Document:

Third Amendment to Net Lease Agreement

 Exhibit 10.1 
 THIRD AMENDMENT TO NET LEASE AGREEMENT 
 This Third
Amendment to Net Lease Agreement (this “Amendment”) is executed as of August 24, 2009, between FUND IX, FUND X, FUND XI AND REIT JOINT VENTURE, a Georgia joint venture (“Landlord”),
and AVAYA INC., a Delaware corporation (“Tenant”), for the purpose of amending the Net Lease Agreement between Landlord’s predecessor-in-interest with respect to the Lease (defined below) and Tenant’s
predecessor-in-interest with respect to the Lease dated May 30, 1997 (the “Original Lease”). The Original Lease, as amended or affected (as applicable) by the Commencement Date Agreement, dated January 5, 1998,
First Amendment to Lease Agreement, dated March 30, 1998, the Assignment of Tenant’s Interest in Lease, dated September 30, 2000, and the Second Amendment to Net Lease Agreement dated December 17, 2007, is referred to herein as
the “Lease”. Capitalized terms used herein but not defined shall be given the meanings assigned to them in the Lease. 
 RECITALS: 
 Pursuant to the terms of the Lease, Tenant is
currently leasing Premises located at 14400 Hertz Quail Springs Parkway, Oklahoma City, Oklahoma 73134 containing a Building consisting of 57,186 rentable square feet of space and commonly known as Quail Springs Office Park North. Tenant desires to
extend the Term for a period of sixty (60) months, and Landlord has agreed to such extension on the terms and conditions contained herein. 
 AGREEMENTS: 
 For valuable consideration, whose receipt and
sufficiency are acknowledged, Landlord and Tenant agree as follows: 
 1.       
Extension of Term. The Term is hereby extended for five (5) years (i.e., 60 months) commencing on February 1, 2010, and expiring at 5:00 p.m., Oklahoma City, Oklahoma, time, on January 31, 2015 (the “Extended
Term”). Tenant shall have no further rights to extend or renew the Term. 
 2.
       Fixed Rent. Beginning February 1, 2010, the monthly Fixed Rent shall be the following amounts for the following periods of time: 
  

					
	Time Period	  	 Annual Fixed Rent Rate
 Per Rentable Square Foot
	  	 Monthly Installments
 of Fixed Rent

			
	 02/01/10 – 01/31/13
	  	$13.25 NNN	  	$63,142.88
			
	 02/01/13 – 01/31/15
	  	$13.50 NNN	  	$64,334.25

 3.        Condition of
Premises. Tenant hereby accepts the Premises in their “AS-IS” condition. However, Landlord shall contribute up to $10.00 per rentable square foot in the Premises toward the cost of performing leasehold improvements in the Premises.
Such leasehold improvements shall be performed in accordance with the terms and conditions of the Work Letter Agreement attached as Exhibit A to this Amendment (the “Work Letter”). 
  

 1 

 4.        Option to Terminate.
Tenant is hereby granted a one-time option to terminate the Lease effective as of January 31, 2013 (the “Optional Termination Date”). In order to exercise such option to terminate, (a) Tenant must give written
notice to Landlord of the exercise by Tenant of such option to terminate at least nine (9) months in advance of the Optional Termination Date; (b) Tenant must include with such notice payment to Landlord, in immediately available funds, of
an amount equal to the Termination Payment (as hereinafter defined), which shall be in addition to and not in lieu of any Rent payable under the Lease through the end of the Term as shortened by Tenant’s election of such option to terminate;
and (c) on the date of such purported exercise there must be no default and no Event of Default by Tenant then existing. In the event Tenant gives such notice with such payment at least nine (9) months in advance of the Optional
Termination Date, the Term of the Lease shall end on the Optional Termination Date, unless sooner terminated. All Rent shall be accounted for as of the Optional Termination Date. The “Termination Payment” is the sum of the
Construction Monthly Payments and Commission Monthly Payments, defined as follows: 
 (i)
       “Construction Monthly Payments” shall be the monthly payments obtained by amortizing over sixty (60) equal monthly payments at an interest rate of 9.5% per annum the Construction
Allowance ($10.00 multiplied by the rentable square feet in the Premises [regardless of the amounts actually paid (or credited) by Landlord to Tenant with respect to the Premises]. 
 (ii)        “Commission Monthly Payments” shall be the monthly
payments obtained by amortizing over sixty (60) equal monthly payments at an interest rate of 9.5% per annum the commissions paid or payable by Landlord to the brokers set forth in Section 7 below with respect to the Premises
and this Amendment. 
 5.        Confidentiality. Tenant
acknowledges the terms and conditions of the Lease (as amended hereby) are to remain confidential for Landlord’s benefit and may not be disclosed by Tenant to anyone, by any manner or means, directly or indirectly, without Landlord’s prior
written consent; however, Tenant may disclose the terms and conditions of the Lease if required by Law or court order, and to its attorneys, accountants, employees and existing or prospective financial partners provided same are advised by Tenant of
the confidential nature of such terms and conditions and agree to maintain the confidentiality thereof (in each case, prior to disclosure). Tenant shall be liable for any disclosures made in knowing violation of this Section by Tenant. The consent
by Landlord to any disclosures shall not be deemed to be a waiver on the part of Landlord of any prohibition against any future disclosure. 
 6.        Notices; No Electronic Records. All notices and other communications given pursuant to the Lease shall be in writing and shall be (a) mailed by
first class, United States mail, postage prepaid, certified, with return receipt requested, and addressed to the parties hereto at the address listed below, (b) hand delivered to the intended addressee, (c) sent by nationally recognized
overnight courier, or (d) sent by facsimile transmission followed by a confirmatory letter. Notice sent by certified mail, postage prepaid, shall be effective three business days after being deposited in the United States mail; all other
notices shall be effective upon delivery to the address of the addressee (even if such addressee refuses delivery thereof). Landlord and Tenant hereby agree not to conduct the transactions or communications contemplated by the Lease, as amended
hereby, by electronic means, except by facsimile transmission as specifically set forth 
  

 2 

 
in this Section 6; nor shall the use of the phrase “in writing” or the word “written” be construed to include electronic communications except by facsimile transmissions
as specifically set forth in this Section 6. The parties hereto may change their addresses by giving notice thereof to the other in conformity with this provision. The addresses for notice set forth below shall supersede and replace any
addresses for notice set forth in the Lease. 
  

			
	 Landlord:
	  	 Fund IX, Fund X, Fund XI and REIT Joint Venture

		  	 c/o Wells Real Estate Funds

		  	 6200 The Corners Parkway

		  	 Norcross, Georgia 30092

		  	 Attention: South Region Asset Management

		  	 Telephone: 770.243.8418

		  	 Telecopy: 770.243.4684

		
	 Tenant:
	  	 Avaya Inc.

		  	 c/o Newmark Knight Frank

		  	 Global Management Services

		  	 125 Park Avenue, 12th
 Floor

		  	 New York, New York 10017

		  	 Attn: Lease Administration

		
	 And to:
	  	 Avaya, Inc.

		  	 211 Mt. Airy Road

		  	 Basking Ridge, New Jersey 07920

		  	 Attention: Real Estate Paralegal

		  	 Telephone No.: 908.953.6065

		  	 Telecopy No.: 908.953.8006

 7.        Brokerage.
Landlord and Tenant each warrant to the other that it has not dealt with any broker or agent in connection with the negotiation or execution of this Amendment other than CB Richard Ellis, Inc., as Landlord’s broker, and Newmark Knight Frank, as
Tenant’s broker, whose commission shall be paid by Landlord pursuant to a separate written agreement. Tenant and Landlord shall each indemnify the other against all costs, expenses, attorneys’ fees, and other liability for commissions or
other compensation claimed by any other broker or agent claiming the same by, through, or under the indemnifying party. 
 8.        Prohibited Persons and Transactions. Tenant represents and warrants that neither it nor any of its subsidiaries, and none of their respective
employees or officers, is, as of the date hereof’, a person or entity with whom U.S. persons or entities are restricted from doing business-under-regulations-of the Office of Foreign Assets Control (“OFAC”) of the
Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action having the force and effect of law. 
 9.        Ratification. Tenant hereby ratifies and confirms its obligations under the Lease, and represents and warrants to Landlord that it has no defenses
thereto. Additionally, Tenant

  

 3 

 
further confirms and ratifies that, to the best of its knowledge as of the date hereof, (a) the Lease is and remains in good standing and in full force and effect, (b) Tenant has no
claims, counterclaims, set-offs or defenses against Landlord arising out of the Lease or in any way relating thereto or arising out of any other transaction between Landlord and Tenant, and (c) all tenant finish-work allowances provided to
Tenant under the Lease or otherwise, if any, have been paid in full by Landlord to Tenant, and Landlord has no further obligations with respect thereto. 
 10.        Binding Effect; Governing Law. Except as modified hereby, the Lease shall remain in full effect and this Amendment shall be binding upon Landlord and
Tenant and their respective successors and assigns. If any inconsistency exists or arises between the terms of the Lease and the terms of this Amendment, the terms of this Amendment shall prevail. This Amendment shall be governed by the laws of the
State in which the Premises are located. 
 11.        Counterparts.
This Amendment may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall constitute one document. 
 [Signatures appear on following pages] 
  

 4 

 Executed as of the date first written above. 
  

							
	LANDLORD:
	
	 FUND IX, FUND X, FUND XI AND
 REIT JOINT VENTURE, a Georgia joint
 venture

	
	 WELLS REAL ESTATE FUND IX, L.P.,
 a Georgia limited partnership

		
	 By:
	 	 Wells Partners L.P., a Georgia limited
 partnership, as general partner

			
		 	 By:
	 	 Wells Capital, Inc., a Georgia
 corporation, its general partner

				
		 		 	 By:
	 	 /s/ Randall D. Fretz

		 		 		 	 Randall D. Fretz

		 		 		 	 Senior Vice President

	
	 WELLS REAL ESTATE FUND X, L.P.,
 a Georgia limited partnership

		
	 By:
	 	 Wells Partners, L.P., a Georgia limited
 partnership, as general partner

			
		 	 By:
	 	 Wells Capital, Inc., a Georgia
 corporation, its general partner

				
		 		 	 By:
	 	 /s/ Randall D. Fretz

		 		 		 	 Randall D. Fretz

		 		 		 	 Senior Vice President

 [Signatures continue on following page] 
  

 5 

							
	 WELLS REAL ESTATE FUND XI, L.P.,
 a Georgia limited partnership

		
	 By:
	 	 Wells Partners L.P., a Georgia limited

		 	 partnership, as general partner

			
		 	 By:
	 	 Wells Capital, Inc., a Georgia
 corporation, its general partner

				
		 		 	 By:
	 	 /s/ Randall D. Fretz

		 		 		 	 Randall D. Fretz

		 		 		 	 Senior Vice President

	
	 PIEDMONT OPERATING
 PARTNERSHIP, L.P., a Delaware limited
 partnership

		
	 By:
	 	 Piedmont Office Realty Trust, Inc., a

		 	 Maryland corporation, its sole General

		 	 Partner

		
	 By:
	 	 /s/ Joseph H. Pangburn

	 Name: Joseph H. Pangburn

	 Title: Senior Vice President

	
	 TENANT:
  
 AVAYA INC., a Delaware corporation

		
	 By:
	 	 /s/ Courtney Mezinis

		 	 Courtney Mezinis

		 	 Director – Avaya Global Real Estate

  

 6 

 Exhibit A 
 Work Letter 
 THIS WORK LETTER
AGREEMENT (“Work Letter”) is entered into as of the date of the attached and foregoing Third Amendment to Net Lease Agreement between FUND IX, FUND X, FUND XI AND REIT JOINT VENTURE (“Landlord”)
and AVAYA INC. (“Tenant”) for Premises located at 14400 Hertz Quail Springs Parkway, Oklahoma City, Oklahoma 73134. 
 RECITALS 
 A.       
Concurrently with the execution of this Work Letter, Landlord and Tenant have entered into that certain Third Amendment to Net Lease Agreement (the “Amendment”) amending the Lease (as defined in the Amendment). All terms not
defined herein have the same meaning as set forth in the Lease. 
 B.        In
consideration of the mutual covenants hereinafter contained, Landlord and Tenant agree as follows: 
 1.
      Tenant Work. As used in this Work Letter, the term “Tenant Work” means those items of tenant improvement construction shown on the Final Plans (described in Paragraph 4(b)
below). 
 2.       General Contractor/Construction Manager.

 (a)       As used in this Work Letter, the term
“Contractor” means the contractor of Tenant’s choice approved in writing in advance by Landlord, which company has responsibility for performing the Tenant Work. 
 (b)       In the event Tenant desires to change the Contractor, Tenant must
obtain Landlord’s prior written approval of the replacement Contractor. Tenant may submit a list of proposed contractors to Landlord for Landlord’s approval or disapproval of the proposed contractors. Landlord will not unreasonably
withhold Landlord’s approval of any contractor. 
 3.
      Construction Representatives. Landlord appoints the following person(s) as Landlord’s representative (“Landlord’s Representative”) to act for Landlord in all matters
covered by this Work Letter: 
  

					
		 	 Steven T. Campbell
	 	
		 	 Wells Real Estate Funds
	 	
		 	 6200 The Corners Parkway
	 	
		 	 Norcross, Georgia 30092
	 	

 Tenant appoints the following person(s) as Tenant’s representative
(“Tenant Representative”) to act for Tenant in all matters covered by this Work Letter. 
  

 Exhibit A-i 

			
		 	 Mary Ann Lowrance, RPA, FMA

		 	 Facilities Manager – Avaya Account

		 	 Newmark Knight Frank

		 	 1111 Freeport Parkway

		 	 Coppell, TX 75019

		 	 972-745-5004 Avaya Office and Cell phone (214) 585-3588

		 	 972-745-5814 Avaya Fax
 mlowrance@nkfgms.com or lowrance@avaya.com

 All communications with respect to the matters covered by this Work Letter are to be
made in writing to Landlord’s Representative or Tenant’s Representative, as the case may be. Either party may change its representative under this Work Letter at any time by written notice to the other party. 
 4.        Description of Tenant Work. 
 (a)       Preparation of Description. Within 10 days after the
date of execution of the Amendment, Tenant agrees to have prepared, at Tenant’s cost, a description of the Tenant Work contemplated by Tenant, including, if appropriate or otherwise required for permitting of the Tenant Work, preliminary space
plans for the Premises (“Preliminary Plans”). If Landlord reasonably disapproves any aspect of the Preliminary Plans, Landlord will advise Tenant in writing of such disapproval and the reasons therefor. Tenant will then
submit to Landlord, for Landlord’s reasonable approval, a revision of the Preliminary Plans incorporating the revisions reasonably required by Landlord. 
 (b)       Preparation of Final Plans. Based on the approved Preliminary Plans, Tenant will have prepared a final description of the Tenant
Work, including, if appropriate or otherwise required for permitting of the Tenant Work, complete architectural plans, drawings and specifications and complete engineered mechanical, structural and electrical working drawings for all of the Tenant
Work for the Premises (collectively the “Final Plans”). Tenant’s Final Plans will include locations and complete dimensions, and be in sufficient form and quality to obtain all necessary governmental permits and
approvals (if any permits and/or approvals are required). The Tenant Work, as shown on the Final Plans, will: (i) be compatible in all material respects with the Base Building Work and with the design, construction and equipment of the Base
Building Work; (ii) compatible with Building standards for the Building; and (iii) comply with all Legal Requirements. 
 (c)       Submittal of Final Plans. Tenant’s Contractor will submit the Final Plans to the appropriate governmental agencies for plan checking and the
issuance of a building permit, if required. 
 (d)
      Work Cost Estimate. Prior to the commencement of construction of the Tenant Work described in the Final Plans, Contractor will submit to Landlord and Tenant a written estimate of the cost to complete
the Tenant Work, which written estimate will be based on the Final Plans taking into account any modifications which may be required to reflect changes in the Finals Plans required by any governmental entity having

  

 Exhibit A-ii 

 
jurisdiction over the Premises (the “Work Cost Estimate”). Tenant will either approve the Work Cost Estimate or disapprove specific items and submit to Landlord and
Contractor revisions to the Final Plans to reflect deletions of and/or substitutions for such disapproved items. After submission and approval of the Work Cost Estimate, Contractor will have the right to purchase materials and to commence the
construction of the items included in the Work Cost Estimate. If the total costs reflected in the Work Cost Estimate exceed the Construction Allowance described in Paragraph 5, Tenant agrees to pay such excess directly to its Contractor. 

5.        Payment for the Tenant Work. 
 (a)        Allowance. Landlord hereby grants to Tenant a
construction allowance of $10.00 per square foot of Rentable Floor Area of the Premises (the “Construction Allowance”). The Construction Allowance shall be used only for: 
 (i)       Payment for the cost of preparing the Preliminary Plans and the
Final Plans, if any, including mechanical, electrical, plumbing and structural drawings and of all other plans and drawings necessary to complete the Final Plans, and the cost of architectural, engineering, design, demolition, permitting, materials,
labor, heating and air-conditioning, remodeling, and any other costs associated with the Tenant Work. 
 (ii)       The payment of plan check, permit and license fees relating to construction of the Tenant Work, if any. 
 (iii)       Construction of the Tenant Work, including, without limitation, the following: 
 (A)       Installation within the Premises of all partitioning, doors, floor
coverings, ceilings, wall coverings and painting, millwork and similar items; 
 (B)
      All electrical wiring, lighting fixtures, outlets and switches, and other electrical work necessary for the Premises; 
 (C)       The furnishing and installation of all duct work, terminal boxes, diffusers and accessories necessary for the heating, ventilation and air
conditioning systems within the Premises; 
 (D)       All fire
life safety control systems such as fire walls, sprinklers, hal6n, fire alarms, including piping, wiring and accessories, necessary for the Premises; 
 (E)       All plumbing, fixtures, pipes and accessories necessary for the Premises; 
 (F)       Testing and inspection costs; and 
  

 Exhibit A-iii 

 (G)       Fees for the
Contractor and Tenant’s costs of internal administration of construction of the Tenant Work (not to exceed, in the aggregate, $75,000.00). 
 (b)       Changes. Tenant shall be responsible for all costs of constructing the Tenant Work in accordance with the Final Plans. If, after
the Final Plans have been prepared and the Work Cost Estimate has been established, Tenant requires any changes or substitutions to the Final Plans, such changes to the Final Plans will be subject to approval by Landlord and Tenant in the manner set
forth in Paragraph 4. 
 (c)       Payment of Construction
Allowance. Landlord agrees to make disbursements of the Construction Allowance in accordance with and subject to the following procedures: 
 (i)       Disbursement Request. At such time as Tenant shall desire to obtain, subject to the other requirements hereof, a disbursement of
any portion of the proceeds of the Construction Allowance, Tenant shall submit to Landlord a written request for such disbursement along with all third-party invoices for costs incurred by Tenant in constructing the Tenant Work in connection with
such request (a “Disbursement Request”). 
 (ii)
      Evidence of Progress of Construction. Each Disbursement Request shall be accompanied by evidence in form and content reasonably satisfactory to Landlord (including, but not limited to, certificates
and affidavits of Tenant, Tenant’s architect, and Tenant’s Contractor or such other persons as Landlord may require) showing: 
 (A)       the percentage of the Tenant Work completed at that time; the total funds expended to date by Tenant in connection with the construction of the Tenant Work
(including the portions therefor for which Construction Allowance proceeds have been previously disbursed); and the funds required to complete the Tenant Work; 
 (B)       that all outstanding claims for labor, materials, furniture, fixtures and equipment have been paid; 
 (C)       that there are no liens outstanding against the Premises, the
Building, the Property or the Land arising out of or in connection with the Tenant Work; 
 (D)
      that Tenant has complied with all of Tenant’s obligations, as of the date thereof, under the Lease; 
 (E)       that all construction prior to the date of the Disbursement Request has been done in accordance with the Final Plans; 
 (F)       that all funds previously disbursed by Landlord have been applied
directly to the costs of the Tenant Work; and 
  

 Exhibit A-iv 

 (G)       that copies of all
bills or statements for expenses for which the disbursement is requested are attached to such Disbursement Request. 
 (iii)       Conditions Precedent to Each Disbursement. At no time and in no event shall Landlord be obligated to disburse proceeds of the Construction
Allowance: 
 (A)       in excess of the amount recommended by
Tenant’s architect; or 
 (B)       if any Event of Default
under the Lease by Tenant shall have occurred and not have been cured; or 
 (C)
      if in the reasonable opinion of Landlord the estimated remaining costs (both direct and indirect) of the Tenant Work in accordance with the Final Plans exceed the remaining undisbursed portion of the Construction
Allowance; or 
 (D)       for construction materials, fixtures
or equipment, unless (i) stored in the Premises and reasonably secured from damage and theft in a manner wholly satisfactory to Landlord, and (ii) Tenant shall have certified to Landlord that no such construction materials, fixtures and
equipment are subject to any lien, lease, or security agreement whatsoever; or 
 (E)
      in excess of the remaining undisbursed Construction Allowance. 
 (iv)       Retainaqe. Each disbursement of proceeds of the Construction Allowance, except for the final disbursement, shall not exceed ninety percent (90%) of the cost of the Tenant Work
completed and in place through the date of such disbursement. The remaining amount shall be disbursed only when all of the following shall have occurred: (i) Tenant shall have completed the Tenant Work, and (ii) Tenant shall have delivered
to Landlord all of the Work Completion Documents; provided, however, after the work of any subcontractor is complete and appropriate lien waivers from such subcontractor have been obtained, Landlord may, at its option, reduce the retainage
attributable to such subcontractor to the amount which is retained by Tenant with respect to such subcontractor, and further provided that if Tenant elects to disburse retainage to its contractor(s), Landlord may, at its option, reduce the retainage
attributable to such contractor(s) to the amount which is retained by Tenant with respect to such contractor(s). 
 (v)       Notice, Frequency and Place of Disbursements. At the option of Landlord, (i) each Disbursement Request shall be submitted to Landlord at least
ten (10) business days prior to the date of the requested advance, (ii) disbursements shall be made no more frequently than once a month, and

  

 Exhibit A-v 

 
(iii) all disbursements shall be made at the principal office of Landlord or at such other place as Landlord may designate. 
 The following items are collectively referred to as the “Work Completion Documents”: 
 1.       Evidence satisfactory to Landlord that all of the Tenant Work have been completed and paid for in full, that any and all liens therefor that
have been or might be filed have been discharged of record (by payment, bond, order of a court of competent jurisdiction or otherwise) or waived, and that no security interests relating thereto are outstanding. 
 2.       All certifications and approvals with respect to the Tenant Work
that may be required from any governmental authority and any board of fire underwriters or similar body for the use and occupancy of the Premises, if any. 
 3.       An affidavit or affidavits from Tenant’s architect or any other person or persons suitable to Landlord certifying that all work performed
in the Premises is in accordance with the Final Plans, the criteria contained in the Lease and all Legal Requirements, if requested by Landlord. 
 (d)       Unused Construction Allowance Amounts. In the event that upon final completion of the Tenant Work, there remains any unused
Construction Allowance, then the unused Construction Allowance shall be credited dollar for dollar against Fixed Rent payments as they come due (but Monthly Installments of Fixed Rent shall never be less than $0.00) for up to three (3) months,
by giving Landlord written notice of such election and the total amount to be credited. 
 6.
      Construction of Tenant Work. Following Tenant’s approval of the Work Cost Estimate, Contractor will commence and diligently proceed with the construction of the Tenant Work. Promptly upon the
commencement of the Tenant Work, Contractor will furnish Landlord and Tenant with a construction schedule letter setting forth the projected completion dates therefor and showing the deadlines for any actions required to be taken by Landlord or
Tenant during such construction. 
 7.       Approvals. Whenever any
party under this Work Letter must reasonably grant its approval such party shall also not unreasonably delay or condition its approval. Any approval shall be deemed granted unless such party responds within seven (7) days after its receipt of
the items for which approval is sought. Any approval or consent by Landlord of any of Tenant’s plans, specifications, shall be deemed to be strictly limited to an acknowledgment of approval or consent by Landlord thereto and such approval or
consent shall not constitute an assumption by Landlord of any responsibility for the accuracy, sufficiency or feasibility of any plans, specifications or other such items and shall not imply any representation, acknowledgment or warranty by Landlord
that the design is safe, feasible or structurally sound or will comply with any legal or governmental requirements. Landlord’s approval or consent shall not be deemed to have been withheld unreasonably if it was withheld for any of the
following reason (i) non-compliance of the Final Plans with governmental requirements, (ii) the Final Plans will materially, adversely affect the structure or systems of the Building or the first class nature of the

  

 Exhibit A-vi 

 
Property, or (iii) Landlord’s reasonable objections to the appearance of the improvements which will be visible from the exterior of the Building. 
  

 Exhibit A-vii 

 IN WITNESS WHEREOF, the undersigned Landlord and Tenant have caused this
Work Letter to be duly executed by their duly authorized representatives as of the date of the Amendment. 
  

							
	TENANT:
	
	 AVAYA INC., a Delaware corporation

		
	 By:
	 	 /s/ Courtney Mezinis

		 	 Courtney Mezinis

		 	 Director – Avaya Global Real Estate

	
	LANDLORD:
	
	 FUND IX, FUND X, FUND XI AND
 REIT JOINT VENTURE, a Georgia joint
 venture

	
	 WELLS REAL ESTATE FUND IX, L.P.,
 a Georgia limited partnership

		
	 By:
	 	 Wells Partners L.P., a Georgia limited

		 	 partnership, as general partner

			
		 	 By:
	 	 Wells Capital, Inc., a Georgia
 corporation, its general partner

				
		 		 	 By:
	 	 /s/ Randall D. Fretz

		 		 		 	 Randall D. Fretz

		 		 		 	 Senior Vice President

 [Signatures continue on following page] 
  

 Exhibit A-viii 

							
	 WELLS REAL ESTATE FUND X, L.P.,
 a Georgia limited partnership

		
	 By:
	 	 Wells Partners, Ltd., a Georgia limited

		 	 partnership, as general partner

			
		 	 By:
	 	 Wells Capital, Inc., a Georgia
 corporation, its general partner

				
		 		 	 By:
	 	 /s/ Randall D. Fretz

		 		 		 	 Randall D. Fretz

		 		 		 	 Senior Vice President

	
	 WELLS REAL ESTATE FUND XI, L.P.,
 a Georgia limited partnership

		
	 By:
	 	 Wells Partners L.P., a Georgia limited

		 	 partnership, as general partner

			
		 	 By:
	 	 Wells Capital, Inc., a Georgia
 corporation, its general partner

				
		 		 	 By:
	 	 /s/ Randall D. Fretz

		 		 		 	 Randall D. Fretz

		 		 		 	 Senior Vice President

	
	 PIEDMONT OPERATING
 PARTNERSHIP, L.P., a Delaware limited
 partnership

		
	 By:
	 	 Piedmont Office Realty Trust, Inc.

		 	 A Maryland corporations, its sole

		 	 general partner

				
		 		 	 By:
	 	 /s/ Joseph H. Pangburn

		 		 		 	 Name: Joseph H. Pangburn

		 		 		 	 Title: Senior Vice President

  

 Exhibit A-ixThrid Consolidated Amendatory Agreement

 Exhibit 10.1 
 THIRD CONSOLIDATED AMENDATORY AGREEMENT 
 This Third
Consolidated Amendatory Agreement (“Amendment”) is made and entered into as of September 30, 2009, by and between WELLS MID-HORIZON VALUE - ADDED FUND I, LLC, a Georgia limited liability company, whose address is
6200 The Corners Parkway, Suite 250, Norcross, Georgia 30092 (“Borrower”), and BANK OF AMERICA, N.A., a national banking association (as successor by merger to LaSalle Bank National Association), whose place of business is
Bank of America Plaza, Suite 600, 600 Peachtree Street, N.E., Atlanta, Georgia 30308, Attn: Commercial Real Estate Banking (“Administrative Agent”); 
 W I T N E S S E T H : 
 WHEREAS, Administrative Agent, certain other financial institutions from time to time party thereto (“Lenders”), and Borrower, have entered into that certain Credit Agreement dated as of
June 30, 2006, as amended by that certain First Consolidated Amendatory Agreement dated as of November 21, 2008, by and between Administrative Agent and Borrower, as further amended by that certain Second Consolidated Amendatory Agreement
dated as of June 30, 2009, by and between Administrative Agent and Borrower (as amended and as it may hereafter be further amended, modified, supplemented, restated, extended, or renewed and in effect from time to time, the “Credit
Agreement”), which Credit Agreement sets forth the terms and conditions of a loan from Administrative Agent and Lenders to Borrower in an amount up to Twenty-Five Million and No/100 Dollars ($25,000,000.00) (the “Loan”);

 WHEREAS, the Loan is evidenced by that certain Note dated as of June 30, 2009 and, potentially, certain
additional Notes upon and of such other date that any additional financial institution becomes a Lender under the Credit Agreement, executed by Borrower and payable to the order of each Lender in the aggregate principal face amount of Twenty-Five
Million and No/100 Dollars ($25,000,000.00) (such notes, as they may hereafter be renewed, extended, supplemented, increased or modified in effect from time to time, and all other notes given in substitution therefor, or in modification, renewal or
extension thereof, in whole or in part, are hereinafter collectively called the “Note”); 
 WHEREAS, to secure, inter alia, the Loan, Borrower or one or more of its Subsidiaries (as defined in the Credit Agreement) has made, executed, and delivered to Administrative Agent for the benefit of Lenders one or more
mortgages, deeds of trust, leasehold mortgages or similar security instruments granting Administrative Agent a lien on certain real property owned, directly or indirectly, by Borrower or such Subsidiary (each such security instrument, as so amended,
and as it may hereafter be renewed, extended, supplemented, increased or modified and in effect from time to time, and all other security instruments given in substitution therefor, or in modification, renewal or extension thereof, in whole or in
part, is herein called the “Mortgage”); 
 WHEREAS, the Loan, as extended, will mature on
September 30, 2009, and Borrower has requested that Administrative Agent and Lenders extend the maturity date and make certain other amendments to the Credit Agreement; and 
 WHEREAS, Administrative Agent and Lenders have agreed to amend the Credit Agreement and the other Loan Documents as
hereinafter provided. 
 NOW, THEREFORE, in consideration of the premises, the mutual covenants contained
herein, and the sum of Ten and No/100 Dollars ($10.00), paid in hand by each party to the other, the receipt, adequacy and sufficiency of all of which are hereby acknowledged, the parties agree as follows: 
  

 PAGE  1 

 1.     Amendment of Credit Agreement. The Credit
Agreement is hereby amended as follows: 
 (a)         The definitions
of “Borrowing Base Asset Value”, “Borrowing Base Property”, “Borrowing Base Property Conditions”, “Borrowing Base Requirements”, “Non-Use Fee Rate”,
“Revolving Loan Availability” and “Revolving Outstandings” set forth in Section 1.1 of the Credit Agreement are hereby deleted in their entirety and replaced with the following: 
 Borrowing Base Asset Value means intentionally deleted. 
 Borrowing Base Property means intentionally deleted. 
 Borrowing Base Property Conditions means intentionally deleted. 
 Borrowing Base Requirements means intentionally deleted. 
 Non-Use Fee Rate means intentionally deleted. 
 Revolving Loan Availability means intentionally deleted. 
 Revolving Outstandings means intentionally deleted. 
 All references in the Credit Agreement to “Borrowing Base Asset Value”, including without limitation the references thereto in Section 11.14.1, shall
hereafter be a reference to “Mortgage Collateral Asset Value” (as defined below). All references in the Credit Agreement to “Borrowing Base Property” shall hereafter be a reference to “Mortgage
Collateral” (as defined below). 
 (b)         The definition
of “Collateral” set forth in Section 1.1 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 Collateral means all assets pledged as security for the Loan including, without limitation, the Mortgage Collateral. 
 (c)         The definition of “Loan or Loans” set forth in
Section 1.1 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 Loan or Loans means the term loan by Administrative Agent to Borrower, in the maximum amount of $23,500,000.00. 
 (d)         The following definition of “Mortgage Collateral” is hereby inserted in Section 1.1 of the Credit
Agreement immediately following the definition of “Mortgage”: 
 Mortgage
Collateral means all Real Property Assets that are pledged by a Mortgage as security for the Loan. 
 (e)         The following definition of “Mortgage Collateral Asset Value” is hereby inserted in Section 1.1 of the Credit Agreement immediately following the definition of
“Mortgage Collateral”: 
 Mortgage Collateral Asset Value means, for any
determination date, the aggregate for all of the Mortgage Collateral of the most current “as is” Appraised Value for each such Real Property Asset as it appears in the most recent appraisal approved by the Administrative Agent for such
Real Property Asset. 
  

 PAGE  2 

 (f)         The definition of
“Pro Rata Share” set forth in Section 1.1 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 Pro Rata Share means with respect to a Lender’s obligation to make Loans, participate in Letters of Credit, reimburse the Issuing Lender, receive payments of principal,
interest, fees, costs, and expenses with respect thereto, and with respect to all other matters as to a particular Lender, (x) prior to the Commitment being terminated or reduced to zero, the percentage obtained by dividing (i) such
Lender’s Commitment by (ii) the aggregate Commitment of all Lenders, and (y) from and after the time the Commitment has been terminated or reduced to zero, the percentage obtained by dividing (i) the aggregate unpaid principal
amount of such Lender’s outstanding Loans plus such Lender’s obligations under any Letters of Credit, by (ii) the aggregate unpaid principal amount of all Loans plus the Stated Amount of all Letters of Credit. 
 (g)         The definition of “Revolving Commitment” set forth in
Section 1.1 of the Credit Agreement is hereby deleted in its entirety. All references in the Credit Agreement to “Revolving Commitment” shall hereafter be a reference to “Commitment” as defined therein.

 (h)         The definition of “Revolving Loan” set
forth in Section 1.1 of the Credit Agreement is hereby deleted in its entirety. All references in the Credit Agreement to “Revolving Loan” shall hereafter be a reference to “Loan” as defined herein.

 (i)          The definition of “Termination
Date” set forth in Section 1.1 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 Termination Date means the earlier to occur of (a) November 30, 2009, or (b) such other date on which the Commitments terminate pursuant to
Section 6 or Section 13. 
 (j)         
Section 2.1.1 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 2.1.1      Loan Commitment. Company hereby acknowledges that each Lender has fulfilled its Commitment. The Loan shall not be a “revolving loan”. Any amounts
repaid under the Loan cannot be re-borrowed. 
 (k)        
Section 2.8 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 2.8         Appraisals. From time to time, Administrative Agent may request from the Company, or may obtain on its own (at the Company’s expense), new
appraisals with respect to any Mortgage Collateral or any Real Property Asset which has been offered by Company as collateral for the Loan; provided, however, that Company shall not be responsible for providing or obligated to pay for more than one
appraisal per year with respect to any Mortgage Collateral unless (x) an Event of Default has occurred and is continuing, or (y) the latest appraisal for any such Real Property Asset demonstrates a material decline in the Appraised Value
of such Real Property Asset as compared to the Appraised Value of such Real Property Asset in effect prior to the latest appraisal, in which case the Administrative Agent may continue to obtain appraisals for such Real Property Asset free of such
annual restriction until such time as the Administrative Agent is satisfied, in its sole discretion, that the Appraised Value of such Real Property Asset has stabilized or improved. For the avoidance of doubt, all such appraisals shall include both
an “as is” Appraised Value and a “stabilized” Appraised Value for each Real Property

  

 PAGE  3 

 
Asset included in such appraisal. All such appraisals shall be in form and substance acceptable to the Administrative Agent. The amounts that appear in such new appraisals shall be used to
determine the Company’s compliance with the terms and conditions hereof, including compliance with all financial covenants. The Company may submit supplemental appraisals to the Administrative Agent from time to time with respect to a Real
Property Asset. The Administrative Agent, in its reasonable discretion, may reject such additional or supplemental appraisal and decline to use amounts set forth therein to determine the Company’s compliance with this Agreement. 
 (l)         Section 5.1 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following: 
 5.1       
Intentionally deleted. 
 (m)       Section 6.1 of the Credit
Agreement is hereby deleted in its entirety and replaced with the following: 
 6.1        Intentionally deleted. 
 (n)        Section 6.2.2 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 6.2.2     Mandatory Prepayments. 
     (a)         If on any day the outstanding
principal balance of the Loan exceeds the Commitment, the Company shall immediately prepay Loans in an amount sufficient to eliminate such excess. 
     (b)         For so long as the Company is in violation of the Company Portfolio Requirements, (i) all amounts on
deposit in the Company’s and its Subsidiaries’ deposit accounts maintained with Administrative Agent in accordance with Section 10.10 shall be applied in payment of the Obligations and (ii) the Company shall arrange for
all amounts received by the Company in respect of any Mortgage Collateral (including, without limitation, all rental payments) to be deposited into the Company’s and its Subsidiaries’ deposit accounts maintained by Administrative Agent in
accordance with Section 10.10 for application to the Obligations. 
 (o)       Section 10.1.3 of the Credit Agreement is hereby amended by deleting sub-sections (ii) and (iii) thereof in their entirety and renumbering sub-sections (iv) and
(v) accordingly. 
 (p)       Section 13.2 of the Credit
Agreement is hereby amended by deleting the fifth sentence thereof in its entirety. 
 (q)       Annex A of the Credit Agreement is hereby deleted in its entirety and substituted in place and in stead thereof is Annex A attached hereto and incorporated herein by reference.

 (r)        Exhibit B of the Credit Agreement is hereby deleted in
its entirety and substituted in place and in stead thereof is Exhibit B attached hereto and incorporated herein by reference. 
  

 PAGE  4 

 2.         Amendment of Loan
Documents. The Loan Documents are further amended hereby such that all references therein to the “Note”, the “Credit Agreement”, the “Mortgage”, and the “Loan Documents” shall be deemed to include all
amendments and modifications thereto (including, without limitation, this Amendment), as may now exist or as may be hereafter executed by Borrower and Administrative Agent. 
 3.         Releases. Administrative Agent shall not release the lien of any Mortgage which secures the Loan unless and until all
amounts outstanding under the Loan are paid in full in connection with such release. 
 4.         Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered,
shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument; and any signature page from any such counterpart or any electronic facsimile thereof may be attached or appended to
any other counterpart to complete a fully executed counterpart of this Agreement and any telecopy or other facsimile transmission of any signature shall be deemed an original and shall bind such party. 
 4.         Costs and Expenses. Borrower agrees to pay on demand all
reasonable out-of-pocket costs and expenses of Administrative Agent and Lenders in connection with the preparation, execution, delivery and enforcement of this Amendment, and any other transactions contemplated hereby, including, without limitation,
the reasonable fees and out-of-pocket expenses of legal counsel to Administrative Agent and Lenders, and Borrower agrees to take such further action as Administrative Agent shall reasonably request in connection herewith to evidence the amendments
herein contained to the Loan Documents. 
 5.         Governing
Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of Illinois. 
 6.         Binding; Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto. 
 7.         Ratification. The Loan Documents, as herein amended, remain in
full force and effect in accordance with their respective terms, and Borrower and Administrative Agent hereby ratify and affirm the same. Borrower acknowledges that it is fully obligated under the terms of the Loan Documents, that it has no offsets
or defenses with respect to its obligations thereunder, and that it has no claims or counterclaims against Administrative Agent or any of the Lenders, whether related to the Loan or otherwise. 
 8.         No Novation. Borrower, Administrative Agent, and Lenders hereby
agree that nothing herein or in the other Loan Documents, as modified hereby, shall in any way waive Administrative Agent’s or Lenders’ rights, powers or remedies under the Loan Documents; (ii) shall in any way limit, impair or
prejudice Administrative Agent or Lenders from exercising any past, present or future right, power or remedy from and after the date hereof under the Loan Documents; and (iii) shall not constitute or be deemed to be a novation of the
indebtedness evidenced and secured by the Loan Documents. 
 9.        
Incorporation of Recitals. The recitals set forth at the beginning of this Amendment are confirmed by the parties as true and correct and are incorporated herein by reference. The recitals are a substantive, contractual part of this
Amendment. 
  

 PAGE  5 

 10.         Conditions
Precedent. The conditions precedent to the effectiveness of this Amendment and the closing the loan modification contemplated by this Amendment are set forth in that certain Closing Requirements and Checklist – Third Loan Modification,
which lists items required by Administrative Agent for the closing of said modification of the Loan. 
 [Remainder of page
intentionally left blank] 
  

 PAGE  6 

 IN WITNESS WHEREOF, Borrower and Administrative Agent have executed and
sealed this Amendment as of the day and year first above written. 
  

					
	BORROWER:
	
	WELLS MID-HORIZON VALUE-ADDED FUND I, LLC, a Georgia limited liability company
		
	By:  	 	Wells Investment Management Company, LLC, its Manager
			
		 	By:	 	/s/ Kevin A. Hoover
		 		 	          Kevin A. Hoover
		 		 	          President

 [Signatures continued on following page] 
  

 PAGE  7 

 [Signatures continued from previous page] 
  

			
	ADMINISTRATIVE AGENT:
	
	BANK OF AMERICA, N.A., a national banking association (as successor by merger to LaSalle Bank National Association), as Administrative Agent
		
	By:	 	/s/ Lissette Rivera-Pauley
		 	      Lissette Rivera-Pauley
		 	      Vice President
		
		 	      [BANK SEAL]

 [Signatures continued on following page] 
  

 PAGE  8 

 The undersigned is the sole “Lender” under the Credit Agreement
and pursuant to Section 15.1 of the Credit Agreement hereby consents to the foregoing Amendment. 
 Executed under seal as of the date of the Amendment. 
  

			
	LENDER:
	
	BANK OF AMERICA, N.A., a national banking association (as successor by merger to LaSalle Bank National Association), as Lender
		
	By:	 	/s/ Lissette Rivera-Pauley
		 	       Lissette Rivera-Pauley
		 	       Vice President
		
		 	       [BANK SEAL]

  

 PAGE  9 

 ANNEX A 
 LENDERS AND PRO RATA SHARES 
  

					
	Lender	 	Commitment Amount	 	      Pro Rata Share      
	 	 	 
	 Bank of America, N.A.
	 	 $23,500,000.00
	 	100%
	 TOTALS
	 	 $23,500,000.00
	 	100%

  

 PAGE  10 

 EXHIBIT B 
 FORM OF COMPLIANCE CERTIFICATE 
  

	To:	 Bank of America, N.A., as Administrative Agent 

 Please refer to the Credit Agreement dated as of June 30, 2006 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among Wells Mid-Horizon Value-Added Fund I, LLC (the “Company”), various financial institutions and Bank of America, N.A., as Administrative Agent. Terms used but not otherwise defined herein are used herein as
defined in the Credit Agreement. 
 I.         Reports. Enclosed
herewith is a copy of the [annual audited/quarterly] report of the Company as at _______________, 20__ (the “Computation Date”), which report fairly presents in all material respects the financial condition and results of
operations of the Company as of the Computation Date and has been prepared in accordance with GAAP consistently applied. 
 II.        Financial Tests. The Company hereby certifies and warrants to you that the following is a true and correct computation as at the Computation Date
of the following ratios and/or financial restrictions contained in the Credit Agreement. [Please attach all relevant calculations as schedule(s) to this certificate.] 
  

							
	 A.    
	  	Section     11.14.1	  	Maximum Leverage Ratio (on and after the Financial Covenant Start Date)	  	 
	 	  		  		  	 
	 	  	(1)	  	Total Debt of the Company and its Subsidiaries as of the last day of such Fiscal Quarter	  	        $______
	 	 	 	 
	 	  		  		  	 
	 	  	(2)	  	 As of the last day of such Fiscal Quarter, for each Real Property Asset pledged as Mortgage
Collateral, the most current “as is” Appraised Value for each such Real Property Asset
  
 (a)    [Description of Real Property Asset]
 (b)    [Description of Real Property Asset]
 (c)    [Continue to list Real Property Assets, as applicable]
	  	 $______
 $______
 $______

	 	 	 	 
	 	  		  		  	 
	 	  	(3)	  	Sum of (2)(a) through (2)(__) – Mortgage Collateral Asset Value	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(4)	  	Corporate Asset Value	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(5)	  	Sum of (3) and (4)	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(6)	  	Ratio of (1) to (8) (expressed as a percentage)	  	______%
	 	 	 	 
	 	  		  		  	 
	 	  	(7)	  	Maximum allowed percentage	  	70.000%
	 	 	 	 
	 	  		  		  	 
	 B.
	  	Section 11.14.2	  	Minimum Net Operating Income to Interest Expense Ratio (on and after the Financial Covenant Start Date)	  	 
	 	 	 	 
	 	  		  		  	 
	 	  	(1)	  	 Net Operating Income for the Company and its Subsidiaries for	  	 

  

 PAGE  11 

							
	 	  	 	  	such Fiscal Quarter	  	        $______
	 	 	 	 
	 	  		  		  	 
	 	  	(2)	  	Aggregate amount of all interest, charges and similar expenses paid by the Company and its Subsidiaries to a lender (including a Lender under
the Credit Agreement) during such Fiscal Quarter in connection with borrowed money or the deferred purchase price of assets that are treated as interest in accordance with GAAP	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(3)	  	Ratio of (1) to (2)	  	______ to 1.00
	 	 	 	 
	 	  		  		  	 
	 	  	(4)	  	Minimum required ratio (for the period beginning on the Financial Covenant Start Date and ending on the twenty-four month anniversary thereof)
	  	1.35 to 1.00
	 	 	 	 
	 	  		  		  	 
	 	  	(5)	  	Minimum required ratio (thereafter)	  	1.50 to 1.00
	 	 	 	 
	 	  		  		  	 
	 C.    
	  	Section     11.14.3	  	Minimum Fixed Charge Coverage Ratio (on and after the Financial Covenant Start Date)	  	 
	 	 	 	 
	 	  		  		  	 
	 	  	(1)	  	Net Operating Income for the Company and its Subsidiaries for such Fiscal Quarter	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(2)	  	Aggregate amount of all interest, charges and similar expenses paid by the Company and its Subsidiaries to a lender (including a Lender under
the Credit Agreement) during such Fiscal Quarter in connection with borrowed money or the deferred purchase price of assets that are treated as interest in accordance with GAAP	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(3)	  	Aggregate amount of current maturities of that portion of Debt constituting principal during such Fiscal Quarter	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(4)	  	Amount of all cash distributions made by the Company to the holders of its Capital Securities during such Fiscal Quarter	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(5)	  	Sum of (2), (3) and (4)	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(6)	  	Ratio of (1) to (5)	  	______ to 1.00
	 	 	 	 
	 	  		  		  	 
	 	  	(7)	  	Minimum required ratio (for the period beginning on the Financial Covenant Start Date and ending on the twenty-four month anniversary thereof)
	  	1.15 to 1.00
	 	 	 	 
	 	  		  		  	 
	 	  	(8)	  	Minimum required ratio (thereafter)	  	1.30 to 1.00
	 	 	 	 
	 	  		  		  	 
	 D.
	  	Section 11.14.4	  	Maximum Variable Rate Debt to Total Asset Value Ratio (on and after the Financial Covenant Start Date)	  	 
	 	 	 	 
	 	  		  		  	 
	 	  	(1)	  	Total Debt for the Company and its Subsidiaries during such Fiscal Quarter which accrues interest at a variable
(and not a	  	 

  

 PAGE  12 

							
	 	  	 	  	fixed) rate of interest	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(2)	  	The aggregate value, as determined in accordance with GAAP, of the Company’s and its Subsidiaries’ assets (including, without
limitation, all Real Property Assets and all assets included in the calculation of Corporate Asset Value)	  	        $______
	 	 	 	 
	 	  		  		  	 
	 	  	(3)	  	Ratio of (1) to (2) (expressed as a percentage).	  	______%
	 	 	 	 
	 	  		  		  	 
	 	  	(4)	  	Maximum allowed percentage	  	30.000%
	 	 	 	 
	 	  		  		  	 
	 E.    
	  	Section     11.14.5	  	Limitation on Investments (on and after the Financial Covenant Start Date)	  	 
	 	 	 	 
	 	  		  		  	 
	 	  	(1)	  	Corporate Asset Value	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(2)	  	 The aggregate amount of the Company’s and its Subsidiaries investments in:
  
 (a) unimproved real property or real property that does not constitute a Real Property
Asset
  
 (b) joint ventures not constituting Subsidiaries formed to engage
in real estate activities permitted hereunder
  
 (c) real estate development
projects
  
 (d) any other asset than a Real Property Asset not described in
items (a), (b) or (c) above
	  	 $______
  
 $______
  
 $______
  
 $______

	 	 	 	 
	 	  		  		  	 
	 	  	(3)	  	Sum of (2)(a) through (2)(d)	  	$______
	 	 	 	 
	 	  		  		  	 
	 	  	(4)	  	Ratio of (3) to (1) (expressed as a percentage)	  	______%
	 	 	 	 
	 	  		  		  	 
	 	  	(5)	  	Maximum allowed percentage	  	30.000%
	 	 	 	 
	 	  		  		  	 
	 	  	(6)	  	Ratio of (2)(a) to (1) (expressed as a percentage)	  	______%
	 	 	 	 
	 	  		  		  	 
	 	  	(7)	  	Maximum allowed percentage	  	10.000%
	 	 	 	 
	 	  		  		  	 
	 	  	(8)	  	Ratio of (2)(b) to (1) (expressed as a percentage)	  	______%
	 	 	 	 
	 	  		  		  	 
	 	  	(9)	  	Maximum allowed percentage	  	15.000%
	 	 	 	 
	 	  		  		  	 
	 	  	(10)	  	Ratio of (2)(c) to (1) (expressed as a percentage)	  	______%
	 	 	 	 
	 	  		  		  	 
	 	  	(11)	  	Maximum allowed percentage	  	15.000%
	 	 	 	 
	 	  		  		  	 
	 	  	(12)	  	Ratio of (2)(d) to (1) (expressed as a percentage)	  	______%
	 	 	 	 
	 	  	 	  	 	  	 

  

 PAGE  13 

							
	 	 	(13)    	  	Maximum allowed percentage	  	        5.000%

 III.         The Company hereby certifies and
warrants to you that the following is a true and correct computation as at the Computation Date of the following Company Portfolio Requirements contained in the Credit Agreement. [Please attach all relevant calculations as schedule(s) to this
certificate.] 
  

							
	 A.    
	  	 	  	 	  	 
	 	  	(1)    	  	For the period beginning on the Financial Covenant Start Date, and ending on the twelve month anniversary thereof, are at least 65% of the Real
Property Assets taken as a whole subject to rental or lease arrangements with tenants or lessees, with occupancy being determined on a weighted average basis for all of the Mortgage Collateral.	  	        Yes/No
	 	 	 	 
	 	  		  		  	 
	 	  	(2)	  	Thereafter, are at least 75% of the Real Property Assets taken as a whole subject to rental or lease
arrangements with tenants or lessees, with occupancy being determined on a weighted average basis for all of the Mortgage Collateral.	  	Yes/No

 The Company further certifies to you that no Event of Default or
Unmatured Event of Default has occurred and is continuing. 
 The Company has caused this Certificate to be
executed and delivered by its duly authorized officer on ______________, 20__. 
  

			
	WELLS MID-HORIZON VALUE-ADDED FUND I, LLC, a Georgia limited liability company
		
	By:  	 	Wells Investment Management Company, LLC, Its Manager

			
		
	By: 	 	 
	Name:
	Title:

  

 PAGE  14

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