LOAN AGREEMENT Dated as of November 18, 2014 Between CIO RESEARCH PARK, LIMITED PARTNERSHIP, as Borrower and PILLAR MULTIFAMILY, LLC as Lender PROPERTY: 12650 Ingenuity Drive, Orlando, Orange County, Florida 32816Loan Agreement • November 21st, 2014 • City Office REIT, Inc. • Real estate investment trusts
THIS LOAN AGREEMENT, dated as of November 18, 2014 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this “Agreement”), between PILLAR MULTIFAMILY, LLC, a Delaware limited liability company, having an address at 330 Madison Avenue, 8th Floor, New York, New York 10017 (together with its successors and assigns, collectively, “Lender”), and CIO RESEARCH PARK, LIMITED PARTNERSHIP, a Delaware limited partnership, having an address at c/o City Office REIT, Inc., 1075 West Georgia Street, Suite 2600, Vancouver, British Columbia V6E 3C9 (together with its permitted successors and assigns, collectively, “Borrower”).
GUARANTY OF RECOURSE OBLIGATIONSCity Office REIT, Inc. • November 21st, 2014 • Real estate investment trusts
THIS GUARANTY OF RECOURSE OBLIGATIONS (this “Guaranty”) is executed as of November 18, 2014 by CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a Maryland limited partnership, having an address at c/o City Office REIT, Inc., 1075 West Georgia Street, Suite 2600, Vancouver, British Columbia V6E 3C9, Canada (“Guarantor”), for the benefit of PILLAR MULTIFAMILY, LLC, a Delaware limited liability company, having an address at 330 Madison Avenue, 8th Floor, New York, New York 10017 (together with its successors and/or assigns, “Lender”).
PROMISSORY NOTECity Office REIT, Inc. • November 21st, 2014 • Real estate investment trusts
FOR VALUE RECEIVED, CIO RESEARCH PARK, LIMITED PARTNERSHIP, a Delaware limited partnership, as maker, having its principal place of business at c/o City Office REIT, Inc., 1075 West Georgia Street, Suite 2600, Vancouver, British Columbia V6E 3C9, Canada (“Borrower”), hereby unconditionally promises to pay to the order of PILLAR MULTIFAMILY, LLC, a Delaware limited liability company, as lender, having an address at 330 Madison Avenue, 8th Floor, New York, New York 10017 (together with its successors and/or assigns, “Lender”), or at such other place as the holder hereof may from time to time designate in writing, the principal sum of SEVENTEEN MILLION AND 00/100 DOLLARS ($17,000,000.00), or so much thereof as is advanced pursuant to that certain Loan Agreement dated the date hereof between Borrower and Lender (as the same may be amended, modified, supplemented, replaced or otherwise modified from time to time, the “Loan Agreement”), in lawful money of the United States of America, with i
