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17
LOAN MODIFICATION AGREEMENT
THIS LOAN MODIFICATION AGREEMENT (the "Agreement") is
entered into as of August 17, 1999, by and between UNIVERSITY ST'RFET
PROPERTIES 11, U_C, a Delaware limited liability company ("Borrower"), and
GENERAL ELECTRIC CAPITAL CORPORATION ("Lender"),
I. Recitals. This Amendment is made with reference to the following facts:
1.1 Lender has ma3e a loan to Borrower in the original principal
amount of 547.079,000 00 (the "Loan"), evidenced by certain Promissory Notes in the
respective principal amounts of 538,000,000.00 and $9,075.000.00, made by Borrower
and payable to the order of Lender (collectively, the 'Note"), pursuant to the terms of
that cerain Loan Agreement between Borrower and Lender (the "Loan Agreement")
dated as of March 9. 1998. Capitalized terms used herein and not defined shall have
the meanings set forth for them in the Loan Agreement.
12 Borrower's obligations to Lender under the Note and the Loan
Agreement are secured inter alia by (a) a Senior Deed of Trust, Security Agreement
and Fixture Filing (as amended from time to time. the "First Deed of'Frust") made as
of March 9. 1998, by Borrower, for the benefit of Lender. encumbering the real
property described in Exhibit "A" attached hereto and incorporated herein by this
reference (the "Property"), (b) a Junior Deed of Trust. Security Agreement and Fixture
Filing encumbering the Property (the "Second Deed of Trust"). (c) a Senior
. tssignment of Rents and Leases ("First Lease Assignment") made by Borrower.
(d) a Junior Assignment of Rents and U:ases (die "Second Lease Assignment") made
by Borrower, and (e) the other Loan Ncuments made by Borrower to evidence and
secure the Loan as described in the Loan Agreement. I'he First Deed of Trust. the
Second Deed of Trust. the First Lease Assignment and the Second Lease Assignment
1 were duly recorder) in the Official Records of King County, Washington on March 9,
1998. as Instrumenl Nos 9803090892. 9903090894. 9803090893 and 9803090895,
respechsdy.
13 In connection with the Loan, the Borrower and the Joinder Parties
(defined below) each executed a Harardous Maierials Indemnity Agreement (each, an
secured lndemmq") In addition, in connection with the Loan. UNICO Properties,
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