Document:

Exhibit

Exhibit 10.2

Loan No. 10518230

ENVIRONMENTAL INDEMNITY AGREEMENT
This Environmental Indemnity Agreement (this “Agreement”) is made as of the 6th day of December, 2018 (the “Effective Date”), by the Environmental Obligor, in favor of TRANSAMERICA PREMIER LIFE INSURANCE COMPANY, an Iowa corporation, and its successors and assigns (the “Lender”). The “Environmental Obligor” is RPT WALLINGFORD PLAZA, LLC, a Delaware limited liability company (also referred to herein as the “Borrower”). 
		
	1.
	RECITALS

		
	(a)
	Under the terms of a certain Loan Application/Commitment dated October 5, 2018 (the “Commitment”), AEGON USA Realty Advisors, LLC (“AEGON”), as agent for the Lender, agreed to fund a loan to the Borrower in the principal amount of Six Million Nine Hundred Fifty Thousand Dollars ($6,950,000) (the “Loan”).

		
	(b)
	The Lender has funded the Loan in the principal amount of Six Million Nine Hundred Fifty Thousand Dollars ($6,950,000) in accordance with the Commitment, and to evidence the Loan, the Borrower has made and delivered to Lender a certain Secured Promissory Note dated as of the Effective Date, in the original principal amount of Six Million Nine Hundred Fifty Thousand Dollars ($6,950,000) (the “Note”) and certain additional documents in accordance with the terms of the Commitment.

		
	(c)
	The Loan is secured, inter alia, by a Deed of Trust, Security Agreement and Fixture Filing (the “Deed of Trust”) encumbering certain real property (the “Real Property”) located in the City of Seattle, County of King, Washington.

		
	(d)
	The Environmental Obligor desires to (a) assume full personal liability for the repayment of that portion of the Indebtedness that arises because the Lender has advanced funds or incurred expenses as a result of the failure of the Borrower to meet its obligations under the Loan Documents with respect to environmental matters and (b) indemnify the Lender and hold it harmless from actual damages suffered as a result of environmental matters.

		
	2.
	AGREEMENT

NOW THEREFORE, in consideration of the premises, in order to induce the Lender to disburse the proceeds of the Loan, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Environmental Obligor agrees as follows:
		
	3.
	DEFINITIONS

The following capitalized terms shall have the meanings set forth below:
“Bankruptcy Code” means 11 U.S.C. §§101-1330 or any successor statute.

Environmental Indemnity Agreement     1
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950845.3 0027988-00963 

“Business Day” means any weekday when state and federal banks are open for business in New York, New York.
“Claim” means any action, suit, proceeding, demand, assessment, adjustment, penalty, judgment or other assertion of liability.
“Default Rate” means the lesser of (i) ten percent (10%) per annum over the Note Rate defined in the Note and (ii) the Maximum Permitted Rate.
“Environmental Laws” means all present and future laws, statutes, ordinances, rules, regulations, orders, guidelines, rulings, decrees, notices and determinations of any Governmental Authority to the extent that they pertain to: (A) the protection of health against environmental hazards; (B) the protection of the environment, including air, soils, wetlands, and surface and underground water, from contamination by any substance that may have any adverse health effect on humans, livestock, fish, wildlife, or plant life, or which may disturb an ecosystem; (C) underground storage tank regulation or removal; (D) wildlife conservation; (E) protection or regulation of natural resources; (F) the protection of wetlands; (G) management, regulation and disposal of solid and hazardous wastes; (H) radioactive materials; (I) biologically hazardous materials; (J) indoor air quality; or (K) the manufacture, possession, presence, use, generation, storage, transportation, treatment, release, emission, discharge, disposal, abatement, cleanup, removal, remediation or handling of any Hazardous Substances. “Environmental Laws” include, the Comprehensive Environmental Response, Compensation, and Liability Act, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §9601 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. §6901 et seq., the Federal Water Pollution Control Act, as amended by the Clean Water Act, 33 U.S.C. §1251 et seq., the Clean Air Act, 42 U.S.C. §7401 et seq., the Toxic Substances Control Act, 15 U.S.C. §2601 et seq., the Washington Model Toxics Control Act (RCW 70.105D), the Washington Hazardous Waste Management Act (RCW 70.105), the Washington Solid Waste Management Act (RCW 70.95), all similar state statutes and local ordinances, and all regulations promulgated under any of those statutes, and all administrative and judicial actions respecting such legislation, all as amended from time to time.
“Governmental Authority” means any political entity with the legal authority to impose any requirement on the Property, including the governments of the United States, the State of Washington, King County, the City of Seattle, and any other entity with jurisdiction to decide, regulate, or affect the ownership, construction, use, occupancy, possession, operation, maintenance, alteration, repair, demolition or reconstruction of any portion or element of the Real Property.
“Hazardous Substance” means any substance the release of or the exposure to which is prohibited, limited or regulated by any Environmental Law, or which poses a hazard to human health because of its toxicity, including, without limitation (A) any “oil,” as defined by the Federal Water Pollution Control Act and regulations promulgated thereunder (including crude oil or any fraction of crude oil), (B) any radioactive substance, and (C) Stachybotrys chartarum and other molds. However, the term “Hazardous Substance” does not include (1) a substance used in the cleaning and maintenance of the Real Property, if the quantity and manner of its use are customary, prudent, and do not violate applicable law, or (2) automotive motor oil in immaterial quantities, if leaked from vehicles in the 

Environmental Indemnity Agreement     2
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950845.3 0027988-00963 

ordinary course of the operation of the Real Property and cleaned up in accordance with reasonable property management procedures and in a manner that violates no applicable law.
“Indebtedness” means all sums that are owed or become due pursuant to the terms of the Loan Documents, which sums include any amounts advanced by the Lender to cure defaults or to pay attorneys’ fees and expenses (including any such fees or expenses incurred in connection with enforcing or protecting any of the Loan Documents in any bankruptcy proceeding), receivership costs, fees and costs of the Trustee and other collection costs.
“Loan Documents” has the meaning set forth in the Deed of Trust.
“Notice” means a notice given in accordance with Subsection 12.4 below.
“Obligation” means any obligation under this Agreement.
“Property” means the Real Property and any other property now or hereafter subjected to any lien or security interest created by any of the Loan Documents.
“Trustee” means First American Title Insurance Company and its successors and assigns.
		
	4.
	LIABILITY FOR REPAYMENT OF INDEBTEDNESS

In consideration of the Loan, the Environmental Obligor expressly assumes personal liability for the full and prompt payment to the Lender of the portion of the Indebtedness that arises because the Lender has advanced funds or incurred expenses because the Borrower fails to perform its obligations under the Loan Documents with respect to environmental matters as described in Section 23 of the Deed of Trust.  If the Lender has advanced funds or incurred expenses because the Borrower fails to perform its obligations under the Loan with respect to environmental matters as described in Section 23 of the Deed of Trust, such amounts shall bear interest at the Default Rate.
		
	5.
	INDEMNITY AND HOLD HARMLESS

The Environmental Obligor agrees to indemnify the Lender, the Trustee, and their respective directors, officers, employees, agents, successors and assigns and to hold them harmless, to the extent of the Lender’s actual damages and losses, from any Claim, cost, expense or liability of whatever kind or nature, known or unknown, contingent or otherwise, directly or indirectly arising out of or attributable to the use, generation, storage, release, threatened release, discharge, disposal, or presence (whether prior to or after the date of this Agreement) of Hazardous Substances on, in, under or about the Real Property. Obligations indemnified under this Section include (A) out-of-pocket costs and expenses, including reasonable attorneys’ fees and expenses, sustained by the Lender in enforcing this Agreement or the Borrower’s obligations under the Loan Documents with respect to environmental matters, and including any such fees or expenses incurred in connection with the enforcement or protection of this Agreement in any bankruptcy proceeding, and (B) the protection of the Lender from, and the defense of the Lender against, all Claims. This Section shall be binding upon the Environmental Obligor and its heirs, personal representatives, successors and assigns, and shall survive repayment of the Indebtedness, foreclosure of the Real Property, and the Borrower’s granting of a deed to the Real Property. Obligations under this Section shall not extend to any Claim, cost, expense or liability caused by the Lender’s gross negligence or willful misconduct, or arising 

Environmental Indemnity Agreement     3
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950845.3 0027988-00963 

from a release of Hazardous Substances that occurs after the Lender has taken possession of the Real Property (provided the Borrower has not caused the release through any act or omission).
		
	6.
	REPRESENTATIONS AND WARRANTIES

The Environmental Obligor represents and warrants to the Lender as follows:
		
	(a)
	This Agreement has been duly executed and delivered.

		
	(b)
	The execution and performance of this Agreement and all guaranties, indemnities and covenants herein will not result in any breach of, or constitute a default under, any contract, guarantee, document or other instrument to which the Environmental Obligor is a party or by which the Environmental Obligor may be bound or affected, and do not and will not violate or contravene any law to which the Environmental Obligor is subject; nor do any such other instruments impose or contemplate any obligations which are or will be inconsistent with this Agreement.

		
	(c)
	No approval by, authorization of, or filing with any federal, state or municipal or other governmental commission, board or agency or other governmental authority is necessary in connection with the authorization, execution and delivery of this Agreement.

		
	(d)
	This Agreement constitutes the legal, valid and binding obligation of the Environmental Obligor, enforceable against it in accordance with its terms, subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations.

		
	(e)
	There are no material actions, suits or proceedings pending or, to the best of the knowledge of the Environmental Obligor, threatened against or affecting the Environmental Obligor.

		
	7.
	REMEDIES ON DEFAULT

Upon the failure of the Environmental Obligor to perform any Obligation within five (5) Business Days of written demand (a “Default”), the Lender shall have all of the rights of a guaranteed or indemnified party under the laws of Washington. Interest on any unpaid obligations shall accrue at the Default Rate. In addition, a “Default” shall arise under the Loan Documents. The Lender shall have all of the remedies available to it under the Loan Documents upon “Default,” including the accrual of interest on the Indebtedness at the Default Rate.
		
	8.
	APPLICATION OF PAYMENTS

All payments with respect to the Indebtedness received by the Lender from any party, other than the Environmental Obligor with respect to an Obligation, may be applied by the Lender to the Indebtedness in such manner and order as the Lender desires, in its sole discretion, whether or not such application reduces the liability of the Environmental Obligor with respect to the Obligations. If a foreclosure sale of the Real Property takes place, the proceeds of the sale (whether received in cash or by credit bid) shall be applied first to reduce that portion of the Indebtedness for which the 

Environmental Indemnity Agreement     4
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950845.3 0027988-00963 

Borrower has not assumed personal liability under Section 4 and which is not guaranteed by the Environmental Obligor under Section 4.
		
	9.
	UNSECURED OBLIGATION

The Deed of Trust does not secure those of the Borrower’s Obligations that arise with respect to expenses, liabilities or damages incurred by the Lender after a trustee’s sale under the Deed of Trust, or after the Lender’s or its affiliate’s acceptance of a deed in lieu thereof, or that are the subject of any Claim or any portion of a Claim against the Lender or the Property that (i) have not been paid as of the date of a trustee’s sale under the Deed of Trust, or (ii) have not been paid as of the Lender’s acceptance of a deed in lieu of trustee’s sale. The Environmental Obligor acknowledges and agrees that the Obligations which are so unsecured are separate and distinct from, and not the substantial equivalent of, those that are so secured, and that such unsecured Obligations shall survive such a trustee’s sale or acceptance of a deed in lieu of a trustee’s sale.
		
	10.
	WAIVERS

		
	10.1
	MARSHALING OF ASSETS

The Environmental Obligor waives any right to cause a marshaling of its assets.
		
	10.2
	HOMESTEAD LAWS AND EXEMPTIONS

The Environmental Obligor waives all rights and exemptions under homestead and similar laws.
		
	10.3
	VALUATION OF COLLATERAL

The Environmental Obligor waives any right to a defense to an action under this Agreement based on an assertion that the amount paid for the Property at a lawfully conducted judicial or non-judicial foreclosure sale is less than the value of the Property.
		
	10.4
	PROTEST, DEMAND, DISHONOR

The Environmental Obligor waives all rights of protest, demand, dishonor, presentment or any other notices or demands which might otherwise be required by any statute or rule of law now or hereafter in effect with respect to this Agreement or any of the Obligations.
		
	10.5
	SURETYSHIP WAIVERS

The Environmental Obligor waives, to the extent permitted by applicable law, any statutory or common law rights and defenses available to sureties, indemnitors, endorsers or guarantors of obligations.
		
	10.6
	ADDITIONAL WAIVERS

The Environmental Obligor waives (A) any defense based upon the Lender’s election of any remedy, (B) any defense of the statute of limitations, and (C) any defense based on the 

Environmental Indemnity Agreement     5
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950845.3 0027988-00963 

Lender’s failure to provide Notice of any act or omission by the Borrower from which any Obligation may have arisen.
		
	11.
	CONDITIONAL RELEASE 

On the date occurring two (2) years (i) after the Indebtedness is paid in full or, with respect to the original Borrower, after consummation of a Permitted Transfer (as defined in the Deed of Trust), (ii) after no Obligations remain outstanding and (iii) after the maximum period during which any payment to the Lender with respect to the Indebtedness or any other obligation, including, without limitation, Carveout Obligations (as defined in the Deed of Trust) could be deemed a preference or fraudulent transfer under the Bankruptcy Code has expired, as determined by the Lender in its sole but good faith discretion, the Lender agrees to release the Borrower as Environmental Obligor from any liability under this Agreement first arising or accruing after the Release Date if the following conditions are fully satisfied:
		
	(a)
	No Default has occurred for which the Lender (or its designee) has taken possession or title (whether through a foreclosure or deed in lieu of foreclosure);

		
	(b)
	The Lender shall receive a written request for such release at least sixty (60) days in advance of the Environmental Obligor’s requested release. The request shall include a Phase 1 Environmental Site Assessment (a “Phase I”) prepared by a third-party professional consultant independent from the Environmental Obligor and its Affiliates, together with such additional information as may be reasonably requested by the Lender;

		
	(c)
	The Phase I shall be in form and substance satisfactory to the Lender in its sole but good faith discretion and shall evidence that no release of any Hazardous Substances has occurred and the Property is in compliance with Environmental Laws; and

		
	(d)
	The Environmental Obligor shall pay all out-of-pocket expenses incurred by the Lender (if any) in the review and processing of a proposed or completed release request thereunder, regardless of whether such release is approved.

For purposes of this Section, “Release Date” shall mean the date on which the Lender confirms in writing that all of the conditions described in this Section have been fully satisfied.
		
	12.
	MISCELLANEOUS

		
	12.1
	INDEPENDENCE OF OBLIGATIONS

The Environmental Obligor shall be fully and personally liable for the Obligations.  Except as expressly agreed in writing by the Lender, the Obligations shall not be released, diminished, impaired, reduced or otherwise affected by (a) the reconveyance of the interest created by the Deed of Trust, (b) the consent by the Lender to any transfer of a direct or indirect interest in the Property (whether through sale of the Property, transfers of interests in the Borrower, or a change in the form of business organization of the Borrower), or (c) any forbearance by the Lender to exercise any rights under the Loan Documents.

Environmental Indemnity Agreement     6
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950845.3 0027988-00963 

		
	12.2
	WAIVER OF JURY TRIAL

TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT IS WAIVED BY THE ENVIRONMENTAL OBLIGOR, AND IT IS AGREED BY THE ENVIRONMENTAL OBLIGOR THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.
		
	12.3
	OFFSETS AND DEFENSES

The liability of the Environmental Obligor under this Agreement shall not be released, diminished, impaired, reduced or otherwise affected by any existing or future offset, claim, or defense of any other Environmental Obligor against the Lender.
		
	12.4
	NOTICES

In order for any demand, consent, approval or other communication to be effective under the terms of this Agreement, Notice must be provided under the terms of this Subsection. All Notices must be in writing. Notices may be (a) delivered by hand, (b) transmitted as a pdf attachment by email (with a duplicate copy sent by first class mail, postage prepaid), (c) sent by certified or registered mail, postage prepaid, return receipt requested, or (d) sent by reputable overnight courier service, delivery charges prepaid. Notices shall be addressed as set forth below:
If to the Lender:
Transamerica Premier Life Insurance Company
c/o AEGON USA Realty Advisors, LLC
6300 C Street SW, MS 3B-CR
Cedar Rapids, Iowa 52499
Attn:  Mortgage Loan Department
Reference:  Loan No. 10518230
E-mail:  AAMServicing@aegonusa.com
If to the Environmental Obligor:
RPT Wallingford Plaza, LLC
c/o DWS, RREEF Management LLC 
101 California Street, 24th Floor 
San Francisco, California 94111
Email:  eric.russell@dws.com 
Notices delivered by hand or by overnight courier shall be deemed given when actually received or when refused by their intended recipient. Notices sent by email will be deemed delivered when a read receipt has been received (provided receipt has been verified by telephone confirmation or one of the other permitted means of giving Notices under this Subsection). Mailed Notices shall be deemed given on the date of the first attempted delivery 

Environmental Indemnity Agreement     7
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950845.3 0027988-00963 

(whether or not actually received). Any party to this Agreement may change its address for Notice by giving at least fifteen (15) Business Days’ prior Notice of such change to the other party.
		
	12.5
	ENTIRE AGREEMENT AND MODIFICATION

This Agreement and the other Loan Documents embody the final, entire agreement of the parties relating to its subject matter and supersede any and all prior agreements, whether written or oral. This Agreement may not be contradicted or varied by evidence of any prior, contemporaneous, or subsequent oral agreements or discussions of the parties, and may be amended, waived, released or terminated only by a written instrument or instruments executed by the Lender. Any alleged amendment, revision, waiver, discharge, release or termination that is not so documented shall not be effective as to the Lender. There are no unwritten oral agreements between the parties.
		
	12.6
	COUNTERPARTS

This Agreement may be executed in multiple counterparts, all of which taken together shall constitute one and the same Agreement. Where more than one Environmental Obligor is named herein, the obligations and liabilities of said Environmental Obligor shall be joint and several. A default or violation of any provision of the Loan Documents by any one of the entities constituting the Environmental Obligor shall be deemed to be a default or violation by all entities constituting the Environmental Obligor.
		
	12.7
	GOVERNING LAW

This Agreement shall be construed and enforced according to, and governed by, the laws of Washington without reference to conflicts of law provisions which, but for this provision, would require the application of the law of any other jurisdiction.
		
	12.8
	CUMULATIVE REMEDIES 

Every right and remedy provided in this Agreement shall be cumulative of every other right or remedy of the Lender whether herein or by law conferred and may be enforced concurrently with any such right or remedy. No acceptance of performance of any Obligation as to which any Environmental Obligor shall be in Default, or waiver of particular or single performance of any obligation or observance of any covenant, shall be construed as a waiver of the obligation or covenant or as a waiver of any other Default then, theretofore or thereafter existing.
		
	12.9
	SEVERABILITY

In the event that any one or more of the provisions of this Agreement shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part, or in any respect, or in the event that any one or more of the provisions of this Agreement shall operate, or would prospectively operate, to invalidate this Agreement, then, and in any such event, such provision or provisions only shall be deemed to be null and void and of no force or effect 

Environmental Indemnity Agreement     8
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950845.3 0027988-00963 

and shall not affect any other provision of this Agreement, and the remaining provisions of this Agreement shall remain operative and in full force and effect and shall in no way be affected, prejudiced or disturbed thereby.
		
	12.10
	REFERENCE TO PARTICULARS

The scope of a general statement made in this Agreement shall not be construed as having been reduced through the inclusion of references to particular items that would be included within the statement’s scope. Therefore, unless the relevant provision of this Agreement contains specific language to the contrary, the term “include” shall mean “include, but shall not be limited to” and the term “including” shall mean “including, without limitation.”
		
	12.11
	ASSIGNMENT

The Lender may assign its rights under this Agreement without Notice to any holder of the Note and assignee of the Lender’s rights under the Loan Documents. 

[Signatures appear on following page]

Environmental Indemnity Agreement     9
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950845.3 0027988-00963 

IN WITNESS WHEREOF, the Environmental Obligor caused this Agreement to be duly executed as of the Effective Date.
RPT WALLINGFORD PLAZA, LLC,
a Delaware limited liability company

By:  /s/ Sandra Fung                         
Printed Name:  Sandra Fung
Title:  Authorized Signatory

Environmental Indemnity Agreement     SIGNATURE PAGE
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950845.3 0027988-00963Exhibit

Exhibit 10.3

Loan No. 10518230    December 6th, 2018
$6,950,000    (the “Effective Date”)

SECURED PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned, RPT WALLINGFORD PLAZA, LLC, a Delaware limited liability company (the “Borrower”), whose address is c/o DWS, RREEF Management LLC, 101 California Street, 24th Floor, San Francisco, California  94111, promises to pay Six Million Nine Hundred Fifty Thousand Dollars ($6,950,000), together with interest according to the terms of this Secured Promissory Note (this “Note”), to the order of TRANSAMERICA PREMIER LIFE INSURANCE COMPANY, an Iowa corporation (together with its successors and assigns, the “Lender”), whose address is c/o AEGON USA Realty Advisors, LLC, 6300 C Street SW, MS 3B-CR, Cedar Rapids, Iowa 52499. Capitalized terms used but not defined in this Note shall have the meanings assigned to them in the Deed of Trust, as defined in Section 12 below.
		
	1.
	CONTRACT INTEREST RATE

The principal balance of this Note shall bear interest at the rate of the lesser of (i) four and fifty-six one hundredths percent (4.56%) per annum (the “Note Rate”) and (ii) the maximum interest rate allowed by law, as described in Section 24 below. Interest shall accrue based on twelve (12) thirty- (30) day months.
		
	2.
	SCHEDULED PAYMENTS

		
	2.1
	PREPAYMENT OF INTEREST FOR THE MONTH OF FUNDING

Unless the funding of the loan evidenced by this Note (together with all additional charges, advances and accruals, the “Loan”) occurs on the first (1st) day of a calendar month, the Borrower shall prepay, on the date of the funding, interest due from the date of the funding through and including the last day of the calendar month in which the funding occurs.
		
	2.2
	MONTHLY PAYMENTS

		
	(a)
	Interest-Only Payments. Commencing on the first (1st) day of February, 2019 and on the first (1st) day of each subsequent calendar month through and including January 1, 2021 (the “Interest-Only Period”), the Borrower shall remit to the Lender an interest-only payment equal to all accrued Note Rate interest on the outstanding principal balance of the Note.

		
	(b)
	Principal and Interest Payments. On the first (1st) day of February, 2021 and on the first (1st) day of each subsequent calendar month through December 2028, the Borrower shall pay an installment of principal and interest in the amount of Thirty-Five Thousand Four Hundred Sixty-Two and 83/100 Dollars ($35,462.83).  Monthly installments of principal and interest shall be made when due, regardless of the prior acceptance by the Lender of unscheduled payments.

		
	2.3
	ACH PAYMENTS

Secured Promissory Note    1
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950699.3 0027988-00963 

The Borrower shall cause regular monthly payments to be made using the Automated Clearing House (ACH) system.
		
	2.4
	FINAL PAYMENT

The Loan shall mature on the first (1st) day of January, 2029 (the “Maturity Date”), when the Borrower shall pay its entire principal balance, together with all accrued interest and any other amounts owed by the Borrower under this Note or under any of the other documents entered into now or in the future in connection with the Loan (the “Loan Documents”).
		
	3.
	BALLOON PAYMENT ACKNOWLEDGMENT

The Borrower acknowledges that the scheduled monthly debt service payments referred to in Section 2.2 will not amortize fully the principal sum of this Note over its term, resulting in a “balloon” payment at maturity. Any future agreement to extend this Note or refinance the Indebtedness it evidences may be made only by means of a writing executed by a duly authorized officer of the Lender.
		
	4.
	APPLICATION OF MONTHLY PAYMENTS

When the Lender receives a monthly payment, the Lender shall apply it to interest in arrears for the previous month, and, after the Interest-Only Period, first to interest in arrears for the previous month and then to the amortization of the principal amount of this Note, unless other amounts are then due under this Note or the other Loan Documents. If other amounts are due when a regular monthly payment is received, the Lender may, at its discretion, place the amount received into a “suspense” account pending receipt of all amounts owed with respect to the Indebtedness or may apply it to any amount owed with respect to the Indebtedness, at its sole and absolute discretion.
		
	5.
	DEFAULT INTEREST

If a Default exists (as defined in Section 9 below) the outstanding principal balance of this Note shall, at the option of the Lender, bear interest at a rate (the “Default Rate”) equal to the lesser of (i) ten percent (10%) per annum over the Note Rate and (ii) the Maximum Permitted Rate. If interest has accrued at the Default Rate during any period, the difference between such accrued interest and interest which would have accrued at the Note Rate during such period shall be payable on demand. If a court of competent jurisdiction determines that any interest charged has exceeded the maximum rate allowed by law, the excess of the amount collected over the legal rate of interest will be applied to the Indebtedness as a principal prepayment without premium, retroactively, as of the date of receipt, or returned to the Borrower if the Indebtedness has been fully paid.
		
	6.
	GRACE PERIOD AND LATE CHARGE

If the Lender does not receive any scheduled monthly debt service payment on or before the tenth (10th) day of the calendar month in which it is due, the Lender will send the Borrower written Notice that a late charge equal to five percent (5%) of the late payment has accrued, provided, however, that no late charge shall be assessed on the “balloon” payment due on the Maturity Date. The Borrower shall pay any such late charge with the next scheduled monthly payment following the month during 

Secured Promissory Note    2
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950699.3 0027988-00963 

which the late payment was scheduled to have been received. If the Loan is accelerated under Section 10 due to a monthly payment default, and the Lender seeks to collect interest at the Default Rate under Section 5 in respect of the interest accrual period related to which any delinquent monthly payment relates, then the late charge accrued with respect to the related delinquent monthly payment shall be deemed to have been waived by the Lender. 
		
	7.
	PREPAYMENT

This Note may be prepaid, in whole only upon not less than thirty (30) days’ prior written Notice to the Lender. At the time of any prepayment, the Borrower shall pay all accrued interest on the principal balance of this Note and all other sums due to the Lender under the Loan Documents. In addition, unless the prepayment is a “Permitted Par Prepayment” (as defined in Section 8 below), the Borrower shall remit together with any prepayment a premium (the “Prepayment Premium Amount”) equal to the greater of (A) one percent (1%) of the prepayment amount and (B) the amount (the “Yield Protection Amount”) calculated in accordance with the next succeeding paragraph of this Note.
Unless the one percent (1%) minimum prepayment premium applies, the “Prepayment Premium Amount” is the amount by which the present value of scheduled Loan payments (the “Total Present Value”) on the prepaid indebtedness exceeds the prepaid amount. To determine the Total Present Value, each of the scheduled payments to be made under the terms of this Note, including the “balloon” payment due at this Note’s maturity, shall be discounted to its present value as of the prepayment date. For this purpose, the Lender shall use a discount rate 50 basis points over the interest rate on a hypothetical instrument which, assuming monthly compounding of interest, would produce a yield (as published by The Wall Street Journal on its website, or if The Wall Street Journal ceases to publish such yields, as published by another public source of information nationally recognized for accuracy in the reporting of the trading of governmental securities) equal to the interpolated average yield of U.S. Government Securities/Treasury Constant Maturities having the same average life as the remaining average life of the Loan (the “Prepayment Treasury Rate”). The Lender shall interpolate the yield on a straight-line basis.
The Prepayment Treasury Rate shall be determined as of five (5) Business Days (as defined in the Deed of Trust) before the date of the prepayment. The sum of these present value amounts equals the Total Present Value of a prepayment in full. If the prepayment is a partial prepayment, the Total Present Value equals the sum of these present value amounts multiplied by a fraction, the numerator of which is the principal amount to be prepaid and the denominator of which is the principal balance of the Loan as of the date of prepayment.
Voluntary partial prepayments shall be prohibited.
The Prepayment Premium Amount constitutes liquidated damages to compensate the Lender for reinvestment costs, lost opportunity costs, and the loss by the Lender of its bargained-for investment in the Loan. The Borrower agrees that such liquidated damages are not a penalty but are a reasonable estimate in good faith of the actual damages sustained by the Lender as a result of such prepayment, which actual damages are impossible to ascertain with precision.
		
	8.
	PERMITTED PAR PREPAYMENTS

Secured Promissory Note    3
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950699.3 0027988-00963 

The Lender shall not charge a prepayment premium on certain prepayments (the “Permitted Par Prepayments”). Permitted Par Prepayments include:
		
	(a)
	any prepayment in full of the Loan made no more than ninety (90) days before the Maturity Date; and

		
	(b)
	any prepayment made as the result of the Lender’s election to apply insurance or condemnation proceeds to the principal balance of this Note or to achieve any required loan to value ratio that is a prerequisite to the Borrower’s rights to obtain and to use such proceeds.

		
	9.
	DEFAULT

A default on this Note (“Default”) shall exist if (a) the Lender fails to receive any required debt service payment on or before the tenth (10th) day of the calendar month in which it is due, (b) the Borrower fails to pay the matured balance of this Note on the Maturity Date, or (c) a “Default” exists as defined in any other Loan Document. If a Default exists and the Lender engages counsel to collect any amount due under this Note or if the Lender is required to protect or enforce this Note in any probate, bankruptcy or other proceeding, then any expenses incurred by the Lender in respect of the engagement, including the reasonable fees and reimbursable costs and expenses of counsel and including such costs and fees which relate to issues that are particular to any given proceeding, shall constitute Indebtedness evidenced by this Note, shall be payable within five (5) Business Days following written demand, and shall bear interest at the Default Rate. Such fees, costs and expenses include those incurred in connection with any action against the Borrower for a deficiency judgment after a foreclosure or trustee’s sale of the Real Property under the Deed of Trust, including all of the Lender’s reasonable attorneys’ fees, costs and expenses and all property appraisal costs and witness fees. Such fees and costs, if incurred after a foreclosure or trustee’s sale, shall not be secured by the Deed of Trust.
		
	10.
	ACCELERATION

If a Default exists, the Lender may, at its option, declare the unpaid principal balance of this Note to be immediately due and payable, together with all accrued interest on the Indebtedness, all costs of collection (including reasonable attorneys’ fees, costs and expenses) and all other charges due and payable by the Borrower under this Note or any other Loan Document. If the subject Default has arisen solely from a failure by the Borrower to make a regular scheduled monthly debt service payment, the Lender shall not accelerate the Indebtedness unless the Lender shall have given the Borrower advance Notice of its intent to do so and a cure period of at least three (3) Business Days.
If the subject Default is a Curable Non-Monetary Default, the Lender shall exercise its option to accelerate only by delivering Notice of acceleration to the Borrower. The Lender shall not deliver any such Notice of acceleration until (a) the Borrower has been given any required Notice of the prospective Default and (b) any applicable cure period has expired.
		
	11.
	PREPAYMENT FOLLOWING ACCELERATION

Secured Promissory Note    4
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950699.3 0027988-00963 

Any Default resulting in the acceleration of the Indebtedness shall be conclusively presumed to be an attempt to avoid the provisions of Section 7 of this Note, which prohibit prepayment or condition the Lender’s obligation to accept prepayment on the payment of a prepayment premium. Accordingly, if the Indebtedness is accelerated, the Borrower agrees to pay the prepayment premium that would have been applicable under Section 7 (calculated from the date of acceleration through the Maturity Date).
		
	12.
	SECURITY

This Note is secured by a Deed of Trust, Security Agreement and Fixture Filing (the “Deed of Trust”) granted by the Borrower to First American Title Insurance Company, the Trustee, for the benefit of the Lender, conveying certain real property (the “Real Property”) located in the City of Seattle, King County, Washington, and granting a security interest in certain fixtures and personal property, and by an Absolute Assignment of Leases and Rents made by the Borrower to the Lender, assigning the landlord’s interest in all present and future leases (the “Leases”) of all or any portion of the Real Property encumbered by the Deed of Trust. Reference is made to the Loan Documents for a description of the security and rights of the Lender. This reference shall not affect the absolute and unconditional obligation of the Borrower to repay the Loan in accordance with its terms.
		
	13.
	RECOURSE TO BORROWER

The Lender agrees that it shall not seek to enforce any monetary judgment with respect to the Indebtedness against the Borrower except through recourse to the Property (as defined in the Deed of Trust), unless the obligation from which the judgment arises is one of the “Carveout Obligations” defined in Section 14.
		
	14.
	CARVEOUT OBLIGATIONS

The “Carveout Obligations” are (a) the obligation to repay the entire Indebtedness, if the Lender’s exculpation of the Borrower from personal liability under this Section has become void as set forth below, (b) the obligation to indemnify the Lender in respect of its actual damages suffered in connection with any of the Carveouts, and (c) the obligation to defend and hold the Lender harmless from and against any claims, judgments, causes of action or proceedings arising from any of the Carveouts.
		
	14.1
	THE CARVEOUTS

The “Carveouts” are:
		
	(a)
	Fraud or material written misrepresentation.

		
	(b)
	Physical waste of the Property (which shall include damage, destruction or disrepair of the Real Property caused by a willful act or grossly negligent omission of the Borrower, but shall exclude ordinary wear and tear in the absence of gross negligence).

		
	(c)
	Misappropriation of tenant security deposits (including proceeds of tenant letters of credit), insurance proceeds or condemnation proceeds.

Secured Promissory Note    5
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950699.3 0027988-00963 

		
	(d)
	Failure to turn over to the Lender all tenant security deposits and tenant letters of credit required to be held by the Borrower under the terms of the leases of the Real Property on or prior to the date on which the Lender receives title to the Real Property following the foreclosure of its lien or by delivery of the deed in lieu of foreclosure.

		
	(e)
	Failure to pay property taxes, assessments or other lienable impositions to the taxing authority prior to their delinquency (except for such Impositions as are to be paid by the Lender from the Escrow Fund pursuant to the terms of the Deed of Trust, provided that Borrower has made all required Monthly Escrow Payments) or to the Lender to the extent such impositions have accrued on the date the Lender receives title to the Real Property following the foreclosure of its lien or by delivery of the deed in lieu of foreclosure.

		
	(f)
	Failure to maintain insurance coverage that meets the requirements set forth in the Loan Documents, even if the Lender has accepted coverage furnished by a tenant under a Key Lease (or any other person) that does not meet such requirements, and even if the Lender does not receive insurance proceeds in accordance with the Loan Documents as the result of conflicting provisions of a Key Lease.

		
	(g)
	The cost to the Lender of the forced placement of insurance, as permitted under the Loan Documents.

		
	(h)
	Failure to pay to the Lender all amounts paid to the Borrower in consideration of the Borrower’s release of a party from liability for a contractual or other legal obligation (e.g., lease termination, space contraction, and legal settlement payments) (“Termination Payments”). Termination Payments do not include payments of Rents under Two Hundred Fifty Thousand Dollars ($250,000) paid pursuant to termination or space contraction options contained in Leases approved by the Lender or in Leases deemed approved or not requiring Lender approval under the Assignment.

		
	(i)
	Failure to pay to the Lender all rents, income and profits, net of reasonable and customary operating expenses, received in respect of a period when the Loan is in Default.

		
	(j)
	The out-of-pocket expenses of enforcing the Loan Documents following Default, not including expenses incurred after the Lender has received a Qualified Offer.

		
	(k)
	Executing, terminating or amending a lease of the Real Property in violation of the Loan Documents.

		
	(l)
	Any liability of the Borrower under the Environmental Indemnity Agreement.

		
	14.2
	EXCULPATION VOID

The Lender’s exculpation of the Borrower from personal liability for the repayment of the Indebtedness shall be void without notice if any of the following occurs:

Secured Promissory Note    6
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950699.3 0027988-00963 

		
	(a)
	The Borrower voluntarily transfers the Property or creates any material voluntary lien on the Property in violation of the Loan Documents.

		
	(b)
	The Borrower causes or allows the filing of an involuntary bankruptcy petition under Title 11 of the United States Code in collusion with creditors other than the Lender.

		
	(c)
	The Borrower files a voluntary petition for reorganization under Title 11 of the United States Code (or under any other present or future law, domestic or foreign, relating to bankruptcy, insolvency, reorganization proceedings or otherwise similarly affecting the rights of creditors), and has not made a Qualified Offer prior to the filing.

		
	(d)
	After the Lender accepts a Qualified Offer, the Borrower defaults in fulfilling the terms of the accepted Qualified Offer.

		
	15.
	SEVERABILITY

If any provision of this Note is held to be invalid, illegal or unenforceable in any respect, or operates, or would if enforced operate to invalidate this Note, then that provision shall be deemed null and void. Nevertheless, its nullity shall not affect the remaining provisions of this Note, which shall in no way be affected, prejudiced or disturbed.
		
	16.
	WAIVER

Except to the extent that such rights are expressly provided in this Note, the Borrower waives demand, presentment for payment, notice of intent to accelerate, notice of acceleration, protest, notice of protest, dishonor and of nonpayment and any and all lack of diligence or delays in collection or enforcement of this Note. Without affecting the liability of the Borrower under this Note, the Lender may release any of the Property, grant any indulgence, forbearance or extension of time for payment, or release any other Person now or in the future liable for the payment or performance of any obligation under this Note or any of the Loan Documents.
The Borrower further (a) waives any homestead or similar exemption; (b) waives any statute of limitation; (c) agrees that the Lender may, without impairing any future right to insist on strict and timely compliance with the terms of this Note, grant any number of extensions of time for the scheduled payments of any amounts due, and may make any other accommodation with respect to the Indebtedness; (d) waives any right to require a marshaling of assets; and (e) to the extent not prohibited by applicable law, waives the benefit of any law or rule of law intended for its advantage or protection as a debtor or providing for its release or discharge from liability under this Note, excepting only the defense of full and complete payment of all amounts due under this Note and the Loan Documents.
		
	17.
	VARIATION IN PRONOUNS

All the terms and words used in this Note, regardless of the number and gender in which they are used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine, or neuter, as the context or sense of this Note or any paragraph or clause 

Secured Promissory Note    7
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950699.3 0027988-00963 

herein may require, the same as if such word had been fully and properly written in the correct number and gender.
		
	18.
	WAIVER OF JURY TRIAL

TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (A) UNDER THIS NOTE OR ANY OTHER LOAN DOCUMENT OR (B) ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH THIS NOTE OR ANY OTHER LOAN DOCUMENT, AND THE BORROWER AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.
		
	19.
	OFFSET RIGHTS

In addition to all liens upon and rights of setoff against the money, securities, or other property of the Borrower given to the Lender by law, the Lender shall have a lien upon and a right of setoff against all money, securities, and other property of the Borrower, now or hereafter in possession of or on deposit with the Lender, whether held in a general or special account or deposit, or safe-keeping or otherwise, and, following a Default, every such lien and right of setoff may be exercised without demand upon, or notice to the Borrower. No lien or right of setoff shall be deemed to have been waived by any act or conduct on the part of the Lender, or by any neglect to exercise such right of setoff or to enforce such lien, or by any delay in so doing, and every right of setoff and lien shall continue in full force and effect until such right of setoff or lien is specifically waived or released by an instrument in writing executed by the Lender.
		
	20.
	COMMERCIAL LOAN

The Borrower hereby represents and warrants to the Lender that the Loan was made for commercial or business purposes, and that the proceeds of the Loan evidenced by this Note will be used solely in connection with such purposes.
		
	21.
	REPLACEMENT OR BIFURCATION OF NOTE

If this Note is lost or destroyed, the Borrower shall, at the Lender’s request, execute and return to the Lender a replacement promissory note identical to this Note, provided the Lender delivers to the Borrower an affidavit to the foregoing effect. Upon delivery of the executed replacement note, the Lender shall indemnify the Borrower from and against its actual damages suffered as a result of the existence of two Notes evidencing the same obligation. No replacement of this Note under this Section 21 shall result in a novation of the Borrower’s obligations under this Note. In addition, the Lender may at its sole and absolute discretion require that the Borrower execute and deliver two separate promissory notes, which shall replace this Note as evidence of the Borrower’s obligations. The two replacement notes shall, taken together, evidence the exact obligations set forth in this Note. The replacement notes shall be independently transferable. If this Note is so replaced, the Lender shall return this Note to the Borrower marked to evidence its cancellation.

Secured Promissory Note    8
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950699.3 0027988-00963 

		
	22.
	GOVERNING LAW

This Note shall be construed and enforced according to, and governed by, the laws of Washington without reference to conflicts of law provisions which, but for this provision, would require the application of the law of any other jurisdiction.
		
	23.
	TIME OF ESSENCE

In the performance of the Borrower’s obligations under this Note, time is of the essence.
		
	24.
	AGREEMENT CONCERNING INTEREST

The provisions of this Note and of the Deed of Trust now or hereafter existing are hereby expressly limited so that in no contingency or event whatsoever, whether by acceleration of the maturity of this Note or otherwise, shall the amount paid or agreed to be paid to the Lender for the use, forbearance or detention of the sums evidenced by this Note exceed the maximum amount permissible under Washington law. If, from any circumstances whatsoever, the performance or fulfillment of any provision of this Note, or of the Deed of Trust, at the time performance of such provision shall be due, shall exceed the limit of validity prescribed by law, then, ipso facto, the obligation to be performed or fulfilled shall be reduced to the limit of such validity, and, if from any such circumstance, the Lender shall ever receive anything of value which is deemed to be interest by Washington law which would exceed the highest lawful rate, an amount equal to any excessive interest shall be applied to the reduction of the principal amount of this Note or on account of any other principal Indebtedness of the Borrower to the Lender and to the payment of interest thereon or, if such excessive interest exceeds the unpaid balance of principal of this Note and such other Indebtedness, such excess shall be refunded to the Borrower.
		
	25.
	NO ORAL AGREEMENTS

THIS NOTE AND ALL THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT OF THE BORROWER AND THE LENDER AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE LOAN AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE BORROWER AND THE LENDER. THERE ARE NO ORAL AGREEMENTS BETWEEN THE BORROWER AND THE LENDER. THE PROVISIONS OF THIS NOTE AND THE OTHER LOAN DOCUMENTS MAY BE AMENDED OR REVISED ONLY BY AN INSTRUMENT IN WRITING SIGNED BY THE BORROWER AND THE LENDER.
ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.

[Signature appears on the next page]

Secured Promissory Note    9
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950699.3 0027988-00963 

IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed as of the Effective Date.
BORROWER:

RPT WALLINGFORD PLAZA, LLC,
a Delaware limited liability company

By:  /s/ Sandra Fung                        
Printed Name:  Sandra Fung
Title:  Authorized Signatory

Secured Promissory Note    SIGNATURE PAGE
Wallingford Plaza, Seattle, Washington
AEGON Loan No. 10518230
98950699.3 0027988-00963

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