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LIBRARY SQUARE ASSOCIATES, LLC
(Borrower)
and
COMMONWEALTH LAND TITLE COMPANY
(Trustee)
and
GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.
(Lender)
DEED OF TRUST, ASSIGNMENT OF LEASES
AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING
Dated: As of June ___, 2003
Location: 633 West Fifth Street
County: Los Angeles
State: California
DOCUMENT PREPARED BY AND WHEN RECORDED, RETURN TO:
Cadwalader, Wickersham & Taft
100 Maiden Lane
New York, New York 10038
Attention: Alan W. Lawrence, Esq.
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TABLE OF CONTENTS
Page
PART I
GENERAL PROVISIONS
1. Payment of Debt and Incorporation of Covenants, Conditions and
Agreements.............................................................4
2. Warranty of Title......................................................4
3. Insurance..............................................................4
4. Casualty...............................................................9
5. Payment of Taxes, Etc.................................................15
6. Tax and Insurance Impound Fund; Deferred Maintenance Escrow Fund;
US Bancorp Escrow Fund; Outstanding Tenant Allowance Escrow Fund;
Replacement/Leasing Escrow Fund.......................................16
7. Alterations...........................................................28
8. Leases and Rents......................................................28
9. Maintenance and Use of Trust Property.................................30
10. Transfer or Encumbrance of the Trust Property.........................31
11. Representations and Covenants Concerning the Borrower and Trust
Property..............................................................38
12. Single Purpose Entity/Separateness....................................44
13. Estoppel Certificates and No Default Affidavits.......................50
14. Controlling Agreement.................................................50
15. Changes in Laws Regarding Taxation....................................51
16. No Credits on Account of the Debt.....................................51
17. Documentary Stamps....................................................51
18. Books and Records.....................................................51
19. Performance of Other Agreements.......................................53
20. Further Acts, Etc.....................................................53
21. Recording of Deed of Trust, Etc.......................................53
22. Reporting Requirements................................................54
23. Events of Default.....................................................54
24. Late Payment Charge...................................................56
25. Right To Cure Defaults................................................56
26. Additional Remedies...................................................56
27. Right of Entry........................................................59
28. Security Agreement....................................................60
29. Actions and Proceedings...............................................61
30. Waiver of Setoff and Counterclaim.....................................61
31. Contest of Certain Claims.............................................61
32. Recovery of Sums Required to be Paid..................................62
33. Marshalling and Other Matters.........................................62
34. Hazardous Substances..................................................62
35. Asbestos..............................................................63
36. Environmental Monitoring..............................................63
37. Handicapped Access....................................................65
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38. Indemnification.......................................................65
39. Notices...............................................................66
40. Authority.............................................................67
41. Waiver of Notice......................................................68
42. Remedies of Borrower..................................................68
43. Sole Discretion of Lender.............................................68
44. Non-Waiver............................................................68
45. No Oral Change........................................................69
46. Liability.............................................................69
47. Inapplicable Provisions...............................................69
48. Headings, Etc.........................................................69
49. Duplicate Originals...................................................69
50. Definitions...........................................................69
51. Homestead.............................................................69
52. Assignments...........................................................69
53. Waiver of Jury Trial..................................................70
54. Governing Law.........................................................70
55. Trustee's Fees; Substitute Trustee....................................71
56. Power of Sale.........................................................72
57. Recourse Provisions...................................................73
58. Cash Management Agreement.............................................75
59. Management of the Trust Property......................................75
60. Servicer..............................................................76
61. Component Notes.......................................................76
62. Mezzanine Loan Option.................................................77
63. Miscellaneous.........................................................78
PART II
STATE SPECIFIC PROVISIONS
64. Principles of Construction............................................79
65. Additional Remedies Provisions........................................80
66. Deed of Trust Not to Secure Environmental Covenants, Obligations,
and Indemnities or Guaranty Obligations...............................82
67. Additional Waivers....................................................83
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INDEX OF DEFINED TERMS
26th Floor Buildout Amount........18
Access Laws.......................65
Additional Monthly Leasing
Escrow Deposit..................19
Affiliate.........................49
Affiliated Manager................31
Asbestos..........................63
Assignment of Leases and Rents....43
Award.............................10
Best...............................8
Blanket Insurance Premium
Financing Arrangement............9
Borrower...........................1
Borrower Parties..................73
Bottom Dollar Guaranty............48
Cash Management Agreement.........75
Casualty...........................9
Casualty Consultant...............13
Casualty Restoration...............9
Casualty Retainage................13
CERCLA............................62
Code..............................68
Collateral........................60
Condemnation......................10
Condemnation Proceeds.............11
Condemnation Restoration..........10
Control...........................35
Controlled........................35
Debt...............................1
Debt Service Coverage Ratio.......52
Deed of Trust......................1
Deferred Maintenance Fund.........17
Delinquency Date..................15
Eligible Institution..............24
Environmental Laws................62
Equipment..........................2
ERISA.............................40
Event of Default..................54
Factory Mutual.....................9
Financing Installment..............9
Funds.............................24
GAAP..............................22
Gross Income from Operations......21
Guarantor.........................31
Hazardous Substances..............62
Improvements.......................1
Indebtedness......................49
Independent Director..............49
Independent Manager...............49
Insolvency Opinion................50
Insurance Premiums.................8
Insurance Proceeds................11
Insured Casualty...................9
Intangibles........................3
Leases.............................2
Leases In Place...................21
Leasing Deposits..................19
Leasing Escrow Fund Catch-Up
Deposit.........................20
Lender.............................1
Lender's Consultant...............63
Letter of Credit..................24
Loan...............................1
Loan Documents.....................4
Major Lease.......................29
Management Agreement..............44
Manager...........................44
Mezzanine Borrower................77
Mezzanine Lender..................77
Mezzanine Loan....................77
Mezzanine Option..................77
Monthly Leasing Escrow Deposit....19
Monthly Replacement Escrow Amount.19
Moody's............................8
Mortgage Borrower.................77
Mortgage Loan.....................77
Net Operating Income..............21
Net Proceeds......................11
Net Proceeds Deficiency...........14
NOI Trigger Event.................21
Note...............................1
Notices...........................66
OP.................................6
Operating Expenses................22
Other Charges.....................15
Outstanding Tenant Allowance
Amount..........................18
Outstanding Tenant Allowance
Escrow Fund.....................18
Outstanding Tenant Allowance
Obligations.....................18
Permitted Exceptions...............4
Permitted Institutional
Transferee......................35
Permitted Investments.........24, 27
Person............................50
Phase I Report....................62
Policies...........................7
Policy.............................7
Premises...........................1
Rating Agencies...................28
RCRA..............................62
REIT..............................32
Remedial Work.....................64
Rent Roll.........................43
Rentable Space Percentage.........12
Rents..............................3
Replacement Deposits..............19
Replacement/Leasing Escrow Fund...19
Required Leases...................12
Restoration.......................10
Restricted Party..................31
S&P................................7
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Sale or Pledge....................32
Securitization....................28
Servicer..........................76
Servicing Agreement...............76
Significant Casualty...............9
Special Purpose Bankruptcy
Remote Entity...................45
Subordination of Management
Agreement.......................75
Survey............................44
Taking............................10
Tax and Insurance Impound Fund....16
Taxes.............................15
Tenant Estoppels..................43
Terrorism Acts.....................7
Threshold Amount..................28
Transfer..........................32
Trust Property.....................1
Trustee............................1
Uniform Commercial Code............2
Upfront US Bancorp Reserve Amount.17
US Bancorp Escrow Fund............17
US Bancorp Reserve Amount.........17
US Bancorp Space..................18
US Bancorp TI/LC Obligations......17
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EXHIBITS
Exhibit A LEGAL DESCRIPTION
Exhibit B RESERVED
Exhibit C REQUIRED REPAIRS
Exhibit D OUTSTANDING TENANT ALLOWANCE OBLIGATIONS
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DEED OF TRUST, ASSIGNMENT OF LEASES AND
RENTS, SECURITY AGREEMENT AND FIXTURE FILING
THIS DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY
AGREEMENT AND FIXTURE FILING (this "DEED OF TRUST"), made as of June __, 2003,
by LIBRARY SQUARE ASSOCIATES, LLC, a Delaware limited liability company, having
its principal place of business at 555 West Fifth Street, Suite 5000, Los
Angeles, California 90013 ("BORROWER"), to COMMONWEALTH LAND TITLE COMPANY, a
California corporation, the trustee hereunder, having its mailing address at 888
West 6th Street, 4th Floor, Los Angeles, California 90017 ("TRUSTEE") for the
benefit of GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation
("LENDER"), having its principal office at 600 Steamboat Road, Greenwich,
Connecticut 06830.
W I T N E S S E T H:
To secure the payment of an indebtedness (a) in the original
principal sum of Two Hundred Fifty-Two Million and No/100 Dollars
($252,000,000), lawful money of the United States of America, to be paid with
interest according to a certain Deed of Trust Note of even date herewith made by
Borrower to Lender (together with all extensions, renewals or modifications
thereof, being hereinafter called the "NOTE", and the loan evidenced by the Note
hereinafter being referred to as the "LOAN") and all other sums due hereunder,
under the other Loan Documents (hereinafter defined) and under the Note (said
indebtedness and interest due under the Note and all other sums due hereunder
under the Note and the other Loan Documents being hereinafter collectively
referred to as the "DEBT"), Borrower has deeded, mortgaged, given, granted,
bargained, transferred, sold, alienated, enfeoffed, conveyed, confirmed,
warranted, pledged, assigned, and hypothecated and by these presents does hereby
deed, mortgage, give, grant, bargain, sell, alien, enfeoff, convey, confirm,
warrant, pledge, assign and hypothecate unto Trustee (in trust), with power of
sale for the benefit and security of Lender, the real property described in
Exhibit A attached hereto (the "PREMISES") and the buildings, structures,
fixtures, additions, enlargements, extensions, modifications, repairs,
replacements and improvements now or hereafter located thereon (the
"IMPROVEMENTS");
TOGETHER WITH: all right, title, interest and estate of Borrower now
owned, or hereafter acquired, in and to the following property, rights,
interests and estates (the Premises, the Improvements, and such property,
rights, interests and estates hereinafter described are collectively referred to
herein as the "TRUST PROPERTY"):
GRANTING CLAUSE ONE
All easements, rights-of-way, strips and gores of land, streets,
ways, alleys, passages, sewer rights, water, water courses, water rights and
powers, air rights and development rights, all rights to oil, gas, minerals,
coal and other substances of any kind or character, and all estates, rights,
titles, interests, privileges, liberties, tenements, hereditaments and
appurtenances of any nature whatsoever, in any way belonging, relating or
pertaining to the Premises and the Improvements and the reversion and
reversions, remainder and remainders, and all land lying in
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the bed of any street, road, highway, alley or avenue, opened, vacated or
proposed, in front of or adjoining the Premises, to the center line thereof and
all the estates, rights, titles, interests, dower and rights of dower, curtsey
and rights of curtsey, property, possession, claim and demand whatsoever, both
at law and in equity, of Borrower of, in and to the Premises and the
Improvements and every part and parcel thereof, with the appurtenances thereto;
GRANTING CLAUSE TWO
All machinery, furniture, furnishings, equipment, computer software
and hardware, fixtures (including, without limitation, all heating, air
conditioning, plumbing, lighting, communications and elevator fixtures) and
other property of every kind and nature, whether tangible or intangible,
whatsoever owned by Borrower, or in which Borrower has or shall have an
interest, now or hereafter located upon the Premises and the Improvements, or
appurtenant thereto, and usable in connection with the present or future
operation and occupancy of the Premises and the Improvements and all building
equipment, materials and supplies of any nature whatsoever owned by Borrower, or
in which Borrower has or shall have an interest, now or hereafter located upon
the Premises and the Improvements, or appurtenant thereto, or usable in
connection with the present or future operation, enjoyment and occupancy of the
Premises and the Improvements (hereinafter collectively referred to as the
"EQUIPMENT"), including any leases of any of the foregoing, any deposits
existing at any time in connection with any of the foregoing, and the proceeds
of any sale or transfer of the foregoing, and the right, title and interest of
Borrower in and to any of the Equipment that may be subject to any "security
interests" as defined in the Uniform Commercial Code, as adopted and enacted by
the State or States where any of the Trust Property is located (the "UNIFORM
COMMERCIAL CODE"), superior in lien to the lien of this Deed of Trust;
GRANTING CLAUSE THREE
Awards or payments, including interest thereon, that may heretofore
and hereafter be made with respect to the Premises and the Improvements, whether
from the exercise of the right of eminent domain or condemnation (including,
without limitation, any transfer made in lieu of or in anticipation of the
exercise of said rights), or for a change of grade, or for any other injury to
or decrease in the value of the Premises and Improvements;
GRANTING CLAUSE FOUR
All leases, subleases and other agreements or arrangements
heretofore or hereafter entered into affecting the use, enjoyment or occupancy
of, or the conduct of any activity upon or in, the Premises and the
Improvements, including any extensions, renewals, modifications or amendments
thereof (the "LEASES") and all rents, rent equivalents, moneys payable as
damages or in lieu of rent or rent equivalents (including, but not limited to,
fees from parking passes), royalties (including, without limitation, all oil and
gas or other mineral royalties and bonuses), income, receivables, receipts,
revenues, deposits (including, without limitation, security, utility and other
deposits), accounts, cash, issues, profits, charges for services rendered, and
other consideration of whatever form or nature received by or paid to or for the
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