Document:

EX-10.111

 Exhibit 10.111 

SECURED PROMISSORY NOTE 
  

			
	$255,000,000.00	 	December 16, 2013

 FOR VALUE RECEIVED, KBSIII 500 WEST MADISON, LLC, a Delaware limited liability company
(“Borrower”), HEREBY PROMISE TO PAY to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”) the principal sum of Two Hundred Fifty-Five Million Dollars ($255,000,000), or if less, the aggregate
unpaid principal amount of all disbursements disbursed by Lender pursuant to the requirements set forth in the Loan Agreement dated as of December 16, 2013 (as amended, supplemented or restated from time to time the “Loan
Agreement”), among Borrower, Lender, certain other Lenders named therein or made parties thereto and Wells Fargo Bank, National Association, as Administrative Agent, together with interest on the unpaid principal balance hereof at the rate
(or rates) determined in accordance with Section 2.7 of the Loan Agreement from the date such principal is advanced until it is paid in full. It is contemplated that there will be advances and payments under this Note from time to time,
but no advances or payments under this Note (including payment in full of the unpaid balance of principal hereof prior to maturity) shall affect or impair the validity or enforceability of this Note as to future advances hereunder. 

This Note is one of the Notes referred to in and governed by the Loan Agreement, which Loan Agreement, among other things, contains provisions for the
acceleration of the maturity hereof and for the payment of certain additional sums to Lender upon the happening of certain stated events. Capitalized terms used in this Note without definition have the same meanings as in the Loan Agreement. 

The principal amount of this Note, unless accelerated in accordance with Loan Agreement as described below, if not sooner paid, will be due and payable,
together with all accrued and unpaid interest and other amounts due and unpaid under the Loan Agreement, on the Maturity Date. 
 This Note is secured
by, among other things, the Mortgage referred to in the Loan Agreement. 
 Interest on the Loan is payable in arrears on the first Business Day of
each month during the term of the Loan Agreement, commencing with the first Business Day of the first calendar month to begin after the date of this Note. Interest will be computed on the basis of the actual number of days elapsed in the period
during which interest accrues and a year of three hundred sixty (360) days. The Loan Agreement provides for the payment by Borrower of various other charges and fees, in addition to the interest charges described in the Loan Agreement, as set
forth more fully in the Loan Agreement. 
 All payments of any amount becoming due under this Note shall be made in the manner provided in the Loan
Agreement, in Dollars. 
 Upon and after the occurrence of a Default, unless such Default is waived as provided in the Loan Agreement, this Note may,
at the option of Requisite Lenders and without further demand, notice or legal process of any kind, be declared by Administrative Agent, and in such case immediately shall become, due and payable. Upon and after the occurrence of certain Defaults,
this Note shall, without any action by Lenders and without demand, notice or legal process of any kind, automatically and immediately become due and payable. 

Demand, presentment, protest and notice of nonpayment and protest, notice of intention to accelerate maturity, notice of acceleration of maturity and
notice of dishonor are hereby waived by Borrower. Subject to the terms of the Loan Agreement, Lender may extend the time of payment of this Note, postpone the enforcement hereof, grant any indulgences, release any party primarily or secondarily
liable hereon or agree to any subordination of Borrower’s obligations hereunder without affecting or diminishing Lender’s right of recourse against Borrower, which right is hereby expressly reserved. 

This Note has been delivered and accepted at Irvine, California. This Note shall be interpreted in accordance with, and the rights and liabilities of
the parties hereto shall be determined and governed by, the laws of the State of California. 

 All notices or other communications required or permitted to be given pursuant to this Note shall be given
to Borrower or Lender at the address and in the manner provided for in the Loan Agreement. 
 In no contingency or event whatsoever shall interest
charged in respect of the Loan evidenced hereby, however such interest may be characterized or computed, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable
hereto. If such a court determines that Lender has received interest hereunder in excess of the highest rate applicable hereto, Lender shall, at Lender’s election, either (a) promptly refund such excess interest to Borrower or
(b) credit such excess to the principal balance hereof. This provision shall control over every other provision of all agreements between Borrower and Lender. 

Whenever possible each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Note 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 Note. 
 The limitations on personal liability of the shareholders, partners and members of Borrower contained in Section 13.27 of
the Loan Agreement shall apply to this Note. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, this Note has been executed and delivered as of the date first set forth above. 

 

											
	KBSIII 500 WEST MADISON, LLC,
	a Delaware limited liability company
		
	By:	    	KBSIII REIT ACQUISITION XI, LLC,
		    	a Delaware limited liability company,
		    	its sole member
			
		    	By:	    	KBS REIT PROPERTIES III, LLC,
		    		    	a Delaware limited liability company,
		    		    	its sole member
				
		    		    	By:	    	KBS LIMITED PARTNERSHIP III,
		    		    		    	a Delaware limited partnership,
		    		    		    	its sole member
					
		    		    		    	By:	    	KBS REAL ESTATE INVESTMENT TRUST III, INC.,
		    		    		    		    	a Maryland corporation,
		    		    		    		    	its general partner
						
		    		    		    		    	By:	    	/s/ Charles J. Schreiber, Jr.,                              
		    		    		    		    		    	Charles J. Schreiber, Jr.,
		    		    		    		    		    	Chief Executive Officer

 SFI-846964v1 
  

 
  
 Signature Page –
Promissory NoteEX-10.112

 Exhibit 10.112 

Loan No. 1010977 
 LIMITED GUARANTY 

(Secured Loan) 
 THIS LIMITED GUARANTY
(“Guaranty”) is made as of December 16, 2013, by KBS REIT PROPERTIES III, LLC, a Delaware limited liability company (“Guarantor”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION
(“Administrative Agent”), as administrative agent for itself and the Lenders from time to time a party to the Loan Agreement (defined below) (“Lenders”). 

R E C I T A L S 
  

	A.	 Pursuant to the terms of that certain Loan Agreement, dated as of the date hereof, by and between KBSIII 500 West Madison, LLC, a Delaware limited liability
company (“Borrower”), Administrative Agent and Lenders (as the same may be amended, modified, supplemented or replaced from time to time, the “Loan Agreement”), Administrative Agent and Lenders have agreed to loan
to Borrower the principal sum of Two Hundred Fifty-Five Million Dollars ($255,000,000) (the “Loan”) for the purposes specified in the Loan Agreement. 

 

	B.	 The Loan Agreement provides that the Loan is evidenced by one or more Secured Promissory Notes in the aggregate principal amount of Two Hundred Fifty-Five
Million Dollars ($255,000,000) (as the same may be amended, modified or replaced from time to time, collectively, the “Note”), each executed by Borrower in favor of a Lender, and is further evidenced by the documents described in
the Loan Agreement as the “Loan Documents”. The Note is secured by, among other things, a Mortgage with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of the date hereof, executed by
Borrower, as mortgagor, in favor of Administrative Agent, for the benefit of Lenders, as mortgagee (as the same may be amended, modified, supplemented or replaced from time to time, the “Mortgage”). All capitalized terms not
otherwise defined herein shall have the meanings given to them in the Loan Agreement. 

  

	C.	 As a condition to Administrative Agent’s and Lenders’ agreement to enter into the Loan Agreement, Guarantor has agreed to enter into this Guaranty.

  

	D.	 Guarantor is the direct or indirect owner of Borrower and will benefit from the Loan. 

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

	1.	 GUARANTY.   Guarantor hereby unconditionally, absolutely and irrevocably guarantees and promises to pay to Administrative Agent, or
order, on demand, in lawful money of the United States of America, in immediately available funds and to defend, indemnify and hold harmless Administrative Agent, Lenders, and each of their respective directors, officers, employees, successors and
assigns from and against any and all claims, suits, liabilities (including, without limitation, strict liabilities and any impairment of Lenders’ security for the Loan), actions, or proceedings, any obligations, debts, damages, losses, costs,
expenses, fines, penalties, charges, fees, judgments, awards, court costs, and legal or other expenses (including, without limitation, attorneys’ fees and expenses and amounts paid in settlement of whatever kind or nature), which Administrative
Agent or Lenders may incur as a direct or indirect consequence of: (a) fraud or willful misrepresentation by Borrower, Guarantor, the Manager, KBS Real Estate Investment Trust III, Inc. (“KBS REIT”), or any other Affiliate of
Guarantor or KBS REIT (collectively, “Borrower or its Affiliate”); (b) intentional physical waste of any real property constituting collateral for the Loan (the “Property”) by Borrower or its Affiliate;
(c) intentional misapplication or misappropriation by Borrower or its Affiliate of (i) proceeds paid under any insurance policy by reason of damage, loss or destruction affecting any portion of the Property, or (ii) any proceeds or
awards resulting from condemnation of all or any part of the Property or any deed given in lieu 

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thereof; (d) intentional misapplication or misappropriation by Borrower or its Affiliate of rents received after receipt by Borrower of any notice of default, foreclosure or the exercise of
the power of sale under the Mortgage or any other remedies by Administrative Agent upon a default by Borrower; (e) intentional misappropriation or misapplication by Borrower or its Affiliate of any funds disbursed to Borrower from any account
which is collateral for the Loan; or (f) Borrower’s breach of the covenants set forth in Section 9.17(a) of the Loan Agreement. 

  

	2.	 EXCEPTIONS; FULL RECOURSE. Notwithstanding the foregoing, or anything to the contrary contained in this Guaranty or the other Loan Documents,
the limitation on liability set forth in Section 1 above shall be null and void and completely inapplicable, and Guarantor shall be fully and personally liable for the payment and performance of all obligations set forth in the Loan
Agreement and the other Loan Documents, including the payment of all principal, interest and other amounts under the Note, in immediately available funds, upon the occurrence of (a) any event referred to in Section 11.1(f)(i) of the Loan
Agreement (provided, that, for purposes of this Guaranty, the 60-day time period for dismissal referred to in Section 11.1(f)(i) of the Loan Agreement shall be increased to 120 days), or (b) any event referred to in
Section 11.1(g) of the Loan Agreement. 

  

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

  

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

  

	5.	 RIGHTS OF ADMINISTRATIVE AGENT AND LENDERS. Guarantor authorizes Administrative Agent and Lenders, as applicable, without giving notice to
Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew, modify or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan
Documents; (b) declare all sums owing to any Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan
Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or
other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for
the performance of Borrower’s obligations under the Note or the other Loan Documents and 

  
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exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Administrative Agent in its discretion may determine;
(g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Administrative Agent from Borrower to any
obligations of Borrower to Administrative Agent or any Lender, in such order as Administrative Agent shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or
in part; and (j) assign, transfer or negotiate all or any part of the indebtedness evidenced by the Note and the other Loan Documents. 

  

	6.	 GUARANTOR’S WAIVERS. Guarantor waives: (a) any defense based upon any legal disability or other defense of Borrower, any other
guarantor or other person, or by reason of the cessation or limitation of the liability of Borrower from any cause other than full payment of all sums payable under the Note or any of the other Loan Documents; (b) any defense based upon any
lack of authority of the officers, directors, partners, managers, members or agents acting or purporting to act on behalf of Borrower, Guarantor or any principal of Borrower or Guarantor or any defect in the formation of Borrower, Guarantor or any
principal of Borrower or Guarantor; (c) any defense based upon the application by Borrower of the proceeds of the Loan for purposes other than the purposes represented by Borrower to Administrative Agent or intended or understood by
Administrative Agent or Guarantor; (d) any right and defense arising out of an election of remedies by Administrative Agent, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed
obligation, has destroyed Guarantor’s rights of subrogation and reimbursement against Borrower by the operation of Section 580d of the California Code of Civil Procedure or otherwise; (e) any defense based upon Administrative
Agent’s or any Lender’s failure to disclose to Guarantor any information concerning Borrower’s financial condition or any other circumstances bearing on Borrower’s ability to pay all sums payable under the Note or any of the
other Loan Documents; (f) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal; (g) any defense
based upon Administrative Agent’s or any Lender’s election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the Federal Bankruptcy Code or any successor statute; (h) any
defense based upon any borrowing or any grant of a security interest under Section 364 of the Federal Bankruptcy Code; (i) any right of subrogation, any right to enforce any remedy which Administrative Agent or any Lender may have against
Borrower and any right to participate in, or benefit from, any security for the Note or the other Loan Documents, now or hereafter held by Administrative Agent; (j) presentment, demand, protest and notice of any kind; (k) the benefit of
any statute of limitations affecting the liability of Guarantor hereunder or the enforcement hereof; and (l) any rights under California Code of Civil Procedure Sections 580a and 726(b), which provide, among other things, that (i) a
creditor must file a complaint for deficiency within three (3) months of a nonjudicial foreclosure sale or judicial foreclosure sale, as applicable, (ii) a fair market value hearing must be held, and (iii) the amount of the deficiency
judgment shall be limited to the amount by which the unpaid debt exceeds the fair market value of the security, but not more than the amount by which the unpaid debt exceeds the sale price of the security. Guarantor further waives any and all rights
and defenses that Guarantor may have because Borrower’s debt is secured by real property; this means, among other things, that: (1) Administrative Agent may collect from Guarantor without first foreclosing on any real or personal property
collateral pledged by Borrower; (2) if Administrative Agent forecloses on any real property collateral pledged by Borrower, then (A) the amount of the debt may be reduced only by the price for which that collateral is sold at the
foreclosure sale, even if the collateral is worth more than the sale price, and (B) Administrative Agent may collect from Guarantor even if Administrative Agent, by foreclosing on the real property collateral, has destroyed any right Guarantor
may have to collect from Borrower. The foregoing sentence is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because Borrower’s debt is secured by real property. These rights and defenses being waived by
Guarantor include, but are not limited to, any rights or defenses based upon Sections 580a, 580b, 580d or 726 of the California Code of Civil Procedure. Without limiting the generality of the

  
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foregoing or any other provision hereof, Guarantor further expressly waives to the extent permitted by law any and all rights and defenses, including without limitation any rights of subrogation,
reimbursement, indemnification and contribution, which might otherwise be available to Guarantor under California Civil Code Sections 2787 to 2855, inclusive, 2899 and 3433, or under California Code of Civil Procedure Sections 580a, 580b, 580d and
726, or any of such sections. Finally, Guarantor agrees that the performance of any act or any payment which tolls any statute of limitations applicable to the Note or any of the other Loan Documents shall similarly operate to toll the statute of
limitations applicable to Guarantor’s liability hereunder. 

  

	7.	 GUARANTOR’S WARRANTIES. Guarantor warrants, represents, covenants and acknowledges that: (a) Administrative Agent and Lenders would
not make the Loan but for this Guaranty; (b) there are no conditions precedent to the effectiveness of this Guaranty; (c) Guarantor has established adequate means of obtaining from sources other than Administrative Agent and Lenders, on a
continuing basis, financial and other information pertaining to Borrower’s financial condition, the Property and Borrower’s activities relating thereto and the status of Borrower’s performance of obligations under the Loan Documents,
and Guarantor agrees to keep adequately informed from such means of any facts, events or circumstances which might in any way affect Guarantor’s risks hereunder and Administrative Agent has made no representation to Guarantor as to any such
matters; (d) the most recent financial statements of Guarantor previously delivered to Administrative Agent are true and correct in all respects, have been prepared in accordance with generally accepted accounting principles consistently
applied (or other principles acceptable to Administrative Agent and Lenders) and fairly present the financial condition of Guarantor as of the respective dates thereof, and no material adverse change has occurred in the financial condition of
Guarantor since the respective dates thereof; and (e) Guarantor has not and will not, without the prior written consent of Administrative Agent, sell, lease, assign, encumber, hypothecate, transfer or otherwise dispose of all or substantially
all of Guarantor’s assets, or any interest therein, other than in the ordinary course of Guarantor’s business. 

  

	8.	 GUARANTOR’S FINANCIAL COVENANTS. 

  

	 	(a)	 Financial Condition. Guarantor shall maintain at all times Tangible Net Worth (as determined on a quarterly basis pursuant to the applicable
Compliance Certificate) of not less than $50,000,000. For purposes of this subsection (a), certain capitalized terms have the meanings given to them in Schedule 1 attached hereto and incorporated herein by this reference.

  

	 	(b)	 Reporting.  Guarantor shall deliver to Administrative Agent: 

 

	 	(i)	Quarterly Financial Statements. As soon as practicable, and in any event within sixty (60) days after the end of each calendar quarter (however, one hundred twenty (120) days after the end of the fourth
calendar quarter), balance sheets, statements of operations, statements of cash flow and statements of retained earnings for Guarantor (all on a consolidated basis) and real estate schedules summarizing information with respect to all properties
owned by Guarantor (including information about property-level debt), cash flow projections for Guarantor, and operating statements for properties owned by Guarantor. Such statements shall be accompanied by a certificate executed by the controller
of Guarantor or by any other authorized officer or representative of KBS REIT, certifying that, to the best of Guarantor’s knowledge, the statements are true and correct in all material respects. 

 

	 	(ii)	 Compliance Certificates. Within sixty (60) days after the end of each calendar quarter (however, one hundred twenty (120) days after the end of
the fourth calendar quarter), a certificate, in a form reasonably satisfactory to Administrative Agent, certified on behalf of Guarantor by the controller or by any other authorized officer or representative of KBS REIT, confirming Guarantor’s

  
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compliance with the Tangible Net Worth covenant in this Section 8 above (the “Compliance Certificate”), along with such supporting documentation as Administrative
Agent may reasonably request. 

  

	 	(iii)	Additional Reporting. Upon Administrative Agent’s request therefor, any additional financial information prepared by or for Guarantor, including reporting relating to individual real estate assets owned by
Guarantor (all of the foregoing, the “Non-Public Information”). 

  

	 	(iv)	Form; Warranty. Notwithstanding anything herein (or on Schedule 1 attached hereto) to the contrary, the calculation of Guarantor’s liabilities shall NOT include any fair value adjustments to the
carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or
other FASB standards allowing entities to elect fair value option for financial liabilities. Therefore, the amount of liabilities shall generally be the contractual amount owed, as adjusted for amortization or accretion of any premium or discount.

  

	9.	 SUBORDINATION. Guarantor subordinates all present and future indebtedness owing by Borrower to Guarantor to the obligations at any time owing
by Borrower to Administrative Agent and/or Lenders under the Note and the other Loan Documents. Guarantor assigns all such indebtedness to Administrative Agent for the benefit of Lenders as security for this Guaranty, the Note, and the other Loan
Documents. Guarantor agrees to make no claim for such indebtedness until all obligations of Borrower under the Note and the other Loan Documents have been fully discharged. Guarantor agrees that it will not take any action or initiate any
proceedings, judicial or otherwise, to enforce Guarantor’s rights or remedies with respect to any such indebtedness, including without limitation any action to enforce remedies with respect to any defaults under such indebtedness or to any
collateral securing such indebtedness or to obtain any judgment or prejudgment remedy against Borrower or any such collateral. Guarantor also agrees that it will not commence or join with any other creditor or creditors of Borrower in commencing any
bankruptcy, reorganization or insolvency proceedings against Borrower. Guarantor further agrees not to assign all or any part of such indebtedness unless Administrative Agent is given prior notice and such assignment is expressly made subject to the
terms of this Guaranty. If Administrative Agent so requests, (a) all instruments evidencing such indebtedness shall be duly endorsed and delivered to Administrative Agent, (b) all security for such indebtedness shall be duly assigned and
delivered to Administrative Agent, (c) such indebtedness shall be enforced, collected and held by Guarantor as trustee for Administrative Agent and shall be paid over to Administrative Agent on account of the Loan, but without reducing or
affecting in any manner the liability of Guarantor under the other provisions of this Guaranty, and (d) Guarantor shall execute, file and record such documents and instruments and take such other action as Administrative Agent deems necessary
or appropriate to perfect, preserve and enforce Administrative Agent’s and Lenders’ rights in and to such indebtedness and any security therefor. If Guarantor fails to take any such action, Administrative Agent, as attorney-in-fact for
Guarantor, is hereby authorized to do so in the name of Guarantor. The foregoing power of attorney is coupled with an interest and cannot be revoked. 

  

	10.	 BANKRUPTCY OF BORROWER. In any bankruptcy or other proceeding in which the filing of claims is required by law, Guarantor shall file all claims
which Guarantor may have against Borrower relating to any indebtedness of Borrower to Guarantor and shall assign to Administrative Agent all rights of Guarantor thereunder. If Guarantor does not file any such claim, Administrative Agent, as
attorney-in-fact for Guarantor, is hereby authorized to do so in the name of Guarantor or, in Administrative Agent’s discretion, to assign the claim to a nominee and to cause proof of claim to be filed in the name of Administrative Agent’s
nominee. The foregoing power of attorney is coupled with an interest and cannot be revoked. Administrative Agent or its nominee shall have the right, in its reasonable discretion, to accept or reject any plan proposed in

  
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such proceeding and to take any other action which a party filing a claim is entitled to do. In all such cases, whether in administration, bankruptcy or otherwise, the person or persons
authorized to pay such claim shall pay to Administrative Agent the amount payable on such claim and, to the full extent necessary for that purpose, Guarantor hereby assigns to Administrative Agent all of Guarantor’s rights to any such payments
or distributions; provided, however, Guarantor’s obligations hereunder shall not be satisfied except to the extent that Administrative Agent receives cash by reason of any such payment or distribution. If Administrative Agent
receives anything hereunder other than cash, the same shall be held as collateral for amounts due under this Guaranty. If all or any portion of the obligations guaranteed hereunder are paid or performed, the obligations of Guarantor hereunder shall
continue and shall remain in full force and effect in the event that all or any part of such payment or performance is avoided or recovered directly or indirectly from Administrative Agent as a preference, fraudulent transfer or otherwise under the
Bankruptcy Code or other similar laws, irrespective of (a) any notice of revocation given by Guarantor prior to such avoidance or recovery, or (b) full payment and performance of all of the indebtedness and obligations evidenced and
secured by the Loan Documents. 

  

	11.	 LOAN SALES AND PARTICIPATIONS; DISCLOSURE OF INFORMATION. Subject to the limitations set forth in the Loan Agreement, Guarantor agrees that
Administrative Agent and Lenders may elect, at any time, to sell, assign, or grant participations in all or any portion of their rights and obligations under the Loan Documents and this Guaranty, and that any such sale, assignment or participation
may be to one or more financial institutions, private investors, and/or other entities, at Administrative Agent’s or Lender’s sole discretion. Guarantor further agrees that Administrative Agent and Lenders may disseminate to any such
actual or potential purchaser(s), assignee(s) or participant(s) all documents and information (including, without limitation, all financial information) which has been or is hereafter provided to or known to Administrative Agent or any Lender with
respect to: (a) the Property and its operation; (b) any party connected with the Loan (including, without limitation, Guarantor, Borrower, any partner of Borrower, any constituent partner of Borrower, any other guarantor and any
non-borrower trustor); and/or (c) any lending relationship other than the Loan which Administrative Agent or any Lender may have with any party connected with the Loan; provided, however, any recipients of any Non-Public Information shall have
signed a commercially reasonable confidentiality agreement with respect to such Non-Public Information prior to receiving the same. In the event of any such sale, assignment or participation, Administrative Agent and the parties to such transaction
shall share in the rights and obligations of Lenders as set forth in the Loan Documents only as and to the extent they agree among themselves. In connection with any such sale, assignment or participation, Guarantor further agrees that the Guaranty
shall be sufficient evidence of the obligations of Guarantor to each purchaser, assignee, or participant, and upon written request by Administrative Agent, Guarantor shall, within fifteen (15) days after request by Administrative Agent,
(x) deliver to Administrative Agent and any other party designated by Administrative Agent an estoppel certificate, in form and substance acceptable to Administrative Agent, verifying for the benefit of Administrative Agent and any such other
party the status, terms and provisions of this Guaranty, and (y) enter into such amendments or modifications to this Guaranty and the Loan Documents as Administrative Agent may reasonably request in order to evidence and facilitate any such
sale, assignment, or participation without impairing Guarantor’s rights or increasing Guarantor’s obligations hereunder. 

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

	12.	 ADDITIONAL, INDEPENDENT AND UNSECURED OBLIGATIONS. This Guaranty is a continuing guaranty of payment and not of collection and cannot be
revoked by Guarantor and shall continue to be effective with respect to any indebtedness referenced in Sections 1 and 2 hereof arising or created after any attempted revocation hereof or after the death of Guarantor (if

  
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Guarantor is a natural person, in which event this Guaranty shall be binding upon Guarantor’s estate and Guarantor’s legal representatives and heirs). The obligations of Guarantor
hereunder shall be in addition to and shall not limit or in any way affect the obligations of Guarantor under any other existing or future guaranties unless said other guaranties are expressly modified or revoked in writing. This Guaranty is
independent of the obligations of Borrower under the Note, the Mortgage and the other Loan Documents. Guarantor hereby authorizes and empowers Administrative Agent to exercise, in its sole discretion, any rights and remedies, or any combination
thereof, which may then be available, since it is the intent and purpose of Guarantor that the obligations hereunder shall be absolute, independent and unconditional under any and all circumstances. Administrative Agent may bring a separate action
to enforce the provisions hereof against Guarantor without taking action against Borrower or any other party or joining Borrower or any other party as a party to such action. Except as otherwise provided in this Guaranty, this Guaranty is not
secured and shall not be deemed to be secured by any security instrument unless such security instrument expressly recites that it secures this Guaranty. 

  

	13.	 ATTORNEYS’ FEES; ENFORCEMENT. If any attorney is engaged by Administrative Agent to enforce or defend any provision of this Guaranty, or
any of the other Loan Documents, or as a consequence of any Default under the Loan Documents, with or without the filing of any legal action or proceeding, Guarantor shall pay to Administrative Agent, immediately upon demand all attorneys’ fees
and costs incurred by Administrative Agent in connection therewith, together with interest thereon from the date of such demand until paid at the rate of interest applicable to the principal balance of the Note as specified therein.

  

	14.	 RULES OF CONSTRUCTION. The term “Borrower” as used herein shall include both the named Borrower and any other person at any
time assuming or otherwise becoming primarily liable for all or any part of the obligations of the named Borrower under the Note and the other Loan Documents. The term “person” as used herein shall include any individual, company, trust or
other legal entity of any kind whatsoever. If this Guaranty is executed by more than one person, the term “Guarantor” shall include all such persons. When the context and construction so require, all words used in the singular herein shall
be deemed to have been used in the plural and vice versa. All headings appearing in this Guaranty are for convenience only and shall be disregarded in construing this Guaranty. 

 

	15.	 CREDIT REPORTS. Each legal entity and individual obligated on this Guaranty hereby authorizes Administrative Agent to order and obtain, from a
credit reporting agency of Administrative Agent’s choice, a third party credit report on such legal entity and individual. 

  

	16.	 GOVERNING LAW. This Guaranty shall be governed by, and construed in accordance with, the laws of the State of California, except to the extent
preempted by federal laws. Guarantor and all persons and entities in any manner obligated to Administrative Agent and Lenders under this Guaranty consent to the jurisdiction of any federal or state court within the State of California having proper
venue and also consent to service of process by any means authorized by California or federal law. 

  

	17.	 ELECTRONIC DOCUMENT DELIVERIES. Documents required to be delivered pursuant to this Guaranty shall be delivered by electronic communication and
delivery, including, the internet, e-mail or intranet websites to which Administrative Agent and each Lender have access (including a commercial, third-party website such as www.edgar.com <http://www.edgar.com> or a website sponsored or hosted
by Administrative Agent or Borrower) provided that the foregoing shall not apply to notices to a Lender that have not notified Administrative Agent or Guarantor that it cannot or does not want to receive electronic communications. Administrative
Agent or Guarantor may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered
electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which Administrative Agent or Guarantor posts such documents or the documents become available on a commercial website

  
 7 

 Loan No. 1010977 
  

	 	 
and Administrative Agent or Guarantor notify each Lender of said posting and provides a link thereto; provided, if such notice or other communication is not sent or posted during the
normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next business day for the recipient. 

 

	18.	 MISCELLANEOUS. The provisions of this Guaranty will bind and benefit the heirs, executors, administrators, legal representatives, nominees,
successors and assigns of Guarantor, Administrative Agent and Lenders. The liability of all persons and entities who are in any manner obligated hereunder shall be joint and several. If any provision of this Guaranty shall be determined by a court
of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed from this Guaranty and the remaining parts shall remain in full force as though the invalid, illegal or unenforceable portion had never been part
of this Guaranty. This Guaranty shall be deemed to be continuing in nature and shall remain in full force and effect and shall survive the exercise of any remedy by Administrative Agent under the Mortgage or any of the other Loan Documents,
including without limitation any foreclosure or deed in lieu thereof. 

  

	19.	 ADDITIONAL PROVISIONS. Such additional terms, covenants and conditions as may be set forth on any exhibit executed by Guarantor and attached
hereto which recites that it is an exhibit to this Guaranty are incorporated herein by this reference. 

  

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

  

	21.	 WAIVER OF RIGHT TO TRIAL BY JURY. TO THE EXTENT PERMITTED BY THEN APPLICABLE LAW, EACH PARTY TO THIS GUARANTY, AND BY ITS ACCEPTANCE HEREOF,
ADMINISTRATIVE AGENT AND LENDERS, HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF
OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE LOAN DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR
DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY, ADMINISTRATIVE AGENT AND LENDERS HEREBY
AGREE AND CONSENT THAT ANY PARTY TO THIS GUARANTY AND ADMINISTRATIVE AGENT AND LENDERS MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO AND ADMINISTRATIVE AGENT AND
LENDERS TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR ADMINISTRATIVE AGENT AND LENDERS TO MAKE THE LOAN TO BORROWER. 

  
 8 

 Loan No. 1010977 
  

 IN WITNESS WHEREOF, Guarantor duly executed this Guaranty as of the date first written above. 

“Guarantor” 
  

							
	KBS REIT PROPERTIES III, LLC,
	a Delaware limited liability company
		
	By:	 	KBS LIMITED PARTNERSHIP III,
		 	a Delaware limited partnership,
		 	its sole member
			
		 	By:	 	KBS REAL ESTATE INVESTMENT TRUST III, INC.,
		 		 	a Maryland corporation,
		 		 	general partner
				
		 		 	By:	 	/s/ Charles J. Schreiber, Jr.                          
		 		 		 	Charles J. Schreiber, Jr.
		 		 		 	Chief Executive Officer

  

			
	Address of Guarantor:
	
	c/o KBS Capital Advisors
	620 Newport Center Drive, Suite 1300
	Newport Beach, CA 92660
	Attn:	 	Todd Smith
	Tel:	 	(949) 797-0338
	Fax:	 	(949) 417-6520

  

			
	Address of Administrative Agent:
	
	Wells Fargo Bank, National Association
	Real Estate Group
	Orange County
	2030 Main Street, Suite 800
	Irvine, CA 92614
	Attn:	 	Bryan Stevens
		 	Senior Vice President
	Tel:	 	(949) 251-4125
	Fax:	 	(949) 851-9728

  
 Signature Page – Limited
Guaranty 

 Loan No. 1010977 
  

 SCHEDULE 1 – ADDITIONAL DEFINITIONS 

“Contingent Obligation” - means, for any person, any commitment, undertaking, Guarantee or other obligation constituting a contingent
liability that must be accrued under GAAP. 
 “Derivatives Contract” - means any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or
forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement. Not in
limitation of the foregoing, the term “Derivatives Contract” includes any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement. 

“Gross Asset Value” - means, with respect to a Person at a given time, the sum (without duplication) of the following, which shall be
calculated on a consolidated basis in accordance with GAAP, except as otherwise specifically noted: (a) undepreciated cost basis of real estate assets of such Person, plus (b) unrestricted cash and cash equivalents of such Person
(excluding any cash or cash equivalents used to offset a tenant security deposit liability or prepaid rent liability, and excluding any other cash and cash equivalents the disposition of which is restricted), (c) the book value of construction
in process (“CIP”) of such Person plus such Person’s Ownership Share of CIP of Unconsolidated Affiliates of such Person, (d) the book value of land held for development by such Person (giving no value to land which is acquired
and subsequently designated as expansion land for an existing tenant), (e) the book value of all other real estate-related assets (including but not limited to, loans secured by real estate, mezzanine loans, and real estate securities) of such
Person, (f) rent and other receivables of such Person, excluding straight line rent and receivables outstanding more than thirty (30) days and (g) prepaids and any other current assets of such Person (excluding intangible assets),
including, but not limited to, deposits, prepaid expenses, and other receivables to the extent they will be collectible in the next twelve (12) months. To the extent book value is used to value an asset, Gross Asset Value will exclude
above-market leases, net of accumulated amortization. The aggregate amount of land held for development included in the Gross Asset Value shall be limited to five percent (5%) of total Gross Asset Value. 

“Guarantee” – by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any
Indebtedness or other obligation of any other person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement
conditions or otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in
part), provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 

“Indebtedness” – means, with respect to a Person, at the time of computation thereof, all of the following (without duplication):
(a) all obligations of such Person in respect of money borrowed (including, without limitation, both recourse and non-recourse mortgage indebtedness); (b) all obligations of such Person (other than trade debt incurred in the ordinary
course of business), whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii)

  
 Schedule 1 

 Loan No. 1010977 
  

 
evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other
similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property; (c) all Off Balance Sheet Liabilities of such Person; and (d) all Indebtedness of other persons to
the extent (i) such Person has Guaranteed such Indebtedness or such Indebtedness is otherwise recourse to such Person or (ii) such Indebtedness is secured by a Lien on any property of such Person, together with such Person’s Ownership
Share of each of the foregoing items for each Unconsolidated Affiliate. 
 “Minority Interests” means, with respect to each
consolidated affiliate or Subsidiary of a Person that is not wholly-owned by such Person, (a) the ownership interest (expressed as a percentage) in such person that is not owned by such Person, multiplied by (b) the sum of
(i) such person’s Gross Asset Value, minus (ii) such person’s Total Liabilities. 
 “Off Balance Sheet
Liabilities” - means, with respect to any Person, any obligation or liability that does not appear as a liability on the balance sheet of such Person and that constitutes (a) any repurchase obligation or liability, contingent or
otherwise, of such Person with respect to any accounts or notes receivable sold, transferred or otherwise disposed of by such Person, (b) any repurchase obligation or liability, contingent or otherwise, of such Person with respect to property
or assets leased by such Person as lessee and (c) all obligations, contingent or otherwise, of such Person under any synthetic lease, tax retention operating lease, off balance sheet loan or similar off balance sheet financing if the
transaction giving rise to such obligation (i) is considered indebtedness for borrowed money for tax purposes but is classified as an operating lease or (ii) does not (and is not required pursuant to GAAP to) appear as a liability on the
balance sheet of such Person, together with such Person’s Ownership Share of each of the foregoing items for each Unconsolidated Affiliate. 

“Ownership Share” - means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any Unconsolidated
Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Unconsolidated Affiliate or (b) such person’s relative direct and
indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation, articles of
organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary or Unconsolidated Affiliate. 

“Subsidiary” - means, for any Person, any corporation, partnership or other entity of which at least a majority of the securities or
other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity (without regard to the
occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. “Wholly Owned
Subsidiary” means any such corporation, partnership or other entity of which all of the equity securities or other ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are so owned or controlled.

 “Tangible Net Worth” – means, as of the date of determination, the Gross Asset Value of Guarantor, minus the sum of
(i) the Total Liabilities of Guarantor and (ii) the Minority Interests of Guarantor. 
 “Total Liabilities” - means, as to
any Person as of a given date, all liabilities which would, in conformity with GAAP, be properly classified as a liability on a consolidated balance sheet of such person as of such date, and in any event shall include (without duplication):
(a) all Indebtedness of such person, (b) all accounts payable and accrued expenses of such person; (c) all Contingent Obligations of such person including, without limitation, all Guarantees of Indebtedness by such person;
(d) all Unfunded Commitments of such person; and (e) such Ownership Share of each of the foregoing items for each Unconsolidated Affiliate. The amount of Total Liabilities of a person at any given time shall exclude (i) tenant
security deposit liabilities or prepaid rent liabilities to the extent of any restricted or unrestricted cash specifically held by such person or its Subsidiary for tenant security deposit liabilities or prepaid rent

  
 Schedule 1 

 Loan No. 1010977 
  

 
liabilities and provided any such unrestricted cash is not included in Gross Asset Value of such Person, (ii) any mark-to-market adjustments on any liabilities related to a Derivatives
Contract (iii) any discounts or premiums on debt outstanding, and (iv) below-market leases or other intangible liabilities, net of accumulated amortization. Notwithstanding the use of GAAP, the calculation of Total Liabilities shall NOT
include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for
Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities. Therefore, the amount of liabilities that is included in the calculation of Total Liabilities shall generally
be the contractual amount owed. 
 “Unconsolidated Affiliate” - means, in respect of any Person, any other person in whom such Person
holds an interest, which interest is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the
consolidated financial statements of such Person. 
 SFI-843588v4 

  
 Schedule 1

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