Document:

EXHIBIT 10.3

 

Exhibit
D

to
the Securities Purchase Agreement

 

Form
of 

 

PLEDGE
AND SECURITY AGREEMENT

 

This
PLEDGE AND SECURITY AGREEMENT (the “Agreement”), dated October [ ], 2014, is made by and between eWellness
Healthcare Corporation, a Nevada corporation, (the “Debtor”), and each of the purchasers identified on Schedule
I hereto (the “Secured Party”) (together referred to as the “Parties”).

 

RECITALS

 

A.Prior
to or concurrently with the execution of this Agreement, the Debtor and the Secured Party are entering into a Securities Purchase
Agreement (the “Purchase Agreement”) providing for the sale of up to an aggregate of one million two hundred
thousand dollars ($1,200,000) of Convertible Promissory Notes (the “12% Convertible Notes,” together with the Purchase
Agreement, the “Transaction Documents”).

 

B.As
a condition precedent to the Secured Party entering into the Purchase Agreement, the Secured Party has required that the obligations
of Borrower under the Notes be secured by a security interest in certain assets of Debtor in accordance with the terms of this
Security Agreement

 

NOW,
THEREFORE, in consideration of the premises, the mutual covenants and agreements herein contained, and other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto, intending to be bound,
do hereby agree as follows:

 

		1.	Grant
                                         of Security Interest and Collateral Assignment. As collateral security for the
                                         due and punctual payment and performance of the Secured Obligations, as defined in Section
                                         2 (Secured Obligations) the Debtor hereby grants to the Secured Party, with full power
                                         and authority to exercise all rights and powers granted by the Debtor hereunder, a lien
                                         upon, and a security interest, in and to, and hereby collaterally assigns to the Secured
                                         Party, the following assets (the “Collateral”):

 

All
of the Debtor’s assets, including all proceeds from and in respect thereof, as well as the Debtor’s cash flows.

 

		2.	Secured
                                         Obligations. The debts, obligations and liabilities secured hereby (the “Secured
                                         Obligations”) are the following: (i) any and all obligations of the Debtor
                                         to the Secured Party under the 12% Convertible Notes and any and all other obligations
                                         to or agreements with the Secured Party; (ii) the full amount of any indemnity arising
                                         under Section 3; and, (iii) any and all other obligations of Debtor hereunder.

 

		3.	No
                                         Secured Party Liability re Company; Indemnification. This pledge and security
                                         interest is for Collateral purposes only, and the Secured Party shall not, either by
                                         virtue hereof, or by the retention of distributions to which the Debtor would otherwise
                                         be entitled, or by virtue of its receipt of distributions from the Company, or by the
                                         exercise of any of its rights hereunder, be deemed to be a partner or principal of the
                                         Company or to have any liability for the debts, obligations or liabilities of the Company,
                                         the Debtor or any other participant in the Company or to have any obligation to make
                                         capital contributions to the Company. The Debtor shall indemnify and hold harmless the
                                         Secured Party in its capacity as Secured Party from and against any and all liability,
                                         loss or damage which it may suffer or incur and which arises out of or results from:

 

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			(a)
                                         The Company’s organizational documents or any agreement to which the Company may
                                         be a party (a “Company Agreement”), including, without limitation,
                                         the Debtor being named as a general or limited partner therein or acting in such capacity
                                         pursuant to the terms thereof and the Transaction Documents;
	 	 	 
			(b)
                                         This Agreement or the Secured Party’s receipt of distributions or the lawful exercise
                                         of any rights of the Secured Party hereunder; and
	 	 	 
			(c)
                                         Any claimed or any alleged obligation, liability or duty on the part of the Secured Party
                                         to perform or discharge any of the terms, covenants or provisions of any Company Agreement;
                                         together, in each instance, with all costs and expenses (including, without limitation,
                                         court costs and reasonable attorneys’ fees) paid or incurred in connection therewith.
                                         Notwithstanding the foregoing, the Debtor shall not be obligated to indemnify the Secured
                                         Party hereunder for any liability, loss or damage which the Secured Party may suffer
                                         or incur as a result of gross negligence or willful misconduct directly caused by the
                                         Secured Party. The Debtor shall reimburse the Secured Party upon demand for the full
                                         amount of any indemnity to which the Secured Party may be entitled hereunder, and the
                                         full amount of the Debtor’s indemnity obligation shall be considered to be a Secured
                                         Obligation and shall be secured hereby.

 

		4.	Certificates.
                                         If at any time any of the Collateral shall be represented by one or more certificates
                                         or any documents which are instruments as defined in the Uniform Commercial Code, as
                                         amended from time to time (the “UCC”), then the Debtor shall promptly
                                         deliver the same to the Secured Party, accompanied by transfer powers endorsed in blank
                                         representing such certificates or documents, duly executed, with signatures guaranteed
                                         and proper evidence of due authority to deliver such instruments and endorse such powers.
	 	 	 
		5.	Representations,
                                         Warranties and Covenants. The Debtor represents and warrants to, and covenants
                                         with, the Secured Party that:
	 	 	 
	 	 	5.1
No Certificates. The Collateral is not represented or evidenced by any form of certificate or other document which
is an instrument (as defined in the UCC); and to the extent so certificated, the Debtor shall comply with the provisions of Section
4 (Certificates).
	 	 	 
	 	 	5.2
No Liens. The Collateral is not subject to any restriction which would prohibit or restrict the granting of a security
interest in and collateral assignment of the Interest pursuant hereto, or any restriction which would prohibit or restrict the
sale or other disposition of the Collateral upon default hereunder.

 

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5.3
Authority. The Debtor has all power, statutory and otherwise, to execute and deliver this Agreement, to perform its
obligations hereunder and to subject the Collateral to the security interest created hereby, all of which has been duly authorized
by all necessary action. The execution and delivery of this Agreement, and the performance of this Agreement and the enforcement
of the security interest granted hereby, will not result in any violation of or be in conflict with or constitute a default under
any term of any agreement or instrument, or any judgment, decree, order, law, statute, rule or governmental regulation applicable
to the Debtor or the collateral, or result in the creation of any mortgage, lien, charge or encumbrance upon the Collateral or
any other of the properties or assets of the Debtor (except pursuant hereto).

 

5.4
Ownership. The Debtor is the sole record and beneficial owner of the Collateral, and neither the Collateral nor the
proceeds thereof are subject to any pledge, lien, security interest, charge or encumbrance except the lien created pursuant to
this Agreement. The Debtor will defend the Collateral against all claims and demands on all persons at any time claiming any interest
therein. Other than the financing statements filed pursuant to this Agreement, no currently effective financing statement covering
the Collateral is on file in any public office where such financing statements are required or permitted to be filed pursuant
to the UCC.

 

5.5
Consent of Secured Party. The Debtor shall not enter into any amendment to any Company Agreement without the prior
written consent of the Secured Party (which consent the Secured Party may give or withhold in its sole discretion), but which
consent shall be deemed to be given if it is not denied within thirty (30) days after Debtor gives notice, pursuant to the provisions
of Section 11, to the Secured Party and its attorney.

 

5.6
No Assignment. The Debtor shall not (i) sell, assign, pledge, encumber, grant a security interest in or otherwise transfer
or dispose of, or create or suffer to be created any lien, security interest or encumbrance on, any of the Collateral or this
Agreement without the prior written consent of the Secured Party (which consent the Secured Party may give or withhold in its
sole discretion). The Debtor shall give the Secured Party prompt and detailed notice (i) of any lien, security interest, encumbrance
or claim made or asserted against any of the Collateral, (ii) of any distribution of cash or other property by the Company, whether
in complete or partial liquidation or otherwise, and of any other material change in the composition of the Collateral, and (iii)
of the occurrence of any other event which could have a material adverse effect on the aggregate value of the Collateral or on
the security interest created hereunder.

 

5.7
Principal Address of Debtor. The Debtor’s principal place of business is 11825 Major Street, Culver City, California
90230 and the office in which the records concerning the Collateral are kept is located at such address. The Debtor will not locate
Debtor’s principal place of business or residence, as the case may be, at another address, and will not remove the Debtor’s
records relating to the Collateral to another location without (i) giving the Secured Party thirty (30) days prior written notice
thereof, and (ii) in connection with any such changes, executing and delivering, or causing to be executed and delivered, to the
Secured Party all such additional security agreements, financing statements and other documents as the Secured Party shall reasonably
require due to any such change. Debtor shall promptly transmit to Secured Party all information that it may have or receive with
respect to Collateral or with respect to any account debtor which might in any way affect Secured Party’s rights or remedies
with respect thereto.

 

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5.8
Name Changes. The Debtor will not change his name without (i) giving the Secured Party thirty (30) days prior written
notice thereof and (ii) in connection with any such change, executing and delivering, or causing to be executed and delivered,
to the Secured Party all such additional security agreements, financing statements and other documents as the Secured Party shall
reasonably require to maintain its rights under this Agreement.

 

5.9
Distributions. The Debtor has agreed that all distributions on account of the Interest are to be paid directly to the
Secured Party and Debtor shall obtain all consents required to do so, except that as long as no default or Event of Default exists
hereunder or any document or instrument creating the Secured Obligations or standing as security therefor, the Debtor may retain
such distributions.

 

		6.	Events
                                         of Default.

 

6.1
Events of Default. The occurrence of any one or more of the following events shall constitute an event of default (an
“Event of Default”) under this Agreement: (i) should any representation or warranty made by or on behalf of
the Debtor in this Agreement or in any document related hereto, including the Transaction Documents, be, or become, materially
inaccurate (except to the extent rendered inaccurate by the mere passage of time or by reason of actions taken by the Debtor with
the prior written consent of the Secured Party or expressly permitted hereby); or (ii) should the Debtor default in the due performance
or observance of any term, covenant or agreement on his part to be performed or observed pursuant to this Agreement, pursuant
to any document or instrument creating the Secured Obligations or standing as security therefor, or pursuant to any other agreement
with the Secured Party, as the case may be.

 

6.2
Remedies. If an Event of Default shall occur hereunder: (i) the Secured Party may take possession of the Collateral
and may exclude the Debtor, and all persons claiming by, through or under the Debtor, from possession thereof, and may assign
the Collateral to a nominee or a third party (it being understood that, in connection therewith, the Secured Party or any third
party assignee or nominee of the Secured Party shall have the right to exercise, in the name of the Debtor, Debtor’s rights
and powers as a principal including “Manager” of any LLC, if applicable, of the Company); and (ii) the Secured Party
shall have all rights and remedies of a secured party available under the UCC and any other rights and remedies available under
this Security Agreement or at law or in equity.

 

6.3
Substitute Principal. In the event of the taking of possession of the Collateral, the Secured Party or any third party
assignee or nominee of the Secured Party, may, in addition to (but in no way limiting) the foregoing remedies, become a substitute
principal in the Company (including, but not limited to, a partner in any partnership, a member and/or manager in any LLC or LLP,
and a stockholder of any corporation).

 

6.4
Disposition of Collateral. More specifically, but in no way in limitation of the rights and remedies of the Secured
Party, the Secured Party may, upon ten (10) days’ notice (which notice shall be deemed to satisfy any requirement of reasonable
notification) to the Debtor of the time, place and circumstances of sale, and without liability for any diminution in price which
may have occurred, sell or otherwise dispose of all or any part of the Collateral. Such sale or other disposition may be by public
or private proceedings and may be made by way of one or more contracts, as a unit or in portions, at such time and place, by such
method, and in such manner and on such terms, as the Secured Party may determine. At any public sale, the Secured Party shall
be free to purchase all or any part of the Collateral. The Debtor recognizes that the fact that the Interest is not registered
under the Securities Act of 1933 and is unlikely to be registered in the future may necessitate a private sale which is likely
to result in a lower price than would a public sale, and hereby consents to such a private sale and agrees that the same is commercially
reasonable.

 

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6.5
Proceeds of Disposition. The proceeds of any sale or other disposition of or collection of or other realization upon
all or any part of the Collateral (together with any cash held as Collateral hereunder), shall be applied in the following order
of priority: First, to pay the costs and expenses of collection, custody, sale or other disposition or delivery (including, without
limitation, reasonable legal costs and attorneys’ fees) and all other charges incurred by the Secured Party with respect
to the Collateral; Second, to the payment of the Secured Obligations; and third, to pay any surplus to the Debtor or to any person
or party lawfully entitled thereto, or as a court of competent jurisdiction may direct.

 

6.6
Sufficient Discharge. The receipt given by the Secured Party for the purchase money paid at any sale shall be a sufficient
discharge therefor to any purchaser of all or any part of the Collateral sold. No such purchaser, after paying such purchase money
and receiving such receipt, shall be bound to see to the application of such purchase money or any part thereof, or in any manner
be answerable for any loss, misapplication or non-application of any such purchase money, or any part thereof, or be bound to
inquire as to the authorization, necessity, expediency or regularity of any such sale.

 

		7.	Attorney-in-Fact.
                                         The Secured Party is hereby appointed the attorney-in-fact, with full power of
                                         substitution, of the Debtor for the purpose of carrying out the provisions hereof and
                                         taking any action and executing any instruments, including, without limitation, financing
                                         or continuation statements, conveyances, assignments and transfers which are required
                                         to be taken or executed by the Debtor, and including any documents required to be signed
                                         by the Debtor to designate the Secured Party or its nominee or third party assignee,
                                         or the purchaser of all or part of the Collateral, as a substitute principal in the Company
                                         in the event of foreclosure, which the Secured Party may deem necessary or advisable
                                         to accomplish the purposes hereof, which appointment as attorney-in-fact is coupled with
                                         an interest and is irrevocable. The Debtor shall indemnify and hold harmless the Secured
                                         Party from and against any liability or damage which it may incur in the exercise and
                                         performance, in good faith, of any of its powers and duties specifically set forth herein,
                                         but not for any liability or damage incurred on account of the gross negligence or willful
                                         misconduct of the Secured Party. In addition, Secured Party is further granted the power,
                                         coupled with an interest, to sign on behalf of Debtor as attorney-in-fact and to file
                                         one or more financing statements under the Uniform Commercial Code naming Debtor as debtor
                                         and Secured Party as secured party and describing the Collateral herein specified.

 

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		8.	Waivers.
                                         To the extent permitted by law, the Debtor hereby waives any right he may have
                                         under applicable law, to notice or to a judicial hearing prior to the exercise of any
                                         right or remedy provided hereby to the Secured Party and waives the Debtor’s rights,
                                         if any, to set aside or invalidate any sale duly consummated in accordance with the provisions
                                         hereof on the grounds (if such be the case) that the sale was consummated without a prior
                                         judicial hearing. The Debtor’s waivers under this Section 8 have been made voluntarily,
                                         intelligently and knowingly, and after the Debtor has been apprised and counseled by
                                         the Debtor’s attorneys as to the nature thereof and the Debtor’s possible
                                         alternative rights. No delay or omission on the part of the Secured Party in exercising
                                         any right hereunder shall operate as a waiver of such right or of any right hereunder.
                                         Any waiver of any such right on any one occasion shall not be construed as a bar to or
                                         waiver of any such right on any such future occasion. No course of dealing between the
                                         Debtor and the Secured Party nor any failure to exercise, nor any delay in exercising,
                                         on the part of the Secured Party, any right, power or privilege hereunder or under any
                                         of the Secured Obligations, shall operate as a waiver thereof; nor shall any single or
                                         partial exercise of any right, power or privilege hereunder or thereunder preclude any
                                         other or further exercise thereof or the exercise of any other right, power or privilege.
                                         Notwithstanding the immediately preceding provisions of this Section 8, in the event
                                         that other sections of this Agreement specifically grant the right of notice to the Debtor,
                                         the Debtor shall enjoy such specific rights, and the provisions of such other sections
                                         shall supersede the foregoing provisions of this Section 8.
	 	 	 
		9.	Termination;
                                         Assignments. This Agreement and the security interest in and lien on the collateral
                                         created hereby shall terminate when all of the Secured Obligations have been paid in
                                         full. In the event of a sale or assignment (including without limitation a collateral
                                         assignment) by the Secured Party of all or any part of the Secured Obligations held by
                                         it, the Secured Party shall be deemed to have assigned or transferred its rights and
                                         interests under this Agreement, to the extent of such sale or assignment, to purchaser
                                         or purchasers of such Secured Obligations, whereupon such purchaser or purchasers shall
                                         become vested with the powers and rights so assigned by the Secured Party hereunder and
                                         the Secured Party shall, to that extent, thereafter be released and discharged from any
                                         liability or responsibility hereunder, with respect to the rights and interest so assigned,
                                         but if and to the extent that the Secured Party retains any interest in the Collateral,
                                         the Secured Party will continue to have the rights and powers set forth herein with respect
                                         thereto.
	 	 	 
	 	10.	Governmental
                                         Approvals, Etc. Upon the exercise by the Secured Party of any power, right,
                                         privilege or remedy pursuant to this Agreement which requires any consent, approval,
                                         registration, qualification or authorization of any governmental authority or instrumentality,
                                         the Debtor shall execute and deliver, or will cause the execution and deliver of, all
                                         applications, certificates, instruments and other documents and papers that the Secured
                                         Party may require therefor.
	 	 	 
	 	11.	Notices.
                                                                                                                             All notices, requests, demands, consents, approvals or other communications                                          to or
                                                                                                                             upon the respective parties hereto shall be done in accordance with the notice
                                                                                                                             provisions set forth in Section 5.4 of the Purchase Agreement, unless an alternative
                                                                                                                             method of notice is specifically required herein.

  

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	 	12.	 Miscellaneous.

  

12.1
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction
Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without
regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought
against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents)
shall be commenced exclusively in the state and federal courts sitting in Clark County, Nevada. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the Clark County for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

12.2
Injunctive Relief. The Debtor agrees that the Debtor’s obligations and the rights of the Secured Party hereunder
and under the Secured Obligation may be enforced by specific performance hereof and thereof and temporary, preliminary and/or
final injunctive relief relating hereto and thereto, without necessity for proof by the Secured Party that the Secured Party would
otherwise suffer irreparable harm, and the Debtor hereby consents to the issuance of such specific injunctive relief.

 

12.3
Secured Party Liability. The Secured Party shall be under no duty or liability with respect to the Collateral other
than to use reasonable care in the custody of any certificate representing the Collateral while in its possession, and shall not
be liable for any failure to take action necessary to preserve rights against prior parties on any instrument constituting Collateral.
The Debtor agrees that in dealing with the Secured Party, the Debtor shall look solely to the assets and property of the Secured
Party, in that no trustee, beneficiary, officer, director or agent of the Secured Party assumes any personal liability for the
obligations of the Secured Party.

 

12.4
Cumulative Remedies. The rights and remedies of the Secured Party herein provided or provided under any other agreement
or instrument, or otherwise available, are cumulative, and are in addition to and not exclusive of or in limitation of any rights
and remedies provided by law, including, without limitation, the rights and remedies of secured party under the UCC.

 

12.5
Attorneys’ Fees. All costs and expenses, including without limitation, legal costs and reasonable attorneys’
fees, incurred by the Secured Party in enforcing this Agreement shall be chargeable to and secured by the Collateral hereunder.

 

12.6
Continuing Security Interest; Assignment. This Agreement shall create a continuing security interest in the Collateral
and shall remain in full force and effect until the payment in full of the Secured Obligations and all other amounts payable under
the 12% Convertible Note. All rights of the Secured Party hereunder shall inure to the benefit of its successors and assigns,
and this Security Agreement shall bind the Debtor’s heirs, legal representatives, successors and assigns.

 

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12.7
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

12.8
Separability. If any provision hereof shall be invalid or unenforceable in any respect or in any jurisdiction, the
remaining provisions hereof shall remain in full force and effect and shall be enforceable to the maximum extent permitted by
law.

 

12.9
No Consent. No consent, approval or waiver hereunder or pursuant hereto shall be binding unless in writing.

 

12.10 Section
Headings. The section headings provided in this Agreement are for convenience of reference only and shall not be
considered in construing this Agreement.

 

12.11
Amendments. No amendment or waiver of any provision of this Agreement, and no consent to any departure of the Debtor
here from, shall in any event be effective, unless the same shall be in writing and signed by the parties.

 

[SIGNATURES
ON FOLLLOWING PAGES]

 

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IN
WITNESS WHEREOF, the Parties have caused this Security and Pledge Agreement to be executed and effective on the day and year first
written above.

 

	DEBTOR:
	eWellness
    Healthcare Corporation
	 
	 	 

	By:	Darwin Fogt
	Title:	President & CEO

 

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IN
WITNESS WHEREOF, the Parties have caused this Security and Pledge Agreement to be executed and effective on the day and year first
written above.

 

SECURED
PARTY:

 

The
Purchasers listed on Schedule I to this Agreement have executed a Securities Purchase Agreement with the Debtor which provides,
among other things, that by executing the Securities Purchase Agreement, each purchaser is deemed to have executed this Security
and Pledge Agreement in all respects and is bound by and entitled to all of the terms and conditions thereof as set forth in such
Securities Purchase Agreement.

 

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Schedule
I

List
of Purchasers/Secured Party

 

    	A - 11EX-10.132

 Exhibit 10.132 

Guaranty Agreement 

This Guaranty Agreement (this “Guaranty”) is made as of the
23rd day of December, 2014, by KBS REIT PROPERTIES III, LLC, a Delaware limited liability company (“Guarantor”), in favor of Bank of America, N.A., a national banking association,
as agent for Lenders as that term is defined below (in such capacity, “Administrative Agent”), and each of the Lenders (as defined below). 

Recitals 

Administrative Agent and certain other lenders from time to time (each a “Lender” and collectively,
“Lenders”), and KBSIII Towers at Emeryville, LLC, a Delaware limited liability company (“Borrower”), are entering into concurrently herewith that certain Loan Agreement dated as of the date hereof (herein called, as
it may hereafter be modified, supplemented, restated, extended, or renewed and in effect from time to time, the “Loan Agreement”), which Loan Agreement sets forth the terms and conditions of a loan (the “Loan”) to
Borrower. 
 A condition precedent to Lenders’ obligation to make the Loan to Borrower is Guarantor’s execution
and delivery to Administrative Agent of this Guaranty. 
 The Loan will be evidenced by those certain Promissory Notes of
even date herewith, executed by Borrower and payable to the order of Lenders in the aggregate original face principal amount of One Hundred Seventy-Five Million Dollars ($175,000,000) (such notes, as they may hereafter be renewed, extended,
supplemented, increased or modified and in effect from time to time, and all other notes given in substitution therefor, or in modification, renewal, or extension thereof, in whole or in part, are herein called the “Note”). 

Any capitalized term used and not defined in this Guaranty shall have the meaning given to such term in the Loan Agreement.
This Guaranty is one of the Loan Documents described in the Loan Agreement. 
 Agreements 

For good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and in order to induce Lenders
to make the Loan to Borrower, Guarantor hereby guarantees to Lender the prompt and full payment and performance of the indebtedness and obligations described below in this Guaranty (collectively called the “Guaranteed Obligations”),
this Guaranty being upon the following terms and conditions: 
 Section 1.        
Guaranty of Payment. 
 (a)        Guarantor hereby unconditionally and
irrevocably guarantees to Administrative Agent and Lenders the punctual payment when due, whether by lapse of time, by acceleration of maturity, or otherwise, of (i) subject to the provisions of Section 1(b),
Section 1(c) and Section 1(d) below, all principal of the Loan now or hereafter due and owing, or which Borrower is obligated to pay, pursuant to the terms of the Note, the Loan Agreement, the Deed of Trust, any of the other
Loan Documents, as the same may from time to time be amended, 

  
 1 

 
supplemented, restated or otherwise modified, and (ii) 100% of all amounts owing under the Environmental Agreement by Borrower if (and only if) the Environmental Insurance Policy (as defined
in and substantially and materially in the form approved by Administrative Agent pursuant to the Loan Agreement) is not then in place or, if not then in place, does not otherwise cover Borrower for claims relating to environmental matters when and
if demand is made by Administrative Agent under the Environmental Agreement delivered by Borrower (i.e., Guarantor shall have no liability under this Guaranty for, and the Indebtedness (as hereinafter defined) shall not include, amounts owing under
the Environmental Agreement so long as the Environmental Insurance Policy is in place or otherwise covers the liability of Borrower for environmental matters at the time demand is made by Administrative Agent or a Lender to Borrower under the
Environmental Agreement, whether or not the claim relating to any such environmental matter is a covered claim under such Environmental Insurance Policy) (the amounts described in clauses (i) and (ii) above shall be referred to herein,
collectively, as the “Indebtedness”). The Indebtedness shall also include all costs and expenses incurred by Administrative Agent or any Lender in seeking to enforce Administrative Agent’s or Lenders’ rights and remedies
under this Guaranty, including court costs, costs of alternative dispute resolution and reasonable attorneys’ fees, whether or not suit is filed or other proceedings are initiated thereon. This Guaranty covers, subject to the other terms and
conditions of this Guaranty, the Indebtedness presently outstanding and the Indebtedness arising subsequent to the date hereof, including all amounts advanced by Administrative Agent or Lenders in stages or installments. The guaranty of Guarantor as
set forth in this Section 1 is a continuing guaranty of payment and not a guaranty of collection. 

(b)        Notwithstanding anything stated to the contrary in Section 1(a)
above, and subject to Section 1(c) below, Guarantor’s maximum liability under clause (i) of Section 1(a) of this Guaranty shall in no event exceed twenty-five percent (25%) (the “Repayment Guaranty
Obligation”) of the then outstanding principal balance under the Loan that was disbursed by any Lender pursuant the terms of the Loan Agreement and that remains unpaid (which shall expressly exclude any other amounts that were not disbursed
under such provisions notwithstanding that the same may be characterized as “principal” or amounts owing under the Loan or any Note (e.g., interest not paid when due, advances made by Administrative Agent or a Lender to protect its
collateral, or advances to pay costs payable by Borrower under the Loan Documents or otherwise)) (the “Guaranteed Principal Amount”), such amount calculated as of the date the outstanding principal balance of the Loan becomes due
and payable in full as a result of maturity or acceleration or otherwise. The Guaranteed Principal Amount shall only be reduced by payments actually received by Administrative Agent or a Lender from Guarantor, which are applied to the outstanding
principal balance of the Loan. In no event shall any payment received by Administrative Agent or any Lender from any other party with respect to the Loan, or any amount received by Administrative Agent or any Lender as a result of any exercise of
remedies by Administrative Agent or Lenders under any other Loan Document, reduce the Guaranteed Principal Amount or any other obligation of Guarantor hereunder. 

(c)        Notwithstanding Section 1(b) above, Guarantor shall be liable
for one hundred percent (100%) of the repayment obligations under clause (i) of Section 1(a) upon a Triggering Event (as hereinafter defined). 

  
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 (d)        Administrative Agent shall
grant a request by Guarantor to terminate the Guarantor’s obligations under clause (i) of Section 1(a) and Section 1(b) of this Guaranty (the “Repayment Guaranty Termination Event”), which shall be
evidenced by a written confirmation by Administrative Agent in form and substance reasonably acceptable to Guarantor, upon and subject to the following terms and conditions: 

(i)        Guarantor shall request the termination, if at all, by
written notice to Administrative Agent not more than ninety (90) days, and not less than thirty (30) days, prior to the effective date of any proposed Repayment Guaranty Termination Event each, a “Termination Request
Date”). 
 (ii)       The Repayment Guaranty Termination Event
shall be effective no earlier than December 31, 2015 and, thereafter, the Repayment Guaranty Termination Event shall be effective as of June 30 or December 31 of the applicable year. 

(iii)      At the time of the request and as of the effective date of any
Repayment Guaranty Termination Event, there shall not exist any Default or Potential Default. 

(iv)      Administrative Agent shall have received and approved an MAI
appraisal of the Property then subject to the lien of the Deed of Trust meeting all applicable regulatory requirements, taking into account then-current market conditions. 

(v)        Whether or not the termination becomes effective,
Guarantor shall pay all reasonable out-of-pocket costs and expenses incurred by Administrative Agent in connection with the requested termination, including appraisal fees and reasonable attorneys’ fees actually incurred by Administrative
Agent; all such reasonable costs and expenses incurred up to the time of Administrative Agent’s written agreement to the termination shall be due and payable on or prior to Administrative Agent’s execution of that agreement (or if the
proposed termination does not become effective, then upon demand by Administrative Agent), and any future failure to pay such amounts within ten (10) Banking Days following written request of such payment, shall constitute a default under the
Loan Documents. 
 (vi)       The Property shall have achieved a
Loan-to-Value Ratio of less than or equal to sixty percent (60%). The conditions contained in this clause (v) may also be satisfied by, in Borrower’s sole discretion, a voluntary paydown of the Loan, without prepayment fees or premiums
other than the payment of any Consequential Loss under Section 2.5 of the Loan Agreement in an aggregate amount sufficient to cause such Loan-to-Value Ratio to be met. 

(vii)      The Property shall have an Ongoing Debt Service Coverage Ratio of at
least 1.30 to 1.00. The conditions contained in this clause (vi) may also be satisfied by, in Borrower’s sole discretion, a voluntary paydown of the Loan, without prepayment fees or premiums other than the payment of any Consequential Loss
under Section 2.5 of the Loan Agreement in an aggregate amount sufficient to cause such Ongoing Debt Service Coverage Ratio to be met. 

  
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Section 2.           Guaranty of Specific Obligations. 

Guarantor also hereby unconditionally and irrevocably guarantees payment of, and agrees to protect, defend, indemnify and hold
harmless Administrative Agent and each Lender for, from and against, 100% of any deficiency, loss or damage suffered by Administrative Agent or any Lender because of: 

(a)        The intentional misapplication or misappropriation by Borrower of any
funds derived from the Property, including the misapplication or misappropriation by Borrower of rent, security deposits, insurance proceeds, condemnation awards, or other income arising with respect to the Property; 

(b)        Borrower’s intentional commission of physical waste with respect to
the Property; 
 (c)        The fraud or intentional misrepresentation by Borrower
or Guarantor made in or in connection with the Loan Documents or the Loan; 

(d)        Any voluntary transfer of the Property in violation of the terms of the
Loan Documents; or 
 (e)        Borrower’s voluntary filing of any proceeding
for relief under any federal or state bankruptcy, insolvency or receivership laws or any assignment for the benefit of creditors made by Borrower, or the involuntary filing against Borrower by any member of Borrower, Guarantor or any Affiliate
thereof of any proceeding for relief under any federal or state bankruptcy, insolvency or receivership laws, and such proceeding is not dismissed within ninety (90) days of the filing thereof (a “Triggering Event”). 

Section 3.           Primary Liability of Guarantor. 

(a)        This Guaranty is an absolute, irrevocable and unconditional guaranty of
payment and performance. This Guaranty shall be effective as a waiver of, and Guarantor hereby expressly waives, any right to which Guarantor may otherwise have been entitled, whether existing under statute, at Law or in equity, to require
Administrative Agent or any Lender to take prior recourse or proceedings against any collateral, security or Person. It shall not be necessary for Administrative Agent or any Lender, in order to enforce such payment or performance by Guarantor,
first to institute suit or pursue or exhaust any rights or remedies against Borrower or other Person liable on such indebtedness or for such performance, or to enforce any rights against any security given to secure such indebtedness or performance,
or to join Borrower or any other Person liable for the payment or performance of the Guaranteed Obligations or any part thereof in any action to enforce this Guaranty, or to resort to any other means of obtaining payment or performance of the
Guaranteed Obligations; provided, however, that nothing herein contained shall prevent Administrative Agent or any Lender from foreclosing the Deed of Trust or exercising any other right under the Loan Documents. 

(b)        Suit may be brought or demand may be made against Borrower or against any
or all parties who have signed this Guaranty or any other guaranty covering all or any part of the 

  
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Guaranteed Obligations, or against any one or more of them, separately or together, without impairing the rights of Administrative Agent or any Lender against any party hereto. 

 

	 	Section 4.	 Certain Agreements and Waivers by Guarantor. 

(a)        Guarantor agrees that neither the rights or remedies of Administrative
Agent and Lenders nor Guarantor’s obligations under the terms of this Guaranty shall be released, diminished, impaired, reduced or affected by any one or more of the following events, actions, facts, or circumstances, Guarantor waives any
rights, claims or defenses arising from any such events, actions, facts, or circumstances, and the liability of Guarantor under this Guaranty shall be absolute, unconditional and irrevocable irrespective of: 

(i)        any limitation on the liability of, or recourse against,
any other Person in any Loan Document or arising under any Law; 

(ii)       any claim or defense that this Guaranty was made without
consideration or is not supported by adequate consideration or that the obligations of Guarantor hereunder exceed or are more burdensome than those of Borrower under the other Loan Documents; 

(iii)      the release or taking or accepting of any other security or guaranty
for, or right of recourse with respect to, any or all of the Guaranteed Obligations; 

(iv)      the operation of any statutes of limitations or other Laws regarding
the limitation of actions, all of which are hereby waived as a defense to any action or proceeding brought by Administrative Agent or any Lender against Guarantor, to the fullest extent permitted by Law; 

(v)       any homestead exemption or any other exemption under applicable
Law; 
 (vi)      any release, surrender, abandonment, exchange, alteration,
sale or other disposition, subordination, deterioration, waste, failure to protect or preserve, impairment, or loss of, or any failure to create or perfect any lien or security interest with respect to, or any other dealings with, any collateral or
security at any time existing or purported, believed or expected to exist in connection with any or all of the Guaranteed Obligations, or any impairment of Guarantor’s recourse against any Person or collateral; 

(vii)     whether express or by operation of Law, any partial release of the
liability of Guarantor hereunder (except to the extent expressly so released) or any complete or partial release of Borrower or any other Person liable, directly or indirectly, for the payment or performance of any or all of the Guaranteed
Obligations; 
 (viii)    the death, insolvency, bankruptcy, disability, incapacity,
dissolution, liquidation, termination, receivership, reorganization, merger, consolidation, change of form, structure or ownership, sale of all assets, or lack of corporate, partnership or other power of Borrower or any other Person at any time
liable for the payment or performance of any or all of the Guaranteed Obligations; 

  
 5 

 (ix)       either with or
without notice to or consent of Guarantor, any renewal, extension, modification, supplement, subordination or rearrangement of the terms of any or all of the Guaranteed Obligations and/or any of the Loan Documents, including material alterations of
the terms of payment (including changes in maturity date(s) and interest rate(s)) or performance (including changes with respect to the construction of the Improvements) or any other terms thereof, or any waiver, termination, or release of, or
consent to departure from, any of the Loan Documents or any other guaranty of any or all of the Guaranteed Obligations, or any adjustment, indulgence, forbearance, or compromise that may be granted from time to time by Administrative Agent or
Lenders to Borrower or any other Person at any time liable for the payment or performance of any or all of the Guaranteed Obligations; 

(x)        any neglect, lack of diligence, delay, omission, failure,
or refusal of Administrative Agent or any Lender to take or prosecute (or in taking or prosecuting) any action for the collection or enforcement of any of the Guaranteed Obligations, or to foreclose or take or prosecute any action to foreclose (or
in foreclosing or taking or prosecuting any action to foreclose) upon any security therefor, or to exercise (or in exercising) any other right or power with respect to any security therefor, or to take or prosecute (or in taking or prosecuting) any
action in connection with any Loan Document, or any failure to sell or otherwise dispose of in a commercially reasonable manner any collateral securing any or all of the Guaranteed Obligations; 

(xi)       any failure of Administrative Agent or any Lender to notify
Guarantor of any creation, renewal, extension, rearrangement, modification, supplement, subordination, or assignment of the Guaranteed Obligations or any part thereof, or of any Loan Document, or of any release of or change in any security, or of
the occurrence or existence of any Default or Potential Default, or of any other action taken or refrained from being taken by Administrative Agent or any Lender against Borrower or any security or other recourse, or of any new agreement between or
among Administrative Agent, any Lender and Borrower, it being understood that Administrative Agent shall not be required to give Guarantor any notice of any kind under any circumstances with respect to or in connection with the Guaranteed
Obligations, any and all rights to notice Guarantor may have otherwise had being hereby waived by Guarantor, and Guarantor shall be responsible for obtaining for itself information regarding Borrower and any collateral, including any changes in the
business or financial condition of Borrower or any collateral, and Guarantor acknowledges and agrees that neither Administrative Agent nor any Lender shall have any duty to notify Guarantor of any information which Administrative Agent or such
Lender may have concerning Borrower or any collateral; 
 (xii)      the
existence of any claim, counterclaim, set off or other right that Guarantor may at any time have against Borrower, any failure of Administrative Agent or any Lender to notify Guarantor of any creation, renewal, extension, rearrangement,
modification, supplement, subordination, or assignment of the Guaranteed Obligations or any part thereof, or of any Loan Document, or of any release of or change in any security, or of the occurrence or existence of any Default or Potential Default,
or of any other action taken or refrained from being taken by Administrative Agent or any Lender against Borrower or any security or other recourse, or of any new agreement between or 

  
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among Administrative Agent, any Lender and Borrower, it being understood that Administrative Agent shall not be required to give Guarantor any notice of any kind under any circumstances with
respect to or in connection with the Guaranteed Obligations, any and all rights to notice Guarantor may have otherwise had being hereby waived by Guarantor, and Guarantor shall be responsible for obtaining for itself information regarding Borrower
and any collateral, including any changes in the business or financial condition of Borrower or any collateral, and Guarantor acknowledges and agrees that neither Administrative Agent nor any Lender shall have any duty to notify Guarantor of any
information which Administrative Agent or such Lender may have concerning Borrower or any collateral; 

(xiii)    , any Lender, or any other Person, whether or not arising in connection with
this Guaranty, any Note, the Loan Agreement, the Environmental Agreement or any other Loan Document; 

(xiv)    any order, ruling or plan of reorganization emanating from proceedings under
Title 11 of the United States Code with respect to Borrower or any other Person, including any extension, reduction, composition, or other alteration of the Guaranteed Obligations, whether or not consented to by Administrative Agent or any Lender,
or any action taken or omitted by Administrative Agent or any Lender in any such proceedings, including any election to have Administrative Agent’s or such Lender’s claim allowed as being secured, partially secured or unsecured, any
extension of credit by Administrative Agent or such Lender in any such proceedings or the taking and holding by Administrative Agent or such Lender of any security for any such extension of credit; 

(xv)     any other condition, event, omission, action or inaction that would in the
absence of this Subsection result in the release or discharge of Guarantor from the performance or observance of any obligation, covenant or agreement contained in this Guaranty or any other agreement; 

(xvi)    any early termination of any of the Guaranteed Obligations; 

(xvii)   Administrative Agent’s or any Lender’s enforcement or forbearance from
enforcement of the Guaranteed Obligations on a net or gross basis; or 
 (xviii)  any liability,
irregularity or unenforceability in whole or in part (including with respect to any netting provision) of any Swap Contract or any confirmation, instrument or agreement required thereunder or related thereto, or any transaction entered into
thereunder, or any limitation on the liability of Borrower thereunder or any limitation on the method or terms of payment thereunder which may now or hereafter be caused or imposed in any manner whatsoever. 

(b)        In the event any payment by Borrower or any other Person to Administrative
Agent or any Lender is held to constitute a preference, fraudulent transfer or other voidable payment under any bankruptcy, insolvency or similar Law, or if for any other reason Administrative Agent or any Lender is required to refund such payment
or pay the amount 

  
 7 

 
thereof to any other party, such payment by any Borrower or any other party to Administrative Agent or such Lender shall not constitute a release of Guarantor from any liability hereunder, and
this Guaranty shall continue to be effective or shall be reinstated (notwithstanding any prior release, surrender or discharge by Administrative Agent of this Guaranty or of Guarantor), as the case may be, with respect to, and this Guaranty shall
apply to, any and all amounts so refunded by Administrative Agent or any Lender or paid by Administrative Agent or any Lender to another Person (which amounts shall constitute part of the Guaranteed Obligations), and any interest paid by
Administrative Agent or any Lender and any attorneys’ fees, costs and expenses paid or incurred by Administrative Agent or any Lender in connection with any such event. 

(c)        It is the intent of Guarantor and Lender that the obligations and
liabilities of Guarantor hereunder are absolute, irrevocable and unconditional under any and all circumstances and that until the Guaranteed Obligations are fully and finally paid and performed, and not subject to refund or disgorgement, the
obligations and liabilities of Guarantor hereunder shall not be discharged or released, in whole or in part, by any act or occurrence that might, but for the provisions of this Guaranty, be deemed a legal or equitable discharge or release of a
guarantor. 
 (d)        Guarantor’s obligations shall not be affected,
impaired, lessened or released by loans, credits or other financial accommodations now existing or hereafter advanced by Administrative Agent or any Lender to Borrower in excess of the Guaranteed Obligations. All payments, repayments and prepayments
of the Loan, whether voluntary or involuntary, received by Administrative Agent or any Lender from Borrower, any other Person or any other source (other than from Guarantor pursuant to a demand by Administrative Agent hereunder), and any amounts
realized from any collateral for the Loan, shall be deemed to be applied first to any portion of the Loan which is not covered by this Guaranty, and last to the Guaranteed Obligations, and this Guaranty shall bind Guarantor to the extent of any
Guaranteed Obligations that may remain owing to Administrative Agent or any Lender. Administrative Agent shall have the right to apply any sums paid by Guarantor to any portion of the Loan in Administrative Agent’s sole and absolute discretion.

 (e)        If acceleration of the time for payment of any amount payable by
Borrower under any Note, the Loan Agreement, or any other Loan Document is stayed or delayed by any Law or tribunal, all such amounts shall nonetheless be payable by Guarantor on demand by Administrative Agent. 

(f)        Guarantor further waives: (i) any defense to the
recovery by Administrative Agent or any Lender against Guarantor of any deficiency or otherwise to the enforcement of this Guaranty or any security for this Guaranty based upon Administrative Agent’s or any Lender’s election of any remedy
against Guarantor or Borrower, including the defense to enforcement of this Guaranty (the so-called “Gradsky” defense) which, absent this waiver, Guarantor would have by virtue of an election by Administrative Agent or any Lender to
conduct a non-judicial foreclosure sale (also known as a “trustee’s sale”) of any real property security for the Indebtedness, it being understood by Guarantor that any such non-judicial foreclosure sale will destroy, by operation of
California Code of Civil Procedure (“CCP”) Section 580d, all rights of any party to a deficiency judgment against Borrower and, as a consequence, will destroy all rights that Guarantor would otherwise have (including the
right of subrogation, the right of reimbursement, and the right of contribution) to proceed against Borrower; (ii) any defense or  

  
 8 

 
benefits that may be derived from CCP Sections 580a, 580b, 580d or 726, or comparable provisions of the Laws of any other jurisdiction and all other anti-deficiency and one form of action
defenses under the Laws of California and any other jurisdiction; and (iii) any right to a fair value hearing under CCP Section 580a, or any other similar Law, to determine the size of any deficiency owing (for which Guarantor would be
liable hereunder) following a non-judicial foreclosure sale. Nothing in this subsection (f) shall operate to change, waive or affect the provisions of Section 19 hereof. 

(g)        Without limiting any other provision of this Guaranty, Guarantor waives all
rights and defenses that Guarantor may have because the Guaranteed Obligations are secured by real property. This means, among other things: 

(i)        That Administrative Agent or Lenders may collect from
Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower; and 

(ii)       If Administrative Agent forecloses on any real property
collateral pledged by Borrower: (A) the amount of the Guaranteed Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and
(B) Administrative Agent and Lenders may collect from Guarantor even if Administrative Agent, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from Borrower. 

This is an unconditional and irrevocable waiver of any rights and defenses that Guarantor may have because the Guaranteed Obligations are
secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon CCP Sections 580a, 580b, 580d, or 726. 

(h)        Guarantor waives all rights and defenses arising out of an election of
remedies by Administrative Agent and Lenders, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for the Guaranteed Obligations, has destroyed Guarantor’s rights of subrogation and reimbursement
against Borrower by operation of CCP Section 580d or otherwise. 

(i)        Guarantor waives Guarantor’s rights of subrogation and reimbursement,
including (i) any defenses Guarantor may have by reason of an election of remedies by Administrative Agent and Lenders, and (ii) any rights or defenses Guarantor may have by reason of protection afforded to Borrower with respect to the
Guaranteed Obligations pursuant to the anti-deficiency or other Laws of California limiting or discharging Borrower’s obligations, including CCP Sections 580a, 580b, 580d or 726. 

(j)        Guarantor waives notice of acceptance of this Guaranty, any rights,
defenses and benefits that may be derived from Sections 2787 to 2855, inclusive, of the California Civil Code or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses Guarantor would otherwise have under
the Laws of California or any other jurisdiction. 

  
 9 

 (k)        No provision or waiver in this
Guaranty shall be construed as limiting the generality of any other provision or waiver contained in this Guaranty. All of the waivers contained herein are irrevocable and unconditional and are intentionally and freely made by Guarantor. 

Section 5.          Subordination. 

If, for any reason whatsoever, Borrower is now or hereafter becomes indebted to Guarantor: 

(a)        such indebtedness and all interest thereon and all liens, security
interests and rights now or hereafter existing with respect to property of Borrower securing such indebtedness shall, at all times, be subordinate in all respects to the Guaranteed Obligations and to all liens, security interests and rights now or
hereafter existing to secure the Guaranteed Obligations; 
 (b)        Guarantor
shall not be entitled to enforce or receive payment, directly or indirectly, of any such indebtedness of Borrower to Guarantor until the Guaranteed Obligations have been fully and finally paid and performed; provided, however, that so long as no
Default shall have occurred and be continuing, Guarantor shall not be prohibited from receiving such (i) reasonable management fees or reasonable salary from Borrower as Administrative Agent may find acceptable from time to time in its sole and
absolute discretion, and (ii) distributions from Borrower in an amount equal to any income taxes imposed on Guarantor which are attributable to Borrower’s income from the Property; 

(c)        Guarantor hereby assigns and grants to Administrative Agent a security
interest in all such indebtedness and security therefor, if any, of Borrower to Guarantor now existing or hereafter arising, including any dividends and payments pursuant to debtor relief or insolvency proceedings referred to below. In the event of
receivership, bankruptcy, reorganization, arrangement or other debtor relief or insolvency proceedings involving Borrower as debtor, Administrative Agent shall have the right to prove its claim in any such proceeding so as to establish its rights
hereunder and shall have the right to receive directly from the receiver, trustee or other custodian (whether or not a Default or an Event of Default shall have occurred or be continuing under any of the Loan Documents), dividends and payments that
are payable upon any obligation of Borrower to Guarantor now existing or hereafter arising, and to have all benefits of any security therefor, until the Guaranteed Obligations have been fully and finally paid and performed. If, notwithstanding the
foregoing provisions, Guarantor should receive any payment, claim or distribution that is prohibited as provided above in this Section 5, Guarantor shall pay the same to Administrative Agent immediately, Guarantor hereby agreeing that it
shall receive the payment, claim or distribution in trust for Administrative Agent and shall have absolutely no dominion over the same except to pay it immediately to Administrative Agent; and 

(d)        Guarantor shall promptly upon written request of Administrative Agent from
time to time execute such documents and perform such acts as Administrative Agent may reasonably require to evidence and perfect its interest and to permit or facilitate exercise of its rights under this Section 5, including execution
and delivery of proofs of claim, further assignments and security agreements, and delivery to Administrative Agent of any promissory notes or other instruments evidencing indebtedness of Borrower to Guarantor. All promissory notes, accounts

  
 10 

 
receivable ledgers or other evidences, now or hereafter held by Guarantor, of obligations of such Borrower to Guarantor shall contain a specific written notice thereon that the indebtedness
evidenced thereby is subordinated under and is subject to the terms of this Guaranty. 

Section 6.          Other Liability of Guarantor or Borrower.

 If Guarantor is or becomes liable, by endorsement or otherwise, for any indebtedness owing by Borrower to Administrative
Agent or any Lender other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby, and the rights of Administrative Agent and Lenders hereunder shall be cumulative of any and all other rights that
Administrative Agent or any Lender may have against Guarantor. If Borrower is or becomes indebted to Administrative Agent or any Lender for any indebtedness other than or in excess of the Guaranteed Obligations, any payment received or recovery
realized upon such other indebtedness of Borrower to Administrative Agent or such Lender may be applied to such other indebtedness. This Guaranty is independent of (and shall not be limited by) any other guaranty now existing or hereafter given.
Further, Guarantor’s liability under this Guaranty is in addition to any and all other liability Guarantor may have in any other capacity, including, if applicable, its capacity as a general partner. 

Section 7.          Lender Assigns; Disclosure of Information.

 This Guaranty is for the benefit of Administrative Agent and Lenders and the permitted successors and assigns of each of
them. Administrative Agent and any Lender may, at any time, sell, transfer or assign all or a portion of its interest in the Guaranteed Obligations and the Loan Documents, on and subject to the terms and conditions of the Loan Agreement. In the
event of any such permitted sale, transfer or assignment of the Guaranteed Obligations or any part thereof, the rights and benefits under this Guaranty, to the extent applicable to the Guaranteed Obligations so sold, transferred or assigned, may be
transferred with such obligations. Subject to the provisions of Section 9.5 of the Loan Agreement, Guarantor waives notice of any sale, transfer or assignment of the Guaranteed Obligations and/or this Guaranty or any part thereof, and
agrees that failure to give notice of any such sale, transfer or assignment will not affect the liability of Guarantor hereunder. Subject to the terms and conditions of the Loan Agreement, including, without limitation, Section 9.6
thereof, Administrative Agent and each Lender are hereby authorized to disseminate any information they now have or hereafter obtain pertaining to the Guaranteed Obligations or this Guaranty, including credit or other information on Borrower,
Guarantor and/or any party liable, directly or indirectly, for any part of the Guaranteed Obligations, to any actual or prospective assignee or participant with respect to the Guaranteed Obligations, to any of the affiliates of Administrative Agent
or such Lender, including Merrill Lynch, Pierce, Fenner & Smith Incorporated, to any regulatory body having jurisdiction over Administrative Agent or such Lender, and to any other parties as necessary or appropriate in the reasonable
judgment of Administrative Agent or such Lender. 

Section 8.          Binding Effect; Joint and Several Liability.

 This Guaranty is binding not only on Guarantor, but also on Guarantor’s heirs, personal representatives, successors
and assigns. Upon the death of Guarantor, if Guarantor is a natural person, this Guaranty shall continue against Guarantor’s estate as to all of the Guaranteed 

  
 11 

 
Obligations, including that portion incurred or arising after the death of Guarantor and shall be provable in full against Guarantor’s estate, whether or not the Guaranteed Obligations are
then due and payable. If this Guaranty is signed by more than one Person, then all of the obligations of Guarantor arising hereunder shall be jointly and severally binding on each of the undersigned, and their respective heirs, personal
representatives, successors and assigns, and the term “Guarantor” shall mean all of such Persons and each of them individually. 

Section 9.          Governing Law. 

The validity, enforcement, and interpretation of this Guaranty, shall for all purposes be governed by and construed in
accordance with the laws of the State of California and applicable United States federal law, and is intended to be performed in accordance with, and only to the extent permitted by, such laws. All obligations of Guarantor hereunder are payable and
performable at the place or places where the Guaranteed Obligations are payable and performable. 

Section 10.        Invalidity of Certain Provisions. 

If any provision of this Guaranty or the application thereof to any Person or circumstance shall, for any reason and to any
extent, be declared to be invalid or unenforceable, neither the remaining provisions of this Guaranty nor the application of such provision to any other Person or circumstance shall be affected thereby, and the remaining provisions of this Guaranty,
or the applicability of such provision to other Persons or circumstances, as applicable, shall remain in effect and be enforceable to the maximum extent permitted by applicable Law. 

Section 11.        Costs and Expenses of Enforcement. 

Guarantor shall pay on demand all reasonable attorneys’ fees and all other costs and expenses incurred by Administrative
Agent in the enforcement of or preservation of Administrative Agent or Lenders’ rights under this Guaranty including all attorneys’ fees and expenses, investigation costs, and all court costs, whether or not suit is filed hereon, or
whether at maturity or by acceleration, or whether before or after maturity, or whether in connection with bankruptcy, insolvency or appeal. 

Section 12.        No Usury. 

It is not the intention of Administrative Agent, any Lender or Guarantor to obligate Guarantor to pay interest in excess of
that lawfully permitted to be paid by Guarantor under applicable Law. Should it be determined that any portion of the Guaranteed Obligations or any other amount payable by Guarantor under this Guaranty constitutes interest in excess of the maximum
amount of interest that Guarantor, in Guarantor’s capacity as guarantor, may lawfully be required to pay under applicable Law, the obligation of Guarantor to pay such interest shall automatically be limited to the payment thereof in the maximum
amount so permitted under applicable Law. The provisions of this Section shall override and control all other provisions of this Guaranty and of any other agreement between Guarantor, Administrative Agent and Lenders. 

  
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Section 13.        Representations, Warranties, and Covenants of Guarantor.

 Guarantor hereby represents, warrants, and covenants that: (a) Guarantor has a financial interest (indirectly) in
Borrower and will derive a material and substantial benefit, directly or indirectly, from the making of the Loan to Borrower and from the making of this Guaranty by Guarantor; (b) this Guaranty is duly authorized and valid, and is binding upon
and enforceable against Guarantor; (c) Guarantor is not, and the execution, delivery and performance by Guarantor of this Guaranty will not cause Guarantor to be, in violation of or in default with respect to any law or in default (or at risk
of acceleration of indebtedness) under any agreement or restriction by which Guarantor is bound or affected; (d) unless Guarantor is a natural person, Guarantor is duly organized, validly existing, and in good standing under the laws of the
state of its organization and has full power and authority to enter into and perform this Guaranty; (e) there is no material litigation pending with respect to which process has been served or, to the knowledge of Guarantor, threatened by or
before any tribunal against or affecting Guarantor which, if adversely determined, would have a material adverse effect on Guarantor’s ability to perform its obligations hereunder; (f) all financial statements and information heretofore
furnished to Administrative Agent by Guarantor do, and all financial statements and information hereafter furnished to Administrative Agent by Guarantor will, fully and accurately present the condition (financial or otherwise) of Guarantor as of
their dates and the results of Guarantor’s operations for the periods therein specified, and, since the date of the most recent financial statements of Guarantor heretofore furnished to Administrative Agent, no material adverse change has
occurred in the financial condition of Guarantor, nor, except as heretofore disclosed in writing to Administrative Agent, has Guarantor incurred any material liability, direct or indirect, fixed or contingent; (g) after giving effect to this
Guaranty, Guarantor is solvent, is not engaged or about to engage in business or a transaction for which the property of Guarantor is an unreasonably small capital, and does not intend to incur or believe that it will incur debts that will be beyond
its ability to pay as such debts mature; and (h) Guarantor has read and fully understands the provisions contained in the Note, the Loan Agreement, the Deed of Trust, the Environmental Agreement and the other Loan Documents. Guarantor’s
representations, warranties and covenants are a material inducement to Administrative Agent to enter into the other Loan Documents and any Swap Contract, and shall survive the execution hereof and any bankruptcy, foreclosure, transfer of security or
other event affecting Borrower, Guarantor, any other party, or any security for all or any part of the Guaranteed Obligations. 

Section 14.        Notices. 

All notices, requests, consents, demands and other communications required or which any party desires to give hereunder or
under any other Loan Document shall be in writing and, unless otherwise specifically provided in such other Loan Document, shall be deemed sufficiently given or furnished if delivered by personal delivery, by nationally recognized overnight courier
service, or by certified United States mail, postage prepaid, addressed to the party to whom directed at the addresses specified in this Guaranty (unless changed by similar notice in writing given by the particular party whose address is to be
changed) or by facsimile. Any such notice or communication shall be deemed to have been given either at the time of personal delivery or, in the case of courier or mail, as of the date of first attempted delivery at the address and in the manner
provided herein, or, in the case of facsimile, upon receipt; provided that service of a notice required by any applicable statute shall be considered complete when the 

  
 13 

 
requirements of that statute are met. Notwithstanding the foregoing, no notice of change of address shall be effective except upon actual receipt. This Section shall not be construed in any way
to affect or impair any waiver of notice or demand provided in this Guaranty or in any other Loan Document or to require giving of notice or demand to or upon any Person in any situation or for any reason. 

Section 15.        Cumulative Rights. 

All of the rights and remedies of Administrative Agent and Lenders under this Guaranty and the other Loan Documents are
cumulative of each other and of any and all other rights at law or in equity, and the exercise by Administrative Agent or any Lender of any one or more of such rights and remedies shall not preclude the simultaneous or later exercise by
Administrative Agent or any Lender of any or all such other rights and remedies. No single or partial exercise of any right or remedy shall exhaust it or preclude any other or further exercise thereof, and every right and remedy may be exercised at
any time and from time to time. No failure by Administrative Agent or Lenders to exercise, nor delay in exercising, any right or remedy shall operate as a waiver of such right or remedy or as a waiver of any Default. No notice to or demand on
Guarantor in any case shall of itself entitle Guarantor to any other or further notice or demand in similar or other circumstances. No provision of this Guaranty or any right or remedy of Administrative Agent or any Lender with respect hereto, or
any default or breach, can be waived, nor can this Guaranty or Guarantor be released or discharged in any way or to any extent, except specifically in each case by a writing intended for that purpose (and which refers specifically to this Guaranty)
executed and delivered by Administrative Agent to Guarantor. 

Section 16.        Term of Guaranty. 

This Guaranty shall continue in effect until all the Guaranteed Obligations and all of the obligations of Guarantor to
Administrative Agent and Lenders under this Guaranty are fully and finally paid, performed and discharged and are not subject to any bankruptcy preference period or any other disgorgement. 

Notwithstanding anything stated to the contrary in this Guaranty, in the event that Administrative Agent or its nominee or any
third party takes record title to any portion of the Property following the exercise of Administrative Agent’s rights and remedies under the Loan Documents, Guarantor shall nonetheless have the right to terminate its continuing liability under
clause (ii) of Section 1 of this Guaranty with respect to Borrower’s obligations under the Environmental Agreement (and only as to such obligations) with respect to such portion of the Property, upon fulfillment of each of the
following conditions to the reasonable satisfaction of Administrative Agent with respect to such portion of the Property: 

(a)        Guarantor or Borrower shall have delivered to Administrative Agent a new
environmental insurance policy which insures Administrative Agent and Lenders (“New Environmental Insurance Policy”) and which: 

(i)        is comparable to the existing Environmental Insurance
Policy approved by Lender except the policy limits shall be at least $5,000,000 for each occurrence and in the aggregate with a retention of no greater than $100,000; and 

  
 14 

 (ii)         is
issued by the same company as the existing Environmental Insurance Policy or a replacement company with an AM Best’s Rating equivalent or better than A- (Excellent)/IX; and 

(iii)        has a term of three (3) years from the date of
issuance; and 
 (b)        Administrative Agent shall have received evidence that
all premiums for three (3) years coverage under such New Environmental Insurance Policy have been prepaid in full. 

Such termination of Guarantor’s liability under clause (ii) of Section 1 of this Guaranty with respect
to Borrower’s obligations under the Environmental Agreement, shall become effective only upon the delivery by Administrative Agent to Guarantor of a specific written acknowledgment of the satisfaction of all of the foregoing conditions and the
termination of such obligations, which acknowledgement Administrative Agent agrees to provide unless any of the conditions to such termination have not been satisfied. This Section 16 shall under no circumstance be interpreted to
terminate or limit any of Guarantor’s liabilities in Section 1 of this Guaranty except to the extent such liabilities relate to Borrower’s obligations under the Environmental Agreement. 

Notwithstanding anything stated to the contrary in this Guaranty, in the event that Borrower successfully exercises its right
to terminate its continuing liability under the Environmental Agreement pursuant to and in accordance with the terms and conditions of Section 7 thereof, Guarantor’s liability under clause (ii) of Section 1 of this
Guaranty with respect to its guaranty of Borrower’s obligations under the Environmental Agreement (and only as to such obligations) shall automatically terminate. 

Section 17.        Financial Statements. 

Guarantor agrees to provide to Administrative Agent, as and when required, the Financial Statements and other financial
information required to be delivered to Administrative Agent with respect to Guarantor pursuant to the terms of the Loan Agreement and the other Loan Documents, in the form and detail required by the Loan Documents. Guarantor also agrees to provide
to Administrative Agent such other and further financial information with respect to Guarantor as Administrative Agent shall from time to time reasonably request. Acceptance of any Financial Statement by Administrative Agent, whether or not in the
form prescribed herein, shall be relied upon by Administrative Agent in the administration, enforcement, and extension of the Guaranteed Obligations. 

Section 18.        Subrogation. 

Guarantor shall not have any right of subrogation under any of the Loan Documents or any right to participate in any security
for the Guaranteed Obligations or any right to reimbursement, exoneration, contribution, indemnification or any similar rights, until the Guaranteed Obligations have been fully and finally paid, performed and discharged in accordance with
Section 17 above, and Guarantor hereby waives all of such rights. 

  
 15 

 Section 19.        Time of
Essence. 
 Time shall be of the essence in this Guaranty with respect to all of Guarantor’s obligations hereunder.

 Section 20.        Entire Agreement; Counterparts; Construction. 

This Guaranty embodies the entire agreement between Administrative Agent and Lenders and Guarantor with respect to the
guaranty by Guarantor of the Guaranteed Obligations. This Guaranty supersedes all prior agreements and understandings, if any, with respect to the guaranty by Guarantor of the Guaranteed Obligations. This Guaranty shall be effective upon execution
by Guarantor and delivery to Administrative Agent. This Guaranty may not be modified, amended or superseded except in a writing signed by Administrative Agent and Guarantor referencing this Guaranty by its date and specifically identifying the
portions hereof that are to be modified, amended or superseded. If this Guaranty has been executed in one or more identical counterparts, then each such counterpart shall be deemed an original for all purposes, and all will constitute, collectively,
one agreement. The lack of genuineness or authority of any signature of, or signator for, any Guarantor shall not affect the obligations hereunder of any other Guarantor. As used herein, the words “include” and “including” shall
be interpreted as if followed by the words “without limitation.” 

Section 21.        Financial Covenants. 

Unless and until a Repayment Guaranty Termination Event shall occur, Guarantor shall comply with the financial covenants set
forth in Exhibit “J” of the Loan Agreement. 

Section 22.        WAIVER OF JURY TRIAL. 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, GUARANTOR AND ADMINISTRATIVE AGENT WAIVE TRIAL BY JURY IN RESPECT OF ANY DISPUTE
(AS DEFINED IN THE LOAN AGREEMENT) AND ANY ACTION ON SUCH DISPUTE. THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY GUARANTOR AND ADMINISTRATIVE AGENT, AND GUARANTOR AND ADMINISTRATIVE AGENT HEREBY REPRESENT THAT NO REPRESENTATIONS OF
FACT OR OPINION HAVE BEEN MADE BY ANY PERSON OR ENTITY TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. GUARANTOR AND ADMINISTRATIVE AGENT ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY
PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER OF JURY TRIAL. GUARANTOR FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS GUARANTY AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE
OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. 

  
 16 

 Section 23.        Forum.

 Guarantor hereby irrevocably submits generally and unconditionally for itself and in respect of its property to the
jurisdiction of any state court or any United States federal court sitting in the State specified in the governing law section of this Guaranty and to the jurisdiction of any state court or any United States federal court sitting in the state in
which any of the Property is located, over any Dispute. Guarantor hereby irrevocably waives, to the fullest extent permitted by Law, any objection that Guarantor may now or hereafter have to the laying of venue in any such court and any claim that
any such court is an inconvenient forum. Guarantor hereby agrees and consents that, in addition to any methods of service of process provided for under applicable Law, all service of process in any such suit, action or proceeding in any state court
or any United States federal court sitting in the state specified in the governing law section of this Guaranty may be made by certified or registered mail, return receipt requested, directed to Guarantor at its address for notice set forth in this
Guaranty, or at a subsequent address of which Administrative Agent received actual notice from Guarantor in accordance with the notice section of this Guaranty, and service so made shall be complete five (5) days after the same shall have been
so mailed. Nothing herein shall affect the right of Administrative Agent or any Lender to serve process in any manner permitted by Law or limit the right of Administrative Agent or any Lender to bring proceedings against Guarantor in any other court
or jurisdiction. 
 Section 24.        Credit Verification. 

Each legal entity and individual obligated on this Guaranty, whether as a Guarantor, a general partner of a Guarantor or in
any other capacity, hereby authorizes Administrative Agent and each Lender to check any credit references, verify his/her employment and obtain credit reports from credit reporting agencies of Administrative Agent’s or such Lender’s choice
in connection with any monitoring, collection or future transaction concerning the Loan, including any modification, extension or renewal of the Loan. Also in connection with any such monitoring, collection or future transaction, Administrative
Agent and each Lender is hereby authorized to check credit references, verify employment and obtain a third party credit report for the spouse of any married person obligated on this Guaranty, if such person lives in a community property state. 

Section 25.        Limited Recourse Provision. 

Administrative Agent and Lenders shall have no recourse against, nor shall there be any personal liability to, the members of
Guarantor, or to any shareholders, members, partners, beneficial interest holders or any other entity or person in the ownership (directly or indirectly) of Guarantor with respect to the obligations of Guarantor under this Guaranty. For purposes of
clarification, in no event shall the above language limit, reduce or otherwise affect any Borrower’s liability or obligations under the Loan Documents, Guarantor’s liability or obligations under the Guaranty, or Administrative Agent’s
or any Lender’s right to exercise any rights or remedies against any collateral securing the Loan. 

Section 26.        Additional Representations. 

On each date on which a Swap Transaction is entered into (but not on any other day even

  
 17 

 
if such Swap Obligations continue to exist on any such day), Guarantor will be deemed to represent to Administrative Agent and Lenders that Guarantor is an “eligible contract
participant” as such term is defined in the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute (the “Commodity Exchange Act”). For purposes of this provision,
“Swap Obligation” means any obligation to pay or perform under any Swap Contract, or any other agreement, contract or transaction entered into in connection with a Swap Transaction. 

[Signatures begin on following page.] 

  
 18 

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

																	
	 Address of Guarantor:
	 		  	GUARANTOR:
			
	 KBS REIT PROPERTIES III, LLC
	 		  	 KBS REIT PROPERTIES III, LLC,

	 c/o KBS Capital Advisors LLC
	 		  	 a Delaware limited liability company

	 620 Newport Center Drive, Suite 1300
	 		  		    		    		  		  	
	 Newport Beach, California 92660
	 		  	 By:    
	    	 KBS LIMITED PARTNERSHIP III,

	 Attn:
	    	 Brent Carroll, Senior Vice President,
Asset Management
	 		  		    	 a Delaware limited partnership,
its sole member

	 Fax Number:  (949) 417-6518
	 		  		    		    		  		  	
		    		 		  		    	 By:    
	    	 KBS REAL ESTATE INVESTMENT

	 With a copy to:
	 		  		    		    	 TRUST III, INC., a Maryland corporation,

		    		 		 		  		    		    	 its general partner

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

Newport Beach, California 92660

Attn:    Todd Smith, Vice President Controller,

            Corporate

Fax Number:  (949) 417-6520
	 		  		    		    	 By:    
	  	 

	  	
	 		  		    		    		  	 Charles J. Schreiber, Jr.,
	  	
	 		  		    		    		  	 Chief Executive Officer
	  	
							
	 and
	 		  		    		    		  		  	
							
	 c/o KBS Capital Advisors LLC
	 		  		    		    		  		  	
	 620 Newport Center Drive, Suite 1300
	 		  		    		    		  		  	
	 Newport Beach, California 92660
	 		  		    		    		  		  	
	 Attn:    Jeff Waldvogel, Director of Finance and Reporting
	  		    		    		  		  	
	 Fax Number:  (949) 417-6520
	 		  		    		    		  		  	
							
	 Address of Lender:
	 		  		    		    		  		  	
							
	 Bank of America, N.A.
	 		  		    		    		  		  	
	 5 Park Plaza, Suite 500
	 		  		    		    		  		  	
	 Irvine, California 92614
	 		  		    		    		  		  	
	 Attn:  Kevin McLain
	 		  		    		    		  		  	

 SIGNATURE PAGE TO KBSIII TOWERS AT EMERYVILLE, LLC GUARANTY

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