Document:

Exhibit

PROMISSORY NOTE (A-1)
STRATUS BLOCK 21, L.L.C.
	
							
	$
	110,000,000.00
	

	 
	 
	 
	Austin, Texas

	 
	 
	 
	 
	February 1, 2016

FOR VALUE RECEIVED, the undersigned, STRATUS BLOCK 21, L.L.C., a Delaware limited liability company (the "Maker"), promises to pay to the order of GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership, and its successors and registered assigns (the holder of this Note from time to time, or any portion hereof, is hereinafter referred to as the "Holder") or to such other account pursuant to such other wiring instruction as the Holder may from time to time designate in writing, the original principal amount of ONE HUNDRED TEN MILLION AND NO/100 DOLLARS ($110,000,000.00), or so much thereof as may be outstanding from time to time (the "Principal Amount"), together with interest thereon and all other amounts payable to the Holder under the Loan Documents with respect to the Loan, such principal, interest and other amounts to be payable as provided in the Loan Agreement (as defined below) and the other Loan Documents.  Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement.
This Promissory Note (Note A-1) (this "Note"), together with that certain Promissory Note (Note A-2) ("Note A-2") of even date herewith in the original principal amount of $40,000,000.00, made by Maker in favor of Holder (this Note and Note A-2, collectively, the "Amended Notes"), are collectively given by Maker in substitution for, and amend, renew, restate and replace in its entirety, but do not constitute a novation or extinguishment of the indebtedness evidenced by, that certain Promissory Note in the principal amount of $150,000,000.00, dated as of January 5, 2016 (the "Original Note"), made by Maker in favor of Holder.
The Original Note is the Note referred to in that certain Loan Agreement, dated as of January 5, 2016, between the Maker, as borrower, and the Holder, as lender (as amended, modified or supplemented and in effect from time to time, the "Loan Agreement") and evidences the Loan made by the Holder thereunder.  Pursuant to Section 1.1(c) of the Loan Agreement, the Original Note has been split into two (2) separate notes (this Note and Note A-2).  From and after the date hereof, all rights, duties and obligations of Maker and of Holder with respect to the Original Note and indebtedness evidenced thereby shall be governed, controlled and construed in accordance with the terms and provisions of this Note and Note A-2, respectively, all as more particularly set forth herein and therein, as applicable.  Holder will place a notation on the face of the Original Note indicating that such Original Note has been amended, renewed, restated and replaced collectively by the Amended Notes and will deliver the Original Note to Maker in exchange for the Amended Notes.
Reference to the Loan Agreement is hereby made for a statement of the rights of the Holder and the duties and obligations of the Maker, but neither this reference to the Loan Agreement nor any provision thereof shall affect or impair the absolute and unconditional obligation of the Maker to pay the principal, interest and other amounts payable with respect to 

PROMISSORY NOTE (A-1) - Signature Page

this Note when due.  The Principal Amount shall bear interest at the rates provided for in the Loan Agreement.
This Note is secured by the Security Instrument and the other security interests and liens granted in the Loan Agreement and in other Loan Documents.
The principal sum evidenced by this Note, together with accrued interest and other sums or amounts due hereunder, shall become immediately due and payable at the option of the Holder upon the occurrence and during the continuation of any Event of Default in accordance with the provisions of the Loan Agreement.
With respect to the amounts due and payable pursuant to this Note, the Maker waives demand, presentment and notice, except for notices required by the Loan Documents.
In no event shall the amount of interest (and any other sums or amounts that are deemed to constitute interest under applicable Legal Requirements) due or payable hereunder (including interest calculated at the Default Rate) exceed the maximum rate of interest designated by applicable Legal Requirements (the "Maximum Amount"), and in the event such excess payment is inadvertently paid by the Maker or inadvertently received by the Holder, then such excess sum shall be credited as a payment of principal on this Note, and if in excess of the outstanding Principal Amount of this Note, shall be immediately returned to the Maker upon such determination.  It is the express intent hereof that the Maker not pay and the Holder not receive, directly or indirectly, interest in excess of the Maximum Amount.
Other than as expressly set forth in the Loan Documents, this Note may not be assigned in whole or in part by the Maker.  The Holder shall have the right from time to time at its discretion to assign this Note, in whole or in part, only by registration of such assignment on a register maintained as provided in the Loan Agreement.  Maker's obligations in connection with any such assignment shall be as set forth in the Loan Documents.
The Holder shall not by any act, delay, omission or otherwise be deemed to have amended, modified, supplemented, waived, extended, discharged or terminated any of its rights or remedies, except by an amendment, modification, supplement, waiver, extension, discharge or termination in writing and signed by the appropriate parties, as may be applicable pursuant to the Loan Agreement.  All rights and remedies of the Holder under the terms of this Note and applicable statutes or rules of law shall be cumulative, and may be exercised successively or concurrently.  The Maker agrees that there are no defenses, equities or setoffs with respect to the obligations set forth herein.
Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable Legal Requirements, but if any provision of this Note shall be prohibited by or invalid under applicable Legal Requirements, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note.
The Holder may, at its option, release any Collateral given to secure the indebtedness evidenced hereby, and no such release shall impair the obligations of the Maker to the Holder under this Note and the other Loan Documents.

PROMISSORY NOTE (A-1) - Signature Page

This Note shall be governed by, and construed in accordance with, the laws of the State of Texas.
ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST THE HOLDER OR THE MAKER ARISING OUT OF OR RELATING TO THIS NOTE MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK OR TRAVIS COUNTY, TEXAS.  THE MAKER, AND BY ACCEPTANCE OF THIS NOTE, THE HOLDER, HEREBY (i) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, AND (ii) IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.
THE MAKER AND, BY ACCEPTANCE HEREOF, THE HOLDER, TO THE FULLEST EXTENT THAT EACH MAY LAWFULLY DO SO, WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING (INCLUDING, WITHOUT LIMITATION, ANY TORT ACTION), BROUGHT BY EITHER PARTY HERETO WITH RESPECT TO THIS NOTE OR THE OTHER LOAN DOCUMENTS.
The provisions of this Note shall be subject to the provisions of the Loan Agreement including Section 9.19 of the Loan Agreement, the provisions of which are incorporated herein by this reference as if fully set forth herein.
[Remainder of page intentionally left blank;
Signature page follows.]

PROMISSORY NOTE (A-1) - Signature Page

IN WITNESS WHEREOF, the Maker has caused this Note to be executed as of the day and year first above written.
	
		
	MAKER:

	 
	STRATUS BLOCK 21, L.L.C.,
a Delaware limited liability company
By:STRATUS BLOCK 21 MANAGER, L.L.C.,
a Texas limited liability company,
its Manager
By: /s/ Erin D. Pickens                         
Name:Erin D. Pickens
Title:Senior Vice President

PROMISSORY NOTE (A-1) - Signature PageExhibit

PROMISSORY NOTE (A-2)
STRATUS BLOCK 21, L.L.C.
	
						
	$
	40,000,000.00
	 
	 
	 
	Austin, Texas

	 
	 
	 
	 
	February 1, 2016

FOR VALUE RECEIVED, the undersigned, STRATUS BLOCK 21, L.L.C., a Delaware limited liability company (the "Maker"), promises to pay to the order of GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership, and its successors and registered assigns (the holder of this Note from time to time, or any portion hereof, is hereinafter referred to as the "Holder") or to such other account pursuant to such other wiring instruction as the Holder may from time to time designate in writing, the original principal amount of FORTY MILLION AND NO/100 DOLLARS ($40,000,000.00), or so much thereof as may be outstanding from time to time (the "Principal Amount"), together with interest thereon and all other amounts payable to the Holder under the Loan Documents with respect to the Loan, such principal, interest and other amounts to be payable as provided in the Loan Agreement (as defined below) and the other Loan Documents.  Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement.
This Promissory Note (Note A-2) (this "Note"), together with that certain Promissory Note (Note A-1) ("Note A-1") of even date herewith in the original principal amount of $110,000,000.00, made by Maker in favor of Holder (this Note and Note A-1, collectively, the "Amended Notes"), are collectively given by Maker in substitution for, and amend, renew, restate and replace in its entirety, but do not constitute a novation or extinguishment of the indebtedness evidenced by, that certain Promissory Note in the principal amount of $150,000,000.00, dated as of January 5, 2016 (the "Original Note"), made by Maker in favor of Holder.
The Original Note is the Note referred to in that certain Loan Agreement, dated as of January 5, 2016, between the Maker, as borrower, and the Holder, as lender (as amended, modified or supplemented and in effect from time to time, the "Loan Agreement") and evidences the Loan made by the Holder thereunder.  Pursuant to Section 1.1(c) of the Loan Agreement, the Original Note has been split into two (2) separate notes (this Note and Note A-1).  From and after the date hereof, all rights, duties and obligations of Maker and of Holder with respect to the Original Note and indebtedness evidenced thereby shall be governed, controlled and construed in accordance with the terms and provisions of this Note and Note A-1, respectively, all as more particularly set forth herein and therein, as applicable.  Holder will place a notation on the face of the Original Note indicating that such Original Note has been amended, renewed, restated and replaced collectively by the Amended Notes and will deliver the Original Note to Maker in exchange for the Amended Notes.
Reference to the Loan Agreement is hereby made for a statement of the rights of the Holder and the duties and obligations of the Maker, but neither this reference to the Loan Agreement nor any provision thereof shall affect or impair the absolute and unconditional obligation of the Maker to pay the principal, interest and other amounts payable with respect to 

PROMISSORY NOTE (A-2) - Page 1

this Note when due.  The Principal Amount shall bear interest at the rates provided for in the Loan Agreement.
This Note is secured by the Security Instrument and the other security interests and liens granted in the Loan Agreement and in other Loan Documents.
The principal sum evidenced by this Note, together with accrued interest and other sums or amounts due hereunder, shall become immediately due and payable at the option of the Holder upon the occurrence and during the continuation of any Event of Default in accordance with the provisions of the Loan Agreement.
With respect to the amounts due and payable pursuant to this Note, the Maker waives demand, presentment and notice, except for notices required by the Loan Documents.
In no event shall the amount of interest (and any other sums or amounts that are deemed to constitute interest under applicable Legal Requirements) due or payable hereunder (including interest calculated at the Default Rate) exceed the maximum rate of interest designated by applicable Legal Requirements (the "Maximum Amount"), and in the event such excess payment is inadvertently paid by the Maker or inadvertently received by the Holder, then such excess sum shall be credited as a payment of principal on this Note, and if in excess of the outstanding Principal Amount of this Note, shall be immediately returned to the Maker upon such determination.  It is the express intent hereof that the Maker not pay and the Holder not receive, directly or indirectly, interest in excess of the Maximum Amount.
Other than as expressly set forth in the Loan Documents, this Note may not be assigned in whole or in part by the Maker.  The Holder shall have the right from time to time at its discretion to assign this Note, in whole or in part, only by registration of such assignment on a register maintained as provided in the Loan Agreement.  Maker's obligations in connection with any such assignment shall be as set forth in the Loan Documents.
The Holder shall not by any act, delay, omission or otherwise be deemed to have amended, modified, supplemented, waived, extended, discharged or terminated any of its rights or remedies, except by an amendment, modification, supplement, waiver, extension, discharge or termination in writing and signed by the appropriate parties, as may be applicable pursuant to the Loan Agreement.  All rights and remedies of the Holder under the terms of this Note and applicable statutes or rules of law shall be cumulative, and may be exercised successively or concurrently.  The Maker agrees that there are no defenses, equities or setoffs with respect to the obligations set forth herein.
Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable Legal Requirements, but if any provision of this Note shall be prohibited by or invalid under applicable Legal Requirements, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note.
The Holder may, at its option, release any Collateral given to secure the indebtedness evidenced hereby, and no such release shall impair the obligations of the Maker to the Holder under this Note and the other Loan Documents.

PROMISSORY NOTE (A-2) - Page 2

This Note shall be governed by, and construed in accordance with, the laws of the State of Texas.
ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST THE HOLDER OR THE MAKER ARISING OUT OF OR RELATING TO THIS NOTE MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK OR TRAVIS COUNTY, TEXAS.  THE MAKER, AND BY ACCEPTANCE OF THIS NOTE, THE HOLDER, HEREBY (i) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, AND (ii) IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.
THE MAKER AND, BY ACCEPTANCE HEREOF, THE HOLDER, TO THE FULLEST EXTENT THAT EACH MAY LAWFULLY DO SO, WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING (INCLUDING, WITHOUT LIMITATION, ANY TORT ACTION), BROUGHT BY EITHER PARTY HERETO WITH RESPECT TO THIS NOTE OR THE OTHER LOAN DOCUMENTS.
The provisions of this Note shall be subject to the provisions of the Loan Agreement including Section 9.19 of the Loan Agreement, the provisions of which are incorporated herein by this reference as if fully set forth herein.
[Remainder of page intentionally left blank;
Signature page follows.]

PROMISSORY NOTE (A-2) - Page 3

IN WITNESS WHEREOF, the Maker has caused this Note to be executed as of the day and year first above written.
	
		
	MAKER:

	 
	STRATUS BLOCK 21, L.L.C.,
a Delaware limited liability company
By:STRATUS BLOCK 21 MANAGER, L.L.C.,
a Texas limited liability company,
its Manager
By: /s/ Erin D. Pickens                         
Name:Erin D. Pickens
Title:Senior Vice President

PROMISSORY NOTE (A-2) - Signature Page

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