| (23) | The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the subject lease. With respect to Loan No. 4, One Bay, the Largest Tenant, Alaska Airlines, has the one-time right to terminate its lease with respect to Suite 215 (2,910 square feet) at any time after February 2025 with six months’ notice. Alaska Airlines is required to pay a termination fee equal to the aggregate of (i) all rent through the actual termination date, (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs paid by the landlord with respect to such suite and (iii) an amount equal to any rent abatement or free rent provided by the landlord with respect to such suite. With respect to Loan No. 4, One Bay, the Third Largest Tenant, Retail Finance International Holdings, Inc., subleases its space to ArriVent Biopharma, Inc. through January 15, 2026 for $21.86 per square foot with 3% annual increases. With respect to Loan No. 9, 1812 North Moore, the Largest Tenant, Nestle USA, Inc., has two options to contract its space at the 1812 North Moore Property. The first option specifies that Nestle can reduce its space only for the lowest full floor that is part of the premises, effective any time after January 31, 2027 by providing written notice no later than 12 months prior to the first contraction date. The second option specifies that Nestle has a one-time right to reduce its space (x) if the foregoing contraction option was exercised, then only as to the lowest full floor that is then part of the leased premises, and (y) if the foregoing contraction option was not exercised, then only as to the lowest floor or the lowest two floors that are then part of the leased premises, in each case effective January 31, 2030 by providing written notice no later than 12 months prior to the second contraction date. With respect to Loan No. 9, 1812 North Moore, the Fourth Largest Tenant, Graham Holdings Company may accelerate the expiration date of its lease to August 2036 by providing written notice no later than June 30, 2035, along with payment of a termination fee. With respect to Loan No. 9, 1812 North Moore, the Fifth Largest Tenant, National Electrical Manufacturers Association has a one-time right to terminate its lease effective on the last day of the 105th full calendar month after the commencement date (which equates to September 2033), by giving prior written notice 12 months prior to the termination date. With respect to Loan No. 12, Marlboro Commons, the lease expiration date shown for the Second Largest Tenant, Walgreen Eastern Co., Inc. (“Walgreens”) represents the date of the earliest termination option of the tenant. The actual lease expiration date for the tenant is June 30, 2063. Walgreens has the right to terminate its lease effective June 30, 2038, 2043, 2048, 2053 or 2058 upon 18 months’ prior written notice. With respect to Loan No. 13, Westshore Center, the Fourth Largest Tenant, Black & Veatch, has a one-time right to terminate its lease at each of the two spaces it occupies at the mortgaged property, effective as of September 1 2028 for Suite #700 and April 1, 2028 for Suite #725 by, among other things, providing the borrower with nine months’ written notice of such termination and the payment of a termination fee. In addition, the Fifth Largest Tenant, Orion Marine Construction, has a one-time right to terminate its lease, effective as of November 1, 2025 by, among other things, providing the borrower with nine months’ written notice of such termination and the payment of a termination fee. With respect to Loan No. 16, Pointe Plaza, the Largest Tenant, Affiliated Health Services, Inc. (“AHS”), which also holds a 50% membership interest in the related borrower, has an option to purchase the mortgaged property effective on either August 12, 2027, August 12, 2034 or August 12, 2044, or in connection with the dissolution of the borrower, at the then-current fair market value if, prior to or contemporaneously with the transfer of title of the Mortgaged Property, the Mortgage Loan is repaid (or defeased) in full. Such purchase option is subordinate to the mortgage and will terminate upon any foreclosure sale or deed-in-lieu of foreclosure transaction. AHS also has a right of first refusal to purchase the mortgaged property. Such right of first refusal is subordinate to the mortgage and will terminate upon any foreclosure sale or deed-in-lieu of foreclosure transaction. With respect to Loan No. 19, GNL Industrial Portfolio, Grupo Antolin, the sole tenant at the Grupo Antolin - Shelby Township, MI mortgaged property, has a one-time right to terminate its lease, effective as of the last day of the 138th month of the lease term, April 2029, by providing the related borrower written notice of such termination no later than the 126th month of the lease term, April 2028. |
