Loan Agreement


 Exhibit 10.1 
 LOAN AGREEMENT 
 Dated as of June 13, 2012 

Between 
 TNP
SRT PORTFOLIO II, LLC, 
 as Borrower 
 and 
 KEYBANK NATIONAL ASSOCIATION, 

as Lender 
 Loan
No. 10061253 






 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I - DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	 	1	  
	 Section 1.1
	 	Definitions	  	 	1	  
	 Section 1.2
	 	Principles of Construction	  	 	27	  
		
	 ARTICLE II - GENERAL TERMS
	  	 	28	  
	 Section 2.1
	 	Loan Commitment; Disbursement to Borrower	  	 	28	  
	 2.1.1
	 	Agreement to Lend and Borrow	  	 	28	  
	 2.1.2
	 	Single Disbursement to Borrower	  	 	28	  
	 2.1.3
	 	The Note, Mortgage and Loan Documents	  	 	28	  
	 2.1.4
	 	Use of Proceeds	  	 	28	  
	 Section 2.2
	 	Interest Rate	  	 	29	  
	 2.2.1
	 	Interest Rate	  	 	29	  
	 2.2.2
	 	Interest Calculation	  	 	29	  
	 2.2.3
	 	Default Rate	  	 	29	  
	 2.2.4
	 	Usury Savings	  	 	29	  
	 Section 2.3
	 	Loan Payment	  	 	30	  
	 Section 2.4
	 	Prepayments	  	 	30	  
	 Section 2.5
	 	[Intentionally Deleted]	  	 	30	  
	 Section 2.6
	 	Release of Property	  	 	30	  
	 2.6.1
	 	Release of Property	  	 	30	  
	 2.6.2
	 	Partial Release	  	 	30	  
	 Section 2.7
	 	Lockbox Account/Cash Management	  	 	32	  
	 2.7.1
	 	Lockbox Account	  	 	32	  
	 2.7.2
	 	Cash Management Account	  	 	33	  
	 2.7.3
	 	Payments Received under the Cash Management Agreement	  	 	33	  
		
	 ARTICLE III - CONDITIONS PRECEDENT
	  	 	34	  
	 Section 3.1
	 	Conditions Precedent to Closing	  	 	34	  
		
	 ARTICLE IV - REPRESENTATIONS AND WARRANTIES
	  	 	34	  
	 Section 4.1
	 	Borrower Representations	  	 	34	  
	 4.1.1
	 	Organization	  	 	34	  
	 4.1.2
	 	Proceedings	  	 	34	  
	 4.1.3
	 	No Conflicts	  	 	34	  
	 4.1.4
	 	Litigation	  	 	35	  
	 4.1.5
	 	Agreements	  	 	35	  
	 4.1.6
	 	Title	  	 	35	  
	 4.1.7
	 	Solvency	  	 	36	  
	 4.1.8
	 	Full and Accurate Disclosure	  	 	36	  
	 4.1.9
	 	No Plan Assets	  	 	36	  
	 4.1.10
	 	Compliance	  	 	37	  
	 4.1.11
	 	Financial Information	  	 	37	  
	 4.1.12
	 	Condemnation	  	 	37	  
	 4.1.13
	 	Federal Reserve Regulations	  	 	37	  








							
	 4.1.14
	 	 Utilities and Public Access
	  	 	38	  
	 4.1.15
	 	 Not a Foreign Person
	  	 	38	  
	 4.1.16
	 	 Separate Lots
	  	 	38	  
	 4.1.17
	 	 Assessments
	  	 	38	  
	 4.1.18
	 	 Enforceability
	  	 	38	  
	 4.1.19
	 	 No Prior Assignment
	  	 	38	  
	 4.1.20
	 	 Insurance
	  	 	38	  
	 4.1.21
	 	 Use of Property
	  	 	38	  
	 4.1.22
	 	 Certificate of Occupancy; Licenses
	  	 	39	  
	 4.1.23
	 	 Flood Zone
	  	 	39	  
	 4.1.24
	 	 Physical Condition
	  	 	39	  
	 4.1.25
	 	 Boundaries
	  	 	39	  
	 4.1.26
	 	 Leases
	  	 	39	  
	 4.1.27
	 	 Survey
	  	 	40	  
	 4.1.28
	 	 Inventory
	  	 	40	  
	 4.1.29
	 	 Filing and Recording Taxes
	  	 	40	  
	 4.1.30
	 	 Special Purpose Entity/Separateness
	  	 	40	  
	 4.1.31
	 	 Management Agreement
	  	 	41	  
	 4.1.32
	 	 Illegal Activity
	  	 	41	  
	 4.1.33
	 	 No Change in Facts or Circumstances; Disclosure
	  	 	41	  
	 4.1.34
	 	 Investment Company Act
	  	 	41	  
	 4.1.35
	 	 Embargoed Person
	  	 	41	  
	 4.1.36
	 	 Principal Place of Business; State of Organization
	  	 	42	  
	 4.1.37
	 	 Environmental Representations and Warranties
	  	 	42	  
	 4.1.38
	 	 Cash Management Account
	  	 	42	  
	 Section 4.2
	 	 Survival of Representations
	  	 	43	  
		
	 ARTICLE V - BORROWER COVENANTS
	  	 	43	  
	 Section 5.1
	 	 Affirmative Covenants
	  	 	43	  
	 5.1.1
	 	 Existence; Compliance with Legal Requirements
	  	 	43	  
	 5.1.2
	 	 Taxes and Other Charges
	  	 	44	  
	 5.1.3
	 	 Litigation
	  	 	45	  
	 5.1.4
	 	 Access to Property
	  	 	45	  
	 5.1.5
	 	 Notice of Default
	  	 	45	  
	 5.1.6
	 	 Cooperate in Legal Proceedings
	  	 	45	  
	 5.1.7
	 	 Perform Loan Documents
	  	 	46	  
	 5.1.8
	 	 Award and Insurance Benefits
	  	 	46	  
	 5.1.9
	 	 Further Assurances
	  	 	46	  
	 5.1.10
	 	 Principal Place of Business, State of Organization
	  	 	46	  
	 5.1.11
	 	 Financial Reporting
	  	 	47	  
	 5.1.12
	 	 Business and Operations
	  	 	49	  
	 5.1.13
	 	 Title to the Property
	  	 	50	  
	 5.1.14
	 	 Costs of Enforcement
	  	 	50	  
	 5.1.15
	 	 Estoppel Statement
	  	 	50	  
	 5.1.16
	 	 Loan Proceeds
	  	 	51	  
	 5.1.17
	 	 Performance by Borrower
	  	 	51	  
	 5.1.18
	 	 Confirmation of Representations
	  	 	51	  


  
 ii 









							
	 5.1.19
	 	 Environmental Covenants
	  	 	51	  
	 5.1.20
	 	 Leasing Matters
	  	 	54	  
	 5.1.21
	 	 Alterations
	  	 	54	  
	 5.1.22
	 	 Operation of Property
	  	 	55	  
	 5.1.23
	 	 Embargoed Person
	  	 	55	  
	 Section 5.2
	 	 Negative Covenants
	  	 	56	  
	 5.2.1
	 	 Operation of Property
	  	 	56	  
	 5.2.2
	 	 Liens
	  	 	56	  
	 5.2.3
	 	 Dissolution
	  	 	56	  
	 5.2.4
	 	 Change In Business
	  	 	57	  
	 5.2.5
	 	 Debt Cancellation
	  	 	57	  
	 5.2.6
	 	 Zoning
	  	 	57	  
	 5.2.7
	 	 No Joint Assessment
	  	 	57	  
	 5.2.8
	 	 Intentionally Omitted
	  	 	57	  
	 5.2.9
	 	 ERISA
	  	 	57	  
	 5.2.10
	 	 Transfers
	  	 	58	  
		
	 ARTICLE VI - INSURANCE; CASUALTY; CONDEMNATION
	  	 	62	  
	 Section 6.1
	 	 Insurance
	  	 	62	  
	 Section 6.2
	 	 Casualty
	  	 	65	  
	 Section 6.3
	 	 Condemnation
	  	 	66	  
	 Section 6.4
	 	 Restoration
	  	 	67	  
		
	 ARTICLE VII - RESERVE FUNDS
	  	 	71	  
	 Section 7.1
	 	 Required Repairs
	  	 	71	  
	 7.1.1
	 	 Deposits
	  	 	71	  
	 7.1.2
	 	 Release of Required Repair Funds
	  	 	71	  
	 Section 7.2
	 	 Tax and Insurance Escrow Fund
	  	 	72	  
	 Section 7.3
	 	 Replacements and Replacement Reserve
	  	 	73	  
	 7.3.1
	 	 Replacement Reserve Fund
	  	 	73	  
	 7.3.2
	 	 Disbursements from Replacement Reserve Account
	  	 	73	  
	 7.3.3
	 	 Performance of Replacements
	  	 	74	  
	 7.3.4
	 	 Failure to Make Replacements
	  	 	77	  
	 7.3.5
	 	 Balance in the Replacement Reserve Account
	  	 	77	  
	 Section 7.4
	 	 Rollover Reserve
	  	 	77	  
	 7.4.1
	 	 Deposits to Rollover Reserve Fund
	  	 	77	  
	 7.4.2
	 	 Withdrawal of Rollover Reserve Funds
	  	 	77	  
	 Section 7.5
	 	 Excess Cash Flow Reserve Fund
	  	 	78	  
	 7.5.1
	 	 Deposits to Excess Cash Flow Reserve Fund
	  	 	78	  
	 7.5.2
	 	 Release of Excess Cash Flow Reserve Funds
	  	 	78	  
	 Section 7.6
	 	 Reserve Funds, Generally
	  	 	78	  
		
	 ARTICLE VIII - DEFAULTS
	  	 	79	  
	 Section 8.1
	 	 Event of Default
	  	 	79	  
	 Section 8.2
	 	 Remedies
	  	 	81	  
	 Section 8.3
	 	 Remedies Cumulative; Waivers
	  	 	83	  
		
	 ARTICLE IX - SPECIAL PROVISIONS
	  	 	83	  
	 Section 9.1
	 	 Securitization
	  	 	83	  


  
 iii









							
	 9.1.1
	 	 Sale of Notes and Securitization
	  	 	83	  
	 9.1.2
	 	 Securitization Costs
	  	 	85	  
	 Section 9.2
	 	 Right To Release Information
	  	 	85	  
	 Section 9.3
	 	 Exculpation
	  	 	85	  
	 Section 9.4
	 	 Matters Concerning Manager
	  	 	88	  
	 Section 9.5
	 	 Servicer
	  	 	88	  
		
	ARTICLE X - MISCELLANEOUS	  	 	89	  
	 Section 10.1
	 	 Survival
	  	 	89	  
	 Section 10.2
	 	 Lender’s Discretion
	  	 	89	  
	 Section 10.3
	 	 Governing Law
	  	 	89	  
	 Section 10.4
	 	 Modification, Waiver in Writing
	  	 	91	  
	 Section 10.5
	 	 Delay Not a Waiver
	  	 	91	  
	 Section 10.6
	 	 Notices
	  	 	91	  
	 Section 10.7
	 	 Trial by Jury
	  	 	92	  
	 Section 10.8
	 	 Headings
	  	 	92	  
	 Section 10.9
	 	 Severability
	  	 	92	  
	 Section 10.10
	 	 Preferences
	  	 	93	  
	 Section 10.11
	 	 Waiver of Notice
	  	 	93	  
	 Section 10.12
	 	 Remedies of Borrower
	  	 	93	  
	 Section 10.13
	 	 Expenses; Indemnity
	  	 	93	  
	 Section 10.14
	 	 Schedules Incorporated
	  	 	95	  
	 Section 10.15
	 	 Offsets, Counterclaims and Defenses
	  	 	95	  
	 Section 10.16
	 	 No Joint Venture or Partnership; No Third Party Beneficiaries
	  	 	95	  
	 Section 10.17
	 	 Publicity
	  	 	95	  
	 Section 10.18
	 	 Waiver of Marshalling of Assets
	  	 	95	  
	 Section 10.19
	 	 Waiver of Counterclaim
	  	 	96	  
	 Section 10.20
	 	 Conflict; Construction of Documents; Reliance
	  	 	96	  
	 Section 10.21
	 	 Brokers and Financial Advisors
	  	 	96	  
	 Section 10.22
	 	 Prior Agreements
	  	 	96	  
	 Section 10.23
	 	 Joint and Several Liability
	  	 	96	  
	 Section 10.24
	 	 Certain Additional Rights of Lender (VCOC)
	  	 	97	  
	 Section 10.25
	 	 OFAC
	  	 	97	  
	 Section 10.26
	 	 Duplicate Originals; Counterparts
	  	 	98	  
		
	ARTICLE XI – LOCAL LAW PROVISIONS	  	 	98	  
	 Section 11.1
	 	 Inconsistencies
	  	 	98	  
		
	ARTICLE XII – ADDITIONAL OR SPECIAL PROVISIONS	  	 	98	  
	 Section 12.1
	 	 Inconsistencies
	  	 	98	  
	 12.1.1.
	 	 Cross-Default; Cross-Collateralization
	  	 	98	  
	 12.1.2
	 	 Recording Taxes
	  	 	99	  
	 12.1.3
	 	 Special Purpose Entity
	  	 	99	  
	 12.1.4
	 	 Principal Place of Business, State or Organization
	  	 	100	  
	 12.1.5
	 	 Financial Reporting
	  	 	100	  
	 12.1.6
	 	 Leasing Matters
	  	 	100	  
	 12.1.7
	 	 Alterations
	  	 	100	  
	 12.1.8
	 	 Transfers
	  	 	100	  


  
 iv 









							
	 12.1.9
	 	 Restoration
	  	 	101	  
	 12.1.10
	 	 Required Repairs
	  	 	101	  
	 12.1.11
	 	 Performance of Replacements
	  	 	101	  
	 12.1.12
	 	 Failure to Make Replacements
	  	 	101	  
	 12.1.13
	 	 Event of Default
	  	 	101	  
	 12.1.14
	 	 Sale of Notes and Securitization
	  	 	101	  
	 12.1.15
	 	 Right to Release Information
	  	 	101	  
	 12.1.16
	 	 Exculpation
	  	 	101	  
	 12.1.17
	 	 Publicity
	  	 	102	  
	 12.1.18
	 	 Bi-Lo/Kroger Rollover Reserve
	  	 	102	  
	 12.1.19
	 	 Insurance
	  	 	103	  
	 12.1.20
	 	 Mezzanine Loan Reserve Account
	  	 	103	  
	 12.1.21
	 	 Easement Relocation Reserve
	  	 	103	  


  
 v 







 SCHEDULES 

 

					
	Schedule I	  	–	  	Rent Roll
			
	Schedule II	  	–	  	Required Repairs - Deadlines for Completion
			
	Schedule III	  	–	  	Organizational Chart of Borrower
			
	Schedule IV	  	–	  	Allocated Loan Amounts


  
 vi 








 LOAN AGREEMENT 

THIS LOAN AGREEMENT, dated as of June 13, 2012 (as amended, restated, replaced, supplemented or otherwise modified from time
to time, this “Agreement”), between KEYBANK NATIONAL ASSOCIATION, a national banking association, having an address at 11501 Outlook, Suite 300, Overland Park, Kansas 66211 (“Lender”) and TNP SRT PORTFOLIO
II, LLC, a Delaware limited liability company, having its principal place of business at 1900 Main Street, Suite 700, Irvine, California 92614 (“Borrower”). 

W I T N E S S E T H: 
 WHEREAS, Borrower desires to obtain the Loan (as hereinafter defined) from Lender; and 
 WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan Documents (as hereinafter defined). 

NOW THEREFORE, in consideration of the making of the Loan by Lender and the covenants, agreements, representations and warranties set
forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 
 ARTICLE I -
DEFINITIONS; PRINCIPLES OF CONSTRUCTION. 
 Section 1.1 Definitions. For all purposes of this Agreement,
except as otherwise expressly required or unless the context clearly indicates a contrary intent: 
 “Accrual
Period” means the period commencing on and including the first (1st) day of each calendar month during the term of the Loan and ending on and including the final calendar date of such calendar month; however, the initial Accrual Period
shall commence on and include the Closing Date and shall end on and include the final calendar date of the calendar month in which the Closing Date occurs. 
 “Action” has the meaning set forth in Section 10.3 hereof. 
 “Additional Insolvency Opinion” means any subsequent Insolvency Opinion. 
 “Additional Permitted Transfer” has the meaning set forth in Section 5.2.10(f) hereof. 
 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common Control with such Person or is a director or
officer of such Person or of an Affiliate of such Person. 
 “Affiliated Manager” means any Manager in which
Borrower or Guarantor has, directly or indirectly, any legal, beneficial or economic interest. 






 “Agent” means KeyBank National Association, or any successor Eligible
Institution acting as Agent under the Cash Management Agreement. 
 “Allocated Loan Amount” shall mean the
portion of the principal amount of the Loan allocated to any applicable Individual Property as set forth on Schedule IV hereof, as such amounts may be adjusted from time to time as hereinafter set forth. Notwithstanding the foregoing or anything
herein to the contrary, in the event of a Casualty or Condemnation whereby Net Proceeds (or any portion thereof) are to be applied to the principal amount of the Debt pursuant to the terms of Article VI hereof (such Net Proceeds, the
“Applied Net Proceeds”), (a) then such Applied Net Proceeds shall be applied (1) first, to reduce the Allocated Loan Amount of the Individual Property affected by such Casualty or Condemnation and (2) second, pro rata
to reduce the Allocated Loan Amounts of each of the other Individual Properties and (b) notwithstanding the terms of the foregoing clause (a), with respect to a Condemnation or Casualty affecting one hundred percent (100%) of an Individual
Property, the Allocated Loan Amount for such Individual Property shall, at Lender’s sole discretion, be reduced to zero (such Allocated Loan Amount prior to reduction being referred to as the “Withdrawn Allocated Amount”) and
each other Allocated Loan Amount shall, if the Withdrawn Allocated Amount exceeds the Applied Net Proceeds realized with respect to such Individual Property (such excess being referred to as the “Proceeds Deficiency”), be increased
by an amount equal to the product of (1) the Proceeds Deficiency and (2) a fraction, the numerator of which is the applicable Allocated Loan Amount (prior to the adjustment in question) and the denominator of which is the aggregate of all
of the Allocated Loan Amounts (prior to the adjustment in question) other than the Withdrawn Allocated Amount. 

“Annual Budget” means an operating budget, including all planned Capital Expenditures, for the each Individual Property
prepared by Borrower in accordance with Section 5.1.11(g) hereof for the applicable Fiscal Year or other period. 

“Approved Annual Budget” has the meaning set forth in Section 5.1.11(g) hereof. 

“Assignment of Management Agreement” means individually or collectively (as the context requires), each Assignment of
Management Agreement and Subordination of Management Fees, dated as of the date hereof, among Lender, Borrower and Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Availability Threshold” means the greater of $30,000.00 or 1% of the initial principal balance of the Loan. 

“Award” means any compensation paid by any Governmental Authority in connection with a Condemnation. 

“Bankruptcy Action” means with respect to any Person (a) such Person filing a voluntary petition under the
Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (c) such Person
filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition 

  
 2 







 
filed against it, by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (d) such Person consenting to or acquiescing in or joining in an
application for the appointment of a custodian, receiver, trustee, or examiner for such Person or any portion of the Property; (e) such Person making an assignment for the benefit of creditors, or admitting, in writing or in any legal
proceeding, its insolvency or inability to pay its debts as they become due. 
 “Bankruptcy Code” means Title
11 of the United States Code, 11 U.S.C. §101, et seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable
foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other Federal or state bankruptcy or insolvency law. 
 “Bi-Lo” has the meaning specified in Section 12.1.16(a) hereof. 
 “Bi-Lo Lease” has the meaning specified in Section 12.1.16(a) hereof. 
 “Bi-Lo/Kroger Rollover Reserve Account” has the meaning specified in Section 12.1.16(a) hereof. 
 “Bi-Lo/Kroger Rollover Reserve Fund” has the meaning specified in Section 12.1.16(a) hereof. 
 “Bi-Lo Space” has the meaning specified in Section 12.1.16(a) hereof. 
 “Borrower” has the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns. 

“Business Day” means a day upon which commercial banks are not authorized or required by law to close in the city
designated from time to time as the place for receipt of payments. 
 “Capital Expenditures” means, for any
period, the amount expended for items capitalized under GAAP (including expenditures for building improvements or major repairs, leasing commissions and tenant improvements). 
 “Cash Management Account” has the meaning set forth in Section 2.7.2 hereof. 
 “Cash Management Agreement” means that certain Cash Management Agreement, dated as of the date hereof, by and among Borrower, Lender and Agent, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time. 
 “Cash Sweep Event” means the occurrence of:
(a) an Event of Default; (b) any Bankruptcy Action of Borrower or Manager; or (c) a DSCR Trigger Event. 

“Cash Sweep Event Cure” means (a) if the Cash Sweep Event is caused solely by the occurrence of a DSCR Trigger
Event, the achievement of a Debt Service Coverage Ratio of 1.25 to 1.00 or greater for two (2) consecutive quarters based upon the trailing six (6) month period 

  
 3 







 
immediately preceding the date of determination, (b) if the Cash Sweep Event is caused by an Event of Default, the acceptance by Lender of a cure of such Event of Default (which cure Lender
is not obligated to accept and may reject or accept in its discretion), or (c) if the Cash Sweep Event is caused by a Bankruptcy Action of Manager, if Borrower replaces the Manager with a Qualified Manager under a Replacement Management
Agreement within sixty (60) days of the occurrence of the Bankruptcy Action of Manager; provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no
Event of Default shall have occurred and be continuing under this Agreement or any of the other Loan Documents, (ii) a Cash Sweep Event Cure may occur no more than a total of two (2) times in the aggregate during the term of the Loan, and
(iii) Borrower shall have paid all of Lender’s reasonable expenses incurred in connection with such Cash Sweep Event Cure including, reasonable attorney’s fees and expenses. 

“Cash Sweep Period” means each period commencing on the occurrence of a Cash Sweep Event and continuing until the
earlier of (a) the Payment Date next occurring following the related Cash Sweep Event Cure, or (b) until payment in full of all principal and interest on the Loan and all other amounts payable under the Loan Documents. 

“Casualty” has the meaning set forth in Section 6.2 hereof. 

“Casualty Consultant” has the meaning set forth in Section 6.4(b)(iii) hereof. 

“Casualty Retainage” has the meaning set forth in Section 6.4(b)(iv) hereof. 

“Closing Date” means the date of the funding of the Loan. 

“Code” means the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any
successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
 “Condemnation” means a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent
domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property or any part thereof. 

“Condemnation Proceeds” has the meaning set forth in Section 6.4(b) hereof. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of management,
policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” have correlative meanings. 

“Current Owner” has the meaning set forth in Section 5.2.10(f) hereof. 

“Debt” means the outstanding principal amount of the Loan set forth in, and evidenced by, this Agreement and the Note
together with all interest accrued and unpaid thereon and all other sums (including any Yield Maintenance Premium (as defined in the Note)) due to Lender in respect of the Loan under the Note, this Agreement, the Security Instrument or any other
Loan Document. 

  
 4 







 “Debt Service” means, with respect to any particular period of time, the
scheduled principal and interest payments due under this Agreement and the Note. 
 “Debt Service Coverage
Ratio” means a ratio for the applicable period in which: 
 (a) the numerator is the Net Operating Income (excluding
interest on credit accounts and using annualized operating expenses for any recurring expenses not paid monthly (e.g., Taxes and Insurance Premiums)) for such period as set forth in the statements required hereunder, without deduction for
(i) actual management fees incurred in connection with the operation of the Property, or (ii) amounts paid to the Reserve Funds, less (A) management fees equal to the greater of (1) assumed management fees of 5% of Gross Income
from Operations and (2) the actual management fees incurred, and (B) annual Replacement Reserve Fund contributions equal to $87,072.00, (C) annual Rollover Reserve Fund contributions equal to $212,400.00, and (D) annual
Bi-Lo/Kroger Reserve Fund contributions equal to $122,052.00; and 
 (b) the denominator is the aggregate amount of Debt Service
and the principal and interest that would be due and payable under the Mezzanine Loan for such period. 

“Default” means the occurrence of any event hereunder or under any other Loan Document which, but for the giving of
notice or passage of time, or both, would be an Event of Default. 
 “Default Rate” means, with respect to the
Loan, a rate per annum equal to the lesser of (a) the Maximum Legal Rate or (b) five percent (5%) above the Interest Rate. 
 “Disclosure Documents” means, collectively and as applicable, any offering circular, prospectus, prospectus supplement, private placement memorandum or other offering document, in each
case, in connection with a Securitization. 
 “Division” shall mean an administrative or operating unit of a
Person as opposed to a separate entity wholly or partially owned by such Person. 
 “DSCR Trigger Event” means,
that as of the date of determination, the Debt Service Coverage Ratio based on the trailing six (6) month period immediately preceding the date of such determination is less than 1.20 to 1.00. 

“Easement Relocation Reserve Account” has the meaning specified in Section 12.1.21(a) hereof. 

“Easement Relocation Reserve Fund” has the meaning specified in Section 12.1.21(a) hereof. 

“Eligible Account” means a separate and identifiable account from all other funds held by the holding institution that
is either (a) an account or accounts maintained with a federal or 

  
 5 







 
state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account or accounts maintained with a federal or
state chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R. §9.10(b),
having in either case a combined capital and surplus of at least $50,000,000.00 and subject to supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other
instrument. 
 “Eligible Institution” means KeyBank National Association or a depository institution or trust
company insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations or commercial paper of which are rated at least “A-1+” by S&P, “P-1” by Moody’s and “F-1+” by Fitch in the
case of accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty (30) days, the long-term unsecured debt obligations of which are rated at least “AA-”
by Fitch and S&P and “Aa3” by Moody’s). 
 “Embargoed Person” means any person, entity or
government subject to trade restrictions under U.S. law, including The USA PATRIOT Act (including the anti terrorism provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701, et seq., The Trading with the
Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder including those related to Specially Designated Nationals and Specially Designated Global Terrorists, with the result that the investment in Borrower
or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan made by the Lender is in violation of law. 
 “Environmental Indemnity” means that certain Environmental Indemnity Agreement, dated as of the date hereof, executed by Borrower and Guarantor in connection with the Loan for the benefit
of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Environmental Law” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations
and the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances, relating to liability for or costs of Remediation or prevention of Releases of Hazardous Substances or relating to
liability for or costs of other actual or threatened danger to human health or the environment. Environmental Law includes the following statutes, as amended, any successor thereto, and any regulations promulgated pursuant thereto, and any state or
local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances
Transportation Act; the Resource Conservation and Recovery Act (including Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe Drinking
Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and the River and Harbors
Appropriation Act. Environmental Law also includes any present and future federal, state and local laws, statutes, ordinances, rules, 

  
 6 







 
regulations and the like, as well as common law: conditioning transfer of property upon a negative declaration or other approval of a governmental authority of the environmental condition of the
Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition of the Property to any governmental authority or other Person, whether or not in connection with transfer of title to or interest in
property; imposing conditions or requirements in connection with permits or other authorization for lawful activity; relating to nuisance, trespass or other causes of action related to the Property; or relating to wrongful death, personal injury, or
property or other damage in connection with any physical condition or use of the Property. 
 “Environmental
Liens” has the meaning set forth in Section 5.1.19 hereof. 
 “Environmental Report” has
the meaning set forth in Section 4.1.37 hereof. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time, and the regulations promulgated and the rulings issued thereunder. 

“Event of Default” has the meaning set forth in Section 8.1(a) hereof. 

“Excess Cash Flow” has the meaning set forth in the Cash Management Agreement. 

“Excess Cash Flow Reserve Account” has the meaning set forth in Section 7.5 hereof. 

“Excess Cash Flow Reserve Fund” has the meaning set forth in Section 7.5 hereof. 

“Extraordinary Expense” has the meaning set forth in Section 5.1.11(h) hereof. 

“Fiscal Year” means each twelve (12) month period commencing on January 1 and ending on December 31
during each year of the term of the Loan. 
 “Fitch” means Fitch, Inc. 

“Foreclosure Sale” has the meaning set forth in Section 9(f) of the Note. 

“GAAP” means generally accepted accounting principles in the United States of America as of the date of the applicable
financial report. 
 “Governing State” has the meaning set forth is Section 10.3 hereof.

 “Governmental Authority” means any court, board, agency, commission, office or other authority of any nature
whatsoever for any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 
 “Gross Income from Operations” means, during any period, all sustainable income as reported on the financial statements delivered by Borrower in accordance with this Agreement, computed
in accordance with GAAP, derived from the ownership and operation of the Property from whatever source during such period, including (i) Rents from Tenants that are in occupancy, open for business and paying full contractual rent without
right of offset or credit, (ii)

  
 7 







 
utility charges, (iii) escalations, (iv) forfeited security deposits, (v) interest on credit accounts, (vi) service fees or charges, (vii) license fees,
(viii) parking fees, (ix) rent concessions or credits, (x) income from vending machines, (xi) business interruption or other loss of income or rental insurance proceeds, (xii) other required pass-throughs and
(xiii) interest on Reserve Funds, if any, but excluding (i) Rents from month-to-month Tenants, Tenants during a free-rent period, or Tenants that are included in any Bankruptcy Action, (ii) sales, use and occupancy or other
taxes on receipts required to be accounted for by Borrower to any Governmental Authority, (iii) refunds and uncollectible accounts, (iv) sales of furniture, fixtures and equipment, (v) Insurance Proceeds (other than business
interruption or other loss of income or rental insurance), (vi) Awards, (vii) unforfeited security deposits, (viii) utility and other similar deposits and (ix) any disbursements to Borrower from the Reserve Funds, if any. Gross
income shall not be diminished as a result of the Security Instrument or the creation of any intervening estate or interest in the Property or any part thereof. 
 “Guarantor” means TNP Strategic Retail Trust, Inc., a Maryland corporation. 
 “Guaranty” means that certain Guaranty Agreement, dated as of the date hereof, executed and delivered by Guarantor in connection with the Loan to and for the benefit of Lender, as the
same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Hazardous
Substances” means any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar
meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact on human health or the environment, including petroleum and petroleum products, asbestos and asbestos-containing materials,
polychlorinated biphenyls, lead, radon, radioactive materials, flammables, explosives, mold, mycotoxins, microbial matter and airborne pathogens (naturally occurring or otherwise), but excluding substances of kinds and in amounts ordinarily and
customarily used or stored in similar properties for the purpose of cleaning or other maintenance or operations and otherwise in compliance with all Environmental Laws. 
 “Immediate Family Member” has the meaning set forth in Section 5.2.10(f). 
 “Improvements” means, individually or collectively (as the context requires), the “Improvements” as defined in each applicable Security Instrument. 

“Indebtedness” of a Person, at a particular date, means the sum (without duplication) at such date of (a) all
indebtedness or liability of such Person (including amounts for borrowed money and indebtedness in the form of mezzanine debt or preferred equity); (b) obligations evidenced by bonds, debentures, notes, or other similar instruments;
(c) obligations for the deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under acceptance facilities; (f) all guaranties, endorsements (other
than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or entity, or otherwise to assure a creditor against loss; and
(g) obligations secured by any Liens, whether or not the obligations have been assumed (other than the Permitted Encumbrances). 

  
 8 







 “Indemnified Liabilities” has the meaning set forth in
Section 10.13(b) hereof. 
 “Indemnified Parties” means Lender and, its designee, (whether or not
it is the Lender), any Affiliate of Lender that has filed any registration statement relating to the Securitization or has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of Lender that acts as an underwriter,
placement agent or initial purchaser of Securities issued in the Securitization, any other co underwriters, co placement agents or co initial purchasers of Securities issued in the Securitization, and each of their respective officers, directors,
partners, employees, representatives, agents and Affiliates and each Person or entity who Controls any such Person within the meaning of Section 15 of the Securities Act of 1933 as amended or Section 20 of the Security Exchange Act of 1934
as amended, any Person who is or will have been involved in the origination of the Loan, any Person who is or will have been involved in the servicing of the Loan secured hereby, any Person in whose name the encumbrance created by the Security
Instrument is or will have been recorded, any Person who may hold or acquire or will have held a full or partial interest in the Loan secured hereby (including investors or prospective investors in the Securities, as well as custodians, trustees and
other fiduciaries who hold or have held a full or partial interest in the Loan secured hereby for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives,
contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including any other Person who holds or acquires or will have held a participation or other full or partial interest in the
Loan, whether during the term of the Loan or as a part of or following a foreclosure of the Loan and including any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business). 

“Independent Director” means a natural Person who (a) is not at the time of initial appointment, or at any time
while serving in such capacity, and is not, and has never been, and shall not while serving as Independent Director be: (i) a stockholder, director (with the exception of serving as the Independent Director of Borrower), officer, employee,
partner, member (other than a “special member” or “springing member”), manager, attorney or counsel of Borrower, equity owners of Borrower or Guarantor or any Affiliate of Borrower or Guarantor; (ii) a customer, supplier or
other person who derives any of its purchases or revenues from its activities with Borrower or Guarantor, equity owners of Borrower or Guarantor or any Affiliate of Borrower or Guarantor; (iii) a Person Controlling or under common Control with
any such stockholder, director, officer, employee, partner, member, manager, attorney, counsel, equity owner, customer, supplier or other Person; or (iv) a member of the immediate family of any such stockholder, director, officer, employee,
partner, member, manager, attorney, counsel, equity owner, customer, supplier or other Person and (b) has (i) prior experience as an independent director or independent manager for a corporation, a trust or limited liability company whose
charter documents required the unanimous consent of all independent directors or independent managers thereof before such corporation, trust or limited liability company could consent to the institution of bankruptcy or insolvency proceedings
against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (ii) at least three years of employment experience with one or more nationally-recognized companies that provides,
inter alia, professional independent directors or independent managers in the ordinary course of their respective business to issuers of securitization or structured finance instruments, agreements or securities or lenders originating
commercial real estate loans for inclusion in securitization or 

  
 9 







 
structured finance instruments, agreements or securities (a “Professional Independent Director”) and is at all times during his or her service as an Independent Director of
Borrower an employee of such a company or companies. A natural Person who satisfies the foregoing definition except for being (or having been) the independent director or independent manager of a “special purpose entity” affiliated with
Borrower (provided such affiliate does not or did not own a direct or indirect equity interest in an Borrower) shall not be disqualified from serving as an Independent Director, provided that such natural Person satisfies all other criteria set
forth above and that the fees such individual earns from serving as independent director or independent manager of affiliates of Borrower or in any given year constitute in the aggregate less than five percent (5%) of such individual’s
annual income for that year. A natural Person who satisfies the foregoing definition other than subparagraph (a)(ii) shall not be disqualified from serving as an Independent Director of Borrower if such individual is a Professional Independent
Director and such individual complies with the requirements of the previous sentence. 
 “Individual Property”
shall mean each parcel of real property, the Improvements thereon and all personal property owned by Borrower and encumbered by the applicable Security Instrument, together with all rights pertaining to such property and Improvements, as more
particularly described in the granting clauses of the applicable Security Instrument and referred to therein as the “Property”; which shall include (a) that certain property commonly known as Florissant Marketplace located at 8200 and
8182 N. Lindbergh Boulevard, Florissant, Missouri; (b) that certain property commonly known as Bi-Lo Grocery Store located at 1436 J A Cochran Bypass, Chester, South Carolina; (c) that certain property commonly known as Ensenada Square
located at 301 South Bowen Road, Arlington, Texas; (d) that certain property commonly known as Morningside Marketplace located at 14574 Baseline Avenue, Fontana, California; and (e) that certain property commonly known as Shops at Turkey
Creek located at 10911 Turkey Drive, Knoxville, Tennessee. 
 “Initial Interest Payment Per Diem” has the
meaning set forth in the Loan Terms Table of the Note. 
 “Insolvency Opinion” means that certain
non-consolidation opinion letter dated the date hereof delivered by Kaplan Voekler Cunningham & Frank, PLC, in connection with the Loan. 
 “Institutional Controls” means any legal or physical restrictions or limitations on the use of, or access to, the Property to eliminate or minimize potential exposures to any Hazardous
Substance, to prevent activities that could interfere with the effectiveness of any Remediation, or to ensure maintenance of a level of risk to human health or the environment, including physical modifications to the Property such as slurry walls,
capping, hydraulic controls for ground water, or point of use water treatment, restrictive covenants, environmental protection easements, or property use limitations. 
 “Insurance Premiums” has the meaning set forth in Section 6.1(b) hereof. 
 “Insurance Proceeds” has the meaning set forth in Section 6.4(b) hereof. 
 “Interest Rate” means a rate of five and one-tenth percent (5.10%). 

  
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 “Kroger” has the meaning specified in Section 12.1.16(a)
hereof. 
 “Kroger Lease” has the meaning specified in Section 12.1.16(a) hereof. 

“Kroger Space” has the meaning specified in Section 12.1.16(a) hereof. 

“Land” means, individually or collectively (as the context requires), the “Land” as defined in each applicable
Security Instrument. 
 “Lease” means any lease, sublease or subsublease, letting, license, concession or other
agreement (whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in the Property by or on behalf of Borrower, and
(a) every modification, amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and (b) every guarantee of the
performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. 

“Legal Requirements” means, all federal, state, county, municipal and other governmental statutes, laws, rules, orders,
regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Property or any part thereof, or the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and
in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting
Borrower, the Property or any part thereof, including any which may (a) require repairs, modifications or alterations in or to the Property or any part thereof, or (b) in any way limit the use and enjoyment thereof. 

“Lender” has the meaning set forth in the introductory paragraph hereto, together with its successors and assigns.

 “Lien” means, any mortgage, deed of trust, deed to secure debt, indemnity deed of trust, lien, pledge,
hypothecation, assignment, security interest, or any other encumbrance, charge or transfer of, on or affecting Borrower, the Property, any portion thereof or any interest therein, including any conditional sale or other title retention agreement,
any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 

“Loan” means the loan in the Original Principal Amount made by Lender to Borrower pursuant to this Agreement.

 “Loan Documents” means, collectively, this Agreement, the Note, the Security Instrument, the Environmental
Indemnity, the Assignment of Management Agreement, the Guaranty, the Lockbox Agreement, the Cash Management Agreement, and all other documents executed and/or delivered in connection with the Loan. 

“Loan to Value Ratio” shall mean, as of the date of its calculation, the ratio of (i) the sum of the outstanding
principal amount of the Loan and the Mezzanine Loan as of the date of 

  
 11 








 
such calculation to (ii) the fair market value of all applicable Individual Properties, as determined, in Lender’s sole discretion, by any commercially reasonable method permitted to a
REMIC Trust. 
 “Lockbox Account” has the meaning set forth in Section 2.7.1 hereof. 

“Lockbox Agreement” means that certain Lockbox - Deposit Account Control Agreement dated the date hereof among Borrower,
Lender, and Lockbox Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the Lockbox Account. 

“Lockbox Bank” means KeyBank National Association, a national banking association. 

“Management Agreement” means, individually or collectively (as the context may require), each management agreement
entered into by and between Borrower and Manager, pursuant to which Manager is to provide management and other services with respect to the Property or any portion thereof, or, if the context requires, a Qualified Manager who is managing the
Property in accordance with the terms and provisions of this Agreement pursuant to a Replacement Management Agreement. 

“Manager” means TNP Property Manager, LLC, a Delaware limited liability company, or, if the context requires, any
Qualified Manager who is managing the Property or any portion thereof in accordance with the terms and provisions of this Agreement pursuant to a Replacement Management Agreement. 

“Material Action” means to consolidate or merge Borrower with or into any Person, or sell all or substantially all of
the assets of Borrower, or to institute proceedings to have Borrower be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against Borrower or file a petition seeking, or consent to,
reorganization or relief with respect to Borrower under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of Borrower or a
substantial part of its property, or make any assignment for the benefit of creditors of Borrower, or admit in writing Borrower’s inability to pay its debts generally as they become due, or take action in furtherance of any such action, or, to
the fullest extent permitted by law, dissolve or liquidate Borrower. 
 “Maturity Date” means July 1,
2019, or such other date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise. 

“Maximum Legal Rate” means the maximum nonusurious interest rate, if any, that at any time or from time to time may be
contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction
to govern the interest rate provisions of the Loan. 
 “Mezzanine Borrower” means TNP SRT Portfolio II
Holdings, LLC, a Delaware limited liability company. 

  
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 “Mezzanine Event of Default” means an Event of Default under the Mezzanine
Loan Documents. 
 “Mezzanine Intercreditor Agreement” has the meaning set forth in Section 9.6.

 “Mezzanine Lender” means KeyBank National Association, a national banking association, together with its
successors and assigns. 
 “Mezzanine Loan” means that certain loan in the amount of $2,000,000.00 made by
Mezzanine Lender to Mezzanine Borrower as of the date hereof. 
 “Mezzanine Loan Documents” means the Mezzanine
Note, Mezzanine Loan Agreement, Mezzanine Pledge and Security Agreement, and each and every other agreement, instrument or certificate entered into by Mezzanine Borrower and Mezzanine Lender. 

“Mezzanine Loan Reserve Account” has the meaning set forth in Section 12.1.20. 

“Mezzanine Loan Reserve Funds” has the meaning set forth in Section 12.1.20. 

“Mezzanine Monthly Debt Service Payment Amount” means the amount of interest and, if applicable, principal then due and
payable under the Mezzanine Loan Documents. 
 “Mezzanine Note” shall mean that certain Promissory Note of even
date herewith, in the stated principal amount of $2,000,000.00 executed by Mezzanine Borrower and payable to the order of Mezzanine Lender in evidence of the Mezzanine Loan (as the same may hereafter be amended, supplemented, restated, increased,
extended or consolidated from time to time). 
 “Mezzanine Pledge and Security Agreement” means that certain
Pledge and Security Agreement, dated as of the date hereof, by Mezzanine Borrower in favor of Mezzanine Lender. 

“Monthly Debt Service Payment Amount” means a constant monthly payment of $141,166.94. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Net Cash Flow” means, with respect to the Property for any period, the amount obtained by subtracting Operating
Expenses and Capital Expenditures for such period from Gross Income from Operations for such period. 
 “Net Operating
Income” means the amount obtained by subtracting Operating Expenses from Gross Income from Operations. 
 “Net
Proceeds” has the meaning set forth in Section 6.4(b) hereof. 
 “Net Proceeds Deficiency”
has the meaning set forth in Section 6.4(b)(vi) hereof. 
 “Note” means that certain Promissory
Note, dated the date hereof, in the principal amount of $26,000,000.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
 13 








 “OFAC” has the meaning set forth in Section 10.25 hereof. 

“Officer’s Certificate” means a certificate delivered to Lender by Borrower which is signed by an authorized
officer of Borrower or the general partner, managing member or sole member of Borrower, as applicable. 
 “Open
Prepayment Period” has the meaning set forth in the Loan Terms Table of the Note. 
 “Operating
Expenses” means the total of all expenditures, computed in accordance with GAAP, of whatever kind relating to the operation, maintenance and management of the Property that are incurred on a regular monthly or other periodic basis,
including, bad debt, utilities, ordinary repairs and maintenance, insurance, license fees, property taxes and assessments, advertising expenses, management fees, payroll and related taxes, computer processing charges, operational equipment or other
lease payments as approved by Lender, and other similar costs, but excluding depreciation, Debt Service and all principal and interest payments under the Mezzanine Loan for such period, Capital Expenditures and contributions to the Reserve Funds.

 “Operating Partnership” means TNP Strategic Retail Trust Operating Partnership, LP. 

“Original Principal Amount” means $26,000,000.00. 

“Other Charges” means all ground rents, maintenance charges, impositions other than Taxes, and any other charges,
including vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property or any part thereof, now or hereafter levied or assessed or imposed against the Property or any part thereof. 

“Other Obligations” has the meaning as set forth in the Security Instrument. 

“Outstanding Principal Balance” or “OPB” means the portion of the Original Principal Amount that
remains outstanding from time to time. 
 “Partial Release” has the meaning specified in
Section 2.6.2 hereof. 
 “Partial Release Condition” means immediately after any proposed release
of an Individual Property in connection with a partial prepayment, the Loan To Value Ratio of the Remaining Property shall be no more than 65% and the Debt Service Coverage Ratio for the Remaining Property shall be no less than (a) 1.20 to 1.00
if the Mezzanine Loan remains outstanding or (b) 1.40 to 1.00 if the Mezzanine Loan is not longer outstanding. 

“Partial Release Notice Date” has the meaning specified in Section 2.6.2(a) hereof. 

“Payment Date” means the first (1st) day of each calendar month during the term of the Loan. 

“Permitted Encumbrances” means, with respect to each Individual Property, collectively, (a) the Liens and security
interests created by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the applicable Title Insurance Policy, (c) Liens, if 

  
 14 








 
any, for Taxes imposed by any Governmental Authority not yet due or delinquent, and (d) such other title and survey exceptions as Lender has approved or may approve in writing in
Lender’s discretion, which Permitted Encumbrances, individually or in the aggregate, do not materially interfere with the value, current use or operation of the Property or the security intended to be provided by the Security Instrument or with
the current ability of the Property to generate net cash flow sufficient to service the Loan or Borrower’s ability to pay its obligations under the Loan Documents when they become due. 

“Permitted Investments” means any one or more of the following obligations or securities acquired at a purchase price of
not greater than par, including those issued by Servicer, the trustee under any Securitization or any of their respective Affiliates, payable on demand or having a maturity date not later than the Business Day immediately prior to the first Payment
Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below: 
 (i) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or instrumentality thereof provided such obligations are backed by the full
faith and credit of the United States of America including obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration (certificates of beneficial ownership), the General Services Administration
(participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban
Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(ii) Federal Housing Administration debentures; 

(iii) obligations of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt
obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt obligations), the Financing Corp. (debt obligations), and
the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if
rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and
must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

  
 15 








 (iv) federal funds, unsecured certificates of deposit, time deposits,
bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not rated
by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a
downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(v) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or
bankers’ acceptances issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not
rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a
downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(vi) debt obligations with maturities of not more than 365 days and at all times rated by each Rating Agency (or, if not
rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of
the initial, or, if higher, then current ratings assigned to the Securities) in its highest long-term unsecured rating category; provided, however, that the investments described in this clause must (A) have a predetermined fixed
dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must
be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(vii) commercial paper (including both non interest-bearing discount obligations and interest-bearing obligations payable
on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 

  
 16 








 
365 days and that at all times is rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency,
as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest short-term unsecured debt
rating; provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an
“r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index, and (D) such investments must not be subject to liquidation prior to their maturity; 
 (viii) units
of taxable money market funds, which funds are regulated investment companies, seek to maintain a constant net asset value per share and invest solely in obligations backed by the full faith and credit of the United States, which funds have the
highest rating available from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of
itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) for money market funds; and 

(ix) any other security, obligation or investment which has been approved as a Permitted Investment in writing by
(a) Lender and (b) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation or investment as a Permitted Investment will not, in and of itself, result in a downgrade, qualification or
withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; 
 provided,
however, that no obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a right to receive only interest payments or (B) the right to receive principal and interest payments on such
obligation or security are derived from an underlying investment that provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. 

“Permitted Transfer” means any of the following: (a) any transfer, directly as a result of the death of a natural
person, of stock, membership interests, partnership interests or other ownership interests previously held by the decedent in question to the Person or Persons lawfully entitled thereto, (b) any transfer, directly as a result of the legal
incapacity of a natural person, of stock, membership interests, partnership interests or other ownership interests previously held by such natural person to the Person or Persons lawfully entitled thereto, (c) subject to
Section 5.1.23, any public issuance of non-Controlling interests in TNP, (d) subject to Section 5.1.23, any issuance of non-Controlling interest in TNP to employees or other Persons affiliated with TNP pursuant to
employee or director compensation programs, (e) subject to Section 5.1.23, any issuance of non-Controlling interests in TNP in connection with the conversion of limited partnership interests in Operating Partnership,
(f) subject to Section 5.1.23, any issuance of non-Controlling interests in TNP in connection with a dividend reinvestment plan sponsored by TNP, (g) subject to Section 5.1.23, any private sale or transfer of
non-Controlling interests in TNP 

  
 17 








 
through a transaction brokered by a FINRA licensed broker dealer, (h) the issuance of limited partnership interests in Operating Partnership to TNP, (i) subject to
Section 5.1.23, any private sale or transfer of non-Controlling limited partnership interests in Operating Partnership, and (j) the pledge of membership interests in the Borrower as security for the Mezzanine Loan and subject to the
terms of the Mezzanine Intercreditor Agreement, the exercise by Mezzanine Lender of its rights and remedies under the Mezzanine Loan Documents; provided that as to clauses (c) through (i), so long as the Mezzanine Loan remains outstanding, the
Mezzanine Lender has approved such transfer (if required under the terms of the Mezzanine Loan Agreement), and at all times TNP must continue to (A) Control Operating Partnership, (B) own one hundred percent (100%) of the general
partnership interests in Operating Partnership and (C) own, directly or indirectly, at least fifty-one percent (51%) of the limited partnership interest in Operating Partnership. 

“Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust,
unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Personal Property” means, individually or collectively (as the context requires), the “Personal Property” as
defined in each applicable Security Instrument. 
 “Policies” has the meaning specified in
Section 6.1(b) hereof. 
 “Policy” has the meaning specified in Section 6.1(b) hereof.

 “Prepayment Date” has the meaning specified in Section 9(b) of the Note. 

“Property” means, individually or collectively (as the context requires), each Individual Property which is subject to
the terms hereof and of the other Loan Documents. 
 “Provided Information” means any and all financial and
other information provided at any time prepared by, or on behalf of, Borrower, Guarantor and/or Manager. 
 “Qualified
Manager” means either (a) Manager; or (b) in the reasonable judgment of Lender, a reputable and experienced management organization (which may be an Affiliate of Borrower) possessing experience in managing properties similar in
size, scope, use and value as the Property, provided, that, if required by Lender, Borrower shall have obtained (i) prior written confirmation from the applicable Rating Agencies that management of the Property by such entity will not
cause a downgrade, withdrawal or qualification of the then current ratings of the Securities or any class thereof and (ii) if such entity is an Affiliate of Borrower, an Additional Insolvency Opinion. 

“Rating Agencies” means each of S&P, Moody’s, Fitch, and Realpoint or any other nationally recognized
statistical rating agency which has been approved by Lender and designated by Lender to assign a rating to the Securities. 

“Realpoint” means Realpoint, LLC, a Pennsylvania limited liability company. 

  
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 “Related Entities” has the meaning set forth in
Section 5.2.10(e) hereof. 
 “Release” of any Hazardous Substance includes any release, deposit,
discharge, emission, leaking, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances. 
 “Release Amount” has the meaning specified in Section 2.6.2(d) hereof. 
 “Released Property” has the meaning specified in Section 2.6.2 hereof. 
 “Remaining Property” means that portion of the Property which will remain encumbered by the lien(s) of the Security Instrument(s) following a release in connection with a partial
prepayment. 
 “Remediation” includes any response, remedial, removal, or corrective action, any activity to
cleanup, detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance, any actions to prevent, cure or mitigate any Release of any Hazardous Substance, any action to comply with any Environmental Laws or with any permits issued
pursuant thereto, any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Substances. 

“REMIC Requirements” shall mean any applicable legal requirements relating to any REMIC Trust (including, without
limitation, those relating to the continued treatment of the Loan (or the applicable portion thereof and/or interest therein) as a “qualified mortgage” held by such REMIC Trust, the continued qualification of such REMIC Trust as such under
the Code, the non-imposition of any tax on such REMIC Trust under the Code (including, without limitation, taxes on “prohibited transactions and “contributions”) and any other constraints, rules and/or other regulations and/or
requirements relating to the servicing, modification and/or other similar matters with respect to the Loan (or any portion thereof and/or interest therein) that may now or hereafter exist under applicable legal requirements (including, without
limitation under the Code)). 
 “REMIC Trust” means a “real estate mortgage investment conduit”
within the meaning of Section 860D of the Code that holds the Note or a portion thereof. 
 “Rents” means,
all rents (including percentage rents), rent equivalents, moneys payable as damages or in lieu of rent or rent equivalents, royalties (including all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues,
payments (including payments in connection with the exercise of any purchase option or termination rights), deposits (including security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, all other amounts
payable as rent under any Lease or other agreement relating to the Property, including charges for electricity, oil, gas, water, steam, heat, ventilation, air-conditioning and any other energy, telecommunication, telephone, utility or similar items
or time use charges, HVAC equipment charges, sprinkler charges, escalation charges, license fees, maintenance fees, charges for Taxes, operating expenses or other reimbursables payable to Borrower (or to the Manager for the account of Borrower)
under any Lease, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from any and all sources arising from or attributable to the Property. 

  
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 “Replacement Management Agreement” means, collectively, (a) either
(i) a management agreement with a Qualified Manager substantially in the same form and substance as the Management Agreement, or (ii) a management agreement with a Qualified Manager, which management agreement shall be reasonably
acceptable to Lender in form and substance, provided, with respect to this subclause (ii), Lender, at its option, may require that Borrower shall have obtained prior written confirmation from the applicable Rating Agencies that such
management agreement will not cause a downgrade, withdrawal or qualification of the then current rating of the Securities or any class thereof and (b) an assignment of management agreement and subordination of management fees substantially in
the form then used by Lender (or of such other form and substance reasonably acceptable to Lender), executed and delivered to Lender by Borrower and such Qualified Manager at Borrower’s expense. 

“Replacement Reserve Account” has the meaning set forth in Section 7.3.1 hereof. 

“Replacement Reserve Fund” has the meaning set forth in Section 7.3.1 hereof. 

“Replacement Reserve Monthly Deposit” has the meaning set forth in Section 7.3.1 hereof. 

“Replacements” has the meaning set forth in Section 7.3.1 hereof. 

“Required Repair Account” has the meaning set forth in Section 7.1.1 hereof. 

“Required Repair Fund” has the meaning set forth in Section 7.1.1 hereof. 

“Required Repairs” has the meaning set forth in Section 7.1.1 hereof. 

“Reserve Funds” means, collectively, the Tax and Insurance Escrow Fund, the Replacement Reserve Fund, the Required
Repair Fund, the Rollover Reserve Fund, the Excess Cash Flow Reserve Fund, the Bi-Lo/Kroger Rollover Reserve Fund, the Mezzanine Loan Reserve Funds and any other escrow fund established by the Loan Documents. 

“Restoration” means the repair and restoration of the Property (or applicable portion thereof) after a Casualty or
Condemnation as nearly as possible to the condition the Property (or applicable portion thereof) was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by Lender. 

“Restricted Party” means (a) Borrower, any Guarantor, and any Affiliated Manager and (b) any shareholder,
partner, member, non-member manager, or any direct or indirect legal or beneficial owner of Borrower, any Guarantor (other than any shareholder or any other direct or indirect legal or beneficial owner of interests in TNP and other than Persons that
are indirect legal or beneficial owners of Borrower solely by being a shareholder of TNP; provided, however, that any shareholder or any other direct or indirect legal or beneficial owner of interests in TNP that owns nine and nine-tenths percent
(9.9%) or more of the outstanding stock of TNP is deemed to be a Restricted Party), any Affiliated Manager or any non-member manager. 

  
 20 








 “Rollover Reserve Account” has the meaning set forth in
Section 7.4.1 hereof. 
 “Rollover Reserve Fund” has the meaning set forth in
Section 7.4.1 hereof. 
 “S&P” means Standard & Poor’s Ratings Group, a division
of the McGraw-Hill Companies. 
 “Sale or Pledge” means a voluntary or involuntary sale, conveyance,
assignment, transfer, encumbrance, pledge, grant of option or other transfer or disposal of a legal or beneficial interest, whether direct or indirect. 
 “Securities” has the meaning set forth in Section 9.1 hereof. 
 “Securitization” has the meaning set forth in Section 9.1 hereof. 
 “Security Instrument” and “Security Instruments” means individually or collectively (as the context requires), each first priority Mortgage or Deed of Trust, Assignment
of Leases and Rents, Security Agreement and Fixture Filing, dated the date hereof, executed and delivered by Borrower to Lender as security for the Loan and encumbering the Property (or any portion thereof), as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time. 
 “Servicer” has the meaning set forth in
Section 9.5 hereof. 
 “Severed Loan Documents” has the meaning set forth in
Section 8.2(c) hereof. 
 “Special Purpose Entity” means a corporation, limited partnership or
limited liability company that, since the date of its formation and at all times on and after the date thereof, has complied with and shall at all times comply with the following requirements unless it has received either prior consent to do
otherwise from Lender or a permitted administrative agent thereof, or, while the Loan is securitized, confirmation from each of the applicable Rating Agencies that such noncompliance would not result in the requalification, withdrawal, or downgrade
of the ratings of any Securities or any class thereof: 
 (i) is and shall be organized solely for the purpose of
acquiring, developing, owning, holding, selling, leasing, transferring, exchanging, managing and operating the Property, entering into and performing its obligations under the Loan Documents with Lender, refinancing the Property in connection with a
permitted repayment of the Loan, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing; 
 (ii) has not engaged and shall not engage in any business unrelated to the acquisition, development, ownership, management or operation of the Property; 

(iii) has not owned and shall not own any real property other than, in the case of Borrower, the Property; 

  
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 (iv) does not have, shall not have and at no time had any assets other than
the Property and personal property necessary or incidental to its ownership and operation of the Property; 
 (v)
has not engaged in, sought, consented or permitted to and shall not engage in, seek, consent to or permit (A) any dissolution, winding up, liquidation, consolidation or merger, or (B) any sale or other transfer of all or substantially all
of its assets or any sale of assets outside the ordinary course of its business, except as permitted by the Loan Documents; 
 (vi) shall not cause, consent to or permit any amendment of its limited partnership agreement, articles of incorporation, articles of organization, certificate of formation, operating agreement or other
formation document or organizational document (as applicable) with respect to the matters set forth in this definition; 
 (vii) [Intentionally Deleted]; 
 (viii) [Intentionally Deleted];

 (ix) [Intentionally Deleted]; 

(x) if such entity is a single-member limited liability company, (A) is and shall be a Delaware limited liability
company, (B) has and shall have at least one (1) Independent Director serving as managers of such company, (C) shall not take any Material Action and shall not cause or permit the members or managers of such entity to take any
Material Action unless one (1) Independent Director then serving as manager of the company shall have participated consented in writing to such action, and (D) has and shall have either (1) a member which owns no economic interest in
the company, has signed the company’s limited liability company agreement and has no obligation to make capital contributions to the company, or (2) two natural persons or one entity that is not a member of the company, that has signed its
limited liability company agreement and that, under the terms of such limited liability company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the last remaining member of the company; 

(xi) has not and shall not (and, if such entity is (a) a limited liability company, has and shall have a limited
liability agreement or an operating agreement, as applicable, (b) a limited partnership, has a limited partnership agreement, or (c) a corporation, has a certificate of incorporation or articles that, in each case, provide that such entity
shall not) (1) dissolve, merge, liquidate, consolidate; (2) sell all or substantially all of its assets; (3) amend its organizational documents with respect to the matters set forth in this definition without the consent of Lender; or
(4) without the affirmative vote of one (1) Independent Director of itself: (A) file or consent to the filing of any bankruptcy, insolvency or reorganization case or proceeding, institute any proceedings under any applicable
insolvency law or otherwise seek relief under any laws relating to the relief from debts or the protection of debtors generally, file a bankruptcy or insolvency petition or otherwise institute insolvency proceedings; (B) seek or consent to the
appointment of a receiver, 

  
 22 








 
liquidator, assignee, trustee, sequestrator, custodian or any similar official for the entity or a substantial portion of its property; (C) make an assignment for the benefit of the
creditors of the entity; or (D) take any action in furtherance of any of the foregoing; 
 (xii) has at all
times been and shall at all times remain solvent and has paid and shall pay its debts and liabilities (including, a fairly-allocated portion of any personnel and overhead expenses that it shares with any Affiliate) from its assets as the same shall
become due, and has maintained and shall maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations (unless any such insolvency, or failure
to pay its debts and liabilities, or failure to maintain adequate capital is solely due to an insufficiency in Gross Income from Operations); provided, however, that the foregoing shall not require any member, partner or beneficiary to make
additional capital contributions 
 (xiii) holds itself out as a legal entity, separate and apart from any other
person or entity, has not failed and shall not fail to correct any known misunderstanding regarding the separate identity of such entity and has not identified and shall not identify itself as a Division of any other Person; 

(xiv) has maintained and shall maintain its bank accounts, books of account, books and records separate from those of any
other Person and, to the extent that it is required to file tax returns under applicable law, has filed and shall file its own tax returns, except to the extent that it is required by law to file consolidated tax returns and, if it is a corporation,
has not filed and shall not file a consolidated federal income tax return with any other corporation, except to the extent that it is required by law to file consolidated tax returns; 

(xv) has maintained and shall maintain its own records, books, resolutions and agreements; 

(xvi) has not commingled and shall not commingle its funds or assets with those of any other Person and has not
participated and shall not participate in any cash management system with any other Person; 
 (xvii) has held
and shall hold its assets in its own name; 
 (xviii) has conducted and shall conduct its business in its name or
in a name franchised or licensed to it by an entity other than an Affiliate of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management services agreement that is on
commercially-reasonable terms, so long as the manager, or equivalent thereof, under such business management services agreement holds itself out as an agent of Borrower; 

(xix) (A) has maintained and shall maintain its financial statements, accounting records and other entity
documents separate from those of any other Person; (B) has shown and shall show, in its financial statements, its asset and liabilities separate and apart from those of any other Person; and (C) has not permitted and shall not permit its
assets to be listed as assets on the financial statement of any of its Affiliates except as 

  
 23 








 
required by GAAP; provided, however, that any such consolidated financial statement contains a note indicating that the Special Purpose Entity’s separate assets and credit are not available
to pay the debts of such Affiliate and that the Special Purpose Entity’s liabilities do not constitute obligations of the consolidated entity; 
 (xx) has paid and shall pay its own liabilities and expenses, including the salaries of its own employees, out of its own funds and assets, and has maintained and shall maintain a sufficient number of
employees in light of its contemplated business operations; 
 (xxi) has observed and shall observe all
partnership, corporate or limited liability company formalities, as applicable; 
 (xxii) has not incurred any
Indebtedness other than (i) acquisition financing with respect to the Property; construction financing with respect to the Improvements and certain off-site improvements required by municipal and other authorities as conditions to the
construction of the Improvements; and first mortgage financings secured by the Property; and Indebtedness pursuant to letters of credit, guaranties, interest rate protection agreements and other similar instruments executed and delivered in
connection with such financings, (ii) unsecured trade payables and operational debt not evidenced by a note, and (iii) Indebtedness incurred in the financing of equipment and other personal property used on the Property; 

(xxiii) shall have no Indebtedness other than (i) the Loan, (ii) liabilities incurred in the ordinary course of
business relating to the ownership and operation of the Property and the routine administration of Borrower, in amounts not to exceed 2% of the amount of the Loan which liabilities are not more than sixty (60) days past the date incurred, are
not evidenced by a note and are paid when due, and which amounts are normal and reasonable under the circumstances, and (iii) such other liabilities that are permitted pursuant to this Agreement; 

(xxiv) has not assumed, guaranteed or become obligated and shall not assume or guarantee or become obligated for the debts
of any other Person, has not held out and shall not hold out its credit as being available to satisfy the obligations of any other Person or has not pledged and shall not pledge its assets for the benefit of any other Person, in each case except as
permitted pursuant to this Agreement; 
 (xxv) has not acquired and shall not acquire obligations or securities
of its partners, members or shareholders or any other owner or Affiliate; 
 (xxvi) has allocated and shall
allocate fairly and reasonably any overhead expenses that are shared with any of its Affiliates, constituents, or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing, including paying for shared
office space and for services performed by any employee of an Affiliate; 

  
 24 








 (xxvii) has maintained and used and shall maintain and use separate
stationery, invoices and checks bearing its name and not bearing the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 

(xxviii) has not pledged and shall not pledge its assets to or for the benefit of any other Person other than with respect
to loans secured by the Property and no such pledge remains outstanding except to Lender to secure the Loan; 

(xxix) has held itself out and identified itself and shall hold itself out and identify itself as a separate and distinct
entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a Division or part of any other Person, 

(xxx) has maintained and shall maintain its assets in such a manner that it shall not be costly or difficult to segregate,
ascertain or identify its individual assets from those of any other Person; 
 (xxxi) has not made and shall not
make loans to any Person and has not held and shall not hold evidence of indebtedness issued by any other Person or entity (other than cash and investment-grade securities issued by an entity that is not an Affiliate of or subject to common
ownership with such entity); 
 (xxxii) has not identified and shall not identify its partners, members or
shareholders, or any Affiliate of any of them, as a Division or part of it, and has not identified itself and shall not identify itself as a Division of any other Person; 

(xxxiii) other than capital contributions and distributions permitted under the terms of its organizational documents, has
not entered into or been a party to, and shall not enter into or be a party to, any transaction with any of its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are commercially
reasonable terms comparable to those of an arm’s-length transaction with an unrelated third party; 

(xxxiv) has not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners,
officers, directors or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and shall not constitute a claim against it if its cash flow is insufficient to pay the Debt; 

(xxxv) if such entity is a corporation, has considered and shall consider the interests of its creditors in connection
with all corporate actions; 
 (xxxvi) has not had and shall not have any of its obligations guaranteed by any
Affiliate except as provided by the Loan Documents; 
 (xxxvii) has not formed, acquired or held and shall not
form, acquire or hold any subsidiary; 

  
 25 








 (xxxviii) has complied and shall comply with all of the terms and provisions
contained in its organizational documents. 
 (xxxix) has conducted and shall conduct its business so that each
of the assumptions made about it and each of the facts stated about it in the Insolvency Opinion are true; 

(xl) has not permitted and shall not permit any Affiliate or constituent party independent access to its bank accounts;

 (xli) is, has always been and shall continue to be duly formed, validly existing, and in good standing in the
state of its incorporation or formation and in all other jurisdictions where it is qualified to do business; 

(xlii) has paid all taxes which it owes and is not currently involved in any dispute with any taxing authority;

 (xliii) is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that
resulted in a judgment against it that has not been paid in full; 
 (xliv) has no judgments or Liens of any
nature against it except for tax liens not yet due and the Permitted Encumbrances; 
 (xlv) has provided Lender
with complete financial statements that reflect a fair and accurate view of the entity’s financial condition; and 
 (xlvi) has no material contingent or actual obligations not related to the Property. 
 “State” means, the applicable State or Commonwealth in which the applicable Individual Property is located. 
 “Survey” means, individually or collectively (as the context requires), each survey of each Individual Property prepared by a surveyor licensed in the State and satisfactory to Lender and
the company or companies issuing the Title Insurance Policy, and containing a certification of such surveyor satisfactory to Lender. 
 “Tax and Insurance Escrow Fund” has the meaning set forth in Section 7.2 hereof. 
 “Taxes” means all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against the Property or part thereof.

 “Tenant” means the lessee of all or a portion of the Property under a Lease. 

“Tenant Direction Letter” has the meaning set forth in the Cash Management Agreement. 

“Threshold Amount” has the meaning set forth in Section 5.1.21 hereof. 

  
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 “Title Insurance Policy” means each mortgagee title insurance policy issued
with respect to each Individual Property and insuring the lien of each applicable Security Instrument. 
 “TNP”
means TNP Strategic Retail Trust, Inc. 
 “Transfer” has the meaning set forth in Section 5.2.10(b)
hereof. 
 “Transferee” has the meaning set forth in Section 5.2.10(e) hereof. 

“Transferee’s Principals” means collectively, (A) Transferee’s managing members, general partners or
principal shareholders and (B) such other members, partners or shareholders which directly or indirectly shall own a fifty-one percent (51%) or greater economic and voting interest in Transferee. 

“UCC” or “Uniform Commercial Code” means the Uniform Commercial Code as in effect in the State in which
applicable Individual Property is located. 
 “U.S. Obligations” means non redeemable, non prepayable, non
callable securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that constitute “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as
amended, and are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged, or (b) to the extent acceptable to the Rating Agencies, other “government securities” within
the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended. 
 “Yield Maintenance
Amount” has the meaning specified in Section 9(d) of the Note. 
 Section 1.2 Principles of
Construction. The following rules of construction shall be applicable for all purposes of this Agreement and all documents or instruments supplemental hereto, unless the context otherwise clearly requires: 

(a) any pronoun used herein shall be deemed to cover all genders, and words importing the singular number shall mean and include the
plural number, and vice versa; 
 (b) the term “or” has, except where otherwise indicated, the inclusive meaning
represented by the phrase “and/or”; 
 (c) an Event of Default shall “continue” or be “continuing”
until such Event of Default has been waived in writing by Lender; 
 (d) no inference in favor of or against any party shall be
drawn from the fact that such party has drafted any portion hereof or any other Loan Document; 
 (e) the cover page (if any) of,
all recitals set forth in, and all Exhibits to, this Agreement are hereby incorporated herein; 

  
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 (f) References herein to “the Property or any portion thereof” and words of
similar import shall be deemed to refer, as applicable, to any portion of the Property taken as a whole (including any Individual Property) and any portion of any Individual Property; 

(g) all references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified; 

(h) all uses of the words “include”, “including” and similar terms shall be construed as if followed by the phrase
“without being limited to” unless the context shall indicate otherwise; 
 (i) unless otherwise specified, the words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; and 

(j) unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and
plural forms of the terms so defined. 
 ARTICLE II - GENERAL TERMS 

Section 2.1 Loan Commitment; Disbursement to Borrower. 

2.1.1 Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to
make and Borrower hereby agrees to accept the Loan on the Closing Date. 
 2.1.2 Single Disbursement to Borrower.
Borrower may request and receive only one (1) borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower acknowledges and agrees that the Loan has been fully
funded as of the Closing Date. 
 2.1.3 The Note, Security Instrument and Loan Documents. The Loan shall be
evidenced by the Note and secured by the Security Instruments and the other Loan Documents. 
 2.1.4 Use of
Proceeds. Borrower shall use the proceeds of the Loan to (a) acquire the Property or repay and discharge any existing loans relating to the Property, (b) pay all past due basic carrying costs, if any, with respect to the Property,
(c) make deposits into the Reserve Funds on the Closing Date in the amounts provided herein, (d) pay costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (e) fund any working capital
requirements of the Property and (f) distribute the balance, if any, to Borrower. 

  
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 Section 2.2 Interest Rate. 

2.2.1 Interest Rate. Interest on the outstanding principal balance of the Loan shall accrue at the Interest Rate or as
otherwise set forth in this Agreement or in the Note from (and including) the Closing Date to but excluding the Maturity Date. 

2.2.2 Interest Calculation. Interest on the outstanding principal balance of the Loan shall be calculated by multiplying
(a) the actual number of days elapsed in the relevant Accrual Period by (b) a daily rate based on the Interest Rate and a three hundred sixty (360) day year by (c) the outstanding principal balance of the Loan. Borrower
acknowledges that the calculation method for interest described herein results in a higher effective interest rate than the numeric Interest Rate and Borrower hereby agrees to this calculation method. 

2.2.3 Default Rate. Upon the occurrence of an Event of Default (including the failure of Borrower to make full payment on
the Maturity Date), Lender shall be entitled to receive and Borrower shall pay interest on the Outstanding Principal Balance at the Default Rate. Interest shall accrue and be payable at the Default Rate from the occurrence of an Event of Default
until all Events of Default have been waived in writing by Lender in its discretion. Such accrued interest shall be added to the Outstanding Principal Balance, and interest shall accrue thereon at the Default Rate until fully paid. Such accrued
interest shall be secured by the Security Instrument and other Loan Documents. Borrower agrees that Lender’s right to collect interest at the Default Rate is given for the purpose of compensating Lender at reasonable amounts for Lender’s
added costs and expenses that occur as a result of Borrower’s default and that are difficult to predict in amount, such as increased general overhead, concentration of management resources on problem loans, and increased cost of funds. Lender
and Borrower agree that Lender’s collection of interest at the Default Rate is not a fine or penalty, but is intended to be and shall be deemed to be reasonable compensation to Lender for increased costs and expenses that Lender will incur if
there occurs an Event of Default hereunder. Collection of interest at the Default Rate shall not be construed as an agreement or privilege to extend the Maturity Date or to limit or impair any rights and remedies of Lender under any Loan Documents.
If judgment is entered on the Note, interest shall continue to accrue post-judgment at the greater of (a) the Default Rate or (b) the applicable statutory judgment rate. 

2.2.4 Usury Savings. This Agreement, the Note and the other Loan Documents are subject to the express condition that at no
time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms
of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may
be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate 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 Lender 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 Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.


  
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 Section 2.3 Loan Payment. Payments of principal, interest, and Late
Charges (as defined in the Note) shall be made as provided in the Note. 
 Section 2.4 Prepayments. Except as
otherwise provided in Section 9 of the Note, Borrower shall not have the right to prepay the Loan in whole or in part prior to the Maturity Date. 
 Section 2.5 [Intentionally Deleted]. 
 Section 2.6
Release of Property. Except as set forth in this Section 2.6, no repayment or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the
Security Instruments on the Property. 
 2.6.1 Release of Property. (a) If Borrower has the right to and has
elected to prepay in full the Loan in accordance with this Agreement and the Note, upon satisfaction of the requirements of Section 2.4 and Section 9 of the Note, as applicable, and this Section 2.6, each applicable Individual
Property shall be released from the Lien of the applicable Security Instrument. 
 (b) In connection with the release of each
applicable Security Instrument, Borrower shall submit to Lender, not less than thirty (30) days prior to the Prepayment Date, a release of Lien (and related Loan Documents) for each applicable Individual Property for execution by Lender. Each
such release shall be in a form appropriate in the jurisdiction in which the applicable Individual Property is located and that would be satisfactory to a prudent lender and contains standard provisions, if any, protecting the rights of the
releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation
(i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall reimburse Lender and Servicer for any costs and expenses Lender and Servicer incur arising
from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in connection with such release, (i) all recording charges, filing fees, taxes or other expenses payable in connection therewith, and
(ii) to any Servicer, a processing fee in an amount determined by Lender and/or Servicer in its discretion. 
 2.6.2
Partial Release. Provided (1) no Event of Default shall have occurred and be continuing and (2) the Partial Release Condition shall be satisfied, Borrower shall have the right at any time prior to the Maturity Date to obtain the
release (the “Partial Release”) of any of the Individual Properties (each such Individual Property, the “Released Property”) from the lien of the applicable Security Instrument thereon (and related Loan Documents)
and the release of Borrower’s obligations under the Loan Documents with respect to such Released Property (other than those expressly stated to survive), upon the satisfaction of each of the following conditions precedent: 

(a) Borrower shall provide Lender with thirty (30) days prior written notice of the proposed Partial Release (the date of
Lender’s receipt of such notice shall be referred to herein as a the “Partial Release Notice Date”); 

  
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 (b) Borrower shall submit to Lender, not less than ten (10) days prior to the date of
such Partial Release, a release of lien (and related Loan Documents) for the Released Property for execution by Lender. Such release shall be in a form appropriate in each jurisdiction in which the Released Property is located and shall contain
standard provisions, if any, protecting the rights of Lender. In addition, Borrower shall provide all other documentation as may be required to satisfy the prudent lender standard in connection with such release, together with an Officer’s
Certificate certifying that such documentation (i) is in compliance with all applicable Legal Requirements, (ii) will effect such release in accordance with the terms of this Agreement, and (iii) will not impair or otherwise adversely
affect the liens, security interests and other rights of Lender under the Loan Documents not being released (or as to the parties to the Loan Documents and Properties subject to the Loan Documents not being released); 

(c) The Released Property shall be conveyed to a Person other than Borrower or an Affiliate of Borrower; 

(d) Borrower shall (A) partially prepay the Debt in accordance with Section 9 of the Note in an amount equal to the greater of
(i) 125% of the Allocated Loan Amount for the Released Property; or (ii) 90% of the proceeds from the sale of the Released Property (the “Release Amount”), (B) unless such prepayment is tendered on a Payment Date, pay
to Lender an amount equal to the interest that would have accrued on the amount being prepaid for the full Accrual Period had the prepayment not been made and (C) pay to Lender the applicable Yield Maintenance Amount to the extent that such
prepayment occurs at any time other than during the Open Prepayment Period. Any portion of the Release Amount applied to the principal amount of the Debt in accordance herewith shall be applied (i) first, to reduce the Allocated Loan Amount
attributable to the Released Property to zero and (ii) second, pro rata to reduce the Allocated Loan Amounts of each of the other remaining Individual Properties; 
 (e) The Partial Release shall be permitted under REMIC Requirements in effect as of each of (I) the Partial Release Notice Date and (II) the consummation of the Partial Release; 

(f) If required by Lender, Lender shall have received confirmation in writing from each of the applicable Rating Agencies to the effect
that such release will not result in a downgrade, withdrawal or qualification of the respective ratings in effect immediately prior to such Partial Release for the Securities issued in connection with the Securitization which are then outstanding;

 (g) Borrower shall have delivered evidence satisfactory to Lender that Mezzanine Borrower is in compliance with the terms of
the Mezzanine Loan Agreement, including its agreement to deliver funds into the Mezzanine Collection Account upon receipt of the Release Amount; and 

  
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 (h) Borrower shall (A) deliver to Lender an opinion of counsel acceptable the Rating
Agencies (issued by counsel acceptable to the Rating Agencies) with respect to satisfaction of the REMIC Requirements and with respect to such other matters as may be required by Lender and (B) pay all of Lender’s reasonable costs and
expenses and the costs and expenses of the Rating Agencies in connection with the Partial Release, including, without limitation, counsel fees. 
 Section 2.7 Lockbox Account/Cash Management. 
 2.7.1
Lockbox Account. (a) During the term of the Loan, Borrower shall establish and maintain an account (the “Lockbox Account”) with Lockbox Bank in trust for the benefit of Lender, which Lockbox Account shall be under
the sole dominion and control of Lender. The Lockbox Account shall be entitled “TNP SRT Portfolio II, LLC Lockbox Account FBO KeyBank National Association, successors and assigns”. Borrower hereby grants to Lender a first-priority security
interest in the Lockbox Account and all deposits at any time contained therein and the proceeds thereof and shall take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Lockbox Account,
including filing UCC-1 Financing Statements and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from the Lockbox Account. All costs and expenses for establishing and maintaining the Lockbox Account shall be
paid by Borrower. All monies now or hereafter deposited into the Lockbox Account shall be deemed additional security for the Debt. The Lockbox Agreement and Lockbox Account shall remain in effect until the Loan has been repaid in full. 

(b) Borrower shall, or shall cause Manager to, on or prior to the Closing Date, deliver Tenant Direction Letters to all Tenants under
Leases to deliver all Rents payable thereunder directly to the Lockbox Account. Borrower shall, and shall cause Manager to, deposit all amounts received by Borrower or Manager constituting Rents into the Lockbox Account within one (1) Business
Day after receipt thereof. 
 (c) Borrower shall obtain from Lockbox Bank its agreement to transfer to the Cash Management
Account in immediately available funds by federal wire transfer all amounts on deposit in the Lockbox Account once every Business Day throughout the term of the Loan. 
 (d) Upon the occurrence of an Event of Default or any Bankruptcy Action of Borrower or Manager, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then
present in the Lockbox Account to the payment of the Debt in any order in its discretion. 
 (e) The Lockbox Account shall not
be commingled with other monies held by Borrower, Manager or Lockbox Bank. 
 (f) Borrower shall not further pledge, assign or
grant any security interest in the Lockbox Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured
party, to be filed with respect thereto. 

  
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 (g) Borrower shall indemnify Lender and hold Lender harmless from and against any and all
actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Lockbox Account and/or the
Lockbox Agreement (unless arising from the gross negligence or willful misconduct of Lender) or the performance of the obligations for which the Lockbox Account was established. 

2.7.2 Cash Management Account. (a) During the term of the Loan, Borrower shall establish and maintain a segregated
Eligible Account (the “Cash Management Account”) to be held by Agent in trust and for the benefit of Lender, which Cash Management Account shall be under the sole dominion and control of Lender. The Cash Management Account shall be
entitled “TNP SRT Portfolio II, LLC Cash Management Account FBO KeyBank National Association, successors and assigns.” Borrower hereby grants to Lender a first priority security interest in the Cash Management Account and all deposits at
any time contained therein and the proceeds thereof and shall take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Cash Management Account, including filing UCC-1 Financing Statements and
continuations thereof. Borrower shall not in any way alter or modify the Cash Management Account and shall notify Lender of the account number thereof. Lender and Servicer shall have the sole right to make withdrawals from the Cash Management
Account and all costs and expenses for establishing and maintaining the Cash Management Account shall be paid by Borrower. 

(b) The insufficiency of funds on deposit in the Cash Management Account shall not relieve Borrower from the obligation to make any
payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever. 

(c) All funds on deposit in the Cash Management Account following the occurrence of an Event of Default or any Bankruptcy Action of
Borrower or Manager may be applied by Lender in such order and priority as Lender shall determine. 
 (d) Borrower hereby agrees
that Lender may modify the Cash Management Agreement for the purpose of establishing additional sub-accounts in connection with any payments otherwise required under this Agreement and the other Loan Documents and Lender shall provide notice thereof
to Borrower. 
 In the event Lender waives the requirement for Borrower to maintain the Lockbox Account and the Cash Management
Account, Lender hereby consents to the Mezzanine Borrower establishing and maintaining a Lockbox Account and Cash Management Account with Mezzanine Lender that would operate as provided in this Section 2.7. 

2.7.3 Payments Received under the Cash Management Agreement. Notwithstanding anything to the contrary contained in this
Agreement or the other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect to the payment of the Monthly Debt Service Payment Amount and amounts required to be deposited into the
Reserve Funds, if any, shall be deemed satisfied to the 

  
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extent sufficient amounts are deposited in the Cash Management Account to satisfy such obligations pursuant to this Agreement on the dates each such payment is required, regardless of whether any
of such amounts are so applied by Lender. 
 ARTICLE III - CONDITIONS PRECEDENT 

Section 3.1 Conditions Precedent to Closing. The obligation of Lender to make the Loan hereunder is subject to the
fulfillment by Borrower or waiver by Lender of all of the conditions precedent to closing set forth in the application or term sheet for the Loan delivered by Borrower to Lender and the commitment or commitment rider, if any, to the application or
term sheet for the Loan issued by Lender. 
 ARTICLE IV - REPRESENTATIONS AND WARRANTIES 

Section 4.1 Borrower Representations. Borrower represents and warrants as of the date hereof that: 

4.1.1 Organization. Borrower has been duly organized and is validly existing and in good standing with requisite power and
authority to own the Property and to transact the businesses in which it is now engaged. Borrower is duly qualified to do business and is in good standing in the jurisdiction in which each Individual Property is located and each other jurisdiction
where it is required to be so qualified in connection with its businesses and operations. Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own the Property and to transact the
businesses in which it is now engaged, and the sole business of Borrower is the ownership, management and operation of the Property. The direct and indirect ownership interests in Borrower are as set forth on the organizational chart attached hereto
as Schedule III. 
 4.1.2 Proceedings. Borrower has taken all necessary action to authorize the execution,
delivery and performance of this Agreement and the other Loan Documents. This Agreement and such other Loan Documents have been duly executed and delivered by or on behalf of Borrower and constitute legal, valid and binding obligations of Borrower
enforceable against Borrower in accordance with their respective terms, except as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization or other similar laws affecting the enforcement of
creditors’ rights generally, and (ii) general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 
 4.1.3 No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower will not conflict with or result in a breach of any of the terms or
provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any of the property or assets of Borrower pursuant to the terms of any
indenture, mortgage, deed of trust, loan agreement, partnership agreement, management 

  
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agreement or other agreement or instrument to which Borrower is a party or by which any of the Property or Borrower’s assets is subject, nor will such action result in any violation of the
provisions of any statute or any order, rule or regulation of any Governmental Authority having jurisdiction over Borrower or any of Borrower’s properties or assets, and any consent, approval, authorization, order, registration or qualification
of or with any court or any such Governmental Authority required for the execution, delivery and performance by Borrower of this Agreement or any other Loan Documents has been obtained and is in full force and effect. 

4.1.4 Litigation. There are no actions, suits or proceedings at law or in equity, arbitrations, or governmental
investigations by or before any Governmental Authority or other agency now pending, filed, or, to Borrower’s knowledge, threatened against or affecting Borrower, Guarantor or the Property or any portion thereof, which actions, suits or
proceedings, or governmental investigations, if determined against Borrower, Guarantor or the Property or any portion thereof, might materially adversely affect (a) title to the Property or any portion thereof; (b) the validity or
enforceability of each Security Instrument; (c) Borrower’s ability to perform under the Loan; (d) Guarantor’s ability to perform under the Guaranty; (e) the use, operation or value of the Property or any portion thereof;
(f) the principal benefit of the security intended to be provided by the Loan Documents; (g) the current ability of the Property to generate net cash flow sufficient to service the Loan; or (h) the current principal use of the
Property or any portion thereof. 
 4.1.5 Agreements. Borrower is not a party to any agreement or instrument or
subject to any restriction which might materially and adversely affect Borrower or the Property (or any portion thereof), or Borrower’s business, properties or assets, operations or condition, financial or otherwise. Borrower is not in default
in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or the Property (or any portion thereof) is
bound. Borrower has no material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Borrower is a party or by which Borrower or the Property (or any portion thereof) is
otherwise bound, other than (a) obligations incurred in the ordinary course of the operation of the Property as permitted pursuant to clause (xxiii) of the definition of “Special Purpose Entity” set forth in
Section 1.1 hereof and (b) obligations under the Loan Documents. 
 4.1.6 Title. Borrower has
good, marketable and insurable fee simple title to the real property comprising part of the Property and good title to the balance of the Property, free and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as may be
expressly permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. The Permitted Encumbrances individually and in the aggregate do not materially interfere with the value, current use or operation of the Property (or any
portion thereof) or the security intended to be provided by each Security Instrument or with the current ability of the Property (or any portion thereof) to generate net cash flow sufficient to service the Loan or Borrower’s ability to pay its
obligations under the Loan Documents when they become due. Each Security Instrument, when properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will
create (a) a valid, perfected first priority lien on the 

  
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applicable Individual Property, subject only to Permitted Encumbrances and the Liens created by the Loan Documents and (b) perfected security interests in and to, and perfected collateral
assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens
created by the Loan Documents. There are no claims for payment for work, labor or materials affecting the Property which are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents. 

4.1.7 Solvency. Borrower has (a) not entered into this transaction or executed the Note, this Agreement or any other
Loan Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations under such Loan Documents. Giving effect to the Loan, the fair saleable value of
Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s
assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured.
Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does not believe
that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and
the amounts to be payable on or in respect of obligations of Borrower). No petition in bankruptcy has been filed against Borrower or any constituent Person in the last seven (7) years, and neither Borrower nor any constituent Person in the last
seven (7) years has ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors. Neither Borrower nor any of its constituent Persons are contemplating either the filing of a petition
by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of Borrower’s assets or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition against it
or such constituent Persons. 
 4.1.8 Full and Accurate Disclosure. No statement of fact made by Borrower in this
Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no material fact presently known
to Borrower which has not been disclosed to Lender which adversely affects, nor as far as Borrower can foresee, might adversely affect, the Property or the business, operations or condition (financial or otherwise) of Borrower. 

4.1.9 No Plan Assets. Borrower does not sponsor, is not obligated to contribute to, and is not itself an “employee
benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA or Section 4975 of the Code, and none of the assets of Borrower constitutes or will constitute “plan assets” of one or more such plans within
the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Borrower are not subject to any state or
other statute , regulation or other restriction 

  
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regulating investments of, or fiduciary obligations with respect to, governmental plans within the meaning of Section 3(32) of ERISA which is similar to the provisions of Section 406 of
ERISA or Section 4975 of the Code and which prohibit or otherwise restrict the transactions contemplated by this Agreement, including the exercise by Lender of any of its rights under the Loan Documents. 

4.1.10 Compliance. Borrower and each Individual Property and the use thereof comply in all material respects with all
applicable Legal Requirements, including building and zoning ordinances and codes. Borrower is not in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority. There has not been committed by Borrower or
any other Person in occupancy of or involved with the operation or use of the Property any act or omission affording the federal government or any other Governmental Authority the right of forfeiture as against the Property or any part thereof or
any monies paid in performance of Borrower’s obligations under any of the Loan Documents. On the Closing Date, the Improvements at each Individual Property were in material compliance with applicable law. 

4.1.11 Financial Information. All financial data, including the statements of cash flow and income and operating expense,
that have been delivered to Lender in connection with the Loan (a) are true, complete and correct in all material respects, (b) accurately represent the financial condition of Borrower and the Property, as applicable, as of the date of
such reports, and (c) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance with GAAP throughout the periods covered, except as disclosed therein. Except for Permitted
Encumbrances, Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to
have a material adverse effect on the Property (or any portion thereof) or the current operation thereof, except as referred to or reflected in said financial statements. Since the date of such financial statements, there has been no material
adverse change in the financial condition, operations or business of Borrower from that set forth in said financial statements. 

4.1.12 Condemnation. No Condemnation or other similar proceeding has been commenced or, to Borrower’s best knowledge,
is threatened or contemplated with respect to all or any portion of the Property or for the relocation of roadways providing access to any Individual Property. 
 4.1.13 Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation
U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal Requirements or by the
terms and conditions of this Agreement or the other Loan Documents. 

  
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 4.1.14 Utilities and Public Access. Each Individual Property has rights of
access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to service the applicable Individual Property for its intended uses. All public utilities necessary or convenient to the full use and enjoyment
of each Individual Property are located either in the public right of way abutting the applicable Individual Property (which are connected so as to serve the applicable Individual Property without passing over other property) or in recorded
easements serving the applicable Individual Property and such easements are set forth in and insured by the applicable Title Insurance Policy. All roads necessary for the use of each Individual Property for its current purposes have been completed
and dedicated to public use and accepted by all Governmental Authorities. 
 4.1.15 Not a Foreign Person. Borrower
is not a “foreign person” within the meaning of §1445(f)(3) of the Code. 
 4.1.16 Separate Lots.
Each Individual Property is comprised of one (1) or more parcels which constitute a separate tax lot or lots and does not constitute a portion of any other tax lot not a part of the applicable Individual Property. 

4.1.17 Assessments. There are no pending or proposed special or other assessments for public improvements or otherwise
affecting the Property of any portion thereof, nor are there any contemplated improvements to the Property (or any portion thereof) that may result in such special or other assessments. 

4.1.18 Enforceability. The Loan Documents are enforceable by Lender (or any subsequent holder thereof) in accordance with
their respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtors’ obligations. The Loan Documents are not subject to any right of
rescission, set off, counterclaim or defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents
unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and neither Borrower nor Guarantor has asserted any right of
rescission, set off, counterclaim or defense with respect thereto. 
 4.1.19 No Prior Assignment. There are no
prior assignments of the Leases or any portion of the Rents due and payable or to become due and payable which are presently outstanding. 
 4.1.20 Insurance. Borrower has obtained and has delivered to Lender certified copies of the Policies (or other evidence acceptable to Lender) reflecting the insurance coverages, amounts and
other requirements set forth in this Agreement. No claims have been made or are currently pending, outstanding or otherwise remain unsatisfied under any such Policy, and neither Borrower nor any other Person, has done, by act or omission, anything
which would impair the coverage of any such Policy. 
 4.1.21 Use of Property. Each Individual Property is used
exclusively for retail purposes and other appurtenant and related uses. 

  
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 4.1.22 Certificate of Occupancy; Licenses. All certifications, permits,
franchises, licenses, consents, authorizations, and approvals, including, certificates of completion and occupancy permits, required for the legal use, occupancy and operation of each Individual Property have been obtained and are in full force and
effect. The use being made of each Individual Property is in conformity with the certificate of occupancy issued for the applicable Individual Property. 
 4.1.23 Flood Zone. None of the Improvements on the Property (or any portion thereof) are located in an area as identified by the Federal Emergency Management Agency as an area having special
flood hazards, or, if so located, the flood insurance required pursuant to Section 6.1(a) is in full force and effect with respect to the applicable Individual Property. 

4.1.24 Physical Condition. Each Individual Property, including all buildings, improvements, parking facilities, sidewalks,
storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, is in good condition, order
and repair in all material respects; there exists no structural or other material defects or damages in the Property (or any portion thereof), whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding
company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened
termination of any policy of insurance or bond. 
 4.1.25 Boundaries. All of the improvements which were included
in determining the appraised value of the Property (or any portion thereof) lie wholly within the boundaries and building restriction lines of the applicable Individual Property, and no improvements on adjoining properties encroach upon the Property
or any portion thereof, and no easements or other encumbrances upon the Property (or any portion thereof) encroach upon any of the Improvements, so as to affect the value or marketability of the Property (or any portion thereof) except those which
are insured against by the applicable Title Insurance Policy. 
 4.1.26 Leases. The Property is not subject to any
leases other than the Leases described in the rent roll attached hereto as Schedule I and made a part hereof, which rent roll is true, complete and accurate in all respects as of the Closing Date. Borrower is the owner and lessor of
landlord’s interest in the Leases. No Person has any possessory interest in the Property (or any portion thereof) or right to occupy the same except under and pursuant to the provisions of the Leases. The current Leases are in full force and
effect and there are no defaults thereunder by either party and there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. No Rent has been paid more than one (1) month in
advance of its due date. All security deposits are held by Borrower in accordance with applicable law. All work to be performed by Borrower under each Lease has been performed as required and has been accepted by the applicable Tenant, and any
payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower to any Tenant has already been 

  
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received by such Tenant. There has been no prior sale, transfer or assignment, hypothecation or pledge of any Lease or of the Rents received therein which is outstanding. No Tenant listed on
Schedule I has assigned its Lease or sublet all or any portion of the premises demised thereby, no such Tenant holds its leased premises under assignment or sublease, nor does anyone except such Tenant and its employees occupy such leased
premises. No Tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. No Tenant under any Lease has any right or
option for additional space in the Improvements. 
 4.1.27 Survey. Each Survey for each Individual Property
delivered to Lender in connection with this Agreement does not fail to reflect any material matter affecting the applicable Individual Property or the title thereto. 
 4.1.28 Inventory. Borrower is the owner of all of the Equipment, Fixtures and Personal Property (as such terms are defined in the Security Instrument) located on or at each Individual
Property and shall not lease any Equipment, Fixtures or Personal Property other than as permitted hereunder. All of the Equipment, Fixtures and Personal Property are sufficient to operate each Individual Property in the manner required hereunder and
in the manner in which it is currently operated. 
 4.1.29 Filing and Recording Taxes. All transfer taxes, deed
stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person under applicable Legal Requirements have been paid. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be
paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including the Security Instrument, have
been paid. 
 4.1.30 Special Purpose Entity/Separateness. (a) Until the Debt has been paid in full, Borrower
hereby represents, warrants and covenants that Borrower is, shall be and shall continue to be a Special Purpose Entity. 
 (b)
The representations, warranties and covenants set forth in Section 4.1.30(a) shall survive for so long as any amount remains payable to Lender under this Agreement or any other Loan Document. 

(c) Any and all of the stated facts and assumptions made in any Insolvency Opinion, including any exhibits attached thereto, will have
been and shall be true and correct in all respects, and Borrower will have complied and will comply with all of the stated facts and assumptions made with respect to it in any Insolvency Opinion. Each entity other than Borrower with respect to which
an assumption is made or a fact stated in any Insolvency Opinion will have complied and shall comply with all of the assumptions made and facts stated with respect to it in any such Insolvency Opinion. Borrower covenants that in connection with any
Additional Insolvency Opinion delivered in connection with this Agreement it shall provide an updated certification regarding compliance with the facts and assumptions made therein. 

  
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 (d) Borrower covenants and agrees that Borrower shall provide Lender with thirty
(30) days’ prior written notice prior to the removal of an Independent Director of Borrower. 
 4.1.31
Management Agreement. The Management Agreement is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a
default thereunder. The Management Agreement was entered into on commercially reasonable terms. 
 4.1.32 Illegal
Activity. No portion of the Property has been or will be purchased with proceeds of any illegal activity. 
 4.1.33
No Change in Facts or Circumstances; Disclosure. All information submitted by and on behalf of Borrower to Lender and in all financial statements, rent rolls (including the rent roll attached hereto as Schedule I), reports,
certificates and other documents submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower in this Agreement or in any other Loan Document, are true, complete and correct in all
material respects. There has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or that otherwise materially and
adversely affects or might materially and adversely affect the use, operation or value of the Property or the business operations or the financial condition of Borrower. Borrower has disclosed to Lender all material facts and has not failed to
disclose any material fact that could cause any Provided Information or representation or warranty made herein to be materially misleading. 
 4.1.34 Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled” by an “investment company,” within the meaning of the
Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding company” or a “subsidiary
company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 

4.1.35 Embargoed Person. As of the date hereof and at all times throughout the term of the Loan, including after giving
effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower and Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no
Embargoed Person has any interest of any nature whatsoever in Borrower or Guarantor, as applicable, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in
violation of law; and (c) none of the funds of Borrower or Guarantor, as applicable, have been derived from any unlawful activity with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is
prohibited by law or the Loan is in violation of law. 

  
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 4.1.36 Principal Place of Business; State of Organization. Borrower’s
principal place of business as of the date hereof is the address set forth in the introductory paragraph of this Agreement. The Borrower is organized under the laws of the State of Delaware and its organizational identification number is 5076288.

 4.1.37 Environmental Representations and Warranties. Except as otherwise disclosed by each Phase I
environmental report (or Phase II environmental report, if required) delivered to Lender by Borrower in connection with the origination of the Loan (such report is referred to below as the “Environmental Report”), (a) there are
no Hazardous Substances or underground storage tanks in, on, or under any Individual Property and no Hazardous Substances have been handled, manufactured, generated, stored, processed, or disposed of on or released or discharged from any Individual
Property, except those that are (i) in compliance with Environmental Laws and with permits issued pursuant thereto (to the extent such permits are required under Environmental Law), (ii) de-minimis amounts necessary to operate the Property
for the purposes set forth in the Loan Agreement which will not result in an environmental condition in, on or under the Property and which are otherwise permitted under and used in compliance with Environmental Law and (iii) fully disclosed to
Lender in writing pursuant the Environmental Report; (b) there are no past, present or threatened Releases of Hazardous Substances in, on, under or from any Individual Property which has not been fully remediated in accordance with
Environmental Law; (c) there is no threat of any Release of Hazardous Substances migrating to any Individual Property; (d) there is no past or present non-compliance with Environmental Laws, or with permits issued pursuant thereto, in
connection with the Property which has not been fully remediated in accordance with Environmental Law; (e) Borrower does not know of, and has not received, any written or oral notice or other communication from any Person (including a
Governmental Authority) relating to Hazardous Substances or Remediation thereof, of possible liability of any Person pursuant to any Environmental Law, other environmental conditions in connection with any Individual Property, or any actual or
potential administrative or judicial proceedings in connection with any of the foregoing; (f) Borrower has truthfully and fully disclosed to Lender, in writing, any and all information relating to environmental conditions in, on, under or from
each Individual Property that is known to Borrower and has provided to Lender all information that is contained in Borrower’s files and records, including any reports relating to Hazardous Substances in, on, under or from each Individual
Property and/or to the environmental condition of each Individual Property; and (g) there are no Institutional Controls on or affecting any Individual Property. 
 4.1.38 Cash Management Account. Borrower hereby represents and warrants to Lender that: 
 (a) This Agreement, together with the other Loan Documents, create a valid and continuing security interest (as defined in the Uniform Commercial Code) in the Lockbox Account and Cash Management Account
in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for
Permitted Encumbrances, Borrower has not sold, pledged, transferred or otherwise conveyed the Lockbox Account and Cash Management Account; 

  
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 (b) Each of the Lockbox Account and Cash Management Account constitutes a “deposit
account” and/or “securities account” within the meaning of the Uniform Commercial Code); 
 (c) Pursuant and
subject to the terms hereof and the other applicable Loan Documents, the Lockbox Bank and Agent have agreed to comply with all instructions originated by Lender, without further consent by Borrower, directing disposition of the Lockbox Account and
Cash Management Account and all sums at any time held, deposited or invested therein, together with any interest or other earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions), whether accounts, general
intangibles, chattel paper, deposit accounts, instruments, documents or securities; and 
 (d) The Lockbox Account and Cash
Management Account are not in the name of any Person other than Borrower, as pledgor, or Lender, as pledgee. Borrower has not consented to the Lockbox Bank and Agent complying with instructions with respect to the Lockbox Account and Cash Management
Account from any Person other than Lender. 
 (e) The Property is not subject to any cash management system (other than pursuant
to the Loan Documents), and any and all existing tenant instruction letters issued in connection with any previous financing have been duly terminated prior to the date hereof. 

Section 4.2 Survival of Representations. Borrower agrees that all of the representations and warranties of Borrower
set forth in Section 4.1 hereof and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains owing to Lender under this Agreement or any of the other Loan Documents by Borrower. All
representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on
its behalf. 
 ARTICLE V - BORROWER COVENANTS 
 Section 5.1 Affirmative Covenants. From the date hereof and until payment and performance in full of all obligations of Borrower under the Loan Documents or the earlier release of the
Lien of the Security Instrument encumbering the Property (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby covenants and agrees with Lender that: 

5.1.1 Existence; Compliance with Legal Requirements. Borrower shall do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its existence, rights, licenses, permits, authorizations, and franchises and comply with all Legal Requirements applicable to it and the Property, including all regulations, building and zoning codes
and certificates of occupancy. There shall never be committed by Borrower, and Borrower shall never permit any other Person in occupancy of or involved with the operation or use of the 

  
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Property to commit any act or omission affording the federal government or any state or local government the right of forfeiture against the Property or any part thereof or any monies paid in
performance of Borrower’s obligations under any of the Loan Documents. Borrower hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording such right of forfeiture. Borrower shall at all times maintain,
preserve and protect all franchises and trade names and preserve all the remainder of its property used or useful in the conduct of its business and shall keep each Individual Property in good working order and repair, and from time to time make, or
cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, all as more fully provided in the Loan Documents. Borrower shall keep each Individual Property insured at all times by financially
sound and reputable insurers, to such extent and against such risks, and maintain liability and such other insurance, as is more fully provided in this Agreement. Borrower shall from time to time, upon Lender’s request, provide Lender with
evidence reasonably satisfactory to Lender that the Property complies with all Legal Requirements or is exempt from compliance with Legal Requirements. Borrower shall give prompt notice to Lender of the receipt by Borrower of any notice related to a
violation of any Legal Requirements and of the commencement of any proceedings or investigations which relate to compliance with Legal Requirements. After prior written notice to Lender, Borrower, at Borrower’s own expense, may contest by
appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower or any Individual Property or any alleged violation of
any Legal Requirement, provided that (i) no Default or Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which Borrower
is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the applicable Individual Property nor any part thereof or interest
therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower shall promptly upon final determination thereof comply with any such Legal Requirement determined to be valid or applicable or cure any violation
of any Legal Requirement; (v) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower or the applicable Individual Property; and (vi) Borrower shall furnish such security as may be required in the
proceeding, or as may be requested by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith. Lender may apply any such security, as necessary to cause compliance with such
Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally established or the applicable Individual Property (or any part thereof or interest therein) shall
be in danger of being sold, forfeited, terminated, cancelled or lost. 
 5.1.2 Taxes and Other Charges. Borrower
shall pay all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Property or any part thereof as the same become due and payable; provided, however, Borrower’s obligation to directly pay Taxes shall be suspended
for so long as Borrower complies with the terms and provisions of Section 7.2 hereof. Borrower shall deliver to Lender receipts for payment or other evidence satisfactory to Lender that the Taxes and Other Charges have been so paid or
are not then delinquent no later than ten (10) days prior to the date on which the Taxes and/or Other Charges would otherwise be delinquent if not paid. Borrower shall furnish to Lender receipts for the payment of the Taxes and the Other
Charges prior to the date 

  
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the same shall become delinquent (provided, however, Borrower is not required to furnish such receipts for payment of Taxes if such Taxes have been paid by Lender pursuant to
Section 7.2 hereof and Lender has received receipts from the relevant taxing authority). Borrower shall not suffer and shall promptly cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien or charge
against any Individual Property, and shall promptly pay for all utility services provided to the Property. After prior written notice to Lender, Borrower, at Borrower’s own expense, may contest by appropriate legal proceeding, promptly
initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Taxes or Other Charges, provided that (i) no Default or Event of Default has occurred and remains uncured;
(ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in
accordance with all applicable statutes, laws and ordinances; (iii) neither the applicable Individual Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost;
(iv) Borrower shall promptly upon final determination thereof pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (v) such proceeding shall
suspend the collection of such contested Taxes or Other Charges from the applicable Individual Property; (vi) Borrower shall have set aside adequate reserves for the payment of the Taxes, together with all interest and penalties thereon, unless
Borrower has paid all of the Taxes under protest; and (vii) Borrower shall furnish such security as may be required in the proceeding, or as may be requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all
interest and penalties thereon. Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established or the applicable
Individual Property (or part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of the Security Instrument being primed by any related Lien. 

5.1.3 Litigation. Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings pending
or threatened against Borrower and/or Guarantor which might materially adversely affect Borrower’s or Guarantor’s condition (financial or otherwise) or business or the Property (or any portion thereof). 

5.1.4 Access to Property. Borrower shall permit agents, representatives and employees of Lender to inspect the Property or
any part thereof at reasonable hours upon reasonable advance notice. 
 5.1.5 Notice of Default. Borrower shall
promptly advise Lender of any material adverse change in Borrower’s or Guarantor’s condition, financial or otherwise, or of the occurrence of any Default or Event of Default of which Borrower has knowledge. 

5.1.6 Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to any proceedings before any
court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith, permit Lender, at its election, to
participate in any such proceedings. 

  
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 5.1.7 Perform Loan Documents. Borrower shall observe, perform and satisfy all
the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable to, Borrower. 

5.1.8 Award and Insurance Benefits. Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Awards
or Insurance Proceeds lawfully or equitably payable in connection with the Property (or any portion thereof), and Lender shall be reimbursed for any expenses incurred in connection therewith (including attorneys’ fees and disbursements, and the
payment by Borrower of the expense of an appraisal on behalf of Lender in case of Casualty or Condemnation affecting the Property or any part thereof) out of such Insurance Proceeds. 

5.1.9 Further Assurances. Borrower shall, at Borrower’s sole cost and expense: 

(a) furnish to Lender all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and
specifications, appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished by Borrower pursuant to the terms of the Loan Documents or which are
reasonably requested by Lender in connection therewith; 
 (b) execute and deliver to Lender such documents, instruments,
certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect the collateral at any time securing or intended to secure the obligations of Borrower under the Loan Documents, as
Lender may reasonably require; and 
 (c) do and execute all and such further lawful and reasonable acts, conveyances and
assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to time. 

5.1.10 Principal Place of Business, State of Organization. Borrower shall not cause or permit any change to be made in its
name, identity (including its trade name or names), place of organization or formation (as set forth in Section 4.1.36 hereof) or Borrower’s corporate or partnership or other structure unless Borrower shall have first notified Lender in
writing of such change at least thirty (30) days prior to the effective date of such change, and shall have first taken all action required by Lender for the purpose of perfecting or protecting the lien and security interests of Lender pursuant
to this Agreement, and the other Loan Documents and, in the case of a change in Borrower’s structure, without first obtaining the prior written consent of Lender, which consent may be given or denied in Lender’s discretion. Upon
Lender’s request, Borrower shall, at Borrower’s sole cost and expense, execute and deliver additional security agreements and other instruments which may be necessary to effectively evidence or perfect Lender’s security interest in
the Property (or any portion thereof) as a result of such change of 

  
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principal place of business or place of organization. Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including
recorded data of any kind or nature, regardless of the medium or recording, including software, writings, plans, specifications and schematics, has been for the preceding four months (or, if less, the entire period of the existence of Borrower) and
will continue to be the address of Borrower set forth at the introductory paragraph of this Agreement (unless Borrower notifies Lender in writing at least thirty (30) days prior to the date of such change). Borrower shall promptly notify Lender
of any change in its organizational identification number. If Borrower does not now have an organizational identification number and later obtains one, Borrower promptly shall notify Lender of such organizational identification number. 

5.1.11 Financial Reporting. (a) Borrower shall keep and maintain or shall cause to be kept and maintained on a Fiscal
Year basis, in accordance with the requirements for a Special Purpose Entity set forth herein and GAAP (or such other accounting basis acceptable to Lender), proper and accurate books, records and accounts reflecting all of the financial affairs of
Borrower and all items of income and expense in connection with the operation of each Individual Property. Lender shall have the right from time to time at all times during normal business hours upon reasonable notice to examine such books, records
and accounts at the office of Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence of an Event of Default, Borrower shall pay any costs and
expenses incurred by Lender to examine Borrower’s accounting records with respect to each Individual Property, as Lender shall determine to be necessary or appropriate in the protection of Lender’s interest. 

(b) Borrower shall furnish to Lender annually, within ninety (90) days following the end of each Fiscal Year of Borrower, a complete
copy of Borrower’s annual financial statements audited by an independent certified public accountant acceptable to Lender in accordance with GAAP (or such other accounting basis acceptable to Lender) covering each Individual Property for such
Fiscal Year and containing statements of profit and loss for Borrower and each Individual Property, an annual rent roll and a balance sheet for Borrower. Such statements shall set forth the financial condition and the results of operations for each
Individual Property for such Fiscal Year, and shall include amounts representing annual net operating income, net cash flow, gross income, and operating expenses. 
 (c) Borrower shall furnish, or cause to be furnished, to Lender on or before twenty (20) days after the end of each calendar quarter the following items, accompanied by an Officer’s Certificate
stating that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrower and each Individual Property (subject to normal year-end adjustments) as applicable: (i) a
rent roll for the subject quarter; (ii) quarterly and year-to-date operating statements (including Capital Expenditures) prepared for each calendar quarter, noting net operating income, gross income, and operating expenses (not including any
contributions to the Replacement Reserve Fund and the Required Repair Fund), and other information necessary and sufficient to fairly represent the financial position and results of operation of each Individual Property during such calendar quarter,
and containing a comparison of budgeted income and expenses and the actual income and expenses; and (iii) a calculation reflecting the annual Debt Service Coverage Ratio for the immediately preceding


  
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three (3), six (6), and twelve (12) month periods as of the last day of such quarter. In addition, such certificate shall also be accompanied by an Officer’s Certificate stating that
the representations and warranties of Borrower set forth in Section 4.1.30 are true and correct as of the date of such certificate. 
 (d) Until the earlier of Securitization or twelve (12) months after the date of this Agreement, Borrower shall furnish, or cause to be furnished, to Lender on or before twenty (20) days after
the end of each calendar month, all of the following items with respect to the previous calendar month, accompanied by an Officer’s Certificate stating that such items are true, correct, accurate, and complete and fairly present the financial
condition and results of the operations of Borrower and each Individual Property (subject to normal year-end adjustments) as applicable: (A) a rent roll for the subject month; (B) monthly operating statement(s) of each Individual Property;
and (C) year-to-date operating statement(s) of each Individual Property. 
 (e) Not later than each February 1 during
the term of the Loan upon Lender’s request, Borrower shall furnish to Lender, for Lender’s approval, a report setting forth the minimum economic terms that Borrower proposes for use in connection with the standard lease form for leases of
portions of the Property during the twelve month period beginning upon such anniversary date. The terms set forth in the leasing report shall reflect the prevailing market conditions for like properties in the locality of each Individual Property.

 (f) Upon request, Borrower and its affiliates shall furnish to Lender: 

(i) a property management report for each Individual Property, showing the number of inquiries made and/or rental applications received
from tenants or prospective tenants and deposits received from tenants and any other information requested by Lender, in reasonable detail and certified by Borrower to be true and complete, but not more frequently than quarterly; and 

(ii) an accounting of all security deposits held in connection with any Lease of any part of the Property, including the name and
identification number of the accounts in which such security deposits are held, the name and address of the financial institutions in which such security deposits are held and the name of the person to contact at such financial institution, along
with any authority or release necessary for Lender to obtain information regarding such accounts directly from such financial institutions. 
 (g) For the partial year period commencing on the date hereof, and for each Fiscal Year thereafter, Borrower shall submit to Lender an Annual Budget not later than sixty (60) days prior to the
commencement of such period or Fiscal Year in form reasonably satisfactory to Lender. The Annual Budget shall be subject to Lender’s written approval (each such Annual Budget, an “Approved Annual Budget”). If Lender objects to
a proposed Annual Budget submitted by Borrower, Lender shall advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall
promptly revise such Annual Budget and resubmit the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower a reasonably detailed
description of 

  
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such objections) and Borrower shall promptly revise the same in accordance with the process described in this subsection until Lender approves the Annual Budget. Until such time that Lender
approves a proposed Annual Budget, the most recently Approved Annual Budget shall apply; provided that, such Approved Annual Budget shall be adjusted to reflect actual increases in Taxes, Insurance Premiums and Other Charges. 

(h) If Borrower must incur an extraordinary operating expense or capital expense not set forth in the Approved Annual Budget (each an
“Extraordinary Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Expense for Lender’s approval, which may be given or denied in Lender’s discretion.

 (i) Borrower shall furnish to Lender, within ten (10) Business Days after request (or as soon thereafter as may be
reasonably possible), such further detailed information with respect to the operation of the Property (or any portion thereof) and the financial affairs of Borrower as may be reasonably requested by Lender. 

(j) Borrower shall furnish to Lender, within ten (10) Business Days after Lender’s request (or as soon thereafter as may be
reasonably possible), financial and sales information from any Tenant designated by Lender (to the extent such financial and sales information is required to be provided under the applicable Lease and same is received by Borrower after request
therefor). 
 (k) Borrower shall cause Guarantor to furnish to Lender annually, within ninety (90) days following the end
of each Fiscal Year of Guarantor: (i) financial statements audited by an independent certified public accountant, which shall include an annual balance sheet and profit and loss statement of Guarantor, in the form reasonably required by Lender
or (ii) a signed personal financial statement in a form satisfactory to Lender if such Guarantor is an individual. 
 (l)
Any reports, statements or other information required to be delivered under this Agreement shall be delivered (i) in paper form, (ii) on a diskette, and (iii) if requested by Lender and within the capabilities of Borrower’s data
systems without change or modification thereto, in electronic form and prepared using Microsoft Word for Windows files (which files may be prepared using a spreadsheet program and saved as word processing files). Borrower agrees that Lender may
disclose information regarding the Property and Borrower that is provided to Lender pursuant to this Section 5.1.11 in connection with the Securitization to such parties requesting such information in connection with such Securitization.

 5.1.12 Business and Operations. Borrower shall continue to engage in the businesses presently conducted by it
as and to the extent the same are necessary for the ownership, maintenance, management and operation of each Individual Property. Borrower shall qualify to do business and shall remain in good standing in the jurisdiction in which each Individual
Property is located and the jurisdiction of its formation. Borrower shall at all times during the term of the Loan, continue to own all of Equipment, Fixtures and Personal Property which are necessary to operate each Individual Property in the
manner required hereunder and in the manner in which it is currently operated. 

  
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 5.1.13 Title to the Property. Borrower shall warrant and defend (a) the
title to each Individual Property and every part thereof, subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Lien of the Security Instrument on each Individual Property, subject
only to Liens permitted hereunder (including Permitted Encumbrances), in each case against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees
and expenses) incurred by Lender if an interest in the Property (or any part thereof), other than as permitted hereunder, is claimed by another Person. 
 5.1.14 Costs of Enforcement. In the event (a) that the Security Instrument encumbering the Property (or any portion thereof) is foreclosed in whole or in part or that the Security
Instrument is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage encumbering the Property (or any portion thereof) prior to or subsequent to the Security Instrument in which
proceeding Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its constituent Persons for the
benefit of its creditors, Borrower, its successors or assigns, shall be chargeable with and agrees to pay all costs of collection and defense, including reasonable attorneys’ fees and expenses, incurred by Lender or Borrower in connection
therewith and in connection with any appellate proceeding or post judgment action involved therein, together with all required service or use taxes. 
 5.1.15 Estoppel Statement. (a) After request by Lender, Borrower shall within ten (10) days furnish Lender or any proposed assignee of the Loan with a statement, duly acknowledged
and certified, setting forth (i) the original principal amount of the Note, (ii) the unpaid principal amount of the Note, (iii) the Interest Rate of the Note, (iv) the terms of payment and Maturity Date, (v) the date
installments of interest and/or principal were last paid, (vi) that, except as provided in such statement, there are no Defaults or Events of Default under this Agreement or any of the other Loan Documents, (vii) that the Loan Documents
are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification, (viii) whether any offsets or defenses exist against the obligations secured hereby and, if any are alleged to exist, a
detailed description thereof, (ix) that all Leases are in full force and effect and (provided the applicable Individual Property is not a residential multifamily property) have not been modified (or if modified, setting forth all
modifications), (x) the date to which the Rents thereunder have been paid pursuant to the Leases, (xi) whether or not, to the best knowledge of Borrower, any of the lessees under the Leases are in default under the Leases, and, if any of
the lessees are in default, setting forth the specific nature of all such defaults, (xii) the amount of security deposits held by Borrower under each Lease and that such amounts are consistent with the amounts required under each Lease, and
(xiii) as to any other matters reasonably requested by Lender and reasonably related to the Leases, the obligations secured hereby, the Property (or any portion thereof) or this Security Instrument. 

(b) Borrower shall deliver to Lender upon request, tenant estoppel certificates from each commercial Tenant leasing space at the Property
in form and substance reasonably satisfactory to Lender provided that Borrower shall not be required to deliver such certificates more frequently than two (2) times in any calendar year. 

  
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 5.1.16 Loan Proceeds. Borrower shall use the proceeds of the Loan received by
it on the Closing Date only for the purposes set forth in Section 2.1.4 hereof. 
 5.1.17 Performance by
Borrower. Borrower shall in a timely manner observe, perform and fulfill each and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, Borrower, and shall not enter into or otherwise suffer or
permit any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower without the prior written consent of Lender. 

5.1.18 Confirmation of Representations. Borrower shall deliver, in connection with any Securitization, (a) one
(1) or more Officer’s Certificates certifying as to the accuracy of all representations made by Borrower in the Loan Documents as of the date of the closing of such Securitization in all relevant jurisdictions, and (b) certificates of
the relevant Governmental Authorities in all relevant jurisdictions indicating the good standing and qualification of Borrower and Guarantor as of the date of the Securitization. 

5.1.19 Environmental Covenants. (a) Borrower covenants and agrees that: (i) all uses and operations on or of the
Property (or any portion thereof), whether by Borrower or any other Person, shall be in compliance with all Environmental Laws and permits issued pursuant thereto; (ii) there shall be no Releases of Hazardous Substances in, on, under or from
any Individual Property; (iii) there shall be no Hazardous Substances in, on, or under any Individual Property, except those that are (A) in compliance with all Environmental Laws and with permits issued pursuant thereto (to the extent
such permits are required by Environmental Law), (B) de-minimis amounts necessary to operate the applicable Individual Property for the purposes set forth in the Loan Agreement which will not result in an environmental condition in, on or under
the applicable Individual Property and which are otherwise permitted under and used in compliance with Environmental Law and (C) fully disclosed to Lender in writing; (iv) Borrower shall keep the Property free and clear of all liens and
other encumbrances imposed pursuant to any Environmental Law, whether due to any act or omission of Borrower or any other Person (the “Environmental Liens”); (v) Borrower shall, at its sole cost and expense, fully and
expeditiously cooperate in all activities pursuant to subsection (b) below, including providing all relevant information and making knowledgeable persons available for interviews; (vi) Borrower shall, at its sole cost and expense, perform
any environmental site assessment or other investigation of environmental conditions in connection with the Property, pursuant to any reasonable written request of Lender made if Lender has reason to believe that an environmental


  
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hazard exists on any Individual Property (including sampling, testing and analysis of soil, water, air, building materials and other materials and substances whether solid, liquid or gas), and
share with Lender the reports and other results thereof, and Lender and other Indemnified Parties shall be entitled to rely on such reports and other results thereof; (vii) Borrower shall, at its sole cost and expense, comply with all
reasonable written requests of Lender made if Lender has reason to believe that an environmental hazard exists on any Individual Property (A) reasonably effectuate Remediation of any condition (including a Release of a Hazardous Substance) in,
on, under or from any Individual Property; (B) comply with any Environmental Law; (C) comply with any directive from any Governmental Authority; and (D) take any other reasonable action necessary or appropriate for protection of human
health or the environment; (viii) Borrower shall not do or allow any Tenant or other user of the Property to do any act that materially increases the dangers to human health or the environment, poses an unreasonable risk of harm to any Person
(whether on or off the Property (or any portion thereof)), impairs or may impair the value of the Property (or any portion thereof), is contrary to any requirement of any insurer, constitutes a public or private nuisance, constitutes waste, or
violates any covenant, condition, agreement or easement applicable to the Property (or any portion thereof); (ix) Borrower shall immediately notify Lender in writing of (A) any presence or Releases or threatened Releases of Hazardous
Substances in, on, under, from or migrating towards any Individual Property; (B) any non-compliance with any Environmental Laws related in any way to any Individual Property; (C) any actual or potential Environmental Lien; (D) any
required or proposed Remediation of environmental conditions relating to any Individual Property; and (E) any written or oral notice or other communication of which Borrower becomes aware from any source whatsoever (including a governmental
entity) relating in any way to the release or potential release of Hazardous Substances or Remediation thereof, likely to result in liability of any Person pursuant to any Environmental Law, other environmental conditions in connection with any
Individual Property, or any actual or potential administrative or judicial proceedings in connection with anything referred to in this Section; (x) Borrower shall not install, use, generate, manufacture, store, treat, release or dispose of, nor
permit the installation, use, generation, storage, treatment, release or disposal of, any Hazardous Substances (except de-minimis amounts necessary to operate the Property (or any portion thereof) for the purposes set forth in the Loan Agreement
which will not result in an environmental condition in, on or under the Property (or any portion thereof) and which are otherwise permitted under and used in compliance with Environmental Law) on, under or about the Property (or any portion
thereof), and all uses and operations on or of the Property (or any portion thereof), whether by Borrower or any other person or entity, shall be in compliance with all Environmental Laws and permits issued pursuant thereto; (xi) Borrower shall
not make any change in the use or condition of any Individual Property which (A) might lead to the presence on, under or about the applicable Individual Property of any Hazardous Substances which is not in accordance with any applicable
Environmental Law, or (B) would require, under any applicable Environmental Law, notice be given to or approval be obtained from any governmental agency in the event of a transfer of ownership or control of the applicable Individual Property,
in each case without the prior written consent of Lender; (xii) Borrower shall not allow any Institutional Control on or to affect any Individual Property; and (xiii) Borrower shall take all acts necessary to preserve its status, if
applicable, as an “innocent landowner,” “contiguous property owner,” or “prospective purchaser” as to the Property (or any portion thereof) and as those terms are defined in CERCLA; provided, however, that this covenant
does not limit or modify any of Borrower’s other duties or obligations under this Agreement. 
 (b) If Lender has reason to
believe that an environmental hazard exists on any Individual Property that may, in Lender’s discretion, endanger any Tenants or other occupants of the applicable Individual Property or their guests or the general public or may materially and
adversely affect the value of the Individual Property , upon reasonable notice from Lender, 

  
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Borrower shall, at Borrower’s expense, promptly cause an engineer or consultant satisfactory to Lender to conduct an environmental assessment or audit (the scope of which shall be determined
in Lender’s discretion) and take any samples of soil, groundwater or other water, air, or building materials or any other invasive testing requested by Lender and promptly deliver the results of any such assessment, audit, sampling or other
testing; provided, however, if such results are not delivered to Lender within a reasonable period or if Lender has reason to believe that an environmental hazard exists on the Property that, in Lender’s sole judgment, endangers any Tenant or
other occupant of the Property or their guests or the general public or may materially and adversely affect the value of the applicable Individual Property, upon reasonable notice to Borrower, Lender and any other Person designated by Lender,
including any receiver, any representative of a governmental entity, and any environmental consultant, shall have the right, but not the obligation, to enter upon the applicable Individual Property at all reasonable times to assess any and all
aspects of the environmental condition of the applicable Individual Property and its use, including conducting any environmental assessment or audit (the scope of which shall be determined in Lender’s discretion) and taking samples of soil,
groundwater or other water, air, or building materials, and reasonably conducting other invasive testing. Borrower shall cooperate with and provide Lender and any such Person designated by Lender with access to the applicable Individual Property.

 (c) [Intentionally Deleted]. 
 (d) [Intentionally Deleted]. 
 (e) Borrower shall promptly perform all
necessary remedial work in response to the presence of any Hazardous Substances on any Individual Property, any violation of any Environmental Laws, or any claims or requirements made by any governmental agency or authority. All such work shall be
conducted by licensed and reputable contractors pursuant to written plans approved by the agency or authority in question (if applicable), under proper permits and licenses (if applicable) with such insurance coverage as is customarily maintained by
prudent property owners in similar situations. If the cost of the work exceeds $100,000, then Lender shall have the right of prior approval over the environmental contractor and plans, which shall not be unreasonably withheld or delayed. All costs
and expenses of the remedial work shall be promptly paid by Borrower. In the event Borrower fails to undertake the remedial work, or fails to complete the same within a reasonable time period after the same is undertaken, and if Lender is of the
good faith opinion that Lender’s security in the applicable Individual Property is jeopardized thereby, then Lender shall have the right to undertake or complete the remedial work itself. In such event all costs of Lender in doing so, including
all fees and expenses of environmental consultants, engineers, attorneys, accountants and other professional advisors, shall become a part of the Loan and shall be due and payable from Borrower upon demand. Such amount shall be secured by the Loan
Documents, and failure to pay the same shall be an event of default under the Loan Documents. In the event any Hazardous Substances are removed from the Property, either by Borrower or Lender, the number assigned by the United States Environmental
Protection Agency to such Hazardous Substances shall be solely in the name of Borrower, and Borrower shall have any and all liability for such removed Hazardous Substances. 

  
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 5.1.20 Leasing Matters. Any Leases with respect to the Property written after
the date hereof, for more than 3,000 square feet shall be subject to the prior written approval of Lender, which approval shall not be unreasonably withheld, conditioned or delayed. Upon request, Borrower shall furnish Lender with executed copies of
all Leases. All renewals of Leases and all proposed Leases shall provide for rental rates comparable to existing local market rates. All proposed Leases shall be on commercially reasonable terms and shall not contain any terms which would materially
affect Lender’s rights under the Loan Documents. All Leases executed after the date hereof shall provide that they are subordinate to the Security Instrument and that the lessee agrees to attorn to Lender or any purchaser at a sale by
foreclosure or power of sale. Borrower (i) shall observe and perform the obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (ii) shall enforce and may amend or terminate the terms, covenants and
conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner and in a manner not to impair the value of the Property (or any portion thereof) involved except that no
termination by Borrower or acceptance of surrender by a Tenant of any Leases shall be permitted unless by reason of a tenant default and then only in a commercially reasonable manner to preserve and protect the Property (or any portion thereof);
provided, however, that no such termination or surrender of any Lease covering more than 3,000 square feet will be permitted without the prior written consent of Lender; (iii) shall not collect any of the rents more than one (1) month in
advance (other than security deposits); (iv) shall not execute any other assignment of lessor’s interest in the Leases or the Rents (except as contemplated by the Loan Documents); (v) shall not alter, modify or change the terms of the
Leases in a manner inconsistent with the provisions of the Loan Documents; and (vi) shall execute and deliver at the request of Lender all such further assurances, confirmations and assignments in connection with the Leases as Lender shall from
time to time reasonably require. Notwithstanding anything to the contrary contained herein, Borrower shall not enter into a lease of all or substantially all of any Individual Property without Lender’s prior written consent. Notwithstanding
anything to the contrary contained herein, all new Leases and all amendments, modifications, extensions, and renewals of existing Leases with Tenants that are Affiliates of Borrower shall be subject to the prior written consent of Lender.

 5.1.21 Alterations. Borrower shall obtain Lender’s prior written consent to any alterations to any
Improvements, which consent shall not be unreasonably withheld or delayed except with respect to alterations that may have a material adverse effect on Borrower’s financial condition, the value of any Individual Property or the applicable
Individual Property’s Net Operating Income. Notwithstanding the foregoing, Lender’s consent shall not be required in connection with any alterations that will not have a material adverse effect on Borrower’s financial condition, the
value of any Individual Property or the applicable Individual Property’s Net Operating Income, provided that such alterations are made in connection with (a) tenant improvement work performed pursuant to the terms of any Lease executed on
or before the date hereof, (b) tenant improvement work performed pursuant to the terms and provisions of a Lease and not adversely affecting any structural component of any Improvements, any utility or HVAC system contained in any Improvements
or the exterior of any building constituting a part of any Improvements, or (c) alterations performed in connection with the Restoration of any Individual Property after the occurrence of a Casualty or Condemnation in accordance with the terms
and provisions of this Agreement. If the total unpaid amounts due and payable with respect to alterations to the Improvements at the Property or any portion thereof (other than such amounts to be paid or reimbursed by Tenants under the Leases) shall
at any time exceed $100,000.00 (the “Threshold Amount”), Borrower shall 

  
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promptly deliver to Lender as security for the payment of such amounts and as additional security for Borrower’s obligations under the Loan Documents any of the following: (A) cash,
(B) U.S. Obligations, (C) other securities having a rating acceptable to Lender and that, at Lender’s option, the applicable Rating Agencies have confirmed in writing will not, in and of itself, result in a downgrade, withdrawal or
qualification of the initial, or, if higher, then current ratings assigned to any Securities or any class thereof in connection with any Securitization or (D) a completion and performance bond or an irrevocable letter of credit (payable on
sight draft only) issued by a financial institution having a rating by S&P of not less than “A-1+” if the term of such bond or letter of credit is no longer than three (3) months or, if such term is in excess of three
(3) months, issued by a financial institution having a rating that is acceptable to Lender and that, at Lender’s option, the applicable Rating Agencies have confirmed in writing will not, in and of itself, result in a downgrade, withdrawal
or qualification of the initial, or, if higher, then current ratings assigned to any Securities or class thereof in connection with any Securitization. Such security shall be in an amount equal to the excess of the total unpaid amounts with respect
to alterations to the Improvements on the Property (or any portion thereof) (other than such amounts to be paid or reimbursed by Tenants under the Leases) over the Threshold Amount and Lender may apply such security from time to time at the option
of Lender to pay for such alterations. 
 5.1.22 Operation of Property. (a) Borrower shall cause each
Individual Property to be operated, in all material respects, in accordance with the applicable Management Agreement (or Replacement Management Agreement) as applicable. If the applicable Management Agreement expires or is terminated (without
limiting any obligation of Borrower to obtain Lender’s consent to any termination or modification of the Management Agreement in accordance with the terms and provisions of this Agreement), Borrower shall promptly enter into a Replacement
Management Agreement with Manager or another Qualified Manager, as applicable. 
 (b) Borrower shall: (i) promptly perform
and/or observe, in all material respects, all of the covenants and agreements required to be performed and observed by it under the Management Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder;
(ii) promptly notify Lender of any material default under the Management Agreement of which it is aware; (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and
estimate received by it under the Management Agreement; and (iv) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by Manager under the Management Agreement, in a commercially
reasonable manner. 
 5.1.23 Embargoed Person. Borrower has performed and shall perform reasonable due diligence
to insure that at all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower and Guarantor constitute property of, or are
beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower or Guarantor, as applicable, with the result that the investment in Borrower or Guarantor, as
applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower or Guarantor, as applicable, have been derived from, or are the proceeds of,


  
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any unlawful activity, including money laundering, terrorism or terrorism activities, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly),
is prohibited by law or the Loan is in violation of law, or may cause the Property to be subject to forfeiture or seizure. 

Section 5.2 Negative Covenants. From the date hereof until payment and performance in full of all obligations of
Borrower under the Loan Documents or the earlier release of the Lien of the Security Instrument and any other collateral in accordance with the terms of this Agreement and the other Loan Documents, Borrower covenants and agrees with Lender that it
shall not do, directly or indirectly, any of the following: 
 5.2.1 Operation of Property. (a) Borrower
shall not, without Lender’s prior written consent (which consent shall not be unreasonably withheld): (i) surrender, terminate, cancel, amend or modify the Management Agreement; provided, that Borrower may, without Lender’s consent,
replace the Manager so long as the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement; (ii) reduce or consent to the reduction of the term of the Management Agreement; (iii) increase or consent to the
increase of the amount of any charges under the Management Agreement, or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Management Agreement in any material respect.

 (b) Following the occurrence and during the continuance of an Event of Default, Borrower shall not exercise any rights, make
any decisions, grant any approvals or otherwise take any action under the Management Agreement without the prior written consent of Lender, which consent may be granted, conditioned or withheld in Lender’s discretion. 

(c) If under applicable zoning provisions the use of all or any portion of the Property is or shall become a nonconforming use, Borrower
shall not cause or permit the nonconforming use or Improvement to be discontinued or abandoned without the express written consent of Lender. 
 5.2.2 Liens. Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of the Property or permit any such action to be taken, except for Permitted Encumbrances and
any Lien on any direct or indirect interest in Borrower created pursuant to the Mezzanine Loan Documents. 
 5.2.3
Dissolution. Borrower shall not (a) engage in any dissolution, liquidation or consolidation or merger with or into any other business entity, (b) engage in any business activity not related to the ownership and operation of each
Individual Property, (c) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties or assets of Borrower except to the extent permitted by the Loan Documents, or
(d) modify, amend, waive or terminate its organizational documents or its qualification and good standing in any jurisdiction. 

  
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 5.2.4 Change In Business. Borrower shall not enter into any line of business
other than the ownership and operation of each Individual Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its
present business. Nothing contained in this Section 5.2.4 is intended to expand the rights of Borrower contained in Section 5.2.10(d) hereof. 
 5.2.5 Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person,
except for adequate consideration and in the ordinary course of Borrower’s business. 
 5.2.6 Zoning.
Borrower shall not initiate or consent to any zoning reclassification of any portion of any Individual Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of any Individual Property in any manner
that could result in such use becoming a non conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, without the prior written consent of Lender. 

5.2.7 No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of any Individual Property
(a) with any other real property constituting a tax lot separate from the applicable Individual Property, and (b) which constitutes real property with any portion of the applicable Individual Property which may be deemed to constitute
personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Individual Property. 

5.2.8 Intentionally Omitted. 
 5.2.9 ERISA. (a) Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights
under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA. 
 (b) Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the term of the Loan, as requested by Lender in its discretion, that
(A) Borrower is not and does not maintain an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan” within the meaning of Section 3(32) of ERISA;
(B) Borrower is not subject to any state statute regulating investment of, or fiduciary obligations with respect to governmental plans and (C) one or more of the following circumstances is true: 

(i) Equity interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R. §2510.3-101(b)(2);

 (ii) Less than twenty-five percent (25%) of each outstanding class of equity interests in Borrower are
held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2); or 

  
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 (iii) Borrower qualifies as an “operating company” or a “real
estate operating company” within the meaning of 29 C.F.R. §2510.3-101(c) or (e). 
 5.2.10 Transfers.
(a) Borrower acknowledges that Lender has examined and relied on the experience of Borrower and its stockholders, general partners, members, principals and (if Borrower is a trust) beneficial owners in owning and operating properties such as
the Property in agreeing to make the Loan, and will continue to rely on Borrower’s ownership of the Property as a means of maintaining the value of the Property as security for repayment of the Debt and the performance of the Other Obligations.
Borrower acknowledges that Lender has a valid interest in maintaining the value of the Property so as to ensure that, should Borrower default in the repayment of the Debt or the performance of the Other Obligations, Lender can recover the Debt by a
sale of the Property. 
 (b) Without the prior written consent of Lender and, to the extent that the Mezzanine Loan remains
outstanding, the Mezzanine Lender in accordance with the Mezzanine Loan Agreement, and except to the extent otherwise set forth in this Section 5.2.10, Borrower shall not, and shall not permit any Restricted Party to do any of the
following (collectively, a “Transfer”): (i) sell, convey, mortgage, grant, bargain, encumber, pledge, assign, grant options with respect to, or otherwise transfer or dispose of (directly or indirectly, voluntarily or
involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) the Property or any part thereof or any legal or beneficial interest therein or any interest of Borrower in the Loan or (ii) permit a Sale or
Pledge of an interest in any Restricted Party, other than (A) pursuant to Leases of space in the Improvements to Tenants in accordance with the provisions of Section 5.1.20 and (B) Permitted Transfers. 

(c) A Transfer shall include (i) an installment sales agreement wherein Borrower agrees to sell the Property or any part thereof for
a price to be paid in installments; (ii) an agreement by Borrower leasing all or a substantial part of any Individual Property for other than actual occupancy by a space Tenant thereunder or a sale, assignment or other transfer of, or the grant
of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation
or issuance of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership
interest of any general partner or any profits or proceeds relating to such partnership interest, or the Sale or Pledge of limited partnership interests or any profits or proceeds relating to such limited partnership interest or the creation or
issuance of new limited partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non member manager (or if no managing
member, any member) or the Sale or Pledge of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such membership interest, or the Sale or Pledge of non managing membership
interests or the creation or issuance of new non managing membership interests; (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or
the creation or issuance of new legal or beneficial interests; or (vii) the removal or the resignation of the managing agent (including an Affiliated Manager) other than in accordance with Section 5.1.22 hereof. 

  
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 (d) Notwithstanding the provisions of this Section 5.2.10, Lender’s consent
shall not be required in connection with one or a series of Transfers, of not more than forty-nine percent (49%) of the stock, the limited partnership interests or non-managing membership interests (as the case may be) in a Restricted Party;
provided, however, no such Transfer shall result in the change of Control in a Restricted Party, and, to the extent that the Mezzanine Loan remains outstanding, no such Transfer shall occur without the prior written consent of
Mezzanine Lender in accordance with the Mezzanine Loan Agreement, and as a condition to each such Transfer, Lender shall receive not less than thirty (30) days prior written notice of such proposed Transfer. If after giving effect to any such
Transfer, more than forty-nine percent (49%) in the aggregate of direct or indirect interests in a Restricted Party are owned by any Person and its Affiliates that owned less than forty-nine percent (49%) direct or indirect interest in
such Restricted Party as of the Closing Date, Borrower shall, no less than thirty (30) days prior to the effective date of any such Transfer, deliver to Lender an Additional Insolvency Opinion acceptable to Lender and the Rating Agencies.
Borrower shall pay any and all reasonable out-of-pocket costs and expenses incurred in connection with such Transfers (including Lender’s counsel fees and disbursements and any fees and expenses of the Rating Agencies). 

(e) No Transfer of the Property (or any portion thereof) and assumption of the Loan shall occur during the period that is sixty
(60) days prior to and sixty (60) days after a Securitization. Without limiting Lender’s discretion to approve or disapprove any request for a waiver of the prohibition against Transfers, Lender specifically reserves the right to
condition its consent to any waiver of a prohibited Transfer upon satisfaction of the following minimum conditions: 
 (i) Borrower shall pay Lender a transfer fee equal to one percent (1%) of the outstanding principal balance of the Loan at the time of such transfer; 

(ii) Borrower shall pay any and all reasonable out-of-pocket costs incurred in connection with such Transfer (including
Lender’s counsel fees and disbursements and all recording fees, title insurance premiums and mortgage and intangible taxes and the fees and expenses of the Rating Agencies pursuant to clause (x) below); 

(iii) The proposed transferee (the “Transferee”) or Transferee’s Principals must have demonstrated
expertise in owning and operating properties similar in location, size, class and operation to each Individual Property, which expertise shall be reasonably determined by Lender; 

(iv) Transferee and Transferee’s Principals shall, as of the date of such transfer, have an aggregate net worth and
liquidity acceptable to Lender; 
 (v) Transferee, Transferee’s Principals and all other entities which may
be owned or Controlled directly or indirectly by Transferee’s Principals (“Related Entities”) must not have been party to any bankruptcy proceedings, voluntary or involuntary, made an assignment for the benefit of creditors or
taken advantage of any insolvency act, or any act for the benefit of debtors within seven (7) years prior to the date of the proposed Transfer; 

  
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 (vi) Transferee shall assume all of the obligations of Borrower under the
Loan Documents in a manner satisfactory to Lender in all respects, including by entering into an assumption agreement in form and substance satisfactory to Lender; 

(vii) There shall be no material litigation or regulatory action pending or threatened against Transferee,
Transferee’s Principals or Related Entities which is not acceptable to Lender; 
 (viii) Transferee,
Transferee’s Principals and Related Entities shall not have defaulted under its or their obligations with respect to any other Indebtedness in a manner which is not acceptable to Lender; 

(ix) Transferee and Transferee’s Principals must be able to satisfy all the representations and covenants set forth
in Sections 4.1.30, 4.1.35, 5.1.23 and 5.2.9 of this Agreement, no Default or Event of Default shall otherwise occur as a result of such Transfer, and Transferee and Transferee’s Principals shall deliver (A) all
organizational documentation reasonably requested by Lender, which shall be reasonably satisfactory to Lender and (B) all certificates, agreements, covenants and legal opinions reasonably required by Lender; 

(x) If required by Lender, Transferee shall be approved by the Rating Agencies selected by Lender, which approval, if
required by Lender, shall take the form of a confirmation in writing from such Rating Agencies to the effect that such Transfer will not result in a requalification, reduction, downgrade or withdrawal of the ratings in effect immediately prior to
such assumption or transfer for the Securities or any class thereof issued in connection with a Securitization which are then outstanding; 
 (xi) Prior to any release of Guarantor, one (1) or more substitute guarantors acceptable to Lender shall have assumed all of the liabilities and obligations of Guarantor under the Guaranty and
Environmental Indemnity executed by Guarantor or execute a replacement guaranty and environmental indemnity reasonably satisfactory to Lender. 
 (xii) Borrower shall deliver, at its sole cost and expense, an endorsement to each Title Insurance Policy, as modified by the assumption agreement, as a valid first lien on each Individual Property and
naming the Transferee as owner of each Individual Property, which endorsement shall insure that, as of the date of the recording of the assumption agreement, each Individual Property shall not be subject to any additional exceptions or liens other
than those contained in the Title Policies issued on the date hereof and the Permitted Encumbrances; 
 (xiii)
Each Individual Property shall be managed by Qualified Manager pursuant to a Replacement Management Agreement; 

(xiv) The Property meets all of the Lender’s underwriting standards related to its financial condition, cash flow,
operating income, physical condition, management and operation; 

  
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 (xv) Borrower or Transferee, at its sole cost and expense, shall deliver to
Lender an Additional Insolvency Opinion reflecting such Transfer satisfactory in form and substance to Lender; and 
 (xvi) If the Mezzanine Loan remains outstanding, Mezzanine Lender has approved such Transfer. 
 (f) Notwithstanding any provision in this Section 5.2.10 to the contrary, limited partnership or membership interests, as applicable, in Borrower may be transferred without Lender’s consent and
without application of the fee set forth in Section 5.2.10(e)(i) so long as Mezzanine Lender’s prior approval has been obtained in accordance with the Mezzanine Loan Agreement (to the extent that the Mezzanine Loan remains
outstanding) and: (i) among limited partners or members, as applicable, of Borrower who are limited partners or members, as applicable, of Borrower as of the date of this Agreement (each a “Current Owner”), and (ii) to
immediate family members (which shall be limited to a spouse, parent, child and grandchild (each, an “Immediate Family Member”)), of any Current Owner or to trusts formed for the benefit of Immediate Family Members of such Current
Owner for bona fide estate planning purposes (each, an “Additional Permitted Transfer”), provided each of the following conditions is satisfied: (A) no Event of Default has occurred and no event has occurred that with notice
and/or the passage of time, or both, would constitute an Event of Default; (B) Lender has received Borrower’s notice of the Additional Permitted Transfer no less than 30 days prior to the commencement of such transfer; (C) no
Indemnitor or Guarantor shall be released from any guaranty or indemnity agreement by virtue of the Additional Permitted Transfer; (D) Borrower shall be responsible for the costs and expenses of documenting the Additional Permitted Transfer;
(E) Borrower shall reimburse Lender for all actual costs and expenses incurred by Lender in connection with the Additional Permitted Transfer, whether or not consummated; (F) once the Additional Permitted Transfer is complete, the persons
with Control of Borrower and management of the Property are the same persons who have such Control and management rights immediately prior to the Additional Permitted Transfer; (G) Borrower shall furnish Lender copies of any documentation
executed in connection with the Additional Permitted Transfer promptly after execution thereof; (H) Borrower shall have delivered satisfactory evidence to Lender that, following the Additional Permitted Transfer, Borrower shall continue to
comply with the provisions of Section 4.1.30 hereof; and (I) upon Lender’s request, delivery of an Additional Insolvency Opinion acceptable to Lender. 
 Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order to declare the Debt immediately due and payable upon Borrower’s
Transfer without Lender’s consent. This provision shall apply to every Transfer regardless of whether voluntary or not, or whether or not Lender has consented to any previous Transfer. 

Notwithstanding the foregoing, the foreclosure by Mezzanine Lender under the Mezzanine Loan of the interests pledged under the Mezzanine
Pledge Agreement, subject in all respects to the Mezzanine Intercreditor Agreement, shall not be deemed to be a Transfer in violation of this Section 5.2.10. 

  
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 Notwithstanding anything to the contrary contained in this Section 5.2.10, for so long
as the Mezzanine Loan is outstanding, Mezzanine Borrower must at all times directly own one hundred percent (100%) of the equity interests in Borrower. 
 ARTICLE VI - INSURANCE; CASUALTY; CONDEMNATION 
 Section 6.1
Insurance. (a) Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and each Individual Property providing at least the following coverages: 

(i) comprehensive all risk “special form” insurance including loss caused by any type of windstorm, windstorm
related perils, “named storms”, or hail on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements, (A) in an amount
equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Agreement means actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver
of depreciation; (B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions or to be written on a no co-insurance form; (C) providing for no deductible in excess
of the lesser of (I) $10,000.00 or (II) 5% of net cash flow of the applicable Individual Property for all such insurance coverage; provided however with respect to windstorm and earthquake coverage, providing for a deductible
satisfactory to Lender in its discretion; and (D) if any of the Improvements or the use of the applicable Individual Property shall at any time constitute legal non-conforming structures or uses, coverage for loss due to operation of law in an
amount equal to the full Replacement Cost, coverage for demolition costs and coverage for increased costs of construction. In addition, Borrower shall obtain: (y) if any material portion of the Improvements is currently or at any time in the
future located in a federally designated “special flood hazard area”, flood hazard insurance in an amount equal to the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection
Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, plus excess flood coverage in an amount equal to the “probable maximum loss” for the Improvements, as determined by an engineer satisfactory to Lender,
or such greater amount as Lender shall require, and (z) earthquake insurance in amounts and in form and substance satisfactory to Lender (but in any event, in an amount not less than 150% of the “probable maximum loss”) in the event
the applicable Individual Property is located in an area with a high degree of seismic activity and the “probable maximum loss” for the Improvements, as determined by an engineer satisfactory to Lender, is 20% or greater, provided that the
insurance pursuant to clauses (y) and (z) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this subsection (i); 

(ii) business income or rental loss insurance (A) with loss payable to Lender; (B) covering all risks required
to be covered by the insurance provided for in subsection (i) above; (C) in an amount equal to one hundred percent (100%) of the projected gross revenues from the operation of the applicable Individual Property (as reduced to
reflect 

  
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expenses not incurred during a period of Restoration) for a period of (1) not less than twelve (12) months from the date of casualty or loss if the amount of the Loan is less than
$35,000,000, or (2) not less than eighteen (18) months from the date of casualty or loss if the amount of the Loan is $35,000,000 or more; and (D) if the amount of the Loan is $50,000,000 or more, containing an extended period of
indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the
loss, or the expiration of 180 days from the date that the applicable Individual Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The
amount of such business income or rental loss insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross revenues from the applicable Individual Property
for the succeeding twelve (12) month period. Notwithstanding the provisions of Section 2.7.1 hereof, all proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the obligations secured
by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan
Documents on the respective dates of payment provided for in this Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance; 

(iii) at all times during which structural construction, repairs or alterations are being made with respect to the
Improvements, and only if the applicable Individual Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance, otherwise known as Owner Contractor’s Protective Liability, covering claims
not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk completed
value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including permission to occupy the applicable Individual Property and (4) with an agreed amount
endorsement waiving co-insurance provisions; 
 (iv) comprehensive boiler and machinery insurance, if steam
boilers, other pressure-fixed vessels, large air conditioning systems, elevators or other large machinery are in operation, in amounts as shall be reasonably required by Lender on terms consistent with the commercial property insurance policy
required under subsection (i) above; 
 (v) commercial general liability insurance against claims for
personal injury, bodily injury, death, contractual damage or property damage occurring upon, in or about the applicable Individual Property, such insurance (A) to be on the so-called “occurrence” form with a combined limit of not less
than $2,000,000.00 in the aggregate and $1,000,000.00 per occurrence; (B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection
inadequate and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if 

  
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any” basis; (3) independent contractors; (4) blanket contractual liability for all written contracts and (5) contractual liability covering the indemnities contained in
Article 9 of the Security Instrument to the extent the same is available; 
 (vi) automobile liability coverage
for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence of $1,000,000.00; 
 (vii) worker’s compensation and employee’s liability subject to the worker’s compensation laws of the applicable state; 

(viii) umbrella and excess liability insurance in an amount not less than: (A) $5,000,000.00 per occurrence if the
amount of the Loan is less than $35,000,000, or (B) $25,000,000.00 per occurrence, if the amount of the Loan is $35,000,000 or more, on terms consistent with the commercial general liability insurance policy required under subsection
(v) above, including supplemental coverage for employer liability and automobile liability, which umbrella liability coverage shall apply in excess of the automobile liability coverage in clause (vi) above; 

(ix) the insurance required under this Section 6.1(a) above shall cover perils of terrorism and acts of terrorism and
Borrower shall maintain insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 6.1(a) above at all times during the term of the Loan; and 

(x) upon sixty (60) days written notice, such other reasonable insurance, including sinkhole or land subsidence
insurance, and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the applicable Individual Property located in or
around the region in which the Property is located. 
 (b) All insurance provided for in Section 6.1(a) hereof,
shall be obtained under valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies, amounts, deductibles,
loss payees and insureds. The Policies shall be issued by financially sound and responsible insurance companies authorized to do business in the State and having a rating of (A) if the amount of the Loan is $35,000,000 or more,
“A:VIII” or better in the current Best’s Insurance Reports and a claims paying ability rating of “A-” or better by S&P, and “A3” or better by Moody’s or (B) if the amount of the Loan is less than
$35,000,000, “A-:VIII” or better in the current Best’s Insurance Reports and a claims paying ability rating of “A-” or better by S&P, and “A3” or better by Moody’s. Notwithstanding the foregoing, any
required earthquake insurance must satisfy the requirements of subsection (A) hereof regardless of the amount of the Loan. The Policies described in Section 6.1 hereof (other than those strictly limited to liability protection)
shall designate Lender as loss payee. Not less than ten (10) days prior to the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the Policies accompanied by evidence satisfactory to Lender of
payment of the premiums due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender. 

  
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 (c) Any blanket insurance Policy shall specifically allocate to the applicable Individual
Property the amount of coverage from time to time required hereunder and shall otherwise provide the same protection as would a separate Policy insuring only the applicable Individual Property in compliance with the provisions of
Section 6.1(a) hereof. 
 (d) All Policies provided for or contemplated by Section 6.1(a) hereof, except
for the Policy referenced in Section 6.1(a)(vii) of this Agreement, shall name Borrower as the insured and Lender as the additional insured, as its interests may appear, and in the case of property damage, boiler and machinery, flood and
earthquake insurance, shall contain a so-called New York standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender. 

(e) All Policies shall contain clauses or endorsements to the effect that: 

(i) no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to
comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned; 

(ii) the Policy shall not be materially changed (other than to increase the coverage provided thereby) or canceled without
at least thirty (30) days written notice to Lender and any other party named therein as an additional insured; 
 (iii) the issuers thereof shall give written notice to Lender if the Policy has not been renewed thirty (30) days prior to its expiration; and 

(iv) Lender shall not be liable for any Insurance Premiums thereon or subject to any assessments thereunder. 

(f) If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender
shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the applicable Individual Property, including the obtaining of such insurance coverage as Lender in its discretion deems
appropriate after three (3) Business Days notice to Borrower if prior to the date upon which any such coverage will lapse or at any time Lender deems necessary (regardless of prior notice to Borrower) to avoid the lapse of any such coverage.
All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Security Instrument and shall bear
interest at the Default Rate. 
 Section 6.2 Casualty. If any Individual Property shall be damaged or
destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt written notice of such damage to Lender and shall promptly commence and diligently prosecute the completion of the Restoration of
the applicable Individual Property pursuant to Section 6.4 hereof as nearly as possible to the condition the applicable Individual Property was in immediately prior to such Casualty, with such alterations as may be reasonably approved by
Lender and otherwise in accordance with Section 6.4 hereof. 

  
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Borrower shall pay all costs of such Restoration whether or not such costs are covered by insurance. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower.
In addition, Lender may participate in any settlement discussions with any insurance companies (and shall approve the final settlement, which approval shall not be unreasonably withheld or delayed) with respect to any Casualty in which the Net
Proceeds or the costs of completing the Restoration are equal to or greater than the Availability Threshold and Borrower shall deliver to Lender all instruments required by Lender to permit such participation. 

Section 6.3 Condemnation. Borrower shall promptly give Lender notice of the actual or threatened commencement of any
proceeding for the Condemnation of any Individual Property (or any portion thereof) and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate in any such proceedings, and Borrower
shall from time to time deliver to Lender all instruments requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and
cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including any transfer made in lieu of or in anticipation of the
exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award shall have been actually received and
applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award
interest at the rate or rates provided herein or in the Note. If any portion of any Individual Property is taken by a condemning authority, Borrower shall promptly commence and diligently prosecute the Restoration of the Property pursuant to
Section 6.4 hereof and otherwise comply with the provisions of Section 6.4 hereof. If the applicable Individual Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall
have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt. Notwithstanding the foregoing provisions of this Section 6.3,
and Section 6.4 hereof, if the Loan or any portion thereof is included in a REMIC Trust and, immediately following a release of any portion of the Lien of the Security Instrument in connection with a Condemnation (but taking into account any
proposed Restoration on the remaining portion of the Property), the Loan to Value Ratio is greater than 125% (such value to be determined, in Lender’s sole discretion, by any commercially reasonable method permitted to a REMIC Trust), the
principal balance of the Loan must be paid down in an amount sufficient to satisfy the REMIC Requirements, unless the Lender receives an opinion of counsel that if such amount is not paid, the Securitization will not fail to maintain its status as a
REMIC Trust as a result of the related release of such portion of the Lien of the Security Instrument. In connection with the foregoing, the Net Proceeds shall not be available for Restoration and shall be used to pay down the principal balance of
the Loan to the extent set forth above. 

  
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 Section 6.4 Restoration. The following provisions shall apply in
connection with the Restoration of any Individual Property: 
 (a) If the Net Proceeds shall be less than the Availability
Threshold and the costs of completing the Restoration shall be less than the Availability Threshold, the Net Proceeds shall be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in
Section 6.4(b)(i) hereof are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement.

 (b) If the Net Proceeds are equal to or greater than the Availability Threshold or the costs of completing the Restoration
are equal to or greater than the Availability Threshold, Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 6.4. The term “Net Proceeds” for purposes of
this Section 6.4 means: (i) the net amount of all insurance proceeds received by Lender pursuant to Section 6.1 (a)(i), (iv), (ix) and (x) as a result of such damage or destruction, after
deduction of its reasonable costs and expenses (including reasonable counsel fees), if any, in collecting same (“Insurance Proceeds”), or (ii) the net amount of the Award, after deduction of its reasonable costs and expenses
(including reasonable counsel fees), if any, in collecting same (“Condemnation Proceeds”), whichever the case may be. 
 (i) The Net Proceeds shall be made available to Borrower for Restoration provided that each of the following conditions are met: 

(A) no Default or Event of Default shall have occurred and be continuing; 

(B) (1) in the event the Net Proceeds are Insurance Proceeds, less than twenty-five percent (25%) of the total floor
area of the Improvements on the applicable Individual Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (2) in the event the Net Proceeds are Condemnation Proceeds, less than ten percent (10%) of the
land constituting the applicable Individual Property is taken, and such land is located along the perimeter or periphery of the applicable Individual Property, and no portion of the Improvements is located on such land; 

(C) Leases demising in the aggregate a percentage amount equal to or greater than the Rentable Space Percentage of the
total rentable space in the applicable Individual Property which has been demised under executed and delivered Leases in effect as of the date of the occurrence of such Casualty or Condemnation, whichever the case may be, shall remain in full force
and effect during and after the completion of the Restoration, notwithstanding the occurrence of any such Casualty or Condemnation, whichever the case may be, and Borrower and/or Tenant, as applicable under the respective Lease, shall make all
necessary repairs and restorations thereto at their sole cost and expense. The term “Rentable Space Percentage” means (1) in the event the Net Proceeds are Insurance Proceeds, a percentage amount equal to ninety percent
(90%) and (2) in the event the Net Proceeds are Condemnation Proceeds, a percentage amount equal to ninety percent (90%); 

  
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 (D) Borrower shall commence the Restoration as soon as reasonably
practicable (but in no event later than sixty (60) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion; 

(E) Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest
under the Note and the Mezzanine Loan Documents, which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of (1) the Net Proceeds,
(2) the insurance coverage referred to in Section 6.1(a)(ii) hereof, if applicable, or (3) by other funds of Borrower; 
 (F) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) six (6) months prior to the Maturity Date, (2) the earliest date required for
such completion under the terms of any Leases, (3) such time as may be required under all applicable Legal Requirements in order to repair and restore the applicable Individual Property to the condition it was in immediately prior to such
Casualty or to as nearly as possible the condition it was in immediately prior to such Condemnation, as applicable, or (4) the expiration of the insurance coverage referred to in Section 6.1(a)(ii) hereof; 

(G) the Property and the use thereof after the Restoration will be in compliance with and permitted under all applicable
Legal Requirements; 
 (H) the Restoration shall be done and completed by Borrower in an expeditious and diligent
fashion and in compliance with all applicable Legal Requirements; 
 (I) such Casualty or Condemnation, as
applicable, does not result in the loss of access to the applicable Individual Property or the Improvements; 

(J) the Debt Service Coverage Ratio for the Property, after giving effect to the Restoration, shall be equal to or greater
than 1.20 to 1.0; 
 (K) Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget
approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be subject to Lender’s approval; and 

(L) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in
Lender’s discretion to cover the cost of the Restoration. 
 (ii) The Net Proceeds shall be held by Lender
in an Eligible Account and, until disbursed in accordance with the provisions of this Section 6.4(b), shall constitute additional security for the Debt and Other Obligations under the Loan Documents. The Net Proceeds shall be disbursed
by Lender to, or as directed by, Borrower from time to 

  
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time during the course of the Restoration, upon receipt of evidence satisfactory to Lender that (A) all materials installed and work and labor performed (except to the extent that they are
to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to
file same, or any other liens or encumbrances of any nature whatsoever on the applicable Individual Property which have not either been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured to the
satisfaction of Lender by the title company issuing the applicable Title Insurance Policy. 
 (iii) All plans and
specifications required in connection with the Restoration shall be subject to prior review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender
shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well
as the contracts under which they have been engaged, shall be subject to prior review and approval by Lender and the Casualty Consultant. All costs and expenses incurred by Lender in connection with making the Net Proceeds available for the
Restoration including reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower. 
 (iv) In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the
Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term “Casualty Retainage” means an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the
Restoration, as certified by the Casualty Consultant, until the Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 6.4(b), be less than
the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been
completed in accordance with the provisions of this Section 6.4(b) and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate governmental and quasi-governmental authorities, and
Lender receives evidence satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Lender shall release the portion of the Casualty Retainage being
held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all
work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in
full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy, and Lender receives an endorsement to the applicable Title Insurance Policy
insuring the continued priority of the lien of the applicable Security 

  
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Instrument and evidence of payment of any premium payable for such endorsement. If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety
company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman. 
 (v) Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month. 

(vi) If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the opinion of Lender in
consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the Restoration, Borrower shall deposit the
deficiency (the “Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender shall be held by Lender and shall be disbursed for costs
actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 6.4(b) shall constitute additional security for the Debt and
Other Obligations under the Loan Documents. 
 (vii) The excess, if any, of the Net Proceeds (and the remaining
balance, if any, of the Net Proceeds Deficiency) deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b), and the receipt by
Lender of evidence satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be deposited in the Cash Management Account to be disbursed in accordance with this Agreement, provided no Event of
Default shall have occurred and shall be continuing under the Note, this Agreement or any of the other Loan Documents. 
 (c)
All Net Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as excess Net Proceeds pursuant to Section 6.4(b)(vii) hereof may be retained and applied by Lender toward the
payment of the Debt in accordance with Section 9(e) of the Note, whether or not then due and payable in such order, priority and proportions as Lender in its discretion shall deem proper, or, at the discretion of Lender, the same may be
paid, either in whole or in part, to Borrower for such purposes as Lender shall approve, in its discretion. 
 (d) In the event
of foreclosure of the Security Instrument, or other transfer of title to the Property (or any portion thereof) in extinguishment in whole or in part of the Debt all right, title and interest of Borrower in and to the Policies that are not blanket
Policies then in force concerning the Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such other transfer of title. 

(e) Notwithstanding anything to the contrary contained in this Agreement, neither Borrower, nor any Affiliate shall receive any
Condemnation Proceeds or Insurance Proceeds unless the Loan and the Debt and the Mezzanine Loan are first repaid in full, unless such proceeds are used solely to rebuild or improve the Property pursuant to the terms hereof and


  
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subject to Lender’s and Mezzanine Lender’s approval, which shall not be unreasonably withheld, provided, however, that Section 6.4(b)(vii) shall apply with respect to excess
Net Proceeds as provided therein. 
 ARTICLE VII - RESERVE FUNDS 

Section 7.1 Required Repairs. 
 7.1.1 Deposits. Borrower shall perform the repairs at the Property, as more particularly set forth on Schedule II hereto (such repairs hereinafter referred to as “Required
Repairs”). Borrower shall complete the Required Repairs on or before the required deadline for each repair as set forth on Schedule II. It shall be an Event of Default under this Agreement if (a) Borrower does not complete the
Required Repairs at the Property by the required deadline for each repair as set forth on Schedule II, or (b) Borrower does not satisfy each condition contained in Section 7.1.2 hereof. Upon the occurrence of such an Event of
Default, Lender, at its option, may withdraw all Required Repair Funds from the Required Repair Account and Lender may apply such funds either to completion of the Required Repairs at the Property or toward payment of the Debt in such order,
proportion and priority as Lender may determine in its discretion. Lender’s right to withdraw and apply Required Repair Funds shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan
Documents. On the Closing Date, Borrower shall deposit with Lender $322,054.00 to perform the Required Repairs for the Property. Amounts so deposited with Lender shall be held by Lender in accordance with Section 7.5 hereof. Amounts so
deposited shall hereinafter be referred to as Borrower’s “Required Repair Fund” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Required Repair Account”.

 7.1.2 Release of Required Repair Funds. Lender shall disburse to Borrower the Required Repair Funds from the
Required Repair Account from time to time upon satisfaction by Borrower of each of the following conditions: (a) Borrower shall submit a written request for payment to Lender at least thirty (30) days prior to the date on which Borrower
requests such payment be made and specifies the Required Repairs to be paid, (b) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured,
(c) Lender shall have received an Officers’ Certificate (i) stating that all Required Repairs to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal,
state and local laws, rules and regulations, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (ii) identifying each
Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iii) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such
Officers’ Certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, (d) at Lender’s option, a title search for the applicable Individual Property indicating that the applicable Individual
Property is free from all liens, claims and other encumbrances not previously approved by Lender, and (e) Lender shall have received such other evidence as Lender shall reasonably request that the Required Repairs to be funded by the requested


  
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disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to make disbursements from the Required Repair Account with
respect to the Property (i) more than once a month and (ii) unless such requested disbursement is in an amount greater than $25,000.00 (or a lesser amount if the total amount in the Required Repair Account is less than $25,000.00), in
which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2. 

Section 7.2 Tax and Insurance Escrow Fund. Borrower shall pay to Lender (a) on the Closing Date an initial
deposit and (b) on each Payment Date thereafter (i) one-twelfth (1/12) of the Taxes and Other Charges that Lender estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient
funds to pay all such Taxes and Other Charges at least thirty (30) days prior to their respective due dates, and (ii) one-twelfth (1/12) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage
afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (said amounts in (a) and
(b) above hereinafter called the “Tax and Insurance Escrow Fund”). Provided, however, so long as Borrower maintains blanket policies of insurance in accordance with Section 6.1 hereof, the provisions of this Section
with regard to Insurance Premiums shall not be applicable, until and unless Lender elects to apply such provisions following (i) the issuance by any insurer or its agent of any notice of cancellation, termination, or lapse of any insurance
coverage required under Section 6.1 hereof, (ii) any cancellation, termination, or lapse of any insurance coverage required under Section 6.1 hereof whether or not any notice is issued, (iii) Lender having not
received from Borrower evidence of insurance coverages as required by and in accordance with the terms of Section 6.1 hereof, or (iv) the occurrence of any Event of Default or the occurrence of any event which with the giving of
notice, the passage of time or both would result in an Event of Default. Lender shall apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.1.2 hereof
and under the Security Instrument. In making any payment relating to the Tax and Insurance Escrow Fund, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or
agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of the Tax and
Insurance Escrow Fund shall exceed the amounts due for Taxes, Other Charges and Insurance Premiums pursuant to Section 5.1.2 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future
payments to be made to the Tax and Insurance Escrow Fund. If at any time Lender reasonably determines that the Tax and Insurance Escrow Fund is not or will not be sufficient to pay Taxes, Other Charges and Insurance Premiums by the dates set forth
in (a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days
prior to the due date of the Taxes and Other Charges and/or thirty (30) days prior to expiration of the Policies, as the case may be. 

  
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 Section 7.3 Replacements and Replacement Reserve. 

7.3.1 Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $7,256.00
and (b) on each Payment Date thereafter $7,256.00 (the “Replacement Reserve Monthly Deposit”) which amounts are reasonably estimated by Lender in its discretion to be due for replacements and repairs required to be made to any
Individual Property during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” and the account in which such
amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. Notwithstanding the aforementioned, the aggregate amount of the Replacement Reserve Fund shall not exceed $435,339.00 in the
aggregate (the “Replacement Reserve Cap”) on any Payment Date (after giving effect to the payment of the Replacement Reserve Monthly Deposit) and accordingly, to the extent a Replacement Reserve Monthly Deposit would result in the
aggregate amount of Replacement Reserve Funds in the Replacement Reserve Account to exceed the Replacement Reserve Cap, such Replacement Reserve Monthly Deposit shall be decreased by an amount equal to such excess. Lender may reassess its estimate
of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its
discretion that an increase is necessary to maintain the proper maintenance and operation of the Property (or any portion thereof). 
 7.3.2 Disbursements from Replacement Reserve Account. (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements.
Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property, replacements of inventory or for costs which are to be reimbursed from the Required
Repair Fund or Rollover Reserve Fund. 
 (b) Lender shall, upon written request from Borrower and satisfaction of the
requirements set forth in this Section 7.3.2, disburse to Borrower amounts from the Replacement Reserve Account necessary to pay for the actual approved costs of Replacements or to reimburse Borrower therefor, upon completion of such
Replacements (or, upon partial completion in the case of Replacements made pursuant to Section 7.3.2(e) hereof) as determined by Lender. In no event shall Lender be obligated to disburse funds from the Replacement Reserve Account if a
Default or an Event of Default exists. 
 (c) Each request for disbursement from the Replacement Reserve Account shall be in a
form specified or approved by Lender and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of
specific items, (iii) the price of all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to each
Replacement for which such request for disbursement is made. With each request Borrower shall certify that all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over
the Property. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided and, unless Lender has agreed to issue joint checks as


  
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described below in connection with a particular Replacement, each request shall include evidence satisfactory to Lender of payment of all such amounts. Except as provided in
Section 7.3.2(e) hereof, each request for disbursement from the Replacement Reserve Account shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion
of the subject Replacement satisfactory to Lender in its reasonable judgment. 
 (d) Borrower shall pay all invoices in
connection with the Replacements with respect to which a disbursement is requested prior to submitting such request for disbursement from the Replacement Reserve Account or, at the request of Borrower, Lender shall issue joint checks, payable to
Borrower and the contractor, supplier, materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require a waiver of lien from each Person
receiving payment prior to Lender’s disbursement from the Replacement Reserve Account. In addition, as a condition to any disbursement, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or
subcontractor who receives payment in an amount equal to or greater than $25,000.00 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of applicable law and shall cover all
work performed and materials supplied (including equipment and fixtures) for the applicable Individual Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or,
if payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request). 

(e) If (i) the cost of a Replacement exceeds $25,000.00, (ii) the contractor performing such Replacement requires periodic
payments pursuant to terms of a written contract, and (iii) Lender has approved in writing in advance such periodic payments, a request for reimbursement from the Replacement Reserve Account may be made after completion of a portion of the work
under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the applicable Individual Property and are properly secured or
have been installed in the applicable Individual Property, (C) all other conditions in this Agreement for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve Account are, in Lender’s judgment, sufficient
to complete such Replacement and other Replacements when required, and (E) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been
paid to that contractor or subcontractor. 
 (f) Borrower shall not make a request for disbursement from the Replacement Reserve
Account more frequently than once in any calendar month and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than $25,000.00. 

7.3.3 Performance of Replacements. (a) Borrower shall make Replacements when required in order to keep each Individual
Property in condition and repair consistent with other comparable properties in the same market segment in the metropolitan area in which the applicable Individual Property is located, and to keep each Individual Property or any portion thereof from
deteriorating. Borrower shall complete all Replacements in a good and workmanlike manner as soon as practicable following the commencement of making each such Replacement. 

  
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 (b) Lender reserves the right, at its option, to approve all contracts or work orders with
materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials in connection with the Replacements. Upon Lender’s request, Borrower shall assign any contract or subcontract to Lender. 

(c) In the event Lender determines in its discretion that any Replacement is not being performed in a workmanlike or timely manner or
that any Replacement has not been completed in a workmanlike or timely manner, Lender shall have the option to withhold disbursement for such unsatisfactory Replacement and to proceed under existing contracts or to contract with third parties to
complete such Replacement and to apply the Replacement Reserve Fund toward the labor and materials necessary to complete such Replacement, without providing any prior notice to Borrower and to exercise any and all other remedies available to Lender
upon an Event of Default hereunder. 
 (d) In order to facilitate Lender’s completion or making of such Replacements
pursuant to Section 7.3.3(c) above, Borrower grants Lender the right to enter onto the applicable Individual Property and perform any and all work and labor necessary to complete or make such Replacements and/or employ watchmen to
protect the applicable Individual Property from damage. All sums so expended by Lender, to the extent not from the Replacement Reserve Fund, shall be deemed to have been advanced under the Loan to Borrower and secured by the Security Instrument. For
this purpose Borrower constitutes and appoints Lender its true and lawful attorney in fact with full power of substitution to complete or undertake such Replacements in the name of Borrower. Such power of attorney shall be deemed to be a power
coupled with an interest and cannot be revoked. Borrower empowers said attorney in fact as follows: (i) to use any funds in the Replacement Reserve Account for the purpose of making or completing such Replacements; (ii) to make such
additions, changes and corrections to such Replacements as shall be necessary or desirable to complete such Replacements; (iii) to employ such contractors, subcontractors, agents, architects and inspectors as shall be required for such
purposes; (iv) to pay, settle or compromise all existing bills and claims which are or may become Liens against the applicable Individual Property, or as may be necessary or desirable for the completion of such Replacements, or for clearance of
title; (v) to execute all applications and certificates in the name of Borrower which may be required by any of the contract documents; (vi) to prosecute and defend all actions or proceedings in connection with the applicable Individual
Property or the rehabilitation and repair of the applicable Individual Property; and (vii) to do any and every act which Borrower might do in its own behalf to fulfill the terms of this Agreement. 

(e) Nothing in this Section 7.3.3 shall: (i) make Lender responsible for making or completing any Replacements;
(ii) require Lender to expend funds in addition to the Replacement Reserve Fund to make or complete any Replacement; (iii) obligate Lender to proceed with any Replacements; or (iv) obligate Lender to demand from Borrower additional
sums to make or complete any Replacement. 

  
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 (f) Borrower shall permit Lender and Lender’s agents and representatives (including
Lender’s engineer, architect, or inspector) or third parties making Replacements pursuant to this Section 7.3.3 to enter onto the applicable Individual Property during normal business hours (subject to the rights of Tenants under
their Leases) to inspect the progress of any Replacements and all materials being used in connection therewith, to examine all plans and shop drawings relating to such Replacements which are or may be kept at the applicable Individual Property, and
to complete any Replacements made pursuant to this Section 7.3.3. Borrower shall cause all contractors and subcontractors to cooperate with Lender or Lender’s representatives or such other persons described above in connection with
inspections described in this Section 7.3.3(f) or the completion of Replacements pursuant to this Section 7.3.3. 
 (g) Lender may require an inspection of the applicable Individual Property at Borrower’s expense prior to making a monthly disbursement from the Replacement Reserve Account in order to verify
completion of the Replacements for which reimbursement is sought. Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and/or may require a copy of a certificate of completion
by an independent qualified professional acceptable to Lender prior to the disbursement of any amounts from the Replacement Reserve Account. Borrower shall pay the expense of the inspection as required hereunder, whether such inspection is conducted
by Lender or by an independent qualified professional. 
 (h) The Replacements and all materials, equipment, fixtures, or any
other item comprising a part of any Replacement shall be constructed, installed or completed, as applicable, free and clear of all mechanic’s, materialmen’s or other liens (except for those Liens existing on the date of this Agreement
which have been approved in writing by Lender). 
 (i) Before each disbursement from the Replacement Reserve Account, Lender may
require Borrower to provide Lender with a search of title to the applicable Individual Property effective to the date of the disbursement, which search shows that no mechanic’s or materialmen’s liens or other liens of any nature have been
placed against the applicable Individual Property since the date of recordation of the related Security Instrument and that title to the applicable Individual Property is free and clear of all Liens (other than the lien of the related Security
Instrument and any other Liens previously approved in writing by Lender, if any). 
 (j) All Replacements shall comply with all
applicable Legal Requirements of all Governmental Authorities having jurisdiction over the applicable Individual Property and applicable insurance requirements including applicable building codes, special use permits, environmental regulations, and
requirements of insurance underwriters. 
 (k) In addition to any insurance required under the Loan Documents, Borrower shall
provide or cause to be provided workmen’s compensation insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable law in connection with a particular Replacement. All such policies
shall be in form and amount reasonably satisfactory to Lender. All such policies which can be endorsed with standard mortgagee clauses making loss payable to Lender or its assigns shall be so endorsed. Certified copies of such policies shall be
delivered to Lender. 

  
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 7.3.4 Failure to Make Replacements. (a) It shall be an Event of Default
under this Agreement if Borrower fails to comply with any provision of this Section 7.3 and such failure is not cured within thirty (30) days after notice from Lender. Upon the occurrence of such an Event of Default, Lender may use
the Replacement Reserve Fund (or any portion thereof) for any purpose, including completion of the Replacements as provided in Section 7.3.3, or for any other repair or replacement to the Property or toward payment of the Debt in such
order, proportion and priority as Lender may determine in its discretion. Lender’s right to withdraw and apply the Replacement Reserve Fund shall be in addition to all other rights and remedies provided to Lender under this Agreement and the
other Loan Documents. 
 (b) Nothing in this Agreement shall obligate Lender to apply all or any portion of the Replacement
Reserve Fund on account of an Event of Default to payment of the Debt or in any specific order or priority. 
 7.3.5
Balance in the Replacement Reserve Account. The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.

 Section 7.4 Rollover Reserve. 
 7.4.1 Deposits to Rollover Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $17,700.00 and (b) on each Payment Date thereafter $17,700.00
(the “Rollover Reserve Monthly Deposit”), which amounts shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred following the date hereof. Amounts so deposited shall hereinafter
be referred to as the “Rollover Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account”. 

7.4.2 Withdrawal of Rollover Reserve Funds. Provided no Default or an Event of Default hereunder exists, Lender shall make
disbursements from the Rollover Escrow Fund for tenant improvement and leasing commission obligations incurred by Borrower. All such expenses shall be approved by Lender in its discretion. Lender shall make disbursements as requested by Borrower on
a quarterly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender, lien waivers and releases
from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the applicable Individual Property at Borrower’s expense prior to making a quarterly disbursement in order to
verify completion of improvements for which reimbursement is sought. 

  
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 Section 7.5 Excess Cash Flow Reserve Fund. 

7.5.1 Deposits to Excess Cash Flow Reserve Account. During a Cash Sweep Period caused by a DSCR Trigger Event, Borrower
shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve
Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”. 
 7.5.2 Release of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Cash Management Account to be
disbursed to Borrower in accordance with the Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid to Borrower. 

Section 7.6 Reserve Funds, Generally. (a) Borrower grants to Lender a first-priority perfected security interest
in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Reserve Funds shall constitute additional
security for the Debt. 
 (b) Upon the occurrence of an Event of Default, Lender may, in addition to any and all other rights
and remedies available to Lender, apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any order in its discretion. 
 (c) The Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Lender. The Reserve Funds shall be held in an Eligible Account in Permitted Investments as directed
by Lender or Lender’s Servicer. Unless expressly provided for in this Article VII, all interest on a Reserve Fund shall not be added to or become a part thereof and shall be the sole property of and shall be paid to Lender. Borrower shall be
responsible for payment of any federal, state or local income or other tax applicable to the interest earned on the Reserve Funds credited or paid to Borrower. 
 (d) Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit any lien
or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto. 

(e) Lender and Servicer shall not be liable for any loss sustained on the investment of any funds constituting the Reserve Funds.
Borrower shall indemnify Lender and Servicer and hold Lender and Servicer harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and
reasonable attorneys’ fees and expenses) arising from or in any way connected with the Reserve Funds or the performance of the obligations for which the Reserve Funds were established. Borrower shall assign to Lender all rights and claims
Borrower may have against all persons or entities supplying labor, materials or other services which are to be paid from or secured by the Reserve Funds; provided, however, that Lender may not pursue any such right or claim unless an Event of
Default has occurred and remains uncured. 

  
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 (f) The required monthly deposits into the Reserve Funds and the Monthly Debt Service
Payment Amount, shall be added together and shall be paid as an aggregate sum by Borrower to Lender. 
 (g) Any amount remaining
in the Reserve Funds after the Debt has been paid in full shall be returned to Borrower, following payment in full of the Mezzanine Loan. 
 Notwithstanding anything in this Article 7 to the contrary, so long as an Event of Default under the Mezzanine Loan has occurred and is continuing, in no event shall the remaining balance of any funds in
any of the escrows and/or reserves established pursuant to this Article 7 be returned to the Borrower after all amounts have been disbursed from such escrow or reserve for the payment of the costs of all of the expenses for which such escrow or
reserve was established, and such amounts shall be deposited into the Mezzanine Loan Reserve Account to be disbursed to Mezzanine Lender in accordance with the Mezzanine Loan Documents. 

ARTICLE VIII - DEFAULTS 
 Section 8.1 Event of Default. (a) Each of the following events shall constitute an event of default hereunder (an “Event of Default”): 

(i) if any portion of the Debt is not paid when due; 

(ii) if any of the Taxes or Other Charges are not paid when the same are due and payable; 

(iii) if the Policies are not kept in full force and effect, or if certified copies of the Policies are not delivered to
Lender upon request; 
 (iv) if Borrower Transfers or otherwise encumbers any portion of the Property without
Lender’s prior written consent in violation of the provisions of this Agreement and Article 6 of the Security Instrument; 
 (v) if any representation or warranty made by Borrower herein or in any other Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to
Lender shall have been false or misleading in any material respect as of the date the representation or warranty was made; 
 (vi) if Borrower shall make an assignment for the benefit of creditors; 
 (vii) if (A) Borrower, Guarantor or any other guarantor or indemnitor under any guarantee issued in connection with the Loan shall commence any case, proceeding or other action (I) under any
existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a


  
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bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (II) seeking
appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Borrower, Guarantor or any other guarantor or indemnitor shall make a general assignment for the
benefit of its creditors; or (B) there shall be commenced against Borrower, Guarantor or any other guarantor or indemnitor any case, proceeding or other action of a nature referred to in clause (A) above that is not dismissed within thirty
(30) days of filing; or (C) there shall be commenced against the Borrower, Guarantor or any other guarantor or indemnitor any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar
process against all or any substantial part of its assets; or (D) the Borrower, Guarantor or any other guarantor or indemnitor shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
acts set forth in clause (A), (B), or (C) above; or (E) the Borrower, Guarantor or any other guarantor or indemnitor shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due;

 (viii) if Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or
any interest herein or therein in contravention of the Loan Documents; 
 (ix) if Borrower breaches any covenant
contained in Section 4.1.30 hereof or any negative covenant contained in Section 5.2 hereof; 
 (x) with respect to any term, covenant or provision set forth herein which specifically contains a notice requirement or grace period, if Borrower shall be in default under such term, covenant or
condition after the giving of such notice or the expiration of such grace period; 
 (xi) if any of the
assumptions contained in the Insolvency Opinion delivered to Lender in connection with the Loan, or in any Additional Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect; 

(xii) if a material default has occurred and continues beyond any applicable cure period under the Management Agreement
(or any Replacement Management Agreement) and if such default permits the Manager thereunder to terminate or cancel the Management Agreement (or any Replacement Management Agreement); 

(xiii) if Borrower shall continue to be in Default under any of the terms, covenants or conditions of
Section 9.1 hereof, or fails to cooperate with Lender in connection with a Securitization pursuant to the provisions of Section 9.1 hereof, for three (3) days after notice to Borrower from Lender; 

(xiv) if Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement
not specified in subsections (i) to (xiii) above, for ten (10) days after notice to Borrower from Lender, in the case of any Default which can be cured by the payment of a sum of money, or for thirty (30) days after
notice from 

  
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Lender in the case of any other Default; provided, however, that if Lender determines that such non monetary Default is susceptible of cure but cannot reasonably be cured within such thirty
(30) day period and provided further that Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall
be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed sixty (60) days; 

(xv) if there shall be default under any of the other Loan Documents beyond any applicable cure periods contained in such
documents, whether as to Borrower or the Property (or any portion thereof), or if any other such event shall occur or condition shall exist, if the effect of such default, event or condition is to accelerate the maturity of any portion of the Debt
or to permit Lender to accelerate the maturity of all or any portion of the Debt; or 
 (xvi) Borrower shall be
in default under any other deed of trust, mortgage or security agreement covering any part of the Property whether it be superior or junior in priority to this Security Instrument (it not being implied by this clause that any such encumbrance will
be permitted). 
 (b) Upon the occurrence of an Event of Default (other than an Event of Default described in clauses (vi),
(vii) or (viii) above) and at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, Lender may take such action, without notice or
demand, that Lender deems advisable to protect and enforce its rights against Borrower and the Property, including declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided
in the Loan Documents against Borrower and any or all of the Property, including all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi), (vii) or (viii) above, the Debt and Other
Obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or
in any other Loan Document to the contrary notwithstanding. 
 Section 8.2 Remedies. (a) Upon the
occurrence of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to,
Borrower or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other
action for the enforcement of its rights and remedies under any of the Loan Documents with respect to all or any part of the Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly,
successively, together or otherwise, at such time and in such order as Lender may determine in its discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law,
equity or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, Borrower agrees 

  
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that if an Event of Default is continuing (i) Lender is not subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and other rights,
remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property and the Security Instruments have been foreclosed, sold and/or otherwise realized upon in
satisfaction of the Debt or the Debt has been paid in full. 
 (b) With respect to Borrower and the Property, nothing contained
herein or in any other Loan Document shall be construed as requiring Lender to resort to any Individual Property for the satisfaction of any of the Debt in any preference or priority to any other Individual Property, and Lender may seek satisfaction
out of all of the Properties, or any part thereof, in its discretion in respect of the Debt. In addition, Lender shall have the right from time to time to partially foreclose the Security Instruments in any manner and for any amounts secured by the
Security Instruments then due and payable as determined by Lender in its discretion including the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of
principal and interest, Lender may foreclose one or more of the Security Instruments to recover such delinquent payments or (ii) in the event Lender elects to accelerate less than the entire outstanding principal balance of the Loan, Lender may
foreclose one or more of the Security Instruments to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by one or more of the Security Instruments as Lender may elect. Notwithstanding one or
more partial foreclosures, the Properties shall remain subject to the Security Instruments to secure payment of sums secured by the Security Instruments and not previously recovered. 

(c) Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes,
mortgages and other security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrower
shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and
substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to
effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) days after notice has been given
to Borrower by Lender of Lender’s intent to exercise its rights under such power. Borrower shall be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents
and the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as
of the Closing Date. 
 (d) As used in this Section 8.2, a “foreclosure” shall include, without limitation, any
sale by power of sale. 

  
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 Section 8.3 Remedies Cumulative; Waivers. The rights, powers and remedies
of Lender under this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise.
Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s discretion. No delay or omission to exercise any remedy, right or power accruing
upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default
or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

ARTICLE IX - SPECIAL PROVISIONS 
 Section 9.1 Securitization. 
 9.1.1 Sale of Notes and
Securitization. (a) Borrower acknowledges and agrees that Lender may sell all or any portion of the Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private or public securitizations of
rated single- or multi-class securities (the “Securities”) secured by or evidencing ownership interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such
sales, participations and/or securitizations, collectively, a “Securitization”). 
 (b) At the request of
Lender, and to the extent not already required to be provided by or on behalf of Borrower under this Agreement, Borrower shall use reasonable efforts to provide information not in the possession of Lender or which may be reasonably required by
Lender or take other actions reasonably required by Lender, in each case in order to satisfy the market standards to which Lender customarily adheres or which may be reasonably required by prospective investors and/or the Rating Agencies in
connection with any such Securitization. Lender shall have the right to provide to prospective investors and the Rating Agencies any information in its possession, including financial statements relating to Borrower, Guarantors, if any, the Property
and any Tenant of the Improvements. Borrower acknowledges that certain information regarding the Loan and the parties thereto and the Property may be included in a private placement memorandum, prospectus or other disclosure documents. Borrower
agrees that each of Borrower, Guarantor and their respective officers and representatives, shall, at Lender’s request, at its sole cost and expense, cooperate with Lender’s efforts to arrange for a Securitization in accordance with the
market standards to which Lender customarily adheres and/or which may be required by prospective investors and/or the Rating Agencies in connection with any such Securitization. Borrower and Guarantor agree to review, at Lender’s request in
connection with the Securitization, the Disclosure Documents as such Disclosure Documents relate to Borrower, Guarantor, the Property and the Loan, including, the sections entitled “Risk Factors,” “Special Considerations,”
“Description of the Security Instrument,” “Description of the Mortgage Loan and Mortgaged Property,” “The Manager,” “The Borrower,” and “Certain Legal Aspects of the Mortgage Loan,” and shall confirm
that the factual statements and representations contained in such sections and such other information in the Disclosure Documents (to the extent such information relates to, or is based on, or includes any information regarding the Property,


  
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Borrower, Guarantor, Manager and/or the Loan) do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light
of the circumstances under which they were made, not misleading. 
 (c) Borrower agrees to make upon Lender’s written
request, without limitation, all structural or other changes to the Loan (including delivery of one or more new component notes to replace the original note or modify the original note to reflect multiple components of the Loan and such new notes or
modified note may have different interest rates and amortization schedules), modifications to any documents evidencing or securing the Loan, creation of one or more mezzanine loans (including amending Borrower’s organizational structure to
provide for one or more mezzanine borrowers), delivery of opinions of counsel acceptable to the Rating Agencies or potential investors and addressing such matters as the Rating Agencies or potential investors may require; provided, however, that in
creating such new notes or modified notes or mezzanine notes Borrower shall not be required to modify (i) the initial weighted average interest rate payable under the Note, (ii) the stated maturity of the Note, (iii) the aggregate
amortization of principal of the Note, (iv) any other material economic term of the Loan, or (v) decrease the time periods during which Borrower is permitted to perform its obligations under the Loan Documents. In connection with the
foregoing, Borrower covenants and agrees to modify the Cash Management Agreement to reflect the newly created components and/or mezzanine loans. 
 (d) If requested by Lender, Borrower shall provide Lender, promptly upon request, with any financial statements, or financial, statistical or operating information, as Lender shall determine to be
required pursuant to Regulation AB under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any amendment, modification or replacement thereto or other legal
requirements in connection with any private placement memorandum, prospectus or other disclosure documents or any filing pursuant to the Exchange Act in connection with the Securitization or as shall otherwise be reasonably requested by Lender.

 (e) Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (which appointment shall be deemed
to be coupled with an interest and to be irrevocable until the Loan is paid and the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to execute and deliver all
documents and do all other acts and things necessary or desirable to effect any Securitization authorized hereunder; provided, however, that unless an Event of Default exists, Lender shall not execute or deliver any such documents or do any such
acts or things under such power until five (5) days after written notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. Borrower’s failure to deliver any document or to take any other
action Borrower is obligated to take hereunder with respect to any Securitization for a period of ten (10) Business Days after such notice by Lender shall, at Lender’s option, constitute an Event of Default hereunder. 

(f) Lender, without in any way limiting its other rights hereunder, in its discretion, shall have the right, at any time prior to a
Securitization, to reallocate the amount of the Loan and the Mezzanine Loan, adjust the interest rate rates thereon and/or adjust the Allocated Loan Amounts, provided that (i) the aggregate principal amount of the Loan and the Mezzanine Loan


  
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immediately following such reallocation shall equal the outstanding principal balance of the Loan and the Mezzanine Loan immediately prior to such reallocation, (ii) the aggregate debt
service payments immediately following such reallocation shall not exceed the aggregate debt service payments immediately prior to the reallocation, and (iii) the initial weighted average interest rate of the Note and the Mezzanine Note
immediately following such reallocation shall equal the weighted average interest rate which was applicable to the Note and the Mezzanine Note immediately prior to such reallocation. Borrower shall cooperate with all reasonable requests of Lender in
order to reallocate the amount of the Loan and the Mezzanine Loan and shall execute and deliver such documents as shall reasonably be required by Lender in connection therewith, including, without limitation, amendments to the Loan Documents and the
Mezzanine Loan Documents, and endorsements to the Title Insurance Policy and the UCC title insurance policy, all in form and substance reasonably satisfactory to Lender, and Borrower shall pay all costs and expenses in connection such reallocation
pursuant to this Section, including, without limitation, any additional title insurance and UCC insurance premiums and any additional mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under
applicable Legal Requirements then in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any amendments of the Loan Documents or the Mezzanine Loan Documents in connection with the
reallocation. 
 9.1.2 Securitization Costs. All reasonable third party costs and expenses incurred by Borrower
and Guarantors in connection with Borrower’s complying with requests made under this Section 9.1 (including the fees and expenses of the Rating Agencies) shall be paid by Borrower. 

Section 9.2 Right To Release Information. Following the occurrence of any Event of Default, Lender may forward to any
broker, prospective purchaser of any Individual Property or the Loan, or other person or entity all documents and information which Lender now has or may hereafter acquire relating to the Debt, Borrower, any Guarantor, any indemnitor, any Individual
Property and any other matter in connection with the Loan, whether furnished by Borrower, any Guarantor, any indemnitor or otherwise, as Lender determines necessary or desirable. Borrower irrevocably waives any and all rights it may have to limit or
prevent such disclosure, including any right of privacy or any claims arising therefrom. 
 Section 9.3
Exculpation. (a) Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to perform and observe the obligations contained in the Note, this Agreement, the Security Instrument or the
other Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower, except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable
Lender to enforce and realize upon its interest under the Note, this Agreement, the Security Instrument and the other Loan Documents, or in the Property (or any portion thereof), the Rents, or any other collateral given to Lender pursuant to the
Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the
Rents and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the 

  
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Security Instrument and the other Loan Documents, agrees that it shall not sue for, seek or demand any deficiency judgment against Borrower in any such action or proceeding under or by reason of
or under or in connection with the Note, this Agreement, the Security Instrument or the other Loan Documents. The provisions of this Section shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or
secured by any of the Loan Documents; (ii) impair the right of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Security Instrument; (iii) affect the validity or enforceability of or any
guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder; (iv) impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of any assignment of leases contained in
the Security Instrument; or (vi) constitute a prohibition against Lender to seek a deficiency judgment against Borrower in order to fully realize the security granted by the Security Instrument or to commence any other appropriate action or
proceeding in order for Lender to exercise its remedies against the Property (or any portion thereof). 
 (b) Nothing contained
herein shall in any manner or way release, affect or impair the right of Lender to recover, and Borrower shall be fully and personally liable and subject to legal action, for any loss, cost, expense, damage, claim or other obligation (including
reasonable attorneys’ fees and court costs) incurred or suffered by Lender arising out of or in connection with the following: 
 (i) fraud or willful misrepresentation by Borrower or any of its affiliates, or Guarantor or any agent, employee or other person with actual or apparent authority to make statements or representations on
behalf of Borrower, any affiliate of Borrower or Guarantor in connection with the Loan (“apparent authority” meaning such authority as the principal knowingly or negligently permits the agent to assume, or which he holds the agent out as
possessing); 
 (ii) the gross negligence or willful misconduct of Borrower or Guarantor, or any affiliate,
agent, or employee of the foregoing; 
 (iii) material physical waste of the Property (or any portion thereof);

 (iv) the removal or disposal of any portion of the Property in violation of the terms of the Loan Documents;

 (v) the misapplication, misappropriation, or conversion by Borrower or Guarantor of (A) any Insurance
Proceeds paid by reason of any loss, damage or destruction to the Property (or any portion thereof), (B) any Awards received in connection with a Condemnation of all or a portion of the Property, (C) any Rents or other Property income or
collateral proceeds, or (D) any Rents paid more than one month in advance (including, but not limited to, security deposits); 
 (vi) following the occurrence of an Event of Default, the failure to either apply rents or other Property income, whether collected before or after such Event of Default, to the ordinary, customary, and
necessary expenses of operating the Property or, upon demand, to deliver such rents or other Property income to Lender; 

  
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 (vii) failure to maintain insurance or to pay taxes and assessments, or to
pay charges for labor or materials or other charges or judgments that can create Liens on any portion of the Property (unless Lender is escrowing funds therefor and fails to make such payments or has taken possession of the Property following an
Event of Default, has received all Rents from the Property applicable to the period for which such insurance, taxes or other items are due, and thereafter fails to make such payments); 

(viii) any security deposits, advance deposits or any other deposits collected with respect to the Property (or any
portion thereof) which are not delivered to Lender upon a foreclosure of the Property (or any portion thereof) or action in lieu thereof, except to the extent any such security deposits were applied in accordance with the terms and conditions of any
of the Leases prior to the occurrence of the Event of Default that gave rise to such foreclosure or action in lieu thereof; 
 (ix) the breach of the representation by Borrower that on the Closing Date, the Property and all Improvements at the Property were in material compliance with applicable laws; or 

(x) any failure by Borrower to comply with any of the representations, warranties or covenants set forth in Sections
4.1.37 or 5.1.19 hereof. 
 (c) Notwithstanding anything to the contrary in this Agreement, the Note or any of the
other Loan Documents, 
 (i) Borrower and any general partner of Borrower shall be personally liable for the Debt
if (A) Borrower fails to obtain Lender’s prior written consent to any Transfer as required by this Agreement or the Security Instrument; (B) Borrower fails to obtain Lender’s prior written consent to any Indebtedness or voluntary
Lien encumbering the Property (or any portion thereof); (C) Borrower shall at any time hereafter make an assignment for the benefit of its creditors; (D) Borrower fails to permit on-site inspections of any Individual Property, fails to
maintain its status as a Single Purpose Entity or comply with any representation, warranty or covenant set forth in Section 4.1.30 hereof or fails to appoint a new property manager upon the request of Lender as permitted under this Agreement,
each as required by, and in accordance with, the terms and provisions of this Agreement or the Security Instrument; (E) Borrower admits, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due;
(F) Borrower fails to make the first full monthly payment of principal and interest on or before the first Payment Date; (G) Borrower files, consents to, or acquiesces in a petition for bankruptcy, insolvency, dissolution or liquidation
under the Bankruptcy Code or any other Federal or State bankruptcy or insolvency law, or there is a filing of an involuntary petition against Borrower under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law in which
Borrower or Guarantor colludes with, or otherwise assists any party in connection with such filing, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower from any party; or (H) the Property or
any part thereof shall at any time hereafter become property of the estate or an asset in (1) a voluntary bankruptcy, insolvency, receivership, liquidation, winding up, or other similar type of proceeding, or (2) an involuntary bankruptcy
or insolvency proceeding (other than one filed by Lender) that is not dismissed within sixty (60) days of filing. 

  
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 (d) Nothing herein shall be deemed to constitute a waiver by Lender of any right Lender may
have under Sections 506(a), 506(b), 1111(b) or any other provision of the Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall continue to secure all of the Debt. 

Section 9.4 Matters Concerning Manager. If (a) an Event of Default hereunder has occurred and remains uncured,
(b) Manager shall become subject to a Bankruptcy Action, (c) a default occurs under the Management Agreement, or (d) the occurrence of a DSCR Trigger Event, Borrower shall, at the request of Lender, terminate the Management Agreement
and replace the Manager with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates. Borrower may terminate
the Management Agreement following an Event of Default (as defined in the Mezzanine Loan Agreement) under the Mezzanine Loan Documents so long as a Qualified Manager replaces the Manager under a Replacement Management Agreement in accordance with
the terms hereof. 
 Section 9.5 Servicer. At the option of Lender, the Loan may be serviced by a master
servicer, primary servicer, special servicer and/or trustee (any such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees, are collectively referred to as “Servicer”)
selected by Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to Servicer pursuant to a pooling and servicing agreement, servicing agreement, special servicing agreement or
other agreement providing for the servicing of one or more mortgage loans (collectively, the “Servicing Agreement”) between Lender and Servicer. Borrower shall be responsible for any set up fees or any other initial costs relating
to or arising under the Servicing Agreement, but Borrower shall not be responsible for payment of the regular monthly master servicing fee or trustee fee due to Servicer under the Servicing Agreement or any fees or expenses required to be borne by,
and not reimbursable to, Servicer. Notwithstanding the foregoing, Borrower shall promptly reimburse Lender on demand for the following costs and expenses payable by Lender to Servicer as a result of the Loan becoming specially serviced: (i) any
liquidation fees that are due and payable to Servicer under the Servicing Agreement in connection with the exercise of any or all remedies permitted under this Agreement, (ii) any workout fees and special servicing fees that are due and payable
to Servicer under the Servicing Agreement, which fees may be due and payable under the Servicing Agreement on a periodic or continuing basis, and which may be payable to a special servicer, in an amount as great as one percent of the outstanding
principal balance of the Loan, upon return of the Loan by the special servicer to the master servicer, and (iii) the costs of all amounts owed to any third-party contractor in connection with the Servicer obtaining any third-party report,
including any property inspections and/or appraisals of the Properties (or any updates to any existing inspection or appraisal) that Servicer determines to obtain or may be required to obtain (other than the cost of regular annual inspections
required to be borne by Servicer under the Servicing Agreement). 

  
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 Section 9.6 Intercreditor Agreement. Lender and Mezzanine Lender are
parties to a certain intercreditor agreement dated as of the date hereof (the “Mezzanine Intercreditor Agreement”) memorializing their relative rights and obligations with respect to the Loan, the Mezzanine Loan, Borrower, the
Mezzanine Borrower and the Property. Borrower and Mezzanine Borrower hereby acknowledge and agree that (i) such Mezzanine Intercreditor Agreement is intended solely for the benefit of Lender and Mezzanine Lender and (ii) Borrower and
Mezzanine Borrower are not intended third-party beneficiaries of any of the provisions therein and shall not be entitled to rely on any of the provisions contained therein. Lender and Mezzanine Lender shall have no obligation to disclose to Borrower
the contents of the Mezzanine Intercreditor Agreement. Borrower’s obligations hereunder are independent of such Mezzanine Intercreditor Agreement and remain unmodified by the terms and provisions thereof. 

ARTICLE X - MISCELLANEOUS 
 Section 10.1 Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant hereto shall survive the
making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer period is expressly set forth herein or in the
other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements in this
Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 
 Section 10.2 Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or disapprove, or any arrangement or term is to be
satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole and absolute
discretion of Lender and shall be final and conclusive. 
 Section 10.3 Governing Law. 

(a) LENDER HAS OFFICES IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE
STATE OF NEW YORK (“GOVERNING STATE”), WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT 

  
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THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIEN AND SECURITY INTEREST CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED
BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE APPLICABLE INDIVIDUAL PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE
CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE
LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT
TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR
BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS (“ACTION”) MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH ACTION, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT
IN ANY ACTION. BORROWER DOES HEREBY DESIGNATE AND APPOINT: 
 RICHARD L. YELLEN & ASSOCIATES, LLP

 111 BROADWAY, 11TH FLOOR 
 NEW YORK, NEW YORK 10006 
 PH (212) 404-6988 

FX (212) 404-7857 
 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH ACTION IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES
THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH ACTION
IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE


  
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IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS
AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 

Section 10.4 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver
of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement
is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower to any
other or future notice or demand in the same, similar or other circumstances. 
 Section 10.5 Delay Not a
Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any
other Loan Document, or any other instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power,
remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to
require prompt payment when due of all other amounts due under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 

Section 10.6 Notices. All notices, consents, approvals and requests required or permitted hereunder or under any other
Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery
service, either commercial or United States Postal Service, with proof of attempted delivery, or (c) by telecopier (with answer back acknowledged) and with a second copy to be sent to the intended recipient by an other means permitted under
this Section, addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section):

  

			
	If to Lender:	  	KeyBank National Association
		  	11501 Outlook, Suite 300
		  	Overland Park, Kansas 66211
		  	Facsimile No.: 877-379-1625
		  	Attention: Loan Servicing


  
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	with a copy to:	  	Daniel Flanigan, Esq.
		  	Polsinelli Shughart PC
		  	700 W. 47th Street, Suite 1000
		  	Kansas City, Missouri 64112
		  	Facsimile No.: (816) 753-1536
		
	If to Borrower:	  	c/o Thompson National Properties, LLC
		  	1900 Main Street, Suite 700
		  	Irvine, California 92614
		  	Attention: Ido Dotan
		  	Facsimile No.: (949) 271-4915
		
	With a copy to:	  	Kaplan Voekler Cunningham & Frank PLC
		  	7 East 2nd Street
		  	Richmond, Virginia 23218-2470
		  	Attention: Thomas Voekler
		  	Facsimile No.: (804) 525-1794

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of
registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day; or in the case of telecopy, upon sender’s receipt
of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming. 
 Section 10.7 Trial by Jury. BORROWER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE
EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY
BORROWER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE
OF THIS WAIVER BY BORROWER. 
 Section 10.8 Headings. The Article and/or Section headings and the Table
of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 Section 10.9 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement shall be prohibited by or invalid under applicable law, 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 Agreement. 

  
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 Section 10.10 Preferences. Lender shall have the continuing and exclusive
right to apply or reverse and reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of
such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 

Section 10.11 Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender
except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to
applicable Legal Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not specifically
and expressly provide for the giving of notice by Lender to Borrower. 
 Section 10.12 Remedies of Borrower.
If a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an
obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or
declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

Section 10.13 Expenses; Indemnity. (a) Borrower covenants and agrees to pay or, if Borrower fails to pay, to
reimburse, Lender upon receipt of written notice from Lender for all costs and expenses (including attorneys’ fees and expenses) incurred by Lender in connection with (i) the preparation, negotiation, execution and delivery of this
Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including any opinions requested by Lender as to any legal matters
arising under this Agreement or the other Loan Documents with respect to the Property or any portion thereof); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements and covenants contained in this
Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including confirming compliance with environmental and insurance requirements; (iii) Lender’s ongoing performance and compliance
with all agreements and conditions contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing 

  
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Date; (iv) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and
any other documents or matters requested by Lender; (v) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (vi) the filing and recording fees and expenses, title insurance and fees and
expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Lien in favor of Lender pursuant to this Agreement and the other Loan Documents; (vii) enforcing or
preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Property (or
any portion thereof), or any other security given for the Loan; and (viii) enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents or with respect to the Property or any portion
thereof (including any fees incurred by Servicer in connection with the transfer of the Loan to a special servicer prior to a Default or Event of Default) or in connection with any refinancing or restructuring of the credit arrangements provided
under this Agreement in the nature of a “work out” or of any insolvency or bankruptcy proceedings; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason
of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any cost and expenses due and payable to Lender may be paid from any amounts in the Lockbox Account or Cash Management Account, as applicable. 

(b) Borrower shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all other liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel in connection with any investigative,
administrative or judicial proceeding commenced or threatened, whether or not an Indemnified Party shall be designated a party thereto), that may be imposed on, incurred by, or asserted against any Indemnified Party in any manner relating to or
arising out of (i) any breach by Borrower of its obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use of the proceeds of the Loan
(collectively, the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation to any Indemnified Party hereunder to the extent that such Indemnified Liabilities arise from the gross negligence,
illegal acts, fraud or willful misconduct of such Indemnified Party. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy,
Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnified Parties. 

(c) Borrower covenants and agrees to pay for or, if Borrower fails to pay, to reimburse Lender for, any fees and expenses incurred by any
Rating Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any consent, approval, waiver or confirmation obtained from such Rating Agency pursuant to the terms and conditions
of this Agreement or any other Loan Document and Lender shall be entitled to require payment of such fees and expenses as a condition precedent to the obtaining of any such consent, approval, waiver or confirmation. 

  
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 Section 10.14 Schedules Incorporated. The Schedules annexed hereto are
hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 

Section 10.15 Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement,
the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against any assignor of such documents, and no such unrelated
counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such
action or proceeding is hereby expressly waived by Borrower. 
 Section 10.16 No Joint Venture or Partnership; No
Third Party Beneficiaries. (a) Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint
venture, partnership, tenancy in common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Property (or any portion thereof) other than that of mortgagee, beneficiary or lender. 

(b) This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement
or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the
obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume
that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in
whole or in part by Lender if, in Lender’s discretion, Lender deems it advisable or desirable to do so. 

Section 10.17 Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any media
intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender, KeyBank National Association or any of their Affiliates shall be subject to the prior written approval of Lender and
KeyBank National Association in their discretion. 
 Section 10.18 Waiver of Marshalling of Assets. To the
fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Property, and agrees not
to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the
right of Lender under the Loan Documents to a sale of 

  
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the Property (or any portion thereof) for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net
proceeds of the Property (or any portion thereof) in preference to every other claimant whatsoever. 
 Section 10.19
Waiver of Counterclaim. Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents. 

Section 10.20 Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of
this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan
Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and
advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the
exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest
any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower acknowledges
that Lender engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates. 

Section 10.21 Brokers and Financial Advisors. Borrower hereby represents that it has dealt with no financial advisors,
brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower hereby agrees to indemnify, defend and hold Lender harmless from and against any and all claims, liabilities,
costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower or Lender in connection with the transactions
contemplated herein. The provisions of this Section 10.21 shall survive the expiration and termination of this Agreement and the payment of the Debt. 
 Section 10.22 Prior Agreements. This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated
hereby and thereby, and all prior agreements among or between such parties, whether oral or written, between Borrower and Lender are superseded by the terms of this Agreement and the other Loan Documents. 

Section 10.23 Liability. If Borrower consists of more than one (1) Person the obligations and liabilities of each
Person shall be joint and several. Under no circumstances whatsoever shall Lender have any liability for 

  
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punitive, special, consequential or incidental damages in connection with, arising out of, or in any way related to or under this Loan Agreement or any other Loan Document or in any way related
to the transactions contemplated or any relationship established by this Agreement or any other Loan Document or any act, omission or event occurring in connection herewith or therewith, and, to the extent not expressly prohibited by applicable
laws, Borrower for itself and its Guarantors and indemnitors waives all claims for punitive, special, consequential or incidental damages. Lender shall have no duties or responsibilities except those expressly set forth in this Agreement, the
Security Instrument and the other Loan Documents. Neither Lender nor any of its officers, directors, employees or agents shall be liable for any action taken or omitted by them as such hereunder or in connection herewith, unless caused by their
gross negligence or willful misconduct. This Agreement shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns forever. 

Section 10.24 Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary contained in this
Agreement, Lender shall have: 
 (a) the right to routinely consult with and advise Borrower’s management regarding the
significant business activities and business and financial developments of Borrower; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances.
Consultation meetings should occur on a regular basis (no less frequently than quarterly) with Lender having the right to call special meetings at any reasonable times and upon reasonable advance notice; 

(b) the right, in accordance with the terms of this Agreement, to examine the books and records of Borrower at any reasonable times upon
reasonable notice; 
 (c) the right, in accordance with the terms of this Agreement, including Section 5.1.11
hereof, to receive monthly, quarterly and year end financial reports, including balance sheets, statements of income, shareholder’s equity and cash flow, a management report and schedules of outstanding indebtedness; and 

(d) the right, without restricting any other rights of Lender under this Agreement (including any similar right), to approve any
acquisition by Borrower of any other significant property (other than personal property required for the day to day operation of the Property). 

The rights described above in this Section 10.24 may be exercised by any entity which owns and controls, directly or indirectly,
substantially all of the interests in Lender. 
 Section 10.25 (OFAC). Borrower hereby represents, warrants
and covenants that neither Borrower nor any Guarantor is (or will be) a person with whom Lender is restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury of
the United States of America (including, those Persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including, the September 24, 2001 Executive Order Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall not engage in 

  
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any dealings or transactions or otherwise be associated with such persons. In addition, Borrower hereby covenants to provide Lender with any additional information that Lender deems necessary
from time to time in order to ensure compliance with all applicable laws concerning money laundering and similar activities. 

Section 10.26 Duplicate Originals; Counterparts. This Agreement may be executed in any number of duplicate originals
and each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterpart shall be deemed an original instrument and all of which together shall constitute a single Agreement.
The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 
 ARTICLE XI - LOCAL LAW PROVISIONS 
 Section 11.1
Inconsistencies. In the event of any inconsistencies between the terms and conditions of this Article 11 and the other provisions of this Agreement (other than the terms and provisions of Article 12), the terms and conditions of
this Article 11 shall control and be binding. 
 None. 

ARTICLE XII - ADDITIONAL OR SPECIAL PROVISIONS OR MODIFICATIONS 

Section 12. 1 Inconsistencies. In the event of any inconsistencies between the terms and conditions of this
Article 12 and the other provisions of this Agreement, the terms and conditions of this Article 12 shall control and be binding. 
 12.1.1. Cross-Default; Cross-Collateralization. 
 (a) Borrower
acknowledges that Lender has made the Loan to Borrower upon the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of
each Individual Property taken separately. Borrower agrees that each of the Loan Documents (including, without limitation, the Security Instruments) are and will be cross collateralized and cross defaulted with each other so that (i) an Event
of Default under any of Loan Documents shall constitute an Event of Default under each of the other Loan Documents; (ii) an Event of Default hereunder shall constitute an Event of Default under each Security Instrument; (iii) each Security
Instrument shall constitute security for the Note as if a single blanket lien were placed on all of the Properties as security for the Note; and (iv) such cross collateralization shall in no event be deemed to constitute a fraudulent conveyance
and Borrower waives any claims related thereto. 

  
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 (b) To the fullest extent permitted by law, Borrower, for itself and its successors and
assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Properties, or to a sale in inverse order of alienation in the event of foreclosure of all or any of
the Security Instruments, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters
whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Properties for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt
out of the net proceeds of the Properties in preference to every other claimant whatsoever. In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Security Instruments, any equitable
right otherwise available to Borrower which would require the separate sale of the Properties or require Lender to exhaust its remedies against any Individual Property or any combination of the Properties before proceeding against any other
Individual Property or combination of Properties; and further in the event of such foreclosure Borrower does hereby expressly consent to and authorize, at the option of Lender, the foreclosure and sale either separately or together of any
combination of the Properties. 
 12.1.2 Recording Taxes. Borrower represents that it has paid all state, county
and municipal recording and all other taxes imposed upon the execution and recordation of each Security Instrument. If at any time Lender determines, based on applicable Legal Requirements, that Lender is not being afforded the maximum amount of
security available from any one or more of the Properties as a direct or indirect result of applicable taxes not having been paid with respect to any Individual Property, Borrower agrees that Borrower will execute, acknowledge and deliver to Lender,
immediately upon Lender’s request, supplemental affidavits increasing the amount of the Debt attributable to any such Individual Property to an amount determined by Lender to be equal to the lesser of (i) the greater of the fair market
value of the applicable Individual Property (1) as of the date hereof and (2) as of the date such supplemental affidavits are to be delivered to Lender, and (ii) the amount of the Debt attributable to any such Individual Property (as
set forth on Schedule IV hereof), and Borrower shall, on demand, pay any additional taxes. 
 12.1.3 Special Purpose
Entity. 
 Subsection (xix)(C) of the definition of “Special Purpose Entity” is hereby modified by deleting
“provided, however, that any such consolidated financial statement contains a note indicating that the Special Purpose Entity’s separate assets and credit are not available to pay the debts of such Affiliate and that the Special Purpose
Entity’s liabilities do not constitute obligations of the consolidated entity;” therefrom. 
 The first line of
Subsection (xxvii) of the definition of “Special Purpose Entity” is hereby modified by deleting “stationery” therefrom. 
 Subsection (xxxiii) of the definition of “Special Purpose Entity” is hereby modified by adding the following to the end thereof: “, including the Management Agreement.”


  
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 Subsection (xl) of the definition of “Special Purpose Entity” is hereby
modified by adding the following to the end thereof: “, other than the Manager.” 
 12.1.4 Principal Place of
Business, State or Organization. The fourth line of Section 5.1.10 is hereby modified by inserting “(except for Permitted Transfers)” between “structure” and “unless”. 

The eighth line of Section 5.1.10 is hereby modified by inserting “(except for Permitted Transfers)” between
“structure” and “, without”. 
 12.1.5 Financial Reporting. The third line of
Section 5.1.11(b) is hereby modified by deleting the word “independent” therefrom. 
 The first and second lines
of Section 5.1.11(c) are hereby modified by deleting “twenty (20)” and substituting “forty-five (45)” therefor. 
 Section 5.1.11(e) is hereby modified by adding the following to the end thereof: “Notwithstanding the foregoing, Borrower’s failure to lease an Individual Property on terms set forth in
such report shall not constitute an Event of Default if the prevailing market conditions used to establish such report for the applicable Individual Property shall have materially deteriorated.” 

The second line of Section 5.1.11(g) is hereby modified by deleting “sixty (60)” and substituting “thirty (30)”
therefor. 
 12.1.6 Leasing Matters. Section 5.1.20 is hereby modified by adding the following to the end
thereof: “Notwithstanding any provision herein to the contrary, failure of Lender to approve or disapprove a request made pursuant to this Section 5.1.20 within fifteen (15) days of receipt of Borrower’s request for same
shall constitute approval provided that (a) on the face of any such request, Borrower clearly states in bold lettering that Lender’s failure to respond in such time period shall be deemed approval thereof; and (b) such request shall
be accompanied by any and all required information and documentation relating thereto as may be reasonably required in order to approve or disapprove such matter.” 
 12.1.7 Alterations. The 13th line of Section 5.1.21 is hereby modified by deleting “or”. The second sentence of Section 5.1.21 is hereby modified by adding the following
to the end thereof: “, or (d) restoration of the Property as necessary in the event of an emergency.” The 17th line of Section 5.1.21 is hereby modified by deleting “$100,000.00” and substituting “$250,000.00”
therefor. 
 12.1.8 Transfers. The following is hereby added as Section 5.2.10(g): “Notwithstanding the
restrictions contained in this Section 5.2.10, the following equity transfers shall be permitted without Lender’s consent: the sale, transfer or issuance of shares of common stock in any Restricted Party that is a publicly traded entity,
provided such shares of common stock are listed on the New York Stock Exchange or another nationally recognized stock exchange (provided, that, the foregoing provisions shall not 

  
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be deemed to waive, qualify or otherwise limit Borrower’s obligation to comply (or to cause the compliance with) the other covenants set forth herein and in the other Loan Documents
(including, without limitation, the covenants contained herein relating to ERISA matters)).” 
 12.1.9
Restoration. The ninth line of Section 6.4(b)(i)(C) is hereby modified by deleting “thereto” and substituting “in accordance with the respective Lease” therefor. 

Section 6.4(b)(i)(I) is hereby modified by adding the following to the end thereof: “, unless alternative access acceptable to
Lender in its discretion is provided.” 
 12.1.10 Required Repairs. The third line of Section 7.1.1(a)
is hereby modified by inserting: “, except in the case of and to the extent delayed by force majeure” between “Schedule II” and “or”. 
 12.1.11 Performance of Replacements. The first sentence of Section 7.3.3(b) is hereby modified by adding the following to the end thereof: “in excess of $25,000.00”.

 12.1.12 Failure to Make Replacements. The first sentence of Section 7.3.4(a) is hereby modified by adding
the following to the end thereof: “, unless such cure cannot reasonably be completed within 30 days (as determined by Lender in its discretion), in which event said cure period shall be extended for up to 60 additional days so long as Borrower
shall have commenced such cure within the original 30-day period and shall diligently pursue the cure to completion.” 

12.1.13 Event of Default. Section 8.1(a)(i) is hereby deleted and the following is substituted therefor: “if
(A) the monthly Debt Service payment is not paid when due or (B) any other portion of the Debt is not paid within five (5) days of the date said portion is due;” 

Section 8.1(a)(ii) is hereby modified by adding the following to the end thereof: “, except as may otherwise be provided in
Section 5.1.2 hereof.” 
 12.1.14 Sale of Notes and Securitization. The 16th line of Section 9.1.1(f) is hereby modified by deleting
“Borrower” and substituting “Lender” therefor. 
 12.1.15 Right to Release Information. The
third line of Section 9.2 is hereby modified by inserting “as Lender reasonably determines to be necessary or desirable” between “entity” and “all”. 

12.1.16 Exculpation. The third line of Section 9.3(b)(vii) is hereby modified by inserting “to the extent that
Borrower or Guarantor has received Rents or other funds from the Property and fails to use such funds for such purposes” between “Property” and “(unless”. 

  
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 The second line of Section 9.3(c)(i)(D) is hereby modified by inserting “during
ordinary business hours following any notice that may be required under the Loan Agreement” between “Property” and “, fails”. 
 12.1.17 Publicity. Section 10.17 is hereby modified by adding the following to the end thereof: “; provided that the foregoing approval right shall not pertain to required
regulatory filings by Borrower or its Affiliates.” 
 12.1.18 Bi-Lo/Kroger Rollover Reserve.
(a) Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $10,171.00 and (b) on each Payment Date thereafter $10,171.00, which amount shall be deposited with and held by Lender for any tenant improvement and
leasing commission obligations related to either (i) that certain portion of the Property (the “Bi-Lo Space”) currently demised by Bi-Lo, Inc. (“Bi-Lo”) pursuant to that certain Lease between Bi-Lo and Borrower
dated April 24, 1991 (“Bi-Lo Lease”); or (ii) that certain portion of the Property (the “Kroger Space”) currently demised by Kroger Limited Partnership I (“Kroger”) pursuant to that
certain Lease Agreement between Kroger and Borrower dated February 3, 1998 (“Kroger Lease”). Amounts so deposited shall hereinafter be referred to as the “Bi-Lo/Kroger Rollover Reserve Fund” and the account to
which such amounts are held shall hereinafter be referred to as the “Bi/Lo Kroger Rollover Reserve Account”. 

(b) Provided no Default or Event of Default hereunder exists, Lender shall make disbursements from the Bi-Lo/Kroger Rollover Reserve Fund
for tenant improvement and leasing commission obligations incurred by Borrower as follows: (i) up to 54% of the balance in the Bi/Lo Kroger Rollover Reserve Account at the time of the disbursement for items specifically related to the Bi-Lo
Space; or (ii) up to 46% of the balance in the Bi/Lo Kroger Rollover Reserve Account at the time of the disbursement for items specifically related to the Kroger Space. All such expenses shall be approved by Lender in its discretion. Lender
shall make disbursements as requested by Borrower on a quarterly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of paid invoices for the amounts requested
and, if required by Lender, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Bi-Lo Space or the Kroger Space at Borrower’s expense
prior to making a quarterly disbursement in order to verify completion of improvements for which reimbursement is sought. 
 (c)
Upon payment in full of all tenant improvement and leasing commission obligations related to the Bi-Lo Space and the Kroger Space, Lender shall deposit any amounts remaining in the Bi-Lo/Kroger Rollover Reserve Account into the Rollover Reserve
Account to be disbursed pursuant to Section 7.4.2 hereof. 
 (d) In the event that the Bi-Lo Lease is renewed for an
additional period of at least five (5) years, 54% of the balance in the Bi/Lo Kroger Rollover Reserve Account shall be disbursed to Borrower within three (3) business days of the date that such renewal is executed and a copy is delivered
to Lender. In the event that the Kroger Lease is renewed for an additional period of at least five (5) years, 46% of the balance in the Bi/Lo Kroger Rollover Reserve Account shall be disbursed to Borrower within three (3) business days of
the date that such renewal is executed and a copy is delivered to Lender. 

  
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 12.1.19 Insurance. Section 6.1(a)(i)(C) is hereby modified by deleting
“the lesser of (I) $10,000.00 or (II)” therefrom. 
 12.1.20 Mezzanine Loan Reserve Account.

 (a) Deposits to the Mezzanine Loan Reserve Account. On each Payment Date, Borrower shall pay to Lender an amount equal
to the Mezzanine Monthly Debt Service Payment Amount. Amounts deposited from time to time into the Mezzanine Loan Reserve Account are referred to herein as the “Mezzanine Loan Reserve Funds” and the account to which such amounts are
held shall hereinafter be referred to as the “Mezzanine Loan Reserve Account”. 
 (b) Release of Mezzanine
Loan Reserve Funds. Provided that no Event of Default has occurred and is continuing, on each Monthly Payment Date during which the Mezzanine Loan is outstanding, Lender shall transfer to Mezzanine Lender an amount equal to the Mezzanine Monthly
Debt Service Payment Amount as identified in writing by an irrevocable direction delivered by Mezzanine Lender to Lender, to the extent there are sufficient funds in the Mezzanine Loan Reserve Account. Borrower hereby directs Lender to follow any
such instructions given by Mezzanine Lender, notwithstanding any contrary instructions from Borrower and without any further consent by, or notice to, Borrower. Should an Event of Default occur, the sums on deposit in the Mezzanine Loan Reserve
Account may be applied by Lender to the payment of the Debt or any other charges affecting the Property, as Lender in its sole discretion may determine; provided, however, that no such application shall be deemed to have been made by operation of
law or otherwise until actually made by Lender as herein provided. 
 12.1.21 Easement Relocation Reserve.

 (a) On the Closing Date, Borrower shall pay to Lender a deposit of $36,514.00, which amount shall be deposited with an held
by Lender as additional security for the Debt. Amounts so deposited shall hereinafter be referred to as the “Easement Relocation Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the
“Easement Relocation Reserve Account.” 
 (b) Provided no Default or Event of Default hereunder, Lender shall disburse
all amounts in the Easement Relocation Reserve Account to Borrower upon delivery to Lender of evidence satisfactory to Lender in its discretion that all of the following easements at the Individual Property known as Florissant Marketplace have been
relocated in such a manner that no portion of the Improvements at Individual Property encroaches upon such easements: (i) sewer easement (Metropolitan St. Louis Sewer District) pursuant to Plat recorded in Plat Book 97, Page 72;
(ii) electric easement (Union Electric Company) recorded in Book 4288, Page 593 and Book 5797, Page 157; and (iii) telephone easement (Southwestern Bell) pursuant to Plat recorded in Plat Book 354, Page 821. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

							
	TNP SRT PORTFOLIO II, LLC,
	a Delaware limited liability company
		
	By:	 	TNP SRT Portfolio II Holdings, LLC,
		 	a Delaware limited liability company
	Its:	 	Managing Member
			
		 	By:	 	TNP Strategic Retail Trust Operating Partnership, LP, a Delaware limited partnership
		 	Its:	 	Sole Member
				
		 		 	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation
		 		 	Its:	 	General Partner
				
		 		 	    By:	 	 /s/ Anthony W. Thompson

		 		 	    Name: Anthony W. Thompson
		 		 	    Title: CEO


 SIGNATURE PAGE TO LOAN
AGREEMENT 






 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

			
	KEYBANK NATIONAL ASSOCIATION, a national banking association
		
	By:	 	 /s/ Mary Ann Gripka

	Name:	 	Mary Ann Gripka
	Title:	 	Designated Signer


 SIGNATURE PAGE TO LOAN
AGREEMENT 






 SCHEDULE I 
 (RENT ROLL) 
 Schedule I-1 






 SCHEDULE II 
 (REQUIRED REPAIRS - DEADLINES FOR COMPLETION) 
  

											
	 Item
	  	Engineer’s
Estimate	 	  	Amount
Escrowed	 	  	Repair Deadline for
Completion
				
	 Ensenada
	  				  				  	
				
	 Roof covering
	  	$	90,000	  	  	 	112,500	  	  	120 days
				
	 Exterior walls – fascia soffit
	  	$	1,000	  	  	 	1,250	  	  	120 days
				
	 Property signage
	  	$	1,000	  	  	 	1,250	  	  	120 days
				
	 Asphalt and concrete pavement
	  	$	5,000	  	  	 	6,250	  	  	120 days
				
	 Morningside Marketplace
	  				  				  	
				
	 Exterior walls – stucco repair and repaint
	  	$	78,400	  	  	 	98,000	  	  	120 days
				
	 Turkey Creek
	  				  				  	
				
	 Wine Store – Slab Defect
	  	$	82,243	  	  	 	102,804	  	  	120 days

 Schedule II-1 






 SCHEDULE III 
 (ORGANIZATIONAL CHART OF BORROWER) 
 Schedule III-1 






 SCHEDULE IV 
 ALLOCATED LOAN AMOUNTS 
  

							
	Individual Property	  	Allocated Loan Amount	 
			
	 1.
	  	 Florissant Marketplace
	  	$	9,325,000	  
			
	 2.
	  	 Bi-Lo Grocery Store
	  	$	1,592,000	  
			
	 3.
	  	 Ensenada Square
	  	$	3,150,000	  
			
	 4.
	  	 Morningside Marketplace
	  	$	9,083,000	  
			
	 5.
	  	 Shops at Turkey Creek
	  	$	2,850,000	  

 Schedule IV-1