insurance required must include a reasonable additional amount for extra expenses; and (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements
and the Personal 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 six (6) 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. All insurance proceeds payable to Lender pursuant to this Section 7.1(a)(iii)
shall be held by Lender and shall be applied to the obligations secured hereunder from time to time due and payable hereunder and under the Note and this Agreement; provided, however, that nothing herein contained shall be deemed to relieve Borrower
of its obligations to pay the obligations secured hereunder on the respective dates of payment provided for in the Note and this Agreement except to the extent such amounts are actually paid out of the proceeds of such business interruption and/or
loss of rents insurance; 
 (iv) at all times during which structural construction, repairs or alterations are being made with
respect to the Improvements (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the insurance provided for in Section 7.1(c)(ii); and (B) the
insurance provided for in Section 7.1 (a)(i) shall be written in a so-called builder’s risk completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to
Section 7.1(a)(i), (3) shall include permission to occupy the Property, and (4) shall contain an agreed amount endorsement waiving co-insurance provisions; 

(v) if Borrower has any employees, workers’ compensation, subject to the statutory limits of the State, and employer’s
liability insurance with a limit of at least $500,000 per accident and per disease per employee, and $500,000 for disease aggregate in respect of any work or operations on or about the Property, or in connection with the Property or its operation
(if applicable); 
 (vi) comprehensive boiler and machinery / mechanical breakdown insurance, if applicable, in amounts as
shall be required by Lender on terms consistent with the commercial property insurance policy required under Section 7.1 (a)(i) hereof; 
 (vii) if any portion of the Improvements is at any time located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards
pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, or any successor Law (the “Flood Insurance Acts”),
flood hazard 

  
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insurance of the following types and in the following amounts: (A) coverage under Policies issued pursuant to the Flood Insurance Acts (the “Flood Insurance
Policies”) in an amount equal to the maximum limit of coverage available for the Property under the Flood Insurance Acts, subject only to customary deductibles under such Policies and (B) coverage under supplemental private
Policies in an amount, which when added to the coverage provided under the Flood Insurance Policies, is not less than the Full Replacement Cost of the Property; 
 (viii) if the Property is located in seismic zones 3 or 4, earthquake insurance in amounts not less than 150% of the probable maximum loss of the Property as determined by an architectural or engineering
consultant selected by Lender, provided that the insurance pursuant to this Section 7.1(a)(viii) shall be on terms consistent with the insurance required under Section 7.1(a)(i) hereof; and 

(ix) motor vehicle liability coverage for all owned (if any) and non-owned vehicles, including rented and leased vehicles utilized by
Borrower in the service or support of the Property containing minimum limits per occurrence, including umbrella coverage, of $1,000,000; and 
 (x) such other insurance and in such amounts as Lender from time to time may request against such other insurable hazards which at the time are commonly insured against for property similar to the
Property located in or around the region in which the Property is located. 
 (b) All insurance provided for in
Section 7.1(a) hereof shall be obtained under valid and enforceable policies (the “Policies” or in the singular, the “Policy”), in such forms and, from time to time after the date
hereof, in such amounts as may be satisfactory to Lender, issued by financially sound and responsible insurance companies authorized to do business in the State where the Property is located approved by Lender and having a claims paying
ability/financial strength rating of A-, Class VIII or better by Best’s Key Rating Guide as well as a rating of A- or higher from Standard & Poor’s or the equivalent rating from Fitch or Moody’s. Earthquake (if required) must
be covered by an insurance company having a rating of A-, Class VIII by Best’s Key Rating Guide or a rating of A3 (or equivalent) from Moody’s or A- by Standard & Poor’s. Borrower shall provide to Lender copies or other
evidence satisfactory to Lender of all insurance required to be maintained pursuant to Section 7.1(a) hereof. Not less than five (5) Business Days prior to the expiration dates of the Policies theretofore furnished to Lender,
Borrower shall deliver evidence satisfactory to Lender of the renewal of all of the Policies or that the Policies have been replaced by other Policies. Not less than five (5) Business Days prior to delinquency of payment of the premiums or
assessments due under the Policies (the “Insurance Premiums”), Borrower shall deliver to Lender evidence of such payment; provided, however, that Borrower is not required to furnish such evidence of payment of Insurance
Premiums to the extent that such Insurance Premiums have been paid by Lender pursuant to the terms of Section 9.2 hereof. 
 (c) Borrower shall not obtain (i) any umbrella or blanket liability or casualty Policy unless, in each case, such Policy is approved in advance in writing by Lender and Lender’s interest is
included therein as provided in this Agreement and such Policy is issued by an insurance company satisfying the requirements of Section 7.1(b) or (ii) separate insurance concurrent in form or contributing in the event of loss
with that required in Section 7.1(a) hereof 

  
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to be furnished by, or which may be required to be furnished by, Borrower. In the event Borrower obtains separate insurance or an umbrella or a blanket policy, Borrower shall notify Lender of the
same and shall cause certified copies of each Policy to be delivered as required in Section 7.1(a) hereof. Any blanket insurance Policy shall specifically allocate to the Property the amount of coverage from time to time required
hereunder and shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions of Section 7.1(a) hereof. 

(d) All Policies provided for or contemplated by Section 7.1 (a) hereof, except for the Policy referenced in
Section 7.1(a)(v) hereof, shall name Lender and Borrower as the insured or additional insured, as their respective interests may appear, and in the case of property damage, boiler and machinery, earthquake and flood insurance,
shall contain a non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender. 
 (e) All Policies provided for in Section 7.1(a) hereof shall contain clauses or endorsements to the effect that: 

(i) no act or negligence of Borrower, or anyone acting for Borrower, or any tenant under any Lease or other occupant, or failure to
comply with the provisions of any Policy which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned; and 

(ii) the Policy shall not be materially changed (other than to increase the coverage provided thereby) or cancelled without at least
thirty (30) days’ written notice to Lender and any other party named therein as an insured. Notwithstanding the foregoing, if liability insurance is provided by a separate Policy, then the foregoing endorsement shall not be required and in
such event Borrower (and not the insurer) shall give Lender the notice required by this subsection. 
 (f) If at any time Lender
is not in receipt of written evidence, in the form of a Policy or Acord Certificate acceptable to Lender, that all insurance required hereunder is in full force and effect, Lender shall have the right, after five (5) Business Days prior notice
to Borrower (unless Lender has a reasonable belief that one or more of the Policies is not in full force and effect or will expire in less than five (5) Business Days) to take such action as Lender deems necessary to protect its interest in the
Property, including, without limitation, the obtaining of such insurance coverage as Lender in its sole discretion deems appropriate, and all expenses (including reasonable attorneys’ fees) incurred by Lender in connection with such action or
in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and until paid shall be secured by the Security Instrument and shall bear interest at the Default Rate. In the event Lender obtains insurance
coverage on behalf of Borrower pursuant to this subsection (f), Borrower shall be permitted to cancel such insurance coverages provided Borrower has delivered to Lender evidence of Borrower’s compliance with this Article 7.

 (g) In the event of a foreclosure of the Security Instrument, or other transfer of title to the Property in extinguishment in
whole or in part of the Debt, all right, title and interest of Borrower in and to the Policies then in force (other than (i) those Policies that are not solely covering the Property, (ii) liability Policies or (iii) Policies
maintained by a Tenant) and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such other transfer of title. 

  
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 (h) Intentionally Omitted. 

(i) If insurance for earthquake or special hazards is obtained by Borrower in its sole discretion and without requirement of Lender, then
Borrower, when obtaining such insurance coverage, shall meet the insurance requirements hereof except as to matters requiring Lender’s further approval, and such insurance coverage: (A) shall be within the meaning of a “Policy”
or “Policies”; and (B) shall be for the benefit of Lender and all proceeds thereof constitute additional security for the Debt, and Lender shall have all rights with respect to and be entitled to receive all proceeds in the same
manner it would receive any Insurance Proceeds in the event the Property is damaged or destroyed by a Casualty or by any risk or loss insured against. 
 (j) Any failure by Lender to insist on full compliance with all of the above insurance requirements at closing does not constitute a waiver of Lender’s right to subsequently require full compliance
with these requirements. 
 (k) As an alternative to the Policies required to be maintained pursuant to the preceding provisions
of this Section 7.1, Borrower will not be in default under this Section 7.1 if Borrower maintains (or causes to be maintained) Policies which (i) have coverages, deductibles and/or other related provisions other than
those specified above and/or (ii) are provided by insurance companies not meeting the credit ratings requirements set forth above (any such Policy, a “Non-Conforming Policy”), provided, that, prior to obtaining such
Non-Conforming Policies (or permitting such Non-Conforming Policies to be obtained), Borrower shall have (1) received Lender’s prior written consent thereto and (2) if required by Lender, confirmed that Lender has received a Rating
Agency Confirmation with respect to any such Non-Conforming Policy. 
 (l) Borrower hereby represents that, as of the date
hereof, none of the insurance policies required in this Section 7.1 which require coverage for terrorism, except those required under clauses (viii) and (ix) of Section 7.1(a) (such insurance policies,
the “Applicable Policies”) exclude coverage for Acts of Terror (defined below). Notwithstanding anything to the contrary contained herein, in the event that, after the date hereof, any Applicable Policy (other than those
required under clauses (viii) and (ix) of Section 7.1(a)) excludes coverage for Acts of Terror, Borrower shall obtain and maintain (or cause to be obtained and maintained) coverage for such excluded Acts of Terror (the
“Terrorism Coverage”), which such Terrorism Coverage shall comply with each of the applicable requirements for Policies set forth above (including, without limitation, those relating to deductibles); provided, that, Lender,
at Lender’s option, may reasonably require Borrower to obtain or cause to be obtained the Terrorism Coverage with higher deductibles than set forth above. Notwithstanding the foregoing, in no event shall Borrower be required to pay annual
premiums in excess of the TC Cap (defined below) in order to obtain the Terrorism Coverage (but Borrower shall be obligated to purchase such portion of the Terrorism Coverage as is obtainable by payment of annual premiums equal to the TC Cap). As
used above, “Acts of Terror” shall mean acts of terror or similar acts of sabotage; provided, that, for so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program
Authorization Act of 2007 (as the same may be further 

  
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modified, amended, or extended, “TRIA”) (i) remains in full force and effect and (ii) continues to cover both foreign and domestic acts of terror, the provisions
of TRIA shall determine what is deemed to be included within this definition of “Acts of Terror”. As used above, “TC Cap” shall mean two times the amount of the Insurance Premiums that are payable at such time in
respect of the casualty and business interruption/rental loss insurance required hereunder (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance). 

(m) Lender hereby agrees that the Policies maintained by Borrower as of the date hereof (including any Non-Conforming Policies) are
acceptable and satisfy the requirements set forth in this Article 7. 
 Section 7.2 Casualty. If the
Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice of such damage to Lender (provided that such notice shall not be required if the
estimated cost to restore are less than $100,000) and shall promptly commence and diligently prosecute the completion of the repair and restoration of the Property as nearly as possible to the condition the Property was in immediately prior to such
Casualty, with such alterations as may be approved by Lender (a “Restoration”) and otherwise in accordance with Section 7.4 hereof. Borrower shall pay, or cause to be paid, all costs of such Restoration
whether or not such costs are covered by insurance. Lender may, but shall not be obligated to, make proof of loss if not made promptly by Borrower. Lender shall have the right, at its option, to participate in any settlement discussions with respect
to any claims under any Policy and Borrower shall promptly deliver to Lender all instruments required by Lender to permit such participation. Lender shall have the right, at its option, to approve the final settlement with respect to any Casualty in
which Net Proceeds or the costs to complete the Restoration are equal to or greater than the Restoration Threshold. If an Event of Default exists, Lender shall have the exclusive right, at its option, to settle or adjust any claims made under the
Policies in the event of a Casualty. 
 Section 7.3 Condemnation. Borrower shall promptly give Lender notice
of the actual or threatened commencement of any proceeding for the Condemnation of all or any part of the Property and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate in any
such proceedings, and Borrower shall promptly deliver to Lender all instruments requested by it to permit such participation. Lender shall have the right, at its option, to approve the final settlement with respect to any Condemnation in which Net
Proceeds or the costs to complete the Restoration are equal to or greater than the Restoration Threshold. If a an Event of Default exists, Lender shall have the exclusive right, at its option, to settle any Award in the event of a Condemnation.
Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any
public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner
provided for in the Note and in this Agreement and the Debt shall not be reduced until any Award shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or 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 

  
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or rates provided herein or in the Note. If the Property is taken by a condemning authority, Borrower shall promptly commence and diligently prosecute the Restoration of the Property and
otherwise comply with the provisions of Section 7.4 hereof. If the Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment
on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt. 

Section 7.4 Restoration. The following provisions shall apply in connection with the Restoration of the Property:

 (a) Subject to Section 7.4(d) hereof, if the Net Proceeds shall be less than the Restoration Threshold and
the costs of completing the Restoration shall be less than the Restoration Threshold, then the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Section 7.4(b)(i)
are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. 

(b) Subject to Section 7.4(d) hereof, if the Net Proceeds are equal to or greater than the Restoration Threshold or
the cost of completing the Restoration is equal to or greater than the Restoration Threshold, then Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 7.4. The term
“Net Proceeds” shall mean: (1) the net amount of all insurance proceeds payable to or for the benefit of Borrower as a result of a Casualty to the Property, after deduction of Lender’s reasonable costs and expenses
(including, but not limited to, reasonable attorneys’ fees), if any, in collecting such insurance proceeds (“Insurance Proceeds”), or (2) the net amount of the Award, after deduction of Lender’s reasonable
costs and expenses (including, but not limited to, attorneys’ fees and expenses), if any, in collecting such Award (“Condemnation Proceeds”), whichever the case may be. 

(i) Subject to Section 7.4(d) hereof, the Net Proceeds shall be made available to Borrower for Restoration of the
Property provided that each of the following conditions are met: 
 (A) no Event of Default shall have occurred
and be continuing; 
 (B) (1) in the event the Net Proceeds are Insurance Proceeds, less than thirty percent
(30%) of each of the (i) fair market value of the Property as reasonably determined by Lender and (ii) rentable area of the Improvements has been damaged, destroyed or rendered unusable as a result of such Casualty or (2) in the
event the Net Proceeds are Condemnation Proceeds, less than fifteen percent (15%) of each of the (i) fair market value of the Property as reasonably determined by Lender and (ii) rentable area of the Property is taken, and such land
is located along the perimeter or periphery of the Property, and no material portion of the Improvements is located on such land; 
 (C) Leases demising in the aggregate a percentage amount equal to or greater than ninety (90%) of the total rentable space in the Property which has been demised under executed and delivered Leases
in effect as of the date of the 

  
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occurrence of such Casualty or Condemnation, whichever the case may be, shall remain in full force and effect during and after the completion of the Restoration, notwithstanding the occurrence of
any such Casualty or Condemnation, whichever the case may be, and Borrower furnishes to Lender evidence satisfactory to Lender that all tenants under Major Leases shall continue to operate their respective space at the Property after the completion
of the Restoration without rent abatement; 
 (D) Borrower shall commence the Restoration as soon as reasonably
practicable (but in no event later than thirty (30) days after the issuance of a building permit with respect thereto) and shall diligently pursue the same to satisfactory completion in compliance with all applicable Laws, including, without
limitation, all applicable Environmental Laws; 
 (E) Lender shall be satisfied that any operating deficits,
including all scheduled payments of principal and interest under the Note, which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of
(1) the Net Proceeds, (2) the insurance coverage referred to in Section 7.1(a)(iii) or (3) by other funds of Borrower; 
 (F) unless Lender is satisfied that, upon completion of the Restoration, the Property shall be restored to substantially the same or better condition than prior to the Casualty or Condemnation, Lender
shall be satisfied that, upon the completion of the Restoration, the Loan to Value Ratio of the Property shall be no greater than 60% and the Debt Service Coverage Ratio for the Property shall be 1.50 or greater; 

(G) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) six
(6) months prior to the Maturity Date, or (2) the earliest date required for such completion under the terms of any Leases which are required in accordance with the provisions of this Section 7.4(b) to remain in effect
subsequent to the occurrence of such Casualty or Condemnation and the completion of the Restoration, or (3) such time as may be required under Applicable Law, in order to repair and restore the Property to the condition it was in immediately
prior to such Casualty or Condemnation, or (4) the expiration of the insurance coverage referred to in Section 7.1(a)(iii); 
 (H) Borrower and Guarantor shall execute and deliver to Lender a completion guaranty in form and substance satisfactory to Lender pursuant to the provisions of which Borrower and Guarantor shall jointly
and severally guaranty to Lender the Lien-free completion by Borrower of the Restoration in accordance with the provisions of this Section 7.4(b); 

(I) the Property and the use thereof after the Restoration will be in material compliance with and permitted under all
applicable Laws; 
 (J) such Casualty or Condemnation, as applicable, does not result in the total loss of
access to the Property or the Improvements; 

  
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 (K) Borrower shall deliver, or cause to be delivered, to Lender a signed
detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be acceptable to Lender; 

(L) the Net Proceeds together with any Cash or Cash equivalent deposited by Borrower with Lender are sufficient in
Lender’s discretion to cover the cost of the Restoration; and 
 (M) the Management Agreement in effect as
of the date of the occurrence of such Casualty or Condemnation, whichever the case may be, shall (1) remain in full force and effect during the Restoration and shall not otherwise terminate as a result of the Casualty or Condemnation or the
Restoration or (2) if terminated, shall have been replaced with a manager acceptable to Lender, prior to the opening or reopening of the Property for business with the public. 

(ii) The Net Proceeds shall be held by Lender in an interest-bearing Eligible Account and, until disbursed in accordance with the
provisions of this Section 7.4(b), shall constitute additional security for the payment of the Debt and the performance of the Other Obligations. Subject to Section 7.4(d) hereof, the Net Proceeds (except for
Insurance Proceeds from the insurance coverage referred to in Section 7.1(a)(iii)) shall be disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence
satisfactory to Lender that (A) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and
(B) there exist no notices of pendency, stop orders, mechanic’s or materialmen’s Liens, construction Liens, or notices of intention to file same, or any other Liens or encumbrances of any nature whatsoever on the Property which have
not either been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured to the satisfaction of Lender by the title company issuing the Title Insurance Policy. 

(iii) All plans and specifications required in connection with the Restoration shall be subject to prior review and acceptance in all
respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”), such acceptance not to be unreasonably withheld, conditioned or delayed. Lender shall have the use of the plans and
specifications and all Licenses required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration as well as the contracts under which they have been engaged, shall be
subject to prior review and acceptance by Lender and the Casualty Consultant, such acceptance not to be unreasonably withheld, conditioned or delayed. All reasonable costs and expenses incurred by Lender in connection with making the Net Proceeds
available for the Restoration including, without limitation, reasonable attorneys’ fees and disbursements and the Casualty Consultant’s reasonable fees, shall be paid by Borrower. 

(iv) In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually
incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term “Casualty Retainage” shall mean an amount equal to ten percent

  
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(10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until such time as the Casualty Consultant certifies to Lender that Net
Proceeds representing 50% of the required Restoration have been disbursed. There shall be no Casualty Retainage with respect to costs actually incurred by Borrower for work in place in completing the last 50% of the required Restoration. The
Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 7.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen
engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 7.4(b) and that
all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence satisfactory to Lender that the costs of the Restoration have been paid in full or
will be paid in full out of the Casualty Retainage; provided, however, that, subject to Section 7.4(d) hereof, Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or
materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with
the provisions of the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the Lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or
materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy, and Lender receives an endorsement to such Title Insurance Policy insuring the continued priority of the Lien of the Security Instrument
and evidence of payment of any premium payable for such endorsement. If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond
with respect to the contractor, subcontractor or materialman. 
 (v) Lender shall not be obligated to make disbursements of the
Net Proceeds more frequently than once every calendar month. 
 (vi) If at any time the Net Proceeds or the undisbursed balance
thereof shall not, in the reasonable opinion of Lender in consultation with the Casualty Consultant, if any, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the
completion of the Restoration, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with
Lender shall be held by Lender and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this
Section 7.4(b) shall constitute additional security for the payment of the Debt and the performance of the Other Obligations. 
 (vii) Subject to Section 7.4(d) hereof, the excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender after the
Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 7.4(b), and the receipt by Lender of evidence satisfactory to Lender that all costs incurred in
connection with the Restoration have been paid in full, and provided no Event of Default shall have occurred and shall be continuing under the Note, this Agreement or any of the other Loan Documents, shall be remitted by Lender to Borrower within
five (5) Business Days thereafter. 

  
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 (c) All Net Proceeds not required (i) to be made available for the Restoration or
(ii) to be returned to Borrower as excess Net Proceeds pursuant to Section 7.4(b)(vii) may be retained and applied by Lender toward the payment of the Debt whether or not then due and payable in such order, priority and
proportions as Lender in its sole discretion shall deem proper, or, at the discretion of Lender, the same may be paid, either in whole or in part, to Borrower for such purposes as Lender shall approve, in its discretion. If Lender shall receive and
retain Net Proceeds, the Lien of the Security Instrument and the other Loan Documents shall be reduced only by the amount thereof received and retained by Lender and actually applied by Lender in reduction of the Debt. 

(d) Notwithstanding anything to the contrary contained in Section 7.4 hereof, in the event that the Loan or any
interest therein is included in a Securitization, and if immediately following the release of the Property from the Lien of any Security Instrument as a result of any Condemnation, the Real Property Value to Loan Ratio is not at least eighty percent
(80%), then all of the net proceeds realized by Borrower for purposes of computing gain or loss under Section 1001 of the Code as a result of such Condemnation shall be applied to the principal amount of the Debt if and to the extent necessary
for the Loan to remain a “qualified mortgage” in accordance with the requirements of Section 860(G)(a)(3) of the Code, and any then applicable U.S. Department of Treasury regulations or revenue procedures issued pursuant thereto,
including, without limitation, to the extent then applicable to any REMIC Trust, Revenue Procedure 2010-30. In Lender’s discretion, Lender may require a REMIC Opinion in connection with any such Condemnation. 

VIII. SINGLE PURPOSE ENTITY PROVISIONS 
 Section 8.1 Single Purpose Entity Separateness. 
 (a) Until the Debt
has been paid in full, Borrower hereby represents, warrants and covenants that: 
 (i) Borrower is, and shall continue to be a
Single Purpose Entity; and 
 (ii) SPC Party is and shall continue to be a Single Purpose Entity. 

(b) For the purposes of this Agreement, a “SPC Party” shall mean the Single Purpose Entity that is the sole
general partner of Borrower, if Borrower is a limited partnership, or the sole managing member of Borrower, if Borrower is a limited liability company that is not an Acceptable Limited Liability Company. 

(c) For the purposes of this Agreement, “Acceptable Limited Liability Company” shall mean a limited liability
company (“LLC”) formed under the Laws of the state of Delaware having a limited liability company agreement (the “LLC Agreement”) which satisfies the Rating Agency criteria then applicable to such
entities, and which LLC Agreement: 
 (i) Provides that (A) upon the occurrence of any event that causes the last
remaining member of such LLC (“Member”) to cease to be a member of such LLC (other 

  
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than upon (1) an assignment by Member of all of its limited liability company interest in such LLC and the admission of the transferee in accordance with the Loan Documents and the LLC
Agreement, or (2) the resignation of Member and the admission of an additional member of such LLC in accordance with the terms of the Loan Documents and the LLC Agreement), any Person acting as a springing member of the LLC shall, without any
action of any other Person and simultaneously with Member ceasing to be the member of such LLC, automatically be admitted to such LLC (individually or collectively, “Special Member”) and shall continue such LLC without
dissolution and (B) the Special Member may not resign from such LLC or transfer its rights as Special Member unless a successor Special Member has been admitted to such LLC as Special Member in accordance with requirements of Delaware Law. The
LLC Agreement shall further provide that (A) the Special Member shall automatically cease to be a member of such LLC upon the admission to such LLC of a substitute Member, (B) the Special Member shall be a member of such LLC that has no
interest in the profits, losses and capital of such LLC and has no right to receive any distributions of such LLC’s assets, (C) pursuant to Section 18-301 of the Delaware Limited Liability Company Act (the
“Act”), the Special Member shall not be required to make any capital contributions to such LLC and shall not receive a limited liability company interest in such LLC, (D) the Special Member, in its capacity as Special
Member, may not bind such LLC and (E) except as required by any mandatory provision of the Act, the Special Member, in its capacity as Special Member, shall not have the right to vote on, approve or otherwise consent to any action by, or matter
relating to, such LLC, including, without limitation, the merger, consolidation or conversion of such LLC. In order to implement the admission to such LLC of the Special Member, the LLC Agreement shall also provide that the Special Member shall
execute a counterpart to the LLC Agreement, and that prior to its admission to such LLC as Special Member, the Special Member shall not be a member of such LLC; and 
 (ii) Provides that, upon the occurrence of any event that causes the Member to cease to be a member of such LLC, to the fullest extent permitted by Law, the personal representative of Member shall, within
ninety (90) days after the occurrence of the event that terminated the continued membership of Member in such LLC, agree in writing (A) to continue such LLC and (B) to the admission of the personal representative or its nominee or
designee, as the case may be, as a substitute member of such LLC, effective as of the occurrence of the event that terminated the continued membership of Member of such LLC in such LLC. Any Bankruptcy Action with respect to a member or Special
Member shall not cause a member or Special Member to cease to be a member of such LLC and upon the occurrence of such an event, the business of such LLC shall continue without dissolution. The LLC Agreement shall provide that each member of such LLC
and Special Member waives any right it might have to agree in writing to dissolve such LLC upon the occurrence of any Bankruptcy Action with respect to any member or Special Member, or the occurrence of an event that causes any member or Special
Member to cease to be a member of such LLC. 
 (d) For the purposes of this Agreement, a “Single Purpose
Entity” means a corporation, limited partnership or limited liability company that shall at all times on and after the date hereof shall comply with, and its organizational documents shall include, the following requirements unless it
has received (1) prior written consent to do otherwise from Lender and (2) following any Securitization, a Rating Agency Confirmation: 

  
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 (i) with respect to Borrower, Borrower shall not engage in any business or activity other
than the acquisition, development, ownership, operation, leasing, managing and maintenance of the Property, and entering into the Loan, and activities incidental thereto, and with respect to SPC Party, SPC Party shall not engage in any business or
activity other than the ownership of its interest in Borrower, and activities incidental thereto. 
 (ii) with respect to
Borrower, Borrower shall not acquire or own any assets other than (A) the Property, (B) such incidental Personal Property as may be necessary for the operation of the Property, as the case may be, and (C) Cash and U.S. Obligations,
and with respect to SPC Party, SPC Party shall not acquire or own any material asset other than its interest in Borrower; 

(iii) neither Borrower nor SPC Party (with respect to itself or with respect to Borrower) shall engage in, seek, consent or permit any
(A) merger into or consolidation with any Person, or, to the fullest extent permitted by applicable Law, any dissolution, termination or liquidation in whole or in part, or (B) any sale or other transfer or disposition of all or
substantially all of its assets, or any sale of its assets outside of the ordinary course of its business, except, with respect to Borrower, as specifically permitted by this Agreement or the other Loan Documents, or (C) change its legal
structure, or (D) with respect to SPC Party, transfer any of its equity interests in Borrower without the prior written consent of Lender and, to the extent any such action constitutes a Material Action, without the other consents of partners,
members and directors (including Independent Directors) required by this Agreement; 
 (iv) neither Borrower nor SPC Party
shall (A) fail to observe its organizational formalities or preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the Laws of the jurisdiction of its organization or formation, and
qualification to do business in the State, if applicable or (B) except as permitted under the Loan Documents or unless required by law, without the prior written consent of Lender, cause, consent to or permit any amendment, modification,
termination or failure to comply with the provisions of Borrower’s partnership agreement, articles of organization, limited liability company agreement or similar organizational documents, as the case may be, or of SPC Party’s certificate
of incorporation, articles of organization or similar organizational documents, as the case may be, whichever is applicable; 

(v) if such entity is a limited partnership, has and shall have as its sole general partner, a Single Purpose Entity which (A) is a
corporation or an Acceptable Limited Liability Company, and (B) holds a direct interest as general partner in such limited partnership of not less than one-half of one percent (0.5%) (or a 0.1% direct equity ownership interest if such entity is
a Delaware limited partnership); and (C) has one (1) Independent Director; and such limited partnership shall not cause or permit its partners to take any Material Action, and its limited partnership agreement shall provide that no
Material Action may be taken, without the unanimous consent of all partners of such limited partnership including the Independent Director of its general partner who shall have consented in writing to any such Material Action; 

(vi) if such entity is a corporation, shall not cause or permit the board of directors of such corporation to take any Material Action,
and such corporation’s organizational documents shall not permit such corporation or its board of directors to take any 

  
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Material Action, either with respect to itself or, if the corporation is an SPC Party, with respect to Borrower, without the unanimous consent of all members of such corporation’s board of
directors, which corporation’s board of directors shall include one (1) director, which shall be an Independent Director who shall have consented in writing to any such Material Action; 

(vii) if such entity is a limited liability company other than an Acceptable Limited Liability Company, has and shall have as its sole
managing member a Single Purpose Entity that (A) is a corporation or an Acceptable Limited Liability Company; and (B) directly owns at least one-half of one percent (0.5%) of the equity of such limited liability company (or a 0.1% direct
equity ownership interest if such entity is a Delaware limited liability company); and (C) has at least one (1) Independent Director; 
 (viii) if such entity is an Acceptable Limited Liability Company, shall not take any Material Action, shall not cause or permit the members or managers of such limited liability company to take any
Material Action, and the LLC Agreement shall not permit the members or managers of such limited liability company to take any Material Action, either with respect to itself or, if such Acceptable Limited Liability Company is an SPC Party, with
respect to Borrower, in each case without the unanimous written consent of its members. If such entity is an Acceptable Limited Liability Company, such Acceptable Limited Liability Company shall have one (1) Independent Director then serving as
manager of such Acceptable Limited Liability Company, shall not take any Material Action, shall not cause or permit the members or managers of such limited liability company to take any Material Action, and the LLC Agreement shall not permit the
members or managers of such limited liability company to take any Material Action, either with respect to itself or, if such Acceptable Limited Liability Company is an SPC Party, with respect to Borrower, in each case without the unanimous written
consent of its members, unless one (1) Independent Director then serving as manager of such Acceptable Limited Liability Company shall have consented in writing to such Material Action; 

(ix) with respect to Borrower, Borrower shall not own any subsidiary or make any investment in any Person, and with respect to SPC
Party, SPC Party shall not own, other than SPC Party’s ownership interest in Borrower, any subsidiary or make any investment in, any Person; 
 (x) except with respect to any other Borrower as set forth in this Agreement or the other Loan Documents, neither Borrower nor SPC Party shall commingle its assets with the assets of any of its members,
general partners, Affiliates, principals, shareholders or of any other Person or entity, participate in a cash management system with any other entity or Person or fail to use its own separate invoices and checks bearing its name and not bearing the
name of any other entity; 
 (xi) with respect to Borrower, Borrower shall not incur any Indebtedness, other than the Debt,
except for (A) trade payables in the ordinary course of its business of owning and operating the Property, provided that such debt (i) is not evidenced by a note, (ii) is paid within sixty (60) days of the date incurred,
(iii) is payable to trade creditors, and (iv) is in amounts as are normal and reasonable under the circumstances, and (B) Indebtedness associated with Permitted Encumbrances or Permitted Equipment Leases; provided, however the
aggregated amount of the indebtedness described in (A) and (B) shall not exceed at any time two percent (2.0%) of the outstanding principal amount of the Debt; and with respect to SPC Party, SPC Party shall not incur any Indebtedness;

  
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 (xii) neither Borrower nor SPC Party shall become insolvent and fail to pay its debts and
liabilities (including, as applicable, a fairly allocated portion of any shared personnel and overhead expenses) from its assets as the same shall become due; provided, however, this clause (xii) shall not require any member of Borrower or SPC
Party to make any capital contributions to Borrower or to SPC Party, and provided further that (1) this subsection (xii) shall not be deemed to be violated if the Property declines in value as a result of market or economic conditions, and
(ii) this subsection (xii) shall not be deemed to be violated if Borrower is unable to make any required payment of principal or interest including, without limitation, repayment of the Debt on the Maturity Date; 

(xiii) except with respect to any other Borrower as set forth in this Agreement or the other Loan Documents, neither Borrower nor SPC
Party shall (A) fail to maintain its books and records (including financial statements), books of account and bank accounts separate and apart from those of the members, general partners, principals, shareholders and Affiliates of Borrower or
of SPC Party, as the case may be, the Affiliates of a member, general partner, shareholders or principal of Borrower or of SPC Party, as the case may be, and any other Person, (B) permit its assets or liabilities to be listed as assets or
liabilities on the financial statement of any other Person or (C) include the assets or liabilities of any other Person on its financial statements or (D) permit any Affiliate independent access to its bank accounts (other than any
Affiliated Manager, acting solely in its capacity as Manager pursuant to the Management Agreement); provided, however, that Borrower’s assets may be included in a consolidated financial statement of its affiliates provided that such assets
shall be listed on Borrower’s own separate balance sheet. 
 (xiv) neither Borrower nor SPC Party shall enter into any
contract or agreement with any member, general partner, principal or Affiliate of Borrower or of SPC Party, as the case may be, any Guarantor or any member, general partner, principal or Affiliate thereof (other than a business management services
agreement with an Affiliate of Borrower, provided that (A) such agreement is acceptable to Lender, (B) the manager, or equivalent thereof, under such agreement holds itself out as an agent of Borrower or SPC Party, as the case may be, and
(C) the agreement meets the standards set forth in this subsection (xiv) following this parenthetical), except in the ordinary course of business and upon terms and conditions that are commercially reasonable, intrinsically
fair and substantially similar to those that would be available on an arms-length basis with third parties other than any member, general partner, principal or Affiliate of Borrower or of SPC Party, as the case may be, any Guarantor or any member,
general partner, principal or Affiliate thereof; 
 (xv) to the fullest extent permitted by applicable law, neither Borrower
nor SPC Party (with respect to itself or with respect to Borrower) shall engage in, seek, consent or permit the dissolution or winding up in whole, or in part, of Borrower or of SPC Party, as the case may be without the prior written consent of
Lender and, to the extent any such action constitutes a Material Action, without the other consents of partners, members and directors (including Independent Directors) required by this Agreement; 

  
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 (xvi) neither Borrower nor SPC Party shall fail to correct any known misunderstanding
regarding the separate identity of Borrower, or of SPC Party, as the case may be, from any member, general partner, principal, shareholders or Affiliate thereof or any other Person; 

(xvii) except with respect to any other Borrower as set forth in this Agreement or the other Loan Documents, neither Borrower nor SPC
Party shall guarantee, assume or become obligated for the debts of any other Person or hold itself or its credit or assets out to be responsible for the debts of another Person (other than with respect to the general partner of Borrower that is a
limited partnership, as such general partner may be liable under applicable law for the obligations of such Borrower as the general partner thereof); 
 (xviii) neither Borrower nor SPC Party shall make any loans or advances to any Person, including any member, general partner, principal, shareholders or Affiliate of Borrower or of SPC Party, as the case
may be, or any member, general partner, principal, shareholders or Affiliate thereof, and neither Borrower nor SPC Party shall acquire obligations or securities of any other Person, including any member, general partner, principal or Affiliate of
Borrower or SPC Party, as the case may be, or any member, general partner, shareholders or Affiliate thereof; and neither Borrower nor SPC Party shall hold evidence of indebtedness of any other Person (other than cash or investment grade securities
issued by a Person that is not an Affiliate of Borrower or SPC Party); 
 (xix) neither Borrower nor SPC Party shall fail to
file its own tax returns (to the extent Borrower is required to file its own tax returns by applicable Law) or be included on the tax returns of any other Person except as required by applicable Law; provided, however, this clause (xxi) shall
not require any member of Borrower or SPC Party to make any capital contributions to Borrower or SPC Party; 
 (xx) except with
respect to any other Borrower as set forth in this Agreement or the other Loan Documents and any business management services agreement permitted under subsection (xiv), neither Borrower nor SPC Party shall fail either to hold itself
out to the public and identify itself as a legal entity separate and distinct from any other Person or to conduct its business solely in its own name or a name franchised or licensed to it by an entity other than an Affiliate of Borrower or of SPC
Party, as the case may be, and not as a division or part of any other Person (other than adoption by Borrower of a logo graphic common to the entire corporate enterprise to which Borrower belongs), and shall not identify its partners, members or
shareholders, or any Affiliate of any of them, as a division or part of Borrower or SPC Party, in order not (A) to mislead others as to the identity with which such other party is transacting business or (B) to suggest that Borrower or SPC
Party, as the case may be, or its assets, is responsible for the debts of any other Person (including any member, general partner, principal, shareholders or Affiliate of Borrower, or of SPC Party, as the case may be, or any member, general partner,
principal or Affiliate thereof); 
 (xxi) neither Borrower nor SPC Party shall fail to maintain adequate capital for the normal
obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations (to the extent there exists sufficient cash flow from the Property to do so); provided, however, this subsection
(xxi) shall not be deemed to be violated if Borrower is unable to make any required payment of principal or interest, including, 

  
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without limitation, repayment of the Debt on the Maturity Date and shall not be deemed to require any member of Borrower or SPC Party to make any capital contributions to Borrower or SPC Party;

 (xxii) except with respect to any other Borrower as set forth in this Agreement or the other Loan Documents, neither
Borrower nor SPC Party shall maintain its assets in such a manner that it will be costly or difficult to segregate, ascertain or identify its individual assets from those of any general partner, managing member, shareholder, principal or Affiliate
of Borrower, or any general partner, managing member, shareholder, principal or Affiliate thereof or any other Person; 

(xxiii) neither Borrower nor SPC Party shall fail to allocate fairly and reasonably any overhead expenses that are shared with an
Affiliate, including paying for office space and services performed by any employee of an Affiliate; 
 (xxiv) neither Borrower
nor SPC Party shall pledge its assets to secure the obligations of, or otherwise for the benefit of, any other Person, and with respect to Borrower, other than with respect to the Loan; 

(xxv) neither Borrower nor SPC Party shall fail to maintain a sufficient number of employees, if any, in light of its contemplated
business operations; 
 (xxvi) neither Borrower nor SPC Party shall fail to provide in its (A) articles of organization,
certificate of formation and/or operating agreement, as applicable, if it is a limited liability company, (B) limited partnership agreement, if it is a limited partnership or (C) certificate of incorporation, if it is a corporation, that
for so long as the Loan is outstanding pursuant to the Note, this Agreement and the other Loan Documents, a Bankruptcy Action by or against any member of a limited liability company or by or against any partner of a partnership, as applicable, shall
not cause any such member or partner, as applicable, to cease to be a member or partner of such limited liability company or partnership, as applicable, and upon the occurrence of any such Bankruptcy Action, such limited liability company or
partnership, as applicable, shall continue without dissolution; 
 (xxvii) neither Borrower nor SPC Party shall fail to hold
its assets in its own name; 
 (xxviii) if Borrower or SPC Party is a corporation, neither Borrower nor SPC Party shall fail to
consider the interests of its creditors in connection with all corporate actions to the extent permitted by applicable Law; 

(xxix) neither Borrower nor SPC Party shall have any of its obligations guaranteed by an Affiliate except by any other Borrower or
Guarantor in connection with the Loan; 
 (xxx) if Borrower or SPC Party is treated as a “disregarded entity” for tax
purposes, shall not have any obligation to reimburse its equity holders or any of their Affiliates for any taxes that such equity holders or any of their Affiliates may incur as a result of any profits or losses of Borrower or SPC Party; 

  
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 (xxxi) any indemnification obligation of Borrower to any equity holder shall be fully
subordinated to the Loan, and shall not constitute a claim against Borrower or its assets until such time as the Loan has been indefeasibly paid in accordance with its terms and otherwise has been fully discharged; 

(xxxii) neither Borrower nor SPC Party shall violate or cause to be violated the factual assumptions made relating to the conduct of
Borrower and SPC Party in the Insolvency Opinion or any Additional Insolvency Opinion. 
 (e) To the fullest extent permitted by
applicable Law, and notwithstanding any duty otherwise existing at law or in equity, each Independent Director shall consider, and the organizational documents of any Single Purpose Entity shall require that each Independent Director shall consider,
only the interests of such entity (and, in the case of an SPC Party, of Borrower), including its creditors, in exercising such person’s authority as Independent Director. Except for duties to such entity (and, in the case of an SPC Party,
duties to Borrower) as set forth in the immediately preceding sentence (including duties to creditors solely to the extent of their respective economic interest in Borrower or an SPC Party, but excluding (i) all other interests of such entity,
(ii) the interests of other Affiliates of such entity, and (iii) the interests of any group of Affiliates of which such entity is a part), no Independent Director shall have a fiduciary duty to the entity, any other member or director of
such entity, or to Borrower or any other Person; provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. 
 (f) To the fullest extent permitted by applicable Law, no Independent Director shall resign or be removed or replaced, and the organizational documents of any Single Purpose Entity shall state that no
Independent Director shall resign or be removed or replaced, in each case unless Lender and the Rating Agencies receive not less than five (5) Business Days’ prior written notice of (i) any proposed resignation or removal or
replacement of such Independent Director, and (ii) the identity of the proposed replacement Independent Director, together with evidence satisfactory to Lender that such replacement satisfies the applicable requirements to be an Independent
Director, in each case except for removal of an Independent Director by reason of (y) acts or omissions by such Independent Director that constitute willful disregard of such Independent Director’s duties, in accordance with the standards
set forth herein, or (z) such Independent Director having engaged in or having been charged with, or having been convicted of, fraud or other acts constituting a crime under any applicable Law, in which case a replacement Independent Director
shall be identified and elected or appointed within five (5) Business Days after Borrower (or, if applicable, such SPC Party) knew thereof. 
 Section 8.2 Single Purpose Entity and Cash Management Compliance. 

(a) Borrower covenants and agrees that within ten (10) Business Days after written request by Lender, Borrower shall deliver to
Lender an Officer’s Certificate confirming Borrower’s and SPC Party’s continued compliance with the terms of Article VIII hereof as of the date of such Officer’s Certificate and stating that the representations and
warranties of Borrower and SPC Party, as applicable, set forth in Section 8.1 hereof are true and correct as of the date of such Officer’s Certificate, and confirming Borrower’s continued compliance with the Cash
Management Covenants. In addition, within ten (10) Business Days after written request by Lender, Borrower shall provide Lender with such other evidence of Borrower’s compliance with Article VIII hereof and the Cash
Management Covenants as Lender may reasonably request from time to time. 

  
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 (b) Borrower covenants and agrees that within ten (10) Business Days after written
request by Lender, Borrower shall cause the Independent Directors of Borrower and SPC Party, as applicable, to certify in writing to Lender (a) the name and address of each Independent Director and (b) that each Independent Director has
complied with, and shall continue to comply with the requirements set forth in Section 8.1 hereof. 
 IX. RESERVE FUNDS

 Section 9.1 Reserve Funds and Reserve Accounts Generally. 

(a) On the Closing Date, each of the Reserve Accounts shall be established by Lender in an Eligible Account at an Eligible Institution.
The Reserve Funds shall not constitute trust funds and, at Lender’s option, the Reserve Funds may be (i) commingled with other monies held by Lender, or (ii) established as one or more separate accounts at an Eligible Institution
(which may include one or more book-entry sub-accounts as deemed necessary by Lender). 
 (b) Borrower shall pay Lender the
Disbursement Fee as a condition to each disbursement from the Reserve Accounts (other than the Tax and Insurance Escrow Account), as compensation for Lender’s review, analysis and processing of such disbursement. 

(c) Borrower shall assign to Lender all rights and claims Borrower may have against all persons or entities supplying labor or materials
in connection with the Required Repairs; provided, however, that Lender may not pursue any such right or claim unless an Event of Default has occurred and remains uncured 
 (d) Each Reserve Fund and each Reserve Account shall be subject to the additional terms and conditions set forth in Article XII hereof. 

Section 9.2 Tax and Insurance Escrow Fund. Borrower shall pay to Lender on each Payment Date (a) a percentage of the
Taxes (the “Monthly Tax Deposit”) that Lender estimates will be payable during the next ensuing twelve (12) months in order to ratably accumulate with Lender sufficient funds to pay all such Taxes at least thirty
(30) days prior to their respective delinquency dates and (b) a percentage of the Insurance Premiums (the “Monthly Insurance Premium Deposit”) that Lender estimates will be payable for the renewal of the coverage
afforded by the Policies upon the expiration thereof in order to ratably accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (said amounts in (a) and
(b) above hereinafter called the “Tax and Insurance Escrow Fund”), which Tax and Insurance Escrow Fund shall be deposited by Lender into an Account established to hold such fund (the “Tax and Insurance Escrow
Account”). Lender will apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Sections 5.2 and 7.1(b) hereof. In making any payment relating to the
Tax and Insurance Escrow Fund, 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, 

  
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forfeiture, tax Lien or title or claim thereof. If the amount of the Tax and Insurance Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 5.2 and
7.1(b) hereof, respectively, Lender shall credit such excess against future payments to be made to the Tax and Insurance Escrow Fund. In allocating such excess, Lender may communicate with the Person shown on the records of Lender to be the
owner of the Property. Any amount remaining in the Tax and Insurance Escrow Fund after the Debt has been paid in full shall be returned to Borrower. If at any time Lender reasonably determines that the Tax and Insurance Escrow Fund is not or will
not be sufficient to pay Taxes and Insurance Premiums by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to
make up the deficiency at least thirty (30) days prior to delinquency of the Taxes and/or thirty (30) days prior to expiration of the Policies, as the case may be. 
 Notwithstanding the foregoing, Lender agrees to waive the Monthly Tax Deposit and the Monthly Insurance Deposit so long as no Triggering Event has occurred and is continuing. Upon the occurrence of any
Triggering Event, the foregoing waiver shall terminate (until the Triggering Event Period terminates) and Borrower shall deposit with Lender, within thirty (30) days after the occurrence of any Triggering Event a lump sum amount into the Tax
and Insurance Escrow Fund, which amount, together with future Monthly Tax Deposits and future Monthly Insurance Deposits, shall be sufficient to pay all Taxes prior to delinquency and all Insurance Premiums when the same next become due. 

Section 9.3 Early Lease Termination Reserve. If any tenant (a “Terminating Tenant”) gives notice to
Borrower that it is exercising an early termination option set forth in its Lease with Borrower, or if Borrower agrees to allow any tenant to reduce or terminate its obligations under its Lease (subject, in each case, to the restrictions of
Section 5.17 hereof), Borrower shall direct such tenant that any Lease Termination Payment in connection therewith, which exceeds $100,000.00, is to be remitted to Lender or, if a Triggering Event Period shall then be in effect,
such Lease Termination Payment in excess of $100,000.00 shall be deposited in the Lockbox Account), for application as set forth below. If such tenant remits the Lease Termination Payment in excess of $100,000.00 directly to Borrower, Borrower shall
remit the Lease Termination Payment to Lender, for application as set forth below. Amounts so deposited shall hereinafter be referred to as the “Early Lease Termination Reserve Fund”, which Early Lease Termination Reserve
Fund shall be deposited by Lender in an Account established by Lender to hold such funds (the “Early Lease Termination Reserve Account”). A separate Early Lease Termination Reserve Account shall be maintained with respect to
each Lease so terminated. Funds deposited in an Early Lease Termination Reserve Account shall be disbursed as follows: 

9.3.1. Disbursements for Qualified Replacement Lease for Entire Vacated Space. If Borrower enters into a Qualified Replacement
Lease for the entire premises previously demised under the Lease so terminated (the “Vacated Space”), and the tenant under such Lease accepts such demised premises, takes occupancy thereof and commences the payment of base
rent under its Lease, then all funds in the applicable Early Lease Termination Reserve Account shall be used first to pay TILC Costs with respect to such Qualified Replacement Lease upon satisfaction of the conditions set forth in
Section 5.17 hereof; any funds remaining in the applicable Early Lease Termination Reserve Account after payment of all TILC Costs with respect thereto shall be disbursed to Borrower as follows: (x) if the monthly net rent
payable 

  
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under the Qualified Replacement Lease is greater than or equal to the monthly rent payable by the Terminating Tenant under its Lease as of the date of such termination, then provided no Default
or Event of Default is then continuing, such funds remaining in the Early Lease Termination Reserve shall be disbursed to Borrower; and (y) if the monthly net rent payable under the Qualified Replacement Lease is less than the monthly rent
payable by the Terminating Tenant under its Lease as of the date of such termination, then, provided no Default or Event of Default is then continuing, all funds remaining in the Early Lease Termination Reserve shall be disbursed to Borrower in
equal monthly installments over the remaining term of the Qualified Replacement Lease, until such time as all funds have been disbursed from the applicable Early Lease Termination Reserve. 

9.3.2. Disbursements for Qualified Replacement Lease for Less Than Entire Vacated Space. If Borrower enters into one or more
Leases each for less than the entire Vacated Space, no disbursements shall be permitted from the Early Lease Termination Reserve except as follows: 
 (a) Until such time as the entire Vacated Space has been re-leased pursuant to one or more Qualified Replacement Leases, and the tenant under each such Qualified Replacement Lease accepts such demised
premises, takes occupancy thereof, is open for business and commences the payment of base rent under its Lease, Lender shall from time to time, within ten (10) days after receipt of written request from Borrower, make disbursements on account
of TILC Costs with respect to the Vacated Space, provided, however, that the disbursements with respect to any portion of the Vacated Space on a per-square foot basis shall not exceed the amount of the Early Lease Termination Payment on a
per-square-foot basis; and 
 (b) At such time as the entire Vacated Space has been re-leased pursuant to one or more Qualified
Replacement Leases and the tenant under each such Qualified Replacement Lease accepts such demised premises, takes occupancy thereof, opens for business and commences the payment of base rent under its Lease, then after payment of all TILC Costs
with respect to the re-leasing of such Vacated Space, the funds remaining in the Early Lease Termination Reserve shall be disbursed as follows: (x) if the monthly aggregate net rents payable under all such Qualified Replacement Leases is
greater than or equal to the monthly rent payable by the Terminating Tenant, and the term of all such Qualified Replacement Leases extends to or beyond the scheduled expiration date of the Lease with the Terminating Tenant, then provided no Default
or Event of Default is then continuing such funds remaining in the Early Lease Termination Reserve Account shall be disbursed to Borrower; and (y) if the conditions of clause (x) are not satisfied, then provided no Default or Event of
Default is then continuing such funds remaining in the Early Lease Termination Reserve Account shall be disbursed to Borrower in equal monthly installments over the period that would have remaining in the term of the Lease with the Terminating
Tenant. 
 Section 9.4 Required Repairs; No Reserve For Required Repairs. 

9.4.1. Performance of Required Repairs. 
 (a) Borrower shall perform the Required Repairs within eighteen (18) months after the Closing Date. Borrower shall complete all Required Repairs in a good and workmanlike manner. No Reserve Account
shall be required with respect to the Required Repairs. 

  
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 (b) Lender reserves the right, at its option, to approve all contracts or work orders with
materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials in connection with the Required Repairs, such approval not to be unreasonably withheld, delayed or conditioned. Upon Lender’s request,
Borrower shall assign any contract or subcontract to Lender. 
 (c) In the event Lender determines in its reasonable discretion
that any Required Repair is not being performed in a workmanlike or timely manner or that any Required Repair has not been completed in a workmanlike or timely manner, Lender shall have the option to proceed under existing contracts or to contract
with third parties to complete such Required Repair, upon providing prior notice to Borrower. 
 (d) In order to facilitate
Lender’s completion or making of the Required Repairs pursuant to Section 9.4.1(c) hereof, Borrower grants Lender the right to enter onto the Property and perform any and all work and labor necessary to complete or make the
Required Repairs and/or employ watchmen to protect the Property from damage. Such right of entry shall be subject to the rights of the tenants under the Leases. All sums so expended by Lender shall be deemed to have been advanced under the Loan to
Borrower and secured by the Security Instrument. For this purpose Borrower constitutes and appoints Lender its true and lawful attorney in fact with full power of substitution to complete or undertake the Required Repair in the name of Borrower.
Such power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked. Borrower empowers said attorney in fact as follows: (i) to make such additions, changes and corrections to the Required Repairs as shall be
necessary or desirable to complete the Required Repairs; (ii) to employ such contractors, subcontractors, agents, architects and inspectors as shall be required for such purposes; (iii) to pay, settle or compromise all existing bills and
claims which are or may become Liens against the Property, or as may be necessary or desirable for the completion of the Required Repairs, or for clearance of title; (iv) to execute all applications and certificates in the name of Borrower
which may be required by any of the contract documents; (v) to prosecute and defend all actions or proceedings in connection with the Property or the rehabilitation and repair of the Property; and (vi) to do any and every act which
Borrower might do in its own behalf to fulfill the terms of this Agreement. 
 (e) Nothing in this
Section 9.4.1 shall: (i) make Lender responsible for making or completing the Required Repairs; (ii) require Lender to expend funds to make or complete any Required Repair; (iii) obligate Lender to proceed with the
Required Repairs; or (iv) obligate Lender to demand from Borrower additional sums to make or complete any Required Repair. 

(f) Borrower shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer,
architect, or inspector) or third parties making Required Repair pursuant to this Section 9.4.1 to enter onto the Property during normal business hours (subject to the rights of tenants under Leases) to inspect the progress of any
Required Repairs and all materials being used in connection therewith, to examine all plans and shop drawings relating to such Required Repairs which are or may be kept at the Property, and to complete any Required Repairs made pursuant to this
Section 9.4.1. Borrower shall cause all contractors and subcontractors to cooperate with Lender or Lender’s representatives or such other persons described above in connection with inspections described in this
Section 9.4.1(f) or the completion of Required Repairs pursuant to this Section 9.4.1. 

  
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 (g) The Required Repairs and all materials, equipment, fixtures, or any other item
comprising a part of any Required Repair shall be constructed, installed or completed, as applicable, free and clear of all construction Liens, mechanic’s, materialmen’s or other Liens (except for Permitted Encumbrances and those Liens
existing on the date of this Agreement which have been approved in writing by Lender). 
 (h) All Required Repairs shall comply
in all material respects with all applicable Legal Requirements of all Governmental Authorities having jurisdiction over the Property and applicable insurance requirements including, without limitation, applicable building codes, special use
permits, environmental regulations, and requirements of insurance underwriters. 
 (i) In addition to any insurance required
under the Loan Documents, Borrower shall provide or cause to be provided workmen’s compensation insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable Law in connection with a
particular Required Repair. All such policies shall be in form and amount reasonably satisfactory to Lender. All such policies which can be endorsed with standard mortgagee clauses making loss payable to Lender or its assigns shall be so endorsed.
Certified copies of such policies shall be promptly delivered to Lender upon request. 
 X. DEFAULTS 

Section 10.1 Event of Default. 
 (a) Each of the following events shall constitute an event of default hereunder (an “Event of Default”): 

(i) if any portion of the Debt is not paid (or deemed paid pursuant to Section 3.7 hereof) on or before the
fifth (5th) day after the date the same is due and
payable; 
 (ii) if any of the Basic Carrying Costs are not paid (or deemed paid pursuant to Section 3.7 hereof) prior to
delinquency except to the extent Borrower or any tenant is contesting Taxes or Other Charges in accordance with the terms of Section 5.2 hereof; 
 (iii) if the Policies are not kept in full force and effect (except to the extent any such Policy is not in effect solely as a result of the failure to pay Insurance Premiums and such Insurance Premiums
are deemed to have been paid pursuant to Section 3.7 hereof but have not actually been paid by Lender); or if Borrower fails to comply with any other term or provision of Article VII hereof, not specified in this
subsection (iii) or the immediately preceding subsection (ii) and such failure continues for ten (10) Business Days after written notice thereof from Lender; 
 (iv) if Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein in contravention of the Loan Documents; 

  
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 (v) if any representation or warranty made by Borrower, SPC Party, or any Guarantor herein
or in any other Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material adverse respect as of the date the representation or
warranty was made; 
 (vi) if Borrower or SPC Party shall make an assignment for the benefit of creditors; 

(vii) if a receiver, liquidator or trustee shall be appointed for Borrower, or SPC Party, or if Borrower or SPC Party shall be
adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to the Bankruptcy Code, or any similar federal or state Law, shall be filed by or against, consented to, or acquiesced in by, Borrower or
SPC Party, or if any proceeding for the dissolution or liquidation of Borrower or SPC Party shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Borrower or SPC
Party, upon the same not being discharged, stayed or dismissed within one hundred twenty (120) days; 
 (viii) only upon
the declaration by Lender that the same constitutes an Event of Default (which declaration may be made by Lender in its sole discretion), if (A) any Guarantor shall make an assignment for the benefit of creditors, or if (B) a receiver,
liquidator or trustee shall be appointed for any Guarantor, or if any Guarantor shall be adjudicated a bankrupt or insolvent, or if (C) any petition for bankruptcy, reorganization or arrangement pursuant to the Bankruptcy Code, or any similar
federal or state Law, shall be filed by or against, consented to, or acquiesced in by, any Guarantor, or if (D) any proceeding for the dissolution or liquidation of any Guarantor shall be instituted; provided, however, if such appointment,
adjudication, petition or proceeding was involuntary and not consented to by any Guarantor, upon the same not being discharged, stayed or dismissed within one hundred twenty (120) days; 

(ix) if Borrower fails to comply with the terms and provisions of Article VI hereof; 

(x) if Borrower or SPC Party fails to comply with the terms and provisions of Section 8.1 hereof; provided, however,
any such failure shall not be deemed to be an Event of Default hereunder if (i) such failure was inadvertent and immaterial and would not be reasonably likely to result in a Material Adverse Effect and (ii) within fifteen (15) days of
Borrower obtaining knowledge thereof, Borrower cures such failure and provides Lender with satisfactory evidence thereof; provided, however it is acknowledged and agreed that any failure to comply with the terms and conditions of
Section 8.1 hereof is and shall result in recourse by Lender for any damages incurred by Lender as a result of any such failure pursuant to Section 11.3(a) hereof notwithstanding the foregoing cure period;

 (xi) if Borrower fails to comply with the terms and provisions of any of the Cash Management Covenants within ten
(10) Business Days after request by Lender; 
 (xii) if Borrower fails to comply with the terms and provisions of
Section 5.10 or Section 5.29(a) hereof and such failure continues for ten (10) Business Days after notice from Lender; 

  
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 (xiii) if Borrower fails to deliver to Lender the written certification and evidence
required pursuant to the terms of Section 5.29(b) hereof within thirty (30) days after request by Lender; 
 (xiv) if Borrower fails to comply with the terms and provisions of Section 5.22 hereof (except for any Liens being contested in accordance with the terms hereof), and any Lien that is
not being contested in accordance with Section 5.2 hereof shall remain undischarged of record (by payment, bonding or otherwise) for a period of sixty (60) days after Borrower obtains actual or constructive knowledge thereof
from any source whatsoever; 
 (xv) if any federal tax Lien or state or local income tax Lien is filed against Borrower, SPC
Party, any Guarantor or the Property and same is not discharged of record (by payment, bonding or otherwise) for a period of sixty (60) days after Borrower obtains actual or constructive knowledge thereof from any source whatsoever; 

(xvi) if Borrower fails to comply with the terms and provisions of Section 5.17, Section 5.23, Section 5.25,
Section 5.26, Section 5.27 or Section 5.28 hereof; provided, however, any such failure shall not be an Event of Default hereunder if (i) such failure was inadvertent and would not be reasonably likely to
result in a Material Adverse Effect and (ii) within fifteen (15) days of the occurrence thereof, Borrower cures such failure and provides Lender with satisfactory evidence of the same; 

(xvii) if Borrower fails to comply with the terms and provisions of Section 11.2 hereof and such Default continues
after ten (10) Business Days notice from Lender; 
 (xviii) if Borrower fails to comply with the terms and provisions of
Section 11.1 or Section 11.6 hereof within ten (10) Business Days after request by Lender, provided, however, if such failure is susceptible of cure but cannot reasonably be cured within such period and
provided further that Borrower shall have commenced to cure such failure within such period and thereafter diligently and expeditiously proceeds to cure the same, such ten (10) Business Day period shall be extended for such time as is
reasonably necessary for Borrower in the exercise of due diligence to cure such failure, such additional period not to exceed thirty (30) days; 
 (xix) if Borrower is a Plan or a Governmental Plan, or if its assets constitute Plan Assets; 
 (xx) if a final judgment is entered against Borrower or SPC Party or Guarantor which would have a Material Adverse Effect, and such party fails to discharge the same or cause it to be discharged or
vacated within sixty (60) days from the entry thereof, or does not appeal therefrom or from the order, decree or process upon which or pursuant to which said judgment was granted, based or entered, and does not secure a stay of execution
pending such appeal within sixty (60) days after the entry thereof; 
 (xxi) if the Security Instrument fails to have a
first priority Lien on the Property, subject only to the Permitted Encumbrances, unless such failure is the result of Lender’s acts; 

  
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 (xxii) if foreclosure or attachment proceedings are instituted against the Property upon
any other Lien or claim, whether alleged to be superior or junior to the Lien of the Security Instrument or the other Loan Documents; 
 (xxiii) if an uninsured material loss, theft, damage, or destruction to the Property occurs and Borrower does not, within thirty (30) days of the occurrence thereof, provide evidence reasonably
satisfactory to Lender that Borrower has access to the funds necessary to consummate the applicable Restoration; 
 (xxiv) if
Borrower, SPC Party, any Guarantor, any Affiliate of Borrower, SPC Party or any Guarantor, or any of their respective agents or representatives shall commit any intentional act of physical waste or arson with respect to the Property; 

(xxv) if Borrower, SPC Party, any Guarantor, any Affiliate of Borrower, SPC Party or any Guarantor, or any of their respective agents or
representatives shall commit any criminal act which results in the seizure, forfeiture or loss of the Property; 
 (xxvi) if
Borrower misappropriates or misapplies any (A) Insurance Proceeds, (B) Awards or other amounts received in connection with the Condemnation of all or a portion of the Property, (C) Rents (including, but not limited to security
deposits, advance deposits or any other deposits and Lease Termination Payments) or (D) funds disbursed by Lender from any of the Reserve Funds; 
 (xxvii) if Borrower fails to permit on-site inspections of the Property after written notice thereof from Lender in accordance with the terms of this Agreement and such failure continues for ten
(10) Business Days after notice from Lender; 
 (xxviii) if Borrower fails to appoint a new Manager within thirty
(30) days after request by Lender as required under this Agreement; 
 (xxix) with respect to any term, covenant or
provision set forth herein which specifically contains a notice requirement or grace period, if Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period; 

(xxx) if there shall be a default under the Security Instrument, any of the other Loan Documents or any guaranty or indemnity executed
in connection herewith (including, without limitation, the Guaranty and the Environmental Indemnity) and such default continues beyond any applicable notice and cure periods contained in such documents (provided, if such documents do not specify an
applicable notice and cure period, the provisions of clause (xxxiv) below shall apply); 
 (xxxi) if a default by Borrower
under the Management Agreement has occurred with respect to the Property and continues beyond any applicable cure period thereunder and such default permits the Manager thereunder to terminate or cancel the Management Agreement with respect to the
Property; 

  
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 (xxxii) if a default by Borrower under any REA has occurred and continues beyond any
applicable cure period thereunder and such default permits any party thereto to terminate or cancel such REA; 
 (xxxiii) if
any Guarantor revokes or attempts to revoke any Guaranty; 
 (xxxiv) if any of the factual assumptions relating to the conduct
of Borrower contained in the Insolvency Opinion, or in any Additional Insolvency Opinion, is or shall become untrue in any material respect; 
 (xxxv) if Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement not specified in subsections (i) to (xxxiv) above, 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 provided further that 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 such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such
additional period not to exceed one hundred twenty (120) days. 
 (b) Subject to the terms of
Section 11.3, upon the occurrence of an Event of Default (other than an Event of Default described in clauses (vi), (vii) or (viii) above) and at any time thereafter while such Event of Default is continuing, in addition
to any other rights or remedies available to it pursuant to this Agreement and the other 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, without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower
and the Property, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi), (vii) or (viii) above, the Debt shall immediately and automatically become due
and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. 

Section 10.2 Remedies. 
 (a) Subject to the terms of Section 11.3, upon the occurrence and during the continuance 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 this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower 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 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 with respect to
the Property, or any other Collateral. Subject to the terms of Section 11.3, any such actions taken by Lender shall be cumulative and concurrent and may be pursued separately and independently, singly, successively, together or
otherwise, at such 

  
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time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by Law, without impairing or otherwise affecting the other rights and remedies of Lender
permitted by Law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing and to the fullest extent permitted by Law,
(i) 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, and the other Collateral and each Security Instrument has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full. 

(b) With respect to Borrower and the Property, nothing contained herein or in any other Loan Document shall be construed as requiring
Lender to resort to the Property or any other Collateral for the satisfaction of any of the Debt in preference or priority to the Property, or any other Collateral, and Lender may seek satisfaction out of the Property, or all of the other Collateral
or any part thereof, in its discretion in respect of the Debt. In addition, to the fullest extent permitted by Law, Lender shall have the right from time to time to partially foreclose any Security Instrument in any manner and for any amounts
secured by the Security Instrument then due and payable as determined by Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the
payment of one or more scheduled payments of principal and interest, Lender may foreclose the Security Instrument to recover such delinquent payments or (ii) in the event Lender elects to accelerate less than the entire outstanding principal
balance of the Loan, Lender may foreclose the Security Instrument to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Security Instrument as Lender may elect. Notwithstanding one or
more partial foreclosures, the Property shall remain subject to the Security Instrument to secure payment of sums secured by the Security Instrument and not previously recovered, to the fullest extent permitted by Law. 

(c) Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes,
mortgages and other security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder.
Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in
form and substance reasonably satisfactory to Lender and provided that such severance agreement and other documents incorporate the provisions of Section 11.3 and the Severed Loan Documents shall not contain any representations,
warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing Date. Borrower hereby absolutely and irrevocably
appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by
virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until ten (10) days after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power.
Provided no Event of Default shall then exist, Borrower shall be not obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents, other than Borrower’s
attorneys fees. 

  
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 Section 10.3 Remedies Cumulative; Waivers. 

The rights, powers and remedies of Lender under this Agreement shall be cumulative and, subject to Section 11.3, not
exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s rights, powers and remedies may be pursued
singly, concurrently or otherwise, at such time and in such order as Lender may determine in its sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or
power or shall 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 with respect to Borrower shall not be
construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

XI. SPECIAL PROVISIONS 

Section 11.1 Sale of Notes and Securitization. 
 Lender shall have the right (i) to sell, pledge, assign or otherwise transfer the Loan or any portion thereof as a whole loan or any or all servicing rights with respect thereto, (ii) to sell
participation interests in the Loan or to syndicate the Loan, (iii) to securitize the Loan or any portion thereof in a single asset securitization or a pooled loan securitization or (iv) further divide the Loan into two or more separate
notes or components. (The transactions referred to in clauses (i), (ii), (iii) and (iv) shall hereinafter be referred to collectively as “Secondary Market Transactions” and the transactions referred to in
clause (iii) shall hereinafter be referred to as a “Securitization”. Any certificates, notes or other securities issued in connection with a Securitization are hereinafter referred to as
“Securities”). At the request of the holder of the Note and, to the extent not already required to be provided by Borrower under this Agreement, Borrower and each Guarantor at the sole cost and expense of Lender, shall assist
Lender in satisfying the market standards to which the holder of the Note customarily adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with a Secondary Market Transaction, including, without
limitation: 
 (a)(i) provide such updated financial information with respect to the Property, Borrower, Operating Partnership,
each Guarantor and Manager (“Financial Information”), (ii) provide such updated non-financial information with respect to Borrower, Operating Partnership, each Guarantor and Manager, (iii) provide updated budgets
relating to the Property (“Updated Budgets”) and (iv) perform or permit or cause to be performed or permitted such site inspection, appraisals, market studies, environmental reviews and reports (Phase I’s and, if
appropriate, Phase II’s), engineering reports and other due diligence investigations of the Property, as may be reasonably requested by the holder of the Note or the Rating Agencies or as may be necessary or appropriate in connection with a
Secondary Market Transaction and provide such updated non-financial information with respect to the Property (collectively, the “Property Information”) (items (i) through (iv) being collectively, the
“Provided Information” and items 

  
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(i) through (iii) being the “Borrower Provided Information”), together, if customary, with appropriate verification and/or consents of the Provided Information
through letters of auditors or opinions of counsel of independent attorneys reasonably satisfactory to Lender and the Rating Agencies; 
 (b) deliver (i) an Additional Insolvency Opinion, (ii) additional or revised opinions of counsel as to due execution and enforceability with respect to the Property, Borrower and each Guarantor
and their respective Affiliates and the Loan Documents, (iii) revised organizational documents for Borrower and any SPC Party (including, without limitation, such revisions as are necessary to comply with the provisions of Article
VIII hereof) and (iv) good standing and qualification certificates issued by the relevant Governmental Authorities for each of Borrower, Operating Partnership, any SPC Party, Manager and each Guarantor as of the date of the Secondary
Market Transaction, which opinions, organizational documents and certificates shall be reasonably satisfactory to Lender and the Rating Agencies; 
 (c) deliver Officer’s Certificates containing updated representations and warranties as of the closing date of the Secondary Market Transaction with respect to the Property, Borrower, Operating
Partnership, each Guarantor and the Loan Documents as are customarily provided in the Secondary Market Transaction and as may be reasonably requested by the holder of the Note, any Investor 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 (in the event Borrower or any Guarantor fails to comply with this subsection (c),
Borrower and each Guarantor hereby acknowledges and agrees that each of the representations and warranties made by Borrower and each Guarantor contained in the Loan Documents shall be deemed to have been re-made as the closing date of the Secondary
Market Transaction); 
 (d) within thirty (30) days after request by Lender, use commercially reasonable efforts to obtain,
after written request from Lender, additional tenant estoppels letters, subordination agreements or other agreements from parties to agreements that affect the Property, which estoppels letters, subordination agreements or other agreements shall be
reasonably satisfactory to Lender and satisfactory to the Rating Agencies; 
 (e) execute such amendments to the Loan Documents
and organizational documents as may be requested by the holder of the Note or the Rating Agencies or otherwise to effect the Secondary Market Transaction; provided, however, that Borrower shall not be required to modify or amend any Loan Document if
such modification or amendment would (except for modifications and amendments required to be made pursuant to Section 11.1(f) hereof) (i) change the interest rate, the stated maturity or the amortization of principal set
forth in the Note or (ii) modify or amend any other material economic term of the Loan; 
 (f) if Lender elects, in its
sole discretion, prior to or upon a Secondary Market Transaction, to split the Loan into two or more parts, or the Note into multiple component notes or tranches which may have different interest rates, amortization payments, principal amounts,
payment priorities and maturities (which election Borrower agrees Lender may make), Borrower and each Guarantor agree to cooperate with Lender in connection with the foregoing and to execute the required modifications and amendments to the Note,
this Agreement and the Loan Documents and to provide opinions necessary to effectuate the same provided that (1) the initial 

  
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weighted average of the stated interest rates under such component notes does not exceed the Applicable Interest Rate, (2) the aggregate amount of any scheduled amortization payments under
such component notes does not exceed the aggregate of any scheduled amortization payments required under this Agreement, (3) the amount of the scheduled monthly amortization payments under such component notes does not exceed the amount of any
scheduled monthly amortization payments required under this Agreement, (4) the stated interest rate under such component notes are fixed rates, and (5) the stated maturity date under such component notes are the Scheduled Maturity Date;

 (g) cooperate with Lender in obtaining, at Lender’s expense, updated reports from each applicable Governmental Authority
or a third party report provider confirming, as close as possible to the closing date of the Secondary Market Transaction, that the representations made by Borrower in Article IV are true and correct including, without limitation,
reports from Governmental Authorities or third party reports providers confirming that the representations made by Borrower in Section 4.1.1 (Organization), Section 4.1.4 (Litigation),
Section 4.1.7 (No Bankruptcy Filing), Section 4.1.11 (Zoning Compliance), Section 4.1.12 (Compliance with Anti-Terrorism Laws), Section 4.1.15 (Condemnation),
Section 4.1.25 (Certificates of Occupancy; Licenses), Section 4.1.27 (Physical Condition), are true and correct; 
 (h) supply to Lender, at Lender’s expense, an endorsement to the Title Insurance Policy insuring that the Security Instrument is subject to any exceptions or Liens other than Permitted Encumbrances,
and otherwise in form and substance satisfactory to Lender; 
 (i) deliver an Officer’s Certificate certifying that there
exists no Default or Event of Default under the Loan and that Borrower or any Guarantor, as applicable, is in compliance with the terms and conditions of the Loan Documents to which it is a party and any other matters reasonably required by Lender,
any Investor or the Rating Agencies; and 
 (j) at the request of Lender, appoint one (1) additional Independent Director.

 Anything in this Section 11.1 to the contrary notwithstanding, any amendment, agreement or indemnification
or other action required pursuant to this Section 11.1 shall not (a) increase the interest rate payable hereunder (except as specifically set forth in Section 11.1(e) hereof); (b) modify the Maturity
Date; (c) require any principal amortization payments on the Note; (d) decrease the time periods during which Borrower is permitted to perform Borrower’s obligations under the Loan Documents; (e) modify any other material term or
provision of the Loan Documents; (f) increase Borrower’s obligations under the Loan Documents or decrease Borrower’s rights under the Loan Documents; or (g) result in any other economic charge or other change, adverse in any
respect, other than out-of-pocket costs for Borrower’s legal fees relating to any such transaction. Borrower shall not be obligated to incur any out-of-pocket costs and expenses in connection with Borrower’s compliance with this
Section 11.1 (other than Borrower’s attorney’s fees and expenses) and Lender shall be responsible for paying for all such out-of-pocket costs and expenses. 

Section 11.2 Securitization Indemnification. Lender shall be permitted to share all Provided Information with any
actual or potential purchaser, transferee, assignee, Servicer, participant or Investor in a Secondary Market Transaction, Rating Agencies, investment banking 

  
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firms, accounting firms, law firms and other third-party advisory firms involved with the Loan Documents or the applicable Secondary Market Transaction. It is understood that the Provided
Information may ultimately be incorporated into any offering document (“Disclosure Document”) for the Secondary Market Transaction, and also may be included in filings (an “Exchange Act Filing”) 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”), and thus
any actual or potential purchaser, transferee, assignee, Servicer, participant or Investor in a Secondary Market Transaction may also see some or all of the Provided Information. Subject to Section 13.20 hereof, each of Borrower
and each Guarantor irrevocably waives any and all rights it may have under any applicable Laws (including, without limitation, any right of privacy) to prohibit such disclosure. Lender and all of the aforesaid third-party advisors and professional
firms shall be entitled to rely on the information supplied by, or on behalf of, Borrower or any Guarantor. Borrower and each Guarantor hereby indemnify the Underwriter Group as to any Liabilities to which the Underwriter Group may become subject in
connection with any Disclosure Document and/or any Covered Rating Agency Information, in each case, insofar as such Liabilities arise out of or are based upon any untrue statement of any material fact in the Borrower Provided Information and/or
arise out of or are based upon the omission to state a material fact in the Borrower Provided Information required to be stated therein or necessary in order to make the statements in the applicable Disclosure Document and/or Covered Rating Agency
Information in light of the circumstances under which they were made, not misleading; provided, however, such indemnity shall only apply to the extent that any such Liability arises out of or is based upon any such untrue statement or omission made
therein in reliance upon and in conformity with the Borrower Provided Information or information (other than the Property Information unless Borrower has actual knowledge that any such Property Information is inaccurate in any material respect)
supplied by, or on behalf of, Borrower or any Guarantor or any Affiliate of Borrower and furnished to Lender in connection with the preparation of any Disclosure Document or in connection with underwriting or closing of the Loan. The aforesaid
indemnity will be in addition to any liability which Borrower or Guarantor may otherwise have; provided, however, such indemnification shall only be effective to the extent Lender accurately states the information supplied by, or on behalf of,
Borrower or any Guarantor, or any Affiliate of Borrower or any Guarantor, in the Disclosure Document. Lender may publicize the existence of the Debt in connection with its marketing for a Secondary Market Transaction. 

Section 11.3 Exculpation. 
 (a) Notwithstanding anything to the contrary herein or in any of the other Loan Documents but subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to
perform and observe the obligations contained in the Note, this Agreement, any Security Instrument or the other Loan Documents by any action or proceeding wherein a money judgment or any deficiency judgment or other judgment establishing personal
liability shall be sought against Borrower or any principal, director, officer, employee, beneficiary, shareholder, partner, member, manager, trustee, agent, or Affiliate of Borrower (but specifically excluding Guarantor subject to the terms of the
Guaranty) or any legal representatives, successors or assigns of any of the foregoing (collectively, the “Exculpated Parties”), except that Lender may bring a foreclosure action, an action for specific performance

  
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or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement, each Security Instrument and the other 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, by accepting the Note, this Agreement, each Security Instrument and the other Loan Documents, agrees that it shall
not sue for, seek or demand any deficiency judgment against Borrower or any of the Exculpated Parties in any such action or proceeding under or by reason of or under or in connection with the Note, this Agreement, any Security Instrument or the
other Loan Documents. The provisions of this Section 11.3 shall not, however, (a) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (b) impair the right of
Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under any Security Instrument; (c) affect the validity or enforceability of any of the Loan Documents or any guaranty or indemnity (including, without
limitation, the Guaranty and the Environmental Indemnity) or similar instrument made in connection with the Loan or any of the rights and remedies of Lender thereunder; (d) impair the right of Lender to obtain the appointment of a receiver;
(e) impair the enforcement of any Assignment of Leases; (f) impair the right of Lender to enforce the Environmental Indemnity; (g) constitute a prohibition against Lender to seek a deficiency judgment against Borrower in order to
fully realize the Collateral granted by any of the Loan Documents, including, without limitation, by any Security Instrument, or by any Assignment of Leases, or by this Agreement (including with respect to the Accounts Collateral) or to commence any
other appropriate action or proceeding in order for Lender to exercise its remedies against the Collateral (but not to impose personal liability upon Borrower contrary to this Section 11.3); or (h) constitute a waiver of the
right of Lender to enforce the liability and obligation of Borrower, 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: 
 (i) in connection with the Loan or the Property
(including, without limitation, any Lease, or the execution and delivery of this Agreement, the Note, any Security Instrument, or the other Loan Documents or at any time during the term of the Loan) Borrower, SPC Party, any Guarantor, any Affiliate
of any of the foregoing, or any of their respective agents or representatives, engages in any action constituting fraud, willful misrepresentation or willful misconduct; 
 (ii) Borrower, SPC Party, any Guarantor, or any Affiliate or Borrower, SPC Party or Guarantor, or any of their respective agents or representatives, misappropriates or misapplies (based on limitations
contained in the Loan Documents) any (A) Insurance Proceeds, (B) Awards or other amounts received in connection with the Condemnation of all or a portion of the Property, (C) Rents, or (D) funds disbursed by Lender from the
Reserve Funds; 
 (iii) criminal acts of Borrower, SPC Party, any Guarantor, any Affiliate of Borrower, SPC Party or any
Guarantor, or any of their respective agents or representatives resulting in the seizure, forfeiture or loss of the Property; 

  
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 (iv) Borrower’s failure to pay Taxes or Other Charges prior to delinquency in
accordance with the terms of this Agreement except to the extent that (A) sums sufficient to pay such amounts have been deposited into escrow with Lender and such amounts are deemed paid pursuant to Section 3.7 hereof; or
(B) the Property has not generated over the immediately preceding twelve (12) months sufficient revenue to pay the same; or (C) Borrower or any tenant is contesting Taxes or Other Charges in accordance with the terms of
Section 5.2 hereof; 
 (v) Borrower’s failure to (A) obtain and maintain (or cause the applicable
tenant to obtain and maintain) the Policies in accordance with Section 7.1 hereof, or (B) pay Insurance Premiums prior to delinquency except to the extent that (i) sums sufficient to pay Insurance Premiums have been
deposited into escrow with Lender and Insurance Premiums are deemed paid pursuant to Section 3.7 hereof; or (ii) the Property has not generated over the immediately preceding twelve (12) months sufficient revenue to pay
Insurance Premiums; 
 (vi) Borrower’s failure to pay charges for labor or materials or other charges that can create
Liens on the Property, in accordance with the terms of this Agreement, to the extent such Liens are not bonded over, discharged or contested in accordance with this Agreement or the other Loan Documents; 

(vii) the removal or disposal of any portion of the Personal Property by Borrower, SPC Party, any Guarantor, any Affiliate of Borrower,
SPC Party or any Guarantor, after an Event of Default without replacing such Personal Property with Personal Property of the same utility and of the same or greater value; 
 (viii) any intentional act of physical waste or arson by Borrower, SPC Party, any Guarantor, any Affiliate of any of the foregoing or any of their respective agents or representatives with respect to the
Property; 
 (ix) any fees or commissions being paid by Borrower to SPC Party, any Guarantor or any Affiliate of Borrower, SPC
Party or any Guarantor in violation of the terms of this Agreement; 
 (x) the breach of any representation, warranty, covenant
or indemnification provision in the Environmental Indemnity or in the Loan Documents concerning Environmental Laws and Hazardous Substances and any indemnification of Lender with respect thereto in any Loan Document; 

(xi) Borrower’s, SPC Party’s or any Guarantor’s intentional failure to comply with the terms and provisions of
Section 11.1 or Borrower’s, SPC Party’s or any Guarantor’s failure to comply with the indemnification provisions set forth in Section 11.2 hereof; 

(xii) [intentionally omitted]; 
 (xiii) Borrower or SPC Party violates or breaches any of the terms and conditions of Section 8.1 hereof (provided, however, it shall not be deemed a violation of
Section 8.1(d)(xxi) giving rise to liability under this clause (xiii) solely if Borrower or SPC Party becomes insolvent); 

  
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 (xiv) Borrower’s failure to comply with the Cash Management Covenants; 

(xv) Borrower’s failure to comply with Section 9.4 hereof (Required Repairs); 

(xvi) resulting from Borrower’s defaults under the Shopping Center Lease Agreement dated February 23, 2011, between Canarsie
Plaza LLC, as landlord, and PetSmart, Inc., as tenant, and any extensions, amendments or renewals thereof (the “PetSmart Lease”) prior to the earlier of (1) the delivery by Borrower to Lender of a deed in lieu of
foreclosure to the Property and the acceptance thereof by Lender, (2) any foreclosure of the Property under the Security Instrument by Lender, or (3) Lender taking exclusive possession of the Property. 

(b) Notwithstanding the foregoing or anything to the contrary in this Agreement or any of the other Loan Documents, (A) nothing
herein shall be deemed to be a waiver of any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provision of the 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 the Debt owing to Lender in accordance with this Agreement, the Note, any Security Instrument and the other Loan Documents and (B) the agreement of Lender not to pursue recourse liability 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 in the event that: 
 (1) Borrower fails to obtain Lender’s prior consent to any Transfer of the Property, or any Transfer of any direct or indirect interest in Borrower or any other Restricted Party, in either case to
the extent required by this Agreement or any Security Instrument; 
 (2) Borrower fails to obtain Lender’s prior consent
to any subordinate financing or other voluntary Lien encumbering the Property; and 
 (3)(A) Borrower or SPC Party files a
voluntary petition under the Bankruptcy Code or any other Creditors Rights Laws, (B) an Affiliate, officer, director, or representative which controls Borrower or SPC Party directly or indirectly, files, or joins in the filing of, an
involuntary petition against Borrower or SPC Party under the Bankruptcy Code or any other Creditors Rights Laws, or solicits or causes to be solicited, or otherwise colludes with, petitioning creditors for any involuntary petition against Borrower
or SPC Party from any Person, (C) Borrower or SPC Party files an answer consenting to, or otherwise acquiescing in, or joining in, any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Creditors
Rights Laws, or solicits or causes to be solicited, or otherwise colludes with, petitioning creditors for any involuntary petition from any Person, (D) any Affiliate, officer, director, or representative which controls Borrower or SPC Party
consents to, or acquiesces in, or joins in, an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or SPC Party or the Property (other than a receiver requested by Lender in connection with enforcement of its
rights under the Loan Documents), (E) Borrower or SPC Party makes an assignment for the benefit of creditors, or admits, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due, (F) there is a
substantive consolidation of Borrower with Sponsor or any of its subsidiaries under the 

  
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Bankruptcy Code or any other Creditors Rights Laws (unless the same results from Lender bringing an involuntary petition against Borrower or Lender seeks any such substantive consolidation); and
(G) any Restricted Party contests or opposes any motion made by Lender to obtain relief from the automatic stay or seeking to reinstate the automatic stay in the event of any proceeding under the Bankruptcy Code or any other Creditors Rights
Laws involving any Guarantor or its subsidiaries. 
 (4) Borrower, SPC Party, any Guarantor, or any Affiliate of Borrower, SPC
Party or any Guarantor institutes a judicial action which contests Lender’s exercise of remedies provided under the Loan Documents after the occurrence of an Event of Default (except to the extent that a court of competent jurisdiction makes a
final determination that Borrower, SPC Party, any Guarantor or any Affiliate of Borrower, SPC Party or any Guarantor had a valid legal basis for any such action). 
 Section 11.4 Servicer. 
 (a) At the option of Lender, the Loan
may be serviced by a master servicer, primary servicer, special servicer or trustee (any such master servicer, primary servicer, special servicer or trustee, together with their respective agents, nominees or designees, are collectively referred to
as “Servicer”) selected by Lender and Lender may delegate all or any portion of its rights and responsibilities under this Agreement and the other Loan Documents to the Servicer. Upon the appointment of a Servicer, to the
extent of the delegation to such Servicer, the term “Lender” shall be deemed to include the “Servicer”. Borrower shall not be responsible for (i) any set-up fees, or any other initial costs relating to the appointment of any
Servicer, or (ii) payment of the monthly servicing fee due to Servicer. Notwithstanding the foregoing, Borrower shall pay (i) all reasonable consent, review and processing fees of Servicer and any related third party costs, (ii) any
liquidation fees that may be due Servicer in connection with the exercise of any or all remedies permitted under the Loan Documents, (iii) upon the occurrence and during the continuance of an Event of Default, any workout fees and special
servicing fees that may be due to Servicer, which fees may be due on a periodic or continuing basis and (iv) upon the occurrence and during the continuance of an Event of Default, the costs of all property inspection and/or appraisals of the
Property (or any updates to any existing inspection or appraisal) required under this Agreement or that a Servicer may otherwise require under the Servicing Agreement (other than the cost of annual inspections required to be borne by Servicer under
the Servicing Agreement) (the “Servicing Fee”). 
 (b) Borrower acknowledges that, as part of a
Securitization, the parties to a Securitization may, in their sole discretion, elect to impose certain requirements as conditions precedent to certain actions by one or more of the Servicers (including, without limitation, that such Servicer obtain
either or both of the approval of one or more Investors (or representatives of one or more Investors) as to certain proposed actions, and/or Rating Agency Confirmation). No requirement or condition imposed upon such Servicer pursuant to any
Securitization as a condition precedent to the granting or denying of any consent or approval, or the taking or refusal to take of any action, pursuant to this Agreement (except only for any action required of Lender hereunder) shall give rise to
any claim or cause of action by Borrower against Lender, or give Borrower any defense for failure to perform its obligations under the Loan Documents. 

  
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 Section 11.5 Conversion to Registered Form. At the request of Lender, Borrower
shall appoint, as its agent, a registrar and transfer agent (the “Registrar”) reasonably acceptable to Lender which, subject to such reasonable regulations as Lender shall provide, shall maintain such books and records as are
necessary for the registration and transfer of the Note in a manner that shall cause the Note to be considered to be in registered form for purposes of Section 163(f) of the Code. The option to convert the Note into registered form once
exercised may not be revoked. Any agreement setting out the rights and obligations of the Registrar shall be subject to the reasonable approval of Lender. Borrower may revoke the appointment of any person as Registrar, effective upon the
effectiveness of the appointment of a replacement Registrar, which shall also be reasonably acceptable to Lender. The Registrar shall not be entitled to any fee from Borrower or Lender or any other lender in respect of transfers of the Note and
other Loan Documents. 
 Section 11.6 Mezzanine Financing. In connection with any Secondary Market Transaction,
Lender shall have the right at any time to divide the Loan into two or more parts: a mortgage loan (the “Mortgage Loan”) and one or more mezzanine loans (the “Mezzanine Loan(s)”). The principal amount
of the Mortgage Loan plus the principal amount of the Mezzanine Loan(s) shall equal the outstanding principal balance of the Loan immediately prior to the creation of the Mortgage Loan and the Mezzanine Loan(s). In effectuating the foregoing,
Mezzanine Lender will make a loan to borrower(s) (the “Mezzanine Borrower(s)”) and Mezzanine Borrower(s) will contribute the amount of the Mezzanine Loan(s) to Borrower and Borrower will apply the contribution to pay down the
Mortgage Loan. The Mortgage Loan and the Mezzanine Loan(s) will be on the same terms and subject to the same conditions set forth in this Agreement, the Note, each Security Instrument and the other Loan Documents except as follows: 

(a) Lender shall have the right to establish different interest rates and debt service payments for the Mortgage Loan and the Mezzanine
Loan(s) and to require the payment of the Mortgage Loan and the Mezzanine Loan(s) in such order of priority as may be designated by Lender; provided, that (i) the total loan amounts for the Mortgage Loan and the Mezzanine Loan(s) shall equal
the amount of the Loan immediately prior to the creation of the Mortgage Loan and the Mezzanine Loan(s), (ii) the weighted average interest rate of the Mortgage Loan and the Mezzanine Loan(s) shall initially on the date created equal the
interest rate which was applicable to the Loan immediately prior to creation of the Mortgage Loan and the Mezzanine Loan(s), (iii) the aggregate amount of any scheduled amortization payments under such component notes does not exceed the
aggregate of any scheduled amortization payments required under this Agreement, (iv) the amount of the scheduled monthly amortization payments under such component notes does not exceed the amount of any scheduled monthly amortization payments
required under this Agreement, (v) the stated interest rate under such component notes are fixed rates, and (vi) the stated maturity date under such component notes are the Scheduled Maturity Date. 

The Mezzanine Loan(s) will be made pursuant to Lender’s standard mezzanine loan documents, subject to such changes as Borrower may
reasonably require. The Mezzanine Loan(s) will be subordinate to the Mortgage Loan and will be governed by the terms of an intercreditor agreement between the holders of the Mortgage Loan and the Mezzanine Loan(s). 

  
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 (b) Mezzanine Borrower(s) shall (i) be a special purpose, bankruptcy remote entity
which conforms to applicable Rating Agency criteria and is otherwise acceptable to Lender and (ii) own directly or indirectly one hundred percent (100%) of Borrower. The security for the Mezzanine Loan shall be a pledge of one hundred
percent (100%) of the direct and indirect ownership interests in Borrower. 
 (c) Mezzanine Borrower(s) and Borrower shall
cooperate with all reasonable requests of Lender in order to divide the Loan into a Mortgage Loan and one or more Mezzanine Loan(s) and shall execute and deliver such documents as shall be reasonably required by Lender and any Rating Agency in
connection therewith, including, without limitation, (i) the delivery of non-consolidation opinions, (ii) the modification of organizational documents and Loan Documents (including, without limitation, opting into Article 8 of the Uniform
Commercial Code of the state of organization of Borrower and the certification of any collateral securing the Mezzanine Loan(s), (iii) authorize Lender to file any financing statements required by the Uniform Commercial Code of the state of
Borrower’s organization required to perfect its security interest in the collateral pledged as security for the Mezzanine Loan(s), (iv) execute such other documents reasonably required by Lender in connection with the creation of the
Mezzanine Loan(s), including, without limitation, a guaranty substantially similar in form and substance to the Guaranty delivered on the date hereof in connection with the Loan, an environmental indemnity substantially similar in form and substance
to the Environmental Indemnity delivered on the date hereof in connection with the Loan and a conditional assignment of management agreement substantially similar in form and substance to the Assignment of Management Agreement delivered on the date
hereof in connection with the Loan, (v) deliver appropriate authorization, execution and enforceability opinions with respect to the Mezzanine Loan(s) and amendments to the Mortgage Loan, and (vi) deliver an “Eagle 9” or
equivalent Uniform Commercial Code title insurance policy, satisfactory to Lender, insuring the perfection and priority of the Lien on the collateral pledged as security for the Mezzanine Loan(s). 

(d) All third party costs and expenses incurred by Lender, Borrower or any Guarantor in connection with Borrower’s or each
Guarantor’s complying with requests made under this Section 11.6, including, without limitation, Uniform Commercial Code title insurance premiums, shall be paid by Lender. 

(e) Anything in this Section 11.6 to the contrary notwithstanding, any amendment, agreement or indemnification or
other action required pursuant to this Section 11.6 shall not (i) increase the interest rate payable hereunder (except as specifically set forth in Section 11.6(a) hereof); (ii) modify the Maturity
Date; (iii) require any principal amortization payments on the Note (except as specifically set forth in the first paragraph of this Section 11.6); (iv) decrease the time periods during which Borrower is permitted to
perform Borrower’s obligations under the Loan Documents; (v) modify any other material term or provision of the Loan Documents; (vi) increase Borrower’s obligations under the Loan Documents or decrease Borrower’s rights
under the Loan Documents; or (vii) result in any other economic charge or other change, adverse in any respect, other than out-of-pocket costs for Borrower’s legal fees relating to any such transaction. 

  
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 XII. ACCOUNTS AND ACCOUNT COLLATERAL 

Section 12.1 Permitted Investments. Sums on deposit in any Account (other than the Lockbox Account) may be invested by
or at the direction of Lender in Permitted Investments provided (a) such investments are then regularly offered by the applicable Eligible Institution for accounts of this size, category and type, (b) such investments are permitted by
applicable Law, (c) the maturity date of the Permitted Investment is not later than the date on which sums in the applicable Account are anticipated by Lender to be required for payment of an obligation for which such Account was created, and
(d) no Event of Default shall have occurred and be continuing. No other investments of the sums on deposit in the Accounts shall be permitted except as set forth in this Section 12.1. As long as any funds constituting Account
Collateral are invested in investments that constitute Permitted Investments at the time such investments are made, Lender shall not be liable for any loss sustained on any such investment of any funds constituting Account Collateral. 

Section 12.2 Income From Permitted Investments. Lender agrees that during any period when no Event of Default exists,
all earnings or interest on the Permitted Investments (other than Permitted Investments of the Tax and Insurance Escrow Account) (the “Interest Bearing Accounts”) shall be added to and become part of each such Interest
Bearing Account; provided, however, that Lender does not warrant or guarantee any rate of return on such Permitted Investments and the provisions of this Agreement relating to Lender ‘s liability in Section 12.1 hereof remain
in full force and effect. Borrower agrees that (a) its federal taxpayer identification number shall be used to create each Interest Bearing Account, (b) all earnings or interest on the Permitted Investments of Interest Bearing Accounts
shall be reported for federal and state income tax purposes as Borrower’s income and (c) Borrower shall be fully liable for all taxes applicable to the Interest Bearing Accounts. Borrower hereby authorizes Lender to provide Borrower’s
federal taxpayer identification number to any applicable depository institution and federal and state agencies to ensure that such income with respect to the Interest Bearing Accounts is attributed to Borrower for taxation purposes. Borrower agrees
that it will promptly take any actions and execute any instruments requested by Lender to facilitate the reporting of such income as Borrower’s income. All earnings or interest on the Permitted Investments of the Tax and Insurance Escrow
Account shall be the sole property of and shall be paid to Lender, unless otherwise required by applicable Law or otherwise expressly provided in this Agreement. 
 Section 12.3 Sole Dominion and Control. Borrower acknowledges and agrees that the Accounts are subject to the sole dominion, control and discretion of Lender, its authorized agents or
designees, subject to the terms hereof; and Borrower shall have no right of withdrawal with respect to any Account. 

Section 12.4 Grant of Security Interest. Borrower hereby grants to Lender a first-priority perfected security interest
in each of the Accounts and the Account Collateral, as additional security for the payment of the Debt and the performance of the Other Obligations. Until expended or applied in accordance herewith, the Accounts shall constitute additional security
for the payment of the Debt and the performance of the Other Obligations. 
 Section 12.5 No Other Security
Interest. Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any 

  
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Account Collateral or permit any Lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC Financing Statement, except those naming Lender as the secured party, to be
filed with respect thereto. 
 Section 12.6 Change of Account Names. In the event Lender transfers or assigns
the Loan, Borrower acknowledges that each applicable Eligible Institution at which any Account has been established, at Lender’s request, shall change the name of such Account to the name of the transferee, beneficiary or assignee, as
applicable. In the event Lender retains a Servicer to service the Loan, Borrower acknowledges that each such Eligible Institution, at Lender’s request, shall change the name of each Account to the name of the Servicer, as agent for Lender.

 Section 12.7 Rights on Default. Notwithstanding anything to the contrary contained in this Agreement or
the other Loan Documents, upon the occurrence and during the continuance of an Event of Default, Lender shall promptly notify each Eligible Institution at which any Account has been established, in writing of such Event of Default and, without
notice from Lender or any such Eligible Institution to Borrower, (a) Borrower shall have no rights in respect of (including, without limitation, the right to instruct any such Eligible Institution to transfer from) the Accounts, (b) Lender
may direct any such Eligible Institution to liquidate and transfer any amounts then invested in Permitted Investments to the Accounts or reinvest such amounts in other Permitted Investments as Lender may determine is necessary to perfect or protect
any security interest granted or purported to be granted hereby or pursuant to the other Loan Documents or to such Eligible Institution, as agent for Lender, or Lender, to exercise and enforce Lender’s rights and remedies hereunder or under any
other Loan Document with respect to any Account or any Account Collateral, (c) Lender shall have all rights and remedies with respect to Account Collateral as described in this Agreement and in the Security Instrument, in addition to all of the
rights and remedies available to a secured party under the UCC and (d) Lender may apply the Account Collateral to the payment of the Debt, in such order, manner, amounts, times and priority as Lender in its sole discretion determines (including
to the payment of the items for which the Reserve Funds or the Triggering Event Period Reserve Funds were established, if Lender so elects in its sole discretion), and such reserved rights shall be in addition to all other rights and remedies
provided to Lender under this Agreement and the other Loan Documents. 
 Section 12.8 Limitations on Liability of
Lender. 
 (a) Beyond the exercise of reasonable care in the custody thereof or as otherwise expressly provided
herein, Lender shall have no duty with respect to any Account Collateral in its possession or control, or any income thereon or the preservation of rights against any Person or otherwise with respect thereto. Lender shall be deemed to have exercised
reasonable care in the custody and preservation of any such Account Collateral if such Account Collateral is accorded treatment substantially equal to that which Lender accords its own property, it being understood and agreed that Lender shall not
be liable or responsible for any loss or damage to any Account Collateral, or for any diminution in value thereof, by reason of any act or omission of Lender, its Affiliates, agents, employees or bailees, except to the extent such loss or damage
results from Lender’s gross negligence, willful misconduct or bad faith, provided that nothing in this Section 12.8(a) shall be deemed to relieve Lender from the duties and standard of care which, as a commercial bank, it
generally owes to depositors. Without limiting the generality of the foregoing, Lender shall have no liability to any Person based upon 

  
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its errors in judgment, its performance of its duties with respect to any of the Account Collateral under this Agreement, any claimed failure to perform such duties, any action taken or omitted
in good faith or any mistake of fact or Law; provided that Lender shall be liable for damages arising out of its gross negligence, willful misconduct or bad faith. 
 (b) The duties of Lender in its capacity as the holder of any Account Collateral in its possession or control pursuant to this Agreement are purely ministerial. In such capacity, Lender is acting as a
stakeholder for the accommodation of Borrower and is not responsible or liable in any manner whatsoever related to any signature, notice, resolution, request, waiver, consent, receipt, order, certificate, report, opinion, bond or other paper or
document pursuant to which Lender may act with respect to any such Account Collateral, including, without limitation, terms and conditions, sufficiency, correctness, genuineness, validity, form of execution, or the identity, authority or right of
any person executing or depositing the same. Without limiting the generality of the foregoing, Lender shall be protected in acting upon any signature, notice, resolution, request, waiver, consent, receipt, order, certificate, report, opinion, bond
or other paper or document believed by it to be genuine, and Lender may assume that any Person purporting to act on behalf of Borrower giving any of the foregoing in connection with any Account Collateral in Lender’s possession or control has
been duly authorized to do so. Lender may consult with counsel, and the opinion of such counsel shall be full and complete authorization and protection in respect of any such action taken or suffered by Lender in good faith in accordance herewith.

 (c) Lender shall not be responsible for the validity or sufficiency of any cash, instruments, wire transfer or any other
property delivered to it hereunder, for the value or collectability of any check or other instrument so delivered or for any representation made or obligations assumed by Borrower or any other party to the Loan Documents. Nothing herein contained
shall be deemed to obligate Lender to deliver any cash or any other funds or property referred to herein, unless the same shall have first been received by Lender pursuant to this Agreement. 

Section 12.9 Indemnity. Borrower hereby indemnifies and holds the Indemnified Parties harmless against any Liabilities
which any Indemnified Party may incur arising from or related in any way to any and all actions taken by Lender with respect to any Account Collateral in its possession or control, and any claims or demands asserted against Lender arising out of any
such Account Collateral, excepting only any such claims or demands arising out of Lender’s gross negligence, willful misconduct or bad faith. The amount of any such Liabilities shall bear interest at the Applicable Interest Rate, unless an
Event of Default has occurred and is continuing, in which case the amount of any such Liabilities shall bear interest at the Default Rate, from the date any such Liabilities are incurred to the date of payment to the Indemnified Party, shall be
deemed to constitute a portion of the Debt, shall be secured by the Lien of the Security Instrument and the other Loan Documents, and shall be immediately due and payable upon demand therefor. 

Section 12.10 Disbursement of Disputed Funds. In the event any adverse claims are made upon the funds in any Account
Collateral in the possession or control of Lender, then, at Lender’s option: (a) Lender shall not deliver such Account Collateral to any Person, shall refuse to comply with any claims on it and shall continue to hold such Account
Collateral until (i)

  
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Lender, Borrower and any other Person who may have asserted a claim upon any such Account Collateral shall agree in writing to a delivery of such Account Collateral, in which event Lender shall
then deliver such Account Collateral in accordance with such written agreement, or (ii) Lender receives a certified copy of a final and non-appealable judgment or order of a court of competent jurisdiction directing the delivery of such Account
Collateral, in which event Lender shall then deliver such Account Collateral in accordance with such judgment or order; or (b) if Lender shall receive a written notice advising that litigation over any Account Collateral has been commenced,
Lender may deposit such Account Collateral with the Clerk of the Court in which such litigation is pending; or (c) Lender may take affirmative steps to (i) substitute for itself an impartial party reasonably satisfactory to Lender and
Borrower, (ii) deposit such Account Collateral with a court of competent jurisdiction, or (iii) commence an action for interpleader, the costs thereof to be borne by Borrower. The provisions of this Section 12.10 shall
not apply to any dispute between Borrower and Lender. 
 Section 12.11 Disbursement Upon Payment in Full.
Upon payment in full of the Debt, and the performance of the Other Obligations, any funds remaining in the Accounts shall be disbursed to Borrower pursuant to the written instructions of Borrower. 

Section 12.12 Letters of Credit. 
 (a) This Section shall apply to any Letters of Credit which are permitted to be delivered pursuant to the express terms and conditions hereof. Borrower shall give Lender no less than ten (10) days
written notice of Borrower’s election to deliver a Letter of Credit together with a draft of the proposed Letter of Credit and Borrower shall pay to Lender all of Lender’s reasonable out-of-pocket costs and expenses in connection
therewith. No party other than Lender shall be entitled to draw on any such Letter of Credit. In the event that any disbursement of any Reserve Funds relates to a portion thereof provided through a Letter of Credit, any “disbursement” of
said funds as provided above shall be deemed to refer to (i) Borrower providing Lender a replacement Letter of Credit in an amount equal to the original Letter of Credit posted less the amount of the applicable disbursement provided hereunder
and (ii) Lender, after receiving such replacement Letter of Credit, returning such original Letter of Credit to Borrower; provided, that, no replacement Letter of Credit shall be required with respect to the final disbursement of the applicable
Reserve Funds such that no further sums are required to be deposited in the applicable Reserve Funds. 
 (b) Each Letter of
Credit delivered hereunder shall be additional security for the payment of the Debt. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all
or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Debt in such order, proportion or priority as Lender may determine. Any such application to the
Debt shall be subject to the terms and conditions hereof relating to application of sums to the Debt. Lender shall have the additional rights to draw in full any Letter of Credit: (i) if Lender has received a notice from the issuing bank that
the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (ii) if Lender has not received a
notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is 

  
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scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire;
(iii) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions hereof or a substitute Letter of Credit is
provided by no later than thirty (30) days prior to such termination); (iv) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Approved Bank and Borrower has not substituted a Letter of Credit
from an Approved Bank within fifteen (15) days after notice; and/or (v) if the bank issuing the Letter of Credit shall fail to (A) issue a replacement Letter of Credit in the event the original Letter of Credit has been lost,
mutilated, stolen and/or destroyed or (B) consent to the transfer of the Letter of Credit to any Person designated by Lender. If Lender draws upon a Letter of Credit pursuant to the terms and conditions of this Agreement, provided no Event of
Default exists, Lender shall apply all or any part thereof for the purposes for which such Letter of Credit was established. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon
the happening of an event specified in (i), (ii), (iii), (iv) or (v) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of
Credit. 
 XIII. MISCELLANEOUS 
 Section 13.1 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 all or any of the Debt is outstanding and unpaid unless a longer period is expressly set forth herein or in the
other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements in this
Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 
 Section 13.2 Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or disapprove, or any arrangement or term is to be
satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole and absolute
discretion of Lender and shall be final and conclusive. Prior to a Securitization, whenever pursuant to this Agreement the Rating Agencies are given any right to approve or disapprove, or any arrangement or term is to be satisfactory to the Rating
Agencies, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory, based upon Lender’s determination of Rating Agency criteria, shall be substituted therefor. 

Section 13.3 Governing Law. 
 (a) This Agreement, the Note and the other Loan Documents will be governed by and construed in accordance with the Laws of the State where the Land is located without regard to principles of conflicts of
laws, provided that to the extent any of such Laws may now or hereafter be preempted by Federal Law, in which case such Federal Law shall so govern and 

  
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be controlling. 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, THE NOTE OR ANY OF THE OTHER LOAN DOCUMENTS. 
 (b) NOTWITHSTANDING THE FOREGOING, THE UCC IN EFFECT IN THE
COMMONWEALTH OF PENNSYLVANIA SHALL GOVERN THE CREATION, PERFECTION, PRIORITY AND ENFORCEMENT OF THE LIEN AND SECURITY INTEREST CREATED IN THE ACCOUNT COLLATERAL. 
 Section 13.4 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, the Note, or 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 (unless such future notice or demand is otherwise required to be given under applicable law). 

Section 13.5 Nonwaiver. 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 the Note or 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 this Agreement, the Note or
any other 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 this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect
prompt payment of any such other amount. 
 Section 13.6 Notices. 

All notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document shall be given in writing
and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery service, either commercial or United States
Postal Service, with proof of attempted delivery, and by telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a
written notice to the other parties hereto in the manner provided for in this Section 13.6): 
 If to Lender:

 PNC Bank, National Association 

10851 Mastin 
 Overland Park, KS 66210 
 Attention: Jeannette I. Butler, Senior
Vice President 
 Facsimile No.: 913-253-9718 

  
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	 If to Borrower:
	  	 COLE MT BROOKLYN NY, LLC

c/o Cole Real Estate Investments
 2325 East
Camelback Road, Suite 1100
 Phoenix, AZ 85016
 Attention: General Counsel, Real Estate
 Facsimile No.: 602-778-8780

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; or in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery on a Business Day. 
 Section 13.7 Financing Statements. Borrower hereby authorizes Lender to file, and upon Lender’s request, shall deliver to Lender for filing, an initial financing statement or
statements under the UCC with respect to any portion of the Collateral which is or may be subject to any security interest within the meaning of the UCC in the form required to properly perfect Lender’s security interest therein. At any time
and from time to time, at the expense of Borrower, Borrower shall promptly execute and deliver all further instruments and documents, and take all further action that may be necessary or that Lender may reasonably request (including, without
limitation, all initial financing statements, and any restatements, extensions, continuations, renewals or amendments thereof), in order to perfect, or continue the perfection of, and to protect any security interest granted or purported to be
granted hereby or by the other Loan Documents (including, without limitation, any security interest in and to any Permitted Investments), or to enable Lender, or any agent of Lender, to exercise and enforce its rights and remedies hereunder or under
any of the other Loan Documents with respect to any portion of the Collateral which is or may be subject to any security interest within the meaning of the UCC, and if Borrower fails to promptly execute and deliver such further instruments and
documents, Borrower hereby expressly authorizes and appoints Lender as its attorney-in-fact to execute such further instruments and documents in the name of and upon behalf of Borrower, which power of attorney shall be irrevocable and shall be
deemed to be coupled with an interest. With respect to any of the Collateral in which a security interest is not perfected by the filing of a financing statement, Borrower consents and agrees to undertake, and to cooperate fully with Lender, to
perfect the security interest granted to Lender in such Collateral. Without limiting the foregoing, if and to the extent any of the Collateral is held by a bailee for the benefit of Borrower, Borrower shall promptly notify Lender thereof and, if
required by Lender, promptly obtain an acknowledgment from such bailee that is reasonably satisfactory to Lender and confirms that such bailee holds such Collateral for the benefit of Lender as secured party and shall only act upon instructions from
Lender with respect to such Collateral. 
 Section 13.8 Waiver of Trial by Jury. BORROWER HEREBY AGREES NOT TO ELECT A
TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM OF ANY NATURE, 

  
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WHETHER IN CONTRACT OR TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN, THE APPLICATION FOR THE LOAN, THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, OR ANY ACTS OR OMISSIONS OF
LENDER, OR ANY OF ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH RESPECT TO ANY OF THE FOREGOING. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS
GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. BORROWER CONFIRMS THAT IT HAS BEEN REPRESENTED (OR HAS HAD THE
OPPORTUNITY TO BE REPRESENTED) BY INDEPENDENT LEGAL COUNSEL FREELY CHOSE BY BORROWER CONCERNING THE LOAN, THE LOAN DOCUMENTS AND SPECIFICALLY THE WAIVER OF JURY TRIAL CONTAINED HEREIN AND THAT BORROWER HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH
SUCH COUNSEL. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY SUCH ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER. 

Section 13.9 Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included
herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 13.10 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. 
 Section 13.11 Preferences.
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 obligations of Borrower hereunder, provided same is done consistent with the provisions of this Agreement. To
the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are 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 Creditors Rights Law, state or federal Law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder 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. 
 Section 13.12 Waiver of
Automatic or Supplemental Stay. In the event of the filing of any voluntary or involuntary petition under the Bankruptcy Code by or against Borrower (other than an involuntary petition filed by or joined by Lender), Borrower shall not
assert, or request any other party to assert, that the automatic stay under Section 362 of the Bankruptcy Code shall operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of Lender to

  
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enforce any rights it has by virtue of this Agreement, or any other rights that Lender has, whether now or hereafter acquired, against any Guarantor. Further, Borrower shall not seek a
supplemental stay or any other relief, whether injunctive or otherwise, pursuant to Section 105 of the Bankruptcy Code or any other provision therein to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights
it has by virtue of this Agreement against any Guarantor. The waivers contained in this paragraph are a material endorsement to Lender’s willingness to make the Loan, and Borrower acknowledges and agrees that no grounds exist for equitable
relief which would bar, delay or impede the exercise by Lender of its rights and remedies against Borrower or any Guarantor. 

Section 13.13 Bankruptcy Acknowledgment. In the event the Property or any interest therein becomes property of any
bankruptcy estate or subject to any state or federal insolvency proceeding, then Lender shall immediately become entitled, in addition to all other relief to which Lender may be entitled under the Security Instrument or any other Loan Document, to
obtain: (a) an order from the Bankruptcy Court or other appropriate court granting immediate relief from any automatic stay laws (including Section 362 of the Bankruptcy Code) so to permit Lender to pursue its rights and remedies against
Borrower as provided under this Agreement and the Security Instrument and all other rights and remedies of Lender at law and in equity under applicable state law; and (b) an order from the Bankruptcy Court prohibiting Borrower’s use of all
“cash collateral” as defined under Section 363 of the Bankruptcy Code. In connection with any such orders, Borrower shall not contend or allege in any pleading or petition that Lender does not have sufficient grounds for relief from
the automatic stay. Any bankruptcy petition or other action taken by Borrower to stay, condition, or inhibit Lender from exercising its remedies are hereby admitted by Borrower to be in bad faith and Borrower further admits that Lender would have
just cause for relief from the automatic stay in order to take such actions authorized by state Law. 
 Section 13.14
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 the other Loan Documents specifically and expressly provide for 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 this Agreement or the other Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower. 

Section 13.15 Remedies of Borrower. In the event that a claim or adjudication is made that Lender or its agents have
acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither
Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to
determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

  
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 Section 13.16 Expenses; Indemnity. 

(a) Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of written notice from Lender
for all reasonable costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents
and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions requested by Lender as to any legal matters arising under this
Agreement or the other Loan Documents with respect to the Property); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements and covenants contained in this Agreement and the other Loan Documents on
its part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements; (iii) the negotiation, preparation, execution, delivery and administration of
any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents requested by Borrower or otherwise required hereunder and any other documents or matters requested by Borrower or otherwise required hereunder;
(iv) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (v) the filing and recording fees and expenses, title insurance and reasonable fees and expenses of counsel for providing to
Lender all reasonably required legal opinions, and other similar expenses incurred in creating and perfecting the Lien in favor of Lender pursuant to this Agreement and the other Loan Documents and any amendment thereof; (vi) subject to
Section 11.3 hereof, 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, this
Agreement, the other Loan Documents, the Property, or any other security given for the Loan; and (vii) subject to Section 11.3 hereof, enforcing any obligations of or collecting any payments due from Borrower under this
Agreement, the other Loan Documents or with respect to the Property or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work out” or of any insolvency or
bankruptcy proceedings; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any cost
and expenses due and payable to Lender may be paid from any amounts in the Lockbox Account or Cash Management Account. 
 (b)
Subject to Section 11.3 hereof, Borrower shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all Liabilities that may be imposed on, incurred by, or asserted against any Indemnified Party in
any manner relating to or arising out of (i) any material breach by Borrower of its obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use
of the proceeds of the Loan; provided, however, that Borrower shall not have any obligation to Lender hereunder to the extent that such Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of Lender. To the extent
that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any Law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under
applicable Law to the payment and satisfaction of all Liabilities incurred by the Indemnified Parties. 

  
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 Section 13.17 Exhibits Incorporated. The Exhibits annexed hereto are
hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 

Section 13.18 Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement,
the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against any assignor of such documents, and no such unrelated
counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such
action or proceeding is hereby expressly waived by Borrower. 
 Section 13.19 No Joint Venture or Partnership; No Third
Party Beneficiaries. 
 (a) Borrower and Lender intend that the relationships created hereunder and under the other
Loan Documents between Borrower and Lender be solely that of debtor and creditor, and that Lender shall have no fiduciary or other special relationship with Borrower. Nothing herein or therein is intended to, nor shall anything contained herein or
therein be construed to, constitute Lender as a joint venturer, partner, tenant in common, joint tenant or agent of Borrower, nor to grant Lender any interest in the Property other than that of mortgagee, beneficiary or lender, nor to render Lender
liable for any debts, obligations, acts, omissions, representations or contracts of Borrower. 
 (b) This Agreement and the
other Loan Documents are solely for the benefit of Lender, Borrower and each Guarantor and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender, Borrower and each Guarantor any right
to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and
no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other
Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if Lender deems it advisable or desirable to do so. 

Section 13.20 Disclosure of Information. 
 (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, each of Borrower and Lender shall be permitted to make disclosures regarding the Loan (including, without
limitation, any information obtained and/or provided in connection therewith) to the extent required in connection with their respective ordinary course reporting under applicable Laws (including, without limitation, applicable securities laws), to
their respective investors or regulators and/or as may be required by applicable Law, in each case, without the approval of the other Person. 

  
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 (b) Except as otherwise provided by applicable Law, Lender shall utilize all information
identified by Borrower or Guarantor to Lender as being confidential or proprietary (“Identified Information”) in accordance with its customary procedure for handling confidential information of this nature and in accordance
with safe and sound banking practices but, notwithstanding the foregoing, in no event shall Lender or Servicer be prohibited from disclosing, or consenting to the disclosure of any information (including, without limitation, any Identified
Information) (1) in connection with any Secondary Market Transaction (including, without limitation, to any Investor and/or any accountants, legal counsel and other similar agents of any Investor, or any Rating Agencies (which, for the purposes
of this Section 13.20(b), shall include any non-hired Rating Agency)(provided that, in ease case, they shall be notified of the confidential nature of the information), or as otherwise required by any applicable legal or
regulatory requirement, (2) to any of its Affiliates (provided any such Affiliate shall agree to keep such information confidential in accordance with the terms of this Section); (3) as required by any Governmental Authority or
representative thereof or pursuant to legal process or in connection with any legal proceedings; (4) to Lender’s independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the
information); (5) if an Event of Default exists, to any other Person, in connection with the exercise by Lender of rights hereunder or under any of the other Loan Documents; and (6) to the extent such information (x) becomes publicly
available other than as a result of a breach of this Section or (y) becomes available to Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate that is not known by Lender to be subject to a confidentiality
restriction with respect thereto. 
 Section 13.21 Waiver of Marshalling of Assets. 

To the fullest extent permitted by Law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the
assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Property, and agrees not to assert any right under any Laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead
exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Property for the collection of the Debt without any prior or different
resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Property in preference to every other claimant whatsoever. 
 Section 13.22 Waiver of Counterclaim. 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. 
 Section 13.23 Conflict; Construction of Documents; Reliance. 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 they were represented by competent counsel in connection with the negotiation,
drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower shall
rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or 

  
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recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it
under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest any of them may acquire in Borrower, and Borrower
hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower acknowledges that Lender engages in the business of real estate
financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates. 
 Section 13.24 Brokers and Financial Advisors. Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection
with the transactions contemplated by this Agreement. Borrower hereby agrees to indemnify, defend and hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind (including Lender’s reasonable
attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower or Lender in connection with the transactions contemplated herein. The provisions of this
Section 13.24 shall survive the expiration and termination of this Agreement and the payment of the Debt. 

Section 13.25 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 among or between such parties, whether oral or written are superseded by the terms of this Agreement and the other Loan Documents.

 Section 13.26 Assignments. None of Borrower, SPC Party or any Guarantor may Transfer this Agreement or any
other Loan Document or any of their respective rights or obligations hereunder or thereunder, except as expressly permitted pursuant to the terms and provisions of Section 6.2 and Section 6.6 hereof. If Borrower
is a partnership, the agreements contained herein and in the other Loan Documents shall remain in force and be applicable, notwithstanding any changes in the individuals or entities comprising the partnership, and the term “Borrower” as
used herein, shall include any alternate or successor partnership, but any predecessor partnership and their partners shall not thereby be released from any liability. If Borrower is a corporation, the agreements contained herein and in the other
Loan Documents shall remain in full force and be applicable notwithstanding any changes in the shareholders comprising, or the officers and directors relating to, the corporation, and the term “Borrower” as used herein, shall include any
alternate or successor corporation, but any predecessor corporation shall not be relieved of liability hereunder. If Borrower is a limited liability company, the agreements contained herein and in the other Loan Documents shall remain in force and
be applicable, notwithstanding any changes in the members comprising the limited liability company, and the term “Borrower” as used herein, shall include any alternate or successor limited liability company, but any predecessor limited
liability company and their members shall not thereby be released from any liability. (Nothing in the foregoing sentences shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in such
partnership, corporation or limited liability company which may be set forth in the Loan Agreement, any Security Instrument or any other Loan Document.) 

  
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 Section 13.27 Duplicate Originals; Counterparts. This Agreement and each
of the other Loan Documents may be executed in any number of duplicate originals, and each duplicate original shall be deemed to be an original. This Agreement and each of the other Loan Documents (and each duplicate original) also may be executed
in any number of counterparts, each of which shall be deemed an original and all of which together constitute a fully executed agreement even though all signatures do not appear on the same page. The failure of any party hereto to execute each
counterpart of this Agreement shall not relieve the other signatories from their obligations hereunder. 
 PURSUANT TO THE TERMS
OF SECTION 13.8 OF THIS AGREEMENT, EACH BORROWER IRREVOCABLY WAIVES ANY AND ALL RIGHTS ANY SUCH BORROWER MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION
WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. EACH BORROWER ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 
 Borrower acknowledges that it has read and understood all the provisions of this Agreement, including the Waiver of Trial by Jury, and has been advised by counsel as necessary or appropriate. 

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. 
  

			
	BORROWER:
	
	 COLE MT BROOKLYN NY, LLC, a Delaware limited

liability company

		
	 By:
	 	/s/ John M. Pons
		 	     John M. Pons, Officer

  
 119

 
			
	LENDER:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Jeannette Butler
		
	Name:	 	Jeannette Butler
		
	 Title:
	 	Sr. Vice President

  
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	WITH RESPECT TO SECTIONS 11.1 AND
	
	11.2 HEREOF ONLY:
	
	 COLE CREDIT PROPERTY TRUST IV, INC., a
 Maryland corporation

		
	By:	 	  /s/ John M. Pons
	
	Name: John M. Pons
	
	Title: Authorized Officer

  
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