Document:

EX-10.3

 Exhibit 10.3 

LOAN AGREEMENT 
 Dated as
of July 11, 2017 
 Between 

3596 ALPINE AVE, LLC, 

as Borrower 
 and 

UBS AG, BY AND THROUGH ITS BRANCH OFFICE AT 

1285 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK, 

as Lender 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I – DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	 	1	 
	 Section 1.1 Definitions
	  	 	1	 
	 Section 1.2 Principles of Construction
	  	 	29	 
		
	 ARTICLE II – GENERAL TERMS
	  	 	30	 
	 Section 2.1 Loan Commitment; Disbursement to Borrower
	  	 	30	 
	 2.1.1 Agreement to Lend and Borrow
	  	 	30	 
	 2.1.2 Single Disbursement to Borrower
	  	 	30	 
	 2.1.3 The Note, Security Instrument and Loan Documents
	  	 	30	 
	 2.1.4 Use of Proceeds
	  	 	30	 
	 Section 2.2 Interest Rate
	  	 	30	 
	 2.2.1 Interest Rate
	  	 	31	 
	 2.2.2 Interest Calculation
	  	 	31	 
	 2.2.3 Default Rate
	  	 	31	 
	 2.2.4 Usury Savings
	  	 	31	 
	 Section 2.3 Loan Payment
	  	 	32	 
	 Section 2.4 Prepayments
	  	 	32	 
	 Section 2.5 Intentionally omitted
	  	 	32	 
	 Section 2.6 Release of Property
	  	 	32	 
	 Section 2.7 Clearing Account/Cash Management
	  	 	32	 
	 2.7.1 Clearing Account
	  	 	32	 
	 2.7.2 Cash Management Account
	  	 	34	 
	 2.7.3 Payments Received under the Cash Management Agreement
	  	 	34	 
		
	 ARTICLE III – CONDITIONS PRECEDENT
	  	 	35	 
	 Section 3.1 Conditions Precedent to Closing
	  	 	35	 
		
	 ARTICLE IV – REPRESENTATIONS AND WARRANTIES
	  	 	35	 
	 Section 4.1 Borrower Representations
	  	 	35	 
	 4.1.1 Organization
	  	 	35	 
	 4.1.2 Proceedings
	  	 	35	 
	 4.1.3 No Conflicts
	  	 	35	 
	 4.1.4 Litigation
	  	 	36	 
	 4.1.5 Agreements
	  	 	36	 
	 4.1.6 Title
	  	 	36	 
	 4.1.7 Solvency
	  	 	37	 
	 4.1.8 Full and Accurate Disclosure
	  	 	37	 
	 4.1.9 No Plan Assets
	  	 	37	 
	 4.1.10 Compliance
	  	 	38	 
	 4.1.11 Financial Information
	  	 	38	 
	 4.1.12 Condemnation
	  	 	38	 
	 4.1.13 Federal Reserve Regulations
	  	 	38	 
	 4.1.14 Utilities and Public Access
	  	 	39	 

					
	 4.1.15 Not a Foreign Person
	  	 	39	 
	 4.1.16 Separate Lots
	  	 	39	 
	 4.1.17 Assessments
	  	 	39	 
	 4.1.18 Enforceability
	  	 	39	 
	 4.1.19 No Prior Assignment
	  	 	39	 
	 4.1.20 Insurance
	  	 	39	 
	 4.1.21 Use of Property
	  	 	40	 
	 4.1.22 Certificate of Occupancy; Licenses
	  	 	40	 
	 4.1.23 Flood Zone
	  	 	40	 
	 4.1.24 Physical Condition
	  	 	40	 
	 4.1.25 Boundaries
	  	 	40	 
	 4.1.26 Leases
	  	 	40	 
	 4.1.27 Survey
	  	 	41	 
	 4.1.28 Inventory
	  	 	41	 
	 4.1.29 Filing and Recording Taxes
	  	 	41	 
	 4.1.30 Special Purpose Entity/Separateness
	  	 	41	 
	 4.1.31 Management Agreement
	  	 	42	 
	 4.1.32 Illegal Activity
	  	 	42	 
	 4.1.33 No Change in Facts or Circumstances; Disclosure
	  	 	42	 
	 4.1.34 Investment Company Act
	  	 	42	 
	 4.1.35 Embargoed Person
	  	 	42	 
	 4.1.36 Principal Place of Business; State of Organization
	  	 	43	 
	 4.1.37 Environmental Representations and Warranties
	  	 	43	 
	 4.1.38 Cash Management Account
	  	 	44	 
	 Section 4.2 Survival of Representations
	  	 	44	 
		
	 ARTICLE V – BORROWER COVENANTS
	  	 	45	 
	 Section 5.1 Affirmative Covenants
	  	 	45	 
	 5.1.1 Existence; Compliance with Legal Requirements
	  	 	45	 
	 5.1.2 Taxes and Other Charges
	  	 	46	 
	 5.1.3 Litigation
	  	 	47	 
	 5.1.4 Access to Property
	  	 	47	 
	 5.1.5 Notice of Default
	  	 	47	 
	 5.1.6 Cooperate in Legal Proceedings
	  	 	47	 
	 5.1.7 Perform Loan Documents
	  	 	47	 
	 5.1.8 Award and Insurance Benefits
	  	 	47	 
	 5.1.9 Further Assurances
	  	 	47	 
	 5.1.10 Principal Place of Business, State of Organization
	  	 	48	 
	 5.1.11 Financial Reporting
	  	 	48	 
	 5.1.12 Business and Operations
	  	 	51	 
	 5.1.13 Title to the Property
	  	 	51	 
	 5.1.14 Costs of Enforcement
	  	 	52	 
	 5.1.15 Estoppel Statement
	  	 	52	 
	 5.1.16 Loan Proceeds
	  	 	52	 
	 5.1.17 Performance by Borrower
	  	 	52	 
	 5.1.18 Confirmation of Representations
	  	 	52	 
	 5.1.19 Environmental Covenants
	  	 	53	 

  
 ii 

					
	 5.1.20 Leasing Matters
	  	 	55	 
	 5.1.21 Alterations
	  	 	56	 
	 5.1.22 Operation of Property
	  	 	57	 
	 5.1.23 Embargoed Person
	  	 	58	 
	 5.1.24 Post-Closing Obligations
	  	 	58	 
	 5.1.25 Supplemental Mortgage Affidavits
	  	 	58	 
	 Section 5.2 Negative Covenants
	  	 	58	 
	 5.2.1 Operation of Property
	  	 	59	 
	 5.2.2 Liens
	  	 	59	 
	 5.2.3 Dissolution
	  	 	59	 
	 5.2.4 Change In Business
	  	 	59	 
	 5.2.5 Debt Cancellation
	  	 	60	 
	 5.2.6 Zoning
	  	 	60	 
	 5.2.7 No Joint Assessment
	  	 	60	 
	 5.2.8 Intentionally omitted
	  	 	60	 
	 5.2.9 ERISA
	  	 	60	 
	 5.2.10 Transfers
	  	 	60	 
	 Section 5.3 Major Tenant’s Obligations
	  	 	69	 
		
	 ARTICLE VI – INSURANCE; CASUALTY; CONDEMNATION
	  	 	69	 
	 Section 6.1 Insurance
	  	 	69	 
	 Section 6.2 Casualty
	  	 	74	 
	 Section 6.3 Condemnation
	  	 	74	 
	 Section 6.4 Restoration
	  	 	75	 
		
	 ARTICLE VII – RESERVE FUNDS
	  	 	80	 
	 Section 7.1 Intentionally Omitted
	  	 	80	 
	 Section 7.2 Tax and Insurance Escrow Fund
	  	 	81	 
	 Section 7.3 Capital Expenditure Funds
	  	 	82	 
	 7.3.1 Deposits of Capital Expenditure Funds
	  	 	82	 
	 7.3.2 Release of Capital Expenditure Funds
	  	 	83	 
	 7.3.3 Failure to Perform Capital Expenditure Works
	  	 	84	 
	 Section 7.4 Rollover Funds
	  	 	84	 
	 7.4.1 Deposit of Rollover Funds
	  	 	84	 
	 7.4.2 Release of Rollover Funds
	  	 	85	 
	 Section 7.5 Excess Cash Flow Reserve Fund
	  	 	86	 
	 7.5.1 Deposits to Excess Cash Flow Reserve Account
	  	 	86	 
	 7.5.2 Release of Excess Cash Flow Reserve Funds
	  	 	86	 
	 Section 7.6 Reserve Funds, Generally
	  	 	87	 
		
	 ARTICLE VIII – DEFAULTS
	  	 	88	 
	 Section 8.1 Event of Default
	  	 	88	 
	 Section 8.2 Remedies
	  	 	91	 
	 Section 8.3 Remedies Cumulative; Waivers
	  	 	92	 
		
	 ARTICLE IX – SPECIAL PROVISIONS
	  	 	92	 
	 Section 9.1 Securitization
	  	 	92	 
	 9.1.1 Sale of Notes and Securitization
	  	 	92	 
	 9.1.2 Securitization Costs
	  	 	95	 
	 Section 9.2 Intentionally omitted
	  	 	95	 
	 Section 9.3 Exculpation
	  	 	95	 
	 Section 9.4 Matters Concerning Manager
	  	 	99	 

  
 iii 

					
	 Section 9.5 Servicer
	  	 	100	 
		
	 ARTICLE X – MISCELLANEOUS
	  	 	100	 
	 Section 10.1 Survival
	  	 	100	 
	 Section 10.2 Lender’s Discretion
	  	 	101	 
	 Section 10.3 Governing Law
	  	 	101	 
	 Section 10.4 Modification, Waiver in Writing
	  	 	102	 
	 Section 10.5 Delay Not a Waiver
	  	 	102	 
	 Section 10.6 Notices
	  	 	103	 
	 Section 10.7 Trial by Jury
	  	 	103	 
	 Section 10.8 Headings
	  	 	104	 
	 Section 10.9 Severability
	  	 	104	 
	 Section 10.10 Preferences
	  	 	104	 
	 Section 10.11 Waiver of Notice
	  	 	104	 
	 Section 10.12 Remedies of Borrower
	  	 	104	 
	 Section 10.13 Expenses; Indemnity
	  	 	105	 
	 Section 10.14 Schedules Incorporated
	  	 	106	 
	 Section 10.15 Offsets, Counterclaims and Defenses
	  	 	106	 
	 Section 10.16 No Joint Venture or Partnership; No Third Party Beneficiaries
	  	 	106	 
	 Section 10.17 Publicity
	  	 	107	 
	 Section 10.18 Waiver of Marshalling of Assets
	  	 	107	 
	 Section 10.19 Waiver of Counterclaim
	  	 	107	 
	 Section 10.20 Conflict; Construction of Documents; Reliance
	  	 	107	 
	 Section 10.21 Brokers and Financial Advisors
	  	 	108	 
	 Section 10.22 Prior Agreements
	  	 	108	 
	 Section 10.23 Liability
	  	 	108	 
	 Section 10.24 Certain Additional Rights of Lender (VCOC)
	  	 	108	 
	 Section 10.25 (OFAC)
	  	 	109	 
	 Section 10.26 Successor Parties
	  	 	109	 
	 Section 10.27 Duplicate Originals; Counterparts
	  	 	109	 

  
 iv 

 SCHEDULES 

Schedule I – Intentionally Omitted 
 Schedule II –
Intentionally Omitted 
 Schedule III – Organizational Chart of Borrower 

Schedule IV – Form of Tenant Direction Letter 
 Schedule V
– Intentionally Omitted 
 Schedule VI – Liquid Assets 

Schedule VII – Exceptions to Representations 
 Schedule VIII
– Qualified Fund Managers 
 Schedule IX – Post-Closing Obligations 

Schedule X – Required Repairs 

  
 v 

 LOAN AGREEMENT 

THIS LOAN AGREEMENT is made as of July 11, 2017 (this “Agreement”), between UBS AG, by and through its branch
office at 1285 Avenue of the Americas, New York, New York, having an address at 1285 Avenue of the Americas, 11th Floor, New York, New York 10019 (together with its successors and assigns,
collectively, “Lender”) and 3596 ALPINE AVE, LLC, a Delaware limited liability company, having its principal place of business at c/o Rodin Global Property Trust, 110 East
59th Street, New York, New York 10022, Attention: General Counsel (“Borrower”). 

RECITALS: 
 A. Borrower
desires to obtain the Loan (as hereinafter defined) from Lender. 
 B. Lender is willing to make the Loan to Borrower, subject to and in
accordance with the terms of this Agreement and the other Loan Documents (as hereinafter defined). 
 NOW THEREFORE, for valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I –
DEFINITIONS; PRINCIPLES OF CONSTRUCTION. 
 Section 1.1 Definitions. For all purposes of this Agreement, except as
otherwise expressly required or unless the context clearly indicates a contrary intent: 
 “Accrual Period” means, with
respect to any Payment Date, the period commencing on and including the eleventh (11th) day of the preceding calendar month and ending on and including the tenth (10th) day of the calendar month in which such Payment Date occurs; provided,
however, that the initial Accrual Period shall begin on the Closing Date and shall end on the immediately following tenth (10th) day of a calendar month. 

“Accrued Interest” shall have the meaning set forth in the Note. 

“Action” has the meaning set forth in Section 10.3 hereof. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is
under common Control with such Person or is a director or officer of such Person. 
 “Affiliated Manager” means any Manager
in which Borrower, Principal, or Guarantor has, directly or indirectly, any legal, beneficial or economic interest. 

“Agent” means Wells Fargo Bank, N.A., or any successor Eligible Institution acting as Agent under the Cash Management
Agreement. 
 “Alteration Conditions” shall mean that such alterations are performed in a good and workman like manner, on
a lien-free basis, in accordance with applicable laws, ordinances and building codes, and are diligently prosecuted to completion. 

 “Annual Budget” means an operating budget, including all planned Capital
Expenditures, for the Property prepared by Borrower in accordance with Section 5.1.11(d) hereof for the applicable Fiscal Year or other period. 

“Anticipated Repayment Date” shall mean July 6, 2027. 

“Applicable Interest Rate” shall mean (i) prior to the Anticipated Repayment Date, the Initial Interest Rate and
(ii) on and after the Anticipated Repayment Date, the Revised Interest Rate. 
 “Approved Accounting Method” shall
mean GAAP, the cash basis of accounting method, the accrual basis of accounting method or the income tax basis of accounting method utilized by Borrower and Guarantor in the preparation of financial data, so long as the same is and remains in
general use by significant segments of the United States accounting profession and is consistently applied throughout the full stated term of the Loan (both as to the application of the rules governing such accounting method and the choice of which
accounting method to apply). 
 “Approved Annual Budget” has the meaning set forth in Section 5.1.11(d) hereof.

 “ARD Trigger Event” shall mean the Payment Date occurring in January, 2027. 

“Award” means Borrower’s right, title and interest in and to any compensation paid by any Governmental Authority in
connection with a Condemnation in respect of all or any part of the Property. 
 “Bankruptcy Action” means with respect to
any Person (a) such Person filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code or any
other Federal or state bankruptcy or insolvency law; (c) such Person filing an answer consenting to or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy
or insolvency law; (d) such Person consenting to or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for such Person or any portion of the Property; (e) such Person making an assignment for the
benefit of creditors, or admitting, in writing in any legal proceeding its insolvency or inability to pay its debts as they become due (unless failure to make such admission would be a violation of law, or in the context of required financial
reporting or settlement discussions with Lender). 
 “Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C.
§101, et seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency
or creditors’ rights or any other Federal or state bankruptcy or insolvency law. 
 “Borrower” has the meaning set
forth in the introductory paragraph hereto, together with its successors and permitted assigns. 

  
 2 

 “Business Day” shall mean a day on which commercial banks are not authorized or
required by applicable law to close in New York, New York. 
 “Capital Expenditure Account” shall have the meaning set
forth in Section 7.3.1 hereof. 
 “Capital Expenditure Reserve Waiver Conditions Precedent” shall collectively
mean the following conditions precedent: (i) no Event of Default has occurred and is continuing, (ii) all of the Property shall be demised pursuant to the Major Tenant Lease, (iii) the Major Tenant Lease is in full force and effect,
(iv) no Tenant BK Trigger shall have occurred and be continuing, (v) no Tenant Downgrade Trigger shall have occurred and be continuing, (vi) no Tenant Go Dark Trigger shall have occurred and be continuing (vii) the Major Tenant
is expressly obligated pursuant to the terms and conditions of its Major Tenant Lease to maintain the Property in a condition reasonably acceptable to Lender, and (viii) the Major Tenant performs its obligation as described in clause
(vii) above in a timely manner and Borrower provides evidence, in form and substance reasonably satisfactory to Lender, of such performance by the Major Tenant in a timely manner. Lender acknowledges that as of the Closing Date, the Walgreens
Lease satisfies clauses (vii) and (viii) of this definition. 
 “Capital Expenditure Funds” shall have the
meaning set forth in Section 7.3.1 hereof. 
 “Capital Expenditure Work” shall mean any labor performed or
materials provided or installed in connection with any Capital Expenditures. 
 “Capital Expenditures” means, for any
period, the amount expended for items capitalized under GAAP (or an Approved Accounting Method or other basis reasonably acceptable to Lender, consistently applied including expenditures for building improvements or major repairs, leasing
commissions and tenant improvements). 
 “Cash Management Account” has the meaning set forth in Section 2.7.2
hereof. 
 “Cash Management Agreement” means that certain a Cash Management Agreement, by and among Borrower, Lender and
Agent, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Cash Sweep
Event” means the occurrence of: (a) an Event of Default; (b) any Bankruptcy Action of Borrower, Guarantor or Manager; (c) a DSCR Trigger Event, (d) an ARD Trigger Event, (e) a Tenant Go Dark Trigger, (f) a
Tenant BK Trigger, or (g) a Tenant Downgrade Trigger. 
 “Cash Sweep Event Cure” means 

(a) if the Cash Sweep Event is caused solely by an Event of Default, such Event of Default no longer exists, 

(b) if the Cash Sweep Event is caused solely by a Bankruptcy Action of Guarantor or Manager, the replacement of Guarantor or Manager (as
applicable) with a Qualified Replacement Guarantor or a Qualified Manager (as applicable), or, in the case of a Bankruptcy 

  
 3 

 
Action of Manager, termination of the Management Agreement and Borrower’s delivery of written notice to Lender that it shall self-manage the Property, 

(c) if the Cash Sweep Event is caused solely by the occurrence of a DSCR Trigger Event, the achievement of a Debt Service Coverage Ratio of
1.80 to 1.00 or greater, in each case for two (2) consecutive calendar quarters based upon the trailing three (3) month period immediately preceding the date of determination, 

(d) if the Cash Sweep Event is caused solely by a Tenant Go Dark Trigger, the occurrence of a Tenant Go Dark Trigger Cure; 

(e) if the Cash Sweep Event is caused solely by a Tenant BK Trigger, the occurrence of a Tenant BK Trigger Cure; and 

(f) if the Cash Sweep Event is caused solely by a Tenant Downgrade Trigger, the occurrence of a Tenant Downgrade Trigger Cure; 

provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Event
of Default shall have occurred and be continuing under this Agreement or any of the other Loan Documents and (ii) Borrower shall have paid all of Lender’s reasonable expenses incurred in connection with such Cash Sweep Event Cure
including, reasonable out of pocket attorney’s fees and expenses. Notwithstanding any provision in this Agreement to the contrary, in no event shall Borrower have the right to cure any Cash Sweep Event caused by a Bankruptcy Action of Borrower
or an ARD Trigger Event except as expressly set forth hereinabove (unless it is a Bankruptcy Action described under clause (c) of the definition thereof, in which case Borrower shall have a period of ninety (90) days to cause such
Bankruptcy Action to be dismissed or discharged, and in such event, the Cash Sweep Trigger Event shall be deemed to be cured). 

“Cash Sweep Period” means each period commencing on the delivery of notice to Borrower that a Cash Sweep Event has occurred,
and continuing until the earlier of (a) the Payment Date next occurring following the related Cash Sweep Event Cure (or, if such day is not a Business Day, the immediately preceding Business Day), or (b) until payment in full of all
principal and interest on the Loan and all other amounts payable under the Loan Documents in accordance with the terms and provisions of the Loan Documents. 

“Casualty” has the meaning set forth in Section 6.2 hereof. 

“Casualty Consultant” has the meaning set forth in Section 6.4(b)(iii) hereof. 

“Casualty Retainage” has the meaning set forth in Section 6.4(b)(iv) hereof. 

“CF Companies” shall mean collectively, (i) CFLP, (ii) Cantor Fitzgerald Investors, LLC, a Delaware limited
liability company, and (iii) any other Person controlled by CFLP (but specifically excluding Sponsor) whose assets include assets other than the direct and indirect interests in Borrower. Each of the foregoing, individually is referred to
herein as a “CF Company”. 

  
 4 

 “CF Corporate Transaction” shall mean (i) any merger, liquidation,
winding-up, consolidation of, or other Transfer of direct and/or indirect interests in, any of the CF Companies, or any direct or indirect owner, manager, or other beneficial interest holder of any CF Company, or (ii) a Transfer of any direct
or indirect interest in any of the CFLP Subsidiaries, in connection with the sale, assignment or other Transfer of any type, whether in one transaction or in a series of transactions, provided that such sale, assignment or other Transfer of any
type, include more than just the direct or indirect interests in Borrower, whether now owned or hereafter acquired, or (iii) a pledge of any direct or indirect interest in any CF Company or CFLP Subsidiary (but specifically excluding a pledge
of direct interests in Sponsor), in connection with a financing secured by the assets of the subject entity or one or more of its subsidiaries, provided such assets include more than just the direct or indirect interests of such entity in Borrower,
or (iv) any entry into any agreement to do any of the foregoing. 
 “CFLP” shall mean Cantor Fitzgerald, L.P., a
Delaware limited partnership. 
 “CFLP Subsidiaries” means collectively, (i) CF Real Estate Holdings, LLC, a Delaware
limited liability company and (ii) Sponsor. Each of the foregoing are individually referred to herein as a “CFLP Subsidiary”. 

“Clearing Account” has the meaning set forth in Section 2.7.1 hereof. 

“Clearing Account Agreement” means a clearing account agreement, deposit account control agreement or similar agreement among
Borrower, Lender and Clearing Bank, which account shall at all times maintain a minimum balance of $5,000, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the
Clearing Account. 
 “Clearing Bank” means Wells Fargo Bank, N.A., or any other clearing bank which establishes, maintains
and holds the Clearing Account, which shall be an Eligible Institution acceptable to Lender in its discretion. 
 “Closing
Date” means the date of the funding of the Loan. 
 “Code” means the Internal Revenue Code of 1986, as amended, as
it may be further amended from time to time, and any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 

“Condemnation” means a temporary or permanent taking by any Governmental Authority as the result or in lieu or in
anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property
or any part thereof. 
 “Condemnation Proceeds” has the meaning set forth in Section 6.4(b) hereof. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of management, policies
or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” have correlative meanings. 

  
 5 

 
The requirement of one Person to obtain consent of any other Person which is a direct or indirect owner of the Person to be controlled shall not be disqualifying for purposes of determining
whether Control is maintained by the first Person. 
 “Debt” means the outstanding principal amount of the Loan set forth
in, and evidenced by, this Agreement and the Note together with all interest accrued and unpaid thereon and all other sums (including any Yield Maintenance Premium (as defined in the Note)) due to Lender in respect of the Loan under the Note, this
Agreement, the Security Instrument or any other Loan Document. 
 “Debt Service” means, with respect to any particular
period of time, the scheduled principal (if any) and interest payments due under this Agreement and the Note. 
 “Debt Service
Coverage Ratio” means a ratio for the applicable period in which: 
 (a) the numerator is the Net Operating Income (excluding
interest on credit accounts and using annualized operating expenses for any recurring expenses not paid monthly (e.g., Taxes and Insurance Premiums)) for such period as set forth in the statements required hereunder, without deduction for
(i) actual management fees incurred in connection with the operation of the Property, or (ii) amounts paid to the Reserve Funds (iii) or Capital Expenses, or (iv) non-cash items such as depreciation and amortization, less
(A) management fees equal to the greater of (1) assumed management fees of 2.0% of Gross Income from Operations (after giving effect to an annual vacancy allowance as contemplated by clause (C) that follows) and (2) the actual
property management fees incurred, and (B) annual reserve contributions for capital replacements equal to $0.20 per square foot of gross leasable area at the Property, and (C) an annual vacancy allowance equal to 3.0% of Gross Income from
Operations; and 
 (b) the denominator is the aggregate amount of Debt Service for such period. 

“Default” means the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice
and/or passage of time, or both, would be an Event of Default. 
 “Default Rate” means, with respect to the Loan, a rate
per annum equal to the lesser of (a) the Maximum Legal Rate or (b) four percent (4%) above the Applicable Interest Rate. 

“Disclosure Documents” means, collectively and as applicable, any offering circular, prospectus, prospectus supplement,
private placement memorandum or other offering document, in each case, in connection with a Securitization. 
 “DSCR Trigger
Event” means, that as of the date of determination, the Debt Service Coverage Ratio, in the immediately preceding calendar quarter, based on the trailing three (3) month period immediately preceding the date of such determination is
less than 1.75 to 1.00. 
 “Eligible Account” means a separate and identifiable account from all other funds held by the
holding institution that is either (a) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account
or accounts maintained with a federal or 

  
 6 

 
state chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust company, is subject to regulations
substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00 and subject to supervision or examination by federal and state authority. An Eligible Account will not be evidenced by
a certificate of deposit, passbook or other instrument. 
 “Eligible Institution” means Wells Fargo Bank, N.A. or a
depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations or commercial paper of which are rated at least “A-1+” by S&P, “P-1” by Moody’s and
“F-1+” by Fitch in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty (30) days, the long-term unsecured debt obligations of which
are rated at least “AA-” by Fitch and S&P and “Aa3” by Moody’s). 
 “Embargoed Person” means
any person, entity or government subject to trade restrictions under U.S. law, including The USA PATRIOT Act (including the anti-terrorism provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701,
et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder including those related to Specially Designated Nationals and Specially Designated Global Terrorists, with the
result that the investment in Borrower, Principal or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan made by the Lender is in violation of law. 

“Environmental Indemnity” means that certain Environmental Indemnity Agreement, dated as of the date hereof, executed by
Borrower and Guarantor in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Environmental Law” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations and
the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances, relating to liability for or costs of Remediation or prevention of Releases of Hazardous Substances or relating to
liability for or costs of other actual or threatened danger to human health or the environment as a result of a Release of Hazardous Substances. Environmental Law includes the following statutes, as amended, any successor thereto, and any
regulations promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and
Community Right-to-Know Act; the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act;
the Toxic Substances Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National
Environmental Policy Act; and the River and Harbors Appropriation Act. Environmental Law also includes any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as well as common law: conditioning
transfer of property upon a negative declaration or other approval of a 

  
 7 

 
Governmental Authority of the environmental condition of the Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition of the Property to
any Governmental Authority or other Person, whether or not in connection with transfer of title to or interest in property; imposing conditions or requirements in connection with permits or other authorization for lawful activity in relation to
Hazardous Substances; relating to nuisance, trespass or other causes of action related to the environmental conditions of the Property; or relating to wrongful death, personal injury, or property or other damage in connection with any condition or
use or presence of Hazardous Substances on or at the Property. 
 “Environmental Liens” has the meaning set forth in
Section 5.1.19 hereof. 
 “Environmental Report” has the meaning set forth in Section 4.1.37
hereof. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the
regulations promulgated and the rulings issued thereunder. 
 “Event of Default” has the meaning set forth in
Section 8.1(a) hereof. 
 “Excess Cash Flow” has the meaning set forth in the Cash Management Agreement. 

“Excess Cash Flow Reserve Account” has the meaning set forth in Section 7.5 hereof. 

“Excess Cash Flow Reserve Fund” has the meaning set forth in Section 7.5 hereof. 

“Exchange Act” shall have the meaning set forth in Section 9.1.1(d) hereof. 

“Extraordinary Expense” has the meaning set forth in Section 5.1.11(e) hereof. 

“Extraordinary Lease Payments” shall have the meaning set forth in Section 7.4.1 hereof. 

“Fiscal Year” means each twelve (12) month period commencing on January 1 and ending on December 31 during
each year of the term of the Loan. 
 “Fitch” means Fitch, Inc. 

“Foreclosure Sale” has the meaning set forth in Section 9(c) of the Note. 

“GAAP” means generally accepted accounting principles in the United States of America as of the date of the applicable
financial report. 
 “Governing State” has the meaning set forth is Section 10.3 hereof. 

“Governmental Authority” means any court, board, agency, commission, office or other authority of any nature whatsoever for
any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 

“Gross Income from Operations” means, during any period, all income as reported on the financial statements delivered by
Borrower in accordance with this Agreement, computed in 

  
 8 

 
accordance with GAAP (or an Approved Accounting Method or other basis reasonably acceptable to Lender, consistently applied), derived from the ownership and operation of the Property from
whatever source during such period, including (i) Rents from Tenants that are paying contractual rent without right of offset or credit, (ii) utility charges, (iii) escalations, (iv) forfeited security deposits,
(v) interest on credit accounts, (vi) service fees or charges, (vii) license fees, (viii) parking fees, (ix) rent concessions or credits, (x) income from vending machines, (xi) business interruption or other loss
of income or rental insurance proceeds, (xii) other required pass-throughs and (xiii) interest on Reserve Funds, if any, but excluding (i) Rents from month-to-month Tenants, Tenants during a free-rent period, or Tenants that
are included in any Bankruptcy Action (unless such Tenant has affirmed its Lease and is paying unabated, post-petition Rent), (ii) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental
Authority, (iii) refunds and uncollectible accounts, (iv) sales of furniture, fixtures and equipment, (v) Insurance Proceeds (other than business interruption or other loss of income or rental insurance), (vi) Awards,
(vii) unforfeited security deposits, (viii) utility and other similar deposits and (ix) any disbursements to Borrower from the Reserve Funds, if any. Gross income shall not be diminished as a result of the Security Instrument or the
creation of any intervening estate or interest in the Property or any part thereof. Notwithstanding the foregoing, so long as the Major Tenant Lease is in full force and effect, “Gross Income from Operations” shall mean the average Rents
over the initial ten year term of the Major Tenant Lease divided by 10 (for an annual calculation) or 120 (for a monthly calculation). 

“Guarantor” means, CF Real Estate Holdings, LLC, a Delaware limited liability company, and any replacement guarantor(s)
permitted hereunder for purposes of Section 9.3 of this Agreement. 
 “Guaranty” means that certain Guaranty
Agreement, dated as of the date hereof, executed and delivered by Guarantor in connection with the Loan to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Hazardous Substances” means any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified
as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact on human
health or the environment, including petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables, explosives, mold, mycotoxins, microbial matter and airborne
pathogens (naturally occurring or otherwise), but excluding substances of kinds and in amounts ordinarily and customarily used or stored in similar properties for the purpose of cleaning or other maintenance or operations or sold by the Major Tenant
in the ordinary course of its business and otherwise in compliance with all Environmental Laws. 
 “Improvements” has the
meaning set forth in the granting clause of the Security Instrument. 

  
 9 

 “Indebtedness” of a Person, at a particular date, means the sum (without
duplication) at such date of (a) all indebtedness or liability of such Person (including amounts for borrowed money and indebtedness in the form of mezzanine debt or Preferred Equity); (b) obligations evidenced by bonds, debentures, notes,
or other similar instruments; (c) obligations for the deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under acceptance facilities; (f) all
guaranties, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or entity, or otherwise to assure
a creditor against loss; and (g) obligations secured by any Liens, whether or not the obligations have been assumed (other than the Permitted Encumbrances). 

“Indemnified Liabilities” has the meaning set forth in Section 10.13(b) hereof. 

“Indemnified Parties” means Lender, its designee, (whether or not it is the Lender), any Affiliate of Lender that has filed
any registration statement relating to the Securitization or has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of Lender that acts as an underwriter, placement agent or initial purchaser of Securities issued
in the Securitization, any other co-underwriters, co placement agents or co initial purchasers of Securities issued in the Securitization, and each of their respective officers, directors, partners, employees, representatives, agents and Affiliates
and each Person or entity who Controls any such Person within the meaning of Section 15 of the Securities Act of 1933 as amended or Section 20 of the Security Exchange Act of 1934 as amended, any Person who is or will have been involved in
the origination of the Loan, any Person who is or will have been involved in the servicing of the Loan secured hereby, any Person in whose name the encumbrance created by the Security Instrument is or will have been recorded, any Person who may hold
or acquire or will have held a full or partial interest in the Loan secured hereby (including investors or prospective investors in the Securities, as well as custodians, trustees and other fiduciaries who hold or have held a full or partial
interest in the Loan secured hereby for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries,
participants, successors and assigns of any and all of the foregoing (including any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan, whether during the term of the Loan or as a part
of or following a foreclosure of the Loan and including any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business). 

“Initial Interest Payment Per Diem” has the meaning set forth in the Loan Terms Table of the Note. 

“Initial Interest Rate” means a rate of 4.1064%. 

“Institutional Controls” means any legal or physical restrictions or limitations on the use of, or access to, the Property to
eliminate or minimize potential exposures to any Hazardous Substance, to prevent activities that could interfere with the effectiveness of any Remediation, or to ensure maintenance of a level of environmental risk to human health or the environment,
including physical modifications to the Property such as slurry walls, capping, hydraulic controls 

  
 10 

 
for ground water, or point of use water treatment, restrictive covenants, environmental protection easements, or property use limitations. 

“Insurance Premiums” has the meaning set forth in Section 6.1(b) hereof. 

“Insurance Proceeds” has the meaning set forth in Section 6.4(b) hereof. 

“Land” has the meaning set forth in the granting clause of the Security Instrument. 

“Lease” means any lease, sublease or subsublease, letting, license, concession or other agreement (whether written or oral
and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in the Property by or on behalf of Borrower, and (a) every modification,
amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and (b) every guarantee of the performance and observance of
the covenants, conditions and agreements to be performed and observed by the other party thereto. 
 “Legal Requirements”
means, all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Property or any part thereof, or the
construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and
encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting Borrower, the Property or any part thereof, including any which may (a) require repairs, modifications or alterations in or to the
Property or any part thereof, or (b) in any way limit the use and enjoyment thereof. 
 “Lender” has the meaning set
forth in the introductory paragraph hereto, together with its successors and assigns. 
 “Lien” means any mortgage, deed of
trust, deed to secure debt, indemnity deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance, charge or transfer of, on or affecting Borrower, the Property, any portion thereof or any interest therein,
including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other
similar liens and encumbrances. 
 “Liquid Assets” means a Person’s unrestricted or unencumbered (A) cash and
(B) any of the following: (x) marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued by an agency thereof and backed by the full faith and credit of the United States;
(y) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof which, at the time of acquisition, has one of the two highest ratings
obtainable from any two (2) of Standard & Poor’s Corporation, Moody’s Investors Service, Inc. or Fitch Investors and is not listed for possible down-grade in any publication of any of the foregoing rating services;
(z) domestic certificates of deposit or domestic time deposits or repurchase agreements issued by any commercial bank organized under the laws of the United States of America or any state 

  
 11 

 
thereof or the District of Columbia having combined capital and surplus of not less than $1,000,000,000.00, which commercial bank has a rating of at least either AA or such comparable rating from
Standard & Poor’s Corporation or Moody’s Investors Service, Inc., respectively; (aa) money market funds having assets under management in excess or $2,000,000,000.00 and/or (bb) any unrestricted stock, shares, certificates, bonds,
debentures, notes or other instrument which constitutes a “security” under the Security Act of 1933 (other than Guarantor, Borrower and/or any of their affiliates) which are freely tradable on any nationally recognized securities exchange
and are not otherwise encumbered by such Person. Lender acknowledges that the assets described on Exhibit VI hereof are deemed to be Liquid Assets. 

“Loan” means the loan in the Original Principal Amount made by Lender to Borrower pursuant to this Agreement. 

“Loan Documents” means, collectively, this Agreement, the Note, the Security Instrument, the Environmental Indemnity, the
Guaranty, the Clearing Account Agreement, the Cash Management Agreement, and all other documents executed or delivered in connection with the Loan. 

“Loan to Value Ratio” shall mean, as of the date of its calculation, the ratio of (i) the Outstanding Principal Balance
as of the date of such calculation to (ii) the fair market value (for purposes of the REMIC provisions, counting only real property and excluding any personal property or going concern value) of the Property, as determined, in Lender’s
reasonable discretion, by any commercially reasonable method permitted to a REMIC Trust. 
 “Major Tenant” shall mean
Walgreens, and any replacement tenant that is acceptable to Lender pursuant to the terms of this Agreement. 
 “Major Tenant
Lease” shall mean the Walgreen’s Lease, and any replacement Lease that is acceptable to Lender pursuant to the terms of this Agreement. 

“Management Agreement” means, that certain Property Management Agreement by and between Manager and Borrower, dated as of the
date hereof, pursuant to which such Manager is to provide management and other services to the Property, as the same may be amended, modified, supplemented or replaced in accordance with the terms hereof. 

“Manager” means (i) CF Real Estate Property Management, LLC, a Delaware limited liability company or (ii) a
Qualified Manager, in each case, who is managing the Property in accordance with the terms and provisions of this Agreement pursuant to a Management Agreement. 

“Material Action” means to consolidate or merge Borrower with or into any Person, or sell all or substantially all of the
assets of Borrower in violation of this Agreement, or to institute proceedings to have Borrower be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against Borrower or file a petition seeking,
or consent to, reorganization or relief with respect to Borrower under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official)
of Borrower or a substantial part of its property, or make any assignment for the benefit of creditors of Borrower except upon the request of Lender, or 

  
 12 

 
admitting, in writing in any legal proceeding Borrower’s inability to pay its debts generally as they become due (unless failure to make such admission would be a violation of law, or in the
context of required financial reporting or settlement discussions with Lender), or intentionally take action in furtherance of any such action, except as the request of Lender, or, to the fullest extent permitted by law, dissolve or liquidate
Borrower. 
 “Material Owner Transfer” shall mean a Transfer wherein a Transferee that did not (together with its
Affiliates) own a ten percent (10%) or more direct or indirect interest in Borrower on the Closing Date will own ten percent (10%) or more of the direct or indirect interests in Borrower immediately following such Transfer. 

“Materiality Threshold” shall mean 10% of the Outstanding Principal Balance. 

“Maturity Date” means June 30, 2032, or such other date on which the final payment of principal of the Note becomes due and
payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise. 

“Maximum Legal Rate” has the meaning set forth in Section 7 of the Note. 

“Minimum Disbursement Amount” shall mean Ten Thousand and No/100 Dollars ($10,000). 

“Monthly Capital Expenditure Deposit” shall have the meaning set forth in Section 7.3.1 hereof. 

“Monthly Debt Service Payment Amount” means an amount equal to the interest which has accrued on the Loan through the end of
the Accrual Period ending on the day immediately preceding the related Payment Date. 
 “Monthly Rollover Deposit” shall
have the meaning set forth in Section 7.4.1 hereof. 
 “Moody’s” means Moody’s Investors Service,
Inc. 
 “Morningstar” shall mean Morningstar Credit Ratings, LLC. 

“Net Cash Flow” means, with respect to the Property for any period, the amount obtained by subtracting Operating Expenses and
Capital Expenditures for such period from Gross Income from Operations for such period. 
 “Net Operating Income” means the
amount obtained by subtracting Operating Expenses from Gross Income from Operations. 
 “Net Proceeds” has the meaning set
forth in Section 6.4(b) hereof. 
 “Net Proceeds Deficiency” has the meaning set forth in
Section 6.4(b)(vi) hereof. 
 “Non-Recourse Parties” has the meaning set forth in Section 9.3(e)
hereof. 

  
 13 

 “Note” means that certain Promissory Note, dated the date hereof, in the
Original Principal Amount, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“OFAC” has the meaning set forth in Section 10.25 hereof. 

“Officer’s Certificate” means a certificate delivered to Lender by Borrower which is signed by an authorized officer of
Borrower or the general partner, managing member, trustee, manager or sole member of Borrower, as applicable. 
 “Operating
Expenses” means the total of all expenditures incurred by Borrower (if any), computed in accordance with GAAP (or an Approved Accounting Method), of whatever kind relating to the operation, maintenance and management of the Property that
are incurred on a regular monthly or other periodic basis, including, ground rent (if any), bad debt, utilities, ordinary repairs and maintenance, insurance, license fees, property taxes and assessments, advertising expenses, all fees and
compensation payable to Manager pursuant to the terms of the Management Agreement, payroll and related taxes, computer processing charges, operational equipment or other lease payments as reasonably approved by Lender and other similar costs to the
extent incurred by Borrower (as opposed to Tenant), but excluding depreciation and other non-cash items, Debt Service, Capital Expenditures and contributions to the Reserve Funds. 

“Operating Partnership” means Rodin Global Property Trust Operating Partnership, L.P., a Delaware limited partnership. 

“Original Principal Amount” means $4,500,000.00. 

“Other Charges” means all ground rents, maintenance charges, impositions other than Taxes, and any other charges, including
vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property or any part thereof to the extent incurred by Borrower (as opposed to Tenant).

 “Other Obligations” shall have the meaning as set forth in the Security Instrument. 

“Outstanding Principal Balance” means the portion of the Original Principal Amount that remains outstanding from time to
time. 
 “Payment Date” shall mean the sixth (6th) day of every
calendar month occurring during the term of the Loan. 
 “Permitted Prepayment Date” means August 6, 2018. 

“Permitted Encumbrances” means collectively, (a) the Liens and security interests created by the Loan Documents,
(b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy, (c) Liens, if any, for Taxes imposed by any Governmental Authority not yet due or delinquent (or that Borrower is contesting in accordance with the
terms of Section 5.1.2 hereof), (d) easements or other encumbrances granted pursuant to Section 5.2.10 hereof, (e) the Leases (and matters permitted to be undertaken thereunder by Tenant, other than matters for

  
 14 

 
which Borrower’s consent is required and which would otherwise constitute a violation hereof), (f) other Liens that Borrower is contesting in accordance with the terms hereof, and
(g) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s reasonable discretion, which Permitted Encumbrances (excluding (e)), individually or in the aggregate, do not materially and adversely
affect the value, operation or use of the Property or Borrower’s ability to repay the Loan. 
 “Permitted Investments”
means any one or more of the following obligations or securities acquired at a purchase price of not greater than par, including those issued by Servicer, the trustee under any Securitization or any of their respective Affiliates, payable on demand
or having a maturity date not later than the Business Day immediately prior to the first Payment Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below: 

(i) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency
or instrumentality thereof provided such obligations are backed by the full faith and credit of the United States of America including obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration
(certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation certificates and
guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the investments
described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such
investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to
liquidation prior to their maturity; 
 (ii) Federal Housing Administration debentures; 

(iii) obligations of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt
obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt obligations), the Financing Corp. (debt obligations), and
the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if
rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and
must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

  
 15 

 (iv) federal funds, unsecured certificates of deposit, time deposits,
bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not rated
by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a
downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(v) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or
bankers’ acceptances issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not
rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a
downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(vi) debt obligations with maturities of not more than 365 days and at all times rated by each Rating Agency (or, if not rated
by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the
initial, or, if higher, then current ratings assigned to the Securities) in its highest long-term unsecured rating category; provided, however, that the investments described in this clause must (A) have a predetermined fixed
dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must
be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(vii) commercial paper (including both non-interest bearing discount obligations and interest-bearing obligations payable on
demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 

  
 16 

 
365 days and that at all times is rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency,
as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest short-term unsecured debt
rating; provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an
“r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index, and (D) such investments must not be subject to liquidation prior to their maturity; 
 (viii) units of taxable
money market funds, which funds are regulated investment companies, seek to maintain a constant net asset value per share and invest solely in obligations backed by the full faith and credit of the United States, which funds have the highest rating
available from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in
a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) for money market funds; and 

(ix) any other security, obligation or investment which has been approved as a Permitted Investment in writing by
(a) Lender and (b) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation or investment as a Permitted Investment will not, in and of itself, result in a downgrade, qualification or
withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; 
 provided, however, that no
obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a right to receive only interest payments or (B) the right to receive principal and interest payments on such obligation or security are
derived from an underlying investment that provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. 

“Permitted Par Prepayment Date” means April 6, 2027. 

“Permitted Transfer” means any of the following: (a) any transfer, directly as a result of the death of a natural
person, of stock, membership interests, partnership interests, beneficial interests or other ownership interests previously held by a decedent to the Person or Persons lawfully entitled thereto, (b) any transfer, directly as a result of the
legal incapacity of a natural person, of stock, membership interests, partnership interests, beneficial interests or other ownership interests previously held by such natural person to the Person or Persons lawfully entitled thereto, (c) a
transfer for estate planning purposes of any Person’s interests in a Restricted Party, whether direct or indirect, (d) a CF Corporate Transaction, (e) [intentionally omitted], (f) any public issuance, sale, redemption, pledge or
Transfer of interests, directly or indirectly, in any Person provided that such stock, shares or other beneficial interests are listed on the New York Stock Exchange or another nationally or internationally recognized stock

  
 17 

 
exchange, (g) Transfers of shares in a publicly traded mutual fund, and (h) transfers of non-voting “accommodation” interests in a real estate investment trust to not more
than 128 Persons to qualify such entity for tax treatment as a real estate investment trust, provided, in each case, Borrower shall continue to comply with the representations, warranties and covenants under Sections 4.1.30 (Special Purpose Entity),
4.1.34 (Investment Company Act), 4.1.35 (Embargoed Persons), 5.1.23 (Embargoed Persons) and 5.2.9 (ERISA). 
 “Person”
means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary
acting in such capacity on behalf of any of the foregoing. 
 “Personal Property” has the meaning set forth in the granting
clause of the Security Instrument. 
 “Physical Conditions Report” shall mean a report prepared by a company satisfactory
to Lender regarding the physical condition of the Property, satisfactory in form and substance to Lender in its sole discretion, which report shall, among other things, (a) confirm that the Property and its use complies, in all material
respects, with all applicable Legal Requirements (including, without limitation, zoning, subdivision and building laws) and (b) include a copy of a final certificate of occupancy with respect to all Improvements on the Property. 

“Policies” has the meaning specified in Section 6.1(b) hereof. 

“Policy” has the meaning specified in Section 6.1(b) hereof. 

“Preferred Equity” shall mean a class of equity investment that is distinguishable from other classes of equity because it
offers the holder of such equity a fixed rate of return and is required to be redeemed by a date certain, and if the return requirement or redemption requirement is not satisfied, results in change of control or material dilution of the other
classes of equity. It is acknowledged that the equity interests in Sponsor shall not constitute Preferred Equity. 
 “Prepayment
Date” shall mean the date on which Borrower shall prepay the Note, in whole or in part, in accordance with the terms of Article 9 of the Note. 

“Principal” means the Special Purpose Entity that is the general partner of Borrower, if Borrower is a limited partnership or
managing member or manager of Borrower, if Borrower is a multi-member limited liability company. If Borrower is a limited liability company with only one member, there shall be no Principal. 

“Property” shall mean the parcel of real property, the Improvements now or hereafter erected, situated or installed thereon
and all personal property owned by Borrower and encumbered by the Security Instrument, together with all rights pertaining to such property (real and personal) and the Improvements, all as more particularly described in the granting clauses of the
Security Instrument. 

  
 18 

 “Provided Information” means any and all financial and other information
provided at any time prepared by, or on behalf of, Borrower, Principal, Guarantor and/or Manager. 
 “Qualified CF Equity
Holder” shall mean CFLP, and/or an entity Controlled by CFLP. 
 “Qualified Fund Manager” shall mean any Person
that on the date of determination is not subject to a Bankruptcy Action and is (i) one of the Persons listed on Schedule VIII or (ii) another nationally recognized manager of commercial real estate debt or equity funds investing through a
fund with committed capital of at least $200,000,000. 
 “Qualified Manager” shall mean (a) Manager, (b) an
entity majority owned and controlled by a Qualified CF Equity Holder that is (or was formed to be) engaged in the management of commercial real estate assets, (c) Newmark Grubb Knight Frank, or (d) a reputable and experienced management
organization reasonably satisfactory to Lender, which organization or its principals possess at least ten (10) years of experience in managing properties similar in scope, size, use and value of the Property, provided that, as to clause
(d) of this definition, (i) if a Securitization has occurred, Borrower shall, at Lender’s option, obtain prior written confirmation from the Rating Agencies that management of the Property by such entity will not cause a downgrading,
withdrawal or qualification of the then current rating of the Securities issued pursuant to the Securitization, and (ii) if a Securitization has not occurred, Borrower shall have obtained the prior written consent of Lender. 

“Qualified Real Estate Investor” shall mean a Person (i) with a net worth of at least $100,000,000, (ii) with not
less than five (5) years’ experience in commercial real estate investments, (iii) that satisfies the provisions of Section 4.1.35 hereof, (iv) with respect to which Borrower delivers to Lender, at Borrower’s sole
cost and expense, searches pertaining to litigations, judgments, liens and bankruptcy history and “know your customer” searches pertaining to criminal history, OFAC and Patriot Act requirements, reasonably acceptable to Lender, and
(v) who satisfies other non-discretionary, administrative requirements of Lender. 
 “Qualified Replacement Guarantor”
shall mean (a) CFLP, (b) Sponsor, (c) a Qualified Fund Manager, (d) a Qualified Real Estate Investor, (e) an entity Controlled by CFLP, Sponsor, a Qualified Fund Manager or a Qualified Real Estate Investor; provided that, in
each case with respect to this clause (e), the applicable Person (i) satisfies the provisions of Section 4.1.35 hereof [Embargoed Person] and (ii) Borrower delivers to Lender, at Borrower’s sole cost and expense, searches
pertaining to litigations, judgments, liens and bankruptcy history and “know your customer” searches pertaining to criminal history, OFAC and Patriot Act requirements reasonably acceptable to Lender, or (f) a Person (i) with not
less than five (5) years’ experience in commercial real estate investments, (ii) that satisfies the provisions of Section 4.1.35 hereof [Embargoed Person], and (iii) with respect to which Borrower delivers to Lender, at
Borrower’s sole cost and expense, searches pertaining to litigations, judgments, liens and bankruptcy history and “know your customer” searches pertaining to criminal history, OFAC and Patriot Act requirements reasonably acceptable to
Lender; provided that, in each case with respect to clauses (a), (b), (c), (d), (e) and (f), (A) the applicable Person satisfies other non-discretionary, administrative requirements of Lender, if any, and (B) (x) in the case of a
Person other than Sponsor, has a net worth equal to or greater than $5,000,000 (excluding any equity in the Property), and Liquid Assets of not less than $1,000,000 or (y) in the case of Sponsor only, has a

  
 19 

 
net worth equal to or greater than $10,000,000 (excluding any equity in the Property), and Liquid Assets of not less than $500,000. In each case, a “Qualified Replacement Guarantor”
shall Control Borrower or be under common Control with the entity that Controls Borrower. 
 “Rating Agencies” means each
of S&P, Moody’s, Fitch and Morningstar, or any other nationally recognized statistical rating agency which has been approved by Lender and designated by Lender to assign a rating to the Securities. 

“Release” shall mean any release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting, pumping,
pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances. 
 “Relevant Documents” has the
meaning set forth in Section 9.3(e) hereof. 
 “Relevant Restoration Threshold” shall mean 5% of the
Outstanding Principal Balance. 
 “Remediation” includes any response, remedial, removal, or corrective action, any
activity to cleanup, detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance, any actions to prevent, cure or mitigate any Release of any Hazardous Substance, any action to comply with any Environmental Laws or with any
permits issued pursuant thereto, any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Substances. 

“REMIC Requirements” shall mean any applicable legal requirements relating to any REMIC Trust (including, without limitation,
those relating to the continued treatment of the Loan (or the applicable portion thereof or interest therein) as a “qualified mortgage” held by such REMIC Trust, the continued qualification of such REMIC Trust as such under the Code, the
non-imposition of any tax on such REMIC Trust under the Code (including, without limitation, taxes on “prohibited transactions and “contributions”) and any other REMIC Trust-related constraints, rules or other regulations or
requirements relating to the servicing, modification or other similar matters with respect to the Loan (or any portion thereof and/or interest therein) that may now or hereafter exist under applicable legal requirements (including, without
limitation under the Code)). 
 “REMIC Trust” means a “real estate mortgage investment conduit” within the
meaning of Section 860D of the Code that holds the Note or a portion thereof. 
 “Rents” shall mean all rents
(including percentage rents), rent equivalents, moneys payable as damages or in lieu of rent or rent equivalents (including, without limitation, any and all termination fees payable to Borrower under, or in connection with, any Major Tenant Lease),
royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues,
profits, charges for services rendered, all other amounts payable as rent under any Lease or other agreement relating to the Property, including, without limitation, charges for electricity, oil, gas, water, steam, heat, ventilation,
air-conditioning and any other energy, telecommunication, telephone, utility or similar items or time use charges, HVAC equipment charges, sprinkler charges, escalation charges, license fees, maintenance fees, charges for Taxes, operating expenses
or other reimbursables payable to 

  
 20 

 
Borrower under any Lease, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from any and all
sources arising from or attributable to the Property, and proceeds, if any, from business interruption or other loss of income insurance. 

“Required Repairs” shall have the meaning set forth in Section 7.1.1 hereof. 

“Reserve Funds” means, collectively, the Tax and Insurance Escrow Fund, the Capital Expenditure Funds, the Rollover Funds,
the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents. 
 “Restricted Party” means,
collectively, (a) Borrower and any Guarantor, and (b) any shareholder, partner, member, non-member manager, any direct or indirect legal or beneficial owner of Borrower or any Guarantor. 

“Revised Interest Rate” three percent (3.0%) per annum plus the greater of (i) the Initial Interest Rate, or
(ii) the ten (10) year swap yield as of the first (1st) Business Day after the Anticipated Repayment Date (as determined by Lender in its sole discretion). 

“Rollover Account” shall have the meaning set forth in Section 7.4.1 hereof. 

“Rollover Funds” shall have the meaning set forth in Section 7.4.1 hereof. 

“S&P” means Standard & Poor’s Ratings Group, a division of the McGraw-Hill Companies. 

“Sale or Pledge” means a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance, pledge, grant of
option or other transfer or disposal of a legal or beneficial interest, whether direct or indirect. 
 “Securities” has the
meaning set forth in Section 9.1 hereof. 
 “Securitization” has the meaning set forth in
Section 9.1 hereof. 
 “Security Instrument” means that certain first priority Mortgage, or similar instrument,
dated the date hereof, executed and delivered by Borrower to Lender as security for the Loan and encumbering the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Self-Insurance Requirements” shall have the meaning set forth in Section 6.1(g) hereof. 

“Servicer” has the meaning set forth in Section 9.5 hereof. 

“Severed Loan Documents” has the meaning set forth in Section 8.2(c) hereof. 

“Special Purpose Entity” means a corporation, limited partnership or limited liability company that, at all times on and
after the date hereof, has complied with and shall at all times 

  
 21 

 
comply with the following requirements unless it has received either prior consent to do otherwise from Lender or a permitted administrative agent thereof, or, while the Loan is securitized,
confirmation from each of the applicable Rating Agencies that such noncompliance would not result in the requalification, withdrawal, or downgrade of the ratings of any Securities or any class thereof: 

(i) is and shall be organized solely for the purpose of (A) in the case of Borrower, acquiring, developing, owning,
holding, selling, leasing, transferring, exchanging, financing, managing, operating, and disposing of the Property, entering into and performing its obligations under the Loan Documents with Lender, refinancing the Property in connection with a
permitted repayment of the Loan, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing; or (B) in the case of a Principal, acting as a general partner of the limited partnership that owns the
Property or as managing member or manager of the limited liability company that owns the Property, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing; 

(ii) has not engaged and shall not engage in any business unrelated to (A) the purposes set forth in clause
(1) above, or (B) in the case of a Principal, acting as general partner of the limited partnership that owns the Property or as a managing member or manager of the limited liability company that owns the Property, as applicable; 

(iii) has not owned and shall not own any real property other than, in the case of Borrower, the Property; 

(iv) does not have, shall not have and at no time had any assets other than (A) in the case of Borrower, the Property and
personal property necessary or incidental to its ownership and operation of the Property or (B) in the case of a Principal, its partnership interest in the limited partnership that owns the Property or the managing member or manager interest in
the limited liability company that owns the Property, and personal property necessary or incidental to its ownership of such interests; 

(v) has not engaged in, sought, consented or permitted to and shall not engage in, seek, consent to or permit (A) any
dissolution, winding up, liquidation, consolidation or merger, (B) any sale or other transfer of all or substantially all of its assets or any sale of assets outside the ordinary course of its business, except as permitted by the Loan
Documents, or (C) in the case of a Principal, any transfer of its partnership, membership or trustee interests; 
 (vi)
shall not cause, consent to or permit any amendment of its limited partnership agreement, articles of incorporation, articles of organization, certificate of formation, operating agreement, trust agreement or other formation document or
organizational document (as applicable) with respect to the matters set forth in this definition; 
 (vii) if such entity is
a limited partnership, has and shall have at least one general partner and has and shall have, as its only general partners, Special Purpose 

  
 22 

 
Entities each of which (A) is a corporation or single-member Delaware limited liability company and (B) holds a direct interest as general partner in the limited partnership of not less
than 0.5%; 
 (viii) if such entity is a corporation, shall not cause or permit the board of directors of such entity to take
any Material Action either with respect to itself or, if the corporation is a Principal, with respect to Borrower or any action requiring the unanimous affirmative vote of one hundred percent (100%) of the members of its board of directors or
managers; 
 (ix) (A) if such entity is a limited liability company (other than a limited liability company meeting all of
the requirements applicable to a single-member limited liability company set forth in this definition of “Special Purpose Entity”), has and shall have at least one (1) member that is a Special Purpose Entity that is a
corporation that directly owns at least one-half-of-one percent (0.5%) of the equity of the limited liability company; and (B) if such entity is a single-member limited liability company, (I) is and shall be a Delaware limited liability
company, (II) shall not take any Material Action and shall not cause or permit the members or managers of such entity to take any Material Action, either with respect to itself or, if the company is a Principal, with respect to Borrower, in each
case, without the unanimous consent of its board of directors or managers, and (IV) has and shall have either (x) a member which owns no economic interest in the company, has signed the company’s limited liability company agreement and has
no obligation to make capital contributions to the company, or (y) two natural persons or one entity that is not a member of the company, that has signed its limited liability company agreement and that, under the terms of such limited
liability company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the last remaining member of the company; 

(x) [reserved]; 

(xi) has not and shall not (and, if such entity is (a) a limited liability company, has and shall have a limited liability
agreement or an operating agreement, as applicable, (b) a limited partnership, has a limited partnership agreement or (c) a corporation, has a certificate of incorporation or articles that, in each case, provide that such entity shall not:
(1) dissolve, merge, liquidate, consolidate; (2) sell all or substantially all of its assets except as permitted by the Loan Documents; (3) amend its organizational documents with respect to the matters set forth in this definition
without the consent of Lender; or (4) without the unanimous consent of its board of directors or managers, or the consent of a Principal that is its member or general partner, take any Material Action; 

(xii) is, as of the Closing Date, and intends to remain solvent and paying its debts and liabilities (including, as applicable,
shared personnel and overhead expenses) from its assets as the same become due, and is, as of the Closing Date, and intends to remain maintaining adequate capital for the normal obligations reasonably foreseeable within the following thirty
(30) day period for a business of its size and character and in light of its contemplated business operations (unless any such insolvency, or failure to pay its debts and liabilities, or failure to maintain adequate capital is due to an

  
 23 

 
insufficiency in Gross Income from Operations, or Borrower’s lack of access thereto due to the exercise of rights or remedies by Lender or any party acting on behalf of or for the benefit of
Lender,); provided, however, that the foregoing shall not require any member, partner or beneficiary, direct or indirect, any Guarantor, or any other Person to make additional capital contributions (nor shall it prohibit the provision
of any such capital by such Persons); 
 (xiii) has not failed and shall not fail to correct any known misunderstanding
regarding the separate identity of such entity and has not identified and shall not identify itself as a division of any other Person; 

(xiv) has maintained and shall maintain its books of account, books and records, and bank accounts (subject to clause
(xix) below) separate from those of any other Person and, to the extent that it is required to file tax returns under applicable law, has filed and shall file its own tax returns, except to the extent that it is required by law to file
consolidated tax returns and, if it is a corporation, has not filed and shall not file a consolidated federal income tax return with any other corporation, except to the extent that it is required by law to file consolidated tax returns, or to the
extent that the Borrower is treated as a “disregarded entity” for tax purposes and is not required to file tax returns under applicable law; 

(xv) has maintained and shall maintain its own records, books, resolutions and agreements; 

(xvi) has not commingled and shall not commingle its funds or assets with those of any other Person and has not participated
and shall not participate in any cash management system with any other Person, except as required by the Loan Documents and except with respect to a custodial account maintained by the Manager on behalf of Borrower and certain other Affiliates of
Guarantor in which the funds have been and are separately accounted, and will continue to be separately accounted, for each item of income and expense applicable to the Property and the Borrower; 

(xvii) has held and shall hold its assets in its own name; 

(xviii) has conducted and shall conduct its business in its name or in a name franchised or licensed to it by an entity other
than an Affiliate of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management services agreement that is on commercially-reasonable terms, so long as the manager, or equivalent thereof,
under such business management services agreement holds itself out as an agent of Borrower; 
 (xix)(A) has maintained and
shall maintain its financial statements, accounting records and other entity documents separate from those of any other Person; (B) has shown and shall show, in its financial statements, its asset and liabilities separate and apart from those
of any other Person; and (C) has not permitted and shall not permit its assets to be listed as assets on the financial statement of any of its Affiliates except as required by GAAP (or an Approved Accounting Method or other basis reasonably

  
 24 

 
acceptable to Lender, consistently applied); or if such entity is disregarded for federal tax purposes, permitted by GAAP (or an Approved Accounting Method or other basis reasonably acceptable to
Lender, consistently applied); provided, however, that any such consolidated financial statement contains a note indicating that the Special Purpose Entity’s separate assets and credit are not available to pay the debts of such Affiliate and
that the Special Purpose Entity’s liabilities do not constitute obligations of the consolidated entity; 
 (xx) has paid
and intends to pay its own liabilities and expenses, including the salaries of its own employees, out of its own funds and assets, and has maintained and shall maintain a sufficient number of employees in light of its contemplated business
operations, which may be none, (unless any failure to do so is due to an insufficiency in Gross Income from Operations, or Borrower’s lack of access thereto due to the exercise of rights or remedies by Lender or any party acting on behalf of or
for the benefit of Lender); provided, however, that the foregoing shall not require any member, partner or beneficiary, direct or indirect, any Guarantor, or any other Person to make additional capital contributions (nor shall it prohibit the
provision of any such capital by such Persons); 
 (xxi) has observed and shall observe all partnership, corporate, trust or
limited liability company formalities, as applicable; 
 (xxii) has not incurred Indebtedness other than (i) acquisition
financing with respect to the Property; construction financing with respect to the Improvements and certain off-site improvements required by municipal and other authorities as conditions to the construction of the Improvements; and first mortgage
financings secured by the Property; and Indebtedness pursuant to letters of credit, guaranties, interest rate protection agreements and other similar instruments executed and delivered in connection with such financings, (ii) unsecured trade
payables and operational debt not evidenced by a note, and (iii) Indebtedness incurred in the financing of equipment and other personal property used on the Property, and (D) obligations under the Leases and Permitted Encumbrances; 

(xxiii) will have no Indebtedness other than (A) the Loan, (B) liabilities incurred in the ordinary course of
business relating to the ownership and operation of the Property and the routine administration of Borrower, which liabilities are (1) not more than sixty (60) days past the later of the date incurred or invoiced (unless disputed in
accordance with applicable law), (2) not evidenced by a note, (3) paid when due, (4) reasonable under the circumstances, and (5) in an aggregate amount with respect to the Property not exceeding three percent (3.0%) of the
Outstanding Principal Balance at any time, (C) [intentionally omitted], (D) such other liabilities that are permitted pursuant to this Agreement, and (E) obligations under the Leases and Permitted Encumbrances; provided, however, a
breach of clauses (1), (3) and/or (5) above that is due to an insufficiency in Gross Income from Operations, Borrower’s lack of access thereto due to the exercise of rights or remedies by Lender or any party acting on behalf of or for
the benefit of Lender shall not result in recourse under Section 9.3 hereof; and further provided, however, that the foregoing shall not be deemed to require any member, partner or beneficiary, direct or

  
 25 

 
indirect, any Guarantor, or any other Person to make additional capital contributions (nor shall it prohibit the provision of any such capital by such Persons); 

(xxiv) has not assumed, guaranteed or become obligated and shall not assume or guarantee or become obligated for the debts of
any other Person, has not held out and shall not hold out its credit as being available to satisfy the obligations of any other Person or has not pledged and shall not pledge its assets for the benefit of any other Person, in each case except as
permitted pursuant to this Agreement; 
 (xxv) has not acquired and shall not acquire obligations or securities of its
partners, members, beneficiaries or shareholders or any other owner or Affiliate; 
 (xxvi) has allocated and shall allocate
fairly and reasonably any overhead expenses that are shared with any of its Affiliates, constituents, or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing, including, but not limited to,
paying for shared office space and for services performed by any employee of an Affiliate; 
 (xxvii) has maintained and used
and shall maintain and use separate stationery, invoices and checks bearing its name and not bearing the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 

(xxviii) has not pledged and shall not pledge its assets to or for the benefit of any other Person other than with respect to
loans secured by the Property; 
 (xxix) has held itself out and identified itself and shall hold itself out and identify
itself as a separate and distinct entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a division or part of any other Person except as provided in (xvi) above; 

(xxx) has maintained and shall maintain its assets in such a manner that it shall not be costly or difficult to segregate,
ascertain or identify its individual assets from those of any other Person except as provided in (xvi) above; 
 (xxxi)
has not made and shall not make loans to any Person and has not held and shall not hold evidence of indebtedness issued by any other Person or entity (other than cash and investment-grade securities issued by an entity that is not an Affiliate of or
subject to common ownership with such entity); 
 (xxxii) has not identified and shall not identify its partners, members or
shareholders, or any Affiliate of any of them, as a division or part of it, and has not identified itself and shall not identify itself as a division of any other Person; 

(xxxiii) other than capital contributions and distributions permitted under the terms of its organizational documents, has not
entered into or been a party to, and shall not enter into or be a party to, any transaction with any of its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are

  
 26 

 
commercially reasonable terms comparable or at least no less advantageous to those of an arm’s-length transaction with an unrelated third party; 

(xxxiv) has not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners,
officers, directors or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt; 

(xxxv) has not had and shall not have any of its obligations guaranteed by any Affiliate except as provided by the Loan
Documents; 
 (xxxvi) has not formed, acquired or held and shall not form, acquire or hold any subsidiary except in the case
of Principal, the interests as Manager of Borrower; 
 (xxxvii) is in compliance with and shall comply with all of the terms
and provisions contained in its organizational documents. 
 (xxxviii) [intentionally omitted]; 

(xxxix) has not permitted and shall not permit any Affiliate or constituent party independent access to its bank accounts,
except as provided in (xvi) above; 
 (xl) is, has always been and shall continue to be duly formed, validly existing,
and in good standing in the state of its incorporation or formation and in all other jurisdictions where it is qualified to do business; 

(xli) has paid all taxes which it owes provided that the foregoing shall not require any member, partner or beneficiary to make
additional capital contributions, nor prohibit them from doing the same; 
 (xlii) has paid any and all judgments against it
provided that the foregoing shall not require any member, partner or beneficiary to make additional capital contributions, nor prohibit them from doing the same; and 

(xliii) has no material contingent or actual obligations not related to the Property provided that the foregoing shall not
require any member, partner or beneficiary to make additional capital contributions, nor prohibit them from doing the same. 

“Sponsor” shall mean Rodin Global Property Trust, Inc., a Maryland corporation. 

“State” means, the State or Commonwealth in which the Land or any part thereof is located. 

“Survey” means a survey of the Property prepared by a surveyor licensed in the State and satisfactory to Lender and the
company or companies issuing the Title Insurance Policy, and containing a certification of such surveyor satisfactory to Lender. 

“Tax and Insurance Escrow Fund” has the meaning set forth in Section 7.2 hereof. 

  
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 “Taxes” means all real estate and personal property taxes, assessments, water
rates or sewer rents, now or hereafter levied or assessed or imposed against the Property or part thereof. 
 “Tenant”
means the lessee of all or a portion of the Property under a Lease. 
 “Tenant BK Trigger” shall mean any Bankruptcy Action
of Major Tenant. 
 “Tenant BK Trigger Cure” shall mean (A) the dismissal of the applicable bankruptcy proceeding
pursuant to a final, non-appealable order of a court of competent jurisdiction without material modification to the applicable Major Tenant Lease, and such Major Tenant delivers to Lender one (1) or more estoppel certificates confirming that it
(or a subtenant approved by Lender) paying full unabated rent at the Property and that the applicable lease is otherwise in effect, or (B) the affirmation by the applicable Major Tenant of its Lease in the applicable bankruptcy proceeding
pursuant to a final, non-appealable order of a court of competent jurisdiction and such Major Tenant delivers to Lender an estoppel certificate confirming that it (or a subtenant approved by Lender) is paying full contractual rent without any right
of offset or free rent credit at the Property and that the applicable Lease is otherwise in effect. 
 “Tenant Direction
Letter” shall have the meaning set forth in Section 2.7.1(b) hereof. 
 “Tenant Downgrade Trigger”
shall mean that the long-term issuer credit rating of Major Tenant issued by S&P falls below “BB+”, or the senior unsecured debt rating of Major Tenant issued by Moody’s falls below Ba1, provided, however, if Major Tenant is not
rated by S&P or Moody’s, than Tenant Downgrade Trigger shall mean that the long-term issuer credit rating of WBA issued by S&P falls below “BB+”, or the senior unsecured debt rating of WBA issued by Moody’s falls below
Ba1. 
 “Tenant Downgrade Trigger Cure” shall mean that the long-term issuer credit rating of Major Tenant issued by
S&P equals or exceeds “BB+”, and the senior unsecured debt rating of Major Tenant issued by Moody’s equals or exceeds Ba1, provided, however, if Major Tenant is not rated by S&P or Moody’s, than Tenant Downgrade Trigger
Cure shall mean that the long-term issuer credit rating of WBA issued by S&P equals or exceeds “BB+”, and the senior unsecured debt rating of WBA issued by Moody’s equals or exceeds Ba1. 

“Tenant Go Dark Trigger” shall mean Major Tenant has ceased to operate or be open for business in the Property other than for
commercially reasonable periods of time in the ordinary course of business (e.g. to conduct inventory) and/or as a result of fire, casualty and/or condemnation. 

“Tenant Go Dark Trigger Cure” shall mean, Major Tenant is operating and open for business in the Property other than for
commercially reasonable periods of time in the ordinary course of business (e.g. to conduct inventory) and/or as a result of fire, casualty and/or condemnation. 

“Threshold Amount” shall mean 5% of the Outstanding Principal Balance. 

“Title Insurance Policy” means the mortgagee title insurance policy issued with respect to the Property and insuring the lien
of the Security Instrument. 

  
 28 

 “Transfer” has the meaning set forth in Section 5.2.10(a) hereof.

 “Transferee” has the meaning set forth in Section 5.2.10(d) hereof. 

“Transferee’s Principals” means collectively, (A) Transferee’s managing members, general partners or
principal shareholders and (B) such other single member, partner or shareholder which directly or indirectly shall own a fifty-one percent (51%) or greater economic and voting interest in Transferee, provided, however, if Transferee is a
fund managed by a Qualified Fund Manager, the foregoing clause (B) shall not apply. 
 “UCC” or
“Uniform Commercial Code” means the Uniform Commercial Code as in effect in the State in which the Property is located. 

“Upstream Borrower” shall mean any CF Company whose interest in Sponsor comprises not more than 10% of the total asset value
under its ownership and/or management. 
 “Upstream Loan” has the meaning set forth in Section 5.2.10(h)
hereof. 
 “U.S. Obligations” means non-redeemable, non-prepayable, non-callable securities evidencing an obligation to
timely pay principal or interest in a full and timely manner that constitute “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, and are (a) direct obligations of the
United States of America for the payment of which its full faith and credit is pledged, or (b) to the extent acceptable to the Rating Agencies, other “government securities” within the meaning of Section 2(a)(16) of the
Investment Company Act of 1940, as amended. 
 “Walgreens” shall mean Walgreen Co., doing business as Walgreens. 

“Walgreens Lease” shall mean that certain Lease dated as of July 21, 2006 between Borrower (as successor-in-interest to
Barnes Development Company, LLC) and Walgreens, covering the Property, as amended by that certain First Amendment of Lease, dated as of July 10, 2017, as hereafter amended from time to time in accordance with the terms hereof. 

“Walgreens Premises” shall mean the entire premises leased to Walgreens pursuant to the terms of the Walgreens Lease. 

“WBA” means Walgreens Boots Alliance, Inc., a Delaware corporation. 

Section 1.2 Principles of Construction. The following rules of construction shall be applicable for all purposes of this
Agreement and all documents or instruments supplemental hereto, unless the context otherwise clearly requires: 
 (a) any pronoun used herein
shall be deemed to cover all genders, and words importing the singular number shall mean and include the plural number, and vice versa; 

(b) the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”; 

  
 29 

 (c) an Event of Default shall “continue” or be “continuing” until such Event
of Default has been waived in writing by Lender; 
 (d) no inference in favor of or against any party shall be drawn from the fact that such
party has drafted any portion hereof or any other Loan Document; 
 (e) the cover page (if any) of, all recitals set forth in, and all
Exhibits to, this Agreement are hereby incorporated herein; 
 (f) all references to sections and schedules are to sections and schedules in
or to this Agreement unless otherwise specified; 
 (g) all uses of the words “include,” “including” and similar terms
shall be construed as if followed by the phrase “without being limited to” unless the context shall indicate otherwise; 
 (h)
unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement; and 
 (i) unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the
singular and plural forms of the terms so defined. 
 ARTICLE II – GENERAL TERMS 

Section 2.1 Loan Commitment; Disbursement to Borrower. 

2.1.1 Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make
and Borrower hereby agrees to accept the Loan on the Closing Date. 
 2.1.2 Single Disbursement to Borrower. Borrower may
request and receive only one (1) borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower acknowledges and agrees that the Loan has been fully funded as of
the Closing Date. 
 2.1.3 The Note, Security Instrument and Loan Documents. The Loan shall be evidenced by the Note and
secured by the Security Instrument and the other Loan Documents. 
 2.1.4 Use of Proceeds. Borrower shall use the proceeds of
the Loan to (a) acquire the Property or repay and discharge any existing loans relating to the Property, (b) pay all past due basic carrying costs, if any, with respect to the Property, (c) make deposits into the Reserve Funds on the
Closing Date in the amounts provided herein, (d) pay costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (e) fund any working capital requirements of the Property and (f) distribute the
balance, if any, to Borrower. 
 Section 2.2 Interest Rate. 

  
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 2.2.1 Interest Rate. Interest on the Outstanding Principal Balance shall accrue
from (and including) the Closing Date to (but excluding) the Anticipated Repayment Date at the Initial Interest Rate or as otherwise set forth in this Agreement or in the Note. Interest on the Outstanding Principal Balance (including any Accrued
Interest) shall accrue from (and including) the Anticipated Repayment Date to (but excluding) the Maturity Date at the Revised Interest Rate or as otherwise set forth in this Agreement or in the Note. 

2.2.2 Interest Calculation. Interest on the Outstanding Principal Balance shall be calculated by multiplying (a) the actual
number of days elapsed in the relevant Accrual Period by (b) a daily rate based on the Applicable Interest Rate and a three hundred sixty (360) day year by (c) the Outstanding Principal Balance. Borrower acknowledges that the
calculation method for interest described herein results in a higher effective interest rate than the numeric Applicable Interest Rate and Borrower hereby agrees to this calculation method. 

2.2.3 Default Rate. Upon the occurrence of an Event of Default (including the failure of Borrower to make full payment on the
Maturity Date), Lender shall be entitled to receive and Borrower shall pay interest on the Outstanding Principal Balance at the Default Rate. Interest shall accrue and be payable at the Default Rate from the occurrence of an Event of Default until
all Events of Default have been waived in writing by Lender in its discretion. Such accrued interest shall be added to the Outstanding Principal Balance, and interest shall accrue thereon at the Default Rate until fully paid. Such accrued interest
shall be secured by the Security Instrument and other Loan Documents. Borrower agrees that Lender’s right to collect interest at the Default Rate is given for the purpose of compensating Lender at reasonable amounts for Lender’s added
costs and expenses that occur as a result of Borrower’s default and that are difficult to predict in amount, such as increased general overhead, concentration of management resources on problem loans, and increased cost of funds. Lender and
Borrower agree that Lender’s collection of interest at the Default Rate is not a fine or penalty, but is intended to be and shall be deemed to be reasonable compensation to Lender for increased costs and expenses that Lender will incur if there
occurs an Event of Default hereunder. Collection of interest at the Default Rate shall not be construed as an agreement or privilege to extend the Maturity Date or to limit or impair any rights and remedies of Lender under any Loan Documents. If
judgment is entered on the Note, interest shall continue to accrue post-judgment at the greater of (a) the Default Rate or (b) the applicable statutory judgment rate. 

2.2.4 Usury Savings. This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time
shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of
this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Applicable Interest Rate or the Default Rate, as the
case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal (without prepayment premium of any amount)
and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated,
allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount 

  
 31 

 
of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 

Section 2.3 Loan Payment. Payments of principal, interest, and Late Charges (as defined in the Note) shall be made as
provided in the Note. 
 Section 2.4 Prepayments. Except as otherwise provided in Section 9 of the Note,
Borrower shall not have the right to prepay the Loan in whole or in part prior to the Maturity Date. 
 Section 2.5 Intentionally
omitted. 
 Section 2.6 Release of Property. Except as set forth in this Section 2.6, no repayment,
prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security Instrument on the Property. 

(a) If Borrower has the right to and has elected to prepay in full the Loan in accordance with this Agreement and the Note, upon satisfaction
of the requirements of Section 2.4 hereof and Section 9 of the Note, as applicable, and this Section 2.6 hereof, the entire Property shall be released from the Lien of the Security Instrument. 

(b) In connection with the release of the Security Instrument, Borrower shall submit to Lender, not less than ten (10) days prior to the
Prepayment Date, a release of Lien (and related Loan Documents) for the Property for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and that would be satisfactory to a prudent
lender and contains standard provisions, if any, protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release,
together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall reimburse
Lender and Servicer for any costs and expenses Lender and Servicer incur arising from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in connection with such release, all recording charges, filing fees,
taxes or other expenses payable in connection therewith. 
 Section 2.7 Clearing Account/Cash Management. 

2.7.1 Clearing Account. (a) During the term of the Loan, Borrower shall establish and maintain an Eligible Account (the
“Clearing Account”) with Clearing Bank for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. The Clearing Account shall be entitled in the name of Borrower for the benefit of
Lender. Borrower hereby grants to Lender a first-priority security interest in the Clearing Account and all deposits at any time contained therein and the proceeds thereof and shall take all actions necessary to maintain in favor of Lender a
perfected first priority security interest in the Clearing Account, including filing UCC-1 Financing Statements and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from the Clearing Account. All costs and
expenses for establishing and maintaining the Clearing Account shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Account shall be deemed additional security for the 

  
 32 

 
Debt. The Clearing Account Agreement and Clearing Account shall remain in effect until the Loan has been repaid in full. 

(b) Borrower shall (i) on or prior to the Closing Date with respect to the Walgreens Lease in existence on the date hereof and
(ii) simultaneously with the execution of any Lease entered into after the date hereof, deliver a written notice substantially in the form attached hereto as Schedule IV to all Tenants to deliver all Rents payable under their respective Leases
directly to the Clearing Account (a “Tenant Direction Letter”). Without the prior written consent of Lender, neither Borrower nor any Manager shall (i) terminate, amend, revoke or modify any Tenant Direction Letter in any
manner or (ii) direct or cause any Tenant to pay any amount in any manner other than as provided in the Tenant Direction Letter. Borrower shall, and shall cause any Manager to, deposit all amounts received by Borrower or such Manager
constituting Rents into the Clearing Account within two (2) Business Days after receipt thereof. Until so deposited, all Rents received by Borrower or Manager shall be held in trust for the benefit of Lender and shall not be commingled with any
other funds or property of Borrower or Manager. 
 (c) Pursuant to the terms of the Clearing Account Agreement, the Clearing Bank shall
transfer on each Business Day during the term of the Loan, all amounts on deposit in the Clearing Account to the Cash Management Account in immediately available funds by federal wire transfer once every Business Day. 

(d) Upon the occurrence of an Event of Default or any Bankruptcy Action of Borrower, Lender may, in addition to any and all other rights and
remedies available to Lender, apply any sums then present in the Clearing Account to the payment of the Debt in any order in its discretion. 

(e) The Clearing Account shall not be commingled with other monies held by Borrower, any Affiliate of Borrower or Clearing Bank, except as
provided in clause (xvi) of the definition of “Special Purpose Entity”. 
 (f) Borrower shall not further pledge, assign or
grant any security interest in the Clearing Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured
party, to be filed with respect thereto. 
 (g) Borrower shall indemnify Lender and hold Lender harmless from and against any and all
actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Clearing Account or the
Clearing Account Agreement (unless arising from the gross negligence or willful misconduct of Lender) or the performance of the obligations for which the Clearing Account was established. 

(h) Upon (i) Clearing Bank ceasing to be an Eligible Institution, (ii) the Clearing Account ceasing to be an Eligible Account,
(iii) any resignation by Clearing Bank or termination of the Clearing Account Agreement by Clearing Bank or Lender or (iv) the occurrence and continuance of an Event of Default, Borrower shall, within fifteen (15) days of
Lender’s written 

  
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request, (A) terminate the existing Clearing Account Agreement, (B) appoint a new Clearing Bank (which such Clearing Bank shall (I) be an Eligible Institution, (II) other than
during the continuance of an Event of Default, be selected by Borrower and approved by Lender and (III) during the continuance of an Event of Default, be selected by Lender), (C) cause such Clearing Bank to open a new Clearing Account
(which such account shall be an Eligible Account) and enter into a new Clearing Account Agreement with Lender on substantially the same terms and conditions as the previous Clearing Account Agreement and (D) send new Tenant Direction Notices
and the other notices required pursuant to the terms hereof relating to such new Clearing Account Agreement and Clearing Account. Borrower constitutes and appoints Lender its true and lawful attorney-in-fact with full power of substitution to
complete or undertake any action required of Borrower under this Section 2.7.1 in the name of Borrower in the event Borrower fails to do the same. Such power of attorney shall be deemed to be a power coupled with an interest and cannot be
revoked. 
 2.7.2 Cash Management Account. (a) On or about the date hereof, a segregated Eligible Account (the
“Cash Management Account”) shall be established and maintained with Agent in Borrower’s name for the benefit of Lender in accordance with the Cash Management Agreement, which Cash Management Account shall be under the sole
dominion and control of Lender. Borrower hereby grants to Lender a first priority security interest in the Cash Management Account and all deposits at any time contained therein and the proceeds thereof and shall take all actions necessary to
maintain in favor of Lender a perfected first priority security interest in the Cash Management Account, including filing UCC-1 Financing Statements and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from
the Cash Management Account and all costs and expenses for establishing and maintaining the Cash Management Account shall be paid by Borrower. 

(b) Borrower shall instruct Clearing Bank to transfer on each Business Day during the term of the Loan, all amounts on deposit in the Clearing
Account to the Cash Management Account to be applied in accordance with the Cash Management Agreement. The insufficiency of funds on deposit in the Cash Management Account shall not relieve Borrower from the obligation to make any payments, as and
when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever. 

(c) All funds on deposit in the Cash Management Account following the occurrence of an Event of Default and Lender’s acceleration of the
Debt or any Bankruptcy Action of Borrower may be applied by Lender in such order and priority as Lender shall determine. 
 (d) Borrower
hereby agrees that Lender may modify the Cash Management Agreement for the purpose of establishing additional sub-accounts in connection with any payments otherwise required under this Agreement and the other Loan Documents and Lender shall provide
notice thereof to Borrower. 
 2.7.3 Payments Received under the Cash Management Agreement. Notwithstanding anything to the
contrary contained in this Agreement or the other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect to the payment of the Monthly Debt Service Payment Amount and 

  
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amounts required to be deposited into the Reserve Funds, if any, shall be deemed satisfied to the extent sufficient amounts are deposited in the Cash Management Account to satisfy such
obligations pursuant to this Agreement on the dates each such payment is required, regardless of whether any of such amounts are so applied by Lender. 

ARTICLE III – CONDITIONS PRECEDENT 

Section 3.1 Conditions Precedent to Closing. The obligation of Lender to make the Loan hereunder is subject to the
fulfillment by Borrower or waiver by Lender of all of the conditions precedent to closing set forth in the application or term sheet for the Loan delivered by Borrower to Lender and the commitment or commitment rider, if any, to the application or
term sheet for the Loan issued by Lender. 
 ARTICLE IV – REPRESENTATIONS AND WARRANTIES 

Section 4.1 Borrower Representations. Subject to the disclosures on Schedule VII attached hereto, Borrower represents and
warrants as of the date hereof that: 
 4.1.1 Organization. Borrower has been duly organized and is validly existing and in
good standing with requisite power and authority to own the Property and to transact the businesses in which it is now engaged. Borrower is duly qualified to do business and is in good standing in the each jurisdiction where it is required to be so
qualified in connection with its businesses and operations, or has made all necessary filings, paid all requisite fees and taken all other required steps to obtain such qualification and will be so qualified following the completion of certain
ministerial, non-discretionary acts by the applicable jurisdiction. Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own the Property and to transact the businesses in which
it is now engaged, and the sole business of Borrower is the ownership, management and operation of the Property. The direct and indirect ownership interests in Borrower are as set forth on the organizational chart attached hereto as Schedule
III. 
 4.1.2 Proceedings. Borrower has taken all necessary action to authorize the execution, delivery and performance of
this Agreement and the other Loan Documents. This Agreement and such other Loan Documents have been duly executed and delivered by or on behalf of Borrower and constitute legal, valid and binding obligations of Borrower enforceable against Borrower
in accordance with their respective terms, except as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization or other similar laws affecting the enforcement of creditors’ rights generally, and
(ii) general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 
 4.1.3
No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any of the property or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership
agreement, management agreement or other agreement or instrument to which Borrower is a party or by which the Property or Borrower’s assets is subject, nor will 

  
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such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental Authority having jurisdiction over Borrower or any of Borrower’s
properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any court or any such Governmental Authority required for the execution, delivery and performance by Borrower of this Agreement or any
other Loan Documents has been obtained and is in full force and effect. 
 4.1.4 Litigation. There are no actions, suits or
proceedings at law or in equity, arbitrations, or governmental investigations by or before any Governmental Authority or other agency now pending, filed, or, to Borrower’s knowledge, threatened against or affecting Borrower, Guarantor,
Principal or, to Borrower’s knowledge, the Property, which actions, suits or proceedings, or governmental investigations, if determined against Borrower, Guarantor, Principal or the Property, would reasonably be expected to materially adversely
affect (a) title to the Property; (b) the validity or enforceability of the Security Instrument; (c) Borrower’s ability to perform their respective obligations, if any, under the Loan; (d) Guarantor’s ability to perform
under the Guaranty and/or the Environmental Indemnity; (e) the use, operation or value of the Property; (f) the principal benefit of the security intended to be provided by the Loan Documents; (g) the current ability of the Property
to generate net cash flow sufficient to service the Loan; or (h) the current principal use of the Property. 
 4.1.5
Agreements. Except for those instruments and agreements set forth as Permitted Exceptions in the Title Insurance Policy, Borrower is not a party to any agreement or instrument or subject to any restriction which would reasonably be
expected to materially and adversely affect Borrower or the Property, or Borrower’s business, properties or assets, operations or condition, financial or otherwise. To Borrower’s knowledge, Borrower is not in default in any material
respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or the Property is bound which would reasonably be expected
to materially and adversely affect Borrower or the Property, or Borrower’s business, properties or assets, operations or condition, financial or otherwise. Borrower has no material financial obligation under any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which Borrower is a party or by which Borrower or the Property is otherwise bound, other than (a) obligations incurred in the ordinary course of the operation of the Property and/or as
otherwise permitted pursuant to clause (xxiii) of the definition of “Special Purpose Entity” set forth in Section 1.1 hereof and (b) obligations under the Loan Documents. 

4.1.6 Title. Borrower has good, marketable and insurable fee simple title to the real property comprising part of the Property
and good title to the balance of the Property, free and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. To the best of
Borrower’s knowledge, the Permitted Encumbrances in the aggregate do not materially and adversely affect the value, operation or use of the Property (as currently used) or Borrower’s ability to repay the Loan. The Security Instrument, when
properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create (a) a valid, perfected first priority lien on the Property, subject only to
Permitted Encumbrances and the Liens created by the Loan Documents and (b) perfected security interests in and to, and perfected collateral assignments of, all 

  
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personalty (including the Leases), all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances, such other Liens as are permitted pursuant to the
Loan Documents and the Liens created by the Loan Documents. To Borrower’s actual knowledge after due inquiry, there are no claims for payment for work, labor or materials affecting the Property which are or may become a Lien prior to, or of
equal priority with, the Liens created by the Loan Documents, other than matters insured by the Title Insurance Policy. 
 4.1.7
Solvency. Borrower has (a) not entered into this transaction or executed the Note, this Agreement or any other Loan Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent
value in exchange for its obligations under such Loan Documents. Giving effect to the Loan, the fair saleable value of Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities,
including subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including
the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured. Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its
business as conducted or as proposed to be conducted. Borrower does not intend to, and does not believe that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and
liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of obligations of Borrower). No petition in bankruptcy has been filed against Borrower or any
constituent Person in the last seven (7) years, and neither Borrower nor any constituent Person in the last seven (7) years has ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit
of debtors. Neither Borrower nor any of its constituent Persons are contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of Borrower’s assets
or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition against it or such constituent Persons. 

4.1.8 Full and Accurate Disclosure. To Borrower’s knowledge, no statement of fact made by Borrower in this Agreement or in
any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no material fact presently known to Borrower which
has not been disclosed to Lender which adversely affects, nor as far as Borrower can reasonably foresee, would reasonably be expected to materially adversely affect, the Property or the business, operations or condition (financial or otherwise) of
Borrower. 
 4.1.9 No Plan Assets. Borrower does not sponsor, is not obligated to contribute to, and is not itself an
“employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA or Section 4975 of the Code, and none of the assets of Borrower constitutes or will constitute “plan assets” of one or more
such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Borrower are not subject
to any state or other statute , regulation or other restriction regulating investments of, or fiduciary obligations with respect to, governmental plans within the meaning of Section 3(32) of ERISA which is similar to the provisions of
Section 406 of ERISA or Section 4975 of the Code and which 

  
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prohibit or otherwise restrict the transactions contemplated by this Agreement, including the exercise by Lender of any of its rights under the Loan Documents. 

4.1.10 Compliance. Except as disclosed in the zoning information delivered to Lender in connection with the origination of the
Loan (but only to the extent that Borrower has no actual knowledge after due inquiry of any inconsistencies contained therein), Borrower and the Property and the use thereof comply in all material respects with all applicable Legal Requirements,
including, without limitation, building and zoning ordinances and codes. Borrower is not in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority. There has not been committed by Borrower or, to
Borrower’s actual knowledge after due inquiry, any other Person in occupancy of or involved with the operation or use of the Property any act or omission affording the federal government or any other Governmental Authority the right of
forfeiture as against the Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. Except as disclosed in the zoning information delivered to Lender in connection with the
origination of the Loan (but only to the extent that Borrower has no actual knowledge after due inquiry of any inconsistencies contained therein), the Improvements at the Property were in material compliance with applicable law on the Closing Date.

 4.1.11 Financial Information. All financial data, including, without limitation, the statements of cash flow and income and
operating expense, that have been delivered to Lender in connection with the Loan (a) are true, complete and correct in all material respects, (b) accurately represent the financial condition of Borrower and the Property, as applicable, as
of the date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance with GAAP (or an Approved Accounting Method or other basis reasonably acceptable to
Lender, consistently applied) throughout the periods covered, except as disclosed therein; provided, however, that if any financial data is delivered to Lender with respect to any Person other than Borrower, Guarantor or any Affiliate of Borrower or
Guarantor, then the foregoing representations with respect to such financial data shall be to the best of Borrower’s knowledge, after due inquiry. Except for Permitted Encumbrances and Indebtedness otherwise permitted hereby, Borrower does not
have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a material adverse effect
on the Property or the operation thereof as retail property, except as referred to or reflected in said financial statements. Since the date of such financial statements, there has been no material adverse change in the financial condition,
operations or business of Borrower from that set forth in said financial statements. 
 4.1.12 Condemnation. No Condemnation
or other similar proceeding has been commenced or, to Borrower’s best knowledge (except as previously disclosed to Lender in writing), is threatened or contemplated with respect to all or any portion of the Property or for the relocation of
roadways providing access to the Property. 
 4.1.13 Federal Reserve Regulations. No part of the proceeds of the Loan will be
used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U
or any other Regulations of such Board of 

  
 38 

 
Governors, or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents. 

4.1.14 Utilities and Public Access. The Property has rights of access to public ways and is served by water, sewer, sanitary
sewer and storm drain facilities adequate to service the Property for its respective intended uses. All public utilities necessary or convenient to the full use and enjoyment of the Property are located either in the public right of way abutting the
Property (which are connected so as to serve the Property without passing over other property) or in recorded easements serving the Property and such easements are set forth in and insured by the Title Insurance Policy. All roads necessary for the
use of the Property for its current purposes have been completed and dedicated to public use and accepted by all Governmental Authorities. 

4.1.15 Not a Foreign Person. Borrower is not a “foreign person” within the meaning of §1445(f)(3) of the Code.

 4.1.16 Separate Lots. The Property is comprised of one (1) or more parcels which constitute a separate tax lot or lots
and does not constitute a portion of any other tax lot not a part of the Property. 
 4.1.17 Assessments. There are no pending
or, to Borrower’s knowledge, proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there, to the best of Borrower’s knowledge, after due inquiry, any contemplated improvements to the
Property that may result in such special or other assessments for which the Major Tenant is not responsible under the Major Tenant Lease. 

4.1.18 Enforceability. The Loan Documents are enforceable by Lender (or any subsequent holder thereof) in accordance with their
respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtor’s obligations. The Loan Documents are not subject to any right of
rescission, set off, counterclaim or defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents
unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and neither Borrower nor Guarantor has asserted any right of
rescission, set off, counterclaim or defense with respect thereto. 
 4.1.19 No Prior Assignment. There are no prior
assignments of the Leases or any portion of the Rents due and payable or to become due and payable which are presently outstanding. 

4.1.20 Insurance. Borrower (or Major Tenant, as applicable) has obtained and has delivered to Lender certificates of insurance
reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. To the best of Borrower’s knowledge, no claims have been made or are currently pending, outstanding or otherwise remain unsatisfied under any such
Policy, which would materially and adversely affect the value, operation or use of the 

  
 39 

 
Property or Borrower’s ability to repay the Loan, and no Person, including Borrower, has done, by act or omission, anything which would impair the coverage of any such Policy. 

4.1.21 Use of Property. The Property is used exclusively for retail purposes and other appurtenant and related uses. 

4.1.22 Certificate of Occupancy; Licenses. To the best of Borrower’s knowledge after due inquiry, all certifications,
permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits required to be obtained by any Person other than Borrower for the legal use, occupancy and operation of the Property for retail purposes,
have been obtained and are in full force and effect to the extent the failure to do so would reasonably be expected to materially adversely affect Borrower or the continued use and occupancy of the Property. To the best of Borrower’s knowledge
after due inquiry, the use being made of the Property is in conformity with the certificate of occupancy issued for the Property to the extent the failure to do so would reasonably be expected to materially adversely affect Borrower or the continued
use and occupancy of the Property. 
 4.1.23 Flood Zone. None of the Improvements on the Property are located in an area as
identified by the Federal Emergency Management Agency as an area having special flood hazards, or, if so located, the flood insurance required pursuant to Section 6.1(a) is in full force and effect with respect to the Property. 

4.1.24 Physical Condition. Except as disclosed in the Physical Conditions Reports delivered to Lender in connection with the
Loan, to Borrower’s knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems,
equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the
Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same
or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 

4.1.25 Boundaries. Except as shown on the Surveys, to Borrower’s knowledge, all of the improvements which were included in
determining the appraised value of the Property lie wholly within the boundaries and building restriction lines of the Property, and to Borrower’s knowledge, no improvements on adjoining properties encroach upon the Property, and no easements
or other encumbrances upon the Property encroach upon any of the Improvements, so as to affect the value or marketability of the Property except those which are insured against by the Title Insurance Policy. 

4.1.26 Leases. The Property is not subject to any leases other than the Walgreens Lease. Borrower has delivered to Lender a
true, correct and complete copy of the Walgreens Lease. Borrower is the owner and lessor of landlord’s interest in the Walgreens Lease. No Person has any possessory interest in the Property or right to occupy the same except under and pursuant
to 

  
 40 

 
the provisions of the Walgreens Lease. The Walgreens Lease is in full force and effect, and, to Borrower’s knowledge after due inquiry, there are no defaults thereunder by either party and
there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. No Rent has been paid more than one (1) month in advance of its due date. All security deposits are held by Borrower
in accordance with applicable law. All work to be performed by Borrower under the Walgreens Lease has been performed as required and has been accepted by Walgreens, and any payments, free rent, partial rent, rebate of rent or other payments,
credits, allowances or abatements required to be given by Borrower to Walgreens has already been received by Walgreens. There has been no prior sale, transfer or assignment, hypothecation or pledge of the Walgreens Lease or of the Rents received
therein which is outstanding. To Borrower’s knowledge after due inquiry, Walgreens has not assigned the Walgreens Lease or sublet all or any portion of the premises demised thereby, Walgreens does not hold its leased premises under assignment
or sublease, nor does anyone except Walgreens (including any subtenants permitted under its Lease) and its employees occupy such leased premises, other than licensees, concessionaires and similar occupants as permitted under the Walgreens Lease.
Walgreens does not have a right or option pursuant to the Walgreens Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. Walgreens does not have any right or option for
additional existing space in the Improvements. 
 4.1.27 Survey. To Borrower’s knowledge, the Survey for the Property
delivered to Lender in connection with this Agreement does not fail to reflect any material matter affecting the Property or the title thereto. 

4.1.28 Inventory. Subject to and except as provided in the Lease, Borrower is the owner of all of the Equipment, Fixtures and
Personal Property (as such terms are defined in the Security Instrument) located on or at the Property and shall not lease any Equipment, Fixtures or Personal Property other than as permitted hereunder. 

4.1.29 Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer
taxes required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the acquisition of the Property by Borrower have been paid or are simultaneously being paid. All mortgage, mortgage recording, stamp,
intangible or other similar tax required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan
Documents, including, without limitation, the Security Instrument, have been paid. 
 4.1.30 Special Purpose
Entity/Separateness. 
 (a) Until the Debt has been paid in full, Borrower hereby represents, warrants and covenants that
(i) Borrower has been since its formation, is now, and shall continue to be a Special Purpose Entity and (ii) Principal (if applicable) has been since its formation, is now, and shall continue to be a Special Purpose Entity. 

  
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 (b) The representations, warranties and covenants set forth in Section 4.1.30(a)
shall survive for so long as any amount remains payable to Lender under this Agreement or any other Loan Document. 
 4.1.31
Management Agreement. The Management Agreement is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a
default thereunder. 
 4.1.32 Illegal Activity. No portion of the Property has been or will be purchased with proceeds of any
illegal activity. 
 4.1.33 No Change in Facts or Circumstances; Disclosure. All information submitted by and on behalf of
Borrower to Lender and in all financial statements, rent rolls (if any), reports, certificates and other documents submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower in this
Agreement or in any other Loan Document, are true, complete and correct in all material respects, provided, however, that if such information was provided to Borrower or on behalf of Borrower by non-affiliated third parties, Borrower represents that
such information is, to the best of its knowledge after due inquiry, true, complete and correct in all material respects. There has been no material adverse change in any condition, fact, circumstance or event that would make any such information
inaccurate, incomplete or otherwise misleading in any material respect or that otherwise materially and adversely affects or would reasonably be expected to materially and adversely affect the use, operation or value of the Property or the business
operations or the financial condition of Borrower. To the best of Borrower’s knowledge, Borrower has disclosed to Lender all material facts and has not failed to disclose any material fact that could cause any Provided Information or
representation or warranty made herein to be materially misleading. 
 4.1.34 Investment Company Act. Borrower is not
(a) an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary
company” of a “holding company” or an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or
(c) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 

4.1.35 Embargoed Person. As of the date hereof and at all times throughout the term of the Loan, including after giving effect
to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower or Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed
Person has any interest of any nature whatsoever in Borrower or Guarantor, as applicable, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation
of law; and (c) none of the funds of Borrower or Guarantor, as applicable, have been derived from any unlawful activity with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited
by law or the Loan is in violation of law. Notwithstanding the foregoing, to the extent that an Embargoed Person acquires a non-controlling interest in Borrower, either (1) without the knowledge of Borrower or Guarantor, through a transaction

  
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brokered by a FINRA and SEC registered broker dealer, provided such broker dealer has executed a dealer agreement or selling agreement with Guarantor or an affiliate of Guarantor in which it
covenants to, among other things, comply with The USA PATRIOT Act (or any successor legislation), or (2) without the knowledge of Borrower or Guarantor, after the initial sale or offering of such interests in Borrower, the resulting breach
of the foregoing representations shall be deemed to be unintentional and not willful or grossly negligent for purposes of Section 9.3 hereof. 

4.1.36 Principal Place of Business; State of Organization. Borrower’s principal place of business as of the date hereof is
the address set forth in the introductory paragraph of this Agreement. The Borrower is organized under the laws of the State of Delaware and its organizational identification number is 6421238. Borrower shall not change its principal place of
business set forth in the introductory paragraph of this Agreement without first giving Lender thirty (30) days prior written notice. Borrower shall not change the place of its organization without the prior written consent of Lender, which
consent shall not be unreasonably withheld, conditioned or delayed. Upon Lender’s request, Borrower shall execute and deliver additional financing statements, security agreements and other instruments which may be necessary to effectively
evidence or perfect Lender’s security interest in the Property as a result of such change of principal place of business or place of organization. 

4.1.37 Environmental Representations and Warranties. Except as otherwise disclosed by that certain Phase I environmental report
(or Phase II environmental report, if required) delivered to Lender by Borrower in connection with the origination of the Loan (such report is referred to below as the “Environmental Report”), (a) to the best of Borrower’s
knowledge after due inquiry, there are no Hazardous Substances or underground storage tanks in, on, or under the Property, except those that are (i) in compliance with Environmental Laws and with permits issued pursuant thereto (to the extent
such permits are required under Environmental Law), and (ii) de-minimis amounts necessary to operate the Property or which are sold in the ordinary course of the Walgreens’ retail operation for the purposes set forth in this Loan Agreement
which will not result in an environmental condition in, on or under the Property and which are otherwise permitted under and used in compliance with Environmental Law, (b) to the best of Borrower’s knowledge, there are no past, present or
threatened Releases of Hazardous Substances in, on, under or from the Property which has not been fully remediated in accordance with Environmental Law; (c) to the best of Borrower’s knowledge, there is no threat of any Release of
Hazardous Substances migrating to the Property; (d) to the best of Borrower’s knowledge, there is no past or present non-compliance with Environmental Laws, or with permits issued pursuant thereto (including, but not limited to, the
payment of any fees required in connection therewith), in connection with the Property which has not been fully remediated in accordance with Environmental Law; (e) Borrower does not know of, and has not received, any written or oral notice or
other communication from any Person (including but not limited to a Governmental Authority) relating to Hazardous Substances or Remediation thereof, of possible liability of any Person pursuant to any Environmental Law, other environmental
conditions in connection with the Property, or any actual or potential administrative or judicial proceedings in connection with any of the foregoing; and (f) Borrower has truthfully and fully disclosed to Lender, in writing, any and all
information relating to environmental conditions in, on, under or from the Property that is known to Borrower and has provided to Lender all information that has been requested by Lender relating to Hazardous Substances in, on, under or from the
Property 

  
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and/or to the environmental condition of the Property, to the extent such is contained in Borrower’s files and records. To Borrower’s actual knowledge based on the Environmental Report
delivered to Lender in connection herewith, and except as set forth in such Environmental Report, no hazardous wastes or toxic substances, as defined by applicable federal, state or local statutes, rules and regulations, have been disposed, stored
or treated by any tenant under any Lease on or about the leased premises nor does Borrower have any knowledge of any tenant’s intention to use its leased premises for any activity which, directly or indirectly, involves the use, generation,
treatment, storage, disposal or transportation of any petroleum product or any toxic or hazardous chemical, material, substance or waste, except in either event, in compliance with applicable federal, state or local statues, rules and regulations.

 4.1.38 Cash Management Account. Borrower hereby represents and warrants to Lender that: 

(a) This Agreement, together with the other Loan Documents, create a valid and continuing security interest (as defined in the Uniform
Commercial Code) in the Clearing Account and Cash Management Account in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from
Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold, pledged, transferred or otherwise conveyed the Clearing Account or Cash Management Account; 

(b) Each of the Clearing Account and Cash Management Account constitutes a “deposit account” or “securities account” within
the meaning of the Uniform Commercial Code); 
 (c) Pursuant and subject to the terms hereof and the other applicable Loan Documents, the
Clearing Bank and Agent have agreed to comply with all instructions originated by Lender, without further consent by Borrower, directing disposition of the Clearing Account and Cash Management Account and all sums at any time held, deposited or
invested therein, together with any interest or other earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments, documents or
securities; 
 (d) The Clearing Account and Cash Management Account are not in the name of any Person other than Borrower, as pledgor, or
Lender, as pledgee. Borrower has not consented to the Clearing Bank and Agent complying with instructions with respect to the Clearing Account and Cash Management Account from any Person other than Lender; and 

(e) The Property is not subject to any cash management system (other than pursuant to the Loan Documents), and any and all existing tenant
instruction letters issued in connection with any previous financing have been duly terminated prior to the date hereof. 

Section 4.2 Survival of Representations. Borrower agrees that all of the representations and warranties of Borrower set
forth in Section 4.1 hereof and elsewhere in this Agreement and in the other Loan Documents, as to their accuracy on the date hereof, shall survive for so long as any amount remains owing to Lender under this Agreement or any of the
other Loan Documents by Borrower. All representations, warranties, covenants and agreements 

  
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made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on
its behalf. 
 ARTICLE V – BORROWER COVENANTS 

Section 5.1 Affirmative Covenants. From the date hereof and until payment and performance in full of all obligations of
Borrower under the Loan Documents or the earlier release of the Lien of the Security Instrument (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby covenants and agrees with
Lender that: 
 5.1.1 Existence; Compliance with Legal Requirements. Borrower shall do or cause to be done all things
necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises and comply with all Legal Requirements applicable to it and the Property, including, without limitation, building and zoning codes
and certificates of occupancy. There shall never be committed by Borrower, and Borrower shall never permit any other Person in occupancy of or involved with the operation or use of the Property to commit any act or omission affording the federal
government or any state or local government the right of forfeiture against the Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. Borrower hereby covenants and agrees not
to commit, permit or suffer to exist any act or omission affording such right of forfeiture. Borrower shall at all times maintain, preserve and protect all franchises and trade names and preserve all the remainder of its property used or useful in
the conduct of its business and shall keep the Property in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, all as more
fully provided in the Loan Documents, subject to the rights of the Major Tenant under the Major Tenant Lease. Borrower shall keep (or cause to be kept) the Property insured at all times by financially sound and reputable insurers, to such extent and
against such risks, and maintain liability and such other insurance, as is more fully provided in this Agreement. Borrower shall from time to time, upon Lender’s request, provide Lender with evidence reasonably satisfactory to Lender that the
property complies with all Legal Requirements or is exempt from compliance with Legal Requirements. Borrower shall give prompt notice to Lender of the receipt by Borrower of any notice related to a violation of any Legal Requirements and of the
commencement of any proceedings or investigations which relate to compliance with Legal Requirements. Borrower or Major Tenant, at its own expense, may contest by appropriate legal proceeding promptly initiated and conducted in good faith and with
due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower or the Property or any alleged violation of any Legal Requirement, provided that (i) such proceeding shall be permitted under and be
conducted in accordance with the provisions of any instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances;
(ii) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iii) if Borrower is the party contesting, Borrower shall provide to Lender notice of such
contest concurrently with its notice to the governmental body or instrumentality to which the contest is directed; (iv) Borrower or Major Tenant shall promptly upon final determination thereof comply with any such Legal 

  
 45 

 
Requirement determined to be valid or applicable or cure any violation of any Legal Requirement; (v) such proceeding shall suspend the enforcement of the contested Legal Requirement against
Borrower or the Property; and (vi) Borrower or Major Tenant shall furnish such security as may be required in the proceeding to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection
therewith. Lender may apply any such security, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally
established or the Property (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost. 

5.1.2 Taxes and Other Charges. 

(a) Borrower shall pay or cause to be paid all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Property or
any part thereof as the same become due and payable: provided, however, Borrower’s obligation to directly pay Taxes shall be suspended for so long as Borrower complies with the terms and provisions of Section 7.2 hereof, or the Major
Tenant Lease is in full force and effect and Major Tenant complies with its obligations thereunder to pay such Taxes (subject to any notice and cure periods under the Major Tenant Lease). If the Major Tenant Lease no longer is in effect, or if a
Tenant Downgrade Trigger has occurred and has not been cured, Borrower shall deliver or cause to be delivered to Lender receipts for payment or other evidence that the Taxes and Other Charges have been so paid or are not then delinquent no later
than ten (10) days prior to the date on which the Taxes and/or Other Charges would otherwise be delinquent if not paid (provided, however, Borrower is not required to furnish such receipts for payment of Taxes in the event that such Taxes have
been paid by Lender pursuant to Section 7.2 hereof). Borrower shall not suffer and shall promptly cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien or charge against the Property (subject to the rights
of the Major Tenant under the Major Tenant Lease to contest the same), and shall promptly pay for all utility services provided to the Property. 

(b) Borrower or Major Tenant, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith
and with due diligence, the amount or validity or application in whole or in part of any Liens, Taxes or Other Charges, provided that (i) if the Major Tenant Lease is no longer in effect, Borrower shall provide prior written notice of any such
contest to Lender; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be
conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the Property nor any part thereof or interest therein will be in imminent danger of being sold, forfeited, terminated, cancelled or lost;
(iv) Borrower or Major Tenant shall promptly upon final determination thereof pay the amount of any such Liens, Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (v) such
proceeding shall suspend the collection of such contested Liens, Taxes or Other Charges from the Property; and (vi) Borrower or Major Tenant shall furnish such security as may be required in the proceeding to insure the payment of any such
Liens, Taxes or Other Charges, together with all interest and penalties thereon. Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the
entitlement of such claimant is 

  
 46 

 
established or the Property (or part thereof or interest therein) shall be in imminent danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of
the Security Instrument being primed by any related Lien. 
 (c) If at any time, Lender determines that Taxes have not been paid and the
Property or any part thereof or interest therein will be in imminent danger of being sold, Lender shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including,
without limitation, payment of such Taxes. All amounts incurred by Lender in connection with such action or in paying such Taxes shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Security Instrument and shall
bear interest at the Default Rate. 
 5.1.3 Litigation. Borrower shall give prompt written notice to Lender of any litigation
or governmental proceedings pending or threatened against Borrower or Guarantor which might materially adversely affect Borrower’s or Guarantor’s condition (financial or otherwise) or business or the Property. 

5.1.4 Access to Property. Borrower shall permit agents, representatives and employees of Lender to inspect the Property or any
part thereof at reasonable hours upon reasonable advance notice, subject to the rights of Tenants under their respective Leases. 
 5.1.5
Notice of Default. Borrower shall promptly advise Lender of the occurrence of any Default or Event of Default of which Borrower has knowledge. 

5.1.6 Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to any proceedings before any
court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith, permit Lender, at its election, to
participate in any such proceedings. 
 5.1.7 Perform Loan Documents. Borrower shall observe, perform and satisfy all the
terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable to, Borrower. 

5.1.8 Award and Insurance Benefits. Subject to the terms of the Major Tenant Lease, Borrower shall cooperate with Lender in
obtaining for Lender the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable
attorneys’ fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of Casualty or Condemnation (if such Casualty or Condemnation exceeds the Materiality Threshold or Lender otherwise
determines that an appraisal is required to comply with applicable REMIC rules or regulations) affecting the Property or any part thereof) out of such Insurance Proceeds. 

5.1.9 Further Assurances. Borrower shall, at Borrower’s sole cost and expense (except as otherwise provided herein): 

  
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 (a) furnish to Lender all instruments, documents, boundary surveys, footing or foundation
surveys, certificates, plans and specifications, appraisals (to the extent required by applicable REMIC rules on regulations), title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument
required to be furnished by Borrower pursuant to the terms of the Loan Documents or which are reasonably requested by Lender in connection therewith; 

(b) execute and deliver to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary
or desirable, to evidence, preserve or protect the collateral at any time securing or intended to secure the obligations of Borrower under the Loan Documents, as Lender may reasonably require; and 

(c) do and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out
of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to time. 
 Notwithstanding the
foregoing, however, Borrower shall have no obligation to take any actions or execute any documents pursuant to this Section 5.1.9, which (i) increase Borrower’s or Guarantor’s obligations, (ii) diminish their
respective rights, (iii) otherwise adversely affect Borrower, Guarantor or any Affiliate of Borrower, except (in each case) to a de minimis extent, or (iv) would constitute a default by Borrower, as landlord, under the Major Tenant Lease.

 5.1.10 Principal Place of Business, State of Organization. Borrower will not cause or permit any change to be made in its
name, identity (including its trade name or names), place of organization or formation (unless otherwise permitted hereunder) unless Borrower shall have first notified Lender in writing of such change at least thirty (30) days prior to the
effective date of such change, and shall have first taken all action required by Lender for the purpose of perfecting or protecting the lien and security interests of Lender pursuant to this Agreement, and the other Loan Documents and, in the case
of a change in Borrower’s entity type, without first obtaining the prior written consent of Lender, which consent may be given or denied in Lender’s sole discretion (unless otherwise permitted hereunder). Upon Lender’s request,
Borrower shall, at Borrower’s sole cost and expense, execute and deliver additional security agreements and other instruments which may be necessary to effectively evidence or perfect Lender’s security interest in the Property as a result
of such change of principal place of business or place of organization. Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature,
regardless of the medium or recording, including software, writings, plans, specifications and schematics, has been for the preceding four months (or, if less, the entire period of the existence of Borrower) and will continue to be the address of
Borrower set forth at the introductory paragraph of this Agreement (unless Borrower notifies Lender in writing at least thirty (30) days prior to the date of such change). Borrower shall promptly notify Lender of any change in its
organizational identification number. If Borrower does not now have an organizational identification number and later obtains one, Borrower promptly shall notify Lender of such organizational identification number. 

5.1.11 Financial Reporting. (a) Borrower will keep and maintain or will cause to be kept and maintained on a Fiscal Year
basis, in accordance with the requirements for a Special 

  
 48 

 
Purpose Entity set forth herein and in accordance with an Approved Accounting Method (or another accounting basis reasonably acceptable to Lender, consistently applied) proper and accurate books,
records and accounts reflecting all of the financial affairs of Borrower and all items of income and expense in connection with the operation of the Property. Lender shall have the right from time to time at all times during normal business hours
upon reasonable notice to examine such books, records and accounts at the office of Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence
and during the continuance of an Event of Default, Borrower shall pay any costs and expenses incurred by Lender to examine Borrower’s accounting records with respect to the Property, as Lender shall reasonably determine to be necessary or
appropriate in the protection of Lender’s interest. 
 (b) Borrower shall furnish, or cause to be furnished, to Lender annually, within
ninety (90) days following the end of each Fiscal Year, annual financial statements of Borrower, certified by an officer of Borrower (but not audited) and prepared in accordance with an Approved Accounting Method (or another accounting basis
reasonably acceptable to Lender, consistently applied) covering the Property on a combined basis for such Fiscal Year, together with, upon Lender’s request, certified financial statements relating to the Property. Such financial statements for
the Property for such Fiscal Year shall contain statements of profit and loss for the Borrower and the Property and a balance sheet for the Borrower (which shall reflect the book value of the Property based on its allocated purchase price, and will
not reflect depreciation). Such statements shall set forth the financial condition and the results of Borrower’s operations for the Property for such Fiscal Year, and shall include, but not be limited to, amounts representing annual Net Cash
Flow, Net Operating Income, Gross Income from Operations and Operating Expenses. 
 (c) Borrower will furnish, or cause to be furnished, to
Lender on or before sixty (60) days after the end of each calendar quarter ending in March, June and September the following items, accompanied by an Officer’s Certificate stating that such items are true, correct, accurate, and complete
and fairly present the financial condition and results of the operations of Borrower and the Property (subject to normal year-end adjustments) as applicable: (i) quarterly and year-to-date operating statements (including Capital Expenditures)
prepared for each calendar quarter, noting Net Operating Income, Gross Income from Operations, and Operating Expenses and other information necessary and sufficient to fairly represent the financial position and results of operation of the Property
during such calendar quarter, and containing a comparison of budgeted income and expenses and the actual income and expenses together with a detailed explanation of any variances of five percent (5%) or more between budgeted and actual
amounts for such periods, all in form satisfactory to Lender; and (ii) a calculation reflecting the annual Debt Service Coverage Ratio for the immediately preceding three (3) month period as of the last day of such period. In addition,
such certificate shall also be accompanied by an Officer’s Certificate stating that the representations and warranties of Borrower set forth in Section 4.1.30(a) are true and correct as of the date of such certificate. 

(d) For the partial year period commencing on the date hereof and for each Fiscal Year thereafter, Borrower shall submit to Lender an Annual
Budget not later than forty-five (45) days prior to the commencement of such period or Fiscal Year in form reasonably satisfactory to Lender; provided, that if no Event of Default or Cash Sweep Event then exists, Borrower shall

  
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only be required to submit an Annual Budget upon Lender’s request, and shall have an additional sixty (60) days (i.e., for thirty (30) days after the commencement of such period or
Fiscal Year) within which to submit the Annual Budget. During a Cash Sweep Period, the Annual Budget shall be subject to Lender’s written approval (each such Annual Budget, an “Approved Annual Budget”) not to be unreasonably
withheld or conditioned. Until the approval of any such submitted Annual Budget, the Annual Budget for the immediately preceding period or Fiscal Year shall be utilized for all purposes set forth herein. Borrower’s written request for such
approval shall be delivered together with such materials reasonably requested by Lender in order to evaluate such request (it being acknowledged and agreed that no request for consent shall be effective unless and until such materials have been
delivered to Lender) and shall conspicuously state, in large bold type, that “PURSUANT TO SECTION 5.1.11(d) OF THE LOAN AGREEMENT, THIS IS A REQUEST FOR LENDER’S CONSENT. THE PROPOSED ANNUAL BUDGET SHALL BE DEEMED APPROVED IF
LENDER DOES NOT RESPOND TO THE CONTRARY WITHIN FIFTEEN (15) DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN NOTICE”. In the event that Lender fails to approve or disapprove the foregoing written request within such
fifteen (15) day period, then Lender’s consent shall be deemed to have been granted. In the event that Lender objects to a proposed Annual Budget submitted by Borrower, Lender shall advise Borrower of such objections within fifteen
(15) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise such Annual Budget and resubmit the same to Lender. Such notice shall conspicuously state, in
large bold type, that “PURSUANT TO SECTION 5.1.11(d) OF THE LOAN AGREEMENT, THIS IS A REQUEST FOR LENDER’S CONSENT. THE PROPOSED ANNUAL BUDGET SHALL BE DEEMED APPROVED IF LENDER DOES NOT RESPOND TO THE CONTRARY WITHIN TEN
(10) DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN NOTICE”. In the event that Lender fails to approve or disapprove the second written request within such ten (10) day period, then Lender’s consent shall be deemed to
have been granted. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall
promptly revise and resubmit the same to Lender until Lender approves the Annual Budget. During a Cash Sweep Period, until such time that Lender approves a proposed Annual Budget (or such proposed Annual Budget is deemed approved pursuant to this
Section 5.1.11(d)), the most recently Approved Annual Budget shall apply; provided, that, such Approved Annual Budget shall be adjusted to reflect actual increases in Taxes, Insurance Premiums and Other Charges and utility
expenses. 
 (e) During a Cash Sweep Period, in the event that Borrower must incur an extraordinary operating expense or capital expense not
set forth in the Approved Annual Budget (each, an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Expense for Lender’s approval, not to
be unreasonably withheld or conditioned. Borrower’s written request therefor shall be delivered together with such materials reasonably requested by Lender in order to evaluate such request (it being acknowledged and agreed that no request for
consent shall be effective unless and until such materials have been delivered to Lender) and shall conspicuously state, in large bold type, that “PURSUANT TO SECTION 5.1.11(e) OF THE LOAN AGREEMENT, THIS IS A REQUEST FOR LENDER’S
CONSENT. THIS REQUEST SHALL BE DEEMED APPROVED IF LENDER DOES NOT RESPOND TO THE CONTRARY  

  
 50 

 
WITHIN TEN (10) DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN NOTICE”. In the event that Lender fails to approve or disapprove the foregoing written request within such ten
(10) day period, then Lender’s consent shall be deemed to have been granted. Notwithstanding the foregoing, this Section 5.1.11(e) does not impose on Lender any obligation to disburse any funds if an Event of Default then
exists. 
 (f) Borrower shall furnish to Lender, within ten (10) Business Days after request (or as soon thereafter as may be
reasonably possible), such further detailed information with respect to the operation of the Property and the financial affairs of Borrower as may be reasonably requested by Lender (to the extent such financial and sales information is required to
be provided under the applicable Lease and same is received by Borrower after request therefor). 
 (g) Borrower shall deliver to Lender,
within ten (10) Business Days after Lender’s request (or as soon thereafter as may be reasonably possible), financial and sales information from each Tenant (to the extent such financial and sales information is required to be provided
under the applicable Lease and same is received by Borrower after request therefor). 
 (h) [intentionally omitted]. 

(i) Any reports, statements or other information required to be delivered under this Agreement shall be delivered (i) in electronic form
or (ii) in any other format reasonably requested by Lender. Borrower agrees that Lender may disclose information regarding the Property and Borrower that is provided to Lender pursuant to this Section 5.1.11(i) in connection with
the Securitization to such parties requesting such information in connection with such Securitization. 
 (j) Notwithstanding anything to
the contrary contained in this Section 5.1.11 to the contrary, Lender acknowledges and agrees that for so long as the Walgreens Lease is in full force and effect, financial statements or other information related solely to Walgreens’
operation of the Walgreens Premises will be provided to Lender by Borrower only to the extent such reporting is received by, or made available to, Borrower. 

5.1.12 Business and Operations. Borrower will continue to engage in its business as presently conducted. Borrower will qualify
to do business and will remain in good standing under the laws of the jurisdiction of its formation as and to the extent the same are required for the ownership, maintenance, management and operation of the Property. Borrower shall at all times
during the term of the Loan, continue to own the Personal Property that it owns as of the date hereof, if any, which are necessary to operate the Property in the manner required hereunder and in the manner in which it is currently operated. 

5.1.13 Title to the Property. Borrower shall warrant and defend (a) the title to the Property and every part thereof,
subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Lien of the Security Instrument, subject only to Liens permitted hereunder (including Permitted Encumbrances), in each case
against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees and expenses) incurred by Lender if an interest in the Property, other than as
permitted hereunder, is claimed by another Person. 

  
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 5.1.14 Costs of Enforcement. In the event (a) that the Security Instrument is
foreclosed in whole or in part or that the Security Instrument is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage prior to or subsequent to the Security Instrument in which
proceeding Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its constituent Persons for the
benefit of its creditors, Borrower, its successors or assigns, shall be chargeable with and agrees to pay all costs of collection and defense, including reasonable attorneys’ fees and expenses, incurred by Lender or Borrower in connection
therewith and in connection with any appellate proceeding or post judgment action involved therein, together with all required service or use taxes. 

5.1.15 Estoppel Statement. 

(a) After request by Lender, Borrower shall within ten (10) days furnish Lender with a statement, duly acknowledged and certified,
setting forth (i) the original principal amount of the Note, (ii) the unpaid principal amount of the Note, (iii) the Applicable Interest Rate of the Note, (iv) the date installments of interest and/or principal were last paid,
(v) any offsets or defenses to the payment of the Debt, if any, claimed by Borrower, and (vi) that the Note, this Agreement, the Security Instrument and the other Loan Documents have not been modified or if modified, giving particulars of
such modification. 
 (b) Borrower shall use commercially reasonable efforts to deliver to Lender upon request, tenant estoppel certificates
from each commercial Tenant leasing space at the Property in form and substance reasonably satisfactory to Lender provided that Borrower shall not be required to use such efforts to deliver such certificates more frequently than one (1) time in
any calendar year, unless an Event of Default then exists and an estoppel signed by the Major Tenant in the form of the estoppel attached as an exhibit or otherwise described in the Major Tenant Lease shall satisfy this requirement. 

(c) Within thirty (30) days of a written request by Borrower, Lender shall deliver to Borrower a statement setting forth the items
described at (a)(i), (ii), (iii), and (iv) of this Section 5.1.15, provided that Lender shall not be required to deliver such certificates more frequently than once in any calendar year. 

5.1.16 Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set
forth in Section 2.1.4 hereof. 
 5.1.17 Performance by Borrower. Borrower shall in a timely manner observe,
perform and fulfill each and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, Borrower, and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or
other modification of any Loan Document executed and delivered by, or applicable to, Borrower without the prior written consent of Lender. 

5.1.18 Confirmation of Representations. Borrower shall deliver, in connection with any Securitization, one (1) or more
Officer’s Certificates certifying as to the accuracy of all 

  
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representations made by Borrower in the Loan Documents as of the date of the closing of such Securitization in all relevant jurisdictions (subject to any matters set forth on an updated Schedule
VII that will also be provided at such time). 
 5.1.19 Environmental Covenants. Subject to pre-existing matters described in
the Phase I Environmental Report for the Property delivered to Lender prior to the date hereof, if any (a) Borrower covenants and agrees that: (i) all uses and operations on or of the Property, whether by Borrower or any other person or
entity, shall be in compliance with all Environmental Laws and permits issued pursuant thereto; (ii) there shall be no Releases of Hazardous Substances in, on, under or from the Property; (iii) there shall be no Hazardous Substances in,
on, or under the Property, except those that are (A) in compliance with all Environmental Laws and with permits issued pursuant thereto, and (B) in de-minimis amounts necessary to operate the Property for the purposes set forth in the Loan
Agreement which will not result in an environmental condition in, on or under the Property and which are otherwise permitted under and used in compliance with Environmental Law; (iv) subject to a right to contest under applicable environmental
law, provided any such contest stays any enforcement proceeding by the applicable authority, Borrower shall keep the Property free and clear of all liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any act or
omission of Borrower or any other person or entity (the “Environmental Liens”); (v) Borrower shall, at its sole cost and expense, fully and expeditiously cooperate in all activities pursuant to subsection (b) below,
including but not limited to providing all relevant information and making knowledgeable persons available for interviews; (vi) Borrower shall, at its sole cost and expense, perform any environmental site assessment or other investigation of
environmental conditions in connection with the Property, pursuant to any reasonable written request of Lender made in the event that Lender has a good faith reason to believe based upon credible evidence or information that an environmental hazard
exists on or affects the Property (including but not limited to sampling, testing and analysis of soil, water, air, building materials, and other materials and substances whether solid, liquid or gas), and share with Lender the reports and other
results thereof, and Lender and other Indemnified Parties shall be entitled to rely on such reports and other results thereof; (vii) Borrower shall, at its sole cost and expense, comply with all reasonable written requests of Lender made in the
event that Lender has a good faith reason to believe based on credible evidence or information that an environmental hazard exists on or affects the Property to (A) reasonably effectuate Remediation of any condition (including but not limited
to a Release of a Hazardous Substance) in, on, under or from the Property pursuant to and in accordance with the applicable law; (B) comply with any Environmental Law; (C) comply with any directive from any Governmental Authority; and
(D) take any other reasonable action necessary or appropriate for protection of human health or the environment as a result of or relating to an environmental hazard at the Property, pursuant to and in accordance with applicable law;
(viii) Borrower shall not do or knowingly allow any tenant or other user of the Property to do any act that materially increases the dangers to human health or the environment, poses an unreasonable risk of harm to any Person (whether on or off
the Property), impairs or may impair the value of the Property, is contrary to any requirement of any insurer, involves Hazardous Substances or an environmental condition and constitutes a public or private nuisance, involves Hazardous Substances or
an environmental condition and constitutes waste, or involves Hazardous Substances or an environmental condition and constitutes and violates any covenant, condition, agreement or easement applicable to the Property; (ix) upon actual knowledge
of the same, Borrower shall immediately notify Lender in writing of (A) any 

  
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presence or Releases or threatened Releases of Hazardous Substances in, on, under, from or migrating towards the Property; (B) any non-compliance with any Environmental Laws related in any
way to the Property; (C) any actual or potential Environmental Lien; (D) any required or proposed Remediation of environmental conditions relating to the Property; and (E) any written or oral notice or other communication of which any
Borrower becomes aware from any source whatsoever (including but not limited to a governmental entity) relating in any way to Hazardous Substances or Remediation thereof, possible liability of any Person pursuant to any Environmental Law, other
environmental conditions in connection with the Property, or any actual or potential administrative or judicial proceedings in connection with anything referred to in this Section; (x) Borrower shall not install, use, generate, manufacture,
store, treat, release or dispose of, nor knowingly permit the installation, use, generation, storage, treatment, release or disposal of, any Hazardous Substances (except de-minimis amounts necessary to operate the Property for the purposes set forth
in the Loan Agreement which will not result in an environmental condition in, on or under the Property and which are otherwise permitted under and used in compliance with Environmental Law) on, under or about the Property, and all uses and
operations on or of the Property, whether by Borrower or any other person or entity, shall be in compliance with all Environmental Laws and permits issued pursuant thereto; (xi) Borrower shall not make any change in the use or condition of the
Property which (A) might lead to the presence on, under or about the Property of any Hazardous Substances which is not in accordance with any applicable Environmental Law, or (B) would require, under any applicable Environmental Law,
notice be given to or approval be obtained from any governmental agency in the event of a transfer of ownership or control of the Property, in each case without the prior written consent of Lender; (xii) Borrower shall not consent to or
otherwise allow any Institutional Control on or to affect the Property without Lender’s prior written consent; and (xiii) Borrower shall take all acts necessary to preserve its status, if applicable, as an “innocent landowner,”
“contiguous property owner,” or “prospective purchaser” as to the Property and as those terms are defined in CERCLA; provided, however, that this covenant does not limit or modify any of Borrower’s other duties or
obligations under this Agreement. 
 (b) Subject to the rights of the tenants, and any limitations imposed under the Leases, in the event
that Lender has reason to believe that an environmental hazard exists on the Property that may, in Lender’s sole discretion, endanger any Tenants or other occupants of the Property or their guests or the general public, or may materially and
adversely affect the value of the Property, upon reasonable notice from Lender, Borrower shall, at Borrower’s expense, promptly cause an engineer or consultant satisfactory to Lender to conduct an environmental assessment or audit (the scope of
which shall be determined in Lender’s sole and absolute discretion) and take any samples of soil, groundwater or other water, air, or building materials or any other invasive testing requested by Lender and promptly deliver the results of any
such assessment, audit, sampling or other testing; provided, however, if such results are not delivered to Lender within a reasonable period or if Lender has reason to believe that an environmental hazard exists on the Property that, in
Lender’s sole judgment, endangers any Tenant or other occupant of the Property or their guests or the general public or may materially and adversely affect the value of the Property, upon reasonable notice to Borrower, Lender and any other
Person designated by Lender, including but not limited to any receiver, any representative of a governmental entity, and any environmental consultant, shall have the right, but not the obligation, to enter upon the Property at all reasonable times
to assess any and all aspects of the environmental condition of the Property and its use, including but not limited to conducting any environmental assessment 

  
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or audit (the scope of which shall be determined in Lender’s sole and absolute discretion) and taking samples of soil, groundwater or other water, air, or building materials, and reasonably
conducting other invasive testing. Borrower shall cooperate with and provide Lender and any such Person designated by Lender with access to the Property. 

(c) Borrower shall promptly perform all necessary remedial work in response to the presence of any Hazardous Substances on the Property, any
violation of any Environmental Laws, or any claims or requirements made by any governmental agency or authority in each case subject to and in accordance with applicable law. All such work shall be conducted by licensed and reputable contractors
pursuant to written plans approved by the agency or authority in question (if applicable), under proper permits and licenses (if applicable) and, subject to Major Tenant’s right under the Major Tenant Lease to self-insure provided the
Self-Insurance Requirements are satisfied, with such insurance coverage as is customarily maintained by prudent property owners in similar situations. If the cost of the work to be done by Borrower (as opposed to Major Tenant) exceeds $250,000, then
Lender shall have the right of prior approval over the environmental contractor and plans, which shall not be unreasonably withheld or delayed. All costs and expenses of the remedial work shall be promptly paid by Borrower. In the event Borrower
fails to undertake the remedial work, or fails to complete the same within a reasonable time period after the same is undertaken, and if Lender is of the good faith opinion that Lender’s security in the Property is jeopardized thereby, then
Lender shall have the right to undertake or complete the remedial work itself. In such event all costs of Lender in doing so, including all fees and expenses of environmental consultants, engineers, attorneys, accountants and other professional
advisors, shall become a part of the Loan and shall be due and payable from Borrower upon demand. Such amount shall be secured by the Loan Documents, and failure to pay the same shall be an Event of Default under the Loan Documents. In the event any
Hazardous Substances are removed from the Property, either by Borrower or Lender, the number assigned by the United States Environmental Protection Agency to such Hazardous Substances shall be solely in the name of Borrower (or Major Tenant, as
required by Environmental Law), and Borrower (or Major Tenant, as required by Environmental Law) shall have any and all liability for such removed Hazardous Substances. 

5.1.20 Leasing Matters. 

(a) Borrower may not enter into Leases or modify existing Leases demising all or any portion of the Property without the prior written
approval of Lender. Notwithstanding the foregoing, if a Major Tenant enters into Lease or modifies a Lease (including, without limitation, a sublease or an assignment) with respect to all or a portion of its rights under a Major Tenant Lease without
obtaining Borrower’s prior consent pursuant to a right granted to such Major Tenant under such Major Tenant Lease, such action by Major Tenant shall not be deemed to violate this Agreement. For sake of clarity, the foregoing shall not give
Borrower and/or Major Tenant a right to modify or terminate a Major Tenant Lease without the prior written approval of Lender. 
 (b) To the
extent Lender’s written approval is required pursuant to this Section 5.1.20 to any modification of a Lease (excluding a modification that reduces rent or the term of a Lease, or grants any option to terminate or to purchase the
Property), Borrower’s written request therefor shall be delivered together with such materials reasonably requested by Lender in order 

  
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to evaluate such request (it being acknowledged and agreed that no request for consent shall be effective unless and until such materials have been delivered to Lender) and shall conspicuously
state, in large bold type, that “PURSUANT TO SECTION 5.1.20 OF THE LOAN AGREEMENT, THIS IS A REQUEST FOR LENDER’S CONSENT. LENDER’S RESPONSE IS REQUESTED WITHIN TEN (10) BUSINESS DAYS. LENDER’S FAILURE TO RESPOND WITHIN
SUCH TIME PERIOD WILL ENABLE BORROWER TO DELIVER A SECOND NOTICE REQUESTING LENDER’S CONSENT”. In the event Lender fails to approve or disapprove to such request within ten (10) Business Days’ of the effective date of such
initial request, Borrower may deliver to Lender a second written request for approval, which second written request for approval shall conspicuously state, in large bold type, that “THIS IS A REQUEST FOR LENDER’S CONSENT. LENDER’S
CONSENT IS REQUESTED WITHIN FIVE (5) BUSINESS DAYS. THE LEASE SHALL BE DEEMED APPROVED IF LENDER DOES NOT RESPOND TO THE CONTRARY WITHIN FIVE (5) BUSINESS DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN NOTICE”. In the event
that Lender fails to approve or disapprove the second written request within such five (5) Business Day period, then Lender’s consent shall be deemed to have been granted. 

(c) Borrower shall furnish Lender with executed copies of all Leases and a copy of the executed Tenant Direction Letter signed by Borrower and
to the extent available, the Tenant. 
 (d) Borrower (i) shall observe and perform the obligations imposed upon the Borrower, as
lessor, under the Leases in a commercially reasonable manner; (ii) shall enforce the terms, covenants and conditions contained in the Major Tenant Lease and any other Leases to which Borrower is a party upon the part of the Tenant thereunder to
be observed or performed in a commercially reasonable manner and in a manner not to impair the value of the Property involved except that, subject to the terms of this Section 5.1.20, no termination by Borrower or acceptance of surrender
by a tenant under the Major Tenant Lease or any other Leases to which Borrower is a party (and for which Major Tenant would not continue to be bound) shall be permitted without the written consent of Lender which consent may be withheld in the sole
discretion of Lender; (iii) shall not collect any of the rents more than one (1) month in advance (other than security deposits); (iv) shall not execute any other assignment of lessor’s interest in the Leases or the Rents (except
as contemplated by the Loan Documents); (v) shall not alter, modify or change the terms of the Major Tenant Lease or any other Leases to which Borrower is a party in a manner inconsistent with the provisions of the Loan Documents; and
(vi) shall execute and deliver at the request of Lender all such further assurances, confirmations and assignments in connection with the Leases as Lender shall from time to time reasonably require. 

5.1.21 Alterations. Subject to the rights of Major Tenant to make alterations pursuant to the terms of the Major Tenant Leases,
Borrower shall obtain Lender’s prior written consent to any alterations to any Improvements, which consent shall not be unreasonably withheld or delayed except with respect to alterations that may have a material adverse effect on
Borrower’s financial condition, the value of the Property or the Property’s Net Operating Income. Notwithstanding the foregoing, Lender’s consent shall not be required in connection with any alterations to be undertaken by Borrower
that will not have a material adverse effect on Borrower’s financial condition, the value of the Property or the Property’s Net Operating Income, provided that such alterations are made in connection with (a) tenant improvement work

  
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performed pursuant to the terms of any Lease executed on or before the date hereof, or any Lease executed after the date hereof for which Lender’s approval was given, (b) tenant
improvement work performed pursuant to the terms and provisions of a Lease and not adversely affecting any structural component of any Improvements, any utility or HVAC system contained in any Improvements or the exterior of any building
constituting a part of any Improvements, (c) alterations performed in connection with the Restoration of the Property after the occurrence of a Casualty or Condemnation in accordance with the terms and provisions of this Agreement, or
(d) any alteration which costs less than the Threshold Amount (in the aggregate for all current alterations at the Property), provided that, in all of the foregoing clauses (a) through (d), Borrower complies with the Alteration Conditions.
If the total unpaid amounts due and payable by Borrower with respect to alterations to the Improvements at the Property (other than such amounts to be paid or reimbursed by Tenants under the Leases) shall at any time exceed the Threshold Amount,
Borrower shall promptly deliver to Lender as security for the payment of such amounts and as additional security for Borrower’s obligations under the Loan Documents any of the following: (A) cash, (B) U.S. Obligations, (C) other
securities having a rating acceptable to Lender and that, at Lender’s option, the applicable Rating Agencies have confirmed in writing will not, in and of itself, result in a downgrade, withdrawal or qualification of the initial, or, if higher,
then current ratings assigned to any Securities or any class thereof in connection with any Securitization or (D) a completion bond or an irrevocable letter of credit (payable on sight draft only) issued by a financial institution having a
rating by S&P of not less than “A-1+” if the term of such bond or letter of credit is no longer than three (3) months or, if such term is in excess of three (3) months, issued by a financial institution having a rating that
is acceptable to Lender and that, at Lender’s option, the applicable Rating Agencies have confirmed in writing will not, in and of itself, result in a downgrade, withdrawal or qualification of the initial, or, if higher, then current ratings
assigned to any Securities or class thereof in connection with any Securitization. Such security shall be in an amount equal to the excess of the total unpaid amounts with respect to alterations to the Improvements on the Property (other than such
amounts to be paid or reimbursed by Tenants under the Leases) over the Threshold Amount and Lender may apply such security from time to time at the option of Lender to pay for such alterations. 

5.1.22 Operation of Property. (a) Subject to the rights of the Major Tenant under the Major Tenant Lease, Borrower shall
cause the Property to be operated, in all material respects, in accordance with the Management Agreement. In the event that the Management Agreement expires or is terminated (without limiting any obligation of Borrower to obtain Lender’s
consent to any termination or modification of the Management Agreement to the extent such consent is required pursuant to Section 5.2.1 hereof), Borrower shall promptly enter into a replacement Management Agreement with another Qualified
Manager, provided, however, so long as no Event of Default shall then exist, if the Property is encumbered by a Major Tenant Lease, then Borrower shall not be required to enter into a replacement Management Agreement. 

(b) Borrower shall: (i) promptly perform and/or observe, in all material respects, all of the covenants and agreements required to be
performed and observed by it under any Management Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any material default under the Management Agreement of
which it is aware; and (iii) enforce the performance and observance 

  
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of all of the covenants and agreements required to be performed and/or observed by Manager under the Management Agreement, in a commercially reasonable manner. 

5.1.23 Embargoed Person. Borrower has performed and shall perform reasonable due diligence to insure that at all times
throughout the term of the Loan, including after giving effect to any transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower or Guarantor constitute property of, or are beneficially owned, directly
or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower or Guarantor, as applicable, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or
indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower or Guarantor, as applicable, have been derived from, or are the proceeds of, any unlawful activity, including money laundering,
terrorism or terrorism activities, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law, or may cause the Property to be subject to
forfeiture or seizure. Notwithstanding the foregoing, to the extent that an Embargoed Person acquires a non-controlling interest in Borrower, either (1) without the knowledge of Borrower or Guarantor, through a transaction brokered by a FINRA
and SEC registered broker dealer, provided such broker dealer has executed a dealer agreement or selling agreement with Guarantor or an affiliate of Guarantor in which it covenants to, among other things, comply with The USA PATRIOT Act (or any
successor legislation), or (2) provided Borrower performs reasonable due diligence, without the knowledge of Borrower or Guarantor, after the initial sale or offering of such interests in Borrower, the resulting breach of the foregoing
representations shall be deemed to be unintentional and not willful or grossly negligent for purposes of Section 9.3 hereof. 

5.1.24 Post-Closing Obligations. Borrower shall deliver, or cause to be delivered, to Lender, the items listed on Schedule IX,
each in form and substance reasonably acceptable to Lender, within the timeframe set forth for each item on Schedule IX. 
 5.1.25
Supplemental Mortgage Affidavits. As of the date hereof, Borrower represents that it has paid all state, county and municipal recording and all other taxes imposed upon the execution and recordation of the Security Instrument. If at any
time Lender determines based on applicable law, that Lender is not being afforded the maximum amount of security available from the Property as a direct or indirect result of applicable taxes not having been paid with respect to the Property and
Lender and/or the Rating Agencies, in connection with a Securitization, require the amount secured by the Security Instrument be increased, Borrower agrees that it will execute, acknowledge and deliver to Lender, immediately upon Lender’s
request, supplemental affidavits and/or Security Instrument increasing the amount of the Debt attributable to the Property for which all applicable taxes have been paid to an amount determined by Lender, and Borrower shall, on demand, pay any
additional taxes. 
 Section 5.2 Negative Covenants. From the date hereof until payment and performance in full of all
obligations of Borrower under the Loan Documents or the earlier release of the Lien of the Security Instrument and any other collateral in accordance with the terms of this Agreement and the other Loan Documents, Borrower covenants and agrees with
Lender that it shall not do, directly or indirectly, any of the following: 

  
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 5.2.1 Operation of Property. (a) Borrower shall not, without Lender’s
prior written consent (which consent shall not be unreasonably withheld) surrender, terminate, cancel, amend or modify any Management Agreement; provided, that Borrower may, without Lender’s consent, (x) replace the Manager or appoint a
Manager so long as the replacement manager is a Qualified Manager and such Manager executes and delivers to Lender an assignment and subordination of management fees in the same form and substance delivered to Lender at Closing (as same may be
modified thereafter pursuant to a written agreement between Borrower and Lender) or in such other form and substance reasonably acceptable to Lender, and/or (y) amend the Management Agreement, provided no such replacement agreement or amendment
shall (i) reduce or consent to the reduction of the term of the Management Agreement to a term of less than one (1) year (subject to termination for cause); (ii) increase or consent to the increase of the amount of any charges under
the Management Agreement (to an amount in excess of 3.0% of Gross Income from Operations, plus reimbursement for costs and expenses, or (iii) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and
remedies under, the Management Agreement in any material respect adverse to Borrower. Notwithstanding the foregoing, so long as no Event of Default shall then exist, if the Property is encumbered by a Major Tenant Lease, then Borrower may terminate
an existing Management Agreement upon notice to Lender, but without Lender’s consent. 
 (b) Following the occurrence and during the
continuance of an Event of Default, Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Management Agreement without the prior written consent of Lender, which consent may be
granted, conditioned or withheld in Lender’s discretion. 
 (c) Subject to the rights of the Major Tenant, if under applicable zoning
provisions the use of all or any portion of the Property is or shall become a nonconforming use, Borrower shall not cause or permit the nonconforming use or Improvement to be discontinued or abandoned without the express written consent of Lender.

 5.2.2 Liens. Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of the Property or permit
any such action to be taken, except for Permitted Encumbrances. 
 5.2.3 Dissolution. Subject to Borrower’s rights under
Section 5.2.10, Borrower shall not (a) engage in any dissolution, liquidation or consolidation or merger with or into any other business entity, (b) engage in any business activity not related to the ownership and operation of
the Property, or (c) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties or assets of Borrower except to the extent permitted by the Loan Documents. 

5.2.4 Change In Business. Borrower shall not enter into any line of business other than the ownership and operation of the
Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business. Nothing contained in this
Section 5.2.4 is intended to expand the rights of Borrower contained in Section 5.2.10(d) hereof. 

  
 59 

 5.2.5 Debt Cancellation. Borrower shall not cancel or otherwise forgive or release
any claim or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business. 

5.2.6 Zoning. Subject to the rights of Major Tenant under the Major Tenant Lease, Borrower shall not initiate or consent to any
zoning reclassification of any portion of the Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of the Property in any manner that could result in such use becoming a non-conforming use under
any zoning ordinance or any other applicable land use law, rule or regulation, without the prior written consent of Lender. 
 5.2.7
No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Property (a) with any other real property constituting a tax lot separate from the Property, and (b) which constitutes real property
with any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real
property portion of the Property. 
 5.2.8 Intentionally omitted. 

5.2.9 ERISA. (a) Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be
taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA. 

(b) Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the term of
the Loan, as requested by Lender in its discretion, that (A) Borrower is not and does not maintain an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental
plan” within the meaning of Section 3(32) of ERISA; (B) Borrower is not subject to any state statute regulating investment of, or fiduciary obligations with respect to governmental plans and (C) one or more of the following
circumstances is true: 
 (i) Equity interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R.
§2510.3-101(b)(2); 
 (ii) Less than twenty-five percent (25%) of each outstanding class of equity interests in
Borrower are held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2); or 

(iii) Borrower qualifies as an “operating company” or a “real estate operating company” within the meaning
of 29 C.F.R. §2510.3-101(c) or (e). 
 5.2.10 Transfers. (a) Borrower acknowledges that Lender has examined and
relied on the creditworthiness and experience of the Restricted Parties, as applicable, in owning and operating properties such as the Property in agreeing to make the loan secured by the Security Instrument, and that Lender will continue to rely
such Restricted Parties’ direct or indirect ownership and/or operation of the Property as a means of maintaining the value of the Property 

  
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as security for repayment of the Debt. Borrower shall not without Lender’s prior written consent (not to be unreasonably withheld, conditioned or delayed) and except as otherwise expressly
provided in this Section 5.2.10: (i) sell, assign, convey, mortgage, grant, pledge, assign, grant options with respect to, transfer or otherwise dispose of its legal or beneficial interests in the Property or any part thereof other
than pursuant to Leases permitted under, and entered into in accordance with, Section 5.1.20 hereof, and/or with respect to other Permitted Encumbrances, (ii) permit any owner, directly or indirectly, of an ownership interest the
Property, to transfer or dispose of such interest, whether by transfer of stock or other interest in a Restricted Party, or otherwise, (iii) [intentionally omitted], (iv) mortgage, hypothecate or otherwise encumber or grant a security
interest in the Property or any part thereof, (v) sell, assign, convey, transfer, mortgage, encumber, grant a security interest in, or otherwise transfer or dispose of any direct or indirect ownership interest in any Restricted Party, or permit
any Restricted Party that owns an interest in another Restricted Party to do the same, or (vi) file a declaration of condominium with respect to the Property (any of the foregoing transactions, a “Transfer”). Notwithstanding
the foregoing, for purposes hereof, a “Transfer” shall not include Permitted Transfers. Further notwithstanding the foregoing, for purposes of determining recourse liability pursuant to Section 9.3, a
“Transfer” shall not include any of the following (1) the granting of, amendment of, extension or renewal of, or any other action taken with respect to any Permitted Encumbrance (without limiting Borrower’s obligations
with respect to any Permitted Encumbrances pursuant to the terms and provisions of this Agreement and the other Loan Documents), (2) the settlement of any claim, dispute, litigation or regulatory proceeding (without limiting Borrower’s
obligations with respect to any such settlements pursuant to the terms and provisions of this Agreement and the other Loan Documents), (3) the expenditure of funds by Borrower or any other Restricted Party (without limiting Borrower’s
obligations with respect to any such expenditures pursuant to the terms and provisions of this Agreement and the other Loan Documents), or (4) the disposition or removal of personal property owned or leased by Major Tenant to the extent not
prohibited under the Major Tenant Lease, provided, however, the foregoing shall not preclude a determination that the foregoing result in recourse liability for reasons other than being deemed a Transfer. 

(b) Notwithstanding Section 5.2.10(a), Lender’s consent shall not be required in connection with (1) one or a series of
Transfers, of up to forty-nine percent (49%) of the stock, limited partnership interests, membership interests or beneficial interests (as the case may be) in a Restricted Party, (2) one or a series of Transfers of the stock in Sponsor and
(3) one or a series of Transfers of the limited partnership interests in Operating Partnership; provided, however, after giving effect to each such Transfer described in clauses (1), (2) and (3), Borrower and Guarantor each shall be
Controlled, directly or indirectly, by CFLP, and Borrower shall continue to comply with the representations, warranties and covenants under Sections 4.1.30 (Special Purpose Entity), 4.1.34 (Investment Company Act), 4.1.35 (Embargoed Persons), 5.1.23
(Embargoed Persons) and 5.2.9 (ERISA). Upon reasonable request of Lender, from time to time, Borrower will reaffirm its ongoing compliance with the same. In addition, (i) after giving effect to each such Transfer, Guarantor (or a Qualified
Replacement Guarantor) shall Control the Borrower or be under common Control with the Borrower, and (ii) if such Transfer is a Material Owner Transfer, Borrower shall deliver with respect to each transferee, prior to such transfer and at
Borrower’s sole cost and expense, “know your customer” searches confirming compliance with the sections referenced above, and verifying the transferee has not been convicted of a felony, is not then, nor has it been in the prior seven
(7) years, the subject of a Bankruptcy 

  
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Action. If a Transfer described in this clause (b) involves a Transfer of a direct interest in Borrower, no such Transfer shall be permitted during the period commencing thirty
(30) days prior to a Securitization and ending thirty (30) days after a Securitization. 
 (c) Notwithstanding
Section 5.2.10(a), Lender’s consent shall not be required in connection with a Transfer of the direct or indirect interests in Borrower; provided, however, that after giving effect to such Transfer, Borrower and Guarantor each shall
be Controlled, directly or indirectly, by CFLP, and after giving effect to such Transfer, Borrower shall continue to comply with the representations, warranties and covenants under Sections 4.1.30 (Special Purpose Entity), 4.1.34 (Investment Company
Act), 4.1.35 (Embargoed Persons), 5.1.23 (Embargoed Persons) and 5.2.9 (ERISA). Upon reasonable request of Lender, from time to time, Borrower will reaffirm its ongoing compliance with the same. In addition, (i) Guarantor or a Qualified
Replacement Guarantor at all times must continue to Control the Borrower, or be under common Control with the entity that Controls Borrower, and (ii) if such Transfer is a Material Owner Transfer, Borrower shall deliver with respect to each
transferee, prior to such transfer and at Borrower’s sole cost and expense, “know your customer” searches confirming compliance with the sections referenced above, and verifying the transferee has not been convicted of a felony, is
not then, nor has it been in the prior seven (7) years, the subject of a Bankruptcy Action. If a Transfer described in this clause (c) involves a Transfer of a direct interest in Borrower, no such Transfer shall be permitted during the
period commencing thirty (30) days prior to a Securitization and ending thirty (30) days after a Securitization; 
 (d)
Notwithstanding Section 5.2.10(a), at any time other than during the period commencing thirty (30) days prior to a Securitization and ending thirty (30) days after a Securitization, Borrower may undertake one or more Transfers
of the entire Property to an unrelated third party transferee (or a Transfer of more than fifty percent (50%) of the direct or indirect beneficial interests in Borrower to an unrelated third party transferee in a single Transfer, to the extent
such Transfer is not otherwise compliant with clause (c) above) and assumption of the entire Loan, provided that Lender receives thirty (30) days’ prior written notice of such Transfer and further provided that the following
additional requirements are satisfied: 
 (i) the proposed transferee of the Property shall be a Special Purpose Entity (the
“Transferee”) which at the time of such transfer will be in compliance with, and must be able to satisfy all of, the representations, warranties and covenants contained in Section 4.1.30, Section 4.1.35,
Section 5.1.23 and Section 5.2.9 and which shall have assumed in writing (subject to the terms of Section 9.3 hereof) and agreed to comply with all the terms, covenants and conditions set forth in this Agreement
and the other Loan Documents, expressly including, without limitation the representations, warranties and covenants contained in Section 4.1.30, Section 4.1.35, Section 5.1.1 and Section 5.1.23 hereof;

 (ii) if the Loan is held by a REMIC Trust, Borrower shall deliver confirmation in writing from the Rating Agencies that
such proposed Transfer will not cause a downgrading, withdrawal, reduction or qualification of the ratings in effect immediately prior to such Transfer for the Securities, or any class thereof, issued in connection with a Securitization which are
then outstanding; 

  
 62 

 (iii) Transferee and Transferee’s Principals shall, as of the date of such
transfer, be (or be Controlled by) a Person satisfying the requirements for a Qualified Replacement Guarantor, Qualified Fund Manager or Qualified Real Estate Investor, or otherwise be reasonably acceptable to Lender; 

(iv) Lender shall have received with respect to Transferee, prior to such Transfer and at Borrower’s sole cost and
expense, “know your customer” searches confirming compliance with the sections referenced in clause (i) above, and verifying the transferee has not been convicted of a felony, is not then, nor has it been in the prior seven
(7) years, the subject of a Bankruptcy Action; 
 (v) Transferee, Transferee’s Principals and all other entities
which may be owned or Controlled directly or indirectly by Transferee’s Principals must not have been party to any bankruptcy proceedings, voluntary or involuntary, made an assignment for the benefit of creditors or taken advantage of any
insolvency act, or any act for the benefit of debtors within seven (7) years prior to the date of the proposed Transfer, unless otherwise reasonably acceptable to Lender; 

(vi) if the Transfer involves Transfer of the Property, Transferee shall assume all of the obligations of Borrower under the
Loan Documents in a manner reasonably satisfactory to Lender in all respects, including, without limitation, by entering into an assumption agreement in form and substance reasonably satisfactory to Lender; 

(vii) there shall be no material litigation or regulatory action pending or threatened, in writing, against Transferee or
Controlling Transferee’s Principals which in Lender’s reasonable judgment would likely result in a material adverse change in the financial condition, operations or business of Transferee or Guarantor; 

(viii) unless the Property is self-managed, the Property shall be managed by a Qualified Manager pursuant to a replacement
Management Agreement; 
 (ix) Transferee and Controlling Transferee’s Principals shall not have defaulted under its or
their obligations with respect to any other Indebtedness in a manner which is not reasonably acceptable to Lender; 
 (x) no
Event of Default shall have occurred and be continuing and no Default or Event of Default shall otherwise occur as a result of such Transfer; 

(xi) if the Transfer involves a Transfer of the Property, Borrower shall deliver, at its sole cost and expense, an endorsement
to the Title Insurance Policy insuring the Security Instrument, as modified by the assumption agreement, as a valid first lien on the Property and naming Transferee as owner of the fee estate (or leasehold estate, as applicable) of the Property,
which endorsement shall insure that, as of the date of the recording of the assumption agreement, the Property shall not be subject to any additional exceptions or liens other than those contained in the Title Insurance Policy issued on the date
hereof and the Permitted Encumbrances relating thereto; 
 (xii) [intentionally omitted]; 

  
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 (xiii) [intentionally omitted]; 

(xiv) Transferee, at its sole cost and expense, shall deliver opinions regarding existence, authority and enforceability, which
opinions may be relied upon by Lender, the Rating Agencies and their respective counsel, agents and representatives with respect to the proposed transaction; 

(xv) Transferee shall deliver (1) all organizational documentation reasonably requested by Lender, which shall evidence
due formation and existence, and shall comply with Section 4.1.30, and (2) all certificates, agreements or covenants reasonably required by Lender, provided that, in each case, the same do not increase its obligations, decrease its
rights, or otherwise adversely affect Borrower, any other Affiliate of Borrower or Transferee, in each case, except to a de minimis extent; 

(xvi) Prior to any release of Guarantor, if such a release is requested by Borrower, one (1) or more Qualified Replacement
Guarantors (or substitute guarantors reasonably acceptable to Lender) shall have assumed all of the liabilities and obligations first arising thereafter of Guarantor under the Guaranty and Environmental Indemnity executed by Guarantor or execute a
replacement guaranty and environmental indemnity reasonably satisfactory to Lender (and upon the execution of the same, the then-existing Guarantor shall be released from any and all liabilities under the Guaranty and Environmental Indemnity with
respect to events first occurring thereafter); 
 (xvii) Borrower shall have paid an assumption fee equal to (A) $0 in
connection with the first such Transfer, and (B) one percent (1.0%) of the then Outstanding Principal Balance in connection with the any subsequent Transfer; and 

(xviii) Borrower shall pay (or cause to be paid) any and all reasonable out-of-pocket costs actually incurred by Lender in connection with such Transfer (including, without limitation, Lender’s reasonable counsel fees and disbursements) and all recording fees, title
insurance premiums and mortgage and intangible taxes and the fees and expenses of the Rating Agencies (if any) pursuant to clause (ii) above. 

With respect to matters above in this Section 5.2.10(d) wherein Lender’s approval, satisfaction or consent is required, it is
agreed that Lender shall not condition its approval, satisfaction or consent upon the payment of any other fee, and Borrower shall not otherwise be required to pay any additional fee or expense to Lender, except as specifically provided in clauses
(xvii) and (xviii). 
 (e) [Reserved.] 

(f) After any Transfer permitted hereunder or consented to by Lender, Borrower shall, upon request, provide Lender an updated organizational
chart certified by Borrower as true, correct and complete. 
 (g) [Reserved.] 

  
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 (h) Notwithstanding the provisions of Section 5.2.10(a) above, Lender’s consent
shall not be required in connection with a pledge of the direct or indirect interests in Sponsor by an Upstream Borrower as part of a financing secured by all or substantially all of the assets of such Upstream Borrower (such financing, together
with any renewal or replacement financing, an “Upstream Loan”). 
 (i) Borrower, without the consent of Lender, may grant
easements, restrictions, covenants, reservations and right of way in the ordinary course of business for access, parking, water and sewer lines, telephone and telegraph lines, electric lines and other utilities or for other similar purposes,
provided that no such transfer, conveyance or encumbrance shall materially impair the utility and operation of the Property or materially adversely affect the value of the Property or the Net Operating Income of the Property. In connection with any
transfer, conveyance or encumbrance permitted in the immediately preceding sentence, the Lender shall execute and deliver any instrument reasonably necessary or appropriate to evidence its consent to said action or to subordinate the Lien of the
Security Instrument to such easements, restrictions, covenants, reservations and rights of way or other similar grants upon receipt by the Lender of: (A) a copy of the instrument of transfer; and (B) an Officer’s Certificate stating
with respect to any transfer described above, that such transfer does not materially impair the utility and operation of the Property or materially reduce the value of the Property or the Net Operating Income of the Property. If Borrower shall
receive any consideration in connection with any of said described transfers or conveyances, Borrower shall have the right to use any such proceeds in connection with any alterations performed in connection therewith, or required thereby, provided,
however, during a Cash Management Period, to the extent any such proceeds are not used in connection with alterations (or any such proceeds exceeds the amount required to perform the related alterations), Borrower shall immediately deposit such
amount or the remainder thereof, as the case may be, into the Lockbox Account. 
 (j) Notwithstanding Section 5.2.10(a), at any
time other than during the period commencing thirty (30) days prior to a Securitization and ending thirty (30) days after a Securitization, Borrower may undertake one or more Transfers of the entire Property to a Person that is Controlled
by CFLP and assumption of the entire Loan, provided that Lender receives thirty (30) days’ prior written notice of such Transfer and further provided that the following additional requirements are satisfied: 

(i) the proposed Transferee which at the time of such transfer will be in compliance with, and must be able to satisfy all of,
the representations, warranties and covenants contained in Section 4.1.30, Section 4.1.35, Section 5.1.23 and Section 5.2.9 and which shall have assumed in writing (subject to the terms of
Section 9.3 hereof) and agreed to comply with all the terms, covenants and conditions set forth in this Agreement and the other Loan Documents, expressly including, without limitation the representations, warranties and covenants
contained in Section 4.1.30, Section 4.1.35, Section 5.1.1 and Section 5.1.23 hereof; 

(ii) if the Loan is held by a REMIC Trust, Borrower shall deliver confirmation in writing from the Rating Agencies that such
proposed Transfer will not cause a downgrading, withdrawal, reduction or qualification of the ratings in effect immediately 

  
 65 

 
prior to such Transfer for the Securities, or any class thereof, issued in connection with a Securitization which are then outstanding; 

(iii) Lender shall have received with respect to Transferee, prior to such Transfer and at Borrower’s sole cost and
expense, “know your customer” searches confirming compliance with the sections referenced in clause (i) above, and verifying the transferee has not been convicted of a felony, is not then, nor has it been in the prior seven
(7) years, the subject of a Bankruptcy Action 
 (iv) Transferee, Transferee’s Principals and all other entities
which may be owned or Controlled directly or indirectly by Transferee’s Principals must not have been party to any bankruptcy proceedings, voluntary or involuntary, made an assignment for the benefit of creditors or taken advantage of any
insolvency act, or any act for the benefit of debtors within seven (7) years prior to the date of the proposed Transfer, unless otherwise reasonably acceptable to Lender; 

(v) Transferee shall assume all of the obligations of Borrower under the Loan Documents in a manner reasonably satisfactory to
Lender in all respects, including, without limitation, by entering into an assumption agreement in form and substance reasonably satisfactory to Lender; 

(vi) there shall be no material litigation or regulatory action pending or threatened, in writing, against Transferee or
Controlling Transferee’s Principals which in Lender’s reasonable judgment would likely result in a material adverse change in the financial condition, operations or business of Transferee or Guarantor; 

(vii) unless the Property is self-managed (by Borrower or Major Tenant), the Property shall be managed by a Qualified Manager
pursuant to a replacement Management Agreement; 
 (viii) Transferee and Controlling Transferee’s Principals shall not
have defaulted under its or their obligations with respect to any other Indebtedness in a manner which is not reasonably acceptable to Lender; 

(ix) no Event of Default shall have occurred and be continuing and no Default or Event of Default shall otherwise occur as a
result of such Transfer; 
 (x) Borrower shall deliver, at its sole cost and expense, an endorsement to the Title Insurance
Policy insuring the Security Instrument, as modified by the assumption agreement, as a valid first lien on the Property and naming Transferee as owner of the fee estate (or leasehold estate, as applicable) of the Property, which endorsement shall
insure that, as of the date of the recording of the assumption agreement, the Property shall not be subject to any additional exceptions or liens other than those contained in the Title Insurance Policy issued on the date hereof and the Permitted
Encumbrances relating thereto; 
 (xi) [intentionally omitted]; 

  
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 (xii) Transferee, at its sole cost and expense, shall deliver opinions regarding
existence, authority and enforceability, which opinions may be relied upon by Lender, the Rating Agencies and their respective counsel, agents and representatives with respect to the proposed transaction; 

(xiii) Transferee shall deliver (1) all organizational documentation reasonably requested by Lender, which shall evidence
due formation and existence, and shall comply with Section 4.1.30, and (2) all certificates, agreements or covenants reasonably required by Lender, provided that, in each case, the same do not increase its obligations, decrease its
rights, or otherwise adversely affect Borrower, any other Affiliate of Borrower or Transferee, in each case, except to a de minimis extent; 

(xiv) Prior to any release of Guarantor, if such a release is requested by Borrower, one (1) or more Qualified Replacement
Guarantors (or substitute guarantors reasonably acceptable to Lender) shall have assumed all of the liabilities and obligations first arising thereafter of Guarantor under the Guaranty and Environmental Indemnity executed by Guarantor or execute a
replacement guaranty and environmental indemnity reasonably satisfactory to Lender (and upon the execution of the same, the then-existing Guarantor shall be released from any and all liabilities under the Guaranty and Environmental Indemnity with
respect to events first occurring thereafter); and 
 (xv) Borrower shall pay (or cause to be paid) any and all reasonable out-of-pocket costs actually incurred by Lender in connection with such Transfer (including, without limitation, Lender’s reasonable counsel fees and disbursements) and
all recording fees, title insurance premiums and mortgage and intangible taxes and the fees and expenses of the Rating Agencies (if any) pursuant to clause (ii) above. 

With respect to matters above in this Section 5.2.10(j) wherein Lender’s approval, satisfaction or consent is required, it is
agreed that Lender shall not condition its approval, satisfaction or consent upon the payment of any other fee, including any assumption fee, and Borrower shall not otherwise be required to pay any additional fee or expense to Lender, except as
specifically provided in clause (xv). 
 (k) Lender shall approve or disapprove any proposed Transfer governed by this
Section 5.2.10 within twenty (20) days of Lender’s receipt of a written notice from Borrower requesting Lender’s approval, provided such notice includes all information necessary to make such decision, and further provided
that such written notice from Borrower shall conspicuously state, in large bold type, that “PURSUANT TO SECTION 5.2.10 OF THE LOAN AGREEMENT, A RESPONSE IS REQUIRED WITHIN TWENTY (20) DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN
NOTICE”. If Lender fails to disapprove any proposed Transfer within such period, Borrower shall provide a second written notice requesting approval, which written notice shall conspicuously state, in large bold type, that “PURSUANT
TO SECTION 5.2.10 OF THE LOAN AGREEMENT, THE MATTER DESCRIBED HEREIN SHALL BE DEEMED APPROVED IF LENDER DOES NOT RESPOND TO THE CONTRARY WITHIN TEN (10) DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN NOTICE”. Thereafter, if Lender
does not disapprove the proposed Transfer within said ten (10) day period, Lender’s consent to the proposed Transfer shall be deemed to have been 

  
 67 

 
given; provided, however, and notwithstanding the foregoing, if the Note (or any portion thereof) is held by a REMIC Trust, no such consent to the proposed Transfer shall be deemed given unless
and until Borrower shall have delivered confirmation in writing from the Rating Agencies that such proposed Transfer will not cause a downgrading, withdrawal, reduction or qualification of the ratings in effect immediately prior to such Transfer for
the Securities, or any class thereof, issued in connection with a Securitization which are then outstanding, or Lender has determined that Rating Agency confirmation is not required. 

(l) Except as set forth herein, no sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer all or any part of the Property,
shall be permitted during the term of the Loan without Lender’s prior written approval. Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order to declare the Debt
immediately due and payable upon Borrower’s sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Property without Lender’s consent if such consent is required herein. This provision shall apply to every sale,
conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Property regardless of whether voluntary or not, or whether or not Lender has consented to any previous sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer
of the Property. 
 (m) Lender’s consent to any sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Property
shall not be deemed to be a waiver of Lender’s right to require such consent in the future. Any sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Property made in contravention of this Section shall be null and void
and of no force or effect 
 (n) Borrower agrees to bear and shall pay or reimburse Lender on demand for all reasonable expenses (including,
without limitation, Lender’s actual out-of-pocket attorneys’ fees and disbursements, title search costs, rating agency fees and title insurance endorsement premiums) incurred by Lender in connection with the review, approval or
disapproval, and documentation of any such sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer; provided, however, that Borrower is not obligated to pay any administrative fee, processing fee or other similar fee unless any such
fee is specifically set forth elsewhere in Section 5.2.10. With respect to Transfers for which Lender’s review and/or approval of certain information is required, it is agreed that Lender shall not condition its approval,
satisfaction or consent upon the payment of any assumption or transfer fee (except as otherwise expressly provided herein), and Borrower shall not otherwise be required to pay any additional fee or expense to Lender, other than Lender’s
reasonable out-of-pocket expenses. 
 (o) Notwithstanding anything to the contrary herein, the organizational documents of the relevant
entity may be amended as and to the extent necessary to effectuate a Transfer which is permitted (or not otherwise prohibited) hereby, provided that with respect to Borrower or any other Person required to be a Special Purpose Entity under the Loan
Documents, no such amendment may modify the Special Purpose Entity components of such organizational documents without the prior written consent of Lender (which shall not be unreasonably withheld, conditioned or delayed). 

  
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 (p) With respect to Transfers that are not prohibited hereby, or which are expressly permitted
hereby, or for which the relevant provision provides that “Lender’s consent is not required” (or variations thereon), it is agreed that no approval, confirmation or consent from, and no notice to, any other Person shall be required in
connection therewith, including without limitation any servicer, Rating Agency, trustee, bondholder, controlling class holder or other holder of any beneficial interest in the Loan unless expressly provided herein. 

(q) Notwithstanding anything to the contrary herein, if a Transfer of a beneficial interest in Borrower which is permitted hereunder involves
a reverse tax-deferred exchange under Section 1031 of the Code, such Transfer may be effectuated through one or more steps, including by means of an intermediate transfer to a qualified intermediary; provided, however, with respect to any such
Transfer, the ultimate beneficiary satisfies the requirements set forth herein and such step transaction is completed within 180 days from the date the initial step in such Transfer is affected. 

(r) Any Event of Default or event giving rise to recourse under Section 9.3 hereof, resulting from Transfer undertaken by Borrower
or any other Person which, but for the provision of any required notice or documentation to Lender, the Rating Agencies or other Person as required hereby, would be permitted hereunder, shall be deemed cured (and shall not result in recourse under
Section 9.3 hereof) if such notice or documentation is subsequently provided to Lender within ten (10) Business Days after notice by Lender to Borrower (provided that Borrower shall be required to reimburse Lender for actual,
out-of-pocket expenses incurred in connection with such Transfer). 
 (s) If and to the extent that a particular Transfer could be construed
as being within more than one of the categories of Transfers permitted hereunder (including Permitted Transfers), the least restrictive provision as to Borrower’s rights shall apply; it is acknowledged that the Borrower and Lender, for an
abundance of clarity, intentionally included certain provisions for which the rights of Borrower therein may be fully or partially subsumed in another provision. 

Section 5.3 Major Tenant’s Obligations. It is acknowledged and agreed that the Major Tenant Lease is a triple-net
lease, for which the Major Tenant is required to manage and perform all aspects of the daily operation of the Property and pay all expenses relating thereto. Lender acknowledges and agrees that Borrower’s obligations under Sections 3.4 and 3.6
of the Security Instrument shall, in each case, be subject to the rights and obligations of Major Tenant under the Major Tenant Lease. 

ARTICLE VI – INSURANCE; CASUALTY; CONDEMNATION 

Section 6.1 Insurance. 

(a) Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the following
coverages: 
 (i) comprehensive all risk “special form” insurance including, but not limited to, loss caused by any
type of windstorm/named storm or hail on the Improvements and the Personal Property, in each case (A) in an amount equal to one hundred percent 

  
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(100%) of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities
and footings) with a waiver of depreciation; (B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co insurance provisions; (C) providing for no deductible in excess of Twenty Five
Thousand and No/100 Dollars ($25,000.00) for all such insurance coverage, provided however with respect to earthquake and windstorm/named storm coverage providing for a deductible not to exceed 5% of the total insurable value of the Property; and
(D) containing “Ordinance or Law Coverage” covering the value of the undamaged portion of the Property, the cost of demolition and increased cost of construction in amounts as requested by Lender if any of the Improvements or the use
of the Property shall at any time constitute legal non-conforming structures or uses. In addition, Borrower shall obtain: (y) if any portion of the Improvements is currently or at any time in the future located in a federally designated
“special flood hazard area”, (I) flood hazard insurance in an amount equal to the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National
Flood Insurance Reform Act of 1994, as each may be amended, plus (II) subject to Section 6.1(g) below, such additional excess flood coverage in an amount as Lender shall reasonably require and generally required by prudent institutional
commercial mortgage lenders originating mortgage loans for securitization, and (z) earthquake insurance in amounts and in form and substance satisfactory to Lender (but in any event, in an amount no more than 200% of the “probable maximum
loss”) in the event the Property is located in an area with a high degree of seismic activity and the “probable maximum loss” or scenario expected loss for the Improvements, as determined by an engineer satisfactory to Lender, is 20%
or greater (based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance), provided that the insurance pursuant to clauses (y) and (z) hereof shall be on terms consistent with the comprehensive all
risk insurance policy required under this subsection (i); 
 (ii) commercial general liability insurance against claims for
personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the so called “occurrence” form with a combined limit of not less than Two Million and No/100 Dollars
($2,000,000.00) in the aggregate (and, if on a blanket policy, containing an “Aggregate Per Location” endorsement) and One Million and No/100 Dollars ($1,000,000.00) per occurrence; (B) to continue at not less than the aforesaid limit
until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed
operations on an “if any” basis; (3) independent contractors; (4) contractual liability for all insured contracts; and (5) contractual liability covering the indemnities contained in Article 9 of the Security Instrument
to the extent the same is available; 
 (iii) loss of rents insurance (A) with loss payable to Lender; (B) covering
all risks required to be covered by the insurance provided for in subsections (i), (iv), (v), (ix) and the relevant portions of (x) herein; (C) for a period of at least twelve (12) months after the date of the casualty, and
notwithstanding that the policy may expire prior to the end of such period; and (D) in an annual amount equal to one hundred percent (100%) of 

  
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the projected gross income from the Property for a 12 month period. The amount of such business income insurance shall be determined prior to the date hereof and at least once each year
thereafter based on Borrower’s reasonable estimate of the gross income from the Property for the succeeding twelve (12) month period. All proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied
in Lender’s sole discretion to the obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligation
to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance;

 (iv) at all times during which structural construction, repairs or alterations are being made with respect to the
Improvements, and only if the Property and Liability insurance coverage forms do not otherwise apply, (A) commercial general liability and umbrella liability insurance covering claims related to construction, repair and alteration at the
Property not covered by or under the terms or provisions of the above mentioned commercial general liability insurance and umbrella liability insurance policies; and (B) the insurance provided for in subsection (i) above written in a so
called builder’s risk completed value form in amounts and with deductibles, terms and conditions reasonably required by Lender (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsections (i), (iii),
(v), (ix) and the relevant porions of (x) herein, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving co insurance provisions; 

(v) comprehensive boiler and machinery insurance, if steam boilers or other pressure fixed vessels are in operation, in amounts
as shall be reasonably required by Lender on terms consistent with the commercial property insurance policy required under subsection (i) above; 

(vi) at any time Borrower has any direct employees or owns and/or operates any motor vehicles, automobile liability coverage
for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence of One Million Dollars and 00/100 Dollars ($1,000,000.00); 

(vii) at any time Borrower has any direct employees, worker’s compensation subject to the worker’s compensation laws
of the applicable state and employer’s liability insurance with a limit of at least One Million and No/100 Dollars ($1,000,000) per accident and per disease per employee, and One Million and No/100 Dollars ($1,000,000) for disease aggregate in
respect of any work or operations on or about the Property, or in connection with the applicable Property or its operation and insurance against employee dishonesty in an amount required by Lender and with a deductible not greater than Ten Thousand
and No/100 Dollars ($10,000); 
 (viii) umbrella and excess liability insurance in addition to primary coverage in an amount
not less than Two Million and No/100 Dollars ($2,000,000.00) per occurrence 

  
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on terms consistent with the commercial general liability insurance policy required under subsection (ii) and the commercial auto liability policy under subsection (vi) above; 

(ix) the commercial property, general liability, loss of rents, and umbrella liability insurance required under this
Section 6.1(a) shall include coverage for loss resulting from perils and acts of terrorism in amounts and with terms and conditions consistent with the commercial property, general liability, loss of rents, and umbrella liability insurance
required under this Section 6.1(a), or such terrorism coverage shall be provided on a standalone basis. The policy or endorsement providing for such insurance shall be in form and substance satisfactory to Lender; and 

(x) upon sixty (60) days’ written notice, such other reasonable insurance including, but not limited to, sinkhole or
land subsidence insurance, and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Property located in or
around the region in which the Property is located. 
 (b) All insurance provided for in Section 6.1(a) above shall be obtained under
valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies, amounts, deductibles, loss payees and insureds. The
Policies shall be issued by financially sound and responsible insurance companies authorized to do business in the State and having a claims paying ability rating of “A:X” or better in the current Best’s Insurance Reports or a claims
paying ability rating of “A-” or better by S&P. The Policies described in Section 6.1 (other than those strictly limited to liability protection) shall designate Lender as mortgagee/loss payee. Not less than three
(3) Business Days prior to the expiration dates of the Policies theretofore furnished to Lender, Borrower shall provide Lender certificates of insurance evidencing the renewal or successor Policies (and, upon Lender’s request, certified
copies of such Policies) accompanied by evidence satisfactory to Lender of payment of the premiums then due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender. 

(c) Any blanket insurance Policy shall be subject to Lender’s approval, which approval shall be conditioned upon, among other things,
evidence satisfactory to Lender that such Policy provides the same protection as would a separate Policy insuring only the Property in compliance with the provisions of Section 6.1(a) hereof. 

(d) All Policies of insurance provided for or contemplated by Section 6.1(a) shall be primary coverage and shall name Borrower as a named
insured and, in the case of all liability insurance policies, except for the policies referenced in subsection 6.1(a)(vii), shall name Lender and its successors and/or assigns as the additional insured, as its interests may appear, and in the case
of property insurance (including, but not limited to, terrorism, boiler and machinery, flood and earthquake insurance), shall name Lender and its successors and/or assigns, as its interests may appear, as mortgagee pursuant to a non-contributing
mortgagee clause in favor of Lender and its successors and/or assigns providing that the loss thereunder shall be payable to Lender and its successors and/or assigns. Borrower shall not procure or permit any of its constituent entities to procure
any other insurance coverage which would be on the same level of payment as 

  
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the Policies or would adversely impact in any way the ability of Borrower or Lender to collect any proceeds under any of the Policies. 

(e) All property Policies provided pursuant to Section 6.1(a) shall provide that: 

(i) no act or negligence of Borrower, or of any other insured under the Policy or failure to comply with the provisions of any
Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, or commencement of foreclosure or similar action, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned; 

(ii) the Policy shall not be canceled without at least thirty (30) days written notice to Lender except 10 days for
nonpayment of premium. If the issuer cannot or will not provide the required notice, borrower shall provide such notice; 

(iii) the issuers thereof shall give ten (10) days’ written notice to Lender if the issuers elect not to renew the
Policies prior to its expiration; and 
 (iv) Lender shall not be liable for any Insurance Premiums thereon or subject to any
assessments thereunder. 
 (f) If at any time Lender is not in receipt of written evidence that all insurance (including self-insurance, if
permitted pursuant to the terms hereof) required hereunder is in full force and effect, Lender shall have the right, with five (5) Business Days’ notice to Borrower (or without prior notice at any time Lender deems necessary to avoid lapse
of any such coverage), to take such action as Lender deems necessary to protect its interest in the Property (or any portion thereof), including, without limitation, the obtaining of such insurance coverage as Lender in its sole discretion deems
appropriate. All costs and expense (including any Insurance Premiums) incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand with interest from the
date such costs and expenses were incurred to and including the date until paid and received by Lender, shall be secured by the Security Instrument and shall bear interest at the Default Rate. 

(g) Notwithstanding the foregoing, with respect to the Walgreens Premises, to the extent: (i) the Walgreens Lease in effect at the
Property on the date hereof is in full force and effect, (ii) no default beyond any applicable notice and cure period has occurred and is continuing under such Walgreens Lease, (iii) Walgreens (or any guarantor of the Walgreens Lease)
remains fully liable for the obligations and liabilities under the Walgreens Lease and Walgreens (or any guarantor of the Walgreens Lease) maintains a credit rating from S&P of at least “BBB-”, (iv) the Walgreens Lease will remain
in full force and effect following a Casualty and Walgreens is obligated per the terms of the Walgreens Lease to rebuild and/or repair the Walgreens Premises at its sole cost and expense and is entitled to no period of rent abatement,
(v) Walgreens maintains, either through a program of self-insurance or otherwise, the insurance required to be maintained by it under the Walgreens Lease (which, for purposes of this clause (g)(v), shall be deemed to include a requirement to
maintain insurance on the building and the attached drive-through canopy located on the Walgreens Premises) and is required under the Walgreens Lease to name Borrower and Lender as additional insured under the commercial

  
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general liability insurance policies or self-insurance required under the Walgreens Lease (inclusive of any required umbrella/excess liability as may be required under the Walgreens Lease),
and (vi) Borrower shall have provided to Lender evidence satisfactory to Lender that Walgreens under the Walgreens Lease maintains in full force and effect the insurance described in clause (v) above (which may be satisfied through the
delivery of a digital link to the Walgreens website where its insurance information is summarized) (subsections (i), (ii), (iii), (iv), (v) and (vi) collectively the “Self-Insurance Requirements”), then Borrower shall be
deemed in compliance with the requirements herein Section 6.1 with respect to the Walgreens Premises, and will not be required to maintain the coverage required under Section 6.1 as respects the Walgreens Premises, provided
further that and notwithstanding anything to the contrary herein, in the event all or any portion of the Improvements or Personal Property at the Property is currently or at any time in the future located in a federally designated special flood
hazard area, Borrower shall be responsible for maintaining the coverage available through the National Flood Insurance Program as required pursuant Section 6.1(a)(i)(y)(I). In addition, if the Self-Insurance Requirements are not satisfied
solely because Walgreens (or the guarantor of the Walgreens Lease) does not satisfy the requirement to maintain a credit rating from S&P of at least “BBB-”, such rating requirement shall be deemed satisfied notwithstanding such
deficiency if Walgreens or its parent corporation has a net worth, calculated in accordance with GAAP, of at least Three Hundred Million Dollars ($300,000,000.00). If Walgreens fails to meet any of the Self-Insurance Requirements, then Borrower
shall obtain, at Borrower’s sole cost and expense, all insurance as required by this Section 6.1 which meets the requirements hereof providing coverage that will pay proceeds in an amount sufficient to restore the Property. Such
insurance shall either be (x) “Primary” insurance coverage in the event that Walgreens does not provide the applicable insurance coverage required in Section 6.1, or (y) “excess and contingent” insurance
coverage, over and above any other valid and collectible coverage then in existence, in the event that Walgreens does not have sufficient coverage to meet the requirements under this Section 6.1, as shall be necessary to bring the
insurance coverage for the Walgreens Premises into full compliance with all of the terms and conditions of this Section 6.1. 

Section 6.2 Casualty. If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a
“Casualty”), Borrower shall give prompt written notice of such damage to Lender and shall promptly commence and diligently prosecute the completion of the Restoration of the Property pursuant to Section 6.4 hereof as
nearly as possible to the condition the Property was in immediately prior to such Casualty, with such alterations as may be permitted by the Major Tenant Lease, or as otherwise reasonably approved by Lender and otherwise in accordance with
Section 6.4 hereof (a “Restoration”). Borrower shall pay, or cause Major Tenant to pay, all costs of such Restoration whether or not such costs are covered by insurance. Lender may, but shall not be obligated to make
proof of loss if not made promptly by Borrower. In addition, but subject to the rights of the Major Tenant under the Major Tenant Lease, Lender may participate in any settlement discussions with any insurance companies (and shall approve the final
settlement, which approval shall not be unreasonably withheld or delayed) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than the Relevant Restoration Threshold and Borrower
shall deliver to Lender all instruments required by Lender to permit such participation. 
 Section 6.3 Condemnation.
Borrower shall promptly give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of the Property and shall 

  
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deliver to Lender copies of any and all papers served in connection with such proceedings. Subject to the rights of the Major Tenant under the Major Tenant Lease, Lender may participate in any
such proceedings, and Borrower shall from time to time deliver to Lender all instruments requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its
attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer
made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award
shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be
entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If any portion of the Property is taken by a condemning authority, Borrower shall promptly commence and diligently prosecute the Restoration of the
Property pursuant to Section 6.4 hereof and otherwise comply with the provisions of Section 6.4 hereof. Subject to the rights of the Major Tenant under the Major Tenant Lease, if the Property is sold, through foreclosure or
otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt.

 Notwithstanding the foregoing provisions of this Section 6.3, Section 6.4 hereof or in the Major Tenant Lease, if
the Loan or any portion thereof is included in a REMIC Trust and, immediately following a release of any portion of the Lien of the Security Instrument in connection with a Condemnation or Casualty (but taking into account any proposed Restoration
on the remaining portion of the Property), the Loan to Value Ratio is greater than 125%, the principal balance of the Loan must be paid down by the least of the following amounts: (i) the net Condemnation Proceeds, (ii) the fair market
value of the released property at the time of the release, or (iii) an amount such that the Loan to Value Ratio (as so determined by Lender) does not increase after the release, unless the Lender receives an opinion of counsel that if such
amount is not paid, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the related release of such portion of the Lien of the Security Instrument. Any such prepayment shall not require the payment of any yield
maintenance premium or other prepayment penalty. 
 Section 6.4 Restoration. The following provisions shall apply in
connection with the Restoration of the Property: 
 (a) If the Net Proceeds shall be less than the Relevant Restoration Threshold and the
costs of completing the Restoration shall be less than the Relevant Restoration Threshold, the Net Proceeds will be disbursed to Borrower, provided that all of the conditions set forth in Section 6.4(b)(i) (excluding clauses (E), (F),
and (K)) hereof are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. 

  
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 (b) If the Net Proceeds are equal to or greater than the Relevant Restoration Threshold or the
costs of completing the Restoration is equal to or greater than the Relevant Restoration Threshold, Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 6.4. The term
“Net Proceeds” for purposes of this Section 6.4 shall mean: (1) the net amount of all insurance proceeds received by Lender pursuant to Section 6.1 (a)(i), (iv), (ix) and (x) as a
result of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Insurance Proceeds”), or (2) the net amount of
the Award, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Condemnation Proceeds”), whichever the case may be. 

(i) The Net Proceeds shall be made available to Borrower for Restoration provided that each of the following conditions are
met: 
 (A) no Event of Default shall have occurred and be continuing; 

(B) (1) in the event the Net Proceeds are Insurance Proceeds, and (x) less than twenty-five percent (25%) of the
total floor area of the Improvements on the Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (y) Borrower is required under a Major Tenant Lease to use the Net Proceeds for the Restoration of the
Property, or (2) in the event the Net Proceeds are Condemnation Proceeds, and (x) less than ten percent (10%) of the land constituting the Property is taken, and such land is located along the perimeter or periphery of the Property,
and no portion of the Improvements is located on such land, or (y) Borrower is required under a Major Tenant Lease to use the Net Proceeds for the Restoration of the Property; 

(C) The applicable Major Lease or Leases demising in the aggregate a percentage amount equal to or greater than the Rentable
Space Percentage of the total rentable space in the Property which has been demised under executed and delivered Leases in effect as of the date of the occurrence of such Casualty or Condemnation, whichever the case may be, shall remain in full
force and effect during and after the completion of the Restoration, notwithstanding the occurrence of any such Casualty or Condemnation, whichever the case may be, and Borrower and/or Tenant, as applicable under the respective Lease, will make all
necessary repairs and restorations thereto at their sole cost and expense. The term “Rentable Space Percentage” shall mean (1) in the event the Net Proceeds are Insurance Proceeds, a percentage amount equal to seventy five
percent (75%) and (2) in the event the Net Proceeds are Condemnation Proceeds, a percentage amount equal to seventy five percent (75%); 

(D) Subject to the rights of the Major Tenant under the Major Tenant Lease, Borrower shall commence the Restoration as soon as
reasonably practicable (but in no event later than ninety (90) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion; 

  
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 (E) Lender shall be satisfied that any operating deficits, including all
scheduled payments of principal and interest under the Note, which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of (1) the Net
Proceeds, (2) the insurance coverage referred to in Section 6.1(a)(iii) hereof, if applicable, or (3) by other funds of Borrower; 

(F) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) six
(6) months prior to the Anticipated Repayment Date, (2) the earliest date required for such completion under the terms of any Leases, (3) such time as may be required under all applicable Legal Requirements in order to repair and
restore the Property to the condition it was in immediately prior to such Casualty or to as nearly as possible the condition it was in immediately prior to such Condemnation, as applicable, or (4) the expiration of the insurance coverage
referred to in Section 6.1(a)(ii) hereof (if the Major Tenant is not otherwise obligated to continue payment rent without offset); 

(G) the Property and the use thereof after the Restoration will be in compliance with and permitted under all applicable Legal
Requirements; 
 (H) the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in
compliance with all applicable Legal Requirements; 
 (I) such Casualty or Condemnation, as applicable, does not result in
the loss of access to the Property or the related Improvements; 
 (J) the Debt Service Coverage Ratio for the Property,
after giving effect to the Restoration shall be equal to or greater than 1.50 to 1.0; 
 (K) Borrower shall deliver, or cause
to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be subject to Lender’s reasonable approval; and 

(L) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in
Lender’s discretion to cover the cost of the Restoration. 
 (ii) The Net Proceeds shall be held by Lender in an
interest-bearing Eligible Account and, until disbursed in accordance with the provisions of this Section 6.4(b), shall constitute additional security for the Debt and Other Obligations under the Loan Documents. The Net Proceeds shall be
disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor performed (except to the
extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or
notices of 

  
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intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property which have not either been fully bonded to the satisfaction of Lender and discharged of record
or in the alternative fully insured to the satisfaction of Lender by the title company issuing the Title Insurance Policy. 

(iii) All plans and specifications required in connection with the Restoration shall be subject to prior review and acceptance
in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”), such review and acceptance not to be unreasonably withheld or delayed. Lender shall have the use of the plans and
specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts under which they
have been engaged, shall be subject to prior review and approval by Lender and the Casualty Consultant, such review and acceptance not to be unreasonably withheld or delayed. All costs and expenses incurred by Lender in connection with making the
Net Proceeds available for the Restoration including, without limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower. 

(iv) In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs
actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term “Casualty Retainage” shall mean an amount equal to ten percent
(10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to the
contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the
Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b) and that all approvals necessary for the re-occupancy and use of the Property have been obtained
from all appropriate governmental and quasi-governmental authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage;
provided, however, that Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to
Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, the
contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company issuing the Title
Insurance Policy, and Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien of the Security Instrument and evidence of payment of any premium payable for such endorsement. If required by Lender, the
release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued 

  
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a payment or performance bond with respect to the contractor, subcontractor or materialman. 

(v) Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month.

 (vi) If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Lender in
consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the Restoration, and the Major Tenant is not
otherwise obligated to pay the same, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with
Lender shall be held by Lender and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this
Section 6.4(b) shall constitute additional security for the Debt and Other Obligations under the Loan Documents. 

(vii) The excess, if any, of the Net Proceeds (and the remaining balance, if any, of the Net Proceeds Deficiency) deposited
with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b), and the receipt by Lender of evidence reasonably satisfactory to Lender that
all costs incurred in connection with the Restoration have been paid in full, shall be deposited in the Cash Management Account (or, provided no Cash Sweep Event shall have occurred, to Borrower) to be disbursed to Borrower in accordance with this
Agreement, provided no Event of Default shall have occurred and shall be continuing under the Note, this Agreement or any of the other Loan Documents. 

(c) All Net Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as excess Net
Proceeds pursuant to Section 6.4(b)(vii) hereof may be retained and applied by Lender toward the payment of the Debt in accordance with the Note, whether or not then due and payable in such order, priority and proportions as Lender in
its sole discretion shall deem proper (provided no Event of Default exists, Borrower shall not be required to pay any yield maintenance or other prepayment penalty in connection with such payment), or, at the discretion of Lender, the same may be
paid, either in whole or in part, to Borrower for such purposes as Lender shall approve, in its discretion. 
 (d) [intentionally omitted].

 (e) In the event of foreclosure of the Security Instrument, or other transfer of title to the Property (or any portion thereof) in
extinguishment in whole or in part of the Debt all right, title and interest of Borrower in and to the Policies then in force concerning the Property (or any portion thereof) and all proceeds payable thereunder shall thereupon vest in the purchaser
at such foreclosure or Lender or other transferee in the event of such other transfer of title. 
 (f) [intentionally omitted]. 

  
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 (g) If a Tenant leases all or substantially all of a building located on the Property, and the
Improvements thereon suffer a Casualty or Condemnation, then provided (i) such Tenant is not in monetary or material non-monetary default under its Lease, (ii) such Tenant has not given notice of its intention to terminate such Lease as a
result of such Casualty or Condemnation, (iii) such Tenant remains liable for the obligations under such Lease (without reduction or abatement unless covered by business interruption/rent loss insurance) notwithstanding such Casualty or
Condemnation, and (iv) such Lease requires Restoration of the Improvements or entitles such Tenant to use or possession of any Net Proceeds or Awards, such Lease shall govern and control in the event of a conflict between the foregoing
provisions of this Section 6.4 regarding disbursement of Net Proceeds or Awards and such Lease. For sake of clarity, if the terms and conditions of Section 6.4 contain conditions to the disbursement or use of Net Proceeds or
Awards which are not conditions in the applicable Lease, such additional conditions herein shall be deemed to be in “conflict” with such Lease. 

ARTICLE VII – RESERVE FUNDS 

Section 7.1 Required Repairs. 

7.1.1 Performance of Required Repairs 

(a) Borrower shall perform the repairs at the Property as more particularly set forth on Schedule X hereto (such repairs, collectively,
the “Required Repairs”), and shall complete each of the Required Repairs on or before October 11, 2017. 
 (a) Nothing in
this Section 7.1.1 shall (i) make Lender responsible for making or completing any Required Repairs; (ii) obligate Lender to commence or proceed with any Required Repairs; (iii) require Lender to expend any funds to
complete any Required Repairs; or (iv) obligate Lender to demand from Borrower additional sums to perform or complete any Required Repairs. 

(b) Borrower shall permit Lender and its agents and representatives (including, without limitation, Lender’s engineer or architect) or
third parties to enter onto the Property during normal business hours (subject to the rights of Tenants under their Leases) to inspect the progress of any Required Repairs and all materials being used in connection therewith and to examine all
plans, specifications and shop drawings relating to such Required Repairs. Borrower shall cause all contractors, subcontractors and materialmen to cooperate with Lender and its agents and representatives or such other Persons described above in
connection with the inspections, if any, required by Lender in accordance with this Section 7.1.1. 
 (c) All Required Repairs
and all materials, equipment, fixtures, or any other item comprising a part of any Required Repair shall be constructed, installed or completed, as applicable, free and clear of all liens, claims and other encumbrances not previously approved by
Lender. 
 (d) All Required Repairs shall comply with all applicable Legal Requirements of all Governmental Authorities having jurisdiction
over the Property and all applicable 

  
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insurance requirements (including, without limitation, applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters). 

(e) In addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided builder’s risk
insurance, workers’ compensation insurance, public liability insurance and other insurance to the extent required by the applicable Legal Requirements in connection with any Required Repair. All such policies shall be in form and amount
reasonably satisfactory to Lender. All such policies which can be endorsed with a non-contributing mortgagee clause (or its equivalent) making loss thereunder payable to Lender and its successors and/or assigns shall be so endorsed. At Lender’s
request, certified copies of such policies shall be delivered to Lender. 
 7.1.2 Failure to Perform Required Repairs. It
shall be an Event of Default if (a) Borrower does not complete the Required Repairs by the required deadline for each Required Repair as set forth on Schedule X, or (b) Borrower fails to comply with any other provision of this
Section 7.1 and such failure is not cured within thirty (30) days after notice from Lender. Upon the occurrence of an Event of Default, Lender may, at its option, perform or complete any Required Repairs and Borrower shall promptly pay to
Lender upon demand all reasonable and actual costs and expenses incurred by Lender in connection with the performance and/or completion of any such Required Repairs. Such right to perform or complete the Required Repairs shall be in addition to all
other rights and remedies provided to Lender under this Agreement and the other Loan Documents.  
 Section 7.2 Tax and
Insurance Escrow Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit and (b) on each Payment Date thereafter (i) one-twelfth (1/12) of the Taxes and Other Charges that Lender estimates will be
payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes and Other Charges at least thirty (30) days prior to their respective delinquency dates, and (ii) one-twelfth (1/12) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with
Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (said amounts in (a) and (b) above hereinafter called the “Tax and Insurance Escrow Fund”).
Provided, however, so long as Borrower maintains blanket policies of insurance in accordance with Section 6.1 hereof, the provisions of this Section with regard to Insurance Premiums shall not be applicable, until and unless Lender
elects to apply such provisions following (i) the issuance by any insurer or its agent of any notice of cancellation, termination, or lapse of any insurance coverage required under Section 6.1 hereof, (ii) any cancellation,
termination, or lapse of any insurance coverage required under Section 6.1 hereof whether or not any notice is issued, (iii) Lender having not received from Borrower evidence of insurance coverages as required by and in accordance
with the terms of Section 6.1 hereof, or (iv) the occurrence of any Event of Default or the occurrence of any event which with the giving of notice, the passage of time or both would result in an Event of Default. Lender shall apply
the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.1.2 hereof and under the Security Instrument. In making any payment relating to the Tax and Insurance
Escrow Fund, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill,
statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof; provided, 

  
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however, Lender shall use reasonable efforts to pay such real property taxes sufficiently early to obtain the benefit of any available discounts to which it has knowledge. If the amount of the
Tax and Insurance Escrow Fund shall exceed the amounts due for Taxes, Other Charges and Insurance Premiums pursuant to Section 5.1.2 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against
future payments to be made to the Tax and Insurance Escrow Fund. If at any time Lender reasonably determines that the Tax and Insurance Escrow Fund is not or will not be sufficient to pay Taxes, Other Charges and Insurance Premiums by the dates set
forth in (a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty
(30) days prior to the due date of the Taxes and Other Charges or thirty (30) days prior to expiration of the Policies, as the case may be. 

Notwithstanding anything to the contrary hereinbefore contained, Lender shall waive the requirement set forth herein for Borrower to make
deposits for the payment of Taxes into the Tax and Insurance Escrow Fund so long as (I) if the Major Tenant Lease is no longer in full force and effect, (a) no Event of Default then exists, (b) the Debt Service Coverage Ratio, based
on the trailing three (3) month period immediately preceding the date of such determination is equal to or greater than 1.50 to 1.00, and (c) Borrower provides to Lender prior to the date on which such Taxes would be delinquent, evidence
satisfactory (as determined by Lender) that such Taxes have been paid, or (II) if the Major Tenant Lease remains in full force and effect, (a) no Event of Default then exists, (b) Major Tenant is required under the Major Tenant Lease to
pay, and does pay, Taxes directly to the appropriate public office (and Lender, upon written request, receives evidence of such payment), and (c) no event of default (after applicable notice and cure periods) exists under such Major Tenant
Lease. 
 For sake of clarity, if the Self-Insurance Requirements are satisfied, Lender shall waive the requirement set forth herein for
Borrower to make deposits for the payment of Insurance Premiums into the Tax and Insurance Escrow Fund. 
 Section 7.3 Capital
Expenditure Funds. 
 7.3.1 Deposits of Capital Expenditure Funds. On each Monthly Payment Date, Borrower shall
deposit with Lender an amount equal to Four Hundred and 18/100 Dollars ($400.18) (the “Monthly Capital Expenditure Deposit”) for annual Capital Expenditures approved by Lender, which approval shall not be unreasonably
withheld or delayed. Amounts deposited pursuant to this Section 7.3.1 are referred to herein as the “Capital Expenditure Funds” and the account in which such amounts are held by Lender shall hereinafter be
referred to as the “Capital Expenditure Account.” Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrower to increase the monthly deposits required pursuant
to this Section 7.3.1 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary for proper maintenance and operation of the Property. Notwithstanding any
provisions of Section 7.3.1 hereof to the contrary, provided and on condition that each of the Capital Expenditure Reserve Waiver Conditions Precedent are satisfied and remain satisfied at all times, Borrower shall not be required
to make the Monthly Capital Expenditure Deposit on account of Capital Expenditures as provided herein. If at any time any or all of the Capital Expenditure Reserve 

  
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Waiver Conditions Precedent are no longer met, Borrower shall immediately begin and shall continue to fund the Capital Expenditure Account on account of Capital Expenditures as provided herein.

 Section 7.3.2 Release of Capital Expenditure Funds. 

(a) Lender shall disburse Capital Expenditure Funds only for Capital Expenditures. 

(b) Lender shall disburse to Borrower the Capital Expenditure Funds upon satisfaction by Borrower of each of the following conditions:
(i) Borrower shall submit a request for payment to Lender at least thirty (30) days prior to the date on which Borrower requests such payment be made and specifies the Capital Expenditures to be paid, (ii) on the date such request is
received by Lender and on the date such payment is to be made, no Default or Event of Default shall have occurred and remain outstanding, (iii) Lender shall have received an Officer’s Certificate (A) stating that all items to be
funded by the requested disbursement are Capital Expenditures, (B) stating that all Capital Expenditures to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal
Requirements, such certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with such Capital Expenditures, (C) identifying each Person that supplied materials or
labor in connection with the Capital Expenditures to be funded by the requested disbursement, (D) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien
waivers, conditional lien waivers or other evidence of payment satisfactory to Lender, and (E) stating that the Capital Expenditures to be funded by the requested disbursement have not been the subject of a previous disbursement, (iv) at
Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender, and (v) Lender shall have received such other evidence as Lender shall
reasonably request that the Capital Expenditures to be funded by the requested disbursement have been completed and are paid for or will be paid for in full upon such disbursement to Borrower. Lender shall not be required to disburse Capital
Expenditure Funds more frequently than once each calendar month, and each disbursement of Capital Expenditure Funds must be in an amount not less than the Minimum Disbursement Amount (or a lesser amount if the total remaining balance of Capital
Expenditure Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the Capital Expenditure Account shall be made). 

(c) Nothing in this Section 7.3 shall (i) make Lender responsible for making or completing any Capital Expenditure Work;
(ii) obligate Lender to commence or proceed with any Capital Expenditure Work; (iii) require Lender to expend funds in addition to the Capital Expenditure Funds to complete any Capital Expenditure Work; or (iv) obligate Lender to
demand from Borrower additional sums to perform or complete any Capital Expenditure Work. 
 (d) If a disbursement of Capital Expenditure
Funds will exceed Fifty Thousand and No/100 Dollars ($50,000), Lender may require an inspection of the Property prior to such disbursement in order to verify completion of the Capital Expenditure Work for which reimbursement is sought. Lender
may require that such inspection be conducted by an independent professional selected by Lender and may require a certificate of completion by an independent professional acceptable to Lender prior to such disbursement of Capital Expenditure Funds.

  
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 (e) Borrower shall permit Lender and its agents and representatives (including, without
limitation, Lender’s engineer or architect) or third parties to enter onto the Property during normal business hours (subject to the rights of Tenants under their Leases) to inspect the progress of any Capital Expenditure Work and all materials
being used in connection therewith and to examine all plans, specifications and shop drawings relating to such Capital Expenditure Work. Borrower shall cause all contractors, subcontractors and materialmen to cooperate with Lender and its agents and
representatives or such other Persons described above in connection with the inspections, if any, required by Lender in accordance with this Section 7.3.2. 

(f) All Capital Expenditure Works and all materials, equipment, fixtures, or any other item comprising a part of any Capital Expenditure Work
shall be constructed, installed or completed, as applicable, free and clear of all liens, claims and other encumbrances not previously approved by Lender. 

(g) All Capital Expenditure Works shall comply with all applicable Legal Requirements of all Governmental Authorities having jurisdiction over
the Property and all applicable insurance requirements (including, without limitation, applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters). 

(h) In addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided builder’s risk
insurance, workers’ compensation insurance, public liability insurance and other insurance to the extent required by the applicable Legal Requirements in connection with any Capital Expenditure Work. All such policies shall be in form and
amount reasonably satisfactory to Lender. All such policies which can be endorsed with a non-contributing mortgagee clause (or its equivalent) making loss thereunder payable to Lender and its successors and/or assigns shall be so endorsed. At
Lender’s request, certified copies of such policies shall be delivered to Lender. 
 (i) All reasonable costs and expenses incurred by
Lender in connection with holding and disbursing the Capital Expenditure Funds (including, without limitation, the costs and expenses of the inspections, if any, required hereunder) shall be paid by Borrower. 

7.3.3 Failure to Perform Capital Expenditure Works. It shall be an Event of Default if Borrower fails to comply with any
provision of this Section 7.3 and such failure is not cured within thirty (30) days after notice from Lender. Upon the occurrence of an Event of Default, Lender may, at its option, use the Capital Expenditure Funds (or any portion
thereof) to perform or complete any Capital Expenditure Work as provided in Section 7.3.2 hereof or any other repair or replacement to the Property. Such right to withdraw and apply the Capital Expenditure Funds shall be in addition to
all other rights and remedies provided to Lender under this Agreement and the other Loan Documents. 
 Section 7.4 Rollover
Funds. 
 7.4.1 Deposits of Rollover Funds. 

(a) On each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to One Thousand Two Hundred Twelve and 67/100 Dollars
($1,212.67) (the “Monthly Rollover Deposit”) for tenant improvements and leasing commissions that may be incurred 

  
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following the date hereof. Amounts deposited pursuant to this Section 7.4.1 are referred to herein as the “Rollover Funds” and the account in which such
amounts are held by Lender shall hereinafter be referred to as the “Rollover Account.” 
 (b) In addition to
the deposits required under Section 7.4.1(a), Borrower shall deposit, or cause to be deposited, with Lender all amounts paid to Borrower in connection with (i) any modification or amendment of any Lease, (ii) any consent
(including any consent to an assignment or sublease of any Lease) or waiver by Borrower of any term, condition or provision under any Lease, (iii) any settlement of claims of Borrower against third parties in connection with any Lease,
(iv) any rejection, termination, surrender, cancellation or buy-out of any Lease (including in connection with any Bankruptcy Action and including any payment relating to unamortized tenant improvements and/or leasing commissions), and
(v) any other extraordinary event pursuant to which Borrower receives payment (in whatever form) derived from or generated by the use, ownership or operation of the Property not otherwise covered by this Agreement or the Cash Management
Agreement (collectively, the “Extraordinary Lease Payments”), in each case, with respect to clauses (i), (ii), (iii), (iv) and (v), net of reasonable, out-of-pocket costs and expenses, if any, incurred by Borrower. In
connection with any amount required to be deposited with Lender pursuant to this Section 6.5.1(b), Borrower shall provide prior notice to Lender of the amount and the nature thereof and otherwise cooperate with Lender to ensure that such
amounts are properly accounted for and held as Rollover Funds.  
 (c) Notwithstanding anything to the contrary hereinbefore
contained, Lender shall waive the requirement set forth herein for Borrower to make deposits into the Rollover Account so long as (i) no Event of Default has occurred and is continuing, (ii) all of the Property shall be demised pursuant to
the Major Tenant Lease and (iii) the Major Tenant Lease is in full force and effect. 
 7.4.2 Release of Rollover Funds.

 (a) Lender shall disburse to Borrower the Rollover Funds upon satisfaction by Borrower of each of the following conditions:
(i) Borrower shall submit a request for payment to Lender at least thirty (30) days prior to the date on which Borrower requests such payment be made and specifies the tenant improvement costs and leasing commissions to be paid or
reimbursed, (ii) on the date such request is received by Lender and on the date such payment or reimbursement is to be made, no Default or Event of Default shall have occurred and remain outstanding, (iii) Lender shall have received and,
if applicable, approved the Lease in respect of which Borrower is obligated to pay or reimburse certain tenant improvement costs and leasing commissions, (iv) Lender shall have received and, if applicable, approved a budget for tenant
improvement costs and a schedule of leasing commission payments and the requested disbursement will be used to pay all or a portion of such costs and payments, (v) Lender shall have received an Officer’s Certificate (A) stating that
all tenant improvements at the Property to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any
license, permit or other approval required by any Governmental Authority in connection with such tenant improvements, (B) identifying (1) each Person that supplied materials or labor in connection with the tenant improvements to be funded
by the requested disbursement and (2) each Person that provided brokerage services in connection with 

  
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the leasing commissions to be funded by the requested disbursement, (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate
to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, and (D) stating that the tenant improvement costs and/or leasing commission payments to be funded have not been the subject of a previous disbursement,
(vi) at Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender, (vii) Lender shall have received an estoppel certificate
from the applicable Tenant stating that (A) (1) all work required to be performed by Borrower have been completed in accordance with the applicable Lease and have been accepted by such Tenant or (2) all work required to be performed by
such Tenant have been completed and a reimbursement of the amount specified in such estoppel certificate is due to such Tenant pursuant to its Lease and (B) such Tenant is in occupancy and paying full unabated rent or has taken possession of
the demised premises, and (viii) Lender shall have received such other evidence as Lender may reasonably request that (A) the tenant improvements at the Property to be funded by the requested disbursement have been completed and are paid
for or will be paid for in full upon such disbursement to Borrower and (B) the leasing commissions to be funded by the requested disbursement have been paid for or will be paid for in full upon such disbursement to Borrower. Lender shall not be
required to disburse Rollover Funds more frequently than once each calendar month, and each disbursement of the Rollover Funds must be in an amount not less than the Minimum Disbursement Amount (or a lesser amount if the total remaining balance of
Rollover Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the Rollover Account shall be made). 

(b) All reasonable costs and expenses incurred by Lender in connection with holding and disbursing the Rollover Funds shall be paid by
Borrower. 
 Section 7.5 Excess Cash Flow Reserve Fund. 

7.5.1 Deposits to Excess Cash Flow Reserve Account. During a Cash Sweep Period prior to the Anticipated Repayment Date, Borrower
shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve
Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”. If on or prior to the Anticipated Repayment Date Borrower does not pay to Lender the
Outstanding Principal Balance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Security Instrument and the other Loan Documents, then, on the Anticipated Repayment Date, all funds in the Excess Cash Flow
Reserve Account and all Excess Cash Flow that accrues thereafter shall be applied pursuant to the Note. Following the Anticipated Repayment Date, all Excess Cash Flow in the Cash Management Account shall be applied by Lender pursuant to the Note.

 7.5.2 Release of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow
Reserve Funds shall be deposited into the Cash Management Account to be disbursed to Borrower in accordance with the Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid to
Borrower. 

  
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 Section 7.6 Reserve Funds, Generally. (a) Borrower grants to Lender a
first-priority perfected security interest in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance herewith, the
Reserve Funds shall constitute additional security for the Debt. 
 (b) Upon the occurrence of an Event of Default, Lender may, in addition
to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any order in its discretion. 

(c) The Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Lender. The Reserve Funds shall be held
in an Eligible Account in Permitted Investments as directed by Lender or Lender’s Servicer. Unless expressly provided for in this Article VII, all interest on a Reserve Fund shall be added to or become a part thereof. Borrower shall be
responsible for payment of any federal, state or local income or other tax applicable to the interest earned on the Reserve Funds credited or paid to Borrower. 

(d) Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any
Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured
party, to be filed with respect thereto. 
 (e) Neither Lender nor Lender’s Servicer shall be liable for any loss sustained on the
investment of any funds constituting the Reserve Funds unless caused solely by the gross negligence or willful misconduct of Lender and/or Lender’s Servicer, as applicable. Borrower shall indemnify Lender and Servicer and hold Lender and
Servicer harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way
connected with the Reserve Funds or the performance of the obligations for which the Reserve Funds were established unless occasioned solely by the gross negligence or willful misconduct of Lender and/or Lender’s Servicer, as applicable,
provided, however, it being acknowledged and agreed that any default in the payment under a Permitted Investment shall not constitute the gross negligence or willful misconduct of Lender and/or Lender’s Servicer. Borrower shall assign to Lender
all rights and claims Borrower may have against all persons or entities supplying labor, materials or other services which are to be paid from or secured by the Reserve Funds; provided, however, that Lender may not pursue any such right or claim
unless an Event of Default has occurred and remains uncured. 
 (f) The required monthly deposits into the Reserve Funds and the Monthly
Debt Service Payment Amount, shall be added together and shall be paid as an aggregate sum by Borrower to Lender. 
 (g) Upon repayment of
the Debt, in full, Lender shall use commercially reasonable efforts to return any amount remaining in the Reserve Funds to Borrower within five (5) Business Days. 

  
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 ARTICLE VIII – DEFAULTS 

Section 8.1 Event of Default. (a) Each of the following events shall constitute an event of default hereunder (an
“Event of Default”), subject to Section 5.3 hereof: 
 (i) if any portion of the Debt, including,
without limitation, the payment of the Monthly Debt Service Payment Amount, is not paid on date on which it is due; 
 (ii)
if any of the Taxes or Other Charges are not paid prior to the date when the same become delinquent, except to the extent that (x) Borrower or Major Tenant is contesting the same in accordance with the terms of Section 5.1.2 hereof,
or (y) during a Cash Sweep Period caused solely by a DSCR Trigger Event, there are sufficient funds in the Tax and Insurance Escrow Account (after deducting funds deposited into such account in respect of Premiums) to pay such Taxes or Other
Charges and Lender fails to or refuses to pay the same to the extent required under this Agreement; 
 (iii) if the Policies
are not kept in full force and effect (unless Major Tenant self-insures pursuant to its Major Tenant Lease and the Self-Insurance Requirements are satisfied); 

(iv) if Borrower Transfers or otherwise encumbers any portion of the Property without Lender’s prior written consent (to
extent such consent is required) or otherwise violates any of the restrictions on Transfer under Section 5.2.10 herein; 

(v) if any representation or warranty made by Borrower herein or in any other Loan Document (including, without limitation, any
representation or covenant contained in Section 4.1.30 hereof), or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender by or on behalf of Borrower shall have been false or
misleading in any material respect as of the date the representation or warranty was made, provided that, with respect to this clause (v), if such breach (1) was inadvertent or unintentional and is susceptible of cure, (2) should not
increase the risk of substantive consolidation of the assets and liabilities of Borrower with those of any other Person as evidenced by a bankruptcy opinion reasonably acceptable to Lender, and (3) if the representation relates to
Borrower’s, Guarantor’s or Major Tenant’s financial condition at the Closing Date, does not materially impair Borrower’s or Guarantor’s ability to perform its obligations hereunder or under the other Loan Documents, then
such breach shall not constitute an Event of Default if Borrower cures such breach within five (5) Business Days after Lender’s written notice to Borrower of such breach; 

(vi) if Borrower or any Principal shall make an assignment for the benefit of creditors; 

(vii) if (A) Borrower, any Principal, Guarantor or any other guarantor or indemnitor under any guarantee issued in
connection with the Loan shall commence any case, proceeding or other action (I) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of
debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, 

  
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adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (II) seeking appointment of a receiver, trustee, custodian, conservator or other
similar official for it or for all or any substantial part of its assets, or the Borrower, any Principal, Guarantor or any other guarantor or indemnitor shall make a general assignment for the benefit of its creditors; or (B) there shall be
commenced against Borrower, any Principal, Guarantor or any other guarantor or indemnitor any case, proceeding or other action of a nature referred to in clause (A) above that is not dismissed within ninety (90) days of filing
(provided, further, however, that with respect to Guarantor or any other guarantor or indemnitor, it shall be at Lender’s option to determine whether any of the foregoing shall be an Event of Default); or (C) there
shall be commenced against the Borrower, any Principal, Guarantor or any other guarantor or indemnitor any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any
substantial part of its assets; or (D) the Borrower, any Principal, Guarantor or any other guarantor or indemnitor shall take any action in furtherance of, or indicating its consent to, approval of, any of the acts set forth in clause (A), (B),
or (C) above; 
 (viii) if Borrower attempts to assign its rights under this Agreement or any of the other Loan
Documents or any interest herein or therein in contravention of the Loan Documents; 
 (ix) if Borrower breaches any negative
covenant contained in Section 5.2 hereof; 
 (x) with respect to any term, covenant or provision set forth herein
which specifically contains a notice requirement or grace period, if Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period; 

(xi) [intentionally omitted]; 

(xii) [intentionally omitted]; 

(xiii) if Borrower shall continue to be in Default under any of the terms, covenants or conditions of Section 9.1
hereof, or fails to cooperate with Lender in connection with a Securitization pursuant to the provisions of Section 9.1 hereof, for five (5) Business Days after notice to Borrower from Lender; 

(xiv) if Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement not
specified in subsections (i) to (xiii) above, for ten (10) days after notice to Borrower from Lender, in the case of any Default which can be cured by the payment of a sum of money, or for thirty (30) days after
notice from Lender in the case of any other Default; provided, however, that if Lender determines that such non-monetary Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that
Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for

  
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such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed ninety (90) days; 

(xv) if there shall be default under any of the other Loan Documents beyond any applicable cure periods contained in such
documents, whether as to Borrower or the Property, or if any other such event shall occur or condition shall exist, if the effect of such default, event or condition is to accelerate the maturity of any portion of the Debt or to permit Lender to
accelerate the maturity of all or any portion of the Debt; or 
 (xvi) Borrower shall be in default under any other deed of
trust, mortgage or security agreement covering any part of the Property whether it be superior or junior in priority to the Security Instrument or this Agreement (it not being implied by this clause that any such encumbrance will be permitted). 

With exception for clause (a)(i) above, the notice rights and/or cure periods in this Section 8.1 are hereby supplemented and/or extended, as the
case may be, to the extent that the Major Tenant under the Major Tenant Lease is afforded a notice and opportunity to cure a particular default which is also a default hereunder but for which there is no notice, or a more limited period of notice
and opportunity to cure hereunder than under the Major Tenant Lease. For example, if the Major Tenant has ten (10) business days to cure a particular non-monetary default, but the Borrower is only afforded five (5) business days, then the
Borrower’s cure period would be automatically extended to ten (10) business days to be consistent with the Major Tenant Lease. 

(b) Upon the occurrence of an Event of Default (other than an Event of Default described in clauses (vi), (vii) or (viii) above) and
at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, Lender may take such action, without notice or demand, that Lender deems advisable to
protect and enforce its rights against Borrower and in and to the Property, including declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents
against Borrower and any or all of the Property, including all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi), (vii) or (viii) above, the Debt and Other Obligations of Borrower
hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan
Document to the contrary notwithstanding. 
 (c) With respect to any Event of Default that pertains to Guarantor (the “Defaulting
Party”) such as a Bankruptcy Action with respect to Guarantor, Borrower may cure the same by replacing the Defaulting Party with a Qualified Replacement Guarantor within thirty (30) days thereafter in accordance with the provisions
herein which, but for such Event of Default, would permit the replacement(s). It shall be a condition to such replacement, that Borrower delivers, or causes to be delivered, a re-affirmation by the replacement Guarantor of the obligations under the
Guaranty and the Environmental Indemnity, and any other agreement to which Defaulting Party is a party. 

  
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 Section 8.2 Remedies. (a) Upon the occurrence of an Event of Default, all
or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower or at law or in equity may be
exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its
rights and remedies under any of the Loan Documents with respect to all or any part of the Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively, together or
otherwise, at such time and in such order as Lender may determine in its discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as
set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) Lender is not subject to any “one action” or “election of
remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property and the Security Instrument has
been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full. 
 (b) With respect to
Borrower and the Property, nothing contained herein or in any other Loan Document shall be construed as requiring Lender to resort to the Property for the satisfaction of any of the Debt in any preference or priority, and Lender may seek
satisfaction out of the Property, or any part thereof, in its absolute discretion in respect of the Debt. In addition, to the extent permitted by applicable law, Lender shall have the right from time to time to partially foreclose the Security
Instrument in any manner and for any amounts secured by the Security Instrument then due and payable as determined by Lender in its discretion including the following circumstances: (i) in the event Borrower defaults beyond any applicable grace
period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the Security Instrument to recover such delinquent payments or (ii) in the event Lender elects to accelerate less than the entire
Outstanding Principal Balance, Lender may foreclose the Security Instrument to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Security Instrument as Lender may elect. Notwithstanding
one or more partial foreclosures, the Property shall remain subject to the Security Instrument to secure payment of sums secured by the Security Instrument and not previously recovered. 

(c) Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages
and other security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder, provided the same do
not (i) increase Borrower’s or Guarantor’s obligations, (ii) diminish their respective rights, or (iii) otherwise adversely affect Borrower, Guarantor or any Affiliate of Borrower, except (in each case) to a de minimis
extent. Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding
sentence, all in form and substance reasonably satisfactory to Lender provided the same do not (i) increase Borrower’s or Guarantor’s obligations, (ii) diminish their respective rights, or
(iii)

  
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otherwise adversely affect Borrower, Guarantor or any Affiliate of Borrower, except (in each case) to a de minimis extent. Borrower hereby absolutely and irrevocably appoints Lender as its true
and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided,
however, Lender shall not make or execute any such documents under such power until three (3) Business Days after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. If Lender elects to
sever the Note and other Loan Documents during an Event of Default, Borrower shall be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents and the Severed
Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing
Date. For sake of clarity, so long as Borrower is marketing, has marketed, (or intends to market) the sale of beneficial interests in Borrower as eligible replacement property for a tax-deferred exchange of property under Section 1031 of the
Code, in complying with its obligations under this Section 8.2, Borrower shall not be required to undertake (nor may Lender, on behalf of Borrower, undertake) any action that could, in the reasonable judgment of Borrower’s counsel,
adversely affect the ability to characterize beneficial interests in Borrower as qualified replacement property for purposes of a tax deferred exchange. 

(d) As used in this Section 8.2, a “foreclosure” shall include, without limitation, any sale by power of sale. 

Section 8.3 Remedies Cumulative; Waivers. The rights, powers and remedies of Lender under this Agreement shall be
cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s rights, powers and remedies
may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any
such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to
Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

ARTICLE IX – SPECIAL PROVISIONS 

Section 9.1 Securitization. 

9.1.1 Sale of Notes and Securitization. (a) Borrower acknowledges and agrees that Lender may sell all or any portion of the
Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private or public securitizations of rated single- or multi-class securities (the “Securities”) secured by or evidencing ownership
interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such sales, participations or securitizations, collectively, a “Securitization”). 

  
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 (b) At the request of Lender, and to the extent not already required to be provided by or on
behalf of Borrower under this Agreement, Borrower shall at no additional cost or expense to Borrower (other than deminimis costs and expenses and costs of Borrower’s counsel), use reasonable efforts to provide information not in the possession
of Lender or which may be reasonably required by Lender or take other actions reasonably required by Lender, in each case in order to satisfy the market standards to which Lender customarily adheres or which may be reasonably required by prospective
investors and/or the Rating Agencies in connection with any such Securitization, other than an amendment to the Loan Document that would (i) increase Borrower’s or Guarantor’s obligations, (ii) diminish their respective rights,
or (iii) otherwise adversely affect Borrower, Guarantor or any Affiliate of Borrower, except (in each case) to a deminimis extent. Lender shall have the right to provide to prospective investors and the Rating Agencies any information in its
possession, including financial statements relating to Borrower, Guarantor, any mezzanine borrower, the Property and any Tenant of the Improvements. Borrower acknowledges that certain information regarding the Loan and the parties thereto and the
Property may be included in a private placement memorandum, prospectus or other disclosure documents. Borrower agrees that each of Borrower, Principal, Guarantor and their respective officers and representatives, shall, at Lender’s request, at
Lender’s cost and expense (other than for fees and expenses incurred by Borrower’s, Principal’s or Guarantor’s outside counsel, which shall be borne by Borrower, Principal or Guarantor, respectively), cooperate with Lender’s
efforts to arrange for a Securitization in accordance with the market standards to which Lender customarily adheres and/or which may be required by prospective investors and/or the Rating Agencies in connection with any such Securitization.
Borrower, Principal and Guarantor agree to review, at Lender’s request in connection with the Securitization, the Disclosure Documents as such Disclosure Documents relate to Borrower, Principal, Guarantor, any mezzanine borrower, the Property
and the Loan, including, the sections entitled “Risk Factors,” “Special Considerations,” “Description of the Security Instrument,” “Description of the Mortgage Loan and Mortgaged Property,” “The
Manager,” “The Borrower,” and “Certain Legal Aspects of the Mortgage Loan,” and shall confirm that the factual statements and representations contained in such sections and such other information in the Disclosure Documents
(to the extent such information relates to, or is based on, or includes any information regarding the Property, Borrower, Guarantor, any mezzanine borrower, Manager and/or the Loan) do not contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading. For sake of clarity, none of Borrower, Guarantor or any of their respective Affiliates, shall be
required to review, confirm the accuracy of, comment and/or approve (a) any general risk factors or disclosures which are not specific to the Property, Borrower, Principal or Guarantor, (b) any summary of the economic Loan terms,
(c) any matters pertaining to the securities issued in connection with the Securitization or other disposition of the Loan (or any part thereof) or (d) any third party materials such as environmental or engineering reports, or summaries
thereof or (e) any lease, easement or contract or other due diligence summaries not prepared by Borrower, an Affiliate of Borrower or their respective counsel, which are applicable to tenants or occupants of the Property, or (f) any
information which is publicly available. 
 (c) Borrower agrees to make upon Lender’s reasonable written request, without limitation,
all structural or other changes to the Loan (including delivery of one or more new component notes to replace the original note or modify the original note to reflect multiple components of the Loan and such new notes or modified note may have
different interest rates 

  
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and amortization schedules), modifications to any documents evidencing or securing the Loan, creation of one or more mezzanine loans (including amending Borrower’s organizational structure
to provide for one or more mezzanine borrowers), delivery of opinions of counsel acceptable to the Rating Agencies or potential investors and addressing such matters as the Rating Agencies or potential investors may require; provided, however, that
in creating such new notes or modified notes or mezzanine notes Borrower shall not be required to modify (i) the overall weighted average interest rate of the Note at the time of the creation of such new notes or modified notes or mezzanine
notes or at any time thereafter (i.e. the weighted average interest rate payable under such new notes or modified notes or mezzanine notes shall at all times equal the Applicable Interest Rate), provided, however, that such weighted average interest
rate may change as a result of the non-pro-rata application of casualty or condemnation proceeds or principal following an Event of Default, (ii) the stated maturity of the Note, (iii) the aggregate amortization of principal of the Note,
(iv) any other material economic term of the Loan, or (v) decrease the time periods during which Borrower is permitted to perform its obligations under the Loan Documents or, (vi) any other term that would not (i) increase
Borrower’s or Guarantor’s obligations, (ii) diminish their respective rights, or (iii) otherwise adversely affect Borrower, Guarantor or any Affiliate of Borrower, except (in each case) to a de minimis extent. In connection with
the foregoing, Borrower covenants and agrees to modify the Cash Management Agreement to reflect the newly created components and/or mezzanine loans. 

(d) If requested by Lender, Borrower shall provide Lender, promptly upon request, with any financial statements, or financial, statistical or
operating information, as Lender shall determine to be required pursuant to Regulation AB under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any amendment,
modification or replacement thereto or other legal requirements in connection with any private placement memorandum, prospectus or other disclosure documents or any filing pursuant to the Exchange Act in connection with the Securitization or as
shall otherwise be reasonably requested by Lender. 
 (e) Borrower hereby appoints Lender its attorney-in-fact with full power of
substitution (which appointment shall be deemed to be coupled with an interest and to be irrevocable until the Loan is paid and the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by
virtue thereof) to execute and deliver all documents and do all other acts and things necessary or desirable to effect any Securitization authorized hereunder; provided, however, that unless an Event of Default exists, Lender shall not execute or
deliver any such documents or do any such acts or things under such power until five (5) days after written notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. Borrower’s failure to
deliver any document or to take any other action Borrower is obligated to take hereunder with respect to any Securitization for a period of ten (10) Business Days after such notice by Lender shall, at Lender’s option, constitute an Event
of Default hereunder. 
 (f) For sake of clarity, so long as Borrower is marketing or has marketed (or intends to market) the sale of
beneficial interests in Borrower as eligible replacement property for a tax-deferred exchange of property under Section 1031 of the Code, in complying with its obligations under this Section 9.1.1, Borrower shall not be required to
undertake (nor may Lender, on behalf of Borrower, undertake) any action that could, in the reasonable judgment of Borrower’s 

  
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counsel, adversely affect the ability to characterize beneficial interests in Borrower as qualified replacement property for purposes of a tax deferred exchange. 

9.1.2 Securitization Costs. All reasonable out of pocket third party costs and expenses incurred by Borrower in connection with
Borrower’s complying with requests made by Lender under Section 9.1.1(c), other than fees and expenses of Borrower’s outside counsel, shall be paid or reimbursed by Lender. 

Section 9.2 Intentionally omitted. 

Section 9.3 Exculpation. (a) Subject to the qualifications below, Lender shall not enforce the liability and
obligation of Borrower to perform and observe the obligations contained in the Note, this Agreement, the Security Instrument or the other Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower, except
that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement, the Security Instrument and the
other Loan Documents, or in the Property, the Rents, or any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be
enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the Rents and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Security Instrument and the other Loan
Documents, agrees that it shall not sue for, seek or demand any deficiency judgment against Borrower in any such action or proceeding under or by reason of or under or in connection with the Note, this Agreement, the Security Instrument or the other
Loan Documents. The provisions of this Section shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (ii) impair the right of Lender to name Borrower as a
party defendant in any action or suit for foreclosure and sale under the Security Instrument (iii) affect the validity or enforceability of or any guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder;
(iv) impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of any security interest in Rents and Leases under any assignment of leases contained in the Security Instrument and any other Loan
Document; (vi) constitute a prohibition against Lender to seek a deficiency judgment against Borrower in order to fully realize the security granted by the Security Instrument or to commence any other appropriate action or proceeding in order
for Lender to exercise its remedies against all of the Property. 
 (b) Nothing contained herein shall in any manner or way release, affect
or impair the right of Lender to recover, and Borrower shall be fully and personally liable and subject to legal action, for any loss, cost, expense, damage, claim or other obligation (including reasonable attorneys’ fees and court costs), but
excluding consequential, special, punitive and exemplary damages) incurred or suffered by Lender arising out of or in connection with the following: 

(i) Fraud. Fraud or intentional misrepresentation by Borrower, any Principal, Guarantor or any Affiliate of the
foregoing in connection with the Loan; 

  
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 (ii) Misconduct. The willful misconduct of Borrower, any Principal,
Guarantor or any Affiliate of the foregoing; 
 (iii) Waste. The intentional material physical waste of the Property
by Borrower, any Principal, Guarantor or any Affiliate of the foregoing; 
 (iv) Removal of Property. The removal or
disposal of any portion of the Property after an Event of Default and in violation of the terms of the Loan Documents by Borrower, any Principal, Guarantor or any Affiliate of the foregoing, unless replaced with personal property of the same or
greater utility and value; 
 (v) Misappropriation. The misapplication, misappropriation or conversion by Borrower,
Principal or Guarantor of (A) any Insurance Proceeds paid by reason of any loss, damage or destruction to the Property, (B) any Awards received in connection with a Condemnation of all or a portion of the Property, (C) any Rents
during an Event of Default, or (D) any Rents paid more than one month in advance (excluding security deposits); 
 (vi)
Misapplication of Rents. Following the occurrence and during the continuance of an Event of Default, the failure to either apply Rents or other income from the Property, collected after such Event of Default, to the ordinary, customary, and
necessary expenses of operating the Property to the extent the Major Tenant is not obligated to pay the same or, upon demand, to deliver such Rents or other income to Lender; 

(vii) Insurance/Taxes and Other Charges. The failure to maintain insurance in accordance with, and as required by, the
terms of the Loan Documents or to pay taxes and assessments, or to pay charges for labor or materials or other charges or judgments which result in Liens on any portion of the Property which Liens are not bonded over or discharged in accordance with
the terms of the Loan Documents (unless Lender is escrowing funds therefor and fails to make such payments or has taken possession of the Property following an Event of Default, and thereafter fails to make such payments); 

(viii) Compliance with Laws. The intentional or knowing breach of the representation by Borrower that on the Closing
Date, the Property and all Improvements at the Property were in material compliance with applicable laws; 
 (ix) Security
Deposits. Any security deposits, advance deposits or any other deposits collected with respect to the Property which are not delivered to Lender upon a foreclosure of the Property or action in lieu thereof, except to the extent any such security
deposits were applied in accordance with the terms and conditions of any of the Leases prior to such foreclosure or action in lieu thereof; 

(x) OFAC; Environmental. Any failure by Borrower to comply with any of the representations, warranties or covenants set
forth in Sections 4.1.34 [Investment Company Act], 4.1.35 [Embargoed Person], 4.1.37 [Environmental Reps] or 5.1.19 [Environmental Covenants] hereof; 

  
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 (xi) Insurance Premiums. The failure to pay Insurance Premiums on or prior
to the date when due; 
 (xii) [Reserved] 

(xiii) SPE. If Borrower fails to maintain its status as a Special Purpose Entity, breaches any representation or fails
to comply with any warranty or covenant set forth in Section 4.1.30 hereof; 
 (xiv) Voluntary Debt/Liens.
If Borrower or any Principal fails to obtain Lender’s prior written consent (to extent such consent is required) to any Indebtedness not permitted hereunder or any voluntary Lien securing borrowed money; and 

(xv) Inspections/Financials. If Borrower fails to permit on-site inspections of the Property (subject to the rights of
tenants), or fails to provide financial information subject to any applicable cure period (except for financial information required to be delivered by a tenant pursuant to the applicable Lease that has not been delivered to Borrower, provided
Borrower has requested such financial information from such tenant and Borrower has a right to request the same). 
 (c) Notwithstanding
anything to the contrary in this Agreement, the Note or any of the other Loan Documents, (A) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the
Bankruptcy Code to file a claim for the full amount of the Debt secured by the Security Instrument or to require that all collateral shall continue to secure all of the Debt owing to Lender in accordance with the Loan Documents, and (B) the
Debt shall be fully recourse to Borrower (i) in the event of: 
 (i) Bankruptcy Events. 

(A) Borrower or any Principal filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law;

 (B) the filing of an involuntary petition against Borrower or any Principal (other than by Lender or an Affiliate of Lender) under the
Bankruptcy Code or any other Federal or state bankruptcy or insolvency law in which Borrower or any Principal or Guarantor colludes with, or otherwise assists such Person, or solicits or causes to be solicited petitioning creditors for any
involuntary petition against Borrower or any Principal from any Person; 
 (C) Borrower or any Principal filing an answer consenting to or
joining in any involuntary petition filed against it by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, other than at the request of Lender; 

(D) Borrower or any Principal consenting to or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for
Borrower or any Principal 

  
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or any portion of the Property (or any portion thereof), other than at the request of Lender; 

(E) Borrower or any Principal making an assignment for the benefit of creditors, or admitting in writing in any insolvency or bankruptcy
proceeding, its insolvency or inability to pay its debts as they become due, other than at the request of Lender (unless failure to make such admission would be a violation of law, or in the context of required financial reporting or settlement
discussions with Lender); 
 (ii) First Payment. If the first full monthly payment under the Note not being paid within five
(5) days of notice that such payment is late (provided, however, that such grace period relates only to the recourse trigger described in this paragraph); 

(iii) [intentionally omitted]; 

(iv) SPE. If Borrower fails to maintain its status as a Special Purpose Entity, breaches any representation or fails to comply with any
warranty or covenant set forth in Section 4.1.30 hereof, and such failure and/or breach was cited as a material factor in the substantive consolidation of the assets of Borrower in a bankruptcy of Guarantor or any other Person; 

(v) Voluntary Liens. If Borrower or any Principal fails to obtain Lender’s prior written consent (to extent such consent is
required) to the granting of any (X) (a) voluntary mortgage, deed of trust, or security interest, on, or (b) assignment or pledge of, Borrower’s interest in all or any portion of the Property, or (Y) pledge of any direct
and/or indirect controlling ownership or beneficial interest in Borrower, Guarantor or the Property, except in each case, to the extent expressly permitted by the Loan Documents; 

(vi) Voluntary Transfers. If Borrower fails to obtain Lender’s prior written consent (to extent such consent is required) to
Borrower’s voluntary conveyance of its fee title to all or any portion of the real property comprising part of the Property, or any conveyance by Sponsor or any Affiliate of its direct interest in Borrower, in each case, in violation of the
terms this Agreement. 
 (d) Notwithstanding anything to the contrary in this Agreement, the Note or any of the other Loan Documents,
Borrower shall have no liability under clauses (b)(iii), (iv), (vii), (viii), (xiii) or (xiv)(other than with respect to Indebtedness for money borrowed in violation of this Agreement) [damages only provisions] or clauses (c) (iv),
(v) or (vi) [full springing recourse provisions] of this Section 9.3, where the circumstance, event or condition that could otherwise give rise to liability thereunder, is directly and to the extent attributable to one or more
of the following: 
 (i) insufficient Rents from the Property; 

(ii) Borrower’s lack of access to revenue from the Property as a result of Lender’s exercise of its remedies with
respect to Property cash flow, or otherwise with respect to collateral securing the Loan. 

  
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 (iii) the insolvency of Borrower or negative cash flow from the Property and/or
the actual or constructive admission of the same by any means in any context; 
 (iv) the payment of Borrower’s debts
and obligations as they become due and payable from equity contributions; 
 (v) failure to pay the Loan or other obligations
of Borrower to Lender, as a result of (i) or (ii) or (iii) above of this Section 9.3(d); 
 (vi)
an Event of Default resulting from Transfer undertaken by Borrower or any other Person which, but for the provision of any required notice or documentation to Lender, the Rating Agencies or other Person as required hereby, would be permitted
hereunder, provided such notice or documentation is subsequently provided to Lender within five (5) Business Days after notice by Lender to Borrower (provided further that Borrower shall be required to reimburse Lender an actual, out-of-pocket
expenses incurred in connection with such Transfer). 
 (e) Notwithstanding anything to the contrary contained in this Agreement, in any of
the other Loan Documents, or in any other instruments, certificates, documents or agreements executed in connection with the Loan (collectively, the “Relevant Documents”), no recourse under or upon any obligation, representation,
warranty, promise or other matter whatsoever shall be had against any of the direct or indirect constituent members, partners, shareholders, trustees, other beneficial interest holders, or affiliates of Borrower, Principal, Guarantor, Sponsor or any
other direct or indirect partners, shareholders, members, trustees, other beneficial interest holders, officers, directors, employees, agents and representatives of such Persons (collectively, the “Non-Recourse Parties”), and Lender
expressly waives and releases, on behalf of itself and its successors and assigns, all right to assert any liability whatsoever under or with respect to the Relevant Documents against, or to satisfy any claim or obligation arising thereunder
against, any of such Non-Recourse Parties or out of any of their assets, provided, however, the foregoing shall not apply to the obligations Guarantor (or any successor guarantor) under the Loan Documents to which it is a party. 

(f) Nothing herein shall be deemed to constitute a waiver by Lender of any right Lender may have under Sections 506(a), 506(b), 1111(b) or any
other provision of the Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall continue to secure all of the Debt. 

Section 9.4 Matters Concerning Manager. If (a) an Event of Default hereunder has occurred and remains uncured,
(b) Manager shall become subject to a Bankruptcy Action, (c) a default occurs under the Management Agreement (beyond any applicable cure period), or (d) at any time Manager has engaged in gross negligence, fraud, willful misconduct or
misappropriation of funds, Borrower shall, at the request of Lender, terminate the Management Agreement and replace the Manager with a Qualified Manager pursuant to a replacement Management Agreement, it being understood and agreed that the
management fee for such Qualified Manager shall not exceed then prevailing market rates. In addition and without limiting the rights of Lender hereunder or under any of the other Loan Documents, in the event that (i) the Management Agreement is
terminated, (ii) the Manager no longer manages the 

  
 99 

 
Property, or (iii) a receiver, liquidator or trustee shall be appointed for Manager or if Manager shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy,
reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or joined by, Manager, or if any proceeding for the dissolution or liquidation of Manager shall be
instituted, then Borrower (at Borrower’s sole cost and expense) shall immediately, in its name, establish new deposit accounts separate from any other Person with a depository satisfactory to Lender into which all Rents and other income from
the Property shall be deposited and shall grant Lender a first priority security interest in such account pursuant to documentation satisfactory in form and substance to Lender. 

Section 9.5 Servicer. At the option of Lender, the Loan may be serviced by a master servicer, primary servicer, special
servicer and/or trustee (any such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees, are collectively referred to as “Servicer”) selected by Lender and Lender may
delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to Servicer pursuant to a pooling and servicing agreement, servicing agreement, special servicing agreement or other agreement providing for the
servicing of one or more mortgage loans (collectively, the “Servicing Agreement”) between Lender and Servicer. Borrower shall be responsible for any set up fees or any other initial costs relating to or arising under the Servicing
Agreement, but Borrower shall not be responsible for payment of the regular monthly master servicing fee or trustee fee due to Servicer under the Servicing Agreement or any fees or expenses required to be borne by, and not reimbursable to, Servicer.
Notwithstanding the foregoing, Borrower shall promptly reimburse Lender on demand for the following costs and expenses payable by Lender to Servicer as a result of the Loan becoming specially serviced: (i) any liquidation fees that are due and
payable to Servicer under the Servicing Agreement in connection with the exercise of any or all remedies permitted under this Agreement, (ii) any workout fees and special servicing fees that are due and payable to Servicer under the Servicing
Agreement, which fees may be due and payable under the Servicing Agreement on a periodic or continuing basis, (iii) the costs of all property inspections and/or appraisals of the Property (or any updates to any existing inspection or appraisal)
that Servicer may be required to obtain (other than the cost of regular annual inspections required to be borne by Servicer under the Servicing Agreement), (iv) the costs of all appraisals of the Property (or any updates to any existing
appraisal) that Servicer may be required to obtain in connection with a Borrower request, or following an Event of Default; and (v) other reasonable out of pocket expenses actually incurred, including, without limitation, reasonable
attorney’s fees and expenses. 
 ARTICLE X – MISCELLANEOUS 

Section 10.1 Survival. This Agreement and all covenants, agreements and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer
period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All
covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

  
 100 

 Section 10.2 Lender’s Discretion. Whenever pursuant to this Agreement,
Lender exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not
satisfactory shall (except as is otherwise specifically herein provided) be in the sole and absolute discretion of Lender and shall be final and conclusive. 

Section 10.3 Governing Law. LENDER HAS OFFICES IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT
HERETO WERE DISBURSED FROM THE STATE OF NEW YORK (“GOVERNING STATE”), WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) AND
ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO THE SECURITY INSTRUMENT SHALL BE GOVERNED BY AND
CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND
ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER
JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND
BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER 

  
 101 

 
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT: 

Corporation Service Company 

1180 Avenue of the Americas, Suite 210 

New York, New York 10036 

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION
OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN
EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY
TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT
IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
 Section 10.4 Modification, Waiver in Writing. No modification,
amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in
a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or
demand on Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances. 

Section 10.5 Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict
performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or any other instrument given as security therefor, shall operate as or
constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after
the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or
the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 

  
 102 

 Section 10.6 Notices. All notices, consents, approvals and requests required
or permitted hereunder or under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or
(b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (c) by telecopier (with answer back acknowledged) and with a second copy to be sent to the intended recipient
by any other means permitted under this Section, addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the
manner provided for in this Section): 
  

			
	 If to Lender:
	  	 UBS AG, by and through its branch office at

1285 Avenue of the Americas, New York, New York
 1285 Avenue of
the Americas
 New York, New York 10019
 Attention: Transaction
Management – Henry Chung
 Facsimile No.: (212) 821-2943

		
	 with a copy to:
	  	 Alston & Bird LLP
 90 Park Avenue

New York, New York 10016
 Attention: Stephen J. Cerniglia,
Esq.
 Facsimile No.: (212) 210-9444

		
	 If to Borrower:
	  	 3596 Alpine Ave, LLC
 c/o Rodin Global Property
Trust
 110 East 59th Street

New York, New York 10022
 Attention: General Counsel

		
	 With a copy to:
	  	 Winston & Strawn LLP
 200 Park
Avenue
 New York, New York 10166-4193
 Attention: William X.
Lang, Esq.
 Facsimile No.: (212) 294-4700

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of registered
or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day; or in the case of telecopy, upon sender’s receipt of a
machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming. 

Section 10.7 Trial by Jury. EACH OF BORROWER AND LENDER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE
OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE 

  
 103 

 
EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO
TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH OF BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH OF BORROWER AND LENDER IS
HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTY. 

Section 10.8 Headings. The Article or Section headings and the Table of Contents in this Agreement are included herein for
convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 Section 10.9
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

Section 10.10 Preferences. Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all
payments by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations
hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 

Section 10.11 Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender except
with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal
Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not specifically and expressly
provide for the giving of notice by Lender to Borrower. 
 Section 10.12 Remedies of Borrower. If a claim or adjudication
is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or
promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto

  
 104 

 
agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

Section 10.13 Expenses; Indemnity. (a) Borrower covenants and agrees to pay or, if Borrower fails to pay, to
reimburse, Lender upon receipt of written notice from Lender for all reasonable costs and expenses (including reasonable attorneys’ fees and expenses) incurred by Lender in connection with (i) the preparation, negotiation, execution and
delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions
requested by Lender as to any legal matters arising under this Agreement or the other Loan Documents with respect to the Property); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements and
covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements;
(iii) Lender’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date (except for those costs and
expenses expressly assumed herein or in the other Loan Documents by Lender); (iv) except as otherwise provided in this Agreement, the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other
modifications to this Agreement and the other Loan Documents and any other documents or matters reasonably requested by Lender; (v) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement;
(vi) the filing and recording fees and expenses, title insurance and fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Lien in favor of Lender
pursuant to this Agreement and the other Loan Documents; (vii) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or
affecting Borrower, this Agreement, the other Loan Documents, the Property, or any other security given for the Loan; and (viii) enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan
Documents or with respect to the Property (including, without limitation, any reasonable and customary fees incurred by Servicer that is a master servicer or Servicer in connection with the transfer of the Loan to a Servicer that is a special
servicer prior to or following a Default or an Event of Default) or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work out” or of any insolvency or
bankruptcy proceedings; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any cost
and expenses due and payable to Lender may be paid from any amounts in the Clearing Account or Cash Management Account, as applicable. 

(b) Borrower shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all other liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel in connection with any investigative, administrative or
judicial proceeding commenced or threatened, whether or not an Indemnified Party shall be designated a party thereto), that may be imposed on, incurred by, or 

  
 105 

 
asserted against any Indemnified Party in any manner relating to or arising out of (i) any breach by Borrower of its obligations under, or any material misrepresentation by Borrower
contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation
to any Indemnified Party hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of such Indemnified Party. To the extent that the undertaking to indemnify, defend and hold
harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of
all Indemnified Liabilities incurred by the Indemnified Parties. 
 (c) Borrower covenants and agrees to pay for or, if Borrower fails to
pay, to reimburse Lender for, any fees and expenses incurred by any Rating Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any consent, approval, waiver or confirmation
obtained from such Rating Agency pursuant to the terms and conditions of this Agreement or any other Loan Document and Lender shall be entitled to require payment of such fees and expenses as a condition precedent to the obtaining of any such
consent, approval, waiver or confirmation. 
 Section 10.14 Schedules Incorporated. The Schedules annexed hereto are
hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 
 Section 10.15
Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated
to such documents which Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such
documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower. 

Section 10.16 No Joint Venture or Partnership; No Third Party Beneficiaries. (a) Borrower and Lender intend that the
relationships created hereunder and under the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy in common, or joint tenancy relationship between Borrower
and Lender nor to grant Lender any interest in the Property other than that of mortgagee, beneficiary or lender. 
 (b) This Agreement and
the other Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to
enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person
shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that 

  
 106 

 
Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions,
any or all of which may be freely waived in whole or in part by Lender if, in Lender’s discretion, Lender deems it advisable or desirable to do so. 

Section 10.17 Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any media
intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender or any of Lender’s Affiliates shall be subject to the prior written approval of Lender and any such named
Affiliate of Lender in their sole discretion. Notwithstanding the foregoing, in connection with the sale of beneficial interests in Borrower and/or marketing of the Property for sale, Borrower may disclose the identity of the Lender and the terms of
the Loan and Loan Documents. All news releases, publicity or advertising by Lender through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Borrower or any of its
Affiliates shall be subject to the prior approval of Borrower, which shall not unreasonably be withheld, conditioned or delayed, provided, the foregoing shall not apply to a Securitization of all or any portion of the Loan. 

Section 10.18 Waiver of Marshalling of Assets. To the fullest extent permitted by law, Borrower, for itself and its
successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners, members and others with interests in Borrower, and of the Property, and agrees not to assert any right under any laws pertaining to the
marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of
the Property for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Property in preference to every other claimant whatsoever. 

Section 10.19 Waiver of Counterclaim. Borrower hereby waives the right to assert a counterclaim, other than a compulsory or
mandatory counterclaim, in any action or proceeding brought against it by Lender or its agents. 
 Section 10.20 Conflict;
Construction of Documents; Reliance. In the event of any conflict between the provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were
represented by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same.
Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent,
subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by
virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest any of them may acquire in Borrower, and, to the extent permitted by applicable law, Borrower hereby irrevocably waives the right to raise any
defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower 

  
 107 

 
acknowledges that Lender engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of
Borrower or its Affiliates. 
 Section 10.21 Brokers and Financial Advisors. Borrower hereby represents that it has dealt
with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement, and Borrower hereby agrees to indemnify, defend and hold Lender harmless from and against any
and all claims, liabilities, costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower or Lender in connection
with the origination of the Loan contemplated herein. The provisions of this Section 10.21 shall survive the expiration and termination of this Agreement and the payment of the Debt. 

Section 10.22 Prior Agreements. This Agreement and the other Loan Documents contain the entire agreement of the parties
hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, between Borrower and Lender are superseded by the terms of this Agreement and the
other Loan Documents. 
 Section 10.23 Liability. If Borrower consists of more than one (1) Person the obligations
and liabilities of each Person shall be joint and several. Under no circumstances whatsoever shall Lender have any liability for punitive, special, consequential or incidental damages in connection with, arising out of, or in any way related to or
under this Agreement or any other Loan Document or in any way related to the transactions contemplated or any relationship established by this Agreement or any other Loan Document or any act, omission or event occurring in connection herewith or
therewith, and, to the extent not expressly prohibited by applicable laws, Borrower for itself and its Guarantor and indemnitors waives all claims for punitive, special, consequential or incidental damages. Lender shall have no duties or
responsibilities except those expressly set forth in this Agreement, the Security Instrument and the other Loan Documents. Neither Lender nor any of its officers, directors, employees or agents shall be liable for any action taken or omitted by them
as such hereunder or in connection herewith, unless caused by their gross negligence or willful misconduct. This Agreement shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns forever.

 Section 10.24 Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary contained in this
Agreement, Lender shall have: 
 (a) the right to routinely consult with and advise Borrower’s management regarding the significant
business activities and business and financial developments of Borrower; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances. Consultation
meetings should occur on a regular basis (no less frequently than quarterly) with Lender having the right to call special meetings at any reasonable times and upon reasonable advance notice; 

  
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 (b) the right, in accordance with the terms of this Agreement, to examine the books and records
of Borrower at any reasonable times upon reasonable notice; 
 (c) the right, in accordance with the terms of this Agreement, including
Section 5.1.11 hereof, to receive monthly, quarterly and year-end financial reports, including balance sheets, statements of income, shareholder’s equity and cash flow, a management report and schedules of outstanding indebtedness;
and 
 (d) the right, without restricting any other rights of Lender under this Agreement (including any similar right), to approve any
acquisition by Borrower of any other significant property (other than personal property required for the day to day operation of the Property). 
 The
rights described above in this Section 10.24 may be exercised by any entity which owns and controls, directly or indirectly, substantially all of the interests in Lender. 

Section 10.25 (OFAC). Borrower hereby represents, warrants and covenants that none of Borrower or any Guarantor is (or will be)
a person with whom Lender is restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury of the United States of America (including, those Persons named on
OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including, the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism), or other governmental action and is not and shall not engage in any dealings or transactions or otherwise be associated with such persons. In addition, Borrower hereby covenants to provide Lender with any additional information
that Lender deems necessary from time to time in order to ensure compliance with all applicable laws concerning money laundering and similar activities. 

Section 10.26 Successor Parties. If any provision in this Agreement refers to a specific Person, said reference shall be
deemed to have been modified and replaced, without further action of the parties, with the name of any Person who, by means of either (A) a Permitted Transfer or (B) a Transfer or other action permitted or not prohibited hereby, succeeds
to the interests of such specifically named Person. 
 Section 10.27 Duplicate Originals; Counterparts. This Agreement
may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterpart shall be deemed an original instrument and all of
which together shall constitute a single Agreement. The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 

[NO FURTHER TEXT ON THIS PAGE] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

			
	BORROWER:
	
	
	3596 ALPINE AVE, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Kenneth Carpenter

		 	Kenneth Carpenter
		 	President
	
	LENDER:
	
	 UBS AG

		
	 By:
	 	 /s/ Jared Randall

Name:  Jared Randall

		 	Title:    Executive Director
		
	 By:
	 	 /s/ Racquel A.C. Small

Name:  Racquel A.C. Small

		 	Title:    Executive DirectorEX-10.1

 Exhibit 10.1 
  

 
 Box, Inc. 
 Employment Offer
Letter 
 July 7, 2017 
 Stephanie Carullo 

(415) 298-4775 
 carullos1@gmail.com 

Dear Stephanie, 
 I am pleased to offer you a position with Box,
Inc. (the “Company”) as Chief Operating Officer in the Redwood City office, commencing on August 1, 2017. As a Chief Operating Officer, you will also serve as a Section 16 Officer and initially report to Aaron Levie, Chief
Executive Officer. The company may, however, change your work location and/or reporting relationship at its sole discretion. You will receive an annual base salary of $370,000.00 less applicable Federal, state, local and elected withholdings, which
will be paid in accordance with the Company’s normal payroll procedures. 
 You will also be eligible for a discretionary bonus of up to 55% of your
annual salary based on the Company’s completion of preset goals as described in the FY16 Box Leadership Bonus Plan. Details of the Box Leadership Bonus Plan will be sent to you on your date of hire. You should note that the Company reserves the
right to modify salaries from time to time as it deems necessary. 
 In addition to your salary, we will recommend to the Company’s Board of Directors
(the “Board”) that it grant you the option to purchase 400,000 shares of the Company’s common stock and grant you restricted stock units (“RSUs”) for 200,000 shares of the Company’s Class A common stock. Your
option and RSU grants are subject to approval by the Board and any additional details set out in the award agreement, including a requirement that you continuously work through each vesting date. 

 

	 	•	 	Your stock options will have an exercise price equal to the fair market value for such shares as determined by the Board and as of the date such option is granted. In most cases, option grants are approved by the
Company’s Board within ninety (90) days of a new employee’s start date. Please note that the exercise price is not negotiable and may be different than the exercise price in effect when you accept this offer or on your start date.
Your options will vest and become exercisable over a 4-year period, with 1/4th vesting on the first anniversary of your start date and the remainder vesting monthly over the remaining three years at a rate of 1/48th per month.

  

	 	•	 	Box RSUs vest 4 times per year, around March 20th, June 20th, September 20th, and December 20th. Twenty-five percent (25%) of your RSUs will vest on the first of those dates which
happen after the first anniversary of your start date. For example, if you start working on January 30th, your first vesting date will be March 20th of the following year. When an RSU vests, you will be issued a share of Box stock (after
any required tax withholding is done). After the first vesting date, 1/16th of the RSUs will vest on each vesting date. Your RSUs are subject to approval by the Board and any additional details set out in the award agreement, which requires you to
remain an active employee on each vesting date. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
 As an executive of the Company, you will be eligible
to receive severance and change of control benefits under certain circumstances pursuant to the Change in Control and Severance Agreement, attached hereto as Exhibit B (the “Severance Agreement”). Accordingly, your potential severance and
change of control benefits and the terms and conditions thereof shall be set forth in the Severance Agreement. 
 This offer is contingent upon the
satisfactory completion and outcome of a background investigation and reference checks. In addition, for purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for
employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 

As a full-time employee, you will be eligible to participate in the Company’s standard benefits as in effect from time to time, on the same basis as
those benefits are generally made available to other similarly situated employees of the Company, and subject to the Company’s policies. Such benefits are subject to change, and may be supplemented, altered, or eliminated, in part or entirely.
Any eligibility to participate in such benefit plans, as well as the terms thereof, shall be as set forth in the governing documents for such plans, or if there are no such governing documents, in the Company’s policies. 

Employment is for no specified period of time and “at-will.”. That means you are free to resign at any time, for any reason or for no reason.
Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice. You should note that the Company reserves the right to modify salaries from time to time as it deems
necessary. 
 You agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or
other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company.

 As a Company employee, you will be expected to abide by Company rules and regulations. You will be specifically required to sign an acknowledgement that
you have read and understand the Company rules of conduct which will be included in an Employee Handbook which the Company will distribute to you on your date of hire. You will be expected to sign and comply with the Employment, Confidential
Information, and Intellectual Property Assignment Agreement attached as Exhibit A, which requires, among other things, the assignment of your rights to any intellectual property made during your employment at the Company, and non-disclosure of
proprietary information. 
 To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below and return
it to me. A duplicate original is enclosed for your records. This letter, along with the agreement relating to proprietary rights between you and the Company, set forth the terms of your employment with the Company and supersede any prior
representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by an officer of the Company and by you. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
 We look forward to working with you at Box, Inc. 

 

			
	Very truly yours,
	BOX, Inc.
		
	By:	 	/s/ Aaron Levie
		 	 Aaron Levie

		 	 Chief Executive Officer

 AGREED AND ACCEPTED: 

/s/ Stephanie Carullo             

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
 Exhibit A 

Box, Inc. 
 Employment, Confidential Information and Intellectual
Property Assignment Agreement 
 As a condition of my employment with Box, Inc., its subsidiaries, affiliates, successors or assigns
(together, the “Company”), and in consideration of my employment with the Company and my receipt of the compensation now and hereafter paid to me by Company, I agree to the following terms under this Employment, Confidential Information
and Intellectual Property Assignment Agreement (the “Intellectual Property Agreement”): 
  

	 	1.	Employment 

  

	 	a)	I understand and acknowledge that my employment with the Company is for an unspecified duration and constitutes “at-will” employment. I acknowledge that this employment relationship may be terminated at any
time, with or without good cause or for any or no cause, at the option either of the Company or myself, with or without notice. 

  

	 	b)	I agree that, during the term of my employment with the Company, I will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved
or becomes involved during the term of my employment, nor will I engage in any other activities that conflict with my obligations to the Company. 

  

	 	2.	Confidential Information 

  

	 	a)	Company Information 

 I agree at all times during the term of my employment (my
“Relationship with the Company”) and thereafter to hold in strictest confidence, and not to use except for the benefit of the Company or to disclose to any person, firm or corporation without written authorization of the Board of Directors
of the Company, any Confidential Information of the Company. I understand that “Confidential Information” means any Company proprietary information, technical data, trade secrets or know-how, including, but not limited to, research,
product plans, products, services, customer lists and customers (including, but not limited to, customers of the Company on whom I called or with whom I became acquainted during the term of my Relationship with the Company), markets, works of
original authorship, photographs, negatives, digital images, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances or other business information
disclosed to me by the Company either directly or indirectly in writing, orally or by drawings or observation of parts or equipment. I further understand that Confidential Information does not include any of the foregoing items which have become
publicly known and made generally available through no wrongful act of mine or of others who were under confidentiality obligations as to the item or items involved. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
  

	 	b)	Other Employer Information 

 I agree that I will not, during my Relationship with the Company,
improperly use or disclose any proprietary information or trade secrets of any former or concurrent employer or other person or entity and that I will not bring onto the premises of the Company any unpublished document or proprietary information
belonging to any such employer, person or entity unless consented to in writing by such employer, person or entity. 
  

	 	c)	Third Party Information 

 I recognize that the Company has received and in the future will
receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. I agree to hold all such
confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out my work for the Company consistent with the Company’s agreement with
such third party. 
  

	 	3.	Intellectual Property 

  

	 	a)	Assignment of Intellectual Property 

 I agree that I will promptly make full written disclosure
to the Company, will hold in trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, all my right, title, and interest in and to any original works of authorship, inventions, concepts, improvements or
trade secrets, whether or not patentable or registrable under copyright or similar laws, which I may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the period of time
I am in the service of the Company (collectively referred to as “Intellectual Property”) and which (i) are developed using the equipment, supplies, facilities or Confidential Information of the Company, (ii) result from or are
suggested by work performed by me for the Company, or (iii) relate to the business, or to the actual or demonstrably anticipated research or development of the Company. The Intellectual Property will be the sole and exclusive property of the
Company. I further acknowledge that all original works of authorship which are made by me (solely or jointly with others) within the scope of and during the period of my Relationship with the Company and which are protectable by copyright are
“works made for hire,” as that term is defined in the United States Copyright Act. To the extent any Intellectual Property is not deemed to be work for hire, then I will and hereby do assign all my right, title and interest in such
Intellectual Property to the Company, except as provided in Section 3(e). 
  

	 	b)	Patent and Copyright Registrations 

 I agree to assist the Company, or its designee, at the
Company’s expense, in every proper way to secure the Company’s rights in the Intellectual Property and any copyrights, patents or other intellectual property rights relating thereto in any and all countries, including the disclosure to the
Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary in order to apply for and obtain such rights
and in order to assign and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such Intellectual Property, and any 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
 copyrights, patents or other
intellectual property rights relating thereto. I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue after the termination of this Intellectual Property
Agreement. If the Company is unable because of my mental or physical incapacity or for any other reason to secure my assistance in perfecting the rights transferred in this Intellectual Property Agreement, then I hereby irrevocably designate and
appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, to act for and in my behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution
and issuance of letters, patent or copyright registrations thereon with the same legal force and effect as if executed by me. The designation and appointment of the Company and its duly authorized officers and agents as my agent and attorney in fact
shall be deemed to be coupled with an interest and therefore irrevocable. 
  

	 	c)	Maintenance of Records 

 I agree to keep and maintain adequate and current written records of
all Intellectual Property made by me (solely or jointly with others) during the term of my Relationship with the Company. The records will be in the form of notes, sketches, drawings, and works of original authorship, photographs, negatives, digital
images or any other format that may be specified by the Company. The records will be available to and remain the sole property of the Company at all times. 
  

	 	d)	Intellectual Property and Retained and Licensed 

 I provide below a list of all original works
of authorship, inventions, developments, improvements, and trade secrets which were made by me prior to my Relationship with the Company (collectively referred to as “Prior Intellectual Property”), which belong to me, which relate to the
Company’s current or proposed business, products or research and development, and which are not assigned to the Company hereunder; or, if no such list is attached, I represent that there is no such Prior Intellectual Property. If in the course
of my Relationship with the Company, I incorporate into Company property any Prior Intellectual Property owned by me or in which I have an interest, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual,
worldwide license to make, have made, modify, use and sell such Prior Intellectual Property as part of or in connection with such Company property. 

Prior Intellectual Property: 
  

					
	Title	  	Date	  	 Identifying Number or
 Brief
Description

	  

		  		  	
	  

		  		  	
	  

		  		  	

  

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  

	 	e)	Exception to Assignments 

 I understand that the provisions of this Intellectual Property
Agreement requiring assignment of Intellectual Property to the Company are limited as provided in Section 2870 of the California Labor Code, which is attached hereto as Appendix A, and do not apply to any intellectual property that
(i) I develop entirely on my own time; and (ii) I develop without using Company equipment, supplies, facilities, or trade secret information; and (iii) do not result from any work performed by me for the Company;
and (iv) do not relate at the time of conception or reduction to practice to the Company’s business, or to its actual or demonstrably anticipated research or development. Any such intellectual property will be owned entirely by me,
even if developed by me during the time period in which I am employed by the Company. I will advise the Company promptly in writing of any intellectual property that I believe meet the criteria for exclusion set forth herein and are not otherwise
disclosed pursuant to Section 3(d) above. 
  

	 	f)	Return of Company Documents 

 I agree that, at the time of leaving the employ of the Company, I
will deliver to the Company (and will not keep in my possession, recreate or deliver to anyone else) any and all works of original authorship, photographs, negatives, digital images, devices, records, data, notes, reports, proposals, lists,
correspondence, specifications, drawings blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items developed by me pursuant to my Relationship with the Company or otherwise belonging to the
Company, its successors or assigns. In the event of the termination of my Relationship with the Company, I agree to sign and deliver the “Termination Certificate” attached hereto as Appendix B. 

 

	 	4.	Notification of New Employer 

 In the event that I leave the employ of the Company, I
hereby grant consent to notification by the Company to my new employer or consulting client about my rights and obligations under this Intellectual Property Agreement. 
  

	 	5.	No Solicitation of Employees 

 In consideration for my Relationship with the Company and
other valuable consideration, receipt of which is hereby acknowledged, I agree that during the period of my Relationship with the Company as an employee, officer and/or director and for a period of twelve (12) months thereafter I shall not
solicit the employment of any person who shall then be performing services for the Company (as an employee or consultant) or who shall have performed services for the Company (as an employee or consultant) within the prior twelve (12) month
period, on behalf of myself or any other person, firm, corporation, association or other entity, directly or indirectly. 
  

	 	6.	Representations 

 I represent that my performance of all the terms of this Intellectual
Property Agreement will not breach any agreement to keep in confidence proprietary information acquired by me in confidence or in trust prior to my Relationship with the Company. I have not entered into, and I agree I will not enter into, any oral
or written agreement in conflict herewith. I agree to execute any proper oath or verify any proper document required to carry out the terms of this Intellectual Property Agreement. 

 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  

	 	7.	Arbitration and Equitable Relief 

  

	 	a)	Arbitration 

 Except as provided in Section (b) below, each of the Company and I agree
that any dispute or controversy arising out of or relating to any interpretation, construction, performance or breach of this Intellectual Property Agreement, shall be settled by binding arbitration before a neutral arbitrator, to be held in San
Francisco, California, in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association, a copy of which the Company has given me, provided however, the parties will be entitled to full and liberal
evidentiary discovery in accordance with the rules governing civil litigation in courts of the same jurisdiction. If the Company and I cannot agree on an arbitrator, one will be selected pursuant to the rules of the American Arbitration Association.
The arbitrator in such dispute or controversy may grant injunctions or any other relief that would be available if the matter were pending in court. The decision of the arbitrator shall be rendered in writing in sufficient detail to allow for
judicial review. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The Company will pay the costs and expenses of such arbitration, and each of us shall separately pay our counsel fees and expenses, unless
otherwise ordered by the arbitrator as part of legally-authorized relief to a prevailing party. 
  

	 	b)	Equitable Remedies 

 Each of the Company and I agree that disputes relating to or arising out
of a breach of the covenants contained in this Intellectual Property Agreement would likely require injunctive relief to maintain the status quo of the parties pending the appointment of an arbitrator pursuant to this Intellectual Property
Agreement. The parties hereto also agree that it would be impossible or inadequate to measure and calculate the damages from any breach of the covenants contained in this Intellectual Property Agreement prior to resolution of any dispute pursuant to
arbitration. Accordingly, pursuant to C.C.P. §1281.8(b), if either party claims, pending the appointment of an arbitrator, that the other party has breached any covenant of this Intellectual Property Agreement, that party will have available,
in addition to any other right or remedy, the right to obtain an injunction from a court of competent jurisdiction restraining such breach or threatened breach and/or to specific performance of any such provision of this Intellectual Property
Agreement pending resolution of the dispute through arbitration. The parties further agree that no bond or other security shall be required in obtaining such equitable relief and hereby consents to the issuance of such injunction and to the ordering
of specific performance. However, upon appointment of an arbitrator, the arbitrator shall review any interim, injunctive relief granted by a court of competent jurisdiction and shall have the discretion, jurisdiction, and authority to continue,
expand, or dissolve such relief pending completion of the arbitration of such dispute or controversy. The parties agree that any orders issued by the arbitrator may be enforced by any court of competent jurisdiction if necessary to ensure compliance
by the parties. 
  

	 	8.	General Provisions 

  

	 	a)	Governing Law; Consent to Personal Jurisdiction 

 This Intellectual Property Agreement will be
governed by the laws of the State of California as they apply to contracts entered into and wholly to be performed within such State. Subject to Section 7, I hereby expressly consent to the nonexclusive personal jurisdiction and venue of the
state and federal courts located in the federal Northern District of California for any lawsuit filed there by either party arising from or relating to this Intellectual Property Agreement. 

 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  

	 	b)	Entire Agreement 

 This Intellectual Property Agreement sets forth the entire agreement and
understanding between the Company and me relating to the subject matter herein and merges all prior discussions between us. No modification of or amendment to this Intellectual Property Agreement, nor any waiver of any rights under this Intellectual
Property Agreement, will be effective unless in writing signed by the party to be charged. Any subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Intellectual Property Agreement. 

 

	 	c)	Severability 

 If one or more of the provisions in this Intellectual Property Agreement are
deemed void by law, then the remaining provisions will continue in full force and effect. 
  

	 	d)	Successors and Assigns 

 This Intellectual Property Agreement will be binding upon my heirs,
executors, administrators and other legal representatives and will be for the benefit of the Company, its successors, and its assigns. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
 IN WITNESS WHEREOF, the undersigned
has executed this Employment, Confidential Information and Intellectual Property Assignment Agreement as of the date indicated below. 
  

			
		
	By:	 	/s/ Stephanie Carullo

 
			
	Date:	 	July 9, 2017

 
			
	Name:	 	Stephanie Carullo

 
			
	Address:	 	  

		 	  

 WITNESS 
 By: /s/ Aaron
Levie 
 Date: July 9, 2017 
 Name: Aaron Levie 

 

			
	Address:	 	  

		 	  

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
 Exhibit B 

Box, Inc. 
 Change in Control and Severance Agreement 

This Change in Control and Severance Agreement (the “Agreement”) is made and entered into by and between Stephanie Carullo
(“Executive”) and Box, Inc., a Delaware corporation (the “Company”), effective as of Executive’s first day of employment with the Company (the “Effective Date”). 

Recitals 
  

	 	1.	The Compensation Committee (the “Committee”)of the Company’s Board of Directors (the “Board”) believes that it is in the best interests of the Company and its stockholders (i) to assure
that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat, or occurrence of a Change in Control and (ii) to provide Executive with an incentive to continue Executive’s
employment prior to a Change in Control and to motivate Executive to maximize the value of the Company upon a Change in Control for the benefit of its stockholders. 

 

	 	2.	The Committee believes that it is imperative to provide Executive with certain severance benefits upon Executive’s termination of employment under certain circumstances. These benefits will provide Executive with
enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change in Control. 

  

	 	3.	Certain capitalized terms used in the Agreement are defined in Section 6 below. 

Agreement 
 NOW, THEREFORE,
in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
  

	 	1.	Term of Agreement. This Agreement will have an initial term of two years commencing on the Effective Date (the “Initial Term”). On the second anniversary of the Effective Date and each anniversary
thereafter, this Agreement will renew automatically for additional one (1) year terms (each an “Additional Term”), unless either party provides the other party with written notice of non-renewal at least 90 days prior to the date of
automatic renewal. If a Change in Control occurs when there are fewer than 12 months remaining during the Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date that is 12 months following the
effective date of the Change in Control. If Executive becomes entitled to benefits under Section 3 during the term of this Agreement, the Agreement will not terminate until all of the obligations of the parties hereto with respect to this
Agreement have been satisfied. For clarity, an election by the Company not to renew this Agreement for an Additional Term will not be deemed to be a termination of Executive’s employment without Cause or grounds for a resignation for Good
Reason and, accordingly, Executive will not be eligible for severance benefits under Section 3. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
  

	 	2.	At-Will Employment. The Company and Executive acknowledge that Executive’s employment is and will continue to be at-will, as defined under applicable law. As an at-will employee, either the Company or the
Executive may terminate the employment relationship at any time, with or without Cause. 

  

	 	3.	Severance Benefits. 

  

	 	a.	Termination without Cause Unrelated to a Change in Control. If the Company terminates Executive’s employment with the Company without Cause (excluding death or Disability) and such termination occurs outside
of the Change in Control Period, then subject to Section 4, Executive will receive the following: 

  

	 	i.	Accrued Compensation. The Company will pay Executive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and
arrangements. 

  

	 	ii.	Continuing Severance Payments. Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for six months from the date of such termination
of employment (the “Continuance Period”), to be paid periodically in accordance with the Company’s normal payroll policies. Severance payments during the Continuance Period will not commence until, the first Company payroll following
the Release Deadline (as defined below), or, if later, such time as required by Section 4(c). Except as required by Section 4(c), any installment payments that would have been made to Executive during the 60 day period immediately
following Executive’s separation from service but for the preceding sentence will be paid to Executive on the first Company payroll following the Release Deadline and the remaining payments will be made as provided in this Agreement.

  

	 	iii.	Continuation Coverage. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) within the time period prescribed pursuant
to COBRA for Executive and Executive’s eligible dependents, then the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the
earlier of (A) a period of six months from the date of termination or (B) the date upon which Executive and/or Executive’s eligible dependents become covered under similar plans. The reimbursements will be made by the Company to
Executive consistent with the Company’s normal expense reimbursement policy. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
  

	 	b.	Termination without Cause or Resignation for Good Reason in Connection with a Change in Control. If the Company terminates Executive’s employment with the Company without Cause (excluding death or
Disability) or if Executive resigns from such employment for Good Reason, and, in each case, such termination occurs during the Change in Control Period, then subject to Section 4, Executive will receive the following: 

 

	 	i.	Accrued Compensation. The Company will pay Executive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and
arrangements. 

  

	 	ii.	Severance Payment. Executive will receive a lump-sum payment (less applicable withholding taxes) equal to 12 months of Executive’s annual base salary as in effect immediately prior to Executive’s
termination date. For the avoidance of doubt, if (x) Executive incurred a termination prior to a Change in Control that qualifies Executive for severance payments under Section 3(a)(ii); and (y) a Change in Control occurs within the
three-month period following Executive’s termination of employment that qualifies Executive for the superior benefits under this Section 3(b)(ii), then Executive shall be entitled to a lump-sum payment of the amount calculated under this
Section 3(b)(ii), less amounts already paid under Section 3(a)(ii) and such amount lump-sum amount shall be payable upon the later of: (A) the Change in Control, (B) the first Company payroll following the Release Deadline; or
(C) such later date required by Section 4(c). 

  

	 	iii.	Bonus Payment. Executive will receive a lump-sum payment equal to 100% of Executive’s target bonus as in effect for the fiscal year in which the termination of employment occurs. Payment will be made on the
first Company payroll following the Release Deadline, subject to Section 4(c). 

  

	 	iv.	Continuation Coverage. If Executive elects continuation coverage pursuant to COBRA within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, then the Company will
reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the earlier of (A) a period of 12 months from the date of termination or (B) the date
upon which Executive and/or Executive’s eligible dependents become covered under similar plans. The reimbursements will be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy.

  

	 	v.	Accelerated Vesting of Equity Awards. Executive’s time-based Equity Awards that would have vested had Executive remained in service for an additional 24 months following the termination of employment date
will accelerate and become vested. 

  

	 	c.	Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company terminates (i) voluntarily by Executive (other than for Good Reason during the Change in Control Period) or
(ii) for Cause by the Company, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s then existing severance and benefits plans and practices or
pursuant to other written agreements with the Company. 

  

	 	d.	Disability; Death. If the Company terminates Executive’s employment as a result of Executive’s Disability, or Executive’s employment terminates due to Executive’s death, then Executive will
not be entitled to receive any other severance or other benefits, except for those (if any) as may then be established under the Company’s then existing written severance and benefits plans and practices or pursuant to other written agreements
with the Company. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
  

	 	e.	Exclusive Remedy. In the event of a termination of Executive’s employment as set forth in Section 3(a) or (b) of this Agreement, the provisions of Section 3 are intended to be and are
exclusive and in lieu of any other rights or remedies to which Executive or the Company otherwise may be entitled, whether at law, tort or contract, in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required
by law, and any unreimbursed reimbursable expenses). Executive will be entitled to no benefits, compensation or other payments or rights upon a termination of employment other than those benefits expressly set forth in Section 3 of this
Agreement. 

  

	 	4.	Conditions to Receipt of Severance 

  

	 	a.	Release of Claims Agreement. The receipt of any severance payments or benefits (other than the accrued benefits set forth in either Sections 3(a)(i) or 3(b)(i)) pursuant to this Agreement is subject to Executive
signing and not revoking the Company’s customary separation and release of claims agreement (the “Release”), which must become effective and irrevocable no later than the 60th day following Executive’s termination of employment
(the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, Executive will forfeit any right to severance payments or benefits under this Agreement. In no event will severance payments or
benefits be paid or provided until the Release actually becomes effective and irrevocable. 

  

	 	b.	Confidential Information and Invention Assignment Agreements. Executive’s receipt of any payments or benefits under Section 3 (other than the accrued benefits set forth in either Sections 3(a)(i) or
3(b)(i)) will be subject to Executive continuing to comply with the terms of the Employment, Confidential Information and Invention Assignment Agreement, between the Company and Executive, as such agreement may be amended from time to time (the
“ECIIAA”) and the Release. 

  

	 	c.	Section 409A.  

  

	 	i.	Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement that, when considered together with any other severance
payments or separation benefits, are considered deferred compensation under Section 409A of the Code, and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”)
will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt
from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A. 

 

	 	ii.	It is intended that none of the severance payments under this Agreement will constitute Deferred Payments but rather will be exempt from Section 409A as a payment that would fall within the “short-term
deferral period” as described in Section 4(c)(iv) below or resulting from an involuntary separation from service as described in Section 4(c)(v) below. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
  

	 	iii.	Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s termination (other than due to death),
then the Deferred Payments, if any, that are payable within the first six months following Executive’s separation from service, will become payable on the first payroll date that occurs on or after the date six months and one day following the
date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive
dies following Executive’s separation from service, but before the six-month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively
practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to
constitute a separate payment under Section 1.409A-2(b)(2) of the Treasury Regulations. 

  

	 	iv.	Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments
for purposes of clause (i) above. 

  

	 	v.	Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A- 1(b)(9)(iii) of the Treasury Regulations that does not exceed
the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes of clause (i) above. 

  

	 	vi.	The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under
Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary,
appropriate or desirable to avoid imposition of any additional tax or income recognition before actual payment to Executive under Section 409A. 

  

	 	5.	Limitations on Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning
of Section 280G of the Code, and (ii) but for this Section 5, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s benefits under Section 3 will be either: 

 

	 	a.	delivered in full, or 

  

	 	b.	 delivered as to such lesser extent which would result in no portion of such benefits being subject to excise tax
under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999 of the Code, results in the receipt by Executive on an
after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute
payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments; (ii) cancellation of awards granted “contingent on a change in ownership or
control” (within the 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  

	 	meaning of Code Section 280G), (iii) cancellation of accelerated vesting of equity awards; (iv) reduction of employee benefits. In the event that acceleration of vesting of equity award compensation is to
be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards. 

Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5 will be made in writing by
the Company’s independent public accountants immediately prior to a Change in Control or such other person or entity to which the parties mutually agree (the “Firm”), whose determination will be conclusive and binding upon Executive
and the Company. For purposes of making the calculations required by this Section 5, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the
application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section. The Company will bear all
costs the Firm may incur in connection with any calculations contemplated by this Section 5. 
  

	 	6.	Definition of Terms. The following terms referred to in this Agreement will have the following meanings: 

  

	 	a.	Cause. “Cause” means: 

  

	 	i.	an act of dishonesty made by Executive in connection with Executive’s responsibilities as an employee; 

  

	 	ii.	Executive’s conviction of, or plea of nolo contendere to, a felony or any crime involving fraud or embezzlement; 

  

	 	iii.	Executive’s gross misconduct; 

  

	 	iv.	Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of nondisclosure as a result of Executive’s
relationship with the Company; 

  

	 	v.	Executive’s willful breach of any obligations under any written agreement or covenant with the Company; 

  

	 	vi.	Executive’s failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested Executive’s cooperation; or

  

	 	vii.	Executive’s continued failure to perform Executive’s employment duties after Executive has received a written demand of performance from the Company which specifically sets forth the factual basis for the
Company’s belief that Executive has not substantially performed his duties and has failed to cure such non-performance to the Company’s satisfaction within 10 business days after receiving such notice. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
  

	 	b.	Change in Control. “Change in Control” means the occurrence of any of the following events: 

  

	 	i.	A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with
the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own
more than fifty percent 50% of the total voting power of the stock of the Company will not be considered a Change in Control; or 

  

	 	ii.	A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a
majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by
the same Person will not be considered a Change in Control; or 

  

	 	iii.	A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the 12 month period ending on the date of the most recent
acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or
acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by
the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s
stock, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the
outstanding stock of the Company, or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross
fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger,
consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 Notwithstanding the foregoing, a transaction will not
be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and
Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. 
 Further and for the avoidance of doubt, a
transaction will not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same
proportions by the persons who held the Company’s securities immediately before such transaction. 
  

	 	c.	Change in Control Period. “Change in Control Period” means the period beginning three months prior to, and ending 12 months following, a Change in Control. 

 

	 	d.	Code. “Code” means the Internal Revenue Code of 1986, as amended. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
  

	 	e.	Disability. “Disability” will means that Executive has been unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

  

	 	f.	Equity Awards. “Equity Awards” means Executive’s outstanding stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and any
other Company equity compensation awards. 

  

	 	g.	Good Reason. “Good Reason” means Executive’s voluntary termination, within 30 days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of
the following, without Executive’s consent: 

  

	 	i.	a material reduction of Executive’s duties, authority or responsibilities other than a reduction following a Change in Control due to the Company being part of a larger entity where Executive assumes similar
functional duties; 

  

	 	ii.	a material reduction in Executive’s base salary other than a one-time reduction of not more than 10% that also is applied to substantially all of the Company’s other executive officers; or; 

 

	 	iii.	a material change in the geographic location of Executive’s primary work facility or location; provided, that a relocation of less than 50 miles from Executive’s then present location will not be considered a
material change in geographic location. 

 Executive may not resign for Good Reason without first providing the Company with written notice
within 90 days of the initial existence of the condition that Executive believes constitutes Good Reason specifically identifying the acts or omissions constituting the grounds for Good Reason and a reasonable cure period of not less than 30 days
following the date of such notice. 
 For purposes of the “Good Reason” definition, the term “Company” will be interpreted to include
any subsidiary, parent, affiliate or successor thereto, if applicable. 
  

	 	h.	Section 409A Limit. “Section 409A Limit” will mean two times the lesser of: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the
Executive’s taxable year preceding the Executive’s taxable year of Executive’s termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any
Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is
terminated. 

  

	 	7.	Successors. 

  

	 	a.	The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s
business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the
absence of a succession. For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this
Section 7(a) or which becomes bound by the terms of this Agreement by operation of law. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
  

	 	b.	Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. 

  

	 	8.	Notice. 

  

	 	a.	General. Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been duly given when sent electronically or personally delivered when mailed by U.S.
registered or certified mail, return receipt requested and postage prepaid or when delivered by a private courier service such as UPS, DHL or Federal Express that has tracking capability. In the case of Executive, notices will be sent to the e-mail
address or addressed to Executive at the home address, in either case which Executive most recently communicated to the Company in writing. In the case of the Company, electronic notices will be sent to the e-mail addresses of the Chief Executive
Officer and the General Counsel and mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the attention of its Chief Executive Officer and General Counsel. 

 

	 	b.	Notice of Termination. Any termination by the Company for Cause or by Executive for Good Reason will be communicated by a notice of termination to the other party hereto given in accordance with Section 8(a)
of this Agreement. Such notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so
indicated, and will specify the termination date (which will be not more than 90 days after the giving of such notice). 

  

	 	9.	Resignation. Upon the termination of Executive’s employment for any reason, Executive will be deemed to have resigned from all officer and/or director positions held at the Company and its affiliates
voluntarily, without any further required action by Executive, as of the end of Executive’s employment and Executive, at the Board’s request, will execute any documents reasonably necessary to reflect Executive’s resignation.

  

	 	10.	Arbitration.  

  

	 	a.	Arbitration. In consideration of Executive’s employment with the Company, its promise to arbitrate all employment-related disputes, and Executive’s receipt of the compensation, pay raises and other
benefits paid to Executive by the Company, at present and in the future, Executive agrees that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, stockholder or benefit plan of the
Company in their capacity as such or otherwise) arising out of, relating to, or resulting from Executive’s employment with the Company or termination thereof, including any breach of this Agreement, will be subject to binding arbitration under
the Arbitration Rules set forth in California Code of Civil Procedure Section 1280 through 1294.2, including Section 1281.8 (the “Act”), and pursuant to California law. The Federal Arbitration Act will also apply with full force
and effect, notwithstanding the application of procedural rules set forth under the Act. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
  

	 	b.	Dispute Resolution. Disputes that Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury, include any statutory claims under local, state, or federal law, including, but not
limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Sarbanes Oxley Act, the Worker
Adjustment and Retraining Notification Act, the California Fair Employment and Housing Act, the Family and Medical Leave Act, the California Family Rights Act, the California Labor Code, claims of harassment, discrimination, and wrongful
termination, and any statutory or common law claims. Executive further understands that this Agreement to arbitrate also applies to any disputes that the Company may have with Executive. 

 

	 	c.	Procedure. Executive agrees that any arbitration will be administered by the Judicial Arbitration & Mediation Services, Inc. (“JAMS”), pursuant to its Employment Arbitration Rules &
Procedures (the “JAMS Rules”). The arbitrator will have the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication, motions to dismiss and demurrers, and motions for
class certification, prior to any arbitration hearing. The arbitrator will have the power to award any remedies available under applicable law, and the arbitrator will award attorneys’ fees and costs to the prevailing party, except as
prohibited by law. The Company will pay for any administrative or hearing fees charged by the administrator or JAMS, and all arbitrator’s fees, except that Executive will pay any filing fees associated with any arbitration that Executive
initiates, but only so much of the filing fee as Executive would have instead paid had Executive filed a complaint in a court of law. Executive agrees that the arbitrator will administer and conduct any arbitration in accordance with California law,
including the California Code of Civil Procedure and the California Evidence Code, and that the arbitrator will apply substantive and procedural California law to any dispute or claim, without reference to the rules of conflict of law. To the extent
that the JAMS Rules conflict with California law, California law will take precedence. The decision of the arbitrator will be in writing. Any arbitration under this Agreement will be conducted in Santa Clara County, California. 

 

	 	d.	Remedy. Except as provided by the Act, arbitration will be the sole, exclusive, and final remedy for any dispute between Executive and the Company. Accordingly, except as provided by the Act and this Agreement,
neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and
the arbitrator will not order or require the Company to adopt a policy not otherwise required by law which the Company has not adopted. 

  

	 	e.	Administrative Relief. Executive is not prohibited from pursuing an administrative claim with a local, state, or federal administrative body or government agency that is authorized to enforce or administer laws
related to employment, including, but not limited to, the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, the National Labor Relations Board, or the Workers’ Compensation Board. However, Executive may not
pursue court action regarding any such claim, except as permitted by law. 

  

	 	f.	Voluntary Nature of Agreement. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else. Executive further
acknowledges and agrees that Executive has carefully read this Agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences and binding effect of this Agreement and fully understands it, including
that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY TRIAL. Finally, Executive agrees that Executive has been provided an opportunity to seek the advice of an attorney of Executive’s choice before signing this Agreement.

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
  

	 	11.	Miscellaneous Provisions.  

  

	 	a.	No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any such payment be reduced by any earnings that Executive may receive from any
other source. 

  

	 	b.	Waiver. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the
Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same
condition or provision at another time. 

  

	 	c.	Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 

 

	 	d.	Entire Agreement. This Agreement, together with the ECIIAA, constitutes the entire agreement of the parties hereto and supersedes in their entirety all prior representations, understandings, undertakings or
agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter hereof, including, but not limited to, any rights to any severance and/or change in control benefits set forth in
Executive’s original offer letter, any prior severance agreement and/or any accelerated vesting terms set forth in an individual Equity Award agreement. No waiver, alteration, or modification of any of the provisions of this Agreement will be
binding unless it is in a writing that specifically mentions this Agreement and that is signed by Executive and by an authorized officer of the Company (other than Executive). 

 

	 	e.	Choice of Law. The validity, interpretation, construction and performance of this Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions). Any
claims or legal actions by one party against the other arising out of the relationship between the parties contemplated herein (whether or not arising under this Agreement) will be commenced or maintained in any state or federal court located in
Santa Clara County. 

  

	 	f.	Severability. The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and
effect. 

  

	 	g.	Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable income, employment and other taxes. 

 

	 	h.	Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
 IN WITNESS WHEREOF, each of the parties has executed
this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below. 

COMPANY BOX, INC. 

By: /s/ Aaron Levie 

Title: CEO 

Date: July 9, 2017 

EXECUTIVE 

By: Stephanie Carullo 

Title: COO 

Date: July 9, 2017 

[signature page of the Change in Control and Severance Agreement] 

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
 Appendix A 

California Labor Code Section 2870. Application of provision that employee shall assign or offer to assign rights in invention to employer.

  

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

 

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

 

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

  

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

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269 

 

 
  
 Appendix B 

Box, Inc. 
 Termination Certificate 

This is to certify that I do not have in my possession, nor have I failed to return, any devices, records, data, notes, reports, proposals, lists,
correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items belonging to Box, Inc., its subsidiaries, affiliates, successors or assigns (together,
the “Company”). 
 I further certify that I have complied with all the terms of the Company’s Employment, Confidential Information and
Intellectual Property Assignment Agreement signed by me (the “Intellectual Property Agreement”), including the reporting of any Intellectual Property (as defined therein), conceived or made by me (solely or jointly with others)
covered by the Intellectual Property Agreement. 
 I further agree that, in compliance with the Intellectual Property Agreement, I will preserve as
confidential all trade secrets, confidential knowledge, data or other proprietary information relating to products, processes, know-how, designs, formulas, developmental or experimental work, computer programs, data bases, other original works of
authorship, customer lists, business plans, financial information or other subject matter pertaining to any business of the Company or any of its employees, clients, consultants or licensees. 

I further agree that for twelve (12) months from this date, I shall not solicit the employment of any person who shall then be rendering services to the
Company (as an employee or consultant) or who shall have rendered services to the Company (as an employee or consultant) within the prior twelve (12) month period, on behalf of myself or any other person, firm, corporation, association or other
entity, directly or indirectly, all as provided more fully with the Intellectual Property Agreement. 
  

			
	Date:	 	 

  

	
	 
	(Signature)

  
 ©Box,
Inc.  |  900 Jefferson Ave., Redwood City, CA 94063 USA  |  www.box.com  |  877-729-4269

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