SEC Contract Filing

Filing Date: 2016-08-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>6
<FILENAME>kbsgiq22016exhibit106.htm
<DESCRIPTION>PROMISSORY NOTE (COMMONWEALTH)
<TEXT>
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<div><a name="s1DD93C561C2BCF26CFA5A35E75585298"></a></div><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit 10.6</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PROMISSORY NOTE</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">DEFINED TERMS</font></div><div style="line-height:120%;padding-left:8px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.71794871794873%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:3px double #000000;border-top:3px double #000000;"><div style="padding-top:6px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Execution Date: </font><font style="font-family:inherit;font-size:12pt;">June 30, 2016</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:3px double #000000;border-right:3px double #000000;border-top:3px double #000000;"><div style="padding-bottom:4px;padding-top:6px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">City and State of Signing:</font></div><div style="padding-bottom:4px;padding-top:6px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Newport Beach, California</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:3px double #000000;border-top:1px solid #000000;"><div style="padding-top:6px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Loan Amount: </font><font style="font-family:inherit;font-size:12pt;">Up to</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:12pt;">$47,400,000.00 of which (x) $41,000,000.00 (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Initial Loan Amount</font><font style="font-family:inherit;font-size:12pt;">&#8221;) shall be disbursed to Borrower on the Initial Loan Amount Funding Date and (y) up to $6,400,000.00 (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Maximum Loan Amount</font><font style="font-family:inherit;font-size:12pt;">&#8221;) shall be disbursed as, when, and to the extent expressly provided in Section 12 of the Note. [Note: Assumes full disbursement of Initial Loan Amount and will be modified as necessary]</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:3px double #000000;border-top:1px solid #000000;"><div style="padding-top:6px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Initial Interest Rate: 2.60%</font></div><div style="padding-top:6px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="padding-top:6px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Interest Rate</font><font style="font-family:inherit;font-size:12pt;">: A rate per annum equal to the sum of 215 basis points (2.15%) (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Spread</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and the LIBOR RATE (as defined in Section 1(b))</font></div></td></tr><tr><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:3px double #000000;border-right:3px double #000000;border-top:1px solid #000000;"><div style="padding-top:6px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Borrower: </font><font style="font-family:inherit;font-size:12pt;">KBSGI 421 SW 6TH AVENUE, LLC, a Delaware limited liability company</font></div><div style="padding-bottom:4px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td></tr><tr><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:3px double #000000;border-right:3px double #000000;border-top:1px solid #000000;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Borrower's Address:</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">KBSGI 421 SW 6th Avenue, LLC</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">c/o KBS Capital Advisors LLC</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;