Environmental Indemnity Agreement


 EXHIBIT 10.21 
 Loan No. 10061253 
 ENVIRONMENTAL INDEMNITY AGREEMENT 

THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this “Agreement”) is made as of the 13th day of June, 2012, by TNP SRT PORTFOLIO II HOLDINGS, LLC, a
Delaware limited liability company, having an address at 1900 Main Street, Suite 700, Irvine, California 92614 (“Borrower”) and TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation, having an address at 1900 Main Street,
Suite 700, Irvine, California 92614 (“Strategic”; Borrower and Strategic hereinafter referred to, individually and collectively, as the context may require, as “Indemnitor”), in favor of KEYBANK NATIONAL
ASSOCIATION, a national banking association, having an address at 11501 Outlook, Suite 300, Overland Park, Kansas 66211 (together with its successors and assigns, “Indemnitee”) and the other Indemnified Parties. 

RECITALS: 

A. Lender is making a loan in the principal sum of $2,000,000.00 (the “Loan”) to Borrower on or about the date of this
Agreement. Indemnitor has a significant financial interest in Lender’s making of the Loan to Borrower, and will realize significant financial benefit from the Loan. The Loan is evidenced by a Mezzanine Loan Agreement of even date herewith
between Borrower and Lender (the “Loan Agreement”) and a Promissory Note (the “Note”) of even date herewith in the principal amount of the Loan from Borrower to Lender and is secured in part by a Pledge and Security
Agreement from Borrower for the benefit of Lender (the “Pledge Agreement”), which grants to Lender, among other things, a first priority security interest in the Collateral (as defined in the Pledge Agreement). The Loan Agreement,
Note, Pledge Agreement and all other documents and instruments existing now or after the date hereof that evidence, secure or otherwise relate to the Loan, including this Agreement, any security agreements, financing statements, other guaranties,
indemnity agreements (including environmental indemnity agreements), letters of credit, or escrow/holdback or similar agreements or arrangements, together with all amendments, modifications, substitutions or replacements thereof, are sometimes
herein collectively referred to as the “Loan Documents” or individually as a “Loan Document.” The Loan Documents are hereby incorporated by this reference as if fully set forth in this Agreement. All capitalized
terms not otherwise defined shall bear the definition set forth in the Loan Agreement. 
 B. Indemnitee is unwilling to make the
Loan unless Indemnitor agrees to provide the indemnification, representations, warranties, covenants and other matters described in this Agreement for the benefit of the Indemnified Parties. 

C. Indemnitor is entering into this Agreement to induce Indemnitee to make the Loan. 






 AGREEMENT: 
 NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitor hereby agrees for the benefit of
the Indemnified Parties as follows: 
 1. Indemnification. Indemnitor covenants and agrees, at its sole cost and
expense, to protect, defend, indemnify, release and hold the Indemnified Parties harmless from and against any and all Losses (defined below) imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising
out of or in any way relating to any one or more of the following: (a) any presence of any Hazardous Substances in, on, above, or under the Property; (b) any past, present or threatened Release of Hazardous Substances in, on, above, under
or from the Property; (c) any activity by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in connection with any actual, proposed or threatened use, treatment, storage, holding, existence,
disposition or other Release, generation, production, manufacturing, processing, refining, control, management, abatement, removal, handling, transfer or transportation to or from the Property of any Hazardous Substances at any time located in,
under, on or above the Property; (d) any activity by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in connection with any actual or proposed Remediation of any Hazardous Substances at any time
located in, under, on or above the Property, whether or not such Remediation is voluntary or pursuant to court or administrative order, including any removal, remedial or corrective action; (e) any past, present or threatened non-compliance or
violations of any Environmental Laws (or permits issued pursuant to any Environmental Law) in connection with the Property or operations thereon, including any failure by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other
user of the Property to comply with any order of any Governmental Authority in connection with any Environmental Laws; (f) the imposition, recording or filing or the threatened imposition, recording or filing of any Environmental Lien
encumbering the Property; (g) any administrative processes or proceedings or judicial proceedings in any way connected with any matter addressed in this Agreement; (h) any past, present or threatened injury to, destruction of or loss of
natural resources in any way connected with the Property, including costs to investigate and assess such injury, destruction or loss; (i) any acts of Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the
Property in arranging for disposal or treatment, or arranging with a transporter for transport for disposal or treatment, of Hazardous Substances at any facility or incineration vessel containing such or similar Hazardous Substances; (j) any
acts of Indemnitor, any Person affiliated with any Indemnitor, and any tenant or other user of the Property in accepting any Hazardous Substances for transport to disposal or treatment facilities, incineration vessels or sites from which there is a
Release, or a threatened Release of any Hazardous Substance which causes the incurrence of costs for Remediation; (k) any personal injury, wrongful death, or property or other damage arising under any statutory or common law or tort law theory,
including damages assessed for private or public nuisance or for the conducting of an abnormally dangerous activity on or near the Property; and (l) any misrepresentation or inaccuracy in any representation or warranty or material breach or
failure to perform any covenants or other obligations pursuant to this Agreement, the Loan Agreement, the Pledge Agreement, or any other Loan Document. 

  
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 2. Duty to Defend and Attorneys and Other Fees and Expenses. Upon written
request by any Indemnified Party, Indemnitor shall defend same (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals approved by the Indemnified Parties. Notwithstanding the foregoing, any
Indemnified Parties may, in their sole and absolute discretion, engage their own attorneys and other professionals to defend or assist them, and, at the option of such Indemnified Parties, their attorneys shall control the resolution of any claim or
proceeding, providing that no compromise or settlement shall be entered without Indemnitor’s consent, which consent shall not be unreasonably withheld. Upon demand, Indemnitor shall pay or, in the sole and absolute discretion of the Indemnified
Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith. 

3. Definitions. Capitalized terms used herein and not specifically defined herein shall have the respective meanings
ascribed to such terms in the Loan Agreement. As used in this Agreement, the following terms shall have the following meanings: 

The term “Legal Action” means any claim, suit or proceeding, whether administrative or judicial in nature. 

The term “Losses” includes any losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities
(including strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs of Remediation (whether or not performed voluntarily), amounts paid in settlement, foreseeable and unforeseeable consequential damages,
litigation costs, attorneys’ fees, engineers’ fees, environmental consultants’ fees, and investigation costs (including costs for sampling, testing and analysis of soil, water, air, building materials, and other materials and
substances whether solid, liquid or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative proceedings, actions, claims, suits, judgments or awards. 

4. Unimpaired Liability. The liability of Indemnitor under this Agreement shall in no way be limited or impaired by, and
Indemnitor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Note, the Loan Agreement, or any other Loan Document to or with Indemnitee by Indemnitor or any Person who succeeds Indemnitor or any
Person as owner of the Collateral. In addition, the liability of Indemnitor under this Agreement shall in no way be limited or impaired by (i) any extensions of time for performance required by the Note, the Loan Agreement, or any of the other
Loan Documents, (ii) any sale or transfer of all or part of the Collateral, (iii) except as provided herein, any exculpatory provision in the Note, the Loan Agreement, or any of the other Loan Documents limiting Indemnitee’s recourse
to the Collateral or to any other security for the Note, or limiting Indemnitee’s rights to a deficiency judgment against Indemnitor, (iv) the accuracy or inaccuracy of the representations and warranties made by Indemnitor under the Note,
the Loan Agreement, or any of the other Loan Documents or herein, (v) the release of Indemnitor or any other Person from performance or observance of any of the agreements, covenants, terms or conditions contained in any of the other Loan
Documents by operation of law, Indemnitee’s voluntary act, or otherwise, (vi) the release or substitution in whole or in part of any security for the Loan, or (vii) Indemnitee’s failure to file any UCC financing statements (or
Indemnitee’s improper recording or filing of any 

  
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thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given as security for the Loan; and, in any such case, whether with or without notice to Indemnitor and
with or without consideration. 
 5. Enforcement. The Indemnified Parties may enforce the obligations of
Indemnitor without first resorting to or exhausting any security or collateral or without first having recourse to the Note, the Loan Agreement, or any other Loan Documents or any of the Collateral, through foreclosure proceedings or otherwise,
provided, however, that nothing herein shall inhibit or prevent Indemnitee from suing on the Note, foreclosing, or exercising any of its rights under the Pledge Agreement. This Agreement is not collateral or security for the Debt, unless Indemnitee
expressly elects in writing to make this Agreement additional collateral or security for the Debt, which Indemnitee is entitled to do in its discretion. It is not necessary for an Event of Default to have occurred for the Indemnified Parties to
exercise their rights pursuant to this Agreement. Notwithstanding any provision of the Loan Agreement, the obligations pursuant to this Agreement are exceptions to any non-recourse or exculpation provision of the Loan Agreement; Indemnitor is fully
and personally liable for such obligations, and such liability is not limited to the original or amortized principal balance of the Loan or the value of the Collateral. 
 6. Survival. The obligations and liabilities of Indemnitor under this Agreement shall fully survive repayment of the Loan, termination of this Agreement, the discharge or release of the
Pledge Agreement, any other Loan Document or any foreclosure or taking of title to the Collateral pursuant to an exercise of any other remedy under the Pledge Agreement or a judicial or non-judicial debt restructuring. 

7. Interest. Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable
on demand and, if not paid within thirty (30) days of such demand therefor, shall bear interest at the lesser of (a) the Default Rate or (b) the maximum interest rate which Indemnitor may by law pay or the Indemnified Parties may
charge and collect, from the date payment was due, provided that the foregoing shall be subject to the provisions of Section 10 of the Note. 
 8. Waivers. 
 (a) Indemnitor hereby waives (i) any right or
claim of right to cause a marshaling of Indemnitor’s assets or to cause Indemnitee or other Indemnified Parties to proceed against any of the security for the Loan before proceeding under this Agreement against Indemnitor; (ii) and
relinquishes all rights and remedies accorded by applicable law to indemnitors or guarantors, except any rights of subrogation which Indemnitor may have, provided that the indemnity provided for hereunder shall neither be contingent upon the
existence of any such rights of subrogation nor subject to any claims or defenses whatsoever which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights including any claim that such subrogation
rights were abrogated by any acts of Indemnitee or other Indemnified Parties; (iii) the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against or by Indemnitee or other
Indemnified Parties; (iv) notice of acceptance hereof and of any action taken or omitted in reliance hereon; (v) presentment for payment, demand of payment, protest or notice of 

  
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nonpayment or failure to perform or observe, or other proof, or notice or demand; and (vi) all homestead exemption rights against the obligations hereunder and the benefits of any statutes
of limitations or repose. Notwithstanding anything to the contrary contained herein, Indemnitor hereby agrees to postpone the exercise of any rights of subrogation with respect to any collateral securing the Loan until the Loan shall have been paid
in full. 
 (b) Indemnitor hereby waives, to the fullest extent permitted by law, the right to trial by jury in any action,
proceeding or counterclaim, whether in contract, tort or otherwise, relating to this Agreement or the other Loan Documents or any acts or omissions of any Indemnified Parties in connection therewith. 

9. Subrogation. Indemnitor shall take any and all reasonable actions, including institution of legal action against third
parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Person responsible for the presence of any Hazardous Substances at, in, on, under or near the Property or otherwise obligated by law to bear the cost. The
Indemnified Parties shall be and hereby are subrogated to all of Indemnitor’s rights now or hereafter in such claims. 

10. Indemnitor’s Representations and Warranties. Indemnitor represents and warrants that: 

(a) if Indemnitor is a corporation, a limited liability company, a statutory trust or partnership, it has the full corporate/ limited
liability company/ partnership/ trust power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution, delivery and performance of this Agreement by Indemnitor has been duly and validly authorized;
and all requisite corporate/ limited liability company/ partnership/ trust action has been taken by Indemnitor to make this Agreement valid and binding upon Indemnitor, and enforceable in accordance with its terms; 

(b) if Indemnitor is a corporation, a limited liability company, a statutory trust or partnership, its execution of, and compliance with,
this Agreement is in the ordinary course of business of Indemnitor and will not result in the breach of any term or provision of the charter, by-laws, partnership, operating or trust agreement, or other governing instrument of Indemnitor, or result
in the breach of any term or provision of, or conflict with or constitute a default under, or result in the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument to which Indemnitor is
subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which Indemnitor is subject; 

(c) to the best of Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened against it
which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial condition, properties or assets of Indemnitor, or in any material impairment of the right or ability of
Indemnitor to carry on its business substantially as now conducted, or in any material liability on the part of Indemnitor, or which would draw into question the validity of this Agreement or of any action taken or to be taken in connection with the
obligations of Indemnitor contemplated herein, or which would be likely to impair materially the ability of Indemnitor to perform under the terms of this Agreement; 

  
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 (d) it does not believe, nor does it have any reason or cause to believe, that it cannot
perform each and every covenant contained in this Agreement; 
 (e) to the best of Indemnitor’s knowledge, no approval,
authorization, order, license or consent of, or registration or filing with, any governmental authority or other person, and no approval, authorization or consent of any other party is required in connection with this Agreement; and 

(f) this Agreement constitutes a valid, legal and binding obligation of Indemnitor, enforceable against it in accordance with the terms
hereof. 
 11. No Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this
Agreement shall operate as a waiver of any such privilege, power or right. 
 12. Notice of Legal Actions. Each
party hereto shall, within five (5) business days of receipt thereof, give written notice to the other party hereto of (i) any notice, advice or other communication from any Governmental Authority or any source whatsoever with respect to
Hazardous Substances on, from or affecting the Property, and (ii) any legal action brought against such party or related to the Property, with respect to which Indemnitor may have liability under this Agreement. Such notice shall comply with
the provisions of Section 15 hereof. 
 13. Examination of Books and Records. At reasonable times and
upon reasonable notice, the Indemnified Parties and their accountants shall have the right to examine the records, books, management and other papers of Indemnitor pertaining to its financial condition or the income, expenses and operation of the
Property, at the Property or at the office regularly maintained by Indemnitor where the books and records are located. The Indemnified Parties and their accountants shall have the right to make copies and extracts from the foregoing records and
other papers. 
 14. Taxes. Indemnitor has filed all federal, state, county, municipal, and city income and other
tax returns required to have been filed by it and has paid all taxes and related liabilities which have become due pursuant to such returns or pursuant to any assessments received by it. Indemnitor has no knowledge of any basis for any additional
assessment in respect of any such taxes and related liabilities for prior years. 
 15. Notices. All notices or
other written communications hereunder shall be made in accordance with Section 10.6 of the Loan Agreement. Notices to Indemnitor shall be addressed as follows: 
  

			
		  	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


  
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 16. 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 counterparts 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. 

17. No Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of Indemnitor or any Indemnified Party, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought. 
 18. Headings, Etc. The headings and captions of various paragraphs
of this Agreement are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 
 19. Number and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the
Person referred to may require. Without limiting the effect of specific references in any provision of this Agreement, the term “Indemnitor” shall be deemed to refer to each and every Person comprising an Indemnitor from time to
time, as the sense of a particular provision may require, and to include the heirs, executors, administrators, legal representatives, successors and assigns of Indemnitor, all of whom shall be bound by the provisions of this Agreement, provided that
no obligation of Indemnitor may be assigned except with the written consent of Indemnitee. Each reference herein to Indemnitee shall be deemed to include its successors and assigns. This Agreement shall inure to the benefit of the Indemnified
Parties and their respective successors and assigns forever. 
 20. Release of Liability. Any one or more parties
liable upon or in respect of this Agreement may be released without affecting the liability of any party not so released. 
 21.
Rights Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee has under the Note, Loan Agreement or the other Loan Documents or would otherwise have at law or in
equity. 
 22. Inapplicable Provisions. If any term, condition or covenant of this Agreement shall be held to be
invalid, illegal or unenforceable in any respect, this Agreement shall be construed without such provision. 
 23.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of New York without regard to the conflicts of law provisions thereof (“Governing State”). EACH INDEMNITOR HEREBY CONSENTS TO
PERSONAL JURISDICTION IN THE GOVERNING STATE. VENUE OF ANY ACTION BROUGHT TO 

  
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ENFORCE THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY ACTION RELATING TO THE LOAN OR THE RELATIONSHIPS CREATED BY OR UNDER THE LOAN DOCUMENTS (“ACTION”) SHALL, AT THE
ELECTION OF LENDER, BE IN (AND IF ANY ACTION IS ORIGINALLY BROUGHT IN ANOTHER VENUE, THE ACTION SHALL AT THE ELECTION OF LENDER BE TRANSFERRED TO) A STATE OR FEDERAL COURT OF APPROPRIATE JURISDICTION LOCATED IN THE GOVERNING STATE. INDEMNITOR HEREBY
CONSENTS AND SUBMITS TO THE PERSONAL JURISDICTION OF THE GOVERNING STATE AND OF FEDERAL COURTS LOCATED IN THE GOVERNING STATE IN CONNECTION WITH ANY ACTION AND HEREBY WAIVES ANY AND ALL PERSONAL RIGHTS UNDER THE LAWS OF ANY OTHER STATE TO OBJECT TO
JURISDICTION WITHIN SUCH STATE FOR PURPOSES OF ANY ACTION. Each Indemnitor hereby waives and agrees not to assert, as a defense to any Action or a motion to transfer venue of any Action, (a) any claim that it is not subject to such
jurisdiction, (b) any claim that any Action may not be brought against it or is not maintainable in those courts or that this Agreement may not be enforced in or by those courts, or that it is exempt or immune from execution, (c) that the
Action is brought in an inconvenient forum, or (d) that the venue for the Action is in any way improper. 
 24.
Miscellaneous. (a) Wherever pursuant to this Agreement (i) Indemnitee exercises any right given to it to approve or disapprove, (ii) any arrangement or term is to be satisfactory to Indemnitee, or (iii) any other
decision or determination is to be made by Indemnitee, the decision of Indemnitee to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other decisions and determinations made by Indemnitee,
shall be in the discretion of Indemnitee and shall be final and conclusive, except as may be otherwise expressly and specifically provided herein. 
 (b) Wherever pursuant to this Agreement it is provided that Indemnitor pay any costs and expenses, such costs and expenses shall include legal fees and disbursements of Indemnitee, whether such fees are
incurred by retained firms, the reimbursements for the expenses of the in-house staff or otherwise. 
 (c) If Indemnitor
consists of more than one person or party, the obligations and liabilities of each such person or party hereunder shall be joint and several. 
 (d) 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:

  

	 	(i)	The terms “include,” “including” and similar terms shall be construed as if followed by the phrase “without being limited to”;


  

	 	(ii)	the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”; 


 

	 	(iii)	the words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and
not to any particular provision or section of this Agreement; 


  
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	 	(iv)	an Event of Default shall “continue” or be “continuing” until such Event of Default has been waived in writing by Lender; 


 

	 	(v)	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; and


  

	 	(vi)	Any capitalized term used herein that is defined in any other Loan Document and not otherwise defined herein shall have the same meaning when used in this Agreement.


 25. State Specific Provisions. In the event of any inconsistencies between the other terms and
conditions of this Agreement and this Section 25, the terms and conditions of this Section 25 shall control and be binding. 
 25.1 Additional Waivers. Without limiting the generality, scope or meaning of any of the foregoing or any other provision of this Agreement, to the extent it is determined that California
law is applicable to this Agreement: 
 (a) Strategic hereby waives any and all benefits and defenses under
California Civil Code Section 2810 and agrees that by doing so Strategic shall be liable even if Borrower had no liability at the time of execution of the Note, the Security Instrument or any other Loan Document or thereafter ceases to be
liable. Strategic hereby waives any and all benefits and defenses under California Civil Code Section 2809 and agrees that by doing so Strategic’s liability may be larger in amount and more burdensome than that of Borrower. Strategic
waives all rights to require Lender to pursue any other remedy it may have against Borrower, or any member of Borrower, including any and all benefits under California Civil Code Section 2845, 2849 and 2850. Strategic further waives any rights,
defenses and benefits that may be derived from Sections 2787 to 2855, inclusive, of the California Civil Code or comparable provisions of the laws of any other jurisdiction and further waives all other suretyship defenses Strategic would otherwise
have under the laws of California or any other jurisdiction. 
 (b) Upon a default by Borrower, Lender in its
sole discretion, without prior notice to or consent of Strategic, may elect to (A) foreclose either judicially or nonjudicially against any real or personal property security it may hold for the Loan, (B) accept a transfer of any such
security in lieu of foreclosure, (C) compromise or adjust the Loan or any part of it or make any other accommodation with Borrower or (D) exercise any other remedy against Borrower or any security. No such action by Lender shall release or
limit the liability of Strategic, who shall remain liable under this Agreement after the action, even if the effect of the action is to deprive Strategic of any subrogation rights, rights of indemnity, or other rights to collect reimbursement from
Borrower for any sums paid to Lender, whether contractual or arising by operation of law or otherwise. Strategic expressly agrees that under no circumstances shall it be deemed to have any right, title, interest or claim in or to any real or
personal property to be held by Lender or any third party after any foreclosure or transfer in lieu of foreclosure of any security for the Loan. 

  
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 (c) Regardless of whether Strategic may have made any payments to Lender,
Strategic hereby waives (A) all rights of subrogation, indemnification, contribution and any other rights to collect reimbursement from Borrower or any other party for any sums paid to Lender, whether contractual or arising by operation of law
(including the United States Bankruptcy Code or any successor or similar statute) or otherwise, (B) all rights to enforce any remedy that Lender may have against Borrower and (C) all rights to participate in any security now or later to be
held by Lender for the Loan. The waivers given in this subsection (C) shall be effective until the Loan has been paid and performed in full. 
 (d) Strategic waives all rights and defenses arising out of an election of remedies by Lender, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a
guarantied obligation, has destroyed Strategic’s rights of subrogation and reimbursement against Borrower by operation of Section 580d of the California Code of Civil Procedure or otherwise. Strategic further waives any right to a fair
value hearing under California Code of Civil Procedure Section 580a, or any other similar law, to determine the size of any deficiency owing (for which Strategic would be liable hereunder) following a non-judicial foreclosure sale. 

(e) Without limiting the foregoing or anything else contained in this Agreement, Strategic waives all rights and defenses
that Strategic may have because the Loan is secured by real property. This means, among other things: 
 (i)
that Lender may collect from Strategic without first foreclosing on any real or personal property collateral pledged by Borrower; and 
 (ii) if Lender forecloses on any real property collateral pledged by Borrower: (x) the amount of the Loan may be reduced only by the price for which that collateral is sold at the foreclosure sale,
even if the collateral is worth more than the sale price; and (y) Lender may collect from Strategic even if Lender, by foreclosing on the real property collateral, has destroyed any right Strategic may have to collect from Borrower. 

This subsection (e) is an unconditional and irrevocable waiver of any rights and defenses Strategic may have because
the Loan is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Sections 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. 

(f) Strategic waives all rights and defenses arising out of any failure of the Lender to disclose to the Strategic any
information relating to the financial 

  
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condition, operations, properties or prospects of Borrower now or in the future known to the Lender (Strategic waiving any duty on the part of the Lender to disclose such information).

 (g) Strategic waives all rights and defenses, if any, now or hereafter arising under the laws of the State of
New York, which are the same as or similar to the rights and defenses waived as described above. 
 25.2
California Provisions. If it is determined that California law is applicable, then the first sentences of Sections 5 and 6 are hereby modified by adding the following to the beginning thereof: “To the extent not prohibited by
California law,”. 
 Section 23(a) is hereby modified by deleting “AND ENFORCEMENT OF THE LIEN
AND SECURITY INTEREST CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS” and substituting the following therefor: “AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO THE OTHER LOAN DOCUMENTS, AND
THE PROVISIONS HEREOF RELATED TO SUCH LIENS AND SECURITY INTERESTS,”. 
 26. Additional Provisions. In
the event of any inconsistencies between the other terms and conditions of this Agreement and this Section 26, the terms and conditions of this Section 26 shall control and be binding. 

26.1 Indemnification. Section 1(l) is hereby deleted and the following substituted therefore: “(l) any
misrepresentation or inaccuracy in any representation or warranty set forth in this Agreement or material breach or failure to perform any covenants or other obligations pursuant to this Agreement.” 

[NO FURTHER TEXT ON THIS PAGE] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed by Indemnitor and is effective as of
the day and year first above written. 
  

							
	INDEMNITOR:
	
	 TNP SRT PORTFOLIO II HOLDINGS, LLC,
 a Delaware limited liability company

		
	By:	 	TNP Strategic Retail 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




 

							
	TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation
		
	By:	 	 /s/ Anthony W. Thompson

	Name:	 	 Anthony W. Thompson

	Title:	 	 CEO



 SIGNATURE PAGE TO ENVIRONMENTAL
INDEMNITY AGREEMENT (MEZZANINE)