Digital Realty Trust, Inc.
PROMISSORY NOTE, BY 200 PAUL, LLC
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>dex103.htm
<DESCRIPTION>PROMISSORY NOTE, BY 200 PAUL, LLC
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<TITLE>Promissory Note, by 200 Paul, LLC</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.3 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>PROMISSORY NOTE </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>(Fixed Rate) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">$81,000,000</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">October&nbsp;4,&nbsp;2005</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">FOR VALUE RECEIVED,
200 PAUL, LLC, a Delaware limited liability company (&#147;<U>Maker</U>&#148;), promises to pay to the order of COUNTRYWIDE COMMERCIAL REAL ESTATE FINANCE, INC., a California corporation (together with any subsequent holder of this Note, and their
respective successors and assigns, &#147;<U>Holder</U>&#148;) at such address as Holder may from time to time designate in writing, the principal sum of EIGHTY-ONE MILLION AND NO/100 DOLLARS ($81,000,000.00) together with interest thereon and all
other sums due and/or payable under any Loan Document; such principal and other sums to be calculated and payable as provided in this Note. This Note is being executed and delivered in connection with, and is entitled to the rights and benefits of,
that certain Loan Agreement of even date herewith between Maker and Holder (as amended, modified and supplemented and in effect from time to time, the &#147;<U>Loan Agreement</U>&#148;). Capitalized terms used herein without definition shall have
the meanings ascribed to such terms in the Loan Agreement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Maker agrees to pay the principal sum of this Note together with interest thereon and all other sums due and/or payable under any Loan Document in accordance with the following terms and conditions: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <B><U>Interest Rate</U></B>. Interest shall accrue on the Indebtedness at
five and seventy-four one hundredths of one percent (5.74%)&nbsp;per annum (the &#147;Interest Rate&#148;) commencing on the date of this Note. Interest shall be computed on the actual number of days elapsed based on a 360-day year. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <B><U>Payments</U></B>. Maker shall make the following payments to Holder:
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) On the date hereof (unless the date
hereof is the eighth (8th)&nbsp;day of any calendar month), a payment of interest only for the first Interest Accrual Period. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) On November&nbsp;8, 2005 (the &#147;<U>First Payment Date</U>&#148;) and on the sixth (6th)&nbsp;day of each calendar month through
and including the Payment Date occurring in October&nbsp;8, 2007 (each, a &#147;Payment Date&#148;), Maker shall pay to Holder a monthly payment of interest only based on the Interest Rate and the outstanding Principal Indebtedness. On the Payment
Date occurring in November&nbsp;8, 2007, and on each subsequent Payment Date during the term of the Loan, Maker shall pay to Holder a monthly payment in the amount of $509,086.82, which amount is based on the Interest Rate and a 300-month
amortization schedule. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) The entire
outstanding Indebtedness shall be due and payable on October&nbsp;8, 2015 (the &#147;<U>Maturity Date</U>&#148;), or such earlier date resulting from acceleration of the Indebtedness by Holder. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) &#147;<U>Interest Accrual Period</U>&#148; means,
initially, the period commencing on the Closing Date and continuing to and including the next following fifth (5th)&nbsp;day of a calendar month, and thereafter each period running from and including the sixth (6th)&nbsp;day of a calendar month to
and including the fifth (5th)&nbsp;day of the following calendar month during the term of the Loan. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) For purposes of making payments hereunder, but not for purposes of calculating
Interest Accrual Periods, if the sixth (6th)&nbsp;day of a given month shall not be a Business Day, then the Payment Date for such month shall be the preceding Business Day. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <B><U>Event of Default; Default Interest; Late Charge</U></B>. Upon the occurrence of an Event of Default, the
Indebtedness shall (a)&nbsp;become due and payable as and when provided in Article 8 of the Loan Agreement, and (b)&nbsp;bear interest at a per annum interest rate equal to the lesser of (i)&nbsp;the Maximum Amount (as defined in Section&nbsp;8),
and (ii)&nbsp;the Interest Rate plus five percent (5%)&nbsp;(the &#147;<U>Default Rate</U>&#148;). If Maker fails to pay any sums due under the Loan Documents on the date when the same is due (it being agreed that such amounts shall be deemed paid
if at the time such amounts are due, there are sufficient funds in the Cash Collateral Account), Maker shall pay to Holder upon demand a late charge on such sum in an amount equal to the lesser of (i)&nbsp;five percent (5%)&nbsp;of such unpaid
amount, and (ii)&nbsp;the maximum late charge permitted to be charged under the laws of the State of where the Property is located (a &#147;<U>Late Charge</U>&#148;). Maker will also pay to Holder, after an Event of Default occurs, in addition to
the amount due and any Late Charges, all reasonable costs of collecting, securing, or attempting to collect or secure this Note or any other Loan Document, including, without limitation, court costs and reasonable attorneys&#146; fees (including
reasonable attorneys&#146; fees on any appeal by either Maker or Holder and in any bankruptcy proceedings). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <B><U>Prepayment; Defeasance</U></B>. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Maker shall not be permitted at any time to prepay all or any part of the Loan except as expressly provided in this
<U>Section&nbsp;4</U>. Provided that no Event of Default then exists, and so long as Maker has given Holder not less than thirty (30)&nbsp;days&#146; (and not more than sixty (60)&nbsp;days&#146;) prior written notice, Maker may voluntarily prepay
the Indebtedness in full but not in part only on or after the date which is one (1)&nbsp;Payment Date prior to the Maturity Date (and there shall be no Yield Maintenance Premium or penalty assessed against Maker by reason of such prepayment). If any
such prepayment is not made on a Payment Date, Maker shall also pay to Holder interest calculated at the Interest Rate that would have accrued on such prepaid Principal Indebtedness through the end of the Interest Accrual Period in which such
prepayment occurs. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Provided that no Event
of Default then exists, from and after November&nbsp;8, 2010 (the &#147;<U>Yield Maintenance Date</U>&#148;), Maker may repay the Indebtedness in full, but not in part, upon not less than thirty (30)&nbsp;days&#146; (and not more than sixty
(60)&nbsp;days&#146;) prior written notice to Maker, and the payment of (i)&nbsp;all accrued and unpaid interest thereon to and including the date of such prepayment (and if any such prepayment is not made on a Payment Date, Maker shall also pay to
Holder interest calculated at the Interest Rate that would have accrued on such prepaid Principal Indebtedness through the end of the Interest Accrual Period in which such prepayment occurs), (ii)&nbsp;all other sums then due under the Loan
Documents, and (iii)&nbsp;the Yield Maintenance Premium (as defined below); <U>provided</U>, <U>however</U>, in the event that the total cost to Borrower to fully defease the Loan in accordance with the requirements of Section&nbsp;4(c) below
(including Borrower&#146;s reasonable transaction costs of defeasance) would be less than prepaying the Principal Indebtedness together with the Yield Maintenance Premium, then, if such prepayment will occur after the earlier to occur of
(A)&nbsp;two (2)&nbsp;years after &#147;start-up day&#148; (within the meaning of Section&nbsp;860G(a)(9) of the Code) of any real estate mortgage investment conduit (as defined under Section&nbsp;860D of the Code) (a &#147;<U>REMIC</U>&#148;) that
holds the Note, and (B)&nbsp;three (3)&nbsp;years after the Closing Date, Borrower agrees to defease the Loan in accordance with <U>Section&nbsp;4(c</U>), and any excess of (I)&nbsp;the sum of (x)&nbsp;the Principal </FONT>
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<FONT FACE="Times New Roman" SIZE="2">Indebtedness being prepaid and (y)&nbsp;the Yield Maintenance Premium calculated thereon, over (II) the cost to acquire the U.S. Obligations referred to in
clause (D)&nbsp;of Section&nbsp;4(c)(i), shall be paid to and retained by Lender. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;<U>Yield Maintenance Premium</U>&#148; means an amount equal to the greater of (i)&nbsp;a minimum prepayment fee equal to one
percent (1%)&nbsp;of the amount of the Principal Indebtedness being prepaid, and (ii)&nbsp;an amount equal to the product obtained by <U>multiplying</U>: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(A)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the amount of the Principal Indebtedness being repaid, </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2"><I>by </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(B)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the difference obtained by subtracting the Adjusted Yield Rate (as defined below) from the Adjusted Interest Rate (as defined below), </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2"><I>by </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(C)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the present value factor calculated using the following formula: </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top" COLSPAN="5" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">1 - (1 + r/12)</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>-n</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:2.00em"><FONT FACE="Times New Roman" SIZE="2">r</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">r</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">=</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">Adjusted Yield Rate</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">n</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">=</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">the remaining term of the Loan in months calculated as follows: the number of days (and any fraction thereof) between the date of the prepayment or acceleration and the Maturity
Date, <U>multiplied by</U> 12/365.25</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">An example of the calculation of the
foregoing Yield Maintenance Premium is attached hereto as <U>Exhibit&nbsp;A</U>. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;<U>Adjusted Interest Rate</U>&#148; means the Interest Rate <U>multiplied by</U> 365.25/360. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;<U>Adjusted Yield Rate</U>&#148; means the product of
the following formula: (((1+Reference Treasury Yield/2)1/6) - 1) multiplied by 12. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;<U>Reference Treasury Yield</U>&#148; means the yield rate on the U.S. Treasury with a maturity date closest to, but shorter than,
the remaining average life of the Loan, as reported in <I>The Wall Street Journal</I> on the twenty-fifth Business Day preceding (a)&nbsp;the date Maker stated to be the intended prepayment date in its notice of prepayment given to Holder where
prepayment is voluntary, or (b)&nbsp;the date Holder accelerates the Loan or otherwise accepts a prepayment pursuant to this Note. In the event that no yield rate is published for such U.S. Treasury, then the nearest equivalent U.S. Treasury shall
be selected at Holder&#146;s discretion. If the publication of such yield rates in <I>The Wall Street Journal</I> is discontinued, Holder shall determine such yield rates from another published source reasonably selected by Holder. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) In the event Maker is required to defease the Principal
Indebtedness rather than repaying the same pursuant to <U>Section&nbsp;4(b)</U> above, the following terms and conditions shall </FONT>
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<FONT FACE="Times New Roman" SIZE="2">apply (and the Property shall be released from the Liens of the Loan Documents upon satisfaction thereof): </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) Maker shall (A)&nbsp;provide not less than thirty
(30)&nbsp;days&#146; (and not more than sixty (60)&nbsp;days&#146;) prior written notice to Holder specifying a Payment Date (the &#147;<U>Defeasance Release Date</U>&#148;) on which the payments and deposits provided in clauses (B)&nbsp;through
(E)&nbsp;below are to be made; (B)&nbsp;pay all interest accrued and unpaid on the Indebtedness to and including the Defeasance Release Date; (C)&nbsp;pay all sums then due and payable under the Loan Documents; (D)&nbsp;deposit with Holder
immediately-available funds in an amount sufficient to purchase, or at Holder&#146;s request deliver to Holder, &#147;government securities&#148; as used in section 2(a)(16) of the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1) and
which are not subject to prepayment, call or early redemption (&#147;<U>U.S. Obligations</U>&#148;) (1)&nbsp;having maturity dates or being redeemable on or prior to, but as close as possible to, the Business Day immediately preceding each
successive scheduled Payment Date (after the Defeasance Release Date) through and including the Maturity Date, (2)&nbsp;in amounts sufficient to pay all scheduled principal and interest payments on this Note on each Payment Date through and
including the Maturity Date, including the payment due on the Maturity Date, and (3)&nbsp;payable directly to Holder; and (E)&nbsp;deliver to Holder (1)&nbsp;a security agreement, in form and substance satisfactory to Holder, creating a first
priority perfected Lien on the deposits required pursuant to this <U>Section&nbsp;4(c)</U> and the U.S. Obligations purchased in accordance with this <U>Section&nbsp;4(c)</U> (a &#147;<U>Security Agreement</U>&#148;), (2)&nbsp;for execution by
Holder, a release of the Property from the Lien of the Mortgage in a form appropriate for the jurisdiction in which the Property is located, (3)&nbsp;a written certification that the requirements set forth in this <U>Section&nbsp;4(c)</U> have been
satisfied, (4)&nbsp;an opinion of Maker&#146;s counsel in form and substance satisfactory to Holder stating, among other things, that (x)&nbsp;the U.S. Obligations have been duly and validly assigned and delivered to Holder and Holder has a first
priority perfected security interest in and Lien on the deposits required pursuant to this <U>Section&nbsp;4(c)</U> and a first priority perfected security interest in and Lien on the U.S. Obligations purchased pursuant hereto and the proceeds
thereof, (y)&nbsp;the defeasance will not adversely affect the status of any REMIC formed in connection with a Secondary Market Transaction, and (z)&nbsp;in the event of a bankruptcy proceeding or similar occurrence with respect to Maker, none of
the U.S. Obligations purchased pursuant hereto nor any proceeds thereof will be property of Maker&#146;s estate under Section&nbsp;541 of the Bankruptcy Code or any similar statute and the grant of security interest therein to Holder shall not
constitute an avoidable preference under Section&nbsp;547 of the Bankruptcy Code or applicable state law, and (5)&nbsp;such other certificates, documents or instruments as Holder may request including, without limitation, (y)&nbsp;written
confirmation from the relevant Rating Agencies that such defeasance will not cause any Rating Agency to withdraw, qualify or downgrade the then-applicable rating on any security issued in connection with any Secondary Market Transaction, and
(z)&nbsp;a certificate from a certified public accountant reasonably acceptable to Holder certifying that the amounts of the U.S. Obligations satisfy all of the requirements of this Note. In connection with the foregoing, Maker appoints Holder as
Maker&#146;s agent for the purpose of applying the amounts delivered pursuant to this <U>Section&nbsp;4(c)</U> to purchase U.S. Obligations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) If any notice of defeasance is given, Maker shall be required to defease the Loan on the Defeasance Release Date (unless such notice
is revoked in writing by Maker prior to the date specified therein in which event Maker shall immediately reimburse Holder for any reasonable costs incurred by Holder in connection with Maker&#146;s giving of such notice and revocation). </FONT></P>




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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) In connection with a defeasance of the Loan, Maker may assign to such other entity
or entities established or designated by Holder in its discretion (the &#147;<U>Successor Obligor</U>&#148;) all of Maker&#146;s obligations under this Note, the other Loan Documents and the Security Agreement together with the pledged U.S.
Obligations. The Successor Obligor shall assume, in a writing or writings reasonably satisfactory to Holder, all of Maker&#146;s obligations under this Note, the other Loan Documents and the Security Agreement and, upon such assignment Maker shall,
except as set forth herein, be relieved of its obligations hereunder. If a Successor Obligor assumes all or any part of Maker&#146;s obligations, Holder may require as a condition to such defeasance, such additional legal opinions from Maker&#146;s
counsel as Holder reasonably deems necessary to confirm the valid creation and authority of the Successor Obligor (including a non-consolidation opinion), the assignment and assumption of the Loan, the Security Agreement and the pledged U.S.
Obligations between Maker and Successor Obligor, and the enforceability of the assignment documents and of the Loan Documents as the obligation of Successor Obligor. Notwithstanding the foregoing or anything else in this <U>Section&nbsp;4(c)</U>,
nothing in this <U>Section&nbsp;4(c)</U> shall release Maker from any liability or obligation relating to any environmental matters arising under Article 9 of the Loan Agreement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding the foregoing, if Borrower is required to defease pursuant to this <U>Section&nbsp;4(c)</U>, Lender shall: (i)&nbsp;to the
extent commercially reasonable limit the amount and scope of work to be performed by Borrower; (ii)&nbsp;assist Borrower in all aspects of the consummation of the defeasance of the Loan; and (iii)&nbsp;reimburse Borrower for its reasonable
out-of-pocket expenses in connection with such defeasance. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(d) If, notwithstanding the prohibition on prepayment set forth in <U>Section&nbsp;4(a)</U> above, the Principal Balance is repaid other than as permitted pursuant to <U>Sections 7.6(c)</U> or 12.28 of the Loan
Agreement in connection with an acceleration of the Loan or otherwise prior to the Yield Maintenance Date, Maker shall pay to Holder on the date of such repayment or acceleration the amount of interest that would have accrued on the Indebtedness
from the date of such repayment or acceleration through and including the Yield Maintenance Date, together with the applicable Yield Maintenance Premium. The Yield Maintenance Premium and the amount payable pursuant to the preceding sentence (if
any) shall be deemed earned by Holder upon the funding of the Loan, shall be required whether payment is made by Maker or any other Person, and may be included in any bid by Holder at a foreclosure sale. Maker acknowledges that the provisions of
this <U>Section&nbsp;4</U> were independently bargained for and constitute a specific material part of the consideration given by Maker to Holder for the making of the Loan. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. <B><U>Method and Place of Payments; Application of Payments; Maker Obligations Absolute</U></B>. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Except as otherwise specifically provided herein, all
payments under this Note and the other Loan Documents shall be made to Holder not later than 12:00 noon, New York City time, on the date when due, and shall be made in lawful money of the United States of America in federal or other immediately
available funds to an address specified to Maker by Holder in writing, and any funds received by Holder after such time, for all purposes hereof, shall be deemed to have been paid on the next succeeding Business Day. </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) All proceeds of payment, including any payment or recovery on the Property, shall be
applied to the Indebtedness in such order and in such manner as Holder shall elect in Holder&#146;s discretion. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) Except as specifically set forth in any Loan Document, all sums payable by Maker under any Loan Document shall be paid without notice,
demand, counterclaim (other than mandatory counterclaims), setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. <B><U>Security</U></B>. The obligations of Maker under this Note are secured by, among other things, the Mortgage and Liens of the other Loan
Documents granted in favor of Holder by Maker and/or encumbering or affecting the Property. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">7. <B><U>Waivers</U></B>. With respect to the amounts due pursuant to this Note or any other Loan Document, Maker waives the following: (a)&nbsp;all rights of exemption of property from levy or sale under execution or
other process for the collection of debts under the Constitution or laws of the United States or any State thereof; (b)&nbsp;demand, presentment, protest, notice of dishonor, notice of nonpayment, notice of protest, notice of intent to accelerate,
notice of acceleration, suit against any party, diligence in collection of this Note and in the handling of securities at any time existing in connection herewith, and all other requirements necessary to enforce this Note except for notices required
by Governmental Authorities and notices required by the Loan Agreement; and (c)&nbsp;any further receipt by Holder or acknowledgment by Holder of any collateral now or hereafter deposited as security for the Loan. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. <B><U>Usury Savings Clause</U></B>. This Note and the other Loan Documents
are subject to the express condition that at no time shall Maker be obligated or required to pay interest on the Indebtedness at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum
rate of interest designated by applicable laws relating to payment of interest and usury (the &#147;<U>Maximum Amount</U>&#148;). If, by the terms of this Note or the other Loan Documents, Maker is at any time required or obligated to pay interest
on the Indebtedness at a rate in excess of the Maximum Amount, the Interest Rate shall be deemed to be immediately reduced to the Maximum Amount and all previous payments in excess of the Maximum Amount shall be deemed to have been payments in
reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Holder for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Amount from time to time in effect and applicable
to the Loan for so long as the Loan is outstanding. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.
<B><U>Modifications; Remedies Cumulative; Setoffs</U></B>. Holder shall not by any act, delay, omission or otherwise be deemed to have modified, amended, waived, extended, discharged or terminated any of its rights or remedies, and no modification,
amendment, waiver, extension, discharge or termination of any kind shall be valid unless in writing and signed by Holder and Maker. All rights and remedies of Holder under the terms of this Note and applicable statutes or rules of law shall be
cumulative, and may be exercised successively or concurrently. Maker agrees that there are no defenses, equities or setoffs with respect to the obligations set forth herein as of the date hereof, and to the extent any such defenses, equities, or
setoffs may exist, the same are hereby expressly released, forgiven, waived and forever discharged. </FONT></P>



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<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10. <B><U>Severability</U></B>. Wherever possible, each provision of this Note shall be interpreted in
such manner as to be effective and valid under applicable Legal Requirements, but if any provision of this Note shall be prohibited by or invalid under applicable Legal Requirements, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11. <B><U>Release</U></B>. Holder may, at its option, release any Property given to secure the Indebtedness, and no such release shall impair the
obligations of Maker to Holder. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12. <B><U>Governing
Law</U></B>. This Note and each of the other Loan Documents shall be interpreted and enforced according to the laws of the state where the Property is located (without giving effect to rules regarding conflict of laws). </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">13. <B><U>Venue</U></B>. Maker hereby consents and submits to the exclusive
jurisdiction and venue of any state or federal court sitting in the county and state where the Property is located with respect to any legal action or proceeding arising with respect to the Loan Documents and waives all objections which it may have
to such jurisdiction and venue. Nothing herein shall, however, preclude or prevent Holder from bringing actions against Maker in any other jurisdiction as may be necessary to enforce or realize upon the security for the Loan provided in any of the
Loan Documents. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">14. <B><U>Waiver of Jury Trial</U></B>. MAKER
AND HOLDER TO THE FULLEST EXTENT THAT THEY MAY LAWFULLY DO SO, WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY TORT ACTION, BROUGHT BY ANY PARTY HERETO WITH RESPECT TO THIS NOTE OR THE OTHER LOAN DOCUMENTS. EACH
OF MAKER AND HOLDER AGREES THAT THE OTHER MAY FILE A COPY OF THIS WAIVER WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED AGREEMENT OF THE OTHER IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY, AND THAT, TO THE FULLEST
EXTENT THAT IT MAY LAWFULLY DO SO, ANY DISPUTE OR CONTROVERSY WHATSOEVER BETWEEN MAKER AND HOLDER SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">15. <B><U>Sales and Assignments</U></B>. Holder may assign, sell, securitize,
participate, pledge and/or otherwise transfer all or any portion of Holder&#146;s right, title and interest in, to and under this Note and/or the other Loan Documents in one or more transactions as set forth in the Loan Agreement. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">16. <B><U>Due on Sale; Due on Encumbrance</U></B>. Maker understands that in
making the Loan, Holder is relying to a material extent upon the business expertise and/or net worth of Maker and, if Maker is also an entity, its partners, members, officers or principals and upon the continuing interest which Maker or its
partners, members, officers or principals will have in the Property and in Maker, respectively, and that a violation of Section&nbsp;6.1 of the Loan Agreement may significantly and materially alter or reduce Holder&#146;s security for this Note.
Accordingly, in the event that a violation of Section&nbsp;6.1 of the Loan Agreement occurs, then the same shall be deemed to increase the risk of Holder and Holder may then, or at any time thereafter, declare the entire Indebtedness immediately due
and payable. </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">17. <B><U>Exculpation</U></B>. Subject to the qualifications below, Holder shall not enforce the
liability and obligation of Maker to perform and observe the obligations contained in the Loan Documents by any action or proceeding wherein a money judgment shall be sought against Maker or its Affiliates, principals or shareholders, except that
Holder may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Holder to enforce and realize upon its interest and rights under the Loan Documents, or in the Property, the Rents, the
Insurance Proceeds, the Condemnation Proceeds or any other collateral given to Holder pursuant to the Loan Documents; <U>provided</U>, <U>however</U>, that, except as specifically provided herein, any judgment in any such action or proceeding shall
be enforceable against Maker only to the extent of Maker&#146;s interest in the Property, the Rents, the Insurance Proceeds, the Condemnation Proceeds and any other collateral given to Holder, and Holder agrees that it shall not sue for, seek or
demand any deficiency judgment against Maker in any such action or proceeding under or by reason of or under or in connection with any Loan Document. The provisions of this Section&nbsp;17 shall not, however, (a)&nbsp;constitute a waiver, release or
impairment of any obligation evidenced or secured by any Loan Document; (b)&nbsp;impair the right of Holder to name Maker as a party defendant in any action or suit for foreclosure and sale under the Mortgage; (c)&nbsp;affect the validity or
enforceability of any of the Loan Documents or any guaranty made in connection with the Loan or any of the rights and remedies of the Holder thereunder; (d)&nbsp;impair the right of Holder to obtain the appointment of a receiver; (e)&nbsp;impair the
enforcement of the Mortgage; (f)&nbsp;constitute a prohibition against Holder to seek a deficiency judgment against Maker in order to fully realize the security granted by the Mortgage or to commence any other appropriate action or proceeding in
order for Holder to exercise its remedies against all of the Property (but again, any judgment in any such action or proceeding shall be enforceable against Maker only to the extent of Maker&#146;s interest in the Property, the Rents, the Insurance
Proceeds, the Condemnation Proceeds and any other collateral given to Holder); or (g)&nbsp;constitute a waiver of the right of Holder to enforce the liability and obligation of Maker by money judgment or otherwise, to the extent of any Losses
incurred by Holder arising out of or in connection with the following (each, a &#147;<U>Recourse Liability</U>&#148; and collectively, the &#147;<U>Recourse Liabilities</U>&#148;): </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) fraud, intentional misrepresentation, or willful misconduct by Maker or Guarantor in connection with the
Loan; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) the breach of any representation,
warranty, covenant or indemnification provision in any Loan Document concerning Environmental Laws or Hazardous Substances, and any indemnification of Holder with respect thereto contained in any Loan Document; </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) any act of physical waste of the Property or any
portion thereof by Maker or Guarantor, or, during the continuance of any Event of Default, the removal or disposal of any portion of the Property other than in the ordinary course of business; </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iv) a default occurs under Article 6 of the Loan Agreement,
which default is not a Full Recourse Event; or </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(v) the misapplication, misappropriation, or conversion by Maker, Guarantor, or any Affiliate of either of (A)&nbsp;any Insurance Proceeds paid by reason of any Casualty, (B)&nbsp;any Condemnation Proceeds received in connection with any
Taking or (C)&nbsp;any Rents or security deposits. </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding anything to the contrary in this Note or any of the Loan Documents, (A)&nbsp;Holder shall not be deemed
to have waived any right which Holder may have under Section&nbsp;506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Indebtedness or to require that all collateral shall continue to
secure all of the Indebtedness in accordance with the Loan Documents, and (B)&nbsp;Holder&#146;s agreement not to pursue personal liability of Maker as set forth above SHALL BECOME NULL AND VOID and shall be of no further force and effect, and the
Indebtedness shall be fully recourse to Maker in the event that one or more of the following occurs (each, a &#147;<U>Full Recourse Event</U>&#148;): (1)&nbsp;a default occurs under <U>Article 6</U> of the Loan Agreement (but a failure to comply
with Section&nbsp;6.1(b) and any immaterial defaults under Article 6 of the Loan Agreement shall not be Full Recourse Events), which default is the result of a voluntary act or omission of Borrower, (2)&nbsp;Maker or Guarantor files a voluntary
petition under the U.S. Bankruptcy Code or any other federal or state bankruptcy or insolvency law, or (3)&nbsp;Guarantor, or any Affiliate, officer, director, or representative of Maker or Guarantor, files, or Maker, Guarantor or Digital Realty
Trust, Inc., a Maryland corporation, acquiesces in the filing of, an involuntary petition under the U.S. Bankruptcy Code or any other federal or state bankruptcy or insolvency law against Maker. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">18. <U>Attorneys&#146; Fees</U>. In the event any dispute should result in
litigation (including but not limited to actions for enforcement or interpretation), the prevailing party shall be reimbursed for all reasonable costs incurred in connection with such litigation, including, without limitation, reasonable
attorneys&#146; fees. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">19. <U>Local Law Provisions</U>. In the
event of any inconsistencies between the terms and conditions of this <U>Section&nbsp;19</U> and the other terms and conditions of this Note, the terms and conditions of this <U>Section&nbsp;19</U> shall control and be binding. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) MAKER HEREBY EXPRESSLY WAIVES ANY RIGHTS IT MAY HAVE
UNDER CALIFORNIA CIVIL CODE SECTION 2954.10 TO PREPAY THIS NOTE, IN WHOLE OR IN PART, WITHOUT PAYMENT OF A PREPAYMENT CHARGE, UPON ACCELERATION OF THE MATURITY DATE OF THIS NOTE, AND AGREES THAT IF, FOR ANY REASON, A PREPAYMENT OF ANY OR ALL OF THIS
NOTE IS MADE UPON OR FOLLOWING ANY ACCELERATION OF THE MATURITY DATE OF THIS NOTE BY HOLDER ON ACCOUNT OF ANY DEFAULT BY MAKER, INCLUDING, BUT NOT LIMITED TO, ANY TRANSFER, DISPOSITION OR FURTHER ENCUMBRANCE AS PROHIBITED OR RESTRICTED BY THE LOAN
AGREEMENT, THEN MAKER SHALL BE OBLIGATED TO PAY, CONCURRENTLY THEREWITH, AS A PREPAYMENT CHARGE, THE APPLICABLE SUM SPECIFIED IN THIS NOTE. BY INITIALING THIS PROVISION IN THE SPACE PROVIDED BELOW, MAKER HEREBY DECLARES THAT HOLDER&#146;S AGREEMENT
TO MAKE THE LOAN EVIDENCED BY THIS NOTE AT THE INTEREST RATE AND FOR THE TERM SET FORTH IN THIS NOTE CONSTITUTES ADEQUATE CONSIDERATION, GIVEN INDIVIDUAL WEIGHT BY MAKER, FOR THIS WAIVER AND AGREEMENT. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">MAKER&#146;S&nbsp;INITIALS:&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ A.W.</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[Signature on the
following page] </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, Maker has caused this Promissory Note to be properly executed as of the date first
above written and has authorized this Promissory Note to be dated as of the day and year first above written. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="76%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="7"><FONT FACE="Times New Roman" SIZE="2"><B>MAKER:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="7"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">200 Paul, LLC,</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="7"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">a Delaware limited liability company</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="6"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT FACE="Times New Roman" SIZE="2">200 Paul Holding Company, LLC,</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">a Delaware limited liability company,</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Its Sole Member</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Digital Realty Trust, L.P.,</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">a Maryland limited partnership, Its</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Sole Member</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Digital Realty Trust, Inc.,</FONT></P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">a Maryland corporation,</FONT></P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Its General Partner</FONT></P></TD></TR>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ A. William Stein</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Its:</FONT></P></TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CFO/CIO</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Promissory Note
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