Document:

Loan Purchase Agreement

 Exhibit 10.12 
 EXECUTION VERSION 
 LOAN PURCHASE AGREEMENT 

THIS LOAN PURCHASE AGREEMENT (the “Agreement”) is made as of March 14, 2011, between ROAD BAY INVESTMENTS, LLC, a
Delaware limited liability company, whose mailing address is Allstate Plaza South, 3075 Sanders Road, Suite G5C, Northbrook, Illinois, 60062 (the “Seller”) and KBS SOR DEBT HOLDINGS II LLC, a Delaware limited liability company, with
a place of business at 620 Newport Center Drive, Suite 1300, Newport Beach, California 92660 (the “Purchaser”). 

RECITALS 
 A.      WHEREAS Seller is the owner and holder of that certain mortgage loan from Seller to COWIFI Iron Point, LLC, a Delaware limited liability company (the
“Borrower”), in the original principal amount of $27,000,000.00 (the “Mortgage Loan”) evidenced by that certain Note Secured by Deed of Trust dated as February 20, 2004, by and between Redwood Industrials, a
California general partnership (“Redwood”), and Lampert At Iron Point, LLC, a California limited liability company (“Lampert”, together with Redwood, collectively referred to herein as “Original
Borrowers”), and Allstate Life Insurance Company, an Illinois insurance company (“ALIC”), as assigned by Original Borrowers to Borrower pursuant to that certain Assignment, Assumption and Modification of Note, Deed of Trust
and Other Agreements, dated as of November 30, 2006 (the “Assignment and Assumption”), and as endorsed by ALIC to Seller by that certain Endorsement to Amended Note Secured by Deed of Trust dated as of December 14, 2010
(as so endorsed, the “Note”), and secured by, among other things, that certain Deed of Trust, Assignment of Leases, Rents and Contracts, Security Agreement and Fixture Filing dated as February 20, 2004, between Original
Borrowers and ALIC, as assigned by Original Borrowers to Borrower pursuant to the Assignment and Assumption and as assigned by ALIC to Seller by that certain Assignment of Mortgage and Security Agreement dated as of December 14, 2010 (as so
assigned, the “Mortgage”), encumbering certain improved real estate more commonly known as Iron Point Business Park, in the City of Folsom, County of Sacramento, State of California, as more particularly described in the Mortgage
(the “Property”). All of the foregoing together with such other documents and instruments evidencing, securing or pertaining to the Mortgage Loan are hereinafter referred to collectively as the “Mortgage Loan
Documents.” 
 B.      WHEREAS the Utah State Retirement Investment Fund, a common trust
(“Mezzanine Lender”) made a certain mezzanine loan from Mezzanine Lender to Cottonwood Office and Warehouse Institutional Fund I, L.P., a Delaware limited partnership (“Mezzanine Borrower”), the sole member of
Borrower, in the original principal amount of $12,786,577.00 (the “Mezzanine Loan”), dated as of November 30, 2006. Mezzanine Lender and Seller have entered into that certain Subordination and Intercreditor Agreement dated as
of November 30, 2006 (the “Intercreditor Agreement”). 
 C.      WHEREAS due
to Borrower’s default under the Mortgage Loan Documents, Seller has commenced the exercise of certain remedies under the Mortgage Loan Documents (including, without limitation, proceedings for a non-judicial foreclosure of the Property) (the
“Enforcement Action”). 

 D.      WHEREAS Purchaser desires to purchase the Mortgage
Loan and Mortgage Loan Documents from Seller, and Seller desires to sell the Mortgage Loan and Mortgage Loan Documents to Purchaser upon the terms and conditions hereinafter set forth. 

NOW THEREFORE, in consideration of the premises and the mutual promises and agreements hereinafter contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser hereby agree as follows: 

1.      Purchase and Sale of the Mortgage Loan and Mortgage Loan Documents. Subject to the terms and
conditions of this Agreement, the Seller hereby agrees to sell, assign and transfer, without recourse except as specifically set forth herein, and the Purchaser hereby agrees to purchase and assume, all of the Seller’s right, title and interest
in, to and under the Mortgage Loan and the Mortgage Loan Documents, including the Intercreditor Agreement. 

2.      Purchase Price. 
 2.1.    Purchase Price. The purchase price (the “Purchase Price”) for the Mortgage Loan payable by Purchaser to Seller hereunder shall be Nineteen Million
Seven-Hundred and Fifty Thousand Dollars and 00/100 Cents ($19,750,000.00). 
 2.2.    Recording.
Purchaser agrees and acknowledges that Purchaser shall be responsible for the recording or filing of any assignments or documents hereunder and that all recording fees relating to the purchase of the Mortgage Loan Documents shall be borne by the
Purchaser. 
 2.3.    Payments Received; No Adjustments to Purchase Price. If Seller receives any
payments or other consideration distributed or paid by or on behalf of Borrower after the date hereof but prior to the Closing Date (defined below), Seller shall be entitled to retain such payments or other consideration and Purchaser shall not be
entitled to any credit, discount, refund or reimbursement by Seller of the Purchase Price. If Seller shall receive any other payments or consideration distributed or paid by or on behalf of Borrower after the Closing Date, within five (5) days
after Seller’s receipt thereof Seller shall pay over and deliver such payments to Purchaser with an endorsement in the form substantially as follows: “Pay to the order of KBS SOR DEBT HOLDINGS II LLC, without representations, express or
implied, of any type, kind, character or nature, without warranties, express or implied, of any type, kind, character or nature and without recourse, express or implied, of any type, kind, character or nature”. 

2.4.    Insurance. Purchaser is responsible for having itself substituted as loss payee on, or obtaining any
additional or substitute coverage for, any risk insurance on the Property for which Seller is currently listed as a loss payee. Seller shall not have any duty to obtain or maintain any insurance on the Property. Seller reserves the right to cancel
any existing insurance policies and retain any refunded premium or deposit amounts relating thereto. Nothing herein or in this Agreement shall prevent Purchaser from obtaining, at its own expense, such risk insurance as Purchaser deems necessary or
appropriate to insure its interest hereunder or in the Property, as its interest may appear prior to the Closing Date. Any loss on or after the Closing Date to either the Borrower or Purchaser or to the value or collectability of the Mortgage Loan
due to Seller’s 

  
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cancellation of, or failure to maintain collateral risk insurance, or its failure to identify Purchaser as loss payee, is the sole responsibility of Purchaser. 

3.      Inspection Period. Purchaser may terminate this Agreement by giving written notice thereof to Seller
on or before 5:00 p.m. New York time on the date of this Agreement (the “Contingency Date”), if the Property, the Mortgage Loan or the Mortgage Loan Documents furnished to Purchaser by Seller are unsatisfactory or incomplete in
Purchaser’s sole and absolute discretion. If Purchaser elects to terminate this Agreement under this Section 3, this Agreement shall terminate and the parties hereto shall have no further rights, liabilities or obligations one to
the other for any matter relating to the subject matter of this Agreement, except as specifically provided herein as surviving the termination of this Agreement. If Purchaser fails to terminate this Agreement by giving written notice prior to the
Contingency Date as set forth above, then Purchaser shall be deemed to have waived its right to terminate this Agreement under this Section 3 and Purchaser shall be obligated to proceed with the performance of its obligations as provided
herein. 
 Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to bring any action or
proceeding or otherwise to incur any expense whatsoever with respect to the Property or the Mortgage Loan Documents. Notwithstanding anything to the contrary contained in this Agreement, it is understood and agreed that the Mortgage Loan is being
sold and conveyed hereunder “AS IS” without any representation or warranty by Seller, except as specifically set forth in Section 6 below. Except as set forth in Section 6 below, Seller has not made and does not
hereby make any express or implied representations or warranties whatsoever with respect to the condition of the Mortgage Loan, the Mortgage Loan Documents, the Enforcement Action, or the Property, including, without limitation, any representation
or warranty regarding leases, quality of construction, workmanship, merchantability, fitness for any particular purpose or the environmental or structural status or condition of the Property, and Purchaser acknowledges that Purchaser is entering
into this Agreement without relying upon any such statement or representation made by Seller, any agent, employee, or officer of Seller, or by any other person except as set forth in Section 6 below. 

4.      Closing. The consummation of the purchase and sale of the Mortgage Loan and the Mortgage Loan
Documents contemplated hereby (the “Closing”) shall occur on or before 5:00 p.m. New York time on the date of this Agreement (the “Closing Date”) through an escrow with First American Title Insurance Company
(“Escrow Agent”). At Closing, Seller and Purchaser shall execute a mutually acceptable settlement statement prepared by Escrow Agent. Purchaser shall pay the cost of the Escrow Agent, but, except as set forth in
Section 11.5 below, each party shall pay their own fees and expenses, including attorneys’ fees, incurred in connection with this Agreement and the transaction contemplated hereby. 

5.      Closing Documents. 
 5.1.    Seller’s Closing Documents. On the Closing Date, Purchaser shall pay to Escrow Agent the Purchase Price by wire transfer pursuant to the instructions delivered to
Purchaser on or prior to the Closing Date, to be disbursed to Seller pursuant to the terms of Seller’s instruction letter to Escrow Agent. On the Closing Date, Seller shall deliver to Escrow Agent each of the documents set forth in subsections
(a) through (f) below. On the next business day following the 

  
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Closing Date, Escrow Agent shall deliver to Purchaser the following fully executed (and acknowledged, if appropriate) documents and items, and Purchaser agrees to execute and deliver to Escrow
Agent and Seller a receipt for such documents and items upon Purchaser’s receipt thereof: 
  

	 	(a)	The executed originals of all of the Mortgage Loan Documents and the other documents in the Mortgage Loan File (defined below) in Seller’s possession (and true,
correct and complete copies of any Mortgage Loan Documents for which Seller has not delivered an original; provided that the original Note must be delivered to Purchaser); 

 

	 	(b)	An Endorsement to the Note (the “Note Endorsement”) in the form of Exhibit A attached hereto, duly executed by Seller, which Note
Endorsement shall be attached to the original Note; 

  

	 	(c)	An Assignment of Mortgage (the “Assignment of Mortgage”) in the form and substance of Exhibit B attached hereto, duly executed and
acknowledged by Seller, assigning and transferring to Purchaser all of Seller’s rights and interests in and to the Mortgage; 

  

	 	(d)	An Assignment of Mortgage Loan Documents in the form and substance of Exhibit C attached hereto, duly executed by Seller, assigning and transferring to
Purchaser all of Seller’s rights and interests in and to the other Mortgage Loan Documents; 

  

	 	(e)	Written notice of the assignment of the Mortgage Loan, duly executed by Seller, instructing the Borrower to remit its loan payments to Purchaser or its collection
agent; and 

  

	 	(f)	UCC-3 statements assigning the UCC-1 financing statements with respect to the Loan to Purchaser (“UCC-3”) or written authorization from Seller pursuant
to which Purchaser can prepare and file the UCC-3 for the Loan. 

 6.    Representations and Warranties
of Seller. Seller hereby represents and warrants to Purchaser as of the date hereof, which representations and warranties shall be deemed restated as of the Closing Date: 

 

	 	(a)	Seller is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware; 

 

	 	(b)	Seller has the full power and authority to execute, deliver and perform, and to enter into and consummate all transactions contemplated by this Agreement. Seller has
duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement, and Seller shall furnish to Purchaser reasonable evidence with regard to such power and authority;

  
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	 	(c)	Immediately prior to the sale of the Mortgage Loan to Purchaser, Seller was the sole owner of the Mortgage Loan, free and clear of any and all pledges, liens, charges,
security interests or other encumbrances; and 

  

	 	(d)	To the best of Seller’s knowledge, Exhibit D attached to this Agreement (the “Mortgage Loan File”) contains an accurate list of all
loan documents and agreements executed in connection with the origination of the Mortgage Loan. The documents listed on Exhibit D have not been altered, modified, waived, amended, superseded, cancelled, extended or otherwise changed in
writing in any material way except to the extent set forth on Exhibit D, and, except to the extent set forth on Exhibit D, no provision has been waived or terminated in writing that would have a material and adverse
impact on Purchaser’s ability to enforce the Loan and continue the Enforcement Action; 

  

	 	(e)	The Seller is holding no escrows or reserves or other amounts in suspense with respect to the Mortgage Loan; 

 

	 	(f)	The unpaid principal balance of the Mortgage Loan as of the date hereof is $25,630,609.23 and interest has been paid through September 1, 2010;

  

	 	(g)	Exhibit D also lists (i) all notices of default and sale and any other notices, documents or instruments relating to or evidencing the Enforcement
Action, including any notices or claims by Borrower or guarantor received by Seller or ALIC with respect to the Enforcement Action, and (ii) all notices (including without limitation, all notices of default, elections to cure, and elections to
purchase) given or received by Seller under the Intercreditor Agreement; and 

  

	 	(h)	To Seller’s knowledge, the Loan has not been satisfied, canceled, subordinated, released or rescinded, in whole or in part, and Borrower has not been released, in
whole or in part, from its obligations under any Loan Document. No portion of the Property has been released from the lien of the Mortgage. 

 Except as expressly set forth in this Section 6, it is understood and agreed, and Purchaser hereby acknowledges, that the Mortgage Loan and the Mortgage Loan Documents shall be purchased by
Purchaser, and the Note shall be endorsed by Seller, without any further representations or warranties from Seller, whether express or implied. 
 The foregoing representations and warranties of Seller shall survive the execution of this Agreement and the Closing for a period of six (6) months. 

7.    Representations, Warranties and Agreements of Purchaser. Purchaser hereby represents, warrants, acknowledges and
agrees to and with Seller, which representations, warranties and acknowledgments shall be deemed restated as of the Closing Date, that: 
  

	 	(a)	Purchaser is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware; 

  
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	 	(b)	Purchaser has the full power and authority to execute, deliver and perform, and to enter into and consummate all transactions contemplated by this Agreement. Purchaser
has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement, and Purchaser shall furnish to Seller reasonable evidence with regard to such power and authority;

  

	 	(c)	Purchaser is acquiring the Mortgage Loan for its own account and not with a present intention of a sale or other distribution thereof; the purchase of the Mortgage Loan
is a legal investment for Purchaser under applicable laws; 

  

	 	(d)	Purchaser has the opportunity under this Agreement to conduct such due diligence review and analysis of the Mortgage Loan Documents, the Property, Property leases,
property management records and related information, together with such records as are generally available to the public from local, county, state and federal authorities, record keeping offices and courts, as the Purchaser deems necessary, proper
or appropriate in order to make a complete informed decision with respect to the purchase and acquisition of the Mortgage Loan; 

  

	 	(e)	PURCHASER ACKNOWLEDGES AND AGREES THAT EXCEPT FOR THE SELLER’S WARRANTIES AND REPRESENTATIONS SET FORTH IN SECTION 6 OF THIS AGREEMENT, SELLER HAS NOT AND
DOES NOT REPRESENT, WARRANT OR COVENANT THE NATURE, ACCURACY, COMPLETENESS, ENFORCEABILITY OR VALIDITY OF ANY OF THE MORTGAGE LOAN DOCUMENTS, MORTGAGE LOAN FILES, PROPERTY MANAGEMENT RECORDS AND/OR COLLATERAL DOCUMENTS. EXCEPT FOR THE SELLER’S
WARRANTIES AND REPRESENTATIONS SET FORTH IN SECTION 6 OF THIS AGREEMENT, ALL DOCUMENTATION, INFORMATION, ANALYSIS AND/OR CORRESPONDENCE, IF ANY, WHICH IS OR MAY BE SOLD, TRANSFERRED, ASSIGNED AND CONVEYED TO PURCHASER WITH RESPECT TO THE
MORTGAGE LOAN IS SOLD, TRANSFERRED, ASSIGNED AND CONVEYED TO PURCHASER ON AN “AS IS, WHERE IS” BASIS, WITH ALL FAULTS; 

  

	 	(f)	Purchaser acknowledges that the Mortgage Loan is in default and that the Enforcement Action has been initiated; 

 

	 	(g)	Purchaser acknowledges that the Mortgage Loan and the Mortgage Loan Documents may have limited or no liquidity and Purchaser has the financial ability to own the
Mortgage Loan and the Mortgage Loan Documents for an indefinite period of time and to bear the economic risk of an outright purchase of the Mortgage Loan and the Mortgage Loan Documents and a total loss of the Purchase Price for the Mortgage Loan;

  

	 	(h)	Purchaser acknowledges the existence of the Mezzanine Loan and the Intercreditor Agreement; and 

  
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	 	(i)	Purchaser covenants, agrees, warrants and represents that Purchaser shall not institute any enforcement or legal action or proceeding in the name of Seller, or imply
that Seller still owns the Mortgage Loan or is in anyway involved in such enforcement or legal action. Purchaser also represents, warrants and covenants that Purchaser shall not knowingly misrepresent, mislead, deceive, or otherwise fail to
adequately disclose to the Borrower the identity of Purchaser. Purchaser further represents, warrants and covenants not to use, adopt, exploit, or allude to Seller, or any name derived therefrom or confusingly similar therewith to promote
Purchaser’s sale, enforcement, collection, or management of the Mortgage Loan. Purchaser agrees, acknowledges, confirms and understands that there may be no adequate remedy at law for a violation of the terms, provisions, conditions and
limitations set forth in this Section and Seller shall have the right to seek the entry of an order by a court of competent jurisdiction enjoining any violation hereof. 

The foregoing representations, warranties and agreements of Purchaser shall survive the execution of this Agreement and the Closing for a
period of six (6) months. 
 8.      Servicing. The Mortgage Loan shall be sold and conveyed to
the Purchaser on a servicing released basis. As of the Closing Date, all rights, obligations, liabilities and responsibilities with respect to the servicing of the Mortgage Loan from and after the Closing Date shall pass to Purchaser, and Seller
shall be discharged from all liability therefor. Seller shall have no obligation to perform any servicing activities with respect to the Mortgage Loan from and after the Closing Date. Purchaser shall take no action to communicate with the Borrower
or any other obligor or enforce or otherwise service or manage the Mortgage Loan prior to the Closing Date. 

9.      Purchaser’s Review and Assumption of Risk. 

9.1.    Purchaser’s Independent Analysis. Purchaser acknowledges, represents and agrees that it has made
any and all inquiry, investigation and analysis desired by Purchaser with respect to the subject matter of the transaction contemplated under this Agreement, and has made its own decision to enter into this Agreement. Except as expressly set forth
in Section 6 hereof, Seller makes no warranty or representation with respect to the Mortgage Loan, the Mortgage Loan Documents, the financial condition of any Borrower or any other obligor or guarantor of the Mortgage Loan, the value of
any collateral, the existence or non existence of any hazardous materials or environmental concerns with respect to the Property, the observance or performance of any obligations of Borrower or any guarantor, or with regard to any and all matters
concerning or related to the transaction contemplated under this Agreement. Except as expressly set forth in Section 6 hereof, Seller makes no warranty or representation concerning and shall not be responsible for the enforceability or
collectability of any of the Mortgage Loan Documents or the outcome of any claims or matters for which Purchaser is indemnifying Seller hereunder. 
 9.2.    Confidentiality. Purchaser shall keep the terms of this Agreement strictly confidential and shall not disclose or permit its Representatives (as that term is defined in
the Confidentiality Agreement dated January 18, 2011, between Allstate Investments, LLC and KBS Capital Advisors) to disclose the terms of this Agreement (except for reasonably necessary disclosures to Purchaser’s Representatives).
Notwithstanding the foregoing, nothing herein or in 

  
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the Confidentiality Agreement shall be deemed to limit or impair in any way any party’s ability to disclose the details of the transaction contemplated hereby to its legal and financial
advisor or as may be necessary pursuant to any court or governmental order or applicable law, including any REIT or SEC filing, disclosure or reporting requirements, or in litigation. Notwithstanding the foregoing, no party hereunder shall have any
liability by reason of the details of the transaction contemplated hereby becoming known by means beyond the reasonable control of such party. This provision shall supplement the Confidentiality Agreement and shall in no event derogate from the
provisions of the Confidentiality Agreement. 
 10.      Indemnification. 

10.1.    Commissions. Purchaser and Seller represent to each other that they have dealt with no broker, agent
or finder in connection with this transaction other than CB Richard Ellis (“Seller’s Broker”). Seller shall be responsible for any commission due to Seller’s Broker pursuant to their separate agreement. Each party hereto
agrees to indemnify and hold harmless the other party from and against any and all claims, losses, damages, costs and expenses of any kind, or character (including reasonable attorneys’ fees) arising out of or resulting from any agreement,
arrangement or understanding alleged to have been made by a broker other than Seller’s Broker in connection with this Agreement, the sale of the Mortgage Loan and Mortgage Loan Documents, or the transactions contemplated hereby. 

10.2.    Purchaser’s Indemnification. From and after the Closing Date, Purchaser shall indemnify and hold
harmless Seller against and from any and all liability for, and from and against any and all losses or damages Seller may suffer as a result of, any claim, demand, cost, expense, or judgment of any type, kind, character or nature (including
reasonable attorneys’ fees), which Seller shall incur or suffer as a result of (i) any act or omission of Purchaser or Purchaser’s agents in connection with the Mortgage Loan and its purchase of the Mortgage Loan Documents pursuant to
the Agreement, (ii) any claim by any Borrower regarding any act or omission of Purchaser or Purchaser’s agents with respect to the assignment, subsequent enforcement, servicing or administration of the Mortgage Loan by Purchaser, and
(iii) any and all claims made by or on behalf of any person (other than Seller or ALIC) relating to the Enforcement Action, or any litigation or foreclosure action instituted or pursued by the Purchaser, in each case relating to or arising from
any act or omission of Purchaser or Purchaser’s agents. 
 11.      Miscellaneous.

 11.1.    Notices. All written notices or demands of any kind that either party hereto may be
required or may desire to serve on the other party hereto in connection with this Agreement shall be personally served or (as an alternative to personal service) sent by registered or certified mail with return receipt requested, or by overnight
express United States mail or by a nationally recognized overnight courier service. Any such notice or demand to be served by registered or certified mail shall be deposited in the United States Mail with postage thereon fully prepaid. If the party
to be served is Seller, such notices or demands shall be addressed to Seller as follows: 
 Allstate Investments, LLC

 Allstate Plaza South, Suite G5C 

  
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 3075 Sanders Road 
 Northbrook, Illinois 60062 
 Attention: Paul McKernan 

with a copy to: 
 Allstate
Investments, LLC 
 Investment Law Division 
 Allstate Plaza South, Suite G5A 
 3075 Sanders Road 

Northbrook, Illinois 60062 

and if the party to be served is Purchaser, such notices or demands shall be addressed to Purchaser as follows: 

c/o KBS Capital Advisors, LLC 
 11150 Santa Monica Blvd., Suite 400 
 Los Angeles, California 90025 

Attn: James Rodgers 
 Fax No.: 310-432-2119 
 and 

c/o KBS Capital Advisors, LLC 
 620 Newport Center Drive, Suite 1300 
 Newport Beach, California 92660 

Attn: Brian Ragsdale 
 Fax No.: 949-417-6518 
 with a copy to: 

Greenberg Traurig, LLP 
 3161 Michelson Drive, Suite 1000 
 Irvine, California 92612 

Attn: Scott Morehouse, Esq. and L. Bruce Fischer, Esq. 
 Fax No.: 949-732-6501 
 Service of any such notice or demand made in accordance with this Section
shall be deemed given on the date of actual receipt or refusal to accept delivery. Any party hereto may from time to time, by notice in writing served upon the other party hereto as aforesaid, designate a different mailing address to which it or a
different person to whose attention all such notices or demands are thereafter to be addressed. 

11.2.    Waivers. No delay or omission by either party hereto in exercising any right or power arising from
any default by the other party hereto shall be construed as a waiver of such default or as an acquiescence therein, nor shall any single or partial exercise thereof preclude any further exercise thereof or the exercise of any other right or power
arising from any default by 

  
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the other party hereto. No waiver of any breach of any of the covenants or conditions contained in this Agreement shall be construed to be a waiver of or an acquiescence in or a consent to any
previous or subsequent breach of the same or of any other condition of covenant. 
 11.3.    No Third
Party Beneficiary. This Agreement is made for the sole benefit of Seller and Purchaser and their respective successors and permitted assigns, and no other person or persons shall have any rights or remedies under or by reason of this Agreement
or any right to the exercise of any right or power of either party hereto or arising from any default by either party hereto. 

11.4.    No Partnership. This Agreement is not intended to constitute, and shall not be construed to
establish, a partnership or joint venture between Seller and Purchaser. 
 11.5.    Attorneys’
Fees. In the event any legal action is undertaken by a party in order to enforce or interpret any provision of this Agreement, the prevailing party shall be entitled to receive from the other party the prevailing party’s reasonable
attorneys’ fees and court costs. 
 11.6.    Time of Essence. Time is hereby declared and agreed
by the parties hereto to be of the essence of this Agreement and of every part hereof. 
 11.7.
    Context. When the context and construction so require, all words used in the singular herein shall be deemed to have been used in the plural and the masculine shall include the feminine and the neuter and vice versa.

 11.8.    Entire Agreement; Release. This Agreement constitutes the entire understanding between
the parties hereto with respect to the subject matter hereof, superseding all prior written or oral understandings, and may not be terminated, modified or amended in any way except by a written agreement signed by each of the parties hereto.

 11.9.    Governing Law. This Agreement is to be governed by and construed in accordance with the
laws of the State of New York. In any action brought under or arising out of this Agreement, the parties hereto hereby consent to the jurisdiction of any competent court within the State of New York and hereby consent to service of process by any
means authorized by New York law. 
 11.10.    Counterparts. This Agreement may be executed in two
(2) or more counterparts, each of which shall be deemed an original but all of which together shall constitute but one and the same document. 
 11.11.    Successors and Assigns. This Agreement shall not be assigned by Purchaser without the written consent of Seller. This Agreement shall be binding upon and shall inure
to the benefit of Seller and Purchaser and their respective successors and permitted assigns. 

11.12.    Acknowledgment. Each of Purchaser and Seller acknowledge the existence of the Enforcement Action and
Purchaser hereby represents and warrants that Purchaser has elected to enter into this Agreement notwithstanding the existence of the Enforcement Action. Except as expressly set forth in Section 6 of this Agreement, Seller makes no
representation or warranty with respect to the Enforcement Action and Purchaser specifically waives any and all liability of 

  
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Seller relating to or arising out of the Enforcement Action (other than (i) Seller's liability for costs and expenses as described in Section 11.13(i) below and
(ii) Seller’s liability for claims described in Section 11.13(ii) below). 

11.13.    Assumption of Enforcement Action. On the Closing Date, Purchaser shall assume full and exclusive
responsibility for the conduct and defense of the Enforcement Action from and after the Closing Date and any and all liability resulting therefrom with respect to matters arising from and after the Closing Date. Seller agrees to cooperate with
Purchaser, as necessary, to have Purchaser substituted in the Enforcement Action or, alternatively, if requested by Purchaser, Seller shall dismiss and/or terminate the Enforcement Action after Closing promptly after Seller’s receipt of such
request. On and after the Closing Date, Purchaser shall have the sole and exclusive right to pursue, contest, defend and litigate the Enforcement Action. Except to the limited extent set forth in this Section 11.13 relating to the
Enforcement Action, Purchaser does not and shall not in any manner represent or act on behalf of Seller. Notwithstanding anything to the contrary in this Agreement (i) Seller shall be solely responsible for the cost and expense of the
Enforcement Action prior to the Closing Date, and (ii) Purchaser shall not assume, and shall have no liability for or with respect to, any claims made, or actions undertaken by, Borrower or any guarantor or any party related to Borrower or any
guarantor with respect to the acts or omissions of Seller or ALIC prior to the Closing Date, including, without limitation, claims of lender liability, bad faith, fraud and breach of contract. 

11.14.    Further Assurances. From and after the date of this Agreement and after Closing, each party shall
provide to the other party such other information regarding the Loan as the other party may reasonably request, and each party shall execute and deliver such other documents, deliver such other items and take such other actions as may be reasonably
requested to allow the completion and consummation (or termination, as appropriate) of all tasks and the transactions contemplated by this Agreement. 
 11.15.    No Personal Liability. In no event shall any shareholder, partner, member, officer, director or employee of Seller or Purchaser be personally responsible for any
obligation of Seller or Purchaser, as applicable, under this Agreement. 
 11.16.    Escrow. Upon the
execution of this Agreement by Purchaser and Seller, and the acceptance of this Agreement by Escrow Agent in writing, this Agreement shall constitute the joint escrow instructions of Purchaser and Seller to Escrow Agent to open escrow for the
consummation of the transfer contemplated by this Agreement. Upon Escrow Agent’s written acceptance of this Agreement, Escrow Agent is authorized to act in accordance with the terms of this Agreement. Purchaser and Seller shall promptly execute
general escrow instructions based upon this Agreement at the reasonable request of Escrow Agent; provided, however, that if there is any conflict or inconsistency between such general escrow instructions and this Agreement, this Agreement shall
control. Upon the Closing, Escrow Agent shall pay any sum owed to Seller with immediately available United States federal funds. 

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 IN WITNESS WHEREOF, the Seller and the Purchaser have caused this Agreement to be executed
by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	SELLER:
	
	 ROAD BAY INVESTMENTS, LLC, a

	 Delaware limited liability company

		
	 By:
	 	 /s/ Authorized Person

		
	 By:
	 	 /s/ Authorized Person

		 	Its Authorized Signatories

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 [Signature Page to Loan Purchase Agreement] 

									
	PURCHASER:
	
	KBS SOR DEBT HOLDINGS II LLC,
	a Delaware limited liability company
		
	By:	 	KBS STRATEGIC OPPORTUNITY LIMITED PARTNERSHIP,
		 	a Delaware limited partnership,
		 	its sole member
			
		 	By:	  	KBS STRATEGIC OPPORTUNITY REIT, INC.,
		 		  	a Maryland corporation,
		 		  	its sole general partner
					
		 		  	By:	 	 /s/ David E. Snyder
	  	
		 		  		 	David E. Snyder,	  	
		 		  		 	Chief Financial Officer	  	

 [Signatures Continue on Next Page] 

[Signature Page to Loan Purchase Agreement] 

			
	ACCEPTANCE BY ESCROW AGENT:
	
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	By:	 	 /s/ Authorized Person

	Name:	 	Authorized Person
	Title:	 	
		 	3-14-11
		 	478808

 [Signature Page to Loan
Purchase Agreement] 

 EXHIBIT A 

Form of Endorsement to Mortgage Note 
 This Endorsement to Mortgage Note is attached to that certain [Note] dated
[                            ], executed by
[                            ], a
[                            ], to the order of
[                            ], a
[                            ], in the original principal amount of
$[        ]. 
 PAY TO THE ORDER OF
[                                         
   ], WITHOUT REPRESENTATION, RECOURSE OR WARRANTY OF ANY KIND (EXCEPT FOR THOSE REPRESENTATIONS AND WARRANTIES MADE IN SECTION 6 OF THAT CERTAIN LOAN PURCHASE AGREEMENT DATED MARCH     , 2011 BETWEEN
ASSIGNEE AND ASSIGNOR 
 This Endorsement will be affixed to the Note and is hereby made a part thereof. 

Dated: March     , 2011. 

 

			
	ROAD BAY INVESTMENTS, LLC
		
	 By:
	 	  

		
	 By:
	 	  

		 	Its Authorized Signatories

 EXHIBIT B 

Form of Assignment of Mortgage 
 [First American to approve form; needs to be in recordable form] 
 KNOW ALL
MEN BY THESE PRESENTS, that [                            ], a
[                            ] (“Assignor”), in consideration of the sum of One
Dollar ($1.00) and other valuable consideration, receipt of which is hereby acknowledged, hereby absolutely grants, assigns, conveys and transfers to
[                            ], a
[                            ], its successors and assigns (“Assignee”), all interest
in that certain [Mortgage] dated as of [                            ], recorded at
[                            ] of the land records of
[                            ], from
[                            ], a
[                            ] (“Borrower”), in favor of Assignor, [as
assigned/amended by] ([as assigned/amended,] the “Mortgage”) encumbering certain improved real estate known as
[                            ], in the City of
[                            ], State of
[                            ] (the “Property”), as more particularly described in
the Mortgage. 
 Together with the note therein described or referred to, the money due or to become due thereon with interest,
and all rights accrued or to accrue under said Mortgage. 
 This Assignment is made without representation or warranty by, or
recourse to, Assignor, except for the representations and warranties set forth in Section 6 of that certain Loan Purchase Agreement dated as of March     , 2011 between Assignor and Assignee. 

IN WITNESS WHEREOF, the undersigned has hereunto caused this instrument to be duly executed by its officer this
     day of March, 2011. 
  

			
	ROAD BAY INVESTMENTS, LLC
		
	 By:
	 	  

		
	 By:
	 	  

		 	Its Authorized Signatories

					
	STATE OF ILLINOIS	  	            )	 	
		  	            )	 	
	COUNTY OF COOK	  	            )	 	

 On this the      day of
        , 2011, before me, the undersigned, personally appeared
                            , who acknowledged himself/herself to be the
                             of ROAD BAY INVESTMENTS, LLC, and that he/she, as such
                                         
       , being authorized so to do, executed the foregoing instrument as his/her free act and deed and the free act and deed of the corporation for the purposes contained therein by signing the name of the
corporation by himself/herself as such officer. 
 WITNESS my hand and official seal. 

 

							
		 		 		 	  
 Notary Public in and for said
State

				
	[Affix Notarial Seal]	 		 		 	My Commission Expires:

  

					
	STATE OF ILLINOIS	  	            )	 	
		  	            )	 	
	COUNTY OF COOK	  	            )	 	

 On this the      day of
        , 2011, before me, the undersigned, personally appeared
                            , who acknowledged himself/herself to be the
                                         
    of ROAD BAY INVESTMENTS, LLC, and that he/she, as such
                                         
   , being authorized so to do, executed the foregoing instrument as his/her free act and deed and the free act and deed of the corporation for the purposes contained therein by signing the name of the corporation by
himself/herself as such officer. 
 WITNESS my hand and official seal. 

 

							
		 		 		 	  
 Notary Public in and for said
State

				
	[Affix Notarial Seal]	 		 		 	My Commission Expires:

 EXHIBIT C 

Form of Assignment of Mortgage Loan Documents 
 FOR VALUE RECEIVED, the undersigned,
[                            ], a
[                            ] (“Assignor”), hereby absolutely grants, assigns,
conveys and transfers to
[                                         
   ], a
[                                         
   ] (“Assignee”), all of Assignor’s right, title and interest under any and all documents and instruments expressly described in Schedule 1 attached hereto. 

This Assignment shall be binding upon and shall inure to the benefit of Assignor and Assignee and their respective successors and
assigns. 
 This Assignment is made without representation or warranty by, or recourse to, Assignor, except for the
representations and warranties set forth in Section 6 of that certain Loan Purchase Agreement dated as of March     , 2011 between Assignor and Assignee. 

Dated: March     , 2011. 

 

			
	ROAD BAY INVESTMENTS, LLC
		
	 By:
	 	  

		
	 By:
	 	  

		 	Its Authorized Signatories

 Schedule 1 

To 

Exhibit C  
  

	1.	Note Secured by Deed of Trust dated as of February 20, 2004, in the amount of $27,000,000.00 from Redwood Industrials (“Redwood”) and Lampert at
Iron Point, LLC (“Lampert”, together with Redwood, collectively referred to herein as “Original Borrowers”). 

  

	2.	Endorsement to Amended Note Secured by Deed of Trust dated as of December 14, 2010, from Allstate Life Insurance Company (“ALIC”) to Road Bay
Investments, LLC (“Seller”). 

  

	3.	Assignment of Mortgage and Security Agreement dated as of December 14, 2010, by and between ALIC, as assignee, and Seller, as assignor, and recorded in the
Official Records of Sacramento County on January 13, 2011, at Book No. 20110113, Page 194. 

  

	4.	UCC-3 Financing Statement made by ALIC, as assignor, and Seller, as assignee, which was filed with in the Official Records of Sacramento County on January 13,
2011, at Book No. 2010113, Page 195. 

  

	5.	UCC-3 Financing Statement made by ALIC, as assignor, and Seller, as assignee, which was filed with the Delaware Secretary of State January 18, 2011, as Instrument
No. 20110188279. 

  

	6.	Deed of Trust, Assignment of Leases, Rents and Contracts, Security Agreement and Fixture Filing dated as of February 20, 2004, in the amount of $27,000,000 made by
Original Borrowers to ALIC and recorded in the Official Records of Sacramento County on February 27, 2004, at Book No. 20040227, Page 192. 

  

	7.	UCC-1 Financing Statement made by Original Borrowers, as debtor, and ALIC, as secured party, which was filed in the Official Records of Sacramento County on
March 2, 2004, as Instrument No. 0406560573. 

  

	8.	Assignment of Mortgage Loan Documents from ALIC to Seller dated as of December 14, 2010. 

 

	9.	Borrower’s Representations and Warranties dated as of February 20, 2004, from Original Borrowers for the benefit of ALIC. 

 

	10.	Side Letter Agreement dated as of February 20, 2004. 

  

	11.	Environmental Indemnity Agreement dated as of February 20, 2004, by Original Borrowers and Ronald Lampert, as indemnitors, for the benefit of ALIC, as lender.

  

	12.	Nonrecourse Exception Indemnity Agreement dated as of February 20, 2004, by and between Original Borrowers and Ronald Lampert, as indemnitors, and ALIC, as lender.

	13.	Tenant Improvement Agreement and Pledge Agreement dated as of February 20, 2004, by and between Original Borrowers, ALIC and NorthMarq Capital Inc.

  

	14.	Subordination of Tenancy-in-Common Operating Agreement dated as of February 20, 2004, made by Original Borrowers and recorded in the Official Records of Sacramento
County on February 27, 2004, at Book No. 20040227, Page 193. 

  

	15.	Allstate Loan Commitment in the amount of $27,000,000.00. 

  

	16.	Legal Opinion issued by the Law Offices of Thomas E. Bishop dated as of February 23, 2004. 

 

	17.	First American Title Insurance Company Policy No. NCS-59036-SAC1 dated as of February 27, 2004, in the amount of $27,000,000.00. 

 

	18.	ALTA/ALSM Land Title Survey 

  

	19.	Letter from ALIC to Original Borrowers, dated as of October 13, 2006, revised October 19, 2006. (copy) 

 

	20.	Assignment and Assumption and Modification of Note, Deed of Trust and Other Agreements dated as of November 30, 2006, by and between Original Borrowers, as
assignors, COWIFI Iron Point, LLC (“Borrower”), as assignee, and ALIC, as lender, and recorded on November 30, 2006, in Book No. 20061130, Page 1200. 

 

	21.	Grant Deed dated as of November 2, 2006, between Original Borrowers, as grantor, and Borrower, as grantee, and recorded in the Official Records of Sacramento
County on November 30, 2006, as Series Number 20061130-1199. (copy) 

  

	22.	Environmental Indemnity Agreement dated as of November 30, 2006, by Borrower, as indemnitor, for the benefit of ALIC. 

 

	23.	Side Letter Agreement dated as of November 30, 2006. 

  

	24.	UCC-1 Financing Statement made by Borrowers, as debtor, and ALIC, as secured party, which was filed with the Delaware Secretary of State on December 11, 2006, as
Instrument No. 64332300. 

  

	25.	Amendment to Note Secured by Deed of Trust dated as of November 30, 2006, by and between Borrower and ALIC. 

 

	26.	Property Management Subordination Letter dated as of November 10, 2006. 

 

	27.	Closing Instruction Letter dated as of November 30, 2006. 

  

	28.	Bill of Sale dated as of November 30, 2006, by and between Original Borrowers, as seller, and Borrower, as purchaser. (copy) 

	29.	Assignment of Leases dated as of November 30, 2006, by and between Original Borrowers, as assignor, and Borrower, as assignee. (copy) 

 

	30.	Assignment of Intangible Property dated as of November 30, 2006, by and between Original Borrowers, as assignor, and Borrower, as assignee. (copy)

  

	31.	Legal Opinion issued by Orrick, Herrington & Sutcliffe LLP dated as of November 30, 2006. 

 

	32.	Certificate of Formation of Borrower filed with the Delaware Secretary of State October 11, 2006, File No. 4234033. (copy) 

 

	33.	Operating Agreement of Borrower dated as of October 11, 2006, executed by Cottonwood Office and Warehouse Institutional Fun I, L.P., a Delaware limited partnership
(“General Partner”). (copy) 

  

	34.	Certificate of Good Standing of Borrower from Delaware Secretary of State dated October 12, 2006. (copy) 

 

	35.	Certificate of Good Standing of Borrower from the California Secretary of State dated October 13, 2006. (copy) 

 

	36.	Written Consent of General Partner dated November 21, 2006. (copy) 

  

	37.	Certificate of Limited Partnership of General Partner filed with Delaware Secretary of State August 2, 2006, File Number 4199584. (copy) 

 

	38.	Agreement of Limited Partnership dated August 1, 2006, executed by Cottonwood Office and Warehouse Fund GP, LLC, a Delaware limited liability company
(“Cottonwood GP”), and Utah State Retirement Investment Fund (“URS”) and Cottonwood Fund One Investors, LLC, a Utah limited liability company (collectively the “Limited Partners”). (copy)

  

	39.	Amendment to Agreement of Limited Partnership dated November 21, 2006, executed by Cottonwood GP and Limited Partners extending the expiration of the term of the
Partnership though January 1, 2025. (copy) 

  

	40.	Certificate of Good Standing of General Partner from Delaware Secretary of State dated August 3, 2006. (copy) 

 

	41.	Certificate of Good Standing of General Partner from Utah Department of Commerce, Division of Corporations dated November 8, 2006. (copy) 

 

	42.	Email Certification dated November 15, 2006, by General Partner that the Investment Review for investment in Borrower has been provided to URS and URS has agreed,
or is deemed to have agreed, to the investment. 

	43.	Certificate of Formation of Cottonwood GP filed with the Delaware Secretary of State August 1, 2006, File No. 4199018. (copy) 

 

	44.	Operating Agreement of Cottonwood GP dated as of August 1, 2006, executed by C&E Holdings Partnership, a Utah limited partnership (“C&E”),
Members. (copy) 

  

	45.	Good Standing Certificate of Cottonwood GP from Delaware Secretary of State dated August 2, 2006. (copy) 

 

	46.	Certificate of Good Standing of Cottonwood GP from Utah Department of Commerce, Division of Corporations dated November 8, 2006. (copy) 

 

	47.	Certificate of Limited Partnership of Cottonwood Partners Management, LTD., a Utah limited partnership (“Cottonwood Partners”), filed June 25,
1997, as LP 033067 with the Utah Division of Corporations. (copy) 

  

	48.	Agreement of Limited Partnership of Cottonwood Partners dated June __, 1997, executed by CotNet Management, Inc., a Utah corporation (“CotNet”),
General Partner and C&E, Limited Partner. (copy) 

  

	49.	Amendment to Agreement of Limited Partnership dated November 15, 2006, executed by CotNet and C&E extending the expiration date of the term of the Partnership
through January 1, 2025. (copy) 

  

	50.	Good Standing Certificate of Cottonwood Partners from the Utah Department of Commerce, Division of Corporations dated November 8, 2006. (copy)

  

	51.	Articles of Incorporation of CotNet filed June 23, 1997, with the Utah Department of Commerce, Division of Corporations. (copy) 

 

	52.	Bylaws of CotNet dated June 23, 1997. (copy) 

  

	53.	Good Standing Certificate of CotNet from the Utah Department of Commerce, Division of Corporations dated November 8, 2006. (copy) 

 

	54.	Incumbency Certificate dated November 21, 2006. 

  

	55.	Iron Point Business Park Purchase Agreement dated as of August 31, 2006, by and between Cottonwood Partners Management, LTD (“Cottonwood”), as
purchaser, and Original Borrowers, as seller. (copy) 

  

	56.	Management Agreement dated as of November 7, 2006, by and between Cottonwood, as advisor, and Grubb & Ellis Management Services, Inc., as manager. (copy)

  

	57.	First American Title Company Preliminary Report dated as of September 20, 2006. 

 

	58.	Endorsement to First American Title Insurance Company Policy No. NCS-59036-SAC1. 

	59.	Subordination and Intercreditor Agreement dated as of November 30, 2006, by and between Utah State Retirement Investment Fund, as mezzanine lender, and ALIC, as
senior lender. 

  

	60.	Notice of Default Letter dated as of October 15, 2010, from Allstate Investments, LLC. (copy) 

 

	61.	Notice of Default and Election to Sell Under Deed of Trust issued by First American Title Insurance Company, as foreclosure trustee, dated as of October 22, 2010,
and recorded in the Official Records of Sacramento County on October 25, 2010, at Book 20101025, Page 80. (copy) 

 EXHIBIT D 

Mortgage Loan File 
  

 

	1.	Note Secured by Deed of Trust dated as of February 20, 2004, in the amount of $27,000,000.00 from Redwood Industrials (“Redwood”) and Lampert at
Iron Point, LLC (“Lampert”, together with Redwood, collectively referred to herein as “Original Borrowers”). 

  

	2.	Endorsement to Amended Note Secured by Deed of Trust dated as of December 14, 2010, from Allstate Life Insurance Company (“ALIC”) to Road Bay
Investments, LLC (“Seller”). 

  

	3.	Assignment of Mortgage and Security Agreement dated as of December 14, 2010, by and between ALIC, as assignee, and Seller, as assignor, and recorded in the
Official Records of Sacramento County on January 13, 2011, at Book No. 20110113, Page 194. 

  

	4.	UCC-3 Financing Statement made by ALIC, as assignor, and Seller, as assignee, which was filed with in the Official Records of Sacramento County on January 13,
2011, at Book No. 2010113, Page 195. 

  

	5.	UCC-3 Financing Statement made by ALIC, as assignor, and Seller, as assignee, which was filed with the Delaware Secretary of State January 18, 2011, as Instrument
No. 20110188279. 

  

	6.	Deed of Trust, Assignment of Leases, Rents and Contracts, Security Agreement and Fixture Filing dated as of February 20, 2004, in the amount of $27,000,000 made by
Original Borrowers to ALIC and recorded in the Official Records of Sacramento County on February 27, 2004, at Book No. 20040227, Page 192. 

  

	7.	UCC-1 Financing Statement made by Original Borrowers, as debtor, and ALIC, as secured party, which was filed in the Official Records of Sacramento County on
March 2, 2004, as Instrument No. 0406560573. 

  

	8.	Assignment of Mortgage Loan Documents from ALIC to Seller dated as of December 14, 2010. 

 

	9.	Borrower’s Representations and Warranties dated as of February 20, 2004, from Original Borrowers for the benefit of ALIC. 

 

	10.	Side Letter Agreement dated as of February 20, 2004. 

  

	11.	Environmental Indemnity Agreement dated as of February 20, 2004, by Original Borrowers and Ronald Lampert, as indemnitors, for the benefit of ALIC, as lender.

  

	12.	Nonrecourse Exception Indemnity Agreement dated as of February 20, 2004, by and between Original Borrowers and Ronald Lampert, as indemnitors, and ALIC, as lender.

	13.	Tenant Improvement Agreement and Pledge Agreement dated as of February 20, 2004, by and between Original Borrowers, ALIC and NorthMarq Capital Inc.

  

	14.	Subordination of Tenancy-in-Common Operating Agreement dated as of February 20, 2004, made by Original Borrowers and recorded in the Official Records of Sacramento
County on February 27, 2004, at Book No. 20040227, Page 193. 

  

	15.	Allstate Loan Commitment in the amount of $27,000,000.00. 

  

	16.	Legal Opinion issued by the Law Offices of Thomas E. Bishop dated as of February 23, 2004. 

 

	17.	First American Title Insurance Company Policy No. NCS-59036-SAC1 dated as of February 27, 2004, in the amount of $27,000,000.00. 

 

	18.	ALTA/ALSM Land Title Survey 

  

	19.	Letter from ALIC to Original Borrowers, dated as of October 13, 2006, revised October 19, 2006. (copy) 

 

	20.	Assignment and Assumption and Modification of Note, Deed of Trust and Other Agreements dated as of November 30, 2006, by and between Original Borrowers, as
assignors, COWIFI Iron Point, LLC (“Borrower”), as assignee, and ALIC, as lender, and recorded on November 30, 2006, in Book No. 20061130, Page 1200. 

 

	21.	Grant Deed dated as of November 2, 2006, between Original Borrowers, as grantor, and Borrower, as grantee, and recorded in the Official Records of Sacramento
County on November 30, 2006, as Series Number 20061130-1199. (copy) 

  

	22.	Environmental Indemnity Agreement dated as of November 30, 2006, by Borrower, as indemnitor, for the benefit of ALIC. 

 

	23.	Side Letter Agreement dated as of November 30, 2006. 

  

	24.	UCC-1 Financing Statement made by Borrowers, as debtor, and ALIC, as secured party, which was filed with the Delaware Secretary of State on December 11, 2006, as
Instrument No. 64332300. 

  

	25.	Amendment to Note Secured by Deed of Trust dated as of November 30, 2006, by and between Borrower and ALIC. 

 

	26.	Property Management Subordination Letter dated as of November 10, 2006. 

 

	27.	Closing Instruction Letter dated as of November 30, 2006. 

  

	28.	Bill of Sale dated as of November 30, 2006, by and between Original Borrowers, as seller, and Borrower, as purchaser. (copy) 

	29.	Assignment of Leases dated as of November 30, 2006, by and between Original Borrowers, as assignor, and Borrower, as assignee. (copy) 

 

	30.	Assignment of Intangible Property dated as of November 30, 2006, by and between Original Borrowers, as assignor, and Borrower, as assignee. (copy)

  

	31.	Legal Opinion issued by Orrick, Herrington & Sutcliffe LLP dated as of November 30, 2006. 

 

	32.	Certificate of Formation of Borrower filed with the Delaware Secretary of State October 11, 2006, File No. 4234033. (copy) 

 

	33.	Operating Agreement of Borrower dated as of October 11, 2006, executed by Cottonwood Office and Warehouse Institutional Fun I, L.P., a Delaware limited partnership
(“General Partner”). (copy) 

  

	34.	Certificate of Good Standing of Borrower from Delaware Secretary of State dated October 12, 2006. (copy) 

 

	35.	Certificate of Good Standing of Borrower from the California Secretary of State dated October 13, 2006. (copy) 

 

	36.	Written Consent of General Partner dated November 21, 2006. (copy) 

  

	37.	Certificate of Limited Partnership of General Partner filed with Delaware Secretary of State August 2, 2006, File Number 4199584. (copy) 

 

	38.	Agreement of Limited Partnership dated August 1, 2006, executed by Cottonwood Office and Warehouse Fund GP, LLC, a Delaware limited liability company
(“Cottonwood GP”), and Utah State Retirement Investment Fund (“URS”) and Cottonwood Fund One Investors, LLC, a Utah limited liability company (collectively the “Limited Partners”). (copy)

  

	39.	Amendment to Agreement of Limited Partnership dated November 21, 2006, executed by Cottonwood GP and Limited Partners extending the expiration of the term of the
Partnership though January 1, 2025. (copy) 

  

	40.	Certificate of Good Standing of General Partner from Delaware Secretary of State dated August 3, 2006. (copy) 

 

	41.	Certificate of Good Standing of General Partner from Utah Department of Commerce, Division of Corporations dated November 8, 2006. (copy) 

 

	42.	Email Certification dated November 15, 2006, by General Partner that the Investment Review for investment in Borrower has been provided to URS and URS has agreed,
or is deemed to have agreed, to the investment. 

	43.	Certificate of Formation of Cottonwood GP filed with the Delaware Secretary of State August 1, 2006, File No. 4199018. (copy) 

 

	44.	Operating Agreement of Cottonwood GP dated as of August 1, 2006, executed by C&E Holdings Partnership, a Utah limited partnership (“C&E”),
Members. (copy) 

  

	45.	Good Standing Certificate of Cottonwood GP from Delaware Secretary of State dated August 2, 2006. (copy) 

 

	46.	Certificate of Good Standing of Cottonwood GP from Utah Department of Commerce, Division of Corporations dated November 8, 2006. (copy) 

 

	47.	Certificate of Limited Partnership of Cottonwood Partners Management, LTD., a Utah limited partnership (“Cottonwood Partners”), filed June 25,
1997, as LP 033067 with the Utah Division of Corporations. (copy) 

  

	48.	Agreement of Limited Partnership of Cottonwood Partners dated June __, 1997, executed by CotNet Management, Inc., a Utah corporation (“CotNet”),
General Partner and C&E, Limited Partner. (copy) 

  

	49.	Amendment to Agreement of Limited Partnership dated November 15, 2006, executed by CotNet and C&E extending the expiration date of the term of the Partnership
through January 1, 2025. (copy) 

  

	50.	Good Standing Certificate of Cottonwood Partners from the Utah Department of Commerce, Division of Corporations dated November 8, 2006. (copy)

  

	51.	Articles of Incorporation of CotNet filed June 23, 1997, with the Utah Department of Commerce, Division of Corporations. (copy) 

 

	52.	Bylaws of CotNet dated June 23, 1997. (copy) 

  

	53.	Good Standing Certificate of CotNet from the Utah Department of Commerce, Division of Corporations dated November 8, 2006. (copy) 

 

	54.	Incumbency Certificate dated November 21, 2006. 

  

	55.	Iron Point Business Park Purchase Agreement dated as of August 31, 2006, by and between Cottonwood Partners Management, LTD (“Cottonwood”), as
purchaser, and Original Borrowers, as seller. (copy) 

  

	56.	Management Agreement dated as of November 7, 2006, by and between Cottonwood, as advisor, and Grubb & Ellis Management Services, Inc., as manager. (copy)

  

	57.	First American Title Company Preliminary Report dated as of September 20, 2006. 

 

	58.	Endorsement to First American Title Insurance Company Policy No. NCS-59036-SAC1. 

	59.	Subordination and Intercreditor Agreement dated as of November 30, 2006, by and between Utah State Retirement Investment Fund, as mezzanine lender, and ALIC, as
senior lender. 

  

	60.	Notice of Default Letter dated as of October 15, 2010, from Allstate Investments, LLC. (copy) 

 

	61.	Notice of Default and Election to Sell Under Deed of Trust issued by First American Title Insurance Company, as foreclosure trustee, dated as of October 22, 2010,
and recorded in the Official Records of Sacramento County on October 25, 2010, at Book 20101025, Page 80. (copy)Deed of Trust, Assignment of Leases, Rents and Contracts, Security Agreement

 Exhibit 10.13 

 

			
	 Recording Requested by
  

And When Recorded Mail to:
  
 PILLSBURY WINTHROP LLP
 725 South Figueroa Street, Suite 2800

Los Angeles, California 90017-5443
 Attention:
Nancy G. Morrison, Esq.
  
 Allstate Life Insurance Company

Loan No. 22407
	  	

 

  
  

DEED OF TRUST, ASSIGNMENT OF LEASES, 
 RENTS AND CONTRACTS, SECURITY AGREEMENT 
 AND 

FIXTURE FILING 
 BETWEEN 
 REDWOOD INDUSTRIALS, a California General Partnership,

 and 
 LAMPERT AT IRON POINT, LLC, a California Limited Liability Company, 
 AS
TRUSTOR, 
 FIRST AMERICAN TITLE INSURANCE COMPANY, AS TRUSTEE 

AND 

ALLSTATE LIFE INSURANCE COMPANY, AS BENEFICIARY 
 DATED: FEBRUARY 20, 2004 
 LOAN AMOUNT: $27,000,000 

PROPERTY ADDRESS: 
 1110, 1120, 1130, 1150 and 1180 Iron Point Road 
 Folsom, California 95630

 DEED OF TRUST, ASSIGNMENT OF LEASES, RENTS AND CONTRACTS, 

SECURITY AGREEMENT AND FIXTURE FILING 
 THIS DEED OF TRUST, ASSIGNMENT OF LEASES, RENTS AND CONTRACTS, SECURITY AGREEMENT AND FIXTURE FILING (this “Deed of Trust”) is made as of this 20th day of February 2004 from REDWOOD INDUSTRIALS, a California General
Partnership, and LAMPERT AT IRON POINT, LLC, a California Limited Liability Company, whose mailing address is 707 Bradford Street, Redwood City, CA 94063 (herein collectively, “Trustor”) to FIRST AMERICAN TITLE INSURANCE COMPANY (herein
“Trustee”), in favor of ALLSTATE LIFE INSURANCE COMPANY, an Illinois corporation, whose mailing address is Allstate Plaza South, 3075 Sanders Road, Suite G5C, Northbrook, Illinois 60062 (herein “Beneficiary”). 

TRUSTOR, in consideration of the indebtedness herein recited and the trust herein created, hereby irrevocably grants, conveys, transfers
and assigns to Trustee, its successors and assigns, in trust, with power of sale and right of entry and possession, all of Trustor’s estate, right, title and interest in, to and under that certain real property located in Sacramento County,
California, more particularly described in Exhibit A attached hereto and incorporated herein by this reference (the “Land”); 
 TOGETHER with all of Trustor’s now or hereafter acquired estate, right, title and interest in, to and under all buildings, structures, improvements and fixtures now existing or hereafter erected on
the Land and all right, title and interest, if any, of Trustor in and to the streets and roads, opened or proposed, abutting the Land to the center lines thereof, and strips within or adjoining the Land, the air space and right to use said air space
above the Land, all rights of ingress and egress on or within the Land, all easements, rights and appurtenances thereto or used in connection with the Land, including, without limitation, all lateral support, alley and drainage rights, all revenues,
income, rents, cash or security deposits, advance rental deposits, and other benefits thereof or arising from the use or enjoyment of all or any portion thereof (subject however to the rights and authorities given herein to Trustor to collect and
apply such revenues, and other benefits), all interests in and rights, royalties and profits in connection with all minerals, oil and gas and other hydrocarbon substances thereon or therein, and water stock, all options to purchase or lease, all
development or other rights relating to the Land or the operation thereof, or used in connection therewith, including all Trustor’s right, title and interest in all fixtures, attachments, partitions, machinery, equipment, building materials,
appliances and goods of every nature whatever now or hereafter located on, or attached to, the Land, all of which, including replacements and additions thereto, shall, to the fullest extent permitted by law and for the purposes of this Deed of
Trust, be deemed to be real property and, whether affixed or annexed thereto or not, be deemed conclusively to be real property; and Trustor agrees to execute and deliver, from time to time, such further instruments and documents as may be required
by Beneficiary to confirm the legal operation and effect of this Deed of Trust on any of the foregoing. All of the foregoing property described in this Section (the “Improvements”) together with the Land, shall be hereinafter referred to
as the “Property.” 

  
 – 1–

 TRUSTOR FURTHER HEREBY GRANTS A SECURITY INTEREST AND ASSIGNS TO BENEFICIARY all of
Trustor’s now existing or hereafter acquired right, title and interest in the following (with the understanding and intention that this Deed of Trust shall, among other things, constitute a security agreement pursuant to the California Uniform
Commercial Code): 
 (A)    All equipment, fixtures, inventory, goods, instruments, appliances, furnishings,
machinery, tools, raw materials, component parts, work in progress and materials, and all other tangible personal property of whatsoever kind, used or consumed in the improvement, use or enjoyment of the Property now or any time hereafter owned or
acquired by Trustor, wherever located and all products thereof whether in possession of Trustor or whether located on the Property or elsewhere; 
 (B)    To the extent such general intangibles are assignable, all general intangibles relating to design, development, operation, management and use of the Property, including, but not
limited to, (i) all names under which or by which the Property may at any time be owned and operated or any variant thereof, and all goodwill in any way relating to the Property and all service marks and logotypes used in connection therewith
and all rights as a declarant (or its equivalent) under any covenants, conditions and restrictions or other matters of record affecting the Property, (ii) all permits, licenses, authorizations, variances, land use entitlements, approvals,
consents, clearances, and rights obtained from governmental agencies issued or obtained in connection with the Property, (iii) all permits, licenses, approvals, consents, authorizations, franchises and agreements issued or obtained in
connection with the construction, use, occupation or operation of the Property, (iv) all materials prepared for filing or filed with any governmental agency, and (v) the books and records of Trustor relating to construction or operation of
the Property; 
 (C)    All shares of stock or partnership interest or other evidence of ownership of any
part of the Property that is owned by Trustor in common with others, including all water stock relating to the Property, if any, and all documents or rights of membership in any owners’ or members’ association or similar group having
responsibility for managing or operating any part of the Property provided, however, that the foregoing shall not include any ownership interests in the Trustor; 
 (D)    All accounts, deposit accounts, supporting obligations, letter-of-credit rights, tax and insurance escrows held pursuant to this Deed of Trust, accounts receivable, instruments,
documents, documents of title, general intangibles, rights to payment of every kind, all of Trustor’s rights, direct or indirect, under or pursuant to any and all construction, development, financing, guaranty, indemnity, maintenance,
management, service, supply and warranty agreements, commitments, contracts, subcontracts, insurance policies, licenses and bonds now or anytime hereafter arising from construction on the Land or the use or enjoyment of the Property to the extent
such are assignable; 
 (E)    All condemnation proceeds (including payments in lieu thereof) and Insurance
Proceeds related to the Property; 
 (F)    All articles of personal property now or hereafter attached to,
placed upon for an indefinite term or used in connection with the Land, appurtenances to the Land, and the 

  
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Improvements together with all goods and other property which are or at any time become so related to the Property that an interest in them arises under real estate law as fixtures. 

TOGETHER with all additions to, substitutions for and the products of all of the above, and all proceeds therefrom, whether cash proceeds
or non-cash proceeds, received when any such property (or the proceeds thereof) is sold, exchanged, leased, licensed, or otherwise disposed of, whether voluntarily or involuntarily. Such proceeds shall include any of the foregoing specifically
described property of Trustor acquired with cash proceeds. Together with, and without limiting the above items, all Goods, Accounts, Documents, Instruments, Money, Chattel Paper, Deposit Accounts, Letter-of-Credit Rights, Investment Property,
Equipment and General Intangibles arising from or used in connection with the Property, as those terms are defined in the Uniform Commercial Code from time to time in effect in the state in which the Property is located. (All of the foregoing
including such products and proceeds thereof, are collectively referred to as “Collateral.”) 
 The personal property
in which Beneficiary has a security interest includes goods which are or shall become fixtures on the Property. This Deed of Trust is intended to serve as a fixture filing pursuant to the terms of the California Uniform Commercial Code. This filing
is to be recorded in the real estate records of the appropriate city, town or county in which the Property is located. In that regard, the following information is provided:, 

 

			
	Name of Debtor:	 	Redwood Industrial
		
	Address of Debtor:	 	See Section 4.3 hereof
		
	Type of Organization:	 	general partnership
		
	Jurisdiction of Organization:	 	California
		
	Organizational ID #:	 	                             
                           
		
	Name of Additional Debtor:	 	Lampert at Iron Point, LLC
		
	Address of Additional Debtor:	 	See Section 4.3 hereof
		
	Type of Organization:	 	limited liability company
		
	Jurisdiction of Organization:	 	California
		
	Organizational ID #:	 	200405110204                          
      
		
	Name of Secured Party:	 	 Allstate Life Insurance Company, an Illinois
 insurance corporation

		
	Address of Secured Party:	 	See Section 4.3 hereof.

  
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 Trustor warrants and agrees that there is no financing statement covering the foregoing
Collateral, the Property, or any part thereof, on file in any public office. 
 HOWEVER, THIS IS A DEED OF TRUST, AND THIS
CONVEYANCE IS MADE IN TRUST FOR THE FOLLOWING USES AND TRUST, AND FOR NO OTHER PURPOSES, AND FOR THE PURPOSE OF SECURING, IN SUCH ORDER OF PRIORITY AS BENEFICIARY MAY ELECT: 
 (A)    The repayment of the indebtedness evidenced by that certain Note Secured by Deed of Trust (“Note”) of even date herewith executed by Trustor and payable to the order
of Beneficiary, in the principal sum of TWENTY-SEVEN MILLION DOLLARS ($27,000,000) with interest thereon, as provided therein and all late charges, loan fees, commitment fees, Prepayment Premiums (as described in the Note), and all extensions,
renewals, modifications, amendments and replacements thereof; 
 (B)    The payment of all other sums which
may be advanced by or otherwise be due to Trustee or Beneficiary under any provision of this Deed of Trust or under any other instrument or document referred to in Clause (C) below, with interest thereon at the rate provided herein or therein;

 (C)    The performance of each and every covenant and agreement of Trustor contained (i) herein, in
the Note, or in any note evidencing a Future Advance (as hereinafter defined), and (ii) in any and all pledge or other security agreements, loan agreements, disbursement agreements, supplemental agreements, environmental indemnity agreements
(the foregoing shall not include the Commitment Letter between Trustor and Beneficiary), assignments (both present and collateral) and all instruments of indebtedness or security now or hereafter executed by Trustor in connection with any
indebtedness referred to in Clauses (A), (B) or (D) of this Section or for the purpose of supplementing or amending this Deed of Trust or any instrument secured hereby (all of the foregoing in this Clause (C), as the same may be amended,
modified or supplemented from time to time, being referred to hereinafter as “Related Agreements”) and all costs and expenses, including reasonable attorneys’ fees with respect to all such documents, including, without limitation, the
negotiation and drafting of any loan settlement or workout agreement; and, 
 (D)    The repayment of any
other loans or advances, with interest thereon, hereafter made to Trustor (or any successor in interest to Trustor as the owner of the Property or any part thereof) by Beneficiary when the promissory note evidencing the loan or advance specifically
states that said note is secured by this Deed of Trust, together with all extensions, renewals, modifications, amendments and replacements thereof (herein and in the Related Agreements “Future Advance”). 

ARTICLE 1 

COVENANTS OF TRUSTOR 
 To protect the security of this Deed of Trust, Trustor covenants and agrees as follows: 
 1.1    Performance of Obligations Secured. Trustor shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, the principal of
and interest 

  
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on any Future Advance, any Prepayment Premium and late charges provided for in the Note or in any note evidencing a Future Advance, and shall further perform fully and in a timely manner all
other obligations of Trustor contained herein or in the Note or in any note evidencing a Future Advance or in any of the Related Agreements. 
 1.2    Insurance. For all times during the period there remains any indebtedness under the Note, or any and all other indebtedness (including without limitation
Future Advances) secured by this Deed of Trust, Trustor shall keep the Property insured against all risks or hazards as Beneficiary may require. Such insurance shall be in policy form, amount and coverage satisfactory to Beneficiary, including, but
not limited to: 
 (A)    Fire and extended coverage on an “all risk” replacement cost basis, in
an amount equal to the insurable value of the Improvements, without coinsurance or deducting for depreciation, containing a waiver of subrogation clause and a deductible amount acceptable to Beneficiary; 

(B)    General public liability insurance, in such form, amount and deductible satisfactory to Beneficiary, and
naming Beneficiary c/o Beneficiary’s servicing agent, if any, as additional insured covering Beneficiary’s interest in the Property; 
 (C)    Business interruption or rent loss insurance endorsement in an amount at least equal to 100% of the sum of: annual debt service on the Note, the annual debt service on any other
financing permitted by Beneficiary, ground rents, if any, and operating expenses (without contribution from Trustor for a period of twelve (12) months), including, without limitation, real estate taxes and assessments and insurance, for the
Property; 
 (D)    Flood insurance (whether or not available through the National Flood Insurance Program)
sufficient to cover any damage which may be anticipated in the event of flood unless Trustor has provided Beneficiary evidence satisfactory to Beneficiary that no portion of the Property is located within the boundaries of the 100 year flood plain
(Flood Zone A); 
 (E)    “Dram shop” insurance if alcoholic beverages are sold on the Property;

 (F)    Boiler and machinery insurance when risks covered thereby are present and Beneficiary requires
such insurance; and 
 (G)    Earthquake insurance if Beneficiary requires such insurance. 

The insurance coverages described in subsections (A), (C), (D), (F) and (G) above shall name Beneficiary c/o Beneficiary’s servicing
agent, if any, under a standard noncontributory mortgagee loss payable clause (and naming Beneficiary as loss payee for rent loss coverage) or otherwise directly insure Beneficiary’s interest in the Property. All losses under said insurance
shall be payable to Beneficiary in the manner provided in Sections 1.4 and 1.5 hereof. All policies of insurance required under this Section 1.2 shall be with a company or companies with a policy rating of A- and financial rating of at least
Class X in the most current edition of Best’s Key Rating Guide and authorized to do business in the state in which the Property is located. All policies of insurance shall provide that they will not be canceled or modified without 

  
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thirty (30) days’ prior written notice to Beneficiary. True copies of the above mentioned insurance policies or evidence of such insurance (in the form of Acord Form 27) satisfactory
to. Beneficiary shall be delivered to and held by Beneficiary. True copies of all renewal and replacement policies or evidences of such insurance forms (Acord Form 27) thereof shall be delivered to Beneficiary at least thirty (30) days before
the expiration of the expiring policies. If any renewal or replacement policy is not obtained as required herein. Beneficiary is authorized to obtain the same in Trustor’s name and at Trustor’s expense. Beneficiary shall not by the fact of
failing to obtain any insurance, incur any liability for or with respect to the amount of insurance carried, the form or legal sufficiency of insurance contracts, solvency of insurance companies, or payment or defense of lawsuits, and Trustor hereby
expressly assumes full responsibility therefor and all liability, if any, with respect thereto. 

1.3    Condemnation. 
 (A)    Immediately upon obtaining knowledge of the commencement or threat of any action in connection with (i) any condemnation, (ii) any other taking of the Property or any
part thereof by any public authority or private entity having the power of eminent domain, or (iii) any conveyance in lieu of such condemnation or taking of the Property or any part thereof (“Condemnation”), Trustor shall notify
Beneficiary in writing but in no event later than ten (10) days after Trustor obtains knowledge of the commencement of or threat of a Condemnation. Beneficiary shall have the right, but not the obligation, to participate in any proceedings
relating to any Condemnation and may, in its sole discretion, consent or withhold its consent to any settlement, adjustment, or compromise of any claims arising from the Condemnation and no such settlement, adjustment or compromise shall be final or
binding upon Beneficiary without Beneficiary’s prior consent. 
 (B)    If all or part of the Property
is taken by Condemnation and Beneficiary in its reasonable judgment determines that the remainder of the Property, if any, cannot be operated as an economically viable entity at substantially the same level of operations as immediately prior to such
Condemnation, then all proceeds of the Condemnation (“Condemnation Proceeds”) shall be paid over to Beneficiary and shall be applied first toward reimbursement of the costs and expenses (including reasonable attorneys’ fees) of
Beneficiary, if any, in connection with the recovery of such Condemnation Proceeds, and then, in the sole and absolute discretion of Beneficiary and without regard to the adequacy of its security under this Deed of Trust, shall be applied against
all amounts due herein or under the Note and any remaining Condemnation Proceeds shall be released to the Trustor. Full or partial prepayment of the Note under this Section 1.3(B) shall not be subject to the Prepayment Premium (provided no
Event of Default exists hereunder); however, such partial prepayment shall not entitle Trustor to prepay the portion of the Note remaining unpaid after application of the Condemnation Proceeds. Prepayment of the balance shall continue to be subject
to the terms and conditions of the Note, including the No-Prepayment Period and the Prepayment Premium described therein. 

(C)    If less than all of the Property is taken by Condemnation and Beneficiary in its reasonable judgment
determines that the remainder of the Property can be operated as an economically viable entity at substantially the same level of operations as immediately prior to such Condemnation, then Trustor shall diligently restore the Property to a condition
and use as close as possible to its condition immediately prior to the Condemnation and all Condemnation 

  
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Proceeds shall be made available to Trustor for such restoration. If the estimated cost of restoration, as reasonably determined by Beneficiary, is equal to or less than $100,000.00, all
Condemnation Proceeds shall be released directly to Trustor for restoration of the Property. If the estimated cost of restoration exceeds $100,000.00, all Condemnation Proceeds shall be deposited into an escrow fund in accordance with
Section 1.5 below. Beneficiary shall have the right to obtain an opinion of an independent contractor or engineer satisfactory to Beneficiary, at Trustor’s expense, to estimate the cost to restore the remaining portion of the Property. If
the amount of the Condemnation Proceeds is not sufficient to restore the Property based on the opinion of an independent contractor or engineer, subject to revision as restorations are made, Trustor shall be obligated to pay the difference toward
the restoration of the Property prior to the disbursement of any Condemnation Proceeds to, or for the account of Trustor. 

(D)    Notwithstanding any provision herein to the contrary, if an Event of Default exists at any time from the time
of a Condemnation through the completion of restoration and payment of any Condemnation Proceeds, the use of the Condemnation Proceeds shall be governed by the remedies set forth in Article III below. If an event has occurred which with notice, the
passage of time, or both, could become an Event of Default, then, the Condemnation Proceeds shall be held by Beneficiary or in the Escrow Fund (as defined below), as applicable, pending cure of such event prior to the expiration of any applicable
cure or grace period The application of any Condemnation Proceeds to the indebtedness secured hereby shall not cure or waive any Event of Default hereunder, or invalidate any act done pursuant to any notice thereof. 

1.4    Damage to Property. 
 (A)    Promptly upon obtaining knowledge of any damage to the Property or any part thereof with an estimated cost of restoration in excess of $25,000.00, but in no event later than
five (5) days after Trustor obtains such knowledge, Trustor shall notify Beneficiary of such damage in writing. Trustor shall diligently restore the Property to the same condition that existed immediately prior to the damage whether or not
Insurance Proceeds are sufficient for such restoration. All proceeds of any insurance on the Property (“Insurance Proceeds”) received by Trustor shall be applied to such restoration. Beneficiary shall have the right to obtain an opinion of
an independent contractor or engineer satisfactory to Beneficiary, at Trustor’s expense, to estimate the cost to restore the Property to its original condition, which opinion may be revised as restorations are made. If the amount of the
Insurance Proceeds is not sufficient to restore the Property based on an independent contractor’s or engineer’s opinion, subject to revision as restorations are made, Trustor shall be obligated to pay the difference toward the restoration
of the Property, prior to the application of any Insurance Proceeds to such restoration as provided herein. 

(B)    If the estimated cost of restoration is equal to or less than $100,000.00, Trustor shall promptly settle and
adjust any claims under the insurance policies which insure against such risks and, upon receipt of the Insurance Proceeds, Trustee and Beneficiary shall deliver such to Trustor for use in restoration of the Property. 

(C)    If the estimated cost of restoration is greater than $100,000.00, Beneficiary shall have the right, but not
the obligation, to participate in the settlement of the 

  
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insurance claims and may, in its sole discretion, consent or withhold its consent to any settlement, adjustment, or compromise of such insurance claims and no such settlement, adjustment, or
compromise shall be final or binding upon Beneficiary without its prior consent. Upon settlement of insurance claims, and if Trustor can demonstrate to the reasonable satisfaction of Beneficiary that the projected ratio of Net Operating Income, as
defined below, to annual debt service due under the Note and any other notes secured by the Property (“Debt Coverage Ratio”) will be at least 105% for the twelve months immediately following reconstruction of the Property, the Insurance
Proceeds shall be deposited into an escrow fund in accordance with Section 1.5 below. 
 As used in this Deed of Trust,
“Net Operating Income” shall mean: (i) all gross operating revenues anticipated to be received during the following twelve-month period as of the date of calculation based on leases in effect as of the date of calculation and only for
such time as those leases are contracted to remain in effect without expiration by their terms or optional termination by the tenant (unless the tenant has waived its termination rights in writing or the term of the lease has been extended in
writing), including without limitation all amounts to be received from tenants as payment of operating expenses but not including refundable deposits, lease termination payments, excess tenant improvement and leasing commission payments included as
additional rent, principal or interest payments to be received by Trustor on loans to tenants, and fees and reimbursements for work performed for tenants by Trustor (“Gross Revenues”), less: (ii) all amounts, calculated on a pro forma
basis, for the operation or maintenance of the Property for the following twelve-month period, including ground rents, the cost of property management (which shall be no less than 4% of Gross Revenues), maintenance, cleaning, security, landscaping,
parking maintenance and utilities, and other costs and expenses approved in writing by Beneficiary and amounts reasonably estimated by Beneficiary for the payment of real estate taxes and assessments and other taxes related to the operation of the
Property, insurance premiums, necessary repairs and future replacements of equipment; payments under the Note shall not be included in Net Operating Income. Notwithstanding the foregoing, if any of the Related Agreements require a historical
calculation of Net Operating Income, it shall be calculated on a cash basis for the previous twelve-month period as of the date of such calculation. 
 (D)    If in the reasonable judgment of Beneficiary the conditions of Paragraph 1.4(C) cannot be satisfied, then at any time from and after the occurrence of the damage, upon written
notice to Trustor, Beneficiary may declare the entire balance of the Note and/or any Future Advances then outstanding and accrued and unpaid interest thereon, and all other sums or payments required thereunder or under this Deed of Trust, without
any Prepayment Premium (provided no Event of Default exists hereunder), to be immediately due and payable, and all Insurance Proceeds shall be applied by Beneficiary first to the reimbursement of any costs or expenses incurred by Beneficiary in
connection with the damage or the determination to be made hereunder, and then to the payment of the indebtedness secured by this Deed of Trust in such order as Beneficiary may determine in its sole discretion. 

(E)    Notwithstanding any provision herein to the contrary, if an Event of Default exists at any time from the time
of damage through the completion of restoration and the final release of any Insurance Proceeds to Trustor, the use of the Insurance Proceeds shall be governed by the remedies set forth in Article III below. If an event has occurred which with

  
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notice, the passage of time, or both, could become an Event of Default, then the Insurance Proceeds shall be held by Beneficiary or in the Escrow Fund, as applicable, pending cure of such event
prior to the expiration of any applicable cure or grace period. The application of any Insurance Proceeds to the indebtedness secured hereby shall not cure or waive any Event of Default hereunder or invalidate any act done pursuant to any notice
thereof. 
 1.5    Escrow Fund for Condemnation and Insurance Proceeds. 

(A)    In the circumstances indicated above in Subsections 1.3(C) and 1.4(C), all Condemnation Proceeds and Insurance
Proceeds (“Proceeds”) shall be deposited in an interest bearing escrow fund (“Escrow Fund”). The escrow agent and the form of the escrow agreement shall be satisfactory to Beneficiary and Trustor. The costs and fees of such
escrow agent shall be paid by Trustor. If the amount of the Proceeds is not sufficient to restore the Property based on an independent contractor’s or engineer’s opinion obtained by Beneficiary at Trustor’s expense, subject to
revision as restorations are made, Trustor shall be obligated to deposit in the Escrow Fund the difference between the contractor’s or engineer’s estimate and the amount of the Proceeds or deliver to the escrow agent an irrevocable,
unconditional letter of credit issued in the amount of such difference in a form and by a financial institution acceptable to Beneficiary or other cash equivalent acceptable to Beneficiary. The Trustor’s funds, if necessary, and the Proceeds
shall be deposited into the Escrow Fund and shall not be released by the escrow agent unless used to restore the Property to its original condition and unless a disbursement agent satisfactory to Beneficiary and Trustor approves such disbursements
from time to time. The escrow agreement shall provide that the escrow agent shall only disburse funds to Trustor so long as the restoration work is being diligently performed by Trustor and only after: (i) Trustor has delivered to Beneficiary,
and Beneficiary has approved, the plans and specifications for the restoration of the Property; (ii) Trustor has executed a contract acceptable to Beneficiary with a general contractor acceptable to Beneficiary for the restoration of the
Property; (iii) the general contractor has submitted lien waivers and/or releases, executed by the general contractor and all subcontractors which may be partial to the extent of partial payments and which, in the case of releases, may be
contingent upon payment if the escrow agent makes payment directly to such contractor or subcontractor; (iv) Trustor has furnished Beneficiary with an endorsement to its title policy showing no additional exceptions; and (v) Trustor has
deposited its funds in the Escrow Fund as provided in this Paragraph and has submitted such other documents and information as may be requested by Beneficiary to determine that the work to be paid for has been performed in accordance with the plans
and specifications approved by Beneficiary. If any requisition for payment of work performed is for an amount which would result in the remaining balance of the Escrow Fund to be insufficient to complete the remainder of the restoration, Trustor
shall advance the requisite amount in cash to the Escrow Fund immediately upon written request from the disbursement agent or Beneficiary. Any failure by Trustor to satisfy any of the conditions to the disbursement of Proceeds set forth in this
Paragraph upon demand by Beneficiary shall constitute a Performance Default, as hereinafter defined. 

(B)    Any Proceeds and any interest thereon remaining in the Escrow Fund after payment of the costs to complete the
restoration of the Property pursuant to the approved plans and specifications and the costs of the escrow agent shall be paid first, to Trustor to the extent of any funds of Trustor’s contributed to the restoration pursuant to Paragraph 1.5,
provided there is no Event of Default or an event which with notice, the passage of time, or both, could become an 

  
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Event of Default, and thereafter at Beneficiary’s option, any remaining Proceeds may be applied to the prepayment of the Note without payment of any Prepayment Premium. Full or partial
prepayment of the Note under the preceding sentences of this Section 1.5B shall not be subject to the Prepayment Premium; however, any such partial prepayment shall not entitle Trustor to prepay the portion of the Note remaining unpaid after
application of the Proceeds. Prepayment of the balance shall continue to be subject to the terms and conditions of the Note, including the No-Prepayment Period and the Prepayment Premium described therein. If an Event of Default exists, the use of
the Proceeds shall be governed by Article III below. If, however, an event exists which with notice, the passage of time, or both, could become an Event of Default, the remaining balance in the Escrow Fund shall be held by the escrow agent pending
cure of the event prior to the expiration of any applicable cure or grace period. 
 1.6    Taxes,
Liens and other Items. 
 (A)    Trustor shall pay any and all taxes, bonds, assessments, fees,
liens, charges, fines, and any accrued interest or penalty thereon, and any and all other items which are attributable to or affect the Property (collectively, “Impositions”) by making payment prior to delinquency directly to the payee
thereof and promptly furnish copies of paid receipts for these to Beneficiary. Trustor shall promptly discharge or bond any lien or encumbrance on the Property whether or not said lien or encumbrance has or may attain priority over this Deed of
Trust. This Deed of Trust shall be the sole encumbrance on the Property and, if with the consent of Beneficiary it is not the sole encumbrance, then it shall be prior to any and all other liens or encumbrances on the Property. Trustor may in good
faith and with due diligence protest the payment of any Imposition which it believes unwarranted or excessive and may defer payment of such Imposition pending conclusion of such contest if legally permitted to do so, provided that the priority of
this Deed of Trust and Beneficiary’s security is not adversely affected and that Trustor shall have furnished Beneficiary or the taxing authority such security as may be required. 

(B)    As further security for the payment of the Note and the payment of real estate taxes, regular or special
assessments and insurance premiums, Trustor shall deposit 1/12 of the annual amounts of such items as estimated by Beneficiary, with each monthly payment on the Note, so that Beneficiary will hold a sufficient amount to pay all such charges not less
than thirty (30) days prior to the date on which such items become due and payable. Beneficiary shall be furnished evidence to allow it to estimate such amounts, including paid receipts or annual insurance premium statements, assessment notices
and tax receipts. The funds in the escrow and the amount of the monthly payments shall be reasonably determined by Beneficiary from time to time so that the balance of funds in the escrow shall, at any time, when added to the remaining escrow
payments required by Beneficiary, result in the escrow holding a sufficient amount to pay all taxes and insurance premiums the month before such charges become due and payable. All funds so deposited shall, until applied to the payment of the
aforesaid items as hereinafter provided, be held by Beneficiary without interest (except to the extent required under applicable law) and may be commingled with other funds of Beneficiary. All funds so deposited shall be applied to the payment of
the aforesaid items only upon the satisfaction of the following conditions: (i) No Event of Default or event, which with notice or the passage of time or both could become an Event of Default, shall have occurred; (ii) Beneficiary shall
have sufficient funds to pay the full amounts of such items (which funds may include amounts paid solely for such purpose by Trustor in addition to the escrowed funds); and (iii) Trustor shall have furnished 

  
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Beneficiary with prior written notification that such items are due and with the bills and invoices therefor in sufficient time to pay the same before any penalty or interest attaches and before
policies of insurance lapse, as the case may be, and shall have deposited any additional funds as Beneficiary may determine as necessary to pay such items. 
 (C)    Beneficiary expressly disclaims any obligation to pay the aforesaid items unless and until Trustor complies with all of the provisions set forth in Subsections 1.6(A) and (B).
Trustor hereby pledges and grants a security interest in any and all monies now or hereafter deposited pursuant to Subsection 1.6(B) as additional security for the Note and Related Agreements. If any Event of Default shall have occurred, or if the
Note shall be accelerated as herein provided, all funds so deposited may, at Beneficiary’s option, be applied as determined solely by Beneficiary or to cure said Event of Default or as provided in this Section 1.6. In no event shall
Trustor claim any credit against the principal and interest due hereunder for any payment or deposit for any of the aforesaid items. 
 1.7    Assignment of Leases, Contracts, Rents and Profits. 
 (A)    Trustor hereby absolutely, presently and unconditionally grants, assigns, transfers, conveys and sets over to Beneficiary, subject to all of the terms, covenants and conditions
set forth herein, all of Trustor’s right, title and interest in and to the following whether arising under the Leases (as hereinafter defined), by statute, at law, in equity, or in any other way: 

(1)    All of the leases of the Property which are in effect on the date hereof and all leases entered into or in
effect from time to time after the date hereof, including, without limitation, all amendments, extensions, replacements, modifications and renewals thereof and all subleases, concession agreements, any ground leases or ground subleases, and all
other agreements affecting the same (the “Leases”) and all guaranties thereunder; 
 (2)    All
of the rents, income, profits, revenue, security deposits, judgments, Condemnation Proceeds, Insurance Proceeds, unearned insurance premiums, all termination and/or cancellation payments received by Trustor in connection with any Lease, proceeds
from the surrender, sale or other disposition of any Lease, any other fees or sums payable to Trustor or any other person as landlord and any award or payment in connection with any enforcement action of any Lease, including, without limitation, any
award to Trustor made hereafter in any court involving any of the tenants under the Leases in any bankruptcy, insolvency, or reorganization proceeding in any state or federal court, and Trustor’s right to appear in any action and/or to collect
any such award or payment, and all payments by any tenant in lieu of rent (collectively, “Rents and Profits”); and 

(3)    All contracts, agreements, management, operating and maintenance agreements, warranties, licenses, permits,
guaranties and sales contracts relating to the Property and the Collateral entered into by, or inuring to the benefit of, Trustor (the “Contracts”). 
 (B)    Notwithstanding the provisions of Subsection 1.7(A), so long as no Event of Default has occurred, and, subject to Subsection 1.7(F) and Article 3, Trustor shall have a

  
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license to manage the Property; to collect, receive and use all Rents and Profits in accordance with the terms of the Leases; to let the Property subject to the terms hereof and to take all
actions which a reasonable and prudent landlord would take in enforcing the provisions of the Leases and Contracts; provided, however, that all amounts so collected shall be applied toward operating expenses, real estate taxes and insurance relating
to the Property, capital repair items necessary to the operation of the Property, and the payment of sums due and owing under the Note and this Deed of Trust prior to any other expenditure or distribution by Trustor. From and after the occurrence of
an Event of Default (whether or not Beneficiary shall have exercised Beneficiary’s option to declare the Note immediately due and payable), such license shall be automatically revoked without any action required by Beneficiary. Any amounts
received by Trustor or its agents in the performance of any acts prohibited by the terms of this Deed of Trust, including but not limited to any amounts received in connection with any cancellation, modification or amendment of any of the Leases
prohibited by the terms of this Deed of Trust and any amounts received by Trustor as rents, income, issues or profits from the Property from and after the occurrence of an Event of Default under this Deed of Trust, the Note, or any of the other
Related Agreements, shall be held by Trustor as trustee for Beneficiary and all such amounts shall be accounted for to Beneficiary and shall not be commingled with other funds of the Trustor. Any person acquiring or receiving all or any portion of
such trust funds shall acquire or receive the same in trust for Beneficiary as if such person had actual or constructive notice that such funds were impressed with a trust in accordance herewith. 

(C)    Upon the occurrence of an Event of Default, the Beneficiary shall have the right but not the obligation to
perform as landlord under the Leases and as a party under the Contracts. The assignment of Rents and Profits set forth herein constitutes an irrevocable direction and authorization of all tenants under the Leases to pay all Rents and Profits to
Beneficiary upon demand and without further consent or other action by Trustor. Trustor irrevocably appoints Beneficiary its true and lawful attorney, at the option of Beneficiary at any time, to demand, receive and enforce payment, to give
receipts, releases and satisfactions, and to sue, either in the name of Trustor or in the name of Beneficiary, for all such Rents and Profits and apply the same to the indebtedness secured by this Deed of Trust. 

(D)    Neither the foregoing assignment of Rents and Profits, Leases and Contracts to Beneficiary nor the exercise by
Beneficiary of any of its rights or remedies under Article III shall be deemed to make Beneficiary a “mortgagee-in-possession” or otherwise liable in any manner with respect to the Property, unless Beneficiary, in person or by agent,
assumes actual possession thereof. Nor shall appointment of a receiver for the Property by any court at the request of Beneficiary or by agreement with Trustor, or the entering into possession of the Property by such receiver, be deemed to make
Beneficiary a “mortgagee-in-possession” or otherwise liable in any manner with respect to the Property. 

(E)    In the event Beneficiary collects and receives any Rents and Profits under this Section 1.7 pursuant to
any Monetary or Performance Default as defined in Section 2.1 hereof, such collection or receipt shall in no way constitute a curing of the Monetary or Performance Default. 

(F)    Trustor shall not, without the prior written consent of Beneficiary, (i) enter into any lease, extend or
renew any Lease (other than extensions or renewals in accordance with 

  
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the terms of a lease approved by Beneficiary), or consent to or permit the assignment or subletting of any Leases (other than assignments or subleases in accordance with the terms of a Lease
approved by Beneficiary), or amend or terminate any Lease; (ii) alter, modify, change or terminate the terms of any guaranties of any Leases; (iii) create or permit any lien or encumbrance which, upon foreclosure, would be superior to any
such Leases or in any other manner impair Beneficiary’s rights and interest with respect to the Rents and Profits; (iv) pledge, transfer, mortgage or otherwise encumber or assign the Leases, the Contracts or the Rents and Profits; or
(v) collect rents more than 30 days prior to their due date. Notwithstanding the foregoing, so long as no Event of Default has occurred hereunder, Trustor may, without the prior written consent of Beneficiary, enter into Leases, extend or renew
Leases, and permit the assignment or sublease of Leases which demise 15,000 rentable square feet or less for a term of five (5) years or less (“Non-material Leases”), provided they are on rental rates, including rental concessions, at
least equal to that charged for comparable properties within the Property’s submarket area, have been negotiated at arm’s length, and do not contain material modifications to the form of lease previously approved by Beneficiary. Trustor
may also amend Non-material Leases without Beneficiary’s prior written consent if, in Trustor’s prudent business judgment, such amendments are necessary and do not impair the value of the Property. Beneficiary will not unreasonably
withhold or delay its consent to any lease submitted to it for approval. Any Lease submitted for Beneficiary’s consent shall, at Beneficiary’s option, be accompanied by a Subordination, Nondisturbance and Attornment Agreement in
Beneficiary’s then current form. 
 (G)    Trustor shall promptly give notice to Beneficiary of any
default under any of the Leases meeting the criteria of a lease for which Beneficiary’s consent would have been required pursuant to Paragraph 1.7(F) regardless of whether such leases were executed before or after the date of this Deed of
Trust, together with a complete copy of any notices delivered to or by the tenant as a result of such default. Beneficiary shall have the right, but not the obligation, to cure any default of Trustor under any of the Leases and all amounts disbursed
in connection with said cure shall be deemed to be indebtedness secured hereby. 
  

	 	(H)	Beneficiary shall have the right to approve any lease forms used by Trustor for lease of space in the Property. 

 

	 	(I)	Trustor hereby represents, warrants and agrees that: 

 (1)    Trustor has the right, power and capacity to make this assignment and that no person, firm or corporation or other entity other than Trustor has or will have any right, title or
interest in or to the Leases, Contracts or the Rents and Profits. 
 (2)    Trustor shall, at its sole cost
and expense, perform and discharge all of the obligations and undertakings of the landlord under the Leases. Trustor shall enforce the performance of each obligation of the tenants under the Leases and will appear in and prosecute or defend any
action connected with the Leases or the obligations of the tenants thereunder. 
 (J)    Beneficiary shall
not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty or liability under the Leases or under or by reason of this assignment. Trustor shall and does hereby agree to indemnify 

  
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Beneficiary for and to defend and hold Beneficiary harmless from any and all liability, loss or damage which Beneficiary may or might incur under the Leases or under or by reason of this
assignment, and from any and all claims whatsoever which may be asserted against Beneficiary by reason of any alleged obligations or undertakings on Beneficiary’s part to perform or discharge any of the terms, covenants or agreements contained
in the Leases. Should Beneficiary incur any liability, loss or damage under the Leases or under or by reason of this assignment, or in the defense of any of such claims or demands, the amount thereof, including costs, expenses and attorneys’
fees, shall be secured by this Deed of Trust; and Trustor shall reimburse Beneficiary therefor immediately upon demand, and upon failure of Trustor to do so, Beneficiary may declare all sums so secured to be immediately due and payable. 

(K)    Beneficiary may take or release other security, may release any party primarily or secondarily liable for any
indebtedness secured hereby, may grant extensions, renewals or indulgences with respect to such indebtedness, and may apply any other security therefor held by it to the satisfaction of such indebtedness, without prejudice to any of its rights
hereunder. 
 (L)    Nothing herein contained and no act done or omitted by Beneficiary pursuant to the
powers and rights granted it herein shall be deemed to be a waiver by Beneficiary of its other rights and remedies under the Note and this Deed of Trust, and this assignment is made and accepted without prejudice to any of the other rights and
remedies possessed by Beneficiary under the terms thereof. The right of Beneficiary to collect said indebtedness and to enforce any other security therefor held by it may be exercised by Beneficiary either prior to, simultaneously with, or
subsequent to any action taken by it hereunder. It is the intent of both Trustor and Beneficiary that this assignment be supplementary to, and not in substitution or derogation of, any other provision contained in this Deed of Trust giving
Beneficiary any interest in or rights with respect to the Leases or Rents and Profits. 
 (M)    Neither
this assignment nor pursuit of any remedy hereunder by Beneficiary shall cause or constitute a merger of the interests of the tenant and the Trustor under any of the Leases such that any of the Leases hereby assigned are no longer valid and binding
legal obligations of the parties executing the same. 
 (N)    Trustor agrees, from time to time, to execute
and deliver, upon demand, all assignments and any and all other writings as Beneficiary may reasonably deem necessary or desirable to carry out the purpose and intent hereof, or to enable Beneficiary to enforce any right or rights hereunder.

 1.8    Due on Sale or Encumbrance. Neither Trustor nor any principal of Trustor shall,
without the prior written consent of Beneficiary: (i) create, effect, consent to, suffer to exist, assume, incur, permit (voluntarily or involuntarily, by operation of law or otherwise) any direct or indirect conveyance, sale, assignment,
transfer, grant, lien, pledge, mortgage, security interest or other encumbrance or disposition (each of the foregoing defined as “Transfer”) of the Property or an interest therein; (ii) be divested of its title to the Property or any
interest therein; (iii) enter into a contract to sell or grant any option to purchase that results in a transfer of possession or of equitable title to the Property or any portion thereof prior to the payment of the Note in accordance with its
terms; (iv) enter into any lease giving the tenant any option to 

  
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purchase the Property or any portion thereof; (v) permit or suffer any Transfer of any direct or indirect ownership interest in the Trustor or any indemnitor or guarantor under the Note,
this Deed of Trust or any Related Agreement; (vi) permit or suffer any Transfer of any ownership interest in any direct or indirect owner of a legal or beneficial interest in the Trustor (including, without limitation its partners, members,
trustees, beneficiaries or shareholders); or (vii) permit or suffer the merger, dissolution, liquidation or consolidation of the Trustor or any of the direct or indirect owners of Trustor or the conversion of one type of legal entity into
another type of legal entity. Except as expressly consented to in writing by Beneficiary, Trustor shall not incur any additional indebtedness (secured or unsecured, direct or contingent) other than unsecured debt or trade payables incurred in the
ordinary course of business in connection with the operation of fee Property. Upon the occurrence of any of the prohibited actions specified herein, then Beneficiary shall have the right, at its option, to declare the indebtedness secured by this
Deed of Trust immediately due and payable, irrespective of the maturity date specified in the Note. 

1.9    Preservation and Maintenance of Property. Trustor shall hire competent and responsible property
managers who shall be reasonably acceptable to Beneficiary. Trustor, at its sole cost and expense, shall keep the Property and every part thereof in good condition and repair, in such a fashion that the value and utility of the Property will not be
diminished and shall promptly and faithfully comply with and obey all laws, ordinances, rules, regulations, requirements and orders of every duly constituted governmental authority or agent having jurisdiction with respect to the Property. All
repairs, replacements and renewals shall be at least equal in quality to the original Improvements. Trustor shall not permit or commit any waste, impairment, or deterioration of the Property, nor commit, suffer or permit any act upon or use of the
Property in violation of law or applicable order of any governmental authority, whether now existing or hereafter enacted, or in violation of any covenants, conditions or restrictions affecting the Property or bring or keep any article in the
Property or cause or permit any condition to exist thereon which would be prohibited by or invalidate the insurance coverage required to be maintained hereunder. Trustor shall promptly bond or discharge any mechanics’ liens against the
Property. 
 1.10    Use of Property. Except as may have been previously agreed in writing by
Beneficiary, Trustor shall continue to operate the Property for the purposes for which it was used on the date hereof and for no other purpose. Trustor shall not make or suffer any improper or offensive use of the Property or any part thereof and
will not use or permit to be used any part of the Property for any dangerous, noxious, offensive or unlawful trade or business or for any purpose which will reduce the value of the Property in any respect or will cause the Property or any part
thereof or interest therein to be subject to forfeiture. Trustor at its expense will promptly comply with all rights of way or use, privileges, franchises, servitudes, licenses, easements, tenements, hereditaments and appurtenances forming a part of
the Property and all instruments relating or evidencing the same, in each case, to the extent compliance therewith is required of Trustor under the terms thereof. Trustor will not take any action which results in a forfeiture or termination of the
rights afforded to Trustor under any such instruments and will not, without the prior written consent of Beneficiary, amend in any material respect any of such instruments. Trustor shall at all times comply with all laws affecting the Property and
comply with any instruments of record at the time in force affecting the Property or any part thereof and shall procure, maintain and comply with all permits, licenses, and other authorizations required 

  
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for any use of the Property or any part thereof then being made, and for the proper erection, installation, operation and maintenance of the Improvements or any part thereof. Trustor shall not
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. In furtherance of
the foregoing sentence, Trustor will not, by act or omission: (i) impair the integrity of the Property as a single zoning lot separate and apart from all other premises; or (ii) permit or suffer to permit the Property to be used by the
public or any party in such manner as might make possible a claim of adverse usage or possession or any implied dedication or easement. If under applicable zoning provisions the use of all or any portion of the Property is or shall become a
nonconforming use, Trustor will not cause or permit such nonconforming use to be discontinued or abandoned without the express written consent of Beneficiary. 
 1.11    Alterations and Additions. Trustor shall not cause, suffer or permit: 
 (A)    Any material alterations of the Property except (i) as required by any law, statute, ordinance, order, rule, regulation, decree or other requirement of the United States,
the applicable state or county in which the Property is located or any political subdivision of any of the foregoing, or any agency, department, commission, board, court, bureau or instrumentality of any of them (“Governmental Authority”)
or by any condition of any approval, consent, registration, franchise, permit, license, variance, certificate of occupancy or other authorization with regard to zoning, landmark, ecological, environmental, air quality, subdivision, planning,
building or land use required by any Governmental Authority for the construction, lawful occupancy and operation of the Property and the actual and contemplated uses thereof, or (ii) as permitted or required to be made by the terms of any
Leases approved by Beneficiary (with respect to work in any space demised thereunder); 
 (B)    Any
demolition or removal of any portion of the Property; 
 (C)    Any change to the Property which would
increase the risk of fire or other hazard; 
 (D)    Any zoning reclassification with respect to the
Property; or 
 (E)    Any unlawful use of, or nuisance to exist upon, the Property. 

As used herein, the term “material alteration” shall mean any alteration, improvement or replacement (i) the cost of which
(including any related alteration, improvement or replacement) shall exceed two percent (2%) of the principal amount of the indebtedness secured by this Deed of Trust (excluding tenant improvement work pursuant to Leases), or (ii) which
materially and adversely affects the mechanical, electrical, heating, ventilating, air-conditioning or other building or operating systems of any of the Improvements, the cost of operation or maintenance of any such building or operating systems,
the structure or structural soundness of any of the improvements of the Property, or the exterior or appearance of the Property, or otherwise has a material adverse effect on the Property including the use and/or value thereof. 

1.12    Offset Certificates. Trustor, within three (3) days upon request in person or within ten
(10) days upon request by mail, shall furnish a written statement duly acknowledged 

  
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and notarized, of all amounts due on any indebtedness secured hereby or secured by any of the Related Agreements, whether for principal or interest on the Note or otherwise, and stating whether
any offsets or defenses exist against the indebtedness secured hereby and covering such other matters with respect to any such indebtedness as Beneficiary may reasonably require. 

1.13    Trustee’s Costs and Expenses. Trustor shall pay all costs, fees and expenses of
Trustee, its agents’ and counsel, in connection with the performance of its duties hereunder. 

1.14    Protection of Security; Costs and Expenses. 

(A)    In addition to any other rights or remedies of Beneficiary hereunder, under any of the Related Agreements, or
in law or in equity, upon the occurrence and during the continuance of an Event of Default (or prior thereto after notice to Trustor, when possible, if Trustor is not paying or performing the act itself and Beneficiary determines in its sole good
faith judgment that the same is appropriate to preserve the Property or the lien of this Deed of Trust or any other collateral securing the indebtedness evidenced by the Note, either before or after acceleration of the indebtedness) Beneficiary may,
but shall not be required to, make any payment or perform any act required to be performed by Trustor hereunder or under any of the Related Agreements in any form and manner deemed expedient to Beneficiary, including, without limitation, if
applicable: (i) paying any Impositions which remain unpaid; (ii) procuring the release, discharge, compromise or settlement of any lien filed or otherwise asserted against the Property which has not been discharged by Trustor in accordance
with the provisions of this Deed of Trust or any of the other Related Agreements, and (iii) obtaining insurance policies where insurance coverage was required to be obtained hereunder and the required evidence that Trustor had obtained the same
has not been delivered to Beneficiary as required hereunder. Nothing herein shall be construed to require Beneficiary to advance or expend monies for any purpose mentioned herein, or for any other purpose. 

(B)    Trustor and its property manager, if applicable, shall appear in and defend any action or proceeding
purporting to affect the security of this Deed of Trust or any additional or other security for the obligations secured hereby, or the rights or powers of the Beneficiary or Trustee, and shall pay all costs and expenses actually incurred, including,
without limitation, cost of evidence of title and actual attorneys’ fees, in any such action or proceeding in which Beneficiary or Trustee may appear, and in any suit brought by Beneficiary to foreclose this Deed of Trust or to enforce or
establish any other rights or remedies of Beneficiary hereunder or under any other security for the obligations secured hereby. If Trustor fails to perform any of the covenants or agreements contained in this Deed of Trust, or if any action or
proceeding is commenced which affects Beneficiary’s interest in the Property or any part thereof, including, eminent domain, code enforcement, or proceedings of any nature whatsoever under any federal or state law, whether now existing or
hereafter enacted or amended, relating to bankruptcy, insolvency, arrangement, reorganization or other form of debtor relief, or to a decedent, then Beneficiary may, but without obligation to do so and without notice to or demand upon Trustor,
perform such covenant or agreement and compromise any encumbrance, charge or lien which in the judgment of Beneficiary appears to be prior or superior hereto. Trustor shall further pay all expenses of Beneficiary actually incurred (including
reasonable and actual fees and disbursements of counsel) incident to the protection or enforcement of the rights of Beneficiary hereunder, and enforcement or collection of payment of the Note or any Future Advance whether 

  
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by judicial or nonjudicial proceedings, or in connection with any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding of Trustor, or otherwise. 

Any amounts disbursed by Beneficiary pursuant to this Section or Section 1.13, including, without limitation, reasonable
attorneys’ fees, whether or not the indebtedness as a result thereof shall exceed the face amount of the Note, shall be additional indebtedness of Trustor secured by this Deed of Trust and each of the Related Agreements as of the date of
disbursement shall become immediately due and payable on demand and shall bear interest at the Default Rate set forth in the Note, from demand until paid. All such amounts shall be payable by Trustor immediately upon demand. Nothing contained in
this Section shall be construed to require Beneficiary to incur any expense, make any appearance, or take any other action. 

  (C)    Trustor shall pay to Beneficiary, immediately upon written notice from Beneficiary: (i) all
recordation, transfer, stamp, documentary or other fees or taxes levied on Beneficiary (exclusive of Beneficiary’s income taxes) by reason of the making or recording of the Note, this Deed of Trust or any Related Agreement, and (ii) all
intangible property taxes levied upon any holder of the Note or Beneficiary under this Deed of Trust or secured party under the Related Agreements. 
 1.15    Trustor’s Covenants Respecting Collateral. 
   (A)    Trustor shall execute and deliver financing and continuation statements covering the Collateral from time to time and in such form as Beneficiary may require to
perfect and continue the perfection of Beneficiary’s security interest with respect to such property. Beneficiary may file any financing statements as it deems proper to perfect and continue perfection of its security interest granted
hereunder. Trustor shall pay all such filing costs and reasonable costs and expenses of any record searches for financing statements Beneficiary may require. Trustor hereby authorizes and empowers Beneficiary to file (and hereby irrevocably appoints
Beneficiary its agent and attorney-in-fact, which shall be coupled with an interest, to execute and file, on Trustor’s behalf) at any time and from time to time any financing statements, amendments thereto and continuation statements with or
without signature of Trustor as authorized by applicable law, as applicable to the Collateral. For purpose of such filings, Trustor agrees to furnish any information requested by Beneficiary promptly upon request by Beneficiary describing the
Collateral. Trustor hereby ratifies and approves all filings of financing statements, amendments, and continuations applicable to the Collateral made or filed by Beneficiary prior to the date of this Deed of Trust. 

  (B)    Without the prior written consent of Beneficiary, Trustor shall not create or suffer to be created
any other security interest in the Collateral, including replacements and additions thereto. 

  (C)    Without the prior written consent of Beneficiary or except in the ordinary course of business,
Trustor shall not sell, transfer or encumber any of the Collateral, or remove any of the Collateral from the Property unless Trustor shall promptly substitute and replace the property removed with similar property of at least equivalent value on
which Beneficiary shall 

  
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have a continuing security interest ranking at least equal in priority to Beneficiary’s security interest in the property removed. 

(D)    Trustor shall (i) upon reasonable notice (unless an emergency or Event of Default exists) permit
Beneficiary and its representatives to enter upon the Property to inspect the Collateral and Trustor’s books and records relating to the Collateral and make extracts therefrom and to arrange for verification of the amount of Collateral, under
procedures acceptable to Beneficiary, directly with Trustor’s debtors or otherwise at Trustor’s expense; (ii) promptly notify Beneficiary of any attachment or other legal process levied against any of the Collateral and any information
received by Trustor relative to the Collateral, Trustor’s debtors or other persons obligated in connection therewith, which may in any way affect the value of the Collateral or the rights and remedies of Beneficiary in respect thereto;
(iii) reimburse Beneficiary upon demand for any and all costs actually incurred, including, without limitation, reasonable and actual attorneys’ and accountants’ fees, and other expenses incurred in collecting any sums payable by
Trustor under any obligation secured hereby, or in the checking, handling and collection of the Collateral and the preparation and enforcement of any agreement relating thereto; (iv) notify Beneficiary of each location at which the Collateral
is or will be kept, other than for temporary processing, storage or similar purposes, and of any removal thereof to a new location, including, without limitation, each office of Trustor at which records relating to the Collateral are kept;
(v) provide, maintain and deliver to Beneficiary originals or certified copies of the policies of insurance and certificates of insurance insuring the Collateral against loss or damage by such risks and in such amounts, form and by such
companies as Beneficiary may require and with loss payable to Beneficiary, and in the event Beneficiary takes possession of the Collateral, the insurance policy or policies and any unearned or returned premium thereon shall at the option of
Beneficiary become the sole property of Beneficiary; and (vi) do all acts necessary to maintain, preserve and protect all Collateral, keep all Collateral in good condition and repair and prevent any waste or unusual or unreasonable depreciation
thereof. 
 (E)    Until Beneficiary exercises its right to collect proceeds of the Collateral pursuant
hereto, Trustor will collect with diligence any and all proceeds of the Collateral. If an Event of Default exists, any proceeds received by Trustor shall be held in trust for Beneficiary, and Trustor shall keep all such collections separate and
apart from all other funds and property so as to be capable of identification as the property of Beneficiary and shall deliver to Beneficiary such collections at such time as Beneficiary may request in the identical form received, properly endorsed
or assigned when required to enable Beneficiary to complete collection thereof. 
 (F)    Beneficiary shall
have all of the rights and remedies granted to a secured party under the Uniform Commercial Code of the state in which the Collateral is located, as well as all other rights and remedies available at law or in equity. During the continuance of any
Event of Default hereunder or under the Note, Beneficiary shall have the right to take possession of all or any part of the Collateral, to receive directly or through its agent(s) collections of proceeds of the Collateral (including notification of
the persons obligated to make payments to Trustor in respect of the Collateral), to release persons liable on the Collateral and compromise disputes in connection therewith, to exercise all rights, powers and remedies which Trustor would have, but
for the security agreement contained herein, to all of the Collateral and proceeds thereof, and to do all other acts and things and execute all documents in the name of Trustor or 

  
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otherwise, deemed by Beneficiary as necessary, proper and convenient in connection with the preservation, perfection or enforcement of its rights hereunder; and 

(G)     After any Event of Default hereunder or under the Note, Trustor shall, at the request of Beneficiary,
assemble and deliver the Collateral and books and records pertaining to the Property at a place designated by Beneficiary, and Beneficiary may, with reasonable notice to Trustor (unless an emergency or Event of Default exists), enter onto the
Property and take possession of the Collateral. It is agreed that public or private sales, for cash or on credit to a wholesaler or retailer or investor, or user of collateral of the types subject to the security agreement, or public auction, are
all commercially reasonable since differences in the sales prices generally realized in the different kinds of sales are ordinarily offset by the differences in the costs and credit risks of such sales. The proceeds of any sale of the Collateral
shall be applied first to the expenses of Beneficiary actually incurred in retaking, holding, preparing for sale, or selling the Collateral or similar matters, including reasonable and actual attorneys’ fees, and then, as Beneficiary shall
solely determine. 
 (H)    Upon the request of Beneficiary, Trustor will cooperate with Beneficiary in obtaining control
with respect to those items of Collateral consisting of deposit accounts, investment property, letter-of-credit rights or any other Collateral as to which “control” is required under the applicable Uniform Commercial Code for perfection of
a security interest. 
 1.16    Covenants Regarding Financial Statements. 

  (A)    Trustor shall keep true books of record and account in which full, true and correct entries in
accordance with sound accounting practice and principles applied on a consistent basis from year to year shall be made of all dealings or transactions with respect to the Property. 

  (B)    (1)Trustor shall deliver to Beneficiary: 

  (a)    Within sixty (60) days after the last day of each fiscal year of the Trustor
during the term of the Note, unaudited annual financial reports prepared on a cash basis, including balance sheets, income statements and cash flow statements covering the operation of the Property and the financial condition of Trustor,
Trustor’s general partners(s), shareholder(s), member(s) and such principals of the Trustor as Beneficiary may from time to time designate, for the previous fiscal year, all certified to Beneficiary to be complete, correct and accurate by the
individual, managing general partner, manager or chief financial officer of the party whom the report concerns; and 
   (b)    if available, within thirty (30) days after receipt by Trustor, original annual audit reports prepared by an independent certified public accountant in
accordance with generally accepted accounting principles containing an unqualified opinion, including balance sheets, income statements and cash flow statements covering the operation of the Property and the financial condition of the Trustor,
Trustor’s general partner(s), shareholder(s), member(s) and such principals of the Trustor as Beneficiary may from time to time designate, for the previous fiscal year; 

  
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 (2)    If, in Beneficiary’s reasonable opinion, the loan to value
ratio is then seventy-five percent (75%) or greater, Trustor shall also deliver, at Beneficiary’s request from time to time (but no more often than once in each fiscal quarter of the Trustor during the term of the Note), unaudited
financial reports prepared on a cash basis, including balance sheets, income statements and cash flow statements covering the operation of the Property and the financial condition of the Trustor, Trustor’s general partner(s), shareholder(s),
member(s) and such principals of the Trustor as Beneficiary may from time to time request, for the previous fiscal quarter, a portfolio analysis report covering the operation of all properties of which Trustor or any of Trustor’s general
partners, shareholder(s), member(s) or principals designated by Beneficiary is the owner or a general partner of the owner, setting out a cash flow statement (including debt service payments) for each such property, and a current rent roll of the
Property, all certified to Beneficiary to be complete, correct and accurate by the individual, managing general partner or chief financial officer of the party whom the report concerns. 

(3)    All reports shall include, without limitation, balance sheets and statements of income and of partner’s
equity, if applicable, setting forth in each case in comparative form the figures for the previous fiscal quarter or year, as the case may be. The interim quarterly reports shall also include a breakdown of all categories of revenues and expenses,
and any supporting schedules and data requested by Beneficiary. Each set of annual or quarterly financial reports or quarterly rent rolls delivered to Beneficiary pursuant to this Section 1.16 shall also be accompanied by a certificate of the
chief financial officer or the managing general partner of Trustor, stating whether any condition or event exists or has existed during the period covered by the annual or quarterly reports which then constituted or now constitutes an Event of
Default under the Note or this Deed of Trust, and if any such condition or event then existed or now exists, specifying its nature and period of existence and what Trustor did or proposes to do with respect to such condition or event. 

  (C)    In the event such statements are not in a form reasonably acceptable to Beneficiary or Trustor
fails to furnish such statements and reports, then Beneficiary shall have the immediate and absolute right to audit the respective books and records of the Property and Trustor at the expense of Trustor. 

1.17    Environmental Covenants. Trustor covenants: 

  (A)    That no Hazardous Materials (as defined below) shall be installed, used, generated, manufactured,
treated, handled, refined, produced, processed, stored or disposed of, in, on or under the Property other than Hazardous Materials in quantities and of types reasonably and customarily associated with general office use which have been and are
stored, used and disposed of in compliance with Hazardous Material Laws (as defined below) and the presence of which do not require compliance with any reporting requirements under any Hazardous Material Laws; 

  (B)    That no activity shall be undertaken on the Property which would cause: 

(1)    the Property to become a hazardous waste treatment, storage or disposal facility under any Hazardous Material
Law, 

  
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 (2)    a release or threatened release of Hazardous Material from the
Property in violation of any Hazardous Material Law, or 
 (3)    the discharge of Hazardous Material into
any watercourse, body of surface or subsurface water or wetland, or the discharge into the atmosphere of any Hazardous Material which would require a permit under any Hazardous Material Law and for which no such permit has been issued; 

  (C)    That no activity shall be undertaken or permitted to be undertaken, by the Trustor on the Property
which would result in a violation under any Hazardous Material Law; 
   (D)    To obtain and
deliver to Beneficiary, within a reasonable time following completion of actions required by an appropriate governmental agency, certifications of engineers or other professionals reasonably acceptable to Beneficiary, in form and substance
satisfactory to Beneficiary, certifying that all necessary and required actions to clean up, remove, contain, prevent and eliminate all releases or threats of release of Hazardous Materials on or about the Property to the levels required by the
appropriate governmental agencies have been taken and, to the knowledge of such professional, the Property is then in compliance with applicable Hazardous Material Laws as then in effect and applicable to such actions. For purposes of this Deed of
Trust, “Hazardous Materials” means and includes asbestos or any substance containing asbestos, polychlorinated biphenyls, any explosives, radioactive materials, chemicals known or suspected to cause cancer or reproductive toxicity,
pollutants, effluents, contaminants, emissions, infectious wastes, any petroleum or petroleum-derived waste or product or related materials and any items defined as hazardous, special or toxic materials, substances or waste under any Hazardous
Material Law, or any material which shall be removed from the Property pursuant to any administrative order or enforcement proceeding or in order to place the Property in a condition that is suitable for ordinary use. “Hazardous Material
Laws” means all federal, state and local laws (whether under common law, statute or otherwise), ordinances, rules, regulations and guidance documents now in force, as amended from time to time, in any way relating to or regulating human health
or safety, industrial hygiene or environmental conditions, protection of the environment, pollution or contamination of the air, soil, surface water or groundwater, and includes, without limitation, the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, 42 U.S.C. §9601, et seq,, the Resource Conservation and Recovery Act, 42 U.S.C. §6901, et seq., the Clean Water Act, 33 U.S.C. §1251, et seq., the Clean Air Act, 42 U.S.C. §7401, et seq.,
the Occupational Safety and Health Act, 29 U.S.C. §651, et seq., the Hazardous Materials Transportation Act, 49 U.S.C. §1801, et seq., the Federal Water Pollution Control Act, 33 U.S.C. §1321, et seq., and the Toxic Substances Control
Act, 15 U.S.C. §2601, et seq. 
 1.18    Further Assurances. Trustor, from time to time,
will execute, acknowledge, subscribe and deliver to or at the direction of Beneficiary such documents and further assurances as Beneficiary may reasonably require for the purpose of evidencing, perfecting or confirming the lien and security interest
created by this Deed of Trust or the security to be afforded by the Related Agreements, or both. Without limiting the foregoing and notwithstanding anything in this Deed of Trust or the Related Agreements to the contrary, Trustor will defend,
indemnify and hold Beneficiary harmless with respect to any suit or proceeding in which the validity, enforceability or priority of any such lien or security interest, or both, is endangered or contested, 

  
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directly or indirectly. If Trustor fails to undertake the defense of any such claim in a timely manner, or, in Beneficiary’s sole determination, fails to prosecute such defense with due
diligence, then Beneficiary is authorized to take, at the sole expense of Trustor, all necessary and proper action in defense of any such claim, including, without limitation, the retention of legal counsel, the prosecution or defense of litigation
and the compromise or discharge of claims, including payment of all costs and attorneys’ and paralegals’ fees. Al1 costs, expenses and losses, if any, so incurred by Beneficiary, including all attorneys’ and paralegals’ fees,
regardless of whether suit is brought, for all administrative, trial and appellate proceedings, if any, will constitute advances by Beneficiary as provided in Section 1.14 hereinabove. 

1.19    Trustor’s Continued Existence. Trustor shall at all times during the term of the Loan
maintain its legal existence and qualification to do or transact business in the state in which the Property or any of the Collateral is located. Trustor’s exact legal name, state of organization and chief executive office are as set forth
respectively in the initial paragraph of this Deed of Trust. So long as any of the indebtedness secured hereby remains outstanding, Trustor will provide Beneficiary with thirty (30) days prior written notice of any change in Trustor’s
name, organizational identification number, state of organization or, if any individual, principal residence. 
 ARTICLE 2

 EVENTS OF DEFAULT 
 Each of the following shall constitute an event of default (“Event of Default”) hereunder: 
 2.1    Monetary and Performance Defaults 

(A)    Failure to make any payment due under the Note or any note evidencing a Future Advance, other than the final
payment and Prepayment Premium, or to make any payment due under this Deed of Trust to Beneficiary or any other party, including without limitation, payment of escrow deposits, real estate taxes, insurance premiums and ground rents, if any, on or
before the fourth day after such payment is due; or, 
 (B)    Failure to make the final payment or the
Prepayment Premium due under the Note or any note evidencing a Future Advance when such payment is due whether at maturity, by reason of acceleration, as part of a prepayment or otherwise (the defaults in (A) and (B) hereinafter
“Monetary Default”); or 
 (C)    Breach or default in the performance of any of the covenants or
agreements of Trustor contained herein or in any Related Agreement (“Performance Default”), if such Performance Default shall continue for fifteen (15) days or more after written notice to Trustor from Beneficiary specifying the
nature of the Performance Default; provided, however, that if such Performance Default is of a nature that it cannot be cured within the 15 day period, then Trustor shall not be in default if it commences good faith efforts to cure the Performance
Default within the 15 day period, demonstrates continuous diligent efforts to cure the Performance Default in a manner satisfactory to Beneficiary and, within a reasonable period, not to exceed 180 days after the date of the original written notice
of the Performance Default, completes the cure of such Performance Default. Notwithstanding the foregoing, if the breach or 

  
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default is one which is defined as an Event of Default elsewhere in this Article II or in the default definition of any Related Agreement, then Trustor shall not be entitled to any notice or cure
period upon the occurrence of such breach or default except for such notice and cure periods, if any, as may be expressly granted in such other defined Event of Default. 
 2.2    Bankruptcy, Insolvency, Dissolution. 

(A)    Any court of competent jurisdiction shall sign an order (i) adjudicating Trustor, or any person,
partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor, or any guarantor (which term when used in this Deed of Trust shall mean guarantor of payment of the indebtedness) bankrupt or insolvent,
(ii) appointing a receiver, trustee or liquidator of the Property or of a substantial part of the property of Trustor, or any person, partnership or corporation holding an ownership interest in Trustor, or in any partnership comprising Trustor,
or any guarantor, or (iii) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Beneficiary or of other creditors of Trustor, or any person, partnership or
corporation holding an ownership interest in Trustor, or in any partnership comprising Trustor or any guarantor; or 

(B)    Trustor, any partnership or corporation holding an ownership interest in Trustor or in any partnership
comprising Trustor, shall (i) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (ii) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking
reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed
against it and any proceeding under such law, (iii) admit in writing an inability to pay its debts as they mature, or (iv) make a general assignment for the benefit of creditors; or 

(C)    An involuntary petition in bankruptcy is filed against Trustor, or any person, partnership or corporation
holding an ownership interest in Trustor or in any partnership comprising Trustor and the same is not vacated or stayed within 30 days of the filing date. 
 2.3    Misrepresentation. Trustor makes or furnishes a representation, warranty, statement, certificate, schedule and/or report to Beneficiary in or pursuant to this Deed
of Trust or any of the Related Agreements which is false or misleading in any material respect as of the date made or furnished. 
 2.4    Default under Subordinate Loans. An occurrence of a default under any loan subordinate to this Deed of Trust which is not an independent default under this Deed of
Trust which results in the commencement of foreclosure proceedings or the taking of any other remedial action under such subordinate loan. 
 2.5    Breach of Due on Sale or Encumbrance Provision. Any occurrence of a prohibited Transfer under Section 1.8 hereof. 

  
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 ARTICLE 3  

REMEDIES 
 Upon the occurrence of any Event of Default, Trustee and Beneficiary shall have the following rights and remedies set forth in Sections 3.1 through 3.8: 

3.1    Acceleration. Notwithstanding the stated maturity date in the Note, or any note evidencing any
Future Advance, Beneficiary may without notice or demand, declare the entire principal amount of the Note and/or any Future Advances then outstanding and accrued and unpaid interest thereon, and all other sums or payments required thereunder
including, but not limited to the Prepayment Premium described in the Note, to be due and payable immediately. 

3.2    Entry; Appointment of Receiver. Irrespective of whether Beneficiary exercises the option
provided in Section 3.1 above, Beneficiary in person or by agent or by court- appointed receiver (and Beneficiary shall have the right to the immediate appointment of such a receiver without regard to the adequacy of the security and Trustor
hereby irrevocably consents to such appointment and waives notice of any application therefor) may, at its option, without any action on its part being required, without in any way waiving such Event of Default, with or without the appointment of a
receiver, or an application therefor: 
 (A)    Take possession of the Property and conduct tests of, manage
or hire a manager to manage, lease and operate the Property or any part thereof, on such terms and for such period of time as Beneficiary may deem proper, with full power to make, from time to time, all alterations, renovations, repairs or
replacements thereto as may seem proper to Beneficiary; 
 (B)    With or without taking possession of the
Property, collect and receive all Rents and Profits, notify tenants under the Leases or any other parties in possession of the Property to pay Rents and Profits directly to Beneficiary, its agent or a court-appointed receiver and apply such Rents
and Profits to the payment of: 
 (1)    all costs and expenses incident to taking and retaining possession
of the Property (including the cost of any receivership), management and operation of the Property, keeping the Property properly insured and all alterations, renovations, repairs and replacements to the Property; 

(2)    all taxes, charges, claims, assessments, and any other liens which may be prior in lien or payment to this
Deed of Trust or the Note, and premiums for insurance, with interest on all such items; and 
 (3)    the
indebtedness secured hereby together with all costs and attorney’s fees, in such order or priority as to any of such items as Beneficiary in its sole discretion may determine, any statute, law, custom or use to the contrary notwithstanding;

 (C)    Exclude Trustor, its agents and servants, wholly from the Property; 

(D)    Have joint access with Trustor to the books, papers and accounts of Trustor relating to the Property, at the
expense of Trustor; 

  
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 (E)    Commence, appear in and/or defend any action or proceedings
purporting to affect the interests, rights, powers and/or duties of Beneficiary hereunder, whether brought by or against Trustor or Beneficiary; and 
 (F)    Pay, purchase, contest or compromise any claim, debt, lien, charge or encumbrance which in the judgment of Beneficiary may affect or appear to affect the interest of Beneficiary
or the rights, powers and/or duties of Beneficiary hereunder. 
 Trustee or Beneficiary, as a matter of right without notice to
Trustor or anyone claiming under it and without regard to the then value of the Property or the interest of Trustor therein, shall have the right to apply to any court having jurisdiction to appoint a receiver or receivers to take charge of the
Property or any portion thereof. Any such receiver or receivers shall have all of the usual and customary powers and duties of receivers in like or similar cases and all of the powers and duties of Beneficiary in case of entry as provided
hereinabove, including without limitation, the right to collect and receive Rents and Profits. All such Rents and Profits paid to Trustee or Beneficiary or collected by such receiver shall be applied as provided for in subparagraph 3.2
(B) above. Trustor for itself and any subsequent owner of the Property hereby waives any and all defenses to the application for such receiver and hereby irrevocably consents to such appointment and waives notice of any application therefore.

 The receipt by Beneficiary of any Rents and Profits pursuant to this Deed of Trust after the institution of foreclosure or
other proceedings under the Deed of Trust shall not cure any such Event of Default or affect such proceedings or any sale pursuant thereto. After deducting the expenses and amounts set forth above in this Section 3.2, as well as just and
reasonable compensation for all Beneficiary’s employees and other agents (including, without limitation, reasonable and actual attorneys’ fees and management and rental commissions) engaged and employed, the moneys remaining, at the option
of Beneficiary, may be applied to the indebtedness secured hereby. Whenever all amounts due on the Note and under this Deed of Trust shall have been paid and all Events of Default have been cured and any such cure has been accepted by Beneficiary,
Beneficiary shall surrender possession to Trustor. The same right of entry, however, shall exist if any subsequent Event of Default shall occur, provided, however, neither Trustee nor Beneficiary shall be under any obligation to make any of the
payments or do any of the acts referred to in this Section 3.2. 
 3.3    Judicial
Action. Beneficiary may bring an action in any court of competent jurisdiction to foreclose this instrument or to enforce any of the covenants and agreements hereof. The Property may be foreclosed in parts or as an entirety. 

3.4    Power of Sale. Beneficiary may elect to cause the Property or any part thereof to be sold under
the power of sale herein granted in any manner permitted by applicable law. Should Beneficiary elect to sell the Property, or any part thereof, which is real property as provided above, Beneficiary or Trustee shall give such notice of default and
election to sell as may then be required by law. Thereafter, upon the expiration of such time and the giving of such notice of sale as may then be required by law, and without the necessity of any demand on Trustor, Trustee, at the time and place
specified in the notice of sale, shall sell the Property or any part thereof at public auction to the highest bidder for cash in lawful money of the United States payable at time of sale. Trustee may, and upon request of Beneficiary shall, from time
to 

  
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time, postpone any sale hereunder by public announcement thereof at the time and place noticed therefor or by giving notice of the time and place of the postponed sale in the manner required by
law. If the Property consists of several lots, parcels or items of property, Beneficiary may designate the order in which such lots, parcels or items shall be offered for sale or sold. Any person, including Trustor, Trustee or Beneficiary, may
purchase at any sale hereunder, and Beneficiary shall have the right to purchase at any sale hereunder by crediting upon the bid price the amount of all or any part of the indebtedness hereby secured plus interest, late charges, prepayment fees, and
reasonable attorneys’ fees and trustees’ fees, as herein provided. Should Beneficiary desire that more than one sale or other disposition of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted
simultaneously, or successively, on the same day, or at such different times and in such order as Beneficiary may deem to be in its best interests, and no such sale shall terminate or otherwise affect the lien of this Deed of Trust on any part of
the Property not sold until all indebtedness secured hereby has been fully paid. In the event of default of any purchaser, Trustee shall have the right to resell the Property as set forth above. Upon any sale hereunder, Trustee shall execute and
deliver to the purchaser or purchasers a deed or deeds conveying the property so sold, but without any covenant or warranty whatever, express or implied, whereupon such purchaser or purchasers shall be let into immediate possession; and the recitals
of facts in any such deed or deeds such as default, the giving of notice of default and notice of sale, and other facts affecting the regularity or validity of such sale or disposition, shall be conclusive proof of the truth of such facts and any
such deed or deeds shall be conclusive against all persons as to such facts recited therein. 

3.5    Rescission of Notice of Default. Beneficiary, from time to time before Trustee’s sale,
public sale or deed in lieu of foreclosure, may rescind any such notice of breach or default and of election to cause the Property to be sold by executing and delivering to Trustee a written notice of such rescission, which notice, when recorded,
shall also constitute a cancellation of any prior declaration of default and demand for sale or such documents as may be required by the laws of the state in which the Property is located to effect such rescission. The exercise by Beneficiary of
such right of rescission shall not constitute a waiver of any breach or Event of Default then existing or subsequently occurring, or impair the right of Beneficiary to execute and deliver to Trustee, as above provided, other declarations of default
and demand for sale, and notices of breach or default, and of election to cause the Property to be sold to satisfy the obligations hereof, nor otherwise affect any provision, agreement, covenant or condition of the Note and/or of this Deed of Trust
or any of the rights, obligations or remedies of the parties hereunder. 
 3.6    Beneficiary’s
Remedies Respecting Collateral. Beneficiary may realize upon the Collateral, enforce and exercise all of the Trustor’s rights, powers, privileges and remedies in respect of the Collateral, dispose of or otherwise deal with the
Collateral in such order as Beneficiary may in its discretion determine, and exercise any and all other rights, powers, privileges and remedies afforded to a secured party under the laws of the state in which the Property is located as well as all
other rights and remedies available at law or in equity. 
 3.7    Proceeds of Sales. The
proceeds of any sale made under or by virtue of this Article III, together with all other sums which then may be held by Trustee or Beneficiary under this Deed of Trust, whether under the provisions of this Article III or otherwise, shall be applied
as follows: 

  
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 (A)    To the payment of the costs, fees and expenses of sale and of any
judicial proceedings wherein the same may be made, including the cost of evidence of title in connection with the sale, compensation to Trustee and Beneficiary, and to the payment of all expenses, liabilities and advances made or incurred by Trustee
under this Deed of Trust, together with interest on all advances made by Trustee at the interest rate applicable under the Note, but limited to any maximum rate permitted by law to be charged by Trustee; 

(B)    To the payment of any and all sums expended by Beneficiary under the terms hereof, not then repaid, with
accrued interest at the Default Rate set forth in the Note, and all other sums (except advances of principal and interest thereon) required to be paid by Trustor pursuant to any provisions of this Deed of Trust, or the Note, or any note evidencing
any Future Advance, or any of the Related Agreements, including, without limitation, all expenses, liabilities and advances made or incurred by Beneficiary under this Deed of Trust or in connection with the enforcement thereof, together with
interest thereon as herein provided; and 
 (C)    To the payment of the entire amount then due, owing or
unpaid for principal and interest upon the Note, any notes evidencing any Future Advance, and any other obligation secured hereby, with interest on the unpaid principal at the rate set forth therein from the date of advancement thereof until the
same is paid in full; and then 
 (D)    The remainder, if any, to the person or persons, including the
Trustor, legally entitled thereto. 
 3.8    Condemnation and Insurance Proceeds. All Proceeds
and any interest earned thereon shall be paid over either by the condemning authority, insurance company or escrow agent to Beneficiary and shall be applied first toward reimbursement of the costs and expenses of Beneficiary (including reasonable
attorneys’ fees), if any, in connection with the recovery of such Proceeds, and then shall be applied in the sole and absolute discretion of Beneficiary and without regard to the adequacy of its security under this Deed of Trust: 

(A)    to the payment or prepayment of all or any portion of the Note including the Prepayment Premium described in
the Note; 
 (B)    to the reimbursement of expenses incurred by Beneficiary in connection with the
restoration of the Property; or 
 (C)    to the performance of any of the covenants contained in this Deed
of Trust as Beneficiary may determine. Any prepayment of the Note or portion thereof pursuant to Beneficiary’s election under this Section shall be subject to the Prepayment Premium described in the Note. 

3.9    Waiver of Marshaling, Rights of Redemption, Homestead and Valuation. 

(A) Trustor, for itself and for all persons hereafter claiming through or under it or who may at any time hereafter become holders of
liens junior to the lien of this Deed of Trust, hereby expressly waives and releases all rights to direct the order in which any of the Property shall be sold in the event of any sale or sales pursuant hereto and to have any of the Property and/or
any other property now or hereafter constituting security for any of the indebtedness 

  
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secured hereby marshaled upon any foreclosure of this Deed of Trust or of any other security for any of said indebtedness. 

(B)    To the fullest extent permitted by law, Trustor, for itself and all who may at any time claim through or under
it, hereby expressly waives, releases and renounces all rights of redemption from any foreclosure sale, all rights of homestead, exception, monitoring reinstatements, forbearance, appraisement, valuation, stay and all rights under any other laws
which may be enacted extending the time for or otherwise affecting enforcement or collection of the Note, the debt evidenced thereby, or this Deed of Trust. 
 3.10    Remedies Cumulative. No remedy herein conferred upon or reserved to Trustee or Beneficiary is intended to be exclusive of any other remedy herein or by law
provided, but each shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission of Trustee or Beneficiary to exercise any right or power
accruing upon any Event of Default shall impair any right or power or shall be construed to be a waiver of any Event of Default or any acquiescence therein. Every power and remedy given by this Deed of Trust to Trustee or Beneficiary may be
exercised separately, successively or concurrently from time to time as often as may be deemed expedient by Trustee or Beneficiary. If there exists additional security for the performance of the obligations secured hereby, Beneficiary, at its sole
option, and without limiting or affecting any of its rights or remedies hereunder, may exercise any of the rights and remedies to which it may be entitled hereunder either concurrently with whatever rights and remedies it may have in connection with
such other security or in such order as it may determine. Any application of any amounts or any portion thereof held by Beneficiary at any time as additional security or otherwise, to any indebtedness secured hereby shall not extend or postpone the
due dates of any payments due from Trustor to Beneficiary hereunder or under the Note, any Future Advance, or under any of the Related Agreements, or change the amounts of any such payments or otherwise be construed to cure or waive any default or
notice of default hereunder or invalidate any act done pursuant to any such default or notice. 

3.11    Nonrecourse. Except as otherwise set forth in this section, Beneficiary’s recourse under
the Note, this Deed of Trust and the Related Agreements shall be limited to the Property and the proceeds thereof, the Rents and Profits and all other income arising therefrom, the other assets of Trustor arising out of the Property which are given
as collateral for the Note, and any other collateral given in writing to Beneficiary as security for repayment of the Note (all of the foregoing are collectively referred to as the “Loan Collateral”). Notwithstanding the preceding
sentence: 
 (A)    Beneficiary may, in accordance with the terms of the Note, this Deed of Trust or any
Related Agreement: (i) foreclose the lien of the Deed of Trust; (ii) take appropriate action to enforce the Note, this Deed of Trust and the Related Agreements to realize upon and/or protect the Loan Collateral; (iii) name Trustor as
a party defendant in any action brought under the Note, this Deed of Trust or the Related Agreements so long as the exercise of any remedy is limited to the Loan Collateral; (iv) pursue all of its rights and remedies against any guarantor or
surety or master tenant, whether or not such guarantor or surety or master tenant is a partner, member or other owner of Trustor; (v) pursue all of its rights and remedies against Trustor and the indemnitors under that certain Environmental
Indemnity Agreement of even date herewith; 

  
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 (B)    Beneficiary may seek damages or other monetary relief (to the
extent of actual monetary loss) or any other remedy at law or in equity against Trustor, any general partner of Trustor and the indemnitors/guarantors under that certain Nonrecourse Exception Indemnity Agreement of even date herewith
(“Nonrecourse Indemnitors”) by reason of or in connection with (i) the failure of Trustor to pay to Beneficiary upon demand, all Rents and Profits of the Property to which Beneficiary is entitled pursuant to the Note, this Deed of
Trust or the Related Agreements following an Event of Default under the Note, this Deed of Trust or the Related Agreements; (ii) any waste of the Property or any willful act or omission by Trustor which damages or materially reduces the value
of the Property; (iii) the failure to apply all Rents and Profits from the Property to the payment of operating expenses, real estate taxes, insurance, capital repair items, and the payment of sums due and owing under the Note, this Deed of
Trust or the Related Agreements prior to any other expenditure or distribution by Trustor, (iv) the failure to account for and to turn over security deposits (and interest required by law or agreement to be paid thereon) or prepaid rents
following the occurrence of an Event of Default under the Note, this Deed of Trust or any Related Agreements; (v) the failure to timely pay real estate taxes or any regular or special assessments affecting the Property, (vi) the failure to
account for and to turn over real estate tax accruals following the occurrence of an Event of Default under the Note, this Deed of Trust or any Related Agreements, (vii) the failure to maintain casualty and liability insurance as required under
this Deed of Trust or the Related Agreements or to apply Insurance Proceeds or Condemnation Proceeds relating to the Property or other collateral in the manner required under applicable provisions of the Note, this Deed of Trust or any Related
Agreements, (viii) any modification, termination or cancellation of any Lease of all or any portion of the Property without Beneficiary’s prior written consent, if and to the extent such consent is required under this Deed of Trust or the
Related Agreements and, if and to the extent such modification, termination or cancellation has a material adverse effect on the value of the Property, (ix) a default by Trustor under any lease of all or any portion of the Property; or
(x) costs and expenses, including without limitation attorneys’ fees and transfer taxes, incurred by Beneficiary in connection with the enforcement of the Note, this Deed of Trust, and any Related Agreements or a deed-in-lieu of
foreclosure; and, 
 (C)    Trustor, any general partners of Trustor and the Nonrecourse Indemnitor(s) shall
become personally liable for payment of the indebtedness evidenced by the Note and performance of all other obligations of Trustor under the Note, this Deed of Trust and the Related Agreements upon the occurrence of any of the following:
(i) fraud or willful misrepresentation of a material fact by Trustor, any general partner, shareholder or manager of Trustor, or the Nonrecourse Indemnitor(s) in connection with the Note, this Deed of Trust or the Related Agreements or in
connection with any request by Trustor for any action or consent on the part of Beneficiary, (ii) a Transfer of any interest in the Trustor or all or any portion of the Property or any interest therein in violation of the terms of the Note,
this Deed of Trust or any Related Agreements, or (iii) the incurrence by Trustor of any indebtedness in violation of the terms of the Note, this Deed of Trust or any Related Agreements (whether secured or unsecured, direct or contingent), other
than unsecured debt or routine trade payables incurred in the ordinary course of business in connection with the operation of the Property. 
 In addition, Trustor, any general partner of Trustor and the Nonrecourse Indemnitor(s) shall be responsible for any costs and expenses incurred by Beneficiary in connection with the collection of any
amounts for which Trustor, its general partners, if any, and the Nonrecourse 

  
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Indemnitor(s) are personally liable under this section, including attorneys’ fees and expenses, court costs, filing fees, and all other costs and expenses incurred in connection therewith.

 ARTICLE 4  
 MISCELLANEOUS 

4.1    Severability. In the event any one or more of the provisions contained in this Deed of Trust
shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Deed of Trust, but this Deed of Trust shall be construed as if such
invalid, illegal or unenforceable provision had never been contained herein, but only to the extent that it is invalid, illegal or unenforceable. 
 4.2    Certain Charges and Brokerage Fees. 

(A)    Trustor agrees to pay Beneficiary for each written statement requested of Beneficiary as to the obligations
secured hereby, furnished at Trustor’s request. Trustor further agrees to pay the charges of Beneficiary for any other service rendered Trustor, or on its behalf, connected with this Deed of Trust or the indebtedness secured hereby, including,
without limitation, the delivery to an escrow holder of a request for full or partial release or reconveyance of this Deed of Trust, transmittal to an escrow holder of moneys secured hereby, changing its records pertaining to this Deed of Trust and
indebtedness secured hereby to show a new owner of the Property, and replacing an existing policy of insurance held hereunder with another such policy. 
 (B)    Trustor agrees to indemnify and hold Beneficiary harmless from any responsibility and/or liability for the payment of any commission charge or brokerage fees to anyone which may
be payable in connection with the funding of the loan evidenced by the Note and this Deed of Trust or refinancing of any prior indebtedness, if applicable, based upon any action taken by Trustor. It is understood that any such commission charge or
brokerage fees shall be paid directly by Trustor to the entitled parties. 
 4.3    Notices.

 (A)    All notices expressly provided hereunder to be given by Beneficiary to Trustor and all
notices, demands and other communications of any kind or nature whatever which Trustor may be required or may desire to give to or serve on Beneficiary shall be in writing and shall be (i) hand-delivered, effective upon receipt, (ii) sent
by United States Express Mail or by private overnight courier, effective upon receipt, or (iii) served by certified mail, to the appropriate address set forth below, or at such other place as the Trustor, Beneficiary or Trustee, as the case may
be, may from time to time designate in writing by ten (10) days prior written notice thereof. Any such notice or demand served by certified mail, return receipt requested, shall be deposited in the United States mail, with postage thereon fully
prepaid and addressed to the party so to be served at its address above stated or at such other address of which said party shall have theretofore notified in writing, as provided above, the party giving such notice. Service of any such notice or
demand so made shall be deemed effective on the day of actual delivery as shown by the addressee’s return receipt or the expiration of 

  
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three (3) business days after the date of mailing, whichever is the earlier in time. Any notice required to be given by Beneficiary shall be equally effective if given by Beneficiary’s
agent, if any. 
 (B)    Trustor hereby requests that any notice, demand, request or other communication
(including any notice of an Event of Default and notice of sale as may be required by law) desired to be given or required pursuant to the terms hereof be addressed to Trustor as follows: 

Redwood Industrial 
 Lampert at Iron Point, LLC 
 707 Bradford Street 

Redwood City, CA 94063 
 Attention: Roland Lampert 
 With a copy to: 

Thomas E. Bishop, Esq. 
 707 Bradford Street, Suite B 
 Redwood City, CA 94063 

The Trustor requests that a copy of any notice of default and any notice of sale under this Deed of Trust be mailed to Trustor at the
address set forth above in this Section 4.3(B). 
 All notices and other communications to Beneficiary shall be addressed
as follows: 
 Allstate Investments, LLC 
 Allstate Plaza South, Suite G5C 
 3075 Sanders Road 

Northbrook, Illinois 60062 
 Attention: Commercial Mortgage Loan Servicing Manager 
 With a copy to:

 Allstate Insurance Company 
 Investment Law Division 
 Allstate Plaza South, Suite G5A 

3075 Sanders Road 

Northbrook, Illinois 60062 
 4.4    Trustor Not Released; Certain Trustee Acts. 
 (A)    Extension of the time for payment or modification of the terms of payment of any sums secured by this Deed of Trust granted by Beneficiary to any successor in interest of
Trustor shall not operate to release, in any manner, the liability of Trustor. Beneficiary shall not be required to: commence proceedings against such successor or refuse to extend time for payment or otherwise modify the terms of payment of the
sums secured by this Deed of Trust, by reason of any demand made by Trustor. Without affecting the liability of any person, including 

  
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Trustor, but subject to the terms and provisions of Section 3.11, for the payment of any indebtedness secured hereby, or the legal operation and effect of this Deed of Trust on the remainder
of the Property for the full amount of any such indebtedness and liability unpaid, Beneficiary and Trustee are respectively empowered as follows: Beneficiary may from time to time and without notice (i) release any person liable for the payment
of any of the indebtedness; (ii) extend the time or otherwise alter the terms of payment of any of the indebtedness; (iii) accept additional real or personal property of any kind as security therefor, whether evidenced by deeds of trust,
mortgages, security agreements or any other instruments of security; or (iv) alter, substitute or release any property securing the indebtedness. 
 (B)    Trustee may, at any time, and from time to time, (i) consent to the making of any map or plat of the Property or any part thereof; (ii) join in granting any easement
or creating any restriction thereon; (iii) join in any subordination or other agreement affecting this Deed of Trust or the legal operation and effect or charge hereof; or (iv) release or reconvey, without any warranty, all or part of the
Property from the lien of this Deed of Trust. 
 4.5    Inspection. Upon reasonable
prior notice and subject to the rights of tenants under the Leases, Beneficiary may at any reasonable time make or cause to be made entry upon and make inspections, reappraisals, surveys, construction and environmental testing of the Property or any
part thereof in person or by agent, and if Beneficiary has a reasonable basis to believe that Trustor is in breach of any covenant of this Deed of Trust in regard to the Property, the cost of any such inspection shall be borne by the Trustor.

 4.6    Release or Reconvevance. Upon the payment in full of all sums secured by this Deed
of Trust, Beneficiary shall request Trustee to release this Deed of Trust or reconvey the Property and shall surrender this Deed of Trust and all notes evidencing indebtedness secured by this Deed of Trust to Trustee. Upon payment of its fees and
any other sums owing to it under this Deed of Trust, Trustee shall release this Deed of Trust or reconvey the Property without warranty to the person or persons legally entitled thereto. The duly recorded release or reconveyance of the Property
shall constitute a reassignment of the Leases by the Beneficiary to the Trustor. Such person or persons shall pay all fees of Trustee and costs of recordation, if any. The recitals in such release or reconveyance of any matters or facts shall be
conclusive proof of the truthfulness thereof. The grantee in such conveyance may be described as “the person or persons legally entitled thereto.” 
 4.7    Statute of Limitations. Trustor hereby expressly waives and releases to the fullest extent permitted by law, the pleading of any statute of limitations as a
defense to any and all obligations secured by this Deed of Trust. 
 4.8    Interpretation.
Wherever used in this Deed of Trust, unless the context otherwise indicates a contrary intent, or unless otherwise specifically provided herein, the word “Trustor” shall mean and include both Trustor and any subsequent owner or owners of
the Property, and the word “Beneficiary” shall mean and include not only the original Beneficiary hereunder but also any future owner and holder, including pledgees, of the Note or other obligations secured hereby. In this Deed of Trust,
the Note and the Related Agreements whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the neuter includes the feminine and/or masculine, and the singular number.includes the plural. 

  
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 mortgages or deeds of trust or debts secured by mortgages or deeds of trust so that an additional or
substitute tax is imposed on Beneficiary or the holder of the Note, Trustor shall reimburse Beneficiary for the amount of such taxes immediately upon receipt of written notice from Beneficiary. Provided, however, that such requirement of payment
shall be ineffective if Trustor is permitted by law to pay the whole of such tax in addition to all other payments required hereunder, without any penalty or charge thereby accruing to Beneficiary and if Trustor in fact pays such tax prior to the
date upon which payment is required by such notice. 
 4.16    Maximum Interest Rate. No
provision of this Deed of Trust or of the Note or of any note evidencing a Future Advance shall require the payment or permit the collection of interest in excess of the maximum non-usurious rate permitted by applicable law. In the event such
interest does exceed the maximum legal rate, it shall be canceled automatically to the extent that such interest exceeds the maximum legal rate and if theretofore paid, credited on the principal amount of the Note or, if the Note has been prepaid,
then such excess shall be rebated to Trustor. 
 4.17    Time of Essence. Time is of the
essence of the obligations of Trustor in this Deed of Trust and the Related Agreements and each and every term, covenant and condition made herein and therein by or applicable to Trustor. 

4.18    Reproduction of Documents. This Deed of Trust and all documents relating thereto, specifically
excluding the Note but including, without limitation, consents, waivers and modifications which may hereafter be executed, financial and operating statements, certificates and other information previously or hereafter furnished to Beneficiary, may
be reproduced by Beneficiary by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process and Beneficiary may destroy any original document (“Master”) so reproduced. Trustor agrees and stipulates
that any such reproduction is an original and shall be admissible in evidence as the Master in any judicial or administrative proceeding (whether or not the Master is in existence and whether or not such reproduction was made or preserved by
Beneficiary in the regular course of business) and any enlargement, facsimile or further reproduction of such a reproduction shall be no less admissible. 
 4.19    No Oral Modifications. This Deed of Trust may not be amended or modified orally, but only by an agreement in writing signed by the party against whom enforcement
of any amendment or modification is sought. 
 4.20    Trustee Provisions. Trustee accepts
this Trust when this Deed of Trust, duly executed and acknowledged is made a public record as provided by law. The Trust created hereby is irrevocable by Trustor. Trustee, upon presentation to it of an affidavit signed by or on behalf of
Beneficiary, setting forth any facts showing a default by Trustor under any of the terms or conditions of this Deed of Trust, is authorized to accept as true and conclusive all facts and statements in such affidavit and to act hereunder in complete
reliance thereon. Trustee shall be under no obligation to notify any party hereof of any action or proceeding of any kind in which Trustor, Beneficiary and/or Trustee shall be a party, unless brought by Trustee, or of any pending sale under any
other deed of trust. The necessity of Trustee’s making oath, filing inventory or giving bond as security for the execution of this Deed of Trust, as may now be or hereafter required by the laws of the state in which the Property is located, is
hereby expressly waived. 

  
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 4.21    Trustor as Tenants-In-Common. Trustor
agrees not to modify, amend or terminate that certain tenancy-in-common operating agreement (the “Maintenance Agreement”), by and between Redwood Industrial, a California General Partnership and Lampert at Iron Point, LLC, a California
Limited Liability Company, without the prior written consent of Beneficiary. Trustor shall not change any of the responsibilities for management or operation of the Premises pursuant to the Maintenance Agreement without the prior written consent of
Beneficiary. Trustor agrees that the Maintenance Agreement is and shall be subject and subordinate in all respects to the lien of the Deed of Trust and to all increases, renewals, modifications, consolidations, replacements and extensions hereof. In
the event Beneficiary receives conflicting notices, directions or instructions from Trustor, Beneficiary shall be entitled to rely upon the notice, direction or instructions received from Roland Lampert. Each of the entities comprising Trustor is
jointly and severally liable under this Deed of Trust. 
 4.22    Agreement Not to
Partition. Each Trustor hereby waives any rights that such Trustor may have to partition the Property or any portion thereof, whether by partition in kind or by sale and division of the proceeds, and further agrees that such Trustor
shall not take any action at law or in equity to partition the Property and hereby waives the benefits of all laws that 

  
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may now or hereafter authorize such partition, unless, but only if, Beneficiary and all other Trustors consent thereto in writing. 
 IN WITNESS WHEREOF, the undersigned has executed this deed of trust as of the day and year first hereinabove written. 

 

			
	 REDWOOD INDUSTRIALS,

a California General Partnership

		
	By:    	 	 /s/ Roland Lampert

		 	 Roland Lampert
 General
Partner

	
	 LAMPERT AT IRON POINT, LLC,
 a California Limited Liability Company

		
	By:	 	 /s/ Roland Lampert

		 	 Roland Lampert
 Managing
Member

  
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	STATE OF CALIFORNIA	  	)
		  	) SS.
	COUNTY OF SAN MATEO	  	)

 On February 21, 2004 before me,
Thomas R. Bishop, a Notary Public in and for the State of California, personally appeared Roland Lampert personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the
within instrument, and acknowledged to me that he or she executed the same in his or her authorized capacity and that, by his or her signature on the instrument, the person or the entity upon behalf of which he or she acted, executed the instrument.

 WITNESS my hand and official seal. 
  

			
	

	    	 /s/ Thomas E. Bishop

	    	Notary Public in and for said State
		
	(Notarial Seal)	    	

  

 Order Number: NCS-59036-SAC1 

EXHIBIT A 

LEGAL DESCRIPTION 
 Real
property in the City of Folsom, County of Sacramento, State of California, described as follows: 
 PARCELS 1, 2, 3, 4 AND 5, AS SHOWN ON THAT
CERTAIN PARCEL MAP FILED IN THE OFFICE OF THE RECORDER OF THE COUNTY OF SACRAMENTO, STATE OF CALIFORNIA ON DECEMBER 20, 2002, IN BOOK 169 OF PARCEL MAPS, AT PAGE(S) 14. 
 APN: 072-0880-024-0000 and 072-0880-025-0000 and 072-0880-026-0000 and 072-0880-027-0000 and 072-0880-028-0000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]