Document:

EX-10.3

 Exhibit 10.3 

GUARANTY OF RECOURSE CARVEOUTS 

THIS GUARANTY OF RECOURSE CARVEOUTS (this “Guaranty”) is made as of September 2, 2016, by CITY OFFICE REIT OPERATING
PARTNERSHIP, L.P., a Maryland limited partnership (“Guarantor”), in favor of BANKUNITED, N.A., national banking association, having an office at 7815 NW 148th Street, Miami Lakes, Florida 33016 (the “Bank”). 

R E C I T A L S: 

WHEREAS, contemporaneously herewith, Bank is making a loan to, among others, CIO RESEARCH COMMONS, LLC, a Delaware limited liability
company, CIO TECHNOLOGY POINT I & II, LLC, a Delaware limited liability company and CIO UNIVERSITY TECH, LLC, a Delaware limited liability company (each and collectively, with their successors and assigns, “Borrower”) in the
principal amount of $30,875,000.00 (the “Loan”), which Loan is evidenced by that certain Promissory Note, dated of even date herewith, made by Borrower, as maker, in favor of Bank, as payee (together with all extensions, renewals,
modifications, substitutions and amendments thereof, the “Note”) and a Loan Agreement dated of even date herewith (the “Loan Agreement”); 

WHEREAS, the Loan and related obligations are secured by, among other things, that a Mortgage, Assignment of Leases and Rents and
Profits, Security Agreement and Fixture Filing (each such mortgage, together with all extensions, renewals, modifications, substitutions and amendments thereof, the “Mortgage”), from each Borrower and granting Bank, for itself and
as agent for affiliated hedging counterparties, a first priority lien on that certain real property as more particularly described on Exhibit “A” to each Mortgage (the “Premises”), together with the buildings and
other improvements located thereon (the “Improvements”); and together with the Premises, collectively, the “Project”); and 

WHEREAS, Bank requires as a condition to the making of the Loan that Guarantor shall have executed and delivered this Guaranty for the
benefit of Bank. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt of which
is hereby acknowledged, and in order to induce Bank to make the Loan to Borrower, Guarantor hereby represents and warrants, as of the date hereof, and covenants to the Bank as follows: 

1. Authorization and Enforceability of Loan Documents. The Loan Agreement, Note, the Mortgage, any indemnification agreement
relating to compliance with the Environmental Indemnity Agreement dated of even date herewith given by Borrower and Guarantor in favor of Bank (a “Environmental Indemnity Agreement”) and all of the other documents executed and
delivered by Borrower in connection with the Loan (collectively, the “Loan Documents”) have been duly authorized and executed by Borrower and are legal, valid and binding instruments, enforceable against Borrower in accordance with
their respective terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or other legal or equitable principles now or hereafter in effect generally affecting creditors’ rights and remedies. 

 2. Limited Guaranty. Guarantor hereby unconditionally guarantees, on a joint and
several basis with all Other Guarantors (as hereafter defined), payment of, and agrees to protect, defend, indemnify and hold harmless Bank for, from and against any and all loss, damage, cost, expense, liability, fine, penalty, court costs,
judgment, claim or other obligation which may be suffered by or incurred by Bank (including attorneys’ fees and costs reasonably incurred), as well as the payment of all Enforcement Costs (as hereafter defined) arising out of or in connection
with the following: 
 (i) fraud or material misrepresentation by or on behalf of Borrower or Guarantor, or any of their
agents or representatives, in connection with the Loan; 
 (ii) the gross negligence, willful misconduct or commission of a
criminal act by Borrower or Guarantor, or any of their agents or representatives, in connection with the Loan; 
 (iii) the
breach of any material representation, warranty, covenant or indemnification provision by Borrower or Guarantor in any Environmental Indemnity Agreement or in the Mortgage or the Loan Agreement concerning any Environmental Laws and any
indemnification of Bank with respect thereto in the Mortgage; 
 (iv) the removal or disposal of any portion of the Project
(as such term is defined in the Loan Agreement) by Borrower or any Affiliate (as defined in the Loan Agreement) of Borrower or Guarantor, or any Person (as defined in the Loan Agreement) acting at the direction of Borrower or Guarantor after an
Event of Default (as defined in any Loan Document) in violation of the Loan Documents; 
 (v) the misapplication or
conversion by Borrower of (A) any insurance proceeds paid by reason of any loss, damage or destruction to all or any part of the Project, (B) any awards or other amounts received in connection with the condemnation of all or any part of the
Property, (C) any rents following an Event of Default (as defined in any Loan Document); or (D) any proceeds of any cash collateral disbursed under any cash collateral agreement; 

(vi) failure to use Loan proceeds to pay charges for labor or materials or other charges that can create liens on all or any
part of the Property, subject to Borrower’s right to contest the amount or validity of any such charges or liens in accordance with the terms and conditions of the Loan Agreement; 

(vii) any security deposits, advance deposits or any other deposits collected with respect to the Project which are not
delivered to Bank upon a foreclosure of the Project or any conveyance of the Project by deed-in-lieu thereof, except to the extent any such security deposits were applied in accordance with the terms and conditions of any Lease (as defined in the
Loan Agreement) prior to the occurrence of the “Event of Default” under the applicable Loan Document that gave rise to such foreclosure or action in lieu thereof; or 

(viii) any shortfall in insurance deductibles payable by Borrower under any insurance policy required under
Section 8.1 of the Loan Agreement. 

 3. Exceptions; Full Recourse. Notwithstanding the foregoing or anything to the
contrary contained in this Guaranty, or the other the Loan Documents the limitation in Section 2 of this Guaranty shall be null and void and completely inapplicable and Guarantor shall be fully and personally liable (jointly and severally with all
Guarantors, the Borrower and all Other Guarantors with respect thereto) for the payment and performance of all Debt (as defined in the Loan Agreement), including, without limitation, all outstanding principal due in respect of the Loan, all accrued
interest thereon, and all other amounts, obligations or liabilities of Borrower to Bank under the Loan Documents, as well as the payment of all Enforcement Costs, upon the occurrence of any of the following events: 

(i) The breach of any condition, covenant, agreement or obligation in Article VII of the Loan Agreement; 

(ii) If Borrower shall (A) voluntarily commence a case under any applicable bankruptcy, insolvency, creditors’ rights or
other similar law now or hereafter in effect (collectively, the “Insolvency Laws”), (B) voluntarily make any assignment for the benefit of creditors under any Insolvency Law, or (C) become the debtor in or subject of any involuntary
case or proceeding under any Insolvency Law and any such case or proceeding shall have been facilitated, coordinated and/or directed by Borrower, Guarantor, any Other Guarantor or any Affiliate or principal of Borrower, Guarantor or any Other
Guarantor and/or in any such involuntary case or proceeding involving Borrower, Borrower shall consent to the entry of an order for relief or to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Borrower or of any substantial part of Borrower’s property; 
 (iii) If
Guarantor shall (A) voluntarily commence a case under any applicable Insolvency Laws, (B) voluntarily make any assignment for the benefit of creditors under any Insolvency Law, or (C) become the debtor in or subject of any involuntary case or
proceeding under any Insolvency Law if such case or proceeding shall have been facilitated, coordinated and/or directed by Guarantor, or any Affiliate or principal of Guarantor or Borrower and/or in any such involuntary case or proceeding involving
Guarantor, Guarantor shall consent to the entry of an order for relief or to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Guarantor or of any substantial
part of Guarantor’s property; 
 (iv) If Guarantor (or any Person comprising Guarantor) or Borrower, in connection with
any enforcement action or exercise or assertion of any right or remedy by or on behalf of Bank under or in connection with this Guaranty, the Note, the Mortgage, any other Loan Document, seeks a defense, judicial intervention or injunctive or other
equitable relief of any kind or asserts in a pleading filed in connection with a judicial proceeding any defense of Borrower against Bank, or any right in connection with any security for the Loan, which the court in any such action or proceeding
determines that Borrower’s defense or such request for judicial intervention or injunctive or other equitable relief was asserted in bad faith, or 

(v) Borrower, Guarantor or any Other Guarantor contests or opposes any motion made by Bank to obtain relief from the automatic
stay or seeks to reinstate the automatic stay in the event of any federal or state bankruptcy or insolvency proceeding involving Borrower. 

 4. Definitions. For purposes hereof the following terms shall have the meanings
ascribed thereto: 
 “Enforcement Costs” shall mean any and all reasonable out of pocket expenses that may be actually paid or incurred by
Bank in the collection of all or any portion of Guarantor’s obligations hereunder or the exercise or enforcement of any one or more of the other rights, powers, privileges, remedies and interests of the Bank under the Loan Documents, or under
this Guaranty, including, without limitation, reasonable attorneys’ fees, irrespective of the manner or success of any such collection, exercise or enforcement, and whether or not such expenses constitute part of the Borrower’s
obligations.
 “Environmental Law” shall mean any present and future federal, state and local laws, statutes, ordinances, rules,
regulations and the like, relating to the safety, welfare and protection of human health or the environment, relating to any Hazardous Materials (as defined in the Mortgage), relating to liability for or costs of other actual or threatened danger to
the safety, welfare or human health or the environment and includes, but is not limited to, 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 of 1980, as amended (as amended, including, without limitation, the Superfund Amendments and Reauthorization Act of
1986, “CERCLA”), 42 U.S.C. §9601 et seq.; the Emergency Planning and Community Right-to-Know Act of 1986; the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including but not limited to
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. The term “Environmental Law” also
includes, but is not limited to, any present and future federal, state and local laws, statutes ordinances, rules, regulations and the like, conditioning transfer of property upon a negative declaration or other approval of a governmental authority
of the environmental condition of the Property; requiring notification or disclosure of releases of Hazardous Materials or other environmental condition of the Project or 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; relating to nuisance, trespass or other causes of action related to the Property; and relating
to wrongful death, personal injury, or property or other damage in connection with any physical condition or use of the Property. 
 “Other
Guarantor” shall mean any Person executing a guaranty (other than this Guaranty) in favor of Bank, if any. 

 5. Unconditional Guaranty. This Guaranty is an absolute, unconditional, present and
continuing guaranty of payment and performance and not of collection and is in no way conditioned or contingent upon any attempt to enforce any of Bank’s rights against Borrower or to collect from the Borrower or upon any other condition or
contingency. Bank shall have the right to proceed against Guarantor immediately upon any “Event of Default” under any Loan Document, in each case, without taking any prior action or proceeding to enforce any of the Loan Documents, or
for the liquidation or foreclosure of any security Bank at any time holds pursuant thereto. Guarantor hereby subordinates to the rights of Bank hereunder any claim (within the meaning of 11 U.S.C. § 101) which Guarantor may have against
Borrower arising from a payment made by Guarantor under this Guaranty and, except as set forth in Section 9 hereof, agrees not to assert or take advantage of any subrogation rights of Guarantor or any right of Guarantor to proceed against Borrower,
Guarantor or any Other Guarantor for reimbursement. It is expressly understood that the waivers and agreements of Guarantor constitute additional and cumulative benefits given to Bank for its security and as an inducement for its extension of
credit to Borrower. Bank may at any time and from time to time take any and/or all actions and enforce all rights and remedies available to it hereunder or under applicable law to collect from Guarantor any amounts then due and payable
hereunder by Guarantor and/or to cause Guarantor to fulfill his, her or its obligations hereunder. Notwithstanding anything to the contrary in this Guaranty, the Note, or any of the other Loan Documents, Bank shall not be deemed to have waived
any right which either of them 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 or to require that all collateral shall continue to secure all of the Debt
owing to Bank in accordance with the Loan Documents. 
 6. Liability Unimpaired. No Guarantor’s liability hereunder shall
in any way be limited or impaired by, and Guarantor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of any of the Loan Documents (except to the extent expressly set forth in such amendment or
modification) or any other instrument or agreement made to or with Bank by Borrower or Guarantor, or any Person who succeeds Borrower as owner of all or part of the Project prior to foreclosure of the Mortgage or exercise of any power of sale
contained therein. In addition, no Guarantor’s liability hereunder shall in any way be limited or impaired by (i) any extensions of time for performance required by any of said documents, (ii) any sale, assignment or foreclosure of the
Note or Mortgage or any sale or transfer of all or part of the property covered by the Mortgage, (iii) any exculpatory provision in any of said documents limiting Bank’s recourse to the Projector to any other security, or limiting Bank’s
rights to a deficiency judgment against Borrower, (iv) the release of Borrower, Guarantor, any Other Guarantor or any other Person from performance or observance of any of the agreements, covenants, terms or conditions contained in any of said
documents for any reason, including by the applicable Bank’s election, by operation of law or otherwise, (v) the release or substitution in whole or in part of any security for the Loan, (vi) Bank’s failure to record the Mortgage or
file any UCC financing statements (or the improper recording or filing of any thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given as security for the Loan, (vii) the invalidity, irregularity or
unenforceability, in whole or in part, of any of the Loan Documents, this Guaranty or any other instrument or agreement executed or delivered to Bank in connection with the Loan, except to the extent that there is a final adjudication by a court of
competent jurisdiction of a valid defense to Borrower’s obligations under the Loan Documents to payment of the Debt, (viii) the inaccuracy of any of the 

 
representations and warranties made by Borrower in the Loan Agreement, the Mortgage, the other Loan Documents or any disbursement certificates or requests for disbursements made under the Loan
Agreement, or (x) any other action or circumstance whatsoever that constitutes, or might be construed to constitute, a legal or equitable discharge or defense (except full payment and satisfaction) of Borrower for its obligations under any of the
Loan Documents or of Guarantor under this Guaranty; and, in any such case, whether with or without notice to Guarantor and with or without consideration. 

7. Preservation of Loan Documents and. Guarantor will cause Borrower to maintain and preserve the enforceability of the Loan
Documents as the same may be modified and will not permit Borrower to take or to fail to take actions of any kind which might be the basis for a claim that Guarantor has a defense to Guarantor’s obligations hereunder. 

8. Reserved. 
 9.
Payments; Certain Waivers. Guarantor (i) waives any right or claim of right to cause a marshalling of Borrower’s assets or to cause Bank to proceed against any of the security for the Debt, including, without limitation, the
Loan, the Obligations or the other obligations guaranteed hereby before proceeding against Guarantor, (ii) agrees that any payments required to be made by Guarantor hereunder shall become due on demand in accordance with the terms of Section 2
(and if applicable Section 3) hereof and without presentment to Borrower or Guarantor, demand for payment or protest, or notice of non-payment or protest, and (iii) except as hereinafter provided, expressly waives and relinquishes all rights
and remedies accorded by applicable law to guarantors. Without limiting the generality of the foregoing, Guarantor hereby waives all rights (x) to participate in any claim or remedy Bank may now or hereafter have against Borrower or in any
collateral which Bank, now has or hereafter may acquire for the obligations guaranteed hereby and (y) except as provided below, to contribution, indemnification, set-off, exoneration or reimbursement, whether from Borrower, any Other Guarantor,
or any other Person now or hereafter primarily or secondarily liable for any of Borrower’s obligations to Bank, and whether arising by contract or operation of law or otherwise by reason of Guarantor’s execution, delivery or performance of
this Guaranty. Notwithstanding anything to the contrary contained herein or in any other Loan Documents, Guarantor shall not waive, and hereby retains, all rights of subrogation, contribution, indemnification, set-off or reimbursement against
Borrower or any Other Guarantor that Guarantor may have (the “Undersigned’s Rights”); provided however that (i) this Guaranty shall neither be contingent upon the existence of the Undersigned’s Rights nor subject to
any claims or defenses whatsoever which may be asserted in connection with the enforcement or attempted enforcement of the Undersigned’s Rights including, without limitation, any claim that the Undersigned’s Rights were abrogated by any
acts of Bank, and (ii) until the Debt and all other amounts guaranteed hereunder (including, without limitation, the Loan and the other Obligations) shall have been paid in full or until the Guarantor is otherwise released from its obligations
under this Guaranty, Guarantor hereby postpones and subordinates (A) the exercise of any and all of the Undersigned’s Rights to Bank’s rights against Guarantor under this Guaranty, against Borrower under any of the Loan Documents, or
any Other Guarantor and (B) any of the Undersigned’s Rights to any collateral securing the Debt, including, without limitation, the Loan. Notwithstanding anything to the contrary contained herein, except during the existence of an
Event of Default, Guarantor shall be entitled to receive and retain indirect distributions from Borrower made in accordance with the terms and conditions of the Borrower’s organizational documents and otherwise permitted under the Loan
Agreement.

 10. Reinstatement. This Guaranty shall continue to be effective, or be reinstated
automatically, as the case may be, if at any time payment, in whole or in part, of any of the obligations guaranteed hereby is rescinded or otherwise must be restored or returned by Bank (whether as a preference, fraudulent conveyance or otherwise)
upon or in connection with the insolvency, bankruptcy, dissolution, liquidation or reorganization of Borrower, any Other Guarantor or any other Person, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee
or similar officer for, Borrower, any Other Guarantor or any other Person or for a substantial part of Borrower’s, any Other Guarantor’s or any of such other Person’s property, as the case may be, or otherwise, all as though such
payment had not been made. Guarantor further agrees that in the event any such payment is rescinded or must be restored or returned, all reasonable out of pocket costs and expenses (including, without limitation, reasonable legal fees and
expenses) actually incurred by or on behalf of Bank in defending or enforcing such continuance or reinstatement, as the case may be, shall constitute Enforcement Costs, the payment of which is guaranteed by Guarantor pursuant to Section 2 (and, if
applicable Section 3) above. 
 11. Litigation, Compliance with Judgments. Guarantor represents and warrants as of the date
hereof with respect to itself that it has received no written notice of any actions, suits or proceedings pending or threatened against or affecting Guarantor, at law, in equity or before or by any governmental authorities, which, if resolved in a
manner adverse to Guarantor, would have a material adverse effect on Guarantor’s ability to perform its obligations hereunder; nor has Guarantor received any written notice that it is in default with respect to any order, writ, injunction,
decree or demand of any court or governmental authorities, which default remains uncured and would have a material adverse effect on Guarantor’s ability to perform its obligations under this Guaranty. 

12. Authorization and Enforceability; No Conflicts. Guarantor represents and warrants, as of the date hereof, that it has the full
power and authority to enter into and perform its obligations under this Guaranty and this Guaranty is a legal, valid and binding instrument, enforceable against Guarantor in accordance with its terms. Guarantor that is not an individual hereby
represents and warrants as of the date hereof that the execution, delivery and performance of this Guaranty has been authorized by all proper and necessary actions of Guarantor. Guarantor represents and warrants, as of the date hereof, with
respect to itself that the consummation of the transactions contemplated hereby and the performance of this Guaranty has not resulted and will not result in any material breach of, or constitute a material default under, any mortgage, deed of trust,
lease, bank loan or credit agreement, corporate charter, by-laws, partnership agreement or other instrument to which Guarantor is a party or by which Guarantor may be bound or affected. 

13. Compliance with Laws. Guarantor represents and warrants as of the date hereof with respect to itself that Guarantor is in
compliance with, and the transactions contemplated by the Loan Documents and this Guaranty do not and will not violate any provision of, or require any filing, registration, consent or approval under, any federal, state or local law, rule,
regulation, ordinance, order, writ, judgment, injunction, decree, determination or 

 
award, including the any Environmental Law presently in effect having applicability to Guarantor (collectively, the “Laws”), and agrees that Guarantor will comply in all material
respects promptly with all Laws now or hereafter in effect having applicability to Guarantor. 
 14. Accuracy of Information; Full
Disclosure. Guarantor represents and warrants as of the date hereof with respect to itself that neither this Guaranty nor any documents, financial statements, reports, notices, schedules, certificates, statements or other writings furnished
by or on behalf of Guarantor to Bank in connection with the negotiation of this Guaranty, the Loan Documents or the consummation of the transactions contemplated thereby, or required herein or by the other Loan Documents to be furnished by or on
behalf of Guarantor, contains any untrue or misleading statement of a material fact; there is no fact which Guarantor has knowledge that has not been disclosed to the Bank in writing, which materially affects adversely any of the property covered by
the Mortgage or the ability of Guarantor to perform this Guaranty. 
 15. Financial Statements. Guarantor represents and warrants, as
of the date hereof, and covenants with respect to itself as follows: 
 (a) The most recent financial statements heretofore delivered by
Guarantor to Bank are true and correct in all respects, have been prepared in accordance with sound accounting principles consistently applied and fairly present Guarantor’s financial condition as of the date thereof, and no material adverse
change has occurred in the financial condition reflected therein since the date thereof. 
 (b) Within 120 days after
Guarantor’s fiscal year end, Guarantor’s audited annual financial statements, including consolidated and consolidating information, prepared by a certified public accountant. 

(c) Promptly after a written request therefor, Guarantor shall deliver to the Bank such other financial data or information as Bank may
reasonably request from time to time 
 16. Non-Waiver Remedies Cumulative. No failure or delay on Bank’s part in
exercising any right, power or privilege under any of the Loan Documents, this Guaranty or any other document made to or with Bank in connection with the Loan, shall operate as a waiver of any such privilege, power or right or shall be deemed to
constitute either Bank’s acquiescence in any default by Borrower or Guarantor under any of said documents. A waiver by Bank of any right or remedy under any of the Loan Documents, this Guaranty, on any one occasion shall not be construed
as a bar to any right or remedy which Bank otherwise would have on any future occasion. The rights and remedies provided in said documents are cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies
provided by law. 
 17. Transfers of Interests in Loan. Guarantor acknowledges that Bank, at Bank’s sole discretion, may
sell, assign or transfer interests in the Loan, this Guaranty and the other Loan Documents to one or more participants, purchasers and/or assignees (collectively, “Participants”) and agrees in connection therewith, all Loan
Documents and other documentation, financial statements, appraisals and other data, or copies thereof, relevant to 

 
Borrower, Guarantor, the Premises, the Improvements or the Mortgage and Loan Agreement, may be provided to and retained by any such participant, purchaser or assignee or prospective participant,
purchaser or assignee. Guarantor agrees that Bank shall have no obligation to give Guarantor written notice of any sale, assignment or transfer of any interest or participation in the Loan or any part thereof. 

18. Separate Indemnity. Guarantor acknowledges and agrees that the Bank’s rights (and Guarantor’s obligations) under
this Guaranty shall be in addition to all of Bank’s rights (and all of Guarantor’s obligations) under any indemnity agreement executed and delivered to Bank by Borrower and/or Guarantor in connection with the Loan, and payments by
Guarantor under this Guaranty shall not reduce any of Guarantor’s obligations and liabilities under any such indemnity agreement. 

19. Severability. Any provision of this Guaranty, or the application thereof to any Person or circumstance, that, for any reason,
in whole or in part, is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Guaranty (or the
remaining portions of such provision) or the application thereof to any other person or circumstance, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision (or portion thereof)
or the application thereof to any person or circumstance in any other jurisdiction. 
 20. Entire Agreement; Amendments. This
Guaranty contains the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior oral or written agreements or statements relating to such subject matter, and none of the terms and provisions hereof may be
waived, amended or terminated (except as otherwise expressly provided herein) except by a written instrument signed by the Person against whom enforcement of the waiver, amendment or termination is sought. 

21. Successors and Assigns. This Guaranty shall be binding upon and shall inure to the benefit of the Bank and Guarantor and their
respective heirs, personal representatives, successors and assigns. This Guaranty may be assigned by Bank with respect to all or any portion of the obligations guaranteed hereby, and when so assigned Guarantor shall be liable under this
Guaranty to the assignee(s) of the portion(s) of the obligations guaranteed hereby so assigned without in any manner affecting the liability of Guarantor hereunder to the Bank with respect to any portion of the obligations guaranteed hereby retained
by the Bank. 
 22. WAIVER OF TRIAL BY JURY. GUARANTOR, AND BY ITS ACCEPTANCE HEREOF, BANK, EACH HEREBY AGREES NOT TO ELECT A
TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE 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 GUARANTOR AND BANK, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE. GUARANTOR AND BANK ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER. 

 23. ADDITIONAL WAIVERS IN THE EVENT OF ENFORCEMENT. GUARANTOR HEREBY EXPRESSLY AND
UNCONDITIONALLY WAIVES, IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT BY OR ON BEHALF OF BANK ON THIS GUARANTY, ANY AND EVERY RIGHT GUARANTOR MAY HAVE TO (I) INJUNCTIVE RELIEF, (II) INTERPOSE ANY COUNTERCLAIM THEREIN (OTHER
THAN COMPULSORY COUNTERCLAIMS), AND (III) HAVE THE SAME CONSOLIDATED WITH ANY OTHER OR SEPARATE SUIT, ACTION OR PROCEEDING. NOTHING HEREIN CONTAINED SHALL PREVENT OR PROHIBIT GUARANTOR FROM INSTITUTING OR MAINTAINING A SEPARATE ACTION
AGAINST BANK WITH RESPECT TO ANY ASSERTED CLAIM. 
 24. Governing Law; Submission To Jurisdiction. This Guaranty and the rights
and obligations of the parties hereunder shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State of Florida. Guarantor hereby irrevocably submits to the nonexclusive jurisdiction of any county,
state or federal court sitting in the County of Orange over any suit, action or proceeding arising out of or relating to this Guaranty, and Guarantor hereby agrees and consents that, in addition to any methods of service of process provided for
under applicable law, all service of process in any such suit, action or proceeding in any county, state or federal court sitting in the County of Orange may be made by certified or registered mail, return receipt requested, directed to Guarantor at
the address of its registered agent in the State of Maryland with copies to the addresses indicated below, and service so made shall be complete five (5) days after the same shall have been so mailed. 

25. Section Headings. Any section headings and captions in this Guaranty are for convenience only and shall not affect the
interpretation or construction hereof. 
 26. Liability Unaffected by Release. Guarantor or other Person liable upon or in
respect of any obligation hereby guaranteed, may be released without affecting the liability of any other Guarantor hereunder.
 27.
Joint and Several Obligations. If more than one Person comprises Guarantor, then each such Person’s obligations and liability under this Guaranty shall be joint and several. 

28. Notices. Notices shall be given in the manner provided in the Loan Agreement and with respect to Guarantor at the address set
forth below, with a copy of any such Notice to be given to: Miller, Canfield, Paddock and Stone, P.L.C, 101 N. Main Street, 7th Floor, Ann Arbor, MI 48104, Attn: Joseph M. Fazio, Esq.

 29. Principles of Construction. All references to sections, paragraphs, schedules and exhibits are to sections, schedules and
exhibits in or to this Guaranty unless otherwise specified. Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Guaranty shall refer to this
Guaranty as a whole and not to any particular provision of this Guaranty. The recitals to this Guaranty shall be 

 
deemed a part hereof and all exhibits and schedules attached hereto, if any, are incorporated herein by reference for all purposes. 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 and “including” means including without limitation. Whenever the context requires, each gender shall include all other
genders.
 30. Counterparts. This Guaranty may be executed in any number of counterparts, each of which shall be an original and all
of which shall constitute together but one and the same agreement. Any signature delivered by a party by facsimile or email transmission shall be deemed to be an original signature hereto. 

[NO FURTHER TEXT ON THIS PAGE] 

 IN WITNESS WHEREOF, Guarantor has executed this Guaranty or caused this Guaranty to be
duly executed and delivered by its duly authorized official as of the date first above stated. 
  

					
	CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a Maryland limited partnership
		
	By:	 	City Office REIT, Inc., a Maryland corporation, its general partner
			
		 	By:	 	 /s/ Anthony Maretic

		 	Name:	 	 Anthony Maretic

		 	Its:	 	 Chief Financial Officer

Address of Guarantor: 
 c/o City Office REIT, Inc., 

1075 West Georgia St., Suite 2010, Vancouver, British 
 Columbia

 V6E 3C9 CanadaSeptember
7, 2016

 

 

 

EnviroStar, Inc.

290 NE 68th Street

Miami, Florida 33138

Attention: Henry Nahmad, President

 

Dear Mr. Nahmad,

 

This letter is to confirm
that WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank") has agreed to provide the credit facilities described below to EnviroStar,
Inc., a Delaware corporation ("Borrower”), subject to all of the terms and conditions contained herein.

 

LINE OF CREDIT:

 

Line of Credit. A
revolving line of credit under which Bank will make advances to Borrower from time to time up to and including the date which is
five (5) years from the closing of the Line of Credit (the “Line of Credit Maturity Date”), not to exceed at any time
the maximum principal amount of $15,000,000.00 ("Line of Credit"), the proceeds of which shall be used to finance Borrower’s
working capital requirements and certain approved acquisitions.

 

Limitation on Borrowings.
Outstanding borrowings under the Line of Credit, to a maximum of the principal amount set forth above, shall not at any time exceed
the lesser of (i) $15,000,000, or (ii) the amount available as calculated under the Asset Coverage Ratio. All of the foregoing
shall be determined by Bank upon receipt and review of all collateral reports and other additional documents as Bank may from time
to time reasonably require.

 

TERM LOAN:

 

Term Loan. A term
loan in the principal amount of $5,000,000 ("Term Loan"), the proceeds of which shall be used to finance the acquisition
of substantially all of the assets of Western State Design, Inc.

 

Repayment. Principal
and interest on the Term Loan shall be repaid monthly in installments of $59,523.81 each, based on an 84-month straight-line principal
amortization schedule, with a final installment consisting of all remaining unpaid principal and accrued interest due and payable
in full on the date which is five (5) years from the closing of the Term Loan (the “Term Loan Maturity Date”).

 

Prepayment. Borrower
may prepay principal on the Term Loan at any time, in any amount and without penalty, subject to any early breakage or termination
fees set forth in any interest rate swap or other swap transaction. All prepayments shall be applied on the most remote principal
installment or installments then unpaid.

 

     

    EnviroStar, Inc.
Page 2
 
 

    

INTEREST RATE PROTECTION:

 

To hedge the variable interest expense of the
Term Loan, Borrower shall have the option to acquire an interest rate swap or other swap transaction, provided that the terms,
conditions and provider of the swap are reasonably acceptable to Bank and each party to the swap and each of Borrower’s credit
support providers satisfy all eligibility, suitability and other requirements under the Commodity Exchange Act and CFTC regulations.

 

Any swap with Bank shall be secured and guaranteed
by the same collateral and Guarantors securing and guaranteeing the credit facility.

 

Since the current level of our swap rates may
be important to Borrower in selecting Bank as provider of the credit facility, a hedge using a 5-year interest rate swap would
have a Bank fixed rate of 4.16% hedging LIBOR, inclusive of a 0% floor, as the floating rate index together with the loan
spread set forth herein.  Client may also choose not to hedge the 0% floor and in this case the rate is 4.03%. The
above is indicative only and is based on market conditions existing as of approximately 8:50am eastern time on September 7, 2016.
An actual swap rate may be higher or lower depending on market conditions at the time a swap is entered into.

 

Nothing herein is a recommendation, solicitation,
commitment or offer for any swap, and Borrower acknowledges that Bank may be unable under the Commodity Exchange Act and regulations
thereunder to recommend or offer Borrower a swap unless Bank determines the swap would be suitable and certain other requirements
are satisfied, including onboarding documentation and swap trading relationship documentation. Express wording in swap transactions
is required to place a 0% floor on LIBOR or other floating benchmark rate of the swap transaction, and no such 0% floor is included
in an interest rate swap or other swap transaction unless mutually agreed between the parties as reflected in the swap confirmation.
Before executing any closing documents for a credit facility, Borrower and its credit support providers should review and understand
Bank’s “Disclosure of Material Information for Swaps” and accompanying documents available at: www.wellsfargo.com/swapdisclosures,
including the risks and potential costs of locking in a fixed rate under an interest rate swap.

 

If Borrower would like information about swaps or hedging with Bank,
we can refer you to our swap specialists.

 

INTEREST/FEES:

 

Interest. The outstanding
principal balance of the Line of Credit shall bear interest at the rate of One Month LIBOR plus 2.25%
and the outstanding principal balance of the Term Loan shall bear interest at the rate of One Month LIBOR plus 2.85%.

 

Commitment Fee. Borrower
shall pay to Bank a non-refundable commitment fee in connection with the Line of Credit equal to $37,500, and a non-refundable
commitment fee in connection with the Term Loan equal to $25,000, which fees shall be due and payable in full on the date of the
closing of the Line of Credit and the Term Loan, respectively.

 

     

    EnviroStar, Inc.
Page 3
 
 

    

COLLATERAL:

 

As security for all indebtedness
and other obligations of Borrower to Bank described herein, Borrower shall grant to Bank security interests of first priority in
all assets of Borrower and its Subsidiaries, except as may be approved by Bank. The Line of Credit and the Term Loan shall be cross-defaulted
and cross-collateralized.

 

Borrower shall pay to Bank immediately upon
demand the full amount of all charges, costs and expenses (to include fees paid to third parties and all allocated costs of Bank
personnel), expended or incurred by Bank in connection with any of the foregoing security, including without limitation, filing
fees and costs of appraisals and audits.

 

GUARANTIES:

 

The payment and performance
of all indebtedness and other obligations of Borrower to Bank under the Term Loan and the Line of Credit shall be guaranteed jointly
and severally by Borrower’s wholly-owned Subsidiaries, including, but not limited to, Steiner-Atlantic
Corp., Dryclean USA Corp., and Western State Design, Inc. (each, a “Guarantor”). All newly formed, created and/or acquired
Subsidiaries formed, created or acquired after the closing of the credit facilities shall promptly execute joinders to the Guaranty
provided to Bank in form acceptable to Bank.

 

SUBORDINATION OF DEBT:

 

All indebtedness of Borrower
to its shareholders, subsidiaries and affiliates shall be subordinated in right of repayment to all indebtedness of Borrower to
Bank. The foregoing shall not include Borrower’s obligations related to regularly scheduled lease or rental obligations to
its shareholders pursuant to bona fide written leases (copies of which have been provided to Bank), ordinary compensation to its
shareholders (which compensation does not constitute indebtedness), share issuances to its shareholders, post-closing adjustments
to the purchase price owed to Western State Design, Inc. in the asset purchase agreement, and buyer and seller indemnifications
under the asset purchase agreement.

 

CONDITIONS PRECEDENT:

 

Prior to Bank's extension to Borrower of any
credit contemplated by this letter, all of the following shall have occurred:

 

Field Exam. Bank
shall have completed a Field Exam prior to the closing of the Line of Credit and the Term Loan satisfactory to Bank, which Field
Exam shall be at Borrower’s expense. The initial Field Exam, and any other Field Exams required during the term of the Line
of Credit, shall be capped at $12,500 each.

 

     

    EnviroStar, Inc.
Page 4
 
 

    

Investment Requirement.
Prior to the closing of the Line of Credit and the Term Loan, Borrower shall have raised a minimum of $6 million in cash, via a
Private Investment in Public Equity (PIPE). A minimum of $6 million of the PIPE funds raised must be applied towards the cash portion
($18 million) of the total $28 million purchase price set for the acquisition of Western State Design, Inc.

 

Review of Due Diligence
and Contracts. Bank shall have completed satisfactory review of due diligence required by Bank including, without limitation,
(i) the Borrower’s due diligence, relating to the pending acquisition of Western State Design, Inc and (ii) Borrower’s
two largest contracts outlined on their most recent backlog report.

 

Loan Documents. Borrower
shall have executed, or caused to be executed by any Guarantor or other party required hereby, and delivered to Bank, any and all
promissory notes, contracts, instruments and other documents, including without limitation a comprehensive loan agreement, required
by Bank to evidence Bank's extension of credit pursuant to the terms and conditions of this letter, all of which shall be in form
and substance satisfactory to Bank and shall include, in addition to the terms and conditions of this letter, customary representations,
warranties, conditions, covenants, events of default and other provisions.

 

Financial Condition.
There shall have been no material adverse change, as determined by Bank, in the financial condition or business of Borrower or
any of its Subsidiaries, nor any material decline, as determined by Bank, in the market value of any collateral required hereunder
or a substantial or material portion of the assets of Borrower or any such Subsidiary or each Guarantor.

 

Insurance. Borrower
shall have delivered to Bank evidence of insurance coverage on all Borrower's property, in form, substance, amounts, covering risks
and issued by companies satisfactory to Bank, and where required by Bank, with loss payable endorsements in favor of Bank.

 

COVENANTS:

 

The loan agreement required
by Bank shall include such covenants as Bank may require, which may include, without limitation, (a) customary covenants obligating
Borrower, and any Guarantor or other party as required by Bank, to: provide financial statements; preserve and maintain its facilities;
maintain insurance; pay taxes and other indebtedness when due; notify Bank of litigation; and maintain Borrower's financial condition
at levels and in accordance with standards acceptable to Bank; and (b) covenants restricting the ability of Borrower, or any such
Guarantor or other party, to: invest in fixed assets; incur lease obligations; borrow from others; create or permit liens on assets;
merge; change the nature of Borrower's business; sell a substantial part of Borrower's assets; make loans or investments; pay dividends
or redeem stock; or guaranty debts of others.

 

The loan agreement will
include language to allow Bank to file against each individual government contract in accordance with the terms of the Assignment
of Claims Act of 1940, 

     

    EnviroStar, Inc.
Page 5
 
 

    

following and during the continuance of an Event of Default under the terms of the loan agreement. In addition,
Borrower shall provide executed “Notice of Assignment of Accounts” instruments from each government contract party
under a contract to which it is a party as a condition to closing, provided however, that with respect to government contracts
to which Western State Design, Inc., Borrower, Guarantor and/or their subsidiaries is a party, Borrower will obtain such Notice
of Assignment of Accounts from the applicable government contract party promptly after such party has approved the assignment of
such contract to Borrower; provided, however, so long as such contracts otherwise satisfy the eligibility requirements set forth
in the loan agreement, such contracts of Western State Design, Inc., Borrower, Guarantor and/or their subsidiaries will be considered
Eligible Government Account Receivables for the calculation of the Asset Coverage Ratio for a period of 120 days from the closing
of the acquisition of Western State Design, Inc., notwithstanding Bank has not received such Notices of Assignment of Accounts
and such contracts have not yet been assigned to Borrower.

 

Without limiting the covenants
which Bank may require in the loan agreement with Borrower, Bank has determined that such document will include Borrower's agreement:

 

Financial Statements.
To provide to Bank all of the following, in form and detail satisfactory to Bank:

 

		Ø	Annual contract waterfall report for contracts longer than one year.

		Ø	Report to Bank of newly acquired entities; Bank will add newly acquired entities as Guarantors
to the Loan Agreement.

		Ø	Not later than 90 days after and as of each fiscal year end, an audited financial statement of
Borrower, prepared by a CPA reasonably acceptable to Bank to include balance sheet, income statement and cash flow statement.

		Ø	Not later than 45 days after and as of each fiscal quarter end, a company prepared financial statement
of Borrower, prepared by Borrower, to include balance sheet, income statement and cash flow statement.

		Ø	Not later than 45 days after and as of each fiscal quarter end, Accounts Receivable Aging Report,
Work in Process, Backlog Report, Inventory Report, and Accounts Payable Aging.

		Ø	Not later than 30 days after the close each fiscal year end the Borrower shall submit an annual
financial projection/budget to the Bank.

		Ø	Covenant Compliance Certificate to be provided along with each financial statement, certified as
true and correct by person with appropriate Borrower authority.

 

Financial Performance
Covenants:

 

Financial Performance Covenants,
to be tested quarterly and calculated on a rolling four quarter basis, to include the following:

 

Fixed Charge Coverage
Ratio (FCCR). Minimum of 1.25 to 1.00. FCCR shall be defined as: the sum of Net Profit After Tax, Depreciation, Amortization,
Interest Expense (including any interest permitted to be paid on Shareholder Debt), +/-Net Distributions; divided by the sum of
interest expense, current portion of long term debt (including any principal payments permitted to be paid on Shareholder Debt),
and capitalized lease payments.

 

     

    EnviroStar, Inc.
Page 6
 
 

    

Asset Coverage Ratio.
Minimum of 1.00 to 1.00, compliance to be measured quarterly, unless utilization under the Line of Credit exceeds 50% whereby the
Asset Coverage Ratio will be measured monthly. The Asset Coverage Ratio shall be defined as: the ratio of (a) the sum of (i) ninety
percent (90%) of Eligible Government Account Receivables, plus (ii) eighty-five percent (85%) of Eligible Commercial Accounts Receivables,
plus (iii) the sum of (A) up to sixty percent (60%) of Eligible Equipment Inventory, plus (B) up to forty percent (40%) of Eligible
Parts Inventory divided by (C) the outstanding principal balance of the Revolving Line of Credit. Advance rates outlined within
the Asset Coverage Ratio to be limited to the maximum amount as determined in the required Pre-Loan Field Examination. For purposes
of calculating the Asset Coverage Ratio upon the acquisition of Western State Design, Inc., such ratio shall be determined by a
pro-forma balance sheet provided by Borrower prior to the closing of the acquisition of Western State Design, Inc., so long as
the closing of the Line of Credit occurs within three (3) business days from the closing of such acquisition. Bank acknowledges
that the accounts of Western State Design, Inc. shall not be deemed ineligible for a period of 120 days from closing of the acquisition
of Western State Design, Inc., even though Bank has not received the Notices of Assignment of Accounts with respect to its government
contracts.

 

Ineligible Accounts Receivable may include,
without limitation among other customary ineligible Accounts, Accounts more than 120 days past due date, Cross-Aging more than
90 days past due date, Concentration Caps, Pre-billings, Foreign Accounts, Affiliate/Employee/Intracompany Accounts, Contra Accounts,
Bonded Receivables, Retentions, Accounts in Litigation, bankruptcy, receivership, dispute or with a collection agency.

 

Senior Leverage Ratio.
Maximum of 2.50 to 1.00. Senor Leverage Ratio shall be defined as: Total Funded Senior Secured Debt divided by Earnings Before
Interest Taxes Deprecation Amortization (EBITDA), where Funded Senior Secured Debt is defined as the outstanding principal balance
of all Senior Secured Debt. EBITDA shall exclude one-time charges related to the acquisition of Western State Design, Inc. and
shall exclude reasonable one-time charges for other acquisitions permitted by Bank, in accordance with the terms of the Loan Documents.

 

Total Leverage Ratio.
Maximum of 3.50 to 1.00. Total Leverage Ratio shall be defined as: Total Funded Senior Secured Debt plus Subordinated Shareholder
Debt divided by Earnings Before Interest Taxes Depreciation Amortization (EBITDA), where Total Funded Senior Secured Debt plus
Subordinated Debt is defined as the outstanding principal balance of all Senior Secured Debt plus Subordinated Debt. EBITDA shall
exclude one-time charges related to the acquisition of Western State Design, Inc. and shall exclude reasonable one-time charges
related to other acquisitions approved by Bank in accordance with the terms of the Loan Documents. All Shareholder Debt must be
fully subordinated to the Bank’s Debt.

 

Profitability. No
quarterly loss is permitted. This provision shall exclude one-time expenses related to the acquisition of Western States Design,
Inc., and such other reasonable one-time expenses related to other acquisitions approved by Bank in accordance with the terms of
the Loan Documents.

 

Distributions. Distributions
will be limited to a maximum of 35% of Net Income and prohibited after the occurrence of an Event of Default.

 

     

    EnviroStar, Inc.
Page 7
 
 

    

Future Acquisitions.
To be limited to the total purchase price but not greater than $5,000,000 in the aggregate in any calendar year, without Bank prior
approval, which shall not be unreasonably withheld or delayed, and provided also that the Borrower demonstrates proforma compliance
with all loan covenants prior to borrowing for said acquisition(s).

 

Litigation. To promptly
give notice in writing to Bank of any litigation pending or threatened against Borrower.

 

Primary Deposit Relationship.
Bank shall be the primary depository and treasury management service provider of Borrower and its Subsidiaries.

 

ADDITIONAL TERMS AND PROVISIONS:

 

Whether or not any credit
is extended to Borrower or a loan agreement or any other documents are agreed to and executed, Borrower shall be liable for and
shall pay to Bank, immediately upon demand, the full amount of all payments, advances, charges, costs and expenses, including reasonable
attorneys' fees (to include outside counsel fees and all allocated costs of Bank's in-house counsel) expended or incurred by Bank
in connection with the negotiation and/or preparation of this letter, any such loan agreement, and any other contracts, instruments
and documents required hereunder or thereunder. Bank or a third party law firm it choose shall prepare
legal documents required to complete these loans. The legal fees shall be capped at $7,500 in the event that comments to the Loan
Documents are limited to one major turn of comments. 

 

This letter shall be governed
by and construed in accordance with the laws of the State of New York. Upon the demand of any party, any action, dispute, claim
or controversy of any kind, whether in contract or tort, statutory or common law, legal or equitable, arising under or in any way
pertaining to this letter or any extensions of credit or other activities, transactions or obligations of any kind related hereto,
shall be resolved by binding arbitration administered by the American Arbitration Association ("AAA") in accordance with
the AAA Commercial Arbitration Rules and the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting
choice of law provision herein. Bank's current standard provision governing arbitration of disputes is deemed incorporated herein
as though set forth in full and shall be included in full in the loan agreement and/or other contracts, instruments and documents
required hereby. Any party who fails or refuses to submit to arbitration following a lawful demand by any other party shall bear
all costs and expenses incurred by such other party in compelling arbitration.

 

The commitment set forth
herein is personal to Borrower and may not be transferred or assigned without the prior written consent of Bank. Neither this letter,
nor any portions hereof, may be disclosed or exhibited to any person or entity without the prior written consent of Bank.

 

Bank reserves the right
to terminate this commitment at any time prior to receipt by Bank of a copy of this letter executed below by Borrower.

 

     

    EnviroStar, Inc.
Page 8
 
 

    

Your acknowledgment of this
letter, together with deliver to the Bank of a deposit in the amount of $25,000 (the “Deposit”) shall constitute acceptance
of the foregoing terms and conditions. Such Deposit shall be used to cover costs and expenses incurred by the Bank (including fees
and disbursements of outside counsel). Any portion of the Deposit remaining at Closing shall be credited to the Commitment Fees.
Unless accepted or terminated, this commitment shall expire on September 9, 2016. If the loan documentation required by Bank hereunder
is not completed and the credit contemplated hereunder has not been extended by Bank to Borrower for any reason by October 30,
2016, then this commitment shall expire on said date.

 

	Sincerely,	 
	WELLS FARGO BANK,	 
	NATIONAL ASSOCIATION	 
	 	 	 
	 	 	 
	By:	/s/ Robert Lozano	 
	 	Robert Lozano, Regional Vice President	 
	 	 	 
	By:	/s/ Matthew J. Rapport	 
	 	Matthew J. Rapoport, Assistant Vice President	 
	 	 	 
	 	 	 
	 	 	 
	Acknowledged and accepted as of September 7, 2016.	 
	 	 	 
	EnviroStar, Inc., a Delaware corporation	 
	 	 	 
	By:	/s/ Henry Nahmad	 
	Name:	Henry Nahmad	 
	Title:	Chief Executive Officer

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