Common use of Substitution of Collateral Clause in Contracts

Substitution of Collateral. (a) Provided that no Event of Default has occurred and is continuing, the Company shall have the right (and, under the terms of the Indenture, in certain circumstances the obligation) to substitute promissory notes or other similar instruments or investment property that meet the terms and conditions of Section 4.9 of the Indenture (“Substituted Notes”) for Notes previously pledged as Collateral (“Released Notes”). (b) The Company may make such a substitution by delivering to the Trustee: (i) a written notice to the Trustee executed by an officer of the Company which contains (A) a description of the Substituted Note(s), (B) a statement that such Substituted Note has been pledged by the Company as Collateral under this Security Agreement, (C) a certification by the Company that the representations and warranties regarding Collateral contained in Section 6 below are true with respect to the Substituted Note, (D) a description of the Notes to be released from the Security Interest (i.e., a description of the Released Note(s)), and (E) a certification by the Company that upon the release of the Released Notes from the Security Interest, the value of the Collateral shall be at least 100% of the aggregate principal amount of the Securities then outstanding (the “Minimum Value”); (ii) the original Substituted Note(s); and (iii) an endorsement in blank for the Substituted Notes. (c) So long as the aggregate value of the Collateral after the release of the Released Notes is at least the Minimum Value, the value of the Substituted Note(s) being substituted for the Released Note(s) may be less than the value of the Released Note(s). (d) Upon the Trustee’s receipt of the documents described in Section 4(b), the Substituted Note(s) shall be deemed to be Collateral and the Released Note(s) shall be deemed to be released from the Security Interest and shall no longer be subject to the terms of this Security Agreement. The Trustee shall promptly thereafter return the Released Note(s) to the Company, together with any endorsement of such Released Note(s) made by the Company. (e) In the event that the Trustee has filed (or has caused to be filed) a financing statement in order to perfect the Security Interest in a Note that has become a Released Note, the Trustee shall prepare and file a financing statement amendment which releases the Released Note from the Security Interest and the Security Agreement (the “Release”). The Trustee hereby authorizes the Company to file a copy of the Release in the appropriate filing office if the Trustee has not filed the Release within ten (10) business days of the Trustee’s receipt of the documents described in Section 4(b). This authorization is intended to comply with the terms of Minn. Stat. §336.9-509 and no further writing is required as evidence of the Trustee’s grant of authority to the Company to file the Release.

Substitution of Collateral. (a) Provided that no Event of Default has occurred and is continuing, the Company shall have the right (and, under the terms of the Indenture, in certain circumstances the obligation) to substitute promissory notes or other similar instruments or investment property that meet the terms and conditions of Section 4.9 of the Indenture (“"Substituted Notes”") for Notes previously pledged as Collateral (“"Released Notes”"). (b) The Company may make such a substitution by delivering to the Trustee: (i) a written notice to the Trustee executed by an officer of the Company which contains (A) a description of the Substituted Note(s), (B) a statement that such Substituted Note has been pledged by the Company as Collateral under this Security Agreement, (C) a certification by the Company that the representations and warranties regarding Collateral contained in Section 6 below are true with respect to the Substituted Note, (D) a description of the Notes to be released from the Security Interest (i.e., a description of the Released Note(s)), and (E) a certification by the Company that upon the release of the Released Notes from the Security Interest, the value of the Collateral shall be at least 100% of the aggregate principal amount of the Securities then outstanding (the “"Minimum Value”"); (ii) the original Substituted Note(s); and (iii) an endorsement in blank for the Substituted Notes. (c) So long as the aggregate value of the Collateral after the release of the Released Notes is at least the Minimum Value, the value of the Substituted Note(s) being substituted for the Released Note(s) may be less than the value of the Released Note(s). (d) Upon the Trustee’s 's receipt of the documents described in Section 4(b), the Substituted Note(s) shall be deemed to be Collateral and the Released Note(s) shall be deemed to be released from the Security Interest and shall no longer be subject to the terms of this Security Agreement. The Trustee shall promptly thereafter return the Released Note(s) to the Company, together with any endorsement of such Released Note(s) made by the Company. (e) In the event that the Trustee has filed (or has caused to be filed) a financing statement in order to perfect the Security Interest in a Note that has become a Released Note, the Trustee shall prepare and file a financing statement amendment which releases the Released Note from the Security Interest and the Security Agreement (the “"Release”"). The Trustee hereby authorizes the Company to file a copy of the Release in the appropriate filing office if the Trustee has not filed the Release within ten (10) business days of the Trustee’s 's receipt of the documents described in Section 4(b). This authorization is intended to comply with the terms of Minn. Stat. §Section 336.9-509 and no further writing is required as evidence of the Trustee’s 's grant of authority to the Company to file the Release.

Substitution of Collateral. (a) Provided that no Event of Default has occurred and is continuing, the Company shall have the right (and, under the terms of the Indenture, in certain circumstances the obligation) Subject to substitute promissory notes or other similar instruments or investment property that meet the terms and conditions of this Section 4.9 7.16, Lender agrees to accept the substitution of collateral for a Property (each, a “Collateral Substitution”), provided that in connection with each Collateral Substitution, each and every one of the Indenture following conditions are satisfied (“Substituted Notes”) for Notes previously pledged as Collateral (“Released Notes”). (b) The Company may make such a substitution to be determined by delivering to Lender in the Trustee:exercise of its reasonable judgment): (i) a written notice As of the date Lender consents to the Trustee executed by an officer Collateral Substitution and as of the Company date the Collateral Substitution is deemed effective, no monetary Potential Default (which contains solely for the purposes of this provisions means a failure to make a payment of a liquidated sum of money on the due date thereof but for which the applicable grace period has yet to expire) then exists, and no Event of Default shall exist; (ii) Borrower shall not be entitled to request, and Lender shall have no obligation to approve: (A) a description of the Substituted Note(s)Collateral Substitution prior to October 1, 2009 or after October 1, 2017, and (B) Collateral Substitutions for more than two (2) Properties in any 12-month period; (iii) Only Borrower, and not a statement that permitted successor under Section 7.1(c), shall have the right to request a Collateral Substitution; (iv) Borrower shall not be entitled to request, and Lender shall have no obligation to approve a Collateral Substitution for any Property, if such Substituted Note has Property, together with all Properties previously substituted pursuant to this Section 7.16, contains, in the aggregate, more than: (A) 807,000 square feet, if the San Ixxxxxx Properties shall have been pledged by previously released pursuant to Section 7.15 or substituted pursuant to this Section 7.16; or (B) 600,000, if the Company as Collateral under this Security AgreementSan Ixxxxxx Properties shall remain a portion of the Portfolio; (v) Lender shall have confirmed, (C) a certification by in the Company exercise of its reasonable judgment, that the representations and warranties regarding Portfolio will, following the closing of such Collateral contained in Section 6 below are true with respect to Substitution, generate a Debt Service Coverage Ratio, calculated for the Substituted Note, (D) a description 12-month period immediately following the closing of the Notes requested Collateral Substitution (based on a fully amortizing 20-year schedule), equal to or in excess of the greater of: (A) 125%, or (B) the Debt Service Coverage Ratio (inclusive of the Property to be released from the Security Interest (i.e., a description Portfolio and exclusive of the Released Note(s)), and (ESubstitute Property to be added to the Portfolio in connection with the requested Collateral Substitution) a certification by calculated for the Company that upon 12-month period immediately preceding the release closing of the Released Notes from requested Collateral Substitution; (vi) Lender shall have confirmed in the Security Interestexercise of its reasonable judgment, that the value Loan to Value Ratio, calculated after giving effect to the closing of the Collateral shall be at least 100% Substitution, will not exceed the lesser of the aggregate principal amount of the Securities then outstanding (the “Minimum Value”); 1) 65%, or (ii2) the original Substituted Note(s); and (iii) an endorsement in blank for the Substituted Notes. (c) So long as the aggregate value of the Collateral after the release of the Released Notes is at least the Minimum Value, the value of the Substituted Note(s) being substituted for the Released Note(s) may be less than the value of the Released Note(s). (d) Upon the Trustee’s receipt of the documents described in Section 4(b), the Substituted Note(s) shall be deemed Loan to be Collateral and the Released Note(s) shall be deemed Value Ratio calculated immediately prior to be released from the Security Interest and shall no longer be subject giving effect to the terms of this Security Agreement. The Trustee shall promptly thereafter return the Released Note(s) to the Company, together with any endorsement of such Released Note(s) made by the Company. (e) In the event that the Trustee has filed (or has caused to be filed) a financing statement in order to perfect the Security Interest in a Note that has become a Released Note, the Trustee shall prepare and file a financing statement amendment which releases the Released Note from the Security Interest and the Security Agreement (the “Release”). The Trustee hereby authorizes the Company to file a copy of the Release in the appropriate filing office if the Trustee has not filed the Release within ten (10) business days of the Trustee’s receipt of the documents described in Section 4(b). This authorization is intended to comply with the terms of Minn. Stat. §336.9-509 and no further writing is required as evidence of the Trustee’s grant of authority to the Company to file the Release.the

Substitution of Collateral. (a) Provided that no Event of Default has occurred and is continuing, the Company shall have the right (and, under the terms of the Indenture, in certain circumstances the obligation) to substitute promissory notes or other similar instruments or investment property that meet the terms and conditions of Section 4.9 of the Indenture (“"Substituted Notes”") for Notes previously pledged as Collateral (“"Released Notes”"). (b) The Company may make such a substitution by delivering to the Trustee: (i) a written notice to the Trustee executed by an officer of the Company which contains (A) a description of the Substituted Note(s), (B) a statement that such Substituted Note has been pledged by the Company as Collateral under this Security Agreement, (C) a certification by the Company that the representations and warranties regarding Collateral contained in Section 6 below are true with respect to the Substituted Note, (D) a description of the Notes to be released from the Security Interest (i.e., a description of the Released Note(s)), and (E) a certification by the Company that upon the release of the Released Notes from the Security Interest, the value of the Collateral shall be at least 100120% of the aggregate principal amount of the Securities then outstanding (the “"Minimum Value”"); (ii) the original Substituted Note(s); and (iii) an endorsement in blank for the Substituted Notes. (c) So long as the aggregate value of the Collateral after the release of the Released Notes is at least the Minimum Value, the value of the Substituted Note(s) being substituted for the Released Note(s) may be less than the value of the Released Note(s). (d) Upon the Trustee’s 's receipt of the documents described in Section 4(b), the Substituted Note(s) shall be deemed to be Collateral and the Released Note(s) shall be deemed to be released from the Security Interest and shall no longer be subject to the terms of this Security Agreement. The Trustee shall promptly thereafter return the Released Note(s) to the Company, together with any endorsement of such Released Note(s) made by the Company. (e) In the event that the Trustee has filed (or has caused to be filed) a financing statement in order to perfect the Security Interest in a Note that has become a Released Note, the Trustee shall prepare and file a financing statement amendment which releases the Released Note from the Security Interest and the Security Agreement (the “"Release”"). The Trustee hereby authorizes the Company to file a copy of the Release in the appropriate filing office if the Trustee has not filed the Release within ten (10) business days of the Trustee’s 's receipt of the documents described in Section 4(b). This authorization is intended to comply with the terms of Minn. StatStat.ss. §336.9-509 and no further writing is wrixxxx xx required as evidence of the Trustee’s 's grant of authority to the Company to file the Release.

Substitution of Collateral. (a) Provided that no Event of Default has occurred and is continuing, the Company shall have the right (and, under the terms of the Indenture, in certain circumstances the obligation) to substitute promissory notes or other similar instruments or investment property that meet the terms and conditions of Section 4.9 of the Indenture (“"Substituted Notes”") for Notes previously pledged as Collateral (“"Released Notes”"). (b) The Company may make such a substitution by delivering to the Trustee: (i) a written notice to the Trustee executed by an officer of the Company which contains (A) a description of the Substituted Note(s), (B) a statement that such Substituted Note has been pledged by the Company as Collateral under this Security Agreement, (C) a certification by the Company that the representations and warranties regarding Collateral contained in Section 6 below are true with respect to the Substituted Note, (D) a description of the Notes to be released from the Security Interest (i.e., a description of the Released Note(s)), and (E) a certification by the Company that upon the release of the Released Notes from the Security Interest, the value of the Collateral shall be at least 100120% of the aggregate principal amount of the Securities then outstanding (the “"Minimum Value”"); (ii) the original Substituted Note(s); and (iii) an endorsement in blank for the Substituted Notes. (c) So long as the aggregate value of the Collateral after the release of the Released Notes is at least the Minimum Value, the value of the Substituted Note(s) being substituted for the Released Note(s) may be less than the value of the Released Note(s). (d) Upon the Trustee’s 's receipt of the documents described in Section 4(b), the Substituted Note(s) shall be deemed to be Collateral and the Released Note(s) shall be deemed to be released from the Security Interest and shall no longer be subject to the terms of this Security Agreement. The Trustee shall promptly thereafter return the Released Note(s) to the Company, together with any endorsement of such Released Note(s) made by the Company. (e) In the event that the Trustee has filed (or has caused to be filed) a financing statement in order to perfect the Security Interest in a Note that has become a Released Note, the Trustee shall prepare and file a financing statement amendment which releases the Released Note from the Security Interest and the Security Agreement (the “"Release”"). The Trustee hereby authorizes the Company to file a copy of the Release in the appropriate filing office if the Trustee has not filed the Release within ten (10) business days of the Trustee’s 's receipt of the documents described in Section 4(b). This authorization is intended to comply with the terms of Minn. StatStat.ss. §336.9-509 and no further writing furthxx xxxxing is required as evidence of the Trustee’s 's grant of authority to the Company to file the Release.

Substitution of Collateral. (a) Provided that no Event of Default has occurred and is continuing, the Company shall have the right (and, under the terms of the Indenture, in certain circumstances the obligation) to substitute promissory notes or other similar instruments or investment property that meet the terms and conditions of Section 4.9 of the Indenture (“"Substituted Notes”") for Notes previously pledged as Collateral (“"Released Notes”"). (b) The Company may make such a substitution by delivering to the Trustee: (i) a written notice to the Trustee executed by an officer of the Company which contains (A) a description of the Substituted Note(s), (B) a statement that such Substituted Note has been pledged by the Company as Collateral under this Security Agreement, (C) a certification by the Company that the representations and warranties regarding Collateral contained in Section 6 below are true with respect to the Substituted Note, (D) a description of the Notes to be released from the Security Interest (i.e., a description of the Released Note(s)), and (E) a certification by the Company that upon the release of the Released Notes from the Security Interest, the value of the Collateral shall be at least 100120% of the aggregate principal amount of the Securities then outstanding (the “"Minimum Value”"); (ii) the original Substituted Note(s); and (iii) an endorsement in blank for the Substituted Notes. (c) So long as the aggregate value of the Collateral after the release of the Released Notes is at least the Minimum Value, the value of the Substituted Note(s) being substituted for the Released Note(s) may be less than the value of the Released Note(s). (d) Upon the Trustee’s 's receipt of the documents described in Section 4(b), the Substituted Note(s) shall be deemed to be Collateral and the Released Note(s) shall be deemed to be released from the Security Interest and shall no longer be subject to the terms of this Security Agreement. The Trustee shall promptly thereafter return the Released Note(s) to the Company, together with any endorsement of such Released Note(s) made by the Company. (e) In the event that the Trustee has filed (or has caused to be filed) a financing statement in order to perfect the Security Interest in a Note that has become a Released Note, the Trustee shall prepare and file a financing statement amendment which releases the Released Note from the Security Interest and the Security Agreement (the “"Release”"). The Trustee hereby authorizes the Company to file a copy of the Release in the appropriate filing office if the Trustee has not filed the Release within ten (10) business days of the Trustee’s 's receipt of the documents described in Section 4(b). This authorization is intended to comply with the terms of Minn. Stat. §ss. 336.9-509 and no further writing is required as evidence of the Trustee’s 's grant of authority to the Company to file the Release.