Common use of LESSOR'S LIABILITY Clause in Contracts

LESSOR'S LIABILITY. 5.2.1 Notwithstanding any provision to the contrary in this Lease, the Parties agree and acknowledge that HSBCITS has entered into this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and all references to the “Lessor” in this Lease shall be construed accordingly. Accordingly, notwithstanding any provision to the contrary in this Lease, HSBCITS has assumed all obligations under this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Lease is given by HSBCITS in its capacity as trustee of the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is limited to the assets of or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which it is trustee. 5.2.2 Notwithstanding any provision to the contrary in this Lease, it is hereby acknowledged and agreed that the obligations of the Lessor under this Lease will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Lease. 5.2.3 For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee of the REIT and not in its personal capacity. 5.2.4 This Clause 5 .2 shall survive the termination or rescission of this Lease. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.

LESSOR'S LIABILITY. 5.2.1 (a) Notwithstanding any provision to the contrary in this LeaseAgreement, the Parties agree and acknowledge that HSBCITS HSBC Institutional Trust Services (Singapore) Limited (“HSBCITS”) has entered into this Lease Agreement only in its capacity as the trustee of the REIT AREIT and not in its personal capacity and all references to the “Lessor” in this Lease Agreement shall be construed accordingly. Accordingly, notwithstanding any provision to the contrary in this LeaseAgreement, HSBCITS has assumed all obligations under this Lease Agreement only in its capacity as the trustee of the REIT AREIT and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Lease Agreement is given by HSBCITS in its capacity as trustee of the REIT AREIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease Agreement is limited to the assets of or held on trust for the REIT AREIT over which HSBCITS in its capacity as trustee of the REIT AREIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REITAREIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease Agreement shall only be in connection with the matters relating to the REIT AREIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which it is trustee. 5.2.2 (b) Notwithstanding any provision to the contrary in this LeaseAgreement, it is hereby acknowledged and agreed that the obligations of the Lessor under this Lease Agreement will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this LeaseAgreement. 5.2.3 (c) For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere pursuant to this Lease Agreement shall be brought against HSBCITS in its capacity as trustee of the REIT AREIT and not in its personal capacity. 5.2.4 (d) This Clause 5 .2 28 shall survive the termination or rescission of this LeaseAgreement. 5.2.5 (e) The provisions of this Clause 5.2 28 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease Agreement as if expressly set out in such notice, certificate or document. 1) Site Info 2) Building

LESSOR'S LIABILITY. 5.2.1 (a) Lessor represents that it is the owner of the real estate upon which the Demised Premises is located. In the event of the voluntary transfer of such ownership or right to a successor-in-interest of Lessor, Lessor shall be freed and relieved of all liability and obligations hereunder which shall thereafter accrue, (and, as to any unapplied portion of Lessee's security deposit, Lessor shall be relieved of all liability therefore upon transfer of such portion to their successor in interest) and Lessee shall look solely to such successor in interest for the performance of the covenants and obligations of the Lessor hereunder which shall thereafter accrue. Notwithstanding the foregoing, no mortgagee or ground lessor which shall succeed to the interest of Lessor hereunder (either in terms of ownership or possessory rights) shall unless there exists at the time of transfer, a continuing event of Lessor's default for which the transferee has agreed in writing to be responsible: (i) Be liable for any provision previous act or omission of a prior lessor; (ii) Be subject to any rental offsets or defenses against a prior lessor; (iii) Be bound by any amendment of this Lease made without its written consent or by payment of Lessee of rent in advance in excess of one month's rent; or (iv) Be liable for any security not actually received by him. Subject to the foregoing, the provisions hereof shall be binding upon and inure to the benefit of the successors and assigns of Lessor. Notwithstanding anything to the contrary contained in this Lease, the Parties agree and acknowledge that HSBCITS has entered into this Lease only any liability of Lessor, their agents, partners or employees, arising out of or in its capacity as the trustee respect of the REIT and not in its personal capacity and all references to the “Lessor” in this Lease shall be construed accordingly. Accordingly, notwithstanding any provision to the contrary in this Lease, HSBCITS has assumed all the Demised Premises or the Building, shall be limited to Lessor's estate or other title or interest in the Demised Premises, and, if Lessor shall default in the performance of Lessor's obligations under this Lease only or otherwise, Lessee shall look solely to the equity of Lessor in its capacity as their interest in the trustee of the REIT and not Demised Premises. (b) Notwithstanding anything contained in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Lease is given to the contrary, Lessor shall have no liability to Lessee for consequential, compensatory or punitive damages of any nature whatsoever. Any claim by HSBCITS in its capacity as trustee of Lessee against Lessor for the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is damages shall be limited to the assets of or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held minimum rent paid by HSBCITS as the trustee of any trust (other than for the REIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which it is trustee. 5.2.2 Notwithstanding any provision to the contrary in this Lease, it is hereby acknowledged and agreed that the obligations of the Lessor under this Lease will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Lease. 5.2.3 For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere Lessee during such breach if so awarded pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee of the REIT and not in its personal capacityParagraph 37 hereof. 5.2.4 This Clause 5 .2 shall survive the termination or rescission of this Lease. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.

LESSOR'S LIABILITY. 5.2.1 Notwithstanding The term "LESSOR" as used herein shall mean only the owner or owners, at the time in question, of the fee title or a lessee's interest in a ground lease of the Premises, and in the event of any provision transfer of such title or interest, the Lessor herein named (and in case of any subsequent transfers, then the grantor) shall be relieved from and after the date of such transfer of all liability as respects Lessor's obligations thereafter to the contrary in be performed by Lessor under this Lease, provided that any funds held by Lessor or the Parties agree and acknowledge that HSBCITS has entered into this Lease only in its capacity as then transferor at the trustee time of such transfer under the REIT and not in its personal capacity and all references to the “Lessor” in provisions of this Lease shall be construed accordingly. Accordingly, notwithstanding any provision delivered to the contrary transferee and that such transferee assumes in this Lease, HSBCITS has assumed all obligations under this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Lease is given by HSBCITS in its capacity as trustee of the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is limited to the assets of or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which it is trustee. 5.2.2 Notwithstanding any provision to the contrary in this Lease, it is hereby acknowledged and agreed that full the obligations of the "Lessor" under this Lease which are to be performed from and after the effective date of the transfer. The obligations contained in this Lease to be performed by Lessor shall, subject as aforesaid, be binding on Lessor's successors and assigns, only during their respective periods of ownership. Notwithstanding any provision of this Lease to the contrary, Lessee agrees that it shall look solely to the estate and property of the Lessor in the Premises (including, but not limited to, any proceeds derived from the sale of the Premises or any portion of the Premises), subject to the prior rights of any mortgagee or holder of a deed of trust encumbering the Premises or any portion thereof and subject to the Lessor's rights under a leasehold interest in the Premises or any part thereof, if any, for the collection of any judgment (or other judicial process) requiring the payment of money by Lessor in the event of any default by Lessor with respect to any of the terms, covenants and conditions of this Lease to be observed or performed by Lessor, and no other asset of Lessor shall be subject to any levy, execution or other process for the satisfaction of Lessee's remedies under this Lease. No officer, director, administrator, employee, agent, or attorney of Lessor shall be personally liable for any default of Lessor under this Lease will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Lease. 5.2.3 For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee of the REIT and not in its personal capacity. 5.2.4 This Clause 5 .2 shall survive the termination or rescission of this Lease. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.

LESSOR'S LIABILITY. 5.2.1 Notwithstanding The term "Lessor" as used herein shall mean only the owner or owners, at the time in question, of the fee title or a lessee's interest in an underlying lease of the Premises, and in the event of any provision transfer of such title or interest, the Lessor herein named (and in case of any subsequent transfers, then the grantor) shall be relieved from and after the date of such transfer of all liability as respects Lessor's obligations thereafter to the contrary in be performed by Lessor under this Lease, provided that any funds held by Lessor or the Parties agree and acknowledge that HSBCITS has entered into this Lease only in its capacity as then transferor at the trustee time of such transfer under the REIT and not in its personal capacity and all references to the “Lessor” in provisions of this Lease shall be construed accordingly. Accordingly, notwithstanding any provision delivered to the contrary transferee and that such transferee assumes in this Lease, HSBCITS has assumed all full the obligations of the "Lessor" under this Lease only in its capacity as which are to be performed from and after the trustee effective date of the REIT and not transfer. The obligations contained in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Lease is given to be performed by HSBCITS in its capacity Lessor shall, subject as trustee aforesaid, be binding on Lessor's successors and assigns, only during their respective periods of the REIT and not in its personal capacity and ownership. Notwithstanding any power and/or right conferred on any receiver, attorney, agent and/or delegate under provision of this Lease is limited to the assets of or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REIT). Any obligationcontrary, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor Lessor's liability under this Lease shall only be in connection with the matters relating limited to the REIT lesser of Five Million Dollars ($5,000,000) and shall Lessor's interest in the Project (including, but not extend limited to, insurance and condemnation proceeds and any proceeds derived from the sale of the Project or any portion of the Project), subject to the obligations of HSBCITS in respect prior rights of any mortgagee or holder of a deed of trust encumbering the Project or any portion thereof and subject to any lessor's rights under a leasehold interest in the Project or any part thereof, if any, for the collection of any judgment (or other trust judicial process) requiring the payment of money by Lessor in the event of any default by Lessor with respect to any of the terms, covenants and conditions of this Lease to be observed or real estate investment trust performed by Lessor, and no other asset of which it is trustee. 5.2.2 Notwithstanding Lessor shall be subject to any provision to levy, execution or other process for the contrary in satisfaction of Lessee's remedies under this Lease. No officer, it is hereby acknowledged and agreed that the obligations director, administrator, employee, agent, or attorney of the Lessor shall be personally liable for any default of Lessor under this Lease will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Lease. 5.2.3 For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee of the REIT and not in its personal capacity. 5.2.4 This Clause 5 .2 shall survive the termination or rescission of this Lease. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.

LESSOR'S LIABILITY. 5.2.1 Notwithstanding any provision hereof to the contrary contrary, Lessee shall look solely to the estate and property of Lessor in and to the Building (or the proceeds received by Lessor on a sale of such estate and property but not the proceeds of any financing or refinancing thereof) in the event of any claim or judgment against Lessor arising out of or in connection with this Lease, the Parties agree relationship of landlord and acknowledge that HSBCITS has entered into this Lease only in its capacity as the trustee tenant or Lessee's use of the REIT Demised Premises, and not Lessee agrees that the liability of Lessor arising out of or in its personal capacity and all references to the “Lessor” in this Lease shall be construed accordingly. Accordingly, notwithstanding any provision to the contrary in connection with this Lease, HSBCITS has assumed all obligations under this Lease only in its capacity as the trustee relationship of landlord and tenant or Lessee's use of the REIT Demised Premises, shall be limited to such estate and not property of Lessor (or sale proceeds). No other properties or assets of Lessor shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) or for the satisfaction of any other remedy of Lessee arising out of or in connection with this Lease, the relationship of landlord and tenant or Lessee's use of the Demised Premises, and if Lessee shall acquire a lien on or interest in any other properties or assets by judgment or otherwise, Lessee shall promptly release such lien on or interest in such other properties and assets by executing, acknowledging and delivering to Lessor an instrument to that effect, prepared by Lessor's attorneys. It is agreed that neither Lessor nor any of its personal capacity and officers, directors or employees shall ever be personally liable for any judgment against Lessor or any duty or liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Lease Lease. Lessor shall have no liability to Lessee for failure to perform Lessor's obligations hereunder where such failure(s) is given due to causes beyond Lessor's control, including without limitation acts of God, war, civil commotion, strikes, and embargoes; nor shall any such failure entitle Lessee to any abatement or reduction in Rent, except as may be expressly provided herein, or any claim of actual or constructive eviction. Lessee shall not be entitled to any compensation or reduction in Rent by HSBCITS in its capacity reason of inconvenience or loss arising from Lessor's entry onto the Demised Premises as trustee authorized hereunder, nor by reason of the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is limited repairs to the assets of Demised Premises or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which it is trusteeBuilding. 5.2.2 Notwithstanding any provision to the contrary in this Lease, it is hereby acknowledged and agreed that the obligations of the Lessor under this Lease will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Lease. 5.2.3 For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee of the REIT and not in its personal capacity. 5.2.4 This Clause 5 .2 shall survive the termination or rescission of this Lease. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.

LESSOR'S LIABILITY. 5.2.1 Notwithstanding any provision The term "Lessor" as used herein shall mean the owner or owners at the time in question of the fee title to the contrary Premises. In the event of a transfer of Lessor's title or interest in the Premises or in this Lease, Lessor shall deliver to the Parties agree transferee or assignee (in cash or by credit) any unused Security Deposit held by Lessor at the time of such transfer or assignment. Except as provided in Paragraph 15.3, upon such transfer or assignment and acknowledge that HSBCITS has entered into delivery of the Security Deposit, as aforesaid, the prior Lessor shall be relieved of all liability with respect to the obligations and/or covenants under this Lease only in its capacity as thereafter to be performed by the trustee of the REIT and not in its personal capacity and all references Lessor. Subject to the “Lessor” foregoing, the obligations and/or covenants in this Lease to be performed by the Lessor shall be construed accordinglybinding only upon the Lessor as hereinabove defined. AccordinglyThe obligations of Lessor, notwithstanding and Lessor's directors, officers, shareholders, partners (either general or limited), members, employees, agents and representatives, under the Lease do not constitute personal obligations. Lessee, and Lessee's successors and assigns, hereby agree not to seek any provision recourse against Lessor and Lessor's directors, officers, shareholders, partners (either general or limited), members, employees, agents and representatives for the satisfaction of any actual or alleged liability of Lessor to Lessee under the contrary in this Lease, HSBCITS has assumed all obligations under this Lease but Lessee shall look only to Lessor's interest in its capacity as the trustee Premises for the satisfaction of the REIT and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by Lessor to Lessee under the Lessor under this Lease is given by HSBCITS in its capacity as trustee of the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is limited to the assets of or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REIT)Lease. Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of Notwithstanding any other trust or real estate investment trust provision of which it is trustee. 5.2.2 Notwithstanding any provision to the contrary in this Lease, it is hereby acknowledged expressly understood and agreed that the obligations total liability of the Lessor under this Lease will be solely the corporate obligations arising out of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any this Lease, the relationship of the transactions contemplated by Lessor and the provisions Lessee hereunder and/or the Lessee's use of the Leased Premises, shall be limited to the estate of the Lessor in the Property. No other property or asset of the Lessor or any partner or owner of the Lessor shall be subject to levy, execution, or other enforcement proceedings or other judicial process for the satisfaction of any judgment or any other right or remedy of the Lessee arising out of or in connection with this Lease. 5.2.3 For , the avoidance relationship of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee and the Lessee hereunder and/or the Lessee's use of the REIT and not in its personal capacityLeased Premises. 5.2.4 This Clause 5 .2 shall survive the termination or rescission of this Lease. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.

LESSOR'S LIABILITY. 5.2.1 Notwithstanding any provision to the contrary in this Lease, the Parties agree and acknowledge that HSBCITS has entered into this Lease only in its capacity The term "Lessor" as the trustee of the REIT and not in its personal capacity and all references to the “Lessor” used in this Lease shall be construed accordingly. Accordinglylimited to and mean only the owner or owners of the Lessor's interest in this Lease at the time in question, notwithstanding and in the event of any provision transfer or transfers of such interest by the Lessor, or by any entity which comprises the Lessor, the Lessor named herein (and in case of any subsequent transfer, the then transferor), shall be automatically freed and relieved from and after the date of such transfer of all personal liability with respect to the contrary performance of any covenants or agreements on the part of the Lessor contained in this Lease thereafter to be performed, provided that any funds in the hands of such Lessor (or the then transferor at the time of such transfer) in which the Lessee has an interest shall be turned over to the transferee, and upon any such transfer, the transferee shall be deemed to have assumed, subject to the limitations of this Section, all of the covenants, agreements and conditions contained in this Lease to be performed on the part of the Lessor, it being intended hereby that the covenants and agreements contained in this Lease on the part of the Lessor to be performed shall, subject as aforesaid, be binding on the Lessor, its successors and assigns, and on any entity which comprises Lessor, only during and in respect to their respective periods of ownership, either as Lessor or as an entity which comprises Lessor. Neither Lessor, nor any officer, director, shareholder, or partner of Lessor, shall have any personal liability whatsoever with respect to this Lease, HSBCITS has assumed all obligations under this Lease Lessee agreeing that any claim by Lessee or judgment of Lessee against Lessor shall be confined to and satisfied only in its capacity as the trustee of the REIT out of, and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Lease is given by HSBCITS in its capacity as trustee of the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is limited only to the assets of or held on trust for extent of, Lessor's interest in the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which it is trusteeBuilding. 5.2.2 Notwithstanding any provision to the contrary in this Lease, it is hereby acknowledged and agreed that the obligations of the Lessor under this Lease will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Lease. 5.2.3 For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee of the REIT and not in its personal capacity. 5.2.4 This Clause 5 .2 shall survive the termination or rescission of this Lease. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.

LESSOR'S LIABILITY. 5.2.1 Notwithstanding The term "Lessor" as used herein shall mean only the owner or owners, at the time in question, of the fee title or a lessee's interest in a ground lease of the Premises, and in the event of any provision transfer of such title or interest, the Lessor herein named (and in case of any subsequent transfers, then the grantor) shall be relieved from and after the date of such transfer of all liability as respects Lessor's obligations thereafter to the contrary in be performed by Lessor under this Lease, provided that any funds held by Lessor or the Parties agree and acknowledge that HSBCITS has entered into this Lease only in its capacity as then transferor at the trustee time of such transfer under the REIT and not in its personal capacity and all references to the “Lessor” in provisions of this Lease shall be construed accordingly. Accordingly, notwithstanding any provision delivered to the contrary transferee and that such transferee assumes in this Lease, HSBCITS has assumed all obligations under this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Lease is given by HSBCITS in its capacity as trustee of the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is limited to the assets of or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which it is trustee. 5.2.2 Notwithstanding any provision to the contrary in this Lease, it is hereby acknowledged and agreed that full the obligations of the "Lessor" under this Lease which are to be performed from and after the effective date of the transfer. The obligations contained in this Lease to be performed by Lessor shall, subject as aforesaid, be binding on Lessor's successors and assigns, only during their respective periods of ownership. Notwithstanding any provision of this Lease to the contrary, Lessee agrees that it shall look solely to the estate and property of the Lessor in the Premises (including, but not limited to, any proceeds derived from the sale of the Premises or any portion of the Premises), subject to the prior rights of any mortgagee or holder of a deed of trust encumbering the Premises or any portion thereof and subject to the Lessor's rights under a leasehold interest in the Premises or any part thereof, if any, for the collection of any judgment (or other judicial process) requiring the payment of money by Lessor in the event of any default by Lessor with respect to any of the terms, covenants and conditions of this Lease to be observed or performed by Lessor, and no other asset of Lessor shall be subject to any levy, execution or other process for the satisfaction of Lessee's remedies under this Lease. No officer, director, administrator, employee, agent, or attorney of Lessor shall be personally liable for any default of Lessor under this Lease will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Lease. 5.2.3 For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee of the REIT and not in its personal capacity. 5.2.4 This Clause 5 .2 shall survive the termination or rescission of this Lease. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.

LESSOR'S LIABILITY. 5.2.1 Notwithstanding any provision anything to the contrary in this Lease, the Parties agree and acknowledge that HSBCITS has entered into this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and all references to the “Lessor” in this Lease shall be construed accordingly. Accordingly, notwithstanding any provision to the contrary in this Lease, HSBCITS has assumed all obligations under this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Lease is given by HSBCITS in its capacity as trustee of the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is limited to the assets of or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which it is trustee. 5.2.2 Notwithstanding any provision to the contrary provided in this Lease, it is hereby acknowledged specifically understood and agreed that agreed, such agreement being a primary consideration for the obligations execution of the Lessor under this Lease will by Lessor, that there shall be solely absolutely no personal liability on the corporate obligations part of HSBCITS and that none any partner, director, member, officer or shareholder of the Parties shall have any recourse against the shareholdersLessor, directors, officers its successors or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection assigns with respect to any of the transactions contemplated by the provisions terms, covenants and conditions of this Lease., and any liability on the part of Lessor shall be limited solely to the Premises, such exculpation of liability to be absolute and without any exception whatsoever. Notwithstanding the foregoing, Lessor shall be fully liable for the following: 5.2.3 For the avoidance (a) willful failure to pay and discharge or otherwise obtain a release of doubt, any legal action or proceedings commenced lien created by Lessor against the Lessor whether in Singapore or elsewhere pursuant Premises after Lessee has exercised its rights to terminate this Lease shall be brought against HSBCITS and purchase the Premises; (b) willful failure to apply all insurance proceeds, condemnation awards or other similar funds or payments attributable to the Premises, which are actually received by Lessor in its capacity as trustee accordance with the terms hereof; (c) fraud or misrepresentation by Lessor which causes a material loss or damage to Lessee; and (d) any assignment, conveyance or transfer of Lessor's interest in the REIT and not Premises in its personal capacity. 5.2.4 This Clause 5 .2 shall survive the termination or rescission violation of this Lease. 5.2.5 The provisions ; provided, however, that if Lessor's Mortgagee, if any, shall have become the Lessor hereunder as a result of a foreclosure of a Mortgage or other action at law or equity, then such Mortgagee shall not be personally liable for the matters listed in the foregoing clauses (a) - (d) of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or documentSection 9.07.

LESSOR'S LIABILITY. 5.2.1 Notwithstanding any provision anything to the contrary in this Lease, the Parties agree and acknowledge that HSBCITS has entered into this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and all references to the “Lessor” in this Lease shall be construed accordingly. Accordingly, notwithstanding any provision to the contrary in this Lease, HSBCITS has assumed all obligations under this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by the Lessor under this Lease is given by HSBCITS in its capacity as trustee of the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is limited to the assets of or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of any other trust or real estate investment trust of which it is trustee. 5.2.2 Notwithstanding any provision to the contrary provided in this Lease, it is hereby acknowledged specifically understood and agreed that agreed, such agreement being a primary consideration for the obligations execution of the Lessor under this Lease will by Lessor, that (i) there shall be solely absolutely no personal liability on the corporate obligations part of HSBCITS Lessor, its successors or assigns and that none of the Parties shall have any recourse against the trustees, members, partners, shareholders, officers, directors, officers employees and agents of Lessor and its successors or employees assigns, to Lessee with respect to any of HSBCITS for any the terms, covenants and conditions of this Lease, (ii) Lessee waives all claims, lossesdemands and causes of action against the trustees, damagesmembers, liabilities partners, shareholders, officers, directors, employees and agents of Lessor and its successors or assigns in the event of any breach by Lessor of any of the terms, covenants and conditions of this Lease to be performed by Lessor, and (iii) Lessee shall look solely to the Properties for the satisfaction of each and every remedy of Lessee in the event of any breach by Lessor of any of the terms, covenants and conditions of this Lease to be performed by Lessor, or any other obligations whatsoever matter in connection with this Lease or the Properties, such exculpation of liability to be absolute and without any exception whatsoever. Subject to the "Carveouts" as hereinafter set forth, it is specifically understood and agreed, such agreement being a primary consideration for the execution of this Lease by Lessee, that (i) there shall be absolutely no personal liability on the part of the trustees, members, partners, shareholders, officers, directors, employees and agents of Lessee and its successors or assigns, to Lessor with respect to any of the transactions contemplated by the provisions terms, covenants and conditions of this Lease or the Other Agreements, and (ii) Lessor waives all claims, demands and causes of action against the trustees, members, partners, shareholders, officers, directors, employees and agents of Lessee and its successors or assigns in the event of any breach by Lessee of any of the terms, covenants and conditions of this Lease or the Other Agreements to be performed by Lessee, such exculpation of liability and waiver of claims, however, shall not be applicable and shall be of no force or effect upon the occurrence of any one or more of the following specified circumstances (the "Carveouts"): (i) Any fraud or misrepresentation by Lessee under this Lease. 5.2.3 For the avoidance of doubt, any legal action of the other Loan Documents, or proceedings commenced against any of the Lessor whether Other Agreements; (ii) Waste of any of the Properties (which shall be defined to include damage, destruction or disrepair of the Properties caused by a willful act or grossly negligent omission of the Lessee, but to exclude ordinary wear and tear in Singapore the absence of gross negligence); (iii) Misapplication of proceeds resulting from a Casualty or elsewhere pursuant Taking (each as defined in the Mortgages); (iv) Failure of the Lessee to pay directly to Lender all rents, incomes and profits, net of reasonable and customary operating expenses, received in respect of any period when the Loan is in default; and (v) The termination or amendment of this Lease shall be brought against HSBCITS or any Related Lease in its capacity as trustee violation of the REIT and not in its personal capacity. 5.2.4 This Clause 5 .2 shall survive the termination or rescission terms of this LeaseLease or the Loan Documents. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.

LESSOR'S LIABILITY. 5.2.1 Notwithstanding any provision The term "Lessor" as used herein shall mean the owner or owners at the time in question of the fee title to the contrary Premises. In the event of a transfer of Lessor's title or interest in the Premises or in this Lease, Lessor shall deliver to the Parties agree transferee or assignee (in cash or by credit) any unused Security Deposit held by Lessor at the time of such transfer or assignment. Except as provided in Paragraph 15.3, upon such transfer or assignment and acknowledge that HSBCITS has entered into delivery of the Security Deposit, as aforesaid, the prior Lessor shall be relieved of all liability with respect to the obligations and/or covenants under this Lease only in its capacity as thereafter to be performed by the trustee of the REIT and not in its personal capacity and all references Lessor. Subject to the “Lessor” foregoing, the obligations and/or covenants in this Lease to be performed by the Lessor shall be construed accordinglybinding only upon the Lessor as hereinabove defined. AccordinglyThe obligations of Lessor, notwithstanding and Lessor's directors, officers, shareholders, partners (either general or limited), members, employees, agents and representatives, under the Lease do not constitute personal obligations. Lessee, and Lessee's successors and assigns, hereby agree not to seek any provision recourse against Lessor and Lessor's directors, officers, shareholders, partners (either general or limited), members, employees, agents and representatives for the satisfaction of any actual or alleged liability of Lessor to lessee under the contrary in this Lease, HSBCITS has assumed all obligations under this Lease but Lessee shall look only to Lessor's interest in its capacity as the trustee Premises for the satisfaction of the REIT and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given by Lessor to Lessee under the Lessor under this Lease is given by HSBCITS in its capacity as trustee of the REIT and not in its personal capacity and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is limited to the assets of or held on trust for the REIT over which HSBCITS in its capacity as trustee of the REIT has recourse and shall not extend to any personal or other assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust (other than for the REIT)Lease. Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of Notwithstanding any other trust or real estate investment trust provision of which it is trustee. 5.2.2 Notwithstanding any provision to the contrary in this Lease, it is hereby acknowledged expressly understood and agreed that the obligations total liability of the Lessor under this Lease will be solely the corporate obligations arising out of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any this Lease, the relationship of the transactions contemplated by Lessor and the provisions Lessee hereunder and/or the Lessee's use of the Leased Premises, shall be limited to the estate of the Lessor in the Property. No other property or asset of the Lessor or any partner or owner of the Lessor shall be subject to levy, execution, or other enforcement proceedings or other judicial process for the satisfaction of any judgment or any other right or remedy of the Lessee arising out of or in connection with this Lease. 5.2.3 For , the avoidance relationship of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee and the Lessee hereunder and/or the Lessee's use of the REIT and not in its personal capacityLeased Premises. 5.2.4 This Clause 5 .2 shall survive the termination or rescission of this Lease. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.

LESSOR'S LIABILITY. 5.2.1 Notwithstanding 15.1 The term "Lessor" as used herein shall mean only the owner or owners at the time in question of the fee title or a Lessee's interest in a ground lease of the Building. In the event of any provision transfer of such title or interest, the Lessor herein named (and in case of any subsequent transfers, the then grantor) shall be relieved from, and after the date of such transfers of all liability for the Lessor's obligations thereafter to be performed; provided, however, that any funds in the hands of the Lessor or the then grantor at the time of such transfer (including the Security Deposit and the Letter of Credit) in which the Lessee has an interest shall be delivered to the contrary grantee. The obligations contained in this Lease, the Parties agree and acknowledge that HSBCITS has entered into this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and all references to the “Lessor” in this Lease shall Leaseto be construed accordingly. Accordingly, notwithstanding any provision to the contrary in this Lease, HSBCITS has assumed all obligations under this Lease only in its capacity as the trustee of the REIT and not in its personal capacity and any liability of or warranty, representation, covenant, undertaking or indemnity given performed by the Lessor under this Lease shall, subject as aforesaid, be binding on the Lessor's successors and assigns only during their respective periods of ownership. 15.2 The initial Lessor hereunder is given by HSBCITS in its capacity a joint venture operating as trustee a California partnership. In consideration of the REIT benefits accruing hereunder, the Lessee, its successors and not assigns, agree that, in its personal capacity the event of any actual or alleged failure, breach or default hereunder by the initial Lessor: (a) The sole and any power and/or right conferred on any receiver, attorney, agent and/or delegate under this Lease is limited to exclusive remedy shall be against the assets of the joint venture; (b) No joint venturer shall be sued or held on trust for the REIT over which HSBCITS named a party in its capacity any suit or action (except as trustee may be necessary to secure jurisdiction of the REIT has recourse joint venture); (c) No service of process shall be made against any joint venturer (except as may be necessary to secure jurisdiction of the joint venture); service of process; (d) No joint venturer shall be required to answer or otherwise plead to any (e) No judgment will be taken against any joint venturer; (f) Any judgment taken against any joint venturer may be vacated and shall not extend to set aside at any personal or other time nunc pro tunc; venturer; and (g) No writ of execution will ever be levied against the assets of HSBCITS or any assets held by HSBCITS as the trustee of any trust joint (other than for the REIT). Any obligation, matter, act, action or thing required to be done, performed, or undertaken or any covenant, representation, warranty or undertaking given h) These covenants and agreements are enforceable by the Lessor under this Lease shall only be in connection with the matters relating to the REIT and shall not extend to the obligations of HSBCITS in respect of also by any other trust or real estate investment trust of which it is trusteejoint venturer thereof. 5.2.2 Notwithstanding any provision to the contrary in this Lease, it is hereby acknowledged and agreed that the obligations of the Lessor under this Lease will be solely the corporate obligations of HSBCITS and that none of the Parties shall have any recourse against the shareholders, directors, officers or employees of HSBCITS for any claims, losses, damages, liabilities or other obligations whatsoever in connection with any of the transactions contemplated by the provisions of this Lease. 5.2.3 For the avoidance of doubt, any legal action or proceedings commenced against the Lessor whether in Singapore or elsewhere pursuant to this Lease shall be brought against HSBCITS in its capacity as trustee of the REIT and not in its personal capacity. 5.2.4 This Clause 5 .2 shall survive the termination or rescission of this Lease. 5.2.5 The provisions of this Clause 5.2 shall apply, mutatis mutandis, to any notices, certificates or other documents which the Lessor issues under or pursuant to this Lease as if expressly set out in such notice, certificate or document.