Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement

EX-10.89 6 d270172dex1089.htm DEED TO SECURE DEBT, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement

Exhibit 10.89

UPON RECORDING RETURN TO:

Thompson & Knight LLP

One Arts Plaza

1722 Routh Street, Suite 1500

Dallas, Texas 75201

Attn: Jennifer Taylor Fargo, Esq.

THIS INSTRUMENT SECURES INDEBTEDNESS EVIDENCED BY ONE PROMISSORY NOTE DATED

DECEMBER 15, 2011 FROM BORROWER TO THE ORDER OF LENDER IN THE FACE PRINCIPAL

AMOUNT OF $61,000,000.00, SAID NOTE MATURING BY ITS TERMS ON JANUARY 5, 2019.

DEED TO SECURE DEBT, ASSIGNMENT OF LEASES

AND RENTS AND SECURITY AGREEMENT

IIT WESTFORK INDUSTRIAL LLC, Borrower to NEW YORK LIFE INSURANCE

COMPANY, Lender

Dated as of: December 15, 2011

Premises: Westfork A-4, 825 Maxham Road, Lithia Springs, Georgia (“Westfork A-4”)

DEED TO SECURE DEBT, MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT

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TABLE OF CONTENTS

Page

Article 1. COVENANTS AND AGREEMENTS

1.01

Payment, Performance and Security

1.02

Payment of Taxes, Assessments, etc.

Impositions

Installments

Receipts

Evidence of Payment

Payment by Lender

Change in Law

Joint Assessment

Permitted Contests

No Lease Default

1.03

Insurance

All Risk Coverage

Additional Coverage

Separate Insurance

Insurers; Policies

Lender’s Right to Secure Coverage

Damage or Destruction

Transfer of Interest in Policies

Borrower’s Use of Proceeds

Amendment as a Result of Commercial Unavailability of Insurance Against Terrorist Acts

1.04

Escrow Payments

1.05

Care and Use of the Premises

Maintenance and Repairs

Standard of Repairs

Removal of Equipment

Compliance With Laws and Insurance

Hazardous Materials.

Compliance With Instruments of Record

Alteration of Secured Property

Parking

Entry on Secured Property

No Consent to Alterations or Repairs

Preservation of Security Title; Mechanic’s Liens

Use of Secured Property by Borrower

Use of Secured Property by Public

Management

Permitted Contests

1.06

Financial Information

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		A.	Financial Statements	26
		B.	Right to Inspect Books and Records	27
	1.07	Condemnation		27
		A.	Lender’s Right to Participate in Proceedings	27
		B.	Application of Condemnation Award	28
		C.	Reimbursement of Costs	29
		D.	Existing Obligations	29
	1.08	Leases.		29
		A.	Performance of Lessor’s Covenants	29
		B.	Notice of Default	30
		C.	Representations Regarding Leases	30
		D.	Covenants Regarding Leases	30
		E.	Application of Rents	31
		F.	Indemnity Against Unapproved Lease Modifications and Amendments	32
	1.09	Assignment of Leases, Rents, Income, Profits and Cash Collateral		32
		A.	Assignment; Discharge of Obligations	32
		B.	Entry Onto Secured Property; Lease of Secured Property	33
		C.	License to Manage Secured Property	33
		D.	Delivery of Assignments	33
		E.	Indemnity	33
	1.10	Further Assurances		33
		A.	General; Appointment of Attorney-in-Fact	33
		B.	Statement Regarding Obligations	34
		C.	Additional Security Instruments	34
		D.	Security Agreement	34
		E.	Preservation of Borrower’s Existence	36
		F.	Further Indemnities	36
		G.	Absence of Insurance	36
		H.	Lost Note	37
	1.11	Prohibition on Transfers, Liens or Further Encumbrances		37
		A.	Continuing Ownership and Management	37
		B.	Prohibition on Transfers, Liens or Further Encumbrances	37
		C.	Acceleration of Obligations	37
	1.12	Expenses		38

Article 2. REPRESENTATIONS AND WARRANTIES				38

	2.01	Warranty of Title		38
	2.02	Ownership of Additional or Replacement Improvements and Personal Property		38
	2.03	No Pending Material Litigation or Proceeding; No Hazardous Materials		39
		A.	Proceedings Affecting Borrower	39
		B.	Proceedings Affecting Secured Property	39
		C.	No Hazardous Material	39
		D.	No Litigation Regarding Hazardous Material	40
	2.04	Valid Organization, Good Standing and Qualification of Borrower; Other Organizational Information		40
	2.05	Authorization; No Legal Restrictions on Performance		40

iii

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	2.06	Compliance With Laws		41
	2.07	Tax Status		41
	2.08	Absence of Foreign or Enemy Status; Absence of Blocked Persons; Foreign Corrupt Practices Act		42
	2.09	Federal Reserve Board Regulations		42
	2.10	Investment Company Act and Public Utility Holding Company Act		42
	2.11	Exempt Status of Transactions Under Securities Act and Representations Relating Thereto		43
	2.12	ERISA Compliance		43

Article 3. DEFAULTS				43
	3.01	Events of Default		43

Article 4. REMEDIES				45
	4.01	Acceleration, Foreclosure, etc.		45
		A.	Foreclosure	45
		B.	Partial Foreclosure	46
		C.	Entry	46
		D.	Collection of Rents, etc.	47
		E.	Receivership	47
		F.	Specific Performance	47
		G.	Recovery of Sums Required to be Paid	47
		H.	Other Remedies	47
		I.	Non-Judicial Sale	47
	4.02	No Election of Remedies		48
	4.03	Lender’s Right to Release, etc.		49
	4.04	Lender’s Right to Remedy Defaults, etc.		49
	4.05	Waivers		49
	4.06	Prepayment		50

Article 5. MISCELLANEOUS				51
	5.01	Non-Waiver		51
	5.02	Sole Discretion of Lender		52
	5.03	Legal Tender		52
	5.04	No Merger or Termination		52
	5.05	Discontinuance of Actions		52
	5.06	Headings		53
	5.07	Notice to Parties		53
	5.08	Successors and Assigns Included In Parties		53
	5.09	Changes and Modifications		54
	5.10	Applicable Law		54
	5.11	Invalid Provisions to Affect No Others		54
	5.12	Usury Savings Clause		54
	5.13	No Statute of Limitations		54
	5.14	Late Charges		54
	5.15	WAIVER OF JURY TRIAL		55

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5.16	Continuing Effectiveness	55
5.17	Time of Essence	55
5.18	Non-Recourse	55
5.19	Non-Business Days	58
5.20	Single Purpose Entity	58
5.21	Joint and Several Liability; Counterparts	62
5.22	Attorney’s Fees	62

DEED TO SECURE DEBT, MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT

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THIS DEED TO SECURE DEBT, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (this “Security Deed”) dated as of December 15, 2011, from IIT WESTFORK INDUSTRIAL LLC, a Delaware limited liability company, having an office at c/o Dividend Capital, 518 17th Street, Suite 1700, Denver, Colorado 80202 (“Borrower”), to NEW YORK LIFE INSURANCE COMPANY (“Lender”), a New York mutual insurance company, having an office at 51 Madison Avenue, New York, New York 10010-1603.

Borrower has executed and delivered to Lender a Promissory Note (“Note”), dated as of even date herewith, payable to the order of Lender in the original principal sum of Sixty-One Million and No/100 Dollars ($61,000,000.00), lawful money of the United States of America, which Note is due and payable in full on January 5, 2019, if not coming due sooner pursuant to the terms of the Loan Instruments (as hereinafter defined). The Note is secured by, inter alia, this Security Deed and the terms, covenants and conditions of the Note are hereby incorporated herein and made a part hereof.

In consideration of the sum of Ten Dollars ($10.00) paid and other good and lawful consideration, the receipt and sufficiency of which are hereby acknowledged and in order to secure the Obligations (as hereinafter defined), Borrower hereby GRANTS, CONVEYS, ASSIGNS, BARGAINS, SELLS, WARRANTS, RELEASES, TRANSFERS, PLEDGES, AND SETS OVER, and has by these presents GRANTED, CONVEYED, ASSIGNED, BARGAINED, SOLD, WARRANTED, RELEASED, TRANSFERRED, PLEDGED AND SET OVER to Lender, its successors and assigns, and grants to Lender, its successors and assigns, a security interest in, the following property:

GRANTING CLAUSE ONE

All those tracts or parcels of land (collectively, “Land”) more particularly described in Schedule A hereto.

GRANTING CLAUSE TWO

All buildings, structures and improvements (collectively, “Improvements”) now or hereafter located on the Land, including all of Borrower’s machinery, apparatus, equipment and fixtures attached to, or used or procured for use in connection with the operation or maintenance of, any Improvement, all of Borrower’s refrigerators, shades, awnings, venetian blinds, screens, screen doors, storm doors, storm windows, stoves, ranges, curtain fixtures, partitions, attached floor coverings and fixtures, apparatus, equipment or articles used to supply sprinkler protection and waste removal, laundry equipment, furniture, furnishings, appliances, office equipment, elevators, escalators, tanks, dynamos, motors, generators, switchboards, communication equipment, electrical equipment, television and radio systems, heating, plumbing, lifting and ventilating apparatus, air-cooling and air conditioning apparatus, gas and electric fixtures, fittings and machinery and all of Borrower’s other personal property and equipment of every kind and description, excluding trade fixtures and personal property of any Lessee (as hereinafter defined), unless such trade fixtures or personal property become the property of Borrower upon expiration or termination of the term of the Lease in question, and all accessions, renewals and replacements thereof and all articles in substitution therefor. Whether or not any of the foregoing

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are attached to the Land or any of the Improvements in any manner, all such items shall be deemed to be fixtures, part of the real estate and security for the Obligations. The Land and Improvements are herein collectively called “Premises”. To the extent any of the Improvements are not deemed real estate under the laws of the State, they shall be deemed personal property and this grant shall include all of Borrower’s right, title and interest in, under and to such personal property and all other personal property now or hereafter attached to or located upon the Premises or used or useable in the management, maintenance or operation of the Improvements or the activities conducted on the Premises, including all computer hardware and software, but excluding trade fixtures and personal property of any Lessee, unless such personal property becomes the property of Borrower upon expiration or termination of the Lease in question, and all accessions, renewals and replacements thereof and all articles in substitution therefor (collectively, “Personal Property”).

GRANTING CLAUSE THREE

All now or hereafter existing easements and rights-of-way and all right, title and interest of Borrower, in and to any land lying within the right-of-way of any street, opened or proposed, adjoining the Premises, any and all sidewalks, alleys and strips and gores of land, streets, ways, passages, sewer rights, waters, water courses, water rights and powers, estates, rights, titles, interests, privileges, liberties, tenements, hereditaments, air rights, development rights, covenants, conditions, restrictions, credits and appurtenances of any nature whatsoever, in any way belonging, relating or pertaining to, or above or below the Premises, whether now or hereafter existing.

GRANTING CLAUSE FOUR

All intangible rights, interests and properties of Borrower relating to the Premises or any part thereof, and necessary or desirable for the continued ownership, use, operation, leasing or management thereof, whether now or hereafter existing, including any trademarks, servicemarks, logos or trade names relating to the Premises or by which the Premises or any part thereof may be known and any other franchises or other agreements relating to services in connection with the use, occupancy, or maintenance of the Premises, instruments, actions or rights in action and all intangible property and rights relating to the Premises.

GRANTING CLAUSE FIVE

All accounts receivable, insurance policies, contract rights, interests, rights under all oil, gas and mineral leases and agreements and all benefits arising therefrom, and all other claims, both at law and in equity, relating to the Premises, which Borrower now has or may hereafter acquire.

GRANTING CLAUSE SIX

All estate, interest, right, title and other claim or demand which Borrower now has or may hereafter acquire in any and all awards or payments relating to the taking by eminent domain, or by any proceeding or purchase in lieu thereof, of the whole or any part of the

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Premises, including all awards resulting from a change of grade of any street and awards for severance damages, together, in all cases, with all interest thereon.

GRANTING CLAUSE SEVEN

All proceeds of, and any unearned premiums on, insurance policies covering all or any part of the Premises, including the right to receive and apply the proceeds of all insurance or judgments related to the Premises, or settlements made in lieu thereof.

GRANTING CLAUSE EIGHT

All estate, interest, right, title and other claim or demand which Borrower now has or may hereafter acquire against anyone with respect to any damage to all or any part of the Premises, including damage arising or resulting from any defect in or with respect to the design or construction of all or any part of the Improvements.

GRANTING CLAUSE NINE

All deposits or other security or advance payments, including rental payments, made by or on behalf of Borrower to others in connection with the Obligations or the ownership or operation of all or any part of the Premises, including any such deposits or payments made with respect to (a) Impositions (as hereinafter defined),(b) insurance policies, (c) utility service, (d) cleaning, maintenance, repair or similar services, (e) refuse removal or sewer service, (f) rental of equipment, if any, used by or on behalf of Borrower, and (g) parking or similar services or rights.

GRANTING CLAUSE TEN

All remainders, reversions or other estates in the Premises or any part thereof.

GRANTING CLAUSE ELEVEN

All right, title and interest of Borrower in and to all management contracts, permits, certificates, licenses, approvals, contracts, entitlements and authorizations, however characterized, now or hereafter issued or in any way furnished for the acquisition, construction, development, operation and use of the Land, the Improvements or the Leases, including building permits, environmental certificates, licenses, certificates of operation or occupancy, warranties and guaranties, except, in each case, to the extent that such mortgage, grant, assignment, transfer or pledge is restricted by the terms of such management contract, permit, certificate, license, approval, contract, entitlement or authorization and such restriction is enforceable under applicable law.

GRANTING CLAUSE TWELVE

All right, title and interest of Borrower in and to all easements, roads, streets, ways, sidewalks, alleys, passages, sewer rights, other utility rights, encroachment rights, and all estates, rights, titles, interests, privileges, liberties, tenements, hereditaments, air rights, and

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appurtenances of any nature whatsoever, in any way belonging, relating or pertaining to the Premises, whether now or hereafter existing.

GRANTING CLAUSE THIRTEEN

All proceeds, products, replacements, additions, substitutions, renewals and accessions of any of the foregoing, including personal property acquired with cash proceeds.

TO HAVE AND TO HOLD the Secured Property and all parts, rights, members and appurtenances thereof, to the use, benefit and behoof of Lender and the successors and assigns of Lender, IN FEE SIMPLE FOREVER.

Borrower warrants that Borrower has good title to the Secured Property, and is lawfully seized and possessed of the Secured Property and every part thereof, and has the unencumbered right to convey same; that the Secured Property is unencumbered except as specifically set forth in the title insurance policy issued to Lender upon recordation of this Security Deed and that Borrower does warrant and will forever defend the title to the Secured Property unto Lender, and Lender’s successors and assigns, against the claims of all persons whomsoever.

This Security Deed is a deed passing legal title pursuant to the laws of the State of Georgia governing deeds to secure debt, and is also a security agreement granting a present and continuing security interest in and security title to the Personal Property and fixtures, and is not a mortgage. This Security Deed is made and intended to secure the payment of the indebtedness evidenced by the Note, in accordance with the terms thereof; advances by Lender or any transferee of Lender made to pay taxes on the Secured Property, to pay premiums on insurance on the Secured Property, to repair, maintain or preserve the Secured Property, or to complete improvements on the Secured Property (whether or not Borrower is at that time the owner of the Secured Property); any and all other indebtedness now owing or which may hereafter be owing by Borrower to Lender, however incurred, direct or indirect; and any and all renewals, substitutions, modifications and extensions of the Note or any other Obligations secured hereby, either in whole or in part.

Should the Obligations be paid according to the tenor and effect thereof when the same shall become due and payable, and should Borrower perform all covenants contained herein in a timely manner, then this Security Deed shall be canceled and surrendered.

DEFINITIONS AND INTERPRETATION

As used in this Security Deed, the following terms shall have the meanings specified below:

“Allocated Loan Amount” shall mean the principal balance of the portion of the Loan allocated to each Individual Property in the Portfolio Secured Property, as shown in Schedule 1 attached to the Note.

“Assignment” shall mean the Assignment of Leases, Rents, Income and Cash Collateral covering the Secured Property dated as of the date hereof from Borrower, as assignor, to Lender,

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as assignee, together with any modifications thereof and supplements thereto.

“Code” shall mean the Uniform Commercial Code of the State.

“Condemnation Proceedings” shall have the meaning set forth in Section 1.07A.

“Debt Coverage Ratio” shall mean, for any period, a fraction, the numerator of which shall equal the projected net operating income of the Portfolio Secured Property for such period (including proceeds from any business interruption or “loss of rents” insurance), and the denominator of which shall equal the aggregate of the principal and interest for such period with respect to (A) the scheduled principal and interest payments due pursuant to the Note for such period, and (B) subordinate indebtedness, if any.

“Environmental Claim” shall mean any asserted claim or demand, of any kind or nature, by any Person, for any actual or alleged Environmental Damage, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, ordinance or regulation, common law or otherwise.

“Environmental Damage” shall mean any and all claims, judgments, damages (including consequential and punitive damages), losses, penalties, interest, fines, liabilities (including strict liability), obligations, responsibilities, encumbrances, liens, costs and expenses, of whatever kind or nature, contingent or otherwise, matured or unmatured, foreseeable or unforeseeable, including attorneys’, experts’ and consultants’ fees and disbursements, in each case relating to Environmental Requirements in, on, under, around or in any way relating to the Secured Property, including, including:

(a)

those relating to any investigation, defense or settlement of any claim, suit, administrative proceeding or investigation of any kind or any directive of any Governmental Agency (as hereinafter defined);

(b)

those relating to damages for personal injury, or injury to property including natural resources, occurring in, on, under or about the Secured Property, including lost profits and the cost of demolition and rebuilding of any improvements on real property;

(c)

diminution in the value of the Secured Property, and damages for the loss, or restriction on the use or adverse impact on the marketing, of the Secured Property or any part thereof;

(d)

loss of the priority of the security title, security interest, rights, and/or lien of this Security Deed due to the imposition of a lien against the Secured Property; and

(e)

those incurred in connection with the investigation, cleanup, remediation, removal, abatement, containment, closure, restoration, monitoring work or other cure of any violation of an Environmental Requirement required by any Governmental Agency or reasonably necessary to make full economic

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use of the Secured Property or in connection with any other property, including the performance of any pre-remedial studies and investigations and post remedial monitoring and cure, or any action to prevent a Release or threat of Release or to minimize the further Release of any Hazardous Material so it does not migrate or endanger or threaten to endanger public health or the environment.

“Environmental Requirements” shall mean any and all Legal Requirements (as hereinafter defined) relating to the protection of the environment, health or safety, including:

(a)

all Legal Requirements pertaining to reporting, licensing, permitting, investigation, remediation or removal of, or pertaining to Releases or threatened Releases of, Hazardous Materials, chemical substances, pollutants, contaminants or hazardous or toxic substances, materials or wastes, whether solid, liquid or gaseous in nature, including Releases or threatened Releases into the air, soil, surface water, ground water or land;

(b)

all Legal Requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, chemical substances, pollutants, contaminants or hazardous or toxic substances, materials or wastes, whether solid, liquid or gaseous in nature; and

(c)

all Legal Requirements pertaining to industrial hygiene or the protection of the health and safety of employees or the public.

“ERISA” shall have the meaning set forth in Section 2.12.

“Event of Default” shall have the meaning set forth in Section 3.01.

“Governmental Agency” shall mean any government, quasi-governmental or government sponsored enterprise, legislative body, commission, board, regulatory authority, bureau, administrative or other agency, court, arbitrator, grand jury or any other public body or entity or instrumentality, whether domestic, foreign, federal, state, county or municipal.

“Guarantor,” shall mean any guarantor of all or any portion of the Obligations and any indemnitor (other than Borrower) under the Environmental Indemnity Agreement of even date herewith, executed by Borrower in favor of Lender or any subsequent Environmental Indemnity Agreement or similar agreement executed by Borrower and an indemnitor in favor of Lender.

“Hazardous Materials” shall mean any substance:

(d)

the presence of which requires notification, investigation or remediation under any Environmental Requirement;

(e)

which is or becomes designated, defined, classified or regulated as “hazardous”, “toxic”, “noxious”, “waste”, “pollutant”, “contaminant” or

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other similar term, or which requires remediation or is regulated under any present or future Environmental Requirement, including the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. Section 9601 et seq.), Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.), Federal Clean Air Act (42 U.S.C. Section 7401 et seq.), Federal Hazardous Materials Transportation Act (49 U.S.C. Section 5101 et seq.), Federal Clean Water Act (33 U.S.C. Section 1251 et seq.), Federal Environmental Pesticide Control Act (7 U.S.C. Section 136 et seq.), Federal Toxic Substances Control Act (15 U.S.C. Section 2601 et seq.), Federal Safe Drinking Water Act (42 U.S.C. Sections 300(f), et seq.), the Georgia Air Quality Act, the Georgia Underground Storage Tank Act, the Georgia Water Quality Control Act, the Georgia Comprehensive Solid Waste Management Act, the Georgia Oil or Hazardous Material Spill or Release Act, the Georgia Hazardous Waste Management Act and the Georgia Hazardous Site Response Act;

(f)

which is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise hazardous and is or becomes regulated by any Governmental Agency;

(g)

the presence of which on the Secured Property causes or threatens to cause a nuisance relating to the Secured Property or adjacent properties or poses or threatens to pose a hazard relating to the Secured Property or adjacent properties or to the health or safety of Persons on or about the Secured Property or adjacent properties;

(h)

which contains asbestos, gasoline, diesel fuel or other petroleum hydrocarbons, volatile organic compounds, polychlorinated biphenyls (PCBs) or urea formaldehyde foam insulation;

(i)

which contains or emits radioactive particles, waves or material, including radon gas; or

(j)

which is or constitutes a part of an underground storage tank.

“Hazardous Material Claims” shall have the meaning set forth in Section 1.05E(4).

“Impositions” shall have the meaning set forth in Section 1.02A.

“Improvements” shall have the meaning set forth in Granting Clause Two.

“Increased Rate” shall have the meaning set forth in the Note.

“Indemnified Claims” shall have the meaning set forth in Section 1.05E(1).

“Individual Property” shall mean, individually, each of the individual warehouse buildings and associated property constituting the Portfolio Secured Property and “Individual

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Properties” collectively shall mean all of the individual warehouse buildings constituting the Secured Property, as such Individual Properties may be released or supplemented from time to time.

“Land” shall have the meaning set forth in Granting Clause One.

“Lease” and “Leases” shall have the respective meanings set forth in Section 1.08A.

“Legal Requirements” shall mean all present or future laws, statutes, permits, approvals, plans, authorizations, guidelines, franchises, ordinances, restrictions, orders, rules, codes, regulations, judgments, decrees, injunctions or requirements of all Governmental Agencies or any officers thereof, including any Board of Fire Underwriters.

“Lender’s Architect” shall mean a licensed architect or registered engineer approved by Lender.

“Lessee” shall have the meaning set forth in Section 1.08A.

“Loan” shall mean the loan evidenced by the Note and secured by this Security Deed.

“Loan Instruments” shall mean (a) the Note, (b) this Security Deed, (c) the Assignment, (d) Deed of Trust, Mortgage, Assignment of Leases and Rents and Security Agreement (the “Texas Deed of Trust”) dated as of the date hereof granted by IIT Valwood West Industrial LP (“Valwood”) to a trustee named therein, for the benefit of Lender and encumbering certain premises and other property constituting three warehouse buildings in Carrolton, Texas (the “Texas Secured Property”) more particularly described in the Texas Deed of Trust, (e) Assignment of Leases, Rents, Income and Cash Collateral covering the Texas Secured Property (the “Texas Assignment of Leases”) dated as of the date hereof from Valwood to Lender, (f) Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement (the “Forest Park Georgia Security Deed”) dated as of the date hereof granted by IIT Southpoint Industrial LLC (“Southpoint”) for the benefit of Lender and encumbering certain premises and other property constituting two warehouse buildings in Forest Park, Georgia (collectively, the “Forest Park Georgia Secured Property”) more particularly described in the Forest Park Georgia Security Deed, (g) Assignment of Leases, Rents, Income and Cash Collateral covering the Forest Park Georgia Secured Property (the “Forest Park Georgia Assignment of Leases”) dated as of the date hereof from Southpoint to Lender, (h) Mortgage, Assignment of Leases and Rents and Security Agreement (the “Florida Mortgage”) dated as of the date hereof granted by IIT Marina West LLC (“Marina West”) to Lender and encumbering certain premises and other property constituting two warehouse buildings in Sunrise, Florida (the “Florida Secured Property”) more particularly described in the Florida Mortgage, and (i) Assignment of Leases, Rents, Income and Cash Collateral covering the Florida Secured Property (the “Florida Assignment of Leases”) dated as of the date hereof from Marina West to Lender, together with each instrument listed on that certain Notice and Agreement of even date herewith executed by Borrower and Lender and each other instrument now or hereafter given to evidence, secure, indemnify, guaranty or otherwise assure or provide for the payment or performance of the Obligations or otherwise executed by Borrower, Valwood, Southpoint and/or Marina West in connection with the Loan.

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“Make-Whole Amount” shall have the meaning set forth in the Note.

“Maturity Date” shall have the meaning set forth in the Note.

“Non-Recourse Exceptions” shall have the meaning set forth in Section 5.18.

“Note” shall have the meaning set forth in the second introductory paragraph of this Security Deed.

“Obligations” shall mean and include all indebtedness, obligations, covenants, agreements and liabilities of Borrower, Valwood, Southpoint and Marina West to Lender, including all obligations to pay interest, the Make-Whole Amount and all charges and advances, whether direct or indirect, existing, future, contingent or otherwise, due or to become due, pursuant to or arising out of or in connection with the Note, this Security Deed, the Assignment or any other Loan Instrument, all modifications, extensions and renewals of any of the foregoing and all expenses and costs of collection or enforcement, including attorneys’ fees and disbursements incurred by Lender in the collection or enforcement of any of the Loan Instruments or in the exercise of any rights or remedies pursuant to the Loan Instruments or applicable law.

“Partial Foreclosure” shall have the meaning set forth in Section 4.01B.

“Person” shall mean a corporation, a limited or general partnership, a limited liability company or partnership, a joint stock company, a joint venture, a trust, an unincorporated association, a Governmental Agency, an individual or any other entity similar to any of the foregoing.

“Personal Property” shall have the meaning set forth in Granting Clause Two.

“Phase I” shall mean that certain Phase I Environmental Assessment of Westfork A4, prepared by EMG, EMG Project #99793.11R-003.135, dated November 4, 2011.

“Portfolio Secured Property” shall mean, collectively, the Secured Property (as hereinafter defined), the Texas Secured Property, the Forest Park Georgia Secured Property and the Florida Secured Property.

“Premises” shall have the meaning set forth in Granting Clause Two.

“Proceeds” shall have the meaning set forth in Section 1.03F(2).

“Release” shall mean any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration into the environment.

“Rents” shall mean all rents, issues, profits, cash collateral, royalties, income and other benefits derived from the Secured Property or any part thereof (including benefits accruing from all present or future leases and agreements, including oil, gas and mineral leases and agreements).

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“Secured Property” shall mean the Premises, the Personal Property and all other rights and interests described in the Granting Clauses of this Security Deed.

“State” shall mean the State, Commonwealth or territory in which the Land is located.

“Transfer” shall have the meaning set forth in Section 1.11B.

As used in this Security Deed (a) words such as “herein”, “hereof”, “hereto”, “hereunder” and “hereby” or similar terms refer to this Security Deed as a whole and not to any specific Section or provision hereof; (b) wherever the singular or plural number or the masculine, feminine or neuter gender is used, it shall include each other number or gender; and (c) the word “including” shall mean “including, without limitation,” and the word “includes” shall mean “includes, without limitation.”

Article 1.

COVENANTS AND AGREEMENTS

Borrower hereby covenants and agrees as follows:

1.01 Payment, Performance and Security. Borrower shall pay when due the amount of, and otherwise timely perform, all Obligations. Borrower shall not apply or permit the application of any insurance proceeds, condemnation awards, trust funds, Rents or other income to distributions to its partners, members or constituent entities when an Event of Default exists under any of the Loan Instruments.

This Security Deed shall secure all Obligations and payment and performance of all future advances and other liabilities that the then record owner of all or part of the Secured Property may agree to pay and/or perform (whether as principal, surety or Guarantor) for the benefit of Lender, when such future advance or obligation is evidenced by the Note or any other writing which recites that it is secured by this Security Deed (or words to that effect). If this Security Deed secures a “revolving loan account” as defined in Section 44-14-3 of the Official Code of Georgia Annotated, payment of all amounts outstanding on the Note from time to time shall not cancel or release this Security Deed, and re-advances shall be secured to the same extent as original obligations hereunder. The term “obligations” is used herein in its broadest and most comprehensive sense and shall be deemed to include, without limitation, all interest and charges, prepayment charges (if any), late charges and loan fees at any time accruing or assessed on any of the Obligations. All terms of the Obligations and the documents evidencing such obligations are incorporated herein by this reference. All persons who may have or acquire an interest in the Secured Property shall be deemed to have notice of the terms of the Obligations and to have notice that the rate of interest on one or more Obligations may vary from time to time.

1.02 Payment of Taxes, Assessments, etc.

A. Impositions. Borrower shall pay when due and payable, before any fine, penalty, interest or cost for the nonpayment thereof may be added thereto, and without any right of offset or credit against any interest or other amounts payable to Lender pursuant to this

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Security Deed or on the Note, all taxes, assessments, water and sewer rents, rates and charges, transit taxes, charges for public utilities, excises, levies, vault taxes or charges, license and permit fees and other governmental charges, general and special, ordinary and extraordinary, unforeseen and foreseen, of any kind and nature whatsoever (including penalties, interest costs and charges accrued or accumulated thereon), which at any time may be assessed, levied, confirmed, imposed upon, or become due and payable out of or in respect to, or become a lien on, the Secured Property or any part thereof, or any appurtenance thereto (all of the foregoing collectively, “Impositions” and individually, an “Imposition”).

B. Installments. Notwithstanding anything to the contrary contained in Section 1.02A, if by law any Imposition, at the option of the taxpayer, may be paid in installments, and provided interest shall not accrue on the unpaid balance of such Impositions, Borrower may exercise the option to pay the same in installments and, in such event, shall pay such installments as the same become due and before any fine, penalty, interest or cost may be added thereto.

C. Receipts. Borrower, upon request of Lender, will furnish to Lender within ten (10) days before the date when any Imposition would become delinquent, official receipts of the appropriate taxing authority, or other evidence reasonably satisfactory to Lender, evidencing the payment thereof.

D. Evidence of Payment. The bill, certificate or advice of nonpayment, issued by the appropriate official (designated by law either to make or issue the same or to receive payment of any Imposition), of the nonpayment of an Imposition shall be prima facie evidence that such Imposition is due and unpaid at the time of the making or issuance of such certificate, advice or bill. Borrower shall pay Lender, on demand, all charges, costs and expenses of every kind including each tax service search fee or charge incurred by Lender at any time or times during the term of this Security Deed in connection with obtaining evidence satisfactory to Lender that the payment of all Impositions is current and that there is no Imposition due and owing or which has become or given rise to a lien on the Secured Property or any part thereof or any appurtenance thereto.

E. Payment by Lender. If Borrower shall fail to pay any Imposition in accordance with the provisions of this Section 1.02, Lender, at its option and at such time as it may elect, may pay such Imposition, but shall be under no obligation to do so. Borrower will repay to Lender, within three (3) Business Days after written demand, any amount so paid by Lender, with interest thereon at the Increased Rate from the date of such written demand by Lender to the date of repayment by Borrower. This Security Deed shall secure each such amount and such interest. In no event shall the Increased Rate be greater than the highest interest rate permissible by applicable law.

F. Change in Law. In the event of the passage after the date of this Security Deed of any law deducting the Obligations from the value of the Secured Property or any part thereof for the purpose of taxation or resulting in any lien thereon, or changing in any way the laws now in force for the taxation of this Security Deed or the Obligations for state or local purposes, or the manner of the operation of any such taxes so as to affect the interest of Lender,

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then, and in such event, Borrower shall bear and pay the full amount of such taxes, provided that if for any reason payment by Borrower of any such new or additional taxes would be unlawful or if the payment thereof would constitute usury or render the Loan or the Obligations wholly or partially usurious under any of the terms or provisions of the Note, this Security Deed or otherwise, Lender may, at its option, declare all Obligations secured by this Security Deed, with interest thereon, to be immediately due and payable, or Lender may, at its option, pay that amount or portion of such taxes as renders the Loan or the Obligations unlawful or usurious, in which event Borrower shall concurrently therewith pay the remaining lawful and non-usurious portion or balance of such taxes.

G. Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Premises and the Personal Property, or any other procedure whereby personal property taxes and real property taxes shall be assessed, levied or charged to the Secured Property as a single lien.

H. Permitted Contests. Notwithstanding anything herein to the contrary, if, and for so long as, Borrower is not in default pursuant to any of the Loan Instruments, Borrower shall have the right to contest the amount or the validity, in whole or in part, of any Imposition, by appropriate proceedings diligently conducted in good faith and without cost or expense to Lender. Subject to the provisions of Section 1.02I and provided Borrower is in compliance with the provisions of the next sentence, Borrower may postpone or defer payment of such Imposition if Borrower, on or before the due date thereof, shall (1) deposit or cause to be deposited with Lender a surety bond issued by a surety company of recognized responsibility acceptable to Lender, guaranteeing and securing the payment in full of such Imposition, pending the determination of such contest, (2) deposit or cause to be deposited with Lender an amount equal to one hundred (100%) percent of such Imposition or any balance thereof remaining unpaid, and from time to time, but not more frequently than quarterly, deposit amounts in order to keep on deposit at all such times an amount equal to one hundred (100%) percent of the Imposition remaining unpaid, or (3) furnish or cause to be furnished to Lender other security reasonably satisfactory to Lender. If such deposit is made or such security furnished and Borrower continues in good faith to contest the validity of such Imposition by appropriate legal proceedings which shall operate to prevent the collection of such Imposition so contested, the imposition of interest, fines or other penalties with respect to such Imposition and the sale of the Secured Property or any part thereof to satisfy such Imposition, Borrower shall have no obligation to pay such Imposition until such time as it has been finally determined to be a valid, due and payable Imposition. Upon termination of any such proceeding, or at any earlier time that Borrower shall have been adjudicated liable for the payment of such Imposition, Borrower shall pay in full the amount of such Imposition or part thereof as shall have been finally determined in such proceeding, together with all liabilities in connection therewith. If Borrower shall fail to pay in full the amount that has been finally determined, Lender shall have the full power and authority to apply or require the application of any amounts that may have been deposited pursuant to this Section 1.02H to payment of any unpaid Imposition. However, Lender shall not have any liability for application of, or failure to apply, any amount so deposited, except for Lender’s intentional and willful failure to apply a deposited amount after Borrower shall have notified Lender of such final decision and Borrower or the Person making such deposit shall have requested in writing the application of such amount to the payment of the

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particular Imposition with respect to which it was deposited. Lender shall repay to Borrower, or as directed by Borrower, the remainder of any such deposit after payment in full of the related Imposition, unless Borrower shall be in default pursuant to any of the Loan Instruments. If a default then exists, Lender may, in its discretion, apply all or any part of such remainder to the curing of such default. After the curing of all such defaults (and the payment in full of all then due and payable Impositions), Lender shall pay the remainder of such surplus, if any, to Borrower.]

I. No Lease Default. Notwithstanding anything to the contrary contained herein, if contesting the validity or amount of any Imposition shall cause a breach of any of the terms, conditions or covenants required to be performed by Borrower as lessor under any Lease, Borrower shall not have the right to contest the same as provided in Section 1.02H, and Borrower shall pay such Imposition pursuant to Section 1.02A.

1.03 Insurance.

A. All Risk Coverage. Borrower, at its sole cost and expense, shall keep the Improvements and the Personal Property insured against loss or damage by fire and against loss or damage by other risks now covered by “All Risk” insurance, in form and substance satisfactory to Lender, and in an amount equal to at least one hundred percent (100%) of the full replacement cost of the Improvements and the Personal Property, including work performed for tenants, without deduction for depreciation and with such other deductibles, if any, as are satisfactory to Lender, in its discretion. Such insurance shall include policy wording indicating coverage or an endorsement for demolition and increased cost of construction and agreed amount policy wording for the estimated replacement cost. Borrower’s “All Risk” insurance policy shall not exclude from coverage any loss arising from the perils of terrorist acts or, in the alternative, Borrower shall maintain a separate insurance policy covering terrorist acts and, in either case, the coverage for damage caused by terrorist acts shall be on a 100% replacement cost basis with a deductible acceptable to Lender (such insurance coverage shall be referred to herein as “Terrorism Insurance”). Borrower’s Terrorism Insurance coverage may be part of a blanket insurance policy provided that the blanket coverage (i) is acceptable to Lender, in its discretion, (ii) contains policy wording indicating coverage or an endorsement to the policy showing Lender as a certificate holder and additional insured and (iii) contains a specific allocation of value and deductible on the property to be encumbered by this Security Deed and provides that such value and deductible may not be affected by any claims or other matters related to the other properties covered by the blanket policy.

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B. Additional Coverage. Borrower, at its sole cost and expense, shall at all times also maintain:

(1) Commercial general liability insurance against claims for bodily injury, personal injury or property damage, occurring in, on, under or about the Secured Property or in, on, under or about the adjoining streets, sidewalks and passageways; such insurance to be in amounts and in form and substance satisfactory to Lender;

(2) Rent and/or business income insurance in an amount not less than one year’s aggregate rentals, including minimum rentals, escalation charges, percentage rents (based on sales projections acceptable to Lender) and other additional rentals, and any other amounts payable by tenants and other occupants at the Secured Property pursuant to Leases or otherwise, which amount shall be increased from time to time upon the leasing of space at the Secured Property or upon each increase in such aggregate rentals;

(3) If the Improvements are located in a flood hazard area, flood insurance on the Improvements in an amount equal to the lesser of full replacement cost thereof or the maximum amount of insurance obtainable;

(4) Insurance, in such amounts as Lender shall from time to time require, against loss or damage from leakage or explosion of steam boilers, air conditioning equipment, pressure vessels or similar apparatus, now or hereafter installed in or on the Secured Property; and

(5) Such other insurance and any replacements, substitutions or additions thereto as shall at any time be reasonably required by Lender against other insurable hazards, including earthquake or terrorism, each in such amount as Lender shall determine.

C. Separate Insurance. Borrower shall not carry separate insurance, concurrent in kind or form and contributing in the event of loss with any insurance required hereunder. Borrower may, however, effect for its own account any insurance not required pursuant to the provisions of this Security Deed, but any such insurance effected by Borrower on the Secured Property, whether or not required pursuant to this Section 1.03, shall be for the mutual benefit of Borrower and Lender, as their respective interests may appear, and shall be subject to all other provisions of this Section 1.03.

D. Insurers; Policies. All insurance provided for in this Section 1.03 shall be effected under valid and enforceable policies issued by financially responsible insurers, rated by A.M. Best as “A” or better and as having a class size of at least “X(10)” and authorized to do business in the State, with deductibles acceptable to Lender and otherwise in form and substance acceptable to Lender. An original (or certified) copy of all such policies shall be deposited with and held by Lender and shall contain the standard non-contributory mortgagee clause in favor of Lender and a waiver of subrogation endorsement, all in form and content satisfactory to Lender. All such policies shall contain a provision that such policies will not be cancelled without at least thirty (30) days’ prior written notice (or ten (10) days in the event of non-payment of premiums)

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to Lender. Certificates of insurance evidencing coverage of the policies and invoices bearing notations evidencing the full payment of the annual premium or accompanied by other evidence satisfactory to Lender of such payment shall be delivered by Borrower to Lender within fifteen (15) days of renewal with original or certified copy of the policy to follow within 30 days.

E. Lender’s Right to Secure Coverage. If Borrower fails to furnish to Lender and keep in force the original policies of insurance required by this Section 1.03, Lender, at its option, may procure such insurance, which procurement, at Lender’s further option, may be by the purchase of insurance policies or by the addition of the Secured Property to Lender’s blanket policy. In the event that Lender has exercised either of such options, promptly upon demand by Lender, Borrower (i) will reimburse Lender for all premiums on the policies purchased by Lender or (ii) in the event Lender has added the Secured Property to its blanket policy, will pay to Lender an amount equal to the estimated cost of the insurance coverage which Lender has added to its blanket policy had such coverage been obtained under a separate policy and not under a blanket policy, in either case, with interest thereon at the Increased Rate from the date Lender pays such premiums to the date Borrower repays such premiums to Lender in full. Until they are so repaid, this Security Deed shall secure the amount of such premiums and interest.

F. Damage or Destruction. Upon the occurrence of any damage or casualty to the Secured Property or any part thereof, the following shall apply:

(1) Borrower shall give Lender written notice of such damage or casualty as soon as possible, but not later than ten (10) days from the date such damage or casualty occurs.

(2) All proceeds of insurance (“Proceeds”) paid or to be paid pursuant to any of the policies maintained pursuant to this Security Deed shall be payable to Lender. Borrower hereby authorizes and directs any affected insurer to make payment of the Proceeds directly to Lender. Lender may commingle, with other monies in Lender’s possession, all Proceeds received by Lender. All such Proceeds shall constitute additional security for the Obligations and Borrower shall not be entitled to the payment of interest thereon. So long as no Event of Default then exists, Borrower may settle, adjust or compromise all claims for loss, damage or destruction pursuant to any policy or policies of insurance provided that such claim does not exceed $1,000,000.

(3) Lender shall have the option, in its discretion, and without regard to the adequacy of its security hereunder, of applying all or part of the Proceeds to (a) the Allocated Loan Amount for the applicable Individual Property, whether or not the Obligations are then due, in such order as Lender shall determine in accordance with applicable law, (b) the repair or restoration of the Secured Property, (c) reimburse Lender for its actual costs and expenses in connection with the recovery of the Proceeds, if any, or (d) any combination of the foregoing.

(4) Nothing herein contained shall be deemed to excuse Borrower from repairing or maintaining the Secured Property as provided in Section 1.05 or restoring all damage or destruction to the Secured Property, regardless of whether there are Proceeds

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available or whether the Proceeds are sufficient in amount, and the application or release by Lender of any Proceeds shall not cure or waive any Event of Default or notice of default pursuant to this Security Deed or invalidate any act done pursuant to such notice.

G. Transfer of Interest in Policies. In the event of the foreclosure of this Security Deed or other transfer of title or assignment of the Secured Property in payment and performance, in whole or in part, of the Obligations, all right, title and interest of Borrower in and to all policies of insurance required by this Section 1.03 shall inure to the benefit of, and pass to the purchaser or grantee of the Secured Property. If, prior to Lender’s receipt of the Proceeds, the Secured Property shall have been sold through the foreclosure of this Security Deed or other similar proceeding, Lender shall have the right to receive the Proceeds to the extent that any portion of the Obligations are still unpaid after application of the proceeds of the foreclosure sale or similar proceeding, together with interest thereon at the Increased Rate, plus attorney’s fees and other costs and disbursements incurred by Lender in connection with the collection of the Proceeds and in establishing the amount of and collecting the deficiency. Borrower hereby assigns, transfers and sets over to Lender all of the Borrower’s right, title and interest in and to said sum. The balance, if any, shall be paid to Borrower, or as otherwise required by law.

H. Borrower’s Use of Proceeds.

(1) Notwithstanding any provision herein to the contrary, but subject to the provisions of Section 1.03(H)(4), in the event of any destruction to an Individual Property constituting part of the Secured Property (as of the date of this Security Deed, the only Individual Property constituting the Secured Property is Westfork A-4) by fire or other casualty (x) of not more than 20% of the leasable area of the Improvements in such Individual Property or (y) if the estimated cost of repair or restoration is less than $1,000,000, the Proceeds shall be made available to Borrower for repair and restoration, after deducting therefrom and payment to Lender of an amount equal to Lender’s costs in connection with collection, review and disbursement of the Proceeds of such damage or casualty, provided that:

(a) The Proceeds are deposited with Lender;

(b) No Event of Default shall have occurred and be continuing under the terms of any of the Loan Instruments;

(d) Lender is furnished with, and has approved (i) a complete, final set of plans and specifications for the work to be performed in connection with the repair or restoration, (ii) an estimate of the cost of repair and restoration, and (iii) a certificate of Lender’s Architect as to such costs;

(e) The value, quality and condition of the Secured Property so repaired or restored shall be at least equal to that of the Secured Property prior to such damage or casualty;

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(f) Borrower furnishes Lender with evidence reasonably satisfactory to Lender that all Improvements so repaired or restored and their use shall fully comply with all applicable (i) easements, covenants, conditions, restrictions or other private agreements or instruments of record affecting the Secured Property and (ii) Legal Requirements;

(g) If the estimated cost of such repair or restoration exceeds the Proceeds available, Borrower shall (i) furnish a bond of completion or provide other evidence satisfactory to Lender of Borrower’s ability to pay such excess costs, or (ii) deposit with Lender additional funds equal to such excess;

(h) Lender shall have received written notice of damage or casualty from Borrower within ten (10) days after the date of such damage or casualty, which notice shall state the date of such damage or casualty, and shall contain a request to Lender to make the Proceeds available to Borrower;

(i) Lender shall have received a report or proof of claim from the insurer describing the damage or casualty and the insurer’s payment therefor;

(j) During and after the repair and restoration period, the aggregate monthly net income pursuant to rent or business income insurance and/or pursuant to all Leases for all the Portfolio Secured Property remaining in full force and effect shall be in an amount sufficient to pay the monthly installments of principal and interest required to be paid on the Obligations, as well as all payments for taxes and insurance required pursuant to Section 1.04, as estimated by Lender; and

(k) the Debt Coverage Ratio is not less than 1.20.

(2) Lender shall disburse the Proceeds during the course of repair or restoration upon (a) the certification of Lender’s Architect as to the cost of the work done, (b) the conformity, as determined by Lender, of the work to plans and specifications approved by Lender, and (c) receipt of evidence of a title insurance company acceptable to Lender that there are no liens arising out of the repair or restoration or otherwise. Notwithstanding the above, a portion of the Proceeds may be released prior to the commencement of repair or restoration to pay for items approved by Lender in its discretion. Subject to satisfaction of the foregoing conditions, Lender shall make such disbursements within ten (10) business days after a written request by Borrower. No payment made prior to the final completion of work shall exceed ninety percent (90%) of the value of the work performed from time to time, and at all times the undisbursed balance of the Proceeds remaining with Lender must be at least sufficient to pay for the cost of completion of the work (as estimated by Lender in its discretion), free and clear of liens. Lender shall make final payment after receipt of a certification of Lender’s Architect confirming the completion of the work in accordance with plans and specifications approved by Lender.

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(3) At its option, Lender shall (a) return to Borrower the balance of the Proceeds after full disbursement in accordance with Sections 1.03H(1) and (2), or (b) apply such balance to the Allocated Loan Amount for the applicable Individual Property, whether or not the Obligations are then due, in such order as Lender shall determine.

(4) In all cases in which any destruction of the Secured Property by fire or other casualty occurs during the last twelve (12) months prior to the Maturity Date or in Lender’s judgment, Borrower is not using commercially reasonable efforts to restore or repair the Secured Property in a prompt manner, Lender shall have the options set forth in Section 1.03 F(3).

(5) Under no circumstances shall Lender become personally liable for the fulfillment of the terms, covenants and conditions contained in any of the Leases or obligated to take any action to repair or restore the Secured Property, except as provided under applicable subordination, non-disturbance and attornment agreements or similar agreements executed by Lender.

I. Amendment as a Result of Commercial Unavailability of Insurance Against Terrorist Acts.

(1) If any insurance required to be maintained against loss arising from the perils of terrorist acts (other than insurance required to be maintained under applicable law) pursuant to Section 1.03B(5) and 1.03A (including the limits or deductibles or any other terms under policies for such insurance) ceases to be commercially available (as hereinafter defined). Borrower shall provide written notice to Lender, accompanied by a certificate from an independent insurance advisor of recognized national standing selected by Borrower and reasonably satisfactory to Lender (“Insurance Advisor”), certifying that such insurance against loss arising from the perils of terrorist acts is not commercially available, and explaining in detail the basis for such conclusions and recommending any waivers or modification of such insurance requirement (which recommendation shall include the amount and type of insurance which is commercially available, if any).

(2) Following receipt of such notice, certificate and recommendation of the Insurance Advisor, Lender shall not unreasonably withhold its approval of the recommended waiver or modification of such insurance requirement (any such approval to be evidenced by a writing to such effect). Lender shall advise Borrower in writing of its decision concerning the recommended waiver or modification, including any alternative requirements it may reasonably establish, and Borrower shall, prior to the expiration of the insurance against loss arising from the perils of terrorist acts then in effect, obtain such insurance that is approved by Lender.

(3) In the event that such insurance requirement has been waived or modified pursuant to Section 1.03I(2), Borrower shall, from time to time upon written request of Lender, but not more frequently than once per year, provide to Lender a written supplemental report from the Insurance Advisor that provided the certificate referred to in

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Section 1.03I(1) (or such other independent insurance advisor reasonably acceptable to Lender), updating such prior certificate and reaffirming the conclusions stated therein, including as to the insurance against loss arising from the perils of terrorist acts which is then commercially available. Such supplemental report shall be provided within thirty (30) days after a written request from Lender in accordance with this paragraph. In the event that the Insurance Advisor (or such other independent insurance advisor of recognized national standing engaged by Lender at Borrower’s expense, provided that Lender shall not engage another insurance advisor more frequently than once per year), states that a different level of insurance is then commercially available, as compared to the insurance that was commercially available in the prior certificate and recommendation, Borrower shall promptly (and in any event within thirty (30) days after receipt of such updated report) obtain the then specified level of insurance that is then commercially available, subject to Lender’s approval, in the same manner as provided in Section 1.03I(2) above.

(4) Any waiver or modification approved pursuant to Section 1.03I(2) shall be effective for only as long as the originally required insurance is not commercially available. Failure by Borrower to provide the supplemental report referred to in Section 1.03I(3) within the period required shall give rise to a rebuttable presumption that the originally required insurance is then commercially available. In the event of such failure, any insurance waiver or modification approved pursuant to Section 1.03I(2) shall cease to satisfy the requirements of this Security Deed at the expiration of the thirty (30) day period referred to in the second sentence of Section 1.03I(3). For the avoidance of doubt, Lender, at Borrower’s expense, but not more frequently than once per year, may establish through an independent insurance advisor of recognized national standing that insurance coverage against loss arising from the perils of terrorist acts is commercially available independent of, and without first, requesting Borrower to provide a supplemental report pursuant to Section 1.03I(3).

(5) For the purpose of this Section 1.03I, insurance against loss arising from the perils of terrorist acts will be considered not “commercially available” if (A) it is not obtainable or is obtainable only at excessive costs which are not justified in terms of the risk to be insured, (B) it is not being carried by or applicable to properties or operations similar to and in the same geographic area as the Secured Property because of such excessive costs and (C) the material provisions of The Terrorism Risk Act of 2002 (Pub. L. 107 297, 116 Stat. 232 (2002)), as amended to date, are no longer in effect. For purposes of this Section 1.03I(5)(A), in no event shall the annual costs of insurance providing coverage against loss arising from the perils of terrorist acts be deemed “excessive” to the extent such annual costs are not in excess of 50% of the annual premium for the required “All Risk” property insurance coverage for the relevant year (“Terrorist Insurance Cost”). In the event some or all of the costs of maintaining coverage against loss arising from the perils of terrorist acts in excess of the Terrorist Insurance Cost are determined to be not “commercially available” and are waived by Lender in accordance with the terms of Section 1.03I(2), then Borrower shall maintain the amount of coverage that is not waived. In addition, in the event that the foregoing terms of this Section 1.03I would require Lender to waive some or all of the required

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Terrorism Insurance coverage, if Borrower (or any entity which has a direct or indirect ownership interest in Borrower) carries terrorism insurance for its other properties as part of a blanket insurance policy, then Borrower, notwithstanding such waiver, shall cause such blanket policy to cover the Improvements and Personal Property to the same extent and under the same terms and conditions as the coverage provided to the other properties under such blanket insurance policy.

1.04 Escrow Payments. To further secure the Obligations as to payment of the Impositions (as set forth in Section 1.02) and premiums for insurance (as set forth in Section 1.03), Borrower will pay to Lender, or its designee, on the due date of each monthly installment of principal and/or interest pursuant to the Note, a sum equal to the Impositions and insurance premiums next due on the Secured Property, all as estimated by Lender, less all sums already paid with respect to the Impositions and insurance premiums for such period, divided by the number of months to elapse before one month prior to the date when such Impositions and insurance premiums shall become due and payable. Lender or its designee shall hold all payments without any obligation for the payment of interest thereon to Borrower and free of all liens or claims on the part of creditors of Borrower and as a part of the Secured Property. Lender or its designee shall use such payments to pay current Impositions and insurance premiums, as the same accrue and are payable. Such payments shall not be, nor be deemed to be, trust funds, but may be commingled with the general funds of Lender, or its designee. If at any time and for any reason Lender determines that such payments are insufficient to pay the Impositions and insurance premiums in full as they become payable, Borrower will pay to Lender or its designee, within ten (10) days after demand therefor, such additional sum or sums as may be required in order for Lender or its designee to so pay such Impositions and insurance premiums in full. Borrower shall furnish Lender with the bills therefor within sufficient time to enable Lender or its designee to pay the Impositions and insurance premiums before any penalty attaches and before any policy lapses. Upon any default in the provisions of any Loan Instrument, Lender may, at its discretion and without regard to the adequacy of its security hereunder, apply any unused portion of such payments to the payment of the Obligations in such manner as it may elect. Transfer of legal title to the Secured Property shall automatically transfer to the new owner any then remaining rights of Borrower in all sums held by Lender pursuant to this Section 1.04.

1.05 Care and Use of the Premises.

A. Maintenance and Repairs. Borrower, at its sole cost and expense, shall (1) take good care of the Secured Property and the sidewalks and curbs adjoining the Secured Property and keep the same in good order and condition, (2) make all necessary repairs thereto, interior and exterior, structural and nonstructural, ordinary and extraordinary, foreseen and unforeseen, (3) not commit or suffer to be committed any waste of the Secured Property, and (4) not do or suffer to be done anything which will increase the risk of fire or other hazard to the Secured Property or any part thereof.

B. Standard of Repairs. The necessity for and adequacy of repairs to the Secured Property pursuant to Section 1.05A shall be measured by the standard which is appropriate for a warehouse building and related facilities of similar construction and type

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located in the Atlanta, Georgia area. Further, Borrower shall make all repairs necessary to avoid any structural damage to the Improvements and to keep the Secured Property in a proper condition for its intended use. When used in this Section 1.05, the terms “repair” and “repairs” shall include all necessary renewals and replacements. Borrower shall make all repairs with new, first-class materials and in a good, substantial and workmanlike manner which shall be equal or better in quality and class to the original work.

C. Removal of Equipment. Borrower shall have the right, at any time and from time to time, to remove and dispose of equipment which may have become obsolete or unfit for use or which is no longer useful in the operation of the Secured Property. Borrower will promptly replace all equipment so disposed of or removed with other equipment of a value and serviceability equal to or greater than the original value and serviceability of the equipment so removed or disposed of, free of all liens, claims or other encumbrances. If by reason of technological or other developments in the operation and maintenance of buildings of the general character of the Improvements, no replacement of the building equipment so removed or disposed of is necessary or desirable in the proper operation or maintenance of the Improvements, Borrower shall not be required to replace same. The security interest of this Security Deed shall cover all such replacement equipment.

D. Compliance With Laws and Insurance. Borrower shall promptly comply with any and all applicable Legal Requirements including maintaining the Secured Property in compliance with all Legal Requirements. Borrower shall not bring or keep any article upon the Secured Property or cause or permit any condition to exist thereon which would be prohibited by or could invalidate any insurance coverage maintained, or required hereunder to be maintained, by Borrower on or with respect to any part of the Secured Property. Borrower shall do all other acts which from the character or use of the Secured Property may be necessary to protect the Secured Property. Upon request of Lender, Borrower shall furnish to Lender a copy of any license, permit or approval required by any Governmental Agency with respect to the Secured Property and/or the operations conducted thereon.

E. Hazardous Materials.

(1) Borrower hereby unconditionally and irrevocably agrees to indemnify, reimburse, defend, exonerate, pay and hold harmless Lender, and its directors, officers, policyholders, shareholders, employees, successors (including any successor to Lender’s interest in the chain of title), assigns, agents, attorneys, contractors, subcontractors, experts, licensees, visitors, affiliates, lessees, mortgagees, trustees and invitees, from and against any and all of the following (referred to collectively as the “Indemnified Claims”): all Environmental Damages and Environmental Claims that may be incurred by, imposed upon, or asserted against, any Person indemnified hereunder, arising out of, related to, or in connection with:

(a) the presence of Hazardous Materials in, on, under or about or the Release or threatened Release of any Hazardous Materials to or from (i) the Secured Property or (ii) any other property legally or beneficially owned (or any interest or estate which is owned) by Borrower, regardless of whether or not the

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presence of such Hazardous Materials arose prior to the present ownership or operation of the property in question or as a result of the acts or omissions of Borrower or any other Person,

(b) the violation or alleged violation of any Environmental Requirement affecting or applicable to the Secured Property or any activities thereon, regardless of whether or not the violation of such Environmental Requirement arose prior to the present ownership or operation of the property in question or as a result of the acts or omissions of Borrower or any other Person,

(c) the breach of any warranty or covenant or the inaccuracy of any representation contained in the Loan Instruments pertaining to Hazardous Materials or other environmental matters, including the covenants contained in Sections 1.05E(2), (3), (4) and (5) and the representations and warranties contained in Sections 1.05E(4) and 2.03C and D,

(d) the transport, treatment, recycling, storage or disposal or arrangement therefor, of any Hazardous Material to, at or from the Secured Property, or

(e) the enforcement or attempted enforcement of this indemnity.

Borrower’s obligations pursuant to the foregoing indemnity shall include the burden and expense of (x) defending against all Indemnified Claims, even if such Indemnified Claims are groundless, false or fraudulent, (y) conducting all negotiations of any description with respect to the Indemnified Claims, and (z) paying and discharging any and all Indemnified Claims, when and as the same become due, against or from Lender or any other Person indemnified pursuant to this Section 1.05E(1). Borrower’s obligations under this Section 1.05E(1) shall survive (i) the repayment of all sums due under the Note; (ii) the release of the Secured Property or any portion thereof from the security title, security interest, rights and/or lien of this Security Deed; (iii) the reconveyance of or foreclosure under this Security Deed (notwithstanding that all or a portion of the obligations secured by this Security Deed shall have been discharged thereby); (iv) the acquisition of the Secured Property by Lender; and/or (v) the transfer of all of Lender’s rights in and to the Note and/or the Secured Property. Notwithstanding anything to the contrary contained in this Security Deed, Lender will release Borrower from liability under this Section 1.05E(1) with respect to a particular Individual Property following the Outside Date (as hereinafter defined) for such Individual Property if Borrower delivers to Lender, at Borrower’s expense, no sooner than twelve (12) months following the Outside Date, a current environmental site assessment report covering that Individual Property, prepared by one or more independent environmental engineers or other professionals designated by Lender, which environmental site assessment report is satisfactory to Lender in all respects. “Outside Date” means the earliest to occur of any of the following: (i) the date the Note is repaid in full and all obligations of this Security Deed are satisfied (in which event such release shall include the entire Secured Property), (ii) transfer of title to that Individual Property at a foreclosure sale under this Security

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Deed, either pursuant to judicial decree or the power of sale contained in this Security Deed, or by deed in lieu of such foreclosure or (iii) release by Lender of that Individual Property from the lien of this Security Deed. In addition, Borrower shall not be liable for any obligation or liability under this Security Deed with respect to an Individual Property that arises or accrues from events that first occur after the Outside Date for that Individual Property, provided however the burden of proving when such events first occurred shall be on Borrower.

(2) Borrower shall maintain the Secured Property in compliance with, and shall not cause or permit the Secured Property to be in violation of, any applicable Environmental Requirements. Borrower shall not, and shall not permit any lessee or occupant of the Secured Property to, use, generate, manufacture, store, maintain, dispose of or permit to exist in, on, under or about the Secured Property any Hazardous Materials. Borrower except for the use, storage and disposal (such use storage and disposal to be in all cases in compliance with all applicable Legal Requirements) of de minimis amounts of janitorial and cleaning supplies and other Hazardous Materials typically used in (A) the ordinary course of operating and maintaining a warehouse building and/or (B) the ordinary course of operations of tenants’ business operations at the Secured Property. Borrower shall, at all times, comply fully and in a timely manner, and use its reasonable business efforts to cause all of its employees, agents, contractors and subcontractors and any other Persons occupying or present on the Secured Property to so comply, with all applicable Environmental Requirements.

(3) Promptly, upon the written request of Lender, but not more frequently than once per year, Borrower shall provide Lender, at Borrower’s expense, with an environmental site assessment or environmental audit report prepared by an environmental engineering firm acceptable to Lender and in a form acceptable to Lender, assessing the presence or absence of any Hazardous Materials and the potential costs in connection with the abatement, cleanup or removal of any Hazardous Materials found in, on, under or about the Secured Property. Borrower shall cooperate in the conduct of such site assessment or environmental audit.

(4) Borrower represents and warrants that, to its best knowledge, and except as set forth in the Phase I (a) no enforcement, cleanup, removal or other governmental or regulatory action has, at any time, been instituted, contemplated or threatened against Borrower, or to its knowledge, the Secured Property, pursuant to any Environmental Requirements; (b) to its knowledge, no violation or noncompliance with any Environmental Requirements has occurred with respect to the Secured Property at any time and (c) no claims have, at any time, been made or threatened by any third party against the Secured Property or against Borrower with respect to the Secured Property, relating to damage, contribution, cost recovery, compensation, loss or injury resulting from any Hazardous Materials (the matters set forth in this Section 1.05E(4) (a), (b) and (c) are herein referred to as “Hazardous Materials Claims”). Borrower shall promptly advise Lender, in writing, if any Hazardous Materials Claims are hereafter asserted, or if Borrower obtains knowledge of any Release of any Hazardous Materials in, on, under or about the Secured Property.

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(5) Without Lender’s prior written consent, Borrower shall not (a) take any remedial action in response to the presence of any Hazardous Materials in, on, under or about the Secured Property, or (b) enter into any settlement agreement, consent decree or other compromise in respect of any such Hazardous Materials or any Hazardous Material Claims. However, Lender’s prior consent shall not be necessary in the event that the presence of any Hazardous Materials in, on, under or about the Secured Property either poses an immediate threat to the health, safety or welfare of any individual or is of such a nature that an immediate remedial response is necessary and it is not possible to obtain Lender’s consent before taking such action. In such event, Borrower shall notify Lender as soon as practical of any action so taken. Lender shall not withhold its consent, where such consent is required hereunder, if either (a) a particular remedial action is ordered by a court of competent jurisdiction, or (b) Borrower establishes to the satisfaction of Lender that there is no reasonable alternative to such remedial action which would result in less impairment to the Secured Property.

(6) Lender, if it so elects, shall have the right to join and participate as a party in any legal proceedings or actions initiated by any Person in connection with any Hazardous Materials Claim and, in such case, Borrower shall pay all of Lender’s out-of-pocket attorneys’ fees and expenses incurred in connection therewith.

F. Compliance With Instruments of Record. Borrower shall promptly perform and observe, or cause to be performed and observed, all terms, covenants and conditions of all instruments of record affecting the Secured Property, non compliance with which may affect the priority of the security title, security interest, rights and/or lien of this Security Deed, or which may impose any duty or obligation upon Borrower or any lessee or other occupant of the Secured Property or any part thereof. Borrower shall do or cause to be done all things necessary to preserve intact and unimpaired all easements, appurtenances and other interests and rights in favor, or constituting any part, of the Secured Property.

G. Alteration of Secured Property. Borrower shall not demolish, remove, construct, restore, add to or alter any portion of the Secured Property or any extension thereof, or consent to or permit any such demolition, removal, construction, restoration, addition or alteration without Lender’s prior written consent, which shall not be unreasonably withheld, except for (1) initial tenant improvement work provided for in any Lease in effect on the date hereof and in any other Lease approved by Lender in writing (to the extent that such approval is required under the terms of the Loan Instruments), (2) ordinary, non-structural maintenance work, and (3) construction, additions or alterations to any Individual Property costing less than $250,000.

H. Parking. Borrower shall comply with all Legal Requirements for parking and shall grant no parking rights in the Secured Property other than those provided for in existing Leases, except with Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. The Secured Property shall contain at all times not less than the number of parking spaces for each Individual Property constituting the Secured Property shown on Schedule A attached hereto unless Lender gives its prior written consent to a reduction in the number of such parking spaces, which consent shall be given or withheld in Lender’s

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commercially reasonable discretion. Notwithstanding Borrower’s obligation to comply with the requirements set forth on Schedule A and so long as the number of parking spaces continues to comply with all Legal Requirements and Leases, Borrower may use or permit the use of parking spaces for purposes other than the parking of vehicles, so long as such use is temporary or may restripe the parking area so long as the use of such re-striping is temporary. If any part of the automobile parking areas included within the Secured Property is taken by condemnation or such areas are otherwise reduced, Borrower shall provide parking facilities in kind, size and location as required to comply with all Leases and with the parking requirements set forth herein. Any lease or other contract for such facilities must be assignable and must be otherwise in form and substance satisfactory to Lender. Before entering into any such lease or other contract, Borrower will furnish to Lender satisfactory assurance of the completion of such facilities free of all liens and in conformity with all Legal Requirements.

I. Entry on Secured Property. Lender or its representatives may enter upon and inspect the Secured Property at all reasonable times, subject to rights of tenants.

J. No Consent to Alterations or Repairs. Nothing contained in this Security Deed shall in any way constitute the consent or request of Lender, expressed or implied, by inference or otherwise, to any contractor, subcontractor, laborer or materialman for the performance of any labor or the furnishing of any materials for any specific improvement, alteration or repair of the Secured Property or any part thereof.

K. Preservation of Security Title; Mechanic’s Liens. Borrower shall do or cause to be done everything necessary so that the security title, security interest, rights and/or lien of this Security Deed shall be fully preserved, at the sole cost of Borrower. Borrower shall discharge, pay or bond, or cause to be discharged, paid or bonded, from time to time when the same shall become due, all lawful claims and demands of mechanics, materialmen, laborers and others which, if unpaid, might result in, or permit the creation of, a lien on the Secured Property or any part thereof, or on the revenues, rents, issues, income or profits arising therefrom.

L. Use of Secured Property by Borrower. Borrower shall use, or cause to be used, each Individual Property constituting the Secured Property principally and continuously as and for a warehouse building. Borrower shall not use, or permit the use of, the Secured Property or any part thereof, for any other principal use without the prior written consent of Lender. Borrower shall not initiate or acquiesce to any change in any zoning or other land use classification now or hereafter in effect and affecting the Secured Property or any part thereof without in each case obtaining Lender’s prior written consent thereto.

M. Use of Secured Property by Public. Borrower shall not suffer or permit the Secured Property, or any part thereof, to be used by the public as such, without restriction or in such manner as might impair Borrower’s title to the Secured Property or any part thereof, or in such manner as might make possible a claim or claims of adverse usage or adverse possession, or of any implied dedication to the public of the Secured Property or any part thereof.

N. Management. Management of the Premises shall be reasonably satisfactory to Lender and shall be performed by Borrower or a management company approved

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in writing by Lender and under a management contract satisfactory to Lender, which management contract shall be subject and subordinate to the rights and title of Lender under this instrument.

O. Permitted Contests. If, and for so long as, Borrower is not in default pursuant to any of the Loan Instruments, Borrower shall have the right, after prior notice to Lender, to contest, by appropriate legal proceedings, diligently conducted in good faith and without cost or expense to Lender, the validity or application of any Legal Requirement, subject to the following:

(1) Such contest shall not subject Lender or Borrower to any civil or criminal liability;

(2) By the terms of any such Legal Requirement, compliance therewith pending the prosecution of any such legal proceedings may legally be delayed without incurring (or increasing the risk of incurring) any damage or injury of any kind to the Secured Property or any Person or property and without incurring any lien or charge of any kind against the Secured Property or any fine or penalty against Borrower, Borrower may delay compliance therewith until the final determination of such legal proceedings; and;

(3) Such contest shall not cause a breach of any of the terms, conditions or covenants of any Lease or other agreement on Borrower’s part to be performed.

1.06 Financial Information.

A. Financial Statements. Borrower shall keep and maintain complete and accurate books and records of the earnings and expenses of the Secured Property. Borrower shall furnish to Lender, at its own expense, within one hundred twenty (120) days after the end of each fiscal year and within thirty (30) days after the end of each fiscal quarter of Borrower, including the fiscal year during which the Loan is closed, annual or quarterly audited financial statements, as applicable, prepared and certified by an independent certified public accountant satisfactory to Lender, in accordance with generally accepted accounting principles relating to real estate consistently applied. Notwithstanding the foregoing, if Borrower is not then in default of any of the Obligations, the quarterly financial statements may be prepared and certified by any officer or other authorized party of Borrower. The annual and quarterly financial statements required hereunder shall include with respect to the Secured Property: (1) a balance sheet, (2) a statement of cash flows, (3) a detailed summary of operations for each Individual Property constituting the Secured Property and a consolidated summary of operations for all of the Portfolio Secured Property, including all rents and other income derived from and all operating and capital expenses paid or incurred in connection with the Secured Property and (4) a certified rent roll for each Individual Property constituting the Secured Property, and (4) a certified rent roll and other pertinent information regarding the leasing as may be reasonably required by Lender.

In addition to such annual financial statements, Borrower shall furnish to Lender such interim statements of financial position and cash flows and such interim summaries of operations

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and interim rent rolls, including any of the information described in the foregoing clauses (1) through (4), as Lender shall require; provided, however that Lender shall not require Borrower to furnish such interim statements more than twice annually, so long as no Event of Default has occurred and is continuing and no event, which with the giving of notice or lapse of time, or both, would constitute an Event of Default. As to any Guarantor, and without any expense to Lender, Borrower shall make available to Lender, within one hundred twenty (120) days after the end of each fiscal year and within thirty (30) days after the end of each fiscal quarter of each Guarantor, if any, including the fiscal quarter and year during which the Loan is closed, annual or quarterly audited financial statements, (as applicable), for each Guarantor, prepared and certified by an independent, certified public accountant, satisfactory to Lender, in accordance with generally accepted accounting principles, consistently applied. Notwithstanding the foregoing, if Borrower is not then in default of any of the Obligations, the quarterly financial statements may be prepared and certified by any officer or other authorized party of Guarantor. The annual and quarterly financial statements required hereunder shall include a balance sheet, a statement of cash flows and a statement of profit and loss. Upon Lender’s request, Borrower shall also deliver the SPE Certification (as hereinafter defined) required by Section 5.20 of this Security Deed.

B. Right to Inspect Books and Records. Lender or its representatives shall have the right to examine and make copies of all books and records and all supporting vouchers and data related to the Secured Property. Such examination may occur at the Secured Property or at Borrower’s principal place of business and shall be at Borrower’s sole cost and expense.

1.07 Condemnation.

A. Lender’s Right to Participate in Proceedings. If the Secured Property, or any part thereof, shall be taken in condemnation proceedings or by exercise of any right of eminent domain (collectively, “Condemnation Proceedings”), Lender shall have the right to participate in any such Condemnation Proceedings and all awards or payments (collectively, “Award”) that may be made in any such Condemnation Proceedings are hereby assigned to Lender, and shall be deposited with Lender and applied in the manner set forth in this Section 1.07. Borrower shall give Lender immediate notice of the actual or threatened commencement of any Condemnation Proceedings affecting all or any part of the Secured Property, including all such Condemnation Proceedings as to severance and consequential damage and change in grade in streets, and will deliver to Lender copies of any and all papers served or received in connection with any Condemnation Proceedings. Notwithstanding the foregoing, Lender is hereby authorized, at its option, to commence, appear in and prosecute in its own or Borrower’s name any action or proceeding relating to any Condemnation Proceedings and to settle or compromise any claim in connection therewith. Borrower and Lender shall cooperate with each other in connection with any such Condemnation Proceedings, including negotiations for a possible settlement. No settlement for the damages sustained in connection with any Condemnation Proceedings shall be made by Borrower without Lender’s prior written approval, provided, however, that so long as no Event of Default then exists, Borrower may settle or compromise any claim that does not exceed $1,000,000.00. Borrower shall execute any and all further documents that may be required in order to facilitate the collection of each Award.

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B. Application of Condemnation Award.

(1) If at any time title or temporary possession of the whole or any part of the Secured Property shall be taken in any Condemnation Proceeding or pursuant to any agreement among Borrower, Lender and/or those authorized to exercise the right of condemnation, Lender, in its discretion and without regard to the adequacy of its security hereunder, shall have the right to apply any Award received to payment of the Allocated Loan Amount for the applicable Individual Property whether or not the Obligations are then due, in such order as Lender shall determine. If all or substantially all of an Individual Property is taken and the amount of the Award received by Lender is not sufficient to pay the then unpaid balance of the Allocated Loan Amount for such Individual Property, the balance of the Allocated Loan Amount shall, at the option of Lender, become immediately due and payable and Borrower shall, within ten (10) days after notice to Borrower that Lender has so applied the Award, pay the difference between such Allocated Loan Amount balance and the amount of the Award. “Substantially all of the Secured Property” shall be deemed to have been taken if the balance of the Secured Property, in the opinion of Lender,(a) cannot be restored to a self-contained and architecturally complete unit or units or (b) the balance of the Secured Property as restored will not be economically viable and capable of supporting all carrying charges and operating and maintenance expenses.

(2) Notwithstanding any provision contained herein to the contrary, but subject to the provisions of Section 1.07B(3), if less than substantially all of any Individual Property constituting the Secured Property shall be taken in a Condemnation Proceeding (except for a taking (a) of more than 20% of the leasable area of the Improvements in the particular Individual Property, (b) that number of parking spaces in the particular Individual Property such that the remaining available parking for such Individual Property shall fail to comply with Legal Requirements or Leases, and/or (c) that affects access to the Premises or any part thereof from a public right of way and an alternate method of access is not reasonably available), Lender shall, after deducting Lender’s costs in connection with collection, review and disbursement related to the Award and the Condemnation Proceeding, apply the balance of the Award to the cost of restoring, repairing or altering the remaining portion of the Secured Property, subject to the provisions of Section 1.03(H) (which provisions shall apply in all respects except that any reference therein to Proceeds shall be deemed to refer to the Award), and Borrower will promptly restore, repair or alter the remaining Secured Property, subject to the provisions of Section 1.03(H). The provisions of this Section 1.07(B)(2) shall not apply unless Borrower shall furnish to Lender evidence satisfactory to Lender that the Secured Property, as so restored, reconstructed or altered, and its use would fully comply with all Legal Requirements. The balance of the Award so deposited with Lender, after disbursement in accordance with this Section 1.07(B)(2), shall be applied to the payment of the Allocated Loan Amount for the applicable Individual Property, whether or not the Obligations are then due, in such order as Lender shall determine. The Award and other sums deposited with Lender, until disbursed or applied as provided in this Section 1.07(B)(2), may be commingled with the general funds of Lender, shall constitute additional security for the Obligations, and shall not bear interest.

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(3) In all cases in which any taking occurs during the last twelve (12) months prior to the Maturity Date, or in Lender’s judgment. Borrower is not using commercially reasonable efforts to restore or repair the Secured Property in a prompt manner, Lender, without regard to the adequacy of its security hereunder, shall have the right to apply the Award to payment of the Allocated Loan Amount for the Individual Property, whether or not the Obligations are then due, in such order as Lender shall determine.

C. Reimbursement of Costs. In the case of any taking covered by the provisions of this Section 1.07, Lender (to the extent that Lender has not been reimbursed therefor by Borrower) shall be entitled, as a first priority, to reimbursement out of any Award for all reasonable costs, fees, and expenses incurred in the determination and collection of the Award.

D. Existing Obligations. Notwithstanding any taking by Condemnation Proceedings or any application of the Award to the Obligations, Borrower shall continue to pay the monthly installments due pursuant to the Note, as well as all other sums secured by this Security Deed. If prior to Lender’s receipt of the Award, the Secured Property shall have been sold through foreclosure of this Security Deed or other similar proceeding, Lender shall have the right to receive the Award to the extent that any portion of the Obligations are still unpaid after application of the proceeds of the foreclosure sale or similar proceeding, with interest thereon at the Increased Rate, plus attorneys’ fees and other costs and disbursements incurred by Lender in connection with the collection of the Award and in establishing the amount of, and collecting, any deficiency. The application of the Award to the Obligations, whether or not then due or payable, shall not postpone, abate or reduce any of the periodic installments of interest or principal thereafter to become due pursuant to the Note or this Security Deed until the Obligations are paid and performed in full.

1.08 Leases.

A. Performance of Lessor’s Covenants. Borrower, as lessor, has entered and will enter into leases or licenses with tenants, as lessees or licensees, respectively, for parts or all of the Secured Property (all such leases and licenses are hereinafter referred to individually as a “Lease” and collectively as “Leases” and the lessees or licensees under such Leases are hereinafter referred to individually as a “Lessee” and collectively as “Lessees”). Borrower shall faithfully perform the lessor’s covenants under the Leases. Borrower shall neither do, nor neglect to do, nor permit to be done (other than enforcing the terms of such Leases and exercising the lessor’s remedies thereunder following a default or event of default on the part of any Lessee in the performance of its obligations pursuant to the Lease), anything which may cause the modification or termination of any of the Leases in violation of the terms hereof, or of the obligations of any Lessee or any other Person claiming through such Lessee, or which may diminish or impair the value of any Lease or the rents provided for therein, or the interest of the lessor or of Lender therein or thereunder. Each Lease shall make provision for the attornment of the Lessee thereunder to any Person succeeding to the interest of Borrower as the result of any judicial or nonjudicial foreclosure or transfer in lieu of foreclosure hereunder, such provision to be in form and substance approved by Lender, provided that nothing herein shall be construed to require Lender to agree to recognize the rights of any Lessee under any Lease following any such

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foreclosure or transfer in lieu thereof unless Lender shall expressly hereafter agree thereto in writing with respect to a particular Lease.

B. Notice of Default. Borrower shall give Lender immediate notice of any notice of a material default or of any event of default, extension, renewal, expansion, surrender or cancellation Borrower gives to or receives from any Lessee or from any other Person with respect to any Lease and shall furnish Lender with a copy of each such notice.

C. Representations Regarding Leases. Borrower represents and warrants that (1) all representations made by it in the Leases are true; (2) all Improvements and the leased space demised and let pursuant to each Lease have been completed to the satisfaction of the applicable Lessee other than for work to be performed by the tenant thereunder; (3) each Lessee is in possession of its leased space, has opened for business and has commenced payment of Rent under its Lease; (4) all Rents and other charges due and payable under the Leases have been paid; (5) no Rent has been prepaid, except as expressly provided pursuant to the applicable Lease; (6) to Borrower’s best knowledge, there is no existing default or breach of any covenant or condition on the part of any Lessee or lessor under any Lease; (7) there are no options to purchase all or any portion of the Secured Property contained in any Lease; (8) there are no options to renew, cancel, extend or expand by any Lessee except as stated in the Leases;(9) there are no amendments of or modifications to any Leases except as disclosed in writing to Lender; (10) Borrower is the absolute owner of each Lease with full right and title to assign the same and the Rents thereunder to Lender; (11) each Lease is valid and in full force and effect; (12) there is no outstanding assignment or pledge thereof or of the Rents due or to become due; (13) to Borrower’s best knowledge, no Lessee has any defense, set-off or counterclaim against Borrower; (14) no Rents payable pursuant to any Lease will be anticipated, discounted, released, waived, compromised or otherwise discharged, except as may be expressly permitted by such Lease or as may be permitted herein; and (15) all Leases are subject and subordinate to this Security Deed.

D. Covenants Regarding Leases. Borrower shall not, without the prior written consent of Lender obtained in each instance:

(1) lease to any Person, all or any part of the space in, on or over any of the Premises;

(2) cancel, terminate or accept a surrender or suffer or permit any cancellation, termination or surrender of any Lease or any guaranty of any Lease except for cancellation or termination in the case of a Lessee default or as expressly set forth in any Lease;

(3) modify any Lease so as to (i) reduce the term thereof or the Rents payable thereunder, (ii) change any renewal provision contained therein, (iii) otherwise increase any obligation of Borrower thereunder, or (iv) reduce any obligation of Lessee thereunder;

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(4) commence any summary proceeding or other action to recover possession of any space demised pursuant to any Lease, other than a proceeding brought in good faith by reason of a default of any Lessee;

(5) receive or collect, or permit the receipt or collection of, any Rents for more than one month in advance of the payment due dates;

(6) take any other action with respect to any Lease which would tend to impair the security of Lender pursuant to this Security Deed;

(7) extend any present Lease other than in accordance with the terms presently expressly provided for therein;

(8) execute any agreement or instrument or create or permit a lien which may be or become superior to any Lease;

(9) suffer or permit to occur any release of liability of any Lessee or the accrual of any right in any Lessee to withhold payment of any Rent;

(10) sell, assign, transfer, mortgage, pledge or otherwise dispose of or encumber, whether by merger, consolidation, operation of law or otherwise, any Lease or any Rents;

(11) alter, modify or change the terms of any guaranty of any Lease or consent to the release of any party thereto;

(12) request, consent, agree to, or accept, the subordination of any Lease to any mortgage or security deed (other than this Security Deed) or other encumbrance now or hereafter affecting the Premises;

(13) consent to the assignment of any Lease or any subletting of the Premises demised pursuant to any Lease (to the extent that the Lease (i) is in effect as of the date of this Security Deed and (ii) allows for Borrower to give or withhold such consent in Borrower’s sole discretion), without Lender’s prior written consent; or

(14) enter into any lease for space in any Improvements for purposes other than occupancy by the tenant.

E. Application of Rents. Borrower shall use and apply all Rents from the Secured Property first to the payment and performance of the Obligations in accordance with the terms of the Loan Instruments, and then to the payment of all Impositions and the costs and expenses of management, operation, repair, maintenance, preservation, reconstruction and restoration of the Secured Property in accordance with the requirements of this Security Deed and the obligations of Borrower as the lessor under any Lease; provided however, security deposits under any Lease shall be applied as required or contemplated under such Lease. Borrower shall not use any Rents for purposes unrelated to the Secured Property unless and until all current payments of the Obligations, Impositions and such costs and expenses have been paid

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or provided for and adequate cash reserves have been set aside to ensure the timely future payment of all such items.

F. Indemnity Against Unapproved Lease Modifications and Amendments. In the event that Lender or any grantee or assignee of Lender takes title to, or otherwise comes into possession of, the Secured Property and thereafter a Lessee under a Lease attorns to Lender or such other party pursuant to a Subordination, Non-Disturbance and Attornment Agreement entered into by Lender and such Lessee, Borrower hereby indemnifies and holds Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind or nature against or incurred by Lender arising out of the enforcement by any Lessee against Lender or any grantee or assignee of Lender, of any affirmative claim, cost or expense, or any defense, abatement or right of set off under any modification or amendment to a Lease which is binding upon Lender and which was entered into by Borrower after the date of this Security Deed in violation of the requirements of subsection 1.08D hereof.

1.09 Assignment of Leases, Rents, Income, Profits and Cash Collateral.

A. Assignment; Discharge of Obligations. Borrower hereby unconditionally, absolutely and presently bargains, sells, grants, assigns, releases and sets over unto Lender (1) all Leases and all other tenancies, occupancies, subleases, franchises and concessions of the Land or Improvements or which in any way affect the use or occupancy of all or any part of the Land or Improvements, and any other agreements affecting the use and occupancy of all or any part of the Land or Improvements, in each case, whether now or hereafter existing, and all right, title and interest of Borrower thereunder, including all rights to all security or other deposits, (2) all guarantees of the obligations of any lessee, licensee or other similar party under any of the foregoing, whether now or hereafter existing, and (3) the Rents, regardless of whether the Rents accrue before or after foreclosure or during the full period of redemption. For the aforesaid purpose, Borrower does hereby irrevocably constitute and appoint Lender its attorney-in-fact, in its name, to receive and collect all Rents, as the same accrue, and, out of the amount so collected, Lender, its successors and assigns, are hereby authorized (but not obligated) to pay and discharge the Obligations (including any accelerated Obligations) in such order as Lender may determine and whether due or not, and to pay the remainder, if any, to Borrower, or as otherwise required by law. This authorization and power of attorney is coupled with an interest and shall be irrevocable by death or otherwise, so long as any part of the Obligations remain unpaid or unperformed. Neither this assignment nor any such action shall constitute Lender as a “mortgagee in possession” or otherwise make Lender responsible or liable in any manner with respect to the Secured Property or the use, occupancy, enjoyment or operation of all or any portion thereof, unless and until Lender, in person or by agent, assumes actual possession thereof. Nor shall appointment of a receiver for the Secured Property by any court at the request of Lender or by agreement with Borrower, or the entering into possession of the Secured Property or any part thereof by such receiver, be deemed to make Lender a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Secured Property or the use, occupancy, enjoyment or operation of all or any portion thereof. The assignment of all Leases and Rents in this Section 1.09 is intended to be an absolute, unconditional and present assignment from Borrower to Lender and not merely the passing of a security interest. Borrower shall, at any time or from time to time, upon request of Lender, execute and deliver any

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instrument as may be requested by Lender to further evidence the assignment and transfer to Lender of Borrower’s interest in any Lease or Rents. Nothing herein shall in any way limit Lender’s remedies or Borrower’s Obligations under the Assignment.

B. Entry Onto Secured Property; Lease of Secured Property. Lender, at its option, may enter and take possession of the Secured Property and manage and operate the same as provided in Section 4.01, such management and operation to include the right to enter into Leases and new agreements and to take any action which, in Lender’s judgment, is necessary or proper to conserve the value of the Secured Property. The expenses (including any receiver’s fees, attorneys’ fees and agent’s compensation) incurred pursuant to the powers herein contained shall be secured hereby. Lender shall not be liable to account to Borrower for any action taken pursuant hereto other than to account for any Rents actually received by Lender.

C. License to Manage Secured Property. Notwithstanding anything to the contrary contained in Section 1.09A or Section 1.09B, so long as there shall exist no Event of Default hereunder, Borrower shall have the license to manage and operate the Secured Property, including the right to enter into Leases, and collect all Rents as they accrue (but not more than one month in advance).

D. Delivery of Assignments. Borrower shall execute such additional documents as may be requested from time to time by Lender, to evidence the assignment to Lender or its nominee of any Leases now or hereafter made, such assignment documents to be in form and content acceptable to Lender. Borrower shall deliver to Lender, within thirty (30) days after Lender’s request (1) a duplicate original or photocopy of each Lease which is at the time of such request outstanding upon the Secured Property and (2) a complete schedule, certified by Borrower, of each Lease, showing the unit number, type, Lessee name, monthly rental, date to which Rents have been paid, term of Lease, date of occupancy, date of expiration, existing defaults, if any, and every special provision, concession or inducement granted to such Lessee.

E. Indemnity. Borrower shall assert no claim or liability related to Lender’s exercise of its rights pursuant to this Section 1.09. Borrower expressly waives all such claims and liabilities, but not for gross negligence or willful misconduct of Lender. Borrower hereby holds Lender harmless from and against any and all claims, liabilities and expenses of any kind or nature against or incurred by Lender arising out of Lender’s exercise of its rights pursuant to this Section 1.09, including Lender’s management, operation or maintenance of the Secured Property or the collection and disposition of Rents.

1.10 Further Assurances.

A. General; Appointment of Attorney-in-Fact. Upon request by Lender, from time to time, Borrower shall prepare, execute and deliver, or cause to be prepared, executed and delivered, to Lender, all instruments, certificates and other documents which may, in the opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect or continue and preserve the Obligations and the security title, security interest, rights and/or lien of this Security Deed. Upon any failure by Borrower to do so, Lender may prepare, execute and record any such instruments, certificates and documents for and in the name of Borrower and Borrower hereby

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appoints Lender the agent and attorney-in-fact of Borrower for such purposes. This power is coupled with an interest and shall be irrevocable, so long as any part of the Obligations remain unpaid or unperformed. Borrower shall reimburse Lender for all sums expended by Lender in preparing, executing and recording such instruments, certificates and documents and such sums shall be secured by this Security Deed.

B. Statement Regarding Obligations. Borrower shall, within ten (10) days after request by Lender, furnish Lender with a written statement, duly acknowledged, setting forth (1) the unpaid principal balance of the Loan and the accrued but unpaid interest thereon,(2) whether or not any setoffs or defenses exist against the payment of such principal or interest, and (3) if such setoffs or defenses exist, the particulars thereof.

C. Additional Security Instruments. Borrower, from time to time and within fifteen (15) days after request by Lender, shall execute, acknowledge and deliver to Lender such chattel mortgages, security deeds, security agreements or other similar security instruments, in form and substance satisfactory to Lender, covering all property of any kind whatsoever owned by Borrower or in which Borrower may have any interest which, in the opinion of Lender, is necessary to the operation and maintenance of the Secured Property or is otherwise a part of the Secured Property. Borrower, from time to time and within fifteen (15) days after request by Lender, shall also execute, acknowledge and deliver any financing statement, renewal, affidavit, certificate, continuation statement, supplementary mortgage, security deed or other document as Lender may request in order to perfect, preserve, continue, extend or maintain the security interest under, and the priority of, this Security Deed or such chattel mortgage, security deed or other security instrument, as a first priority security title, security interest, rights and/or lien. Borrower shall pay to Lender on demand all costs and expenses incurred by Lender in connection with the preparation, execution, recording, filing and refiling of any such instrument or document, including charges for examining title and attorneys’ fees and expenses for rendering an opinion as to the priority of this Security Deed and of each such chattel mortgage, security deed or other security agreement or instrument as a valid and subsisting first priority security title, security interest, rights and/or lien on such property. Neither a request so made by Lender, nor the failure of Lender to make such a request, shall be construed as a release of such property, or any part thereof, from the security title, security interest, rights and/or lien of this Security Deed. This covenant and each such security deed mortgage chattel or other security agreement or instrument, delivered to Lender are cumulative and given as additional security. Borrower shall pay all premiums and related costs in connection with any title insurance policy or policies in full or partial replacement of the title insurance policy now insuring or which will insure the security title of this Security Deed.

D. Security Agreement. This Security Deed shall constitute a security agreement under Article 9 of the Code with respect to the Personal Property covered by this Security Deed. Pursuant to the applicable Granting Clauses hereof, Borrower has granted Lender a security interest in the Personal Property and in all additions and accessions thereto, substitutions therefor and proceeds thereof for the purpose of securing all Obligations now or hereafter secured by this Security Deed. The following provisions relate to such security interest:

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(1) The Personal Property includes all now existing or hereafter acquired or arising equipment, inventory, accounts, chattel paper, instruments, documents, deposit accounts, investment property, letter-of-credit rights, commercial tort claims, supporting obligations and general intangibles now or hereafter used or procured for use on the Premises or otherwise relating to the Premises. If Borrower shall at any time acquire a commercial tort claim relating to the Premises, Borrower shall immediately notify Lender in a writing signed by Borrower of the brief details thereof and grant to Lender a security interest therein and in the proceeds thereof.

(2) Borrower hereby irrevocably authorizes Lender at any time and from time to time to file in any filing office in any Uniform Commercial Code jurisdiction any initial financing statements and amendments thereto that (a) indicate the collateral as “all assets used or procured for use or otherwise relating to” the Premises or words of similar effect, or as being of equal or lesser scope or in greater detail, and to indicate the Premises as defined, or in a manner consistent with the term as defined, in this Security Deed and (b) contain any other information required by part 5 of Article 9 of the Uniform Commercial Code of the filing office for the sufficiency or filing office acceptance of any initial financing statement or amendment, including whether Borrower is an organization, the type of organization and any organizational identification number issued to Borrower. Borrower agrees to provide any such information to Lender promptly upon request. Borrower also ratifies its authorization for Lender to have filed in any filing office in any Uniform Commercial Code jurisdiction any like initial financing statements or amendments thereto if filed prior to the date hereof. Borrower shall pay to Lender, from time to time, upon demand, any and all costs and expenses incurred by Lender in connection with the filing of any such initial financing statements and amendments, including attorneys’ fees and all disbursements. Such costs and expenses shall bear interest at the Increased Rate from the date paid by Lender until the date repaid by Borrower and such costs and expenses together with such interest, shall be part of the Obligations and shall be secured by this Security Deed.

(3) Borrower shall any time and from time to time take such steps as Lender may reasonably request for Lender to obtain “control” of any Personal Property for which control is a permitted or required method to perfect or to insure priority of the security interest in such Personal Property granted hereby.

(4) Upon the occurrence of an Event of Default, Lender shall have the rights and remedies of a secured party under the Code as well as all other rights and remedies available at law or in equity or under this Security Deed.

(5) {intentionally deleted}

(6) If Borrower does not have an organizational identification number and later obtains one, Borrower shall forthwith notify Lender of such organizational identification number.

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(7) Terms defined in the Code and not otherwise defined in this Security Deed have the same meanings in this Section 1.10D as are set forth in the Code. In the event that a term is used in Article 9 of the Code and also in another Article of the Code, the term used in this Section 1.10D is that used in Article 9. The term “control”, as used in this Paragraph, has the meaning given in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the Code, as applicable.

E. Preservation of Borrower’s Existence. Borrower shall do all things necessary to preserve and keep in full force and effect its existence, franchises, rights and privileges under the laws of the state of its formation and of the State, and shall comply with all applicable Legal Requirements.

F. Further Indemnities. In addition to any other indemnities contained in the Loan Instruments, Borrower hereby agrees to indemnify and hold Lender harmless from and against all losses, liabilities, suits, obligations, fines, damages, penalties, claims, costs, charges and expenses, including architects’, engineers’ and attorneys’ fees and disbursements which may be imposed upon, actually incurred or asserted against Lender by reason of: (1) the construction of the Improvements, (2) any capital improvements, other work or things, done in, on, under or about the Secured Property or any part thereof, (3) any use, nonuse, misuse, possession, occupation, alteration, repair, condition, operation, maintenance or management of the Secured Property or any part thereof or any street, drive, sidewalk, curb, passageway or space adjacent thereto, (4) any negligence or willful act or omission on the part of Borrower, any Lessee or any agent, contractor, servant, employee, licensee or invitee of any Lessee or of Borrower, (5) any accident, injury (including death) or damage to any person or property occurring in, on, under or about the Secured Property or any part thereof or in, on, under or about any street, drive, sidewalk, curb, passageway or space adjacent thereto, (6) any default under any Loan Instrument or any Event of Default, (7) any lien or claim arising or alleged to have arisen on or against the Secured Property or any part thereof under any Legal Requirement or any liability asserted against Lender with respect thereto, (8) any tax attributable to the execution, delivery, filing or recording of any Loan Instrument, (9) any contest permitted pursuant to the provisions of this Security Deed, or (10) the enforcement or attempted enforcement of this indemnity.

G. Absence of Insurance. The obligations of Borrower under this Security Deed and the other Loan Instruments shall not in any way be affected by (1) the absence, in any case, of adequate insurance, (2) the amount of the insurance or (3) the failure or refusal of any insurer to perform any obligation required to be performed by it pursuant to any insurance policy affecting the Secured Property. If any claim, action or proceeding is made or brought against Lender by reason of any event as to which Borrower is obligated to indemnify Lender, then, upon demand by Lender, Borrower, at Borrower’s sole cost and expense, shall resist or defend such claim, action or proceeding in Lender’s name, if necessary, by such attorneys as Lender shall approve. Notwithstanding the foregoing, Lender may engage its own attorneys, in its discretion, to defend it or to assist in its defense, and Borrower shall pay the reasonable out-of-pocket fees and disbursements of such attorneys and, until so paid, such amounts shall bear interest at the Increased Rate and shall be secured by this Security Deed.

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H. Lost Note. Upon Lender furnishing to Borrower an affidavit stating that the Note has been mutilated, destroyed, lost or stolen (and an indemnity regarding the same if the Note is found), Borrower shall deliver to Lender, in substitution therefor, a new note containing the same terms and conditions as the Note, with a notation thereon of the unpaid principal balance and accrued and unpaid interest thereon.

1.11 Prohibition on Transfers, Liens or Further Encumbrances.

A. Continuing Ownership and Management. Borrower acknowledges that the continuous ownership of the Secured Property and its continuous management and operational control by Borrower are material to the making of the Loan.

B. Prohibition on Transfers, Liens or Further Encumbrances. Except with the prior written consent of Lender, neither Borrower, nor any other Person owning a direct or indirect interest in Borrower, may transfer, convey, assign, sell, alienate, mortgage, encumber, pledge, hypothecate, grant a security interest in, or otherwise dispose of (in each instance whether voluntarily or involuntarily, by operation of law or otherwise, directly or indirectly, and, in each case, also prohibiting the granting of an option or the execution of an agreement relating to any of the foregoing):

(1) all or any part of the Secured Property and/or the Rents, or any interest therein; or

(2) any legal or beneficial ownership interest in Borrower or in any of Borrower’s constituent entities, whether direct or indirect, and on all levels, whether made directly or through an intermediary, and whether made in one transaction or effected in more than one transaction.

Without limiting the generality of the foregoing, for purposes of this Section 1.11, a transfer or disposition of the Secured Property (or the Rents, as applicable) or any part thereof or interest therein shall include (a) the change of Borrower’s type of organization, jurisdiction of organization or other legal structure, (b) the transfer of the Secured Property or any part thereof or interest therein to a cooperative corporation or association, (c) the conversion of all or any part of the Secured Property or interest therein to a condominium form of ownership, (d) any lease for space in the Improvements containing an option to purchase, (e) any conditional sale or any title retention agreement with regard to, all or any part of the Secured Property or the Rents and (f) unless Borrower has provided Lender with at least thirty (30) days prior written notice thereof, any change of Borrower’s name, place of business or, if Borrower has more than one place of business, any change of its chief executive office, or any change of Borrower’s mailing address or organizational identification number if it has one. Any such action described in this Section 1.11B is herein called a “Transfer” and all Transfers are prohibited without the prior written consent of Lender.

C. Acceleration of Obligations. In the event of a Transfer without the prior written consent of Lender, Lender may, without limiting any other right or remedy available to Lender at law, in equity or by agreement with Borrower, and in Lender’s discretion, and without

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regard to the adequacy of its security, accelerate the maturity of the Note and require the payment of all then existing Obligations, including the Make-Whole Amount provided in Section 4.06. The giving of consent by Lender to a Transfer in any one or more instances shall not limit or waive the need for such consent in any other or subsequent instances.

1.12 Expenses. Promptly after Lender’s demand therefor, Borrower shall pay Lender for all out-of-pocket costs and expenses, including attorneys’ fees and expenses and costs of obtaining evidence of title, actually incurred by Lender in connection with any action, suit, legal proceeding, claim or dispute (a) arising under or in connection with the performance of any rights or obligations under any Loan Instrument or affecting the Obligations or the Secured Property, (b) involving any insurance proceeds or condemnation awards with respect to the Secured Property, (c) to protect the security hereof, (d) as to any concern of Lender with the condition of the Secured Property, or (e) of any other kind or nature in which Lender is made a party relating to the Secured Property or the Loan, or appears as a party, including those related to the estate of an insolvent or decedent or any bankruptcy, receivership, or other insolvency under any chapter of the Bankruptcy Code (Title 11 of the United States Code), as amended, or any other insolvency proceeding or any exercise of the power of sale or judicial foreclosure as set forth in this Security Deed. If the Obligations are referred to attorneys for collection, foreclosure or any cause set forth in Article III, Borrower shall pay all costs and expenses incurred by Lender, including attorneys’ fees and expenses, all costs of collection, litigation costs and costs (which may be estimated as to items to be expended after completion of any foreclosure or other action) of procuring title insurance policies, whether or not obtained, Torrens certificates and similar assurances with respect to title and value as Lender may deem necessary together with all statutory costs, with or without the institution of an action or proceeding. All costs and expenses described in this Section 1.12, with interest thereon at the Increased Rate from the date paid by Lender to the date paid by Borrower, shall be paid by Borrower on demand, and shall be secured by this Security Deed.

Article 2.

REPRESENTATIONS AND WARRANTIES

Borrower represents and warrants:

2.01 Warranty of Title. Borrower (a) lawfully owns and holds title to the Secured Property (other than the Personal Property), in fee simple, subject to no mortgage, lien, charge or other encumbrance or security title, except as specifically set forth in the title insurance policy issued to Lender upon recordation of this Security Deed, (b) has full power and lawful authority to grant, bargain, sell, convey, assign, release, pledge, set over, and transfer the Secured Property as set forth herein,(c) lawfully owns and holds title to the Personal Property subject to no mortgage, lien, charge or other encumbrance, and (d) does warrant and will defend the title to the Secured Property against all claims and demands whatsoever.

2.02 Ownership of Additional or Replacement Improvements and Personal Property. All Improvements and Personal Property hereafter affixed, placed or used by Borrower on the Secured Property shall be owned by Borrower free from all security titles, mortgages, liens, charges or other encumbrances.

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2.03 No Pending Material Litigation or Proceeding; No Hazardous Materials.

A. Proceedings Affecting Borrower. There are no actions, suits, investigations or proceedings of any kind pending, or, to the best knowledge and belief of Borrower, threatened, against or affecting Borrower, or any Guarantor, or against any shareholder, general partner or member of Borrower or any Guarantor, or the business, operations, properties or assets of Borrower or any shareholder, general partner or member of Borrower or any Guarantor, or before or by any Governmental Agency, which may result in any material adverse change in the business, operations, properties or assets or in the condition, financial or otherwise, of Borrower or any Guarantor or any general partner or member of Borrower or any Guarantor, or in the ability of Borrower to pay or otherwise perform the Obligations. To the best knowledge and belief of Borrower, no default exists with respect to any judgment, order, writ, injunction, decree, demand, rule or regulation of any Governmental Agency, which might materially and adversely affect the business, operations, properties or assets or the condition, financial or otherwise, of Borrower or any Guarantor or any general partner or member of Borrower or the ability of Borrower to pay or otherwise perform the Obligations.

B. Proceedings Affecting Secured Property. There are no actions, suits, investigations or proceedings of any kind pending, or, to the best knowledge and belief of Borrower, threatened, against or affecting the Secured Property (including any attempt or threat by any Governmental Agency to condemn or rezone all or any portion of the Secured Property), or involving the validity, enforceability or priority of the Loan Instruments or enjoining or preventing or threatening to enjoin or prevent the use and occupancy of the Secured Property or the performance by Borrower of the Obligations, and there are no rent controls, governmental moratoria or environmental controls (other than those generally imposed by federal or state law) presently in existence or, to the best knowledge and belief of Borrower, threatened, affecting the Secured Property.

C. No Hazardous Material. Except as disclosed in the Phase I, neither Borrower nor, to the best knowledge and belief of Borrower, any other Person has ever:

(1) caused or knowingly permitted any Hazardous Material to be placed, held, located or disposed of, in, on, under or about the Secured Property or any part thereof, except for the use, storage and disposal (such use, storage and disposal to be in all cases in accordance with all applicable Legal Requirements) of de minimis amounts of janitorial and cleaning supplies and other Hazardous Materials typically used in (A) the ordinary course of operating and maintaining a warehouse building, and/or (B) the ordinary course of operations of tenants’ business operations at the Secured Property] or caused or knowingly permitted, in violation of any Legal Requirement, any Hazardous Material to be placed, held, located or disposed of, in, on, under or about any other real property legally or beneficially owned (or any interest or estate which is so owned) by Borrower in any jurisdiction now or hereafter having in effect a so-called “superlien” law or ordinance (the effect of which superlien law or ordinance would be to permit the creation of a lien on the Secured Property to secure any obligation), and neither the Secured Property, nor any part thereof, nor any other real property legally or beneficially

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owned (or any interest or estate therein which is so owned) by Borrower in any jurisdiction now or hereafter having in effect a so-called “superlien” law or ordinance or any part thereof, has ever been used (whether by Borrower or, to the best knowledge or belief of Borrower, by any other Person) as a dump site, storage (whether permanent or temporary) site or transfer site for any Hazardous Material; or

(2) caused or knowingly permitted any asbestos or underground fuel storage facility to be located in, on, under or about the Secured Property; or

(3) discovered any occurrence or condition on any real property adjoining or in the vicinity of the Secured Property that could cause the Secured Property or any part thereof to be subject to any remediation requirements or any restrictions on the ownership, occupancy, transferability or use of the Secured Property under any Environmental Requirement.

D. No Litigation Regarding Hazardous Material. No Person has brought, settled or, to the best knowledge and belief of Borrower, threatened any litigation or administrative action or proceeding alleging the presence, Release or threatened Release of any Hazardous Material in, on, under or about the Secured Property.

2.04 Valid Organization, Good Standing and Qualification of Borrower; Other Organizational Information. Borrower is a duly and validly organized and existing limited liability company in good standing under the laws of the jurisdiction of its organization, and is duly licensed or qualified and in good standing in all other jurisdictions where its ownership or leasing of property or the nature of the business transacted by it makes such qualification necessary, and is entitled to own its properties and assets and to carry on its business, all as, and in the places where, such properties and assets are now owned or operated or such business is now conducted. Borrower has paid all franchise and similar taxes in the jurisdiction in which the Secured Property is located and in all of the jurisdictions in which it is so qualified, insofar as such taxes are due and payable at the date of this Security Deed. Borrower’s exact legal name is that indicated on the signature page hereof. Borrower is an organization of the type, and is organized in the jurisdiction, as set forth in the first paragraph of this Security Deed. Borrower’s organizational identification number is DE 5070332. Section 5.07 accurately sets forth Borrower’s place of business or, if Borrower has more than one place of business, its chief executive office as well as Borrower’s mailing address if different.

2.05 Authorization; No Legal Restrictions on Performance. The execution and delivery by Borrower of the Loan Instruments and its compliance with the terms and conditions of the Loan Instruments have been duly and validly authorized by all necessary corporate, partnership, membership or other applicable action by Borrower and its constituent entities and the Loan Instruments are valid and enforceable obligations of Borrower in accordance with the terms thereof. Neither the execution and delivery by Borrower of the Loan Instruments, nor the consummation of the transactions contemplated by the Loan Instruments, nor compliance with the terms and conditions thereof will (A) conflict with or result in a breach of, or constitute a default under, any of the terms, obligations, covenants or conditions or provisions of (1) any corporate charter or bylaws, partnership agreement, limited liability company operating

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agreement, or other organizational or qualification document, restriction, indenture, mortgage, deed of trust, security deed, pledge, bank loan or credit agreement, or any other agreement or instrument to which Borrower is now a party or by which Borrower or its properties may be bound or affected, or (2) to the best knowledge and belief of Borrower, any judgment, order, writ, injunction, decree or demand of any Governmental Agency, or (B) result in (1) the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of Borrower pursuant to the terms or provisions of any of the foregoing or (2) the violation of any Legal Requirement applicable to Borrower or any Guarantor. Borrower is not in default in the performance, observance or fulfillment of any of the terms, obligations, covenants or conditions contained in any indenture or other agreement creating, evidencing or securing the Obligations or pursuant to which Borrower is a party or by which the Borrower or its properties may be bound or affected.

In addition, (a) the Obligations incurred by Borrower and the granting of this Security Deed and of the security interest, rights, and/or lien in and to the Secured Property in connection with the Loan are not made or incurred with the intent to hinder, delay, or defraud any present or future creditor of Borrower; (b) Borrower, together with the other makers of the Note, has not received less than reasonably equivalent value in exchange for incurring the Obligations and/or the granting of this Security Deed and of the security interest, rights, and/or lien in and to the Portfolio Secured Property in connection with the Loan; (c) Borrower, together with the other makers of the Note, is solvent as of the date hereof, and Borrower, together with the other makers of the Note, will not become insolvent as a result of incurring the Obligations and/or the granting of this Security Deed and of the security interest, rights, and/or lien in and to the Secured Property in connection with the Loan; (d) Borrower is not engaged, and Borrower is not about to engage, in business or a transaction for which any property remaining with Borrower is an unreasonably small capital; (e) Borrower has not and does not intend to incur, and Borrower does not believe that it will incur, debts that would be beyond Borrower’s ability to pay as such debts mature; and (f) Borrower is not granting this Security Deed and the security interest, rights, and/or lien in and to the Secured Property and/or incurring the Obligations to or for the benefit of an insider (as defined in 11 U.S.C. § 101(31)), under an employment contract and other than in the ordinary course of business.

2.06 Compliance With Laws. Borrower has, to the best knowledge and belief of Borrower, complied with all applicable Legal Requirements with respect to the conduct of its business and ownership of its properties. No governmental orders, permissions, consents, approvals or authorizations are required to be obtained, and no registrations or declarations are required to be filed in connection with the execution, delivery or performance by Borrower of its obligations under the Loan Instruments.

2.07 Tax Status. Borrower has filed all United States income tax returns and all state and municipal tax returns which are required to be filed, and has paid, or made provision for the payment of, all taxes which have become due pursuant to such returns or pursuant to any assessment received by Borrower. The United States income tax liability of Borrower has been finally determined by the Internal Revenue Service and satisfied for all taxable years up to and including the taxable year ending 2010.

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2.08 Absence of Foreign or Enemy Status; Absence of Blocked Persons; Foreign Corrupt Practices Act. Neither the Loan, nor Borrower’s use of the proceeds thereof, will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. Borrower is and shall remain in compliance with the requirements of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001) (the “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other executive orders or regulations in respect thereof (the Order and such other rules regulations, legislation or orders are referred to hereinafter, collectively, as the “Orders”). Without limiting the generality of the foregoing, neither Borrower, nor any subsidiary or affiliate of Borrower, nor any member, partner or shareholder or other beneficial owner of Borrower or of any such subsidiary, affiliate, member, partner, shareholder or other beneficial owner (A) is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders, (B) is or will become a “blocked person” described in Section 1 of the Order or (C) knowingly engages or will engage in any dealings or transactions, or is or will be otherwise associated, with any such blocked person. No part of the proceeds of the Loan will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the Foreign Corrupt Practices Act of 1977, as amended. Borrower shall promptly notify Lender should Borrower become aware of any information which would render untrue any of the representations, warranties or covenants set forth in this Section 2.08.

2.09 Federal Reserve Board Regulations. No part of the proceeds of the Loan will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve Borrower in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the consolidated assets of Borrower and its subsidiaries, if any, and Borrower does not have any present intention that margin stock will constitute more than 25% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

2.10 Investment Company Act and Public Utility Holding Company Act. Neither Borrower, nor any subsidiary of Borrower, if any, is subject to regulation under the Investment Company Act of 1940, as amended, the Public Utility Holding Company Act of 1935, as amended, the Interstate Commerce Act, as amended, or the Federal Power Act as amended.

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2.11 Exempt Status of Transactions Under Securities Act and Representations Relating Thereto. Neither Borrower, nor anyone acting on its behalf, has (a) solicited offers to make all or any part of the Loan, from more than 35 Persons or (b) otherwise approached, negotiated or communicated with more than 35 Persons regarding the making of all or any part of the Loan by such Person(s). Neither Borrower, nor anyone acting on its behalf has taken, or will take, any action that would subject the making of the Loan to the registration requirements of Section 5 of the Securities Act of 1933, as amended.

2.12 ERISA Compliance.

2.12A Neither Borrower nor any entity that holds a direct or indirect interest in Borrower (a “Constituent Entity”) is or shall be (i) an employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”) regardless of whether such plan is actually subject to ERISA, (ii) a plan to which Internal Revenue Code Section 4975 applies, or (iii) an entity the underlying assets of which include ERISA “plan assets” by reason of a plan’s investment in the entity (e.g., insurance company general or separate account; bank commingled fund).

2.12B Transactions by or with Borrower are not and will not be subject to any Legal Requirements regulating investments of and fiduciary obligations with respect to an employee benefit plan (within the meaning of Section 3(3) of ERISA), regardless of whether such plan is actually subject to ERISA.

2.12C Any liability or obligation that Borrower (or any Constituent Entity) may have in respect of an employee benefit plan as defined in Section 3(3) of ERISA regardless of whether such plan is actually subject to ERISA has been and shall continue to be satisfied in full.

Article 3.

DEFAULTS

3.01 Events of Default. The existence of any of the following circumstances shall be deemed an “Event of Default” pursuant to this Security Deed, without cure or grace period unless expressly otherwise provided herein:

A. if Borrower fails to pay any portion of the Obligations as and when the same shall become due and payable as provided in the Loan Instruments; or

B. if Borrower fails to perform or observe any other term, provision, covenant or agreement in the Loan Instruments other than as described in the other clauses of this Section 3.01 and Borrower fails to cure same within twenty (20) days after written notice from Lender to Borrower, provided that if such failure is of a curable nature, but not within twenty (20) days, such curative period shall be extended for an additional reasonable period of time, not to exceed an additional thirty (30) days, so long as Borrower has commenced during the initial twenty (20) day curative period, and diligently pursues to completion, appropriate curative actions; or

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C. if any representation, warranty, certification, financial statement or other information made or furnished at any time pursuant to the terms of the Loan Instruments or otherwise, by or on behalf of Borrower, any Guarantor or any other Person liable for the Obligations, shall prove to be materially false and, if of a correctable nature, Borrower fails to correct same within twenty (20) days after written notice from Lender to Borrower, provided that if same is of a curable nature, but not within twenty (20) days, such curative period shall be extended for an additional reasonable period of time, not to exceed an additional thirty (30) days, so long as Borrower has commenced during the initial twenty (20) day curative period, and diligently pursues completion, appropriate curative action; or

D. if Borrower shall:

(1) apply for, consent to or acquiesce in the appointment of a receiver, trustee or liquidator of Borrower or of all or any part of Borrower’s assets or the Secured Property or any interest in any part thereof (the term “acquiesce” includes the failure to file a petition or motion to vacate or discharge any order, judgment or decree providing for such appointment within ten (10) days after the appointment); or

(2) commence a voluntary case or other proceeding in bankruptcy, or admit in writing its inability to pay its debts as they come due; or

(3) make a general assignment for the benefit of creditors; or

(4) file a petition or an answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future bankruptcy code or any other statute or law relating to bankruptcy, insolvency or other relief for debtors; or

(5) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency case or proceeding; or

E. if a court of competent jurisdiction enters an order for relief against Borrower under any present or future bankruptcy code or any other statute or law relating to bankruptcy, insolvency or other relief for debtors, which order shall continue unstayed and in effect for any period of sixty (60) consecutive days; or

F. if a court of competent jurisdiction enters an order, judgment or decree adjudicating Borrower insolvent, approving a petition seeking reorganization or arrangement of Borrower or appointing a receiver, custodian, trustee or liquidator of Borrower or of all or any part of Borrower’s assets or the Secured Property or any interest in any part thereof, and such order, judgment or decree shall continue unstayed and in effect for any period of sixty (60) consecutive days; or

G. if Borrower assigns or purports to assign the whole or any part of the Rents arising from the Secured Property or any part thereof without the prior written consent of Lender; or

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H. if a Transfer shall occur without the prior written consent of Lender; or

I. if Borrower shall be in default beyond any applicable grace period pursuant to any other security deed, mortgage, security instrument or other agreement affecting Borrower or any substantial part of its assets or all or any part of the Secured Property; or

J. if any mechanic’s, laborer’s or materialman’s lien, federal tax lien, broker’s lien or other lien not permitted hereunder and affecting the Secured Property or any part thereof is not discharged, by payment, bonding, order of a court of competent jurisdiction or otherwise, within twenty (20) days after Borrower receives notice thereof from the lienor or from Lender; or

K. if any of the events described in Section 3.01(D), Section 3.01(E) and/or Section 3.01(F) shall occur in respect of any Guarantor; or

L. if a default by any Guarantor or other Person (other than Lender) shall occur under any guaranty, indemnity agreement, or other instrument which it has executed in connection with the Loan, which default remains uncured after the expiration of applicable grace or cure periods; or

M. if any Guarantor shall contest, repudiate or purport to revoke any guaranty, indemnity agreement or other instrument which it has executed in connection with the Loan for any reason or if any such guaranty, indemnity or other instrument shall cease to be in full force and effect as to the Guarantor or shall be judicially declared null and void as to the Guarantor, or if any Guarantor shall be liquidated, dissolved or wound-up.

Article 4.

REMEDIES

4.01 Acceleration, Foreclosure, etc. Upon the happening of any Event of Default, Lender may, at its sole option, declare the entire unpaid balance of the Obligations, including, the Make-Whole Amount and any other prepayment charges, if any, due pursuant to any Loan Instrument, immediately due and payable without notice or demand, provided, however, simultaneously with the occurrence of an Event of Default under Section 3.01D, 3.01E or 3.01F,and without the necessity of any notice or other action by the Lender, all Obligations shall automatically become and be due and payable, without notice or demand. In addition, upon the happening of any Event of Default, Lender may, at its sole option, without further delay, undertake any one or more of the following or exercise any other remedies available to it under applicable law or equity:

A. Foreclosure. Institute an action, judicial or otherwise, to foreclose this Security Deed, or take such other action as may be allowed at law or in equity, for the enforcement hereof and realization on the Secured Property or any other security which is herein or elsewhere provided for, or proceed thereon through power of sale or to final judgment and execution thereon for the entire unpaid balance of the Obligations, including interest at the rate specified in the Loan Instruments to the date of the Event of Default and thereafter at the

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Increased Rate, and all other sums secured by this Security Deed, including all attorneys’ fees and expenses, costs of suit and other collection costs, interest at the Increased Rate on any judgment obtained by Lender from and after the date of any sale of the Secured Property (which may be sold in one parcel or in such parcels, manner or order as Lender shall elect) until actual payment is made of the full amount due Lender pursuant to the Loan Instruments, any law, usage or custom to the contrary notwithstanding.

B. Partial Foreclosure. Lender shall have the right to foreclose the security title hereof to satisfy payment and performance of any part of the Obligations from time to time. If an Event of Default exists as to the payment of any part of the Obligations, as an alternative to the right of foreclosure to satisfy payment of the Obligations after acceleration thereof, to the extent permitted by applicable law, Lender may institute partial foreclosure proceedings (“Partial Foreclosure”) with respect to the portion of the Obligations as to which the Event of Default exists, as if under a full foreclosure, and without declaring the entire unpaid balance of the Obligations due. If Lender institutes a Partial Foreclosure, Lender may sell, from time to time, such part or parts of the Secured Property as Lender, in its discretion, deems appropriate, and may make each such sale subject to the continuing security title of this Security Deed for the remainder, from time to time, of the Obligations. No Partial Foreclosure, if so made, shall in any manner affect the remainder, from time to time, of the Obligations or the priority of this Security Deed. As to such remainder, this Security Deed and the security title hereof shall remain in full force and effect as though no foreclosure sale had been made pursuant to the provisions of this Section 4.01B. Notwithstanding the filing of any Partial Foreclosure or the entry of a decree of sale therein, Lender may elect, at any time prior to any Partial Foreclosure, to discontinue such Partial Foreclosure and the acceleration of the Obligations by reason of any Event of Default upon which such Partial Foreclosure was predicated, and to proceed with full foreclosure proceedings. Lender may commence a Partial Foreclosure, from time to time, as to any part of the Obligations without exhausting the right of full foreclosure or Partial Foreclosure for any other part of the Obligations as to which such Partial Foreclosure shall not have occurred.

C. Entry. Lender personally, or by its agents or attorneys, may enter all or any part of the Secured Property, and may exclude Borrower, its agents and servants wholly therefrom without liability for trespass, damages or otherwise. Borrower shall surrender possession of the Secured Property to Lender on demand after the happening of any Event of Default. Thereafter, Lender may use, operate, manage and control the Secured Property and conduct the business thereof, either personally or by its superintendents, managers, agents, servants, attorneys or receivers. Upon each such entry, Lender, at the expense of Borrower from time to time, either by purchase, repairs or construction, may maintain and restore the Secured Property, may complete the construction of the Improvements and in the course of such completion may make such changes in the contemplated or completed Improvements as Lender may deem desirable and may insure the same. At the expense of Borrower, Lender may make, from time to time, all necessary or desirable repairs, renewals and replacements and such alterations, additions, betterments and improvements thereto and thereon as Lender may deem advisable. In each of the circumstances described in this Section 4.01C, Lender shall have the right to manage and operate the Secured Property and to carry on the business thereof and exercise all rights and powers of Borrower with respect thereto, either in the name of Borrower or otherwise as Lender shall deem best.

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D. Collection of Rents, etc. Lender may collect and receive all Rents. Lender may deduct, from the monies so collected and received, all expenses of conducting the business of the Secured Property and of all maintenance, repairs, renewals, replacements, alterations, additions, betterments and improvements and amounts necessary to pay for Impositions, insurance, taxes and assessments, liens or other charges upon the Secured Property or any part thereof, as well as reasonable compensation for the services of Lender and for all attorneys, agents, clerks, servants, and other employees engaged and employed by Lender. After such deductions and the establishment of all reasonable reserves, Lender shall apply all such monies to the payment of the unpaid Obligations. Lender shall account only for Rents actually received by Lender.

E. Receivership. Lender may have a receiver appointed to enter into possession of the Secured Property, collect the Rents therefrom and apply the same as the court may approve. Lender may have a receiver appointed, as a matter of right without notice and without the necessity of proving either the inadequacy of the security provided by this Security Deed or the insolvency of Borrower or any other Person who may be legally or equitably liable to pay the Obligations. Borrower and each such Person, presently and prospectively, waive such proof and consent to the appointment of such receiver. If Lender or any receiver collects the Rents, the monies so collected shall not be substituted for payment of the Obligations, nor can they be used to cure an Event of Default, without the prior written consent of Lender. Lender shall not be liable to account for Rents not actually received by Lender.

F. Specific Performance. Lender may institute an action for specific performance of any covenant contained herein or in aid of the execution of any power herein granted.

G. Recovery of Sums Required to be Paid. Lender may, from time to time, take action to recover any sum or sums which constitute a part of the Obligations as such sums shall become due, without regard to whether or not the remainder of the Obligations shall be due, and without prejudice to the right of Lender thereafter to bring an action of foreclosure or any other action for each Event of Default existing from time to time.

H. Other Remedies. Lender may take all actions permitted under the Uniform Commercial Code of the State and may take any other action, or pursue any other right or remedy, as Lender may have under applicable law, and Borrower does hereby grant such rights to Lender.

I. Non-Judicial Sale. Lender may declare the entire Obligations immediately due, payable and collectible, WITHOUT NOTICE TO Borrower regardless of stated maturity, and, in that event, the entire Obligations shall become immediately due, payable and collectible; and, thereupon, Lender may sell and dispose of the Secured Property at public auction, at the usual place for conducting sales at the courthouse in the county where the Secured Property or any part thereof may be, to the highest bidder for cash, first advertising the date, terms and place of such sale by publishing a notice thereof once a week for four consecutive weeks (without regard to number of days) in a newspaper in which sheriff’s advertisements are published in said county, ALL OTHER NOTICE AND RIGHT TO HEARING BEING HEREBY WAIVED BY

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BORROWER; and Lender may thereupon execute and deliver to the purchaser at said sale a sufficient conveyance of the Secured Property in fee simple, which conveyance may contain recitals as to the happening of the default upon which the execution of the power of sale herein granted depends, and said recitals shall be presumptive evidence that all preliminary acts prerequisite to said sale and deed were in all things duly complied with; and Lender, its agents, representatives, successors or assigns, may bid and purchase at such sale; and Borrower hereby constitutes and appoints Lender, or its assigns, agent and attorney-in-fact to make such recitals, sale and conveyance, and all of the acts of such attorney-in-fact are hereby ratified, and Borrower agrees that such recitals shall be binding and conclusive upon Borrower and that the conveyance to be made by Lender, or its assigns (and in the event of a deed in lieu of foreclosure, then as to such conveyance), shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtesy and all other exemptions of Borrower, or its successors in interest, in and to the Secured Property; and Lender, or its assigns, shall collect the proceeds of such sale, reserving therefrom all unpaid Obligations with interest then due thereon, and all amounts advanced by Lender for taxes, assessments, fire insurance premiums and other charges, with interest at the Increased Rate thereon from date of payment together with all costs and charges for advertising, and commissions for selling the Secured Property, and reasonable attorneys’ fees actually incurred at standard hourly rates, and pay over any surplus to Borrower (in the event of deficiency, Borrower shall immediately on demand from Lender pay over to Lender, or its nominee, such deficiency, to the extent provided in Section 5.18 hereof); and Borrower agrees that possession of the Secured Property during the existence of the Obligations by Borrower shall be that of tenant under Lender, or its assigns, and, in case of a sale, as herein provided, Borrower shall then become and be a tenant holding over, and shall forthwith deliver possession to the purchaser at such sale, or be summarily dispossessed in accordance with the provision of law applicable to tenants holding over; the power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and are in addition to any and all other remedies which Lender may have at law or in equity.

In case of any sale under this Security Deed by virtue of the exercise of the power herein granted, or pursuant to any order in any judicial proceedings or otherwise, at the election of Lender, the Premises or any part hereof may be sold in one parcel and as an entirety, or in such parcels, manner or order as Lender in its sole discretion may elect, and one or more exercises of the powers herein granted shall not extinguish or exhaust the power unless the entire Premises are sold or the Obligations paid in full. Lender may bid at any such sale and if Lender is the successful bidder, Lender may credit the Obligations in satisfaction of the amount of such bid.

[Note: On signature pages to this Security Deed, see Borrower Waiver related to Lender’s exercise of remedies, including foreclosure by exercise of the power of sale granted to Lender herein.]

4.02 No Election of Remedies. Lender may, in its discretion, exercise all or any of the rights and remedies provided herein or in the other Loan Instruments, or which may be provided by statute, law, equity or otherwise, in such order and manner and from time to time, as Lender shall elect without impairing Lender’s security title, security interest and/or lien, or rights

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pursuant to any of the Loan Instruments and without affecting the liability of any Person for the Obligations.

4.03 Lender’s Right to Release, etc. Lender may, in its discretion, from time to time, release (for such consideration as Lender may require) any part of the Secured Property (A) without notice to, or the consent, approval or agreement of any other party in interest, (B) without, as to the remainder of the Secured Property, in any way impairing or affecting the validity or the security title, security interest, rights and/or lien of this Security Deed or any of the other Loan Instruments, or the priority thereof and (C) without releasing Borrower from any liability for any of the Obligations. Lender may accept, by assignment, pledge or otherwise, any other property in place of any part of the Secured Property as Lender may require without being accountable for so doing to any other lienor or other Person. To the extent permitted by law, neither Borrower, nor the holder of any lien or encumbrance affecting the Secured Property or any part thereof shall have the right to require Lender to marshal assets.

4.04 Lender’s Right to Remedy Defaults, etc. If Borrower defaults in the performance of any of the covenants or agreements contained in this Security Deed or any of its other obligations under the other Loan Instruments, or if any action or proceeding is commenced which affects Lender’s interest in the Secured Property or any part thereof, including, but not limited to, eminent domain, code enforcement, or proceedings of any nature whatsoever under any federal or state law, whether now existing or hereafter enacted or amended, relating to bankruptcy, insolvency, arrangement, reorganization or other form of debtor relief, then Lender may, but without obligation to do so and without releasing Borrower from any obligation hereunder, cure such defaults, make such appearances, disburse such sums and/or take such other action as Lender deems necessary or appropriate to protect Lender’s interest, including disbursement of attorneys’ fees, entry upon the Secured Property to make repairs, payment of Impositions or insurance premiums or otherwise cure the default in question or protect the security of the Secured Property, and payment, purchase, contest or compromise of any encumbrance, charge or lien encumbering the Secured Property. Borrower further agrees to pay all expenses incurred by Lender (including fees and disbursements of counsel) pursuant to this Section 4.04, including those incident to the curing of any default and/or the protection of the rights of Lender hereunder, and enforcement or collection of payment of the Note or any future advances whether by judicial or nonjudicial proceedings, or in connection with any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding of Borrower, or otherwise. Any amounts disbursed by Lender pursuant to this Section 4.04 shall be additional indebtedness of Borrower secured by this Security Deed as of the date of disbursement and shall bear interest at the Increased Rate from such date until paid by Borrower in full. All such amounts shall be payable by Borrower immediately without demand. Nothing contained in this Section 4.04 shall be construed to require Lender to incur any expense, make any appearance, or take any other action and any action taken by Lender pursuant to this Section 4.04 shall be without prejudice to any other rights or remedies available to Lender pursuant to any Loan Instrument or at law or in equity.

4.05 Waivers. Borrower waives and releases (A) all benefits that might accrue to Borrower by virtue of any present or future laws exempting the Secured Property, or any part of the proceeds arising from any sale of the Secured Property, from attachment, levy or sale under

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execution, or providing for any stay of execution, exemption from civil process or extension of time; (B) all benefits that might accrue to Borrower from requiring valuation or appraisal of any part of the Secured Property levied or sold on execution of any judgment recovered for the Obligations; (C) all notices not herein or in any other Loan Instrument specifically required as a result of Borrower’s default or of Lender’s exercise, or election to exercise, any option pursuant to any of the Loan Instruments; and (D) all rights of redemption to the extent that Borrower may lawfully waive same. At no time will Borrower insist upon, plead or in any manner whatsoever claim or take any benefit or advantage of any stay or extension or moratorium law or any exemption from execution or sale of the Secured Property or any part thereof, whenever enacted, now or at any time hereafter in force, which may affect the covenants or terms of performance of the Loan Instruments. Similarly, Borrower will not claim, take or insist upon any benefit or advantage of any law now or hereafter in force providing for the valuation or appraisal of the Secured Property or any part thereof, prior to any sale or sales thereof which may be made pursuant to any provision hereof, or pursuant to the decree, judgment or order of any court of competent jurisdiction. After any such sale or sales, to the extent permitted by law, Borrower shall not claim or exercise any right under any law or laws heretofore or hereafter enacted to redeem the property so sold or any part thereof. Borrower waives all benefits or advantages of any such law or laws, and covenants not to hinder, delay or impede the execution of any power herein granted or delegated to Lender. Borrower shall suffer and permit the execution of every such power as though no such law or laws had been made or enacted. To the extent permitted by law, the Secured Property may be sold in one parcel, as an entirety, or in such parcels, manner or order as Lender in its discretion may decide. To the extent permitted by law, neither Borrower nor the holder of any lien or encumbrance affecting the Secured Property or any part thereof may require Lender to marshal assets.

4.06 Prepayment. Borrower shall pay the charge provided in the Note for prepayment of the Obligations if for any reason (including the acceleration of the due date of the Obligations by Lender following the occurrence of an Event of Default) any of such Obligations shall be due and payable or paid prior to the stated maturity date thereof, whether or not such payment is made prior to or at any sale held pursuant to or by virtue of this Article IV. Lender has relied on Borrower’s creditworthiness and its agreement to repay the Obligations in strict accordance with the terms set forth in the Loan Instruments, and would not make the Loan without the promises by Borrower to make all payments due pursuant to the Loan Instruments and not to prepay all or any part of the principal balance of the Note prior to the final maturity date thereof, except on the terms expressly set forth herein and in the Note. Therefore, any prepayment of the Note, whether occurring as a voluntary prepayment by Borrower or occurring upon an acceleration of the Note by Lender or otherwise, will prejudice Lender’s ability to meet its obligations and to earn the return on the funds advanced to Borrower, which Lender intended and expected to earn when it made the Loan, and will also result in other losses and additional expenses to Lender. In consideration of Lender making the Loan at the interest rate and for the term set forth in the Note, except as expressly permitted pursuant to the Note Borrower expressly waives all rights it may have under applicable law to prepay, without charge or premium, all or any part of the Note, either voluntarily or upon an acceleration of the Note by Lender, including an acceleration upon the making or suffering by Borrower of any transfer or disposition prohibited by Section 1.11. If a prepayment of all or any part of the principal balance of the Note is made by or on behalf of Borrower, for any reason, whether due to the voluntary acceptance by Lender of a prepayment

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tendered by Borrower, or the acceleration of the Note by Lender, or in connection with any reinstatement of the Loan Instruments pursuant to any foreclosure proceedings, or any right of redemption exercised by Borrower or any other party having the right to redeem or to prevent any foreclosure of this Security Deed, or upon the consummation of any foreclosure sale, or under any other circumstances, Borrower or any other Person making any such prepayment shall be obligated to pay, concurrently therewith, the Make-Whole Amount, as defined and as set forth in the Note, and the payment of the Make-Whole Amount shall be a condition to the making of such prepayment, and the payment of the Make-Whole Amount shall be secured by this Security Deed and the other Loan Instruments. Borrower shall pay the Make-Whole Amount without prejudice to the right of Lender to collect any other amounts due pursuant hereto or to declare a default hereunder; provided, however, that in no event shall any amount payable under this Section or any other Section or Subsection of this Security Deed relating to prepayment charges or otherwise, if construed to be interest, when added to the interest otherwise payable on the Note and the other Obligations, exceed the maximum amount of interest permitted under the laws of the State. Nothing herein shall be construed as permitting any partial prepayment of the Obligations, except with Lender’s prior written consent thereto obtained in each instance.

Article 5.

MISCELLANEOUS

5.01 Non-Waiver. The failure of Lender to insist upon strict performance of any term of this Security Deed or any other Loan Instrument shall not be deemed to be a waiver of any term of this Security Deed or any other Loan Instrument. Borrower shall not be relieved of its obligation to pay and perform the Obligations, at the time and in the manner provided in the Loan Instruments, by reason of (A) a failure by Lender to take any action to foreclose this Security Deed or otherwise enforce any of the provisions of this Security Deed or of any other Loan Instrument (regardless of whether or not Borrower has requested Lender to do so), (B) the release, regardless of consideration, of the whole or any part of the Secured Property or any other security for the Obligations, or (C) any agreement or stipulation between Lender and any subsequent owner or owners of the Secured Property or any other Person extending the time of payment or otherwise modifying or supplementing the terms of this Security Deed or any other Loan Instrument, without first having obtained the consent of Borrower. Borrower shall pay and perform the Obligations at the time and in the manner provided in this Security Deed and the other Loan Instruments as so extended, modified or supplemented, unless expressly released and discharged by Lender. Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Secured Property, Lender may release any Person at any time liable for the payment or performance of the Obligations, or any part thereof, or any part of the security held for the Obligations, and may extend the time of such payment or performance or otherwise modify the terms of any Loan Instrument, including a modification of the interest rate payable on the principal balance of the Note, without Borrower’s prior written consent and without in any manner impairing or affecting any of the Loan Instruments or the security title, security interest, rights and/or lien thereof or the priority of this Security Deed, as so extended and modified, as security for the Obligations over any such subordinate lien, encumbrance, right, title or interest. Lender may resort for the payment and performance of the Obligations to any other security held by Lender in such order and manner as Lender, in its discretion, may elect. Lender may take

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action to require payment and performance of the Obligations, or any part thereof, or to enforce any term of this Security Deed, without prejudice to the right of Lender thereafter to foreclose this Security Deed. In addition to the rights and remedies stated in this Security Deed, Lender may exercise every additional right and remedy now or hereafter afforded by law or in equity. Each right of Lender pursuant to this Security Deed shall be separate, distinct and cumulative, and no such right shall be given effect to the exclusion of any other. No act of Lender shall be construed as an election to proceed pursuant to any one provision of this Security Deed to the exclusion of any other provision.

5.02 Sole Discretion of Lender. Whenever pursuant to this Security Deed or in any other Loan Instrument (A) Lender exercises any right to approve or disapprove or to give or withhold its consent, (B) any arrangement or term is to be satisfactory to Lender, or (C) any other decision or determination is to be made by Lender, Lender may give or withhold such approval or consent, determine whether or not such arrangement or term is satisfactory, and make all other decisions or determinations, in Lender’s sole and absolute discretion, and Lender’s decision shall be final and conclusive except where this Security Deed expressly provides to the contrary. If Borrower shall seek the consent or approval of Lender pursuant to this Security Deed and Lender shall fail or refuse to give such consent or approval, Borrower shall not be entitled to any damages for any withholding of such approval or consent by Lender. Borrower’s sole remedy shall be an action for injunctive or declaratory relief, which remedy shall be available only in those cases where Lender has expressly agreed not to unreasonably withhold its consent or approval .

5.03 Legal Tender. Borrower shall pay all payments of principal, interest or other amounts required or provided for herein in lawful money of the United States of America at the time of payment, at the above described office of Lender or at such other place as Lender may from time to time designate.

5.04 No Merger or Termination. If both the lessor’s and Lessee’s estates under any Lease or any portion thereof which constitutes a part of the Secured Property shall at any time become vested in one owner, this Security Deed and the security title, security interest, rights and/or lien created hereby shall not be destroyed or terminated by the application of the doctrine of merger and in such event, Lender shall continue to have and enjoy all of its rights and privileges as to the separate estates. In addition, the foreclosure of this Security Deed shall not destroy or terminate any Lease or sublease then existing and created by Borrower, whether by application of the law of merger or as a matter of law or otherwise, unless Lender or any purchaser at any sale related to such foreclosure shall so elect. No act by or on behalf of Lender or any such purchaser shall constitute a termination of any Lease or sublease, unless Lender or such purchaser shall give written notice thereof to the related Lessee or sublessee.

5.05 Discontinuance of Actions. If Lender shall enforce any right pursuant to this Security Deed by foreclosure, sale, entry or otherwise and discontinue or abandon such enforcement for any reason or any such proceedings shall have been determined adversely, then, in each such case, Borrower and Lender shall be restored to their former positions and rights hereunder, and the Secured Property shall remain subject to the security title, security interest, rights and/or lien of this Security Deed.

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5.06 Headings. The headings of the Sections and other subdivisions of this Security Deed are for the convenience of reference only, are not to be considered a part hereof, and shall not limit or otherwise affect any of the terms hereof.

5.07 Notice to Parties. All notices and demands or other communications hereunder shall be in writing, and shall be deemed to have been sufficiently given or served for all purposes when presented personally or sent by generally recognized overnight delivery service, with postage prepaid, addressed to Borrower or Lender, as applicable, at the addresses stated below, or at such other address of which either Borrower or Lender may hereafter notify the other in writing:


Borrower:		IIT Westfork Industrial LLC
		c/o Dividend Capital 518 17th Street, Suite 1700 Denver, Colorado 80202 Attn: Lainie Minnick and General Counsel

Lender:		NEW YORK LIFE INSURANCE COMPANY
		c/o New York Life Investment Management LLC
		51 Madison Avenue
		New York, New York 10010-1603

		Attn: Real Estate Group
		Director - Loan Administration Division
		Loan No.: 374-0366

With a copy to:		NEW YORK LIFE INSURANCE COMPANY
		c/o New York Life Investment Management LLC
		51 Madison Avenue
		New York, New York 10010-1603

		Attn: Office of the General Counsel
		Managing Director - Real Estate Section
		Loan No.: 374-0366

Each notice or demand so given or served shall be deemed given and effective, (A) if personally delivered, on the day of actual delivery or refusal and (B) if sent by generally recognized overnight delivery service, on the next business day. Notwithstanding the foregoing, service of any notice of default or notice of sale provided or required by law shall, if mailed as required by law, be deemed given and effective on the date of mailing.

5.08 Successors and Assigns Included In Parties. Subject to the provisions of Section 1.11, each reference herein to Borrower or Lender shall mean and include, the heirs, legal representatives, successors and assigns of such Person. All covenants and agreements contained in this Security Deed by or on behalf of Borrower shall bind and inure to the benefit of

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Borrower’s heirs, legal representatives, successors and assigns, and all covenants and agreements by or on behalf of Lender shall bind and inure to the benefit of Lender’s successors and assigns.

5.09 Changes and Modifications. This Security Deed may only be changed or modified by an agreement in writing, signed by both Borrower and Lender.

5.10 Applicable Law. This Security Deed and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the internal laws of the State of Texas, without regard to principles of conflicts of laws; provided, however, that the laws of Georgia shall govern the validity, enforceability, perfection, priority, construction, effect, enforcement and remedies with respect to this Security Deed, but nothing herein shall be construed to provide that the laws of any state other than the State of Texas shall apply to the Obligations and indebtedness secured by this Security Deed.

5.11 Invalid Provisions to Affect No Others. The unenforceability or invalidity of any provision or provisions of this Security Deed as to any Persons or circumstances shall not render that provision or those provisions unenforceable or invalid as to any other Persons or circumstances, and all provisions hereof, in all other respects, shall remain valid and enforceable.

5.12 Usury Savings Clause. Borrower and Lender intend to conform strictly to the usury laws now or hereafter in force in the State and all interest payable pursuant to the Note, this Security Deed or any other Loan Instrument, unless exempt from such laws, shall be subject to reduction to the amount equal to the maximum non usurious amount allowed pursuant to such usury laws as now or hereafter construed by the courts having jurisdiction over such matters. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable or receivable pursuant to the Note, this Security Deed or any other Loan Instrument shall under no circumstances exceed the maximum legal interest rate which Lender may charge under applicable law from time to time. Any interest in excess of the maximum amount permitted by law shall be deemed a mistake and shall be canceled automatically and, if theretofore paid, Lender shall, at its option, either rebate such interest to Borrower or credit such interest to the principal amount of the Obligations, or if all such principal has been repaid, Lender shall rebate such excess to Borrower.

5.13 No Statute of Limitations. To the full extent permitted by law, Borrower hereby waives the pleading of any statute of limitations as a defense to any or all of the Obligations.

5.14 Late Charges. If Borrower fails to pay, when due, without regard to any grace period, any installment of interest or principal, any payment due pursuant to Section 1.04 or any deposit or reserve due pursuant to this Security Deed or any other Loan Instrument, Borrower shall pay to Lender (unless waived by Lender) the Late Charge as defined and described in the Note, and in no event shall such charge, if construed to be interest, together with other interest to be paid on the Obligations evidenced by the Note and the Obligations arising under any instrument securing the payment thereof, exceed the maximum interest permitted under applicable law. Each such Late Charge, if not previously paid, shall, at the option of Lender, be added to and become part of the succeeding monthly payment to be made pursuant to the Note, and shall be secured by this Security Deed.

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5.15 WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF BORROWER, AND LENDER, BY ITS ACCEPTANCE HEREOF, WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY ACTION OR PROCEEDING (A) BROUGHT BY BORROWER, LENDER OR ANY OTHER PERSON RELATING TO (I) THE OBLIGATIONS OR ANY UNDERSTANDINGSS OR PRIOR DEALINGS BETWEEN BORROWER AND LENDER OR (II) THE LOAN INSTRUMENTS, OR (B) TO WHICH LENDER IS A PARTY.

5.16 Continuing Effectiveness. This Security Deed shall secure all advances made pursuant to the Loan Instruments, all rearrangements, modifications, replacements and renewals of the Obligations and all extensions as to the time of payment thereof, whether or not such advances, rearrangements, modifications, replacements and renewals or extensions are evidenced by new promissory notes or other instruments hereafter executed and irrespective of whether filed or recorded. The execution of this Security Deed shall not impair or affect any other security which may be given to secure the payment of the Obligations, and all such additional security shall be considered as cumulative. The taking of additional security, execution from time to time of partial releases as to the Secured Property or any extension of time of payment of the Obligations shall not diminish the force, effect or the security title, security interest, rights and/or lien of this Security Deed, and shall not affect or impair the liability of any maker, surety or endorser for the payment of the Obligations.

5.17 Time of Essence. Time is of the essence as to Borrower’s performance of each provision of this Security Deed, the Note and the other Loan Instruments. Borrower agrees that where, by the terms of this Security Deed, the Note or any other Loan Instrument, a day is named or a time is fixed for the payment of any sum of money or the performance of any obligation by Borrower, the day and/or time stated enters into the consideration and is of the essence of the whole contract.

5.18 Non-Recourse. If an Event of Default has occurred (and regardless of whether or not it has been cured), Lender shall have all rights provided in the Note, this Security Deed or any other Loan Instrument or at law or in equity, and shall have full recourse to the Secured Property and to any other collateral given by Borrower to secure any or all of the Obligations, provided that any judgment obtained by Lender in any proceeding to enforce such rights shall be enforced only against the Secured Property and such other collateral. Notwithstanding the foregoing, Lender shall not in any way be prohibited from naming Borrower or any of its successors or assigns or any Person holding under or through them as parties to any actions, suits or other proceedings initiated by Lender to enforce such rights or to foreclose the security title of this Security Deed or to otherwise realize upon any other security title, lien or security interest created in any other collateral given to secure the payment of the Obligations. The foregoing restriction shall not apply to, and Borrower shall be personally liable for, and Lender may seek and enforce judgment against Borrower for:

N. any and all losses, claims, damages, costs, expenses and/or liabilities, including, attorneys’ fees and expenses, incurred by Lender:

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(2) relating to or as a result of any material misstatement of fact to Lender or its affiliates (including but not limited to any reports, certificates, or other documents prepared or caused to be prepared by Borrower and provided to Lender) (a) by Borrower or any Person constituting Borrower made to induce Lender to advance the principal amount evidenced by the Note or (b) contained in any Loan Instrument,

(3) relating to or as a result of fraud committed by Borrower or any Person constituting Borrower,

(4) relating to or as a result of the (a) collection or application of any insurance proceeds, condemnation awards, trust funds or Rents in a manner which is not in accordance with the provisions of the Loan Instruments or (b) the misappropriation or misapplication of any Lessee security deposit in a manner which is not in accordance with the provisions of the Loan Instruments,

(5) relating to, as a result of or arising from a violation of Section 5.20 of this Security Deed;

(6) relating to or as a result of the breach of any representation or warranty contained in the Sections of this Security Deed pertaining to environmental matters, including Section 1.05E(4), 2.03C or 2.03D, or any default with respect to any covenant contained in the Sections of this Security Deed pertaining to environmental matters including Section 1.05E,

(7) relating to or as a result of any default with respect to Borrower’s covenant to pay Impositions, pursuant to Section 1.02 hereof, or insurance premiums, pursuant to Section 1.03 hereof or with respect to Borrower’s covenant to obtain the insurance, including without limitation, the Terrorism Insurance, required by this Security Deed,

(8) arising from, in respect of, as a consequence of, or in connection with: (1) the existence of any circumstance or the occurrence of any action described in Section 1.05E(1), (2) claims asserted by any Person (including any Governmental Agency) in connection with, or in any way arising out of, the presence, storage, use, disposal, generation, transportation or treatment of any Hazardous Material in, on, or under or about the Secured Property, (3) the violation or claimed violation of any law relating to any Hazardous Material or any other Environmental Requirement in regard to the Secured Property, regardless of whether or not such violation or claimed violation occurred prior to or after the date of this Security Deed or whether or not such violation or claimed violation occurred prior to or after the time that Borrower became the owner of the Secured Property, or (4) the preparation of any environmental audit as to the Secured Property, whether conducted or authorized by Borrower, Lender or any other Person or the implementation of any such audit’s recommendations,

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(9) as a result of any intentional, bad faith waste of the Secured Property committed by Borrower or its agents (such damages to include all repair costs incurred by Lender ); and/or

O. any and all losses, damages, costs or expenses incurred by Lender as a result of any mechanic’s or materialman’s lien encumbering the Secured Property arising from any work performed or materials purchased by, for or at the direction of any Borrower or any Borrower affiliate which is not discharged within the time period provided in this Security Deed;

P. all outstanding principal, interest and other Obligations, including the Make-Whole Amount:

(10) if there shall be a violation of Section 1.11 of this Security Deed except for an encumbrance in the nature of a mechanic’s or materialman’s lien; and/or

(11) in the event that (a) any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by, consented to or acquiesced in by Borrower or any Guarantor and/or if any proceeding for the dissolution, liquidation or receivership of Borrower or any Guarantor shall be instituted by Borrower or any Guarantor and/or (b) Borrower or any Guarantor shall be the subject of any petition or proceeding for an involuntary bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law and/or the subject of any liquidation, dissolution receivership or other similar proceeding, in which Borrower or any Guarantor or any affiliate of such parties colludes with, or otherwise assists, the petitioning party or solicits or causes to be solicited petitioning creditors; and/or

(12) if there shall be a violation of Section 5.20 of this Security Deed and there is substantive consolidation of any Maker with any other entity; and/or

Q. in the event of a loss which is or would be covered by the required Terrorism Insurance, an amount equal to the deductible on such Terrorism Insurance, which amount shall either be applied by Lender to the debt secured by this Security Deed or disbursed by Lender for the repair and restoration of the Secured Property, all in accordance with the terms of the Loan Instruments; and/or

R. if this Security Deed or any of the other Loan Instruments are deemed fraudulent conveyances or preferences or are otherwise deemed void pursuant to any principles limiting the rights of creditors, whether such claims, demands or assertions are made under the United States Bankruptcy Code (as amended or replaced from time to time), including, without limitation, under Sections 544, 547 or 548 thereof, or under any applicable state fraudulent conveyance statues or similar laws, an amount equal to all losses, damages, costs and expenses, including without limitation, attorneys’ fees and disbursements, incurred by Lender in connection therewith.

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The restriction on enforcement contained in the first sentence of this Section 5.18 shall not apply to the Environmental Indemnity Agreement of even date herewith executed by Borrower and the other indemnitors, if any, in favor of Lender and/or to the obligations of any Guarantor. It is expressly understood and agreed, however, that nothing contained in this Section 5.18 shall (y) in any manner or way constitute or be deemed to be a release of the Obligations or otherwise affect or impair the enforceability of the security title, liens, assignments, rights and security interests created by this Security Deed or any of the other Loan Instruments or any future advance or any related agreements or (z) preclude Lender from foreclosing this Security Deed or from exercising its other remedies set forth in this Security Deed or the Assignment, or from enforcing any of its rights and remedies in law or in equity (including injunctive and declaratory relief, restraining orders and receivership proceedings), except as provided in this Section 5.18. All matters described in clauses (A), (B), (C), (D) and (E) above as to which this Section 5.18 provides that Borrower is personally liable shall be referred to herein as the “Non-Recourse Exceptions”.

5.19 Non-Business Days. If any payment required hereunder or under any other Loan Instrument becomes due on a Saturday, Sunday, or legal holiday in the state in which the Premises are located, then such payment shall be due and payable on the immediately preceding business day.

5.20 Single Purpose Entity. Borrower represents, warrants and covenants that at all times since its formation and thereafter:

S. Each of Borrower and its general partner, managing member or sole member, as applicable, does not own and will not own, either directly or indirectly, any asset or property other than (1) the Secured Property, (2) with respect to Borrower, incidental personal property necessary for the ownership or operation of the Secured Property and (3) with respect to the general partner, managing member or sole member of Borrower, its interest in Borrower and incidental personal property necessary for the ownership or operation of Borrower’s general partner, managing member or sole member.

T. Each of Borrower and its general partner, managing member or sole member, as applicable, has not engaged in and will not engage in any business other than the ownership, management and operation of the Secured Property (with respect to Borrower) or the ownership of the general partnership or managing member interest in Borrower (with respect to Borrower’s general partner, managing member or sole member, as applicable), and each of Borrower and its general partner, managing member or sole member, as applicable, will conduct and operate its business as presently conducted and operated.

U. Each of Borrower and its general partner, managing member or sole member, as applicable, has not entered and will not 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 no less favorable than those that would be available on an arms-length basis with unaffiliated third parties.

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V. Each of Borrower and its general partner, managing member or sole member, as applicable, has not incurred and will not incur any indebtedness, secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation), other than (1) the Obligations and (2) trade and operational debt incurred in the ordinary course of business with trade creditors in amounts as are normal and reasonable under the circumstances provided that such debt is paid within sixty (60) days of the date it is incurred. No indebtedness other than the Obligations may be secured (subordinate or pari passu) by the Secured Property.

W. Each of Borrower and its general partner, managing member or sole member, as applicable, has not made and will not make any loans or advances to any third party (including any affiliate, constituent party or any affiliate of any constituent party), and have not and will not acquire obligations or securities of its affiliates or any constituent party.

X. Each of Borrower and its general partner, managing member or sole member, as applicable, has been, is and will remain solvent and each of Borrower and its general partner, managing member or sole member, as applicable, have and will pay its own debts and liabilities from its assets, as the same shall become due; provided that (a) so long as Borrower has not distributed or used income in violation of this Section 5.20, the foregoing shall only apply to the extent that there is positive aggregate net cash flow at the Portfolio Secured Property, and (b) the foregoing shall not be deemed to require capital infusion or loans by any direct or indirect owner of Borrower in order to pay such debts and liabilities.

Y. Each of Borrower and its general partner, managing member or sole member, as applicable, has done or caused to be done and will do or cause to be done all things necessary to observe organizational formalities and preserve its existence, and each of Borrower and its general partner, managing member or sole member, as applicable, has not and will not, nor has Borrower or its general partner, managing member or sole member, as applicable, permitted nor will Borrower or its general partner, managing member or sole member, as applicable, permit any of its constituent parties, to amend, modify or otherwise change the partnership certificate, partnership agreement, articles of incorporation, bylaws, articles of organization, operating agreement, trust agreement or other organizational document of Borrower, its general partner, managing member or sole member, as applicable, or such constituent party in a manner which would result in a breach of any of the representations, warranties or covenants set forth in this Section 5.20 or in a manner that would otherwise adversely affect Borrower’s and its general partner’s, managing member’s or sole member’s , as applicable, single purpose status.

Z. Each of Borrower and its general partner, managing member or sole member, as applicable, has and will maintain all of its books, records, financial statements and bank accounts separate from those of its affiliates, any constituent party and any other Person, although Borrower may file consolidated tax returns.

AA. Each of Borrower and its general partner, managing member or sole member, as applicable, has been and will be, and at all times has and will hold itself out to the public as, a legal entity separate and distinct from any other entity (including any affiliate of Borrower or its general partner, managing member or sole member, as applicable, any

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constituent party of Borrower or its general partner, managing member or sole member, as applicable, or any affiliate of any constituent party), shall maintain an arms’-length association with its affiliates, has corrected and will correct any known misunderstanding regarding its status as a separate entity, has conducted and will conduct business in its own name, has not identified and shall not identify itself or any of its affiliates as a division or part of the other and has maintained and shall maintain and utilize a separate telephone number and separate stationery, invoices and checks to the extent its business requires the same.

BB. Except as contemplated under the Loan Instruments, each of Borrower and its general partner, managing member or sole member, as applicable, has not assumed or guaranteed and will not assume or guaranty the debts of any other Person, has not held and will not hold itself out to be responsible for the debts of any other Person, and has not and will not otherwise pledge its assets for the benefit of any other Person or hold out its credit as being available to satisfy the obligations of any other Person.

CC. Each of Borrower and its general partner, managing member or sole member, as applicable, has maintained and will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operation; provided that (a) so long as Borrower has not distributed or used income in violation of this Section 5.20, the foregoing shall only apply to the extent that there is positive aggregate net cash flow at the Portfolio Secured Property, and (b) the foregoing shall not be deemed to require capital infusion or loans by any direct or indirect owner of Borrower in order to maintain such capitalization;.

DD. Neither Borrower nor its general partner, or nor its managing member, as applicable, nor any of their respective constituent parties has caused or will cause or permit the dissolution, winding up, liquidation, consolidation or merger in whole or in part, of Borrower or its general partner, managing member or sole member, as applicable; except as permitted by the Loan Instruments or otherwise consented to by Lender, neither Borrower nor its general partner, nor its managing member, as applicable, nor any of their respective constituent parties has disposed or will dispose of all or substantially all of the assets of Borrower or its general partner, managing member or sole member, as applicable, and, except as permitted by the Loan Instruments or otherwise consented to by Lender, has not changed and will not change Borrower’s or its general partner’s, managing member’s or sole member’s , as applicable, legal structure.

EE. Each of Borrower and its general partner, managing member or sole member, as applicable, has not commingled and will not commingle the funds and other assets of Borrower or its general partner, managing member or sole member, as applicable, with those of any affiliate or constituent party or any other Person.

FF. Each of Borrower and its general partner, managing member or sole member, as applicable, have maintained 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.

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GG. Except as contemplated under the Loan Instruments, each of Borrower and its general partner, managing member or sole member, as applicable, does not and will not hold itself out to be responsible for the debts or obligations of any other Person.

HH. Each of Borrower and its general partner, managing member or sole member, as applicable, does and shall continue to (i) allocate fairly and reasonably any overhead and expense for office space shared with any affiliated Person, (ii) pay any liabilities, including salaries of its employees, out of its own funds and not from funds of any affiliated Person and/or (iii) maintain a sufficient number of employees (which may be zero) in light of its contemplated business operations.

II. Each of Borrower and its general partner, managing member or sole member, as applicable shall not institute proceedings to be adjudicated bankrupt or insolvent, or consent to the institution of such proceedings against it, or file a petition seeking, or consent to, reorganization or relief, under any chapter of the Bankruptcy Code (Title 11 of the United States Code), as amended, or any other bankruptcy or similar laws, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or similar official of it or of a substantial part of its assets or property, or make an assignment for the benefit of creditors, or admit in writing its inability to pay its debts generally as they become due, or take any action in furtherance of any of the foregoing. To the fullest extent permitted by law, for so long as any Obligations are outstanding, Borrower shall not be authorized or empowered, nor shall Borrower consolidate, merge, dissolve, liquidate or sell all or substantially all of Borrower’s assets (other than such sales, if any, as are permitted hereunder or under the other Loan Instruments, or otherwise consented to by Lender).

JJ. Each of Borrower and its general partner(s), managing member(s) or sole member, as applicable, shall be formed in Delaware; and at all times, Borrower’s and its general partner(s)’ or managing member’s, as applicable, limited liability company agreement, limited partnership agreement or articles or incorporation, as applicable, shall contain the provisions set forth in Section 5.20(A)-(R) of this Security Deed. So long as any Obligations are outstanding, none of such instruments shall be amended, altered or changed without the prior written consent of Lender except as permitted by such instruments as of the date of this Security Deed.

KK. In the event that Borrower is a limited liability company, Borrower shall at all times cause there to be at least one springing non-economic member that will become a member of Borrower upon the dissolution or withdrawal or similar event as to the sole remaining member of Borrower and that will satisfy the requirements of Delaware law such that the dissolution or withdrawal or similar event as to the sole remaining member of Borrower will not cause the dissolution of Borrower (the “Springing Member”). The Springing Member shall be satisfactory to Lender.

LL. Borrower covenants and agrees to submit a written statement for Borrower, certified by an officer of Borrower and confirming that Borrower and its general partner, managing member or sole member, as applicable is in full compliance with all of the requirements of this Section 5.20 of this Security Deed (each such statement an “SPE Certification”) upon Lender’s request. Borrower shall provide any other pertinent information

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regarding the single purpose entity requirements of this Security Deed as may be reasonably required by Lender.

Notwithstanding the foregoing provisions of Section 5.20 of this Security Deed, Lender shall not require (a) that Borrower’s organizational structure include an independent manager or independent director, (ii) a non-consolidation opinion or (iii) a Delaware Single Member LLC Opinion.

An inadvertent and immaterial failure to satisfy or comply with any one of the covenants contained in this Section 5.20 shall not, in and of itself, disqualify Borrower as a single purpose entity so long as under the circumstances in question, no Person would have a reasonable basis for asserting that Borrower is not a single purpose entity and Borrower takes all steps reasonably required in light of such failure to so satisfy or comply with such covenants in order to correct any known misunderstanding regarding Borrower’s status as a single purpose entity

5.21 Joint and Several Liability; Counterparts. The obligations of each Person comprising Borrower shall be joint and several. This Security Deed may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same document.

5.22 Attorney’s Fees. Whenever herein or in any other Loan Instrument Borrower is obligated to pay for the attorneys’ fees of Lender, or the phrase “reasonable attorney’s fees” or a similar phrase is used, it shall be the Borrower’s obligation to pay the attorney’s fees actually incurred, at standard hourly rates, without regard to statutory interpretation under O.C.G.A. §13-1-11, which shall not apply, the parties hereby waiving the application of said code section.

[Signature on following page]

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IN WITNESS WHEREOF, Borrower has executed this Security Deed as of the date first above written.


Signed, sealed and delivered in the presence of the following witnesses:	IIT WESTFORK INDUSTRIAL LLC, a Delaware limited liability company

Unofficial Witness Darlene Braden Notary Public	By:	IIT Regional Industrial Portfolio Holdco LLC, a Delaware limited liability company, its sole member
Unofficial Witness Darlene Braden Notary Public		By:	IIT Real Estate Holdco LLC, a Delaware limited liability company, its sole Member
(NOTARY SEAL) My Commission Expires: 01/03/2012			By:	Industrial Income Operating Partnership LP, a Delaware limited partnership, its sole member
				By:	Industrial Income Trust Inc., a Maryland corporation, its general Partner

					By: Thomas G. McGonagle Name: Thomas G. McGonagle Title: Chief Financial Officer

BORROWER HEREBY WAIVES ANY RIGHT BORROWER MAY HAVE UNDER THE CONSTITUTION OR THE LAWS OF THE STATE OF GEORGIA OR THE CONSTITUTION OR THE LAWS OF THE UNITED STATES OF AMERICA TO NOTICE, OTHER THAN EXPRESSLY PROVIDED FOR IN THIS SECURITY DEED, OR TO A JUDICIAL HEARING PRIOR TO THE EXERCISE OF ANY RIGHT OR REMEDY PROVIDED BY THIS SECURITY DEED TO LENDER AND BORROWER WAIVES BORROWER’S RIGHTS, IF ANY, TO SET ASIDE OR INVALIDATE ANY SALE DULY CONSUMMATED IN ACCORDANCE WITH THE PROVISIONS OF THIS SECURITY DEED ON THE GROUND (IF SUCH BE THE CASE) THAT THE SALE WAS CONSUMMATED WITHOUT A PRIOR JUDICIAL HEARING. ALL WAIVERS BY BORROWER IN THIS PARAGRAPH HAVE BEEN MADE VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY, AFTER BORROWER HAS BY BORROWER’S ATTORNEY BEEN FIRST APPRISED OF AND COUNSELED WITH RESPECT TO BORROWER’S POSSIBLE ALTERNATIVE RIGHTS.

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Lithia Springs, Georgia

EXHIBIT A

Westfork:

ALL THAT TRACT OR PARCEL OF LAND LYING AND BEING IN LAND LOT 523 OF THE 18^TH DISTRICT, 2^ND SECTION, DOUGLAS COUNTY, GEORGIA BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE INTERSECTION OF THE SOUTHERN RIGHT-OF-WAY LINE OF SKYVIEW DRIVE (80’ R/W); AND THE LAND LOT LINE COMMON TO LAND LOT 523 AND LAND LOT 524, SAID POINT BEING THE POINT OF BEGINNING; THENCE, EASTERLY FOLLOWING ALONG THE CURVATURE OF AN ARC TO THE LEFT HAVING A RADIUS OF 1187.95 FEET A DISTANCE OF 356.42 FEET TO A POINT, SAID ARC BEING SUBTENDED BY A CHORD OF S.83°01’45”E. A DISTANCE OF 355.08 FEET; THENCE, N.87°54’46”E. A DISTANCE OF 477.20 FEET TO A POINT; THENCE, FOLLOWING ALONG THE CURVATURE OF AN ARC TO THE LEFT HAVING A RADIUS OF 1919.43 FEET A DISTANCE OF 209.36 FEET TO A POINT, SAID ARC BEING SUBTENDED BY A CHORD OF N.85°01’28”E. A DISTANCE OF 209.25 FEET; THENCE, ALONG WESTERN MITERED RIGHT-OF-WAY LINE OF MAXHAM ROAD (80’R/W) S.51°42’10” E. A DISTANCE OF 29.98 FEET TO A POINT; THENCE, SOUTHERLY ALONG SAID RIGHT-OF-WAY LINE OF MAXHAM ROAD FOLLOWING THE CURVATURE OF AN ARC TO THE RIGHT HAVING A RADIUS OF 160.00 FEET A DISTANCE OF 130.46 FEET TO A POINT, SAID ARC BEING SUBTENDED BY A CHORD OF S.36°33’19”W. A DISTANCE OF 126.87 FEET; THENCE, FOLLOWING ALONG THE CURVATURE OF AN ARC TO THE LEFT HAVING A RADIUS OF 240.00 FEET A DISTANCE OF 260.88 FEET TO A POINT, SAID ARC BEING SUBTENDED BY A CHORD OF S.28°46’25”W. A DISTANCE OF 248.22 FEET; THENCE, S.02°21’59”E. A DISTANCE OF 86.76 FEET TO A POINT; THENCE, FOLLOWING THE CURVATURE OF AN ARC TO THE RIGHT HAVING A RADIUS OF 25.00 FEET A DISTANCE OF 31.65 FEET TO A POINT, SAID ARC BEING SUBTENDED BY A CHORD OF S.33°54’17”W. A DISTANCE OF 29.58 FEET; THENCE, FOLLOWING ALONG THE CURVATURE OF AN ARC TO THE LEFT HAVING A RADIUS OF 75.00 FEET A DISTANCE OF 110.60 FEET TO A POINT, SAID ARC BEING SUBTENDED BY A CHORD OF S.27°55’47”W. A DISTANCE OF 100.85 FEET; THENCE, S.73°07’44”W. LEAVING SAID RIGHT-OF-WAY LINE A DISTANCE OF 74.15 FEET TO A POINT; THENCE, S.87°38’01”W. A DISTANCE OF 759.69 FEET TO A POINT; THENCE, N.02°17’00”E. ALONG SAID LAND LOT LINE 599.34 FEET TO A POINT, SAID POINT BEING THE TRUE POINT OF BEGINNING.

SAID TRACT OR PARCEL OF LAND CONTAINING 11.5105 ACRES, AND IS THE SAME PROPERTY DESCRIBED AS LOT A4, WESTFORK – PHASE IV, RECORDED IN PLAT BOOK 23, PAGES 161-165.

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Lithia Springs, Georgia

SCHEDULE A

Project/Address

Parking

Westfork

825 Maxham Road

Lithia Springs GA

138 standard

6 HC

36 tractor trailer

DEED TO SECURE DEBT, MORTGAGE, ASSIGNMENT OF

LEASES AND RENTS AND SECURITY AGREEMENT

096780 000064 DALLAS

Loan No. 374-0366

Lithia Springs, Georgia