Document:

Management Business Contribution Agreement

 Exhibit 10.16 
 MANAGEMENT BUSINESS CONTRIBUTION AGREEMENT 
 This CONTRIBUTION AGREEMENT is
made and entered into as of September 13, 2010 by and between AMERICAN ASSETS, INC., a California corporation (“Assignor”), and AMERICAN ASSETS TRUST MANAGEMENT, LLC, a Delaware limited liability company,
(“Assignee”). 
 RECITALS 
 WHEREAS, Assignee is a wholly owned subsidiary of Assignor; and 
 WHEREAS,
Assignor wishes to contribute and assign to Assignee and Assignee wishes to assume all right, title and interest in and to the assets set forth on Schedule A (the “Contributed Assets”) and the liabilities set forth on
Schedule B (the “Assumed Liabilities”), in each case related to Assignor’s management business (the “Business”). 
 NOW, THEREFORE, in consideration of the foregoing and the representations, warranties and other terms contained in this Agreement, the parties hereto, intending to be legally bound hereby, agree as
follows: 
 AGREEMENT 
 1. Contribution of Contributed Assets. At the Closing, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Assignor shall contribute, transfer, assign,
convey and deliver to Assignee all of the Assignor’s right, title and interest in and to the Contributed Assets. Assignee hereby absolutely and unconditionally accepts the foregoing contribution and agrees to assume any and all obligations of
Assignor pursuant to the Contributed Assets. 
 2. Assignment and Assumption of Assumed Liabilities. At the Closing,
Assignor shall assign and Assignee shall assume from Assignor (or acquire the Contributed Assets subject to) and thereafter pay, perform or discharge in accordance with their terms, all of the Assumed Liabilities. 

3. The Closing. Unless this Agreement shall have been terminated pursuant to Section 4 hereof, the closing of the
transactions contemplated hereby (the “Closing”) shall occur immediately prior to the closing of the transactions contemplated by that certain Contribution Agreement, dated as of the date hereof, between Assignor and American Assets
Trust, L.P., a Maryland limited partnership (the “Operating Partnership”), whereby all of the outstanding membership interests of Assignee are to be contributed the Operating Partnership pursuant to the terms thereof. The Closing
shall take place at the offices of Latham & Watkins LLP, 12636 High Bluff Drive, Suite 400, San Diego, California 92130 or such other place as determined by the Operating Partnership in its sole discretion. 

 4. Employee Matters. 

(a) Transferred Employees. Assignee shall, or shall cause one of its Affiliates (as defined in Section 4(j) below) to, make
offers of employment to each of the employees of Assignor identified on Schedule C (the “Affected Employees”) effective as of the Closing on substantially the same terms and conditions of employment as are in effect for the
Affected Employees as of the date of this Agreement. Any such offer of employment shall be made in writing by Assignee on or before the Closing. Each Affected Employee shall commence employment with Assignee or an Affiliate of Assignee and shall be
deemed to have accepted Assignee’s or Assignee’s Affiliate’s offer of employment by reporting for work at his or her normal work location (i) for Affected Employees who are actively employed as of the Closing, immediately
following the Closing, and (ii) for Affected Employees who, as of the Closing, are absent due to a leave of absence, upon such Affected Employees return to active employment. Affected Employees who accept employment with Assignee or an
Affiliate of Assignee in accordance with the preceding sentence are referred to as “Transferred Employees.” Assignor and its Affiliates shall terminate for all purposes the employment of all Affected Employees effective immediately
prior to the Closing and, except as otherwise set forth in this Section 4, Assignor shall, or shall cause its Affiliates to, pay out to the Transferred Employees at Closing all amounts payable with respect to earned but unpaid wages and unpaid
expense reimbursement amounts accrued by Transferred Employees prior to the Closing in accordance with applicable policies of Assignor and/or its Affiliates. 
 (b) Service Credit; Pre-Existing Conditions. Assignee shall, or shall cause an Affiliate to, give each Transferred Employee full credit for such Transferred Employee’s service with Assignor
and/or its Affiliates prior to Closing, in any case, for purposes of eligibility, vesting and benefit accrual under employee benefit plans and programs of Assignee and its Affiliates in which Transferred Employees become eligible to participate
following the Closing (“Assignee Plans”), to the extent such credit was recognized under comparable employee benefit plans or programs of Assignor and/or their Affiliates (“Assignor Plans”) immediately prior to
Closing, except to the extent such service credit results in duplication of benefits. With respect to any Assignee Plans that are welfare benefit plans in which Transferred Employees become eligible to participate on or after the Closing, Assignee
shall, or shall cause an Affiliate to, (i) cause there to be waived any eligibility requirements or pre-existing condition limitations, and (ii) give effect, in determining any deductible and maximum out-of-pocket limitations, to amounts
paid by such Transferred Employees under comparable Assignor Plans, in each case, to the extent waived and given effect (as applicable) under comparable Assignor Plans immediately prior to Closing. 

(c) Accrued PTO. Prior to Closing, Assignor shall, to the extent required by applicable law in order to transfer vacation days,
sick time, personal days and other paid-time-off accrued by Transferred Employees prior to the Closing in accordance with applicable policies of Assignor and/or its Affiliates (“Accrued PTO”) to Assignee, solicit in writing the
consent of each Affected Employee to rollover to Assignor or its designated Affiliate each such Affected Employee’s Accrued PTO (if any) upon Closing (the “Accrued PTO Rollover Consents”). For each Affected Employee who becomes
a Transferred Employee and either (i) provides such Accrued PTO Rollover Consent on or prior to Closing or (ii) with respect to whom an Accrued PTO Rollover Consent is not required by applicable law to transfer Accrued PTO to Assignee or

 
its Affiliate, Assignee shall assume and honor or cause an Affiliate to assume and honor such Transferred Employees Accrued PTO. Transferred Employees shall be permitted to use any such assumed
Accrued PTO in a manner consistent with Assignee’s policies applicable to similarly-situated employees of Assignee and to accrue additional vacation and other paid-time-off in accordance with Assignee’s policies and procedures, as in
effect from time to time. At the Closing, Assignor shall, or shall cause its Affiliates to, transfer to Assignee an amount equal to the total Accrued PTO subject to the Accrued PTO Rollover Consents. To the extent that any Transferred Employees have
not provided an Accrued PTO Rollover Consent upon Closing and such consent is required by law to effect a rollover to Assignee or its Affiliates of Accrued PTO, Assignor shall, or shall cause its Affiliates to, pay out to such Transferred Employees
their Accrued PTO at Closing. 
 (d) WARN Act. Assignee shall be solely responsible for providing notice under of the
Worker Adjustment and Retraining Notification Act (“WARN Act”) or California Labor Code Section 1400 et. seq.(“Cal-WARN Act”), if Assignee takes any action that would require notice be provided
under the WARN ACT or the Cal-WARN Act. 
 (e) Qualified Plan. As soon as practicable following the Closing, the Assignor
shall spin-off and transfer the account balances of each Transferred Employee who is a participant in Assignor’s tax-qualified defined contribution plan that is a 401(k) plan (the “Assignor 401(k) Plan”) to a tax-qualified
defined contribution 401(k) plan established by or maintained by Assignee or one of its Affiliates (the “Assignee 401(k) Plan”) in a trustee to trustee transfer in accordance with Section 414(l) of the Internal Revenue Code of
1986, as amended (the “Code”). Assignee shall cause the Assignee 401(k) Plan to have such terms as are necessary so that the transfers described in this Section do not adversely affect the qualified status of the Assignor 401(k)
Plan. The transfer of the account balance liability and related assets shall include a trustee to trustee transfer of all participant loan accounts and liabilities under the Assignor 401(k) Plan. 

(f) Flexible Spending Plan. With respect to the year in which the Closing occurs, Assignee shall, or shall cause its Affiliates
to, establish flexible spending accounts for medical and dependent care expenses under a new or existing plan established or maintained under Section 125 or Section 129 of the Code (“Assignee’s FSA”), effective as of
the Closing, for each Transferred Employee who is, as of the Closing, a participant in a flexible spending account of Assignor for medical or dependent care expenses under a plan pursuant to Sections 125 or 129 of the Code (the
“Assignor’s FSA”). Assignee shall, or shall cause its Affiliates to, credit or debit, as applicable, effective on the day after the Closing, the applicable account of each such Transferred Employee under Assignee’s FSA
with an amount equal to the balance of such Transferred Employee’s account under the Assignor’s FSA as of the Closing. At the Closing, Assignor shall, or shall cause its Affiliates to, transfer to Assignee an amount equal to the total
contributions made to Assignor’s FSA by Transferred Employees, reduced by an amount equal to the total claims already paid to such Transferred Employees in respect of the plan year in which the Closing occurs. 

(g) Payroll. To the extent permitted by applicable law, the parties hereto shall adopt the “alternate procedure” for
preparing and filing all IRS Forms W-2, IRS Forms W-3, IRS Forms W-4, IRS Forms W-5 and IRS Forms 941, as described in Section 5 of Revenue 

 
Procedure 2004-53 and such other applicable guidance. In addition, the parties intend that, to the extent permissible under the Code, Assignee qualify as a “successor employer” for
purposes of receiving credit for the payment of taxes under the Federal Insurance Contribution Act and Federal Unemployment Tax Act by Assignor with respect to the Transferred Employees within the meaning of Sections 3121 and 3306 of the Code. The
parties shall cooperate to effectuate the foregoing. 
 (h) Deferred Compensation Plan. To the extent permitted by law,
Assignee shall, or shall cause its Affiliates to, establish deferred compensation accounts under a plan established or maintained by Assignee or one of its Affiliates (“Assignee’s DCP”), effective as of the Closing, for each
Transferred Employee who is, as of the Closing, a participant in the American Assets, Inc. Executive Deferral Plan VI (“Assignor’s DCP”). Assignee shall, or shall cause its Affiliates to credit, effective on the day after the
Closing, the applicable account of each such Transferred Employee under Assignee’s DCP with an amount equal to the balance of such Transferred Employee’s account under Assignor’s DCP as of the Closing. At the Closing, Assignor shall,
or shall cause its Affiliates to, transfer to Assignee an amount equal to the total contributions made to Assignor’s DCP by or on behalf of Transferred Employees. The parties shall cooperate to effectuate the foregoing. Notwithstanding the
foregoing, the provisions of this Section 4(h) shall not apply to the extent that such transactions would cause in all or any portion of a Transferred Employee’s benefits under Assignor’s DCP to become taxable to such Transferred
Employee prior to receipt as a result of a failure to comply with the requirements of Section 409A of the Code. 
 (i)
Excluded Liabilities. Except as otherwise specifically set forth in Section 2 above or this Section 4, Assignor shall retain and be responsible for any and all liabilities and obligations that relate to or arise from the employment
by Assignor or any of its Affiliates of the Transferred Employees arising prior to the Closing and any liabilities and obligations relating to any present or former employee of Assignor or any of its Affiliates who does not become a Transferred
Employee. 
 (j) Limitations. Assignee shall have no obligation to continue any employment or other service relationship
with any Transferred Employee or other service provider. Any employment opportunity offered by Assignor hereunder shall be “at will” and may be terminated by Assignee or any of its Affiliates at any time for any reason. Nothing in this
Agreement shall (i) create any third-party rights in any Transferred Employees or any current or former employees or other service providers of Assignor or its Affiliates (or any beneficiaries or dependents of the foregoing); or
(ii) obligate Assignor or its Affiliates to adopt, maintain or continue any Assignor Plan or other employee benefit plan or compensatory arrangement at any time. 
 (k) Definition of Affiliate. For purposes of this Agreement, “Affiliate” shall mean, as to any individual, corporation, partnership, limited liability company, association, trust,
unincorporated entity or other legal entity (each a “Person”), any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or under common control with such Person. As used in this
definition, “control” (including, with correlative meanings, “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise). 

 5. Termination. This Agreement may be terminated at any time upon the written
agreement of Assignee and Assignor. 
 6. Capital Contribution. The assignment of the Contributed Assets and the Assumed
Liabilities shall be deemed a capital contribution of Assignor. 
 7. Representations of Assignor. Assignor hereby
represents and warrants to Assignee that Assignor is the owner of all right, title and interest in the Contributed Assets, free and clear of all liens and encumbrances (except for the Assumed Liabilities) and that Assignor has the power and
authority rightfully to transfer the Contributed Assets and the Assumed Liabilities. The Contributed Assets and the Assumed Liabilities are all of the assets and liabilities materially necessary for the operation of the Business. 

8. Consents. The parties shall use commercially reasonable efforts to obtain all materially necessary consents and approvals of
governmental authorities and third parties (including lenders) for Assignor to consummate the transactions contemplated hereby. 

9. Further Actions. If, at any time prior to or after the Closing, the Assignee shall determine or be advised that any deeds,
bills of sale, assignments, assurances or other actions or things are necessary or desirable to vest, perfect or confirm of record or otherwise in the Operating Partnership the right, title or interest in or to a Contributed Interests, the
Contributor of such Contributed Interest shall execute and deliver all such deeds, bills of sale, assignments and assurances and take and do all such other actions and things as may be necessary or desirable to vest, perfect or confirm any and all
right, title and interest in such Contributed Interests or otherwise to carry out this Agreement. 
 10. Counterparts.
This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other party. 

11. Entire Agreement. This Agreement, including, without limitation, the schedules attached hereto, constitute the entire
agreement and supersede each prior agreement and understanding, whether written or oral, among the parties regarding the subject matter of this Agreement. This Agreement is not intended to confer any rights or remedies on any person other than the
parties hereto. 
 12. Assignment. This Agreement shall be binding upon, and shall be enforceable by and inure to the
benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns. 
 13.
Severability. Each provision of this Agreement will be interpreted so as to be effective and valid under applicable law, but if any provision is held invalid, illegal or unenforceable under applicable law in any jurisdiction, then such
invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been included herein.

 14. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of California, regardless of any laws that might otherwise govern under applicable principles of conflicts of laws thereof. 
 15. Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively) only with the written consent of both parties hereto; provided that the Assignor may at any time prior to the Closing amend the schedules hereto to reflect changes in the composition of its assets, liabilities and/or
employees. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the undersigned have duly executed this Contribution Agreement as of the
date first above written. 
  

			
	ASSIGNOR
	
	AMERICAN ASSETS, INC.,
	a California corporation
		
	By:	 	 /s/ John W. Chamberlain

	Name:	 	John W. Chamberlain
	Title:	 	Chief Executive Officer
	
	ASSIGNEE
	
	AMERICAN ASSET TRUST MANAGEMENT, LLC, a Delaware limited liability company
		
	By:	 	AMERICAN ASSETS, INC.,
		 	a California corporation
	Its:	 	Sole Member
		
	By:	 	 /s/ John W. Chamberlain

	Name:	 	John W. Chamberlain
	Title:	 	Chief Executive Officer

 [Signature
Page to Management Business Contribution Agreement] 

  
 SCHEDULE A

 CONTRIBUTED ASSETS 
 AAI INVENTORY BEING PLACED IN THE REIT 
  

	1.	AAI CORPORATE 

  

	2.	160 KING STREET 

  

	3.	LANDMARK 

  

	4.	DEL MONTE 

  

	5.	ALAMO QUARRY 

  

	6.	WAIKELE 

  

	7.	IMPERIAL BEACH 

  

	8.	SANTA FE PARK 

  

	9.	MARINER’S POINT 

  
 AAI CORPORATE
INVENTORY LIST 2010 
  

																																																							
	 	  	Desks	 	  	Bookcases	 	  	Chairs	 	  	Sofas	 	  	File
Cab.	 	  	Monitor	 	  	Computer	 	  	Printer	 	  	Credenza	 	  	Tables	  	TV	  	Book
Shelf	 	  	 Extra

	 Ernest
	  	 	1	  	  	 	3	  	  	 	4	  	  	 	1	  	  				  	 	2	  	  	 	2	  	  	 	1	  	  				  				  	 	2	  	  		  	1	  	 	1	  	  	1 Lamp
	 Bloomberg
	  				  				  				  				  				  	 	2	  	  	 	1	  	  				  				  				  				  		  		  				  	
	 Laptop
	  				  				  				  				  				  				  	 	1	  	  				  				  				  				  		  		  				  	
	 Ernest Outside
	  				  	 	2	  	  				  				  				  				  				  				  				  				  				  		  		  				  	
	 Ernest Outer Exec.
	  				  				  				  				  				  				  				  				  				  				  				  		  		  				  	1 Laptop
	 Library
	  				  	 	7	  	  	 	6	  	  				  	 	5	  	  				  				  				  				  				  	 	2	  	  		  		  				  	 2 Binding Mach.

Storage Shelving
 7 Storage
Shelfs

	 Library Back Rm
	  				  				  				  				  	 	11	  	  				  				  				  				  				  				  		  		  				  	 1 Refrigerator

1 Microwave

	 Bob Barton
	  	 	1	  	  	 	2	  	  	 	4	  	  	 	1	  	  	 	3	  	  	 	2	  	  	 	2	  	  	 	1	  	  	 	CL	  	  				  				  		  	1	  				  	 3 Wall Shelves
 1
Laptop

	 Bloomberg
	  				  				  				  				  				  	 	2	  	  	 	1	  	  				  				  				  				  		  		  				  	
	 Laptop
	  				  				  				  				  				  				  	 	1	  	  				  				  				  				  		  		  				  	
	 Wendy
	  	 	1	  	  				  	 	3	  	  				  	 	3	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	1 CL	  	  				  				  		  		  				  	
	 JWC
	  	 	1	  	  				  	 	7	  	  				  	 	2	  	  	 	1	  	  	 	1	  	  				  				  				  				  		  	1	  				  	
	 Reception
	  				  				  	 	6	  	  				  				  				  				  				  				  				  				  		  		  				  	2 End Tables
	 Conf. Rm
	  				  				  	 	12	  	  				  				  				  				  				  				  				  	 	2	  	  	1 Conf.
Table	  		  				  	
	 Receptionist
	  				  	 	1	  	  	 	1	  	  				  				  	 	2	  	  	 	1	  	  	 	1	  	  				  	 	1	  	  				  		  		  				  	
	 Copier Area
	  				  				  				  				  				  				  				  				  				  				  	 	1	  	  		  		  				  	 2 Clr copiers
 1
Scanner

	 Fax/Mail Station
	  				  				  				  				  	 	2	  	  				  				  				  				  				  				  		  		  				  	 1 Fax Machine
 1
Printer

	 Lily
	  	 	1	  	  				  	 	2	  	  				  	 	2	  	  	 	1	  	  	 	2	  	  				  				  				  				  		  		  				  	
	 Monica
	  	 	1	  	  	 	1	  	  	 	3	  	  				  	 	1	  	  	 	1	  	  	 	1	  	  				  				  	 	1	  	  				  		  		  				  	
	 Security
	  	 	1	  	  				  	 	2	  	  				  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  		  		  				  	
	 Hall Prop. Mgmt
	  				  	 	1	  	  				  				  	 	6	  	  				  				  				  				  				  				  		  		  				  	
	 Jaime
	  	 	1	  	  				  	 	1	  	  				  	 	1	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  		  		  				  	
	 Mary
	  	 	1	  	  				  	 	1	  	  				  	 	2	  	  	 	1	  	  	 	1	  	  				  				  				  				  		  		  				  	
	 Russell
	  	 	1	  	  				  	 	3	  	  				  	 	1	  	  	 	1	  	  	 	1	  	  				  				  	 	1	  	  				  		  		  				  	
	 Mark
	  	 	1	  	  	 	1	  	  	 	3	  	  				  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  		  		  				  	1 Computer Table
	 Retail
	  				  				  				  				  	 	4	  	  				  				  				  				  				  				  		  		  				  	
	 Shaun/Steve
	  	 	1	  	  				  	 	2	  	  				  				  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  		  		  				  	

  
 AAI CORPORATE
INVENTORY LIST 2010 
  

																																																							
	 	  	Desks	 	  	Bookcases	 	  	Chairs	 	  	Sofas	 	  	File
Cab.	 	  	Monitor	 	  	Computer	 	  	Printer	 	  	Credenza	 	  	Tables	 	  	TV	 	  	Book
Shelf	  	 Extra

	 Type Writer Cube
	  	 	1	  	  				  	 	1	  	  				  				  	 	1	  	  				  	1	  				  				  				  				  				  		  	1 Typewriter
	 Rhonda
	  	 	1	  	  	 	1	  	  	 	1	  	  				  	 	5	  	  	 	1	  	  	 	1	  	  		  				  				  				  				  				  		  	
	 Chris
	  				  	 	1	  	  	 	2	  	  				  				  	 	1	  	  	 	1	  	  		  				  				  				  				  				  		  	
	 Jerry
	  	 	1	  	  	 	2	  	  	 	5	  	  				  	 	2	  	  	 	2	  	  	 	1	  	  		  				  				  	 	1	  	  				  				  		  	 Plan Storage

1 Drafting Table

	 Empty Const. Office
	  	 	1	  	  				  	 	3	  	  				  				  				  				  		  				  				  				  				  				  		  	 1 Drafting Table

1 Side Table

	 Hall
	  				  				  	 	1	  	  				  				  				  				  		  				  				  				  				  				  		  	
	 Hall
	  				  				  				  				  	 	3	  	  				  				  		  				  				  				  				  				  		  	
	 Patrick
	  	 	1	  	  	 	1	  	  	 	5	  	  	 	1	  	  				  	 	1	  	  	 	1	  	  	1	  				  	 	1	  	  				  				  				  		  	
	 Outside Durf’s office
	  				  	 	3	  	  				  				  	 	2	  	  				  				  		  				  				  				  				  				  		  	
	 Jim D
	  	 	1	  	  	 	1	  	  	 	3	  	  				  	 	2	  	  	 	1	  	  	 	1	  	  	1	  				  	 	1	  	  				  				  				  		  	1 Refrigerator
	 Patrick Fischer
	  	 	1	  	  				  	 	2	  	  				  	 	1	  	  	 	2	  	  	 	1	  	  	1	  				  				  				  				  				  		  	
	 Bloomberg
	  				  				  				  				  				  				  	 	Shared	  	  		  				  				  				  				  				  		  	
	 Teresa
	  	 	1	  	  	 	2	  	  	 	3	  	  				  	 	1	  	  	 	1	  	  	 	1	  	  	1	  				  				  				  				  				  		  	
	 Lori
	  	 	1	  	  	 	1	  	  	 	2	  	  				  	 	1	  	  	 	1	  	  	 	1	  	  	1	  				  				  				  				  				  		  	1 Check Scanner
	 Adam
	  	 	1	  	  	 	1	  	  	 	3	  	  				  				  	 	2	  	  	 	1	  	  	1	  				  	 	1	  	  				  				  				  		  	
	 Empty Trade office
	  	 	1	  	  				  	 	2	  	  				  	 	1	  	  				  				  		  				  				  				  				  				  		  	
	 Legal Eyal old
	  	 	1	  	  	 	1	  	  	 	1	  	  				  	 	1	  	  				  				  	1	  				  				  				  				  				  		  	1 Fax Table
	 Jackie
	  	 	1	  	  	 	1	  	  	 	3	  	  				  	 	1	  	  	 	1	  	  	 	1	  	  		  				  				  				  				  				  		  	
	 Outside Jackie’s
	  				  				  				  				  	 	3	  	  				  				  		  				  				  				  				  				  		  	
	 Justin old
	  	 	1	  	  				  	 	2	  	  				  	 	1	  	  				  				  		  				  				  				  				  				  		  	
	 KC
	  	 	1	  	  	 	2	  	  	 	2	  	  				  	 	1	  	  	 	4	  	  	 	1	  	  		  				  	 	1	  	  				  				  				  		  	
	 CM Admin Filing
	  				  				  				  				  	 	8	  	  				  				  		  				  				  				  				  				  		  	1 Refrigerator
	 Back Conf.
	  				  	 	1	  	  	 	11	  	  				  				  				  				  	1	  				  				  	 	2	  	  	 
 	1 Conf.
Table	  
  	  				  		  	
	 Outside conf room
	  				  	 	1	  	  				  				  	 	4	  	  				  				  		  				  				  	 	1	  	  				  				  		  	
	 Shayla
	  	 	1	  	  				  	 	1	  	  				  	 	2	  	  	 	1	  	  	 	1	  	  	1	  				  				  				  				  				  		  	

  
 AAI CORPORATE
INVENTORY LIST 2010 
  

																																																									
	 	  	Desks	 	  	Bookcases	 	  	Chairs	 	  	Sofas	 	  	File
Cab.	 	  	Monitor	 	  	Computer	 	  	Printer	 	  	Credenza	 	  	Tables	 	  	TV	 	  	Book
Shelf	  	 Extra

	 Storage
	  	 	1	  	  				  	 	2	  	  				  	 	3	  	  				  				  				  				  				  				  				  				  		  	
	 Sue
	  	 	1	  	  				  	 	1	  	  				  	 	3	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  		  	
	 Todd
	  	 	1	  	  				  	 	1	  	  				  	 	2	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  				  		  	
	 Mary Ann
	  	 	1	  	  				  	 	1	  	  				  	 	3	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  		  	
	 Zina
	  	 	1	  	  				  	 	1	  	  				  	 	2	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  				  		  	
	 Lynne
	  	 	1	  	  	 	3	  	  	 	5	  	  				  	 	6	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  	 	1	  	  	 	1	  	  				  				  		  	 2 Small Tables

1 Shredder

	 Cathy
	  	 	1	  	  				  	 	1	  	  				  	 	2	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  		  	
	 Work Station
	  	 	1	  	  	 	1	  	  	 	1	  	  				  	 	2	  	  				  				  				  				  				  				  				  				  		  	
	 Don
	  	 	1	  	  				  	 	1	  	  				  	 	3	  	  	 	3	  	  	 	2	  	  	 	1	  	  				  				  				  				  				  		  	
	 Don 2 security
	  	 	1	  	  				  	 	1	  	  				  				  	 	1	  	  	 	4	  	  				  				  				  				  				  				  		  	
	 Laptop
	  				  				  				  				  				  				  	 	1	  	  				  				  				  				  				  				  		  	
	 John
	  	 	1	  	  				  	 	1	  	  				  				  	 	2	  	  	 	1	  	  	 	1	  	  				  				  				  				  	 	1	  	  		  	
	 Diane
	  	 	1	  	  				  	 	1	  	  				  	 	2	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  		  	
	 Acct Bullpen
	  				  				  				  				  	 	6	  	  				  				  	 	3	  	  				  				  				  				  				  		  	
	 Jeff
	  	 	2	  	  	 	1	  	  	 	2	  	  				  	 	2	  	  				  	 	2	  	  				  				  				  				  				  				  		  	Computer Equip.
	 File Room
	  				  				  				  				  	 	11	  	  				  				  				  				  				  				  				  				  		  	
	 Yulia
	  	 	1	  	  				  	 	1	  	  				  	 	3	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  		  	
	 Will
	  	 	1	  	  				  	 	1	  	  				  	 	2	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  				  		  	1 Check Machine
	 Emily
	  	 	1	  	  				  	 	1	  	  				  	 	2	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  		  	
	 Jessica
	  	 	1	  	  				  	 	1	  	  				  	 	3	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  		  	
	 Wren
	  	 	1	  	  				  	 	1	  	  				  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  				  		  	
	 Brenda
	  	 	1	  	  	 	4	  	  	 	3	  	  				  	 	1	  	  	 	2	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  		  	
	 Shufen
	  	 	1	  	  				  	 	1	  	  				  	 	5	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  		  	1 Shredder
	 Le
	  	 	1	  	  				  	 	1	  	  				  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  				  		  	
	 Hall
	  				  	 	1	  	  				  				  				  				  				  				  				  				  				  				  				  		  	
	 Graham
	  	 	1	  	  				  	 	3	  	  				  				  	 	2	  	  	 	1	  	  	 	1	  	  				  	 	1	  	  				  				  				  		  	
	 Daniel
	  	 	1	  	  				  	 	1	  	  				  	 	3	  	  	 	1	  	  	 	1	  	  	 	1	  	  				  				  				  				  				  		  	
	 Christina
	  	 	1	  	  	 	1	  	  	 	2	  	  				  				  	 	1	  	  	 	1	  	  	 	1	  	  				  	 	1	  	  				  				  				  		  	
	 Kitchen
	  				  				  	 	3	  	  				  				  				  				  				  				  				  				  				  				  		  	 2 Microwaves

1 Refrigerator
 2 Tables

1 Dishwasher
 1 Storage
Case

  
 AAI CORPORATE
INVENTORY LIST 2010 
  

																																																									
	 	  	Desks	 	  	Bookcases	 	  	Chairs	 	  	Sofas	 	  	File
Cab.	 	  	Monitor	 	  	Computer	 	  	Printer	 	  	Credenza	 	  	Tables	 	  	TV	 	  	Book
Shelf	  	 Extra

	 Copier Room
	  				  				  	 	1	  	  				  				  				  				  				  				  				  	 	2	  	  				  				  		  	 1 Copier

1 Shredder
 1 Folder

1 Laminator

	 Fire Safe
	  				  				  				  				  				  				  				  				  				  				  				  				  				  		  	6 Large Shelving Units
	 Dungeon
	  	 	1	  	  	 	2	  	  	 	3	  	  				  	 	6	  	  				  				  				  				  				  				  				  				  		  	 61 Large Shelving Units
 1 Storage File Cabinet
 1 Wooden plan storage
10’x10’

	 Totals
	  	 	54	  	  	 	50	  	  	 	155	  	  	 	3	  	  	 	158	  	  	 	66	  	  	 	61	  	  	 	35	  	  				  	 	10	  	  	 	14	  	  				  	 	4	  	  	1	  	

  
 EQUIPMENT INVENTORY
LIST 
 AAI Corporate 
  

									
	 Asset or

serial
 number
	  	 Item description

(make and model)
	  	 Location
	  	Condition	  	Vendor
	CHKLH31	  	PowerEdge 1750	  	AAI Data Center	  	Good	  	Dell
	7JKLH31	  	PowerEdge 1750	  	AAI Data Center	  	Good	  	Dell
		  	PowerVault 220s	  	AAI Data Center	  	Good	  	Dell
	5JRFQ31	  	Dimension 2450	  	AAI Main	  	Good	  	Dell
		  	HP Proliant ML 350	  	AAI Data Center	  	Good	  	HP
	GJRFQ31	  	Dimension 2450	  	AAI Main	  	Good	  	Dell
	BKLD408	  	PowerEdge 2450	  	AAI Main	  	Good	  	Dell
	62R8691	  	OptiPlex GX 520	  	AAI Main	  	Good	  	Dell
	6D98M21	  	Dimension 2450	  	AAI Main	  	Good	  	Dell
	7S6M031	  	Dimension 2450	  	AAI Main	  	Good	  	Dell
	GC98M21	  	Dimension 2450	  	AAI Main	  	Good	  	Dell
		  	Iomega StorCenter Device	  	AAI Data Center	  	Good	  	IoMega

 Corporate AAI 
 EQUIPMENT INVENTORY LIST 
 LAN/WAN Equipment 

 

									
	 Asset or

serial
 number
	  	 Item description

(make and model)
	  	 Location
	  	Condition	  	Vendor
	6NM1451	  	PowerConnect 3348	  	AAI Data Center	  	Good	  	Dell
	JKM1451	  	PowerConnect 3348	  	AAI Data Center	  	Good	  	Dell
	DN1408CJ1S	  	Cisco SLM 2048	  	AAI Data Center	  	Good	  	Cisco
	AEZ08H402 501	  	Cisco RV082	  	AAI Main	  	Good	  	Cisco
	3c:df:1e:b7:78	  	Cisco SRW2008	  	AAI Data Center	  	Good	  	Cisco
	0006B138BB	  	SonicWall VPN	  	AAI Data Center	  	Good	  	SonicWall

 EQUIPMENT INVENTORY LIST 

Telephone Room AAI Corporate 
  

									
	 Item description (make and model)
	  	Location	  	 Condition
	  	Vendor	  	Number of
Phones
	Polycom 501	  	AAI	  	Good	  	Polycom	  	50
	Polycom 301	  	AAI	  	Good	  	Polycom	  	30
	Aastra 4801	  	AAI	  	Good	  	Aastra	  	2
	Trixbox Applic.	  	AAI Data
Center	  	Good	  	trixbox	  	
	Dimension	  		  		  		  	
	3100 - trixbox server	  	AAI
Main	  	Good	  	Dell	  	

  
 160 King Street 

HARDWARE INVENTORY - 9/1/10 
  

							
	 Engineering Office
	  	Mfg	  	 Type
	  	Serial #
	 1
	  	DELL	  	Optiplex 320	  	JC1Y5F1
	 1
	  	DELL	  	Optiplex 320	  	GC1Y5F1
	 1
	  	DELL	  	Optiplex GX270	  	G6H7641
	 1
	  	CANON	  	Super G3	  	UBA38053
	 1
	  	HP	  	DeskJet 5940	  	CN6391Z1Z2
				
	 Security Office
	  	 	  	 	  	 
	 1
	  	DELL	  	Optiplex 320	  	JXVPCC1
	 1
	  	DELL	  	Dimension 2400	  	1KPRY41
	 1
	  	DELL	  	Optiplex GX110	  	3HLGN01
	 1
	  	PELCO	  	DVR 5100	  	920-7776
	 1
	  	BROTHER	  	HL2070N	  	U61230K7J904697
				
	 Building Systems
	  	 	  	 	  	 
	 1
	  	EPSON	  	C40UX	  	DKNY353038
	 1
	  		  	EST-1S	  	13SQ3170149K

  
 LANDMARK BUILDING 

HARDWARE INVENTORY - 9/1/10 
  

							
	 Management Office
	  	Mfg	  	 Type
	  	Serial #
	 2
	  	DELL	  	Thin Clients	  	N/A
	 1
	  	DELL	  	Optiplex 300	  	CTVGJF1
	 1
	  	DELL	  	Power Edge 1800	  	3LGMN81
	 1
	  	CANON	  	lmageRunner2220i	  	11199656
	 1
	  	SMARTPRO NET	  	UPS 2200	  	N/A
				
	 Engineering Office
	  	 	  	 	  	 
	 1
	  	DELL	  	Pentium 4	  	4XSY681
	 1
	  	DELL	  	Pentium 4	  	0T7570
	 1
	  	DELL	  	Pentium 4	  	FF98M21
	 1
	  	DELL	  	Precision 610	  	6B6Y201
	 1
	  	HP	  	LaserJet1020	  	N/A
				
	 Security Office
	  	 	  	 	  	 
	 1
	  	HP	  	LaserJet P1006	  	VND3B03226
	 1
	  	XEROX	  	Work Center 535	  	BJIMLA 23257 FAE

  
 Del Monte

 PERSONAL PROPERTY LIST 
 Administrative Area 
  

	 	•	 	 HP Laserjet4 Plus printer 

  

	 	•	 	 Dell PC with monitor, keyboard, speakers 

  

	 	•	 	 1 telephone for handicap announcer at base of stairs 

  

	 	•	 	 1 Iwatsu Telephone (leased) 

  

	 	•	 	 2 work chairs 

  

	 	•	 	 3 4-drawer lateral file cabinets 

  

	 	•	 	 1 2-drawer lateral file cabinet 

  

	 	•	 	 2 2-drawer wooden file cabinet 

  

	 	•	 	 2 2-tier bookcases 

  

	 	•	 	 1 Couch 

  

	 	•	 	 1 Loveseat 

  

	 	•	 	 1 End Table 

  

	 	•	 	 7 framed photographs 

  

	 	•	 	 1 large wall mounted aerial photograph 

  

	 	•	 	 1 large potted plant 

  

	 	•	 	 Richo Copy Machine (Leased from IKON) 

  

	 	•	 	 1 Motorola radio with transmitter box  

 General Manager’s Office 
  

	 	•	 	 Desk with return, credenza and shelf 

  

	 	•	 	 1 worktable 

  

	 	•	 	 2 leather chairs 

  

	 	•	 	 1 work chair 

  

	 	•	 	 Dell PC 

  

	 	•	 	 1 HP deskjet color printer 

  

	 	•	 	 1 faux plant 

  

	 	•	 	 1 large potted plant 

  

	 	•	 	 1 Iwatsu telephone (leased) 

  

	 	•	 	 1 2-drawer lateral file cabinet 

  

	 	•	 	 1 coatrack 

  

	 	•	 	 1 Motorola radio with charger 

 Assistant General Managers Office 
  

	 	•	 	 2 3-drawer lateral file cabinets 

  

	 	•	 	 6 framed photographs 

  

	 	•	 	 1 desk with return 

  

	 	•	 	 1 corkboard 

  

	 	•	 	 1 4-tier bookcase 

  

	 	•	 	 1 2-drawer vertical file cabinet 

  
 1 

  
 DM 

PERSONAL PROPERTY LIST 
  

	 	•	 	 2 leather chairs 

  

	 	•	 	 1 work chair 

  

	 	•	 	 1 Iwatsu telephone 

  

	 	•	 	 1 whiteboard 

  

	 	•	 	 1 potted plant 

Marketing Office 
  

	 	•	 	 1 2-drawer lateral file cabinet 

  

	 	•	 	 2 desk workstation 

  

	 	•	 	 2 5-tier bookcases 

  

	 	•	 	 1 2-drawer vertical file cabinet 

  

	 	•	 	 1 glass shelf 

  

	 	•	 	 2 corkboards 

  

	 	•	 	 1 Dell PC 

  

	 	•	 	 1 Epson Stylus Color 740 printer 

  

	 	•	 	 1 Iwatsu telephone (leased) 

  

	 	•	 	 Framed artwork 

  

	 	•	 	 1 work chair 

  

	 	•	 	 1 Motorola radio with charger 

 Accounting 
  

	 	•	 	 1 black 2-drawer file and cabinet unit 

  

	 	•	 	 1 leather chair 

  

	 	•	 	 2 work chairs 

  

	 	•	 	 1 desk with return and credenza 

  

	 	•	 	 3 4-drawer vertical file cabinets 

  

	 	•	 	 1 Dell PC 

  

	 	•	 	 1 HP Laserjet 4100 printer 

  

	 	•	 	 1 corkboard 

  

	 	•	 	 “Meilink” brand safe 

  

	 	•	 	 1 Iwatsu telephone (leased) 

  

	 	•	 	 1 adding machine  

 Accounting/Marketing Assistant 
  

	 	•	 	 1 Dell PC 

  

	 	•	 	 1 desk with return and shelf 

  

	 	•	 	 1 work chair 

  

	 	•	 	 1 Iwatsu telephone (leased) 

  

	 	•	 	 1 electric stapler 

  

	 	•	 	 1 Computer Server 

  

	 	•	 	 1 Computer Server stand 

  
 2 

  
 DM 

PERSONAL PROPERTY LIST 
 Conference Room 
  

	 	•	 	 1 TV cabinet 

  

	 	•	 	 1 RCA TV/VCR 

  

	 	•	 	 1 conference room table 

  

	 	•	 	 7 leather chairs 

  

	 	•	 	 2 side chairs 

  

	 	•	 	 1 end table 

  

	 	•	 	 1 bookshelf 

  

	 	•	 	 1 wooden portable computer desk 

  

	 	•	 	 1 wall mounted white board cabinet 

  

	 	•	 	 1 3-drawer black file cabinet 

  

	 	•	 	 2 framed aerial photographs 

  

	 	•	 	 1 plant 

  

	 	•	 	 1 Iwatsu telephone (leased)  

 Break Room 
  

	 	•	 	 1 Iwatsu telephone (leased) 

  

	 	•	 	 1 Pitney Bowes Postage Meter and Machine (leased) 

  

	 	•	 	 1 Sharp microwave 

  

	 	•	 	 1 Farmers Brothers Coffee Maker (borrowed from Farmer Brothers) 

 

	 	•	 	 1 dishwasher 

  

	 	•	 	 1 toaster 

  

	 	•	 	 1 pencil sharpener 

  

	 	•	 	 1 paper cutter 

  

	 	•	 	 1 sink 

  

	 	•	 	 1 wall mounted keybox 

  

	 	•	 	 1 corkboard  

Storeroom 
  

	 	•	 	 1 refrigerator 

  

	 	•	 	 1 paper shredder 

  

	 	•	 	 1 folding table with 2 chairs 

  

	 	•	 	 1 first aid kit 

  

	 	•	 	 1 telephone equipment panel 

  

	 	•	 	 1 network server equipment 

  

	 	•	 	 Miscellaneous office supplies 

  

	 	•	 	 1 Iwatsu Telephone (leased) 

  
 3 

  
 DM 

PERSONAL PROPERTY LIST 
 Maintenance Shop & Office (located next to Waldenbooks at north end of property) 
  

	 	•	 	 5’ Desk w/ left hand return 

  

	 	•	 	 6’ Credenza 

  

	 	•	 	 6’ Work Table 

  

	 	•	 	 4 Drawer Legal File 

  

	 	•	 	 4 Drawer Letter File 

  

	 	•	 	 2 Drawer Legal File 

  

	 	•	 	 3’ Two Shelf Bookcase 

  

	 	•	 	 Radio Shack Telephone 

  

	 	•	 	 1 Iwatsu Telephone (leased) 

  

	 	•	 	 Radio shack Answering Machine 

  

	 	•	 	 Pull Up Chair 

  

	 	•	 	 Office Chair 

  

	 	•	 	 Dell Dimension XPS T600r CPU w/ Disk Drive & HP CD Writer 

 

	 	•	 	 15” Gateway 2000 Monitor 

  

	 	•	 	 Dell Quitkey Keyboard 

  

	 	•	 	 Genie Lift Model V-1832 

  

	 	•	 	 2 qty. Cushman Titan Electric Carts 36 Volt Model #898336 

 

	 	•	 	 Honda EM3500X Portable Generator 

  

	 	•	 	 Dewalt Palm Sander Model #DW411 

  

	 	•	 	 Makita 10” Portable Table Saw Model #2703 

  

	 	•	 	 Delta 10” Sliding Compound Miter Saw Model #36-240 

 

	 	•	 	 Craftsman 10” Five Speed 1/2 hp Drill Press 

  

	 	•	 	 Craftsman 6” Dual Grinder l/3hp 

  

	 	•	 	 Hotpoint Refridgerator 

  

	 	•	 	 5” Tall Metal Paint Cabinet 

  

	 	•	 	 3 qty. Metal Lockers 

  

	 	•	 	 Craftsman Leaf Blower 

  

	 	•	 	 Skilsaw 7 1/4” Wonn Saw Model #HD77 

  

	 	•	 	 Skilsaw 7 1/4” Circular Saw Model #5275 

  

	 	•	 	 Porter Cable Sander Model #505 

  

	 	•	 	 Craftsman Portable Air Compressor Model #919.152340 

  

	 	•	 	 6” Bench Vise 

  

	 	•	 	 20’ Fiberglass Ext. Ladder 

  

	 	•	 	 15’ Fiberglass Ext. Ladder 

  

	 	•	 	 25’ Aluminum Ext. Ladder 

  

	 	•	 	 8’ Aluminum Step Ladder 

  

	 	•	 	 8’ Fiberglass Step Ladder 

  

	 	•	 	 6’ Fiberglass Step Ladder 

  

	 	•	 	 6’ Aluminum Step Ladder 

  

	 	•	 	 10’ Wooden Step Ladder 

  
 4 

  
 DM 

PERSONAL PROPERTY LIST 
  

	 	•	 	 2 qty. 10’ Aluminum Step Ladder 

  

	 	•	 	 12’ Aluminum Step Ladder 

  

	 	•	 	 15’ Aluminum Step Ladder 

  

	 	•	 	 2’ Aluminum Step Ladder 

  

	 	•	 	 2’ Wooden Step Ladder 

  

	 	•	 	 5 qty. Hand Trucks 

  

	 	•	 	 2 qty. MH Construction Lights 

  

	 	•	 	 10 gal. Shop Vac. 

  

	 	•	 	 Bosch Hand Grinder Model #0601 

  

	 	•	 	 Craftsman Jigsaw 2.5 Amp 

  

	 	•	 	 Porter Cable Reciprocating Saw Model #737 

  

	 	•	 	 Craftsman 25pc. Combination Wrench Set 

  

	 	•	 	 Magna Tap & Die Set Model #95988 

  

	 	•	 	 Husky 125pc. Socket & Wrench Set 

  

	 	•	 	 Craftsman Power Planer Model #315.277160 

  

	 	•	 	 Makita Portable Drill Model #6095D 

  

	 	•	 	 Makita Portable Drill Model #6223D 

  

	 	•	 	 Milwaukee Heavy Duty 1/2” Hammer Drill 

  

	 	•	 	 Misc. Hand Tools 

  

	 	•	 	 Wheelbarrow  

Security Office 
  

	 	•	 	 3 Desks 

  

	 	•	 	 4 Trash cans 

  

	 	•	 	 14 Chairs 

  

	 	•	 	 2 Tables 

  

	 	•	 	 9 Cork boards 

  

	 	•	 	 2 First Aid boxes 

  

	 	•	 	 3 Fire Extinguishers 

  

	 	•	 	 1 Wheel chair 

  

	 	•	 	 2 Extra black phone 

  

	 	•	 	 1 set of lockers 

  

	 	•	 	 1 Uniform Cabinet 

  

	 	•	 	 Patrol scan hand wand set with corresponding software and adhesive points 

 

	 	•	 	 Key box 

  

	 	•	 	 2 United States flags 

  

	 	•	 	 Site plan maps frames 

  

	 	•	 	 3 filing cabinets 

  

	 	•	 	 2 Small tables 

  

	 	•	 	 1 Refrigerator 

  

	 	•	 	 6 Utility laminated maps 

  

	 	•	 	 1 Cell phone set 

  

	 	•	 	 2 Chalk sticks 

  
 5 

  
 DM 

PERSONAL PROPERTY LIST 
  

	 	•	 	 1 Camera 

  

	 	•	 	 2 sets of binocular 

  

	 	•	 	 1 Bike with light, backpack, tool set, tire gauge and red light 

 

	 	•	 	 4 Bike helmets 

  

	 	•	 	 2 Green umbrellas 

  

	 	•	 	 1 Coat Rack 

  

	 	•	 	 12 radio holders 

  

	 	•	 	 7 radios with chargers 

  

	 	•	 	 3 radio shoulder microphones 

  

	 	•	 	 1 desktop radio scanner 

  

	 	•	 	 1 mobile radio scanner 

  

	 	•	 	 26 sets of property keys 

Other 
 1 Dayton gas powered emergency
generator 1 
 Masco Sweeper Truck 
 4
Olympic Trash Compactors (Leased) 
 1 Muzak exterior music system (Leased) 

  
 6 

  
 Alamo Quarry Market
Inventory 
 Office Contents 
 8-25-08 
  

									
	 Kitchen
	  				  			
	 Refrigerator
	  	$	600.00	  	  			
	 Kitchen Table
	  	 	100.00	  	  			
	 Kitchen Supplies
	  	 	50.00	  	  			
	 Kitchen Cabinets
	  	 	200.00	  	  			
	 Water Cooler
	  	 	140.00	  	  			
	 First Aid Kit
	  	 	60.00	  	  			
	 Microwave
	  	 	80.00	  	  			
	 CoffeeMaker
	  	 	60.00	  	  			
	 Tall Trash Can
	  	 	90.00	  	  			
		  	 	 	 	  			
		  				  	$	1,380.00	  
	 Bathroom
	  				  			
	 Cabinets
	  	 	150.00	  	  			
	 Fixtures
	  	 	300.00	  	  			
	 One Trash Can
	  	 	70.00	  	  			
		  	 	 	 	  			
		  				  	 	520.00	  
	 Copy Area
	  				  			
	 Cabinets
	  	 	350.00	  	  			
	 One Paper Cutter
	  	 	45.00	  	  			
	 Fax Machine
	  	 	800.00	  	  			
	 Copy Machine
	  	 	2,000.00	  	  			
	 Supplies and Paper
	  	 	200.00	  	  			
	 Roll around file stand
	  	 	125.00	  	  			
		  	 	 	 	  			
		  				  	 	3,520.00	  
	 Reception Area
	  				  			
	 Waiting Area Table
	  	 	80.00	  	  			
	 Magazine Rack
	  	 	60.00	  	  			
	 Two (2) easels
	  	 	20.00	  	  			
	 Two (2) lobby chairs
	  	 	100.00	  	  			
	 NBO Computer Gift Card Computer
	  	 	1,000.00	  	  			
	 Gift Card Sales Cabinet
	  	 	150.00	  	  			
	 Reception Desk
	  	 	175.00	  	  			
	 Reception Chair
	  	 	125.00	  	  			
	 Cabinets and roll around file
	  	 	125.00	  	  			
	 Three (3) drawer filing cabinet
	  	 	400.00	  	  			
		  				  	 	2,235.00	  

  

									
	 Donna’s Office
	  				  			
	 Conference Table and 4 Chairs
	  	 	200/320	  	  			
	 High Bookcase
	  	 	90.00	  	  			
	 Small Bookcase
	  	 	100.00	  	  			
	 Lockable file w/roller case
	  	 	125.00	  	  			
	 Desk and Chair
	  	 	175/125	  	  			
	 Computer
	  	 	1,000.00	  	  			
	 Calculator
	  	 	140.00	  	  			
	 Two Drawer File Cabinet
	  	 	300.00	  	  			
		  	 	 	 	  			
		  				  	 	2,575.00	  
	 Al’s Office
	  				  			
	 Small round table
	  	 	100.00	  	  			
	 Three (3) Visitor Chairs
	  	 	300.00	  	  			
	 One Large Bookcase
	  	 	300.00	  	  			
	 One Small Bookcase
	  	 	100.00	  	  			
	 Three Drawer File Cabinet
	  	 	400.00	  	  			
	 One Desk
	  	 	175.00	  	  			
	 One Desk Chair
	  	 	125.00	  	  			
	 One Calculator
	  	 	140.00	  	  			
	 One Computer
	  	 	1,000.00	  	  			
	 One Jet Printer
	  	 	250.00	  	  			
	 One Lockable File Cabinet w/rollers
	  	 	125.00	  	  			
	 Coat Rack
	  	 	173.00	  	  			
		  	 	 	 	  			
		  				  	 	3,188.00	  
	 Office Closet
	  				  			
	 Four Five (5) Drawer Cabinets@$600
	  	 	2,400.00	  	  			
	 Two (2) Shelving Units
	  	 	432.00	  	  			
	 Safe
	  	 	350.00	  	  			
	 Office Supplies
	  	 	125.00	  	  			
	 Miscellaneous
	  	 	200.00	  	  			
	 Vacuum Cleaner
	  	 	200.00	  	  	 	3,707.00	  
		  	 	 	 	  			
	 General
	  				  			
	 Telephone System
	  	 	2,500.00	  	  			
	 Five (5) Pictures @$150
	  	 	750.00	  	  			
	 HVAC Unit
	  	 	8,000.00	  	  			
		  	 	 	 	  			
		  				  	 	11,250.00	  

  
 Page 2

						
	 Sixto’s Office Area
	  		  		
	 One Table
	  	40.00	  		
	 Three Office Chairs @$30
	  	90.00	  		
	 Microwave
	  	80.00	  		
	 Coffee Maker
	  	60.00	  		
	 Refrigerator
	  	600.00	  		
	 Bathroom Fixture
	  	300.00	  		
	 Bathroom Trash Can
	  	90.00	  		
	 Twelve (12) Employee Lockers
	  	180.00	  		
	 Telephone
	  	100.00	  		
	 Radios end Chargers (13)
	  	13,500.00	  		
		  	 	  		
		  		  	 	15,040.00
	 Sixto’s Office
	  		  		
	 One Cabinet
	  	50.00	  		
	 One Bookcase
	  	60.00	  		
	 Two Drawer File Cabinet
	  	110.00	  		
	 One Desk
	  	175.00	  		
	 One Chair
	  	125.00	  		
	 One Computer
	  	1,000.00	  		
	 Two Drawer File Cabinet
	  	125.00	  		
	 One Copy Machine
	  	140.00	  		
		  	 	  		
		  		  	 	1,785.00
	 Maintenance Shop
	  		  		
	 Microwave
	  	90.00	  		
	 Air Compressor
	  	107.00	  		
	 New Pressure Washer
	  	1,081.00	  		
	 Old pressure washer (needs repair)
	  	500.00	  		
	 Pipe Snake Cleanout
	  	609.00	  		
	 Three hose carts @$64
	  	192.00	  		
	 Asphalt Repair Plate Machine
	  	616.00	  		
	 Asphalt Saw
	  	5,190.00	  		
	 Billy Goat
	  	1,839.00	  		
	 Two Flammable Chemical Cabinets
	  	1,276.00	  		
	 Locker
	  	100.00	  		
	 Shelving Unit
	  	250.00	  		
	 Wet/Dry Vac
	  	100.00	  		
	 Emergency Generator
	  	498.00	  		
	 Brick Saw
	  	610.00	  		
	 Various equipment/hand tools
	  	3,000.00	  		
	 Two Golf Carts (2)
	  	6,200.00	  		
	 Two Power Blowers (3)
	  	800.00	  		
	 Folding Tables and Chairs
	  	650.00	  		
	 Tents and Canopies
	  	500.00	  		
	 Hot Water Heater
	  	250.00	  		
		  	 	  		
		  		  	 	24,047.00
		  	  	 	 
	 GRAND TOTAL
	  		  	$	69,247.00

  

 Page 3 

 Waikele Center 
 Management Office-Inventory 
  

			
	 4
	 	Desk chairs
	 6
	 	Conference Room chairs
	 2
	 	side chairs
	 3
	 	Desk (teak)
	1	 	Return (teak)
	 1
	 	computer desk (teak)
	 2
	 	3 drawer side file cabinet (teak) under desk
	 2
	 	2 drawer side file cabinet (teak) under desk
	 1
	 	lateral 2 drawer file cabinet (teak)
	 1
	 	conference table
	 3
	 	Black metal 2 drawer lateral file cabinets
	 1
	 	Landmark phone system 3 phones
	 1
	 	Poly Com phone unit
	 1
	 	fax machine
	 1
	 	Dell CPU
	 1
	 	Monitor View Sonic 17 in
	 1
	 	HP Office Jet 7410 printer copier
	 1
	 	Sony digital camera
	 1
	 	shredder
	 1
	 	5 cubic ft under counter refrigerator
	 1
	 	microwave oven
		
	 1
	 	Golf Cart

  
 IMPERIAL BEACH PERSONAL PROPERTY
LIST 
  

							
	 ITEM NAME
	  	 SERIAL #
	  	QUANTITY	 
	 OFFICE SUPPLIES & EQUIPMENT (SHARED)
	  		  			
	Tape Dispensers	  		  	 	5	  
	Staplers	  		  	 	4	  
	scanners-	  	1509017714008, 1509017714001	  	 	2	  
	Calculators	  	7D269421, 98019006, 3D036084	  	 	3	  
	UAW Radios	  	98872392, 98872810, 98872613,	  	 	7	  
		  	98872428, 98872920, 98872771	  			
		  	98872486, 9887262	  			
	Polycom phones	  	0004F212B568, 0004F215B030	  	 	4	  
		  	004F212B568, 0004F21078A1	  			
	Dell Computers (tower, keyboard, mouse, etc)	  	7664203636693, 00045599533786	  	 	4	  
		  	CN07N242388422AN4T23,	  			
		  	FS65A32CB030227, AB0143120173	  			
		  	CYRWWTQDKMJ6R3T3WmW824RD6	  			
		  	1FY17CE0297F, 0045430020052	  			
		  	00045599533773, CN07242388443100916	  			
	Computer monitors	  	79302234NA, GS19HVEY903057Y	  	 	3	  
		  	CN0F50356418056F0XJL	  			
		  	CNDG43SH728287H2PLSA00	  			
	 backroom-1 monitor, 2 keyboards, webcctv, 4 modems) Outside (3 cameras)
	  		  			
	HP 1040 Fax	  	CN4BBAGHHJ	  	 	1	  
	Dell 2335dn Copier/printer/scanner	  	CN0YP8767221101N0220	  	 	1	  
	Dell 5100XCN Printer	  	CN07242388443100916	  	 	1	  
	HP Deskjet 970 Cxi Printer	  	MX9AF1B06B	  	 	1	  
	Office Desk	  		  	 	3	  
	Cream leather chairs	  		  	 	2	  
	Office chairs on rollers	  		  	 	3	  
	Blue cloth and wooden chairs	  		  	 	4	  
	2 hole punchers	  		  	 	3	  
	3 hole punchers	  		  	 	3	  
	Heavy duty stapler	  		  	 	1	  
	Postage weight scale	  		  	 	1	  
	Coffee Maker	  		  	 	1	  
	Magic Chef Microwave	  		  	 	1	  
	Haier mini Refrigerator	  		  	 	1	  
	Key Cabinets	  		  	 	4	  
	Phillips FM/CD player radio	  	KTO10134079245	  	 	1	  
	2 drawer metal file cabinets (lg)	  		  	 	4	  
	2 drawer metal file cabinets (sm)	  		  	 	1	  
	Wooden 2 drawer file cabinets	  		  	 	1	  
	Kodak Easy Share Camera	  	KCGHL84802057	  	 	1	  
	Casio Palm Pilots	  		  	 	2	  
	Pagers (Luis, Jesse)	  		  	 	3	  
	Electric Pencil Sharpener	  		  	 	1	  
	Fedders Heater/AC Combo	  		  	 	1	  
	Portable Electric Heaters	  		  	 	2	  
	Electric Postage Weight Scale (does not work)	  		  	 	1	  
	Ink Date Stamp	  		  	 	1	  

  
 IB 

 

							
	Imperial Beach Address Stamp	  		  	 	1	  
	Imperial Beach Bank Acct. Stamp	  		  	 	1	  
	Invoice Stamp	  		  	 	1	  
	“Received” Stamp	  		  	 	1	  
	“Paid” Stamp	  		  	 	1	  
	“Revised” Stamp	  		  	 	1	  
	“File” Stamp	  		  	 	1	  
			
	 IMPERIAL BEACH - POOLS
	  		  			
	Lounge Chairs	  		  	 	42	  
	Umbrellas	  		  	 	10	  
	Small Table	  		  	 	11	  
	Umbrella at Table outside Office	  		  	 	1	  
	Stock	  		  	 	0	  
			
	 IMPERIAL BEACH - FITNESS ROOM
	  		  			
	Powerline Workout Bench	  		  	 	1	  
	Paramount Universal Unit	  	9710-040	  	 	1	  
	Tectrix Stair Stepper	  		  	 	1	  
	Stationary Bike	  	R0607550432	  	 	1	  
	Treadmill by True	  	04-77358F	  	 	1	  
	Body Solid Univeral Unit	  		  	 	1	  
	Diamondback Treadmill	  	R0702640378	  	 	1	  
	Elliptix Cross Trainer 6600L	  		  	 	1	  
	Body Solid Ab Workout	  		  	 	1	  
			
	 IMPERIAL BEACH-LAUNDRY ROOM
	  		  			
	Whirlpool Washers (6 in each room)	  		  	 	24	  
	Whirlpool Dryers (6 in each room)	  		  	 	24	  
			
	 IMPERIAL BEACH APPLIANCES
	  		  			
	Refrigerators	  		  	 	158	  
	Stainless Steel Refrigerators	  		  	 	2	  
	Ranges	  		  	 	158	  
	Stainless Steel Ranges	  		  	 	2	  
	Stainless Steel Microwaves	  		  	 	2	  
			
	 MAINTENANCE ITEMS (SHARED)
	  		  			
	Kwikset Keying Kit NO. 271	  		  	 	1	  
	Lab Semi-Pro 3 Keying Kit	  		  	 	1	  
	Proto 1-1/16 Deep Socket	  		  	 	1	  
	Leviton Toner #49560	  		  	 	1	  
	Leviton Probe #49561	  		  	 	1	  
	Premier Comm.Tester PT-311	  	#000510374	  	 	1	  
	Workforce 4” Joint Knife	  		  	 	1	  
	Faucet Seat Gauge	  		  	 	1	  
	O’Mally Faucet Reseater	  		  	 	1	  
	Minuteman Floor Machine M13075-00	  	51303000866	  	 	1	  
	Tornado Carpet Dryer	  	98772 EMM21560	  	 	1	  
	Tornado Carpet Dryer	  	98772 ENM23032	  	 	1	  

  
 IB 

 

							
	 Ridgid Shop Vac 120V
	  	04308C0065	  	 	1	  
	 Honda GX160 Pressure Washer
	  	9406268	  	 	1	  
	 Pressure Washer Gun
	  		  	 	1	  
	 Pressure Washer Hose
	  		  	 	2	  
	 Pressure Washer Broom w/ Extension
	  		  	 	1	  
	 Westinghouse Power Snake
	  	GJ86	  	 	1	  
	 Power Snake Basket
	  		  	 	3	  
	 Gorlitz Power Snake
	  	GSD0009512	  	 	1	  
	 Stilhl Backpack blower
	  	BR550	  	 	1	  
	 Skilsaw HD77 Worm Drive
	  		  	 	1	  
	 Milwaukee & Makita Sawzall
	  		  	 	2	  
	 Rigid 3/8” & 1/2” drillls
	  		  	 	2	  
	 DeWalt DW680 Planner
	  		  	 	1	  
	 Rigid Belt Sander
	  		  	 	1	  
	 Milwaukee 7” Grinder
	  		  	 	1	  
	 Ryobi 8” Bench Grinder
	  		  	 	1	  
	 Makita N9514B Grinder
	  		  	 	1	  
	 B-Bottle w/ Regulator, Hose & Nozzle
	  		  	 	1	  
	 4” Cutter for Snake
	  		  	 	1	  
	 3” Cutter for Snake
	  		  	 	1	  
	 2” Cutter for Snake
	  		  	 	1	  
	 Retracting head for Snake
	  		  	 	1	  
	 6’ Louisville A frame ladder (fiberglass)
	  		  	 	1	  
	 8’ Louisville A frame ladder (fiberglass)
	  		  	 	1	  
	 Werner 32’ extension ladder (aluminum)
	  		  	 	1	  
	 4’ Aluminum Ladder
	  		  	 	2	  
	 2’ Aluminum ladder
	  		  	 	2	  
	 Flint Ignitor for Torch
	  		  	 	2	  
	 Ridgid No. 15 Pipe Cutter
	  		  	 	1	  
	 Ridgid 104 Pipe Cutter
	  		  	 	1	  
	 Turbo Torch for MAPP Gas
	  		  	 	1	  
	 Ideal Pipe Bender
	  		  	 	1	  
	 Telescopic Floor Scaper
	  		  	 	2	  
	 General Toilet Auger
	  		  	 	1	  
	 52” Floor Scraper
	  		  	 	1	  
	 Bicycle Pump
	  		  	 	1	  
	 Milwaukee Heat Gun
	  	747-101912	  	 	1	  
	 Swingline Stapler (Hvy duty)
	  		  	 	1	  
	 Arrow Stapler (Hvy duty)
	  		  	 	1	  
	 Irwin Clamp
	  		  	 	2	  
	 Hacksaw
	  		  	 	2	  
	 Fish Line (Electrical)
	  		  	 	1	  
	 Sanitaire Commerical Vacuum Cleaner
	  		  	 	2	  
	 Nattco Ceramic Tile Cutter (Hand cutter)
	  		  	 	1	  
	 50’ Heavy Duty Water Hose
	  		  	 	1	  
	 Dolly
	  		  	 	2	  
	 Hand ABS Saw
	  		  	 	1	  
	 Hand Wood Saw
	  		  	 	2	  
	 Regent Work Light
	  		  	 	1	  
	 Small Bolt Cutters
	  		  	 	1	  
	 General D25 Hand Snake
	  		  	 	1	  
	 Ace 14” Pipe Wrench
	  		  	 	1	  

  
 IB 

 

					
	 3” C-Clamp
	  	 	2	  
	 Spring Clamp
	  	 	2	  
	 BrassCraft Tub Drain Remover
	  	 	1	  
	 Adhesive Trowel
	  	 	1	  
	 Marshalltown Finishing Trowel
	  	 	1	  
	 Finishing Trowel
	  	 	4	  
	 Small Knotch Adhesive Trowel
	  	 	1	  
	 Medium Knotch Adhesive Trowel
	  	 	1	  
	 Large Knotch Adhesive Trowel
	  	 	1	  
	 Wood Float
	  	 	1	  
	 Corner Trowel
	  	 	1	  
	 Edger (Cement)
	  	 	1	  
	 Chemical Mask
	  	 	2	  
	 18” Window Squeegee
	  	 	4	  
	 12” Window Squeegee
	  	 	2	  
	 Telescopic Ext. for Window Squeegee
	  	 	1	  
	 Mustang Jetter
	  	 	1	  
	 Push Broom
	  	 	2	  
	 Leaf Rake
	  	 	1	  
	 Digging Bar
	  	 	2	  
	 Olympia Large Bolt Cutters
	  	 	2	  
	 Hoe
	  	 	2	  
	 Post Hole Digger
	  	 	1	  
	 Round Shovel
	  	 	3	  
	 Round Shovel (cut handle)
	  	 	1	  
	 Pruning Tool 24” handle
	  	 	1	  
	 Square Shovel
	  	 	2	  
	 Trench Shovel
	  	 	1	  
	 16lb. Sledge Hammer
	  	 	1	  
	 Snow Shovel
	  	 	2	  
	 Paint Roller Extension
	  	 	2	  
	 Mud Tray
	  	 	3	  
	 Paint Scraper
	  	 	3	  
	 Brush and Roller Cleaner
	  	 	1	  
	 Hammer
	  	 	2	  
	 Short Mini Roller
	  	 	1	  
	 Long Mini Roller
	  	 	1	  
	 Standard Roller
	  	 	3	  
	 4” Roller
	  	 	2	  
	 6” Roller
	  	 	2	  
	 100’ Extension cord
	  	 	2	  
	 4’ Aluminum Ruler
	  	 	1	  
	 Water Meter Key
	  	 	1	  
	 Caulking Gun
	  	 	3	  
	 Foley Belsaw Key Machine
	  	 	1	  
	 BrassCraft Pipe Cutter
	  	 	1	  
	 4” Bench Vise
	  	 	1	  
	 Small Leaf Rake
	  	 	2	  
	 6” Floor Scraper
	  	 	1	  
	 Grout Trowel
	  	 	1	  
	 28’ Extension Ladder
	  	 	1	  
	 Dust Pan
	  	 	4	  

  
 IB 

 

							
	 50’ Extension Cord
	  		  	 	2	  
	 Pick
	  		  	 	1	  
	 50’ Garden Hose with Hose Cart
	  		  	 	1	  
	 4” Stripper
	  		  	 	1	  
	 24” Carpenters Square
	  		  	 	1	  
	 3/16” Driver
	  		  	 	1	  
	 1/4” Driver
	  		  	 	1	  
	 5/16” Driver
	  		  	 	1	  
	 3/8” Driver
	  		  	 	1	  
	 7/16” Driver
	  		  	 	1	  
	 Needle Nose Pliers
	  		  	 	1	  
	 Miter Box
	  		  	 	1	  
	 Spline Tool
	  		  	 	1	  
	 Inspection Mirror
	  		  	 	1	  
	 2 1/2 gallon gas can
	  		  	 	1	  
	 1 gallon gas can
	  		  	 	1	  
	 6” Joint Knife
	  		  	 	1	  
	 1 1/2” Putty Knife
	  		  	 	1	  
	 3” Putty Knife
	  		  	 	1	  
	 Rubber Sanding Block
	  		  	 	1	  
	 Circuit Analyzer
	  		  	 	1	  
	 Voltage Tester
	  		  	 	1	  
	 6” Slotted
	  		  	 	1	  
	 #1 Phillips
	  		  	 	1	  
	 #2 Phillips
	  		  	 	1	  
	 4” Slotted
	  		  	 	1	  
	 Pliers
	  		  	 	1	  
	 8” Slotted
	  		  	 	1	  
			
	 IBG MODEL
	  		  			
	 40” Fake Plasma Screen TV
	  		  	 	1	  
	 Lattice Living Room Collection
	  	couch/ chair/ 2 end tables/ coffee table	  	 	1	  
	 Honey Oak 5-piece Dining room set
	  		  	 	1	  
	 Queen mattress set
	  		  	 	1	  
	 Emily Queen Bed
	  		  	 	1	  
	 Emily 6-Drawer Dresser
	  		  	 	1	  
	 Emily 5-Drawer Dresser
	  		  	 	1	  
	 Emily Mirror
	  		  	 	1	  
	 Emily Nightstand
	  		  	 	2	  
	 Twin mattress set/ frame
	  		  	 	1	  
	 Sandstone comforter/sheet set (twin)
	  		  	 	1	  
	 Lascola comforter/sheet set (queen)
	  		  	 	1	  
	 Lascola decorative pillow
	  		  	 	1	  
	 Regular pillows
	  		  	 	6	  
	 Outdoor metal patio set
	  	table and 2 chairs	  	 	1	  
	 4 piece dinner place setting (yellow and blue)
	  		  	 	1	  
	 Decorative vases/ candelholders
	  		  	 	4	  
	 Fake plant arrangement (purple flowers)
	  		  	 	1	  
	 Bath towels (variety sizes)
	  		  	 	7	  
	 Shower curtain (blue and white)
	  		  	 	1	  

  
 IB 

 

					
	 CARTS (SHARED)
	  			
	 Yamaha Golf Cart
	  	 	1	  
	 Taylor Dunn Maintenance Mules
	  	 	2	  
		
	 VEHICLE (SHARED)
	  			
	 1999 Ford Ranger
	  	 	1	  

  

											
				  	Santa Fe Park Inventory 2010	  				  	
				
	 	 	  	Office	  	 	 	  	Pool Furniture
	 	1	  	  	Mr. Coffee Coffe Maker	  	 	5	  	  	Large Patio Tables
	 	1	  	  	Round Oak Table	  	 	5	  	  	Large Umbrellas
	 	6	  	  	Oak Swivel Stools	  	 	24	  	  	Chairs
	 	1	  	  	15” Flat Screen Monitor for Cameras	  	 	4	  	  	Small Tables
	 	1	  	  	WebCam Server	  	 	12	  	  	Lounges
	 	4	  	  	Routers	  	 	1	  	  	Concrete Trash Receptacle
	 	2	  	  	keyboards	  				  	
	 	2	  	  	Mice	  				  	Fitness Room
	 	1	  	  	20” Flat Screen Monitor	  	 	1	  	  	Universal
	 	1	  	  	Dell Computer	  	 	1	  	  	Free Weight Assembly
	 	1	  	  	Phillips AM/FM Radio CD Player	  	 	1	  	  	Tread Mill
	 	1	  	  	Fellowes Shredder	  	 	1	  	  	Exercise Bike
	 	1	  	  	HP Office Jet Pro 8500	  	 	1	  	  	Stair Stepper
	 	1	  	  	AT&T 2-line phone with remote cordless phone	  				  	
	 	1	  	  	Casio Calculator	  				  	Club Room
	 	1	  	  	Desk Top VTM	  	 	1	  	  	Pool Table
	 	1	  	  	Credit Card Terminal	  	 	1	  	  	Ping Pong Table
	 	1	  	  	Security Camera	  	 	1	  	  	Soda Machine
	 	1	  	  	Polaroid Camera	  	 	1	  	  	Snack Machine
	 	1	  	  	Mail Scale	  	 	2	  	  	Round Tables
	 	1	  	  	Dymo Label Maker	  	 	8	  	  	Resin Chairs
	 	1	  	  	2-Way Radio	  	 	42	  	  	Metal folding chairs
	 	1	  	  	Pencil Sharpener	  	 	10	  	  	Folding Tables
	 	1	  	  	3-hole Punch	  	 	1	  	  	Refrigerator
				  		  	 	2	  	  	Electric Ranges
				  	TV Room	  	 	1	  	  	Vinyl Pool table cover
	 	1	  	  	Wide Screen TV	  	 	1	  	  	Wooden Bookcase
	 	1	  	  	Sofa	  	 	3	  	  	Framed Pictures
	 	12	  	  	Black Leather Chairs	  	 	1	  	  	Bulletin Board
				  		  	 	1	  	  	Pool Table Light
				  	Laundry Room	  	 	1	  	  	Slim Jim Trash receptacle
	 	12	  	  	Washers	  				  	
	 	12	  	  	Dryers	  				  	Outside Restrooms
	 	2	  	  	Laundry Carts	  	 	1	  	  	Wrought Iron Table
	 	1	  	  	Laundry Sink	  	 	4	  	  	Wrought Iron Chairs
	 	1	  	  	Itoning Board	  				  	
	 	1	  	  	Iron	  	 	1	  	  	Rental Unit-2004 RV Vision Tral
	 	1	  	  	VTM Machine	  	 	1	  	  	23” Flat Screen TV
	 	1	  	  	Slim Jim Trash Receptacle	  	 	1	  	  	12” Flat Screen TV
				  		  	 	1	  	  	Toaster
				  	Apartments	  	 	1	  	  	Coffee Pot
	 	4	  	  	Refrigerators	  				  	
	 	3	  	  	Electric Ranges	  				  	
	 	1	  	  	Counter top Cooktop	  				  	
	 	1	  	  	Built in Electric Oven	  				  	
	 	1	  	  	Jenn Aire Counter Top Grill	  				  	
	 	4	  	  	Dishwashers	  				  	
	 	1	  	  	Microwave	  				  	

  

											
	 	 	  	Maintenance Tools and Equipment	  	 	 	  	 
	 	1	  	  	Impression 3-Plus (3428N) Monitor- out of service	  	 	3	  	  	C clamps
	 	1	  	  	Computer Keyboard- out of service	  	 	2	  	  	Toilet auger
	 	1	  	  	Profit Management Computer-out of service	  	 	1	  	  	Hoover carpet cleaner
	 	1	  	  	Dell Computer (9G6DP)-out of service	  	 	2	  	  	Disposal wrench
	 	1	  	  	WestBend 40-100 Cup Coffee Maker-N/A	  	 	3	  	  	Goodyear 50” water hoses
	 	1	  	  	Black & Decker  1/2” Electric Drill-N/A	  	 	2	  	  	Pole saw blades
	 	1	  	  	10 Amp 7  1/4” Skilsaw-N/A	  	 	1	  	  	Hand tree saw
	 	1	  	  	Backpack Leaf Blower	  	 	1	  	  	set nut drivers
	 	1	  	  	A.O. Smith 50’ Sewer Snake	  	 	1	  	  	Backpack sprayer
	 	1	  	  	Drill Motor Emerson 25’ Sewer Snake	  	 	3	  	  	2 gal sprayers
	 	1	  	  	Dollie	  	 	1	  	  	20’ extension ladder
	 	1	  	  	4-Drawer File Cabinet	  	 	2	  	  	Window brushes
	 	1	  	  	12  1/2’ Extension Ladder	  	 	3	  	  	Squeegee
	 	1	  	  	6’ Ladder	  	 	2	  	  	8’ squeegee pole
	 	1	  	  	5’ Ladder	  	 	3	  	  	Shovel
	 	1	  	  	Step Stool	  	 	2	  	  	Scoop Shovel
	 	1	  	  	Ilco Key Making Machine-out of service	  	 	1	  	  	Post hole digger
	 	1	  	  	Quick Kleen Upright Vacuum	  	 	1	  	  	Wheel barrow
	 	1	  	  	Wet or Dry Shop Vac	  	 	2	  	  	Bow rakes
	 	1	  	  	Dell Diminsion 3100 Computer	  	 	2	  	  	Hoes
	 	1	  	  	Dell monitor	  	 	1	  	  	Concrete hoe
	 	1	  	  	Logitec keyboard	  	 	1	  	  	8” Tamper
	 	1	  	  	Microsoft mouse	  	 	2	  	  	Saw horses
	 	2	  	  	Push brooms	  	 	2	  	  	Hard hat
	 	2	  	  	Steel rakes	  	 	2	  	  	Safety glasses
	 	2	  	  	Plastic rakes	  	 	1	  	  	Small shop vac.
	 	1	  	  	Axe	  	 	1	  	  	Manual stapler
	 	1	  	  	Pick	  	 	4	  	  	Phillips screwdrivers
	 	1	  	  	10# sledge hammer	  	 	4	  	  	Slotted screwdrivers
	 	1	  	  	35# Makita jack hammer	  	 	2	  	  	Multi screwdrivers
	 	1	  	  	Craftsman 16” chain saw	  	 	2	  	  	Electric insulated screwdrivers
	 	2	  	  	Gas blowers	  	 	1	  	  	8 Piece file set
	 	1	  	  	Electric blower	  	 	1	  	  	3 Piece plier set
	 	1	  	  	12 cu ft Dump cart	  	 	2	  	  	Multi meters
	 	1	  	  	42” Street Sweeper	  	 	1	  	  	Stanley 40 piece socket set
	 	1	  	  	Wagner airless spray painter	  	 	3	  	  	Tape measures
	 	1	  	  	Black & Decker hammer drill	  	 	1	  	  	Flash light
	 	1	  	  	Dewalt sawsall	  	 	2	  	  	Multi pouch for radios
	 	1	  	  	6” block plane	  	 	2	  	  	Bow saws
	 	2	  	  	Rubber mallets	  	 	1	  	  	Hack saw
	 	1	  	  	Phone line tester	  	 	2	  	  	Hand saw

  

											
	 	4	  	  	hole saws	  	 	1	  	  	 1/4 HP bench grinder
	 	12	  	  	assorted saw blades	  	 	1	  	  	10# bench vise
	 	1	  	  	Bristle floor brush for buffer	  	 	1	  	  	Hand hedge trimmer
	 	1	  	  	Cable crimper	  	 	1	  	  	Hand lopper
	 	1	  	  	3 gal. air tank	  	 	1	  	  	Machetti
	 	6	  	  	Hose spray nozzles	  	 	1	  	  	Hand pruner
	 	2	  	  	Sheet metal shears	  	 	1	  	  	Shrub rake
	 	2	  	  	Sets rain gear	  	 	1	  	  	Portable sewer tank
	 	1	  	  	Grease gun	  	 	1	  	  	11 Drawer rolling tool cabinet
	 	2	  	  	UAW Communication radios	  	 	1	  	  	42” Hi speed street sweeper
	 	1	  	  	3 gal. gas can	  	 	1	  	  	Electric Golf Cart
	 	24	  	  	Assorted drill bits	  				  	

  
 Ibay 27DS 

  
 MARINER’S POINT PERSONAL
PROPERTY LIST 
  

							
	 ITEM NAME
	  	 SERIAL #
	  	QUANTITY	 
	 OFFICE SUPPLIES/EQUIPMENT (SHARED)
	  		  			
	Tape Dispensers	  		  	 	5	  
	Staplers	  		  	 	4	  
	scanners-	  	1509017714008, 1509017714001	  	 	2	  
	Calculators	  	7D269421, 98019006, P23DHV	  	 	3	  
	UAW Radios	  	98872392, 98872810, 98872613,	  	 	7	  
		  	98872428, 98872920, 98872771	  			
		  	98872486, 9887262	  			
	Polycom phones	  	0004F212B568, 0004F215B030	  	 	4	  
		  	004F212B568, 0004F21078A1	  			
	Dell Computers (tower, keyboard, mouse, etc)	  	7664203636693, 00045599533786	  	 	4	  
		  	CN07N242388422AN4T23,	  			
		  	FS65A32CB030227, AB0143120173	  			
		  	CYRWWTQDKMJ6R3T3WmW824RD6	  			
		  	1FY17CE0297F, 0045430020052	  			
		  	00045599533773, CN07242388443100916	  			
	Computer monitors	  	79302234NA, GS19HVEY903057Y	  	 	3	  
		  	CN0F50356418056F0XJL	  			
		  	CNDG43SH728287H2PLSA00	  			
	backroom-1 monitor, 2 keyboards, webcctv, 4 modems) Outside (3 cameras)	  		  			
	HP 1040 Fax	  	CN4BBAGHHJ	  	 	1	  
	Dell 2335dn Copier/printer/scanner	  	CN0YP8767221101N0220	  	 	1	  
	Dell 5100XCN Printer	  	CN07242388443100916	  	 	1	  
	HP Deskjet 970 Cxi Printer	  	MX9AF1B06B	  	 	1	  
	Office Desk	  		  	 	3	  
	Cream leather chairs	  		  	 	2	  
	Office chairs on rollers	  		  	 	3	  
	Blue cloth and wooden chairs	  		  	 	4	  
	2 hole punchers	  		  	 	3	  
	3 hole punchers	  		  	 	3	  
	Heavy duty stapler	  		  	 	1	  
	Postage weight scale	  		  	 	1	  
	Coffee Maker	  		  	 	1	  
	Magic Chef Microwave	  		  	 	1	  
	Haier mini Refrigerator	  		  	 	1	  
	Key Cabinets	  		  	 	4	  
	Phillips FM/CD player radio	  	KTO10134079245	  	 	1	  
	2 drawer metal file cabinets (lg)	  		  	 	4	  
	2 drawer metal file cabinets (sm)	  		  	 	1	  
	Wooden 2 drawer file cabinets	  		  	 	1	  
	Kodak Easy Share Camera	  	KCGHL84802057	  	 	1	  
	Casio Palm Pilots	  		  	 	2	  
	Pagers (Luis, Jesse)	  		  	 	3	  
	Electric Pencil Sharpener	  		  	 	1	  
	Fedders Heater/AC Combo	  		  	 	1	  
	Portable Electric Heaters	  		  	 	2	  
	Electric Postage Weight Scale (does not work)	  		  	 	1	  
	Ink Date Stamp	  		  	 	1	  

  

							
	Imperial Beach Address Stamp	  		  	 	1	  
	Imperial Beach Bank Acct. Stamp	  		  	 	1	  
	Invoice Stamp	  		  	 	1	  
	“Received” Stamp	  		  	 	1	  
	“Paid” Stamp	  		  	 	1	  
	“Revised” Stamp	  		  	 	1	  
	“File” Stamp	  		  	 	1	  
			
	MAINER’S POINT- POOLS	  		  			
	Lounge chairs	  		  	 	7	  
	Umbrellas	  		  	 	5	  
	small tables	  		  	 	2	  
	chairs	  		  	 	18	  
	umbrellas in stock	  		  	 	0	  
			
	 MARINER’S POINT-LAUNDRY ROOM
	  		  			
	Whirlpool Washers	  		  	 	9	  
	Whirlpool Dryers	  		  	 	9	  
			
	 MARINER’S POINT -FITNESS ROOM
	  		  			
	Welso Pursuit 895i (bike-added by resident)	  		  	 	1	  
	True 700 SOFT System Treadmill	  	0120161K	  	 	1	  
	Batca Fitness Systems USA Cuircuit w/o	  		  	 	3	  
	Workout Bench	  		  	 	1	  
			
	 MARINER’S POINT APPLIANCES
	  		  			
	Refrigerators	  		  	 	87	  
	Stainless Steel Refrigerator	  		  	 	1	  
	Range	  		  	 	87	  
	Stainless Steel Range	  		  	 	1	  
	Microwave	  		  	 	1	  
	Stainless Steel Microwave	  		  	 	1	  
	Dishwashers	  		  	 	88	  
			
	 MAINTENANCE ITEMS (SHARED)
	  		  			
	Kwikset Keying Kit NO.271	  		  	 	1	  
	Lab Semi-Pro 3 Keying Kit	  		  	 	1	  
	Proto 1-1/16 Deep Socket	  		  	 	1	  
	Leviton Toner #49560	  		  	 	1	  
	Leviton Probe #49561	  		  	 	1	  
	Premier Comm.Tester PT-311	  	#000510374	  	 	1	  
	Workforce 4” Joint Knife	  		  	 	1	  
	Faucet Seat Gauge	  		  	 	1	  
	O’Mally Faucet Reseater	  		  	 	1	  
	Minuteman Floor Machine M13075-00	  	51303000866	  	 	1	  
	Tornado Carpet Dryer	  	98772 EMM21560	  	 	1	  

  

							
	Tornado Carpet Dryer	  	98772 ENM23032	  	 	1	  
	Ridgid Shop Vac 120V	  	04308C0065	  	 	1	  
	Honda GX160 Pressure Washer	  	9406268	  	 	1	  
	Pressure Washer Gun	  		  	 	1	  
	Pressure Washer Hose	  		  	 	2	  
	Pressure Washer Broom w/ Extension	  		  	 	1	  
	Westinghouse Power Snake	  	GJ86	  	 	1	  
	Power Snake Basket	  		  	 	3	  
	Gorlitz Power Snake	  	GSD0009512	  	 	1	  
	Stilhl Backpack blower	  	BR550	  	 	1	  
	Skilsaw HD77 Worm Drive	  		  	 	1	  
	Milwaukee & Makita Sawzall	  		  	 	2	  
	Rigid 3/8” & 1/2” drillls	  		  	 	2	  
	DeWalt DW680 Planner	  		  	 	1	  
	Rigid Belt Sander	  		  	 	1	  
	Milwaukee 7” Grinder	  		  	 	1	  
	Ryobi 8” Bench Grinder	  		  	 	1	  
	Makita N9514B Grinder	  		  	 	1	  
	B-Bottle w/ Regulator, Hose & Nozzle	  		  	 	1	  
	4” Cutter for Snake	  		  	 	1	  
	3” Cutter for Snake	  		  	 	1	  
	2” Cutter for Snake	  		  	 	1	  
	Retracting head for Snake	  		  	 	1	  
	6’ Louisville A frame ladder (fiberglass)	  		  	 	1	  
	8’ Louisville A frame ladder (fiberglass)	  		  	 	1	  
	Werner 32’ extension ladder (aluminum)	  		  	 	1	  
	4’ Aluminum Ladder	  		  	 	2	  
	2’ Aluminum ladder	  		  	 	2	  
	Flint Ignitor for Torch	  		  	 	2	  
	Ridgid No.15 Pipe Cutter	  		  	 	1	  
	Ridgid 104 Pipe Cutter	  		  	 	1	  
	Turbo Torch for MAPP Gas	  		  	 	1	  
	Ideal Pipe Bender	  		  	 	1	  
	Telescopic Floor Scaper	  		  	 	2	  
	General Toilet Auger	  		  	 	1	  
	52” Floor Scraper	  		  	 	1	  
	Bicycle Pump	  		  	 	1	  
	Milwaukee Heat Gun	  	747-101912	  	 	1	  
	Swingline Stapler (Hvy duty)	  		  	 	1	  
	Arrow Stapler (Hvy duty)	  		  	 	1	  
	Irwin Clamp	  		  	 	2	  
	Hacksaw	  		  	 	2	  
	Fish Line (Electrical)	  		  	 	1	  
	Sanitaire Commerical Vacuum Cleaner	  		  	 	2	  
	Nattco Ceramic Tile Cutter (Hand cutter)	  		  	 	1	  
	50’ Heavy Duty Water Hose	  		  	 	1	  
	Dolly	  		  	 	2	  
	Hand ABS Saw	  		  	 	1	  
	Hand Wood Saw	  		  	 	2	  
	Regent Work Light	  		  	 	1	  
	Small Bolt Cutters	  		  	 	1	  
	General D25 Hand Snake	  		  	 	1	  

  

							
	Ace 14” Pipe Wrench	  		  	 	1	  
	3” C-Clamp	  		  	 	2	  
	Spring Clamp	  		  	 	2	  
	BrassCraft Tub Drain Remover	  		  	 	1	  
	Adhesive Trowel	  		  	 	1	  
	Marshalltown Finishing Trowel	  		  	 	1	  
	Finishing Trowel	  		  	 	4	  
	Small Knotch Adhesive Trowel	  		  	 	1	  
	Medium Knotch Adhesive Trowel	  		  	 	1	  
	Large Knotch Adhesive Trowel	  		  	 	1	  
	Wood Float	  		  	 	1	  
	Corner Trowel	  		  	 	1	  
	Edger (Cement)	  		  	 	1	  
	Chemical Mask	  		  	 	2	  
	18” Window Squeegee	  		  	 	4	  
	12” Window Squeegee	  		  	 	2	  
	Telescopic Ext. for Window Squeegee	  		  	 	1	  
	Mustang Jetter	  		  	 	1	  
	Push Broom	  		  	 	2	  
	Leaf Rake	  		  	 	1	  
	Digging Bar	  		  	 	2	  
	Olympia Large Bolt Cutters	  		  	 	2	  
	Hoe	  		  	 	2	  
	Post Hole Digger	  		  	 	1	  
	Round Shovel	  		  	 	3	  
	Round Shovel (cut handle)	  		  	 	1	  
	Pruning Tool 24” handle	  		  	 	1	  
	Square Shovel	  		  	 	2	  
	Trench Shovel	  		  	 	1	  
	16lb. Sledge Hammer	  		  	 	1	  
	Snow Shovel	  		  	 	2	  
	Paint Roller Extension	  		  	 	2	  
	Mud Tray	  		  	 	3	  
	Paint Scraper	  		  	 	3	  
	Brush and Roller Cleaner	  		  	 	1	  
	Hammer	  		  	 	2	  
	Short Mini Roller	  		  	 	1	  
	Long Mini Roller	  		  	 	1	  
	Standard Roller	  		  	 	3	  
	4” Roller	  		  	 	2	  
	6” Roller	  		  	 	2	  
	100’ Extension cord	  		  	 	2	  
	4’ Aluminum Ruler	  		  	 	1	  
	Water Meter Key	  		  	 	1	  
	Caulking Gun	  		  	 	3	  
	Foley Belsaw Key Machine	  		  	 	1	  
	BrassCraft Pipe Cutter	  		  	 	1	  
	4” Bench Vise	  		  	 	1	  
	Small Leaf Rake	  		  	 	2	  
	6” Floor Scraper	  		  	 	1	  
	Grout Trowel	  		  	 	1	  
	28’ Extension Ladder	  		  	 	1	  

  

							
	Dust Pan	  		  	 	4	  
	50’ Extension Cord	  		  	 	2	  
	Pick	  		  	 	1	  
	50’ Garden Hose with Hose Cart	  		  	 	1	  
			
	4” Stripper	  		  	 	1	  
	24” Carpenters Square	  		  	 	1	  
	3/16” Driver	  		  	 	1	  
	1/4” Driver	  		  	 	1	  
	5/16” Driver	  		  	 	1	  
	3/8” Driver	  		  	 	1	  
	7/16” Driver	  		  	 	1	  
	Needle Nose Pliers	  		  	 	1	  
	Miter Box	  		  	 	1	  
	Spline Tool	  		  	 	1	  
	Inspection Mirror	  		  	 	1	  
	2 1/2 gallon gas can	  		  	 	1	  
	1 gallon gas can	  		  	 	1	  
	6” Joint Knife	  		  	 	1	  
	1 1/2” Putty Knife	  		  	 	1	  
	3” Putty Knife	  		  	 	1	  
	Rubber Sanding Block	  		  	 	1	  
	Circuit Analyzer	  		  	 	1	  
	Voltage Tester	  		  	 	1	  
	6” Slotted	  		  	 	1	  
	#1 Phillips	  		  	 	1	  
	#2 Phillips	  		  	 	1	  
	4” Slotted	  		  	 	1	  
	Pliers	  		  	 	1	  
	8” Slotted	  		  	 	1	  
			
	 CARTS (SHARED)
	  		  			
	Yamaha Golf Cart	  		  	 	1	  
	Taylor Dunn Maintenance Mules	  		  	 	2	  
			
	 VEHICLE (SHARED)
	  		  			
	1999 Ford Ranger	  		  	 	1	  

  

					
	 AMERICAN ASSETS, INC
 Fixed
Assets
 December 31, 2010
	  	Month:	  	8

  

																																																	
	 	  	Fixed Assets	 	  	Accumulated Depreciation	 	  	 	 	  	 	 	  	 	 	  	 	 
	 	  	Balance
12/31/08	 	  	2010	 	  	Balance
12/31/08	 	  	Balance
12/31/08	 	  	2010	 	  	Balance
12/31/08	 	  	12/31/09
Accum
Depr.
	 	  	12/31/10
YTD
Deprn
	 	  	12/31/10
Accum.
Depr.
	 	  	12/31/10
Monthly
Depr
Exp.
	 
	 Description
	  	  	Additions	 	  	Deletions	 	  	  	  	Expense	 	  	Write-
Offs	 	  	  	  	  	  
	 AAI - Remodel
	  	 	180,072.58	  	  				  				  	 	180,072.58	  	  	 	35,998.55	  	  	 	4,617.06	  	  				  	 	40,615.61	  	  	 	35,998.55	  	  	 	3,078.04	  	  	 	39,076.59	  	  	 	384.76	  
	 AAI - Expansion
	  	 	165,701.81	  	  				  				  	 	165,701.81	  	  	 	23,204.01	  	  	 	4,248.59	  	  				  	 	27,452.60	  	  	 	23,204.01	  	  	 	2,832.39	  	  	 	26,036.40	  	  	 	354.05	  
	 AAI-Furniture & Equipment
	  	 	831,475.76	  	  	 	19,205.77	  	  				  	 	850,681.53	  	  	 	799,141.42	  	  	 	24,051.30	  	  				  	 	823,192.72	  	  	 	799,141.42	  	  	 	16,034.20	  	  	 	815,175.62	  	  	 	2,004.28	  
	 AAI - Vehicles
	  	 	65,690.00	  	  				  				  	 	65,690.00	  	  	 	36,693.23	  	  	 	12,612.48	  	  				  	 	49,305.76	  	  	 	36,693.28	  	  	 	8,408.32	  	  	 	45,101.60	  	  	 	1,051.04	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
		  	 	1,242,940.15	  	  	 	19,205.77	  	  	 	0.00	  	  	 	1,262,145.92	  	  	 	895,037.26	  	  	 	45,529.43	  	  	 	0.00	  	  	 	940,566.69	  	  	 	895,037.26	  	  	 	30,352.95	  	  	 	925,390.21	  	  	 	3,794.12	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 

  
 American Assets, Inc. 

Federal Depreciation Schedule 2009 
  

																																			
	 Acq.
Date
	 	 	  	 Description
	  	Depreciable
Basis	 	  	 Method
	  	Life	 	  	Remaining
Basis	 	  	Accumulated
Depreciation
12/31/08	 	  	2009	 	  	Accumulated
Depreciation
12/31/09	 
	 	  	  	  	  	  	  	  	Rate	 	 	Depreciation	 	  
	 AAI Remodel
	   
	  		  				  				  				  				 				  			
	 May
	 	2000	  	Vongraven - plans	  	 	18,814.98	  	  	S/L HY	  	 	39	  	  	 	14,654	  	  	 	4,161.32	  	  	 	2.564	% 	 	 	482.42	  	  	 	4,643.74	  
	 May
	 	2000	  	Total plan	  	 	350.00	  	  	S/L HY	  	 	39	  	  	 	273	  	  	 	77.40	  	  	 	2.564	% 	 	 	8.97	  	  	 	86.37	  
	 May
	 	2000	  	Carda Construction	  	 	47,796.30	  	  	S/L HY	  	 	39	  	  	 	37,225	  	  	 	10,571.11	  	  	 	2.564	% 	 	 	1,225.50	  	  	 	11,796.61	  
	 May
	 	2000	  	Totalplan	  	 	1,235.25	  	  	S/L HY	  	 	39	  	  	 	962	  	  	 	273.19	  	  	 	2.564	% 	 	 	31.67	  	  	 	304.87	  
	 May
	 	2000	  	Totalplan	  	 	756.86	  	  	S/L HY	  	 	39	  	  	 	589	  	  	 	167.41	  	  	 	2.564	% 	 	 	19.41	  	  	 	186.82	  
	 May
	 	2000	  	Dixieline	  	 	25.03	  	  	S/L HY	  	 	39	  	  	 	20	  	  	 	5.52	  	  	 	2.564	% 	 	 	0.64	  	  	 	6.17	  
	 May
	 	2000	  	Carda Construction	  	 	234.00	  	  	S/L HY	  	 	39	  	  	 	182	  	  	 	51.76	  	  	 	2.564	% 	 	 	6.00	  	  	 	57.76	  
	 May
	 	2000	  	Rancho Santa Fe Tech - MPOE line	  	 	84.00	  	  	S/L HY	  	 	39	  	  	 	65	  	  	 	18.57	  	  	 	2.564	% 	 	 	2.15	  	  	 	20.72	  
	 May
	 	2000	  	Carda Construction	  	 	5,326.70	  	  	S/L HY	  	 	39	  	  	 	4,149	  	  	 	1,178.11	  	  	 	2.564	% 	 	 	136.58	  	  	 	1,314.69	  
	 May
	 	2000	  	Rancho Santa Fe Tech	  	 	2,973.00	  	  	S/L HY	  	 	39	  	  	 	2,315	  	  	 	657.56	  	  	 	2.564	% 	 	 	76.23	  	  	 	733.78	  
	 May
	 	2000	  	Totalplan - cabinet doors	  	 	215.93	  	  	S/L HY	  	 	39	  	  	 	168	  	  	 	47.77	  	  	 	2.564	% 	 	 	5.54	  	  	 	53.31	  
	 Aug
	 	2000	  	Rancho Santa Fe Tech	  	 	584.00	  	  	S/L HY	  	 	39	  	  	 	455	  	  	 	129.15	  	  	 	2.564	% 	 	 	14.97	  	  	 	144.12	  
	 Oct
	 	2000	  	Rancho Santa Fe Tech	  	 	687.00	  	  	S/L HY	  	 	39	  	  	 	535	  	  	 	151.93	  	  	 	2.564	% 	 	 	17.61	  	  	 	169.54	  
	 May
	 	2003	  	Modular Tech Innov-S Attrium wndw of	  	 	1,531.88	  	  	S/L HY	  	 	39	  	  	 	1,311	  	  	 	220.98	  	  	 	2.564	% 	 	 	39.28	  	  	 	260.26	  
	 May
	 	2003	  	Pac Bldg Group-So Attrium window off	  	 	10,998.00	  	  	S/L HY	  	 	39	  	  	 	9,412	  	  	 	1,586.47	  	  	 	2.564	% 	 	 	281.99	  	  	 	1,868.46	  
	 May
	 	2003	  	Rancho S F Tech-S Attrium window off	  	 	384.00	  	  	S/L HY	  	 	39	  	  	 	329	  	  	 	55.40	  	  	 	2.564	% 	 	 	9.85	  	  	 	65.25	  
	 Oct
	 	2003	  	West Coast Cabling-remodel 50%disc	  	 	2,617.12	  	  	S/L HY	  	 	39	  	  	 	2,240	  	  	 	377.51	  	  	 	2.564	% 	 	 	67.10	  	  	 	444.61	  
	 Nov
	 	2003	  	Modular Tech Innov-Office remodel	  	 	14,388.88	  	  	S/L HY	  	 	39	  	  	 	12,313	  	  	 	2,075.59	  	  	 	2.564	% 	 	 	368.93	  	  	 	2,444.52	  
	 Nov
	 	2003	  	Harmon Contracting Company-remode	  	 	733.68	  	  	S/L HY	  	 	39	  	  	 	628	  	  	 	105.83	  	  	 	2.564	% 	 	 	18.81	  	  	 	124.64	  
	 Dec
	 	2003	  	Modular Tech Innov-Office remodel	  	 	3,912.01	  	  	S/L HY	  	 	39	  	  	 	3,348	  	  	 	564.30	  	  	 	2.564	% 	 	 	100.30	  	  	 	664.60	  
	 Dec
	 	2003	  	West Coast Cabling-Office remodel	  	 	4,024.03	  	  	S/L HY	  	 	39	  	  	 	3,444	  	  	 	580.48	  	  	 	2.564	% 	 	 	103.18	  	  	 	683.66	  
	 Dec
	 	2003	  	Howards Rug Company	  	 	1,855.00	  	  	S/L HY	  	 	39	  	  	 	1,587	  	  	 	267.57	  	  	 	2.564	% 	 	 	47.56	  	  	 	315.14	  
	 Dec
	 	2003	  	Pacific Building Group	  	 	27,137.33	  	  	S/L HY	  	 	39	  	  	 	23,223	  	  	 	3,914.55	  	  	 	2.564	% 	 	 	695.80	  	  	 	4,610.35	  
	 Jan
	 	2004	  	Modular Tech Innovations	  	 	541.80	  	  	S/L MM	  	 	39	  	  	 	473	  	  	 	68.89	  	  	 	2.564	% 	 	 	13.89	  	  	 	82.79	  
	 Feb
	 	2004	  	Pacific Building Group	  	 	18,839.00	  	  	S/L MM	  	 	39	  	  	 	16,484	  	  	 	2,355.43	  	  	 	2.564	% 	 	 	483.03	  	  	 	2,838.47	  
	 Feb
	 	2004	  	Door Systems	  	 	1,700.00	  	  	S/L MM	  	 	39	  	  	 	1,487	  	  	 	212.56	  	  	 	2.564	% 	 	 	43.59	  	  	 	256.14	  
	 Feb
	 	2004	  	West Coast Cabling	  	 	175.78	  	  	S/L MM	  	 	39	  	  	 	154	  	  	 	21.98	  	  	 	2.564	% 	 	 	4.51	  	  	 	26.49	  
	 Feb
	 	2004	  	Sunnydale Electric	  	 	250.00	  	  	S/L MM	  	 	39	  	  	 	219	  	  	 	31.26	  	  	 	2.564	% 	 	 	6.41	  	  	 	37.67	  
	 Mar
	 	2004	  	Facility Solutions	  	 	4,190.45	  	  	S/L MM	  	 	39	  	  	 	3,675	  	  	 	514.96	  	  	 	2.564	% 	 	 	107.44	  	  	 	622.40	  
	 Mar
	 	2004	  	West Coast Cabling, Inc.	  	 	874.57	  	  	S/L MM	  	 	39	  	  	 	767	  	  	 	107.47	  	  	 	2.564	% 	 	 	22.42	  	  	 	129.89	  
	 Mar
	 	2004	  	Howards Rug Company	  	 	3,891.00	  	  	S/L MM	  	 	39	  	  	 	3,413	  	  	 	478.17	  	  	 	2.564	% 	 	 	99.77	  	  	 	577.94	  
	 May
	 	2004	  	Lobby Russell Glass	  	 	2,685.00	  	  	S/L MM	  	 	39	  	  	 	2,367	  	  	 	318.46	  	  	 	2.564	% 	 	 	68.84	  	  	 	387.30	  
	 May
	 	2004	  	Lobby - Harmon Contracting	  	 	260.00	  	  	S/L MM	  	 	39	  	  	 	229	  	  	 	30.84	  	  	 	2.564	% 	 	 	6.67	  	  	 	37.51	  
		 		  		  	 	 	 	  		  				  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 
		 		  	Total	  	 	180,072.58	  	  		  				  	 	148,693	  	  	 	31,379.52	  	  				 	 	4,617.06	  	  	 	35,996.58	  
		 		  		  	 	 	 	  		  				  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 

  
 American Assets, Inc. 

Federal Depreciation Schedule 2009 
  

																																			
	 Acq.
Date
	 	 	  	 Description
	  	Depreciable
Basis	 	  	 Method
	  	Life	 	  	Remaining
Basis	 	  	Accumulated
Depreciation
12/31/08	 	  	2009	 	  	Accumulated
Depreciation
12/31/09	 
	 	  	  	  	  	  	  	  	Rate	 	 	Depreciation	 	  
	 AAI Expansion
	  				  		  				  				  				  				 				  			
	 May
	 	2004	  	BT ck 1007-1012 AAI Expansion	  	 	13,619.16	  	  	S/L MM	  	 	39	  	  	 	12,003.78	  	  	 	1,615.38	  	  	 	2.564	% 	 	 	349.20	  	  	 	1,964.58	  
	 June
	 	2004	  	BT ck 1013-1016 AAI Expansion	  	 	54,374.45	  	  	S/L MM	  	 	39	  	  	 	48,041.46	  	  	 	6,332.99	  	  	 	2.564	% 	 	 	1,394.16	  	  	 	7,727.15	  
	 July
	 	2004	  	BT ck 1017-1020 AAI Expansion	  	 	62,324.30	  	  	S/L MM	  	 	39	  	  	 	55,198.75	  	  	 	7,125.55	  	  	 	2.564	% 	 	 	1,598.00	  	  	 	8,723.55	  
	 Aug
	 	2004	  	BT ck 1021-1030 AAI Expansion	  	 	23,448.62	  	  	S/L MM	  	 	39	  	  	 	20,817.92	  	  	 	2,630.70	  	  	 	2.564	% 	 	 	601.22	  	  	 	3,231.92	  
	 Sept
	 	2004	  	BT ck 1031 AAI Expansion	  	 	492.00	  	  	S/L MM	  	 	39	  	  	 	437.86	  	  	 	54.14	  	  	 	2.564	% 	 	 	12.61	  	  	 	66.75	  
	 Oct
	 	2004	  	BT ck 1032 AAI Expansion	  	 	3,719.77	  	  	S/L MM	  	 	39	  	  	 	3,318.38	  	  	 	401.39	  	  	 	2.564	% 	 	 	95.37	  	  	 	496.76	  
	 Nov
	 	2004	  	BT ck 1033-1035 AAI Expansion	  	 	5,844.35	  	  	S/L MM	  	 	39	  	  	 	5,226.19	  	  	 	618.16	  	  	 	2.564	% 	 	 	149.85	  	  	 	768.01	  
	 Dec
	 	2004	  	BT ck 1037 AAI Expansion	  	 	490.90	  	  	S/L MM	  	 	39	  	  	 	440.02	  	  	 	50.88	  	  	 	2.564	% 	 	 	12.59	  	  	 	63.47	  
	 Jan
	 	2005	  	BT ck 1038 AAI Expansion	  	 	460.00	  	  	S/L MM	  	 	39	  	  	 	413.30	  	  	 	46.70	  	  	 	2.564	% 	 	 	11.79	  	  	 	58.49	  
	 Mar
	 	2005	  	BT ck 1039 AAI Expansion	  	 	300.00	  	  	S/L MM	  	 	39	  	  	 	270.83	  	  	 	29.17	  	  	 	2.564	% 	 	 	7.69	  	  	 	36.87	  
	 Nov
	 	2005	  	BT ck 1040-1041 AAI Expansion	  	 	628.26	  	  	S/L MM	  	 	39	  	  	 	577.91	  	  	 	50.35	  	  	 	2.564	% 	 	 	16.11	  	  	 	66.46	  
		 		  		  	 	 	 	  		  				  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 
		 		  	Total	  	 	165,701.81	  	  		  				  	 	146,746.40	  	  	 	18,955.41	  	  				 	 	4,248.59	  	  	 	23,204.00	  
		 		  		  	 	 	 	  		  				  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 

  
 AMERICAN ASSETS, INC. 

FEDERAL DEPRECIATION SCHEDULE 
 2009

  

																																					
	 ACQ.
DATE
	  	 	 	  	 DESCRIPTION
	 	DEPRECIABLE
BASIS	 	 	 METHOD
	 	LIFE	 	 	REMAINING
BASIS	 	 	ACCUM.
DEPREC.
@12/31/08	 	 	CURRENT
DEPREC
EXPENSE	 	 	ACCUM.
DEPREC.
2009	 	 	2009
TAX RATE	 
	 FURNITURE & FIXTURES
	   
	 		 				 				 				 				 				 			
	 MAR
	  	 	2008	  	  	 Phone system VOIPLINK
	 	 	26,395.15	  	 	MACRS (HY)	 	 	5	  	 	 	17,948.70	  	 	 	8,446.45	  	 	 	5,067.87	  	 	 	13,514.32	  	 	 	19.20	% 
	 MAR
	  	 	2008	  	  	 PC for J Chamberlain
	 	 	1,110.63	  	 	MACRS (HY)	 	 	5	  	 	 	755.23	  	 	 	355.40	  	 	 	213.24	  	 	 	568.64	  	 	 	19.20	% 
	 MAR
	  	 	2008	  	  	 Paper shredder
	 	 	1,684.67	  	 	MACRS (HY)	 	 	5	  	 	 	1,145.58	  	 	 	539.09	  	 	 	323.46	  	 	 	862.55	  	 	 	19.20	% 
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 2008 additions
	 	 	29,190.45	  	 		 				 	 	19,849.51	  	 	 	9,340.94	  	 	 	5,604.57	  	 	 	14,945.51	  	 			
	 FEB
	  	 	2007	  	  	 Dell Computer equipment
	 	 	2,168.89	  	 	MACRS (HY)	 	 	5	  	 	 	1,041.07	  	 	 	1,127.82	  	 	 	416.43	  	 	 	1,544.25	  	 	 	19.20	% 
	 MAR
	  	 	2007	  	  	 Dell Computer equipment
	 	 	3,189.32	  	 	MACRS (HY)	 	 	5	  	 	 	1,530.87	  	 	 	1,658.45	  	 	 	612.35	  	 	 	2,270.80	  	 	 	19.20	% 
	 APR
	  	 	2007	  	  	 Dell Computer equipment
	 	 	1,702.12	  	 	MACRS (HY)	 	 	5	  	 	 	817.02	  	 	 	885.10	  	 	 	326.81	  	 	 	1,211.91	  	 	 	19.20	% 
	 MAY
	  	 	2007	  	  	 Sharp Imagecom Copier
	 	 	15,690.52	  	 	MACRS (HY)	 	 	5	  	 	 	7,531.45	  	 	 	8,159.07	  	 	 	3,012.58	  	 	 	11,171.65	  	 	 	19.20	% 
	 JUN
	  	 	2007	  	  	 Sharp Color Printer
	 	 	5,172.00	  	 	MACRS (HY)	 	 	5	  	 	 	2,482.56	  	 	 	2,689.44	  	 	 	993.02	  	 	 	3,682,46	  	 	 	19.20	% 
	 JUN
	  	 	2007	  	  	 Binding Machine
	 	 	5,695.52	  	 	MACRS (HY)	 	 	5	  	 	 	2,733.85	  	 	 	2,961.67	  	 	 	1,093.54	  	 	 	4,055.21	  	 	 	19.20	% 
	 JUN
	  	 	2007	  	  	 Dell Computer equipment
	 	 	1,603.30	  	 	MACRS (HY)	 	 	5	  	 	 	769.58	  	 	 	833.72	  	 	 	307.83	  	 	 	1,141.55	  	 	 	19.20	% 
	 Jul
	  	 	2007	  	  	 Dell Computer equipment
	 	 	6,794.96	  	 	MACRS (HY)	 	 	5	  	 	 	3,261.58	  	 	 	3,533.38	  	 	 	1,304.63	  	 	 	4,838.01	  	 	 	19.20	% 
	 Aug
	  	 	2007	  	  	 Dell Computer equipment
	 	 	2,158.45	  	 	MACRS (HY)	 	 	6	  	 	 	1,036.06	  	 	 	1,122.39	  	 	 	414.42	  	 	 	1,536.82	  	 	 	19.20	% 
	 Nov
	  	 	2007	  	  	 Dell Computer equipment
	 	 	853.17	  	 	MACRS (HY)	 	 	6	  	 	 	409.52	  	 	 	443.65	  	 	 	163.81	  	 	 	607.46	  	 	 	19.20	% 
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 2007 additions
	 	 	45,028.25	  	 		 				 	 	21,613.56	  	 	 	23,414.69	  	 	 	8,645.42	  	 	 	32,060.11	  	 			
	 JAN
	  	 	2006	  	  	 Conference Room Furniture
	 	 	3,765.42	  	 	MACRS (HY)	 	 	5	  	 	 	1,084.44	  	 	 	2,680.98	  	 	 	433.78	  	 	 	3,114.75	  	 	 	11.52	% 
	 FEB
	  	 	2006	  	  	 Monitor + 2 Dell PC’s
	 	 	2,094.44	  	 	MACRS (HY)	 	 	5	  	 	 	603.20	  	 	 	1,491.24	  	 	 	241.28	  	 	 	1,732.52	  	 	 	11.52	% 
	 FEB
	  	 	2006	  	  	 4 Leather Chairs
	 	 	840.41	  	 	MACRS (HY)	 	 	5	  	 	 	242.04	  	 	 	598.37	  	 	 	96.82	  	 	 	695.19	  	 	 	11.52	% 
	 MAY
	  	 	2006	  	  	 Conference Room Table
	 	 	3,294.80	  	 	MACRS (HY)	 	 	5	  	 	 	948.90	  	 	 	2,345.90	  	 	 	379.56	  	 	 	2,725.46	  	 	 	11.52	% 
	 MAY
	  	 	2006	  	  	 Dell Projector
	 	 	886.53	  	 	MACRS (HY)	 	 	5	  	 	 	255.32	  	 	 	631.21	  	 	 	102.13	  	 	 	733.34	  	 	 	11.52	% 
	 OCT
	  	 	2006	  	  	 Dell PC’s/Laptop
	 	 	3,334.21	  	 	MACRS (HY)	 	 	5	  	 	 	960.25	  	 	 	2,373.96	  	 	 	384.10	  	 	 	2,758.06	  	 	 	11.52	% 
	 NOV
	  	 	2006	  	  	 Shore Quality Office Furniture Suite 363
	 	 	1,193.66	  	 	MACRS (HY)	 	 	5	  	 	 	343.78	  	 	 	849.88	  	 	 	137.51	  	 	 	987.39	  	 	 	11.52	% 
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 2006 additions
	 	 	15,409.47	  	 		 				 	 	4,437.93	  	 	 	10,971.54	  	 	 	1,775.17	  	 	 	12,746.71	  	 			
	 JAN
	  	 	2005	  	  	 Monitor Printer
	 	 	686.37	  	 	MACRS (HY)	 	 	5	  	 	 	118.61	  	 	 	567.76	  	 	 	79.07	  	 	 	646.83	  	 	 	11.52	% 
	 JAN
	  	 	2005	  	  	 Shore Family Quality - Office Furniture
	 	 	1,614.06	  	 	MACRS (HY)	 	 	5	  	 	 	278.91	  	 	 	1,335.15	  	 	 	185.94	  	 	 	1,521.09	  	 	 	11.52	% 
	 FEB
	  	 	2005	  	  	 Chairs
	 	 	861.15	  	 	MACRS (HY)	 	 	5	  	 	 	148.80	  	 	 	712.35	  	 	 	99.20	  	 	 	811.55	  	 	 	11.52	% 
	 FEB
	  	 	2005	  	  	 Dell - Corp Switch Upgrade
	 	 	1,461.11	  	 	MACRS (HY)	 	 	5	  	 	 	252.48	  	 	 	1,208.63	  	 	 	168.32	  	 	 	1,376.95	  	 	 	11.52	% 
	 MAR
	  	 	2005	  	  	 4 Dell PC’s
	 	 	2,275.69	  	 	MACRS (HY)	 	 	5	  	 	 	393.24	  	 	 	1,882.45	  	 	 	262.16	  	 	 	2,144.61	  	 	 	11.52	% 
	 MAY
	  	 	2005	  	  	 Dell - Color Laser printer
	 	 	1,731.35	  	 	MACRS (HY)	 	 	5	  	 	 	299.18	  	 	 	1,432.17	  	 	 	199.45	  	 	 	1,631.62	  	 	 	11.52	% 
	 MAY
	  	 	2005	  	  	 Shore Family Quality - Office Furniture
	 	 	323.21	  	 	MACRS (HY)	 	 	5	  	 	 	55.85	  	 	 	267.36	  	 	 	37.23	  	 	 	304.59	  	 	 	11.52	% 
	 JUN
	  	 	2005	  	  	 2 Dell Flat Panel PC’s
	 	 	661.21	  	 	MACRS (HY)	 	 	5	  	 	 	114.26	  	 	 	546.95	  	 	 	76.17	  	 	 	623.13	  	 	 	11.52	% 
	 JUN
	  	 	2005	  	  	 Corporate Express -Office Furniture
	 	 	502.13	  	 	MACRS (HY)	 	 	5	  	 	 	86.77	  	 	 	415.36	  	 	 	57.85	  	 	 	473.21	  	 	 	11.52	% 
	 JUN
	  	 	2005	  	  	 Sharp Copier
	 	 	17,070.84	  	 	MACRS (HY)	 	 	5	  	 	 	2,949.84	  	 	 	14,121.00	  	 	 	1,966.56	  	 	 	16,087.56	  	 	 	11.52	% 
	 AUG
	  	 	2005	  	  	 3 Dell PC’s
	 	 	1,754.02	  	 	MACRS (HY)	 	 	5	  	 	 	303.10	  	 	 	1,450.92	  	 	 	202.06	  	 	 	1,652.99	  	 	 	11.52	% 
	 SEP
	  	 	2005	  	  	 Dell Laptop
	 	 	1,378.13	  	 	MACRS (HY)	 	 	5	  	 	 	238.14	  	 	 	1,139.99	  	 	 	158.76	  	 	 	1,298.75	  	 	 	11.52	% 

  

					
		  	Page 1 of 9	  	

  
 AMERICAN ASSETS, INC. 

FEDERAL DEPRECIATION SCHEDULE 
 2009

  

																																					
	 ACQ.
 DATE
	  	 	 	  	 DESCRIPTION
	 	DEPRECIABLE
BASIS	 	 	 METHOD
	 	LIFE	 	 	REMAINING
BASIS	 	 	ACCUM.
DEPREC.
@ 12/31/08	 	 	CURRENT
DEPREC
EXPENSE	 	 	ACCUM.
DEPREC.
2009	 	 	2009
TAX RATE	 
	 SEP
	  	 	2005	  	  	 3 Dell PC’s
	 	 	1,680.08	  	 	MACRS (HY)	 	 	5	  	 	 	290.31	  	 	 	1,389.77	  	 	 	193.55	  	 	 	1,583.32	  	 	 	11.52	% 
	 OCT
	  	 	2005	  	  	 Chairs
	 	 	1,508.41	  	 	MACRS (HY)	 	 	5	  	 	 	260.66	  	 	 	1,247.75	  	 	 	173.77	  	 	 	1,421.52	  	 	 	11.52	% 
	 NOV
	  	 	2005	  	  	 Converence room Furniture
	 	 	3,828.47	  	 	MACRS (HY)	 	 	5	  	 	 	661.56	  	 	 	3,166.91	  	 	 	441.04	  	 	 	3,607.95	  	 	 	11.52	% 
	 DEC
	  	 	2005	  	  	 11 Dell PC’s
	 	 	5,385.09	  	 	MACRS (HY)	 	 	5	  	 	 	930.54	  	 	 	4,454.55	  	 	 	620.36	  	 	 	5,074.91	  	 	 	11.52	% 
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 2005 additions
	 	 	42,721.32	  	 		 				 	 	7,382.23	  	 	 	35,339.09	  	 	 	4,921.50	  	 	 	40,260.59	  	 			
	 JAN
	  	 	2004	  	  	 Computer Equipment - Scanner, Servers
	 	 	14,586.05	  	 	MACRS (HY)	 	 	5	  	 	 	840.15	  	 	 	13,745.90	  	 	 	840.15	  	 	 	14,586.05	  	 	 	5.76	% 
	 JAN
	  	 	2004	  	  	 Comm Prop - Chairs
	 	 	570.82	  	 	MACRS (HY)	 	 	5	  	 	 	32.88	  	 	 	537.94	  	 	 	32.88	  	 	 	570.82	  	 	 	5.76	% 
	 FEB
	  	 	2004	  	  	 Reception Furniture
	 	 	395.19	  	 	MACRS (HY)	 	 	5	  	 	 	22.76	  	 	 	372.43	  	 	 	22.76	  	 	 	395.19	  	 	 	5.76	% 
	 FEB
	  	 	2004	  	  	 PC Monitors
	 	 	1,374.95	  	 	MACRS (HY)	 	 	5	  	 	 	79.20	  	 	 	1,295.75	  	 	 	79.20	  	 	 	1,374.95	  	 	 	5.76	% 
	 MAR
	  	 	2004	  	  	 Corp PC’s
	 	 	2,129.16	  	 	MACRS (HY)	 	 	5	  	 	 	122.64	  	 	 	2,006.52	  	 	 	122.64	  	 	 	2,129.16	  	 	 	5.76	% 
	 APR
	  	 	2004	  	  	 Water heater for Kitchen
	 	 	950.00	  	 	MACRS (HY)	 	 	5	  	 	 	54.72	  	 	 	895.28	  	 	 	54.72	  	 	 	950.00	  	 	 	5.76	% 
	 APR
	  	 	2004	  	  	 Monitor for Front Desk
	 	 	355.58	  	 	MACRS (HY)	 	 	5	  	 	 	20.47	  	 	 	335.11	  	 	 	20.47	  	 	 	355.58	  	 	 	5.76	% 
	 MAY
	  	 	2004	  	  	 7 Printers
	 	 	5,472.06	  	 	MACRS (HY)	 	 	5	  	 	 	315.19	  	 	 	5,156.87	  	 	 	315.19	  	 	 	5,472.06	  	 	 	5.76	% 
	 JUN
	  	 	2004	  	  	 Shore Family Quality - Office Furniture
	 	 	5,933.39	  	 	MACRS (HY)	 	 	5	  	 	 	341.76	  	 	 	5,591.63	  	 	 	341.76	  	 	 	5,933.39	  	 	 	5.76	% 
	 JUL
	  	 	2004	  	  	 Shore Family Quality - Office Furniture
	 	 	831.58	  	 	MACRS (HY)	 	 	5	  	 	 	47.89	  	 	 	783.69	  	 	 	47.89	  	 	 	831.58	  	 	 	5.76	% 
	 JUL
	  	 	2004	  	  	 Modular Technology Innovations-Office Furniture
	 	 	1,158.31	  	 	MACRS (HY)	 	 	5	  	 	 	66.72	  	 	 	1,091.59	  	 	 	66.72	  	 	 	1,158.31	  	 	 	5.76	% 
	 JUL
	  	 	2004	  	  	 Ricoh Fax
	 	 	2,413.60	  	 	MACRS (HY)	 	 	5	  	 	 	139.03	  	 	 	2,274.57	  	 	 	139.03	  	 	 	2,413.60	  	 	 	5.76	% 
	 JUL
	  	 	2004	  	  	 5 Pentium 4 Processors
	 	 	2,850.02	  	 	MACRS (HY)	 	 	5	  	 	 	164.17	  	 	 	2,685.85	  	 	 	164.17	  	 	 	2,850.02	  	 	 	5.76	% 
	 JUL
	  	 	2004	  	  	 5 Dell PC’s
	 	 	3,281.03	  	 	MACRS (HY)	 	 	5	  	 	 	188.98	  	 	 	3,092.05	  	 	 	188.98	  	 	 	3,281.03	  	 	 	5.76	% 
	 JUL
	  	 	2004	  	  	 Ergonomic Chairs
	 	 	326.33	  	 	MACRS (HY)	 	 	5	  	 	 	18.78	  	 	 	307.55	  	 	 	18.78	  	 	 	326.33	  	 	 	5.76	% 
	 AUG
	  	 	2004	  	  	 Shore Family Quality - Office Furniture
	 	 	997.43	  	 	MACRS (HY)	 	 	5	  	 	 	57.44	  	 	 	939.99	  	 	 	57.44	  	 	 	997.43	  	 	 	5.76	% 
	 SEP
	  	 	2004	  	  	 Shore Family Quality - Office Furniture
	 	 	894.29	  	 	MACRS (HY)	 	 	5	  	 	 	51.52	  	 	 	842.77	  	 	 	51.52	  	 	 	894.29	  	 	 	5.76	% 
	 OCT
	  	 	2004	  	  	 Dell Flat Panel
	 	 	340.71	  	 	MACRS (HY)	 	 	5	  	 	 	19.62	  	 	 	321.09	  	 	 	19.62	  	 	 	340.71	  	 	 	5.76	% 
	 OCT
	  	 	2004	  	  	 Dell Monitors
	 	 	1,000.89	  	 	MACRS (HY)	 	 	5	  	 	 	57.65	  	 	 	943.24	  	 	 	57.65	  	 	 	1,000.89	  	 	 	5.76	% 
	 OCT
	  	 	2004	  	  	 Dell PC’s
	 	 	2,438.61	  	 	MACRS (HY)	 	 	5	  	 	 	140.46	  	 	 	2,298.15	  	 	 	140.46	  	 	 	2,438.61	  	 	 	5.76	% 
	 NOV
	  	 	2004	  	  	 Office Furniture + 2 Office Chairs
	 	 	1,002.02	  	 	MACRS (HY)	 	 	5	  	 	 	57.71	  	 	 	944.31	  	 	 	57.71	  	 	 	1,002.02	  	 	 	5.76	% 
	 DEC
	  	 	2004	  	  	 Dell PC’s, Monitor and Cameras
	 	 	4,598.66	  	 	MACRS (HY)	 	 	5	  	 	 	264.89	  	 	 	4,333.77	  	 	 	264.89	  	 	 	4,598.66	  	 	 	5.76	% 
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 2004 additions
	 	 	53,900.68	  	 		 				 	 	3,104.64	  	 	 	50,796.04	  	 	 	3,104.64	  	 	 	53,902.88	  	 			
	 MAY
	  	 	2003	  	  	 Furniture-B Taylor’s office
	 	 	845.58	  	 	MACRS (HY)	 	 	5	  	 	 	(0.01	) 	 	 	845.59	  	 	 	(0.01	) 	 	 	845.58	  	 			
	 JULY
	  	 	2003	  	  	 Computer Equipment-Server
	 	 	3,607.71	  	 	MACRS (HY)	 	 	5	  	 	 	(0.00	) 	 	 	3,607.71	  	 	 	(0.00	) 	 	 	3,607.71	  	 			
	 JULY
	  	 	2003	  	  	 PRSNL CC-Software
	 	 	6,729.16	  	 	MACRS (HY)	 	 	5	  	 	 	0.00	  	 	 	6,729.16	  	 	 	0.00	  	 	 	6,729.16	  	 			
	 AUG
	  	 	2003	  	  	 22 Dell Computers
	 	 	13,938.54	  	 	MACRS (HY)	 	 	5	  	 	 	0.00	  	 	 	13,938.54	  	 	 	0.00	  	 	 	13,938.54	  	 			
	 OCT
	  	 	2003	  	  	 System Upgrade
	 	 	953.66	  	 	MACRS (HY)	 	 	5	  	 	 	0.01	  	 	 	953.65	  	 	 	0.01	  	 	 	953.66	  	 			
	 NOV
	  	 	2003	  	  	 Furniture
	 	 	1,582.28	  	 	MACRS (HY)	 	 	5	  	 	 	(0.01	) 	 	 	1,582.29	  	 	 	(0.01	) 	 	 	1,582.28	  	 			
	 NOV
	  	 	2003	  	  	 Power Washer from AAI Painting SVS 10/01
	 	 	1,095.41	  	 	MACRS (HY)	 	 	7	  	 	 	(0.01	) 	 	 	1,095.42	  	 	 	(0.01	) 	 	 	1,095.41	  	 			
	 NOV
	  	 	2003	  	  	 2 TW 4500 Gas from AAI Painint SVS 10/01
	 	 	7,006.64	  	 	MACRS (HY)	 	 	7	  	 	 	0.00	  	 	 	7,006.64	  	 	 	0.00	  	 	 	7,006.64	  	 			
	 DEC
	  	 	2003	  	  	 Prop Furniture
	 	 	2,488.77	  	 	MACRS (HY)	 	 	5	  	 	 	0.00	  	 	 	2,488.77	  	 	 	0.00	  	 	 	2,488.77	  	 			
	 DEC
	  	 	2003	  	  	 5 Dell Pentium 4 Processor
	 	 	2,634.49	  	 	MACRS (HY)	 	 	5	  	 	 	0.00	  	 	 	2,634.49	  	 	 	0.00	  	 	 	2,634.49	  	 			
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 2003 additions
	 	 	40,882.24	  	 		 				 	 	(0.01	) 	 	 	40,882.25	  	 	 	(0.01	) 	 	 	40,882.24	  	 			
	 MAR
	  	 	2002	  	  	 Computer Equipment
	 	 	2,250.00	  	 	MACRS (HY)	 	 	5	  	 	 	(0.01	) 	 	 	2,250.01	  	 	 	0.00	  	 	 	2,250.01	  	 			
	 JULY
	  	 	2002	  	  	 Server
	 	 	519.42	  	 	MACRS (HY)	 	 	5	  	 	 	(0.01	) 	 	 	519.43	  	 	 	0.00	  	 	 	519.43	  	 			
	 OCT
	  	 	2002	  	  	 Computer Equipment
	 	 	3,281.01	  	 	MACRS (HY)	 	 	5	  	 	 	(0.01	) 	 	 	3,281.02	  	 	 	0.00	  	 	 	3,281.02	  	 			
	 DEC
	  	 	2002	  	  	 MailMarshal Software
	 	 	2,644.15	  	 	MACRS (HY)	 	 	5	  	 	 	0.00	  	 	 	2,644.15	  	 	 	0.00	  	 	 	2,644.15	  	 			
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 2002 additions
	 	 	8,694.58	  	 		 				 	 	(0.03	) 	 	 	8,694.61	  	 	 	0.00	  	 	 	8,694.61	  	 			

  

					
		  	Page 2 of 9	  	

  
 AMERICAN ASSETS, INC. 

FEDERAL DEPRECIATION SCHEDULE 
 2009

  

																																					
	 ACQ.
DATE
	  	 	 	  	 DESCRIPTION
	 	DEPRECIABLE
BASIS	 	 	 METHOD
	 	LIFE	 	 	REMAINING
BASIS	 	 	ACCUM.
DEPREC.
@ 12/31/08	 	 	CURRENT
DEPREC
EXPENSE	 	 	ACCUM.
DEPREC.
2009	 	 	2009
TAX RATE	 
	 FEB
	  	 	2001	  	  	 INTERNET ROUTER
	 	 	928.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	928.00	  	 	 	0.00	  	 	 	928.00	  	 			
	 FEB
	  	 	2001	  	  	 SERVER/ANTIVIRUS SOFTWARE
	 	 	2,900.35	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,900.35	  	 	 	0.00	  	 	 	2,900.35	  	 			
	 MAR
	  	 	2001	  	  	 PRINTERS
	 	 	1,929.54	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,929.54	  	 	 	0.00	  	 	 	1,929.54	  	 			
	 MAY
	  	 	2001	  	  	 3 PRINTERS
	 	 	2,046.98	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,046.98	  	 	 	0.00	  	 	 	2,046.98	  	 			
	 JUN
	  	 	2001	  	  	 COMPUTER TOWERS
	 	 	12,000.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	12,000.00	  	 	 	0.00	  	 	 	12,000.00	  	 			
	 JUN
	  	 	2001	  	  	 FIRESAFE
	 	 	612.50	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	612.50	  	 	 	0.00	  	 	 	612.50	  	 			
	 SEPT
	  	 	2001	  	  	 XEROX COPIER
	 	 	7,980.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	7,980.00	  	 	 	0.00	  	 	 	7,980.00	  	 			
	 SEPT
	  	 	2001	  	  	 COMPUTER MONITORS, SCANNER
	 	 	1,526.81	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,526.81	  	 	 	0.00	  	 	 	1,526.81	  	 			
	 OCT
	  	 	2001	  	  	 XEROX 265 DC COPIER
	 	 	3,478.75	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	3,478.75	  	 	 	0.00	  	 	 	3,478.75	  	 			
	 DEC
	  	 	2001	  	  	 COMPUTER MONITORS
	 	 	1,670.45	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,670.45	  	 	 	0.00	  	 	 	1,670.45	  	 			
	 DEC
	  	 	2001	  	  	 LAPTOP
	 	 	955.68	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	955.68	  	 	 	0.00	  	 	 	955.68	  	 			
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 2001 ADDITIONS
	 	 	36,029.06	  	 		 				 	 	—  	  	 	 	36,029.06	  	 	 	0.00	  	 	 	36,029.06	  	 			
	 JAN
	  	 	2000	  	  	 WALNUT DESK
	 	 	605.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	605.00	  	 	 	0.00	  	 	 	605.00	  	 			
	 FEB
	  	 	2000	  	  	 TMG-COMPUTER
	 	 	702.63	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	702.63	  	 	 	0.00	  	 	 	702.63	  	 			
	 FEB
	  	 	2000	  	  	 DESK/CREDENZA/BOOKCASE
	 	 	1,248.25	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,248.25	  	 	 	0.00	  	 	 	1,248.25	  	 			
	 MAR
	  	 	2000	  	  	 COMPUTER/VIEWSONIC
	 	 	3,577.15	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	3,577.15	  	 	 	0.00	  	 	 	3,577.15	  	 			
	 MAR
	  	 	2000	  	  	 PRINTER
	 	 	825.11	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	825.11	  	 	 	0.00	  	 	 	825.11	  	 			
	 MAR
	  	 	2000	  	  	 MONITOR
	 	 	950.52	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	950.52	  	 	 	0.00	  	 	 	950.52	  	 			
	 MAR
	  	 	2000	  	  	 LAD. 4 DRAWER FILES
	 	 	2,648.93	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,648.93	  	 	 	0.00	  	 	 	2,648.93	  	 			
	 APR
	  	 	2000	  	  	 CONFERENCE ROOM TABLE
	 	 	958.47	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	958.47	  	 	 	0.00	  	 	 	958.47	  	 			
	 MAY
	  	 	2000	  	  	 COMPUTER CABINET
	 	 	1,764.64	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,764.64	  	 	 	0.00	  	 	 	1,764.64	  	 			
	 MAY
	  	 	2000	  	  	 PRINTER
	 	 	768.25	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	768.25	  	 	 	0.00	  	 	 	768.25	  	 			
	 JUN
	  	 	2000	  	  	 COMPUTERS
	 	 	7,748.30	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	7,748.30	  	 	 	0.00	  	 	 	7,748.30	  	 			
	 JUL
	  	 	2000	  	  	 MRI UPGRADE/SOFTWARE/MODEM
	 	 	8,404.87	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	8,404.87	  	 	 	0.00	  	 	 	8,404.87	  	 			
	 JUL
	  	 	2000	  	  	 BUDGETRAC LICENSES
	 	 	1,612.50	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,612.50	  	 	 	0.00	  	 	 	1,612.50	  	 			
	 JUL
	  	 	2000	  	  	 PC & MONITOR
	 	 	1,408.85	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,408.85	  	 	 	0.00	  	 	 	1,408.85	  	 			
	 SEPT
	  	 	2000	  	  	 PRINTER
	 	 	826.51	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	826.51	  	 	 	0.00	  	 	 	826.51	  	 			
	 SEPT
	  	 	2000	  	  	 2 MONITORS, PRINTER
	 	 	1,983.28	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,983.28	  	 	 	0.00	  	 	 	1,983.28	  	 			
	 SEPT
	  	 	2000	  	  	 SERVER
	 	 	8,725.60	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	8,725.60	  	 	 	0.00	  	 	 	8,725.60	  	 			
	 SEPT
	  	 	2000	  	  	 MONITOR
	 	 	407.29	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	407.29	  	 	 	0.00	  	 	 	407.29	  	 			
	 SEPT
	  	 	2000	  	  	 AMERICAN INSTITUTE OF ARCHITECTS SOFTWARE
	 	 	465.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	465.00	  	 	 	0.00	  	 	 	465.00	  	 			
	 OCT
	  	 	2000	  	  	 5 MONITORS, KEYBOARDS
	 	 	2,341.74	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,341.74	  	 	 	0.00	  	 	 	2,341.74	  	 			
	 OCT
	  	 	2000	  	  	 COMPUTER BACKUP SOFTWARE
	 	 	2,201.54	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,201.54	  	 	 	0.00	  	 	 	2,201.54	  	 			
	 OCT
	  	 	2000	  	  	 EXTERNAL COMPUTER TAPE DRIVE
	 	 	6,118.05	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	6,118.05	  	 	 	0.00	  	 	 	6,118.05	  	 			
	 OCT
	  	 	2000	  	  	 COMPUTER UPGRADES
	 	 	1,569.34	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,569.34	  	 	 	0.00	  	 	 	1,569.34	  	 			
	 NOV
	  	 	2000	  	  	 MS EX SERVER 5
	 	 	995.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	995.00	  	 	 	0.00	  	 	 	995.00	  	 			
	 NOV
	  	 	2000	  	  	 COMPUTER KIT
	 	 	1,164.56	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,164.56	  	 	 	0.00	  	 	 	1,164.56	  	 			
	 NOV
	  	 	2000	  	  	 MS WINDOWS 2000
	 	 	1,292.95	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,292.95	  	 	 	0.00	  	 	 	1,292.95	  	 			
	 NOV
	  	 	2000	  	  	 PHONE MODEM-PAYROLL
	 	 	245.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	245.00	  	 	 	0.00	  	 	 	245.00	  	 			
	 NOV
	  	 	2000	  	  	 HP PROCURVE COMPUTER SOFTWARE
	 	 	1,127.19	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,127.19	  	 	 	0.00	  	 	 	1,127.19	  	 			
	 NOV
	  	 	2000	  	  	 COMPUTER SERVER
	 	 	1,555.91	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,555.91	  	 	 	0.00	  	 	 	1,555.91	  	 			
	 NOV
	  	 	2000	  	  	 COMPUTER
	 	 	777.96	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	777.96	  	 	 	0.00	  	 	 	777.96	  	 			
	 NOV
	  	 	2000	  	  	 COMPUTER
	 	 	2,455.62	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,455.62	  	 	 	0.00	  	 	 	2,455.62	  	 			
	 NOV
	  	 	2000	  	  	 33 COMPUTER TOWERS
	 	 	18,667.69	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	18,667.69	  	 	 	0.00	  	 	 	18,667.69	  	 			
	 DEC
	  	 	2000	  	  	 COMPUTER
	 	 	1,232.52	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,232.52	  	 	 	0.00	  	 	 	1,232.52	  	 			
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 2000 ADDITIONS
	 	 	87,376.22	  	 		 				 	 	0.00	  	 	 	87,376.22	  	 	 	0.00	  	 	 	87,376.22	  	 			

  

					
		  	Page 3 of 9	  	

  
 AMERICAN ASSETS, INC. 

FEDERAL DEPRECIATION SCHEDULE 
 2009

  

																																					
	 ACQ.
DATE
	  	 	 	  	 DESCRIPTION
	 	DEPRECIABLE
BASIS	 	 	 METHOD
	 	LIFE	 	 	REMAINING
BASIS	 	 	ACCUM.
DEPREC.
@12/31/08	 	 	CURRENT
DEPREC
EXPENSE	 	 	ACCUM.
DEPREC.
2009	 	 	2009
TAX RATE	 
	 FEB
	  	 	1999	  	  	 DCI SYSTEMS TECH SUPPORT
	 	 	9,586.06	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	9,586.06	  	 	 	0.00	  	 	 	9,586.06	  	 			
	 FEB
	  	 	1999	  	  	 OFFICE FURNITURE
	 	 	191.62	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	191.62	  	 	 	0.00	  	 	 	191.62	  	 			
	 FEB
	  	 	1999	  	  	 SIMM COMPUTER
	 	 	405.14	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	405.14	  	 	 	0.00	  	 	 	405.14	  	 			
	 MAR
	  	 	1999	  	  	 DCI SYSTEMS TECH SUPPORT
	 	 	6,518.75	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	6,518.75	  	 	 	0.00	  	 	 	6,518.75	  	 			
	 MAR
	  	 	1999	  	  	 FILE CABNET
	 	 	288.47	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	288.47	  	 	 	0.00	  	 	 	288.47	  	 			
	 APR
	  	 	1999	  	  	 DCI SYSTEMS TECH SUPPORT
	 	 	1,221.25	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,221.25	  	 	 	0.00	  	 	 	1,221.25	  	 			
	 APR
	  	 	1999	  	  	 OFFICE CHAIR
	 	 	269.36	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	269.36	  	 	 	0.00	  	 	 	269.36	  	 			
	 APR
	  	 	1999	  	  	 FILE CABINET
	 	 	923.37	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	923.37	  	 	 	0.00	  	 	 	923.37	  	 			
	 JUN
	  	 	1999	  	  	 OPTIQUEST MONITOR
	 	 	1,325.45	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,325.45	  	 	 	0.00	  	 	 	1,325.45	  	 			
	 JUN
	  	 	1999	  	  	 CABINET-CONFERENCE ROOM
	 	 	2,008.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,008.00	  	 	 	0.00	  	 	 	2,008.00	  	 			
	 JUL
	  	 	1999	  	  	 BUDGETRAC SERVICE PLAN-SUPPORT
	 	 	1,612.50	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,612.50	  	 	 	0.00	  	 	 	1,612.50	  	 			
	 AUG
	  	 	1999	  	  	 BNA FIXED ASSETS-SUPPORT
	 	 	745.39	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	745.39	  	 	 	0.00	  	 	 	745.39	  	 			
	 AUG
	  	 	1999	  	  	 DCI SYSTEMS TECH SUPPORT
	 	 	37.50	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	37.50	  	 	 	0.00	  	 	 	37.50	  	 			
	 AUG
	  	 	1999	  	  	 FAX MACHINE
	 	 	3,771.25	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	3,771.25	  	 	 	0.00	  	 	 	3,771.25	  	 			
	 SEP
	  	 	1999	  	  	 ER’S COMPUTER
	 	 	539.83	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	539.83	  	 	 	0.00	  	 	 	539.83	  	 			
	 SEP
	  	 	1999	  	  	 PRINTER
	 	 	694.99	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	694.99	  	 	 	0.00	  	 	 	694.99	  	 			
	 SEP
	  	 	1999	  	  	 H.RADY TV
	 	 	226.99	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	226.99	  	 	 	0.00	  	 	 	226.99	  	 			
	 OCT
	  	 	1999	  	  	 PRINTERS
	 	 	1,417.99	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,417.99	  	 	 	0.00	  	 	 	1,417.99	  	 			
	 OCT
	  	 	1999	  	  	 PRINTERS-RPM 101
	 	 	709.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	709.00	  	 	 	0.00	  	 	 	709.00	  	 			
	 OCT
	  	 	1999	  	  	 H.RADY COMPUTER
	 	 	1,344.72	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,344.72	  	 	 	0.00	  	 	 	1,344.72	  	 			
	 OCT
	  	 	1999	  	  	 DVD ROM KIT
	 	 	134.69	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	134.69	  	 	 	0.00	  	 	 	134.69	  	 			
	 OCT
	  	 	1999	  	  	 PRINTER FOR-CONSTR. 103
	 	 	7,514.49	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	7,514.49	  	 	 	0.00	  	 	 	7,514.49	  	 			
	 DEC
	  	 	1999	  	  	 CONSTRUCTION FAX MACHINE
	 	 	696.50	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	696.50	  	 	 	0.00	  	 	 	696.50	  	 			
	 DEC
	  	 	1999	  	  	 MONITOR
	 	 	255.96	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	255.96	  	 	 	0.00	  	 	 	255.96	  	 			
	 DEC
	  	 	1999	  	  	 RECEPTIONIST PRINTER
	 	 	455.07	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	455.07	  	 	 	0.00	  	 	 	455.07	  	 			
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 1999 ADDITIONS
	 	 	42,894.34	  	 		 				 	 	0.00	  	 	 	42,894.34	  	 	 	0.00	  	 	 	42,894.34	  	 			
	 JAN
	  	 	1998	  	  	 COMPUTER
	 	 	969.70	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	969.70	  	 	 	0.00	  	 	 	969.70	  	 			
	 MAY
	  	 	1998	  	  	 COMPUTERS
	 	 	52,818.22	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	52,818.22	  	 	 	0.00	  	 	 	52,818.22	  	 			
	 JUN
	  	 	1998	  	  	 WORKSTATION
	 	 	737.50	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	737.50	  	 	 	0.00	  	 	 	737.50	  	 			
	 JUN
	  	 	1998	  	  	 COMPUTER UPGRADE
	 	 	36,417.59	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	36,417.59	  	 	 	0.00	  	 	 	36,417.59	  	 			
	 JUN
	  	 	1998	  	  	 PRINTER
	 	 	218.07	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	218.07	  	 	 	0.00	  	 	 	218.07	  	 			
	 JUL
	  	 	1998	  	  	 TRAINING
	 	 	3,300.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	3,300.00	  	 	 	0.00	  	 	 	3,300.00	  	 			
	 JUL
	  	 	1998	  	  	 COMPUTER UPGRADE
	 	 	17,877.05	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	17,877.05	  	 	 	0.00	  	 	 	17,877.05	  	 			
	 JUL
	  	 	1998	  	  	 ENGINEERING
	 	 	250.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	250.00	  	 	 	0.00	  	 	 	250.00	  	 			
	 AUG
	  	 	1998	  	  	 MRI ACCOUNTING SYSTEM
	 	 	48,315.78	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	48,315.78	  	 	 	0.00	  	 	 	48,315.78	  	 			
	 AUG
	  	 	1998	  	  	 NT SERVER KIT
	 	 	142.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	142.00	  	 	 	0.00	  	 	 	142.00	  	 			
	 AUG
	  	 	1998	  	  	 VIRUS PROTECTION
	 	 	2,245.51	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,245.51	  	 	 	0.00	  	 	 	2,245.51	  	 			
	 AUG
	  	 	1998	  	  	 PRINTER-LASER JET
	 	 	809.44	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	809.44	  	 	 	0.00	  	 	 	809.44	  	 			
	 SEPT
	  	 	1998	  	  	 COMPUTER MEMORY- 64MB
	 	 	1,540.80	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,540.80	  	 	 	0.00	  	 	 	1,540.80	  	 			
	 SEPT
	  	 	1998	  	  	 PRINTER-LASER JET
	 	 	1,076.42	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,076.42	  	 	 	0.00	  	 	 	1,076.42	  	 			
	 NOV
	  	 	1998	  	  	 MRI TECH SUPPORT FOR BUDGETRAC
	 	 	1,612.60	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,612.50	  	 	 	0.00	  	 	 	1,612.50	  	 			
	 NOV
	  	 	1998	  	  	 DCI SYSTEMS TECH SUPPORT
	 	 	15,000.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	15,000.00	  	 	 	0.00	  	 	 	15,000.00	  	 			
	 NOV
	  	 	1998	  	  	 ETHERNET
	 	 	87.74	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	87.74	  	 	 	0.00	  	 	 	87.74	  	 			
	 NOV
	  	 	1998	  	  	 SHELVES
	 	 	3,142.50	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	3,142.50	  	 	 	0.00	  	 	 	3,142.50	  	 			
	 NOV
	  	 	1998	  	  	 5 CHAIRS (SUE,SHARON,SHAWN,WENDY,GERI)
	 	 	1,798.35	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,798.35	  	 	 	0.00	  	 	 	1,798.35	  	 			
	 DEC
	  	 	1998	  	  	 PRINTER
	 	 	863.99	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	863.99	  	 	 	0.00	  	 	 	863.99	  	 			
	 DEC
	  	 	1998	  	  	 BNA FIXED ASSET SOFTWARE
	 	 	1,281.66	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,281.66	  	 	 	0.00	  	 	 	1,281.66	  	 			

  

					
		  	Page 4 of 9	  	

  
 AMERICAN ASSETS, INC. 

FEDERAL DEPRECIATION SCHEDULE 
 2009

  

																																					
	 ACQ.
DATE
	  	 	 	  	 DESCRIPTION
	 	DEPRECIABLE
BASIS	 	 	 METHOD
	 	LIFE	 	 	REMAINING
BASIS	 	 	ACCUM.
DEPREC.
@ 12/31/08	 	 	CURRENT
DEPREC
EXPENSE	 	 	ACCUM.
DEPREC.
2009	 	 	2009
TAX RATE	 
	 DEC
	  	 	1998	  	  	 DCI SYSTEMS TECH SUPPORT
	 	 	3,187.50	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	3,187.50	  	 	 	0.00	  	 	 	3,187.50	  	 			
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 1998 ADDITIONS
	 	 	193,692.32	  	 		 				 	 	0.00	  	 	 	193,692.32	  	 	 	0.00	  	 	 	193,692.32	  	 			
	 JAN
	  	 	1997	  	  	 ELECTRICAL WORK FOR AAI REMODEL
	 	 	3,183.52	  	 	MACRS (HY)	 	 	5	  	 	 	(0.00	) 	 	 	3,183.52	  	 	 	0.00	  	 	 	3,183.52	  	 			
	 JAN
	  	 	1997	  	  	 60” ROUND CONFERENCE TABLE TOP
	 	 	456.86	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	456.86	  	 	 	0.00	  	 	 	456.86	  	 			
	 FEB
	  	 	1997	  	  	 STAMPEDE SOFTWARE FOR MODEM
	 	 	261.83	  	 	MACRS (HY)	 	 	5	  	 	 	(0.00	) 	 	 	261.83	  	 	 	0.00	  	 	 	261.83	  	 			
	 FEB
	  	 	1997	  	  	 MAPLE COMPUTER DESK
	 	 	377.07	  	 	MACRS (HY)	 	 	5	  	 	 	0.00	  	 	 	377.07	  	 	 	0.00	  	 	 	377.07	  	 			
	 FEB
	  	 	1997	  	  	 OFFICE FURNITURE -ARENSON OFFICE SUPPLY
	 	 	538.59	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	538.59	  	 	 	0.00	  	 	 	538.59	  	 			
	 MAR
	  	 	1997	  	  	 BUDGETRAC ACCOUNTING SOFTWARE
	 	 	12,362.50	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	12,362.50	  	 	 	0.00	  	 	 	12,362.50	  	 			
	 APR
	  	 	1997	  	  	 REUPHOLSTERY OF SOFA & CHAIRS
	 	 	2,664.68	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,664.68	  	 	 	0.00	  	 	 	2,664.68	  	 			
	 APR
	  	 	1997	  	  	 LANDesk VIRUS PROTECTION SOFTWARE
	 	 	247.04	  	 	MACRS (HY)	 	 	5	  	 	 	0.00	  	 	 	247.04	  	 	 	0.00	  	 	 	247.04	  	 			
	 APR
	  	 	1997	  	  	 PRINTERS-TIG
	 	 	624.64	  	 	MACRS (HY)	 	 	5	  	 	 	0.00	  	 	 	624.64	  	 	 	0.00	  	 	 	624.64	  	 			
	 APR
	  	 	1997	  	  	 PRINTERS-TIG
	 	 	600.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	600.00	  	 	 	0.00	  	 	 	600.00	  	 			
	 APR
	  	 	1997	  	  	 MAPLE LATERAL FILE
	 	 	275.53	  	 	MACRS (HY)	 	 	5	  	 	 	(0.00	) 	 	 	275.53	  	 	 	0.00	  	 	 	275.53	  	 			
	 APR
	  	 	1997	  	  	 MAPLE BOOKCASE
	 	 	204.03	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	204.03	  	 	 	0.00	  	 	 	204.03	  	 			
	 APR
	  	 	1997	  	  	 MAPLE TYPEWRITER STAND
	 	 	153.85	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	153.85	  	 	 	0.00	  	 	 	153.85	  	 			
	 MAY
	  	 	1997	  	  	 CABINET FOR CHECK FILE
	 	 	350.00	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	350.00	  	 	 	0.00	  	 	 	350.00	  	 			
	 JUN
	  	 	1997	  	  	 50% PYMNT ON CUBE CHANGE CONTRACT
	 	 	466.02	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	466.02	  	 	 	0.00	  	 	 	466.02	  	 			
	 JUN
	  	 	1997	  	  	 REARRANGE CUBICAL SETUP
	 	 	676.37	  	 	MACRS (HY)	 	 	5	  	 	 	0.00	  	 	 	676.37	  	 	 	0.00	  	 	 	676.37	  	 			
	 JUL
	  	 	1997	  	  	 WORKSURFACE, 5’x20” TR-R BEIGE
	 	 	118.41	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	118.41	  	 	 	0.00	  	 	 	118.41	  	 			
	 JUL
	  	 	1997	  	  	 SHELF 60” TR-R BEIGE
	 	 	39.66	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	39.66	  	 	 	0.00	  	 	 	39.66	  	 			
	 JUL
	  	 	1997	  	  	 SHARP COPIER MODEL # SF-2050 sold in August
	 	 	13,044.00	  	 	MACRS (HY)	 	 	5	  	 	 	(0.00	) 	 	 	13,044.00	  	 	 	0.00	  	 	 	13,044.00	  	 			
		  				  		 	 	(13,044.00	) 	 		 				 	 	—  	  	 	 	(13,044.00	) 	 	 	0.00	  	 	 	(13,044.00	) 	 			
	 SEP
	  	 	1997	  	  	 PRINTERS-TIG
	 	 	418.07	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	418.07	  	 	 	0.00	  	 	 	418.07	  	 			
		  				  		 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			
		  				  	 1997 ADDITIONS
	 	 	24,018.67	  	 		 				 	 	(0.00	) 	 	 	24,018.67	  	 	 	0.00	  	 	 	24,018.67	  	 			
	 JAN
	  	 	1996	  	  	 HP4 PRINTER RAM
	 	 	230.10	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	230.10	  	 	 	0.00	  	 	 	230.10	  	 			
	 JAN
	  	 	1996	  	  	 HP5L PRINTER
	 	 	2,643.30	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,643.30	  	 	 	0.00	  	 	 	2,643.30	  	 			
	 JAN
	  	 	1996	  	  	 DX4-100 COMPUTER SYSTEM
	 	 	1,390.33	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,390.33	  	 	 	0.00	  	 	 	1,390.33	  	 			
	 JAN
	  	 	1996	  	  	 14.4 FAX MODEM
	 	 	170.13	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	170.13	  	 	 	0.00	  	 	 	170.13	  	 			
	 APR
	  	 	1996	  	  	 2 MOTOROLA SP50 RADIOS (AAISS)
	 	 	831.60	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	831.60	  	 	 	0.00	  	 	 	831.60	  	 			
	 APR
	  	 	1996	  	  	 OFFICE PRO & WINDOWS 95
	 	 	1,306.47	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,306.47	  	 	 	0.00	  	 	 	1,306.47	  	 			
	 JUL
	  	 	1996	  	  	 HP 5N LASER PRINTER
	 	 	3,624.71	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	3,624.71	  	 	 	0.00	  	 	 	3,624.71	  	 			
	 JUL
	  	 	1996	  	  	 11 HOLGA 4 DRAWER LATERAL FILE CABINETS
	 	 	6,437.69	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	6,437.69	  	 	 	0.00	  	 	 	6,437.69	  	 			
	 JUL
	  	 	1996	  	  	 16 STORAGE RACKS (BASEMENT)
	 	 	2,054.90	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,054.90	  	 	 	0.00	  	 	 	2,054.90	  	 			
	 AUG
	  	 	1996	  	  	 LJ 5L-FS PRINTER
	 	 	493.50	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	493.50	  	 	 	0.00	  	 	 	493.50	  	 			
	 AUG
	  	 	1996	  	  	 4 15” .28 10X7NI ES/MPRII PLUG/PLAY
	 	 	1,456.78	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,456.78	  	 	 	0.00	  	 	 	1,456.78	  	 			
	 AUG
	  	 	1996	  	  	 GUEST CHAIRS - LOBBY
	 	 	2,580.62	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,580.62	  	 	 	0.00	  	 	 	2,580.62	  	 			
	 AUG
	  	 	1996	  	  	 30 HON MOBILE FILES
	 	 	3,760.48	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	3,760.48	  	 	 	0.00	  	 	 	3,760.48	  	 			
	 SEP
	  	 	1996	  	  	 HP 5N LASER PRINTER
	 	 	1,592.55	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,592.55	  	 	 	0.00	  	 	 	1,592.55	  	 			
	 SEP
	  	 	1996	  	  	 CHAIR-MAHOGANY W/ BLACK LEATHER SEAT
	 	 	1,212.19	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	1,212.19	  	 	 	0.00	  	 	 	1,212.19	  	 			
	 SEP
	  	 	1996	  	  	 12 SAMSONITE CHAIRS, CHROME & BURGUNDY
	 	 	905.10	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	905.10	  	 	 	0.00	  	 	 	905.10	  	 			
	 SEP
	  	 	1996	  	  	 2 15” DRUM TABLE
	 	 	711.15	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	711.15	  	 	 	0.00	  	 	 	711.15	  	 			
	 SEP
	  	 	1996	  	  	 10 HAWORTH GUEST CHAIRS/FERN FABRIC
	 	 	808.13	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	808.13	  	 	 	0.00	  	 	 	808.13	  	 			
	 SEP
	  	 	1996	  	  	 ARM ROTARY CHAIR, TRIANGLE FABRIC
	 	 	382.51	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	382.51	  	 	 	0.00	  	 	 	382.51	  	 			
	 SEP
	  	 	1996	  	  	 2 ARM ROTARY CHAIR, MELROSE LAGOON FABI
	 	 	637.88	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	637.88	  	 	 	0.00	  	 	 	637.88	  	 			
	 SEP
	  	 	1996	  	  	 60” CONFERENCE TABLE, BEIGE
	 	 	323.25	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	323.25	  	 	 	0.00	  	 	 	323.25	  	 			
	 SEP
	  	 	1996	  	  	 MAHOGANY DESK, CREDENZA, FILING CABINET
	 	 	2,018.43	  	 	MACRS (HY)	 	 	5	  	 	 	—  	  	 	 	2,018.43	  	 	 	0.00	  	 	 	2,018.43	  	 			

  

					
		  	Page 5 of 9	  	

 AMERICAN ASSETS, INC. 
 FEDERAL DEPRECIATION SCHEDULE 
 2009 

 

																						
	 ACQ.
DATE
	  	 	  	 DESCRIPTION
	 	DEPRECIABLE
BASIS	 	 METHOD
	 	LIFE	 	REMAINING
BASIS	 	 	ACCUM.
DEPREC.
@12/31/08	 	CURRENT
DEPREC
EXPENSE	 	ACCUM.
DEPREC.
2009	 	2009
TAX RATE
	 OCT
	  	1996	  	 HOLGA 4 DRAWER LATERAL FILE CABINET
	 	585.24	 	MACRS (HY)	 	5	 	—  	  	 	585.24	 	0.00	 	585.24	 	
	 OCT
	  	1996	  	 HOLGA 2 DRAWER LATERAL FILE CABINET
	 	344.80	 	MACRS (HY)	 	5	 	—  	  	 	344.80	 	0.00	 	344.80	 	
	 OCT
	  	1996	  	 CABINETRY IN SUPPLY ROOM
	 	2,750.00	 	MACRS (HY)	 	5	 	—  	  	 	2,750.00	 	0.00	 	2,750.00	 	
	 OCT
	  	1996	  	 HAWORTH WORKSURFACES, PENCIL DRAWERS
	 	2,309.36	 	MACRS (HY)	 	5	 	—  	  	 	2,309.36	 	0.00	 	2,309.36	 	
	 OCT
	  	1996	  	 WHIRLPOOL DISHWASHER
	 	328.95	 	MACRS (HY)	 	5	 	—  	  	 	328.95	 	0.00	 	328.95	 	
	 OCT
	  	1996	  	 3 SKYLINE USER LICENSES
	 	3,232.50	 	MACRS (HY)	 	5	 	—  	  	 	3,232.50	 	0.00	 	3,232.50	 	
	 NOV
	  	1996	  	 12 SAMSONITE CHAIRS, CHROME & BURGUNDY
	 	905.10	 	MACRS (HY)	 	5	 	—  	  	 	905.10	 	0.00	 	905.10	 	
	 NOV
	  	1996	  	 LASERJET 6P PRINTER
	 	839.37	 	MACRS (HY)	 	5	 	—  	  	 	839.37	 	0.00	 	839.37	 	
	 NOV
	  	1996	  	 DESKJET 820CXI WINDOWS PRINTER
	 	422.38	 	MACRS (HY)	 	5	 	—  	  	 	422.38	 	0.00	 	422.38	 	
	 NOV
	  	1996	  	 TOTAL PLAN 36” ROUND TABLE
	 	953.59	 	MACRS (HY)	 	5	 	—  	  	 	953.59	 	0.00	 	953.59	 	
	 NOV
	  	1996	  	 MICROAGE ACCESS LICENSES
	 	340.49	 	MACRS (HY)	 	5	 	—  	  	 	340.49	 	0.00	 	340.49	 	
	 DEC
	  	1996	  	 NETWORK CABELING
	 	16,693.35	 	MACRS (HY)	 	5	 	—  	  	 	16,693.35	 	0.00	 	16,693.35	 	
	 DEC
	  	1996	  	 COMPUTER SYSTEM INSTALLATION
	 	9,537.50	 	MACRS (HY)	 	5	 	—  	  	 	9,537.50	 	0.00	 	9,537.50	 	
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	 	
		  		  	 1996 ADDITIONS
	 	74,814.43	 		 		 	0.00	  	 	74,814.43	 	0.00	 	74,814.43	 	
	 FEB
	  	1995	  	 MICR UPGRADE-SKYLINE
	 	1,920.65	 	MACRS (HY)	 	5	 	—  	  	 	1,920.65	 	0.00	 	1,920.65	 	
	 FEB
	  	1995	  	 HP-4 LASER PRINTER
	 	1,785.06	 	MACRS (HY)	 	5	 	—  	  	 	1,785.06	 	0.00	 	1,785.06	 	
	 APR
	  	1995	  	 2 LATERAL FILE CABINETS
	 	1,367.46	 	MACRS (HY)	 	5	 	—  	  	 	1,367.46	 	0.00	 	1,367.46	 	
	 JULY
	  	1995	  	 2 14.4 MODEMS
	 	536.88	 	MACRS (HY)	 	5	 	—  	  	 	536.88	 	0.00	 	536.88	 	
	 AUG
	  	1995	  	 SHARP 60 CPM COPIER
	 	17,195.97	 	MACRS (HY)	 	5	 	—  	  	 	17,195.97	 	0.00	 	17,195.97	 	
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	 	
		  		  	 1995 ADDITIONS
	 	22,806.02	 		 		 	0.00	  	 	22,806.02	 	0.00	 	22,806.02	 	
	 JAN
	  	1994	  	 EPSON FX 870 PRINTER
	 	300.63	 	MACRS (HY)	 	5	 	(0.00	) 	 	300.63	 	0.00	 	300.63	 	
	 JAN
	  	1994	  	 EPSON FX 870 PRINTER
	 	300.62	 	MACRS (HY)	 	5	 	0.00	  	 	300.62	 	0.00	 	300.62	 	
	 APR
	  	1994	  	 AST FILE SERVER
	 	5,484.82	 	MACRS (HY)	 	5	 	0.00	  	 	5,484.82	 	0.00	 	5,484.82	 	
	 APR
	  	1994	  	 NETWARE 3.21
	 	1,095.68	 	MACRS (HY)	 	5	 	0.00	  	 	1,095.68	 	0.00	 	1,095.68	 	
	 JUN
	  	1994	  	 SKYLINE MULTI USERS LICENSE
	 	1,064.65	 	MACRS (HY)	 	5	 	0.00	  	 	1,064.65	 	0.00	 	1,064.65	 	
	 AUG
	  	1994	  	 TRAILER
	 	500.00	 	MACRS (HY)	 	5	 	0.00	  	 	500.00	 	0.00	 	500.00	 	
	 OCT
	  	1994	  	 HANDHELD MOBILE PHONE
	 	496.42	 	MACRS (HY)	 	5	 	0.00	  	 	496.42	 	0.00	 	496.42	 	
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	 	
		  		  	 1994 ADDITIONS
	 	9,242.82	 		 		 	(0.00	) 	 	9,242.82	 	0.00	 	9,242.82	 	
	 JAN
	  	1993	  	 HP DESKJET 500 PRINTER
	 	397.60	 	MACRS (HY)	 	5	 	0.00	  	 	397.60	 	0.00	 	397.60	 	
	 JAN
	  	1993	  	 7406 DIGITAL TELEPHONE
	 	448.00	 	MACRS (HY)	 	5	 	0.00	  	 	448.00	 	0.00	 	448.00	 	
	 JAN
	  	1993	  	 CELLULAR PHONE (AUSTIN)
	 	346.96	 	MACRS (HY)	 	5	 	0.00	  	 	346.96	 	0.00	 	346.96	 	
	 FEB
	  	1993	  	 HP DESKJET 500 PRINTER
	 	406.22	 	MACRS (HY)	 	5	 	0.00	  	 	406.22	 	0.00	 	406.22	 	
	 MAR
	  	1993	  	 470KM 115V BINDING MACHINE
	 	1,838.62	 	MACRS (HY)	 	5	 	0.00	  	 	1,838.62	 	0.00	 	1,838.62	 	
	 MAR
	  	1993	  	 7303 HYBRID TELEPHONE
	 	225.00	 	MACRS (HY)	 	5	 	0.00	  	 	225.00	 	0.00	 	225.00	 	
	 MAR
	  	1993	  	 HP DESKJET 500 PRINTER
	 	402.99	 	MACRS (HY)	 	5	 	0.00	  	 	402.99	 	0.00	 	402.99	 	
	 MAR
	  	1993	  	 NEC 770 FACSIMILE
	 	3,448.00	 	MACRS (HY)	 	5	 	0.00	  	 	3,448.00	 	0.00	 	3,448.00	 	
	 APR
	  	1993	  	 8 COMPUTER MONITOR GLARE SCREENS
	 	378.57	 	MACRS (HY)	 	5	 	0.00	  	 	378.57	 	0.00	 	378.57	 	
	 APR
	  	1993	  	 TRANSCRIBER
	 	283.38	 	MACRS (HY)	 	5	 	0.00	  	 	283.38	 	0.00	 	283.38	 	
	 MAY
	  	1993	  	 CELLULAR PHONE (ANDRADE)
	 	495.65	 	MACRS (HY)	 	5	 	0.00	  	 	495.65	 	0.00	 	495.65	 	
	 JUN
	  	1993	  	 EPSON FX870 PRINTER
	 	311.40	 	MACRS (HY)	 	5	 	0.00	  	 	311.40	 	0.00	 	311.40	 	
	 JUL
	  	1993	  	 5 7303 HYBRID TELEPHONES (ACCTG)
	 	808.12	 	MACRS (HY)	 	5	 	0.00	  	 	808.12	 	0.00	 	808.12	 	
	 SEP
	  	1993	  	 EPSON FX870 PRINTER (KREPAK)
	 	316.79	 	MACRS (HY)	 	5	 	0.00	  	 	316.79	 	0.00	 	316.79	 	
	 SEP
	  	1993	  	 HP DESKJET 500 PRINTER (KELLY)
	 	316.79	 	MACRS (HY)	 	5	 	0.00	  	 	316.79	 	0.00	 	316.79	 	
	 FEB
	  	1993	  	 GREY J-JE CAPRI CHAIR
	 	610.43	 	MACRS (HY)	 	7	 	0.00	  	 	610.43	 	0.00	 	610.43	 	
	 MAR
	  	1993	  	 2 PLAN HOLDERS
	 	1,076.24	 	MACRS (HY)	 	7	 	0.00	  	 	1,076.24	 	0.00	 	1,076.24	 	

  

					
		  	Page 6 of 9	  	

 AMERICAN ASSETS, INC. 
 FEDERAL DEPRECIATION SCHEDULE 
 2009 

 

																					
	 ACQ.
DATE
	  	 	  	 DESCRIPTION
	 	DEPRECIABLE
BASIS	 	 METHOD
	 	LIFE	 	REMAINING
BASIS	 	ACCUM.
DEPREC.
@ 12/31/08	 	CURRENT
DEPREC
EXPENSE	 	ACCUM.
DEPREC.
2009	 	2009
TAX RATE
	 APR
	  	1993	  	 BLACK 4 DRAWER LEGAL FILE CABINET
	 	365.27	 	MACRS (HY)	 	7	 	0.00	 	365.27	 	0.00	 	365.27	 	
	 APR
	  	1993	  	 SAND 5 DRAWER FLAT FILE CABINET
	 	501.15	 	MACRS (HY)	 	7	 	0.00	 	501.15	 	0.00	 	501.15	 	
	 APR
	  	1993	  	 2 LATERAL FILES
	 	399.87	 	MACRS (HY)	 	7	 	0.00	 	399.87	 	0.00	 	399.87	 	
	 APR
	  	1993	  	 CONFERENCE ROOM TABLE
	 	397.60	 	MACRS (HY)	 	7	 	0.00	 	397.60	 	0.00	 	397.60	 	
	 JUN
	  	1993	  	 6 HAWORTH CHAIRS W/ARMS (CONF ROOM)
	 	2,172.24	 	MACRS (HY)	 	7	 	0.00	 	2,172.24	 	0.00	 	2,172.24	 	
	 JUL
	  	1993	  	 PUTTY 4 DRAWER LATERAL FILE
	 	608.73	 	MACRS (HY)	 	7	 	0.01	 	608.72	 	0.01	 	608.73	 	
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	
		  		  	 1993 ADDITIONS
	 	16,555.62	 		 		 	0.01	 	16,555.61	 	0.01	 	16,555.62	 	
	 FEB
	  	1992	  	 CELLULAR PHONE (INSLEE)
	 	216.49	 	MACRS (HY)	 	5	 	0.00	 	216.49	 	0.00	 	216.49	 	
	 MAR
	  	1992	  	 CELLULAR PHONE (CHAMBERLAIN)
	 	346.79	 	MACRS (HY)	 	5	 	0.00	 	346.79	 	0.00	 	346.79	 	
	 MAR
	  	1992	  	 CALCULATOR
	 	64.97	 	MACRS (HY)	 	5	 	0.00	 	64.97	 	0.00	 	64.97	 	
	 APR
	  	1992	  	 CELLULAR PHONE (KRUL)
	 	364.00	 	MACRS (HY)	 	5	 	0.00	 	364.00	 	0.00	 	364.00	 	
	 MAY
	  	1992	  	 SPEAKER PHONE
	 	170.00	 	MACRS (HY)	 	5	 	0.00	 	170.00	 	0.00	 	170.00	 	
	 JUN
	  	1992	  	 CAMERA
	 	125.10	 	MACRS (HY)	 	5	 	0.00	 	125.10	 	0.00	 	125.10	 	
	 AUG
	  	1992	  	 HP DESKJET 500 PRINTER
	 	419.15	 	MACRS (HY)	 	5	 	0.00	 	419.15	 	0.00	 	419.15	 	
	 AUG
	  	1992	  	 SOFTWARE, COLLECTIONS PROGRAM
	 	6,540.98	 	MACRS (HY)	 	5	 	0.00	 	6,540.98	 	0.00	 	6,540.98	 	
	 NOV
	  	1992	  	 HP DESKJET 500 PRINTER
	 	418.61	 	MACRS (HY)	 	5	 	0.00	 	418.61	 	0.00	 	418.61	 	
	 NOV
	  	1992	  	 HP DESKJET 500 PRINTER (HALFERTY)
	 	418.61	 	MACRS (HY)	 	5	 	0.00	 	418.61	 	0.00	 	418.61	 	
	 FEB
	  	1992	  	 HAWORTH OFFICE CHAIR
	 	412.26	 	MACRS (HY)	 	7	 	0.00	 	412.26	 	0.00	 	412.26	 	
	 APR
	  	1992	  	 LEGAL FILE CABINET
	 	172.96	 	MACRS (HY)	 	7	 	0.00	 	172.96	 	0.00	 	172.96	 	
	 JUN
	  	1992	  	 RECEPTION AREA FURNITURE
	 	1,868.33	 	MACRS (HY)	 	7	 	0.00	 	1,868.33	 	0.00	 	1,868.33	 	
	 JUL
	  	1992	  	 RECEPTION AREA FURNITURE
	 	360.62	 	MACRS (HY)	 	7	 	0.00	 	360.62	 	0.00	 	360.62	 	
	 AUG
	  	1992	  	 TWO 4-DRAWER LEGAL FILES
	 	364.02	 	MACRS (HY)	 	7	 	0.00	 	364.02	 	0.00	 	364.02	 	
	 SEP
	  	1992	  	 TWO 4-DRAWER LEGAL FILES
	 	364.02	 	MACRS (HY)	 	7	 	0.00	 	364.02	 	0.00	 	364.02	 	
	 OCT
	  	1992	  	 FILE CABINET (ACCTG)
	 	619.56	 	MACRS (HY)	 	7	 	0.00	 	619.56	 	0.00	 	619.56	 	
	 NOV
	  	1992	  	 TACK BOARD (ACCTG)
	 	101.29	 	MACRS (HY)	 	7	 	0.00	 	101.29	 	0.00	 	101.29	 	
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	
		  		  	 1992 ADDITIONS
	 	13,347.76	 		 		 	0.00	 	13,347.76	 	0.00	 	13,347.76	 	
	 JAN
	  	1991	  	 PLAN HOLDERS
	 	322.40	 	MACRS	 	7	 	0.00	 	322.40	 	0.00	 	322.40	 	
	 APR
	  	1991	  	 OFFICE CHAIR
	 	267.49	 	MACRS	 	7	 	0.00	 	267.49	 	0.00	 	267.49	 	
	 APR
	  	1991	  	 SHARP 9400 COPIER
	 	10,421.80	 	MACRS	 	7	 	0.00	 	10,421.80	 	0.00	 	10,421.80	 	
	 JUN
	  	1991	  	 PITNEY BOWES POSTAGE MACHINE
	 	3,108.35	 	MACRS	 	7	 	0.00	 	3,108.35	 	0.00	 	3,108.35	 	
	 JUL
	  	1991	  	 PLAN HOLDER
	 	1,350.45	 	MACRS	 	7	 	0.00	 	1,350.45	 	0.00	 	1,350.45	 	
	 OCT
	  	1991	  	 SOFTA SOFTWARE UPDATE
	 	1,131.21	 	MACRS	 	7	 	0.00	 	1,131.21	 	0.00	 	1,131.21	 	
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	
		  		  	 1991 ADDITIONS
	 	16,601.70	 		 		 	0.00	 	16,601.70	 	0.00	 	16,601.70	 	
	 MAR
	  	1990	  	2 DICTAPHONES	 	428.89	 	MACRS	 	7	 	0.00	 	428.89	 	0.00	 	428.89	 	
	 APR
	  	1990	  	EUREKA VACUUM	 	152.23	 	MACRS	 	7	 	0.00	 	152.23	 	0.00	 	152.23	 	
	 APR
	  	1990	  	2 OFFICE CHAIRS	 	321.73	 	MACRS	 	7	 	0.00	 	321.73	 	0.00	 	321.73	 	
	 APR
	  	1990	  	SKYLINE INSTALLATION	 	756.90	 	MACRS	 	7	 	0.00	 	756.90	 	0.00	 	756.90	 	
	 MAY
	  	1990	  	EPSON 2550 PRINTER	 	1,616.25	 	MACRS	 	7	 	0.00	 	1,616.25	 	0.00	 	1,616.25	 	
	 JUN
	  	1990	  	DRAFTING TABLE	 	421.20	 	MACRS	 	7	 	0.00	 	421.20	 	0.00	 	421.20	 	
	 JUL
	  	1990	  	OFFICE CHAIR	 	268.07	 	MACRS	 	7	 	0.00	 	268.07	 	0.00	 	268.07	 	
	 AUG
	  	1990	  	SKYLINE MULTIUSER UPGRADE -10	 	745.38	 	MACRS	 	7	 	0.00	 	745.38	 	0.00	 	745.38	 	
	 SEP
	  	1990	  	HP DESKJET 500 PRINTER	 	573.79	 	MACRS	 	7	 	0.00	 	573.79	 	0.00	 	573.79	 	
	 SEP
	  	1990	  	BLUEPRINT RACK	 	682.11	 	MACRS	 	7	 	0.00	 	682.11	 	0.00	 	682.11	 	
	 OCT
	  	1990	  	DEX 730 FAX	 	3,641.14	 	MACRS	 	7	 	0.00	 	3,641.14	 	0.00	 	3,641.14	 	
	 OCT
	  	1990	  	BINDING MACHINE	 	301.86	 	MACRS	 	7	 	0.00	 	301.86	 	0.00	 	301.86	 	

  

					
		  	Page 7 of 9	  	

 AMERICAN ASSETS, INC. 
 FEDERAL DEPRECIATION SCHEDULE 
 2009 

 

																					
	 ACQ.
DATE
	  	 	  	 DESCRIPTION
	 	DEPRECIABLE
BASIS	 	 METHOD
	 	LIFE	 	REMAINING
BASIS	 	ACCUM.
DEPREC.
@ 12/31/08	 	CURRENT
DEPREC
EXPENSE	 	ACCUM.
DEPREC.
2009	 	2009
TAX RATE
	 OCT
	  	1990	  	 SHELVES FOR MBC STORAGE
	 	1,191.93	 	MACRS	 	7	 	0.00	 	1,191.93	 	0.00	 	1,191.93	 	
	 OCT
	  	1990	  	 2 LATERAL FILES
	 	1,063.81	 	MACRS	 	7	 	0.00	 	1,063.81	 	0.00	 	1,063.81	 	
	 NOV
	  	1990	  	 DICTAPHONE
	 	224,40	 	MACRS	 	7	 	0.00	 	224.40	 	0.00	 	224.40	 	
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	
		  		  	 1990 ADDITIONS
	 	12,389.69	 		 		 	0.00	 	12,389.69	 	0.00	 	12,389.69	 	
	 JAN
	  	1989	  	 CELLULAR PHONE
	 	959.95	 	MACRS	 	7	 	0.00	 	959.95	 	0.00	 	959.95	 	
	 JAN
	  	1989	  	 MOTOROLA PHONE (MOBILE)
	 	400.00	 	MACRS	 	7	 	0.00	 	400.00	 	0.00	 	400.00	 	
	 FEB
	  	1989	  	 CELLULAR PHONE
	 	959.95	 	MACRS	 	7	 	0.00	 	959.95	 	0.00	 	959.95	 	
	 APR
	  	1989	  	 CELLULAR PHONE
	 	781.10	 	MACRS	 	7	 	0.00	 	781.10	 	0.00	 	781.10	 	
	 SEP
	  	1989	  	 4 DRAWER LEGAL FILE
	 	760.03	 	MACRS	 	7	 	0.00	 	760.03	 	0.00	 	760.03	 	
	 OCT
	  	1989	  	 SKYLINE SOFTWARE
	 	10,000.00	 	MACRS	 	7	 	0.00	 	10,000.00	 	0.00	 	10,000.00	 	
	 DEC
	  	1989	  	 HAWORTH PANELS - NEW WORK AREA
	 	5,237.14	 	MACRS	 	7	 	0.00	 	5,237.14	 	0.00	 	5,237.14	 	
	 DEC
	  	1989	  	 7 DRAWER & 10 DRAWER FLAT FILES
	 	1,867.18	 	MACRS	 	7	 	0.00	 	1,867.18	 	0.00	 	1,867.18	 	
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	
		  		  	 1989 ADDITIONS
	 	20,965.35	 		 		 	0.00	 	20,965.35	 	0.00	 	20,965.35	 	
	 MAY
	  	1988	  	 4 DRAWER LEGAL FILE
	 	224.31	 	MACRS	 	7	 	0.00	 	224.31	 	0.00	 	224.31	 	
	 JUL
	  	1988	  	 CELLULAR PHONE (GARRETT)
	 	520.91	 	MACRS	 	7	 	0.00	 	520.91	 	0.00	 	520.91	 	
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	
		  		  	 1988 ADDITIONS
	 	745.22	 		 		 	0.00	 	745.22	 	0.00	 	745.22	 	
	 FEB
	  	1987	  	 DSK,3CHRS,CREDENZA,2BOOKSHLV
	 	1,214.50	 	MACRS	 	7	 	0.00	 	1,214.50	 	0.00	 	1,214.50	 	
	 FEB
	  	1987	  	 MEDIUM OAK LATERAL FILE
	 	386.90	 	MACRS	 	7	 	0.00	 	386.90	 	0.00	 	386.90	 	
	 FEB
	  	1987	  	 PANASONIC TYPEWRITER SER #37248
	 	895.70	 	MACRS	 	7	 	0.00	 	895.70	 	0.00	 	895.70	 	
	 NOV
	  	1987	  	 TWO DRAWER LATERAL FILE
	 	161.74	 	MACRS	 	7	 	0.00	 	161.74	 	0.00	 	161.74	 	
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	
		  		  	 1987 ADDITIONS
	 	2,658.84	 		 		 	0.00	 	2,658.84	 	0.00	 	2,658.84	 	
	 FEB
	  	1986	  	 1 HAWORTH ARM ROTARY CHAIR
	 	290.02	 	ACRS	 	5	 	0.00	 	290.02	 	0.00	 	290.02	 	
	 MAR
	  	1986	  	 2 LATERAL FILES
	 	317.89	 	ACRS	 	5	 	0.00	 	317.89	 	0.00	 	317.89	 	
	 APR
	  	1986	  	 5 GLASS TABLETOPS
	 	381.00	 	ACRS	 	5	 	0.00	 	381.00	 	0.00	 	381.00	 	
	 APR
	  	1986	  	 DRAFTING STOOL
	 	212.00	 	ACRS	 	5	 	0.00	 	212.00	 	0.00	 	212.00	 	
	 APR
	  	1986	  	 SOFA
	 	1,086.50	 	ACRS	 	5	 	0.00	 	1,086.50	 	0.00	 	1,086.50	 	
	 APR
	  	1986	  	 CLUB CHAIR
	 	371.00	 	ACRS	 	5	 	0.00	 	371.00	 	0.00	 	371.00	 	
	 APR
	  	1986	  	 SECRETARIAL CHAIR
	 	238.50	 	ACRS	 	5	 	0.00	 	238.50	 	0.00	 	238.50	 	
	 APR
	  	1986	  	 EXECUTIVE DESK
	 	2,067.00	 	ACRS	 	5	 	0.00	 	2,067.00	 	0.00	 	2,067.00	 	
	 APR
	  	1986	  	 CREDENZA IN OIL WALNUT
	 	1,680.10	 	ACRS	 	5	 	0.00	 	1,680.10	 	0.00	 	1,680.10	 	
	 APR
	  	1986	  	 CARREL IN OIL WALNUT
	 	673.10	 	ACRS	 	5	 	0.00	 	673.10	 	0.00	 	673.10	 	
	 APR
	  	1986	  	 TABLE IN OIL WALNUT
	 	662.50	 	ACRS	 	5	 	0.00	 	662.50	 	0.00	 	662.50	 	
	 APR
	  	1986	  	 TV CONSOLE CABINET
	 	795.00	 	ACRS	 	5	 	0.00	 	795.00	 	0.00	 	795.00	 	
	 APR
	  	1986	  	 SOFA
	 	1,378.00	 	ACRS	 	5	 	0.00	 	1,378.00	 	0.00	 	1,378.00	 	
	 APR
	  	1986	  	 2 LAMP TABLES
	 	530.00	 	ACRS	 	5	 	0.00	 	530.00	 	0.00	 	530.00	 	
	 APR
	  	1986	  	 2 DECORATOR LAMPS
	 	265.00	 	ACRS	 	5	 	0.00	 	265.00	 	0.00	 	265.00	 	
	 APR
	  	1986	  	 EXEC. CHAIR (LEATHER W/FABRIC)
	 	1,033.50	 	ACRS	 	5	 	0.00	 	1,033.50	 	0.00	 	1,033.50	 	
	 APR
	  	1986	  	 6 SIDE ARM CHAIRS
	 	2,862.00	 	ACRS	 	5	 	0.00	 	2,862.00	 	0.00	 	2,862.00	 	
	 APR
	  	1986	  	 LATERAL FILE
	 	245.92	 	ACRS	 	5	 	0.00	 	245.92	 	0.00	 	245.92	 	
	 APR
	  	1986	  	 OAK CORNER TABLE
	 	122.96	 	ACRS	 	5	 	0.00	 	122.96	 	0.00	 	122.96	 	
	 MAY
	  	1986	  	 HAWORTH TASK CHAIR
	 	233.03	 	ACRS	 	5	 	0.00	 	233.03	 	0.00	 	233.03	 	
	 MAY
	  	1986	  	 CABINET
	 	240.00	 	ACRS	 	5	 	0.00	 	240.00	 	0.00	 	240.00	 	
	 JUN
	  	1986	  	 2 CLIENT CHAIRS (ALLEN’S OFFICE)
	 	485.48	 	ACRS	 	5	 	0.00	 	485.48	 	0.00	 	485.48	 	
	 JUN
	  	1986	  	 STENO CHAIR
	 	233.15	 	ACRS	 	5	 	0.00	 	233.15	 	0.00	 	233.15	 	

  

					
		  	Page 8 of 9	  	

 AMERICAN ASSETS, INC. 
 FEDERAL DEPRECIATION SCHEDULE 
 2009 

 

																								
	 ACQ.
DATE
	  	 	  	 DESCRIPTION
	 	DEPRECIABLE
BASIS	 	 METHOD
	 	LIFE	 	REMAINING
BASIS	 	 	ACCUM.
DEPREC.
@ 12/31/08	 	 	CURRENT
DEPREC
EXPENSE	 	ACCUM.
DEPREC.
2009	 	2009
TAX RATE	 
	 JUL
	  	1986	  	 WALNUT VERTICAL FILE
	 	124.02	 	ACRS	 	5	 	0.00	  	 	124.02	  	 	0.00	 	124.02	 		
	 JUL
	  	1986	  	 30” WALNUT BOOKCASE
	 	47.65	 	ACRS	 	5	 	0.00	  	 	47.65	  	 	0.00	 	47.65	 		
	 JUL
	  	1986	  	 OAK LATERAL FILE
	 	246.98	 	ACRS	 	5	 	0.00	  	 	246.98	  	 	0.00	 	246.98	 		
	 JUL
	  	1986	  	 HAWORTH ARM ROTARY CHAIR
	 	301.72	 	ACRS	 	5	 	0.00	  	 	301.72	  	 	0.00	 	301.72	 		
	 NOV
	  	1986	  	 4 DRAWER BLACK LATERAL FILE
	 	200.34	 	ACRS	 	5	 	0.00	  	 	200.34	  	 	0.00	 	200.34	 		
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	 	 		
		  		  	 1986 ADDITIONS
	 	17,324.36	 		 		 	0.00	  	 	17,324.36	  	 	0.00	 	17,324.36	 		
		  	1984	  	 G E TELEVISION
	 	243.79	 	ACRS	 	5	 	0.00	  	 	243.79	  	 	0.00	 	243.79	 		
		  	1985	  	 BOOKCASE
	 	117.66	 	ACRS	 	5	 	0.00	  	 	117.66	  	 	0.00	 	117.66	 		
		  	1985	  	 4 TWO-DRAWER LATERAL FILES
	 	983.68	 	ACRS	 	5	 	0.00	  	 	983.68	  	 	0.00	 	983.68	 		
		  	1985	  	 2 FILE CABINETS
	 	283.87	 	ACRS	 	5	 	0.00	  	 	283.87	  	 	0.00	 	283.87	 		
		  	1985	  	 1 TWO-DRAWER VERTICAL FILE
	 	143.10	 	ACRS	 	5	 	0.00	  	 	143.10	  	 	0.00	 	143.10	 		
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	 	 		
		  		  	 1984-1985 ADDITIONS
	 	1,772.10	 		 		 	0.00	  	 	1,772.10	  	 	0.00	 	1,772.10	 		
		  		  	 TOTAL FURNITURE & FIXTURES
	 	829,061.50	 		 		 	56,387.84	# 	 	772,673.67	  	 	24,051.30	 	796,727.16	 		
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	 	 		
		  	1978	  	 IBM CORRECTING SELECTRIC
	 	1,017.60	 	SL	 	10	 	0.00	  	 	1,017.60	  	 	0.00	 	1,017.60	 		
		  	1978	  	 FILING CABINET, BOOK CASE
	 	679.15	 	SL	 	10	 	0.00	  	 	679.15	  	 	0.00	 	679.15	 		
		  	1978	  	 SMALL REFRIGERATOR
	 	146.11	 	SL	 	10	 	0.00	  	 	146.11	  	 	0.00	 	146.11	 		
		  	1979	  	 FILE CABINET
	 	136.85	 	SL	 	10	 	0.00	  	 	136.85	  	 	0.00	 	136.85	 		
		  	1980	  	 REFRIGERATOR
	 	434.55	 	SL	 	10	 	0.00	  	 	434.55	  	 	0.00	 	434.55	 		
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	 	 		
		  		  	 PRE-ACRS FURNITURE & FIXTURES
	 	2,414.26	 		 		 	0.00	  	 	2,414.26	  	 	0.00	 	2,414.26	 		
		  		  	 TOTAL FURNITURE & FIXTURES
	 	831,475.76	 		 		 	56,387.84	# 	 	775,087.93	# 	 	24,051.30	 	799,141.42	 		
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	 	 		
	VEHICLES	  		  		 		 		 		 			 			 		 		 		
	 NOV
	  	2007	  	 2008 LS 460 Lexus (E.Rady) vin JTHBL46F8850588
	 	65,690.00	 	MACRS (HY)	 	5	 	41,609.20	  	 	24,080.80	  	 	12,612.48	 	36,693.28	 	19.20	% 
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	 	 		
		  		  	 SUBTOTALVEHICLES
	 	65,690.00	 		 		 	41,609.20	  	 	24,080.80	  	 	12,612.48	 	36,693.28	 		
		  		  	 TOTAL VEHICLES
	 	65,690.00	 		 		 	41,609.20	  	 	24,080.80	  	 	12,612.48	 	36,693.28	 		
		  		  		 	 	 		 		 	 	 	 	 	 	 	 	 	 	 		

  

					
		  	Page 9 of 9	  	

  
 Management
Agreements 
  

	1.	Master Management Agreement by and between Alamo Retail, Inc. and American Assets, Inc., dated as of December 3, 2003 

 

	2.	Sub-Management Agreement by and between Reata Property Management, Inc. and American Assets, Inc., dated as of January 20, 2004; as amended by that First Amendment to
Sub-Management Agreement by and between Reata Property Management, Inc. and American Assets, Inc., dated as of January 4, 2010 

  

	3.	Master Management Agreement by and between Carmel Country Plaza, L.P. and American Assets, Inc., dated as of November 24, 1997 

 

	4.	Master Management Agreement by and between Hero Retail, Inc. and American Assets, Inc., dated as of March 31, 2003 

 

	5.	Master Management Agreement by and between Pacific National City Holdings, L.P. and American Assets, Inc., dated as of January 1, 1998 

 

	6.	Master Management Agreement by and between Pacific Solana Beach Holdings, L.P. and American Assets, Inc., dated as of January 1, 1998 

 

	7.	Management Agreement by and between Rancho Carmel Plaza, a California limited partnership, and American Assets Management Services, Inc., dated as of June 30, 1992

  

	8.	Assignment and Assumption of Management Agreement by and between American Assets Management Services, Inc. and American Assets, Inc., dated as of August 26, 2004

  

	9.	Property Management Agreement for Solana Beach Towne Centres I & II, by and among Pacific Towne Centre Assets, Inc., Plaza West, Ltd., for itself and on behalf of
Stuart C. Gildred, Trustee under the Trust Agreement dated August 18, 1976, and American Assets, Inc., dated as of March 1, 1997; as amended by that First Amendment to Property Management Agreement by and among Solana Beach Towne Centres
Investments, L.P., successor in interest to Pacific Towne Centre Assets, Inc., Plaza West, Ltd., for itself and Stuart C. Gildred, and American Assets, Inc., dated as of December 1, 1997 

 

	10.	Property Management Agreement for Solana Beach Towne Centres III & IV, by and among Pacific Towne Centre Assets, Inc., Propco, L.P. and American Assets, Inc., dated
as of March 1, 1997; as amended by that First Amendment to Property Management Agreement by and among Solana Beach Towne Centres Investments, L.P., successor in interest to Pacific Towne Centre Assets, Inc., Propco, L.P. and American Assets, Inc.,
dated as of December 1, 1997 

  

	11.	Master Management Agreement by and between Pacific Waikiki Holdings, L.P. and American Assets, Inc., dated as of March 30, 2005 

  

	12.	Master Management Agreement by and among Del Monte – DMCH, LLC, Del Monte – DMSJH, LLC, Del Monte – KMBC, LLC, Del Monte – POH, LLC and American
Assets, Inc., dated as of June 30, 2005 

  

	13.	Master Management Agreement by and among Waikele Reserve West Holdings, LLC, Waikele 101 Sorrento, LLC, Waikele 225 Sorrento, LLC, Waikele 101 Stonecrest, LLC, Waikele
225 Stonecrest, LLC and American Assets, Inc., dated as of December 29, 2005 

  

	14.	Master Management Agreement by and between ICW Plaza Holdings, LLC and American Assets, Inc., dated as of January 31, 2007 

 

	15.	Master Management Agreement by and between ICW Valencia, L.P. and American Assets, Inc., dated as of July 15, 1998 

 

	16.	Assignment of Management Agreement by and among ICW Valencia, L.P., ICW Valencia Holdings, LLC and American Assets, Inc., dated as of August 19, 2002

  

	17.	Master Management Agreement by and between Pacific North Court Holdings, L.P. and American Assets, Inc., dated as of March 20, 1998; as amended by that First Amendment
to Master Management Agreement by and between Pacific North Court Holdings, L.P. and American Assets, Inc., dated as of May 1, 2009 

  

	18.	Master Management Agreement by and between Pacific South Court Holdings, L.P. and American Assets, Inc., dated as of March 20, 1998 

 

	19.	Master Management Agreement by and between Pacific Torrey Daycare Holdings, L.P. and American Assets, Inc., dated as of March 26, 1999; as amended by that First
Amendment to Master Management Agreement by and between Pacific Torrey Daycare Holdings, L.P. and American Assets, Inc., dated as of May 1, 2009 

  

	20.	Master Management Agreement by and between Pacific VC1 Holdings, L.P. and American Assets, Inc., dated as of August 15, 2000; as amended by that First Amendment to
Master Management Agreement by and between Pacific VC1 Holdings, L.P. and American Assets, Inc., dated as of September 1, 2009 

  

	21.	Master Management Agreement by and between Pacific VC2 Holdings, L.P. and American Assets, Inc., dated as of August 15, 2000; as amended by that First Amendment to
Master Management Agreement by and between Pacific VC2 Holdings, L.P. and American Assets, Inc., dated as of September 1, 2009 

  

	22.	Master Management Agreement by and between Pacific VC3 Holdings, L.P. and American Assets, Inc., dated as of August 15, 2000; as amended by that First Amendment to
Master Management Agreement by and between Pacific VC3 Holdings, L.P. and American Assets, Inc., dated as of September 1, 2009 

  

	23.	Property Management Agreement for Corporate Centres 1 & 2 by and between Solana Beach Towne Centres Investments, L.P. and American Assets, Inc., dated as of
December 1, 1997 

  

	24.	Master Management Agreement by and between SB Corporate Centre III-IV, LLC and American Assets, Inc., dated as of July 12, 2007 

 

	25.	Master Management Agreement by and between 160 King Street, LLC and American Assets, Inc., dated as of May 2, 2005 

 

	26.	Master Management Agreement for the Landmark at One Market Street – San Francisco by and between Landmark – SF, Inc. and American Assets, Inc., dated as of
June 15, 2005 

  

	27.	Management Agreement by and between Imperial Strand, a California limited partnership, and American Assets, Inc., dated as of January 1, 1993 

 

	28.	Management Agreement by and between Loma Palisades, a California general partnership, and American Assets, Inc., dated as of January 1, 1993 

 

	29.	Addendum to Management Agreement (Limited Subordination) by and between Loma Palisades, a California general partnership, and American Assets, Inc., dated as of June
30, 2008 

  

	30.	Master Management Agreement by and between Mariner’s Point, LLC and American Assets, Inc., dated as of May 4, 2001 

 

	31.	Management Agreement by and between Pacific Santa Fe Holdings, L.P. and American Assets, Inc., dated as of October 15, 1997 

 

	32.	Asset Management Agreement by and between Novato FF Property, LLC and American Assets, Inc., dated as of May 15, 2007 

  
 SCHEDULE B

 ASSUMED LIABILITIES 
  

	1.	All liabilities or obligations relating to the Transferred Employees arising from and after the Closing. 

  
 SCHEDULE C

 AFFECTED EMPLOYEES 
  

													
	Employee List by State	  	9/7/10	  		  		  		  	AA.Corp Count	  	0
	AAI	  		  		  		  		  	A-AC Count	  	#REF!
		  	Total Count:	  	98	  	Total Part Time:	  	10	  	A-DM Count	  	8
		  	Total CA:	  	97	  	Total Full Time:	  	88	  	A-HI Count	  	1
		  	Total HI:	  	1	  		  		  	A-HO Count	  	46
		  		  		  		  		  	A-IB Count	  	8
		  		  		  		  		  	A-LMK Count	  	2
		  		  		  		  		  	A-SF Count	  	5
		  		  		  		  		  	A-LP Count	  	27

  

																													
	 PSID
	  	EE#	 	  	 Last Name
	  	 First
Name
	  	Hire
Date	 	  	 Title
	  	 Supervisor
	  	CC	 	  	 Dpt. Code
	  	 Loc
	  	 State
	  	 Category

	 UJG
	  	 	0584	  	  	Rady	  	Ernest	  	 	06/01/67	  	  	Chairman and President	  	Rady, Ernest	  	 	100	  	  	AA.CORP	  	(none)	  	CA	  	Regular Full Time
		  				  		  		  				  		  		  				  	AA.Corp Count	  	1	  		  	
		  				  		  		  				  		  		  				  	A-AC Count	  	#REF!	  		  	
	 UJG
	  	 	4981	  	  	Fletcher	  	Veronica	  	 	09/01/05	  	  	Administrative Assistant	  	Vivanco, Jill	  	 	647	  	  	AA.DMO	  	A-DM	  	CA	  	Regular Full Time
	 UJG
	  	 	5526	  	  	Helm	  	George	  	 	08/06/07	  	  	Director, Maint/Const Coord	  	Vivanco, Jill	  	 	647	  	  	AA.DMO	  	A-DM	  	CA	  	Regular Full Time
	 UJG
	  	 	5175	  	  	Magallan	  	Abel	  	 	07/06/06	  	  	Maintenance Technician	  	Helm, George	  	 	647	  	  	AA.DMO	  	A-DM	  	CA	  	Regular Full Time
	 UJG
	  	 	5978	  	  	Neece	  	Therese	  	 	11/10/08	  	  	Guest Services Coordinator	  	Vivanco, Jill	  	 	647	  	  	AA.DMO	  	A-DM	  	CA	  	Regular Full Time
	 UJG
	  	 	6131	  	  	Richmond	  	Curtis	  	 	07/27/09	  	  	Maintenance Technician	  	Vivanco, Jill	  	 	647	  	  	AA.DMO	  	A-DM	  	CA	  	Regular Full Time
	 UJG
	  	 	4973	  	  	Urmatan	  	Gina	  	 	09/01/05	  	  	Assistant General Manager	  	Vivanco, Jill	  	 	647	  	  	AA.DMO	  	A-DM	  	CA	  	Regular Full Time
	 UJG
	  	 	5287	  	  	Varela	  	Joseph	  	 	11/25/06	  	  	Maintenance Technician	  	Helm, George	  	 	647	  	  	AA.DMO	  	A-DM	  	CA	  	Regular Full Time
	 UJG
	  	 	5969	  	  	Hoffman	  	Nick	  	 	11/01/08	  	  	Maintenance Technician	  	Helm, George	  	 	647	  	  	AA.DMO	  	A-DM	  	CA	  	Regular Full Time Site
		  				  		  		  				  		  		  				  	A-DM Count	  	8	  		  	
	 UJG
	  	 	5111	  	  	Wilson	  	Pam	  	 	04/01/06	  	  	Manager, General	  	Kinney, Mark	  	 	660	  	  	AA.WLE	  	A-HI	  	HI	  	Regular Full Time
		  				  		  		  				  		  		  				  	A-HI Count	  	1	  		  	
	 UJG
	  	 	4657	  	  	Gojuangco	  	Cathy	  	 	02/26/07	  	  	Administrative Assistant	  	Henning, Teresa	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Part Time
	 UJG
	  	 	1306	  	  	Albrektsen	  	Shaun	  	 	06/09/03	  	  	Maintenance Technician	  	Rodriguez, Russell	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	6398	  	  	Arnett	  	Wren	  	 	08/16/10	  	  	Analyst	  	Chamberlain, John	  	 	100	  	  	AA.CORP	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4943	  	  	Bailey	  	Jeff	  	 	08/01/05	  	  	Help Desk LAN Admin	  	McCartney, Kenneth	  	 	100	  	  	AA.CORP	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	0896	  	  	Barton	  	Robert	  	 	06/22/98	  	  	EVP, CFO	  	Rady, Ernest	  	 	100	  	  	AA.ACT	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4984	  	  	Batman	  	Lori	  	 	08/29/05	  	  	Manager, Lease Administration	  	Kinney, Mark	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5671	  	  	Calderon	  	Lily	  	 	01/15/08	  	  	Marketing Assistant	  	Jones, Monica	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4550	  	  	Chamberlain	  	John	  	 	01/01/89	  	  	CEO	  	Rady, Ernest	  	 	100	  	  	AA.CORP	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5082	  	  	Chamberlain	  	Rhonda	  	 	02/13/06	  	  	Paralegal	  	Sullivan, Christopher	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	0461	  	  	Crow	  	Jacqueline	  	 	03/29/93	  	  	Property/Corp Administrator	  	Kinney, Mark	  	 	100	  	  	AA.RES	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	6344	  	  	Demellier	  	Christina	  	 	05/17/10	  	  	Director, Financial Rptg	  	Barton, Robert	  	 	100	  	  	AA.CORP	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4625	  	  	Durfey	  	Jim	  	 	03/01/04	  	  	Vice President, Leasing	  	Chamberlain, John	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5042	  	  	Ebert	  	Todd	  	 	11/14/05	  	  	Lease Administrator, Sr	  	Batman, Lori	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	0787	  	  	Enriquez	  	Jaime	  	 	03/10/97	  	  	Facilities Engineer	  	Tackabery, Mark	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	6383	  	  	Fischer	  	Patrick	  	 	07/06/10	  	  	Analyst	  	Barton, Robert	  	 	100	  	  	AA.CORP	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	1102	  	  	Gammieri	  	Jerry	  	 	07/01/00	  	  	Vice President, Constructio	  	Chamberlain, John	  	 	100	  	  	AA.CONS	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4949	  	  	Greene	  	Mia	  	 	08/01/05	  	  	Lease Administrator	  	Batman, Lori	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	1052	  	  	Hamerdinger	  	Diane	  	 	01/25/00	  	  	Construction Accountant	  	Gammieri, Jerry	  	 	100	  	  	AA.CONS	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5402	  	  	Henning	  	Teresa	  	 	05/01/07	  	  	Office Property Manager	  	Kinney, Mark	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5032	  	  	Hiller	  	Shayla	  	 	10/31/05	  	  	Lease Administrator	  	Batman, Lori	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time

  
 1 

  

													
	Employee List by State	  	9/7/10	  		  		  		  	AA.Corp Count	  	0
	AAI	  		  		  		  		  	A-AC Count	  	#REF!
		  	Total Count:	  	98	  	Total Part Time:	  	10	  	A-DM Count	  	8
		  	Total CA:	  	97	  	Total Full Time:	  	88	  	A-HI Count	  	1
		  	Total HI:	  	1	  		  		  	A-HO Count	  	46
		  		  		  		  		  	A-IB Count	  	8
		  		  		  		  		  	A-LMK Count	  	2
		  		  		  		  		  	A-SF Count	  	5
		  		  		  		  		  	A-LP Count	  	27

  

																													
	 PSID
	  	EE#	 	  	 Last
Name
	  	 First
Name
	  	Hire
Date	 	  	 Title
	  	 Supervisor
	  	CC	 	  	 Dpt. Code
	  	 Loc
	  	 State
	  	 Category

	 UJG
	  	 	4772	  	  	Jones	  	Monica	  	 	12/01/04	  	  	Marketing Director	  	Kinney, Mark	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	0113	  	  	Kelly	  	Wendy	  	 	08/31/90	  	  	Administrative Manager	  	Chamberlain, John	  	 	100	  	  	AA.CORP	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4595	  	  	Kinney	  	Patrick	  	 	01/01/04	  	  	VP, Real Estate Operations	  	Chamberlain, John	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5328	  	  	Kouprina	  	Yulia	  	 	03/19/07	  	  	Accounts Payable Clerk	  	McMillan, Graham	  	 	100	  	  	AA.ACT	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4552	  	  	Krepak	  	Lynne	  	 	04/27/87	  	  	Manager, Office	  	Barton, Robert	  	 	100	  	  	AA.RES	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	0118	  	  	Lacey	  	Brenda	  	 	02/05/88	  	  	Dir of Fin Tax Rpt & Dir of IA	  	Barton, Robert	  	 	100	  	  	AA.ACT	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	1132	  	  	McCartney	  	Kenneth	  	 	12/01/00	  	  	Network Manager	  	Barton, Robert	  	 	100	  	  	AA.CORP	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4806	  	  	McMillan	  	Graham	  	 	01/17/05	  	  	Controller	  	Barton, Robert	  	 	100	  	  	AA.ACT	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5116	  	  	Moore	  	Charles	  	 	04/01/06	  	  	Facilities Engineer	  	Henning, Teresa	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5820	  	  	Nguyen	  	Le Hang	  	 	06/01/08	  	  	Project Accountant	  	McMillan, Graham	  	 	100	  	  	AA.ACT	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5812	  	  	Nguyen	  	Mary	  	 	06/01/08	  	  	Property Manager Assistant	  	Rodriguez, Russell	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5751	  	  	Placencia	  	Miguel	  	 	04/01/08	  	  	Utility Engineer	  	Henning, Teresa	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5689	  	  	Rhodes	  	Zina	  	 	02/04/08	  	  	Lease Administrator	  	Batman, Lori	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	6236	  	  	Riggs	  	Chasity	  	 	01/18/10	  	  	Receptionist	  	Krepak, Lynne	  	 	100	  	  	AA.CORP	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	1131	  	  	Rodriguez	  	Russell	  	 	12/01/00	  	  	Sr. Retail Property Manager	  	Kinney, Mark	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5315	  	  	Rodriguez	  	Oscar	  	 	01/02/07	  	  	Maintenance Technician	  	Enriquez, Jaime	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	0126	  	  	Smith	  	Sue	  	 	06/01/90	  	  	Lease Administrator, Sr	  	Batman, Lori	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4546	  	  	Sullivan	  	Chris	  	 	11/25/03	  	  	VP, Retail Leasing	  	Chamberlain, John	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4589	  	  	Tackabery	  	Mark	  	 	08/05/02	  	  	Manager, Sr Retail Property	  	Kinney, Mark	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5698	  	  	Templo	  	Don	  	 	02/11/08	  	  	Hirsh Administrator	  	Henning, Teresa	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5195	  	  	Tipton	  	Emily	  	 	08/14/06	  	  	Accounts Payable Clerk	  	McMillan, Graham	  	 	100	  	  	AA.ACT	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4603	  	  	Wang	  	Shufen	  	 	01/08/04	  	  	Project Accountant	  	McMillan, Graham	  	 	100	  	  	AA.ACT	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	0442	  	  	Wood	  	Arthur	  	 	01/04/93	  	  	Maintenance Technician	  	Tackabery, Mark	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	4699	  	  	Wyll	  	Adam	  	 	09/01/04	  	  	SVP, GC	  	Barton, Robert	  	 	100	  	  	AA.CORP	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5015	  	  	Xie	  	Jessica	  	 	10/10/05	  	  	Project Accountant	  	McMillan, Graham	  	 	100	  	  	AA.ACT	  	A-HO	  	CA	  	Regular Full Time
	 UJG
	  	 	5839	  	  	Brown	  	Cyndi	  	 	06/09/08	  	  	Property Manager Assistant	  	Henning, Teresa	  	 	100	  	  	AA.COM	  	A-HO	  	CA	  	Regular Part Time -benefit eligible
		  				  		  		  				  		  		  				  	A-HO Count	  	46	  		  	
	 UJG
	  	 	0824	  	  	Gomez	  	Luis	  	 	07/10/97	  	  	Manager, Maintenance	  	Trotter, Crystal	  	 	301	  	  	AA.IBG	  	A-IB	  	CA	  	Regular Full Time
	 UJG
	  	 	6251	  	  	Standaert	  	John	  	 	02/01/10	  	  	Manager, Night	  	Trotter, Crystal	  	 	301	  	  	AA.IBG	  	A-IB	  	CA	  	Regular Full Time
	 UJG
	  	 	6085	  	  	Stout	  	Tess	  	 	06/01/09	  	  	Assistant Manager	  	Trotter, Crystal	  	 	301	  	  	AA.IBG	  	A-IB	  	CA	  	Regular Full Time
	 UJG
	  	 	4786	  	  	Trotter	  	Crystal	  	 	12/16/04	  	  	Manager, Multi Family Property	  	Austin, Michiel	  	 	301	  	  	AA.IBG	  	A-IB	  	CA	  	Regular Full Time
	 UJG
	  	 	1203	  	  	Freeman	  	Christopher	  	 	11/15/01	  	  	Maintenance Technician	  	Gomez, Luis	  	 	301	  	  	AA.IBG	  	A-IB	  	CA	  	Regular Full Time Site
	 UJG
	  	 	0915	  	  	Gomez	  	Sandra	  	 	11/16/01	  	  	Housekeeper	  	Trotter, Crystal	  	 	301	  	  	AA.IBG	  	A-IB	  	CA	  	Regular Full Time Site
	 UJG
	  	 	4518	  	  	Alvarado	  	Stephanie	  	 	04/02/07	  	  	Housekeeper	  	Gomez, Luis	  	 	301	  	  	AA.IBG	  	A-IB	  	CA	  	Regular Part Time Site

  
 2 

  

													
	Employee List by State	  	9/7/10	  		  		  		  	AA.Corp Count	  	0
	AAI	  		  		  		  		  	A-AC Count	  	#REF!
		  	Total Count:	  	98	  	Total Part Time:	  	10	  	A-DM Count	  	8
		  	Total CA:	  	97	  	Total Full Time:	  	88	  	A-HI Count	  	1
		  	Total HI:	  	1	  		  		  	A-HO Count	  	46
		  		  		  		  		  	A-IB Count	  	8
		  		  		  		  		  	A-LMK Count	  	2
		  		  		  		  		  	A-SF Count	  	5
		  		  		  		  		  	A-LP Count	  	27

  

																													
	 PSID
	  	EE#	 	  	 Last Name
	  	 First
Name
	  	Hire
Date	 	  	 Title
	  	 Supervisor
	  	CC	 	  	 Dpt. Code
	  	 Loc
	  	 State
	  	 Category

	 UJG
	  	 	5060	  	  	Saldana	  	Stacy	  	 	12/19/05	  	  	Lease Administrator	  	Trotter, Crystal	  	 	301	  	  	AA.IBG	  	A-IB	  	CA	  	Regular Part Time Site
		  				  		  		  				  		  		  				  	A-IB Count	  	8	  		  	
	 UJG
	  	 	4654	  	  	Vivanco	  	Jill	  	 	04/29/04	  	  	General Manager, No CA Prop	  	Kinney, Mark	  	 	682	  	  	AA.LMK	  	A-LMK	  	CA	  	Regular Full Time
	 UJG
	  	 	5157	  	  	West	  	Stacy	  	 	06/01/06	  	  	Administrative Assistant	  	Vivanco, Jill	  	 	682	  	  	AA.LMK	  	A-LMK	  	CA	  	Regular Full Time
		  				  		  		  				  		  		  				  	A-LMK Count	  	2	  		  	
	 UJG
	  	 	6324	  	  	Klenert	  	Amy	  	 	04/27/10	  	  	Lease Administrator	  	Screen, Laura	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Part Time
	 UJG
	  	 	4958	  	  	Cramton	  	Larry	  	 	08/08/05	  	  	Manager, Night	  	Screen, Laura	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time
	 UJG
	  	 	5144	  	  	Didone	  	Lisa	  	 	11/27/09	  	  	Bookkeeper	  	Screen, Laura	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time
	 UJG
	  	 	0138	  	  	Richey	  	Marshall	  	 	07/31/99	  	  	Manager, Sr Maintenance	  	Screen, Laura	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time
	 UJG
	  	 	6200	  	  	Rodriguez	  	Carl	  	 	12/07/09	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time
	 UJG
	  	 	6165	  	  	Screen	  	Laura	  	 	09/28/09	  	  	Manager, Multi-Family Property	  	Kinney, Mark	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time
	 UJG
	  	 	5168	  	  	Accardo	  	Jason	  	 	06/22/06	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	0370	  	  	Bojorquez Olivas	  	Genaro	  	 	03/21/05	  	  	Painter	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	0535	  	  	Casas Mejia	  	Felipe	  	 	03/08/05	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	1021	  	  	Diaz	  	Roberto	  	 	09/15/99	  	  	Groundskeeper	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	0866	  	  	Dore	  	Bertha	  	 	10/07/03	  	  	Housekeeper	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	5520	  	  	Gilberg	  	Andrew	  	 	07/23/07	  	  	Manager, Night	  	Screen, Laura	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	4565	  	  	Hernandez Hernandez	  	Mario	  	 	03/24/99	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	5277	  	  	Jaimes	  	Maria	  	 	11/14/06	  	  	Housekeeper	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	5514	  	  	Linares Perez	  	Arturo	  	 	07/20/07	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	5096	  	  	Lopez Rosete	  	Jesus	  	 	02/21/06	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	0932	  	  	Medina	  	Julio	  	 	10/22/98	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	0261	  	  	Perez	  	Paulino	  	 	09/01/77	  	  	Painter	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	4859	  	  	Quiroz Roman	  	Margarita	  	 	04/01/05	  	  	Housekeeper	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	1141	  	  	Ramirez	  	Ramon	  	 	03/14/01	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	4821	  	  	Sanchez De Paredes	  	Catalina	  	 	02/10/05	  	  	Housekeeper	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	5097	  	  	Tachiki Sandoval	  	Less	  	 	02/22/06	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	0257	  	  	Verdugo	  	Hector	  	 	03/01/89	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	0884	  	  	Villa	  	Ramiro	  	 	04/28/98	  	  	Painter	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	4609	  	  	Villa	  	Jose	  	 	01/21/04	  	  	Maintenance Technician	  	Richey, Marshall	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Full Time Site
	 UJG
	  	 	1230	  	  	Buechler	  	Emily	  	 	03/26/02	  	  	Lease Administrator	  	Screen, Laura	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Part Time Site
	 UJG
	  	 	6156	  	  	Hanson	  	Abbie	  	 	09/10/09	  	  	Lease Administrator	  	Screen, Laura	  	 	302	  	  	AA.LP	  	A-LP	  	CA	  	Regular Part Time Site
		  				  		  		  				  		  		  				  	A-LP Count	  	27	  		  	
	 UJG
	  	 	4580	  	  	Shenk	  	Charlotte	  	 	04/20/01	  	  	Customer Service Rep	  	Klopp, Kathleen	  	 	304	  	  	AA.SFP	  	A-SF	  	CA	  	Regular Part Time

  
 3 

  

													
	Employee List by State	  	9/7/10	  		  		  		  	AA.Corp Count	  	0
	AAI	  		  		  		  		  	A-AC Count	  	#REF!
		  	Total Count:	  	98	  	Total Part Time:	  	10	  	A-DM Count	  	8
		  	Total CA:	  	97	  	Total Full Time:	  	88	  	A-HI Count	  	1
		  	Total HI:	  	1	  		  		  	A-HO Count	  	46
		  		  		  		  		  	A-IB Count	  	8
		  		  		  		  		  	A-LMK Count	  	2
		  		  		  		  		  	A-SF Count	  	5
		  		  		  		  		  	A-LP Count	  	27

  

																													
	 PSID
	  	EE#	 	  	 Last
Name
	  	 First
Name
	  	Hire
Date	 	  	 Title
	  	 Supervisor
	  	CC	 	  	 Dpt. Code
	  	 Loc
	  	 State
	  	 Category

	 UJG
	  	 	0459	  	  	Klopp	  	Kathleen	  	 	01/30/01	  	  	Manager, Multi-Family Prpty	  	Kinney, Mark	  	 	304	  	  	AA.SFP	  	A-SF	  	CA	  	Regular Full Time
	 UJG
	  	 	1268	  	  	DeYoung	  	Joe	  	 	02/21/05	  	  	Supervisor, Maintenance	  	Klopp, Kathleen	  	 	304	  	  	AA.SFP	  	A-SF	  	CA	  	Regular Full Time Site
	 UJG
	  	 	6304	  	  	Fonseca	  	Miguel	  	 	03/31/10	  	  	Maintenance Technician	  	Klopp, Kathleen	  	 	304	  	  	AA.SFP	  	A-SF	  	CA	  	Regular Part Time Site
	 UJG
	  	 	0641	  	  	Szabo	  	Katherine	  	 	09/08/94	  	  	Office Assistant	  	Klopp, Kathleen	  	 	304	  	  	AA.SFP	  	A-SF	  	CA	  	Regular Part Time Site
		  				  		  		  				  		  		  				  	A-SF Count	  	5	  		  	
		  				  		  		  				  		  		  				  	Grand Count	  	98	  		  	

  
 4Mortgage, Assignment of Leases and Rents, Security Agreement

 Exhibit 10.19 

 

			
	  
 LAND COURT SYSTEM
	  	REGULAR SYSTEM
	After Recordation, Return By Mail To:	  	
		
	 Gerard Keegan, Esq.
 Dechert
LLP
 30 Rockefeller Plaza
 New York,
New York 10112-2200
  
	  	
	TITLE OF DOCUMENT:	  	 
	
	 MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY

AGREEMENT, FINANCING STATEMENT AND FIXTURE FILING

 

	PARTIES TO DOCUMENT:	  	

			
		  	 
		
	MORTGAGOR:	  	 Waikele Reserve West Holdings, LLC and
 Waikele Venture Holdings, LLC
 11455 El Camino Real, Suite 200

San Diego, California 92130

		  	 
		
	MORTGAGEE:	  	 Bear Stearns Commercial Mortgage, Inc.
 383 Madison Avenue
 New York, New York 10179

 
  

					
		
	 TAX MAP KEY(S):

9-4-007-054
 9-4-007-056

 
 TRANSFER CERTIFICATE OF
 TITLE NUMBER: 716235 and
	  	(This document consists of          pages.)
	 	 		  	

 THIS MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT, FINANCING STATEMENT
AND FIXTURE FILING (this “Security Instrument”) is made as of the 28th day of October, 2004, by WAIKELE RESERVE WEST HOLDINGS, LLC, a Delaware limited liability company, having an address at 11455 El Camino Real, Suite
200, San Diego, California 92130 (“West”) and WAIKELE VENTURE HOLDINGS, LLC, a Delaware limited liability company, having an address at 11455 El Camino Real, Suite 200, San Diego, California 92130 (“Venture”;
West and Venture are individually or collectively (as the context requires) referred to herein as “Borrower”), as mortgagor, to BEAR STEARNS COMMERCIAL MORTGAGE, INC., a New York corporation, having an address at 383 Madison
Avenue, New York, New York 10179 (together with its successors and assigns, “Lender”), as mortgagee. 

RECITALS: 

Borrower by (i) that certain Promissory Note A-1 given to Lender dated as of the date hereof (the “A-1 Note”),
(ii) that certain Promissory Note A-2 given to Lender dated as of the date hereof (the “A-2 Note”), (iii) that certain Promissory Note A-3 given to Lender dated as of the date hereof (the “A-3 Note”) of
even date herewith, (iv) that certain Promissory Note A-4 given to Lender dated as of the date hereof (the “A-4 Note”; each of the A-1 Note, the A-2 Note, the A-3 Note and the A-4 Note, together with all extensions, renewals,
modifications, substitutions and amendments thereof shall collectively be referred to herein as the “Note”) is indebted to Lender in the aggregate principal sum of $140,700,000 (the “Loan”) in lawful money of the
United States of America, with interest from the date thereof at the rates set forth in the Note, principal and interest to be payable in accordance with the terms and conditions provided in the Note. 

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

Section 1.1. PROPERTY GRANTED. For the purpose of securing payment and performance of the Obligations (as defined in Article
2), Borrower, for and in consideration of the sum of Ten Dollars ($10.00) and other valuable consideration in hand paid, the receipt of which hereby is acknowledged, and the further consideration, uses, purposes and trusts herein set forth and
declared, has granted, deeded, mortgaged, sold, bargained, transferred, assigned, set-over and conveyed and by these presents does grant, deed, mortgage, bargain, sell, transfer, assign, set-over and convey unto Lender and its successors and assigns
all of Borrower’s right, title and interest in and to the following property, rights, interests and estates now owned, or hereafter acquired by Borrower (collectively, the “Property”): 

(a) Land. The real property described in Exhibit A attached hereto (the “Land”); 

(b) Intentionally Omitted; 
 (c) Intentionally Omitted; 

 (d) Additional Land. All additional lands, estates and development rights hereafter
acquired by Borrower for use in connection with the Land and the development of the Land and all additional lands and estates therein which may, from time to time, by supplemental mortgage or otherwise be expressly made subject to the lien of this
Security Instrument; 
 (e) Improvements. The buildings, structures, fixtures, additions, enlargements, extensions,
modifications, repairs, replacements and improvements now or hereafter erected or located on the Land (the “Improvements”); 
 (f) Easements. All easements, rights of way or use, rights, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and
development rights, and all estates, rights, titles, interests, privileges, liberties, servitudes, tenements, hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Land and the
Improvements and the reversion and reversions, remainder and remainders, and all land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Land, to the center line thereof and all the estates, rights,
titles, interests, dower and rights of dower, curtesy and rights of curtesy, property, possession, claim and demand whatsoever, both at law and in equity, of Borrower of, in and to the Land and the Improvements and every part and parcel thereof,
with the appurtenances thereto; 
 (g) Fixtures and Personal Property. All machinery, equipment, fixtures (including, but
not limited to, all heating, air conditioning, plumbing, lighting, communications and elevator fixtures) and other property of every kind and nature whatsoever owned by Borrower, or in which Borrower has or shall have an interest, now or hereafter
located upon the Land and the Improvements, or appurtenant thereto, and usable in connection with the present or future operation and occupancy of the Land and the Improvements and all building equipment, materials and supplies of any nature
whatsoever owned by Borrower, or in which Borrower has or shall have an interest, now or hereafter located upon the Land and the Improvements, or appurtenant thereto, or usable in connection with the present or future operation and occupancy of the
Land and the Improvements (collectively, the “Personal Property”), and the right, title and interest of Borrower in and to any of the Personal Property which may be subject to any security interests, as defined in the Uniform
Commercial Code, as adopted and enacted by the state or states where any of the Property is located (the “Uniform Commercial Code”), superior in lien to the lien of this Security Instrument and all proceeds and products of the
above; 
 (h) Leases and Rents. All leases and other agreements affecting the use, enjoyment or occupancy of the Land and
the Improvements heretofore or hereafter entered into, including, without limitation, any guaranty of any of the foregoing leases (a “Lease” or “Leases”), including, without limitation, those Leases listed on
Exhibit C hereto, and all right, title and interest of Borrower, its successors and assigns therein and thereunder, including, without limitation, cash or securities deposited thereunder to secure the performance by the lessees of their
obligations thereunder and all rents, additional rents, revenues, issues and profits (including all oil and gas or other mineral royalties and bonuses) from the Land and the Improvements (the “Rents”), subject to the license to
collect and use such Rents pursuant to the provisions of Section 3.7 below, and all proceeds from the sale or other disposition of the Leases; 
  

 2 

 (i) Intentionally Omitted; 

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

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

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

(s) Reserve Accounts. All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts,
certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof; 

 

 3 

 (t) TIC Agreement. Borrower’s contract rights under that certain
Tenancy-in-Common Agreement executed by and among West and Venture and dated on or about the date hereof (such agreements, together with all amendments, restatements, memoranda or other modifications thereof, collectively, the “TIC
Agreement”); 
 (u) Assignments/Modifications of TIC Agreement. Borrower’s contract rights under all
assignments, modifications, extensions and renewals of the TIC Agreement and all credits, deposits, options, privileges and rights of West and/or Venture under the TIC Agreement, including, but not limited to, any rights of first refusal relating
thereto arising under Section 363(i) of the Bankruptcy Code; 
 (v) Proceeds. All proceeds of any of the foregoing
items set forth in subsections (a) through (r); and 
 (w) Other Rights. Any and all other rights of Borrower in and
to the items set forth in subsections (a) through (t) above. 
 Section 1.2. ASSIGNMENT OF RENTS. Borrower
hereby absolutely and unconditionally assigns to Lender Borrower’s right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and
not an assignment for additional security only. Notwithstanding the foregoing or anything to the contrary contained herein, until (a) the occurrence and continuance of an Event of Default in connection with which Lender has elected to
accelerate the Loan in accordance with the applicable terms hereof and (b) such Event of Default has continued up to the earlier date of the following occurrences: (i) ninety (90) days after Lender’s delivery to Borrower of
written notice of the commencement of such Event of Default or (ii) Lender’s commencement of a foreclosure (either judicial or non-judicial) or acceptance of a deed-in lieu of foreclosure (the “Acceleration Default”), all
Rents shall be deposited, held and applied pursuant to that certain Restricted Account Agreement by and among Borrower and Lender (among others) (the “Restricted Account Agreement”) and that certain Cash Management Agreement dated
as of the date hereof between Borrower and Lender (the “Cash Management Agreement”). 
 Section 1.3.
SECURITY AGREEMENT. This Security Instrument is both a real property mortgage and a “security agreement” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights
and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations, a security interest in the Property to the
full extent that the Property may be subject to the Uniform Commercial Code. To the extent permitted by law, Borrower and Lender agree that with respect to all items of Personal Property, which are or will become fixtures on the Land, this Security
Instrument, upon recording or registration in the real estate records of the proper office, shall constitute a “fixture filing” within the meaning of the applicable provisions of the Uniform Commercial Code of the State of Hawaii. Borrower
is the record owner of the Land. 
  

 4 

 Section 1.4. PLEDGE OF MONIES HELD. Borrower hereby pledges to Lender any and
all monies belonging to Borrower which are now or hereafter held by Lender, and which are (i) deposited in the Escrow Fund (as defined in Section 3.5), (ii) Net Proceeds (as defined in Section 4.4), and/or (iii) condemnation
awards or payments described in Section 3.6, as additional security for the Obligations until expended or applied as provided in this Security Instrument. 
 CONDITIONS TO GRANT 
 TO HAVE AND TO HOLD the above granted and described
Property unto and to the use and benefit of Lender its successors and assigns, forever, however, upon the terms and conditions set forth herein; 
 PROVIDED, HOWEVER, these presents are upon the express condition that, when all of the Obligations have been paid in full, Lender shall re-convey the Property and shall surrender this Security Instrument
and all notes and instruments evidencing the Obligations to Borrower. 
 Article 2. PAYMENTS 

Section 2.1. DEBT AND OBLIGATIONS SECURED. This Security Instrument and the grants, assignments and transfers made in Article
1 are given for the purpose of securing the following, in such order of priority as Lender may determine in its sole discretion (the “Debt”): (a) the payment of the indebtedness evidenced by the Note in lawful money of the
United States of America; (b) the payment of interest, prepayment premiums, default interest, late charges and other sums, as provided in the Note, this Security Instrument or the Other Security Documents (defined below); (c) the payment
of all other moneys agreed or provided to be paid by Borrower in the Note, this Security Instrument or the Other Security Documents (collectively sometimes referred to herein as the “Loan Documents”); (d) the payment of all
sums advanced pursuant to this Security Instrument to protect and preserve the Property and the lien and the security interest created hereby; (e) the payment of all sums reasonably advanced and costs and expenses reasonably incurred (including
unpaid or unreimbursed servicing and special servicing fees) by Lender in connection with the Debt or any part thereof, any renewal, extension, or change of or substitution for the Debt or any part thereof, or the acquisition or perfection of the
security therefor, whether made or incurred at the request of Borrower or Lender. This Security Instrument and the grants, assignments and transfers made in Article 1 are also given for the purpose of securing the performance of all other
obligations of Borrower contained herein and the performance of each obligation of Borrower contained in any renewal, extension, amendment, modification, consolidation, change of, or substitution or replacement for, all or any part of this Security
Instrument, the Note, or the Other Security Documents (collectively, the “Other Obligations”). Borrower’s obligations for the payment of the Debt and the performance of the Other Obligations shall be referred to collectively
herein as the “Obligations.” 
 Section 2.2. PAYMENTS. Unless payments are made in the required
amount in immediately available funds at the place where the Note is payable, remittances in payment of all 
  

 5 

 
or any part of the Debt shall not, regardless of any receipt or credit issued therefor, constitute payment until the required amount is actually received by Lender in funds immediately available
at the place where the Note is payable (or any other place as Lender, in Lender’s sole discretion, may have established by delivery of written notice thereof to Borrower) and shall be made and accepted subject to the condition that any check or
draft may be handled for collection in accordance with the practice of the collecting bank or banks. Acceptance by Lender of any payment in an amount less than the amount then due shall be deemed an acceptance on account only, and the failure to pay
the entire amount then due shall not cure any then-existing Event of Default (defined below). 
 Article 3. BORROWER
COVENANTS 
 Borrower covenants and agrees that: 
 Section 3.1. PAYMENT OF DEBT. Borrower will pay the Debt at the time and in the manner provided in the Note and in this Security Instrument. 

Section 3.2. INCORPORATION BY REFERENCE. All the covenants, conditions and agreements contained in (a) the Note and
(b) all and any of the documents other than the Note or this Security Instrument now or hereafter executed by Borrower and/or others and by or in favor of Lender, which wholly or partially secure or guaranty payment of the Note (the
“Other Security Documents”), are hereby made a part of this Security Instrument to the same extent and with the same force as if fully set forth herein. 
 Section 3.3. INSURANCE. 
 (a) Borrower, at its sole cost and expense,
for the mutual benefit of Borrower and Lender, shall obtain and maintain, or cause to be maintained, during the entire term of this Security Instrument policies of insurance for Borrower and the Property providing at least the following coverages:

 (i) comprehensive all risk insurance (“Special Form”) including, but not limited to, loss caused by any type
of windstorm or hail on the Improvements and the Personal Property, (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Security Instrument shall mean actual replacement
value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation, but the amount shall in no event be less than the outstanding principal balance of the Loan; (B) containing an agreed
amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions or to be written on a no co-insurance form; (C) providing for no deductible in excess of Twenty-Five Thousand and No/100 Dollars
($25,000.00) for all such insurance coverage and (D) if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses, coverage for loss due to operation of law in an amount equal to the
Full Replacement Cost, coverage for demolition costs and coverage for increased costs of construction. In addition, Borrower shall obtain: (y) if any portion of the Improvements is currently or at any time in the future located in a federally
designated “special flood hazard area”, flood hazard insurance in an amount equal to the lesser of (1) the outstanding principal balance of the Note or (2) the maximum amount of

  

 6 

 
such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended or
such lesser amount as Lender shall require; and (z) earthquake insurance in amounts and in form and substance reasonably satisfactory to Lender in the event the Property is located in an area with a high degree of seismic activity, provided
that the insurance required to be maintained pursuant to clauses (y) and (z) above shall be on terms consistent with the Special Form policy required pursuant to this subsection (i). Notwithstanding anything to the contrary in this
Security Instrument, the insurance coverage described in the foregoing subparagraphs (y) and (z) shall be required (1) as of the date hereof only if determined to be necessary by Lender based upon its reasonable evaluation of third
party reports, and (2) at any time hereafter in the event subsequent third party reports indicate a change in the condition of or circumstances surrounding the Property; 
 (ii) rental loss insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in subsection (i) above; (C) in an annual
aggregate amount equal to 100% of all rents or estimated gross revenues from the operation of the Properties (as reduced to reflect actual vacancies and expenses not incurred during a period of Restoration) and covering rental losses for a period of
at least eighteen (18) months, after the date of the casualty, and notwithstanding that the Policy may expire prior to the end of such period; and (D) containing an extended period of indemnity endorsement which provides that after the
physical loss to the Improvements and the Personal Property has been repaired, the continued loss of income will be insured until such income returns to the same level it was prior to the loss, or the expiration of six (6) months from the date
of the completion of the Restoration, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such rental loss insurance shall be determined prior to the date hereof and at least once
each year thereafter based on Borrower’s reasonable estimate of the gross income from the Property for the succeeding eighteen (18) month period and a reasonable vacancy factor acceptable to Lender. All proceeds payable to Lender pursuant
to this subsection shall be disbursed by Lender to Borrower immediately following Lender’s receipt thereof, provided no Event of Default is then in existence; provided, however, (i) if a Cash Management Period (as defined in
the Cash Management Agreement) then exists, such proceeds shall be deposited into the Cash Management Account (as defined in the Cash Management Agreement) and disbursed in accordance with the applicable terms and conditions of the Cash Management
Agreement, and (ii) that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan
Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance; 
 (iii) at
all times during which structural construction, repairs or alterations are being made with respect to the Improvements, and only if the Property coverage form referenced in subsection (i), above, does not otherwise apply, (A) owner’s
contingent or protective liability insurance, otherwise known as Owner Contractor’s Protective Liability, covering claims not covered by or under the terms or provisions of the commercial general liability insurance policy in (v) below;
and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above,
(3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving co-insurance provisions; 
  

 7 

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

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

(vii) umbrella liability insurance in an amount not less than Ten Million and No/100 Dollars ($10,000,000.00) per occurrence on terms
consistent with the commercial general liability insurance policy required under subsection (ii) above, including, but not limited to, supplemental coverage for workers’ compensation and automobile liability, which umbrella liability
coverage shall apply in excess of the automobile liability coverage in clause (vi) above; 
 (viii) so-called
“dramshop” insurance, if applicable, or other liability insurance required in connection with the sale of alcoholic beverages; and 
 (ix) upon sixty (60) days’ written notice, such other reasonable insurance such as 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 3.3(a) shall be obtained under valid and enforceable policies (collectively, the
“Policies” or in the singular, the “Policy”), and (i) shall be issued by financially sound and responsible insurance companies reasonably approved by Lender, and authorized or licensed to do business in the
state where the Property is located, with claims paying ability/financial strength ratings of “AA” or better by S&P (as defined in the Cash Management Agreement) and Fitch (as defined in the Cash Management Agreement) and
“Aa2” or better by Moody’s (as defined in the Cash Management Agreement) and general policy ratings of A or better and financial classes of X or better by A.M. Best Company, Inc.; (ii) shall name Borrower as the insured and
Lender as an additional insured, as its interests may appear; (iii) in the case of property damage, boiler and machinery and, if required pursuant to the provisions hereof, flood and earthquake insurance, shall contain a so called New York Non
Contributory Standard Mortgagee Clause and (other than those strictly limited to liability protection) a 
  

 8 

 
Lender’s Loss Payable Endorsement (Form 438 BFU NS), or their equivalents, naming Lender as the person to which all payments made by such insurance company shall be paid; (iv) shall
contain a waiver of subrogation against Lender; (v) shall be maintained throughout the term of this Security Instrument without cost to Lender; (vi) shall be assigned and, if requested in writing by Lender, the originals (or duplicate
originals certified to be true and correct by the applicable insurer or its agent) delivered to Lender; and (vii) shall contain such provisions, consistent with the provisions hereof, as Lender deems reasonably necessary or desirable to protect
its interest including, without limitation, endorsements or clauses providing that (I) neither Borrower, Lender nor any other party shall be a co insurer under said Policies, (II) that Lender shall receive at least ten (10) days prior
written notice of any modification, reduction or cancellation of any Policy, (III) no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to comply with the provisions of any Policy, which
might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned, (IV) Lender shall not be liable for any Insurance Premiums (defined
below) thereon or subject to any assessments thereunder, and (V) such Policies do not exclude coverage for acts of terror or similar acts of sabotage. Any blanket Policy shall specifically allocate to the Property the amount of coverage from
time to time required hereunder and shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions of Section 3.3(a). Borrower shall pay the premiums for such Policies (the
“Insurance Premiums”) as the same become due and payable and shall furnish to Lender evidence of the renewal of each of the new Policies with receipts for the payment of the Insurance Premiums or other evidence of such payment
reasonably satisfactory to Lender (provided that such Insurance Premiums have not been paid to Lender or Lender’s servicing agent pursuant to Section 3.5 hereof). If Borrower does not furnish such evidence and receipts at least thirty
(30) days prior to the expiration of any apparently expiring Policy, then Lender may procure, but shall not be obligated to procure, such insurance and pay the Insurance Premiums therefor, and Borrower agrees to reimburse Lender for the cost of
such Insurance Premiums promptly on demand. Within thirty (30) days after request by Lender, Borrower shall obtain such increases in the amounts of coverage required hereunder as may be reasonably requested by Lender, taking into consideration
changes in the value of money over time, changes in liability laws, changes in prudent customs and practices, and the like; provided, however, such increased coverages shall not be requested more frequently than once every three years, and shall
only be requested if such coverage is commercially available at commercially reasonable rates and such rates are consistent with those paid in respect of comparable properties in comparable locations, and Lender also reasonably determines that
either (I) prudent owners of real estate comparable to the Property are maintaining same or (II) prudent institutional lenders (including without limitation, investment banks) to such owners are generally requiring that such owners maintain
such insurance. 
 (c) If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty, Borrower
shall give prompt notice of such damage to Lender and shall promptly commence and diligently prosecute the completion of the repair and restoration of the Property as nearly as possible to the condition the Property was in immediately prior to such
fire or other casualty, with such alterations as may be approved by Lender (the “Restoration”) and otherwise in accordance with Section 4.4 of this Security Instrument. Borrower shall pay all costs of such Restoration whether
or not such costs are covered by insurance. In case of loss covered by Policies, Lender may either (1) settle and adjust any claim, or (2) allow Borrower to agree with 

 

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the insurance company or companies on the amount to be paid upon the loss; provided, that (A) provided no Event of Default shall have occurred and be continuing, Borrower may
adjust losses aggregating not in excess of the Threshold Amount (defined below) if such adjustment is carried out in a competent and timely manner and (B) if no Event of Default shall have occurred and be continuing, Lender shall not settle or
adjust any such claim under clause (1), above, without the consent of Borrower, which consent shall not be unreasonably withheld or delayed. In any case Lender shall and is hereby authorized to collect and receipt for any such insurance proceeds;
and the reasonable expenses incurred by Lender in the adjustment and collection of insurance proceeds shall become part of the Debt and be secured hereby and shall be reimbursed by Borrower to Lender upon demand. 

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

Section 3.5. ESCROW FUND. Except as provided below, Borrower shall pay to Lender on the first day of each calendar month
(a) one twelfth of an amount which would be sufficient to pay the Taxes payable, or estimated by Lender to be payable, during the next 
  

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ensuing twelve (12) months and (b) one twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the
expiration thereof (the amounts in (a) and (b) above shall be called the “Escrow Fund”). Borrower agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of any Taxes and
Insurance Premiums of which it has obtained knowledge and authorizes Lender or its agent to obtain the bills for Taxes and Other Charges directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal or
both, payable pursuant to the Note shall be added together and shall be paid as an aggregate sum by Borrower to Lender. Lender will timely apply the Escrow Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to
Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall promptly return any excess to Borrower. In disbursing such excess,
Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not sufficient to pay the items set forth in (a) and (b) above, Borrower shall promptly pay to Lender, upon demand, an
amount which Lender shall estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a trust fund and may be commingled with other monies held by Lender. No earnings or interest on the Escrow Fund shall be payable to
Borrower. Notwithstanding the foregoing, Borrower shall not be required to make deposits to the Escrow Fund for Insurance Premiums pursuant to this Section 3.5 so long as (i) no Event of Default occurs and is continuing hereunder,
(ii) Borrower pays all Insurance Premiums by no later than ten (10) Business Days prior to the delinquency thereof, and (iii) Borrower provides Lender paid receipts for the payment of the Insurance Premiums by no later than one
(1) Business Day prior to the delinquency thereof. Upon the occurrence of a failure of any of the conditions specified in clauses (i) through (iii) above, Borrower shall, upon Lender’s demand therefor, commence making the
deposits to the Escrow Fund for Insurance Premiums required pursuant to this Section 3.5 commencing with the next Monthly Payment Date (as defined in the Note), which payments shall continue until Borrower corrects each such failure.

 Section 3.6. CONDEMNATION. Borrower shall promptly give Lender notice of the actual or threatened commencement of
any condemnation or eminent domain proceeding affecting the Land and/or the Improvements and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender is hereby irrevocably appointed as Borrower’s
attorney in fact coupled with an interest, with exclusive powers to collect, receive and apply to the Debt (or provide to Borrower to pay for Restoration) any award or payment for any taking accomplished through a condemnation or eminent domain
proceeding and, at any time during which an Event of Default has occurred and is continuing, to make any compromise or settlement in connection therewith. All condemnation awards or proceeds shall be either (a) paid to Lender for application
against the Debt or (b) applied to Restoration of the Property in accordance with Section 4.4 hereof. Notwithstanding any taking by any public or quasi public authority through eminent domain or otherwise (including but not limited to any
transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Security Instrument and the Debt shall not be reduced
until any award or payment therefor shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the award by
the condemning authority but shall be entitled to receive out of the award interest at the 
  

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rate or rates provided herein or in the Note. Any award or payment to be applied to the reduction or discharge of the Debt or any portion thereof may be so applied whether or not the Debt or such
portion thereof is then due and payable. If the Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the award or payment, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been
or may be sought, recovered or denied, to receive the award or payment, or a portion thereof sufficient to pay the unpaid portion of the Debt. 
 Notwithstanding anything contained in this Section 3.6 or this Security Instrument to the contrary, but subject to the provisions of Section 4.4, below, Lender may elect to (y) apply the
net proceeds of any condemnation award (after deduction of Lender’s reasonable costs and expenses, if any, in collecting the same) in reduction of the Debt in such order and manner as Lender may elect, whether due or not, or (z) make the
proceeds available to Borrower for the restoration or repair of the Property. Any implied covenant in this Security Instrument restricting the right of Lender to make such an election is waived by Borrower. In addition, Borrower hereby waives the
provisions of any law prohibiting Lender from making such an election. 
 Section 3.7. LEASES AND RENTS.
(a) Borrower does hereby absolutely and unconditionally assign to Lender, Borrower’s right, title and interest in all current and future Leases and Rents, it being intended by Borrower that this assignment constitutes a present, absolute
assignment and not an assignment for additional security only. Such assignment to Lender shall not be construed to bind Lender to the performance of any of the covenants, conditions or provisions contained in any such Lease or otherwise impose any
obligation upon Lender. Borrower agrees to execute and deliver to Lender such additional instruments, in form and substance satisfactory to Lender, as may hereafter be requested by Lender to further evidence and confirm such assignment.
Nevertheless, subject to the terms of this Section 3.7, Lender grants to Borrower a revocable license (revocable only as provided herein) to operate and manage the Property and to collect, retain, and enjoy the Rents pursuant to (and as such
license may be limited by) the terms and conditions contained in the Restricted Account Agreement and the Cash Management Agreement. Furthermore, notwithstanding anything to contrary contained herein and notwithstanding the rights granted to Lender
pursuant to this Section 3.7, all Rents shall be deposited, held and applied pursuant to the provisions of the Restricted Account Agreement and the Cash Management Agreement. Upon the occurrence and continuance of an Acceleration Default, the
license granted to Borrower herein shall automatically be revoked (subject to automatic reinstatement upon Borrower’s cure of the applicable Event of Default), and Lender shall, subject to the provisions of the Other Security Documents,
immediately be entitled to possession of all Rents, whether or not Lender enters upon or takes control of the Property. Subject to the provisions of the Other Security Documents, Lender is hereby granted by Borrower the right, at its option, during
any period of revocation of the license granted herein, to enter upon the Property in person, by agent or by court appointed receiver to collect the Rents. Any Rents collected during the revocation of the license shall, subject to any contrary
provision of the Other Security Documents, be applied by Lender against the Debt, in such order and priority as it may determine. 
 (b) All Leases entered into after the date hereof shall be written on (i) the standard form of lease which has been approved by Lender or (ii) an Acceptable Chain Tenant Form

  

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(defined below). Commercially reasonable changes may be made to the Lender-approved standard lease or an Acceptable Chain Tenant Form without the prior written consent of Lender in the ordinary
course of Borrower’s business. All Leases (including any Acceptable Chain Tenant Form) shall provide that they are subordinate to this Security Instrument (subject to Lender’s agreement (by Lender’s acceptance of this Security
Instrument hereby given) not to disturb such tenant’s tenancies while they are in compliance with the terms of their Lease) and that the tenant thereunder agrees to attorn to Lender. As used herein, the term “Acceptable Chain Tenant
Form” shall mean the form of lease promulgated by a prospective national or regional chain tenant that insists, on a programmatic or institutional basis, on using its own form of lease; provided, that, the provisions contained in such form
of lease (i) are commercially reasonably for properties similar to the Property, (ii) do not contain any rights, options (including, without limitation, rights to purchase the Property or any interest therein) or obligations that would be
unacceptable to a prudent secondary market lender substantially similar to Lender and (iii) do not have a Material Adverse Effect (defined below). As used above, the term “Material Adverse Effect” shall mean a material adverse
effect on (i) the Property, (ii) the business, profits, prospects, management, operations or condition (financial or otherwise) of Borrower, Guarantor or the Property, (iii) the enforceability, validity, perfection or priority of the
lien of this Security Instrument or the other Loan Documents, or (iv) the ability of Borrower to perform its obligations under this Security Instrument or the other Loan Documents. 

(c) Borrower (i) shall observe and perform all material obligations imposed upon the lessor under the Leases and shall not do or
permit to be done anything to impair the value of the Leases as security for the Debt; (ii) shall promptly send copies to Lender of all notices of default which Borrower shall receive thereunder; (iii) shall not collect any of the Rents
more than one (1) month in advance (other than security deposits and prepaid first and last month’s rent collected in the ordinary course of Borrower’s business); and (iv) shall not execute any other assignment of the
lessor’s interest in the Leases or the Rents. Borrower (A) shall enforce all material terms, covenants and conditions contained in the Leases upon the part of the lessees thereunder to be observed or performed, short of termination thereof
and short instituting litigation (provided, that, Borrower (1) shall be obligated to so institute litigation if the failure to do so would have a Material Adverse Effect and (2) may terminate a Lease only in the event of (aa) a monetary
event of default under such Lease or (bb) a material non-monetary default under such Lease where the tenant fails to cure such event of default 30 days beyond the cure period set forth in the subject Lease); (B) may alter, modify or change the
terms of the Leases in any material respect without the prior written consent of Lender, provided that such alterations, modifications or changes are commercially reasonable alterations, modifications or changes agreed to in the ordinary course of
Borrower’s business; (C) shall not, without Lender’s consent, convey or transfer or suffer or permit a conveyance or transfer of the Property or of any interest therein so as to effect a merger of the estates and rights, or a
termination or diminution of the obligations of, tenants under the Leases; (D) may approve or consent to any assignment of or subletting under the Leases in accordance with the terms of such Leases, without the prior written consent of Lender;
and (E) shall not cancel the Leases or accept a surrender thereof, except that any Lease may be canceled if at the time of the cancellation thereof a new Lease is entered into on substantially the same terms or more favorable terms as the
canceled Lease. 
 (d) Borrower, as the lessor thereunder, may enter into proposed lease renewals and new leases without the
prior written consent of Lender, provided each such proposed lease: 
  

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(i) shall have an initial term of not less than three (3) years or greater than ten (10) years; (ii) shall provide for rental rates (including rates during any renewal or
option term or rates applicable to any expansion space) comparable to then existing local market rates that would be agreed to in an arm’s length transaction; (iii) shall be to a tenant which Borrower reasonably determines to be capable
and reputable; and (iv) shall comply with the provisions of subsection (b) above (except that any lease renewals may be on the same form as the original lease). Borrower may enter into a proposed lease which does not satisfy all of the
conditions set forth in clauses (i) through (iv) immediately above, provided Lender consents in writing to such proposed lease, such consent not to be unreasonably withheld or delayed. Borrower expressly understands that any and all
proposed leases are included in the definition of “Lease” or “Leases” as such terms may be used throughout this Security Instrument, the Note and the Other Security Documents. Borrower shall furnish Lender with executed copies of
all Leases and any amendments or other agreements pertaining thereto. 
 (e) Notwithstanding anything to the contrary contained
herein or in any other Loan Document, Borrower shall not, without the prior written consent of Lender, enter into, renew, extend, terminate (for reasons other than non-payment of rent), reduce rents under, permit an assignment or subleasing of
(other than in accordance with its express terms) or otherwise amend, modify or waive any material or economic provisions of, accept a surrender of space under, or shorten the term of, any Major Lease or any instrument guaranteeing or providing
credit support for any Major Lease. As used herein, the term “Major Lease” shall mean (i) any Lease which, individually or when aggregated with all other Leases at the Property with the same tenant or any Affiliate (defined
below) of such tenant, demises 25,000 square feet or more of the Property’s net rentable square footage, (ii) any Lease which contains any option, offer, right of first refusal or other similar entitlement to purchase all or any portion of
the Property (which such rights shall be deemed to be exclusive of any rights under any Lease to extend the term thereof or to lease additional space at the Property) or (iii) any instrument guaranteeing or providing credit support for any
Lease meeting the requirements of (i) or (ii) above. As used above, the term “Affiliate” shall mean, with respect to any tenant under any Lease at the Property, any affiliate of such tenant, unless such affiliate
(i) operates under a separate trade name and under a separate corporate or other similar division from such tenant and (ii) is otherwise treated as a separate tenant under a separate Lease by Borrower. Notwithstanding the foregoing,
Lender’s prior written consent shall be required in order for Borrower to terminate (for reasons other than non-payment of rent), accept a surrender of space under or shorten the term of any Lease (or any instrument guaranteeing or providing
credit support for such Lease) if such applicable Lease, individually or when aggregated with all other Leases at the Property with the same tenant or any Affiliate of such tenant, demises 20,000 square feet or more of the Property’s net
rentable square footage. 
 (f) Notwithstanding anything to the contrary contained herein, to the extent Lender’s prior
approval is required for any leasing matters set forth in this Section, Lender shall have ten (10) Business Days from receipt of written request and all required information and documentation relating thereto in which to approve or disapprove
such matter, provided that such request to Lender is marked in bold lettering with the following language: “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF A MORTGAGE
BETWEEN THE UNDERSIGNED AND LENDER”. In the event that Lender fails to respond to the leasing 
  

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matter in question within such time, Lender’s approval shall be deemed given for all purposes. Borrower shall provide Lender with such information and documentation as may be reasonably
required by Lender, including, without limitation, lease comparables and other market information as reasonably required by Lender. Lender shall not be entitled to any fee or reimbursement in connection with any such review and approval process in
excess of the reasonable fees or reimbursements customarily charged by lenders or servicers of secondary market loans similar to the Loan for actions similar to the foregoing. 
 (g) Intentionally Omitted. 
 (h) Intentionally Omitted. 

(i) Within ten (10) Business Days after receipt of written request therefore and a copy of the executed corresponding Lease, Lender
shall execute and deliver to Borrower a subordination, non-disturbance and attornment agreement (an “SNDA”). If the form of the SNDA shall be prescribed by the Lease in question, and Lender shall have approved (or been deemed to
have approved) such Lease, Lender shall execute and deliver the SNDA in the form prescribed by such Lease. In the case of any other Lease or any Lease as to which Lender’s approval is not required pursuant to the terms hereof where such tenant
thereunder requests an SNDA, the SNDA to be executed and delivered by Lender shall be in substantially the form attached hereto as Exhibit B, as such form may be modified to reflect reasonable changes thereto negotiated by Lender and such
tenant. Lender agrees to negotiate in good faith the terms of the SNDA with any tenant under any Lease. All reasonable attorneys’ fees and disbursements incurred by Lender in connection with the negotiation of such SNDA shall be payable by
Borrower within ten (10) Business Days after Lender’s written request therefore, whether or not the SNDA is ultimately executed and/or recorded. 
 Section 3.8. MAINTENANCE OF PROPERTY. Borrower shall cause the Property to be maintained in a good and safe condition and repair. The Improvements and the Personal Property shall not be
removed, demolished or materially altered (except for normal replacement of the Personal Property) without the consent of Lender. Without limiting the foregoing, Lender hereby acknowledges that Borrower has informed Lender that Borrower is
contemplating developing (for retail purposes) a portion of the Property located to the east of the premises currently demised to Kmart. Borrower shall promptly repair, replace or rebuild any part of the Property which may be destroyed by any
casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.6 hereof and shall complete and pay for any structure at any time in the process of construction or repair on
the Land. Borrower shall not initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or defining the uses which may be made of the Property or any
part thereof which may have a material adverse affect on the use, operation or value of the Property. If under applicable zoning provisions the use of all or any portion of the Property is or shall become a nonconforming use, Borrower will not cause
or permit the nonconforming use to be discontinued or abandoned without the express written consent of Lender. 

Section 3.9. WASTE. Borrower shall not commit or suffer any waste of the Property or make any change in the use of the
Property which will in any way materially increase the risk 
  

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of fire or other hazard arising out of the operation of the Property, or take any action that might invalidate or give cause for cancellation of any Policy, or do or permit to be done thereon
anything that may in any way impair the value of the Property or the security of this Security Instrument. Borrower will not, without the prior written consent of Lender, permit any drilling or exploration for or extraction, removal, or production
of any minerals from the surface or the subsurface of the Land, regardless of the depth thereof or the method of mining or extraction thereof. 
 Section 3.10. COMPLIANCE WITH LAWS. Borrower shall promptly comply with all existing and future federal, state and local laws, orders, ordinances, governmental rules and regulations or court
orders affecting or which may be interpreted to affect the Property, or the use thereof (“Applicable Laws”). Borrower shall from time to time, upon Lender’s request, based on Lender’s belief, in the exercise of
Lender’s reasonable judgment, that the Property is in violation of any Applicable Law, provide Lender with evidence satisfactory to Lender that the Property complies with the Applicable Laws which Lender believes the Property is in violation of
or is exempt from compliance with such Applicable Laws. Borrower shall give prompt notice to Lender of the receipt by Borrower of any notice related to a violation of any Applicable Laws and of the commencement of any proceedings or investigations
which relate to compliance with Applicable Laws. 
 Section 3.11. BOOKS AND RECORDS. (a) Borrower shall keep
adequate books and records of account in accordance with Borrower’s current methods (which such methods are tax basis accounting) or such other method as may be acceptable to Lender in its reasonable discretion, in each case consistently
applied (each or any of the foregoing, the “Approved Accounting Method”) and furnish to Lender: 
 (i) prior to
Securitization (defined below), monthly (but in no event for a period of more than two (2) years from the date hereof) and, thereafter, quarterly, rent rolls signed, dated and certified by Borrower (or an officer, general partner or principal
of Borrower if Borrower is not an individual) to be true and complete to the best knowledge of such person, detailing the names of all tenants of the Improvements, the portion of Improvements occupied by each tenant, the base rent and any other
charges payable under each Lease and the term of each Lease, including the expiration date, and any other information as is reasonably required by Lender, within thirty (30) days after the end of each calendar month or quarter (as applicable);

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

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 (iii) an annual balance sheet and profit and loss statement of Borrower, prepared and
certified by Borrower, and, if available, any financial statements prepared by an independent certified public accountant within ninety (90) days after the close of each fiscal year of Borrower. 

(b) 
 (i) Upon
request from Lender, Borrower and its affiliates shall furnish to Lender: (1) an accounting of all security deposits held in connection with any Lease of any part of the Property; and (2) an annual operating budget presented on a monthly
basis consistent with the annual operating statement described above for the Property and all proposed capital replacements and improvements. 
 (ii) (A) During the occurrence and continuance of a Cash Management Period (as defined in the Cash Management Agreement dated the date hereof), Lender shall have the right to approve each annual operating
budget for the Property, which such budget shall set forth in reasonable detail budgeted monthly operating income and monthly budgeted operating capital and other expenses for the Property. Borrower shall submit to Lender (a) a draft operating
budget in form and substance reasonably acceptable to Lender no later than thirty (30) days prior to the commencement of each Fiscal Year (defined below) during the continuance of a Cash Management Period; and (b) a final operating budget
in form and substance reasonably acceptable to Lender no later than fifteen (15) days prior to the commencement of each Fiscal Year during the continuance of a Cash Management Period. In no event shall Lender be required to make (or cause to be
made) any disbursements from the Borrower Expense Subaccount (as defined in the Cash Management Agreement) until Lender has received the Approved Annual Budget (defined below) for the applicable Fiscal Year. Prior to Lender’s approval of a
draft operating budget, the most recent Approved Annual Budget shall apply. Any annual operating budget approved by Lender in accordance with the terms hereof shall be referred to as an “Approved Annual Budget”. Notwithstanding the
foregoing, upon the commencement of a Cash Management Period, Lender shall have the right to approve all requests by Borrower for disbursement for operating costs and expenses and Extraordinary Expenses (as defined in the Cash Management Agreement
dated the date hereof) pursuant to the terms of such Cash Management Agreement until Lender’s approval of the Approved Annual Budget for the immediately succeeding Fiscal Year in accordance with this Subsection 3.11(b)(ii). 

(B) Notwithstanding anything to the contrary contained herein, to the extent Lender’s prior approval is required for any budget or
budget matters set forth in this Section 3.11(b)(ii), Lender shall have ten (10) Business Days from receipt of written request and all required information and documentation relating thereto in which to approve or disapprove such matter,
provided that such request to Lender is marked in bold lettering with the following language: “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE (SUBJECT TO LENDER’S RIGHT TO RECEIVE AN
EXTENSION NOTICE) PURSUANT TO THE TERMS OF A MORTGAGE BETWEEN THE UNDERSIGNED AND LENDER” and the envelope containing the request must be marked “PRIORITY.” Borrower shall be further obligated to send to Lender a subsequent written
notice (the “Extension Notice”) if Lender does not respond to Borrower’s initial ten (10) Business Day Notice, which Extension Notice shall not be delivered by Borrower until the expiration of the

  

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initial ten (10) Business Day period set forth above. In the event that Lender fails to respond to the budget or budget matter in question within five (5) Business Days of receipt of
the Extension Notice, Lender’s approval shall be deemed given for all purposes. Borrower shall provide Lender with such information and documentation as may be reasonably required by Lender. 

(c) Borrower and its affiliates shall furnish Lender with such other additional financial or management information as may, from time to
time, be reasonably required by Lender. 
 (d) If requested by Lender, Borrower shall provide Lender with the following
financial statements (it being understood that Lender shall request (i) full financial statements only if it anticipates that the principal amount of the Loan at the time of Securitization may, or if the principal amount of the Loan at any time
during which the Loan is included in a Securitization does, equals or exceeds 20% of the aggregate principal amount of all mortgage loans included in the Securitization and (ii) summaries of such financial statements only if the principal
amount of the Loan at any such time equals or exceeds 10% of such aggregate principal amount): 
 (i) As of the date of the
closing of the Loan (the “Closing Date”), a balance sheet with respect to the Property for the two most recent fiscal years of Borrower or Sponsor (each such year, a “Fiscal Year”), meeting the requirements of
Section 210.3-01 of Regulation S-X of the Securities Act (defined below) and statements of income and statements of cash flows with respect to the Property for the three most recent Fiscal Years, meeting the requirements of
Section 210.3-02 of Regulation S-X, and, to the extent that such balance sheet is more than 135 days old as of the Closing Date, interim financial statements of the Property meeting the requirements of Section 210.3-01 and 210.3-02 of
Regulation S-X (all of such financial statements, collectively, the “Standard Statements”); provided, however, to the extent the Property that has been acquired by Borrower from an unaffiliated third party (an “Acquired
Property”) and as to which the other conditions set forth in Section 210.3-14 of Regulation S-X for the provision of financial statements in accordance with such Section have been met (other than any Property that is a hotel, nursing
home or other property that would be deemed to constitute a business and not real estate under Regulation S-X and as to which the other conditions set forth in Section 210.3-05 of Regulation S-X for provision of financial statements in
accordance with such Section have been met (a “Business Property”)), in lieu of the Standard Statements otherwise required by this Section, Borrower shall instead provide the financial statements required by such
Section 210.3-14 of Regulation S-X; provided, further, however, with respect to any Business Property which is an Acquired Property, Borrower shall instead provide the financial statements required by Section 210.3-05 (such
Section 210.3-14 or Section 210.3-05 financial statements referred to herein as (“Acquired Property Statements”)). 
 (ii) Not later than 30 days after the end of each fiscal quarter following the Closing Date, a balance sheet of the Property as of the end of such fiscal quarter, meeting the requirements of
Section 210.3-01 of Regulation S-X, and statements of income and statements of cash flows of the Property for the period commencing on the day following the last day of the most recent Fiscal Year and ending on the date of such balance sheet
and for the corresponding period of the most recent Fiscal Year, meeting the requirements of Section 210.3-02 of Regulation S-X (provided, that if for such corresponding period of the most recent Fiscal Year

  

 18 

 
Acquired Property Statements were permitted to be provided hereunder pursuant to paragraph (i) above, Borrower shall instead provide Acquired Property Statements for such corresponding
period). If requested by Lender, Borrower shall also provide “summarized financial information,” as defined in Section 210.1-02(bb) of Regulation S-X, with respect to such quarterly financial statements. 

(iii) Not later than 60 days after the end of each Fiscal Year following the Closing Date, a balance sheet of the Property as of the end
of such Fiscal Year, meeting the requirements of Section 210.3-01 of Regulation S-X, and statements of income and statements of cash flows of the Property for such Fiscal Year, meeting the requirements of Section 210.3-02 of Regulation
S-X. If requested by Lender, Borrower shall provide summarized financial information with respect to such annual financial statements. 
 (iv) Within ten (10) Business Days after notice from Lender in connection with the Securitization of this Loan, such additional financial statements, such that, as of the date (each a
“Disclosure Document Date”) of each Disclosure Document (defined below), Borrower shall have provided Lender with all financial statements as described in paragraph (i) above; provided that the Fiscal Year and interim periods
for which such financial statements shall be provided shall be determined as of such Disclosure Document Date. 
 (v) In the
event Lender determines, in connection with a Securitization, that the financial statements required in order to comply with Regulation S-X or Applicable Laws are other than as provided herein, then notwithstanding the provisions of this Section,
Lender may request, and Borrower shall promptly provide, such combination of Acquired Property Statements and/or Standard Statements as may be necessary for such compliance. 
 (vi) Any other or additional financial statements, or financial, statistical or operating information, as shall be required pursuant to Regulation S-X or other Applicable Laws in connection with any
Disclosure Document or any filing under or pursuant to the Exchange Act in connection with or relating to a Securitization (hereinafter an “Exchange Act Filing”) or as shall otherwise be reasonably requested by Lender to meet
disclosure, Rating Agency or marketing requirements. 
 (vii) All financial statements provided by Borrower pursuant to this
Section shall be prepared in accordance with GAAP, and shall meet the requirements of Regulation S-X and other Applicable Laws. All financial statements relating to a Fiscal Year shall be audited by the independent accountants in accordance with
generally accepted auditing standards, Regulation S-X and all other Applicable Laws, shall be accompanied by the manually executed report of the independent accountants thereon, which report shall meet the requirements of Regulation S-X and all
other Applicable Laws, and shall be further accompanied by a manually executed written consent of the independent accountants, in form and substance acceptable to Lender, to the inclusion of such financial statements in any Disclosure Document and
any Exchange Act Filing and to the use of the name of such independent accountants and the reference to such independent accountants as “experts” in any Disclosure Document and Exchange Act Filing, all of which shall be provided at the
same time as the related financial statements are required to be provided. All other financial statements shall be certified by the chief financial officer of Borrower, which certification shall state that such financial statements meet the
requirements set forth in the first sentence of this paragraph. 
  

 19 

 Section 3.12. PAYMENT FOR LABOR AND MATERIALS. Borrower will promptly pay when
due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with the Property and never permit to exist (subject to Borrower’s right to contest any such matter as described below) beyond the due
date thereof in respect of the Property or any part thereof any lien or security interest, even though inferior to the liens and the security interests hereof. Nothing contained herein shall, however, affect or impair Borrower’s ability to
diligently and in good faith contest any lien or bill for labor or materials, provided that any lien placed upon the Property must be fully and irrevocably discharged (by bond or otherwise) at least 30 days prior to the date such lien could
otherwise be foreclosed upon pursuant to Applicable Law. 
 Section 3.13. PERFORMANCE OF OTHER AGREEMENTS. Borrower
shall observe and perform each and every term to be observed or performed by Borrower pursuant to the terms of any agreement or recorded instrument affecting or pertaining to the Property, or given by Borrower to Lender for the purpose of further
securing an obligation secured hereby and any amendments, modifications or changes thereto. 
 Section 3.14. PROPERTY
MANAGEMENT. 
 (a) Borrower shall (i) promptly perform and observe all of the covenants required to be performed and
observed by it under the agreement between Manager and Borrower pursuant to which the manager of the Property (the “Manager”) is employed to perform management services for the Property (the “Management Agreement”)
and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any default under the Management Agreement of which it is aware; (iii) promptly deliver to Lender a copy of any
notice of default or other material notice received by Borrower under the Management Agreement; (iv) promptly give notice to Lender of any notice or information that Borrower receives which indicates that Manager is terminating the Management
Agreement or that Manager is otherwise discontinuing its management of the Property; and (v) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by Manager under the Management
Agreement. Borrower shall not, without the prior written consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed): (i) surrender, terminate or cancel the Management Agreement or otherwise replace Manager or
enter into any other management agreement with respect to the Property; (ii) reduce or consent to the reduction of the term of the Management Agreement; (iii) increase or consent to the increase of the amount of any charges under the
Management Agreement; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Management Agreement in any material respect. In the event that Borrower replaces Manager at any
time during the term of Loan, such Manager shall be a Qualified Manager (defined below). 
 (b) In the event that (i) an
Event of Default occurs and is not cured within the applicable cure period (if any) or waived, (ii) Manager shall become insolvent or a debtor in a proceeding under any applicable Insolvency Laws (as defined in the Note), or (iii) a
material 
  

 20 

 
default by Manager has occurred and is continuing under the Management Agreement beyond any applicable grace, notice or cure periods thereunder, then, upon the occurrence of any of the events
described in clauses (i) through (iii) above, Borrower shall, at Lender’s direction, immediately terminate the Management Agreement and enter into a new property management agreement reasonably acceptable to Lender with a management
company reasonably acceptable to Lender, which such new property management company must (i) be a Qualified Manager, (ii) not be an affiliate of, or controlled by, Lender, and (iii) have not provided (nor agreed to provide) Lender (or
its affiliates) with any compensation for being so named. In the event Lender directs Borrower to engage a professional third party property manager, then Borrower shall engage such a property manager pursuant to an agreement reasonably acceptable
to Lender, and Borrower and such manager shall execute an agreement acceptable to Lender conditionally assigning Borrower’s interest in such management agreement to Lender and subordinating manager’s right to receive fees and expenses
under such agreement while the Debt remains outstanding. In no event shall Lender or Borrower be liable for any termination, severance or other fees to Manager or others resulting from any termination of any property management agreement (including,
without limitation the Management Agreement). 
 (c) As used herein, the term “Qualified Manager” shall mean
(I) American Assets, Inc. (“AAI”) (unless such entity is the entity being replaced as property manager), or (II) a reputable and experienced professional management organization (a) which manages, together with its
affiliates, at least 2,000,000 square feet of gross leasable area (including all anchor space), exclusive of the Property and (b) approved by Lender, which approval shall not have been unreasonably withheld and for which Lender shall have
received (i) written confirmation from the Rating Agencies that the employment of such manager will not result in a downgrade, withdrawal or qualification of the initial, or if higher, then current ratings issued in connection with a
Securitization, or if a Securitization has not occurred, any ratings to be assigned in connection with a Securitization, and (ii) with respect to any Affiliated Manager (defined below), a New Non-Consolidation Opinion (defined below).

 Article 4. SPECIAL COVENANTS 
 Borrower covenants and agrees that: 
 Section 4.1. PROPERTY USE. The
Property shall be used only as a retail shopping center and appurtenant and related uses (and, upon the prior written consent of Lender, which consent shall not be unreasonably withheld, related uses typical of a property such as the Property, and
allowed by the Property’s zoning classification and all agreements pertaining to the Property) and for no other use without the prior written consent of Lender, which consent may be withheld in Lender’s reasonable discretion. 

Section 4.2. ERISA. (a) Borrower shall not engage in any transaction which would cause any obligation, or action taken
or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Security Instrument and the Other Security Documents) to be a non exempt (under a statutory or administrative class exemption) prohibited transaction
under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
  

 21 

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

 

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

 

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

  

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

 Section 4.3. SINGLE PURPOSE
ENTITY. 
 (a) Borrower has not and shall not: 
 (i) Own any asset or property other than (A) the Property, and (B) incidental personal property necessary for the ownership or operation of the Property. 

(ii) Engage in any business other than the ownership, management and operation of the Property or fail to conduct and operate its
business as presently conducted and operated. 
 (iii) Enter into any contract or agreement with any affiliate of Borrower, any
constituent party of Borrower or any affiliate of any constituent party, except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arms-length basis with third parties other than
any such party. 
 (iv) Incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation),
other than (A) with respect to West only, the Refinanced Loan (defined below), (B) the Debt, (C) trade and operational indebtedness incurred in the ordinary course of business with trade creditors, provided such indebtedness is
(1) unsecured, (2) not evidenced by a note, (3) on commercially reasonable terms and conditions, and (4) due not more than sixty (60) days past the date incurred and paid on or prior to such date, and/or (D) financing
leases and purchase money indebtedness incurred in the ordinary course of business relating to personal property on commercially reasonable terms and conditions; provided however, the aggregate amount of the indebtedness described in (C) and
(D) shall not exceed at any time three percent (3%) of the outstanding principal amount of the Debt. No Indebtedness other than the Debt may be secured (subordinate or pari passu) by the Property. As used above, the

  

 22 

 
“Refinanced Loan” shall mean that certain loan made by Wells Fargo Bank, N.A. to West (among others). With respect to the Refinanced Loan, Borrower hereby represents and warrants
that (i) the Refinanced Loan was repaid in full with the proceeds of the Loan, and (ii) none of Borrower, American Assets, Inc. (“Guarantor”) or any constituent party of Borrower has any remaining liabilities or
obligations in connection with the Refinanced Loan (other than environmental and other limited and customary indemnity obligations). 
 (v) Make any loans or advances to any third party (including any affiliate or constituent party) or acquire obligations or securities of its affiliates. 

(vi) Fail to remain solvent or fail to pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses)
from its assets as the same shall become due. 
 (vii) Fail to do or caused to be done and will do all things necessary to
observe organizational formalities and preserve its existence, or permit any constituent party to amend, modify or otherwise change the partnership certificate, partnership agreement, articles of incorporation and bylaws, operating agreement, trust
or other organizational documents of Borrower or such constituent party without the prior consent of Lender in any manner that (i) violates the single purpose covenants set forth in this Section, or (ii) amends, modifies or otherwise
changes any provision thereof that by its terms cannot be modified at any time when the Loan is outstanding or by its terms cannot be modified without Lender’s consent. 
 (viii) Fail to maintain all of its books, records, financial statements and bank accounts separate from those of its affiliates and any constituent party. Borrower’s assets have not been and will not
be listed as assets on the financial statement of any other person or entity, provided, however, that Borrower’s assets may be included in a consolidated financial statement of its affiliates provided that (i) appropriate notation shall be
made on such consolidated financial statements to indicate the separateness of Borrower and such affiliates and to indicate that Borrower’s assets and credit are not available to satisfy the debts and other obligations of such affiliates or any
other person or entity and (ii) such assets shall be listed on Borrower’s own separate balance sheet. Borrower will file its own tax returns (to the extent Borrower is required to file any such tax returns) and will not file a consolidated
federal income tax return with any other person or entity. Borrower shall maintain its books, records, resolutions and agreements as official records. 
 (ix) Fail to be, or fail to hold itself out to the public as, a legal entity separate and distinct from any other entity (including any affiliate of Borrower or any constituent party of Borrower), fail to
correct any known misunderstanding regarding its status as a separate entity, fail to conduct business in its own name, identify itself or any of its affiliates as a division or part of the other, fail to allocate shared expenses (including, without
limitation, shared office space and services performed by an employee of an affiliate) among the persons or entities sharing such expenses or fail to maintain and utilize separate stationery, invoices and checks bearing its own name. 

 

 23 

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

(xvii) Fail to compensate each of its consultants and agents from its funds for services provided to it or fail to pay from its own
assets all obligations of any kind incurred. 
 (xviii) If Borrower is a single member limited liability company, fail to
observe all Delaware limited liability company required formalities. 
 (xix) own any subsidiary, or make any investment in, any
person or entity. 
 (xx) if Borrower is a partnership or limited liability company, without the unanimous written consent of
all of its partners or members, as applicable, and the written consent of 100% of the board of directors or managers of Borrower (if Borrower is a Delaware single member limited liability company or a corporation) or each SPE Component Entity
(defined below) (if Borrower is an entity other than a Delaware single member limited liability company or a corporation), including, without limitation, each Independent Director (defined below), (a) file or consent to the filing of any
petition, either voluntary or involuntary, to take advantage of any applicable Insolvency Laws, (b) seek or consent to the appointment of a receiver, liquidator or any similar official, (c) take any action that might cause such entity to
become insolvent, or (d) make an assignment for the benefit of creditors. 
  

 24 

 (b) If Borrower is a partnership or limited liability company (other than a Delaware single
member limited liability company), each general partner in the case of a general partnership, each general partner in the case of a limited partnership, or the managing member in the case of a limited liability company (each an “SPE
Component Entity”) of Borrower, as applicable, shall be a corporation or a Delaware single member limited liability company whose sole asset is its interest in Borrower. Each SPE Component Entity (i) will own at least a 0.5% direct
equity interest in Borrower, (ii) will at all times comply with each of the covenants, terms and provisions contained in Section 4.3(a) above, to the extent applicable, as if such representation, warranty or covenant was made directly by
such SPE Component Entity; (iii) will not engage in any business or activity other than owning an interest in Borrower; (iv) will not acquire or own any assets other than its partnership, membership, or other equity interest in Borrower;
(v) will not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation); and (vi) will cause Borrower to comply with the provisions of Section 4.3. Prior to the withdrawal or the disassociation
of any SPE Component Entity from Borrower, Borrower shall immediately appoint a new general partner or managing member whose articles of incorporation are substantially similar to those of such SPE Component Entity and deliver a New
Non-Consolidation Opinion to Lender and the Rating Agencies with respect to the new SPE Component Entity and its equity owners. Notwithstanding the foregoing, to the extent West or Venture is (1) a single member Delaware limited liability
company, or (2) a multiple member Delaware limited liability company whose organization documents contain springing member provisions satisfying the requirements of the Delaware Limited Liability Company Act and are otherwise acceptable to
Lender, so long as West or Venture (as applicable) maintains such formation status, no SPE Component Entity shall be required. 

(c) (i) The organizational documents of each SPE Component Entity (if any) or Borrower (to the extent Borrower is a Delaware single
member limited liability company or a corporation) shall provide that at all times there shall be, and Borrower shall cause there to be, at least one duly appointed members of the board of directors or managers (an “Independent
Director”) of such SPE Component Entity or Borrower (as applicable) reasonably satisfactory to Lender each of whom are not at the time of such individual’s initial appointment, and shall not have been at any time during the preceding
five (5) years, and shall not be at any time while serving as a director of such SPE Component Entity or Borrower (as applicable), either (i) a shareholder (or other equity owner) of, or an officer, director (other than serving as the
Independent Director of any of West, Venture or any SPE Component Entity), partner, manager, member (other than as a Special Member in the case of single member Delaware limited liability companies), employee (other than serving as the Independent
Director of any of West, Venture or any SPE Component Entity), attorney or counsel of, Borrower, such SPE Component Entity or any of their respective shareholders, partners, members, subsidiaries or affiliates; (ii) a customer or creditor of,
or supplier to, Borrower or any of its respective shareholders, partners, members, subsidiaries or affiliates who derives any of its purchases or revenue from its activities with Borrower or such SPE Component Entity or any affiliate of any of them
(other than in such person’s employment as the Independent Director of any of West, Venture or any SPE Component Entity); (iii) a Person who Controls (defined below) or is under common Control with any such shareholder, officer, director,
partner, manager, member, employee, supplier, creditor or customer; or (iv) a member of the immediate family of any such shareholder, officer, director, partner, manager, member, employee, supplier, creditor or customer. Notwithstanding the
foregoing, a person who serves as an independent director for affiliates of Borrower may 
  

 25 

 
serve as an Independent Director so long as (A) such person is appointed by a nationally recognized provider of independent directors (such as CT Corporation) or (B) such person derives
less than 5% of their total annual income from their service as independent director for Borrower and each applicable affiliate of Borrower. 
 (ii) The organizational documents of each SPE Component Entity (if any) or Borrower (as applicable) shall provide that the board of directors or board of managers of such SPE Component Entity or Borrower
(as applicable) shall not take any action which, under the terms of any certificate of incorporation, by-laws or any voting trust agreement with respect to any common stock, requires an unanimous vote of the board of directors or managers of such
SPE Component Entity or Borrower (as applicable) unless at the time of such action there shall be at least one member of the board of directors or managers who is an Independent Director. Such SPE Component Entity or Borrower (as applicable) will
not, without the unanimous written consent of its board of directors or managers including each Independent Director, on behalf of itself or Borrower, (i) file or consent to the filing of any petition, either voluntary or involuntary, to take
advantage of any applicable Insolvency Laws; (ii) seek or consent to the appointment of a receiver, liquidator or any similar official; (iii) take any action that might cause such entity to become insolvent; or (iv) make an assignment
for the benefit of creditors. 
 (d) (I) In the event Borrower or any SPE Component Entity is a single member Delaware limited
liability company, the limited liability company agreement of Borrower or such SPE Component Entity (as applicable) (the “LLC Agreement”) shall provide that (i) upon the occurrence of any event that causes the sole member of
Borrower or such SPE Component Entity (as applicable) (“Member”) to cease to be the member of Borrower or such SPE Component Entity (as applicable) (other than (A) upon an assignment by Member of all of its limited liability
company interest in Borrower or such SPE Component Entity (as applicable) and the admission of the transferee in accordance with the Loan Documents and the LLC Agreement, or (B) the resignation of Member and the admission of an additional
member of Borrower or such SPE Component Entity (as applicable) in accordance with the terms of the Loan Documents and the LLC Agreement), any person acting as Independent Director of Borrower or such SPE Component Entity (as applicable) shall,
without any action of any other Person and simultaneously with the Member ceasing to be the member of Borrower or such SPE Component Entity (as applicable), automatically be admitted to Borrower or such SPE Component Entity (as applicable)
(“Special Member”) and shall continue Borrower or such SPE Component Entity (as applicable) without dissolution and (ii) Special Member may not resign from Borrower or such SPE Component Entity (as applicable) or transfer its
rights as Special Member unless (A) a successor Special Member has been admitted to Borrower or such SPE Component Entity (as applicable) as Special Member in accordance with requirements of Delaware law and (B) such successor Special
Member has also accepted its appointment as an Independent Director. The LLC Agreement shall further provide that (i) Special Member shall automatically cease to be a member of Borrower or such SPE Component Entity (as applicable) upon the
admission to Borrower or such SPE Component Entity (as applicable) of a substitute Member, (ii) Special Member shall be a member of Borrower or such SPE Component Entity (as applicable) that has no interest in the profits, losses and capital of
Borrower or such SPE Component Entity (as applicable) and has no right to receive any distributions of Borrower or such SPE Component Entity (as applicable) assets, (iii) pursuant to Section 18-301 of the Delaware Limited Liability Company
Act (the “Act”), Special Member shall not be required to make any capital 
  

 26 

 
contributions to Borrower or such SPE Component Entity (as applicable) and shall not receive a limited liability company interest in Borrower or such SPE Component Entity (as applicable),
(iv) Special Member, in its capacity as Special Member, may not bind Borrower or such SPE Component Entity (as applicable) and (v) except as required by any mandatory provision of the Act, Special Member, in its capacity as Special Member,
shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, Borrower or such SPE Component Entity (as applicable), including, without limitation, the merger, consolidation or conversion of Borrower or such
SPE Component Entity (as applicable); provided, however, such prohibition shall not limit the obligations of Special Member, in its capacity as Independent Director, to vote on such matters required by the Loan Documents or the LLC Agreement. In
order to implement the admission to Borrower or such SPE Component Entity (as applicable) of Special Member, Special Member shall execute a counterpart to the LLC Agreement. Prior to its admission to Borrower or such SPE Component Entity (as
applicable) as Special Member, Special Member shall not be a member of Borrower or such SPE Component Entity (as applicable). 

(II) Upon the occurrence of any event that causes the Member to cease to be a member of Borrower or such SPE Component Entity (as
applicable), to the fullest extent permitted by law, the personal representative of Member shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of Member in Borrower or such SPE Component
Entity (as applicable), agree in writing (i) to continue Borrower or such SPE Component Entity (as applicable) and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member
of Borrower or such SPE Component Entity (as applicable), effective as of the occurrence of the event that terminated the continued membership of Member of Borrower or such SPE Component Entity (as applicable) in Borrower or such SPE Component
Entity (as applicable). Any action initiated by or brought against Member or Special Member under any applicable Insolvency Laws shall not cause Member or Special Member to cease to be a member of Borrower or such SPE Component Entity (as
applicable) and upon the occurrence of such an event, the business of Borrower or such SPE Component Entity (as applicable) shall continue without dissolution. The LLC Agreement shall provide that each of Member and Special Member waives any right
it might have to agree in writing to dissolve Borrower or such SPE Component Entity (as applicable) upon the occurrence of any action initiated by or brought against Member or Special Member under any applicable Insolvency Laws, or the occurrence of
an event that causes Member or Special Member to cease to be a member of Borrower or such SPE Component Entity (as applicable). 

(e) Borrower shall not change or permit to be changed (a) Borrower’s name, (b) Borrower’s identity (including its
trade name or names), (c) Borrower’s principal place of business set forth on the first page of this Security Instrument, (d) the corporate, partnership or other organizational structure of Borrower, each SPE Component Entity (if
any), or Guarantor, (e) Borrower’s state of organization, or (f) Borrower’s organizational identification number, without in each case notifying Lender of such change in writing at least thirty (30) days prior to the
effective date of such change and, in the case of a change in Borrower’s structure, without first obtaining the prior written consent of Lender. In addition, Borrower shall not change or permit to be changed any organizational documents of
Borrower or any SPE Component Entity (if any) if such change would adversely impact the covenants set forth in this Section 4.3. Borrower authorizes Lender to file any financing statement or financing statement amendment

  

 27 

 
required by Lender to establish or maintain the validity, perfection and priority of the security interest granted herein. At the request of Lender, Borrower shall execute a certificate in form
satisfactory to Lender listing the trade names under which Borrower intends to operate the Property, and representing and warranting that Borrower does business under no other trade name with respect to the Property. If Borrower does not now have an
organizational identification number and later obtains one, or if the organizational identification number assigned to Borrower subsequently changes, Borrower shall promptly notify Lender of such organizational identification number or change.

 (f) Notwithstanding anything to the contrary contained herein, upon written notice from Lender following the occurrence and
during the continuance of an Additional Director Trigger Event (hereafter defined), Borrower shall amend its own (or any SPE Component Entity’s (as applicable)) organizational documents to require the appointment and maintenance of no less than
two (2) Independent Directors for Borrower or such SPE Component Entity (as applicable) for the remaining term of the Loan. Thereafter and during the continuance of an Independent Director Trigger Event, any provision herein relating to any
Independent Director shall be deemed to relate to both Independent Directors (for example (and by way of illustration only), any provision herein (i) requiring that an Independent Director be in place for any vote to be effective shall require
that both Independent Directors be in place for such vote to be effective or (ii) requiring the vote of the Independent Director shall require the vote of both Independent Directors). Borrower shall cause its (or the applicable SPE Component
Entity’s) organizational documents to be amended to be consistent with the foregoing. Borrower’s compliance with the foregoing shall be at Borrower’s sole cost and expense. Failure of Borrower to comply with this subsection
(f) shall, at Lender’s option, constitute an immediate Event of Default. As used herein, the term “Additional Director Trigger Event” shall mean an event (i) occurring upon the Debt Service Coverage Ratio falling
below 1.25 to 1.00 and (ii) ending upon the Debt Service Coverage Ratio being in excess of 1.25 to 1.00 for four (4) consecutive calendar quarters. For the purposes hereof, the Debt Service Coverage Ratio shall be calculated monthly as of
the first day of each calendar month. 
 (g) Intentionally Omitted. 

Section 4.4. RESTORATION AFTER CASUALTY/CONDEMNATION. In the event of a casualty or a taking by eminent domain, the following
provisions shall apply in connection with the Restoration of the Property: 
 (a) If the Net Proceeds (defined below) shall be
less than the amount equal to five percent (5%) of the original aggregate principal amount of the Loan (the “Threshold Amount”) and the costs of completing the Restoration shall be less than the Threshold Amount, the Net
Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Subsection 4.4(b)(i) are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily
complete with due diligence the Restoration in accordance with the terms of this Security Instrument. 
 (b) If the Net Proceeds
are equal to or greater than the Threshold Amount or the costs of completing the Restoration is equal to or greater than the Threshold Amount, Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this

  

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Subsection 4.4(b). The term “Net Proceeds” for purposes of this Section 4.4 shall mean: (i) the net amount of all insurance proceeds received by Lender pursuant to
Subsection 3.3(a)(i), (iii), (iv) and (x) of this Security Instrument as a result of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in
collecting the same or (ii) the net amount of all awards and payments received by Lender with respect to a taking referenced in Section 3.6 of this Security Instrument, after deduction of its reasonable costs and expenses (including, but
not limited to, reasonable counsel fees), if any, in collecting the same, whichever the case may be. 
 (i) The Net Proceeds
shall be made available to Borrower for the Restoration provided that each of the following conditions are met: (A) no Event of Default shall be continuing under the Note, this Security Instrument or any of the Other Security Documents or an
event which after the passage of time or the giving of notice would constitute an Event of Default; (B) Borrower shall deliver or cause to be delivered to Lender a signed detailed budget approved in writing by Borrower’s architect or
engineer stating the entire cost of completing the Restoration, reasonably satisfactory to Lender; (C) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s reasonable
discretion to cover the cost of the Restoration; (D) Borrower shall deliver to Lender, at its expense, the insurance set forth in Subsection 3.3(a)(iii) hereof; (E) Borrower shall commence the Restoration as soon as reasonably practicable
and shall diligently pursue the same to satisfactory completion; (F) Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note at the Applicable Interest Rate (as defined in
the Note), which will be incurred with respect to the Property as a result of the occurrence of any such fire or other casualty or taking, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage
referred to in Subsection 3.3(a)(ii), if applicable, or (3) by other funds of Borrower which are deposited with Lender prior to the commencement of the Restoration; (G) Lender shall be satisfied that, upon the completion of the Restoration
and following a rent-up period from the time such Restoration is complete through the date which is three (3) months prior to the expiration of the rental loss insurance coverage maintained by Borrower pursuant to Section 3.3(a)(ii) above,
the (1) fair market value of the Property, as reasonably determined by Lender, is equal to or greater than the fair market value of the Property immediately prior to the casualty or condemnation, and (2) gross cash flow and the net cash
flow of the Property will be restored to a level sufficient to cover all carrying costs and operating expenses of the Property, including, without limitation, a Debt Service Coverage Ratio of at least 1.00 to 1.00; (H) Lender shall be
reasonably satisfied that the Restoration will be completed on or before the earliest to occur of (1) six (6) months prior to the Maturity Date (as defined in the Note), (2) one (1) year after the occurrence of such fire or other
casualty or taking, whichever the case may be, or (3) such time as may be required under applicable zoning law, ordinance, rule or regulation in order to repair and restore the Property to the condition it was in immediately prior to such fire
or other casualty or to as nearly as possible the condition it was in immediately prior to such taking, as applicable; (I) the Property and the use thereof after the Restoration will be in compliance with and permitted under all applicable
zoning laws, ordinances, rules and regulations; (J) the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with all applicable governmental laws, rules and regulations (including,
without limitation, all applicable Environmental Laws (defined below)); (K) such fire or other casualty or taking, as applicable, does not result in the loss of access to the Property or the Improvements; (L) (1) in the event the

  

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Net Proceeds are insurance proceeds, less than thirty-five percent (35%) of each of (i) fair market value of the Property as reasonably determined by Lender, and (ii) rentable area
of the Property has been damaged, destroyed or rendered unusable as a result of a casualty or (2) in the event the Net Proceeds are condemnation proceeds, less than fifteen percent (15%) of each of (i) the fair market value of the
Property as reasonably determined by Lender and (ii) rentable area of the Property is taken and such land is located along the perimeter or periphery of the Property; and (M) the Required Leases (defined below) shall remain in full force
and effect during and after the completion of the Restoration. Lender agrees to use due diligence and good faith efforts to process its determination of Borrower’s compliance with the requirements of this Paragraph 4.4(b)(i) as promptly as
possible, recognizing the need for a quick determination in order to avoid delay in Restoration of the Property. As used above, the term “Required Leases” shall mean Leases encumbering, in the aggregate, 65% of the rentable square
footage at the Property. 
 (ii) The Net Proceeds shall be held by Lender, and until disbursed in accordance with the provisions
of this Subsection 4.4(b), shall constitute additional security for the Obligations. The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower 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 materialmen’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property arising out of the
Restoration which have not either been fully bonded to the reasonable satisfaction of Lender and discharged of record or in the alternative fully insured to the reasonable satisfaction of Lender by the title company insuring the lien of this
Security Instrument. 
 (iii) All plans and specifications required in connection with the Restoration shall be subject to prior
reasonable review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender shall have the use of the plans and specifications and all permits, licenses
and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts under which they have been engaged, shall be subject to prior
reasonable review and acceptance by Lender and the Casualty Consultant. All reasonable costs and expenses incurred by Lender in connection with making the Net Proceeds available for the Restoration including, without limitation, 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” as used in this Subsection 4.4(b) shall mean an amount equal to 10% of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until such time
as the Casualty Consultant certifies to Lender that 50% of the required Restoration has been completed. There shall be no Casualty Retainage with respect to costs actually incurred by Borrower for work in place in completing the last 50% of the
required Restoration. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Subsection 4.4(b), be less than 

 

 30 

 
the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant
certifies to Lender that the Restoration has been completed in accordance with the provisions of this Subsection 4.4(b) and that all approvals necessary for the re occupancy and use of the Property have been obtained from all appropriate
governmental and quasi governmental authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage, provided, however, that
Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor,
subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, and the contractor, subcontractor or
materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company insuring the lien of this Security Instrument. If
required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman. 

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

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

(vii) With respect to Restorations related to casualties, the excess, if any, of the Net Proceeds, and the remaining balance, if any, of
the Net Proceeds Deficiency deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Subsection 4.4(b), and the receipt by Lender of evidence reasonably
satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be continuing under the Note, this Security
Instrument or any of the Other Security 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 Subsection 4.4(b)(vii) may, at Lender’s election, be retained and applied by Lender toward the payment of the principal balance of the Debt whether or not
then due and payable, either in whole or in part, or disbursed to Borrower. If Lender shall receive and retain Net Proceeds, as permitted above, the lien of this Security Instrument shall be reduced only by the amount thereof received and retained
by Lender 
  

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and actually applied by Lender in reduction of the Debt. Notwithstanding the foregoing, if Lender does not make the Net Proceeds available for Restoration and such Net Proceeds are received by
Lender in connection with a casualty or condemnation to the Property, Lender shall allow Borrower to prepay the Debt in whole (but not in part) without penalty, provided, that, such prepayment is made by Borrower by no later than the date which is
six (6) months prior to the expiration of the rental loss insurance coverage maintained by Borrower pursuant to Section 3.3(a)(ii) above. 
 Section 4.5. INTENTIONALLY OMITTED. 
 Section 4.6. TIC
AGREEMENT COVENANTS. Until such time as this Security Instrument is released or reconveyed in connection with the repayment of the Debt or such time as the Loan is defeased in full in accordance with the applicable terms and conditions of the
Note or such time as Borrowers cease to be tenants-in-common pursuant to a transfer permitted by this Security Instrument, each of West and Venture hereby covenant and agree that: 

(a) they shall each pay all sums required to be paid under the TIC Agreement pursuant to the provisions thereof; 

(b) they shall each diligently perform and observe all of the terms, covenants and conditions of the TIC Agreement; 

(c) they shall not, without the prior consent of Lender, surrender the interest in the Property created by the TIC Agreement or terminate
or cancel the TIC Agreement or modify, change, supplement, alter or amend the TIC Agreement (either orally or in writing) in any material respect; 
 (d) neither West nor Venture shall institute or prosecute (nor shall West or Venture permit any other person or entity to institute or prosecute) an Action for Partition (defined below); 

(e) each of West and Venture hereby waive each of their respective rights to an Action for Partition under the TIC Agreement and under
Applicable Law; 
 (f) notwithstanding (but in no way abrogating or otherwise waiving) the foregoing, if any Action for
Partition is brought by either West or Venture, the other party shall purchase West’s or Venture’s (as applicable) tenancy in common interest in the Property at fair market value; 

(g) in the event that the purchase described in subclause (f) shall fail to occur within fifteen (15) Business Days of the
occurrence of the aforesaid Action for Partition (or such shorter time period as may be required for this subsection (g) to become effective immediately prior to the consummation of such Action for Partition), Sponsor (through an entity which
Sponsor Controls, owns at least a 51% direct or indirect equity interest and which satisfies the criteria set forth in Section 4.3 hereof for single purpose, bankruptcy remote entities) shall purchase such interest at fair market value;

  

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 (h) in the event that the purchase described in subclauses (f) or (g) shall occur,
the purchasing entity shall execute any documents or instruments reasonably requested by Lender (and shall provide such opinions, title endorsements or other documents or instruments reasonably requested by Lender) to affirm and/or assume the Loan
and such entity’s respective obligations thereunder; 
 (i) (1) any lien rights, indemnity rights, rights of subrogation or
rights of first offer, first refusal or other rights to purchase or other similar rights inuring to West, Venture, Manager or any other person or entity under the TIC Agreement or Applicable Law are subject and subordinate to the Loan and the Loan
Documents and Lender’s rights thereunder and (2) with respect to the aforesaid rights (other than rights to payment from the cash flow of the Property), each applicable person or entity (including, without limitation, West and/or Venture)
agrees to waive the same or “standstill” with respect to the enforcement of the same until such time as this Security Instrument is released or reconveyed in connection with the repayment of the Debt or such time as the Loan is defeased in
full in accordance with the applicable terms and conditions of the Note; and 
 (j) the sale or issuance of any tenancy in
common interests pursuant to the TIC Agreement will not violate any applicable provisions of the Securities Act or the Exchange Act or any other Applicable Law. 
 With respect to the foregoing covenants, Lender hereby acknowledges and agrees that the same are (i) restrictions customarily imposed by Lender in connection with commercial loans similar to the Loan
and (ii) are intended to be restrictions which are “consistent with customary commercial lending practices” within the meaning of the applicable provisions of Revenue Procedure 2002-22. The foregoing covenants shall only be deemed to
apply to West and Venture so long as they are parties to the TIC Agreement and such covenants shall cease to bind West and/or Venture (as applicable) at such time as West or Venture ceases to be a party to the TIC Agreement as a result of a transfer
permitted under Section 8.4 below. 
 Article 5. REPRESENTATIONS AND WARRANTIES 

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

 

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 Section 5.2. AUTHORITY. Borrower (and the undersigned representative of
Borrower, if any) has full power, authority and legal right to execute this Security Instrument, and to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the Property pursuant to the terms hereof and to keep and observe
all of the terms of this Security Instrument on Borrower’s part to be performed. 
 Section 5.3. LEGAL STATUS AND
AUTHORITY. Borrower (a) is duly organized, validly existing and in good standing under the laws of its state of organization or incorporation; (b) is duly qualified to transact business and is in good standing in the State where the
Property is located; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own the Property and carry on its business as now conducted and proposed to be conducted. Borrower now has and shall continue
to have the full right, power and authority to operate and lease the Property, to encumber the Property as provided herein and to perform all of the other obligations to be performed by Borrower under the Note, this Security Instrument and the Other
Security Documents. Borrower’s exact legal name and Borrower’s organization identification number assigned by its state of formation, if any, is correctly set forth on the first page of this Security Instrument. 

Section 5.4. VALIDITY OF DOCUMENTS. The execution, delivery and performance of the Note, this Security Instrument and the
Other Security Documents and the borrowing evidenced by the Note (i) are within the corporate/partnership/limited liability company (as the case may be) power of Borrower; (ii) have been authorized by all requisite
corporate/partnership/limited liability company (as the case may be) action; (iii) have received all necessary approvals and consents, corporate, governmental or otherwise; (iv) will not violate, conflict with, result in a breach of or
constitute (with notice or lapse of time, or both) a default under any provision of law, any order or judgment of any court or governmental authority, the articles of incorporation, by laws, partnership, trust or operating agreement, or other
governing instrument of Borrower, or any indenture, agreement or other instrument to which Borrower is a party or by which it or any of its assets or the Property is or may be bound or affected; (v) will not result in the creation or imposition
of any lien, charge or encumbrance whatsoever upon any of its assets, except the lien and security interest created hereby; and (vi) will not require any authorization or license from, or any filing with, any governmental or other body (except
for the recordation of this instrument in appropriate land records in the State where the Property is located and except for Uniform Commercial Code filings relating to the security interest created hereby). 

Section 5.5. LITIGATION. There is no action, suit or proceeding (including any condemnation or similar proceeding), or any
governmental investigation or any arbitration, in each case pending or, to the knowledge of Borrower, threatened against Borrower or the Property before any governmental or administrative body, agency or official which (i) challenges the
validity of this Security Instrument, the Note or any of the Other Security Documents or the authority of Borrower to enter into this Security Instrument, the Note or any of the Other Security Documents or to perform the transactions contemplated
hereby or thereby or (ii) if adversely determined would have a material adverse effect on the occupancy of the Property or the business, financial condition or results of operations of Borrower or the Property. 

 

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 Section 5.6. STATUS OF PROPERTY. (a) No portion of the Improvements is
located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as
amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.3 hereof, if required under the terms of that section. 

(b) Borrower has obtained all necessary certificates, licenses and other approvals, governmental and otherwise, necessary for the
operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to
revocation, suspension, forfeiture or modification. 
 (c) The Property and the present and contemplated use and occupancy
thereof are in compliance in all material respects with all applicable zoning ordinances, building codes, land use and environmental laws and other similar laws. 
 (d) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept
such utility service. 
 (e) All public roads and streets necessary for service of and access to the Property for the current or
contemplated use thereof have been completed, are serviceable and all weather and are physically and legally open for use by the public. 
 (f) The Property is served by public water and sewer systems. 
 (g) The Property
is free from damage caused by fire or other casualty. 
 (h) All costs and expenses of any and all labor, materials, supplies
and equipment used in the construction of the Improvements have been paid in full. 
 (i) Borrower has paid in full for, and is
the owner of, all furnishings, fixtures and equipment (other than tenants’ property and any trash compactors which are used under a lease) used in connection with the operation of the Property, free and clear of any and all security interests,
liens or encumbrances, except the lien and security interest created hereby. 
 (j) All liquid and solid waste disposal, septic
and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Applicable Laws. 
 Section 5.7. NO FOREIGN PERSON. Borrower is not a “foreign person” within the meaning of Sections 1445(f)(3) of the Code and the related Treasury Department regulations, including
temporary regulations. 
 Section 5.8. SEPARATE TAX LOT. The Property is assessed for real estate tax purposes as
one or more wholly independent tax lot or lots, separate from any adjoining land or improvements not constituting a part of such lot or lots, and no other land or improvements is assessed and taxed together with the Property or any portion thereof.

  

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 Section 5.9. ERISA COMPLIANCE. (a) As of the date hereof and throughout the
term of this Security Instrument, (i) Borrower is not and will not be an “employee benefit plan” as defined in Section 3(3) of ERISA, or other retirement arrangement, which is subject to Title I of ERISA or Section 4975 of
the Code, and (ii) the assets of Borrower do not and will not constitute “plan assets” of one or more such plans for purposes of Title I of ERISA or Section 4975 of the Code; and 

(b) As of the date hereof and throughout the term of this Security Instrument (i) Borrower is not and will not be a
“governmental plan” within the meaning of Section 3(32) of ERISA and (ii) transactions by or with Borrower are not and will not be subject to state statutes applicable to Borrower regulating investments of and fiduciary
obligations with respect to governmental plans. 
 Section 5.10. LEASES. (a) Borrower is the sole owner of the
entire lessor’s interest in the Leases; (b) the Leases are valid and enforceable; (c) the terms of all alterations, modifications and amendments to the Leases are reflected in the certified rent roll delivered to and approved by
Lender; (d) none of the Rents reserved in the Leases have been assigned or otherwise pledged or hypothecated; (e) none of the Rents have been collected for more than one (1) month in advance; (f) the premises demised under the
Leases have been completed for the tenants who have accepted and have taken possession of the same on a rent paying basis; (g) to the best of Borrower’s knowledge (which for purposes hereof will mean the actual knowledge of John
Chamberlain and Chris Sullivan, and their respective successors), there exist no offsets or defenses to the payment of any portion of the Rents; and (h) the number and type of parking spaces available at the Property as of the date hereof
satisfy any applicable requirements relating thereto contained in the Leases. 
 Section 5.11. FINANCIAL CONDITION.
(a) Borrower is solvent, and no bankruptcy, reorganization, insolvency or similar proceeding under any state or federal law with respect to Borrower has been initiated, and (b) Borrower has received reasonably equivalent value for the
granting of this Security Instrument. Borrower has not entered into the Loan or any Loan Document with the actual intent to hinder, delay, or defraud any creditors. 
 Section 5.12. BUSINESS PURPOSES. The loan evidenced by the Note is solely for the business purpose of Borrower, and is not for personal, family, household, or agricultural purposes.

 Section 5.13. TAXES. Borrower has filed all federal, state, county, municipal, and city income and other tax
returns required to have been filed by them and have paid all taxes and related liabilities which have become due pursuant to such returns or pursuant to any assessments received by them. Borrower does not know of any basis for any additional
assessment in respect of any such taxes and related liabilities for prior years. 
 Section 5.14. MAILING ADDRESSES.
Borrower’s mailing address, as set forth in the opening paragraph hereof or as changed in accordance with the provisions hereof, is true and correct. 
  

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 Section 5.15. NO CHANGE IN FACTS OR CIRCUMSTANCES. All information submitted to
Lender in connection with any request by Borrower for the loan evidenced by the Note and/or any letter of application, preliminary commitment letter, final commitment letter or other application or letter of intent (including, but not limited to,
all financial statements, rent rolls, reports and certificates) were accurate, complete and correct in all respects when delivered. There has been no adverse change in any condition, fact, circumstance or event that would make any such information
inaccurate, incomplete or otherwise misleading. 
 Section 5.16. DISCLOSURE. To the best of Borrower’s
knowledge (which for purposes hereof will mean the actual knowledge of John Chamberlain and Chris Sullivan, and their respective successors), Borrower has disclosed to Lender all material facts and has not failed to disclose any material fact that
could cause any representation or warranty made herein to be materially misleading. 
 Section 5.17. LETTER-OF-CREDIT
RIGHTS. If Borrower is at any time a beneficiary under a letter of credit relating to the properties, rights, titles and interests referenced in Section 1.1 of this Security Instrument now or hereafter issued in favor of Borrower, Borrower
shall promptly notify Lender thereof and, at the request and option of Lender, Borrower shall, pursuant to an agreement in form and substance satisfactory to Lender, either (i) arrange for the issuer and any confirmer of such letter of credit
to consent to an assignment to Lender of the proceeds of any drawing under the letter of credit or (ii) arrange for Lender to become the transferee beneficiary of the letter of credit, with Lender agreeing in each case that upon an Event of
Default, the proceeds of any drawing under the letter of credit are to be applied as provided in Section 11.2 of this Security Agreement. 
 Section 5.18. AUTHORIZATION TO FILE FINANCING STATEMENTS, POWER OF ATTORNEY. Borrower hereby authorizes Lender at any time and from time to time to file any initial financing statements,
amendments thereto and continuation statements with or without the signature of Borrower as authorized by Applicable Law, as applicable to all or part of the fixtures or Personal Property. For purposes of such filings, Borrower agrees to furnish any
information requested by Lender promptly upon request by Lender. Borrower also ratifies its authorization for Lender to have filed any like initial financing statements, amendments thereto and continuation statements, if filed prior to the date of
this Security Instrument. Borrower hereby irrevocably constitutes and appoints Lender and any officer or agent of Lender, with full power of substitution, as its true and lawful attorneys-in-fact with full irrevocable power and authority in the
place and stead of Borrower or in Borrower’s own name to execute in Borrower’s name any documents and otherwise to carry out the purposes of this Section 5.18, to the extent that Borrower authorization above is not sufficient. To the
extent permitted by law, Borrower hereby ratifies all acts said attorneys-in-fact have lawfully done in the past or shall lawfully do or cause to be in the future by virtue hereof. This power of attorney is coupled with an interest and shall be
irrevocable. 
 Section 5.19. INTENTIONALLY OMITTED. 

Section 5.20. TIC AGREEMENT REPRESENTATIONS. (a) The TIC Agreement is in full force and effect and has not been modified
or amended in any manner whatsoever; (b) there are no material defaults under the TIC Agreement and no event has occurred which but for the 
  

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passage of time, or notice, or both would constitute a material default under the TIC Agreement, (c) all sums due and payable (if any) under the TIC Agreement as of the date hereof have been
paid in full; and (d) neither West nor Venture (nor, to the knowledge of West and/or Venture, any other person or entity) has (i) commenced any action or given or received any notice for the purpose of terminating the TIC Agreement, or
(ii) instituted or prosecuted any action for partition of the Property (or any portion thereof or interest therein) or any similar action pursuant to the TIC Agreement or any other contractual agreement or instrument or under Applicable Law
(including, without limitation, common law) (any such action, the “Action for Partition”). 
 Article 6.
OBLIGATIONS AND RELIANCES 
 Section 6.1. RELATIONSHIP OF BORROWER AND LENDER. The relationship between Borrower and
Lender is solely that of debtor and creditor, and Lender has no fiduciary or other special relationship with Borrower, and no term or condition of any of the Note, this Security Instrument and the Other Security Documents shall be construed so as to
deem the relationship between Borrower and Lender to be other than that of debtor and creditor. 
 Section 6.2. NO
RELIANCE ON LENDER. The general partners, shareholders, members, principals or other beneficial owners of Borrower are experienced in the ownership and operation of properties similar to the Property, and Borrower and Lender are relying solely
upon such expertise and business plan in connection with the ownership and operation of the Property. Borrower is not relying on Lender’s expertise, business acumen or advice in connection with the Property. 

Section 6.3. NO LENDER OBLIGATIONS. (a) Notwithstanding any of the provisions of this Security Instrument (including,
but not limited to, the provisions of Subsections 1.1(f) and (l), Section 1.2 or Section 3.7), Lender is not undertaking the performance of (i) any obligations under the Leases; or (ii) any obligations with respect to such
agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents. 
 (b) By
accepting or approving anything required to be observed, performed or fulfilled or to be given to Lender pursuant to this Security Instrument, the Note or the Other Security Documents, including without limitation, any officer’s certificate,
balance sheet, statement of profit and loss or other financial statement, survey, appraisal, or insurance policy, Lender shall not be deemed to have warranted, consented to, or affirmed the sufficiency, the legality or effectiveness of same, and
such acceptance or approval thereof shall not constitute any warranty or affirmation with respect thereto by Lender. 

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

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 Article 7. FURTHER ASSURANCES 

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

Section 7.3. CHANGES IN TAX, DEBT, CREDIT AND DOCUMENTARY STAMP LAWS. (a) If any law is enacted or adopted or amended
after the date of this Security Instrument which deducts the Debt from the value of the Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Lender’s interest in the Property, Borrower will
pay the tax, with interest and penalties thereon, if any. If Lender is advised by counsel chosen by it that the payment of tax by Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury, then
Lender shall have the option by written notice of not less than ninety (90) days to declare the Debt immediately due and payable. 
  

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 (b) Borrower will not claim or demand or be entitled to any credit or credits on account of
the Debt for any part of the Taxes or Other Charges assessed against the Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed value of the Property, or any part thereof, for real estate tax purposes by
reason of this Security Instrument or the Debt. If such claim, credit or deduction shall be required by law, Lender shall have the option, by written notice of not less than ninety (90) days, to declare the Debt immediately due and payable.

 (c) If at any time the United States of America, any State thereof or any subdivision of any such State shall require revenue
or other stamps to be affixed to the Note, this Security Instrument, or any of the Other Security Documents or impose any other tax or charge on the same, Borrower will pay for the same, with interest and penalties thereon, if any. 

Section 7.4. ESTOPPEL CERTIFICATES. (a) After request by Lender, Borrower, within ten (10) Business Days, shall
furnish Lender or any proposed assignee or Investor (as defined in Section 19.1) with a statement, duly acknowledged and certified, setting forth (i) the amount of the original principal amount of the Loan, (ii) the unpaid principal
amount of each individual promissory note comprising the defined term “Note” hereunder (each such promissory note, an “Individual Note”), (iii) the rate of interest of the Note, (iv) the terms of payment and
maturity date of each Individual Note, (v) the date installments of interest and/or principal were last paid, (vi) that, except as provided in such statement, Borrower has no actual knowledge (which for purposes hereof will mean the actual
knowledge of John Chamberlain and Chris Sullivan, and their respective successors) of any defaults or events which with the passage of time or the giving of notice or both, would constitute an event of default under the Note or the Security
Instrument, (vii) that the Note and this Security Instrument are valid, legal and binding obligations (except as may be limited by (A) bankruptcy, insolvency or other similar laws affecting the rights of creditors generally and
(B) general principles of equity) and have not been modified or if modified, giving particulars of such modification, (viii) whether, to Borrower's actual knowledge (which for purposes hereof will mean the actual knowledge of John
Chamberlain and Chris Sullivan, and their respective successors), any offsets or defenses exist against the obligations secured hereby and, if any are alleged to exist, a detailed description thereof, (ix) that all Leases are in full force and
effect, (x) the date to which the Rents thereunder have been paid pursuant to the Leases, (xi) whether or not, to the actual knowledge (which for purposes hereof will mean the actual knowledge of John Chamberlain and Chris Sullivan, and
their respective successors), of Borrower, any of the lessees under the Leases are in default under the Leases, and, if any of the aforesaid lessees are in default, setting forth the specific nature of all such defaults, (xii) the amount of
security deposits held by Borrower under each Lease and that such amounts are consistent with the amounts required under each Lease, and (xiii) as to any other factual matters reasonably requested by Lender and reasonably related to the Leases,
the obligations secured hereby, the Property or this Security Instrument. 
 (b) Borrower shall use its commercially reasonable
best efforts to deliver to Lender, promptly upon request (provided such request is not made more than once in any calendar year other than any request by Lender made in connection with the securitization of the Loan or

  

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following an Event of Default), duly executed estoppel certificates from any one or more lessees as required by Lender attesting to such facts regarding the Lease as Lender may require, including
but not limited to attestations that each Lease covered thereby is in full force and effect (and to the best of lessee’s knowledge) with no defaults thereunder on the part of any party, that none of the Rents have been paid more than one month
in advance, and that the lessee claims no defense or offset against the full and timely performance of its obligations under the Lease. 
 (c) Lender, by its acceptance of this Security Instrument, agrees to deliver to Borrower promptly upon Borrower’s request therefor (provided such request is not made more than twice in any calendar
year) a written statement setting forth the unpaid principal amount of the Note, the accrued and unpaid interest thereon, the date on which an installment of interest and/or principal were last paid thereunder and whether there are any Events of
Default which currently exist and are actually known to Lender. 
 (d) Intentionally Omitted. 

Section 7.5. FLOOD INSURANCE. After Lender’s request, Borrower shall deliver evidence satisfactory to Lender that no
portion of the Improvements is situated in a federally designated “special flood hazard area.” or, if any of the Improvements are located within any such area Borrower will obtain and maintain the insurance required prescribed in
Section 3.3 hereof, if required under the terms of that section. 
 Section 7.6. SPLITTING OF SECURITY
INSTRUMENT. This Security Instrument and each Individual Note shall, at any time until the same shall be fully paid and satisfied, at the sole election of Lender, be split or divided into two or more notes and two or more security instruments,
each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, Borrower, upon written request of Lender and at Lender’s sole cost and expense, shall execute, acknowledge and deliver, or cause
to be executed, acknowledged and delivered by the then owner of the Property, to Lender and/or its designee or designees substitute notes and security instruments in such principal amounts, aggregating not more than the then unpaid principal amount
of this Security Instrument, and containing terms, provisions and clauses similar to those contained herein and in the Note, and such other documents and instruments as may be reasonably required by Lender. Borrower’s obligations hereunder are
conditioned upon Lender’s agreement, as evidenced by its acceptance hereof, that such splitting or division shall not result in any decrease of any rights of Borrower or any Indemnitor (as defined in the Indemnity Agreement (defined below))
hereunder or under any other Loan Document or any additional cost or potential liability to Borrower or any Indemnitor that exceeds that which exists hereunder prior to such splitting or division. 

Section 7.7. REPLACEMENT DOCUMENTS. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction
or mutilation of any Individual Note or any other Loan Document which is not of public record: (i) with respect to any Loan Document other than any Individual Note, Borrower will issue, in lieu thereof, a replacement of such other Loan
Document, dated the date of such lost, stolen, destroyed or mutilated Loan Document in the same principal amount thereof and otherwise of like tenor and (ii) with respect to any Individual Note, (a) Borrower will execute a reaffirmation of
the portion of the Debt as evidenced by such Individual Note acknowledging that Lender has informed Borrower that such Individual Note 

 

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was lost, stolen destroyed or mutilated and that such portion of the Debt continues to be an obligation and liability of the Borrower as set forth in such Individual Note, a copy of which shall
be attached to such reaffirmation or (b) if requested by Lender, Borrower will execute a replacement note, provided, that Lender or Lender’s custodian (at Lender’s option) shall provide to Borrower Lender’s (or Lender’s
custodian’s) then standard form of lost note affidavit and indemnity, which such form shall be reasonably acceptable to Borrower. 
 Article 8. DUE ON SALE/ENCUMBRANCE 
 Section 8.1. LENDER
RELIANCE. Borrower acknowledges that Lender has examined and relied on the experience of Borrower and its general partners, principals and (if Borrower is a trust) beneficial owners in owning and operating properties such as the Property in
agreeing to make the loan secured hereby, and will continue to rely on Borrower’s ownership of the Property as a means of maintaining the value of the Property as security for repayment of the Debt and the performance of the Other Obligations.
Borrower acknowledges that Lender has a valid interest in maintaining the value of the Property so as to ensure that, should Borrower default in the repayment of the Debt or the performance of the Other Obligations, Lender can recover the Debt by a
sale of the Property. 
 Section 8.2. NO SALE/ENCUMBRANCE. 

(a) Except as provided in this Security Instrument, Borrower shall not cause or permit a Sale or Pledge of the Property or any part
thereof or any legal or beneficial interest therein nor permit a Sale or Pledge of an interest in any Restricted Party (in each case, a “Prohibited Transfer”), other than pursuant to Leases of space at the Property to tenants in
accordance with the applicable provisions hereof, without the prior written consent of Lender. 
 (b) A Prohibited Transfer
shall include, but not be limited to, (i) an installment sales agreement wherein Borrower agrees to sell the Property or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all or a substantial
part of the Property for other than actual occupancy by a space tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents;
(iii) if a Restricted Party is a corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock in one or a series of transactions; (iv) any action for partition of the
Property (or any portion thereof or interest therein) or any similar action instituted or prosecuted by any Borrower, as a tenant-in-common, or by any other person or entity, pursuant to any contractual agreement or other instrument or under
Applicable Law (including, without limitation, common law); (v) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or the
Sale or Pledge of the partnership interest of any general or limited partner or any profits or proceeds relating to such partnership interests or the creation or issuance of new partnership interests; (vi) if a Restricted Party is a limited
liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager (or if no managing member, any member) or the Sale or Pledge of the membership interest of any member or any
profits or proceeds relating to such membership interest; (vii) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge of the legal or beneficial interest in a

  

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Restricted Party or the creation or issuance of new legal or beneficial interests; or (viii) the removal or the resignation of Manager (including, without limitation, an Affiliated Manager)
other than in accordance with the applicable terms and conditions hereof. 
 Section 8.3. PERMITTED TRANSFERS.
Notwithstanding anything to the contrary contained in this Article 8, the following transfers shall not be Prohibited Transfers and shall be permitted without Lender’s consent: (a) a transfer (but not a pledge) by devise or descent or by
operation of law upon the death of a member, partner or shareholder of a Restricted Party, (b) the transfer (but not the pledge), in one or a series of transactions, of the stock, partnership interests or membership interests (as the case may
be) in a Restricted Party, and (c) the sale, transfer or issuance of shares of common stock in any Restricted Party that is a publicly traded entity, provided such shares of common stock are listed on the New York Stock Exchange or another
nationally recognized stock exchange; provided, however, with respect to the transfers listed in clauses (a) or (b) above, (A) Lender shall receive not less than five (5) days prior written notice thereof, (B) no such
transfers shall result in a change in Control of Sponsor or Affiliated Manager (provided, however, a “change in Control” of Sponsor or Affiliated Manager shall not be deemed to have occurred for the purposes of this subsection (B) if
any one of the persons or entities comprising the definition of “Sponsor” contained herein succeeds to the interest of the then current Sponsor and such successor Sponsor Controls the Affiliated Manager), (C) after giving effect to
such transfers, Sponsor shall (I) (aa) own at least a 51% direct or indirect equity interest in each of Borrower and any SPE Component Entity, or (bb) Sponsor shall own at least a (A) 5% direct or indirect equity interest in Venture and
any SPE Component Entity applicable to Venture and GE (provided such transfer to GE is a Qualified GE Transfer) shall own at least a 46% direct or indirect equity interest in each of Venture and any SPE Component Entity applicable to Venture and
(B) 51% direct or indirect equity interest in West and any SPE Component Entity related to West, (II) Control Borrower and any SPE Component Entity and (III) control the day-to-day operation of the Property, (D) the Property shall continue
to be managed by Affiliated Manager or a Qualified Manager, (E) in the case of the transfer of any direct equity ownership interests in Borrower or in any SPE Component Entity, such transfers shall be conditioned upon continued compliance with
the relevant provisions of Sections 4.2 and 4.3 hereof and (F) in the case of (1) the transfer of the management of the Property to a new Affiliated Manager in accordance with the applicable terms and conditions hereof, or (2) the
transfer (in one or in a series of transactions) in excess of 49% (in the aggregate) of any equity ownership interests (I) directly in Borrower or in any SPE Component Entity, or (II) in any Restricted Party whose sole asset is a direct or
indirect equity ownership interest in Borrower or in any SPE Component Entity, such transfers shall be conditioned upon delivery to Lender of a substantive non-consolidation opinion, which such opinion shall be provided by outside counsel acceptable
to Lender and the Rating Agencies and shall otherwise be in form, scope and substance reasonably acceptable to Lender and acceptable to the Rating Agencies (such opinion, the “New Non-Consolidation Opinion”). 

Section 8.4. ASSUMPTION. Notwithstanding anything to the contrary contained in this Article 8 and in addition to the
transfers permitted under Section 8.3, the following transfers shall not be Prohibited Transfers and Lender’s consent to any TIC Assumption (defined below) shall not be required and Lender's consent to the first four (4) other
transfers of the Property (at any time after the first (1st) anniversary of the closing of the Loan or at any time prior to such date if Lender determines that such assignment or transfer will not hinder, delay or prevent

  

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Lender from completing a Secondary Market Transaction (as defined in Section 19.3)) shall not be withheld; provided, that, in each case, Lender receives sixty (60) days prior written
notice of each such transfer hereunder and no Event of Default has occurred and is continuing, and further provided that, the following additional requirements are satisfied: 
 (a) With respect to (i) any TIC Assumption, no transfer fee shall be due, and (ii) other than in connection with a TIC Assumption, with respect to the (I) first such transfer, Borrower
shall pay Lender a transfer fee equal to 0.125% of the outstanding principal balance of the Loan at the time of such transfer, (II) second such transfer, Borrower shall pay Lender a transfer fee equal to 0.375% of the outstanding principal balance
of the Loan at the time of such transfer, (III) third such transfer, Borrower shall pay Lender a transfer fee equal to 0.75% of the outstanding principal balance of the Loan at the time of such transfer and (IV) fourth such transfer, Borrower shall
pay Lender a transfer fee equal to 1.0% of the outstanding principal balance of the Loan at the time of such transfer; 
 (b)
Borrower shall pay any and all reasonable out-of-pocket costs incurred in connection with, as applicable, each TIC Assumption and the transfer of the Property (including, without limitation, Lender’s reasonable counsel fees and disbursements
and all recording fees, title insurance premiums and mortgage and intangible taxes and, other than with respect to any TIC Assumption, the fees and expenses of the Rating Agencies pursuant to clause (j) below); 

(c) Other than in connection with a TIC Assumption, the proposed transferee (the “Transferee”) or Transferee’s
Principals (hereinafter defined) must have demonstrated expertise in owning and operating properties similar in location, size and operation to the Property, which expertise shall be reasonably determined by Lender. The term
“Transferee’s Principals” shall include Transferee’s (A) managing members, general partners or Controlling shareholders and (B) such other members, partners or shareholders which directly or indirectly shall own
a 15% or greater interest in Transferee; 
 (d) Other than in connection with a TIC Assumption, Transferee’s Principals
shall, as of the date of such transfer, have an aggregate net worth and liquidity reasonably acceptable to Lender; 
 (e) Other
than in connection with a TIC Assumption, Transferee, Transferee’s Principals and all other entities which may be owned or controlled directly or indirectly by Transferee’s Principals (“Related Entities”) must not have
been a party to any bankruptcy proceedings, voluntary or involuntary, made an assignment for the benefit of creditors or taken advantage of any insolvency act, or any act for the benefit of debtors within seven (7) years prior to the date of
the proposed transfer of the Property; 
 (f) Transferee or Assuming Borrower (defined below) under a TIC Assumption, as
applicable, shall assume all of the obligations of Borrower under the Loan Documents in a manner satisfactory to Lender in all respects, including, without limitation, by entering into an assumption agreement in form and substance reasonably
satisfactory to Lender; 
  

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 (g) There shall be no material litigation or regulatory action pending or threatened
against, as applicable, Transferee, Transferee’s Principals or Related Entities or Assuming Borrower or Sponsor which is not reasonably acceptable to Lender; 
 (h) Other than in connection with a TIC Assumption, Transferee’s Principals and Related Entities 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; 
 (i) Transferee or Assuming Borrower, as applicable, must be able to
satisfy all the covenants set forth in Sections 4.3, and both Transferee and Transferee’s Principals or both Assuming Borrower and Sponsor (as applicable) must be able to satisfy all the covenants set forth in Sections 4.3 and 5.9 hereof,
no Event of Default or event which, with the giving of notice, passage of time or both, shall constitute an Event of Default, shall otherwise occur as a result of such transfer, and Transferee and Transferee’s Principals or Assuming Borrower
and Sponsor (as applicable) shall deliver (A) all organization documentation reasonably requested by Lender, which shall be reasonably satisfactory to Lender, and (B) all certificates, agreements and covenants reasonably required by Lender
(including, without limitation, hazard insurance endorsements or certificates or other similar evidence that the Policies required hereunder have been obtained or maintained, as applicable); 

(j) Other than in connection with a TIC Assumption, Transferee shall be approved by the Rating Agencies selected by Lender; 

(k) Transferee or Assuming Borrower, as applicable, shall furnish (I) a New Non-Consolidation Opinion, and (II) an opinion of
counsel reasonably satisfactory to Lender and its counsel (A) that the assumption of the Debt has been duly authorized, executed and delivered, and that the Note, this Security Instrument, the assumption agreement and the other Loan Documents
are valid, binding and enforceable against Transferee or Assuming Borrower, as applicable, in accordance with their terms, and (B) that Transferee or Assuming Borrower, as applicable, and any entity which is a controlling stockholder, member or
general partner of Transferee or Assuming Borrower, as applicable, have been duly organized, and are in existence and good standing; 
 (l) Borrower shall deliver, at its sole costs and expense, an endorsement to the existing title policy insuring the Security Instrument, as modified by the assumption agreement, as a valid first lien on
the Property and naming the Transferee or Assuming Borrower, as applicable, as owner of the Property, which endorsement shall insure that, as of the date of the recording of the assumption agreement, the Property shall not be subject to any
additional exceptions or liens other than those contained in the title policy issued on the date hereof. Immediately upon a transfer of the Property to such Transferee or Assuming Borrower, as applicable, and the satisfaction of all of the above
requirements, the named Borrower herein or, in the case of a TIC Assumption, any entity constituting the defined term “Borrower” hereunder other than the Assuming Borrower or any other Borrower that is not transferring its interest in the
Property to the Assuming Borrower shall be released from all liability under this Security Instrument, the Note and the Other Security Documents accruing after such transfer, and, in the case of a transfer hereunder other than a TIC Assumption, the
Indemnitor under that certain Indemnity Agreement in favor of Lender relating hereto (the “Indemnity Agreement”), dated of 
  

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even date herewith, shall be released from its obligations and liabilities thereunder accruing after such transfer provided that a new indemnitor approved by Lender, which approval shall be
granted or withheld pursuant to Lender’s customary underwriting procedures, enters into and delivers to Lender a new indemnity agreement in the form and content of the Indemnity Agreement. The foregoing release shall be effective upon the date
of such transfer, but Lender agrees to provide written evidence thereof reasonably requested by Borrower; and 
 (m) Other than
in connection with a TIC Assumption, Borrower’s obligations under the contract of sale pursuant to which the transfer is proposed to occur shall expressly be subject to the satisfaction of the terms and conditions of this Section. 

Any transfer made pursuant to and in accordance with the terms and provisions of this Section 8.4 shall not be deemed to be a Prohibited Transfer. A
consent by Lender with respect to a transfer of the Property in its entirety to, and the related assumption of the Loan by, a Transferee pursuant to this Section shall not be construed to be a waiver of the right of Lender to consent to any
subsequent transfer of the Property. 
 Section 8.5. LENDER’S RIGHTS. Lender reserves the right to condition
the consent to a Prohibited Transfer requested hereunder upon (a) a modification of the terms hereof and an assumption of the Note and the other Loan Documents as so modified by the proposed Prohibited Transfer, (b) receipt of payment of a
transfer fee equal to one percent (1%) of the outstanding principal balance of the Loan and all of Lender’s expenses incurred in connection with such Prohibited Transfer, (c) receipt of written confirmation from the Rating Agencies (a
“Ratings Confirmation”) that the Prohibited Transfer will not result in a downgrade, withdrawal or qualification of the initial, or if higher, then current ratings issued in connection with a Securitization, or if a Securitization
has not occurred, any ratings to be assigned in connection with a Securitization, (d) the proposed transferee’s continued compliance with the covenants set forth in this Security Instrument (including, without limitation, the covenants in
Sections 4.2 and 4.3) and the other Loan Documents, (e) a new manager for the Property and a new management agreement satisfactory to Lender, and (f) the satisfaction of such other conditions and/or legal opinions as Lender shall determine
in its sole discretion to be in the interest of Lender. All expenses incurred by Lender shall be payable by Borrower whether or not Lender consents to the Prohibited Transfer. Lender shall not be required to demonstrate any actual impairment of its
security or any increased risk of default hereunder in order to declare the Debt immediately due and payable upon a Prohibited Transfer made without Lender’s consent. This provision shall apply to each and every Prohibited Transfer, whether or
not Lender has consented to any previous Prohibited Transfer. 
 Section 8.6. DEFINITIONS. As used in this Article
8, the following terms shall have the following meanings: 
 (a) “Affiliated Manager” shall mean any managing
agent of the Property in which Borrower, Guarantor, Sponsor, any SPE Component Entity or any affiliate of such entities has, directly or indirectly, any legal, beneficial or economic interest. 
  

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 (b) “Control” shall mean the possession, directly or indirectly, of the
power to direct or cause the direction of the management, policies or activities of an entity, whether through ownership of voting securities, by contract or otherwise. 
 (c) “GE” shall mean a General Electric pension trust reasonably acceptable to Lender with a net worth exceeding $1,000,000,000. 

(d) “Qualified GE Transfer” shall mean a transfer of a direct or indirect interest in Borrower to GE (i) which
shall occur no later than 60 days of the date hereof and (ii) as a condition precedent to which, Borrower shall re-make to Lender the representations and covenants contained herein relating to ERISA effective as of the date of the Qualified GE
Transfer. 
 (e) “Restricted Party” shall mean Borrower, Guarantor, Sponsor, any SPE Component Entity, any
Affiliated Manager, or any shareholder, partner, member, non-member manager or any direct or indirect legal or beneficial owner of any of the foregoing. 
 (f) “Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment, grant of any options with respect to, or any other
transfer or disposition of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) of a legal or beneficial interest. 

(g) “Sponsor” shall mean (i) Guarantor, (ii) a Rady Family Entity, (iii) a Qualified Equityholder or
(iv) GE (provided that (A) the initial transfer to GE is a Qualified GE Transfer and (B) GE has obtained Control over Borrower, any SPE Component Entity, any manager of the Property and the day to day operation of the Property) (the
“GE Sponsor”); provided, that, as conditions precedent to any transfer of Guarantor’s or the Rady Family Entity’s interest as “Sponsor” to (A) a Qualified Equityholder, Lender shall have received a Ratings
Confirmation in connection therewith and with respect to the (I) first such transfer, Borrower shall pay Lender a transfer fee equal to 0.125% of the outstanding principal balance of the Loan at the time of such transfer, (II) second such
transfer, Borrower shall pay Lender a transfer fee equal to 0.375% of the outstanding principal balance of the Loan at the time of such transfer, (III) third such transfer, Borrower shall pay Lender a transfer fee equal to 0.75% of the outstanding
principal balance of the Loan at the time of such transfer and (IV) fourth such transfer and each subsequent transfer thereafter, Borrower shall pay Lender a transfer fee equal to 1.0% of the outstanding principal balance of the Loan at the time of
such transfer or (B) GE Sponsor, GE Sponsor shall have executed and delivered to Lender an indemnity agreement in form and substance substantially identical to the Indemnity Agreement. 

(h) “Qualified Equityholder” shall mean 

(A) a real estate investment trust, bank, saving and loan association, investment bank, insurance company, trust company,
commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that any such person or entity referred to in this clause (A) satisfies the Eligibility Requirements;

  

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 (B) an investment company, money management firm or “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended,
provided that any such person or entity referred to in this clause (B) satisfies the Eligibility Requirements; 
 (C) an institution substantially similar to any of the foregoing entities described in clauses (A) or (B) that satisfies the Eligibility Requirements; 

(D) any entity (1) Controlled by any of the entities described in clauses (A), (B) or
(C) above and (2) in which any of the entities described in clauses (A), (B) or (C) above own a 51% direct or indirect equity ownership interest; 

(E) a Qualified Trustee in connection with a securitization of, the creation of collateralized debt obligations
(“CDO”) secured by or financing through an “owner trust” of, the Loan (collectively, “Securitization Vehicles”), so long as (A) the special servicer or manager of such Securitization Vehicle has the
Required Special Servicer Rating and (B) the entire “controlling class” of such Securitization Vehicle, other than with respect to a CDO Securitization Vehicle, is held by one or more entities that are otherwise Qualified
Equityholders under clauses (A), (B), (C) or (D) of this definition; provided that the operative documents of the related Securitization Vehicle require that (1) in the case of a CDO Securitization Vehicle,
the “equity interest” in such Securitization Vehicle is owned by one or more entities that are Qualified Equityholders under clauses (A), (B), (C) or (D) of this definition and (2) if any of the
relevant trustee, special servicer, manager fails to meet the requirements of this clause (E), such person or entity must be replaced by a Person or entity meeting the requirements of this clause (E) within thirty
(30) days; or 
 (F) an investment fund, limited liability company, limited partnership or general
partnership where a Permitted Fund Manager or an entity that is otherwise a Qualified Equityholder under clauses (A), (B), (C) or (D) of this definition acts as the general partner, managing member or fund
manager and at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Equityholders under clauses (A), (B), (C) or
(D) of this definition. 
 Notwithstanding the foregoing, no person or entity shall be deemed to be a
Qualified Equityholder if (y) such person or entity (or any other person or entity owned or Controlled by such person or entity or affiliated with such person or entity) has been, within the last ten (10) years, (I) subject to any
material, uncured event of default in connection with a loan financing which resulted in litigation or an acceleration of an indebtedness held by Lender or any other secondary market or institutional lender or (II) the subject of any action or
proceeding under applicable Insolvency Laws; or (z) any of the principals or entities which Control such person or entity or own a material direct or indirect equity interest in such person or entity have ever been convicted of a felony.

  

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 As used in the above definition of “Qualified Equityholder”, the following terms
shall have the following meanings: 
 (i) “Eligibility Requirements” shall mean, with respect to
any person or entity, that such person or entity (A) has total assets (in name or under management) in excess of $750,000,000 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory surplus or
shareholder’s equity of $500,000,000 and (B) is regularly engaged in the business of making or owning commercial real estate loans or operating commercial mortgage properties. 

(ii) “Permitted Fund Manager” shall mean any Person or entity that on the date of determination is
(A) a nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real estate, (B) investing through a fund with committed capital of at least $500,000,000 and (C) not subject to any
action or proceeding under any bankruptcy, insolvency, rehabilitation or other similar proceeding. 
 (iii)
“Qualified Trustee” shall mean (A) a corporation, national bank, national banking association or a trust company, organized and doing business under the laws of any state or the United States of America, authorized under such
laws to exercise corporate trust powers and to accept the trust conferred, having a combined capital and surplus of at least $300,000,000 and subject to supervision or examination by federal or state authority, (B) an institution insured by the
Federal Deposit Insurance Corporation or (C) an institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the Rating Agencies. 

(iv) “Required Special Servicer Rating” shall mean (A) a rating of “CSS1” in the case of
Fitch, (B) on the S&P list of approved special servicers in the case of S&P and (C) in the case of Moody’s, such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by
Moody’s within the twelve (12) month period prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial
mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities. 
 (i) “Rady Family Entity” shall mean an entity (i) in which Ernest S. Rady or a spouse, siblings, children or grandchildren, nieces, nephews or cousins of Ernest S. Rady or trusts for
the benefit of any such persons (collectively, the “Rady Family Group”) own at least a 51% direct or indirect equity interest, and (ii) which is Controlled by one or more members of the Rady Family Group having commercial real
estate experience at least comparable to that of the current management of Guarantor. 
 (j) “Rady SPE” shall
mean entity (i) which is a single purpose, bankruptcy remote entity meeting the requirements of Sections 4.3 and 5.9 hereof, (ii) which is Controlled by a Rady Family Entity and (iii) in which a Rady Family Entity owns at least a 51%
direct or indirect equity ownership interest. 
  

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 (k) “TIC Assumption” shall mean the transfer of the ownership interest in
the Property currently held by one (or, in the case of a transfer to a Rady SPE, both) of the entities comprising the defined term “Borrower” hereunder to (i) the other party comprising the defined term “Borrower” hereunder
or (ii) a Rady SPE (each of the foregoing, an “Assuming Borrower”) and such Assuming Borrower’s assumption of the Debt and the other obligations of the transferring Borrower hereunder and under the other Loan Documents in
accordance with the terms and conditions set forth in Section 8.4 above; provided, that, no such TIC Assumption shall be permitted hereunder (A) if the same would result in (1) more than two (2) tenants-in-common owning the
Property or (2) each such tenant-in-common Borrower not being 51% owned (directly or indirectly) and Controlled by one or more Rady Family Entities and/or Guarantor and (B) more frequently than once in any calendar year (unless otherwise
consented to in writing by Lender); provided, that, Borrower shall have the one time right to have a TIC Assumption occur twice in the same calendar year. 
 Article 9. PREPAYMENT 
 Section 9.1. PREPAYMENT. The Debt may
be prepaid only in strict accordance with the express terms and conditions of the Note and this Security Instrument including the payment (if applicable) of any prepayment consideration or premium due under the Note (whether due prior to or after
the occurrence of an Event of Default). 
 Article 10. DEFAULT 

Section 10.1. EVENTS OF DEFAULT. The occurrence of any one or more of the following events shall constitute an “Event
of Default”: 
 (a) if any portion of the Debt is not paid on the date the same is due or if the entire Debt is not
paid on or before the Maturity Date; provided, however, Borrower shall not be in default so long as there is sufficient money in the Cash Management Account for payment of all amounts then due and payable (including any deposits into Reserve
Accounts (as such term is defined in that certain Reserve Agreement by and among Borrower and Lender executed in connection with the Loan (the “Reserve Agreement”))) and Lender’s access to such money has not been constrained or
constricted in any manner; 
 (b) if any of the Taxes or Other Charges are not paid within ten (10) days following the date
the same is due and payable except to the extent sums sufficient to pay such Taxes and Other Charges have been deposited with Lender in accordance with the terms of this Security Instrument; 

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

(e) if Borrower violates or does not comply with any of the provisions of Sections 3.7 (and does not cure such failure within ten days of
written notice) or 4.3 or Articles 8, 12 or 13; 
  

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 (f) if any representation or warranty of Borrower or any person guaranteeing payment of the
Debt or any portion thereof or performance by Borrower of any of the terms of this Security Instrument (including, without limitation, Guarantor) or any general partner, managing member, principal or beneficial owner of any of the foregoing, made
herein or any guaranty or indemnity, or in any certificate, report, financial statement or other instrument or document furnished to Lender shall have been false or misleading in any material respect when made; 

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

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

 

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 (k) if Borrower fails to cure any violations of Applicable Laws within ninety
(90) days, of first having received notice thereof; 
 (l) if (i) Borrower fails to timely provide Lender with the
written certification and evidence referred to in Section 4.2 hereof, or (ii) Borrower consummates a transaction which would cause the Security Instrument or Lender’s exercise of its rights under this Security Instrument, the Note or
the Other Security Documents to constitute a nonexempt prohibited transaction under ERISA or result in a violation of a state statute regulating governmental plans, subjecting Lender to liability for a violation of ERISA or a state statute;

 (m) if Borrower shall fail to reimburse Lender on demand, with interest calculated at the Default Rate (defined below), for
all Insurance Premiums or Taxes, together with interest and penalties imposed thereon, paid by Lender pursuant to this Security Instrument; 
 (n) if Borrower shall fail to timely deliver to Lender an estoppel certificate pursuant to the terms of Subsection 7.4(a); 
 (o) if Borrower shall fail to timely deliver to Lender, after request by Lender, the statements referred to in Section 3.11 in accordance with the terms thereof; 

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

(s) Intentionally Omitted; 
 (t) if for more than thirty (30) days after notice from Lender, Borrower shall continue to be in default under any other term, covenant or condition of the Note, this Security Instrument or the Other
Security Documents in the case of any default which can be cured by the payment of a sum of money or for sixty (60) days after notice from Lender in the case of any other default, provided that if such default cannot reasonably be cured within
such sixty (60) day period and Borrower shall have commenced to cure such default within such sixty (60) day period and thereafter diligently and expeditiously proceeds to cure the same, such sixty (60) day period shall be extended
for so long as it shall require Borrower in the exercise of due diligence to cure such default, it being agreed that no such extension shall be for a period in excess of one hundred twenty (120) days; or 

(u) a default beyond applicable notice or cure periods (if any) shall occur under any Other Security Documents. 

 

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 Section 10.2. LATE PAYMENT CHARGE. If any monthly installment of principal and
interest is not paid on the date on which it was due, Borrower shall pay to Lender upon demand an amount equal to the lesser of two and one half percent (2.5%) of such unpaid portion of the outstanding monthly installment of principal and
interest then due or the maximum amount permitted by Applicable Law, to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment, and such
amount shall be secured by this Security Instrument and the Other Security Documents. 
 Section 10.3. DEFAULT
INTEREST. Borrower will pay, from the date of an Event of Default through the earlier of the date upon which the Event of Default is cured or the date upon which the Debt is paid in full, interest on the unpaid principal balance of the Note at a
per annum rate equal to the lesser of (a) four percent (4%) plus the Applicable Interest Rate (as defined in the Note), and (b) the maximum interest rate which Borrower may by law pay or Lender may charge and collect (the
“Default Rate”). 
 Article 11. RIGHTS AND REMEDIES 

Section 11.1. REMEDIES. Except as specifically limited hereby or the Other Security Documents, Upon the occurrence of any
Event of Default, Borrower agrees that Lender may take such action, without notice or demand, as it deems advisable to protect and enforce its rights against Borrower and in and to the Property, including, but not limited to, the following actions,
each of which may be pursued concurrently or otherwise, at such time and in such order as Lender may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of Lender: (a) declare the entire
unpaid Debt to be immediately due and payable; (b) institute proceedings, judicial or otherwise, for the complete foreclosure of this Security Instrument under any applicable provision of law in which case the Property or any interest therein
may be sold for cash or upon credit in one or more parcels or in several interests or portions and in any order or manner; (c) with or without entry, to the extent permitted and pursuant to the procedures provided by Applicable Law, institute
proceedings for the partial foreclosure of this Security Instrument for the portion of the Debt then due and payable, subject to the continuing lien and security interest of this Security Instrument for the balance of the Debt not then due,
unimpaired and without loss of priority; (d) sell for cash or upon credit the Property or any part thereof and all estate, claim, demand, right, title and interest of Borrower therein and rights of redemption thereof, pursuant to power of sale
or otherwise, at one or more sales, as an entity or in parcels, at such time and place, upon such terms and after such notice thereof as may be required or permitted by law; (e) institute an action, suit or proceeding in equity for the specific
performance of any covenant, condition or agreement contained herein, in the Note or in the Other Security Documents; (f) recover judgment on the Note either before, during or after any proceedings for the enforcement of this Security
Instrument or the Other Security Documents; (g) apply for the appointment of a receiver, trustee, liquidator or conservator of the Property, without notice and without regard for the adequacy of the security for the Debt and without regard for
the solvency of Borrower or of any person, firm or other entity liable for the payment of the Debt; (h) subject to Applicable Law, and following notice to Borrower, the license granted to Borrower under Section 1.2 shall be revoked
(subject to reinstatement as provided herein) and Lender may enter into or upon the Property, either personally or by its agents, nominees or attorneys and dispossess Borrower and its agents and servants therefrom,

  

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without liability for trespass, damages or otherwise and exclude Borrower and its agents or servants wholly therefrom, and take possession of all books, records and accounts relating thereto and
Borrower agrees to surrender possession of the Property and of such books, records and accounts to Lender upon demand, and thereupon Lender may (i) use, operate, manage, control, insure, maintain, repair, restore and otherwise deal with all and
every part of the Property and conduct the business thereat; (ii) complete any construction on the Property in such manner and form as Lender deems advisable; (iii) make alterations, additions, renewals, replacements and improvements to or
on the Property; (iv) exercise all rights and powers of Borrower with respect to the Property, whether in the name of Borrower or otherwise, including, without limitation, the right to make, cancel, enforce or modify Leases, obtain and evict
tenants, and demand, sue for, collect and, subject to the Cash Management Agreement, receive all Rents of the Property and every part thereof; (v) require Borrower to pay monthly in advance to Lender, or any receiver appointed to collect the
Rents, the fair and reasonable rental value for the use and occupation of such part of the Property as may be occupied by Borrower; (vi) require Borrower to vacate and surrender possession of the Property to Lender or to such receiver and, in
default thereof, Borrower may be evicted by summary proceedings or otherwise; and (vii) apply the receipts from the Property to the payment of the Debt, in such order, priority and proportions as Lender shall deem appropriate in its sole
discretion after deducting therefrom all expenses (including reasonable attorneys’ fees) incurred in connection with the aforesaid operations and all amounts necessary to pay the Taxes, Other Charges, insurance and other expenses in connection
with the Property, as well as just and reasonable compensation for the services of Lender, its counsel, agents and employees; (i) exercise any and all rights and remedies granted to a secured party upon default under the Uniform Commercial
Code, including, without limiting the generality of the foregoing: (i) the right to take possession of the Personal Property or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and
preservation of the Personal Property, and (ii) request Borrower at its expense to assemble the Personal Property and make it available to Lender at a convenient place acceptable to Lender. Any notice of sale, disposition or other intended
action by Lender with respect to the Personal Property sent to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to Borrower; (j) apply any sums
then deposited in the Escrow Fund and any other sums held in escrow or otherwise by Lender in accordance with the terms of this Security Instrument or any Other Security Document to the payment of the following items in any order in its discretion:
(i) Taxes and Other Charges; (ii) Insurance Premiums; (iii) any other items or expenses for which such escrow was established; or (iv) during the continuance of an Acceleration Default, (A) interest on the unpaid principal
balance of the Note, (B) the unpaid principal balance of the Note; or (C) all other sums payable pursuant to the Note, this Security Instrument and the Other Security Documents, including without limitation advances made by Lender pursuant
to the terms of this Security Instrument; (k) surrender the Policies maintained pursuant to Article 3 hereof, collect the unearned Insurance Premiums and apply such sums as a credit on the Debt in such priority and proportion as Lender in its
discretion shall deem proper, and in connection therewith, Borrower hereby appoints Lender as agent and attorney in fact (which is coupled with an interest and is therefore irrevocable) for Borrower to collect such Insurance Premiums;
(l) pursue such other remedies as Lender may have under Applicable Law; (m) apply the undisbursed balance of any Net Proceeds Deficiency deposit, together with interest thereon, to the payment of the Debt in such order, priority and
proportions as Lender shall deem to be appropriate in its discretion; or 
  

 54 

 
(n) under the power of sale hereby granted, Lender shall have the discretionary right to cause some or all of the Property, including any Personal Property, to be sold or otherwise disposed of in
any combination and in any manner permitted by Applicable Law. 
 In the event of a sale, by foreclosure, power of sale, or
otherwise, of less than all of the Property, this Security Instrument shall continue as a lien and security interest on the remaining portion of the Property unimpaired and without loss of priority. In the event of a sale, by foreclosure, power of
sale, or otherwise, Lender may bid for and acquire the Property and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting against the Obligations the amount of the bid made therefor, after deducting therefrom the
expenses of the sale, the cost of any enforcement proceeding hereunder and any other sums which Lender is authorized to deduct under the terms hereof, to the extent necessary to satisfy such bid. Notwithstanding the provisions of this
Section 11.1 to the contrary, if any Event of Default as Subsection 10.1(g) shall occur, the entire unpaid Debt shall be automatically due and payable, without any further notice, demand or other action by Lender. 

Section 11.2. APPLICATION OF PROCEEDS. The purchase money, proceeds and avails of any disposition of the Property, or any
part thereof, or any other sums collected by Lender after the occurrence of an Event of Default pursuant to the Note, this Security Instrument or the Other Security Documents, may be applied by Lender to the payment of the Debt in such priority and
proportions as Lender in its discretion shall deem proper. Upon any foreclosure sale or sales of all or any portion of the Property under the power of sale herein granted, Lender may bid for and purchase the Property and shall be entitled to apply
all or any part of the Debt as a credit to the purchase price. 
 Section 11.3. RIGHT TO CURE DEFAULTS. Upon the
occurrence of any Event of Default, Lender may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder, make or do the same in such manner and to such extent as
Lender may deem necessary to protect the security hereof. Lender is authorized to enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property or to foreclose this
Security Instrument or collect the Debt, and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law), with interest as provided in this Section 11.3, shall constitute a portion of the Debt and
shall be due and payable to Lender upon demand. All such costs and expenses incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any such action or proceeding shall bear
interest at the Default Rate, for the period after notice from Lender that such cost or expense was incurred to the date of payment to Lender. All such costs and expenses incurred by Lender together with interest thereon calculated at the Default
Rate shall be deemed to constitute a portion of the Debt and be secured by this Security Instrument and the Other Security Documents and shall be immediately due and payable upon demand by Lender therefor. 

Section 11.4. ACTIONS AND PROCEEDINGS. Lender has the right to appear in and defend any action or proceeding brought with
respect to the Property and to bring any action or proceeding, in the name and on behalf of Borrower, which Lender, in its discretion, decides should be brought to protect its interest in the Property. 

 

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 Section 11.5. RECOVERY OF SUMS REQUIRED TO BE PAID. Lender shall have the right
from time to time to take action to recover any sum or sums which constitute a part of the Debt as the same become due, without regard to whether or not the balance of the Debt shall be due, and without prejudice to the right of Lender thereafter to
bring an action of foreclosure, or any other action, for a default or defaults by Borrower existing at the time such earlier action was commenced. 
 Section 11.6. EXAMINATION OF BOOKS AND RECORDS. Lender, its agents, accountants and attorneys shall have the right to examine the records, books, management and other papers of Borrower and
each other “Indemnitor” under the Indemnity Agreement delivered in connection herewith which reflect upon their financial condition, at the Property or at any office regularly maintained by Borrower or such other Indemnitor or where the
books and records are located. Lender and its agents shall have the right to make copies and extracts from the foregoing records and other papers. In addition, Lender, its agents, accountants and attorneys shall have the right to examine and audit
the books and records of Borrower and such other Indemnitor pertaining to the income, expenses and operation of the Property during reasonable business hours at any office of Borrower and such other Indemnitor where the books and records are
located. 
 Section 11.7. OTHER RIGHTS, ETC. (a) The failure of Lender to insist upon strict performance of any
term hereof shall not be deemed to be a waiver of any term of this Security Instrument. Borrower shall not be relieved of Borrower’s obligations hereunder by reason of (i) the failure of Lender to comply with any request of Borrower to
take any action to foreclose this Security Instrument or otherwise enforce any of the provisions hereof or of the Note or the Other Security Documents, (ii) the release, regardless of consideration, of the whole or any part of the Property, or
of any person liable for the Debt or any portion thereof, or (iii) any agreement or stipulation by Lender extending the time of payment or otherwise modifying or supplementing the terms of the Note, this Security Instrument or the Other
Security Documents. 
 (b) It is agreed that the risk of loss or damage to the Property is on Borrower, and Lender shall have no
liability whatsoever for decline in value of the Property, for failure to maintain the Policies, or for failure to determine whether insurance in force is adequate as to the amount of risks insured. Possession by Lender shall not be deemed an
election of judicial relief, if any such possession is requested or obtained, with respect to any Property or collateral not in Lender’s possession. 
 (c) Lender may resort for the payment of the Debt to any other security held by Lender in such order and manner as Lender, in its discretion, may elect. Lender may take action to recover the Debt, or any
portion thereof, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to foreclose this Security Instrument. The rights of Lender under this Security Instrument shall be separate, distinct and cumulative and none
shall be given effect to the exclusion of the others. No act of Lender shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. Lender shall not be limited exclusively to the rights and
remedies herein stated but shall be entitled to every right and remedy now or hereafter afforded at law or in equity. 
  

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

Section 11.9. VIOLATION OF LAWS. If the Property is not in compliance with Applicable Laws, Lender may impose additional
requirements upon Borrower in connection herewith including, without limitation, monetary reserves or financial equivalents. 

Section 11.10. RIGHT OF ENTRY. Lender and its agents shall have the right to enter and inspect the Property at all reasonable
times. 
 Section 11.11. EXCULPATION. All rights and remedies of Lender under this Security Instrument and the Other
Security Documents are expressly made subject to the limitations and exculpations set forth in Article 15, below. 
 Article
12. ENVIRONMENTAL HAZARDS 
 Section 12.1. ENVIRONMENTAL REPRESENTATIONS AND WARRANTIES. Borrower represents and
warrants, based upon an environmental assessment of the Property and information that Borrower knows (which for purposes hereof will mean the actual knowledge of John Chamberlain and Chris Sullivan, and their successors) that: (a) there are no
Hazardous Substances (defined below) or underground storage tanks in, on, or under the Property, except those that are both (i) in compliance with, if required, Environmental Laws (defined below) and with permits issued pursuant thereto or
(ii) fully disclosed to Lender by Borrower in writing or pursuant to the written reports resulting from the environmental assessments of the Property delivered to Lender (the “Environmental Report”); (b) there are no past,
present or threatened Releases (defined below) of Hazardous Substances in, on, under or from the Property except as described in the Environmental Report; (c) there is no likely threat of any Release of Hazardous Substances migrating to the
Property except as described in the Environmental Report; (d) there is no past or present non-compliance with Environmental Laws, or with permits issued pursuant thereto, in connection with the Property except as described in the Environmental
Report; (e) Borrower has not received, any written or oral notice from any person or entity (including but not limited to a governmental entity) relating to any unlawful accumulations of Hazardous Substances or Remediation (defined below)
thereof on the Property, or of possible liability of any person or entity pursuant to violation of any Environmental Law 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 provided to Lender, in writing, any and all information relating to conditions in, on, under or from the Property that is known to Borrower (which for purposes hereof will mean the actual
knowledge of John Chamberlain and Chris Sullivan, and their successors) and that is contained in Borrower’s files and records, including but not limited to any reports relating to Hazardous Substances in, on, under or from the Property and/or
to the environmental condition of the Property. 
  

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 “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. “Environmental Law” 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;
the Emergency Planning and Community Right to Know Act; 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. “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, as well as common law; 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 Substances or other environmental condition of the Property to any governmental authority or other person or entity, 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. “Hazardous Substances” include but are not limited to 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 but not limited to petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables and explosives provided, however, that
“Hazardous Substances” shall not include cleaning materials, office supplies, cleaning supplies and other substances commonly used or sold by establishments similar to those leasing space at the Property in the ordinary course of their
business and customarily used at properties similar to the Property, to the extent such materials are used, stored and disposed of in accordance with Environmental Laws. 
 “Release” of any Hazardous Substance means any unlawful release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping,
dumping, disposing or other movement of Hazardous Substances. 
 “Remediation” means 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

  

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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 or to anything referred to in Article 12. 
 Section 12.2.
ENVIRONMENTAL COVENANTS. Borrower covenants and agrees that so long as Borrower owns, manages, is in possession of, or otherwise controls the operation of the Property: (a) all uses and operations on or of the Property shall be in
compliance with all Environmental Laws and permits issued pursuant thereto; (b) there shall be no Releases of Hazardous Substances by Borrower, its agents or employees in, on, under or from the Property; (c) Borrower shall not knowingly
permit any Hazardous Substances in, on, or under the Property, except those that are in compliance with all Environmental Laws and with permits issued pursuant thereto, if and to the extent required; (d) the Property shall be kept 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”); (e) Borrower shall, at its sole cost
and expense, fully and expeditiously cooperate in all activities pursuant to Section 12.3 below, including but not limited to providing all relevant information and making knowledgeable persons available for interviews; (f) 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 written request of Lender (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 (as defined herein) shall be
entitled to rely on such reports and other results thereof provided, however, that no such request shall be made by Lender unless Lender has reasonable grounds to believe that a Release of Hazardous Substances or a violation of Environmental Law has
occurred; (g) Borrower shall, at its sole cost and expense, comply with all reasonable written requests of Lender to (i) reasonably effectuate Remediation of any condition (including but not limited to a Release of a Hazardous Substance)
in, on, under or from the Property; (ii) comply with any Environmental Law; (iii) comply with any directive from any governmental authority; and (iv) take any other reasonable action necessary or appropriate for protection of human
health or the environment; (h) 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 or entity (whether on or off the Property), impairs or may impair the value of the Property, is contrary to any requirement of any insurer, constitutes a public or private nuisance, constitutes waste, or violates any covenant, condition,
agreement or easement applicable to the Property; and (i) Borrower shall immediately notify Lender in writing of (A) any 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 which 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
affecting the Property, possible liability of any person or entity 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 Article 12. Any failure of Borrower to perform its obligations pursuant to this Section 12.2 shall constitute bad faith waste with respect to the Property. 

 

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 Section 12.3. LENDER’S RIGHTS. Subject to the rights of quiet enjoyment of
tenants under existing Leases, Lender and any other person or entity 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 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 conducting other invasive testing. Borrower shall cooperate with and provide access to
Lender and any such person or entity designated by Lender. The costs and expenses of such assessments shall be borne by Lender except in instances where such report or assessment is performed due to Borrower’s failure to comply with its
obligations under Section 12.2(f), in which cases the costs and expenses of such assessments shall be paid for by Borrower. 

Article 13. INDEMNIFICATION 
 Section 13.1. GENERAL INDEMNIFICATION. Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all
claims, suits, liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations, debts, damages, losses, costs, expenses, diminutions in value, fines, penalties, charges, fees, expenses, judgments, awards, amounts
paid in settlement, punitive damages, foreseeable and unforeseeable consequential damages, of whatever kind or nature (including but not limited to attorneys’ fees and other costs of defense) (the “Losses”) imposed upon or incurred by
or asserted against any Indemnified Parties (defined below) and directly or indirectly arising out of or in any way relating to any one or more of the following which shall have occurred prior to the foreclosure of this Security Instrument (or
delivery and acceptance of a deed in lieu of such foreclosure), except to the extent any of the following are attributable to the gross negligence or willful misconduct of an Indemnified Party: (a) any and all lawful action that may be taken by
Lender in connection with the enforcement of the provisions of this Security Instrument or the Note or any of the Other Security Documents, whether or not suit is filed in connection with same, or in connection with Borrower and/or any partner,
joint venturer or shareholder thereof becoming a party to a voluntary or involuntary federal or state bankruptcy, insolvency or similar proceeding; (b) any accident, injury to or death of persons or loss of or damage to property occurring in,
on or about the Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (c) any use, nonuse or condition in, on or about the Property or any part thereof or on the
adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (d) performance of any labor or services or the furnishing of any materials or other property in respect of the Property or any part thereof; (e) the
failure of any person other than an Indemnified Party to file timely with the Internal Revenue Service an accurate Form 1099 B, Statement for Recipients of Proceeds from Real Estate, Broker and Barter Exchange Transactions, which may be required in
connection with this Security Instrument, or to supply a copy thereof in a timely fashion to the recipient of the proceeds of the transaction in connection with which this Security Instrument is made; (f) any failure of the Property to be in
compliance with any Applicable Laws; (g) the 
  

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enforcement by any Indemnified Party of the provisions of this Article 13; (h) any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged
obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained in any Lease; (i) the payment of any commission, charge or brokerage fee to anyone which may be payable in connection with the
funding of the loan evidenced by the Note and secured by this Security Instrument; or (j) any misrepresentation made by Borrower in this Security Instrument or any Other Security Document. Any amounts payable to Lender by reason of the
application of this Section 13.1 shall become immediately due and payable and shall bear interest at the Default Rate from the date loss or damage is sustained by Lender until paid. As used herein, the term “Indemnified Parties” means
Lender and any person or entity who is or will have been involved in the origination of the loan evidenced by the Note, any person or entity who is or will have been involved in the servicing of the loan evidenced by the Note, any person or entity
in whose name the encumbrance created by this Security Instrument is or will have been recorded, persons and entities who may hold or acquire or will have held a full or partial interest in the loan evidenced by the Note (including, but not limited
to, Investors (as defined herein) or prospective Investors in the Securities (as defined herein), as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the loan evidenced by the Note as well as the
respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including but not
limited to any other person or entity who holds or acquires or will have held a participation or other full or partial interest in the loan evidenced by the Note or the Property, whether during the term of the loan evidenced by the Note or as a part
of or following a foreclosure of the loan evidenced by the Note and including, but not limited to, any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business). 

Section 13.2. MORTGAGE AND/OR INTANGIBLE TAX. Borrower shall, at its sole cost and expense, protect, defend, indemnify,
release and hold harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any tax on the making
and/or recording of this Security Instrument, the Note or any of the Other Security Document, except for income taxes and franchise taxes (imposed in lieu of income taxes) imposed on an Indemnified Party as a result of a present or former connection
between the jurisdiction of the government or taxing authority imposing such tax and the Indemnified Party (excluding a connection arising solely from the Indemnified Party having executed, delivered, or performed its obligations or received a
payment under, or enforced, this Security Instrument, the Note and the Other Security Documents) or any political subdivision or taxing authority thereof or therein. 
 Section 13.3. ERISA INDEMNIFICATION. Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all
Losses (including, without limitation, attorneys’ fees and costs incurred in the investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction or in the sale of a prohibited loan, and in obtaining any
individual prohibited transaction exemption under ERISA that may be required, in Lender’s sole discretion) that Lender may incur, directly or indirectly, as a result of a default under Sections 4.2 or 5.9. 

 

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 Section 13.4. ENVIRONMENTAL INDEMNIFICATION. Borrower shall, at its sole cost
and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses and costs of Remediation (whether or not performed voluntarily), engineers’ fees, environmental consultants’
fees, and costs of investigation (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) imposed upon or incurred by or asserted against
any Indemnified Parties, and directly or indirectly arising out of or in any way relating to any one or more of the following (except to the extent that (i) any such claims, losses or costs arise from the gross negligence or willful misconduct
of any Indemnified Parties or (ii) the same relate solely to Hazardous Substances first introduced to the Property by anyone other than Borrower, its agents or employees following the foreclosure of this Security Instrument (or the delivery and
acceptance of a deed in lieu of such foreclosure), the expiration of any right of redemption with respect thereto and the obtaining by the purchaser at such foreclosure sale or grantee under such deed of possession of the Property): (a) any
presence of any Hazardous Substances in, on, above, or under the Property; (b) any past, present or threatened Release of Hazardous Substances in, on, above, under or from the Property; (c) any activity by Borrower, any person or entity
affiliated with Borrower or any tenant or other user of the Property in connection with any actual, proposed or threatened use, treatment, storage, holding, existence, disposition or other Release, generation, production, manufacturing, processing,
refining, control, management, abatement, removal, handling, transfer or transportation to or from the Property of any Hazardous Substances at any time located in, under, on or above the Property; (d) any activity by Borrower, any person or
entity affiliated with Borrower or any tenant or other user of the Property in connection with any actual or proposed Remediation of any Hazardous Substances at any time located in, under, on or above the Property, whether or not such Remediation is
voluntary or pursuant to court or administrative order, including but not limited to any removal, remedial or corrective action; (e) any past, present or threatened non compliance or violations of any Environmental Laws (or permits issued
pursuant to any Environmental Law) in connection with the Property or operations thereon, including but not limited to any failure by Borrower, any person or entity affiliated with Borrower or any tenant or other user of the Property to comply with
any order of any governmental authority in connection with any Environmental Laws; (f) the imposition, recording or filing or the threatened imposition, recording or filing of any Environmental Lien encumbering the Property; (g) any
administrative processes or proceedings or judicial proceedings in any way connected with any matter addressed in Article 12 and this Section 13.4; (h) any past, present or threatened injury to, destruction of or loss of natural resources
in any way connected with the Property, including but not limited to costs to investigate and assess such injury, destruction or loss; (i) any acts of Borrower or other users of the Property in arranging for disposal or treatment, or arranging
with a transporter for transport for disposal or treatment, of Hazardous Substances owned or possessed by such Borrower or other users, at any facility or incineration vessel owned or operated by another person or entity and containing such or
similar Hazardous Materials; (j) any acts of Borrower or other users of the Property, in accepting any Hazardous Substances for transport to disposal or treatment facilities, incineration vessels or sites selected by Borrower or such other
users, from which there is a Release, or a threatened Release of any Hazardous Substance which causes the incurrence of costs for Remediation; (k) any personal injury, wrongful death, or property damage arising under any statutory or common law
or tort law theory, including but not limited to damages assessed for the 
  

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maintenance of a private or public nuisance or for the conducting of an abnormally dangerous activity on or near the Property, and arising out of a Release of any Hazardous Substance on, under or
about the Property; and (l) any misrepresentation or inaccuracy in any representation or warranty or material breach or failure to perform any covenants or other obligations pursuant to Article 12. 

Section 13.5. DUTY TO DEFEND; ATTORNEYS’ FEES AND OTHER FEES AND EXPENSES. Upon written request by any Indemnified
Party, Borrower shall defend such Indemnified Party (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals reasonably approved by the Indemnified Parties. Notwithstanding the foregoing, any
Indemnified Parties may, if they reasonably believe that their interests are not properly being represented by the counsel selected by Borrower, engage their own attorneys and other professionals to defend them. Upon demand, Borrower shall pay or,
in the sole and absolute discretion of the Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in
connection therewith. 
 Article 14. WAIVERS 
 Section 14.1. WAIVER OF COUNTERCLAIM. Borrower hereby waives the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against
it by Lender arising out of or in any way connected with this Security Instrument, the Note, any of the Other Security Documents, or the Obligations. The foregoing shall not be deemed a waiver of Borrower’s right to assert in a separate
proceeding any claim against Lender which otherwise would constitute a defense, setoff, counterclaim or crossclaim of any nature arising from and after the date hereof. 
 Section 14.2. MARSHALLING AND OTHER MATTERS. Borrower hereby waives, to the extent permitted by law, the benefit of all appraisement, valuation, stay, extension, reinstatement and redemption
laws now or hereafter in force and all rights of marshalling in the event of any sale hereunder of the Property or any part thereof or any interest therein. Further, Borrower hereby expressly waives any and all rights of redemption from sale under
any order or decree of foreclosure of this Security Instrument on behalf of Borrower, and on behalf of each and every person acquiring any interest in or title to the Property subsequent to the date of this Security Instrument and on behalf of all
persons to the extent permitted by Applicable Law. 
 Section 14.3. 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 Security Instrument, the Note, or the Other Security Documents specifically and expressly provides for the giving of notice by Lender to Borrower and
except with respect to matters for which Lender is required by Applicable Law to give notice, and Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Security Instrument does not
specifically and expressly provide for the giving of notice by Lender to Borrower or as required by law. 
 Section 14.4.
DETERMINATIONS BY LENDER. Except as otherwise specifically set forth in the Note, this Security Instrument, or the Other Security Documents, wherever pursuant 

 

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to this Security Instrument (i) Lender exercises any right given to it to approve or disapprove, (ii) any arrangement or term is to be satisfactory to Lender, or (iii) any other
decision or determination is to be made by Lender, the decision of Lender to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory, and all other decisions and determinations made by Lender, shall be in
the reasonable determination of Lender applied in good faith. All approvals of or waivers by Lender in respect of any of the terms, conditions or requirements of this Security Instrument must be in writing. No waiver with respect to any condition,
breach or other matter shall extend to or be taken in any manner whatsoever to affect any other condition, breach or matter or affect Lender’s rights resulting therefrom. 
 Section 14.5. SURVIVAL. The indemnifications made pursuant to Sections 13.3 and 13.4 and the representations and warranties, covenants, and other obligations arising under Article 12, shall
continue indefinitely in full force and effect and shall survive and shall in no way be impaired by: any satisfaction or other termination of this Security Instrument, any assignment or other transfer of all or any portion of this Security
Instrument or Lender’s interest in the Property (but, in such case, shall benefit both Indemnified Parties and any assignee or transferee), any exercise of Lender’s rights and remedies pursuant hereto including but not limited to
foreclosure or acceptance of a deed in lieu of foreclosure, any exercise of any rights and remedies pursuant to the Note or any of the Other Security Documents, any transfer of all or any portion of the Property (whether by Borrower or by Lender
following foreclosure or acceptance of a deed in lieu of foreclosure or at any other time), any amendment to this Security Instrument, the Note or the Other Security Documents, and any act or omission that might otherwise be construed as a release
or discharge of Borrower from the obligations pursuant hereto. Notwithstanding the foregoing, upon a permitted transfer pursuant to Article 8, the transferee Borrower shall be released from any liability thereafter accruing under any such
indemnification provision (other than as to matters which have already occurred). 
 Section 14.6. WAIVER OF TRIAL BY
JURY. BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THE
NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THE NOTE, THE NOTE, THIS SECURITY INSTRUMENT OR THE OTHER SECURITY DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH. 

Article 15. EXCULPATION 
 Section 15.1. EXCULPATION. All rights and remedies of Lender under this Security Instrument and the Other Security Documents are expressly made subject to the limitations and exculpations set
forth in Article 14 of the Note, the provisions of which are incorporated herein by this reference. 
 Article 16. NOTICES

 Section 16.1. NOTICES. (a) All notices or other written communications hereunder shall be deemed to have
been properly given (i) upon delivery, if delivered in person with receipt 
  

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acknowledged by the recipient thereof, (ii) one (l) Business Day (defined below) after having been deposited for overnight delivery with any reputable overnight courier service, or
(iii) three (3) Business Days after having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested, addressed
as follows: 
  

			
	If to Borrower:	  	 Waikele Reserve West Holdings, LLC
 Waikele Venture Holdings, LLC
 11455 El Camino Real, Suite 200

San Diego, California 92130
 Attention: John W.
Chamberlain and Robert Barton
 Facsimile No.: (619) 350-2620

		
	If to Lender:	  	Bear Stearns Commercial Mortgage, Inc.
		  	383 Madison Avenue
		  	 New York, New York 10179

Attention: J. Christopher Hoeffel
 Facsimile No.:
(212) 272-7047

 or addressed as such party may from time to time designate by written notice to the other parties.
Either party by notice to the other may designate additional or different addresses for subsequent notices or communications. For purposes of this Security Instrument, “Business Day” shall mean any day other than Saturday, Sunday or
any other day on which banks are authorized or required to close in New York, New York. 
 Article 17. SERVICE OF PROCESS

 Section 17.1. CONSENT TO SERVICE. (a) Borrower will maintain a place of business or an agent for service of
process in San Diego County, California and give prompt notice to Lender of the address of such place of business and of the name and address of any new agent appointed by it, as appropriate. Borrower further agrees that the failure of its agent for
service of process to give it notice of any service of process will not impair or affect the validity of such service or of any judgment based thereon. If, despite the foregoing, there is for any reason no agent for service of process of Borrower
available to be served, and if it at that time has no place of business in San Diego County, California, then Borrower irrevocably consents to service of process by registered or certified mail, postage prepaid, to it at its address given in or
pursuant to the first paragraph hereof. 
 Section 17.2. Borrower initially and irrevocably designates John W. Chamberlain
with offices on the date hereof at 11455 El Camino Real, Suite 200, San Diego, California 92130, to receive for and on behalf of Borrower service of process with respect to this Security Instrument. 

 

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 Article 18. APPLICABLE LAW 

Section 18.1. CHOICE OF LAW. THIS SECURITY INSTRUMENT SHALL BE DEEMED TO BE A CONTRACT ENTERED INTO PURSUANT TO THE LAWS OF
THE STATE OF CALIFORNIA AND SHALL IN ALL RESPECTS BE GOVERNED, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA AND APPLICABLE LAWS OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR
THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIEN AND SECURITY INTEREST CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS 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 CALIFORNIA SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING THEREUNDER.

 Section 18.2. USURY LAWS. This Security Instrument and the Note are subject to the express condition that at no
time shall Borrower be obligated or required to pay interest on the Debt at a rate which could subject the holder of the Note to either civil or criminal liability as a result of being in excess of the maximum interest rate which Borrower is
permitted by Applicable Law to contract or agree to pay. If by the terms of this Security Instrument or the Note, Borrower is at any time required or obligated to pay interest on the Debt at a rate in excess of such maximum rate, the rate of
interest under the Security Instrument and the Note shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be computed at such maximum rate and all prior interest payments in excess of such maximum rate shall
be applied and shall be deemed to have been payments in reduction of the principal balance of the Note. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the Debt shall, to the extent permitted by Applicable Law,
be amortized, prorated, allocated, and spread throughout the full stated term of the Note until payment in full so that the rate or amount of interest on account of the Debt does not exceed the maximum lawful rate of interest from time to time in
effect and applicable to the Debt for so long as the Debt is outstanding. 
 Section 18.3. PROVISIONS SUBJECT TO
APPLICABLE LAW. All rights, powers and remedies provided in this Security Instrument may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of law and are intended to be limited to the extent
necessary so that they will not render this Security Instrument invalid, unenforceable or not entitled to be recorded, registered or filed under the provisions of any Applicable Law. If any term of this Security Instrument or any application thereof
shall be invalid or unenforceable, the remainder of this Security Instrument and any other application of the term shall not be affected thereby. 
 Article 19. SECONDARY MARKET 
 Section 19.1. TRANSFER OF LOAN.
Lender may, at any time, sell, transfer or assign the Note, this Security Instrument and the Other Security Documents, and any or all servicing rights with respect thereto, or grant participations therein or issue mortgage passthrough

  

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certificates or other securities evidencing a beneficial interest in a rated or unrated public offering or private placement (the “Securities”). Lender may forward to each
purchaser, transferee, assignee, servicer, participant or investor in such Securities or any Rating Agency rating such Securities (collectively, the “Investor”) and each prospective Investor, all documents and information which
Lender now has or may hereafter acquire relating to the Debt, Sponsor, Indemnitor and to Borrower, and the Property, whether furnished by Borrower, or otherwise, as Lender determines necessary or desirable. Borrower agrees to reasonably cooperate
with Lender in connection with any transfer made or any Securities created pursuant to this Security Instrument, including, without limitation, the delivery of an estoppel certificate in accordance therewith, and such other documents as may be
reasonably requested by Lender. Borrower shall also furnish and Borrower consents to Lender furnishing to such Investors or such prospective Investors or Rating Agency any and all information concerning the Property, the Leases, the financial
condition of Borrower, Indemnitor or Sponsor as may be requested by Lender, any Investor or any prospective Investor or Rating Agency in connection with any sale, transfer or participation interest. Lender may retain or assign responsibility for
servicing the Note, this Security Instrument, and the Other Security Documents, or may delegate some or all of such responsibility and/or obligations to a servicer including, but not limited to, any subservicer or master servicer. Lender may make
such assignment or delegation on behalf of the Investors if the Note is sold or this Security Instrument or the Other Security Documents are assigned. All references to Lender herein shall refer to and include any such servicer to the extent
applicable. 
 Section 19.2. CONVERSION TO REGISTERED FORM. At the request and the expense of Lender, Borrower shall
appoint, as its agent, a registrar and transfer agent (the “Registrar”) reasonably acceptable to Lender which shall maintain, subject to such reasonable regulations as it shall provide, such books and records as are necessary for
the registration and transfer of the Note in a manner that shall cause the Note to be considered to be in registered form for purposes of Section 163(f) of the Code. The option to convert the Note into registered form once exercised may not be
revoked. Any agreement setting out the rights and obligation of the Registrar shall be subject to the reasonable approval of Lender. Borrower may revoke the appointment of any particular person as Registrar, effective upon the effectiveness of the
appointment of a replacement Registrar. The Registrar shall not be entitled to any fee from Borrower or Lender or any other lender in respect of transfers of the Note and Security Instrument (other than Taxes and governmental charges and fees).

 Section 19.3. COOPERATION. Borrower acknowledges that Lender and its successors and assigns may (a) sell
this Security Instrument, the Note and Other Security Documents to one or more third parties as a whole loan, (b) participate the Loan secured by this Security Instrument to one or more third parties, (c) deposit, through one or a series
of transactions, this Security Instrument, the Note and Other Security Documents with one or more trusts, which trusts may sell certificates to third parties evidencing an ownership interest in the trust assets or (d) otherwise sell the Loan or
interest therein to third parties (The transaction referred to in clauses (a), (b), (c) and (d) shall hereinafter be referred to collectively as “Secondary Market Transactions” and the transactions referred to in clause
(c) shall hereinafter be referred to as a “Securitization”. Any certificates, notes or other securities issued in connection with a Securitization are hereinafter referred to as “Securities”). Borrower shall
cooperate in good faith (provided such cooperation will not result in expense or additional potential liability to Borrower) with Lender in effecting any such Secondary Market Transaction and shall cooperate

  

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in good faith to implement all requirements imposed by any Rating Agency issuing any statistical rating in any Secondary Market Transaction or the requirements of potential investors in any
Secondary Market Transaction. Borrower agrees to make upon Lender’s written request, and at no material cost to Borrower, without limitation, all structural or other changes to the Loan (including delivery of one or more new component notes to
replace any original Individual Note or modify any original Individual Note to reflect multiple components of the Loan and such new notes or modified note may have different interest rates and amortization schedules), modifications to any documents
evidencing or securing the Loan, 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, notwithstanding
anything to the contrary in this Security Instrument, the Note, or the Other Security Documents, Borrower shall not be required to modify any documents evidencing or securing the Loan (or otherwise take any action) which would modify (i) the
initial weighted average interest rate payable under the Note, (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, (v) decrease the
time periods during which Borrower is permitted to perform its obligations under this Security Instrument or any of the Other Security Documents, or (vi) otherwise increase Borrower’s or Indemnitor’s obligations or decrease any of
their rights under the Note, this Security Instrument or any of the other Security Documents except as otherwise expressly permitted herein. Borrower shall provide such information and documents relating to Borrower, Indemnitor, Sponsor, the
Property and any tenants of the Improvements as Lender may reasonably request in connection with a Secondary Market Transaction. Lender shall have the right to provide to prospective investors or Rating Agencies any information in its possession,
including, without limitation, financial statements relating to Borrower, Sponsor, Indemnitor, the Property and any tenant of the Improvements. Borrower acknowledges that certain information regarding the Loan and the parties thereto, Sponsor and
the Property may be included in disclosure documents in connection with the Securitization, including an offering circular, a prospectus, prospectus supplement, private placement memorandum or other offering document (each, an “Disclosure
Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Securities and Exchange Act of 1934, as amended
(the “Exchange Act”), and may be made available to investors or prospective investors in the Securities, the Rating Agencies, and service providers relating to the Securitization. 

Section 19.4. MEZZANINE OPTION. Lender shall have the right (the “Mezzanine Option”) at any time to divide
the loan into two parts, a mortgage loan and a mezzanine loan, provided, that (i) the total loan amounts for such mortgage loan and such mezzanine loan shall equal the then outstanding amount of the Loan immediately prior to Lender’s
exercise of the Mezzanine Option and (ii) the weighted average interest rate of such mortgage loan and mezzanine loan shall equal the Interest Rate. Borrower shall cooperate with Lender in Lender’s exercise of the Mezzanine Option in good
faith and in a timely manner, which such cooperation shall include, but not be limited to, (i) executing such amendments to the Loan Documents and Borrower or any SPE Component Entity’s organizational documents as may be reasonably
requested by Lender or requested by the Rating Agencies (which such amendments shall include, without limitation, (1) providing that the Equity Collateral (defined below) be certificated (such that the holder of such certificated Equity
Collateral would have “protected purchaser” status under Article 8 of the Uniform Commercial Code) and/or (2) providing that any restrictions on 

 

 68 

 
the actions of Mezzanine Borrower, any SPE Component Entity and/or Borrower (such as the need to obtain the consent of any constituent parties of Mezzanine Borrower prior to taking any actions)
shall be of no further force or effect upon a foreclosure of the Equity Collateral), (ii) creating a single purpose, bankruptcy remote entity satisfying the requirements of 4.3 hereof and of the Rating Agencies (the “Mezzanine
Borrower”), which such Mezzanine Borrower shall (A) own, directly or indirectly, 100% of the equity ownership interests in Borrower (the “Equity Collateral”), and (B) together with such constituent equity owners
of such Mezzanine Borrower or Borrower as may be designated by Lender, execute such agreements, instruments and other documents as may be required by Lender in connection with the mezzanine loan (including, without limitation, a promissory note
evidencing the mezzanine loan and a pledge and security agreement pledging the Equity Collateral to Lender as security for the mezzanine loan); and (iii) delivering such opinions, title endorsements, UCC title insurance policies and other
materials as may be required by Lender or the Rating Agencies. Lender hereby acknowledges and agrees that, notwithstanding anything to the contrary contained herein, (i) the exercise of the Mezzanine Option may not change the amount of
aggregate amount of monthly debt service payments due under the Loan or the amortization term of the Loan and shall not require Borrower to further subdivide the Property, (ii) the institution of the Mezzanine Option (and the documentation
relating thereto) may not diminish any of Borrower’s (or Guarantor’s) rights or increase any potential costs or liabilities of Borrower (or Guarantor) other than to the extent the aforesaid rights, costs or liabilities would be affected if
the Loan were divided into a mortgage loan portion and a mezzanine loan portion (as contemplated hereby) as of the date of closing of the Loan and (iii) with respect to the foregoing provisions of this Section 19.4, the same are
(A) restrictions and requirements customarily imposed by Lender in connection with commercial loans similar to the Loan and (B) intended to be restrictions and requirements which are “consistent with customary commercial lending
practices” within the meaning of the applicable provisions of Revenue Procedure 2002-22. Lender will pay its own and Borrower’s reasonable fees and expenses incurred in connection with the exercise of the Mezzanine Option. 

Article 20. COSTS 
 Section 20.1. PERFORMANCE AT BORROWER’S EXPENSE. Borrower acknowledges and confirms that Lender may impose certain reasonable administrative, processing and/or commitment fees in
connection with (a) the extension, renewal, modification, amendment and termination of its loan, (b) the release or substitution of collateral therefor, (c) if the servicer, in its reasonable determination, anticipates that there will
occur an Event of Default and the Loan is transferred to a special servicer, (d) obtaining certain consents, waivers and approvals required hereunder (including, without limitation, Ratings Confirmations), and/or (e) the review of any
Major Lease, proposed Major Lease or any other Lease for which Lender’s approval is required hereunder or the preparation or review of any subordination, non disturbance agreement. Borrower further acknowledges and confirms that it shall be
responsible for the payment of all costs of reappraisal of the Property or any part thereof required by law, regulation, any governmental or quasi governmental authority. Subject to the limitations on cost and expense in Section 19.3 above,
Borrower hereby acknowledges and agrees to pay, immediately, with or without demand, all such fees (as the same may be increased or decreased from time to time), and any additional fees of a similar type or nature which may be imposed by Lender from
time to time, upon the occurrence of any Event of Default. Wherever it is provided for herein that Borrower pay any costs and expenses, such costs and expenses shall include, but 

 

 69 

 
not be limited to, all reasonable legal fees and disbursements of Lender, whether retained firms, the reimbursement for the expenses of in house staff or otherwise. Whenever it is provided herein
or in any other Loan Document that a Ratings Confirmation (or similar approval) by any Rating Agency is required hereunder (or under any other Loan Document), Borrower shall be responsible for the reasonable fees and other charges imposed by any
Rating Agency in connection therewith as well as Lender’s reasonable costs and expenses incurred in connection therewith. 

Section 20.2. ATTORNEYS’ FEES FOR ENFORCEMENT. (a) Borrower shall pay all reasonable legal fees incurred by Lender
in connection with the items set forth in Section 20.1 above, and (b) Borrower shall pay to Lender on demand any and all expenses, including legal expenses and attorneys’ fees, reasonably incurred or paid by Lender in protecting its
interest in the Property or Personal Property or in collecting any amount payable hereunder or in enforcing its rights hereunder with respect to the Property or Personal Property, whether or not any legal proceeding is commenced hereunder or
thereunder and whether or not any default or Event of Default shall have occurred and is continuing, together with interest thereon at the Default Rate from the date paid or incurred by Lender until such expenses are paid by Borrower. 

Article 21. DEFINITIONS 
 Section 21.1. GENERAL DEFINITIONS. Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, words used in this Security Instrument may be used
interchangeably in singular or plural form and the word “Borrower” shall mean “each Borrower, each party comprising Borrower (if Borrower consists of more than one person or entity) and any subsequent owner or owners of the Property
or any part thereof or any interest therein”; the word “Lender” shall mean “Lender and any subsequent holder of the Note”; the word “Note” shall mean “the Note and any other evidence of indebtedness secured by
this Security Instrument”; the word “person” shall include an individual, corporation, limited liability company, partnership, trust, unincorporated association, government, governmental authority, and any other entity, the word
“Property” shall include any portion of the Property and any interest therein, and the phrases “attorneys’ fees” and “counsel fees” shall include any and all reasonable attorneys’, paralegal and law clerk fees
and disbursements, including, but not limited to, fees and disbursements at the pre trial, trial and appellate levels incurred or paid by Lender in protecting its interest in the Property, the Leases and the Rents and enforcing its rights hereunder.

 Article 22. MISCELLANEOUS PROVISIONS 
 Section 22.1. NO ORAL CHANGE. This Security Instrument, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or
failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 

Section 22.2. LIABILITY. If there is more than one Borrower, the obligations and liabilities of each such person hereunder
shall be joint and several. This Security Instrument shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns forever. 

 

 70 

 Section 22.3. INAPPLICABLE PROVISIONS. If any term, covenant or condition of the
Note or this Security Instrument is held to be invalid, illegal or unenforceable in any respect, the Note and this Security Instrument shall be construed without such provision. 

Section 22.4. HEADINGS, ETC. The headings and captions of various Sections of this Security Instrument are for convenience of
reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 

Section 22.5. DUPLICATE ORIGINALS; COUNTERPARTS. This Security Instrument may be executed in any number of duplicate
originals and each duplicate original shall be deemed to be an original. This Security Instrument may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall constitute a
single Security Instrument. The failure of any party hereto to execute this Security Instrument, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 

Section 22.6. NUMBER AND GENDER. Whenever the context may require, any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. 

Section 22.7. SUBROGATION. If any or all of the proceeds of the Note have been used to extinguish, extend or renew any
indebtedness heretofore existing against the Property, then, to the extent of the funds so used, Lender shall be subrogated to all of the rights, claims, liens, titles, and interests existing against the Property heretofore held by, or in favor of,
the holder of such indebtedness and such former rights, claims, liens, titles, and interests, if any, are not waived but rather are continued in full force and effect in favor of Lender and are merged with the lien and security interest created
herein as cumulative security for the repayment of the Debt, the performance and discharge of Borrower’s obligations hereunder, under the Note and the Other Security Documents and the performance and discharge of the Other Obligations.

 Section 22.8. ENTIRE AGREEMENT. The Note, this Security Instrument and the Other Security Documents constitute
the entire understanding and agreement between Borrower and Lender with respect to the transactions arising in connection with the Debt and supersede all prior written or oral understandings and agreements between Borrower and Lender with respect
thereto. Borrower hereby acknowledges that, except as incorporated in writing in the Note, this Security Instrument and the Other Security Documents, there are not, and were not, and no persons are or were authorized by Lender to make, any
representations, understandings, stipulations, agreements or promises, oral or written, with respect to the transaction which is the subject of the Note, this Security Instrument and the Other Security Documents. 

Section 22.9. TAX DISCLOSURE. Notwithstanding anything herein or in any other Loan Document to the contrary, except as
reasonably necessary to comply with applicable securities laws, each party (and each employee, representative or other agent of each party) hereto may disclose to any and all Persons, without limitation of any kind, any information with

  

 71 

 
respect to the United States federal income “tax treatment” and “tax structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the
transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to such parties (or their representatives) relating to such tax treatment and tax structure; provided, that with respect to
any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that
relate to the United States federal income tax treatment or tax structure of the transactions contemplated hereby. 

Section 22.10. APPLICATION OF PROCEEDS. Notwithstanding anything to the contrary contained herein or in any other Loan
Document, in the event that Lender, in the exercise of its rights or remedies hereunder or under any other Loan Document, elects to apply any sums realized by Lender as a result of such exercise of rights or remedies to any amounts due under the
Note in accordance with the applicable terms and conditions hereof and of the other Loan Documents, such sums shall be deemed to be applied to each Individual Note in an amount equal to (1) the total amount of sums to be applied, multiplied
by (2) the Proportionate Share (hereafter defined) allocated to such Individual Note. As used herein, the term “Proportionate Share” shall mean the amount obtained by dividing (i) the original principal amount of each
applicable Individual Note by (ii) the original principal amount of the Loan as evidenced by all of the Individual Notes. 
 [PROVISIONS CONTINUE ON FOLLOWING PAGE] 
  

 72 

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

 

			
	WAIKELE RESERVE WEST HOLDINGS, LLC
	a Delaware limited liability company
		
	By:	 	 /s/ John Chamberlain

		 	John Chamberlain, President
		
	By:	 	 /s/ Robert Barton

		 	Robert Barton, CFO
	
	WAIKELE VENTURE HOLDINGS, LLC
	a Delaware limited liability company
		
	By:	 	 /s/ John Chamberlain

		 	John Chamberlain, President
		
	By:	 	 /s/ Robert Barton

		 	Robert Barton, CFO

 [NO FURTHER
TEXT ON THIS PAGE] 
  

 73 

 Section 22.12 SPECIAL STATE OF HAWAII PROVISIONS. 

(a) In the event of any conflict between the provisions of this Section 22.12 and any provision of this Security Instrument, then
the provisions of this Section 22.12 shall control. 
 (b) Borrower, at its sole cost, for the mutual benefit of Lender and
Borrower, shall obtain and maintain (or cause to be obtained and maintained) during the term of this Loan policies of insurance in accordance with Section 3.3 hereof. 
 NOTICE IS HEREBY GIVEN BY LENDER TO BORROWER THAT LENDER MAY NOT CONDITION THE GRANTING OF THE LOAN SECURED BY THIS SECURITY INSTRUMENT ON BORROWER PROCURING ANY INSURANCE WHICH BORROWER IS REQUIRED TO
OBTAIN UNDER THIS SECURITY INSTRUMENT FROM ANY SPECIFIC INSURANCE COMPANY OR ASSOCIATION DESIGNATED BY LENDER. BORROWER MAY PURCHASE THE INSURANCE REQUIRED HEREUNDER FROM AN INSURER OR PRODUCER OF BORROWER’S CHOICE, SUBJECT ONLY TO
LENDER’S RIGHT TO REJECT A GIVEN INSURER OR PRODUCER NOT MEETING THE REQUIREMENTS SET FORTH IN SECTION 3.3 HEREOF. 
 (c) This Security Instrument shall be deemed to be and shall be construed as a mortgage of real property as well as a security agreement, financing statement, fixture filing and assignment of rents and
profits. Lender is, for the purposes of this Security Instrument, deemed to be the “debtor”, and Borrower is deemed to be the “secured party”, as those terms are used in the Uniform Commercial Code in effect in the State of
Hawaii, as amended. The addresses of the secured party and debtor, from which information concerning the security agreement may be obtained, are set forth in the initial paragraph of this Security Instrument. Borrower hereby authorizes Lender to
file any and all financing statements, amendments to financing statements and extensions of financing statements pertaining to the Property. If an Event of Defaults occurs and is continuing, Lender shall have all of the rights and powers of a
mortgagee under Hawaii Revised Statutes, Chapter 667, as amended, including but not limited to the power of sale. 
 [NO
FURTHER TEXT ON THIS PAGE] 

 IN WITNESS WHEREOF, Borrower has executed this instrument the day and year first
above written. 
  

			
	WAIKELE RESERVE WEST HOLDINGS, LLC
	a Delaware limited liability company
		
	By:	 	 /s/ John Chamberlain

		 	John Chamberlain, President
		
	By:	 	 /s/ Robert Barton

		 	Robert Barton, CFO
	
	WAIKELE VENTURE HOLDINGS, LLC
	a Delaware limited liability company
		
	By:	 	 /s/ John Chamberlain

		 	John Chamberlain, President
		
	By:	 	 /s/ Robert Barton

		 	Robert Barton, CFO

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

“Annual Debt Service” means an amount equal to twelve (12) times the then applicable Monthly Payment (as defined in the
Note) payable under the Note. 
 “Net Operating Income” means for the 12-month period immediately preceding the date of
calculation, (A) all sustainable Rents and other income received from the Property received from tenants during such 12-month period, less (B) all Operating Expenses for such 12-month period and any Extraordinary Expenses approved by
Lender and applicable to such 12-month period. 
 “Operating Expenses” means the aggregate of the following items:
(a) real estate taxes, general and special assessments or similar charges, other than Taxes; (b) sales, use and personal property taxes; (c) management fees of not less than 3.5% of the gross income derived from the operation of the
Property and disbursements for management services whether such services are performed at the Property or off-site; (d) wages, salaries, pension costs and all fringe and other employee-related benefits and expenses, of all employees up to and
including (but not above) the level of the on-site manager, engaged in the repair, operation and maintenance of the Property and service to tenants and on-site personnel engaged in audit and accounting functions performed by Borrower;
(e) insurance premiums including, but not limited to, casualty, liability, rent and fidelity insurance premiums, other than Insurance Premiums; (f) cost of all electricity, oil, gas, water, steam, HVAC and any other energy, utility or
similar item and overtime services, the cost of building and cleaning supplies, and all other administrative, management, ownership, operating, advertising, marketing and maintenance expenses incurred by Borrower (and not paid directly by any
tenant) in connection with the operation of the Property; (g) costs of necessary cleaning, repair, replacement, maintenance, decoration or painting of existing improvements on the Property (including, without limitation, parking lots and
roadways), of like kind or quality or such kind or quality which is necessary to maintain the Property to the same standards as competitive properties of similar size and location of the Property; (h) the cost of such other maintenance
materials, HVAC repairs, parts and supplies, and all equipment to be used in the ordinary course of business, which is not capitalized in accordance with approved accounting method; (i) legal, accounting and other professional expenses incurred
in connection with the Property; (j) casualty losses to the extent not reimbursed by a third party; and (k) to the extent not already included in any of (f)-(h) above, a reserve for structural repairs, normalized leasing commissions
and tenant improvements equal to the greater of (i) $250,000 or (ii) the minimum requirements of any Rating Agency therefore. The Operating Expenses shall be based on the above-described items actually incurred or payable on an accrual
basis in accordance with the Approved Accounting Method by Borrower during the twelve (12) month period ending one month prior to the date on which the Net Operating Income is to be calculated, with customary adjustments for items such as taxes
and insurance which accrue but are paid periodically, as adjusted by Lender to reflect projected adjustments for only those items which are definitively ascertainable and of a fixed amount (for example, real estate taxes) for the subsequent twelve
(12) month period beginning on the date on which the Net Operating Income is to be calculated. Notwithstanding the foregoing, the term “Operating Expenses” shall not include (i) depreciation

 
or amortization or any other non-cash item of expense unless approved by Lender, (ii) interest, principal, fees, costs and expense reimbursements of Lender in administering the Loan or
exercising remedies under the Note, this Security Instrument or the Other Security Documents; or (iii) any expenditure properly treated as a capital item under the Approved Accounting Method. 

“Extraordinary Expenses” means expenses incurred in connection with necessary capital improvements or operating expenses of the
Property which were not reasonably anticipated in the Approved Annual Budget, in each case as reasonably approved by Lender; provided, that, Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary
Expense prior to Lender’s approval thereof. 

 EXHIBIT A 

LEGAL DESCRIPTION 
 (attached hereto) 

 EXHIBIT A 
 LEGAL DESCRIPTION – WAIKELE CENTER 
 PARCEL FIRST: (TMK: (1) 9-4-007-056)

 All of that certain parcel of land situate at Waipio, District of Ewa, City and County of Honolulu, State of Hawaii, described
as follows: 
 Lot 13213-B, area 9.772 acre, more or less, as shown on Map 1005, filed in the Office of the Assistant Registrar
of the Land Court of the State of Hawaii with Land Court Application No. 1000 of John Ii Estate, Limited. 
 TOGETHER WITH
the following appurtenant easements: 
 (1) Crossings Numbers 3, 4, 5, 6 and 7 over Kamehameha Highway, and Crossing Number 28
over Government Main Road, as more particularly described in Exchange Deed between John Ii Estate, Limited, State of Hawaii and Oahu Sugar Company, Limited, dated June 13, 1934, recorded in the Bureau of Conveyances of the State of Hawaii in
Book 1243 at Page 270, being certain of the easements mentioned in paragraph (7) of the list of appurtenant rights and easements in Certificate of Title No. 51,587. 
 (2) Easements over Lot 2-C more particularly described in Exchange Deed in favor of the State of Hawaii, being Document No. 64386, recorded in the Bureau of Conveyances of the State of Hawaii in Book
1708 at Page 468, noted on Original Certificate of Title No. 13,843, and on Transfer Certificate of Title No. 26,248 issued to the State of Hawaii. 
 Together also with non-exclusive rights of access appurtenant to Lot I3213, to be used in common with all others entitled thereto, over and across Roadway Lot 13813, as shown on Map 837, Roadway Lot
13193, as shown on Map 819, and Roadway Lots 13 and 14, as shown on File Plan No. 2057; provided, however, whenever any or all of said roadway lots are conveyed or dedicated to and accepted by the City and County of Honolulu or other
governmental authority for use as public roadways or any part thereof shall be so dedicated and accepted, such rights of access over and across such roadway lots or part thereof so dedicated and accepted shall automatically terminate, reserving,
however, unto Amfac Property Investment Corp., its successors and/or assigns, the right to so convey or dedicate such roadway lots to the City and County of Honolulu or other governmental authority for use as public roadways. 

Being all of the property described in and covered by Transfer Certificate of Title No. 716,235 and
                                . 

 PARCEL SECOND: (TMK (1) 9-4-007-054) 
 (Item A) 
 All of that certain parcel of land situate at Waipio, District of Ewa,
City and County of Honolulu, State of Hawaii, described as follows: 
 Lot 13211-B, area 12.686 acre, more or less, as shown on
Map 1004, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No, 1000 of John Ii Estate, Limited. 
 TOGETHER WITH the following appurtenant easements: 
 (1) Crossings Numbers 3, 4,
5, 6 and 7 over Kamehameha Highway, and Crossing Number 28 over Government Main Road, as more particularly described in Exchange Deed between John Ii Estate, Limited, State of Hawaii and Oahu Sugar Company, Limited, dated June 13, 1934,
recorded in the Bureau of Conveyances of the State of Hawaii in Book 1243 at Page 270, being certain of the easements mentioned in paragraph (7) in the list of appurtenant rights and easements in Certificate of Title No. 51,587.

 (2) Easements over Lot 2-C more particularly described in Exchange Deed in favor of the State of Hawaii, being Document
No. 64386, recorded in the Bureau of Conveyances of the State of Hawaii in Book 1708 at Page 468, noted on Original Certificate of Title No. 13,843, and on Transfer Certificate of Title No. 26,428 issued to the State of Hawaii.

 Being all of the property described in and covered by Transfer Certificate of Title No. 716,235, and
                                . 

(Item B) 
 All of that certain
parcel of land situate at Waikele, District of Ewa, City and County of Honolulu, State of Hawaii, being LOT 9, of the “WAIKELE DEVELOPMENT PHASE II”, as shown on File Plan No. 2057, filed in the Bureau of Conveyances of the State of
Hawaii, and containing an area of 19.179 acres, more or less. 
 AS TO PARCEL SECOND (Items A and B) 

 Together with non-exclusive rights of access to be used in common with all others entitled
thereto, over and across Roadway Lot 13813, as shown on Map 837, Roadway Lot 13193, as shown on Map 819, and Roadway Lots 13 and 14, as shown on File Plan 2057, provided, however, whenever any or all of said roadway lots are conveyed or dedicated to
and accepted by the City and County of Honolulu or other governmental authority for use as public roadways or any part thereof shall be so dedicated and accepted, such rights of access over and across such roadway lots or part thereof so dedicated
and accepted shall automatically terminate, reserving, however, unto Amfac Property Investment Corp., its successors and/or assigns, the right to so convey or dedicate such roadway lots to the City and County of Honolulu or other governmental
authority for use as public roadways. 
 NOTE: Lot 13211, as shown on Map 820, filed with Land Court Application No. 1000 of the John Ii
Estate, Limited and Lot 9, as shown on File Plan No. 2057, shall not be sold separately, as set forth by Land Court Order No. 104945, filed December 9, 1991. 
 (Item C) 
 All of that certain parcel of land (being portion(s) of the land(s)
described in and covered by Royal Patent Number 5732, Land Commission Award Number 8241 to Inone Ii) situate, lying and being at Waipio, District of Ewa, City and County of Honolulu, State of Hawaii, being REMAINDER PARCEL 14 of the “Interstate
Highway” Federal Aid Project No. I-H-1(22), Kunia Interchange to Waiawa Interchange, being also a portion of Reservoir Lot, Exclusion 1 of Land Court Application 1000, and thus bounded and described: 

Beginning at the southeast corner of this piece of land, being also the southwest corner of Lot 13,213, Map 820 of Land Court Application
No. 1000, on the north side of Interstate Highway, Federal Aid Project No. I-H1-1(22), the coordinates of said point of beginning referred to “Hawaiian Plane Coordinate Grid System, Zone III” (Central Meridian 158 00’ 00”)
being 85,628.69 feet north and 497,650.29 feet east, thence running by azimuths measured clockwise from true South: 
  

											
	1.	  	68o	  	52’	  	50”	  	10.86	  	feet along the north side of interstate Highway, Project no. I-H1-1(22)
	2.	  	338o	  	52’	  	50”	  	20.00	  	feet along same
	3.	  	68o	  	52’	  	50”	  	72.00	  	feet along same
	4.	  	158o	  	52’	  	50”	  	20.00	  	feet along same
	5.	  	68	  	52’	  	50”	  	20.00	  	
	6.	  	172o	  	25’	  	37.7”	  	84.01	  	feet along Lot 13,211, map 820 of Land Court Application 1000
	7.	  	262o	  	25’	  	37.7”	  	100.00	  	feet along same
	8.	  	352o	  	25’	  	37.7”	  	59.92	  	feet along Lot 13,213, map 820 of Land Court Application 1000 to the point of beginning and containing an area of 8,686 square feet or 0.198 acre, more or
less.

 EXHIBIT B 

FORM OF SNDA 
 (attached hereto) 

 BEAR STEARNS COMMERCIAL MORTGAGE, INC. 

(Lender) 
 - and -

[                      
                  ] 
 (Tenant)

 - and – 
 WAIKELE RESERVE WEST HOLDINGS, LLC, and 

[                      
                                         
                 ] 
 (collectively,
Landlord) 
  
  

SUBORDINATION, NON-DISTURBANCE 
 AND ATTORNMENT AGREEMENT 
  

 
  

											
		 		 	 Dated:
  

Location:
  
 Section:
 Block:
 Lot:
 County:
  

PREPARED BY AND UPON
 RECORDATION RETURN
TO:
	  		  	
		 		 	  
	  		  	
		 		 	  
	  		  	
		 		 	  
	  		  	
		 		 	Attention:	 	  
	  		  	

 SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT 

THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (this “Agreement”) is made as of the      day of
                    , 200[    ] by and among BEAR STEARNS COMMERCIAL MORTGAGE, INC., a New York corporation,
having an address at 383 Madison Avenue, New York, New York 10179 (together with its successors and assigns, “Lender”),
[                                        ]
(“Tenant”) and WAIKELE RESERVE WEST HOLDINGS, LLC, a Delaware limited liability company, having an address at 11455 El Camino Real, Suite 200, San Diego, California 92130 (“West”) and WAIKELE VENTURE
HOLDINGS, LLC, a Delaware limited liability company, having an address at 11455 El Camino Real, Suite 200, San Diego, California 92130 (“Venture”; West and Venture are individually or collectively (as the context requires)
referred to herein as “Landlord”). 
 RECITALS: 

A. Lender is the present owner and holder of a certain Mortgage and Security Agreement (the “Security Instrument”) given
by Landlord to Lender which encumbers the fee estate of Landlord in certain premises described in Exhibit A attached hereto (the “Property”) and which secures the payment of certain indebtedness owed by Landlord to Lender
evidenced by the Note (as defined in the Security Instrument); 
 B. Tenant is the holder of a leasehold estate in a portion of
the Property under and pursuant to the provisions of a certain [Lease] dated [                        ,
200[    ] between Landlord, as landlord, and Tenant, as tenant (the “Lease”); and 

C. Tenant has agreed to subordinate the Lease to the Security Instrument and Lender has agreed to grant non-disturbance to Tenant under
the Lease on the terms and conditions hereinafter set forth. 
 AGREEMENT: 

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

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

2. Non-Disturbance. If any action or proceeding is commenced by Lender for the foreclosure of the Security Instrument or the sale
of the Property, Tenant shall not be named as a party therein unless such joinder shall be required by law, provided, however, such joinder shall not result in the termination of the Lease or disturb the Tenant’s possession or use

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

  

 -2- 

 
shall enter into a new lease of the Premises with Lender or such successor or assign for the then remaining term of the Lease, upon the same terms and conditions as contained in the Lease
(including without limitation any renewal options), except as otherwise specifically provided in this Agreement. 
 4. Notice
to Tenant. After notice is given to Tenant by Lender that the Landlord is in default under the Note and the Security Instrument and that the rentals under the Lease should be paid to Lender pursuant to the terms of the assignment of leases and
rents executed and delivered by Landlord to Lender in connection therewith, Tenant shall thereafter pay to Lender or as directed by the Lender, all rentals and all other monies due or to become due to Landlord under the Lease and Landlord hereby
expressly authorizes Tenant to make such payments to Lender and hereby releases and discharges Tenant from any liability to Landlord on account of any such payments. 
 5. Intentionally Omitted. 
 6. Notice to Lender and Right to Cure.
Tenant shall notify Lender of any default by Landlord under the Lease if the default is of such a nature as to give Tenant a right to terminate the Lease, reduce the rent or to credit or offset any amounts against future rents, and agrees that,
notwithstanding any provisions of the Lease to the contrary, no notice of cancellation thereof or of an abatement shall be effective unless Lender shall have received notice of default giving rise to such cancellation or abatement and (i) in
the case of any such default that can be cured by the payment of money, until thirty (30) days shall have elapsed following the giving of such notice or (ii) in the case of any other such default, until a reasonable period for remedying
such default shall have elapsed following the giving of such notice, provided Lender, with reasonable diligence, shall have commenced and continued to remedy such default or cause the same to be remedied. Notwithstanding the foregoing,
(i) Lender shall have no obligation to cure any such default and (ii) in the event that any aforesaid default cannot, by its nature, be cured by Lender prior to Lender’s gaining possession of Landlord’s interest in the Property,
the aforesaid “reasonable period for remedying such default” shall be deemed to include such time as is required for Lender to gain possession of Tenant’s interest in the Property. 

7. Notices. All notices or other written communications hereunder shall be deemed to have been properly given (i) upon
delivery, if delivered in person with receipt acknowledged by the recipient thereof, (ii) one (1) Business Day (hereinafter defined) after having been deposited for one (1) day overnight delivery with any reputable overnight courier
service, or (iii) three (3) Business Days after having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt
requested, addressed as follows: 
  

			
	If to Tenant:	  	[                             
                                         
  ]
		
	If to Lender:	  	Bear Stearns Commercial Mortgage, Inc.
		  	383 Madison Avenue
		  	New York, New York 10179
		  	Attention: J. Christopher Hoeffel
		  	Facsimile No.: (212) 272-7047
		
	With a copy to:	  	c/o American Assets, Inc.
		  	11455 El Camino Real, Suite 200
		  	San Diego, California 92130

  

 -3- 

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

 11. Joint and Several Liability. If there is more than one Tenant under the Lease, the obligations and liabilities of
each hereunder shall be joint and several. 
 12. Definitions. The term “Lender” as used herein shall include
the successors and assigns of Lender and any person, party or entity which shall become the owner of the Property by reason of a foreclosure of the Security Instrument or the acceptance of a deed or assignment in lieu of foreclosure or otherwise.
The term “Landlord” as used herein shall 
  

 -4- 

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

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

 

 -5- 

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

			
	TENANT:
	
	[                           
                                         
    ]
		
	By:	 	  

		 	Name:
		 	Title:
	
	LANDLORD:
	
	WAIKELE RESERVE WEST HOLDINGS, LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:
		 	Title:
	
	WAIKELE VENTURE HOLDINGS, LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:
		 	Title:

			
	LENDER:
	
	BEAR STEARNS COMMERCIAL MORTGAGE, INC., a New York corporation
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 EXHIBIT A

 LEGAL DESCRIPTION – WAIKELE CENTER 
 PARCEL FIRST: (TMK: (1) 9-4-007-056) 
 All of that certain parcel of land
situate at Waipio, District of Ewa, City and County of Honolulu, State of Hawaii, described as follows: 
 Lot 13213-B, area
9.772 acre, more or less, as shown on Map 1005, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No. 1000 of John Ii Estate, Limited. 

TOGETHER WITH the following appurtenant easements: 
 (1) Crossings Numbers 3, 4, 5, 6 and 7 over Kamehameha Highway, and Crossing Number 28 over Government Main Road, as more particularly described in Exchange Deed between John Ii Estate, Limited, State of
Hawaii and Oahu Sugar Company, Limited, dated June 13, 1934, recorded in the Bureau of Conveyances of the State of Hawaii in Book 1243 at Page 270, being certain of the easements mentioned in paragraph (7) of the list of appurtenant rights
and easements in Certificate of Title No. 51,587. 
 (2) Easements over Lot 2-C more particularly described in Exchange
Deed in favor of the State of Hawaii, being Document No. 64386, recorded in the Bureau of Conveyances of the State of Hawaii in Book 1708 at Page 468, noted on Original Certificate of Title No. 13,843, and on Transfer Certificate of Title
No. 26,248 issued to the State of Hawaii. 
 Together also with non-exclusive rights of access appurtenant to Lot I3213, to
be used in common with all others entitled thereto, over and across Roadway Lot 13813, as shown on Map 837, Roadway Lot 13193, as shown on Map 819, and Roadway Lots 13 and 14, as shown on File Plan No. 2057; provided, however, whenever any or
all of said roadway lots are conveyed or dedicated to and accepted by the City and County of Honolulu or other governmental authority for use as public roadways or any part thereof shall be so dedicated and accepted, such rights of access over and
across such roadway lots or part thereof so dedicated and accepted shall automatically terminate, reserving, however, unto Amfac Property Investment Corp., its successors and/or assigns, the right to so convey or dedicate such roadway lots to the
City and County of Honolulu or other governmental authority for use as public roadways. 
 Being all of the property described
in and covered by Transfer Certificate of Title No. 716,235 and                     . 

  
 PARCEL SECOND: (TMK
(1) 9-4-007-054) 
 (Item A) 
 All of that certain parcel of land situate at Waipio, District of Ewa, City and County of Honolulu, State of Hawaii, described as follows: 

Lot 13211-B, area 12.686 acre, more or less, as shown on Map 1004, filed in the Office of the Assistant Registrar of the Land Court of
the State of Hawaii with Land Court Application No, 1000 of John Ii Estate, Limited. 
 TOGETHER WITH the following appurtenant
easements: 
 (1) Crossings Numbers 3, 4, 5, 6 and 7 over Kamehameha Highway, and Crossing Number 28 over Government Main Road,
as more particularly described in Exchange Deed between John Ii Estate, Limited, State of Hawaii and Oahu Sugar Company, Limited, dated June 13, 1934, recorded in the Bureau of Conveyances of the State of Hawaii in Book 1243 at Page 270, being
certain of the easements mentioned in paragraph (7) in the list of appurtenant rights and easements in Certificate of Title No. 51,587. 
 (2) Easements over Lot 2-C more particularly described in Exchange Deed in favor of the State of Hawaii, being Document No. 64386, recorded in the Bureau of Conveyances of the State of Hawaii in Book
1708 at Page 468, noted on Original Certificate of Title No. 13,843, and on Transfer Certificate of Title No. 26,428 issued to the State of Hawaii. 
 Being all of the property described in and covered by Transfer Certificate of Title No. 716,235, and
                        . 
 (Item B) 
 All of that certain parcel of land situate at Waikele, District of Ewa,
City and County of Honolulu, State of Hawaii, being LOT 9, of the “WAIKELE DEVELOPMENT PHASE II”, as shown on File Plan No. 2057, filed in the Bureau of Conveyances of the State of Hawaii, and containing an area of 19.179 acres, more
or less. 
 AS TO PARCEL SECOND (Items A and B) 

  
 Together with
non-exclusive rights of access to be used in common with all others entitled thereto, over and across Roadway Lot 13813, as shown on Map 837, Roadway Lot 13193, as shown on Map 819, and Roadway Lots 13 and 14, as shown on File Plan 2057, provided,
however, whenever any or all of said roadway lots are conveyed or dedicated to and accepted by the City and County of Honolulu or other governmental authority for use as public roadways or any part thereof shall be so dedicated and accepted, such
rights of access over and across such roadway lots or part thereof so dedicated and accepted shall automatically terminate, reserving, however, unto Amfac Property Investment Corp., its successors and/or assigns, the right to so convey or dedicate
such roadway lots to the City and County of Honolulu or other governmental authority for use as public roadways. 
 NOTE: Lot 13211, as shown on
Map 820, filed with Land Court Application No. 1000 of the John Ii Estate, Limited and Lot 9, as shown on File Plan No. 2057, shall not be sold separately, as set forth by Land Court Order No. 104945, filed December 9, 1991.

 (Item C) 
 All of
that certain parcel of land (being portion(s) of the land(s) described in and covered by Royal Patent Number 5732, Land Commission Award Number 8241 to Inone Ii) situate, lying and being at Waipio, District of Ewa, City and County of Honolulu, State
of Hawaii, being REMAINDER PARCEL 14 of the “Interstate Highway” Federal Aid Project No. I-H-1(22), Kunia Interchange to Waiawa Interchange, being also a portion of Reservoir Lot, Exclusion 1 of Land Court Application 1000, and thus
bounded and described: 
 Beginning at the southeast corner of this piece of land, being also the southwest corner of Lot
13,213, Map 820 of Land Court Application No. 1000, on the north side of Interstate Highway, Federal Aid Project No. I-H1-1(22), the coordinates of said point of beginning referred to “Hawaiian Plane Coordinate Grid System, Zone III”
(Central Meridian 158 00’ 00”) being 85,628.69 feet north and 497,650.29 feet east, thence running by azimuths measured clockwise from true South: 
  

																			
	1.	  	 	68o	  	  	 	52’	  	  	 	50”	  	  	 	10.86	  	  	feet along the north side of interstate Highway, Project no. I-H1-1(22)
	2.	  	 	338o	  	  	 	52’	  	  	 	50”	  	  	 	20.00	  	  	feet along same
	3.	  	 	68o	  	  	 	52’	  	  	 	50”	  	  	 	72.00	  	  	feet along same
	4.	  	 	158o	  	  	 	52’	  	  	 	50”	  	  	 	20.00	  	  	feet along same
	5.	  	 	68	  	  	 	52’	  	  	 	50”	  	  	 	20.00	  	  	
	6.	  	 	172o	  	  	 	25’	  	  	 	37.7”	  	  	 	84.01	  	  	feet along Lot 13,211, map 820 of Land Court Application 1000
	7.	  	 	262o	  	  	 	25’	  	  	 	37.7”	  	  	 	100.00	  	  	feet along same
	8.	  	 	352o	  	  	 	25’	  	  	 	37.7”	  	  	 	59.92	  	  	feet along Lot 13,213, map 820 of Land Court Application 1000 to the point of beginning and containing an area of 8,686 square feet or 0.198 acre, more or
less.

  
 EXHIBIT C

 LIST OF RECORDED LEASES 
  

	 	1.	“CompUSA” – A memorandum dated May 1, 1993 of that certain lease between WCC Associates, as lessor, and Tandy Corporation, as lessee, filed in the
Office of the Assistant Registrar of the Land Court of the State of Hawaii, Document No. 2038337, leasing and demising 24,000 square feet of space within the shopping center. 

 

	 	2.	“Officemax” – A memorandum dated April 30, 1993 of that certain lease between WCC Associates, as lessor, and Pay Less Drug Stores Northwest, Inc.,
as lessee, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii, Document No. 2182764, and also recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 94-157406, leasing and demising
approximately 24,462 square feet of space within the shopping center, said lease was assigned to Officemax, Inc., by unrecorded assignment of lease dated April 3, 1995. 

 

	 	3.	“Kmart” – A memorandum dated January 10, 1992 of that certain lease between WCC Associates, as lessor, and Kmart Corporation, as lessee, filed in
the Office of the Assistant Registrar of the Land Court of the State of Hawaii, Document No. 1957934, and also recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 92-159884. 

 

	 	4.	“McDonald’s” – A memorandum dated March 30, 1993 of that certain lease between WCC Associates, as lessor, and McDonald’s Restaurants of
Hawaii, Inc., as lessee, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii, Document No. 2026091, and also recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 93-081149,
leasing and demising approximately 3,500 square feet of space within the shopping center. 

  

	 	5.	“The Sports Authority” – A memorandum dated December 30,1993 of that certain lease between WCC Associates, as lessor, and Sports Authority, Inc., as
lessee, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii, Document No. 2114423, and also recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 94-017963, said lease was assigned
to Authority International, Inc. by unrecorded assignment of lease dated December 30,1993. 

  

	 	6.	“KFC”– A memorandum dated November 4,1998 of that certain lease between Waikele Center, L.P. (successor in interest to WCC Associates), as lessor,
and KFC Management Company, as lessee, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii, Document No. 2442531, and also recorded in the Bureau of Conveyances of the State of Hawaii as Document
No. 98-031101, said lease was assigned to Kazi Foods Corp. of Hawaii, by recorded assignment of lease dated March 4, 1998, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii, Document No. 2442532,
and also recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 98-031102. 

  

	 	7.	“Chili’s” – A memorandum dated December 7,1995 of that certain lease between WCC Associates, as lessor, and Pacific Meritage, LLC (d/b/a
Chili’s Grill & Bar), as lessee, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii, Document No. 2278005, and also recorded in the Bureau of Conveyances of the State of Hawaii as Document
No. 95-161759. 

  

	 	8.	“Old Navy” – A memorandum dated April 10, 2000 of that certain lease between Waikele Center, L.P., as lessor, and Old Navy, Inc, as lessee, filed in
the Office of the Assistant Registrar of the Land Court of the State of Hawaii, Document No. 2624076, and also recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 2000-062289.

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