Document:

Form of Performance-Based Restricted Stock Unit Agreement

 Exhibit 10.2 
 ELECTRONIC ARTS INC. 
 2000 EQUITY INCENTIVE PLAN 

PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD 
 [PARTICIPANT INFORMATION] 
 Electronic Arts Inc., a Delaware corporation, (the
“Company”) hereby grants on the date hereof (the “Award Date”) to the Participant named above a Performance-Based Restricted Stock Unit Award (the “Award”) consisting of Restricted Stock Units issued under the
Company’s 2000 Equity Incentive Plan, as amended (the “Plan”), to receive the total number of units set forth below of the Company’s Common Stock (the “Award Units”). The Award is intended to qualify as “qualified
performance-based compensation” as described in Section 162(m)(4)(C) of the Code. The Award is subject to all the terms and conditions set forth herein, in the attached Appendix A, Appendix B, Appendix C and in the Plan, the
provisions of which are incorporated herein by reference. The principal features of the Award are as follows: 
  

			
	TARGET NUMBER OF AWARD UNITS:	 	[                    ]
		
	MAXIMUM NUMBER OF AWARD UNITS*:	 	[                    ]

 

	*	 The actual number of Award Units that vest pursuant to the terms and condition of this Award will be between 0% and 200% of the Target Number of
Award Units. The Maximum Number of Award Units represents 200% of the Target Number of Award Units. 

Performance-based Vesting Schedule: Subject to the terms and conditions of the Plan, Appendix A, Appendix B, and this paragraph, the
number of Award Units that vest on the applicable Vest Date for each Measurement Period shall be based (after certification by the Committee as described below) on the relative total stockholder return (“Relative TSR”) percentile ranking
of the Company for each Measurement Period, provided Participant is, and has remained continuously since the Award Date through each applicable Vest Date, employed by the Company or a Subsidiary. Participant shall not be considered to have
terminated employment for purposes of the vesting requirements during a leave of absence that is protected under local law (which may include, but is not limited to, a maternity, paternity, disability, medical, or military leave), provided that such
period shall not exceed the maximum leave of absence period protected by local law. Following the completion of each Measurement Period, the Committee shall determine and certify, on or before each Vest Date, in accordance with the requirements of
Section 162(m) of the Code the Relative TSR percentile ranking for the applicable Measurement Period and the number of Award Units that vest according to the performance terms set forth in Appendix B; provided, however, that the Committee
retains discretion to reduce, but not increase the number of Award Units that would 

 
otherwise vest as a result of the Company’s Relative TSR percentile ranking for each Measurement Period.
 PLEASE READ ALL OF APPENDIX A, APPENDIX B AND APPENDIX C WHICH CONTAIN THE SPECIFIC TERMS AND CONDITIONS OF THE AWARD. 
  

			
	ELECTRONIC ARTS INC.	 	  

	/s/ Stephen G. Bené	 	DATE
	Stephen G. Bené	 	
	Senior Vice President and General Counsel	 	

 ACCEPTANCE: 
 By accepting this Award and signing below, Participant hereby acknowledges that a copy of the Plan and a copy of the Prospectus, as amended, are available upon request from the Company’s Stock
Administration department and can also be accessed electronically. Participant represents that Participant has read and understands the terms and conditions thereof, and accepts the Award subject to all the terms and conditions of the Plan, the
Award, including appendices thereto. Participant acknowledges that there may be adverse tax consequences due to the Award and that Participant should consult a tax advisor to determine his or her actual tax consequences. Participant must accept
this Award by executing and delivering a paper or electronic version to the Company within thirty (30) days. Otherwise the Company may, at its discretion, rescind the Award in its entirety. 

 

	
	  
 Participant
Signature

	
	  

Date

  
 2 

 APPENDIX A 
 ELECTRONIC ARTS INC. 
 PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD 

1. Award. Each Award Unit represents the unsecured right to receive one share of Electronic Arts Inc. common stock, $0.01
par value per share (“Common Stock”), subject to certain restrictions and on the terms and conditions contained in this Restricted Stock Unit Award (“Award”), and the Electronic Arts’ 2000 Equity Incentive Plan, as amended
(the “Plan”). In the event of any conflict between the terms of the Plan and this Award, including appendices thereto, the terms of the Plan shall govern. Any terms not defined herein shall have the meaning set forth in the Plan.

 2. Award Date. The Award Date shall be the date on which the Committee makes the determination to grant such
Restricted Stock Units, unless otherwise specified by the Committee. The Award will be delivered to Participant within a reasonable time after the Award Date. 
 3. No Stockholder Rights. The Award does not entitle Participant to any rights of a stockholder of Common Stock. The rights of Participant with respect to the Award shall remain forfeitable
at all times prior to the date on which such rights become vested. 
 4. Conversion of Award Units; Issuance of Common
Stock. No Shares of Common Stock shall be issued to Participant prior to each Vest Date. After any Award Units vest, the Company shall promptly cause to be issued in book-entry form, registered in Participant’s name or in the name of
Participant’s legal representatives, beneficiaries or heirs, as the case may be, Common Stock in payment of such vested whole Award Units; provided, however, that in the event such Award Units do not vest on a day during which the Common Stock
is quoted on the NASDAQ Global Select Market (or traded on such other principal national securities market or exchange on which the Common Stock may then be listed) (“Trading Day”), the Company shall cause Award Shares to be issued on the
next Trading Day following the date on which such Award Units vest; provided, further, that in no event shall the Company cause such Shares to be issued later than two (2) months after each Vest Date. For purposes of this Award, the date on
which vested Award Units are converted into Common Stock shall be referred to as the “Conversion Date.” 
 5.
Fractional Award Units. In the event Participant is vested in a fractional portion of an Award Unit (a “Fractional Portion”), such Fractional Portion shall not be converted into a share or issued to Participant. Instead, the
Fractional Portion shall remain unconverted until the final Vest Date for the Award Units; provided, however, if Participant vests in a subsequent Fractional Portion prior to the final Vest Date for the Award Units and such Fractional Portion taken
together with a previous Fractional Portion accrued by Participant under this Award would equal or be greater than a whole Share, then such Fractional Portions shall be converted into one Share; provided, further, that following such conversion, any
remaining Fractional Portion shall remain 

  
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unconverted. Upon the final Vest Date, the value of any remaining Fractional Portion(s) shall be rounded up to the nearest whole Award Unit at the same time as the conversion of the remaining
Award Units and issuance of Common Stock described in Section 4 above. 
 6. Restriction on Transfer. Neither
the Award Units nor any rights under this Award may be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of by Participant other than by will or by the laws of descent and distribution, and any such purported sale, assignment,
transfer, pledge, hypothecation or other disposition shall be void and unenforceable against the Company. Notwithstanding the foregoing, Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to
exercise Participant’s rights and receive any property distributable with respect to the Award Units upon Participant’s death. 
 7. Forfeiture Upon Termination of Employment. 
 (a) Except as
otherwise provided in Section 7(b) or 10(b) hereof in the event that Participant’s employment or service is Terminated for any reason, any unvested Award Units that are not yet vested as of the date of Termination shall be forfeited
immediately upon such Termination, as described in Section 12(l) below. 
 (b) In the event of a Termination due to the
death or Disability of Participant, the Participant shall vest in a pro-rata portion of the Award Units on each remaining Vest Date in the Performance Period thereafter, with such number of Award Units vesting to be determined based upon the actual
Relative TSR percentile ranking for the applicable Measurement Period, as set forth in Appendix B, and the number of months worked by the Participant during the Measurement Period, based upon the following pro-ration formula: 

Number of Award Units determined to vest on each Vest Date multiplied by the number of calendar months worked by Participant from
(i) April 3, 2011 through the date of Termination due to death or Disability divided by (i) twelve (12) for the 1st Measurement Period; (ii) twenty-four (24) for the
2nd Measurement Period; and (iii) thirty-six
(36) for the 3rd Measurement Period. 

Participant shall be deemed to have worked a calendar month if Participant has worked any portion of that month. The Committee’s determination of
vested Award Units shall be in whole Award Units only and will be binding on the Participant. 
 8. Forfeiture Upon
Termination of Performance Period. Any Award Units that do not vest on the Vest Date for each Measurement Period in the Performance Period shall be forfeited. 
 9. Suspension of Award and Repayment of Proceeds for Contributing Misconduct. If at any time the Committee reasonably believes that a Participant, other than an Outside Director, has engaged
in an act of misconduct, including, but not limited 

  
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to an act of embezzlement, fraud or breach of fiduciary duty during the Participant’s employment that contributed to an obligation to restate the Company’s financial statements
(“Contributing Misconduct”), the Committee may suspend the vesting of the Award pending a determination of whether an act of Contributing Misconduct has been committed. If the Committee determines that a Participant has engaged in an act
of Contributing Misconduct, then the Award will terminate immediately upon such determination and the Committee may require Participant to repay to the Company, in cash and upon demand, the Award Proceeds (as defined below) resulting from any sale
or other disposition (including to the Company) of Shares issued or issuable upon the vesting of the Award if the sale or disposition was effected during the twelve-month period following the first public issuance or filing with the SEC of the
financial statements required to be restated. The term “Award Proceeds” means, with respect to any sale or other disposition (including to the Company) of Shares issued or issuable upon vesting of Award Units, an amount determined
appropriate by the Committee to reflect the effect of the restatement on the Company’s stock price, up to the amount equal to the market value per Share at the time of such sale or other disposition multiplied by the number of Shares sold or
disposed of. The return of Award Proceeds is in addition to and separate from any other relief available to the Company due to the Participant’s Contributing Misconduct. Any determination by the Committee with respect to the foregoing shall be
final, conclusive and binding on all interested parties. For any Participant who is designated as an “executive officer”, the determination of the Committee shall be subject to the approval of the Board of Directors. 

10. Change of Control. 
 (a) Upon a Change of Control prior to the expiration of the Performance Period, the Committee shall certify the Relative TSR percentile ranking as of the effective date of the Change of Control (the
“CoC TSR percentile ranking”) as set forth in Appendix B. The CoC TSR percentile ranking shall thereafter be applied to determine the number of shares that vest on each remaining Vest Date in the Performance Period, and no other
performance terms applicable thereto shall have any force or effect for purposes of determining the vesting of the Award Units. 

(b) Notwithstanding any provision to the contrary under the Electronic Arts Inc. Key Employee Continuity Plan (the “Continuity
Plan”) or subsection (a) above, and subject to the timely execution, return, and non-revocation of a Severance Agreement and Release, any Award Units that are not vested, shall automatically vest: (i) as of the date of the
Participant’s Termination of employment with the Company if such Termination occurs during the time period beginning on the effective date of the Change of Control and ending on the first anniversary of the effective date of the Change of
Control; and provided further that the Termination is initiated by the Company without Cause, or by Participant for Good Reason (as these terms are defined in Section 10(c)); or (ii) as of the effective date of the date of the Change of
Control if a Participant’s employment is Terminated without Cause during the two (2) months immediately preceding a Change of Control, and such Termination is made in connection with the Change of Control, as determined by the Committee in
its sole discretion; provided that in the case of either clause (i) or clause (ii) of this provision, such employment 

  
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Termination meets the criteria for a “separation from service” as defined in Treas. Reg. §1.409A-1(h). 
 (c) For purposes of this Award Agreement: 
 (i) “Cause” means
(i) the continued failure by Participant to substantially perform Participant’s duties with the Company (other than any such failure resulting from Participant’s incapacity due to physical or mental illness), (ii) the engaging by
Participant in conduct which is demonstrably injurious to the Company or any of its affiliates, monetarily or otherwise, (iii) Participant committing any felony or any crime involving fraud, breach of trust or misappropriation or (iv) any
breach or violation of any agreement or written code of conduct relating to Participant’s employment with the Company where the Company, in its sole discretion, determines that such breach or violation materially and adversely affects the
Company or any of its affiliates. 
 (ii) “Change of Control” means the occurrence of an event as set forth in any
one of the following paragraphs: 
 (1) any Person (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934,
as amended, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (A) the Company or any of its affiliates, (B) a trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any of its subsidiaries, (C) an underwriter temporarily holding securities pursuant to an offering of such securities or (D) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company) is or becomes the Beneficial Owner (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company (not including in
the securities beneficially owned by such Person any securities acquired directly from the Company other than securities acquired by virtue of the exercise of a conversion or similar privilege or right unless the security being so converted or
pursuant to which such right was exercised was itself acquired directly from the Company) representing 50% or more of (X) the then outstanding shares of common stock of the Company or (Y) the combined voting power of the Company’s
then outstanding voting securities entitled to vote generally in the election of directors; or 
 (2) the following individuals
cease for any reason to constitute a majority of the number of directors then serving on the Board (the “Incumbent Board”): individuals who, as of the date of this Award, constitute the Board and any new director (other than a director
whose initial assumption of office is in connection with an actual or threatened election contest, including, without limitation, a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the
Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds of the directors then still in office who either were directors on the date of this Award, or whose appointment,
election or nomination for election was previously so approved or recommended; or 

  
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 (3) there is consummated a merger or consolidation of the Company or any Subsidiary of the
Company with any other corporation, other than a merger or consolidation pursuant to which (A) the voting securities of the Company outstanding immediately prior to such merger or consolidation will continue to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or any parent thereof) more than 50% of the outstanding shares of common stock and the combined voting power of the outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; (B) no Person will become the Beneficial Owner, directly or
indirectly, of securities of the Company or such surviving entity or any parent thereof representing 50% or more of the outstanding shares of common stock or the combined voting power of the outstanding voting securities entitled to vote generally
in the election of directors (except to the extent that such ownership existed prior to such merger or consolidation); and (C) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board
of directors of the corporation (or any parent thereof) resulting from such merger or consolidation; or 
 (4) the stockholders
of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or
disposition by the Company of all or substantially all of the Company’s assets to an entity, (A) more than 50% of the outstanding shares of common stock and the combined voting power of the outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of which (or of any parent of such entity) is owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale;
(B) in which (or in any parent of such entity) no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 50% or more of the outstanding shares of common stock resulting from such sale or
disposition or the combined voting power of the outstanding voting securities entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to such sale or disposition); and (C) in which (or in
any parent of such entity) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors. 
 (iii) “Good Reason” means: the occurrence without Participant’s written consent, of any of the following on or after the date of a Change of Control: 

(1) a change in the location of Participant’s principal place of business by more than 50 miles when compared to Participant’s
principal place of business immediately before the Change of Control; and 
 (2) (A) a more than 10% reduction in
Participant’s annual base salary in effect immediately before the Change of Control; (B) a more than 10% reduction in Participant’s target annual bonus or incentive opportunity from that in

  
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effect immediately before the Change of Control, or (C) a more than 10% reduction in Participant’s total target annual cash compensation, including without limitation, annual base
salary and target annual bonus or incentive opportunity, from that in effect immediately before the Change of Control; and 

(3) [This section (D) should be included for the following employees: the CEO, CFO, Chief Human Resources Officer, Executive
Vice President of Legal and Business Affairs] the occurrence without the affected Participant’s written consent, on or after the date of a Change of Control, of a material reduction in Participant’s authority, duties, or
responsibilities, including, without limitation, a material diminution in the authority, duties, or responsibilities of the supervisor to whom Participant is required to report, which shall include a requirement that a Participant report to a
corporate officer or employee instead of reporting directly to the board of directors of a corporation (or similar governing body with respect to an entity other than a corporation), when compared to Participant’s authority, duties, or
responsibilities, or the authority, duties or responsibilities of the supervisor to whom Participant is required to report, immediately before the Change of Control. 
 (4) Notwithstanding the foregoing, Good Reason shall exist only if the following conditions are met: (A) Participant gives the Company written notice of his or her intention to terminate employment
with the Company for Good Reason; (B) such notice is delivered to the Company within 90 days of the initial existence of the condition giving rise to the right to terminate for Good Reason, and at least 30 days in advance of the date of
termination; (C) the Company fails to cure the alleged Good Reason to the reasonable satisfaction of Participant prior to Participant’s termination, and (D) the events described in the preceding sentence, singly or in combination,
result in a material negative change in Participant’s employment relationship with the Company, so that Participant’s termination effectively constitutes an involuntary separation from service within the meaning of Section 409A of the
Code. 
 (iv) “Severance Agreement and Release” means the written separation agreement and release substantially in
the form set forth in Appendix C, as may be amended from time to time. 
 (d) Anything to the contrary in this Award or the Plan
notwithstanding, in the event that following the Award Date and prior to a Change of Control the Committee determines, in its sole discretion, that the Award would fail to qualify as "qualified performance-based compensation" as described in
Section 162(m)(4)(C) of the Code because of the provisions of Section 10(b) the Committee may adopt such amendments (including with retroactive effect) to the provisions of Section 10(b) , including eliminating the effect of the
provisions of Section 10(b), that the Committee reasonably determines, in its sole discretion, are required to preserve the treatment of the Award as qualified performance-based compensation under Section 162(m) of the Code prior to a
Change of Control. Notwithstanding the foregoing, nothing in the proceeding sentence provides the Committee with any rights or discretion that is not itself permitted under Section 162(m). 

  
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 11. Section 280G Provision. If Participant, upon taking into account the
benefit provided under this Award and all other payments that would be deemed to be “parachute payments” within the meaning of Section 280G of the Code (collectively, the “280G Payments”), would be subject to the excise tax
under Section 4999 of the Code, notwithstanding any provision of this Award to the contrary, Participant’s benefit under this Award shall be reduced to an amount equal to (i) 2.99 times Participant’s “base amount”
(within the meaning of Section 280G of the Code), (ii) minus the value of all other payments that would be deemed to be “parachute payments” within the meaning of Section 280G of the Code (but not below zero); provided,
however, that the reduction provided by this sentence shall not be made if it would result in a smaller aggregate after-tax payment to Participant (taking into account all applicable federal, state and local taxes including the excise tax under
Section 4999 of the Code). Participant’s benefit hereunder shall be reduced prior to any benefit owing to Participant under the Continuity Plan may be reduced pursuant to Section 2.11 of the Continuity Plan. Unless the Company and
Participant otherwise agree in writing, all determinations required to be made under this Section 11, and the assumptions to be used in arriving at such determinations, shall be made in writing in good faith by the accounting firm serving as
the Company’s independent public accountants immediately prior to the events giving rise to the payment of such benefits (the “Accountants”). For the purposes of making the calculations required under this Section 11, the
Accountants may make reasonable assumptions and approximations concerning the application of Sections 280G and 4999 of the Code. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated
by this Section 11. 
 12. Acknowledgement of Nature of Plan and Award. In accepting the Award, Participant
acknowledges that: 
 (a) the Plan is established voluntarily by the Company, it is discretionary in nature, and it may be
modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan; 
 (b) the Award
is voluntary and occasional and does not create any contractual or other right to receive future awards of Award Units, or benefits in lieu of Award Units, even if Award Units have been granted repeatedly in the past; 

(c) all decisions with respect to future awards, if any, will be at the sole discretion of the Company; 

(d) nothing in the Plan or the Award shall confer on Participant any right to continue in the employ of, or other relationship with, the
Company or Participant’s employer or limit in any way the right of the Company or Participant’s employer to Terminate Participant’s employment or service relationship at any time, with or without cause; 

  
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 (e) Participant’s participation in the Plan is voluntary; 

(f) the Award Units are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the
Company or Participant’s employer, and which is outside the scope of Participant’s employment or service contract, if any; 
 (g) notwithstanding any other provisions of the Plan or this Award, this Award is intended to provide tax-qualified performance based compensation in accordance with Section 162(m)(4)(C) of the Code
to Participant. Accordingly, this Award shall be construed consistent with that intent; 
 (h) the Award Units are not part of
normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare
benefits or similar payments and in no event may be considered as compensation for, or relating in any way to, past services for the Company or Participant’s employer; 
 (i) in the event that Participant is not an employee of the Company, the Award and Participant’s participation in the Plan will not be interpreted to form an employment or service contract or
relationship with the Company; and furthermore, the Award will not be interpreted to form an employment or service contract or relationship with Participant’s employer or any Subsidiary; 

(j) the future value of the underlying Shares of Common Stock is unknown and cannot be predicted with certainty; 

(k) in consideration of the Award, no claim or entitlement to compensation or damages shall arise from termination of the Award Units or
diminution in value of the Award Units or Shares of Common Stock received upon vesting of the Award Units resulting from Termination of Participant’s employment by the Company or Participant’s employer (for any reason whatsoever and
whether or not in breach of local labor laws), and Participant irrevocably releases the Company and Participant’s employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent
jurisdiction to have arisen, then, by accepting the Award, Participant will be deemed irrevocably to have waived his or her entitlement to pursue such claim; 
 (l) except as otherwise provided by the Committee or pursuant to Section 10(b) hereof, in the event of Termination of Participant’s employment (whether or not in breach of local labor laws),
Participant’s right to receive an Award and vest in the Award Units under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed and will not be extended by any notice period mandated under
local law (e.g., active employment would not include a period of “garden leave” or similar period pursuant to local law); the Committee shall have the exclusive 

  
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discretion to determine when Participant is no longer actively employed for purposes of his or her Award; 
 (m) the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition
or sale of the underlying Shares of Common Stock; and 
 (n) Participant is hereby advised to consult with his or her own tax,
legal and financial advisors regarding Participant’s participation in the Plan before taking any action related to the Plan. 
 13. Tax Withholding. Regardless of any action the Company or Participant’s employer takes with respect to any or all income tax, social insurance, payroll tax, payment on account or
other applicable taxes (“Tax Items”) in connection with the Award, Participant hereby acknowledges and agrees that the ultimate liability for all Tax Items legally due by Participant is and remains the responsibility of Participant.
Further, if Participant has become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Company and/or the Employer (or
former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. 

(a) Participant acknowledges and agrees that the Company and/or Participant’s employer: (i) make no representations or
undertakings regarding the treatment of any Tax Items in connection with any aspect of the Award, including, but not limited to, the grant or vesting of the Award Units, the subsequent sale of Shares of Common Stock acquired under the Plan and the
receipt of any dividends; and (ii) do not commit to structure the terms of the Award or any aspect of the Award to reduce or eliminate Participant’s liability for Tax Items. 

(b) Prior to delivery of Shares of Common Stock upon the vesting of the Award Units (“Award Shares”), Participant must pay or
make adequate arrangements satisfactory to the Company and/or Participant’s employer to satisfy all withholding obligations for Tax Items of the Company and/or Participant’s employer. In this regard, Participant authorizes the Company
and/or Participant’s employer, at their discretion and if permissible under local law, to satisfy the obligations with regard to all Tax Items legally payable by Participant by one or a combination of the following: 

(i) withholding Shares from the delivery of the Award Shares, provided that the Company only withholds a number of Shares with a Fair
Market Value equal to or below the minimum withholding amount for Tax Items, provided, however, that in order to avoid issuing fractional Shares, the Company may round up to the next nearest number of whole Shares, as long as the Company issues no
more than a single whole Share in excess of the minimum withholding obligation for Tax Items. For example, if the minimum withholding obligation for Tax Items is $200 and the Fair 

  
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Market Value of the Common Stock is $20 per share, then the Company may withhold up to ten (10) Shares from the delivery of Award Shares on the Conversion Date. The Company or
Participant’s employer will remit the total amount withheld for Tax Items to the appropriate tax authorities; or 
 (ii)
withholding from Participant’s wages or other cash compensation paid to Participant by the Company and/or Participant’s employer; or 
 (iii) selling or arranging for the sale of Award Shares. 
 Participant shall pay to the Company or
Participant’s employer any amount of Tax Items that the Company or Participant’s employer may be required to withhold as a result of Participant’s participation in the Plan that cannot be satisfied by one or more of the means
previously described. The Company may refuse to deliver the Award Shares if Participant fails to comply with his or her obligations in connection with the Tax Items as described in this section. 

14. Compliance with Laws and Regulations. The issuance and transfer of Common Stock shall be subject to compliance by the
Company and Participant with all applicable requirements of federal, state and non-U.S. laws and with all applicable requirements of any stock exchange or national market system on which the Company’s Common Stock may be listed at the time of
such issuance or transfer. The Company is not required to issue or transfer Common Stock if to do so would violate such requirements. 
 15. Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in the
Award and any other Award materials by and among, as applicable, Participant’s employer, the Company and any Subsidiary for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan.
Participant understands that the Company and Participant’s employer may hold certain personal information about him or her, including, but not limited to, Participant’s name, home address and telephone number, date of birth, social
insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all awards or any other entitlement to shares of stock awarded, canceled, exercised, vested,
unvested or outstanding in Participant’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”). 
 Participant understands that Data will be transferred to E*Trade Financial Services, Inc. or such other stock plan service provider as may be selected by Participant or as may be selected by the Company
in the future, which is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’
country (e.g., the United States) may have different data privacy laws and protections than Participant’s country. Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by
contacting 

  
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Participant’s local human resources representative. Participant authorizes the Company, E*Trade Financial Services, Inc. and any other possible recipients which may assist the Company
(presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing
Participant’s participation in the Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan. Participant understands that he or she may,
at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing
Participant’s local human resources representative. Participant understands, however, that refusing or withdrawing his or her consent may affect Participant’s ability to participate in the Plan. For more information on the consequences of
Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative. 
 16. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the Award or future awards made under the Plan by electronic means or request
Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system
established and maintained by the Company or another third party designated by the Company. 
 17. Authority of the Board
and the Committee. Any dispute regarding the interpretation of the Award shall be submitted by Participant, Participant’s employer, or the Company, forthwith to either the Board or the Committee, which shall review such dispute at its
next regular meeting. The resolution of such a dispute by the Board or Committee shall be final and binding on Participant, Participant’s employer, and/or the Company. 
 18. No Deferral of Compensation. Payments made pursuant to this Plan and Award are intended to qualify for the “short-term deferral” exemption from Section 409A of the Code.
The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify the Plan and/or this Award agreement to ensure that all Awards are made in a manner that qualifies for
exemption from or complies with Section 409A of the Code, provided however, that the Company makes no representations that the Award will be exempt from Section 409A of the Code and makes no undertaking to preclude Section 409A of the
Code from applying to this Award. 
 19. Governing Law and Choice of Venue. The Award as well as the terms and
conditions set forth in the Plan shall be governed by, and subject to, the law of the State of California. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by the Award, the
parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such 

  
 A-11

 
litigation shall be conducted only in the courts of San Mateo County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where
this grant is made and/or to be performed. 
 20. Captions. Captions provided herein are for convenience only and
are not to serve as a basis for interpretation or construction of this Award. 
 21. Language. If Participant has
received this Award agreement or any other document related to the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control unless otherwise prescribed
by local law. 
 22. Agreement Severable. In the event that any provision in this Award agreement is held to be
invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award agreement. 

23. Entire Agreement. The Award, including the appendices thereto, and the Plan constitute the entire agreement of the
parties and supersede all prior undertakings and agreements with respect to the subject matter hereof. 

  
 A-12

 APPENDIX B 
 ELECTRONIC ARTS INC. 
 PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD 

Performance Vesting Terms 
 1.
Performance Period. The performance period for the Award Units shall be the period of time beginning April 3, 2011 and ending on March 29, 2014 (the “Performance Period”). During the Performance Period there will be three
(3) separate measurement periods of the Company’s Relative TSR (each a “Measurement Period”). Each Measurement Period has a corresponding vest date (the “Vest Date”) on which Award Units will vest. 

The Start Dates, End Dates and Vest Dates for the three (3) Measurement Periods are: 

 

							
	  	  	 1st Measurement Period
	  	 2nd Measurement Period
	  	 3rd Measurement Period

	 Start Date
	  	April 3, 2011	  	April 3, 2011	  	April 3, 2011
	 End Date
	  	March 31, 2012	  	March 30, 2013	  	March 29, 2014
	 Vest Date
	  	May 16, 2012	  	May 16, 2013	  	May 16, 2014

 2. Target Number of
Award Units. The Target Number of Award Units for each Measurement Period is: 
  

							
	  	  	 1st Measurement Period
	  	 2nd Measurement Period
	  	 3rd Measurement Period

	 Target Number of Award Units
	  		  		  	

 3. Performance Measure. The Performance Measure for the Performance Period is Relative TSR, as
defined below. The number of Award Units that may vest for each Measurement Period will be determined by multiplying the Target Number of Award Units by the Maximum Vest Percentage that corresponds to the Company’s Relative TSR percentile
ranking according to the following schedule and subject to the Maximum Value limitation described below: 
  

					
	  	  	 Relative TSR

Percentile Ranking
	  	 Maximum Vest

Percentage

			
		  	3 94th percentile	  	=200%
			
		  	61st to 93rd percentile	  	=100% plus 3% for each percentile >60th
			
	 TARGET
	  	60th percentile	  	=100%
			
		  	11th to 59th percentile	  	=100% minus 2% for each percentile <60th
			
		  	£ 10th percentile	  	=0%

 For example: if the Company’s
Relative TSR percentile ranking is 65%, up to 115% of the Target Number of Award Units for that Measurement Period could vest. 

  
 B-1

 4. Maximum Number of Award Units. The number of Award Units that vest will be between 0% and 200% of
the Target Number of Award Units for each Measurement Period; provided that, under no circumstances will the monetary value of the actual number of Award Units that vest following each Measurement Period, exceed five (5) times the monetary
value of those Award Units on the Award Date (the “Maximum Value”). For purposes of this Award Agreement “monetary value” refers to the value of a share of Company stock as determined on any specified date by the Company’s
closing stock price for that date. The Maximum Value for each Measurement Period is determined by multiplying the number of Award Units determined to vest based on the Company’s Relative TSR percentile ranking for that Measurement Period by the
closing price of the Company’s stock on the Award Date and then multiplying that product by five (5). Accordingly, the maximum number of Award Units that vest for each Measurement Period shall not exceed the lesser of: 

(i) the number of Award Units determined by multiplying the Target Number of Award Units for each Measurement Period by the Maximum Vest
Percentage corresponding to the Relative TSR percentile ranking of the Company for that Measurement Period; or 
 (ii) the
number of Award Units determined not to exceed the Maximum Value, (with such number of Award Units calculated by dividing the Maximum Value by the closing price of the Company’s stock on the End Date of each Measurement Period.) 

5. Determination of Relative TSR. “Relative TSR” means the Company’s Total Stockholder Return relative to the Total Stockholder
Returns of the other Group Companies. Relative TSR will be determined by ranking the Group Companies from the highest to lowest according to their respective Total Stockholder Return, then calculating the Relative TSR percentile ranking of the
Company relative to the other Group Companies as follows: 
  

							
	 P = 1 –
	 	(	 	 R – 1
	 	)
	 	 	N – 1	 

 Where: 
 “P” represents the Relative TSR percentile ranking rounded to the nearest whole percentile 
 “R” represents the Company’s ranking among the Group Companies 
 “N”
represents the number of Group Companies 
 “Total Stockholder Return” means the number calculated by dividing (i) the Closing
Average Share Value minus the Opening Average Share Value (in each case adjusted to take into consideration the cumulative amount of dividends per share for the Measurement Period, assuming reinvestment, as of the of applicable ex-dividend date, of
all cash dividends and other cash distributions (excluding cash distributions resulting 

  
 B-2

 
from share repurchases or redemptions by the Company) paid to stockholders) by (ii) the Opening Average Share Value. 
 “Opening Average Share Value” means the average of the daily closing prices per share of a Group Company’s stock as reported on the NASDAQ for all Trading Days in the 90 calendar days
immediately prior to and including April 2, 2011. 
 “Closing Average Share Value” means the average of the daily closing prices
per share of a Group Company’s stock as reported on the NASDAQ for all Trading Days in the Closing Average Period. 

“Closing Average Period” means (i) in the absence of a Change of Control of the Company, the 90 calendar days
immediately prior to and including March 31, 2012 for the 1st Measurement Period; the 90 calendar days immediately prior to and including March 30, 2013 for the 2nd Measurement Period; and the 90 calendar days immediately prior to and including March 29, 2014 for the 3rd Measurement Period; or (ii) in the event of a Change of
Control, the 90 calendar days immediately prior to and including the effective date of the Change of Control. 
 “Group Companies”
means those companies listed in the NASDAQ-100 Index on April 3, 2011. The Group Companies may be changed as follows: 

(i) In the event of a merger, acquisition or business combination transaction of a Group Company with or by another Group Company, the
surviving entity shall remain a Group Company; 
 (ii) In the event of a merger, acquisition, or business combination
transaction of a Group Company with or by another company that is not a Group Company, or “going private transaction” where the Group Company is not the surviving entity or is otherwise no longer publicly traded, the company shall no
longer be a Group Company; and 
 (iii) In the event of a bankruptcy of a Group Company, such company shall remain a Group
Company and its stock price will continue to be tracked for purposes of the Relative TSR calculation. If the company liquidates, it will remain a Group Company and its stock price will be reduced to zero for all remaining Measurement Periods in the
Performance Period. 
 6. Award Vesting. The Committee will certify the Relative TSR percentile ranking of the Company after the End Date
of each Measurement Period and determine the actual number of Award Units that vest for that Measurement Period on or before each applicable Vest Date. 

  
 B-3

 APPENDIX C 
 FORM OF 
 SEVERANCE AGREEMENT AND RELEASE 

This SEVERANCE AGREEMENT AND RELEASE (this “Agreement”) is made as of
[                    ], 200[  ], by and between Electronic Arts Inc., a Delaware corporation, with its principal place of
business at 209 Redwood Shores Parkway, Redwood City, California 94065-1175 (which together with its affiliates and subsidiaries, if any, will hereinafter collectively be called “Employer”) and
[                    ], an individual residing at
[                    ] (“Employee”). 

A. Employee has been employed by Employer since on or about
[                    ]. [Employer and Employee have entered into a New Hire/Proprietary Information Agreement dated as of
[                    ] (the “New Hire/Proprietary Information Agreement”)]1 

B. The Electronic Arts Inc. Key Employee Continuity Plan (as such plan may be amended from time to time, the
“Plan”) and the Electronic Arts Inc. Restricted Stock Unit Award (“Award”), dated [            ] sets forth certain rights, benefits
and obligations of the parties arising out of Employee’s employment by Employer and the severance of such employment in connection with a Change in Control as determined in accordance with the Plan and Award. 

C. Employee recognizes that this Agreement will automatically be revoked and Employee shall forfeit any benefit to
which he or she may be entitled under the Plan and Award unless Employee submits an executed copy of this Agreement [or similar agreement to be provided to persons employed by the Company outside the United States] to the Employer on or before
[            ]. 
 NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth below, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Employer and Employee agree as follows: 

1. Termination of Employment Relationship. The relationship between Employee and Employer shall terminate
as of                     (the “Separation Date”). [Note that Separation Date cannot be later than the date the
agreement is signed or the release will not provide the Company with full protection.] 
 2. Employee
Severance. In consideration of Employee’s undertakings set forth in this Agreement, Employer will pay Employee
$[                    ] in accordance with the terms of the Plan, plus such other benefits as are provided under the terms of the Plan, the
Award and this Agreement. Such payment and benefits will be less 
  

	1 	To be included if Employee has signed a New Hire/Proprietary Information Agreement. 

  
 C-1

 
all applicable deductions (including, without limitation, any federal, state or local tax withholdings). Such payment and benefits are contingent upon the execution of this Agreement by Employee
and Employee’s compliance with all terms and conditions of this Agreement, the Plan and Award. Employee agrees that if this Agreement does not become effective, Employer shall not be required to make any further payments or provide any further
benefits to Employee pursuant to this Agreement, the Plan and Award and shall be entitled to recover all payments and be reimbursed for all benefits already made or provided by it (including interest thereon). Except for Employee’s final
paycheck and the amounts and benefits set forth herein and in the Plan, Employee acknowledges and agrees that Employer has already paid Employee any and all wages, salary, benefit payments and/or other payments owed to Employee from Employer, and
that no further payments, amounts or benefits are owed or will be owed. Employee further acknowledges and agrees that the amounts and benefits received under this Section 2 exceed that to which Employee would be entitled under Employer’s
policies, practices, and benefit plans, if any. 
 3. Release of Employer. In consideration of the
obligations of Employer described in Paragraph 2 above, Employee hereby completely releases and forever discharges Employer, its related corporations, divisions and entities, its predecessors, successors, and assigns, and its and each of their
current and former officers, directors, employees and agents, (collectively referred to as the “Releasees”) from all claims, rights, demands, actions, liabilities and causes of action of any kind whatsoever, known and
unknown, which Employee may have or have ever had against the Releasees (“claims”) including without limitation all claims arising from or connected with Employee’s employment by the Employer and his or her separation
from employment, whether based in tort or contract (express or implied) or on federal, state or local law or regulation. Employee has been advised that Employee’s release does not apply to any rights or claims that may arise after the date that
this Agreement is signed by the Employee (the “Effective Date”). This Agreement shall not affect Employee’s rights under the Older Workers Benefit Protection Act to have a judicial determination of the validity of the
release contained herein. [Note: release to be reviewed in each case for purposes of compliance with laws of applicable jurisdiction.] 
 4. Acknowledgment. Employee understands and agrees that this is a final release and that Employee is waiving all rights now or in the future to pursue any remedies available under any
employment related cause of action against the Releasees, including without limitation claims of wrongful discharge, emotional distress, defamation, harassment, discrimination, retaliation, breach of contract or covenant of good faith and fair
dealing, claims of violation of the California Labor Code and claims under Title VII of the Civil Rights Act of 1964, as amended, the Equal Pay Act of 1963, the Civil Rights Act of 1866, as amended, the Americans with Disabilities Act, the Age
Discrimination in Employment Act (the “ADEA”), the Family and Medical Leave Act, the California Family Rights Act, the California Fair Employment and Housing Act, the Employee Retirement Income Security Act, and any other
laws and regulations relating to employment. Employee further acknowledges and agrees that Employee has received all leave to which Employee is entitled under all federal, state, and local laws and

  
 C-2

 
regulations related to leave from employment, including, but not limited to, the Family and Medical Leave Act, the California Family Rights Act, and California worker’s compensation laws.
[Note: release to be reviewed in each case for purposes of compliance with laws of applicable jurisdiction.] 
 5. Waiver of California Civil Code. Employee hereby expressly waives the provision of California Civil Code Section 1542 which provides as follows: 

A general release does not extend to claims which the creditor does not know or suspect to exist in his/her favor at the
time of executing the release, which if known by him/her must have materially affected his/her settlement with the debtor. 

Employee acknowledges that the waiver of this Section of the California Civil Code set forth above is an essential and material term of
this release, and that Employee has read this provision, and intends these consequences even as to unknown claims which may exist at the time of this release. 
 6. Covenant Not to Sue. Employee represents that Employee has not filed or commenced any proceeding against the Releasees and agrees that at no time in the future will Employee file or
maintain any charge, claim or action of any kind, nature and character whatsoever against the Releasees, or cause or knowingly permit any such charge, claim or action to be filed or maintained, in any federal, state or municipal court,
administrative agency or other tribunal, arising out of any of the matters covered by this Agreement, except as provided in the following sentence. Notwithstanding Employee’s release and waiver of remedies under the ADEA, this Agreement and the
above covenant not to sue do not affect enforcement of the ADEA by the Equal Employment Opportunity Commission (“EEOC”), nor preclude Employee from (i) filing an ADEA charge with the EEOC, (ii) participating in an ADEA
investigation or proceeding conducted by the EEOC, or (iii) initiating a proceeding regarding the enforceability of this Agreement with respect to ADEA rights and remedies. If Employee initiates any lawsuit or other legal proceeding in
contravention of this covenant not to sue (other than a proceeding regarding the enforceability of this Agreement with respect to ADEA rights and remedies), Employee shall be required to immediately repay to Employer the full consideration paid to
Employee pursuant to Paragraph 2 above, regardless of the outcome of Employee’s legal action. 
 7.
Nondisclosure of Agreement. Employee will maintain the fact and terms of this Agreement and any payments made by Employer in strict confidence and will not disclose the same to any other person or entity (except Employee’s legal
counsel, spouse and accountant) without the prior written consent of Employer. The parties agree that this confidentiality provision is a material term of this Agreement. A violation of the promise of nondisclosure shall be a material breach of this
Agreement. It is acknowledged that in the event of such a violation, it will be impracticable or extremely difficult to calculate the actual damages and, therefore, the parties agree that upon a

  
 C-3

 
breach, in addition to whatever rights and remedies Employer may have at law and in equity, Employee will pay to Employer as liquidated damages, and not as a penalty, the sum of Five Hundred
Dollars ($500.00) for each such breach and each repetition thereof. 
 [8. Return of
Property; Confidentiality; Inventions.
2 
 (a) Employee represents that Employee does not have in Employee’s possession any records, documents, specifications, or any confidential material or any equipment or other property of Employer.

 (b) Employee represents that Employee has complied with and will continue to comply with Paragraphs 3 and 4
of the New Hire/Proprietary Information Agreement pertaining to Proprietary Information (as defined therein), and will preserve as confidential all confidential information pertaining to the business of Employer and its customers, licensees and
affiliates. 
 (c) Employee represents that Employee has complied with and will continue to comply with
Paragraphs 5 and 6 of the New Hire/Proprietary Information Agreement pertaining to Inventions (as defined therein). 
 (d) Employee acknowledges and agrees that the New Hire/Proprietary Information Agreement will continue in full force and effect following his/her separation from the employ of Employer.] 

[8. Return of Property; Confidentiality; Inventions. 3 
 (a) Employee represents that Employee does not have in Employee’s possession any records, documents, specifications, or any confidential material or any equipment or other property of Employer.

 (b) Employee understands and acknowledges that all Proprietary Information (as defined below) is the sole
property of Employer and its assigns. Employee hereby assigns to Employer any rights Employee may have in all Proprietary Information. At all times, Employee shall keep in confidence and trust all Proprietary Information, and Employee will not use
or disclose any Proprietary Information or anything relating to it without the prior written consent of Employer. Employee represents that Employee has delivered to Employer all materials, documents and data of any nature containing or pertaining to
any Proprietary Information and has not taken and will not take with Employee any such materials, documents or data or any reproduction thereof. “Proprietary Information” means any information of a confidential or secret
nature that may have been learned or developed by Employee during the period of Employee’s employment by Employer and which (i) relates to the business of Employer or to the business of any customer or supplier of Employer, or
(ii) has been created, discovered or developed by, or has otherwise become known to Employer and has commercial value in the business in which Employer is engaged. By way of illustration, 

 

	2 	 To be used for Employees who have signed a New Hire/Proprietary Information Agreement. 

	3 	 To be used for Employees who have NOT signed a New Hire/Proprietary Information Agreement. 

  
 C-4

 
but not limitation, Proprietary Information includes trade secrets, processes, formulas, computer programs, data, know-how, inventions, improvements, techniques, marketing plans, product plans,
strategies, forecasts, personnel information and customer lists. 
 (c) Employee represents that Employee has
disclosed or will disclose in confidence to Employer, or any persons designated by it, all Inventions (as defined below) that have been made or conceived or first reduced to practice by Employee during Employee’s employment with Employer (or
thereafter if Invention uses Proprietary Information of Employer). All such Inventions are the sole and exclusive property of Employer and its assigns, and Employer and its assigns shall have the right to use and/or to apply for patents, copyrights
or other statutory or common law protections for such Inventions in any and all countries. Employee agrees to assist Employer in every proper way (but at Employer’s expense) to obtain and from time to time enforce patents, copyrights and other
statutory or common law protections for such Inventions in any and all countries. To that end, Employee has executed or will execute all documents for use in applying for and obtaining such patents, copyrights and other statutory or common law
protections therefore and enforcing same, as Employer may desire, together with any assignments thereof to Employer or to persons designated by Employer. Employer shall compensate Employee at a reasonable rate for any time after the Separation Date
actually spent by Employee at Employer’s request on such assistance. “Inventions” means all inventions, improvements, original works or authorship, formulas, processes, computer programs, techniques, know-how and data,
whether or not patentable or copyrightable, made or conceived or first reduced to practice or learned by Employee, whether or not in the course of Employee’s employment.] 

[(d) Employee has been notified and understands that the provisions of Paragraph 8(c) above do not apply to an Invention
which qualifies fully under the provisions of Section 2870 of the California Labor Code, which states as follows:
4 

(i) Any provision in an employment agreement which provides that an employee shall assign, or offer to
assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer's equipment, supplies, facilities, or trade secret
information except for those inventions that either: 
  

	 	(1)	 Relate at the time of conception or reduction to practice of the invention to the employer's business, or actual or demonstrably anticipated
research or development of the employer; or 

  

	 	(2)	 Result from any work performed by the employee for the employer. 

 

	4 	This Subsection (d) is to be included for California employees only. 

  
 C-5

 (ii) To the extent a provision in an employment agreement
purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (i), the provision is against the public policy of this state and is unenforceable.] 

[(d) The provisions of Paragraph 8(c) above do not apply to an Invention for which all of the
following are true:5 

(i) The Invention was developed entirely on Employee’s own time; 

(ii) Employee developed the Invention away from Employer’s facilities, and entirely without using the
Employer’s equipment, supplies, or trade secret information; 
 (iii) The Invention does not
relate to the business or any anticipated research or development of Employer; and 
 (iv) The Invention does not result from,
and is not the extension of, any work done by Employee for Employer.] 
 9. Non-Disparagement.
Without limiting the foregoing, Employee agrees that Employee will not make statements or representations to any other person, entity or firm which may cast Employer, or its directors, officers, agents or employees, in an unfavorable light, which
are offensive, or which could adversely affect Employer’s name or reputation or the name or reputation of any director, officer, agent or employee of Employer. The parties agree that the provisions of this Paragraph 9 are material terms of this
Agreement. 
 10. Cooperation with Employer. Employee agrees that Employee will cooperate with
Employer, its agents, and its attorneys with respect to any matters in which Employee was involved during Employee’s employment with Employer or about which Employee has information, will provide upon request from Employer all such information
or information about any such matter, will be available to assist with any litigation or potential litigation relating to Employee’s actions as an employee of Employer, and will testify truthfully in any legal proceeding related to his or her
employment with Employer. 
 11. Non-Solicitation. [In accordance with the
terms of the New Hire/Proprietary Information Agreement, until]6/[Until]7 the [first] anniversary of the Separation Date, Employee agrees not to recruit, solicit or induce, or attempt to induce,
any employee or employees of Employer to terminate their employment with, or otherwise cease their relationship with, Employer. 

 

	5 	 Subsection (d) is to be included for non-California employees only. 

	6 	 To be used for Employees who have signed a New Hire/Proprietary Information Agreement. 

	7 	 To be used for Employees who have NOT signed a New Hire/Proprietary Information Agreement. 

  
 C-6

 12. No Assignment By Employee. This Agreement, and any of the
rights hereunder, may not be assigned or otherwise transferred, in whole or in part by Employee. 
 13.
Arbitration. Any and all controversies arising out of or relating to the validity, interpretation, enforceability, or performance of this Agreement will be solely and finally settled by means of binding arbitration. Any arbitration
shall be conducted in accordance with the then-current Employment Dispute Resolution Rules of the American Arbitration Association. The arbitration will be final, conclusive and binding upon the parties. All arbitrator’s fees and related
expenses shall be divided equally between the parties. Further, each party shall bear its own attorney's fees and costs incurred in connection with the arbitration. 

14. Equitable Relief. Each party acknowledges and agrees that a breach of any term or condition of
this Agreement may cause the non-breaching party irreparable harm for which its remedies at law may be inadequate. Each party hereby agrees that the non-breaching party will be entitled, in addition to any other remedies available to it at law or in
equity, to seek injunctive relief to prevent the breach or threatened breach of the other party’s obligations hereunder. Notwithstanding Paragraph 13, above, the parties may seek injunctive relief through the civil court rather than through
private arbitration if necessary to prevent irreparable harm. 
 15. No Admission. The
execution of this Agreement and the performance of its terms shall in no way be construed as an admission of guilt or liability by either Employee or Employer. Both parties expressly disclaim any liability for claims by the other. 

16. Consultation With Counsel and Time to Consider. Employee has been advised to consult an attorney before
signing this Agreement. Employee acknowledges that Employee has been given the opportunity to consult counsel of Employee’s choice before signing this Agreement, and that Employee is fully aware of the contents and legal effect of this
Agreement. Employee acknowledges that Employer has provided Employee with a list, which is Attachment A to this Agreement, of the job titles and ages of all employees being terminated on the Separation Date as well as the ages of the employees with
the same titles who are not being terminated (“OWBPA Information”). Employee has been given [21/45] days from receipt of the OWBPA Information to consider this Agreement. 

17. Right to Revoke. 

(a) Employee and Employer have seven days from the date Employee signs this Agreement to revoke it in a writing delivered
to the other party. After that seven-day period has elapsed, this Agreement is final and binding on both parties. 

  
 C-7

 (b) Employee acknowledges and understands that if Employee fails to provide
the Employer with an executed copy of this Agreement by the date indicated in paragraph C on the first page of this Agreement, Employer’s offer to enter into this Agreement and/or its execution of this Agreement is automatically revoked and
Employee shall forfeit all rights under the Plan and Award. 
 18. Severability. It is the desire
and intent of the parties that the provisions of this Agreement shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, although Employer and
Employee consider the restrictions contained in this Agreement to be reasonable for the purpose of preserving Employer’s goodwill and proprietary rights, if any provision or portion of this Agreement shall be determined to be invalid or
unenforceable for any reason, the remaining provisions or portions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law. 

19. Entire Agreement. This Agreement together with the Plan, Award [and the New
Hire/Proprietary Information Agreement]8 represents the complete understanding of Employee and Employer with respect to the subject matter herein. 

20. Notices. Notices or other communications given pursuant to this Agreement shall be given in accordance
with the Plan. 
 21. Governing Law. This Agreement will be construed and enforced in accordance
with the laws of [                    ]. 
 22. Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement. 

BY SIGNING THIS AGREEMENT, YOU STATE THAT: 

(a) YOU HAVE READ THIS AGREEMENT AND HAVE HAD SUFFICIENT TIME TO CONSIDER ITS TERMS; 

(b) YOU UNDERSTAND ALL OF THE TERMS AND CONDITIONS OF THIS AGREEMENT AND KNOW THAT YOU ARE GIVING UP IMPORTANT RIGHTS,
INCLUDING, WITHOUT LIMITATION, THOSE ARISING UNDER THE ADEA; 
 (c) YOU AGREE WITH EVERYTHING IN THIS AGREEMENT;

 (d) YOU ARE AWARE OF YOUR RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT AND HAVE BEEN
ADVISED OF SUCH RIGHT; 
  

	8 	 To be included for Employees who have signed a New Hire/Proprietary Information Agreement. 

  
 C-8

 (e) YOU HAVE SIGNED THIS AGREEMENT KNOWINGLY AND VOLUNTARILY; AND

 (f) THIS AGREEMENT INCLUDES A RELEASE BY YOU OF ALL KNOWN AND UNKNOWN CLAIMS AS OF ITS EFFECTIVE DATE, AND NO
CLAIMS ARISING AFTER ITS EFFECTIVE DATE ARE WAIVED OR RELEASED IN THIS AGREEMENT. 
  

									
	[ELECTRONIC ARTS INC.]	 		 	[EMPLOYEE NAME]
					
	By:	 	  
	 		 	Signature:	 	  

		 	Name: [                    ]	 		 	Date:	 	  

		 	Title: General Counsel	 		 		 	
					
	By:	 	  
	 		 		 	
		 	Name: [                    ]	 		 		 	
		 	Title: Chief Human Resources Officer	 		 		 	

  
 C-9

 Attachment A to Severance Agreement and Release 

This notice contains the information that is required to be provided to you by the Older Workers Benefit Protection Act. 

The following is a listing of the job titles and ages of (a) persons who were selected for termination and offered enhanced
severance benefits for signing the Severance Agreement and Release, and (b) all individuals in the same job classification or organizational unit who were not selected: 
 Table 1- Positions Selected or Eligible for Severance Package 
  

					
	 Job Class or Group
	  	 Job Title
	  	 Age

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

 Table 2 - Positions Not Selected or Ineligible for Severance Package 

 

					
	 Job Class or Group
	  	 Job Title
	  	 Age

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

  
 C-10Deed of Trust and Security Agreement

 Exhibit 10.1 
 THIS DEED OF TRUST AND SECURITY AGREEMENT (this “Security Instrument”) is made as of the 1st day of June, 2011, by AAT OREGON OFFICE I, LLC, a Delaware limited liability
company (“Borrower”), as grantor, having an address at 11455 El Camino Real, Suite 200, San Diego, California 92130, Attention: John Chamberlain and Robert Barton in favor of FIRST AMERICAN TITLE INSURANCE COMPANY, a California
corporation, having an office at 1 First American Way, Santa Ana, California 92707 (“Trustee”), as grantee, for the benefit of PNC BANK, NATIONAL ASSOCIATION, a national banking association (together with its successors and
assigns, “Lender”), having an address at c/o Midland Loan Services, Inc., 10851 Mastin, Suite #300, Overland Park, Kansas 66210, Reference Loan Number 940960046, as beneficiary. 

RECITALS: 

Borrower by that certain Promissory Note given to Lender dated as of the date hereof (together with all extensions, renewals,
modifications, substitutions and amendments thereof shall collectively be referred to herein as the “Note”) is indebted to Lender in the aggregate principal sum of $84,500,000.00 (the “Loan”) in lawful money of the
United States of America, with interest from the date thereof at the rates set forth in the Note, principal and interest to be payable in accordance with the terms and conditions provided in the Note. 

Borrower desires to secure the payment of the Debt (as defined in Article 2) and the performance of all of the Other Obligations (as
defined in Article 2). 
 Article 1. GRANTS OF SECURITY 

Section 1.1. PROPERTY GRANTED. For the purpose of securing payment and performance of the Obligations (as defined in Article 2),
Borrower, for and in consideration of good and valuable consideration, the receipt of which hereby is acknowledged, and the further consideration, uses, purposes and trusts herein set forth and declared, has granted, deeded, sold, bargained,
transferred, assigned, set-over and conveyed and by these presents does grant, deed, bargain, sell, transfer, assign, set-over and convey unto Trustee, and unto his or its successors in the trust hereby created and his or its assigns, forever, and
grant a security interest in (each for the benefit of Lender and its successors and assigns) all of Borrower’s right, title and interest in and to the following property, rights, interests and estates to the extent now owned, or hereafter
acquired by Borrower (collectively, the “Property”): 
 (a) Land. The real property described in
Exhibit A attached hereto (the “Land”); 
 (b) Additional Land. All additional lands, estates and
development rights hereafter acquired by Borrower for use in connection with the Land and the development of the Land and all additional lands and estates therein which may, from time to time, by supplemental mortgage or otherwise be expressly made
subject to the lien of this Security Instrument; 
 (c) Improvements. The buildings, structures, fixtures, additions,
enlargements, extensions, modifications, repairs, replacements and improvements now or hereafter erected or located on the Land (the “Improvements”); 

 (d) Easements. All easements, rights of way or use, rights, strips and gores of land,
streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights, titles, interests, privileges, liberties, servitudes, tenements, hereditaments and
appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Land and the Improvements and the reversion and reversions, remainder and remainders, and all land lying in the bed of any street, road or
avenue, opened or proposed, in front of or adjoining the Land, to the center line thereof and all the estates, rights, titles, interests, dower and rights of dower, curtesy and rights of curtesy, property, possession, claim and demand whatsoever,
both at law and in equity, of Borrower of, in and to the Land and the Improvements and every part and parcel thereof, with the appurtenances thereto; 
 (e) Fixtures and Personal Property. All machinery, equipment, fixtures (including, but not limited to, all heating, air conditioning, plumbing, lighting, communications and elevator fixtures) and
other property of every kind and nature whatsoever owned by Borrower, or in which Borrower has or shall have an interest, now or hereafter located upon the Land and the Improvements, or appurtenant thereto, and usable in connection with the present
or future operation and occupancy of the Land and the Improvements and all building equipment, materials and supplies of any nature whatsoever owned by Borrower, or in which Borrower has or shall have an interest, now or hereafter located upon the
Land and the Improvements, or appurtenant thereto, or usable in connection with the present or future operation and occupancy of the Land and the Improvements (collectively, the “Personal Property”), and the right, title and
interest of Borrower in and to any of the Personal Property which may be subject to any security interests, as defined in the Uniform Commercial Code, as adopted and enacted by, as applicable, the state where any of the Property is located or the
state of formation of Borrower (the “Uniform Commercial Code”), superior in lien to the lien of this Security Instrument and all proceeds and products of the above; 

(f) Leases and Rents. All leases and other agreements (including, without limitation, the Master Lease (defined below)) affecting
the use, enjoyment or occupancy of the Land and the Improvements heretofore or hereafter entered into, including, without limitation, any guaranty of any of the foregoing leases (a “Lease” or “Leases”), and all
right, title and interest of Borrower, its successors and assigns therein and thereunder, including, without limitation, cash or securities deposited thereunder to secure the performance by the lessees of their obligations thereunder and all rents
(including, without limitation, the Master Lease Rents (defined below)), additional rents, revenues, issues and profits (including all oil and gas or other mineral royalties and bonuses) from the Land and the Improvements (the
“Rents”), subject to the License (as defined in the ALR (defined below)), and all proceeds from the sale or other disposition of the Leases; 
 (g) Master Lease. That certain Lease Agreement (the “Master Lease”) between Borrower, as landlord, and AAT Oregon Master Tenant, LLC, a Delaware limited liability company, as
tenant (the “Master Lessee”) and all right, title and interest of Borrower, its successors and assigns therein and thereunder, including, without limitation, cash or securities deposited thereunder, if any, to secure the performance
by Master Lessee of its obligations thereunder and all rents, additional rents, revenues, issues and profits (including all oil and gas or other mineral royalties and bonuses) from the Land and the Improvements (the “Master Lease
Rents”), subject to the License, and all proceeds from the sale or other disposition of the Master Lease, if any; 

  
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 (h) Condemnation Awards. All awards or payments, including interest thereon, which
may heretofore and hereafter be made with respect to the Property, whether from the exercise of the right of eminent domain (including but not limited to any transfer made in lieu of or in anticipation of the exercise of the right), or for a change
of grade, or for any other injury to or decrease in the value of the Property; 
 (i) Insurance Proceeds. All proceeds of
and any unearned premiums on any insurance policies covering the Property (whether or not Borrower is required to carry such insurance by Lender hereunder), including, without limitation, the right to receive and apply the proceeds of any insurance,
judgments, or settlements made in lieu thereof, for damage to the Property, subject to the provisions hereof; 
 (j) Tax
Certiorari. All refunds, rebates or credits in connection with a reduction in real estate taxes and assessments charged against the Property as a result of tax certiorari or any applications or proceedings for reduction; 

(k) Conversion. All proceeds of the conversion, voluntary or involuntary, of any of the foregoing including, without limitation,
proceeds of insurance and condemnation awards, into cash or liquidation claims; 
 (l) Agreements. All agreements,
contracts, certificates, instruments, franchises, permits, licenses, plans, specifications and other documents, now or hereafter entered into, and all rights therein and thereto, respecting or pertaining to the use, occupation, construction,
management or operation of the Land and any part thereof and any Improvements or respecting any business or activity conducted on the Land and any part thereof and all right, title and interest of Borrower therein and thereunder, including, without
limitation, the right, upon the happening of any default hereunder, to receive and collect any sums payable to Borrower thereunder; 
 (m) Intangibles. All tradenames, trademarks, servicemarks, logos, copyrights, goodwill, books and records and all other general intangibles relating to or used in connection with the operation of
the Property; 
 (n) Letter of Credit Rights. All letter of credit rights (whether or not the letter of credit is
evidenced by a writing) Borrower now has or hereafter acquires relating to the properties, rights, titles and interest referred to in this Section 1.1; 
 (o) Tort Claims. All commercial tort claims Borrower now has or hereafter acquires relating to the properties, rights, titles and interests referred to in this Section 1.1; 

(p) Borrower Accounts. All payments for goods or property sold or leased or for services rendered arising from the operation of
the Land and the Improvements, whether or not yet earned by performance, and not evidenced by an instrument or chattel paper; 

  
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 (q) Reserve Accounts. All reserves, escrows and deposit accounts required under the
Loan Documents (defined below) and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or
substitutions thereon and thereof (collectively, the “Reserve Accounts”); 
 (r) Proceeds. All proceeds
of any of the foregoing items set forth in subsections (a) through (q); and 
 (s) Other Rights. Any and all other
rights of Borrower in and to the items set forth in subsections (a) though (r) above. 
 Section 1.2. ASSIGNMENT OF
RENTS. Reference is hereby made to that certain Assignment of Leases and Rents dated as of the date hereof and delivered by Borrower to Lender in connection with the Loan (as the same may hereafter be amended, restated, replaced and/or otherwise
modified, the “ALR”). The terms and conditions of the ALR are hereby incorporated by reference as if fully set forth herein. 
 Section 1.3. SECURITY AGREEMENT. This Security Instrument is both a real property mortgage and a “security agreement” within the meaning of the Uniform Commercial Code. The Property
includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security
for the Obligations, a security interest in the Property to the full extent that the Property may be subject to the Uniform Commercial Code. To the extent permitted by law, Borrower and Lender agree that with respect to all items of Personal
Property, which are or will become fixtures on the Land, this Security Instrument, upon recording or registration in the real estate records of the proper office, shall constitute a “fixture filing” within the meaning of the applicable
provisions of the Uniform Commercial Code. Borrower is the record owner of the Land. 
 Section 1.4. PLEDGE OF MONIES
HELD. Borrower hereby pledges to Lender any and all monies belonging to Borrower which are now or hereafter held by Lender, and which are (i) deposited in the Escrow Fund (as defined in Section 3.5) or in the other Reserve Accounts,
(ii) Net Proceeds (as defined in Section 4.4), and/or (iii) condemnation awards or payments described in Section 3.6, as additional security for the Obligations until expended or applied as provided in this Security Instrument.

 CONDITIONS TO GRANT 
 TO HAVE AND TO HOLD the above granted and described Property unto Trustee, as trustee for the benefit of Lender, to its successor in the trust created by this Security Instrument, and to its or their
respective assigns forever, in trust, however, upon the terms and conditions set forth herein; 
 IN TRUST, WITH THE POWER OF
SALE, to secure payment to Lender of the Debt at the time and in the manner provided for its payment in the Note and in this Security Instrument; 

  
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 PROVIDED, HOWEVER, these presents are upon the express condition that, when all of the
Obligations have been paid and performed in full, Lender shall request Trustee in writing to reconvey the Property to Borrower and shall, concurrently with such request, surrender this Security Instrument and all notes and instruments evidencing the
Obligations to Trustee for delivery to Borrower. 
 Article 2. PAYMENTS 

Section 2.1. DEBT AND OBLIGATIONS SECURED. This Security Instrument and the grants, assignments and transfers made in Article 1
are given for the purpose of securing the following, in such order of priority as Lender may determine in its sole discretion (the “Debt”): (a) the payment of the indebtedness evidenced by the Note in lawful money of the United
States of America; (b) the payment of interest, prepayment premiums, default interest, late charges and other sums, as provided in the Note, this Security Instrument or the other Loan Documents (defined below); (c) the payment of all other
moneys agreed or provided to be paid by Borrower in the Note, this Security Instrument or the other Loan Documents; (d) the payment of all sums advanced pursuant to this Security Instrument to protect and preserve the Property and the lien and
the security interest created hereby; and (e) the payment of all sums reasonably advanced and costs and expenses reasonably incurred (including unpaid or unreimbursed servicing and special servicing fees) by Lender in connection with the Debt
or any part thereof, any renewal, extension, or change of or substitution for the Debt or any part thereof, or the acquisition or perfection of the security therefor, whether made or incurred at the request of Borrower or Lender. This Security
Instrument and the grants, assignments and transfers made in Article 1 are also given for the purpose of securing the performance of all other obligations of Borrower contained herein and the performance of each obligation of Borrower contained in
any renewal, extension, amendment, modification, consolidation, change of, or substitution or replacement for, all or any part of this Security Instrument, the Note, or the other Loan Documents (collectively, the “Other
Obligations”). Borrower’s obligations for the payment of the Debt and the performance of the Other Obligations shall be referred to collectively herein as the “Obligations.” As used herein, the term “Loan
Documents” shall mean, collectively, this Agreement, the Note, the Security Instrument, the Environmental Indemnity (defined below), the Indemnity Agreement (defined below) and all other documents executed and/or delivered in connection
with the Loan, as each of the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise modified from time to time. The foregoing provisions shall not be deemed to grant Lender the right to apply any payments by Borrower
under the Loan Documents, any Rents or other proceeds of the Property, in each case, to any portion of the Debt prior to the date that such portion of the Debt is due and payable pursuant to the terms and conditions hereof and/or of the other Loan
Documents. 
 Section 2.2. PAYMENTS. Unless payments are made in the required amount in immediately available funds at
the place where the Note is payable, remittances in payment of all or any part of the Debt shall not, regardless of any receipt or credit issued therefor, constitute payment until the required amount is actually received by Lender in funds
immediately available at the place where the Note is payable (or any other place as Lender, in Lender’s sole discretion, may have established by delivery of written notice thereof to Borrower) and shall be made and accepted subject to the
condition that any check or draft may be handled for collection in accordance with the practice of the collecting bank or banks. Acceptance by Lender of any payment in an amount less than the amount then due shall be deemed an acceptance on account
only, and the failure to pay the entire amount then due shall not cure any then-existing Event of Default (defined below). 

  
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 Article 3. BORROWER COVENANTS 

Borrower covenants and agrees that: 
 Section 3.1. PAYMENT OF DEBT. Borrower will pay the Debt at the time and in the manner provided in the Note and in this Security Instrument. 

Section 3.2. INCORPORATION BY REFERENCE. All the covenants, conditions and agreements contained in (a) the Note and
(b) the other Loan Documents, are hereby made a part of this Security Instrument to the same extent and with the same force as if fully set forth herein. 
 Section 3.3. INSURANCE. 
 (a) Borrower, at its sole cost and expense, for
the mutual benefit of Borrower and Lender, shall obtain and maintain, or cause to be maintained, during the entire term of this Security Instrument, policies of insurance for Borrower and the Property providing at least the following coverages:

 (i) comprehensive all risk insurance (“Special Form”) including, but not limited to, loss
caused by any type of windstorm or hail on the Improvements and the Personal Property, (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Security Instrument shall mean
actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation, but the amount shall in no event be less than the outstanding principal balance of the Loan;
(B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions or to be written on a no co-insurance form; (C) providing for no deductible in excess of Fifty Thousand
and No/100 Dollars ($50,000.00) for all such insurance coverage and (D) if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses, coverage for loss due to operation of law in an
amount equal to the Full Replacement Cost, coverage for demolition costs and coverage for increased costs of construction. In addition, Borrower shall obtain: (y) if any portion of the Improvements is currently or at any time in the future
located in a federally designated “special flood hazard area,” flood hazard insurance in an amount equal to (A) the lesser of (1) the outstanding principal balance of the Note or (2) the maximum amount of such insurance
available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended or such lesser amount as Lender shall require plus (B) excess flood
insurance in an amount equal to the building value of the first floor of the Improvements plus three (3) months worth of the coverage set forth in subsection (ii) hereof; and (z) earthquake insurance in amounts and in form and
substance reasonably satisfactory to Lender in the event the Property is located in an area with a high degree of seismic activity, provided that the insurance required to be maintained pursuant to clauses (y) and (z) above shall be on
terms consistent with the Special Form policy required pursuant to this subsection (i). Notwithstanding anything to the contrary in 

  
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this Security Instrument, the insurance coverage described in the foregoing subparagraphs (y) and (z) shall be required (1) as of the date hereof only if determined to be necessary
by Lender based upon its reasonable evaluation of third party reports, and (2) at any time hereafter in the event subsequent third party reports indicate a change in the condition of or circumstances surrounding the Property; 

(ii) rental loss insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the
insurance provided for in subsection (i) above; (C) in an annual aggregate amount equal to 100% of all rents or estimated gross revenues from the operation of the Property (as reduced to reflect actual vacancies and expenses not incurred
during a period of Restoration) and covering rental losses for a period of at least eighteen (18) months after the date of the casualty and notwithstanding that the Policy may expire prior to the end of such period and (D) containing an
extended period of indemnity endorsement which provides that after physical loss to the Improvements and the Personal Property has been repaired, the continued loss of income will be insured until such income returns to the same level it was prior
to the loss, or the expiration of six (6) months from the date of completion of the Restoration, whichever first occurs and notwithstanding that the policy may expire prior to the end of such period. The amount of such rental loss insurance
shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross income from the Property for the succeeding eighteen (18) month period and a five percent
(5%) vacancy factor. Provided no Event of Default has occurred and is continuing, all proceeds payable to Lender pursuant to this subsection (the “Rent Loss Proceeds”) shall (i) to the extent such proceeds are not paid in
a lump sum in advance, be disbursed by Lender to Borrower or (ii) in the event such Rent Loss Proceeds are paid in a lump sum in advance, be held by Lender in a segregated interest-bearing escrow account (which such account shall be deemed a
“Reserve Account” hereunder) and Lender shall estimate the number of months required for Borrower to restore the damage caused by the applicable casualty, shall divide the applicable aggregate Rent Loss Proceeds by such number of months
and shall, provided no Event of Default is continuing, disburse such monthly installment of Rent Loss Proceeds from such escrow account to Borrower each month during the performance of such Restoration, with the balance, if any, to be disbursed from
Lender to Borrower upon the occurrence of Property Stabilization (defined below). From and after consummation of the Restoration and until Property Stabilization, any remaining balance of Rent Loss Proceeds shall, provided no Event of Default is
continuing, be applied by Lender to Borrower’s obligations hereunder and under the other Loan Documents as the same become due and payable. During the continuance of an Event of Default, all Rent Loss Proceeds shall be held by Lender and may be
applied by Lender, in each case, in the same manner as funds held in the Reserve Accounts pursuant to the terms thereof and of the other Loan Documents. Nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the
obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such Rent Loss Proceeds. As used herein,
the term “Property Stabilization” shall mean a condition which shall be deemed to have occurred on that date that, after the consummation of a Restoration of the Property in accordance with the applicable terms and conditions hereof
and of the other Loan Documents, Borrower delivers to Lender evidence reasonably satisfactory to Lender (which such evidence may include, without limitation, duly executed estoppel certificates) that the Property has achieved (A) a 91%
occupancy by tenants with Leases either in existence as of the date hereof or entered into in accordance with the terms and conditions hereof and (B) a Debt Service Coverage Ratio of not less than 1.50 to 1.00; 

  
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 (iii) at all times during which structural construction, repairs or
alterations are being made with respect to the Improvements, and only if the Property coverage form referenced in subsection (i), above, does not otherwise apply, (A) owner’s contingent or protective liability insurance, otherwise known as
Owner Contractor’s Protective Liability, covering claims not covered by or under the terms or provisions of the commercial general liability insurance policy in (v) below; and (B) the insurance provided for in subsection
(i) above written in a so-called builder’s risk completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including permission to occupy the Property,
and (4) with an agreed amount endorsement waiving co-insurance provisions; 
 (iv) comprehensive boiler and
machinery insurance, if steam boilers or other pressure-fixed vessels are in operation, in amounts as shall be reasonably required by Lender on terms consistent with the commercial property insurance policy required under subsection (i) above;

 (v) commercial general liability insurance against claims for personal injury, bodily injury, death or
property damage occurring upon, in or about the Property, such insurance (A) to be on the so-called “occurrence” form with a combined limit of not less than Two Million and No/100 Dollars ($2,000,000.00) in the aggregate and One
Million and No/100 Dollars ($1,000,000.00) per occurrence; (B) to continue at not less than the aforesaid limit until reasonably required to be changed by Lender as provided in subsection 3.3(b) below; and (C) to cover at least the
following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability and (5) contractual liability covering the
indemnities contained in Section 13.1 to the extent the same is available; 
 (vi) automobile liability
coverage for all owned and non-owned vehicles, if any, used by Borrower in the operation of the Property, including rented and leased vehicles containing minimum limits per occurrence of One Million and No/100 Dollars ($1,000,000.00); 

(vii) umbrella liability insurance in an amount not less than Thirty Million and No/100 Dollars ($30,000,000.00) per
occurrence on terms consistent with the commercial general liability insurance policy required under subsection (ii) above, including, but not limited to, supplemental coverage for workers’ compensation and automobile liability, which
umbrella liability coverage shall apply in excess of the automobile liability coverage in clause (vi) above; 
 (viii) so-called “dramshop” insurance, if applicable, or other liability insurance required in connection with the sale of alcoholic beverages; and 

(ix) workers’ compensation, subject to the statutory limits of the state in which the Property is located, and
employer’s liability insurance with a limit of at least $1,000,000 per accident and per disease per employee, and $1,000,000 for disease aggregate in respect of any work or operations on or about the Property, or in connection with the Property
or its operation (if applicable); 

  
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 (x) (A) such insurance as may be required pursuant to the terms of the
Property Documents and (B) upon sixty (60) days’ written notice, such other reasonable insurance (such as sinkhole or land subsidence insurance) in such reasonable amounts as Lender from time to time may reasonably request against
such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 

(b) All insurance provided for in Section 3.3(a) shall be obtained under valid and enforceable policies (collectively, the
“Policies” or in the singular, the “Policy”), and (i) shall be issued by financially sound and responsible insurance companies reasonably approved by Lender, and authorized or licensed to do business in the
state where the Property is located, with (A) general policy ratings of A or better and financial classes of X or better by A.M. Best Company, Inc. and (B) either (i) such insurance companies having claims paying ability/financial
strength ratings of “A” (or its equivalent) or better by the Rating Agencies (defined below) or (ii) to the extent that the Policies are issued by a syndicate of not less than five (5) insurance companies each otherwise meeting
the requirements set forth herein, sixty percent (60%) of such insurance companies having a claims paying ability/financial strength rating of “A” (or its equivalent) or better by the Rating Agencies (with the first layers of the
coverages required hereunder provided by such insurance companies) and the remaining forty percent (40%) of such insurance companies having a claims paying ability/financial strength rating of “BBB” (or its equivalent) or better by
the Rating Agencies; (ii) shall name Borrower as the insured and Lender as an additional insured, as its interests may appear; (iii) in the case of property damage, boiler and machinery and, if required pursuant to the provisions hereof,
flood and earthquake insurance, shall contain a so called New York Non Contributory Standard Mortgagee Clause and (other than those strictly limited to liability protection) a Lender’s Loss Payable Endorsement (Form 438 BFU NS), or their
equivalents, naming Lender as the Person (defined below) to which all payments made by such insurance company shall be paid; (iv) shall contain a waiver of subrogation against Lender; (v) shall be maintained throughout the term of this
Security Instrument without cost to Lender; (vi) shall be assigned and, if requested in writing by Lender, the originals (or duplicate originals certified to be true and correct by the applicable insurer or its agent) delivered to Lender; and
(vii) shall contain such provisions, consistent with the provisions hereof, as Lender deems reasonably necessary or desirable to protect its interest including, without limitation, endorsements or clauses providing that (I) neither
Borrower, Lender nor any other party shall be a co insurer under said Policies, (II) that Lender shall receive at least ten (10) days prior written notice of any modification, reduction or cancellation of any Policy, (III) no act or negligence
of Borrower, or anyone acting for Borrower, or of any tenant or other occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the
validity or enforceability of the insurance insofar as Lender is concerned, (IV) Lender shall not be liable for any Insurance Premiums (defined below) thereon or subject to any assessments thereunder, and (V) such Policies do not exclude
coverage for acts of terror or similar acts of sabotage. Any blanket Policy shall specifically allocate to the Property the amount of coverage from time to time required hereunder and shall otherwise provide the same protection as would a separate
Policy insuring only the Property in compliance with the provisions of Section 3.3(a). Borrower shall pay the premiums for such Policies (the “Insurance Premiums”) as the same become due and payable and shall furnish to Lender
evidence of the renewal of each of the new Policies with receipts for the payment of the Insurance Premiums or other evidence of such payment 

  
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reasonably satisfactory to Lender (provided that such Insurance Premiums have not been paid to Lender or Servicer (defined below) pursuant to Section 3.5 hereof). If Borrower does not
furnish such evidence and receipts at least twenty (20) days prior to the expiration of any apparently expiring Policy, then Lender may procure, but shall not be obligated to procure, such insurance and pay the Insurance Premiums therefor, and
Borrower agrees to reimburse Lender for the cost of such Insurance Premiums promptly on demand. Within thirty (30) days after request by Lender, Borrower shall obtain such increases in the amounts of coverage required hereunder as may be
reasonably requested by Lender, taking into consideration changes in the value of money over time, changes in liability laws, changes in prudent customs and practices, and the like; provided, however, such increased coverages shall not be requested
more frequently than once every three years, and shall only be requested if such coverage is commercially available at commercially reasonable rates and such rates are consistent with those paid in respect of comparable properties in comparable
locations, and Lender also reasonably determines that either (I) prudent owners of real estate comparable to the Property are maintaining same or (II) prudent institutional lenders (including, without limitation, investment banks) to such
owners are generally requiring that such owners maintain such insurance. As used herein, the term (1) “Rating Agencies” shall mean each of S&P, Moody’s, Fitch and any other nationally-recognized statistical rating
agency designated by Lender (and any successor to any of the foregoing); provided, that, the foregoing shall only be deemed to be included within the definition of “Rating Agencies” hereunder to the extent that the same have rated (or are
reasonably anticipated by Lender to rate) the Securities; (2) “S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.; (3) “Moody’s” shall
mean Moody’s Investor Service, Inc.; and (4) “Fitch” shall mean Fitch, Inc. 
 (c) If the Property
shall be damaged or destroyed, in whole or in part, by fire or other casualty, Borrower shall give prompt notice of such damage to Lender and shall promptly commence and diligently prosecute the completion of Restoration (defined below) of the
Property and otherwise comply with Section 4.4 of this Security Instrument. Borrower shall pay all costs of such Restoration (including, without limitation, any applicable deductibles under the Policies) whether or not such costs are covered by
insurance. In case of loss covered by Policies, Lender may either (1) settle and adjust any claim, or (2) allow Borrower to agree with the insurance company or companies on the amount to be paid upon the loss; provided, that
(A) provided no Event of Default shall be continuing, Borrower may adjust losses aggregating not in excess of the Threshold Amount (defined below) if such adjustment is carried out in a competent and timely manner and (B) if no Event of
Default shall be continuing, Lender shall not settle or adjust any such claim under clause (1), above, without the consent of Borrower, which consent shall not be unreasonably withheld or delayed. In any case Lender shall and is hereby authorized to
collect and receipt for any such insurance proceeds; and the reasonable expenses incurred by Lender in the adjustment and collection of insurance proceeds shall become part of the Debt and be secured hereby and shall be reimbursed by Borrower to
Lender upon demand. As used herein, the term “Restoration” shall mean, following the occurrence of a casualty or a condemnation to the Property which is of a type necessitating the repair of the Property (or any portion thereof),
the completion of the repair and restoration of the Property (or applicable portion thereof) as nearly as possible to the condition the Property (or applicable portion thereof) was in immediately prior to such casualty or condemnation, with such
alterations as may be reasonably approved by Lender. 

  
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 Section 3.4. PAYMENT OF TAXES, ETC. (a) Subject to the provisions of
Sections 3.4(b) and 3.5 hereof, Borrower shall pay all taxes, assessments, water rates, sewer rents, governmental impositions, and other charges, including without limitation vault charges and license fees for the use of vaults, chutes and
similar areas adjoining the Land, now or hereafter levied or assessed or imposed against the Property or any part thereof (the “Taxes”), all ground rents, assessments, maintenance charges and similar charges, now or hereafter levied
or assessed or imposed against the Property or any part thereof (the “Other Charges”), and all charges for utility services provided to the Property prior to the same becoming delinquent. Borrower will deliver to Lender, promptly
upon Lender’s written request, evidence satisfactory to Lender that the Taxes, Other Charges and utility service charges have been so paid or are not then delinquent. Borrower shall not suffer and shall promptly cause to be paid and discharged
any lien or charge against the Property arising out of such Taxes, Other Charges and utility service charges. Except to the extent sums sufficient to pay all Taxes and Other Charges have been deposited with Lender in accordance with the terms of
this Security Instrument, Borrower shall furnish to Lender, promptly upon Lender’s written request, paid receipts for the payment of the Taxes and Other Charges. 
 (b) Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in
part of any of the Taxes, provided that (i) no Event of Default is continuing under the Note, this Security Instrument or any of the other Loan Documents, (ii) Borrower is permitted to do so under the provisions of any other mortgage, deed
of trust or deed to secure debt affecting the Property, (iii) such proceeding shall suspend the collection of the Taxes from Borrower and from the Property or Borrower shall have paid all of the Taxes under protest, (iv) such proceeding
shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder, (v) neither the Property nor any part thereof or interest therein
will be in danger of being sold, forfeited, terminated, canceled or lost, (vi) Borrower shall have deposited with Lender adequate reserves for the payment of the Taxes, together with all interest and penalties thereon, unless Borrower has paid
all of the Taxes under protest, and (vii) Borrower shall have furnished the security as may be required in the proceeding to insure the payment of any contested Taxes, together with all interest and penalties thereon. 

Section 3.5. ESCROW FUND. In addition to any initial deposits to the Escrow Fund (defined below) on the date hereof (if any),
except as provided below, Borrower shall pay to Lender on each Monthly Payment Date (a) one twelfth of an amount which would be sufficient to pay the Taxes payable, or reasonably estimated by Lender to be payable, during the next ensuing twelve
(12) months (such Taxes, the “Applicable Taxes”) and (b) one twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration
thereof (such Insurance Premiums, the “Applicable Insurance Premiums”), which such amounts so paid to Lender shall be held in an account with Lender or Servicer, with such amounts and such account each being referred to herein as
the “Escrow Fund”. Borrower agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of any Taxes and Insurance Premiums of which it has obtained knowledge and authorizes Lender or
its agent to obtain the bills for Taxes and Other Charges directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal or both, payable pursuant to the Note shall be added together

  
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and shall be paid as an aggregate sum by Borrower to Lender. Provided no Event of Default is continuing, Lender will timely apply the Escrow Fund to payments of Taxes and Insurance Premiums
required to be made by Borrower pursuant to Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Applicable Taxes and Applicable Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall,
provided no Event of Default is continuing, promptly return any excess to Borrower. In disbursing such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not sufficient to
pay any Applicable Taxes and/or Applicable Insurance Premiums, Borrower shall promptly pay to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a trust fund and
may be commingled with other monies held by Lender. No earnings or interest on the Escrow Fund shall be payable to Borrower. 

Section 3.6. CONDEMNATION. Borrower shall promptly give Lender notice of the actual or threatened commencement of any condemnation
or eminent domain proceeding affecting the Land and/or the Improvements and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender is hereby irrevocably appointed as Borrower’s attorney in fact
coupled with an interest, with exclusive powers to collect, receive and apply to the Debt (or provide to Borrower to pay for Restoration) any award or payment for any taking accomplished through a condemnation or eminent domain proceeding and, at
any time during which an Event of Default is continuing, to make any compromise or settlement in connection therewith. All condemnation awards or proceeds shall be either (a) paid to Lender for application against the Debt or (b) applied
to Restoration of the Property in accordance with Section 4.4 hereof. Notwithstanding any taking by any public or quasi public authority through eminent domain or otherwise (including but not limited to any transfer made in lieu of or in
anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Security Instrument and the Debt shall not be reduced until any award or payment
therefor shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the award by the condemning authority but
shall be entitled to receive out of the award interest at the rate or rates provided herein or in the Note. Any award or payment to be applied to the reduction or discharge of the Debt or any portion thereof may be so applied whether or not the Debt
or such portion thereof is then due and payable. If the Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the award or payment, Lender shall have the right, whether or not a deficiency judgment on the Note shall
have been or may be sought, recovered or denied, to receive the award or payment, or a portion thereof sufficient to pay the unpaid portion of the Debt. If the Property or any portion thereof is taken by a condemning authority, Borrower shall
promptly commence and diligently prosecute the Restoration of the Property and otherwise comply with the provisions of Section 4.4. Borrower shall pay all costs of Restoration whether or not such costs are covered by the Net Proceeds.

 Notwithstanding anything contained in this Section 3.6 or this Security Instrument to the contrary (but subject to the
provisions of Section 4.4 below (including Section 4.4(c)) and the last paragraph of this Section 3.6), Lender may elect to (y) apply the net proceeds of any condemnation award (after deduction of Lender’s reasonable costs
and expenses, if any, in collecting the same) in reduction of the Debt in such order and manner as Lender may elect, 

  
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whether due or not, or (z) make the proceeds available to Borrower for the restoration or repair of the Property. Any implied covenant in this Security Instrument restricting the right of
Lender to make such an election is waived by Borrower. In addition, Borrower hereby waives the provisions of any law prohibiting Lender from making such an election. 
 Notwithstanding the foregoing or anything to the contrary contained herein or in any other Loan Documents, in the event that, in accordance with the applicable terms and conditions hereof, the
Condemnation Net Proceeds are required to be applied to the Debt and the amount of the Condemnation Net Proceeds applied to the Debt in connection therewith are insufficient under REMIC Requirements, Borrower shall, within five (5) days of
demand by Lender, prepay the principal amount of the Debt in an amount equal to such insufficiency plus the amount of any then applicable Interest Shortfall (as defined in the Note) (such payment, the “Condemnation Payment”).

 Section 3.7. LEASES AND RENTS. (a) All Leases entered into after the date hereof shall be written on
(i) the standard form of lease which has been approved by Lender or (ii) an Acceptable Chain Tenant Form (defined below). Commercially reasonable changes may be made to the Lender-approved standard lease or an Acceptable Chain Tenant Form
without the prior written consent of Lender in the ordinary course of Borrower’s business. All Leases (including any Acceptable Chain Tenant Form) shall provide that they are subordinate to this Security Instrument (subject to Lender’s
agreement (by Lender’s acceptance of this Security Instrument hereby given) not to disturb such tenant’s tenancies while they are in compliance with the terms of their Lease) and that the tenant thereunder agrees to attorn to Lender. As
used herein, the term “Acceptable Chain Tenant Form” shall mean the form of lease promulgated by a prospective national or regional chain tenant that generally insists, on a programmatic or institutional basis (although an
occasional exception to such requirement shall not cause this provision to fail), on using its own form of lease; provided, that, the provisions contained in such form of lease (A) are commercially reasonably for properties similar to the
Property, (B) do not contain any rights, options (including, without limitation, rights to purchase the Property or any interest therein) or obligations that would be unacceptable to a prudent secondary market lender substantially similar to
Lender and (C) do not have a Material Adverse Effect (defined below). As used herein, the term “Material Adverse Effect” shall mean a material adverse effect on (1) the Property, (2) the business, profits, prospects,
management, operations or condition (financial or otherwise) of Borrower, Guarantor or the Property, (3) the enforceability, validity, perfection or priority of the lien of this Security Instrument or the other Loan Documents, or (4) the
ability of Borrower to perform its obligations under this Security Instrument or the other Loan Documents. 
 (b) Borrower
(i) shall observe and perform all material obligations imposed upon the lessor under the Leases and shall not do or permit to be done anything to impair the value of the Leases as security for the Debt; (ii) shall promptly send copies to
Lender of all notices of default which Borrower shall receive thereunder; (iii) shall not collect any of the Rents more than one (1) month in advance (other than security deposits and prepaid first and last month’s rent collected in
the ordinary course of Borrower’s business); and (iv) shall not execute any other assignment of the lessor’s interest in the Leases or the Rents. Borrower (A) shall enforce all material terms, covenants and conditions contained
in the Leases upon the part of the lessees thereunder to be observed or performed, short of termination thereof and short of instituting 

  
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litigation (provided, that, Borrower (1) shall be obligated to so institute litigation if the failure to do so would have a Material Adverse Effect and (2) may terminate a Lease only in
the event of (aa) a monetary event of default under such Lease or (bb) a material non-monetary default under such Lease where the tenant fails to cure such event of default (i) to the extent the Sponsorship Condition remains satisfied, beyond
the cure period set forth in the subject Lease or (ii) to the extent the Sponsorship Condition is not satisfied, within thirty (30) days beyond the cure period set forth in the subject Lease); (B) may alter, modify or change the terms
of the Leases in any material respect without the prior written consent of Lender, provided that such alterations, modifications or changes are commercially reasonable alterations, modifications or changes agreed to in the ordinary course of
Borrower’s business; (C) shall not, without Lender’s consent, convey or transfer or suffer or permit a conveyance or transfer of the Property or of any interest therein so as to effect a merger of the estates and rights, or a
termination or material diminution of the obligations of, tenants under the Leases; (D) may approve or consent to any assignment of or subletting under the Leases in accordance with the terms of such Leases, without the prior written consent of
Lender; and (E) shall not cancel the Leases or accept a surrender thereof, except that any Lease may be canceled if at the time of the cancellation thereof a new Lease is entered into on substantially the same terms or more favorable terms than
those contained in the canceled Lease. 
 (c) Borrower, as the lessor thereunder, may enter into proposed lease renewals and new
leases without the prior written consent of Lender, provided each such proposed lease: (i) shall have an initial term of not less than three (3) years or greater than ten (10) years; (ii) shall provide for rental rates (including
rates during any renewal or option term or rates applicable to any expansion space) comparable to then existing local market rates that would be agreed to in an arm’s length transaction; (iii) shall be to a tenant which Borrower reasonably
determines to be capable and reputable; and (iv) shall comply with the provisions of subsection (a) above (except that any lease renewals may be on the same form as the original lease). Borrower may enter into a proposed lease which does
not satisfy all of the conditions set forth in clauses (i) through (iv) immediately above, provided Lender consents in writing to such proposed lease, such consent not to be unreasonably withheld or delayed. Borrower expressly understands
that any and all proposed leases are included in the definition of “Lease” or “Leases” as such terms may be used throughout this Security Instrument, the Note and the other Loan Documents. Borrower shall furnish Lender with
executed copies of all Leases and any amendments or other agreements pertaining thereto. 
 (d) Notwithstanding anything to the
contrary contained herein or in any other Loan Document, Borrower shall not, without the prior written consent of Lender, enter into, renew, extend, terminate (for reasons other than non-payment of rent (provided, that, with respect to the Master
Lease, the same shall not be terminated without Lender’s prior written consent), reduce rents under (which shall not be deemed to include any rent reductions explicitly provided for under the terms and conditions of said Lease occurring
automatically and not requiring Borrower or any other party’s consent thereto or approval thereof), permit an assignment or subleasing of (other than in accordance with its express terms) or otherwise amend, modify or waive any material or
economic provisions of, accept a surrender of space under, or shorten the term of, any Major Lease or any instrument guaranteeing or providing credit support for any Major Lease provided, that, the foregoing shall not be deemed to prohibit the
Master Lease Termination (defined below). As used herein, the term “Major Lease” shall mean (i) the Master Lease, (ii)

  
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any Lease which, individually or when aggregated with all other Leases at the Property with the same tenant or any Affiliate (defined below) of such tenant, demises 15,000 square feet or more of
the Property’s net rentable square footage, (iii) any Lease which contains any option, offer, right of first refusal or other similar entitlement to purchase all or any portion of the Property (which such rights shall be deemed to be
exclusive of any rights under any Lease to extend the term thereof or to lease additional space at the Property) or (iv) any instrument guaranteeing or providing credit support for any Lease meeting the requirements of (i), (ii) or
(iii) above. As used above, the term “Affiliate” shall mean, with respect to any tenant under any Lease at the Property, any affiliate of such tenant, unless such affiliate (A) operates under a separate trade name and
under a separate corporate or other similar division from such tenant and (B) is otherwise treated as a separate tenant under a separate Lease by Borrower. 
 (e) Notwithstanding anything to the contrary contained herein, to the extent Lender’s prior approval is required for any leasing matters set forth in this Section 3.7, Lender shall have ten
(10) Business Days from receipt of written request and all reasonably required information and documentation relating thereto in which to approve or disapprove such matter, provided that such request to Lender is marked in bold lettering with
the following language: “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF A DEED OF TRUST BETWEEN THE UNDERSIGNED AND LENDER”. In the event that Lender fails to
respond to the leasing matter in question within such time, Lender’s approval shall be deemed given for all purposes. Borrower shall provide Lender with such information and documentation as may be reasonably required and requested by Lender,
including, without limitation, lease comparables and other market information as reasonably required and requested by Lender. Lender shall not be entitled to any fee or reimbursement in connection with any such review and approval process in excess
of the reasonable fees or reimbursements customarily charged by lenders or servicers of secondary market loans similar to the Loan for actions similar to the foregoing. 
 (f) Within ten (10) Business Days after receipt of written request therefor and a copy of the executed corresponding Lease, Lender shall execute and deliver to Borrower a subordination,
non-disturbance and attornment agreement (an “SNDA”) with respect to any Lease approved or deemed approved hereunder or otherwise entered into in accordance with the terms and provisions hereof. If the form of the SNDA shall be
prescribed by the Lease in question, and Lender shall have approved (or been deemed to have approved) such Lease (including all of the Leases reflected on the rent roll delivered by Borrower to Lender in connection with the making of the Loan, it
being understood that all of the Leases on the rent roll of the Property as of the date hereof are deemed approved), Lender shall execute and deliver the SNDA in the form prescribed by such Lease. In the case of any other Lease or any Lease as to
which Lender’s approval is not required pursuant to the terms hereof where such tenant thereunder requests an SNDA, the SNDA to be executed and delivered by Lender shall be in substantially the form attached hereto as Exhibit B, as such
form may be modified to reflect reasonable changes thereto negotiated by Lender and such tenant. Lender agrees to negotiate in good faith the terms of the SNDA with any tenant under any Lease. All reasonable attorneys’ fees and disbursements
incurred by Lender in connection with the negotiation of material changes to such form SNDA shall be payable by Borrower within ten (10) Business Days after Lender’s written request therefor, whether or not the SNDA is ultimately executed
and/or recorded. No attorney’s fees or other charges will be charged for merely conforming such SNDA to the terms of the Lease in question (as opposed to material changes to the substantive content thereof) or for executing such SNDA.

  
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 (g) Notwithstanding the foregoing, (I) any Lease executed on or after the date hereof
and prior to the Master Lease Termination shall expressly provide that in the event the Master Lease is terminated, the Tenant under such Lease shall automatically attorn to Borrower as Landlord thereunder, and (II) Borrower shall, within five
(5) days of the consummation of the 1031 Exchange Transfer (hereafter defined), (i) cause the landlord’s interest in each of the Leases at the Property (excluding the Master Lease) to be transferred to Borrower (to the extent not
already held by Borrower), in a manner which is enforceable under Applicable Law and is in compliance with the applicable terms and conditions of each applicable Lease, (ii) cause the Master Lessee’s interest in the Management Agreement
(defined below) and Parking Management Agreement (defined below) to be transferred to Borrower (to the extent such transfer does not automatically occur pursuant to the express terms and conditions of the Management Agreement or Parking Management
Agreement (as applicable)), (iii) after the transfer in clause (i) above is consummated, terminate the Master Lease, and (iv) concurrently with the termination of the Master Lease, provide written notice of such termination to Lender
together with all documents or other instruments evidencing such termination and the consummation of the conditions contained in (i) through (iii) above (satisfaction of (i) through (iv) above is collectively herein referred to
as the “Master Lease Termination”). Subject to Borrower’s satisfaction of the applicable terms and conditions set forth above, Lender’s consent shall not be required in order for Borrower to consummate the Master Lease
Termination. 
 (h) Notwithstanding anything to the contrary contained herein or in any other Loan Document, prior to the Master
Lease Termination, with regard to any warranties, covenants or obligations of Borrower herein or in any Loan Document relating to the use or operation of the Property or any other provisions relating to items which, by virtue of the Master Lease,
are wholly or partially within the Master Lessee’s control, each such warranty, covenant or obligation shall be deemed to impose an obligation upon Borrower to cause Master Lessee to comply with the applicable term or provision hereof or of the
other Loan Documents and Borrower shall not be deemed to be relieved of any such warranty, covenant or obligation by virtue of the Master Lease. 
 Section 3.8. MAINTENANCE OF PROPERTY. Borrower shall cause the Property to be maintained in a good and safe condition and repair. The Improvements and the Personal Property shall not be removed,
demolished or materially altered (except for normal replacement of the Personal Property) without the consent of Lender (which such consent shall not be unreasonably withheld, conditioned or delayed (subject, in each case, to applicable REMIC
Requirements)). Borrower shall promptly repair, replace or rebuild any part of the Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in
Section 3.6 hereof and shall complete and pay for any structure at any time in the process of construction or repair on the Land. Borrower shall not, without the prior written consent of Lender, initiate, join in, acquiesce in, or consent to
any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or defining the uses which may be made of the Property or any part thereof which may have a Material Adverse Effect. If under applicable
zoning provisions the use of all or any portion of the Property is or shall become a nonconforming use, Borrower will not 

  
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cause or permit the nonconforming use to be discontinued or abandoned without the express written consent of Lender. As used herein, the term (i) “REMIC Opinion” shall mean,
as to any matter, an opinion as to the compliance of such matter with applicable REMIC Requirements (which such opinion shall be, in form and substance and from a provider, in each case, reasonably acceptable to Lender and acceptable to the Rating
Agencies); (ii) “REMIC Requirements” shall mean any applicable legal requirements relating to any REMIC Trust (including, without limitation, those relating to the continued treatment of the Loan (or the applicable portion
thereof and/or interest therein) as a “qualified mortgage” held by such REMIC Trust, the continued qualification of such REMIC Trust as such under the Code, the non-imposition of any tax on such REMIC Trust under the Code (including,
without limitation, taxes on “prohibited transactions and “contributions”) and any other constraints, rules and/or other regulations and/or requirements relating to the servicing, modification and/or other similar matters with respect
to the Loan (or any portion thereof and/or interest therein) that may now or hereafter exist under applicable legal requirements (including, without limitation under the Code)); and (iii) “REMIC Trust” shall mean “any
“real estate mortgage investment conduit” within the meaning of Section 860D of the Code that holds any interest in all or any portion of the Loan. 
 Section 3.9. WASTE. Borrower shall not commit or suffer any physical waste of the Property or make any change in the use of the Property which will in any way materially increase the risk of fire
or other hazard arising out of the operation of the Property, or take any action that might invalidate or give cause for cancellation of any Policy, or do or permit to be done thereon anything that may in any way impair the value of the Property or
the security of this Security Instrument. Borrower will not, without the prior written consent of Lender, permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the subsurface of the Land,
regardless of the depth thereof or the method of mining or extraction thereof. 
 Section 3.10. COMPLIANCE WITH LAWS.
Borrower shall promptly comply with all existing and future federal, state and local laws, orders, ordinances, governmental rules and regulations or court orders affecting or which may be interpreted to affect Borrower, the Property or the use of
the Property, including, without limitation, the Prescribed Laws (defined below) (“Applicable Laws”) (which such covenant shall be deemed to (i) include Environmental Laws (as defined in the Environmental Indemnity) and
(ii) require Borrower to keep all Permits (defined below) in full force and effect). Borrower shall from time to time, upon Lender’s request, based on Lender’s belief, in the exercise of Lender’s reasonable judgment, that the
Property or Borrower is in violation of any Applicable Law, provide Lender with evidence satisfactory to Lender that the Property or Borrower (as applicable) complies with the Applicable Laws which Lender believes the Property or Borrower (as
applicable) is in violation of or is exempt from compliance with such Applicable Laws. Borrower shall give prompt notice to Lender of the receipt by Borrower of any notice related to a violation of any Applicable Laws and of the commencement of any
proceedings or investigations which relate to compliance with Applicable Laws. As used herein, the term “Prescribed Laws” shall mean, collectively, (a) the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (The USA PATRIOT Act), (b) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and relating to Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or 

  
 17 

 
Support Terrorism, (c) the International Emergency Economic Power Act, 50 U.S.C. §1701 et. seq. and (d) all other Applicable Laws relating to money laundering or terrorism. As used
herein, the term “Permits” shall mean all necessary certificates, licenses, permits, franchises, certificates of occupancy, consents, and other approvals (governmental and otherwise) required under Applicable Laws for the operation
of the Property and the conduct of Borrower’s business (including, without limitation, all required zoning, building code, land use, environmental and other similar permits or approvals). 

Section 3.11. BOOKS AND RECORDS. (a) Borrower shall keep adequate books and records of account in accordance with GAAP or
such other comprehensive basis of accounting as may be acceptable to Lender in its reasonable discretion, in each case consistently applied (each or any of the foregoing, the “Approved Accounting Method”) and furnish to Lender:

 (i) prior to Securitization (defined below), monthly (but in no event for a period of more than two
(2) years from the date hereof) and, thereafter, quarterly, rent rolls signed, dated and certified by Borrower (or an officer, general partner or principal of Borrower if Borrower is not an individual) to be true and complete to the best
knowledge of such Person, detailing the names of all tenants of the Improvements, the portion of Improvements occupied by each tenant, the base rent and any other charges payable under each Lease and the term of each Lease, including the expiration
date, and any other information as is reasonably required by Lender, within thirty (30) days after the end of each calendar month or quarter (as applicable); 

(ii) prior to Securitization, monthly (but in no event for a period of more than two (2) years from the date hereof)
and, thereafter, quarterly, operating statements of the Property certified by Borrower (or an officer, general partner or principal of Borrower if Borrower is not an individual) to be true and complete to the best knowledge of such Person, detailing
the total revenues received, total expenses incurred, total capital expenditures (including, but not limited to, all capital improvements (including, but not limited to, tenant improvements)), leasing commissions and other leasing costs, total debt
service and total cash flow, within thirty (30) days after the close of each calendar month or quarter (as applicable); and 
 (iii) an annual balance sheet and profit and loss statement of Borrower, prepared and certified by Borrower within ninety (90) days after the close of each fiscal year of Borrower. 

(b) Upon request from Lender, Borrower shall furnish to Lender: (1) an accounting of all security deposits held in connection with
any Lease of any part of the Property; and (2) an annual operating budget presented on a monthly basis consistent with the annual operating statement described above for the Property and all proposed capital replacements and improvements.

 (c) Borrower shall furnish Lender with such other additional financial or management information regarding Borrower and/or
the Property as may, from time to time, be reasonably required and requested by Lender. Upon request of Lender, Borrower shall furnish to Lender in a timely manner evidence reasonably acceptable to Lender of compliance with Section 4.3 hereof.

  
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 (d) Borrower agrees that, upon request of Lender, the Required Financial Items (defined
below) shall be prepared and/or audited by an independent certified public accountant acceptable to Lender; provided, that, except with respect to the Required Financial Items provided under subsection (e) below, so long as the Sponsorship
Condition (defined below) remains satisfied, the foregoing requirement shall be deemed satisfied to the extent that Borrower provides Lender (within the timeframes and other requirements set forth herein) such of the Required Financial Items which
Borrower or Sponsor (or any of their respective agents, employees, representatives or affiliates) have elected to have prepared and/or certified by an independent certified public accountant. 

(e) Upon request, Borrower shall furnish to Lender from time to time such financial, statistical and operating data and financial
statements (including, to the extent applicable, financial statements prepared in accordance with GAAP and audited by independent accountants of Borrower acceptable to Lender), in each case, as Lender reasonably determines to be required in order to
comply with any applicable legal requirements (including those applicable to Lender or any Servicer (including, without limitation and to the extent applicable, Regulation AB)) within the timeframes necessary in order to comply with such legal
requirements. 
 (f) Any reports, statements or other information required to be delivered under this Security Instrument and/or
under the other Loan Documents (the “Required Financial Items”) shall be delivered (i) in paper form and (ii) if requested by Lender and within the capabilities of Borrower’s data systems without change or
modification thereto, in electronic form and prepared using Microsoft Word for Windows or Microsoft Excel for Windows. Borrower agrees that Lender may disclose information regarding the Property and Borrower that is provided to Lender pursuant to
this Section in connection with the Securitization to such parties requesting such information in connection with such Securitization. 
 (g) As used above, the term “Regulation AB” shall mean Regulation AB under the Securities Act and the Exchange Act, as such Regulation may be amended from time to time. 

Section 3.12. PAYMENT FOR LABOR AND MATERIALS. Borrower will promptly pay when due all bills and costs for labor, materials, and
specifically fabricated materials incurred in connection with the Property and never permit to exist (subject to Borrower’s right to contest any such matter as described below) beyond the due date thereof in respect of the Property or any part
thereof any lien or security interest, even though inferior to the liens and the security interests hereof. Nothing contained herein shall, however, affect or impair Borrower’s ability to diligently and in good faith contest any lien or bill
for labor or materials, provided that any lien placed upon the Property must be fully and irrevocably discharged (by bond or otherwise) at least 30 days prior to the date such lien could otherwise be foreclosed upon pursuant to Applicable Law.

 Section 3.13. PERFORMANCE OF OTHER AGREEMENTS. Borrower shall observe and perform each and every term to be observed
or performed by Borrower pursuant to the terms of any agreement or recorded instrument affecting or pertaining to the Property, or given by Borrower to Lender for the purpose of further securing an obligation secured hereby and any amendments,
modifications or changes thereto. 

  
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 Section 3.14. PROPERTY MANAGEMENT AND PARKING MANAGEMENT. 

(a) Borrower shall (i) promptly perform and observe all of the material covenants required to be performed and observed by it under
the agreement between Manager and Master Lessee and/or Borrower pursuant to which the property manager of the Property (the “Manager”) is employed to perform management services for the Property (the “Management
Agreement”) and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any default under the Management Agreement of which it is aware; (iii) promptly deliver to
Lender a copy of any notice of default or other material notice received by Borrower or Master Lessee under the Management Agreement; (iv) promptly give notice to Lender of any notice or information that Borrower or Master Lessee receives which
indicates that Manager is terminating the Management Agreement or that Manager is otherwise discontinuing its management of the Property; and (v) promptly enforce the performance and observance of all of the material covenants required to be
performed and observed by Manager under the Management Agreement. Subject to the penultimate sentence of this paragraph, Borrower shall not, without the prior written consent of Lender (which consent shall not be unreasonably withheld, conditioned
or delayed): (i) surrender, terminate or cancel the Management Agreement, consent to any transfer or assignment of Manager’s rights under the Management Agreement, or otherwise replace Manager or enter into any other management agreement
with respect to the Property (provided, that, the foregoing shall not be deemed to prohibit Manager from sub-contracting some of its responsibilities under the Management Agreement provided that Manager retains responsibility and control of all
material management decisions); (ii) reduce or consent to the reduction of the term of the Management Agreement; (iii) increase or consent to the increase of the amount of any charges under the Management Agreement; or (iv) otherwise
modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Management Agreement in any material respect. Without limitation of any term or condition contained herein or in the other Loan Documents,
Borrower shall cause the Property to be at all times managed by a Qualified Manager (defined below) engaged in accordance with the applicable terms and conditions contained herein and in the other Loan Documents. Notwithstanding anything to the
contrary contained herein or in the other Loan Documents, Lender’s receipt of a New Non-Consolidation Opinion shall be a condition precedent to any appointment of an Affiliated Manager (defined below) as Manager for the Property. Provided no
Event of Default is continuing, Borrower may terminate any Manager or otherwise replace any Manager without Lender’s consent, provided, that, Borrower provides Lender (A) ten (10) days prior written notice of such termination or
replacement, (B) evidence that a Qualified Manager has been engaged to manage the Property pursuant to a Replacement Management Agreement (defined below) effective as of the date of termination of the terminated Manager, (C) a duly
executed copy of the Replacement Management Agreement, (D) to the extent such replacement Manager is an Affiliated Manager, a New Non-Consolidation Opinion and (E) evidence reasonably acceptable to Lender that either (I) no
termination or similar fees are due in connection with the termination of the then current Manager or (II) Borrower has sufficient sums to pay any such fees without adversely impacting the cash flow of the Property and/or Borrower ability to perform
hereunder or under the other Loan Documents. Manager shall not (and Borrower shall not permit Manager to) resign as Manager or otherwise cease managing the Property until a Qualified Manager is engaged to manage the Property in accordance with the
applicable terms and conditions hereof and of the other Loan Documents. 

  
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 (b) Borrower shall (i) promptly perform and observe all of the material covenants
required to be performed and observed by it under the agreement between Parking Manager and Master Lessee and/or Borrower pursuant to which the parking manager of the Property (the “Parking Manager”) is employed to perform parking
management services for the Property (the “Parking Management Agreement”) and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any default under the
Parking Management Agreement of which it is aware; (iii) promptly deliver to Lender a copy of any notice of default or other material notice received by Borrower or Master Lessee under the Parking Management Agreement; (iv) promptly give
notice to Lender of any notice or information that Borrower or Master Lessee receives which indicates that Parking Manager is terminating the Parking Management Agreement or that Parking Manager is otherwise discontinuing its management of the
Property; and (v) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by Parking Manager under the Parking Management Agreement. Subject to the penultimate sentence of this
paragraph, Borrower shall not, without the prior written consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed): (i) surrender, terminate or cancel the Parking Management Agreement, consent to any transfer
or assignment of Parking Manager’s rights under the Parking Management Agreement, or otherwise replace Parking Manager or enter into any other parking management agreement with respect to the Property (provided, that, the foregoing shall not be
deemed to prohibit Parking Manager from sub-contracting some of its responsibilities under the Parking Management Agreement provided that Parking Manager retains responsibility and control of all material management decisions); (ii) reduce or
consent to the reduction of the term of the Parking Management Agreement; (iii) increase or consent to the increase of the amount of any charges under the Parking Management Agreement; or (iv) otherwise modify, change, supplement, alter or
amend, or waive or release any of its rights and remedies under, the Parking Management Agreement in any material respect. Without limitation of any term or condition contained herein or in the other Loan Documents, Borrower shall cause the parking
related activities at the Property to at all times be managed by a Qualified Manager (defined below) engaged in accordance with the applicable terms and conditions contained herein and in the other Loan Documents. Notwithstanding anything to the
contrary contained herein or in the other Loan Documents, Lender’s receipt of a New Non-Consolidation Opinion shall be a condition precedent to any appointment of an Affiliated Manager (defined below) as Parking Manager for the Property.
Provided no Event of Default is continuing, Borrower may terminate any Parking Manager or otherwise replace any Parking Manager without Lender’s consent, provided, that, Borrower provides Lender (A) ten (10) days prior written notice
of such termination or replacement, (B) evidence that a Qualified Manager has been engaged to manage parking related activities at the Property pursuant to a Replacement Management Agreement (defined below) effective as of the date of
termination of the terminated Parking Manager, (C) a duly executed copy of the Replacement Management Agreement, (D) to the extent such replacement Parking Manager is an Affiliated Manager, a New Non-Consolidation Opinion and
(E) evidence reasonably acceptable to Lender that either (I) no termination or similar fees are due in connection with the termination of the then current Parking Manager or (II) Borrower has sufficient sums to pay any such fees without
adversely impacting the cash flow of the Property and/or Borrower ability to perform hereunder or under the other Loan Documents. Parking Manager shall not (and Borrower shall not permit Parking Manager to) resign as Parking Manager or otherwise
cease managing the Property until a Qualified Manager is engaged to manage the parking related activities at the Property in accordance with the applicable terms and conditions hereof and of the other Loan Documents. 

  
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 (c) During the existence of a Manager Termination Event (defined below), Borrower shall, at
Lender’s direction, immediately terminate the Management Agreement and/or Parking Management Agreement and enter into a new property management agreement and/or parking management agreement reasonably acceptable to Lender with a management
company reasonably acceptable to Lender, which such new property management company and/or parking management company (as applicable) must (i) be a Qualified Manager, (ii) not be an affiliate of, or controlled by, Lender or Servicer, and
(iii) have not provided (nor agreed to provide) Lender or Servicer (or their respective affiliates) with any compensation for being so named. In the event Lender directs Borrower to engage a professional third party property or parking manager
(as applicable) or such manager is otherwise engaged in accordance with the terms and conditions hereof, then Borrower shall engage such a property or parking manager (as applicable) pursuant to an agreement reasonably acceptable to Lender, and
Borrower and such manager shall execute an agreement acceptable to Lender conditionally assigning Borrower’s interest in such management agreement to Lender and subordinating manager’s right to receive fees and expenses under such
agreement while the Debt remains outstanding (such replacement management agreement and such assignment and subordination thereof in favor of Lender, collectively, the “Replacement Management Agreement”). In no event shall Lender or
Borrower be liable for any termination, severance or other fees to Manager, Parking Manager or others resulting from any termination of any property or parking management agreement (including, without limitation the Management Agreement and the
Parking Management Agreement). 
 (d) As used herein, (1) the term “Qualified Manager” shall mean
(I) American Assets Trust Management, LLC (unless such Person (A) is the Person being replaced as property manager or parking manager (as applicable) or (B) has suffered a material adverse change in its general business standing or
reputation from that as exists as of the date hereof (as reasonably determined by Lender)), (II) solely with respect to parking management at the Property, City Center Parking, an Oregon limited partnership (unless such Person (A) is the Person
being replaced as property manager or parking manager (as applicable) or (B) has suffered a material adverse change in its general business standing or reputation from that as exists as of the date hereof (as reasonably determined by Lender))
or (III) a reputable and experienced professional management organization approved by Lender, which approval may not unreasonably be withheld, conditioned or delayed, and for which Lender shall have received a Rating Agency Confirmation (defined
below) and (2) the term “Manager Termination Event” shall be an event occurring upon (i) the occurrence of an Event of Default (which such Manager Termination Event shall continue until Borrower’s cure, if applicable,
of the applicable Event of Default and Lender’s acceptance of such cure (whether voluntarily or required by law), provided, that, so long as Manager or Parking Manager (as applicable) is American Assets Trust Management, LLC, Lender shall
provide notice to Borrower and Manager or Parking Manager (as applicable) of the applicable Event of Default and shall give Borrower an opportunity to cure such Event of Default within ten (10) days of such notice before such Event of Default
will constitute a Manager Termination Event), (ii) Manager or Parking Manager becoming insolvent or a debtor in a proceeding under any applicable Insolvency Laws (as defined in the Note), or (iii) the occurrence and continuance of a
material default under the Management Agreement by 

  
 22 

 
Manager or the Parking Management Agreement by Parking Manager, in each case, beyond any applicable grace, notice or cure periods; provided, that, in the case of (ii) and (iii) above,
the same shall only constitute “Manager Termination Events” with respect to the Manager and the Parking Manager to the extent the events listed therein are applicable to such manager and/or management agreement. 

Section 3.15. PROPERTY DOCUMENT COVENANTS. Borrower agrees that without the prior consent of Lender, Borrower will not enter into
any new Property Document or execute modifications to any existing Property Document if such new Property Document or such modifications will have a Material Adverse Effect. Borrower shall enforce, shall comply with, and shall use commercially
reasonable efforts to cause each of the parties to each Property Document to comply with all of the terms and conditions contained in such Property Document. 
 Section 3.16. PECI TERMINATION FEES. 
 (a) Within five (5) Business
Days of receipt thereof, Borrower shall deposit into an account held by Lender or Servicer (the “Leasing Reserve Account”) any termination fees paid by PECI (defined below) in connection with any termination of the PECI Lease
(defined below). Amounts deposited pursuant to this Section 3.16 are referred to herein as the “Leasing Reserve Funds”. As used herein, the term (i) “PECI” shall mean Portland Energy Conservation, Inc. and
any successor thereto and/or assign thereof, in each case, under the PECI Lease, (ii) “PECI Lease” shall mean that certain Lease at the Property with PECI and (iii) “PECI Space” shall mean that certain
space at the Property demised to PECI pursuant to the PECI Lease. The Leasing Reserve Account shall be deemed a “Reserve Account” for all purposes hereunder and under the other Loan Documents. 

(b) Lender shall disburse to Borrower the Leasing Reserve Funds upon satisfaction by Borrower of each of the following conditions:
(i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the tenant improvement costs and leasing commissions to be paid; (ii) on
the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall be continuing; (iii) Lender shall have reviewed and approved the Lease and related leasing commissions in respect of which
Borrower is obligated to pay or reimburse certain tenant improvement costs and leasing commissions; (iv) Lender shall have received and approved a budget for tenant improvement costs and a schedule of leasing commissions payments and the
requested disbursement will be used to pay all or a portion of such costs and payments; (v) with respect to any disbursement relating to tenant improvements, Lender shall have received a certificate from Borrower (A) stating that all
tenant improvements at the Property (or portion thereof) to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such
certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the tenant improvements, (B) identifying each Person that supplied materials or labor in connection with
the tenant improvements to be funded by the requested disbursement and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement for the portion of the tenant improvement work to which such
disbursement relates, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment satisfactory to Lender; (vi) at Lender’s 

  
 23 

 
option, if the cost of any individual tenant improvement exceeds $25,000, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not
previously approved by Lender; and (vii) Lender shall have received such other evidence as Lender shall reasonably request that the tenant improvements at the Property and/or leasing commissions to be funded by the requested disbursement have
been completed (to the extent applicable), are due and payable and are paid for or will be paid upon such disbursement to Borrower. Notwithstanding the foregoing or anything to the contrary contained herein, in no event shall (1) Lender be
required to disburse Leasing Reserve Funds more frequently than once each calendar month, (2) any Leasing Reserve Funds be disbursed in connection with any tenant improvements or leasing commissions associated with any portion of the Property
other than the PECI Space and (3) the aggregate tenant improvement and leasing commissions cost in connection with any replacement Lease for the PECI Space exceed $61.00 per square foot. 

Article 4. SPECIAL COVENANTS 
 Borrower covenants and agrees that: 
 Section 4.1. PROPERTY USE. The
Property shall be used only for office, retail and appurtenant and related uses typical of a property such as the Property allowed by the Property’s zoning classification and all agreements pertaining to the Property and for no other use
without the prior written consent of Lender, which consent may be withheld in Lender’s reasonable discretion. 
 Section
4.2. ERISA. (a) Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Security Instrument and the
other Loan Documents) to be a non exempt (under a statutory or administrative class exemption) prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 

(b) Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the
term of the Security Instrument, as requested by Lender in its reasonable discretion, that (i) Borrower is not an “employee benefit plan” as defined in Section 3(3) of ERISA, or other retirement arrangement, which is subject to
Title I of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended or as may be amended and any successor statute (collectively, the “Code”), or a “governmental plan” within the meaning of
Section 3(32) of ERISA; (ii) Borrower is not subject to state statutes regulating investments and fiduciary obligations with respect to governmental plans; and (iii) one or more of the following circumstances is true: 

 

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

 

	 	(B)	Less than 25 percent (25%) of each outstanding class of equity interests in Borrower are held by “benefit plan investors” within the meaning of 29
C.F.R.§ 2510.3 101(f)(2); or 

  

	 	(C)	Borrower qualifies as an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R § 2510.3 101(c) or (e) or
an investment company registered under The Investment Company Act of 1940. 

  
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 Section 4.3. SINGLE PURPOSE ENTITY. 

(a) So long as the Debt remains outstanding, Borrower has not and shall not: 

(i) Own any asset or property other than (A) the Property, and (B) incidental personal property necessary for
the ownership or operation of the Property. 
 (ii) Engage in any business other than the ownership, management
and operation of the Property or fail to conduct and operate its business as presently conducted and operated. 

(iii) Enter into any contract or agreement with any affiliate of Borrower, any constituent party of Borrower or any
affiliate of any constituent party, except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arms-length basis with third parties other than any such party. 

(iv) Incur any Indebtedness (defined below), secured or unsecured, direct or contingent (including guaranteeing any
obligation), other than (A) the Debt and, to the extent permitted by the other terms and conditions hereof and the other Loan Documents (including, without limitation, that certain Subordination and Standstill Agreement by and among Lender and
AAI Sponsor, among others dated as of the date hereof (the “Subordination Agreement”), which such Subordination Agreement shall constitute a “Loan Document” for all purposes under the Loan), the Junior Loan (as defined in
the Subordination Agreement), (B) trade and operational indebtedness incurred in the ordinary course of business with trade creditors, provided such indebtedness is (1) unsecured, (2) not evidenced by a note, (3) on commercially
reasonable terms and conditions, and (4) due not more than sixty (60) days past the date incurred and paid on or prior to such date, and/or (C) financing leases and purchase money indebtedness incurred in the ordinary course of
business relating to personal property on commercially reasonable terms and conditions; provided however, the aggregate amount of the indebtedness described in (B) and (C) (the “Trade Payable Debt”) shall not exceed at any
time three percent (3%) of the outstanding principal amount of the Debt. No Indebtedness other than the Debt may be secured (subordinate or pari passu) by the Property. 

(v) Make any loans or advances to any third party (including any affiliate or constituent party) or acquire obligations or
securities of its affiliates. 
 (vi) Fail to remain solvent or fail to pay its debts and liabilities (including,
as applicable, shared personnel and overhead expenses) from its funds and assets as the same shall become due. 

(vii) Fail to do or cause to be done and will do all things necessary to observe organizational formalities and preserve
its existence, or permit any constituent party to amend, modify or otherwise change the partnership certificate, partnership agreement, articles of incorporation and bylaws, operating agreement, trust or other organizational documents of Borrower or
such constituent party without the prior consent of Lender in any manner that 

  
 25 

 
(i) violates the single purpose covenants set forth in this Section or (ii) amends, modifies or otherwise changes any provision thereof that by its terms cannot be modified at any time
when the Debt is outstanding or by its terms cannot be modified without Lender’s consent. 
 (viii) Fail to
maintain all of its books, records, financial statements and bank accounts separate from those of its affiliates and any constituent party. Borrower’s assets have not been and will not be listed as assets on the financial statement of any other
Person, provided, however, that Borrower’s assets may be included in a consolidated financial statement of its affiliates provided that (A) appropriate notation shall be made on such consolidated financial statements to indicate the
separateness of Borrower and such affiliates and to indicate that Borrower’s assets and credit are not available to satisfy the debts and other obligations of such affiliates or any other Person and (B) such assets shall be listed on
Borrower’s own separate balance sheet. Borrower will file its own tax returns (to the extent Borrower is required to file any such tax returns) and will not file a consolidated federal income tax return with any other Person. Borrower shall
maintain its books, records, resolutions and agreements as official records. 
 (ix) Fail to be, or fail to hold
itself out to the public as, a legal entity separate and distinct from any other entity (including any affiliate of Borrower or any constituent party of Borrower), fail to correct any known misunderstanding regarding its status as a separate entity,
fail to conduct business in its own name, identify itself or any of its affiliates as a division or part of the other or of any other Person, fail to allocate shared expenses (including, without limitation, shared office space and services performed
by an employee of an affiliate) among the Persons sharing such expenses or fail to maintain and utilize separate stationery, invoices and checks bearing its own name. 

(x) Fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and
character and in light of its contemplated business operations. 
 (xi) Seek or effect the liquidation,
dissolution, winding up, liquidation, consolidation or merger, in whole or in part, of Borrower. 
 (xii)
Commingle the funds and other assets of Borrower with those of any affiliate or constituent party or any other Person or fail to hold all of its assets in its own name. Borrower has and will maintain its assets in such a manner that it will not be
costly or difficult to segregate, ascertain or identify its individual assets from those of any affiliate or constituent party or any other Person. 
 (xiii) Guarantee, assume or become obligated for the debts of any other Person or hold itself out to be responsible for or have its credit available to satisfy the debts or obligations of any other
Person. 
 (xiv) Fail to conduct its business so that the assumptions made with respect to Borrower in any
substantive, non-consolidation opinion delivered in connection with the Loan (together with any subsequently delivered confirmations or amendments thereto or any subsequent substantive non-consolidation opinions, collectively, the
“Non-Consolidation Opinion”) shall fail to be true and correct in all respects. 

  
 26 

 (xv) Permit any affiliate or constituent party independent access to its
bank accounts (other than in accordance with the express terms and conditions of the Management Agreement or the Loan Documents). 
 (xvi) Fail to pay the salaries of its own employees (if any) from its own funds or fail to maintain a sufficient number of employees (if any) in light of its contemplated business operations. 

(xvii) Fail to compensate each of its consultants and agents from its funds for services provided to it or fail to pay
from its own assets all obligations of any kind incurred. 
 (xviii) Fail to observe all corporate, limited
liability company or limited partnership (as applicable) required formalities. 
 (xix) Own any subsidiary, or
make any investment in, any Person (other than, with respect to SPE Component Entity, in Borrower). 
 (xx)
without the prior unanimous written consent of all of its partners, members or shareholders, as applicable, and the prior written consent of each Independent Director (regardless of whether such Independent Director is engaged at the Borrower or SPE
Component Entity level) (a) file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable Insolvency Laws, (b) seek or consent to the appointment of a receiver, liquidator or any
similar official, (c) take any action that might cause such entity to become insolvent, or (d) make an assignment for the benefit of creditors (each of (a) through (d) above, a “Material Action”). 

(xxi) Pledge its assets for the benefit of any Person. 

As used above, the term “Indebtedness” shall mean, for any Person, any indebtedness or other similar
obligation for which such Person is obligated (directly or indirectly, by contact, operation of law or otherwise); provided, that, with respect to Borrower and Master Tenant, the following shall not be deemed to constitute “Indebtedness”
for the purposes of the foregoing: (A) Taxes and Insurance Premiums incurred and paid (and, in each case, not financed) in the ordinary course of business and in compliance with the applicable terms and conditions hereof and (B) costs
incurred and paid (and, in each case, not financed) in connection with any alterations to the Property approved by Lender in accordance with the applicable terms and conditions hereof. 

(b) If Borrower is a partnership or limited liability company (other than an Acceptable Delaware LLC), each general
partner in the case of a general partnership, each general partner in the case of a limited partnership, or the managing member in the case of a limited liability company (each an “SPE Component Entity”) of Borrower, as applicable,
shall be a corporation or an Acceptable Delaware LLC whose sole asset is its interest in Borrower. Each SPE Component Entity (i) will own at least a 0.5% direct equity interest in Borrower, (ii) will at all times comply with each of the
covenants, terms and provisions contained in Section 

  
 27 

 
4.3(a) above, to the extent applicable, as if such representation, warranty or covenant was made directly by such SPE Component Entity; (iii) will not engage in any business or activity
other than owning an interest in Borrower; (iv) will not acquire or own any assets other than its partnership, membership, or other equity interest in Borrower; (v) will not incur any debt, secured or unsecured, direct or contingent
(including guaranteeing any obligation) (provided, that, ministerial and non-material costs associated with any SPE Component Entity maintaining its good standing and formation in the ordinary course of business shall not be deemed “debt”
for purposes of the foregoing); and (vi) will cause Borrower to comply with the provisions of Section 4.3. Prior to the withdrawal or the disassociation of any SPE Component Entity from Borrower, Borrower shall immediately appoint a new
general partner or managing member whose articles of incorporation are substantially similar to those of such SPE Component Entity and deliver a New Non-Consolidation Opinion to Lender and the Rating Agencies with respect to the new SPE Component
Entity and its equity owners. Notwithstanding the foregoing, to the extent Borrower is a Delaware limited liability company whose organizational documents contain springing member provisions satisfying the requirements hereof and of the Delaware
Limited Liability Company Act and are otherwise acceptable to Lender (an “Acceptable Delaware LLC”), so long as Borrower maintains such formation status, (A) no SPE Component Entity shall be required and (B) the terms and
provisions hereof and of the other Loan Documents relating to SPE Component Entities shall be deemed to be inapplicable. 
 (c)
(i) The organizational documents of each SPE Component Entity (if any) or Borrower (to the extent Borrower is an Acceptable Delaware LLC or a corporation) shall provide that at all times there shall be, and Borrower shall cause there to be, at least
two duly appointed members of the board of directors or managers (each, an “Independent Director” and, collectively, the “Independent Directors”) of such SPE Component Entity or Borrower (as applicable) each of whom
(I) are not at the time of such individual’s initial appointment, and shall not have been at any time during the preceding five (5) years, and shall not be at any time while serving as a director of such SPE Component Entity or
Borrower (as applicable), either (A) a shareholder (or other equity owner) of, or an officer, director, partner, manager, member (other than as a Special Member in the case of Acceptable Delaware LLC’s), employee, attorney or counsel of,
Borrower, such SPE Component Entity or any of their respective shareholders, partners, members, subsidiaries or affiliates; (B) a customer or creditor of, or supplier to, Borrower or any of its respective shareholders, partners, members,
subsidiaries or affiliates who derives any of its purchases or revenue from its activities with Borrower or such SPE Component Entity or any affiliate of any of them; (C) a Person who Controls (defined below) or is under common Control with any
such shareholder, officer, director, partner, manager, member, employee, supplier, creditor or customer; or (D) a member of the immediate family of any such shareholder, officer, director, partner, manager, member, employee, supplier, creditor
or customer; (II) shall have, at the time of their appointment, had at least three (3) years experience in serving as an independent director; and (III) shall be employed by, in good standing with and engaged by Borrower in connection with, in
each case, an Approved ID Provider. Notwithstanding the foregoing, a Person who would otherwise not qualify to serve as Independent Director solely by reason of serving as an independent director for affiliates of Borrower shall not be so
disqualified and may serve as an Independent Director so long as such Person derives less than 5% of their total annual income from their service as independent director for Borrower and each applicable affiliate of Borrower. 

  
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 (ii) The organizational documents of each SPE Component Entity (if any) or
Borrower (as applicable) shall further provide that (A) the board of directors or board of managers of such SPE Component Entity or Borrower (as applicable) and the constituent equity owners of such Persons (such constituent equity owners, the
“Constituent Members”) shall not take any action which, under the terms of any certificate of incorporation, by-laws or any voting trust agreement with respect to any common stock, requires an unanimous vote of the board of
directors or managers of such SPE Component Entity or Borrower (as applicable) or the Constituent Members unless at the time of such action there shall be at least two members of the board of directors or managers who are Independent Directors and
such Independent Directors vote in favor of such action; (B) such SPE Component Entity or Borrower (as applicable) will not, without the unanimous written consent of its board of directors or managers (including each Independent Director) and
the Constituent Members, on behalf of itself or Borrower, (i) file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable Insolvency Laws; (ii) seek or consent to the appointment of a
receiver, liquidator or any similar official; (iii) take any action that might cause such entity to become insolvent; or (iv) make an assignment for the benefit of creditors; (C) any resignation, removal or replacement of any
Independent Director shall not be effective without (1) prior written notice to Lender and the Rating Agencies (which such prior written notice must be given on the earlier of five (5) days or three (3) Business Days prior to the
applicable resignation, removal or replacement (unless due to the death of any Independent Director, in which case such notice shall be given within one (1) Business Day of Borrower or SPE Component Entity receiving notice of such death)) and
(2) evidence that the replacement Independent Director satisfies the applicable terms and conditions hereof and of the applicable organizational documents (which such evidence must accompany the aforementioned notice); (D) to the fullest
extent permitted by applicable law, including Section 18-1101(c) of the Act (defined below) and notwithstanding any duty otherwise existing at law or in equity, the Independent Directors shall consider only the interests of the Constituent
Members and Borrower and any SPE Component Entity (including Borrower’s and any SPE Component Entity’s respective creditors) in acting or otherwise voting on the matters provided for herein and in Borrower’s and SPE Component
Entity’s organizational documents (which such fiduciary duties to the Constituent Members and Borrower and any SPE Component Entity (including Borrower’s and any SPE Component Entity’s respective creditors), in each case, shall be
deemed to apply solely to the extent of their respective economic interests in Borrower or SPE Component Entity (as applicable) exclusive of (x) all other interests (including, without limitation, all other interests of the Constituent
Members), (y) the interests of other Affiliates of the Constituent Members, Borrower and SPE Component Entity and (z) the interests of any group of Affiliates of which the Constituent Members, Borrower or SPE Component Entity is a part));
(E) other than as provided in subsection (D) above, the Independent Directors shall not have any fiduciary duties to any Constituent Members, any directors of Borrower or SPE Component Entity or any other Person; (F) the foregoing
shall not eliminate the implied contractual covenant of good faith and fair dealing under applicable law; and (G) to the fullest extent permitted by applicable law, including Section 18-1101(e) of the Act, an Independent Director shall not
be liable to Borrower, SPE Component Entity, any Constituent Member or any other Person for breach of contract or breach of duties (including fiduciary duties), unless the Independent Director acted in bad faith or engaged in willful misconduct.

  
 29 

 (iii) As used herein, the term “Approved ID Provider” shall
mean each of CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company and Lord Securities Corporation; provided, that, (A) the foregoing shall only be deemed Approved ID
Providers to the extent acceptable to the Rating Agencies and (B) additional national providers of Independent Directors may be deemed added to the foregoing hereunder to the extent approved in writing by Lender and the Rating Agencies.

 (d) (I) In the event Borrower or any SPE Component Entity is an Acceptable Delaware LLC, the limited liability company
agreement of Borrower or such SPE Component Entity (as applicable) (the “LLC Agreement”) shall provide that (i) upon the occurrence of any event that causes the sole member of Borrower or such SPE Component Entity (as
applicable) (“Member”) to cease to be the member of Borrower or such SPE Component Entity (as applicable) (other than (A) upon an assignment by Member of all of its limited liability company interest in Borrower or such SPE
Component Entity (as applicable) and the admission of the transferee in accordance with the Loan Documents and the LLC Agreement, or (B) the resignation of Member and the admission of an additional member of Borrower or such SPE Component
Entity (as applicable) in accordance with the terms of the Loan Documents and the LLC Agreement), any Person acting as Independent Director of Borrower or such SPE Component Entity (as applicable) shall, without any action of any other Person and
simultaneously with the Member ceasing to be the member of Borrower or such SPE Component Entity (as applicable), automatically be admitted to Borrower or such SPE Component Entity (as applicable) (“Special Member”) and shall
continue Borrower or such SPE Component Entity (as applicable) without dissolution and (ii) Special Member may not resign from Borrower or such SPE Component Entity (as applicable) or transfer its rights as Special Member unless (A) a
successor Special Member has been admitted to Borrower or such SPE Component Entity (as applicable) as Special Member in accordance with requirements of Delaware law and (B) such successor Special Member has also accepted its appointment as an
Independent Director. The LLC Agreement shall further provide that (i) Special Member shall automatically cease to be a member of Borrower or such SPE Component Entity (as applicable) upon the admission to Borrower or such SPE Component Entity
(as applicable) of a substitute Member, (ii) Special Member shall be a member of Borrower or such SPE Component Entity (as applicable) that has no interest in the profits, losses and capital of Borrower or such SPE Component Entity (as
applicable) and has no right to receive any distributions of Borrower or such SPE Component Entity (as applicable) assets, (iii) pursuant to Section 18-301 of the Delaware Limited Liability Company Act (the “Act”), Special
Member shall not be required to make any capital contributions to Borrower or such SPE Component Entity (as applicable) and shall not receive a limited liability company interest in Borrower or such SPE Component Entity (as applicable),
(iv) Special Member, in its capacity as Special Member, may not bind Borrower or such SPE Component Entity (as applicable), (v) except as required by any mandatory provision of the Act, Special Member, in its capacity as Special Member,
shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, Borrower or such SPE Component Entity (as applicable), including, without limitation, the merger, consolidation or conversion of Borrower or such
SPE Component Entity (as applicable); provided, however, such prohibition shall not limit the obligations of Special Member, in its capacity as Independent Director, to vote on such matters required by the Loan Documents or the LLC Agreement,
(vi) in order to implement the admission to Borrower or such SPE Component Entity (as applicable) of Special 

  
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Member, Special Member shall execute a counterpart to the LLC Agreement and (vii) prior to its admission to Borrower or such SPE Component Entity (as applicable) as Special Member, Special
Member shall not be a member of Borrower or such SPE Component Entity (as applicable). 
 (II) The LLC Agreement
shall further provide that (i) upon the occurrence of any event that causes the Member to cease to be a member of Borrower or such SPE Component Entity (as applicable), to the fullest extent permitted by law, the personal representative of
Member shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of Member in Borrower or such SPE Component Entity (as applicable), agree in writing (A) to continue Borrower or such SPE
Component Entity (as applicable) and (B) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of Borrower or such SPE Component Entity (as applicable), effective as of the
occurrence of the event that terminated the continued membership of Member of Borrower or such SPE Component Entity (as applicable) in Borrower or such SPE Component Entity (as applicable), (ii) any action initiated by or brought against Member
or Special Member under any applicable Insolvency Laws shall not cause Member or Special Member to cease to be a member of Borrower or such SPE Component Entity (as applicable) and upon the occurrence of such an event, the business of Borrower or
such SPE Component Entity (as applicable) shall continue without dissolution and (iii) each of Member and Special Member waives any right it might have to agree in writing to dissolve Borrower or such SPE Component Entity (as applicable) upon
the occurrence of any action initiated by or brought against Member or Special Member under any applicable Insolvency Laws, or the occurrence of an event that causes Member or Special Member to cease to be a member of Borrower or such SPE Component
Entity (as applicable). 
 (e) Borrower shall not change or permit to be changed (i) Borrower’s name,
(ii) Borrower’s identity (including its trade name or names), (iii) Borrower’s principal place of business set forth on the first page of this Security Instrument, (iv) the corporate, partnership or other organizational
structure of Borrower, each SPE Component Entity (if any), or Guarantor, (v) Borrower’s state of organization, or (vi) Borrower’s organizational identification number, without in each case notifying Lender of such change in
writing at least thirty (30) days prior to the effective date of such change and, in the case of a change in Borrower’s or any SPE Component Entity’s structure, without first obtaining the prior written consent of Lender (which such
consent may, if required by Lender, be conditioned upon Lender’s receipt of a Rating Agency Confirmation with respect thereto). In addition, Borrower shall not change or permit to be changed any organizational documents of Borrower or any SPE
Component Entity (if any) if such change would adversely impact the covenants set forth in this Section 4.3. Borrower authorizes Lender to file any financing statement or financing statement amendment required by Lender to establish or maintain
the validity, perfection and priority of the security interest granted herein. At the request of Lender, Borrower shall execute a certificate in form satisfactory to Lender listing the trade names under which Borrower intends to operate the
Property, and representing and warranting that Borrower does business under no other trade name with respect to the Property. If Borrower does not now have an organizational identification number and later obtains one, or if the organizational
identification number assigned to Borrower subsequently changes, Borrower shall promptly notify Lender of such organizational identification number or change. 

  
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 (f) Notwithstanding the foregoing, prior to the Master Lease Termination, nothing contained
in this Section 4.3 shall be deemed to limit Borrower’s ability to own, manage and operate the Property in accordance with the Master Lease, including, without limitation, Borrower’s right to operate the Property under a fictitious
business name co-owned by Borrower and Master Lessee, to maintain all books and records relating to the Property on a consolidated basis with Master Lessee and to commingle the Rents and profits generated by the Property with Master Lessee.
Furthermore, prior to the Master Lease Termination, any act with respect to the Property which is permitted to be taken by “Borrower” may be taken by any of Borrower or Master Lessee. 

(g) The representations, warranties and covenants contained in Section 4.3(a) through (e) above are hereby restated and remade
as if all references to “Borrower” therein were instead deemed to be references to Master Lessee; provided, that, (i) any reference therein to the “Property” shall be deemed to refer to Master Lessee’s leasehold
interest in the Property under the Master Lease, and (ii) notwithstanding anything to the contrary contained therein, Master Lessee has not and shall not incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing
any obligation) other than Trade Payable Debt, provided, that, the aggregate amount of Trade Payable Debt incurred by Borrower and Master Lessee does not at any time exceed three percent (3%) of the outstanding principal amount of the Debt.
Notwithstanding the foregoing, this Section 4.3 shall cease to apply to Master Lessee after the Master Lease Termination. 

Section 4.4. RESTORATION AFTER CASUALTY/CONDEMNATION. In the event of a casualty or a taking by eminent domain, the following
provisions shall apply in connection with the Restoration of the Property: 
 (a) If the Net Proceeds (defined below) shall be
less than the Threshold Amount (defined below) and the costs of completing the Restoration shall be less than the Threshold Amount, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth
in Subsection 4.4(b)(i) are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Security Instrument. As used
herein, the term “Threshold Amount” shall mean (i) for any period that the Sponsorship Condition remains satisfied, an amount equal to seven percent (7%) of the original aggregate principal amount of the Loan and
(ii) for any period that the Sponsorship Condition is not satisfied, an amount equal to five percent (5%) of the original aggregate principal amount of the Loan. As used herein, the term “Sponsorship Condition” shall mean
a condition which shall be deemed satisfied so long as AAI Sponsor owns a 51% direct and/or indirect interest in Borrower and Controls Borrower. 
 (b) If the Net Proceeds are equal to or greater than the Threshold Amount or the costs of completing the Restoration is equal to or greater than the Threshold Amount, Lender shall make the Net Proceeds
available for the Restoration in accordance with the provisions of this Subsection 4.4(b); provided, that, with the exception of Section 4.4(b)(i), the following subsections of this Section 4.4(b) shall not be deemed to apply to any Net
Proceeds to be disbursed pursuant to Section 4.4(a) above. The term “Net Proceeds” for purposes of this Section 4.4 shall mean: (i) the net amount of all insurance proceeds received by Lender pursuant to Subsection
3.3(a)(i), (iii), (iv) and (x) of this Security Instrument as a result of such damage or 

  
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destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting the same or (ii) the net amount of all
awards and payments received by Lender with respect to a taking referenced in Section 3.6 of this Security Instrument, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in
collecting the same, whichever the case may be (the “Condemnation Net Proceeds”). 
 (i) The Net
Proceeds shall be made available to Borrower for the Restoration provided that each of the following conditions are met: (A) no Event of Default be continuing under the Note, this Security Instrument or any of the other Loan Documents or an
event which after the passage of time or the giving of notice would constitute an Event of Default; (B) Borrower shall deliver or cause to be delivered to Lender a signed detailed budget approved in writing by Borrower’s architect or
engineer stating the entire estimated cost of completing the Restoration, reasonably satisfactory to Lender; (C) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s
reasonable discretion to cover the cost of the Restoration; (D) Borrower shall deliver to Lender, at its expense, the proceeds of the insurance described in Subsection 3.3(a)(ii) hereof (which such proceeds shall be held and disbursed in
accordance with Subsection 3.3(a)(ii) hereof); (E) Borrower shall commence the Restoration as soon as reasonably practicable and shall diligently pursue the same to satisfactory completion; (F) Lender shall be satisfied that any operating
deficits, including all scheduled payments of principal and interest under the Note at the Applicable Interest Rate (as defined in the Note), which will be incurred with respect to the Property as a result of the occurrence of any such fire or other
casualty or taking, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Subsection 3.3(a)(ii), if applicable, or (3) by other funds of Borrower which are deposited with
Lender prior to the commencement of the Restoration; (G) Lender shall be satisfied that, upon the completion of the Restoration and following a rent-up period from the time such Restoration is complete through the date which is three
(3) months prior to the expiration of the rental loss insurance coverage maintained by Borrower pursuant to Section 3.3(a)(ii) above, the (1) fair market value of the Property, as reasonably determined by Lender, is equal to or
greater than the fair market value of the Property immediately prior to the casualty or condemnation, and (2) gross cash flow and the net cash flow of the Property will be restored to a level sufficient to cover all carrying costs and operating
expenses of the Property, including, without limitation, a Debt Service Coverage Ratio of at least 1.00 to 1.00; (H) Lender shall be reasonably satisfied that the Restoration will be completed on or before the earliest to occur of (1) six
(6) months prior to the Maturity Date (as defined in the Note), (2) one (1) year after the occurrence of such fire or other casualty or taking, whichever the case may be, or (3) such time as may be required under (I) the
Property Documents and (II) applicable zoning laws, ordinances, rules or regulations in order to repair and restore the Property to the condition it was in immediately prior to such fire or other casualty or to as nearly as possible the condition it
was in immediately prior to such taking, as applicable; (I) the Property and the use thereof after the Restoration will be in compliance with and permitted under (I) the Property Documents and (II) all applicable zoning laws, ordinances,
rules and regulations; (J) the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with (I) the Property Documents and (II) all applicable governmental laws, rules and regulations
(including, without limitation, all applicable Environmental Laws (as defined in the Environmental Indemnity)); (K) such fire or other casualty or taking, as applicable, does not result in a loss of access to the

  
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Property or the Improvements which will exist following Restoration; (L) (1) in the event the Net Proceeds are insurance proceeds, less than thirty-five percent (35%) of each of
(i) fair market value of the Property as reasonably determined by Lender, and (ii) rentable area of the Property has been damaged, destroyed or rendered unusable as a result of a casualty or (2) in the event the Net Proceeds are
condemnation proceeds, less than fifteen percent (15%) of each of (i) the fair market value of the Property as reasonably determined by Lender and (ii) rentable area of the Property is taken and such land is located along the
perimeter or periphery of the Property; (M) the Required Leases (defined below) shall remain in full force and effect during and after the completion of the Restoration; (N) the Property Documents will remain in full force and effect
during and after the Restoration and a Property Document Event shall not occur as a result of the applicable casualty, condemnation and/or Restoration and (O) Lender shall be satisfied that making the Net Proceeds available for Restoration
shall be permitted pursuant to REMIC Requirements and, in that regard, Lender may require Borrower to deliver a REMIC Opinion in connection therewith. Lender agrees to use due diligence and good faith efforts to process its determination of
Borrower’s compliance with the requirements of this Paragraph 4.4(b)(i) as promptly as possible, recognizing the need for a quick determination in order to avoid delay in Restoration of the Property. As used above, the term “Required
Leases” shall mean Leases encumbering, in the aggregate, 65% of the rentable square footage at the Property. 
 (ii) The Net Proceeds shall be held by Lender, and until disbursed in accordance with the provisions of this Subsection 4.4(b), shall constitute additional security for the Obligations. The Net Proceeds
shall be disbursed by Lender to, or as directed by, Borrower on a monthly basis during the course of the Restoration, upon receipt of evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor performed to
date (except to the extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or
materialmen’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property (other than items being disputed by Borrower in accordance with Borrower’s contest rights contained in
Section 3.12 hereof) arising out of the Restoration which have not either been fully bonded to the reasonable satisfaction of Lender and discharged of record or in the alternative fully insured to the reasonable satisfaction of Lender by the
title company insuring the lien of this Security Instrument. 
 (iii) All plans and specifications required in
connection with the Restoration shall be subject to prior reasonable review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender shall have the use
of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts
under which they have been engaged, shall be subject to prior reasonable review and acceptance by Lender and the Casualty Consultant. All reasonable costs and expenses incurred by Lender in connection with making the Net Proceeds available for the
Restoration including, without limitation, the Casualty Consultant’s reasonable fees, shall be paid by Borrower. Lender shall not require Borrower to pay attorney’s fees and expenses in connection therewith unless such process involves
unusual circumstances that cannot reasonably be handled by Lender (or its Servicer) in-house and which otherwise reasonably justify the need for counsel. 

  
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 (iv) In no event shall Lender be obligated to make disbursements of the Net
Proceeds under this Subsection 4.4(b) in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term
“Casualty Retainage” as used in this Subsection 4.4(b) shall mean an amount equal to 10% of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until such time as the
Casualty Consultant certifies to Lender that 50% of the required Restoration has been completed. There shall be no Casualty Retainage with respect to costs actually incurred by Borrower for work in place in completing the last 50% of the required
Restoration. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Subsection 4.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen
engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Subsection 4.4(b) and that all approvals
necessary for the re-occupancy and use of the Property have been obtained from all appropriate governmental and quasi-governmental authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have
been paid in full or will be paid in full out of the Casualty Retainage, provided, however, that Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the
Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the
contractor’s, subcontractor’s or materialman’s contract, and the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may
be reasonably requested by Lender or by the title company insuring the lien of this Security Instrument. If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has
issued a payment or performance bond with respect to the contractor, subcontractor or materialman. 
 (v) Lender
shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month. 

(vi) If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Lender, be
sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the Restoration, Borrower shall deposit the deficiency (the “Net Proceeds
Deficiency”) with Lender in an interest-bearing account before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender shall be held by Lender and shall be disbursed for costs actually
incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Subsection 4.4(b) shall constitute additional security for the Obligations. 

(vii) With respect to Restorations related to casualties, the excess, if any, of the Net Proceeds, and the remaining
balance, if any, of the Net Proceeds Deficiency deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Subsection 4.4(b), and the receipt by Lender of
evidence reasonably satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall be continuing under the Note, this Security
Instrument or any of the other Loan Documents. 

  
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 (c) All Net Proceeds not required (i) to be made available for the Restoration or
(ii) to be returned to Borrower as excess Net Proceeds pursuant to Subsection 4.4(b)(vii) may, at Lender’s election, be retained and applied by Lender toward the payment of the principal balance of the Debt whether or not then due and
payable, either in whole or in part, or disbursed to Borrower. If Lender shall receive and retain Net Proceeds, as permitted above, the lien of this Security Instrument shall be reduced only by the amount thereof received and retained by Lender and
actually applied by Lender in reduction of the Debt. Notwithstanding the foregoing, if Lender does not make the Net Proceeds available for Restoration, Lender shall allow Borrower to prepay the Debt in whole (but not in part) at par, without penalty
or premium, provided, that, (A) such prepayment is made by Borrower by no later than the date which is sixty (60) days prior to the expiration of the rental loss insurance coverage maintained by Borrower pursuant to Section 3.3(a)(ii)
above, (B) no Event of Default is continuing and (C) if such prepayment is made on a date other than a Monthly Payment Date, Borrower pays Lender, concurrently with such prepayment, a sum equal to the amount of interest which would have
accrued on the Note if such prepayment had occurred on the next occurring Monthly Payment Date. 
 Section 4.5. COVENANTS
RELATING TO 1031 EXCHANGE TRANSFER. 
 Within one-hundred eighty (180) days of the date hereof, Borrower shall cause
the following events to occur (the consummation of each of the following, the “1031 Exchange Transfer”): 
 (a)
100% of the direct equity interest in Borrower shall have been transferred to Sponsor or a Person which is Controlled by Sponsor and in which Sponsor owns at least a 51% direct or indirect equity interest, each of which such transfers shall have
been made in accordance with the applicable terms and conditions of Section 8.3 hereof; 
 (b) the Junior Loan shall have
been forgiven or indefeasibly satisfied in full from a source other than the assets of Borrower or Master Lessee or the other income generated by the Property and the Junior Loan Documents (as defined in each Subordination Agreement) shall have been
terminated and released of record (if applicable); and 
 (c) Lender shall have received (i) copies of all documentation
relating to the 1031 Exchange Transfer evidencing the consummation thereof (including, without limitation, copies of the 1031 Organizational Document Amendments (defined below)), and (ii) a written certification (executed by a responsible
officer of Borrower and Guarantor) attesting that (1) the requirements of this Section 4.5 and the applicable requirements of Section 8.3 hereof have each been satisfied, and (2) that there exists no litigation (pending or
threatened) or other controversy relating to the 1031 Exchange Transfer between Borrower and any other person or entity involved therewith (including, without limitation, any “exchange accommodator” or similar Person. 

  
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 (d) Notwithstanding anything to the contrary contained herein or in any other Loan Document,
in connection with the consummation of the 1031 Exchange Transfer in accordance with the applicable terms and conditions hereof, Borrower may, without Lender’s prior consent, make such amendments to the organizational documents of Borrower as
may be required to reflect the transfers made in connection therewith (the “1031 Organizational Document Amendments”). 
 Section 4.6. COVENANTS RELATING TO GSA TENANTS. 
 (a) Within ninety
(90) days of the date hereof (the “Required Date”), Borrower shall (a) furnish Lender evidence reasonably acceptable to Lender that each tenant at the Property which is itself the GSA (defined below) or is affiliated with
the GSA (such tenants, each, a “GSA Tenant” and, collectively, the “GSA Tenants”) are each paying their Rent directly to Borrower (“GSA Payment Condition”) or (b) provide Lender a Letter of
Credit (defined below) in the Required Amount (defined below). Borrower’s failure to comply with the foregoing within the foregoing timeframe shall be referred to herein and in the other Loan Documents as a “GSA Payment Breach”
and shall, at Lender’s option, constitute an Event of Default. Provided no Event of Default is continuing, Lender shall relinquish to Borrower any Letter of Credit posted with Lender in connection with the foregoing upon the satisfaction of the
GSA Payment Condition with respect to each of the GSA Tenants. 
 (b) As used herein, the following terms shall have the
following meanings: 
 (i) “Applicable GSA Lease” shall mean, as of the applicable date of
determination, each GSA Tenant’s Lease with respect to which a GSA Payment Breach would exist as of the Required Date but for the posting of the Letter of Credit as provided hereunder. 

(ii) “Approved Bank” shall mean (a) a bank or other financial institution which has the Required
Rating, (b) if a Securitization has not occurred, a bank or other financial institution acceptable to Lender or (c) if a Securitization has occurred, a bank or other financial institution with respect to which Lender shall have received a
Rating Agency Confirmation. Notwithstanding the forgoing, so long as Bank of America, N.A. maintains its long term, unsecured debt rating from the Rating Agencies at the same level (or better) as the same exists as of the date hereof, Bank of
America, N.A. shall be deemed to be an “Approved Bank” for all purposes hereunder. 
 (iii)
“GSA” shall mean The United States of America acting by and through the General Services Administration. 
 (iv) “Letter of Credit” shall mean an irrevocable, auto-renewing, unconditional, transferable, clean sight draft standby letter of credit having an initial term of not less than one
(1) year and with automatic renewals for one (1) year periods (unless the obligation being secured by, or otherwise requiring the delivery of, such letter of credit is required to be performed at least thirty (30) days prior to the
initial expiry date of such letter of credit), for which Borrower shall have no reimbursement obligation and which reimbursement obligation is not secured by the Property or any other property pledged to secure the Note, in favor of Lender and
entitling Lender to draw thereon in New York, New York, based solely on a statement that 

  
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Lender has the right to draw thereon executed by an officer or authorized signatory of Lender. A Letter of Credit must be issued by an Approved Bank. Borrower’s delivery of any Letter of
Credit hereunder shall, at Lender’s option, be conditioned upon Lender’s receipt of a New Non-Consolidation Opinion relating to such Letter of Credit. 
 (v) “Required Amount” shall mean, as of the applicable date of determination, an amount reasonably determined by Lender equal to the portion of the principal amount of the Loan
attributable in Lender’s underwriting of the Loan to the value and cash flow generated by each Applicable GSA Lease. 
 (vi) “Required Rating” means (A) a rating of not less than “A-” (or its equivalent) from each of the Rating Agencies or (B) such other rating with respect to which
Lender shall have received a Rating Agency Confirmation. 
 Section 4.7. LETTER OF CREDIT RIGHTS. 

(a) This Section shall apply to any Letters of Credit which are permitted to be delivered pursuant to the express terms and conditions
hereof. Borrower shall give Lender no less than ten (10) days written notice of Borrower’s election to deliver a Letter of Credit together with a draft of the proposed Letter of Credit and Borrower shall pay to Lender all of Lender’s
reasonable out-of-pocket costs and expenses in connection therewith. No party other than Lender shall be entitled to draw on any such Letter of Credit. 
 (b) Each Letter of Credit delivered hereunder shall be additional security for the payment of the Debt. During the continuance of an Event of Default or a Draw Event (defined below), Lender shall have the
right, at its option, to draw on any Letter of Credit (in whole or in part) and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to payment of the Debt in such order, proportion or
priority as Lender may determine (provided, that, (A) Lender shall only be permitted to apply the proceeds of such Letter of Credit to the payment of the portion of aforementioned items or that portion of the Debt, in each case, which is then
due and payable pursuant to the terms hereof and/or of the other Loan Documents and (B) the balance of the proceeds of such draw, if any, shall be held by Lender in escrow as additional security for the Debt and shall be applied to the
aforementioned items or the Debt (as applicable) as the same become due and payable hereunder and/or under the other Loan Documents). Any such application to the Debt shall be subject to the terms and conditions hereof relating to application of
sums to the Debt. Lender shall have the additional rights to draw in full any Letter of Credit upon the occurrence of any one or more of the following events (each, a “Draw Event”): (i) if Lender has received a notice from the
issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (ii) if Lender has
not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least
thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (iii) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter
of Credit is permitted pursuant to the terms and conditions hereof or a substitute Letter of Credit is provided by no later than thirty (30) days prior to such termination); (iv) if 

  
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Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Approved Bank and Borrower has not substituted a Letter of Credit from an Approved Bank within fifteen
(15) days after notice; and/or (v) if the bank issuing the Letter of Credit shall fail to (A) issue a replacement Letter of Credit in the event the original Letter of Credit has been lost, mutilated, stolen and/or destroyed or
(B) consent to the transfer of the Letter of Credit to any Person designated by Lender. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of any Draw Event
and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. 
 Section 4.8. PARKING OPTION COVENANT. Reference is hereby made to that certain Memorandum of Parking Management Agreement Option recorded with the Multnomah County Recorder’s Office on
3/15/2005 as Recorder’s No. 2005-044178, evidencing an option granted pursuant to that certain Purchase and Sale Agreement dated March 14, 2005 by and between Urban Growth Property Limited Partnership, a Delaware limited partnership
and EOP Operating Limited Partnership, a Delaware limited partnership (collectively, the “Parking Option Agreement”). In the event that any Person makes a claim against Borrower and/or the Property under the Parking Option Agreement
(including, without limitation, the right to require Borrower to enter into a parking management agreement for the Property with such claiming party), Borrower shall promptly cause the discharge of such claim and shall pay all termination fees and
other sums required in connection therewith. Borrower’s failure to comply with the foregoing shall be referred to herein and in the other Loan Documents as a “Parking Option Covenant Breach” and shall, at Lender’s option,
constitute an Event of Default. 
 Article 5. REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants to Lender that: 
 Section 5.1. WARRANTY OF TITLE. Borrower has good title to the Property and has the right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the same, and that Borrower
possesses an unencumbered fee simple absolute in the Land and the Improvements, and that it owns the Property free and clear of all liens, encumbrances and charges whatsoever except for those exceptions (other than standard printed exceptions) shown
in the title insurance policy insuring the lien of this Security Instrument (the “Permitted Exceptions”). Borrower shall forever warrant, defend and preserve the title and the validity and priority of the lien of this Security
Instrument and shall forever warrant and defend the same to Lender against the claims of all Persons whomsoever. Borrower hereby represents and warrants that none of the Permitted Exceptions will materially and adversely affect the ability of the
Borrower to pay in full the Loan, the use of the Property for the use currently being made thereof, the operation of the Property or the value thereof. 
 Section 5.2. AUTHORITY. Borrower has full power, authority and legal right to execute this Security Instrument, and to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey
the Property pursuant to the terms hereof and to keep and observe all of the terms of this Security Instrument on Borrower’s part to be performed. 

  
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 Section 5.3. LEGAL STATUS AND AUTHORITY. Borrower (a) is duly organized, validly
existing and in good standing under the laws of its state of organization or incorporation; (b) is duly qualified to transact business and is in good standing in the State where the Property is located; and (c) has all necessary approvals,
governmental and otherwise, and full power and authority to own the Property and carry on its business as now conducted and proposed to be conducted. Borrower now has and shall continue to have the full right, power and authority to operate and
lease the Property, to encumber the Property as provided herein and to perform all of the other obligations to be performed by Borrower under the Note, this Security Instrument and the other Loan Documents. Borrower’s exact legal name is
correctly set forth on the first page of this Security Instrument. Borrower’s organization identification number assigned by its state of formation, if any, is 4945639. 
 Section 5.4. VALIDITY OF DOCUMENTS. The execution, delivery and performance of the Note, this Security Instrument and the other Loan Documents and the borrowing evidenced by the Note (i) are
within the corporate/partnership/limited liability company (as the case may be) power of Borrower; (ii) have been authorized by all requisite corporate/partnership/limited liability company (as the case may be) action; (iii) have received
all necessary approvals and consents, corporate, governmental or otherwise; (iv) will not violate, conflict with, result in a breach of or constitute (with notice or lapse of time, or both) a default under any provision of law, any order or
judgment of any court or governmental authority, the articles of incorporation, by laws, partnership, trust or operating agreement, or other governing instrument of Borrower, or any indenture, agreement or other instrument to which Borrower is a
party or by which it or any of its assets or the Property is or may be bound or affected; (v) will not result in the creation or imposition of any lien, charge or encumbrance whatsoever upon any of its assets, except the lien and security
interest created hereby; and (vi) will not require any authorization or license from, or any filing with, any governmental or other body (except for the recordation of this instrument in appropriate land records in the State where the Property
is located and except for Uniform Commercial Code filings relating to the security interest created hereby). 
 Section 5.5.
LITIGATION. There is no action, suit or proceeding (including any condemnation or similar proceeding), or any governmental investigation or any arbitration, in each case pending or, to the knowledge of Borrower, threatened against Borrower or
the Property before any governmental or administrative body, agency or official which (i) challenges the validity of this Security Instrument, the Note or any of the other Loan Documents or the authority of Borrower to enter into this Security
Instrument, the Note or any of the other Loan Documents or to perform the transactions contemplated hereby or thereby or (ii) if adversely determined would have a material adverse effect on the occupancy of the Property or the business,
financial condition or results of operations of Borrower or the Property. 
 Section 5.6. STATUS OF PROPERTY. (a) No
portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968, the Flood Disaster
Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.3
hereof, if required under the terms of that Section. 

  
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 (b) Borrower has obtained and provided copies to Lender of all Permits. The Permits
foregoing are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification. 
 (c) The Property and the present and contemplated use and occupancy thereof are in compliance in all material respects with all applicable zoning ordinances, building codes, land use and Environmental
Laws and other similar laws. Borrower and the Property each comply in all material respects with Prescribed Laws. 
 (d) The
Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service. 

(e) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have
been completed, are serviceable and all weather and are physically and legally open for use by the public. 
 (f) The Property
is served by public water and sewer systems. 
 (g) The Property is free from damage caused by fire or other casualty.

 (h) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the
Improvements have been paid in full. 
 (i) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and
equipment (other than tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created hereby. 

(j) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and
in compliance with all Applicable Laws. 
 Section 5.7. NO FOREIGN PERSON. Borrower is not a “foreign person”
within the meaning of Sections 1445(f)(3) of the Code and the related Treasury Department regulations, including temporary regulations. 
 Section 5.8. SEPARATE TAX LOT. The Property is assessed for real estate tax purposes as one or more wholly independent tax lot or lots, separate from any adjoining land or improvements not
constituting a part of such lot or lots, and no other land or improvements is assessed and taxed together with the Property or any portion thereof. 
 Section 5.9. ERISA COMPLIANCE. (a) As of the date hereof and throughout the term of this Security Instrument, (i) Borrower is not and will not be an “employee benefit plan” as
defined in Section 3(3) of ERISA, or other retirement arrangement, which is subject to Title I of ERISA or Section 4975 of the Code, and (ii) the assets of Borrower do not and will not constitute “plan assets” of one or more
such plans for purposes of Title I of ERISA or Section 4975 of the Code; and 

  
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 (b) As of the date hereof and throughout the term of this Security Instrument
(i) Borrower is not and will not be a “governmental plan” within the meaning of Section 3(32) of ERISA and (ii) transactions by or with Borrower are not and will not be subject to state statutes applicable to Borrower
regulating investments of and fiduciary obligations with respect to governmental plans. 
 Section 5.10. LEASES.
(a) Borrower is the sole owner of the entire lessor’s interest in the Leases; (b) the Leases are valid and enforceable; (c) the terms of all alterations, modifications and amendments to the Leases are reflected in the copies of
the Leases delivered to Lender in connection with the closing of the Loan; (d) none of the Rents reserved in the Leases have been assigned or otherwise pledged or hypothecated; (e) none of the Rents have been collected for more than one
(1) month in advance (other than typical first and/or last month’s rent and security deposits); (f) the premises demised under the Leases have been completed for the tenants who have accepted and have taken possession of the same on a
rent paying basis; (g) to Borrower’s Knowledge (defined below), there exist no offsets or defenses to the payment of any portion of the Rents; and (h) the number and type of parking spaces available at the Property as of the date
hereof satisfy any applicable requirements relating thereto contained in the Leases. As used herein, “Borrower’s Knowledge” shall mean the actual knowledge of John W. Chamberlain. 

Section 5.11. FINANCIAL CONDITION. (a) Borrower is solvent, and no bankruptcy, reorganization, insolvency or similar
proceeding under any state or federal law with respect to Borrower has been initiated, and (b) Borrower has received reasonably equivalent value for the granting of this Security Instrument. Borrower has not entered into the Loan or any Loan
Document with the actual intent to hinder, delay, or defraud any creditors. 
 Section 5.12. BUSINESS PURPOSES. The loan
evidenced by the Note is solely for the business purpose of Borrower, and is not for personal, family, household, or agricultural purposes. 
 Section 5.13. TAXES. Borrower has filed all federal, state, county, municipal, and city income and other tax returns required to have been filed by them and have paid all taxes and related
liabilities which have become due pursuant to such returns or pursuant to any assessments received by them. Borrower does not know of any basis for any additional assessment in respect of any such taxes and related liabilities for prior years.

 Section 5.14. MAILING ADDRESSES. Borrower’s mailing address, as set forth in the opening paragraph hereof or as
changed in accordance with the provisions hereof, is true and correct. 
 Section 5.15. NO CHANGE IN FACTS OR
CIRCUMSTANCES. All information submitted to Lender by Borrower (or any of its agents, employees, representatives or affiliates) in connection with any request by Borrower for the loan evidenced by the Note and/or any letter of application,
preliminary commitment letter, final commitment letter or other application or letter of intent (including, but not limited to, all financial statements, rent rolls, reports and certificates) were accurate, complete and correct in all respects when
delivered. There has been no adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading. 

  
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 Section 5.16. DISCLOSURE. To the best of Borrower’s Knowledge, Borrower has
disclosed to Lender all material facts and has not failed to disclose any material fact that could cause any representation or warranty made herein to be materially misleading. 

Section 5.17. LETTER-OF-CREDIT RIGHTS. If Borrower is at any time a beneficiary under a letter of credit relating to the
properties, rights, titles and interests referenced in Section 1.1 of this Security Instrument now or hereafter issued in favor of Borrower, Borrower shall promptly notify Lender thereof and, at the request and option of Lender, Borrower shall,
pursuant to an agreement in form and substance satisfactory to Lender, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to Lender of the proceeds of any drawing under the letter of credit
or (ii) arrange for Lender to become the transferee beneficiary of the letter of credit, with Lender agreeing in each case that upon an Event of Default, the proceeds of any drawing under the letter of credit are to be applied as provided in
Section 11.2 of this Security Agreement. 
 Section 5.18. AUTHORIZATION TO FILE FINANCING STATEMENTS, POWER OF
ATTORNEY. Borrower hereby authorizes Lender at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements with or without the signature of Borrower as authorized by Applicable Law, as
applicable to all or part of the fixtures or Personal Property. For purposes of such filings, Borrower agrees to furnish any information requested by Lender promptly upon request by Lender. Borrower also ratifies its authorization for Lender to have
filed any like initial financing statements, amendments thereto and continuation statements, if filed prior to the date of this Security Instrument. Borrower hereby irrevocably constitutes and appoints Lender and any officer or agent of Lender, with
full power of substitution, as its true and lawful attorneys-in-fact with full irrevocable power and authority in the place and stead of Borrower or in Borrower’s own name to execute in Borrower’s name any documents and otherwise to carry
out the purposes of this Section, to the extent that Borrower authorization above is not sufficient. To the extent permitted by law, Borrower hereby ratifies all acts said attorneys-in-fact have lawfully done in the past or shall lawfully do or
cause to be in the future by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable. 

Section 5.19. EMBARGOED PERSONS. To the best of Borrower’s Knowledge, as of the date hereof and at all times throughout the
term of the Loan, including after giving effect to any transfers of interests permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower, Sponsor or Guarantor constitute (or will constitute) property of, or are
(or will be) beneficially owned, directly or indirectly, by any Person or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq.,
The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result that the investment in Borrower, Sponsor and/or Guarantor, as applicable (whether directly or indirectly), is
prohibited by Applicable Law or the Loan made by Lender is in violation of Applicable Law (“Embargoed Person”); (b) no Embargoed Person has (or will have) any interest of any nature whatsoever in Borrower, Sponsor or Guarantor,
as applicable, with the result that the investment in Borrower, Sponsor and/or Guarantor, as applicable (whether directly or indirectly), is prohibited by Applicable Law or the Loan is in violation of Applicable Law; and (c) none of the funds
of Borrower, Sponsor or Guarantor, as applicable, have been (or will be) derived from any unlawful activity with the result that the investment in Borrower, Sponsor and/or Guarantor, as applicable (whether directly or indirectly), is prohibited by
Applicable Law or the Loan is in violation of Applicable Law. 

  
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 Section 5.20. PATRIOT ACT. All capitalized words and phrases and all defined terms
used in the USA Patriot Act of 2001, 107 Public Law 56 (October 26, 2001) and in other statutes and all orders, rules and regulations of the United States government and its various executive departments, agencies and offices related to the subject
matter of the Patriot Act, including Executive Order 13224 effective September 24, 2001 (collectively referred to in this Section only as the “Patriot Act”) and are incorporated into this Section. Borrower hereby represents and
warrants that Borrower, Sponsor and Guarantor and each and every Person affiliated with Borrower, Sponsor and/or Guarantor or that to Borrower’s knowledge has an economic interest in Borrower, or, to Borrower’s knowledge, that has or will
have an interest in the transaction contemplated by this Security Instrument or in the Property or will participate, in any manner whatsoever, in the Loan, is: (i) not a “blocked” Person listed in the Annex to Executive Order Nos.
12947, 13099 and 13224 and all modifications thereto or thereof (as used in this Section only, the “Annex”); (ii) in full compliance with the requirements of the Patriot Act and all other requirements contained in the rules and
regulations of the Office of Foreign Assets Control, Department of the Treasury (as used in this Section only, “OFAC”); (iii) operated under policies, procedures and practices, if any, that are in compliance with the Patriot
Act and available to Lender for Lender’s review and inspection during normal business hours and upon reasonable prior notice; (iv) not in receipt of any notice from the Secretary of State or the Attorney General of the United States or any
other department, agency or office of the United States claiming a violation or possible violation of the Patriot Act; (v) not listed as a Specially Designated Terrorist or as a “blocked” Person on any lists maintained by the OFAC
pursuant to the Patriot Act or any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of the OFAC issued pursuant to the Patriot Act or on any other list of terrorists or terrorist
organizations maintained pursuant to the Patriot Act; (vi) not a Person who has been determined by competent authority to be subject to any of the prohibitions contained in the Patriot Act; and (vii) not owned or controlled by or now
acting and or will in the future act for or on behalf of any Person named in the Annex or any other list promulgated under the Patriot Act or any other Person who has been determined to be subject to the prohibitions contained in the Patriot Act.
Borrower covenants and agrees that in the event Borrower receives any notice that Borrower, Sponsor or Guarantor (or any of their respective beneficial owners, affiliates or participants) become listed on the Annex or any other list promulgated
under the Patriot Act or is indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, Borrower shall immediately notify Lender. It shall be an Event of Default hereunder if Borrower,
Guarantor, Sponsor or any other party to any Loan Document becomes listed on any list promulgated under the Patriot Act or is indicted, arraigned or custodially detained on charges involving money laundering or predicate crimes to money laundering.

 Section 5.21. BROKER. Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters,
placement agents, agents or finders in connection with the transactions contemplated by this Security Instrument. 

  
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 Section 5.22. MASTER LEASE REPRESENTATIONS. (a) The Master Lease is in full
force and effect and has not been modified or amended in any manner whatsoever, (b) there are no material defaults under the Master Lease by Master Lessee or Borrower, and, to the best of Borrower’s knowledge, no event has occurred which
but for the passage of time, or notice, or both would constitute a material default under the Master Lease, (c) all rents, additional rents and other sums due and payable under the Master Lease as of the date hereof have been paid in full, and
(d) neither Master Lessee nor Borrower has commenced any action or given or received any notice for the purpose of terminating the Master Lease. 
 Section 5.23. PROPERTY DOCUMENT REPRESENTATIONS. Each Property Document is in full force and effect and neither Borrower nor, to Borrower’s knowledge, any other party to any Property Document,
is in default thereunder, and to the best of Borrower’s knowledge, there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder. No Property Document has been modified, amended
or supplemented. 
 Article 6. OBLIGATIONS AND RELIANCES 

Section 6.1. RELATIONSHIP OF BORROWER AND LENDER. The relationship between Borrower and Lender is solely that of debtor and
creditor, and Lender has no fiduciary or other special relationship with Borrower, and no term or condition of any of the Note, this Security Instrument and the other Loan Documents shall be construed so as to deem the relationship between Borrower
and Lender to be other than that of debtor and creditor. 
 Section 6.2. NO RELIANCE ON LENDER. The general partners,
shareholders, members, principals or other beneficial owners of Borrower are experienced in the ownership and operation of properties similar to the Property, and Borrower and Lender are relying solely upon such expertise and business plan in
connection with the ownership and operation of the Property. Borrower is not relying on Lender’s expertise, business acumen or advice in connection with the Property. 
 Section 6.3. NO LENDER OBLIGATIONS. (a) Notwithstanding any of the provisions of this Security Instrument (including, but not limited to, the provisions of Subsections 1.1(f) and (l), or
Section 1.2 or Section 3.7), Lender is not undertaking the performance of (i) any obligations under the Leases; or (ii) any obligations with respect to such agreements, contracts, certificates, instruments, franchises, permits,
trademarks, licenses and other documents. 
 (b) By accepting or approving anything required to be observed, performed or
fulfilled or to be given to Lender pursuant to this Security Instrument, the Note or the other Loan Documents, including without limitation, any officer’s certificate, balance sheet, statement of profit and loss or other financial statement,
survey, appraisal, or insurance policy, Lender shall not be deemed to have warranted, consented to, or affirmed the sufficiency, the legality or effectiveness of same, and such acceptance or approval thereof shall not constitute any warranty or
affirmation with respect thereto by Lender. 

  
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 Section 6.4. RELIANCE. Borrower recognizes and acknowledges that in accepting the
Note, this Security Instrument and the other Loan Documents, Lender is expressly and primarily relying on the truth and accuracy of the warranties and representations set forth in Article 5 without any obligation to investigate the Property and
notwithstanding any investigation of the Property by Lender; that such reliance existed on the part of Lender prior to the date hereof; that the warranties and representations are a material inducement to Lender in accepting the Note, this Security
Instrument and the other Loan Documents; and that Lender would not be willing to make the loan evidenced by the Note, this Security Instrument and the other Loan Documents and accept this Security Instrument in the absence of the warranties and
representations as set forth in Article 5. 
 Article 7. FURTHER ASSURANCES 

Section 7.1. RECORDING OF SECURITY INSTRUMENT, ETC. Borrower forthwith upon the execution and delivery of this Security Instrument
and thereafter, from time to time, will cause this Security Instrument and any of the other Loan Documents creating a lien or security interest or evidencing the lien hereof upon the Property and each instrument of further assurance to be filed,
registered or recorded in such manner and in such places as may be required by any present or future law in order to publish notice of and fully to protect and perfect the lien or security interest hereof upon, and the interest of Lender in, the
Property. Borrower will pay all taxes, filing, registration or recording fees, and all reasonable expenses (the “Expenses”) incident to the preparation, execution, acknowledgment and/or recording of the Note, this Security
Instrument, the other Loan Documents, any note or mortgage supplemental hereto, any security instrument with respect to the Property and any instrument of further assurance, and any modification or amendment of the foregoing documents, and all
federal, state, county and municipal taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of this Security Instrument, any mortgage supplemental hereto, any security instrument with respect
to the Property or any instrument of further assurance, and any modification or amendment of the foregoing documents, except where prohibited by law to do so. 
 Section 7.2. FURTHER ACTS, ETC. Borrower will, at the cost of Borrower, and without expense to Lender, do, execute, acknowledge and deliver all and every such further acts, deeds, conveyances,
mortgages, assignments, notices of assignments, transfers and assurances as Lender shall, from time to time, reasonably require, for the better assuring, conveying, assigning, transferring, and confirming unto Lender the property and rights hereby
mortgaged, granted, bargained, sold, conveyed, confirmed, pledged, assigned, warranted and transferred, or which Borrower may be or may hereafter become bound to convey or assign to Lender, or for carrying out the intention or facilitating the
performance of the terms of this Security Instrument or for filing, registering or recording this Security Instrument, or for complying with all Applicable Laws. Borrower, on demand, will execute and deliver and hereby authorizes Lender to execute
in the name of Borrower or without the signature of Borrower to the extent Lender may lawfully do so, one or more financing statements, chattel mortgages or other instruments, to evidence more effectively the security interest of Lender in the
Property. Borrower grants to Lender an irrevocable power of attorney coupled with an interest for the purpose of exercising and perfecting any and all rights and remedies available to Lender pursuant to this Section 7.2. 

  
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 Section 7.3. CHANGES IN TAX, DEBT, CREDIT AND DOCUMENTARY STAMP LAWS. (a) If any
law is enacted or adopted or amended after the date of this Security Instrument which deducts the Debt from the value of the Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Lender’s
interest in the Property, Borrower will pay the tax, with interest and penalties thereon, if any. If Lender is advised by counsel chosen by it that the payment of tax by Borrower would be unlawful or taxable to Lender or unenforceable or provide the
basis for a defense of usury, then Lender shall have the option by written notice of not less than ninety (90) days to declare the Debt immediately due and payable. 
 (b) Borrower will not claim or demand or be entitled to any credit or credits on account of the Debt for any part of the Taxes or Other Charges assessed against the Property, or any part thereof, and no
deduction shall otherwise be made or claimed from the assessed value of the Property, or any part thereof, for real estate tax purposes by reason of this Security Instrument or the Debt. If such claim, credit or deduction shall be required by law,
Lender shall have the option, by written notice of not less than ninety (90) days, to declare the Debt immediately due and payable. 
 (c) If at any time the United States of America, any State thereof or any subdivision of any such State shall require revenue or other stamps to be affixed to the Note, this Security Instrument, or any of
the other Loan Documents or impose any other tax or charge on the same, Borrower will pay for the same, with interest and penalties thereon, if any. 
 (d) Any prepayment of the Debt made by Borrower under this Section 7.3 shall not require the payment of any Yield Maintenance Premium (as defined in the Note) or other prepayment premium or penalty
(other than the payment of any applicable Interest Shortfall (as defined in the Note)). 
 Section 7.4. ESTOPPEL
CERTIFICATES. (a) After request by Lender, Borrower, within ten (10) Business Days, shall furnish Lender or any proposed assignee or Investor (as defined in Section 19.1) with a statement, duly acknowledged and certified, setting
forth (i) the amount of the original principal amount of the Loan, (ii) the unpaid principal amount of the Note, (iii) the rate of interest of the Note, (iv) the terms of payment and maturity date of the Note, (v) the date
installments of interest and/or principal were last paid, (vi) that, except as provided in such statement, to Borrower’s Knowledge, there exist no defaults or events which with the passage of time or the giving of notice or both, would
constitute an event of default under the Note or the Security Instrument, (vii) that the Note and this Security Instrument are valid, legal and binding obligations (except as may be limited by (A) bankruptcy, insolvency or other similar
laws affecting the rights of creditors generally and (B) general principles of equity) and have not been modified or if modified, giving particulars of such modification, (viii) whether, to Borrower’s Knowledge, any offsets or
defenses exist against the obligations secured hereby and, if any are alleged to exist, a detailed description thereof, (ix) that all Leases are in full force and effect, (x) the date to which the Rents thereunder have been paid pursuant
to the Leases, (xi) whether or not, to Borrower’s Knowledge, any of the lessees under the Leases are in default under the Leases, and, if any of the aforesaid lessees are in default, setting forth the specific nature of all such defaults,
(xii) the amount of security deposits held by Borrower under each Lease and that such amounts are consistent with the amounts required under each Lease, and (xiii) as to any other factual matters reasonably requested by Lender and
reasonably related to the Leases, the obligations secured hereby, the Property or this Security Instrument. 

  
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 (b) Borrower shall use its commercially reasonable good faith efforts to deliver to Lender,
promptly upon request (provided such request is not made more than once in any calendar year other than any request by Lender made in connection with the securitization of the Loan or during the continuance of an Event of Default), duly executed
estoppel certificates from any one or more lessees as required by Lender attesting to such facts regarding the Lease as Lender may require, including but not limited to attestations that each Lease covered thereby is in full force and effect (and to
the best of lessee’s knowledge) with no defaults thereunder on the part of any party, that none of the Rents have been paid more than one month in advance, and that the lessee claims no defense or offset against the full and timely performance
of its obligations under the Lease. 
 (c) Lender, by its acceptance of this Security Instrument, agrees to deliver to Borrower
promptly upon Borrower’s request therefor (provided such request is not made more than twice in any calendar year) a written statement setting forth the unpaid principal amount of the Note, the accrued and unpaid interest thereon, the date on
which an installment of interest and/or principal were last paid thereunder and whether there are any Events of Default which currently exist and are actually known to Lender. 
 (d) Borrower shall use its commercially reasonable best efforts to deliver to Lender, promptly upon request (provided such request is not made more than once in any calendar year other than any request by
Lender made in connection with the securitization of the Loan or during the continuance of an Event of Default), duly executed estoppel certificates from any one or more parties to the Property Documents as reasonably required by Lender attesting to
such facts regarding the Property Documents as Lender may reasonably require. 
 Section 7.5. FLOOD INSURANCE. After
Lender’s request, Borrower shall deliver evidence satisfactory to Lender that no portion of the Improvements is situated in a federally designated “special flood hazard area.” or, if any of the Improvements are located within any such
area Borrower will obtain and maintain the insurance required prescribed in Section 3.3 hereof, if required under the terms of that section. 
 Section 7.6. SPLITTING OF SECURITY INSTRUMENT. This Security Instrument and the Note shall, at any time during the continuance of an Event of Default, at the sole election of Lender, be split or
divided into two or more notes and two or more security instruments, each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, Borrower, upon written request of Lender and at Lender’s
sole cost and expense, shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Lender and/or its designee or designees substitute notes and security instruments in such
principal amounts, aggregating not more than the then unpaid principal amount of this Security Instrument, and containing terms, provisions and clauses similar to those contained herein and in the Note, and such other documents and instruments as
may be reasonably required by Lender. Borrower’s obligations hereunder are conditioned upon Lender’s agreement, as evidenced by its acceptance hereof, that such splitting or division shall not result in any decrease of any rights of
Borrower or any Indemnitor (as defined in the Indemnity Agreement (defined below)) hereunder or under any other Loan Document or any additional cost or potential liability to Borrower or any Indemnitor that exceeds that which exists hereunder prior
to such splitting or division. 

  
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 Section 7.7. REPLACEMENT DOCUMENTS. Upon receipt of an affidavit of an officer of
Lender as to the loss, theft, destruction or mutilation of the Note or any other Loan Document which is not of public record: (i) with respect to any Loan Document other than the Note, Borrower will issue, in lieu thereof, a replacement of such
other Loan Document, dated the date of such lost, stolen, destroyed or mutilated Loan Document in the same principal amount thereof and otherwise of like tenor and (ii) with respect to the Note, (a) Borrower will execute a reaffirmation of
the portion of the Debt as evidenced by the Note acknowledging that Lender has informed Borrower that the Note was lost, stolen destroyed or mutilated and that such portion of the Debt continues to be an obligation and liability of the Borrower as
set forth in the Note, a copy of which shall be attached to such reaffirmation or (b) if requested by Lender, Borrower will execute a replacement note, provided, that Lender or Lender’s custodian (at Lender’s option) shall provide to
Borrower Lender’s (or Lender’s custodian’s) then standard form of lost note affidavit and indemnity, which such form shall be reasonably acceptable to Borrower. 
 Article 8. DUE ON SALE/ENCUMBRANCE 
 Section 8.1. LENDER
RELIANCE. Borrower acknowledges that Lender has examined and relied on the experience of Borrower and Sponsor in owning and operating properties such as the Property in agreeing to make the loan secured hereby, and will continue to rely on
Borrower’s ownership of the Property as a means of maintaining the value of the Property as security for repayment of the Debt and the performance of the Other Obligations. Borrower acknowledges that Lender has a valid interest in maintaining
the value of the Property so as to ensure that, should Borrower default in the repayment of the Debt or the performance of the Other Obligations, Lender can recover the Debt by a sale of the Property. 

Section 8.2. NO SALE/ENCUMBRANCE. 
 (a) Except as provided in this Security Instrument, Borrower shall not cause or permit a Sale or Pledge of the Property or any part thereof or any legal or beneficial interest therein nor permit a Sale or
Pledge of an interest in any Restricted Party (in each case, a “Prohibited Transfer”), other than pursuant to Leases of space at the Property to tenants in accordance with the applicable provisions hereof, without the prior written
consent of Lender. 
 (b) A Prohibited Transfer shall include, but not be limited to, (i) an installment sales agreement
wherein Borrower agrees to sell the Property or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all or a substantial part of the Property for other than actual occupancy by a space tenant
thereunder; (iii) a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to (A) any Leases or any Rents or (B) the Property Documents; (iv) if a
Restricted Party is a corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock in one or a series of transactions; (v) any action for partition of the Property (or any
portion thereof or interest therein) or any similar action instituted or prosecuted by any Borrower, as a tenant-in-common, or by any other Person, pursuant to any 

  
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contractual agreement or other instrument or under Applicable Law (including, without limitation, common law) and/or any other action instituted by (or at the behest of) Borrower or its
affiliates or consented to or acquiesced in by Borrower or its affiliates which results in a Property Document Event; (vi) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change,
removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general or limited partner or any profits or proceeds relating to such partnership interests or the creation or issuance of new
partnership interests; (vii) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager (or if no managing member, any member) or
the Sale or Pledge of the membership interest of any member or any profits or proceeds relating to such membership interest; (viii) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge of the legal
or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests; (ix) the removal or the resignation of Manager and/or Parking Manager (including, without limitation, an Affiliated Manager) other
than in accordance with the applicable terms and conditions hereof; or (x) any conversion (statutory or otherwise) of any Restricted Party. 
 Section 8.3. PERMITTED EQUITY TRANSFERS. Notwithstanding anything to the contrary contained in this Article 8, the following transfers shall not be Prohibited Transfers and shall be permitted
without Lender’s consent: (a) a transfer (but not a pledge) by devise or descent or by operation of law upon the death of a member, partner or shareholder of a Restricted Party, (b) the transfer (but not the pledge), in one or a
series of transactions, of the stock, partnership interests or membership interests (as the case may be) in a Restricted Party, (c) in addition to the transfers permitted by clause (b), any other transaction involving the direct and/or indirect
equity interests in a Restricted Party (other than a pledge) that would fit within the definition of Prohibited Transfer (including, without limitation, a transaction of the type described in clauses (iv), (vi), (vii) or (viii) of
Section 8.2(b) hereof) constituting a transfer of less than 10% of the direct and/or indirect equity ownership of any Borrower, Guarantor, Sponsor any SPE Component Entity and/or Affiliated Manager and (d) the sale, transfer or issuance of
shares of common stock in any Restricted Party that is a publicly traded entity, provided such shares of common stock are listed on the New York Stock Exchange or another nationally recognized stock exchange; provided, that, with respect to the
transfers listed in clauses (a), (b) or (c) above, each of the following are complied with in connection with any such transfer: (A) Lender shall receive not less than five (5) days prior written notice thereof, (B) no such
transfers shall result in a change in Control of Sponsor or Affiliated Manager (provided, however, a “change in Control” of Sponsor or Affiliated Manager shall not be deemed to have occurred for the purposes of this subsection (B) if
any one of the entities meeting the definition of “Sponsor” contained herein succeeds to the interest of the then current Sponsor and such successor Sponsor Controls the Affiliated Manager), (C) after giving effect to any such
transfer, one of the entities meeting the definition of “Sponsor” contained herein shall (I) own at least a 51% direct or indirect equity interest in each of Borrower, Master Lessee (if the Master Lease Termination has not occurred)
and any SPE Component Entity, (II) Control Borrower, Master Lessee (if the Master Lease Termination has not occurred) and any SPE Component Entity and (III) control the day-to-day operation of the Property, (D) after giving effect to any such
transfer, the Property (including, without limitation, the parking related activities thereon) shall continue to be managed by Manager and Parking Manager (as applicable) or a Qualified Manager, (E) in the case of the

  
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transfer of any direct or indirect equity ownership interests in Borrower, Master Lessee (if the Master Lease Termination has not occurred) or in any SPE Component Entity, the relevant provisions
of Sections 4.2, 4.3 and 5.9 hereof shall continue to be complied with after giving effect to such transfers, (F) in the case of (1) the transfer of the management or parking management of the Property to a new Affiliated Manager in
accordance with the applicable terms and conditions hereof, or (2) the transfer (in one or in a series of transactions) in excess of 49% (in the aggregate) of any equity ownership interests (I) directly in Borrower, Master Lessee (if the
Master Lease Termination has not occurred) or in any SPE Component Entity, or (II) in any Restricted Party whose sole asset is a direct or indirect equity ownership interest in Borrower, Master Lessee (if the Master Lease Termination has not
occurred) or in any SPE Component Entity, Lender shall receive a substantive non-consolidation opinion, which such opinion shall be provided by outside counsel acceptable to Lender and the Rating Agencies and shall otherwise be in form, scope and
substance reasonably acceptable to Lender and acceptable to the Rating Agencies (such opinion, the “New Non-Consolidation Opinion”) addressing the relevant transfer, (G) such transfers shall not cause a Property Document Event
and (H) after giving effect to any such transfer, the Guarantor Control Condition shall continue to be satisfied. 

Section 8.4. PERMITTED PROPERTY TRANSFERS (ASSUMPTION). Notwithstanding anything to the contrary contained in this Article 8 and
in addition to the transfers permitted under Section 8.3, the following transfers shall not be Prohibited Transfers and Lender’s consent to any transfers of the Property in its entirety (at any time after the first (1st) anniversary
of the closing of the Loan or at any time prior to such date if Lender determines that such assignment or transfer will not hinder, delay or prevent Lender from completing a Secondary Market Transaction (as defined in Section 19.3)) shall not
be withheld; provided, that, in each case, Lender receives sixty (60) days prior written notice of each such transfer hereunder and no Event of Default is continuing, and further provided that, the following additional requirements are
satisfied: 
 (a) Borrower shall pay to Lender the Applicable Assumption / Transfer Fee applicable to such transfer; 

(b) Borrower shall pay any and all reasonable out-of-pocket costs incurred in connection with each transfer of the Property (including,
without limitation, Lender’s reasonable counsel fees and disbursements and all recording fees, title insurance premiums and mortgage and intangible taxes and the fees and expenses of the Rating Agencies pursuant to clause (j) below);

 (c) The proposed transferee (the “Transferee”) or Transferee’s Principals (hereinafter defined) must
have demonstrated expertise in owning and operating properties similar in location, size and operation to the Property, which expertise shall be reasonably determined by Lender; provided, however, in the event one of the entities meeting the
definition of “Sponsor” contained herein owns (directly or indirectly) 51% or more of Transferee and Controls Transferee, this subsection (c) shall be deemed satisfied (each of the aforesaid conditions, collectively, the
“Sponsor Conditions”). The term “Transferee’s Principals” shall include Transferee’s (A) managing members, general partners or Controlling shareholders and (B) such other members, partners or
shareholders which directly or indirectly shall own a 51% or greater interest in Transferee; 

  
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 (d) Transferee’s Principals shall, as of the date of such transfer, have an aggregate
net worth and liquidity reasonably acceptable to Lender; provided, however, to the extent the Sponsor Conditions have been satisfied, this subsection (d) shall also be deemed satisfied; 

(e) Transferee, Transferee’s Principals and all other entities which may be owned or controlled directly or indirectly by
Transferee’s Principals (“Related Entities”) must not have been a party to any bankruptcy proceedings, voluntary or involuntary, made an assignment for the benefit of creditors or taken advantage of any insolvency act, or any
act for the benefit of debtors within seven (7) years prior to the date of the proposed transfer of the Property; 
 (f)
Transferee shall assume all of the obligations of Borrower under the Loan Documents in a manner satisfactory to Lender in all respects, including, without limitation, by entering into an assumption agreement in form and substance reasonably
satisfactory to Lender (but which does not materially adversely affect the rights of the Borrower under this Security Instrument, the Note, or any of the other instruments and documents relating to the Loan); 

(g) There shall be no material litigation or regulatory action pending or threatened against, as applicable, Transferee,
Transferee’s Principals or Related Entities which is not reasonably acceptable to Lender; 
 (h) Transferee’s
Principals and Related Entities shall not have defaulted (beyond applicable notice and cure periods) under its or their obligations with respect to any other indebtedness in a manner which is not reasonably acceptable to Lender; 

(i) Transferee must be able to satisfy all the representations and covenants set forth in Section 4.3 hereof, and both Transferee
and Transferee’s Principals must be able to satisfy all the representations and covenants set forth in Sections 4.2, 4.3 and 5.9 hereof, no Event of Default or event which, with the giving of notice, passage of time or both, shall constitute an
Event of Default, shall otherwise occur as a result of such transfer, and Transferee and Transferee’s Principals shall deliver (A) all organizational documentation reasonably requested by Lender, which shall be reasonably satisfactory to
Lender, and (B) all certificates, agreements and covenants reasonably required by Lender (including, without limitation, hazard insurance endorsements or certificates or other similar evidence that the Policies required hereunder have been
obtained or maintained, as applicable); 
 (j) At Lender’s option, Borrower shall deliver to Lender a Rating Agency
Confirmation as to the transfer; provided, however, to the extent that the Sponsor Conditions have been satisfied, this subsection (j) shall be deemed satisfied; 
 (k) Transferee shall furnish to Lender (I) a New Non-Consolidation Opinion, (II) a REMIC Opinion and (III) an opinion of counsel reasonably satisfactory to Lender and its counsel (A) that the
assumption of the Debt has been duly authorized, executed and delivered, and that the Note, this Security Instrument, the assumption agreement and the other Loan Documents are valid, binding and enforceable against Transferee in accordance with
their terms, and (B) that Transferee and any entity which is a controlling stockholder, member or general partner of Transferee have been duly organized, and are in existence and good standing; 

  
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 (l) Borrower shall deliver, at its sole cost and expense, an endorsement to the existing
title policy insuring the Security Instrument, as modified by the assumption agreement, as a valid first lien on the Property and naming the Transferee as owner of the Property, which endorsement shall insure that, as of the date of the recording of
the assumption agreement, the Property shall not be subject to any additional exceptions or liens other than those contained in the title policy issued on the date hereof. Immediately upon a transfer of the Property to such Transferee and the
satisfaction of all of the above requirements, the named Borrower herein shall be released from all liability under this Security Instrument, the Note and the other Loan Documents accruing after such transfer, and Guarantor under each of that
certain Indemnity Agreement in favor of Lender relating hereto dated of even date herewith (the “Indemnity Agreement”) and the Environmental Indemnity, shall be released from its obligations and liabilities thereunder accruing after
such transfer provided that a new indemnitor approved by Lender, which approval shall be granted or withheld pursuant to Lender’s customary underwriting procedures, enters into and delivers to Lender a new indemnity agreement and environmental
indemnity agreement in the form and content of the Indemnity Agreement and Environmental Indemnity. The foregoing release shall be effective upon the date of such transfer, but Lender agrees to provide written evidence thereof reasonably requested
by Borrower; 
 (m) Lender shall have received evidence reasonably acceptable to Lender that a Property Document Event will not
occur as a result of the proposed transfer; and 
 (n) Borrower’s obligations under the contract of sale pursuant to which
the transfer is proposed to occur shall expressly be subject to the satisfaction of the terms and conditions of this Section. 
 Any transfer
made pursuant to and in accordance with the terms and provisions of this Section 8.4 shall not be deemed to be a Prohibited Transfer. A consent by Lender with respect to a transfer of the Property in its entirety to, and the related assumption
of the Loan by, a Transferee pursuant to this Section shall not be construed to be a waiver of the right of Lender to consent to any subsequent transfer of the Property. 
 Section 8.5. LENDER’S RIGHTS. Lender reserves the right to condition the consent to a Prohibited Transfer requested hereunder upon (a) a modification of the terms hereof and an assumption
of the Note and the other Loan Documents as so modified by the proposed Prohibited Transfer, (b) receipt of payment of a transfer fee equal to one percent (1%) of the outstanding principal balance of the Loan and all of Lender’s
expenses incurred in connection with such Prohibited Transfer, (c) receipt of a Rating Agency Confirmation with respect to the Prohibited Transfer, (d) the proposed transferee’s continued compliance with the covenants set forth in
this Security Instrument (including, without limitation, the covenants in Sections 4.2 , 4.3 and 5.9) and the other Loan Documents, (e) a new manager and parking manager for the Property and a new management agreement and parking management
agreement, in each case, satisfactory to Lender, and (f) the satisfaction of such other conditions and/or legal opinions as Lender shall determine in its sole discretion to be in the interest of Lender. All reasonable expenses incurred by
Lender shall be payable by Borrower whether or not Lender consents to the Prohibited Transfer. Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order to declare the Debt
immediately due and payable upon a Prohibited Transfer made without Lender’s consent. This provision shall apply to each and every Prohibited Transfer, whether or not Lender has consented to any previous Prohibited Transfer. 

  
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 Section 8.6. DEFINITIONS. As used in this Article 8 (and elsewhere in this Security
Instrument), the following terms shall have the following meanings: 
 (a) “AAI Sponsor” shall mean American
Assets Trust, L.P., a Maryland limited partnership. 
 (b) “Affiliated Manager” shall mean any Person serving
as Manager and/or Parking Manager in which Borrower, Master Lessee (if the Master Lease Termination has not occurred), Guarantor, Sponsor, any SPE Component Entity or any affiliate of such entities has, directly or indirectly, any legal, beneficial
or economic interest; it being understood that the provisions hereof and of the other Loan Documents relating to Affiliated Managers shall only be deemed to apply to Manager and/or Parking Manager so long as the foregoing condition is met with
respect to Manager and/or Parking Manager (as applicable). 
 (c) “Applicable Assumption / Transfer Fee” shall
mean, with respect to each applicable transfer hereunder requiring payment of the same, a fee equal to (i) 0.25% of the Loan for the first such transfer, (ii) 0.50% of the Loan for the second such transfer and (iii) 1% of the Loan for
the each subsequent transfer. 
 (d) “Control” shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management, policies or activities of an entity, whether through ownership of voting securities, by contract or otherwise. 
 (e) “Guarantor” shall mean American Assets Trust, L.P., a Maryland limited partnership. 
 (f) “Guarantor Control Condition” shall mean a condition which shall be satisfied to the extent that each of Borrower, Master Lessee (if the Master Lease Termination has not occurred) and
Guarantor are under common Control. 
 (g) “Investment Grade Rating” shall mean a long-term, unsecured debt
rating of not less than “BBB-” (or its equivalent) from each of the Rating Agencies. 
 (h) “Person”
shall mean any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any
fiduciary acting in such capacity on behalf of any of the foregoing. 
 (i) “Property Documents” shall mean
(individually or collectively as the context requires) (i) Revocable Permit to use Dedicated Street Areas (related to the tieback shoring) granted to Two Main Development LLC by the City of Portland, Oregon, Office of Transportation, Bureau of
Engineering and Development, recorded in the Multnomah County Official Records on November 14, 2007 as Recorder’s No. 2007-197618, (ii) Revocable Permit to use Dedicated Street Areas (related to the basement under the sidewalk)
granted to Two Main 

  
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Development LLC by the City of Portland, Oregon, Office of Transportation, Bureau of Engineering and Development, recorded in the Multnomah County Official Records on February 8, 2008 as
Recorder’s No. 2008-019219 and (iii) Easement and Equitable Servitudes by and between Shorenstein Realty Services, LP and the State of Oregon, acting by and through the Oregon Department of Environmental Quality, dated as of
June 12, 2009 and recorded in the Multnomah County Official Records on September 4, 2009 as Recorder’s No. 2009-127204. 
 (j) “Property Document Event” shall mean any event which would, directly or indirectly, cause a termination right under the Property Documents, right of first refusal under the Property
Documents, first offer under the Property Documents or any other similar right under the Property Documents, cause any termination fees to be due under the Property Documents or would cause a Material Adverse Effect to occur under the Property
Documents; provided, however, any of the foregoing shall not be deemed a Property Document Event to the extent Lender’s prior written consent is obtained with respect to the same. 

(k) “Qualified Equityholder” shall mean any one of the following Persons (in each case, tested immediately prior to the
applicable transfer or other applicable transaction): 
 (i) a pension fund, pension trust or pension account
that (A) has total real estate assets of at least $1 Billion (exclusive of the Property) and (1) committed capital of at least of $250 Million (exclusive of the Property) or (2) a net worth of at least $200 Million and a liquidity of
at least $25 Million (in each case, exclusive of the Property) and (B) is managed by a Person who (I) is a nationally recognized manager of investment funds that regularly invest in debt or equity interests relating to commercial real
estate and (II) controls at least $1 Billion of real estate equity assets (exclusive of the Property); or 
 (ii)
a pension fund advisor who (A) is a nationally recognized manager of investment funds that regularly invest in debt or equity interests relating to commercial real estate, (B) controls at least $1 Billion of real estate equity assets
(exclusive of the Property) and (C) is acting on behalf of one or more pension funds that, in the aggregate, satisfy the requirements of clause (i) of this definition; or 

(iii) an insurance company which is subject to supervision by the insurance commissioner, or a similar official or agency,
of a state or territory of the United States (including the District of Columbia) (A) with (1) a net worth of at least $250 Million (exclusive of the Property) or (2) a net worth of at least $200 Million and a liquidity of at least
$25 Million (in each case, exclusive of the Property) and (B) which controls real estate equity assets of at least $1 Billion (exclusive of the Property); or 

(iv) a corporation organized under the banking laws of the United States or any state or territory of the United States
(including the District of Columbia) (A) with (1) a combined capital and surplus of at least $250 Million (exclusive of the Property) or (2) a net worth of at least $200 Million and a liquidity of at least $25 Million (in each case,
exclusive of the Property) and (B) who controls real estate equity assets of at least $1 Billion (exclusive of the Property); or 

  
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 (v) any Person (A) with an Investment Grade Rating or (B) who
(i) has (1) a net worth of at least $250 Million (exclusive of the Property) or (2) a net worth of at least $200 Million and a liquidity of at least $25 Million (in each case, exclusive of the Property) and (iii) controls real
estate equity assets of at least $1 Billion (exclusive of the Property); 
 provided, however, that (A) none of the
foregoing Persons shall be deemed Qualified Equityholders unless such Persons are regularly engaged in owning and/or operating commercial real estate properties similar to the Property and (B) in no event shall any Person be deemed to be a
Qualified Equityholder to the extent that such Person (I) is unable to make or comply with (or would not allow Borrower to continue to make or comply with) any applicable representations and covenants contained herein and/or in the other Loan
Documents (including, without limitation, those relating to ERISA, the Patriot Act, Embargoed Persons and OFAC), (II) itself has been and/or any other Person owned or Controlled by such Person or affiliated with such Person has been, within the ten
(10) years preceding the date of determination, the subject of any action or proceeding under applicable Insolvency Laws or (III) is Controlled by and/or owned in any material respect by any Person(s) which have ever convicted of a felony.

 (l) “Rating Agency Confirmation” shall mean (i) prior to a Securitization or if any Rating Agency fails
to respond to any request for a Rating Agency Confirmation with respect to any applicable matter or otherwise elects (orally or in writing) not to consider any applicable matter, that Lender has (in consultation with the Rating Agencies (if required
by Lender)) approved the matter in question in writing and (ii) from and after a Securitization (to the extent the applicable Rating Agency has elected to consider the applicable matter), a written affirmation from each of the Rating Agencies
(obtained at Borrower’s sole cost and expense) that the credit rating of the Securities by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be
qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion. 

(m) “Restricted Party” shall mean Borrower, Master Lessee (if the Master Lease Termination has not occurred), Guarantor,
Sponsor, any SPE Component Entity, any Affiliated Manager, or any shareholder, partner, member, non-member manager or any direct or indirect legal or beneficial owner of any of the foregoing. 

(n) “Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, mortgage, grant, bargain, encumbrance,
pledge, assignment, grant of any options with respect to, or any other transfer or disposition of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) of a legal
or beneficial interest. 
 (o) “Sponsor” shall mean (i) AAI Sponsor or (ii) any Qualified
Equityholder; provided, that, (I) any entity comprising the defined term “Sponsor” above shall not be deemed to be the “Sponsor” hereunder unless a state of facts exists that would require such entity to be the
“Sponsor” hereunder in order to satisfy the conditions set forth in Sections 8.3(B) and 8.3(C) above (such event, a “Sponsor Succession”), (II) any transfer which results in a Sponsor Succession shall require, as a
condition precedent to such transfer, payment to Lender of the Applicable Assumption / Transfer Fee and (III) except as noted in the foregoing subsection (II), no transfer fee shall be payable in connection with an equity ownership transfer
consummated in accordance with Section 8.3 hereof. 

  
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 Section 8.7. EASEMENT AGREEMENTS. By acceptance hereof, Lender agrees that it shall
execute and subordinate this Security Instrument and the other Loan Documents to (and Borrower shall be permitted to enter into without Lender’s consent) reasonable easements, restrictions, covenants, reservations and rights of way in the
ordinary course of Borrower’s business for traffic circulation, ingress, egress, parking, access, utilities lines or for other similar purposes (including, without limitation, easements for fire exiting purposes, traffic and pedestrian
circulation, landscaping and easements to governmental entities for road widening and corner roundings); provided, that, in each case or taken as a whole, the same do not have a Material Adverse Effect. 

Article 9. PREPAYMENT 
 Section 9.1. PREPAYMENT. The Debt may be prepaid only in strict accordance with the express terms and conditions of the Note and this Security Instrument including the payment (if applicable) of
any prepayment consideration or premium due under the Note (whether due prior to or after the occurrence of an Event of Default). 
 Article 10. DEFAULT 
 Section 10.1. EVENTS OF DEFAULT. The
occurrence of any one or more of the following events shall constitute an “Event of Default”: 
 (a) (i) any
Monthly Payment (as defined in the Note) is not paid within five (5) days of the date when due, (ii) any other portion of the Debt is not paid within five (5) days of the date when due or (iii) the entire Debt is not paid on or
before the Maturity Date; 
 (b) if any of the Taxes or Other Charges are not paid within ten (10) days following the date
the same is due and payable except to the extent sums sufficient to pay such Taxes and Other Charges have been deposited with Lender in accordance with the terms of this Security Instrument; 

(c) if the Policies are not kept in full force and effect, or if the Policies are not delivered to Lender within ten (10) days of
Lender’s written request; 
 (d) if the Property is subject to actual, physical waste; 

(e) if Borrower or Master Lessee (if the Master Lease Termination has not yet occurred) violates or does not comply with any of the
provisions of Sections 3.7 (and does not cure such failure within ten days of written notice) or 4.3 or Articles 8 or 13; 
 (f)
if any representation or warranty of Borrower or any Person guaranteeing payment of the Debt or any portion thereof or performance by Borrower of any of the terms of this Security Instrument (including, without limitation, Guarantor) or any general
partner, managing member, principal or beneficial owner of any of the foregoing, made herein or any guaranty or indemnity, or in any certificate, report, financial statement or other instrument or document furnished to Lender shall have been false
or misleading in any material respect when made; 

  
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 (g) if (i) Borrower, Guarantor, Master Lessee (if the Master Lease Termination has not
yet occurred) or any SPE Component Entity or any general partner or managing member of Borrower, Guarantor, Master Lessee (if the Master Lease Termination has not yet occurred) or any SPE Component Entity shall commence any case, proceeding or other
action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for relief entered with respect to it, or
seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver,
trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets; or (ii) Borrower, Guarantor, Master Lessee (if the Master Lease Termination has not yet occurred) or any SPE Component Entity or
any general partner or managing member of Borrower, Guarantor, Master Lessee (if the Master Lease Termination has not yet occurred) or any SPE Component Entity shall make a general assignment for the benefit of its creditors; or (iii) there
shall be commenced against Borrower, Guarantor, Master Lessee (if the Master Lease Termination has not yet occurred) or SPE Component Entity or any general partner or managing member of Borrower, Guarantor, Master Lessee (if the Master Lease
Termination has not yet occurred) or any SPE Component Entity any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or
(B) remains undismissed, undischarged or unbonded for a period of ninety (90) days; or (iv) there shall be commenced against Borrower, Guarantor, Master Lessee (if the Master Lease Termination has not yet occurred) or any SPE
Component Entity or any general partner or managing member of Borrower, Guarantor, Master Lessee (if the Master Lease Termination has not yet occurred) or any SPE Component Entity any case, proceeding or other action seeking issuance of a warrant of
attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of any order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal
within ninety (90) days from the entry thereof; or (v) Borrower, Guarantor, Master Lessee (if the Master Lease Termination has not yet occurred) or any SPE Component Entity or any general partner or managing member of Borrower, Guarantor,
Master Lessee (if the Master Lease Termination has not yet occurred) or any SPE Component Entity shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii),
(iii) or (iv) above; or (vi) Borrower, Guarantor, Master Lessee (if the Master Lease Termination has not yet occurred) or any SPE Component Entity or any general partner or managing member of Borrower, Guarantor, Master Lessee (if the
Master Lease Termination has not yet occurred) or any SPE Component Entity shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; 

(h) if Borrower shall be in default under any other mortgage, deed of trust, deed to secure debt or other security agreement covering any
part of the Property whether it be superior or junior in lien to this Security Instrument; 
 (i) subject to Borrower’s
contest rights contained in Section 3.12 hereof, if the Property becomes subject to any mechanic’s, materialman’s or other lien (other than a lien for local real estate taxes and assessments not then due and payable) and the lien
shall remain undischarged of record (by payment, bonding or otherwise) for a period of ninety (90) days; 

  
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 (j) if any federal tax lien or final judgment is filed against Borrower, Guarantor, any
general partner or managing member of Borrower or Guarantor, or the Property and same is not discharged of record within ninety (90) days after same is filed; 
 (k) if Borrower fails to cure any violations of Applicable Laws within ninety (90) days, of first having received notice thereof; 

(l) if (i) Borrower fails to timely provide Lender with the written certification and evidence referred to in Section 4.2
hereof and such failure is not cured within five (5) days of written request, or (ii) Borrower consummates a transaction which would cause the Security Instrument or Lender’s exercise of its rights under this Security Instrument, the
Note or the other Loan Documents to constitute a nonexempt prohibited transaction under ERISA or result in a violation of a state statute regulating governmental plans, subjecting Lender to liability for a violation of ERISA or a state statute;

 (m) if Borrower shall fail to reimburse Lender within ten (10) days of written demand, with interest calculated at the
Default Rate (defined below), for all Insurance Premiums or Taxes, together with interest and penalties imposed thereon, paid by Lender pursuant to this Security Instrument (other than amounts paid by Lender from the Escrow Fund prior to the
continuance of an Event of Default); 
 (n) if Borrower shall fail to timely deliver to Lender an estoppel certificate pursuant
to the terms of Subsections 7.4(a) and does not cure such failure within ten (10) days of written notice; 
 (o) if
Borrower shall fail to timely deliver to Lender, after request by Lender, the statements referred to in Section 3.11 in accordance with the terms thereof and does not cure such failure within ten (10) days of written notice; 

(p) if any default occurs in the performance of any guarantor’s or indemnitor’s (including, without limitation,
Guarantor’s) obligations under any guaranty or indemnity executed in connection herewith (including, without limitation, the Indemnity Agreement and the Environmental Indemnity) and such default continues after the expiration of applicable
grace periods set forth in such guaranty or indemnity, or if any representation or warranty of any guarantor or indemnitor thereunder shall be false or misleading in any material respect when made; 

(q) if (A) the 1031 Exchange Transfer shall fail to occur within one-hundred eighty (180) days of the date hereof, (B) if
a default shall occur under the Master Lease or (C) if the Master Lease Termination shall fail to occur within five (5) days of the consummation of the 1031 Exchange Transfer; 

(r) if (i) Borrower defaults under the Property Documents beyond the expiration of applicable notice and grace periods, if any,
thereunder, (ii) any of the Property Documents are amended, supplemented, replaced, restated or otherwise modified without Lender’s prior written 

  
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consent or if Borrower consents to a transfer of any party’s interest thereunder without Lender’s prior written consent, (iii) any Property Document is canceled, terminated,
surrendered or expires pursuant to its terms, unless in such case Borrower enters into a replacement thereof in accordance with the applicable terms and provisions hereof or (iv) a Property Document Event occurs (provided, however, with respect
to the events described in subsections (i) through (iv) above, any such events shall not constitute an Event of Default hereunder to the extent that (A) the same is curable by Borrower and (B) Borrower cures the same within the
earlier of (I) the timeframe required prior to the period in which any such event would no longer be curable or (II) thirty (30) days after Borrower’s receipt of notice thereof) (the foregoing, a “Property Document
EOD”); 
 (s) if Borrower or Master Lessee defaults under the Management Agreement or Parking Management Agreement
beyond the expiration of applicable notice and grace periods, if any, thereunder or if the Management Agreement or Parking Management Agreement is canceled, terminated or surrendered or, expires pursuant to its terms or otherwise ceased to be in
full force and effect, unless, in each such case, Borrower, contemporaneously with such cancellation, termination, surrendered, expiration or cessation, enters into a Replacement Management Agreement with a Qualified Manager in accordance with the
applicable terms and provisions hereof for each of the management and parking management of the Property (as applicable); 
 (t)
if Borrower attempts to assign its rights under this Security Instrument or any of the other Loan Documents or any interest herein or therein in contravention of the Loan Documents; 

(u) if, without Lender’s prior written consent, Borrower forgives or cancels any material debt owed to it; 

(v) if Borrower, any SPE Component Entity, Guarantor, any affiliate of Borrower, any SPE Component Entity or any Guarantor, or any of
their respective agents or representatives shall commit any criminal act which results in the seizure, forfeiture or loss of the Property; 
 (w) If Borrower misappropriates, converts or misapplies any (A) insurance proceeds, (B) condemnation awards, (C) Rents or (D) funds disbursed by Lender from any of the Reserve
Accounts; 
 (x) With respect to any term, covenant or provision set forth herein which specifically contains a notice
requirement or grace period, if Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period; 
 (y) if Guarantor revokes or attempts to revoke the Indemnity Agreement or the Environmental Indemnity; 
 (z) if an uninsured material loss, theft, damage or destruction to Property occurs and Borrower does not, within thirty (30) days of the occurrence thereof, provide evidence reasonably acceptable to
Lender that Borrower has the funds necessary to consummate the applicable Restoration; 

  
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 (aa) if for more than thirty (30) days after notice from Lender, Borrower shall
continue to be in default under any other term, covenant or condition of the Note, this Security Instrument or the other Loan Documents in the case of any default which can be cured by the payment of a sum of money or for sixty (60) days after
notice from Lender in the case of any other default, provided that if such default cannot reasonably be cured within such sixty (60) day period and Borrower shall have commenced to cure such default within such sixty (60) day period and
thereafter diligently and expeditiously proceeds to cure the same, such sixty (60) day period shall be extended for so long as it shall require Borrower in the exercise of due diligence to cure such default, it being agreed that no such
extension shall be for a period in excess of one hundred twenty (120) days; or 
 (bb) a default beyond applicable notice
or cure periods (if any) shall occur under any other Loan Documents. 
 Section 10.2. LATE PAYMENT CHARGE. If any monthly
installment of principal or interest is not paid on the date on which it was due, Borrower shall pay to Lender upon demand an amount equal to the lesser of 2.5% of such unpaid portion of the outstanding monthly installment of principal or interest
then due or the maximum amount permitted by Applicable Law, to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment, and such amount
shall be secured by this Security Instrument and the other Loan Documents. 
 Section 10.3. DEFAULT INTEREST. Borrower
will pay, from the date of an Event of Default through the earlier of the date upon which the Event of Default is cured or the date upon which the Debt is paid in full, interest on the unpaid principal balance of the Note at a per annum rate equal
to the lesser of (a) four percent (4%) plus the Applicable Interest Rate (as defined in the Note), and (b) the maximum interest rate which Borrower may by law pay or Lender may charge and collect (the “Default Rate”).
Notwithstanding the foregoing, in the event Borrower becomes liable for interest at the Default Rate under this Section 10.3 (such interest, the “Default Interest”) due to the occurrence of a Qualifying Non-Monetary Default (as
defined in the Note), Borrower shall only be liable for such Default Interest for a period not to exceed six (6) months unless (i) Lender actively pursues a foreclosure action (or non-judicial foreclosure) as a result of such Qualifying
Non-Monetary Default (in which case, Borrower shall be liable for Default Interest for a period equal to (I) the duration of Lender’s pursuit of the remedies described above plus (II) the first six (6) months following the occurrence
of the applicable Qualifying Non-Monetary Default (less any portion of such six (6) month period occurring after Lender’s commencement of its pursuit of the remedies described above)) or (ii) a monetary Event of Default shall at any
time exist (in which case, Borrower shall be liable for Default Interest from the date of the occurrence of the applicable Qualifying Non-Monetary Default). 
 Article 11. RIGHTS AND REMEDIES 
 Section 11.1. REMEDIES.
Except as expressly limited hereby or by the other Loan Documents, during the continuance of any Event of Default, Borrower agrees that Trustee or Lender may take such action, without notice or demand, as it deems advisable to protect and enforce
its rights against Borrower and in and to the Property, including, but not limited to, the following actions, each of which may be pursued concurrently or otherwise, at such time and in 

  
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such order as Trustee or Lender may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of Trustee or Lender: (a) declare the entire
unpaid Debt to be immediately due and payable; (b) institute proceedings, judicial or otherwise, for the complete foreclosure of this Security Instrument under any applicable provision of law in which case the Property or any interest therein
may be sold for cash or upon credit in one or more parcels or in several interests or portions and in any order or manner; (c) with or without entry, to the extent permitted and pursuant to the procedures provided by Applicable Law, institute
proceedings for the partial foreclosure of this Security Instrument for the portion of the Debt then due and payable, subject to the continuing lien and security interest of this Security Instrument for the balance of the Debt not then due,
unimpaired and without loss of priority; (d) sell for cash or upon credit the Property or any part thereof and all estate, claim, demand, right, title and interest of Borrower therein and rights of redemption thereof, pursuant to power of sale
or otherwise, at one or more sales, as an entity or in parcels, at such time and place, upon such terms and after such notice thereof as may be required or permitted by law; (e) institute an action, suit or proceeding in equity for the specific
performance of any covenant, condition or agreement contained herein, in the Note or in the other Loan Documents; (f) recover judgment on the Note either before, during or after any proceedings for the enforcement of this Security Instrument or
the other Loan Documents; (g) seek and obtain the appointment of a receiver, trustee, liquidator or conservator of the Property, without notice and without regard for the adequacy of the security for the Debt and without regard for the solvency
of Borrower or of any Person, firm or other entity liable for the payment of the Debt; (h) Lender may enter into or upon the Property, either personally or by its agents, nominees or attorneys and dispossess Borrower and its agents and servants
therefrom, without liability for trespass, damages or otherwise and exclude Borrower and its agents or servants wholly therefrom, and take possession of all books, records and accounts relating thereto and Borrower agrees to surrender possession of
the Property and of such books, records and accounts to Lender upon demand, and thereupon Lender may (i) use, operate, manage, control, insure, maintain, repair, restore and otherwise deal with all and every part of the Property and conduct the
business thereat; (ii) complete any construction on the Property in such manner and form as Lender deems advisable; (iii) make alterations, additions, renewals, replacements and improvements to or on the Property; (iv) exercise all
rights and powers of Borrower with respect to the Property, whether in the name of Borrower or otherwise, including, without limitation, the right to make, cancel, enforce or modify Leases, obtain and evict tenants, and demand, sue for, collect and
receive all Rents of the Property and every part thereof; (v) require Borrower to pay monthly in advance to Lender, or any receiver appointed to collect the Rents, the fair and reasonable rental value for the use and occupation of such part of
the Property as may be occupied by Borrower; (vi) require Borrower to vacate and surrender possession of the Property to Lender or to such receiver and, in default thereof, Borrower may be evicted by summary proceedings or otherwise; and
(vii) apply the receipts from the Property to the payment of the Debt, in such order, priority and proportions as Lender shall deem appropriate in its sole discretion after deducting therefrom all expenses (including reasonable attorneys’
fees) incurred in connection with the aforesaid operations and all amounts necessary to pay the Taxes, Other Charges, insurance and other expenses in connection with the Property, as well as just and reasonable compensation for the services of
Lender, its counsel, agents and employees; (i) exercise any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing: (I) the right
to take possession of the Personal Property or any part thereof, and to 

  
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take such other measures as Lender may deem necessary for the care, protection and preservation of the Personal Property, and (II) request Borrower at its expense to assemble the Personal
Property and make it available to Lender at a convenient place acceptable to Lender. Any notice of sale, disposition or other intended action by Lender with respect to the Personal Property sent to Borrower in accordance with the provisions hereof
at least ten (10) days prior to such action, shall constitute commercially reasonable notice to Borrower; (j) apply any sums then deposited in the Escrow Fund, the Reserve Accounts and any other sums held in escrow or otherwise by Lender
in accordance with the terms of this Security Instrument or any other Loan Document to the payment of the following items in any order in its discretion: (i) Taxes and Other Charges; (ii) Insurance Premiums; (iii) any other items or
expenses for which such Reserve or escrow was established; or (iv) (A) interest on the unpaid principal balance of the Note, (B) the unpaid principal balance of the Note; or (C) all other sums payable pursuant to the Note, this
Security Instrument and the other Loan Documents, including without limitation advances made by Lender pursuant to the terms of this Security Instrument; (k) prior to Borrower’s cure, if applicable, of the Event of Default giving rise
thereto and Lender’s acceptance of such cure (whether voluntarily or required by law) surrender the Policies maintained pursuant to Article 3 hereof, collect the unearned Insurance Premiums and apply such sums as a credit on the Debt in such
priority and proportion as Lender in its discretion shall deem proper, and in connection therewith, Borrower hereby appoints Lender as agent and attorney in fact (which is coupled with an interest and is therefore irrevocable) for Borrower to
collect such Insurance Premiums; (l) pursue such other remedies as Lender may have under Applicable Law; (m) apply the undisbursed balance of any Net Proceeds Deficiency deposit, together with interest thereon, to the payment of the Debt
in such order, priority and proportions as Lender shall deem to be appropriate in its discretion; or (n) under the power of sale hereby granted, Lender shall have the discretionary right to cause some or all of the Property, including any
Personal Property, to be sold or otherwise disposed of in any combination and in any manner permitted by Applicable Law. 
 In
the event of a sale, by foreclosure, power of sale, or otherwise, of less than all of the Property, this Security Instrument shall continue as a lien and security interest on the remaining portion of the Property unimpaired and without loss of
priority. In the event of a sale, by foreclosure, power of sale, or otherwise, Lender may bid for and acquire the Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the
amount of the bid made therefor, after deducting therefrom the expenses of the sale, the cost of any enforcement proceeding hereunder and any other sums which Lender is authorized to deduct under the terms hereof, to the extent necessary to satisfy
such bid. Notwithstanding the provisions of this Section 11.1 to the contrary, if any Event of Default as Subsection 10.1(g) shall occur as to Borrower, Master Lessee (if the Master Lease Termination has not yet occurred) or any SPE Component
Entity, the entire unpaid Debt shall be automatically due and payable, without any further notice, demand or other action by Lender. 
 Section 11.2. APPLICATION OF PROCEEDS. The purchase money, proceeds and avails of any disposition of the Property, or any part thereof, or any other sums collected, paid to or received by Lender
after the occurrence of an Event of Default pursuant to the Note, this Security Instrument or the other Loan Documents, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem
proper. Upon any foreclosure sale or sales of all or any portion of the Property under the power of sale herein granted, Lender may bid for and purchase the Property and shall be entitled to apply all or any part of the Debt as a credit to the
purchase price. 

  
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 Section 11.3. RIGHT TO CURE DEFAULTS. Upon the occurrence of any Event of Default,
Lender may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder, make or do the same in such manner and to such extent as Lender may deem necessary to protect
the security hereof. Lender is authorized to enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property or to foreclose this Security Instrument or collect the Debt, and
the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law), with interest as provided in this Section 11.3, shall constitute a portion of the Debt and shall be due and payable to Lender upon demand.
All such costs and expenses incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any such action or proceeding shall bear interest at the Default Rate, for the period after
notice from Lender that such cost or expense was incurred to the date of payment to Lender. All such costs and expenses incurred by Lender together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the
Debt and be secured by this Security Instrument and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefor. 
 Section 11.4. ACTIONS AND PROCEEDINGS. Lender has the right to appear in and defend any action or proceeding brought with respect to the Property and to bring any action or proceeding, in the name
and on behalf of Borrower, which Lender, in its discretion, decides should be brought to protect its interest in the Property. 

Section 11.5. RECOVERY OF SUMS REQUIRED TO BE PAID. Lender shall have the right from time to time to take action to recover any
sum or sums which constitute a part of the Debt as the same become due, without regard to whether or not the balance of the Debt shall be due, and without prejudice to the right of Lender thereafter to bring an action of foreclosure, or any other
action, for a default or defaults by Borrower existing at the time such earlier action was commenced. 
 Section 11.6.
EXAMINATION OF BOOKS AND RECORDS. Lender, its agents, accountants and attorneys shall have the right to examine the records, books, management and other papers of Borrower and each other “Indemnitor” under the Indemnity Agreement
delivered in connection herewith which reflect upon their financial condition, at the Property or at any office regularly maintained by Borrower or such other Indemnitor or where the books and records are located. Lender and its agents shall have
the right to make copies and extracts from the foregoing records and other papers. In addition, Lender, its agents, accountants and attorneys shall have the right to examine and audit the books and records of Borrower and such other Indemnitor
pertaining to the income, expenses and operation of the Property during reasonable business hours at any office of Borrower and such other Indemnitor where the books and records are located. To the extent that any information obtained by Lender
under this Section 11.6 constitutes Identified Information (defined below), the same shall be subject to the restrictions on circulating the same to the General Public as set forth in Section 19.5 below. 

  
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 Section 11.7. OTHER RIGHTS, ETC. (a) The failure of Lender to insist upon strict
performance of any term hereof shall not be deemed to be a waiver of any term of this Security Instrument. Borrower shall not be relieved of Borrower’s obligations hereunder by reason of (i) the failure of Lender to comply with any request
of Borrower to take any action to foreclose this Security Instrument or otherwise enforce any of the provisions hereof or of the Note or the other Loan Documents, (ii) the release, regardless of consideration, of the whole or any part of the
Property, or of any Person liable for the Debt or any portion thereof, or (iii) any agreement or stipulation by Lender extending the time of payment or otherwise modifying or supplementing the terms of the Note, this Security Instrument or the
other Loan Documents. 
 (b) It is agreed that the risk of loss or damage to the Property is on Borrower, and Lender shall have
no liability whatsoever for decline in value of the Property, for failure to maintain the Policies, or for failure to determine whether insurance in force is adequate as to the amount of risks insured. Possession by Lender shall not be deemed an
election of judicial relief, if any such possession is requested or obtained, with respect to any Property or collateral not in Lender’s possession. 
 (c) Trustee or Lender may resort for the payment of the Debt to any other security held by Trustee or Lender in such order and manner as Lender, in its discretion, may elect. Trustee or Lender may take
action to recover the Debt, or any portion thereof, or to enforce any covenant hereof without prejudice to the right of Trustee or Lender thereafter to foreclose this Security Instrument. The rights of Lender under this Security Instrument shall be
separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Trustee or Lender shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. Trustee
and Lender shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every right and remedy now or hereafter afforded at law or in equity. 

Section 11.8. RIGHT TO RELEASE ANY PORTION OF THE PROPERTY. Lender may release any portion of the Property for such consideration
as Lender may require without, as to the remainder of the Property, in any way impairing or affecting the lien or priority of this Security Instrument, or improving the position of any subordinate lienholder with respect thereto, except to the
extent that the obligations hereunder shall have been reduced by the actual monetary consideration, if any, received by Lender for such release, and may accept by assignment, pledge or otherwise any other property in place thereof as Lender may
require without being accountable for so doing to any other lienholder. This Security Instrument shall continue as a lien and security interest in the remaining portion of the Property. 

Section 11.9. VIOLATION OF LAWS. If the Property is not in compliance with Applicable Laws, Lender may, until such violations are
remedied, impose additional requirements upon Borrower in connection therewith including, without limitation, monetary reserves or financial equivalents. 
 Section 11.10. RIGHT OF ENTRY. Lender and its agents shall have the right to enter and inspect the Property at all reasonable times, subject to the rights of tenants under Leases. 

  
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 Section 11.11. EXCULPATION; ACCEPTANCE OF CURE. 

(a) All rights and remedies of Lender under this Security Instrument and the other Loan Documents are expressly made subject to the
limitations and exculpations set forth in Article 15, below. In the event of any conflict between the terms and conditions hereof and those contained in Article 15 hereof, the terms and conditions of Article 15 hereof shall control. 

(b) Notwithstanding anything to the contrary contained herein or in any other Loan Document, Lender shall not refuse to accept a Complete
Cure (defined below) by Borrower of any Event of Default by Borrower susceptible thereto unless Lender (A) has commenced foreclosure proceedings (judicial or non-judicial) and (B) is not otherwise required to accept such Complete Cure
under Applicable Law. Lender and Borrower will return to a status quo pro ante after the consummation of any such Complete Cure by Borrower made in accordance with the foregoing. As used above, the term “Complete Cure” shall mean a
complete and total cure of the applicable Event of Default in a manner reasonably acceptable to Lender, which such cure shall be deemed to include, without limitation, (A) both the payment of any sums due and the performance of any obligations
under, in each case, the Loan Documents associated with such applicable Event of Default, (B) in the case of a non-monetary Event of Default, the performance of such additional acts (such as the furnishing of opinions) in connection therewith
as may be reasonably required by Lender and (C) the payment of (1) any applicable Default Interest and (2) the entire amount of the Debt to the extent that the Debt shall have been accelerated in accordance with the applicable terms
and conditions of the Loan Documents in connection with the applicable Event of Default and such acceleration is permitted under applicable law. 
 Article 12. ENVIRONMENTAL INDEMNITY 
 Section 12.1. ENVIRONMENTAL
INDEMNITY. Simultaneously herewith, Borrower and Guarantor have executed and delivered the Environmental Indemnity to Lender, which Environmental Indemnity shall (a) constitute a Loan Document for all purposes hereof and of the other Loan
Documents and (b) not be secured by the Security Instrument (unless Lender expressly opts to the contrary in accordance with the express terms and conditions of the Environmental Indemnity). As used herein, the term “Environmental
Indemnity” shall mean that certain Environmental Indemnity Agreement, dated as of the date hereof, executed by Borrower and Guarantor in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time. 
 Article 13. INDEMNIFICATION 

Section 13.1. GENERAL INDEMNIFICATION. Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold
harmless the Indemnified Parties from and against any and all claims, suits, liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations, debts, damages, losses, costs, expenses, diminutions in value, fines,
penalties, charges, fees, expenses, judgments, awards, amounts paid in settlement, punitive damages, foreseeable and unforeseeable consequential damages, of whatever kind or nature (including but not limited to attorneys’ fees and other costs
of defense) (the “Losses”) imposed upon or incurred by or asserted against any Indemnified Parties (defined below) and directly or indirectly arising out of or in any way relating to any one or more of the following which shall have
occurred prior to the foreclosure of this Security Instrument (or delivery and acceptance of a deed in lieu of such foreclosure), except to the extent any of the following are attributable to 

  
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the gross negligence or willful misconduct of an Indemnified Party: (a) any and all lawful action that may be taken by Lender in connection with the enforcement of the provisions of this
Security Instrument or the Note or any of the other Loan Documents, whether or not suit is filed in connection with same, or in connection with Borrower and/or any partner, joint venturer or shareholder thereof becoming a party to a voluntary or
involuntary federal or state bankruptcy, insolvency or similar proceeding; (b) any accident, injury to or death of Persons or loss of or damage to property occurring in, on or about the Property or any part thereof or on the adjoining
sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (c) any use, nonuse or condition in, on or about the Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas,
streets or ways; (d) performance of any labor or services or the furnishing of any materials or other property in respect of the Property or any part thereof; (e) the failure of any Person other than an Indemnified Party to file timely
with the Internal Revenue Service an accurate Form 1099 B, Statement for Recipients of Proceeds from Real Estate, Broker and Barter Exchange Transactions, which may be required in connection with this Security Instrument, or to supply a copy thereof
in a timely fashion to the recipient of the proceeds of the transaction in connection with which this Security Instrument is made; (f) any failure of the Property to be in compliance with any Applicable Laws; (g) the enforcement by any
Indemnified Party of the provisions of this Article 13; (h) any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged obligations or undertakings on its part to perform or discharge any of the
terms, covenants, or agreements contained in any Lease; (i) the payment and/or non-payment of any commission, charge or brokerage fee to anyone which may be payable in connection with the funding of the loan evidenced by the Note and secured by
this Security Instrument; or (j) any misrepresentation made by Borrower in this Security Instrument or any other Loan Document. Any amounts payable to Lender by reason of the application of this Section 13.1 shall become immediately due
and payable and shall bear interest at the Default Rate from the date written notice demanding payment for the amount suffered as a result of such loss or damage is delivered to Borrower by Lender until paid. As used herein, the term
“Indemnified Parties” means Lender and any Person who is or will have been involved in the origination of the loan evidenced by the Note, any Person who is or will have been involved in the servicing of the loan evidenced by the
Note, any Person in whose name the encumbrance created by this Security Instrument is or will have been recorded, Persons and entities who may hold or acquire or will have held a full or partial interest in the loan evidenced by the Note (including,
but not limited to, Investors (as defined herein) or prospective Investors in the Securities (as defined herein), as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the loan evidenced by the
Note as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing
(including but not limited to any other Person who holds or acquires or will have held a participation or other full or partial interest in the loan evidenced by the Note or the Property, whether during the term of the loan evidenced by the Note or
as a part of or following a foreclosure of the loan evidenced by the Note and including, but not limited to, any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business)). 

Section 13.2. MORTGAGE AND/OR INTANGIBLE TAX. Borrower shall, at its sole cost and expense, protect, defend, indemnify, release
and hold harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any 

  
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Indemnified Parties and directly or indirectly arising out of or in any way relating to any tax on the making and/or recording of this Security Instrument, the Note or any of the other Loan
Document, except for income taxes and franchise taxes (imposed in lieu of income taxes) imposed on an Indemnified Party as a result of a present or former connection between the jurisdiction of the government or taxing authority imposing such tax
and the Indemnified Party (excluding a connection arising solely from the Indemnified Party having executed, delivered, or performed its obligations or received a payment under, or enforced, this Security Instrument, the Note and the other Loan
Documents) or any political subdivision or taxing authority thereof or therein. 
 Section 13.3. ERISA INDEMNIFICATION.
Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses (including, without limitation, attorneys’ fees and costs incurred in the
investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction or in the sale of a prohibited loan, and in obtaining any individual prohibited transaction exemption under ERISA that may be required, in
Lender’s sole discretion) that Lender may incur, directly or indirectly, as a result of a default under Sections 4.2 or 5.9. 
 Section 13.4. DUTY TO DEFEND; ATTORNEYS’ FEES AND OTHER FEES AND EXPENSES. Upon written request by any Indemnified Party to whom indemnification is owed pursuant to the preceding provisions of
this Article 13, Borrower shall defend such Indemnified Party (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals reasonably approved by the Indemnified Parties. Notwithstanding the
foregoing, any Indemnified Parties may, if they reasonably believe that their interests are not properly being represented by the counsel selected by Borrower, engage their own attorneys and other professionals to defend them. Upon demand, Borrower
shall pay or, in the sole and absolute discretion of the Indemnified Parties to whom indemnification is owed pursuant to the preceding provisions of this Article 13, reimburse, the Indemnified Parties for the payment of reasonable fees and
disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith. 

Article 14. WAIVERS 
 Section 14.1. WAIVER OF COUNTERCLAIM. Borrower hereby waives the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against it by
Lender arising out of or in any way connected with this Security Instrument, the Note, any of the other Loan Documents, or the Obligations. The foregoing shall not be deemed a waiver of Borrower’s right to assert in a separate proceeding any
claim against Lender which otherwise would constitute a defense, setoff, counterclaim or cross-claim of any nature arising from and after the date hereof. 
 Section 14.2. MARSHALLING AND OTHER MATTERS. Borrower hereby waives, to the extent permitted by law, the benefit of all appraisement, valuation, stay, extension, reinstatement and redemption laws
now or hereafter in force and all rights of marshalling in the event of any sale hereunder of the Property or any part thereof or any interest therein. Further, Borrower hereby expressly waives any and all rights of redemption from sale under any
order or decree of foreclosure of this Security Instrument on behalf of Borrower, and on behalf of each and every Person acquiring any interest in or title to the Property subsequent to the date of this Security Instrument and on behalf of all
Persons to the extent permitted by Applicable Law. 

  
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 Section 14.3. WAIVER OF NOTICE. Borrower shall not be entitled to any notices of any
nature whatsoever from Trustee or Lender except with respect to matters for which this Security Instrument, the Note, or the other Loan Documents provides for the giving of notice by Trustee or Lender to Borrower and except with respect to matters
for which Trustee or Lender is required by Applicable Law to give notice, and Borrower hereby expressly waives the right to receive any notice from Trustee or Lender with respect to any matter for which this Security Instrument does not specifically
and expressly provide for the giving of notice by Trustee or Lender to Borrower or as required by law. 
 Section 14.4.
DETERMINATIONS BY LENDER. Except as otherwise specifically set forth in the Note, this Security Instrument, or the other Loan Documents, wherever pursuant to this Security Instrument (i) Lender exercises any right given to it to approve
or disapprove, (ii) any arrangement or term is to be satisfactory to Lender, or (iii) any other decision or determination is to be made by Lender, the decision of Lender to approve or disapprove, all decisions that arrangements or terms
are satisfactory or not satisfactory, and all other decisions and determinations made by Lender, shall be based upon a standard of reasonability. All approvals of or waivers by Lender in respect of any of the terms, conditions or requirements of
this Security Instrument must be in writing. No waiver with respect to any condition, breach or other matter shall extend to or be taken in any manner whatsoever to affect any other condition, breach or matter or affect Lender’s rights
resulting therefrom. 
 Section 14.5. SURVIVAL. The indemnifications made pursuant to Section 13.3 shall continue
indefinitely in full force and effect and shall survive and shall in no way be impaired by: any satisfaction or other termination of this Security Instrument, any assignment or other transfer of all or any portion of this Security Instrument or
Lender’s interest in the Property (but, in such case, shall benefit both Indemnified Parties and any assignee or transferee), any exercise of Lender’s rights and remedies pursuant hereto including but not limited to foreclosure or
acceptance of a deed in lieu of foreclosure, any exercise of any rights and remedies pursuant to the Note or any of the other Loan Documents, any transfer of all or any portion of the Property (whether by Borrower or by Lender following foreclosure
or acceptance of a deed in lieu of foreclosure or at any other time), any amendment to this Security Instrument, the Note or the other Loan Documents, and any act or omission that might otherwise be construed as a release or discharge of Borrower
from the obligations pursuant hereto. Notwithstanding the foregoing, upon a permitted transfer of Borrower’s fee interest in the Property pursuant to and in accordance with Article 8 or after Lender has obtained possession of the Property to
the exclusion of Borrower in connection with an exercise of remedies under the Loan Documents, the transferring Borrower shall be released from any liability thereafter accruing under any such indemnification provision (other than as to matters
which have already occurred). 
 Section 14.6. WAIVER OF TRIAL BY JURY. BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THE NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THE NOTE,
THE NOTE, THIS SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH. 

  
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 Article 15. EXCULPATION 

Section 15.1. EXCULPATION. All rights and remedies of Lender under this Security Instrument and the other Loan Documents are
expressly made subject to the limitations and exculpations set forth in Article 14 of the Note, the provisions of which are incorporated herein by this reference. In the event of any conflict between the terms and conditions hereof and those
contained in Article 14 of the Note, the terms and conditions of Article 14 of the Note shall control. 
 Article 16.
NOTICES 
 Section 16.1. NOTICES. (a) All notices or other written communications hereunder shall be
deemed to have been properly given (i) upon delivery, if delivered in person with receipt acknowledged by the recipient thereof, (ii) one (l) Business Day (defined below) after having been deposited for overnight delivery with any
reputable overnight courier service, or (iii) three (3) Business Days after having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage
prepaid, return receipt requested, addressed as follows: 
  

			
	If to Borrower and/or Master Lessee:	  	 AAT Oregon Office I, LLC

11455 El Camino Real, Suite 200
 San Diego,
California 92130
 Attention: John W. Chamberlain and Robert Barton
 Facsimile No.: (858) 350-2620

		
	and a copy by e-mail to:	  	gis@smclawoffices.com
		
	If to Lender:	  	 PNC Bank, National Association
 c/o Midland Loan Services, Inc.
 10851 Mastin

Suite # 300
 Overland Park, Kansas
66210
 Reference Loan Number 940960046

Facsimile No.: (913) 253-9718

		
	with a copy to:	  	 Alston & Bird LLP
 90
Park Avenue
 New York, New York 10016

Attention: Gerard Keegan, Esq.
 Facsimile No.:
(212) 210-9444

  
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 or addressed as such party may from time to time designate by written notice to the other parties. Either
party by notice to the other may designate additional or different addresses for subsequent notices or communications. For purposes of this Security Instrument, “Business Day” shall mean any day other than Saturday, Sunday or any
other day on which banks are authorized or required to close in New York, New York, San Diego, California or Portland, Oregon. 

Article 17. SERVICE OF PROCESS 
 Section 17.1. CONSENT TO SERVICE. (a) Borrower will maintain a place of business or an agent for service of process in Portland, Oregon and give prompt notice to Lender of the address of such
place of business and of the name and address of any new agent appointed by it, as appropriate. Borrower further agrees that the failure of its agent for service of process to give it notice of any service of process will not impair or affect the
validity of such service or of any judgment based thereon. If, despite the foregoing, there is for any reason no agent for service of process of Borrower available to be served, and if it at that time has no place of business in Portland, Oregon,
then Borrower irrevocably consents to service of process by registered or certified mail, postage prepaid, to it at its address given in or pursuant to Section 16.1 above. 

(b) Borrower initially designates Corporation Services Company with offices on the date hereof at 285 Liberty Street NE, Salem, Oregon
97301, Attention: Service of Process, Facsimile No.: (302) 636-5454, to receive for and on behalf of Borrower service of process with respect to this Security Instrument and the other Loan Documents; provided, that, no notice shall be effective
unless, contemporaneously therewith, a copy thereof is sent by nationally recognized overnight courier (such as FedEx or UPS) to American Assets Trust, L.P., Attention: John W. Chamberlain and Robert Barton, with offices on the date hereof at 11455
El Camino Real, Suite 200, San Diego, California 92130. With respect to the aforesaid “copy” agent and address, (i) Borrower shall give Lender prior written notice of any change in such agent and/or address, (ii) the failure of
any such agent to give Borrower notice of the same will not impair or affect the validity of such service or of any judgment based thereon and (iii) if, despite the foregoing, there is for any reason no such agent available to receive said
copy, then Borrower irrevocably consents to service of process by registered or certified mail, postage prepaid, to it at its address given in or pursuant to Section 16.1 above. 

Article 18. APPLICABLE LAW 
 Section 18.1. CHOICE OF LAW. THIS SECURITY INSTRUMENT SHALL BE DEEMED TO BE A CONTRACT ENTERED INTO PURSUANT TO THE LAWS OF THE STATE OF OREGON AND SHALL IN ALL RESPECTS BE GOVERNED, CONSTRUED,
APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF OREGON AND APPLICABLE FEDERAL LAWS OF THE UNITED STATES OF AMERICA. 

  
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 Section 18.2. USURY LAWS. This Security Instrument and the Note are subject to the
express condition that at no time shall Borrower be obligated or required to pay interest on the Debt at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest
rate which Borrower is permitted by Applicable Law to contract or agree to pay. If by the terms of this Security Instrument or the Note, Borrower is at any time required or obligated to pay interest on the Debt at a rate in excess of such maximum
rate, the rate of interest under the Security Instrument and the Note shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such
maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of the Note. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the Debt shall, to the extent permitted
by Applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term of the Note until payment in full so that the rate or amount of interest on account of the Debt does not exceed the maximum lawful rate of interest from
time to time in effect and applicable to the Debt for so long as the Debt is outstanding. 
 Section 18.3. PROVISIONS SUBJECT
TO APPLICABLE LAW. All rights, powers and remedies provided in this Security Instrument may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of law and are intended to be limited to the extent
necessary so that they will not render this Security Instrument invalid, unenforceable or not entitled to be recorded, registered or filed under the provisions of any Applicable Law. If any term of this Security Instrument or any application thereof
shall be invalid or unenforceable, the remainder of this Security Instrument and any other application of the term shall not be affected thereby. 
 Article 19. SECONDARY MARKET 
 Section 19.1. TRANSFER OF LOAN.
Lender may, at any time following the initial funding of the Loan, enter into any Secondary Market Transaction, sell, transfer or assign any or all servicing rights with respect to the Loan and/or or issue Securities (as defined below) in connection
therewith. Lender may forward to any Rating Agency, each actual or potential purchaser, transferee, assignee, servicer, participant or investor in any Secondary Market Transaction (collectively, the “Investor” and the
“Investors”), all documents and information which Lender now has or may hereafter acquire relating to the Debt, Sponsor, Indemnitor, Borrower, and the Property, whether furnished by Borrower, or otherwise, as Lender determines
necessary or desirable. Subject to any specific limitations contained herein, Borrower agrees to reasonably cooperate with Lender in connection with any Secondary Market Transaction, including, without limitation, the delivery of an estoppel
certificate in accordance therewith, and such other documents as may be reasonably requested by Lender. Borrower shall also furnish (and Borrower consents to Lender furnishing) to such Investors or Rating Agencies any and all information concerning
the Property, the Leases, the financial condition of Borrower, Indemnitor or Sponsor as may be requested by Lender, any Investor or Rating Agency in connection with any Secondary Market Transaction. Lender may, from time to time, retain or assign
responsibility for servicing the Note, this Security Instrument, and the other Loan Documents, or may delegate some or all of such responsibility and/or obligations to a servicer including, but not limited to, any subservicer, special servicer or
master servicer (each of the forgoing, collectively and as applicable, “Servicer”); provided, however, that (I) Borrower shall only be required to deal with one Servicer designated from time to time with respect to any
consents, approvals, notices, required from, or to, Lender pursuant to the Loan Documents (it being understood that 

  
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other Servicers may replace and/or otherwise succeed such Servicer and any Servicer may need to consult with other Persons that hold a portion of Lender’s rights and obligations under the
Loan or with the Rating Agencies in connection with any such consent, approval or notice), (II) the time periods for Lender approvals under the Loan Documents (to the extent applicable) shall not be increased and Borrower shall not be required to
pay multiple fees and expenses (or higher fees and expenses) if more than one Servicer is consulted by such Servicer and (III) other than Borrower’s right to refuse to deal with multiple Servicers and/or to pay the fees of multiple Servicers,
in each case, in a manner consistent with the foregoing, the failure of Lender or any Servicer to comply with the provisions of this sentence shall not otherwise waive, abrogate or otherwise affect Borrower’s other obligations hereunder or any
of the other Loan Documents. Lender may make such assignment or delegation on behalf of the Investors if the Note is sold or this Security Instrument or the other Loan Documents are assigned. All references to Lender herein shall refer to and
include any such servicer to the extent applicable. 
 Section 19.2. CONVERSION TO REGISTERED FORM. At the request and
the expense of Lender, Borrower shall appoint, as its agent, a registrar and transfer agent (the “Registrar”) reasonably acceptable to Lender which shall maintain, subject to such reasonable regulations as it shall provide, such
books and records as are necessary for the registration and transfer of the Note in a manner that shall cause the Note to be considered to be in registered form for purposes of Section 163(f) of the Code. The option to convert the Note into
registered form once exercised may not be revoked. Any agreement setting out the rights and obligation of the Registrar shall be subject to the reasonable approval of Lender. Borrower may revoke the appointment of any particular Person as Registrar,
effective upon the effectiveness of the appointment of a replacement Registrar. The Registrar shall not be entitled to any fee from Borrower or Lender or any other lender in respect of transfers of the Note and Security Instrument (other than Taxes
and governmental charges and fees). 
 Section 19.3. COOPERATION. Borrower acknowledges that Lender shall have the right
to (a) sell or otherwise transfer the Loan (or any portion thereof and/or interest therein), (b) to sell participation interests in the Loan (or any portion thereof and/or interest therein) or (c) to securitize the Loan (or any
portion thereof and/or interest therein) in a single asset securitization or a pooled asset securitization. The transaction referred to in clauses (a), (b) and (c) above shall hereinafter be referred to collectively as “Secondary
Market Transactions” and the transactions referred to in clause (c) shall hereinafter be referred to as a “Securitization”. Any certificates, notes or other securities issued in connection with a Securitization are
hereinafter referred to as “Securities”. Borrower shall cooperate in good faith with Lender in effecting any such Secondary Market Transaction and shall cooperate in good faith to implement all requirements imposed by any Rating
Agencies or Investors in connection therewith. Without limitation of the foregoing, in connection with any Secondary Market Transaction, Borrower agrees, upon Lender’s written request, to (A) obtain opinions of counsel, which may be relied
upon by Lender, the Rating Agencies and their respective counsel, agents and representatives, as to matters of Delaware and federal bankruptcy law relating to limited liability companies in a form and from counsel reasonably acceptable to Lender,
(B) restructure the Junior Loan so that Borrower is no longer the debtor thereunder and to enter into such modifications hereof and of the other Loan Documents and such other agreements as may be reasonably requested by Lender in connection
therewith and (C) enter into and effectuate all structural or other changes to the Loan (including delivery of one or more new component notes to replace the Note or modify the 

  
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Note to reflect multiple components of the Loan and such new notes or modified note may have different interest rates and amortization schedules), modifications to any Loan Documents, delivery of
opinions of counsel acceptable to the Rating Agencies or Investors and addressing such matters as the Rating Agencies or Investors may require; provided, however, notwithstanding anything to the contrary in this Security Instrument, the Note, or the
other Loan Documents, Borrower shall not be required to modify any Loan Documents (or otherwise take any action) which would (i) modify the initial weighted average interest rate payable under the Note, (ii) modify the stated maturity of
the Note, (iii) modify the aggregate amortization of principal of the Note, (iv) modify any other material economic term of the Loan, (v) decrease the time periods during which Borrower is permitted to perform its obligations under
this Security Instrument or any of the other Loan Documents, or (vi) otherwise increase Borrower’s or Indemnitor’s obligations or decrease any of their rights or protections in any material respect under the Note, this Security
Instrument or any of the other Loan Documents except as otherwise expressly permitted herein. Borrower shall provide such information, documents and agreements relating to Borrower, Indemnitor, Sponsor, the Property, the Property Documents and any
tenants of the Improvements as Lender may reasonably request in connection with a Secondary Market Transaction. Lender shall have the right to provide to Investors or Rating Agencies any information in its possession, including, without limitation,
financial statements relating to Borrower, Sponsor, Indemnitor, the Property and any tenant of the Improvements. Borrower acknowledges that certain information regarding the Loan and the parties thereto, Sponsor and the Property may be included in
Disclosure Documents (defined below) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Securities and Exchange Act of
1934, as amended (the “Exchange Act”), and may be made available to Investors, the Rating Agencies, and service providers relating to any Secondary Market Transaction. With respect to Borrower’s cooperation in connection with
any Secondary Market Transaction under this Article 19, Lender shall pay its own costs and expenses and shall reimburse Borrower for Borrower’s initial (as opposed to ongoing), reasonable, demonstrable, out of pocket, third party costs and
expenses incurred as a direct result of such cooperation. 
 Section 19.4. PROVIDED INFORMATION; LIABILITY. 

(a) Borrower shall indemnify Lender and its officers, directors, partners, employees, representatives, agents and affiliates against any
losses, claims, damages or liabilities (collectively, the “Liabilities”) to which Lender and/or its officers, directors, partners, employees, representatives, agents and/or affiliates may become subject in connection with any
Disclosure Document and/or any Covered Rating Agency Information, in each case, insofar as such Liabilities arise out of or are based upon any untrue statement of any material fact in the Provided Information and/or arise out of or are based upon
the omission to state a material fact in the Provided Information required to be stated therein or necessary in order to make the statements in the applicable Disclosure Document and/or Covered Rating Agency Information, in light of the
circumstances under which they were made, not misleading. 
 (b) The liabilities and obligations of both Borrower and Lender
under this Section 19.4 shall survive the termination of this Security Instrument and the satisfaction and discharge of the Debt. Failure by Borrower and/or any Borrower Party to promptly comply with this Article 19 shall, at Lender’s
option, constitute a breach of the terms thereof and/or an Event of 

  
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Default. Borrower (on its own behalf and on behalf of each Borrower Party) hereby expressly authorizes and appoints Lender its attorney-in-fact to take any actions required of any Borrower Party
under this Article 19 in the event any Borrower Party fails to do the same, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest. 
 (c) As used herein, the term (i) “Borrower Party” and “Borrower Parties” shall mean each of Borrower, Sponsor and Guarantor; (ii) “Covered Rating Agency
Information” shall mean any Provided Information furnished to the Rating Agencies in connection with issuing, monitoring and/or maintaining the Securities; (iii) “Disclosure Documents” shall mean, collectively and as
applicable, any offering circular, prospectus, prospectus supplement, private placement memorandum or other offering document, in each case, in connection with a Securitization; and (iv) “Provided Information” shall mean any
information provided by or on behalf of any of Borrower, Sponsor or Guarantor in connection with the Loan, the Property, such Person and/or any related matter or Person. 
 Section 19.5. DISCLOSURE OF INFORMATION. Notwithstanding anything to the contrary contained herein or in any other Loan Document, (a) each of Borrower and Lender shall be permitted to make
disclosures regarding the Loan (including, without limitation, any information obtained and/or provided in connection therewith) in connection with their respective ordinary course reporting under applicable laws (including, without limitation,
applicable securities laws), to their respective investors or regulators and/or as may be required by applicable law, in each case, without the approval of the other Person and (b) if the Rating Agencies hired to rate the Securities and/or any
Investor request that Lender and/or Servicer approve the release by such Person(s) to the General Public of any non-public information relating to Sponsor and/or pertaining to the financial performance of the Property that has been previously
identified by Borrower to Lender in writing as being confidential or proprietary (the “Identified Information”), Lender and/or Servicer shall not consent to such release without the prior, good faith and reasonable written consent
of Borrower; provided, however, in no event shall Lender or Servicer be prohibited from disclosing, or consenting to the disclosure of any information (including, without limitation, any Identified Information) in connection with any Secondary
Market Transaction (including, without limitation, to any Investor and/or any accountants, legal counsel and other similar agents of any Investor) or any applicable legal or regulatory requirement. As used herein, the term “General
Public” shall mean Persons in the general public or population and shall not be deemed to include any Servicer, Lender, Investors, Rating Agencies, governmental or quasi-governmental and regulatory authorities, the direct and indirect
constituent owners of such Persons, officers, directors or affiliates of such Persons or, in each case, any accountants, legal counsel and other similar agents of any of the foregoing. 

Article 20. COSTS 
 Section 20.1. PERFORMANCE AT BORROWER’S EXPENSE. 
 (a) Subject to any
applicable express limitations set forth herein and/or in the other Loan Documents, Borrower covenants and agrees to pay its own costs and expenses and pay, or, if Borrower fails to pay, to reimburse, Lender, upon receipt of written notice from
Lender, for Lender’s reasonable costs and expenses (including reasonable, actual attorneys’ fees and disbursements) in each case, incurred by Lender in accordance with this Security Instrument or

  
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the other Loan Documents in connection with (i) the preparation, negotiation, execution and delivery of this Security Instrument, the Note and the other Loan Documents and the consummation
of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower; (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements and covenants
contained in this Security Instrument, the Security Instrument, the Note and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance with environmental and
insurance requirements; (iii) the negotiation, preparation, execution and delivery of any consents, amendments, waivers or other modifications to this Security Instrument, the Note and the other Loan Documents and any other documents or matters
requested by Lender; (iv) securing Borrower’s compliance with any requests made pursuant to the provisions of this Security Instrument or the other Loan Documents; (v) the filing and recording fees and expenses, title insurance and
reasonable fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the lien in favor of Lender pursuant to this Security Instrument, the Security Instrument,
the Note and the other Loan Documents; (vi) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting
Borrower, this Security Instrument, the Note, the other Loan Documents, the Property, or any other security given for the Loan; and (vii) enforcing any obligations of or collecting any payments due from Borrower under this Security Instrument,
the Note and the other Loan Documents or with respect to the Property or in connection with any refinancing or restructuring of the credit arrangements provided under this Security Instrument and the other Loan Documents in the nature of a
“work-out” or of any insolvency or bankruptcy proceedings (which such costs and expenses shall be deemed to include, without limitation and in each case, any special servicing fees, liquidation fees, modification fees, work-out fees and
other similar costs or expenses payable to any servicer, trustee and/or special servicer of the Loan (or any portion thereof and/or interest therein)); provided, however, that Borrower shall not be liable for the payment of any such costs and
expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. 

(b) Borrower acknowledges and confirms that Lender may (subject to any limitations contained elsewhere in this Security Instrument)
impose certain reasonable administrative, processing and/or commitment fees in connection with (a) the extension, renewal, modification, amendment and termination of the Loan, (b) the release or substitution of collateral therefor,
(c) if an Event of Default occurs and the Loan is transferred to a special servicer, (d) obtaining certain consents, waivers and approvals required hereunder (including, without limitation, Rating Agency Confirmations), and/or (e) the
review of any Major Lease, proposed Major Lease or any other Lease for which Lender’s approval is required hereunder or the negotiation of any SNDA (as provided above). Borrower further acknowledges and confirms that it shall be responsible for
the payment of all costs of reappraisal of the Property or any part thereof required by law, regulation, or any governmental or quasi governmental authority. Subject to any applicable express limitations set forth herein and/or in the other Loan
Documents, Borrower hereby acknowledges and agrees to pay, immediately, with or without demand, all such fees (as the same may be increased or decreased from time to time), and any additional fees of a similar type or nature which may be reasonably
imposed by Lender from time to time, upon the occurrence of any Event of Default. Wherever it is provided for herein that Borrower pay any costs and expenses, such costs and expenses shall include, but not be limited to, all reasonable legal fees
and disbursements of Lender, whether retained firms, the reimbursement for the expenses of in house staff or otherwise. 

  
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 Section 20.2. ATTORNEYS’ FEES FOR ENFORCEMENT. (a) Borrower shall pay all
reasonable legal fees incurred by Lender in connection with the items set forth in Section 20.1 above and (b) Borrower shall pay to Trustee or Lender on demand any and all expenses, including reasonable legal expenses and attorneys’
fees, reasonably incurred or paid by Trustee or Lender in protecting its interest in the Property or Personal Property or in collecting any amount payable hereunder or in enforcing its rights hereunder with respect to the Property or Personal
Property, whether or not any legal proceeding is commenced hereunder or thereunder and whether or not any default or Event of Default shall have occurred and is continuing, together with interest thereon at the Default Rate from the date paid or
incurred by Trustee or Lender until such expenses are paid by Borrower. 
 Section 20.3. RATING AGENCY COSTS. In
connection with any Rating Agency Confirmation or other Rating Agency consent, approval or review required hereunder (other than the initial review of the Loan by the Rating Agencies in connection with a Securitization), Borrower shall pay all of
the costs and expenses of Lender, any servicer and each Rating Agency in connection therewith, and, if applicable, shall pay any fees imposed by any Rating Agency in connection therewith. 

Section 20.4. RESERVES/ESCROWS. From and after a Securitization and to the extent required by Lender, all funds held by Lender or
Servicer in escrow or pursuant to reserves in accordance with this Security Instrument and the other Loan Documents shall be deposited in “eligible accounts” at “eligible institutions” and, to the extent applicable, invested in
“permitted investments” as then defined and required by the Rating Agencies. 
 Article 21. DEFINITIONS

 Section 21.1. GENERAL DEFINITIONS. Unless the context clearly indicates a contrary intent or unless otherwise
specifically provided herein, words used in this Security Instrument may be used interchangeably in singular or plural form and the word “Borrower” shall mean “each Borrower, each party comprising Borrower (if Borrower consists of
more than one Person) and any subsequent owner or owners of the Property or any part thereof or any interest therein”; the word “Lender” shall mean “Lender and any subsequent holder of the Note”; the word “Note”
shall mean “the Note and any other evidence of indebtedness secured by this Security Instrument”; the word “Property” shall include any portion of the Property and any interest therein, and the phrases “attorneys’
fees” and “counsel fees” shall include any and all reasonable attorneys’, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre trial, trial and appellate levels incurred
or paid by Lender in protecting its interest in the Property, the Leases and the Rents and enforcing its rights hereunder. 

  
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 Article 22. MISCELLANEOUS PROVISIONS 

Section 22.1. NO ORAL CHANGE. This Security Instrument, and any provisions hereof, may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act or failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change,
discharge or termination is sought. 
 Section 22.2. LIABILITY. If there is more than one Borrower, the obligations and
liabilities of each such Person hereunder shall be joint and several. This Security Instrument shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns forever. 

Section 22.3. INAPPLICABLE PROVISIONS. If any term, covenant or condition of the Note or this Security Instrument is held to be
invalid, illegal or unenforceable in any respect, the Note and this Security Instrument shall be construed without such provision. 
 Section 22.4. HEADINGS, ETC. The headings and captions of various Sections of this Security Instrument are for convenience of reference only and are not to be construed as defining or limiting, in
any way, the scope or intent of the provisions hereof. 
 Section 22.5. DUPLICATE ORIGINALS; COUNTERPARTS. This Security
Instrument may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original. This Security Instrument may be executed in several counterparts, each of which counterparts shall be deemed an original
instrument and all of which together shall constitute a single Security Instrument. The failure of any party hereto to execute this Security Instrument, or any counterpart hereof, shall not relieve the other signatories from their obligations
hereunder. 
 Section 22.6. NUMBER AND GENDER. Whenever the context may require, any pronouns used herein shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. 
 Section 22.7. SUBROGATION. If any or all of the proceeds of the Note have been used to extinguish, extend or renew any indebtedness heretofore existing against the Property, then, to the extent of
the funds so used, Lender shall be subrogated to all of the rights, claims, liens, titles, and interests existing against the Property heretofore held by, or in favor of, the holder of such indebtedness and such former rights, claims, liens, titles,
and interests, if any, are not waived but rather are continued in full force and effect in favor of Lender and are merged with the lien and security interest created herein as cumulative security for the repayment of the Debt, the performance and
discharge of Borrower’s obligations hereunder, under the Note and the other Loan Documents and the performance and discharge of the Other Obligations. 
 Section 22.8. ENTIRE AGREEMENT. The Note, this Security Instrument and the other Loan Documents constitute the entire understanding and agreement between Borrower and Lender with respect to the
transactions arising in connection with the Debt and supersede all prior written or oral understandings and agreements between Borrower and Lender with respect thereto. Borrower hereby acknowledges that, except as incorporated in writing in the
Note, this 

  
 78 

 
Security Instrument and the other Loan Documents, there are not, and were not, and no Persons are or were authorized by Lender to make, any representations, understandings, stipulations,
agreements or promises, oral or written, with respect to the transaction which is the subject of the Note, this Security Instrument and the other Loan Documents. 
 Section 22.9. TAX DISCLOSURE. Notwithstanding anything herein or in any other Loan Document to the contrary, except as reasonably necessary to comply with applicable securities laws, each party
(and each employee, representative or other agent of each party) hereto may disclose to any and all Persons, without limitation of any kind, any information with respect to the United States federal income “tax treatment” and “tax
structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to such parties (or
their representatives) relating to such tax treatment and tax structure; provided, that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as
other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal income tax treatment or tax structure of the transactions contemplated hereby. 

Section 22.10. SERVICER FEES. Lender and Borrower hereby each acknowledge and agree that the general schedule of servicing fees
attached hereto as Schedule 2 shall be deemed to list the reasonable fees customarily charged by lenders or servicers of secondary market loans similar to the Loan for actions specified on the aforesaid Schedule (barring any atypical or
extraordinary circumstances). 
 [PROVISIONS CONTINUE ON FOLLOWING PAGE] 

  
 79 

 Section 22.11. DUE ON SALE/ENCUMBRANCE. Borrower expressly agrees that upon a
violation of Article 8 of this Security Instrument by Borrower and acceleration of the principal balance of the Note because of such violation, Borrower will pay all sums required to be paid in connection with a prepayment, if any, as described in
the Note, herein imposed on prepayment after an Event of Default and acceleration of the principal balance. Borrower expressly acknowledges that Borrower has received adequate consideration for the foregoing agreement. 

 

					
	BORROWER:
	
	AAT OREGON OFFICE I, LLC, a Delaware limited liability company
		
	By:	 	First American Exchange Company, LLC, a Delaware limited liability company, its sole member
			
		 	By:	 	/s/ Anthony Alosi
		 	Name:	 	Anthony Alosi
		 	Title:	 	Senior Vice President

 [NO FURTHER
TEXT ON THIS PAGE] 

  
 80 

 Article 23. TRUSTEE PROVISIONS 

Section 23.1. CONCERNING THE TRUSTEE. Trustee shall be under no duty to take any action hereunder except as expressly required
hereunder or by law, or to perform any act which would involve Trustee in any expense or liability or to institute or defend any suit in respect hereof, unless properly indemnified to Trustee’s reasonable satisfaction. Trustee, by acceptance of
this Security Instrument, covenants to perform and fulfill the trusts herein created, being liable, however, only for gross negligence or willful misconduct, and hereby waives any statutory fee and agrees to accept reasonable compensation, in lieu
thereof, for any services rendered by Trustee in accordance with the terms hereof. Trustee may resign at any time upon giving thirty (30) days’ notice to Borrower and to Lender. Lender may remove Trustee at any time or from time to time
and select a successor trustee. In the event of the death, removal, resignation, refusal to act, or inability to act of Trustee, or in its sole discretion for any reason whatsoever Lender may, without notice and without specifying any reason
therefor and without applying to any court, select and appoint a successor trustee, by an instrument recorded wherever this Security Instrument is recorded and all powers, rights, duties and authority of Trustee, as aforesaid, shall thereupon become
vested in such successor. Such substitute trustee shall not be required to give bond for the faithful performance of the duties of Trustee hereunder unless required by Lender. The procedure provided for in this paragraph for substitution of Trustee
shall be in addition to and not in exclusion of any other provisions for substitution, by law or otherwise. 
 Section 23.2.
TRUSTEE’S FEES. Borrower shall pay all reasonable costs, fees and expenses incurred by Trustee and Trustee’s agents and counsel in connection with the performance by Trustee of Trustee’s duties hereunder and all such costs,
fees and expenses shall be secured by this Security Instrument. 
 Section 23.3. CERTAIN RIGHTS. With the approval of
Lender, Trustee shall have the right to take any and all of the following actions: (i) to select, employ, and advise with counsel (who may be, but need not be, counsel for Lender) upon any matters arising hereunder, including the preparation,
execution, and interpretation of the Note, this Security Instrument or the other Loan Documents, and shall be fully protected in relying as to legal matters on the advice of counsel, (ii) to execute any of the trusts and powers hereof and to
perform any duty hereunder either directly or through his/her agents or attorneys, (iii) to select and employ, in and about the execution of his/her duties hereunder, suitable accountants, engineers and other experts, agents and
attorneys-in-fact, either corporate or individual, not regularly in the employ of Trustee, and Trustee shall not be answerable for any act, default, negligence, or misconduct of any such accountant, engineer or other expert, agent or
attorney-in-fact, if selected with reasonable care, or for any error of judgment or act done by Trustee in good faith, or be otherwise responsible or accountable under any circumstances whatsoever, except for Trustee’s gross negligence or bad
faith, and (iv) any and all other lawful action as Lender may instruct Trustee to take to protect or enforce Lender’s rights hereunder. Trustee shall not be personally liable in case of entry by Trustee, or anyone entering by virtue of the
powers herein granted to Trustee, upon the Property for debts contracted for or liability or damages incurred in the management or operation of the Property. Trustee shall have the right to rely on any instrument, document, or signature authorizing
or supporting an action taken or proposed to be taken by Trustee hereunder, believed by Trustee in good faith to be genuine. Trustee shall be entitled to reimbursement for actual expenses incurred by Trustee in the performance of Trustee’s
duties hereunder and to reasonable compensation for such of Trustee’s services hereunder as shall be rendered. 

  
 81 

 Section 23.4. RETENTION OF MONEY. All moneys received by Trustee shall, until used or
applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other moneys (except to the extent required by applicable law) and Trustee shall be under no liability for
interest on any moneys received by Trustee hereunder. 
 Section 23.5. PERFECTION OF APPOINTMENT. Should any deed,
conveyance, or instrument of any nature be required from Borrower by any Trustee or substitute trustee to more fully and certainly vest in and confirm to Trustee or substitute trustee such estates rights, powers, and duties, then, upon request by
Trustee or substitute trustee, any and all such deeds, conveyances and instruments shall be made, executed, acknowledged, and delivered and shall be caused to be recorded and/or filed by Borrower. 

Section 23.6. SUCCESSION INSTRUMENTS. Any substitute trustee appointed pursuant to any of the provisions hereof shall, without any
further act, deed, or conveyance, become vested with all the estates, properties, rights, powers, and trusts of its or his/her predecessor in the rights hereunder with like effect as if originally named as Trustee herein; but nevertheless, upon the
written request of Lender or of the substitute trustee, Trustee ceasing to act shall execute and deliver any instrument transferring to such substitute trustee, upon the trusts herein expressed, all the estates, properties, rights, powers, and
trusts of Trustee so ceasing to act, and shall duly assign, transfer and deliver any of the property and moneys held by such Trustee to the substitute trustee so appointed in Trustee’s place. 

Article 24. SPECIAL STATE OF OREGON PROVISIONS 
 Section 24.1. CONFLICTS. In the event of any conflict between the provisions of this Article 24 and any provision of this Security Instrument or the other Loan Documents, then the provisions
of this Article 24 shall control and be binding. 
 Section 24.2. RECEIVER. Section 11.1(g) hereof is hereby
modified by inserting the following sentence to the end of the said Section: “Any receiver appointed pursuant to this Section 11.1(g) may serve without a bond.” 
 Section 24.3. POWER OF SALE. 
 (a) Upon any Event of Default, the
Lender may declare all sums secured hereby immediately due and payable. In such an event the Lender at his election may proceed to foreclose this Security Instrument in equity as a mortgage or direct the Trustee to foreclose this Security Instrument
by advertisement and sale. In the latter event the Lender or the Trustee shall execute and cause to be recorded a written notice of default and its election to sell the Property to satisfy the obligation secured hereby whereupon the Trustee shall
fix the time and place of sale, give notice thereof as then required by law and proceed to foreclose this Security Instrument in the manner provided in ORS 86.735 to 86.795. 

  
 82 

 (b) After the Trustee has commenced foreclosure by advertisement and sale, and at any time
prior to five days before the date the Trustee conducts the sale, the Borrower or any other person so privileged by ORS 86.753, may cure the applicable Event of Default. If the Event of Default consists of a failure to pay, when due, sums secured by
the Security Instrument, the Event of Default may be cured by paying the entire amount due at the time of the cure, other than such portion as would not then be due had no Event of Default occurred. Any other default that is capable of being cured
may be cured by tendering the performance required under the Security Instrument or the obligation secured by the Security Instrument. In any case, in addition to curing the default or defaults, the person effecting the cure shall pay to the Lender
all costs and expenses actually incurred in enforcing the obligation of the Security Instrument together with Trustee’s and attorney’s fees not exceeding the amounts provided by law. 

(c) Otherwise, the sale shall be held on the date and at the time and place designated in the notice of sale or the time to which said
sale may be postponed as provided by law. The Trustee may sell the Property either in one parcel or in separate parcels and shall sell the parcel or parcels at auction to the highest bidder for cash, payable at the time of sale. Trustee shall
deliver to the purchaser its deed in form as required by law conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in the deed of any matters of fact shall be prima facie evidence of the truthfulness
thereof, but the recitals shall be conclusive in favor of a purchaser for value in good faith relying on them. Any person, excluding the Trustee, but including the Borrower and Lender, may purchase at the sale. 

(d) When Trustee sells pursuant to the powers provided herein, Trustee shall apply the proceeds of sale to payment of (1) the
expense of sale, including the compensation of the Trustee and a reasonable charge by Trustee’s attorney, (2) to the Obligations, (3) to all persons having recorded liens subsequent to the interest of the Trustee as their interests
may appear in the order of their priority and (4) the surplus, if any, to the Borrower or to its successor in interest entitled to such surplus. 
 Section 24.4. ATTORNEY’S FEES. Borrower shall pay all costs, fees and expenses of this Security Instrument, including the cost of title search, as well as the other costs and expenses of the
Trustee and Lender incurred in connection with or in enforcing the Obligations, including the Trustee and/or Lender’s attorney’s fees actually incurred at any trial appellate or bankruptcy proceeding, or on an appeal thereof. 

Section 24.5. HANDICAPPED ACCESS. 
 (a) Borrower agrees that the Property shall at all times strictly comply to the extent applicable with the requirements of the Americans with Disabilities Act of 1990, the Fair Housing Amendments Act of
1988, all state and local laws and ordinances related to handicapped access, and all rules, regulations, and orders issued pursuant thereto including, without limitation, the Americans with Disabilities Act Accessibility Guidelines for Buildings and
Facilities (collectively “Access Laws”). 

  
 83 

 (b) Notwithstanding any limits set forth herein or in any other document on Borrower’s
obligation to obtain Lender’s approval of alterations of the Property, Borrower shall not alter the Property in any manner which would increase Borrower’s responsibilities for compliance with the applicable Access Laws without the prior
written approval of Lender. The foregoing shall apply to tenant improvements constructed by Borrower or by any of its tenants. Lender may condition any such approval upon receipt of a certificate of Access Law compliance from an architect, engineer,
or other person acceptable to Lender. 
 (c) Borrower agrees to give prompt notice to Lender of the receipt by Borrower of any
complaints related to violation of any Access Laws and of the commencement of any proceedings or investigations which relate to compliance with applicable Access Laws. 
 (d) Borrower shall indemnify, defend, and hold harmless Lender from and against any and all claims, demand, damages, costs, expenses, losses, liabilities, penalties, fines, and other proceedings including
without limitation reasonable attorneys fees and expenses arising directly or indirectly from or out of or in any way connected with any failure of the Property to comply with applicable Access Laws. The obligations and liabilities of Borrower under
this section shall survive any termination, satisfaction, assignment, entry of a judgment of foreclosure, delivery of trustee’s deed in a nonjudicial foreclosure proceeding, or delivery of a deed in lieu of foreclosure. 

Section 24.6. NOT RESIDENTIAL TRUST DEED. Borrower warrants that this Security Instrument is not, and will at all times continue
not to be, a “residential trust deed” as defined in ORS 86.705(3). Borrower represents and warrants that the Loan is not primarily for personal, family or household use. The maturity date of the obligations secured by this instrument is
July 1, 2016. 
 Section 24.7. DISCLOSURE. Borrower acknowledges receipt of and agrees to the following: 

WARNING 

UNLESS YOU PROVIDE US WITH EVIDENCE OF THE INSURANCE COVERAGE AS REQUIRED BY THE LOAN DOCUMENTS, WE MAY PURCHASE INSURANCE AT YOUR
EXPENSE TO PROTECT OUR INTEREST. THIS INSURANCE MAY, BUT NEED NOT, ALSO PROTECT YOUR INTEREST. IF THE COLLATERAL BECOMES DAMAGED, THE COVERAGE WE PURCHASE MAY NOT PAY ANY CLAIM YOU MAKE OR ANY CLAIM MADE AGAINST YOU. YOU MAY LATER CANCEL THIS
COVERAGE BY PROVIDING EVIDENCE THAT YOU HAVE OBTAINED PROPERTY COVERAGE ELSEWHERE. 
 YOU ARE RESPONSIBLE FOR THE COST OF
ANY INSURANCE PURCHASED BY US. THE COST OF THIS INSURANCE MAY BE ADDED TO YOUR LOAN BALANCE IN ACCORDANCE WITH THE TERMS OF THE LOAN DOCUMENTS. IF THE COST IS ADDED TO YOUR 

  
 84 

 
CONTRACT OR LOAN BALANCE, THE INTEREST RATE ON THE UNDERLYING LOAN MAY APPLY TO THIS ADDED AMOUNT. THE EFFECTIVE DATE OF COVERAGE MAY BE THE DATE YOUR PRIOR COVERAGE LAPSED OR THE DATE YOU FAILED
TO PROVIDE PROOF OF COVERAGE. 
 THE COVERAGE WE PURCHASE MAY BE CONSIDERABLY MORE EXPENSIVE THAN INSURANCE YOU CAN OBTAIN
ON YOUR OWN AND MAY NOT SATISFY ANY NEED FOR PROPERTY DAMAGE COVERAGE OR ANY MANDATORY LIABILITY INSURANCE REQUIREMENTS IMPOSED BY APPLICABLE LAW. 
 UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY US CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE
BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY US TO BE ENFORCEABLE. 
 [NO FURTHER
TEXT ON THIS PAGE] 

  
 85 

 IN WITNESS WHEREOF, Borrower has executed this Deed of Trust and Security Agreement
the day and year first above written. 
  

					
	BORROWER:
	
	AAT OREGON OFFICE I, LLC, a Delaware limited liability company
		
	By:	 	First American Exchange Company, LLC, a Delaware limited liability company, its sole member
			
		 	By:	 	/s/ Anthony Alosi
		 	Name:	 	Anthony Alosi
		 	Title:	 	Senior Vice President

  
 86 

 ACKNOWLEDGEMENT 
 [STATE SPECIFIC ACKNOWLEDGEMENTS TO BE INSERTED] 

  
 1 

 Schedule 1 
 “Debt Service Coverage Ratio” means the ratio of (a) Net Operating Income to (b) Annual Debt Service, all as determined by Lender. 

“Annual Debt Service” means an amount equal to twelve (12) times the then applicable Monthly Payment (as defined in the
Note) payable under the Note. 
 “Net Operating Income” means for the 12-month period immediately preceding the date of
calculation, (A) all sustainable Rents and other income received from the Property received from tenants during such 12-month period, less (B) all Operating Expenses for such 12-month period and any Extraordinary Expenses approved by
Lender and applicable to such 12-month period. 
 “Operating Expenses” means the aggregate of the following items:
(a) real estate taxes, general and special assessments or similar charges, other than Taxes; (b) sales, use and personal property taxes; (c) without duplication, (i) management fees of not less than 4% of the gross income derived
from the operation of the Property (exclusive of parking operations at the Property) and disbursements for property management services whether such services are performed at the Property or off-site and (ii) parking management fees of not less
than 4% of the gross income derived from the operation of the parking related activities Property and disbursements for parking management services whether such services are performed at the Property or off-site; (d) wages, salaries, pension
costs and all fringe and other employee-related benefits and expenses, of all employees up to and including (but not above) the level of the on-site manager, engaged in the repair, operation and maintenance of the Property and service to tenants and
on-site personnel engaged in audit and accounting functions performed by Borrower; (e) insurance premiums including, but not limited to, casualty, liability, rent and fidelity insurance premiums, other than Insurance Premiums; (f) cost of
all electricity, oil, gas, water, steam, HVAC and any other energy, utility or similar item and overtime services, the cost of building and cleaning supplies, and all other administrative, management, ownership, operating, advertising, marketing and
maintenance expenses incurred by Borrower (and not paid directly by any tenant) in connection with the operation of the Property; (g) costs of necessary cleaning, repair, replacement, maintenance, decoration or painting of existing improvements
on the Property (including, without limitation, parking lots and roadways), of like kind or quality or such kind or quality which is necessary to maintain the Property to the same standards as competitive properties of similar size and location of
the Property; (h) the cost of such other maintenance materials, HVAC repairs, parts and supplies, and all equipment to be used in the ordinary course of business, which is not capitalized in accordance with approved accounting method;
(i) legal, accounting and other professional expenses incurred in connection with the Property; (j) casualty losses to the extent not reimbursed by a third party; and (k) to the extent not already included in any of
(f)-(h) above, a reserve for structural repairs, normalized leasing commissions and tenant improvements equal to $852,106. The Operating Expenses shall be based on the above-described items actually incurred or payable on an accrual basis in
accordance with the Approved Accounting Method by Borrower during the twelve (12) month period ending one month prior to the date on which the Net Operating Income is to be calculated, with customary adjustments for items such as taxes and
insurance which accrue but are paid periodically, as adjusted by Lender to reflect projected adjustments for only those items which are definitively 

  
 2 

 
ascertainable and of a fixed amount (for example, real estate taxes) for the subsequent twelve (12) month period beginning on the date on which the Net Operating Income is to be calculated.
Notwithstanding the foregoing, the term “Operating Expenses” shall not include (i) depreciation or amortization or any other non-cash item of expense unless approved by Lender, (ii) interest or principal payable under the Note,
fees, costs and expense reimbursements of Lender in administering the Loan or exercising remedies under the Note, this Security Instrument or the other Loan Documents or any other payments required to be made by Borrower to Lender under any Loan
Documents; or (iii) any expenditure properly treated as a capital item under the Approved Accounting Method. 
 “Extraordinary
Expenses” means expenses incurred in connection with necessary capital improvements or operating expenses of the Property which were not reasonably anticipated in the Annual Budget for the Property. 

  
 3 

 Schedule 2 

SCHEDULE OF SERVICING FEES 
  

			
	 Servicing Action
	  	 Estimated Servicing Fee

		
	 Disbursements from Reserve Accounts
	  	$200 - $500
		
	 Lease Approvals
	  	$500 - $4,000
		
	 SNDA Approvals
	  	$500 - $2,000

  
 4 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Real
property in the City of Portland, County of Multnomah, State of Oregon, described as follows: 
 Block 10, PORTLAND ADDITION, in the City of
Portland, County of Multnomah and State of Oregon. EXCEPT from Lots 5, 6, 7 and 8 thereof, the Westerly 5 feet. 
 FURTHER EXCEPTING THEREFROM
that portion deeded to the City of Portland for right-of-way purposes by deed recorded February 28, 2008, Recorder’s Fee No. 2008-029965. 

APN: R245929 

  
 5 

 EXHIBIT B 

FORM OF SNDA 
 (attached hereto) 

  
 1 

   
 (Lender) 
 - and - 

[                      
                  ] 
 (Tenant)

 - and - 
 [                                 
                       ] 
 (Landlord) 
  

 
 SUBORDINATION,
NON-DISTURBANCE 
 AND ATTORNMENT AGREEMENT 

 
  
 Dated: 
 Location: 
 Section: 
 Block: 
 Lot: 
 City: 
 County: 
 PREPARED BY AND UPON 
 RECORDATION RETURN TO: 
 _______________________ 

_______________________ 
 _______________________

 Attention:
                              

 SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT 

THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (this “Agreement”) is made as of the
         day of                     , 200[    ] by and among
                                        
                , a
                            , having an address at
                                         
        (together with its successors and assigns, “Lender”), [                    ]
(“Tenant”) and                                 , a
Delaware limited liability company, having an address at                         ,
                         (“Landlord”). 

RECITALS: 
 A.
Lender is the present owner and holder of a certain Mortgage and Security Agreement (the “Security Instrument”) given by Landlord to Lender which encumbers the fee estate of Landlord in certain premises described in Exhibit A
attached hereto (the “Property”) and which secures the payment of certain indebtedness owed by Landlord to Lender evidenced by the Note (as defined in the Security Instrument); 

B. Tenant is the holder of a leasehold estate in a portion of the Property under and pursuant to the provisions of a certain [Lease]
dated [                    , 200[    ] between Landlord, as landlord, and Tenant, as tenant (the
“Lease”); and 
 C. Tenant has agreed to subordinate the Lease to the Security Instrument and Lender has agreed
to grant non-disturbance to Tenant under the Lease on the terms and conditions hereinafter set forth. 
 AGREEMENT: 

For good and valuable consideration, Tenant, Lender and Landlord agree as follows: 

1. Subordination. The Lease and all of the terms, covenants and provisions thereof and all rights, remedies and options of Tenant
thereunder are and shall at all times continue to be subject and subordinate to the lien and terms of the Security Instrument, including without limitation, all renewals, increases, modifications, spreaders, consolidations, replacements and
extensions thereof and to all sums secured thereby and advances made thereunder with the same force and effect as if the Security Instrument had been executed, delivered and recorded prior to the execution and delivery of the Lease. 

2. Non-Disturbance. If any action or proceeding is commenced by Lender for the foreclosure of the Security Instrument or the sale
of the Property, Tenant shall not be named as a party therein unless such joinder shall be required by law, provided, however, such joinder shall not result in the termination of the Lease or disturb the Tenant’s possession or use of the
premises demised thereunder, and the sale of the Property in any such action or proceeding and the exercise by Lender of any of its other rights under the Note or the Security Instrument shall be made subject to all rights of Tenant under the Lease,
provided that at the time of the 

 
commencement of any such action or proceeding or at the time of any such sale or exercise of any such other rights (a) the term of the Lease shall have commenced pursuant to the provisions
thereof, (b) Tenant shall be in possession of the premises demised under the Lease, (c) the Lease shall be in full force and effect and (d) Tenant shall not be in default beyond any applicable notice and cure period under any of the
terms, covenants or conditions of the Lease or of this Agreement on Tenant’s part to be observed or performed. 
 3.
Attornment. If Lender or any other subsequent purchaser of the Property shall become the owner of the Property by reason of the foreclosure of the Security Instrument or the acceptance of a deed or assignment in lieu of foreclosure or by
reason of any other enforcement of the Security Instrument (Lender or such other purchaser being hereinafter referred as “Purchaser”), and the conditions set forth in Section 2 above have been met at the time Purchaser becomes
owner of the Property, the Lease shall not be terminated or affected thereby but shall continue in full force and effect as a direct lease between Purchaser and Tenant upon all of the terms, covenants and conditions set forth in the Lease and in
that event, Tenant agrees to attorn to Purchaser and Purchaser by virtue of such acquisition of the Property shall be deemed to have agreed to accept such attornment, provided, however, that Purchaser shall not be (a) liable for the failure
(other than with respect to a default of a continuing nature) of any prior landlord (any such prior landlord, including Landlord and any successor landlord, being hereinafter referred to as a “Prior Landlord”) to perform any of its
obligations under the Lease which have accrued prior to the date on which Purchaser shall become the owner of the Property, provided that the foregoing shall not limit Purchaser’s obligations under the Lease to correct any conditions of a
continuing nature that (i) existed as of the date Purchaser shall become the owner of the Property and (ii) violate Purchaser’s obligations as landlord under the Lease; provided further, however, that Purchaser shall have received
written notice of such omissions, conditions or violations and has had a reasonable opportunity to cure the same, all pursuant to the terms and conditions of the Lease, (b) subject to any offsets, defenses, abatements or counterclaims which
shall have accrued in favor of Tenant against any Prior Landlord prior to the date upon which Purchaser shall become the owner of the Property, except for those that are specifically provided for in the Lease, (c) liable for the return of
rental security deposits, if any, paid by Tenant to any Prior Landlord in accordance with the Lease unless such sums are actually received by Purchaser, (d) bound by any payment of rents, additional rents or other sums which Tenant may have
paid more than one (1) month in advance to any Prior Landlord unless (i) such sums are actually received by Purchaser or (ii) such prepayment shall have been expressly approved of by Purchaser, (e) bound by any agreement
terminating or amending or modifying the rent, term, commencement date or other material term of the Lease, or any voluntary surrender of the premises demised under the Lease, made without Lender’s or Purchaser’s prior written consent
prior to the time Purchaser succeeded to Landlord’s interest (provided, however, Purchaser’s consent is not required for a termination of the Lease exercised pursuant to the original terms of the Lease) or (f) bound by any assignment
of the Lease or sublease of the Property, or any portion thereof, made prior to the time Purchaser succeeded to Landlord’s interest other than if pursuant to the provisions of the Lease. In the event that any liability of Purchaser does arise
pursuant to this Agreement, such liability shall be limited and restricted to Purchaser’s interest in the Property and shall in no event exceed such interest. Alternatively, upon the written request of Lender or its successors or assigns,
Tenant shall enter into a new lease of the Premises with Lender or such successor or assign for the then remaining term of the Lease, upon the same terms and conditions as contained in the Lease (including without limitation any renewal options),
except as otherwise specifically provided in this Agreement. 

 4. Notice to Tenant. After notice is given to Tenant by Lender that the Landlord is
in default under the Note and the Security Instrument and that the rentals under the Lease should be paid to Lender pursuant to the terms of the assignment of leases and rents executed and delivered by Landlord to Lender in connection therewith,
Tenant shall thereafter pay to Lender or as directed by Lender, all rentals and all other monies due or to become due to Landlord under the Lease and Landlord hereby expressly authorizes Tenant to make such payments to Lender and hereby releases and
discharges Tenant from any liability to Landlord on account of any such payments. 
 5. Intentionally Omitted.

 6. Notice to Lender and Right to Cure. Tenant shall notify Lender of any default by Landlord under the Lease if the
default is of such a nature as to give Tenant a right to terminate the Lease, reduce the rent or to credit or offset any amounts against future rents, and agrees that, notwithstanding any provisions of the Lease to the contrary, no notice of
cancellation thereof or of an abatement shall be effective unless Lender shall have received notice of default giving rise to such cancellation or abatement and (i) in the case of any such default that can be cured by the payment of money,
until thirty (30) days shall have elapsed following the giving of such notice or (ii) in the case of any other such default, until a reasonable period for remedying such default shall have elapsed following the giving of such notice,
provided Lender, with reasonable diligence, shall have commenced and continued to remedy such default or cause the same to be remedied. Notwithstanding the foregoing, (i) Lender shall have no obligation to cure any such default and (ii) in
the event that any aforesaid default cannot, by its nature, be cured by Lender prior to Lender’s gaining possession of Landlord’s interest in the Property, the aforesaid “reasonable period for remedying such default” shall be
deemed to include such time as is required for Lender to gain possession of Tenant’s interest in the Property. 
 7.
Notices. All notices or other written communications hereunder shall be deemed to have been properly given (i) upon delivery, if delivered in person with receipt acknowledged by the recipient thereof, (ii) one (1) Business Day
(hereinafter defined) after having been deposited for one (1) day overnight delivery with any reputable overnight courier service, or (iii) three (3) Business Days after having been deposited in any post office or mail depository
regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
  

					
	 If to Tenant:
	 	[                           
                                         
        ]
			
	 If to Lender:
	 	 	  	
		 	 	  	
		 	 	  	
		 	Attention:
                                         
           	  	
		 	Facsimile No.:
                                         
    	  	
			
	With a copy to:	 	 	  	
		 	 	  	
		 	 	  	

 or addressed as such party may from time to time designate by written notice to the other parties. For
purposes of this Section 7, the term “Business Day” shall mean a day on which commercial banks are not authorized or required by law to close in the state where the Property is located. Either party by notice to the other may
designate additional or different addresses for subsequent notices or communications. 
 8. Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of Lender, Tenant and Purchaser and their respective successors and assigns. 
 9. Governing Law. This Agreement shall be deemed to be a contract entered into pursuant to the laws of the State where the Property is located and shall in all respects be governed, construed,
applied and enforced in accordance with the laws of the State where the Property is located. 
 10. Miscellaneous. This
Agreement may not be modified in any manner or terminated except by an instrument in writing executed by the parties hereto. If any term, covenant or condition of this Agreement is held to be invalid, illegal or unenforceable in any respect, this
Agreement shall be construed without such provision. This Agreement may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of
which counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories
from their obligations hereunder. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa.

 11. Joint and Several Liability. If there is more than one Tenant under the Lease, the obligations and liabilities of
each hereunder shall be joint and several. 

 12. Definitions. The term “Lender” as used herein shall include the
successors and assigns of Lender and any person, party or entity which shall become the owner of the Property by reason of a foreclosure of the Security Instrument or the acceptance of a deed or assignment in lieu of foreclosure or otherwise. The
term “Landlord” as used herein shall mean and include the present landlord under the Lease and such landlord’s predecessors and successors in interest under the Lease, but shall not mean or include Lender. The term
“Property” as used herein shall mean the Property, the improvements now or hereafter located thereon and the estates therein encumbered by the Security Instrument. 
 13. Limitations on Purchaser’s Liability. In no event shall the Purchaser, nor any heir, legal representative, successor, or assignee of the Purchaser have any personal liability for the
obligations of Landlord under the Lease and should the Purchaser succeed to the interests of the Landlord under the Lease, Tenant shall look only to the estate and property of any such Purchaser in the Property for the satisfaction of Tenant’s
remedies for the collection of a judgment (or other judicial process) requiring the payment of money in the event of any default by any Purchaser as landlord under the Lease, and no other property or assets of any Purchaser shall be subject to levy,
execution or other enforcement procedure for the satisfaction of Tenant’s remedies under or with respect to the Lease; provided, however, that the Tenant may exercise any other right or remedy provided thereby or by law in the event of any
failure by Landlord to perform any such material obligation. Notwithstanding the foregoing, Tenant may offset against rent due under the Lease the amount of any judgment obtained against any Purchaser. 

14. Estoppel Certificate. Tenant, shall, from time to time, within
[                    ] Business Days after request by Lender, execute, acknowledge and deliver to Lender a statement by Tenant certifying
(a) that the Lease is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect as modified and stating the modifications), (b) the amounts of fixed rent, additional rent, or
other sums, if any, which are payable in respect of the Lease and the commencement date and expiration date of the Lease, (c) the dates to which the fixed rent, additional rent, and other sums which are payable in respect to the Lease have been
paid, (d) whether or not Tenant is entitled to any then presently accrued credits or offsets against rent, and, if so, the reasons therefor and the amount thereof, (e) that to Tenant’s actual knowledge (without investigation) it is
not in default in the performance of any of its obligations under the Lease and no event has occurred which, with the giving of notice or the passage of time, or both, would constitute such a default, (f) whether or not, to the actual knowledge
(without investigation) of the person certifying on behalf of Tenant, Landlord is in default in the performance of any of its obligations under the Lease, and, if so, specifying the same, (g) whether or not, to the actual knowledge (without
investigation) of such person, any event has occurred which with the giving of such notice or passage of time, or both would constitute such a default, and, if so, specifying each such event, and (h) whether or not, to the actual knowledge
(without investigation) of such person, Tenant has any then presently accrued claims, defenses or counterclaims against Landlord under the Lease, and, if so, specifying the same, it being intended that any such statement delivered pursuant hereto
shall be deemed a certification by Tenant to be relied upon by Lender and by others with whom Lender may be dealing. Tenant also shall include in any such statement such other information concerning the status of the Lease as Lender may reasonably
request. 

 IN WITNESS WHEREOF, Lender, Tenant and Landlord have duly executed this Agreement as of the
date first above written. 
  

					
	TENANT:	 	
	
	[                           
                                         
                        ]
			
	By:	 	 	 	
		 	Name:	 	
		 	Title:	 	
		
	LANDLORD:	 	
	
	 
			
	By:	 	 	 	
		 	Name:	 	
		 	Title:	 	
		
	LENDER:	 	
	
	 
	
	 
			
	By:	 	 	 	
		 	Name:	 	
		 	Title:	 	

 [Attach State-specific Form of Acknowledgments] 

 EXHIBIT A 
 [Attach Legal Description of Property] 

  
 A-1

 RECORDING REQUESTED BY AND 
 UPON RECORDATION RETURN TO: 
 Alston & Bird LLP 

90 Park Avenue 
 New York, New York 10016

 Attention: Gerard Keegan, Esq. 

Facsimile No.: (212) 210-9444 
  

 
 Loan No.: 940960046 

AAT OREGON OFFICE I, LLC, a Delaware limited liability company, as grantor 

(Borrower) 
 in
favor of 
 FIRST AMERICAN TITLE INSURANCE COMPANY, as grantee 

(Trustee) 
 for
the benefit of 
 PNC BANK, NATIONAL ASSOCIATION, as beneficiary 

(Lender) 
 DEED
OF TRUST AND SECURITY AGREEMENT 
  
  

					
			
		  	Dated:	  	June 1, 2011
			
		  	Property Address:	  	100 SW Main Street, Portland, Oregon 97204
			
		  	Property Tax ID #:	  	R245929

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