EX-10.9




 Exhibit 10.9 

 
  

Loan Agreement 
  

 
 Dated as of
September 28, 2017 
 Between 

SSSST 700 W VIRGINIA ST, LLC, 

a Delaware limited liability company, 

as Borrower 
 and

 NATIONWIDE LIFE INSURANCE COMPANY, 

an Ohio corporation, 
 as
Lender 
  

					
		  	Premises:	  	700 West Virginia Street
		  		  	Tallahassee, Leon County, Florida
		
		  	Loan Number:         Loan No. 00-1102733









 LOAN AGREEMENT 

THIS LOAN AGREEMENT (this “Agreement”), is entered into as of September 28, 2017, between SSSST 700 W VIRGINIA ST,
LLC, a Delaware limited liability company (“Borrower”), with an address at 10 Terrace Road, Ladera Ranch, California 92694, and NATIONWIDE LIFE INSURANCE COMPANY, an Ohio corporation, together with its successors and
assigns, (“Lender”), with an address at One Nationwide Plaza, Fifth Floor, Columbus, Ohio 43215, ATTN: Real Estate Investments (1-05-701). 

RECITALS 

A.    Borrower owns certain real property described in the Security Instrument and the improvements thereon. Borrower
desires to obtain the Loan (as defined below) from Lender which Loan shall be secured in part by such assets of Borrower. 

B.    Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms and conditions of this
Agreement and the other Loan Documents (as defined below). 
 In consideration of the covenants set forth in this Agreement, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, represent and warrant as follows: 

ARTICLE I 
 DEFINITIONS 

1.1    Definitions. As used herein, the following terms shall have the following meanings: 

“ADA” is defined in Section 3.3(f). 

“Affiliate” shall mean, as to any Person, any other Person that (i) directly or indirectly, owns more than twenty percent (20%)
of the beneficial ownership interest of such Person, or is directly or indirectly in control of such Person, (ii) is controlled by or is under common control with such Person. “Control”, as used in this definition, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise, including the power to elect a majority of the
directors or trustees of a corporation or trust, as the case may be. For the purposes of this definition, the term Affiliate shall include Guarantor. 

“Application” means that certain Commercial Mortgage Loan Application submitted by or on behalf of Borrower in connection with the
Loan and accepted by Lender on August 2, 2017. 
 “Appurtenances” is defined in the Security Instrument. 

“Assignment” means that certain Assignment of Leases, Rents and Profits, dated as of the Closing Date, executed by Borrower in favor
of Lender, securing Borrower’s obligations under the Note and encumbering, among other things, the Leases and Rents derived from the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.


  

					
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 “at Par” means without the payment of any Prepayment Premium. 

“Award(s)” is defined in Section 6.4(b). 

“Borrower Parties” means, collectively, the Borrower, any Guarantor and any other individuals and/or entities that are parties to
the Loan Documents (other than Lender, any unaffiliated property manager and any Lender agent). 
 “Borrower’s Knowledge”
(including the phrases “to Borrowers’ knowledge”, “to any Borrower’s knowledge”, or comparable phrases [including “to the best of” a Borrower’s knowledge]) means with respect to Borrower, the
current knowledge of those persons of Borrower or its Affiliates that are charged with responsibilities relating to the acquisition, ownership, and management of the Property, after reasonable and prudent inquiry consistent with his/her management
responsibilities, including inquiry of any property manager. 
 “Business Day” shall mean any day other than a Saturday, Sunday or
legal holiday on which commercial banks are authorized or required to be closed in Columbus, Ohio. 
 “Carveout Guarantor” means,
individually or collectively, jointly and severally, The Schwartz Family Trust dated September 22, 2003 (“Schwartz Trust”), and Strategic Student & Senior Housing Trust, Inc., a Maryland corporation
(“SSSHT”); provided, however, that should the Schwartz Trust be released as a Guarantor under the terms of the Carveout Guaranty, then, from and after the date of such release, the term “Carveout Guarantor” shall refer
solely to SSSHT. 
 “Carveout Guaranty” means that certain Carveout Guaranty, dated as of the Closing Date, executed by Carveout
Guarantor in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Charges” is defined in Section 2.7. 

“Closing Date” means the date hereof. 

“Code” means the Uniform Commercial Code, as adopted by the State, as amended from time to time. 

“Controlling Interest” shall mean (i) the ownership, directly or indirectly, of more than 50.00% of the ultimate beneficial
ownership interests in Borrower or Guarantor (other than the Schwartz Trust), as applicable, or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of Borrower or Guarantor
(other than the Schwartz Trust), as applicable, through the ownership of voting securities, by contract or otherwise, including the power to elect a majority of the directors or trustees of a corporation or trust, as the case may be. 

  

					
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 “Controlling Interest Owner” means Person(s) owning (directly or indirectly) a
Controlling Interest in Borrower or Guarantor. 
 “Damage” is defined in Section 6.2. 

“Default Rate” means a rate equal to the lesser of either (a) the highest rate of interest then allowed by the Laws of the
State or, if controlling and not in violation of the Laws of the State, the Laws of the United States, or (b) the then applicable rate of interest of the Note plus 500 basis points per annum; all interest accruing at the Default Rate shall be
added to and become a part of the Indebtedness. 
 “Disposition” is defined in Section 7.1. 

“Embargoed Person” means any Person, entity or government, subject to trade restrictions under applicable Laws, including but not
limited to, 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 with the result that the investment
in Borrower is prohibited by applicable Law or Borrower is in violation of applicable Law. 
 “Enforcement Costs” means any and
all costs and expenses incurred by Lender in connection with the enforcement of any of Lender’s rights and/or remedies under the Loan Documents, including, but not limited to reasonable attorneys’ fees and third party reports or in
connection with any refinancing or restructuring of the Loan in the nature of a “work-out” or of any insolvency or bankruptcy proceeding. 

“Environmental Laws” is defined in the Indemnity Agreement. 

“ERISA” is defined in Section 3.14. 

“Event of Default” is defined in Section 8.1. 

“Existing Use” means a student housing property. 

“Financial Statements” refers to any of the financial statements provided to Lender in connection with the Loan, including, but not
limited to those provided pursuant to Section 4.7 hereof. 
 “Fixtures” is defined in the Security Instrument. 

“Form Lease” is defined in Section 4.12(b). 

“Governing Documents” is defined in Section 3.6(a). 

“Governmental Authority” means any governmental and quasi-governmental bodies, regulatory bodies and authorities, local, state or
federal, having jurisdiction over Borrower, Guarantor, Lender or the Property or any part thereof. 

  

					
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 “Guarantor” means individually or collectively, the Indemnitor and the Carveout
Guarantor. 
 “Guaranty Agreement” means individually or collectively, the Indemnity Agreement and Carveout Guaranty, as
applicable, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Hazardous
Substances” is defined in the Indemnity Agreement. 
 “Impositions” is defined in Section 4.3(a). 

“Improvements” is defined in the Security Instrument. 

“Indebtedness” means (i) the principal and accrued but unpaid interest, from time to time, evidenced by the Note; (ii) any
other amounts, payments, obligations, reimbursements, costs, interest, or premiums payable by Borrower to Lender under the Loan Documents; (iii) such additional or future sums (whether or not obligatory), with interest thereon, as may hereafter
be borrowed from Lender when evidenced by a promissory note which, by its terms, is secured by the Security Instrument and Assignment (it being contemplated by Borrower and Lender that such future indebtedness may be incurred); (iv) any and all
other indebtedness, obligations, and liabilities of any kind or character of Borrower to Lender, now or hereafter existing, absolute or contingent, due or not due, arising by operation of law or otherwise, direct or indirect, primary or secondary,
joint, several, joint and several, fixed or contingent, secured or unsecured, including indebtedness, obligations, and liabilities to Lender of Borrower as a member of any partnership, joint venture, trust or other type of organization, and whether
incurred by Borrower as principal, surety, endorser, guarantor, accommodation party or otherwise; and (v) any and all renewals, modifications, amendments, restatements, rearrangements, consolidations, substitutions, replacements, enlargements,
and extensions of any of the foregoing. Notwithstanding the foregoing provisions of this definition, this Agreement, the Security Instrument and the other Loan Documents shall not secure any such other Indebtedness with respect to which Lender is by
applicable Law prohibited from obtaining a Lien on real estate, nor shall this definition operate or be effective to constitute or require any assumption or payment by any Person, in any way, of any debt or obligation of any other Person to the
extent that the same would violate or exceed the limit provided in any applicable usury or other Law. 
 “Indemnitor” is defined
in the Indemnity Agreement. 
 “Indemnity Agreement” means that certain Indemnity Agreement executed by Indemnitor on or about the
date hereof, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Interim Interest
Period” is defined in Section 2.3(a). 
 “Interest Owners” means Person(s) owning an interest (directly or indirectly)
in Borrower. 
 “Interest Rate” is defined in Section 2.3(a). 

  

					
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 “Late Charge” means an amount equal to the lesser of (i) the maximum late payment
charge permitted by applicable Law or (ii) 5% of any full monthly installment of principal and/or interest, tax and/or insurance deposit payments, protective advances and lump sum payments and any deposits that may be required to be made by Borrower
into any deposit or reserve accounts pursuant to the terms of the Loan Documents. 
 “Law”, individually, or “Laws”
collectively, means the provisions of all permits and licenses and all statutes, laws (including any health or safety law governing Borrower, its business, operations, property, assets or equipment, or the Property), ordinances, rules, requirements,
resolutions, policy statements and regulations of any applicable Governmental Authority and interpretations thereof now or hereafter applicable to, or bearing on, the construction, development, maintenance, use, operation, sale, financing or leasing
of the Property or any part thereof, or any adjoining sidewalks, streets, ways, parking areas or driveways, or the formation, existence, business or good standing of Borrower, or protection of the environment or applicable to Lender’s exercise
of its rights under the Loan Documents. 
 “Lease”, individually, or “Leases”, collectively, means any and all leases,
master leases, subleases, licenses, concessions, or other agreements (whether written or oral, or now or hereafter in effect) which grant to third parties a possessory interest in and to, or the right to use or occupy, all or any part of the
Property, together with all guarantees thereof and security and other deposits related thereto (to the extent same are not Rents), and all other rights and benefits arising from the Leases except the Rents, and any and all amendments, extensions,
expansions, renewals or restatements thereto or thereof. 
 “Lender’s Patriot Act and OFAC Requirements” means those certain
requirements set forth in Section 3.8. 
 “Lien” shall mean any lien, mortgage, pledge, security interest, financing
statement, charge or encumbrance of any kind (including any conditional sale or other title retention agreement or any Lease in the nature thereof) and any agreement to give any lien, mortgage, pledge, security interest, or other encumbrance of any
kind. 
 “Loan” means the loan in the aggregate principal amount of TWENTY-THREE MILLION FIVE HUNDRED THOUSAND AND NO/100 U.S.
DOLLARS ($23,500,000.00) to be funded by Lender to Borrower under the terms of and subject to this Agreement, to be evidenced by the Note and to be secured by the Loan Documents. 

“Loan Amount” means an amount equal to TWENTY-THREE MILLION FIVE HUNDRED THOUSAND AND NO/100 U.S. DOLLARS ($23,500,000.00). 

“Loan Documents” means this Agreement, the Note, the Security Instrument, the Assignment, the Guaranty Agreement and all other
documents and instruments executed as further evidence of, as additional security for or executed in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Loan Year” means each twelve (12) month period beginning with October 1, 2017, and each anniversary thereof. 

  

					
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 “Manager” means (i) SSSHT, as the Manager of Borrower, or (ii) such other
future general partner, manager, sole member or managing member, if an entity, of Borrower, as applicable, as approved by Lender in accordance with the Loan Documents. 

“Material Adverse Change” means any event, circumstance, fact, condition, development or occurrence that is reasonably likely to
have a Material Adverse Effect. 
 “Material Adverse Effect” means any act, event, condition or circumstance which is reasonably
likely to materially and adversely affect (i) the business, operations, condition (financial or otherwise), prospects, liabilities, assets, results of operations, capitalization, liquidity or any properties of Borrower, Guarantor or any
Controlling Interest Owners taken as a whole; (ii) the value of the Property; (iii) the ability of Borrower or any Guarantor (or any Controlling Interest Owners) to pay and perform the Indebtedness or the other Obligations; or
(iv) the validity, enforceability or binding effect of any of the Loan Documents. 
 “Material Default” means those Events of
Default listed in Section 8.1(a). 
 “Maturity Date” means October 1, 2024. 

“Minimum Parking Requirement” means 222 parking spaces for standard-size American
automobiles located on the Property. 
 “Note” means that certain Promissory Note dated as of the Closing Date, in the original
principal amount of TWENTY-THREE MILLION FIVE HUNDRED THOUSAND AND NO/100 U.S. DOLLARS ($23,500,000.00), executed by Borrower and payable to the order of Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified from
time to time. 
 “Notice” means any notice, consent, request, report or other communication under this Agreement, the Indemnity
Agreement or any other Loan Document given in accordance with Section 9.1. 
 “Obligations” means any and all of the
covenants, conditions, warranties, representations, and other obligations (other than to repay the Indebtedness) made or undertaken by Borrower, Guarantor or any Borrower Party to Lender as set forth in the Note, this Agreement or any of the other
Loan Documents. 
 “OFAC” is defined in Section 3.8(a). 

“PACE Lien” means a Lien securing any assessment, bond, loan, financing, or other debt incurred pursuant to “property assessed
clean energy,” “special energy financing district,” or similar Laws. 
 “Payment Date” means that certain date
specified in Section 2.3(b) or such other date that a payment is required to be made pursuant to the terms of the Loan Documents, as applicable. 

“Permitted Disposition” means any Disposition made in accordance with Section 7.2, Section 7.4, or Section 7.5, as
applicable. 

  

					
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 “Permitted Encumbrances” means (i) those matters accepted by Lender as set forth
in the title insurance commitment or proforma policy issued to Lender precedent to the issuance of a Loan Policy of Title Insurance insuring the first lien priority of the Security Instrument, (ii) liens for taxes, assessments for public
improvements, water and sewer charges, and special improvement district charges, in each case not yet due and payable (but expressly excluding any PACE Lien), (iii) Leases expressly permitted by the terms of this Loan Agreement, and (iv) those
survey and title matters otherwise approved by Lender, in writing, after the Closing Date. 
 “Person” means any individual,
partnership, joint venture, firm, corporation, limited liability company, limited partnership, unincorporated organization, real estate investment trust or any other form of entity, association, pension, profit-sharing or other employee benefit
plans, trust, estate, guardian, trustee, executor, administrator, agent, committee, trustee in bankruptcy, receiver, assignee for the benefit of creditors or other individual acting in a representative or fiduciary capacity or other enterprise or
any government or political subdivision or any agency, department or instrumentality thereof. 
 “Prepayment Premium” means a sum
equal to the greater of: (i) an amount equal to the sum of (a) the present value of the scheduled monthly payments due under this Agreement from the date of prepayment to the Maturity Date, and (b) the present value of the amount of
principal and interest due under this Agreement on the Maturity Date (assuming all scheduled monthly payments due prior to the Maturity Date were made when due), minus (c) the outstanding principal balance of the Loan as of the date of
prepayment; or (ii) one (1%) percent of the outstanding principal balance of the Loan at the time of prepayment. The present values described in (i)(a) and (i)(b) above shall be computed on a monthly basis as of the date of prepayment
discounted at the yield-to-maturity of the U.S. Treasury Note or Bond closest in maturity to the Maturity Date of the Loan as reported by The Wall Street Journal or
another comparable financial market resource designated by Lender on the fifth (5th) Business Day preceding the date of prepayment. 

“Property” is defined in the Security Instrument. 

“Protective Advance” is defined in Section 8.2(a). 

“Qualified Transferee” shall refer to any transferee that meets Lender’s then current underwriting standards for new borrowers,
including, but not limited to the proposed transferee’s (together with its Affiliates, sponsor’s and/or principals’): (i) creditworthiness, (ii) experience in owning, managing and operating properties similar to the Property;
(iii) financial condition; (iv) compliance with Lender’s Patriot Act and OFAC Requirements; and (v) not having a prior negative borrowing history. 

“Real Estate Taxes” is defined in Section 4.3(a). 

“Real Property” is defined in the Security Instrument. 

“Regulation U” refers to §12 C.F.R. 221. 

“Rents” is defined in the Security Instrument. 

  

					
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 “Restoration” is defined in Section 6.2. 

“Restoration Conditions” is defined in Section 6.3(b). 

“Security Instrument” means that certain Mortgage and Security Agreement, dated as of the Closing Date, executed by Borrower in
favor of Lender, securing Borrower’s obligations under the Note, this Agreement and the other Loan Documents and encumbering, among other things, the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified
from time to time. 
 “Security Property” is defined in the Security Instrument. 

“Solvent” shall mean, with respect to any Person on a particular date, that on such date (i) the fair value of the property of
such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (ii) the present fair market value of the assets of such Person is not less than the amount that will be
required to pay the probable liability of such Person on its debts as they become absolute and matured, (iii) such Person is able to realize upon its assets and pay its debts (including, without limitation,
non-recourse debts) and other liabilities, contingent liabilities and other commitments as they mature in the normal course of business, and (iv) such Person does not intend to, and does not believe that
it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature. 
 “State”
means the State of Florida. 
 “Taking” is defined in Section 6.4(a). 

“Termination Fees” means any and all fees, costs, expenses, unamortized costs or other consideration required to be paid, payable or
paid by any tenant of any portion of the Property in order to terminate its lease, license or rental agreement, including any amounts paid in connection with termination or rejection of a Lease in a bankruptcy or other similar proceeding (including
any claims, proofs of claims or other rights relating to the future right to receive payment of such amounts) and retention by Borrower of any security deposit or the proceeds of any letter of credit given as a security deposit following
termination. 
 “Transferee” is defined in Section 7.2. 

ARTICLE II 
 LOAN 

2.1    The Loan. Subject to and upon the terms and conditions set forth herein, Lender has made and Borrower has
accepted the Loan on the Closing Date in the Loan Amount. Any portion of the Loan borrowed and repaid hereunder may not be reborrowed. The foregoing will not be deemed to limit or restrict the disbursement to Borrower of any deposits, holdbacks,
accounts, reserves or proceeds of insurance or Awards that are to be disbursed to Borrower under other provisions of this Agreement or the other Loan Documents. The Loan shall be evidenced by this Agreement, the Note and the other Loan Documents and
shall be secured by the Security Instrument, the Assignment and the other Loan Documents. 

  

					
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 2.2    Use of Proceeds. Borrower shall use the proceeds of the Loan
disbursed to it (a) to pay to Lender the amounts due under the Loan Documents and (b) for Borrower’s general business purposes (including acquisition of Borrower’s interest in the Property or repayment of a previous financing
arrangement, if applicable). The Loan is for business and commercial use and is not for personal, family or household purposes. 

2.3    Payment Provisions. 

(a)    Interest accrued on the unpaid principal balance of the Note from the date of disbursement through and including
September 30, 2017 (the “Interim Interest Period”) at the rate of 3.84% per annum (the “Interest Rate”), shall be due and payable on the disbursement date of the Loan. In the event that disbursement occurs on
the first of the month, then there shall be no payment of interim interest and the first payment due from Borrower hereunder shall be in accordance with subsection (b) below. 

(b)    Thereafter, monthly installments of interest, only, on the unpaid principal balance of the Note at the Interest
Rate, shall be due and payable in eighty-three (83) consecutive monthly installments commencing on November 1, 2017 and continuing on the first day of each calendar month thereafter (a “Payment Date”), with each such
installment to be in the sum of $75,200.00, without deduction or set-off; provided, however, that if the unpaid principal balance of the Note is reduced at any time prior to maturity pursuant to Sections 6.2
or 6.4 of this Agreement, then such monthly installments of interest shall be recalculated based on the then outstanding principal balance of the Note. 

(c)    The unpaid principal balance of the Note, all accrued unpaid interest thereon (if not sooner paid), and all other
amounts owing to Lender under the Loan Documents shall be due and payable in full on the Maturity Date. 
 (d)    In the
event that any Payment Date falls on a non-Business Day, then such Payment Date shall occur on the immediately subsequent Business Day. 

2.4    Application of Payments. Each payment received by Lender with respect to the Note shall be applied: first,
to the payment of any Prepayment Premium; second, to the payment of any Late Charge or other such Charges as provided in this Agreement or in the other Loan Documents; third, to the repayment of any amounts advanced by Lender in accordance with this
Agreement or the other Loan Documents for insurance premiums, taxes, assessments, or for preservation or protection of the collateral covered by the Loan Documents (including all legal costs associated therewith); fourth, to the payment of accrued
unpaid interest on the Note, and the balance, if any, shall be applied to the reduction of the outstanding principal balance of the Note (subject to the terms hereof), or in such other order or proportion of said obligations, in Lender’s sole
discretion, as Lender may determine. Interest due hereunder shall be calculated on the basis of a 360-day year (composed of twelve 30-day months) except the payment due
under Section 2.3(a) above which shall be calculated on the actual number of days in the Interim Interest Period. All payments on the Loan shall be made by automated clearing house (ACH) auto-debit funds transfer initiated by Lender and/or its
agents. 

  

					
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 2.5    Late Payment Charge. If any principal, interest or any other
sums due under the Loan Documents is not received by Lender by the later of (a) the Payment Date or (b) the date specified by applicable Law as the last date that must pass before Lender may legally charge a Late Charge, Borrower shall pay
to Lender a Late Charge to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. The Late Charge shall be due and payable on the next
Payment Date thereafter, whether or not Lender shall have billed Borrower for such charges, or upon demand if there shall be no succeeding Payment Date thereafter. Any such amount shall be secured by the Security Instrument and the other Loan
Documents. Borrower acknowledges that the Late Charge is a fair and reasonable estimate, considering all of the circumstances existing on the date of execution of this Agreement, of the cost the Lender will incur by reason of such late payment.
Notwithstanding the foregoing, in the event the Loan is not paid in full on the Maturity Date or upon acceleration of the Loan, as applicable, a Late Charge will not be assessed on the principal balance of the Loan (provided, however, the foregoing
shall in no event be construed to limit any of Lender’s rights or remedies available to it in such event, including, but not limited to assessment and collection of interest at the Default Rate). 

2.6    Prepayment. Borrower shall not have the right to prepay all or any part of the Loan at any time except as
expressly provided for herein. Borrower shall have the right to prepay, in full but not in part, the Loan, provided that, as conditions precedent, Borrower: (i) gives Lender not less than thirty (30) days prior Notice of Borrower’s
intention to prepay the Loan; (ii) pays to Lender the Prepayment Premium, if any, then due and payable to Lender; and (iii) pays to Lender all other amounts then due under the Loan Documents. If all or any portion of the Prepayment Premium
calculation in this Section 2.6 and in the definition of Prepayment Premium shall be amended, altered, severed, voided or determined to be not enforceable by any court or other governmental entity, or if Borrower brings an action or raises as a
defense to a suit brought by Lender that the Prepayment Premium is void and/or unenforceable, the entire voluntary prepayment privilege set forth in this Section 2.6 shall be deemed null and void, and of no further force and effect. Commencing
on the first day of the calendar month that is three months prior to the Maturity Date, provided no Event of Default then exists or the Loan has not been accelerated, Borrower may prepay the full outstanding principal balance of the Loan, at Par. If
the prepayment of the Loan occurs on a date other than the Maturity Date, interest shall be calculated based upon the actual days including the day of prepayment. 

2.7    Savings Clause; Severability. Notwithstanding anything in any of the Loan Documents to the contrary, if at
any time the Interest Rate, together with all fees, charges, and other amounts that are treated as interest on the Loan under applicable Law (collectively the “Charges”), shall exceed the maximum lawful rate that may be contracted
for, charged, taken, received or reserved by Lender in accordance with applicable Law, the Interest Rate, together with all Charges, shall be limited to the maximum lawful rate and, to the extent lawful, the interest and Charges that would have been
payable but were not payable as a result of the operation of this Section 2.7 shall be cumulated and the interest and Charges payable to Lender in respect of other periods shall be increased (but not above the maximum lawful rate therefor)
until such cumulated amount, together with interest thereon to the date of repayment, shall have been received by Lender. Any amount collected by Lender in excess of that which can be spread over the life of the Loan in accordance with this
Section 2.7 shall be promptly refunded to Borrower and shall be deemed by the parties to never have been charged at all. 

  

					
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Borrower hereby unconditionally represents and warrants to Lender, as of the Closing Date, the following: 

3.1    Existence, Power and Authority. 

(a)    Borrower. Borrower is a duly organized, validly existing limited liability company, in good standing under
the Laws of the State of Delaware and is qualified to do business under the laws of the State. Borrower’s U.S. Employer’s tax identification number is 36-4865163. Borrower is not in violation of any
Laws relating to its structure, including, but not limited to, Federal securities laws, blue sky laws and other Laws, or the rules or regulations of the Securities and Exchange Commission. Borrower is duly authorized to execute and deliver the Loan
Documents, all necessary action to authorize the execution and delivery of the Loan Documents has been properly taken, and Borrower is duly authorized to borrow under this Agreement and to perform all of the other terms and provisions of the Loan
Documents and has full power and lawful authority to encumber and convey the Property pursuant to the terms of the Loan Documents. The execution of the Loan Documents will not (A) violate, conflict with, breach, or constitute (with notice or
lapse of time, or both) a default under (i) any Law, order or judgment of any court, Governmental Authority, or the Governing Documents (as defined below) of Borrower, or (ii) any indenture, agreement, or other instrument to which Borrower
is a party or by which it or any of its property is bound or affected, and (B) result in the creation or imposition of any Lien upon any of its properties or assets except pursuant to the Loan Documents. 

(b)    Manager. Manager is a duly organized, validly existing corporation, in good standing under the Laws of the
State of Maryland. Manager’s U.S. Employer’s tax identification number is 81-4112948. Manager is not in violation of any Laws relating to its structure, including, but not limited to, Federal
securities laws, blue sky laws and other Laws, or the rules or regulations of the Securities and Exchange Commission. Manager is duly authorized to execute and deliver the Loan Documents, all necessary action to authorize the execution and delivery
of the Loan Documents has been properly taken, and Manager is duly authorized to execute documents in connection with the Loan. 

3.2    Purchase Options. No Person has any outstanding exercisable rights with respect to the purchase or sale of
any portion of the Property, including, without limitation, any right of first offer or refusal, or purchase option. 

3.3    Status of the Property. 

(a)    Flood Zone. Except as shown on that certain ALTA/NSPS Land Title Survey of the Property dated August 9,
2017 and prepared by Nobles Consulting Group, Inc. as project number 5800.001_02, the Real Property is not located in an area identified by the Secretary of Housing and Urban Development, the Federal Emergency Management Agency or a successor
thereto as an area having special flood hazards pursuant to the terms of the National Flood Insurance Act of 1968, or the Flood Disaster Protection Act of 1973, as amended, or any successor Law. 

  

					
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 (b)    Utilities. The Property is served by all utilities in adequate
supply required for its Existing Use. 
 (c)    Casualty. The Property is free from material damage caused by
fire, flood, explosion, environmental spill or any other casualty. 
 (d)    Access. All streets necessary to
serve the Real Property have been completed, are serviceable, are legally open, and Borrower has unrestricted access from public roads to the Real Property and the Improvements. 

(e)    Condemnation. There is no condemnation or similar proceeding pending or, to Borrower’s Knowledge,
threatened affecting any part of the Property. 
 (f)    Accessibility. The Property is accessible to and usable
by persons with disabilities and complies with the accessibility requirements of The Fair Housing Act of 1988 (if applicable), The Americans with Disabilities Act, 42 U.S.C.A. § 121.01 et seq. (the “ADA”), and the regulations
thereunder promulgated by the U.S. Architectural and Transportation Barriers Compliance Board (36 C.F.R. § 1191 et seq.) and by the U.S. Department of Justice (28 C.F.R. Part 36), including, without limitation, the ADA Accessibility Guidelines
for Buildings and Facilities attached as an appendix to said regulations. 
 (g)    Environmental. To
Borrower’s Knowledge, except as disclosed in the Environmental Report (as defined in the Indemnity Agreement), the Property is not in violation of any Environmental Law relating to conditions in, on, under or about the Property including but
not limited to soil and groundwater conditions to which exposure is prohibited, limited or regulated by any such Environmental Law and neither Borrower nor, to Borrower’s Knowledge, any third party has used, generated, manufactured, stored or
disposed of in, on, under or about the Property or transported to or from the Property any Hazardous Substances. 

(h)    Licenses; Permits; Zoning. Borrower has all necessary (i) certificates, licenses, and other approvals,
governmental or otherwise, for the operation of the Property and the conduct of its business; and (ii) zoning, building, code, land use, environmental and other similar permits or approvals, all of which are currently in full force and effect
and not subject to revocation, suspension, forfeiture or modification. 
 (i)    Plans and Specifications.
Borrower is in possession of the plans and specifications for the Property and any such plans and specifications will be maintained at the Property and available for Lender’s review upon request. In addition, Borrower will provide Lender copies
of any such plans and specifications upon Lender’s request. 
 (j)    Miscellaneous Property Diligence.
There are no licenses or permits required for the operation of the Property, other than as set forth on Exhibit “A” attached hereto. As of the date of this Agreement, there are no service contracts related to the Property not
terminable within thirty (30) days, other than that certain (i) Video Services Agreement dated March 1, 2017, between WhiteSky Communications, LLC and Borrower (as successor-in-interest


  

					
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to DRI/APRC Tallahassee, LLC), (ii) Internet Services Agreement dated March 1, 2017, between WhiteSky Communications, LLC and Borrower (as successor-in-interest to DRI/APRC Tallahassee, LLC), (iii) Equipment Lease Contract dated June 28, 2017 between Marlin Leasing Corporation and Borrower, and (iv) Agreement dated by and between Asset
Plus and Fitness on Demand, a division of Wholesale Fitness Supply, LLC. Except for the Security Property, Borrower is in possession of no tangible personal property related to the Property. 

3.4    No Misrepresentations. 

(a)    All materials, reports, Financial Statements, leasing certifications, and other information pertaining to the
Borrower Parties and the Property which were or are prepared by the Borrower Parties (and/or their Affiliates) and delivered by the Borrower Parties to Lender, and/or other information delivered to Lender, are true, correct and complete in all
material respects. 
 (b)    All materials, reports, Financial Statements and other information pertaining to the
Borrower Parties and the Property which were prepared by third parties unaffiliated with the Borrower Parties (as required by Lender or as to such matters Lender determines appropriate for the Borrower Parties to engage third parties to provide the
same) and delivered to Lender and any of the Borrower Parties (and/or their Affiliates) are, to Borrower’s Knowledge (after having reviewed such materials, reports, Financial Statements and other information), true, correct and complete in all
material respects. 
 (c)    None of the Loan Documents contains any untrue statement of material fact or omits or will
omit to state a material fact necessary in order to make the statements contained in this Agreement or the other Loan Documents not misleading. 

3.5    No Material Adverse Change. Since the date of the execution of the Application no Material Adverse Change
has occurred, and to Borrower’s Knowledge, there is no fact which may have a Material Adverse Effect and which has not otherwise been fully set forth in this Agreement or in the other Loan Documents. 

3.6    No Defaults, Violations or Offsets. 

(a)    There are no Events of Default under this Agreement or any defaults or violations by Borrower of or under any of the
terms, conditions or obligations of: (i) its partnership agreement if Borrower is a partnership, its articles or certificate of incorporation, regulations or bylaws if Borrower is a corporation, its operating agreement or certificate of
organization if Borrower is a limited liability company, or its other organizational documents, as applicable (collectively, the “Governing Documents”); (ii) any indenture, mortgage, deed of trust, franchise, permit, contract,
agreement, or other instrument to which it is a party or by which it is bound; or (iii) any Law, ruling, order, injunction, decree, condition or other requirement applicable to or imposed upon it by any Law, the action of any court or any
Governmental Authority. 
 (b)    There are no set-offs, defenses or
counterclaims to the payment of the Loan. 

  

					
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 3.7    Litigation. There are no actions, suits, proceedings or
governmental investigations pending or, to Borrower’s Knowledge, threatened against the Borrower Parties and, to Borrower’s Knowledge, there is no basis for any action, suit, proceeding or investigation which, in either case, could result
in a Material Adverse Change. As used in this Section, “action, suit, proceeding or governmental investigation” means any demand, claim notice, suit, suit in equity, action, administrative action, investigation or inquiry whether brought
by a Governmental Authority or other Person. 
 3.8    Bank Secrecy Act, the Foreign Corrupt Practices Act, OFAC.

 (a)    Borrower and, to Borrower’s actual knowledge, each Person(s) owning an interest in Borrower is
(i) not identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control (“OFAC”) and/or on any other similar list maintained by OFAC pursuant to any authorizing
statute, executive order or regulation, (ii) not a Person(s) with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States Law or Executive Order
of the President of the United States; and (iii) in compliance with any applicable provisions of the Bank Secrecy Act, the Foreign Corrupt Practices Act or the various sanctions programs administered by OFAC; 

(b)    To Borrower’s actual knowledge, none of the funds or other assets of Borrower constitute property of, or are
or will be beneficially owned, directly or indirectly, by any Embargoed Person; 
 (c)    No Embargoed Person has any
direct interest, or to Borrower’s actual knowledge, any indirect interest of any nature whatsoever in Borrower; 

(d)    To Borrower’s actual knowledge, none of the funds of Borrower have been derived from any unlawful activity
with the result that the investment in Borrower is prohibited by Law or that the Loan Documents are in or will be in violation of Law, 

(e)    Borrower has implemented procedures, and has consistently and will continue to consistently apply those procedures,
to ensure the foregoing representations and warranties remain true and correct at all times; and 
 (f)    Borrower has
complied with all requirements of Law relating to money laundering, anti-terrorism, trade embargos and economic sanctions, now or hereafter in effect. 

3.9    Tax Returns. Borrower has filed all returns and reports that are required to be filed by it in connection
with any federal, state or local tax, duty or charge levied, assessed or imposed upon it or its property or withheld by it, including income, unemployment, social security and similar taxes, and all of such taxes have been either paid or adequate
reserve or other provision has been made therefor. 
 3.10    Environmental Matters. Except as disclosed in the
Environmental Report, Borrower is in compliance, in all respects, with all Environmental Laws, including, without limitation, all Environmental Laws in jurisdictions in which Borrower owns or operates, or has owned or operated, a facility or site,
stores Security Property, arranges or has arranged for 

  

					
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disposal or treatment of Hazardous Substances, solid waste or other waste, accepts or has accepted for transport any Hazardous Substances, solid waste or other wastes or holds or has held any
interest in real property or otherwise. Except as otherwise disclosed to Lender, no litigation or proceeding arising under, relating to or in connection with any Environmental Law is pending or, to Borrower’s Knowledge, threatened against
Borrower, any real property which Borrower holds or has held an interest or any past or present operation of Borrower. No release, threatened release or disposal of Hazardous Substances is occurring, or to Borrower’s Knowledge has occurred, on,
under or to any real property in which Borrower holds or has held any interest or performs or has performed any of its operations, in violation of any Environmental Law. As used in this Section, “litigation or proceeding” means any demand,
claim notice, suit, suit in equity, action, administrative action, investigation or inquiry whether brought by a Governmental Authority or other Person. 

3.11    Intellectual Property. Borrower owns or is licensed to use all patents, patent rights, trademarks, trade
names, service marks, copyrights, intellectual property, technology, know-how and processes necessary for the conduct of its business as currently conducted that are material to the condition (financial or
otherwise), business or operations of Borrower. 
 3.12    Regulatory Matters. No part of the proceeds of the
Loan will be used for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time in effect or for any purpose which violates
the provisions of the regulations of the Board of Governors of the Federal Reserve System. 
 3.13    Solvency.
As of the date hereof and after giving effect to the transactions contemplated by the Loan Documents the Borrower will be Solvent. 

3.14    ERISA. (i) Borrower is not an “employee benefit plan” as defined in Section 3(3) of
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to Title I of ERISA, or a “governmental plan” within the meaning of Section 3(32) of ERISA; (ii) Borrower is not subject to
state statutes regulating investments and fiduciary obligations with respect to governmental plans; and (iii) one or more of the following circumstances is true: (1) Equity interests in Borrower are publicly offered securities within the
meaning of 29 C.F.R. § 2510.3-101(b)(2); (2) 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 (3) 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) or an investment company registered under The Investment Company Act of 1940. Borrower shall deliver to Lender such certifications or other evidence from time to time throughout the term of
the Loan, as requested by Lender, certifying to Lender that the representation and warranties contained in this Section are true, correct and complete in all material respects. 

3.15    Survival of Representations. The representations and warranties of Borrower set forth in this Article III,
elsewhere in this Agreement, in the other Loan Documents and in the Indemnity Agreement shall survive for so long as the Indebtedness has not been fully paid, the Obligations have not been fully satisfied and there has been no voluntary release
and/or reconveyance of the Security Instrument; provided, however, that the representations and 

  

					
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warranties set forth in the Indemnity Agreement shall survive as stated therein. 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 hereafter made by Lender or on its behalf. Borrower will immediately notify Lender in writing if any of the representations, warranties or covenants are no
longer true or have been breached or if Borrower has a reasonable basis to believe that they may no longer be true or have been breached, except for changes in factual circumstances that have been disclosed to, and waived in writing by Lender. In
addition, Borrower will, at the request of Lender, provide such information as may be reasonably requested by Lender to determine Borrower’s compliance with the terms hereof. 

ARTICLE IV 
 AFFIRMATIVE COVENANTS

 Borrower hereby unconditionally covenants and agrees with Lender, until the Indebtedness has been indefeasibly paid in full and the
Obligations have been indefeasibly paid, fully performed and discharged (excluding any Obligations which expressly survive repayment of the Indebtedness and release of the Security Instrument), as follows: 

4.1    Payment and Performance of Obligations. Borrower shall timely pay the Indebtedness and perform or cause to
be performed the Obligations pursuant to the terms of this Agreement. 
 4.2    Continuation of Existence and
Authority. Borrower will maintain in good standing its existence, franchises, rights and privileges under the Laws of the State of Delaware and its rights to transact business in the State, including its right to borrow under this Agreement and
perform all of its other terms and provisions of the Loan Documents, and will not dissolve, terminate or otherwise dispose, directly or indirectly or by operation of law, of all or substantially all of its assets or change its legal structure from a
limited liability company organized under the State of Delaware. Manager shall continue to be duly authorized to execute documents in connection with the Loan. 

4.3    Taxes and Other Charges. 

(a)    Payment. Borrower will duly pay and discharge, or cause to be paid and discharged, not later than the
earliest to occur of (i) the due date thereof; (ii) the date any fine, penalty, interest or cost may be added thereto or imposed; and (iii) the date prior to any date any Lien may be filed for the nonpayment thereof (if such date is
used to determine the due date of the respective item) all (A) general taxes, special taxes, assessments (including assessments for benefits from public works or improvements whenever begun or completed) (the “Real Estate
Taxes”), utility charges, water charges, sewer service charges, common area maintenance charges, if any, vault or space charges and all other like charges against or affecting the Property or against any property or equipment located on the
Property, or which might become a Lien on the Property; (B) income taxes, franchise taxes, and other taxes owing by Borrower the non-payment of which would result in a Lien against the Property or
otherwise diminish or impair the security of the Security Instrument; (C) any stamp taxes which may be required to be paid in connection with the Security Instrument; and (D) all taxes (excluding income taxes of Lender),


  

					
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charges, filing, registration, and recording fees, excises and levies imposed upon Lender by reason of or in connection with the execution, delivery and/or recording of the Loan Documents or the
ownership of the Security Instrument or any Security Instrument supplemental hereto, any security instrument with respect to any equipment or any instrument of further assurance, and all corporate, stamp and other taxes required to be paid in
connection with the Loan (collectively, the “Impositions”). Borrower will also pay any penalty, interest or cost for non-payment of Impositions which may become due and payable, and such
penalties, interest or cost shall be included within the term Impositions. Unless Borrower is required to make monthly deposits pursuant to this Agreement or any other Loan Document, Borrower shall deliver official receipts evidencing the payment of
all Real Estate Taxes to Lender not later than thirty (30) days following the payment of the same. 

(b)    Monthly Deposits. In order to assure compliance with Borrower’s obligations pursuant to
Section 4.3 and Section 6.1, Borrower shall deposit with Lender, together with and in addition to each monthly payment due on account of the Loan, an amount equal to one-twelfth of the annual total
of such Real Estate Taxes and insurance premiums (all as estimated by Lender) so that, at least thirty (30) days prior to the due date thereof, Lender shall be able to pay in full all such Real Estate Taxes and insurance premiums. Lender may
hold the sums so deposited without paying interest, commingle same with its general funds and/or apply the same to the payment of Real Estate Taxes and insurance premiums. If at any time the funds held by Lender are insufficient to pay such Real
Estate Taxes and insurance premiums, Borrower shall immediately, upon Notice and demand by Lender, deposit with Lender the amount of such deficiency. If Borrower fails to make timely payments pursuant to the terms of this Section 4.3, Lender,
at Lender’s sole option, shall have the right to make such payments pursuant to the terms of this Agreement. Upon and following the occurrence of an Event of Default, Lender may, at Lender’s sole option but without an obligation so to do,
apply any funds held pursuant to the terms of this Section 4.3(b) toward the payment of the Indebtedness, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the Indebtedness may otherwise be
adequately secured, in such order and manner of application as Lender may elect. 
 (c)    Contests. Borrower may
contest, in good faith and in accordance with applicable Laws and procedures, the proposed assessment of ad valorem taxes or special assessments by Governmental Authorities having jurisdiction over the Property; provided, however, Borrower shall
give Notice of its intent to bring such an action to Lender. Any such contest, however, shall not relieve Borrower of its obligation to pay all Impositions in full, and Lender may require Borrower to post a bond or other collateral satisfactory to
Lender (and acceptable to the title company insuring the Security Instrument to insure over any Lien described in this Section 4.3(c)) as a result of Borrower’s act. 

4.4    Lien Priority. Borrower will protect and preserve the first lien and security interest status of the
Security Instrument. 
 4.5    Property Maintenance and Management. 

(a)    Borrower will (i) operate and maintain the Property in good order, repair and operating condition, ordinary
wear and tear excepted and shall not commit or permit any misuse or waste thereof; (ii) promptly make all necessary repairs, renewals, replacements, and 

  

					
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improvements thereto, necessary to insure that the same as part of the security for the Security Instrument shall not in any way be diminished or impaired; (iii) replace fixtures and
personal property as and when appropriate with fixtures or personal property comparable thereto when new; (iv) maintain all utilities required for the Existing Use; and (v) make such repairs as Lender may reasonably require, and from time
to time make all needful and proper replacements so that the Improvements, Fixtures and Security Property shall at all times be in good condition, fit and proper for the respective purposes for which they were originally erected or installed.
Borrower shall only use contractors who are properly licensed, who carry workers’ compensation insurance and appropriate liability insurance, who generally have a good reputation for completing their work in a neat, prompt and workmanlike
manner, and use only new or re-manufactured goods of a quality as good or better than that originally used on the Property in connection with any work at the Property. In order to assure compliance with
Borrower’s obligations pursuant to Section 4.5(a), Borrower shall maintain commercially reasonable operating reserves and such funds may only be used to pay for costs incurred in connection with this Section 4.5(a). 

(b)    Borrower will maintain all necessary certificates, licenses, authorizations, registrations, permits and/or
approvals necessary for the operation of all or any part of the Property, and the occupancy and use of the Property, including, where appropriate, a permanent certificate of occupancy and all required zoning ordinance, building code, land use,
environmental and other similar permits or approvals, all of which as of the date hereof are in full force and effect and not subject to any revocation, amendment, release, suspension or forfeiture. Borrower shall diligently pursue a new business
license in connection with Borrower’s acquisition of the Property (the “Business License”). 

(c)    Borrower shall maintain all curbs, drives and parking areas existing as of the Closing Date. Borrower shall
maintain at all times a number of parking spaces equal to or greater than the greatest of (i) the Minimum Parking Requirement, (ii) the number required by any Laws or any governmental body, agency or authority having jurisdiction over
Borrower or the Property, and (iii) the number required by the terms of all Leases. 
 (d)    Lender hereby
approves Asset Campus USA, LLC, a Texas limited liability company, as Borrower’s initial manager of the Property. Any leasing agent of the Property, if other than Borrower or the foregoing party, shall be first approved in writing by Lender.
The maximum property management fee shall be five percent (5%) of gross rentals at the Property. Borrower shall engage all property management or leasing agents pursuant to agreement(s) acceptable to Lender until the Indebtedness has been paid in
full and the Obligations have been fully satisfied. Any such agreement is hereby assigned to Lender and the rights of the manager and leasing agent thereunder shall be subordinated to the Lien of the Security Instrument and such manager and leasing
agent shall consent to such subordination and assignment upon request from Lender. It shall constitute an Event of Default if (i) Borrower changes or removes any third party property manager or leasing agent of the Property without
Lender’s prior written consent, not to be unreasonably withheld, (ii) Borrower modifies the terms of any property management or leasing agreement of the Property in any material respect (which shall include, without limitation, any
modification that increases the term, fee, or otherwise increases Borrower’s obligations thereunder) without Lender’s prior written consent, not to be unreasonably withheld, or (iii) Borrower fails to provide Lender with a property
management company and/or leasing agent acceptable to Lender within thirty (30) days of the date that any third party property manager and/or leasing agent resigns or otherwise terminates its respective agreement with Borrower. 

  

					
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 (e)    Borrower shall cause the Property to remain separately assessed for
real estate tax purposes as a separate tax lot or lots. 
 4.6    Compliance with Laws. Borrower shall
perform and promptly comply with, and cause the Property to be maintained, used and operated in accordance with, any and all (i) present and future Laws, (ii) applicable orders, rules and regulations of any regulatory, licensing,
accrediting, or rating organization or other body exercising similar functions, (iii) applicable duties or obligations of any kind imposed under any Permitted Encumbrance or otherwise by Law, covenant, condition, agreement or easement, public
or private, and (iv) policies of insurance or the rules and regulations of any insurance underwriting or rating organization, at any time in force with respect to the Property. Borrower shall promptly provide Lender with a copy of any notice
Borrower receives indicating that Borrower is in default of any of the foregoing or that the Property is not in compliance with any Laws. Borrower shall comply with Section 3.8 until the Indebtedness has been paid in full. 

4.7    Property Reports. 

(a)    Books and Records. Borrower will maintain complete and accurate books and records showing in detail the
income and expenses of the Property, and from time to time upon request by Lender, will permit Lender and its agents, contractors or representatives to examine said books and records and all supporting vouchers and data during normal business hours
and upon prior notice, in such place as such books and records are customarily kept. 
 (b)    Annual Reporting
Requirement. Borrower and Guarantor shall furnish to Lender annual Financial Statements (certified by the applicable party as required below), including operating statements for the Property, income statements (except as to Schwartz Trust) and
balance sheets for Borrower, Guarantor, and the Property within ninety (90) days of the end of their respective fiscal year. These statements shall: (i) be in form reasonably acceptable to Lender, (ii) be prepared in accordance with
generally accepted accounting principles consistently applied; provided, with respect to Schwartz Trust, such statements shall be prepared in the form substantially similar to the form approved by Lender in connection with the approval of the
Application, consistently applied, (iii) include a rent roll certified as true and correct in all material respects by Borrower or an authorized representative of Borrower, and (iv) include the most current annual sales figures for the
Property. These statements shall be certified as true and correct in all material respects by Borrower or an authorized representative of Borrower and by any Guarantor, respectively. In the event Borrower fails to provide such statements to Lender
within the time prescribed above, Borrower shall pay Lender the sum of Two Hundred and NO/100 Dollars ($200.00) in administrative expenses for each successive month or partial month beyond the ninety (90) day period set forth above for which
the statements are delinquent. While an Event of Default exists hereunder, Lender shall have the right to require that said Financial Statements of Borrower and SSSHT be audited and certified by a certified public accountant reasonably acceptable to
Lender, at the sole cost and expense of Borrower. 

  

					
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 (c)    Lender Request. At the request of Lender, but under no
circumstances more often than once a quarter (provided no Event of Default has occurred under the Loan Documents), Borrower shall furnish to Lender within fifteen (15) days of such request: (i) unaudited Financial Statements (balance
sheet, income statement, operating statements and current rent roll) covering the operation of the Property for periods other than those set forth in Section 4.7(b) above, (ii) unaudited Financial Statements (balance sheets and income
statements) for Borrower, Guarantor (except that no income statement shall be required as to Schwartz Trust), and the member(s) of Borrower, (iii) a portfolio analysis showing annualized cash flow statements (including debt service
payments) for all real properties owned by Borrower, its general partner(s), shareholder(s) or member (s) (whichever is applicable), (iv) a current rent roll for the Property, and (v) an operating budget for the current fiscal year and after
October 31st of each calendar year an operating budget for the following fiscal year. Additionally, Lender shall have the right to request a rent roll as of the commencement of each fall quarter or semester, as applicable, at Florida State
University and Borrower shall furnish the same within sixty (60) days of the commencement of such quarter or semester. All such statements and rent rolls shall be certified to Lender to be complete, correct, and accurate in all material
respects by the individual for an individual’s statements or by an authorized representative of the entity if the statements are for a partnership, corporation or limited liability company or other such entity. Notwithstanding the foregoing,
during the existence of an Event of Default under the Loan Documents, Lender shall have the right to require additional audited financial statements, including operating statements for the Property, income statements and balance sheets for Borrower,
Carve Out Guarantor, Guarantor, and the Property, certified by a certified public accountant reasonably approved by Lender, the cost of which shall be paid by Borrower. 

4.8    Borrower’s Estoppel Certificate. Within ten (10) days after Lender’s request, Borrower shall
furnish to Lender a written statement, certifying to Lender or to Lender’s designee as to: (i) the amount of the Indebtedness then owing under the Loan Documents; (ii) the terms of payment and Maturity Date of the Indebtedness;
(iii) the date to which interest has been paid under the Loan; (iv) whether any offsets or defenses exist against the Indebtedness or Obligations and, if any are alleged to exist, a detailed description thereof; (v) that all Leases
for the Property are in full force and effect and have not been modified (or if modified, setting forth all modifications); (vi) the date to which the Rents, under such Leases have been paid; (vii) whether or not, to Borrower’s Knowledge,
any of the tenants under such Leases are in default under such Leases, and, if any of the tenants are in default, setting forth the specific nature of all such defaults; and (viii) any other matters reasonably requested by Lender; provided,
however, that in no event shall Borrower be obligated to deliver more than one (1) such statement in any twelve (12) month period (except during a default). 

4.9    Additional Reporting Requirements. Borrower shall provide prompt Notice to Lender of the occurrence of any
of the following (together with a description of the action which Borrower proposes to take with respect thereto): (i) any Event of Default or any event, act or condition which, with the passage of time or the giving of notice, or both, would
constitute an Event of Default, (ii) any litigation filed by or against Borrower or any proceedings before any Governmental Authority or arbitrator involving or affecting Borrower or the Property for an amount in controversy in excess of
$10,000.00, (iii) any Reportable Event or Prohibited Transaction with respect to any Employee Benefit Plan(s) (as all such terms are defined in ERISA), or (iv) any event which could reasonably be expected to result in a Material Adverse Effect.


  

					
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 4.10    Compliance with Loan Document; Further Assurances. 

(a)    Borrower shall, and shall cause Guarantor and other Borrower Parties (as applicable) to observe, perform and satisfy
in a timely manner all the terms, provisions, covenants, conditions, duties and obligations required to be observed, performed or satisfied by them, and shall pay when due all costs, fees and expenses required to be paid by them, under and pursuant
to this Agreement, and the other Loan Documents. 
 (b)    At Borrower’s sole cost and expense, Borrower shall
promptly (i) cure, or cause to be cured, any defects in the execution and delivery of the Loan Documents, and (ii) execute and deliver, or cause to be executed and delivered, all such other documents, agreements and instruments as Lender
may reasonably request to further evidence and more fully describe the collateral for the Indebtedness, to correct any omissions or errors in the Loan Documents, to perfect, protect or preserve any Liens created under any of the Loan Documents, or
to make any recordings, file any notices, or obtain any consents, as may be necessary or appropriate in connection therewith. 

(c)    If Borrower changes its name, place of business, or jurisdiction of organization pursuant to Section 5.4,
Borrower shall deliver to Lender all UCC financing statements and amendments as Lender shall request and shall take all other actions deemed necessary by Lender to continue its perfected first priority lien status in the Security Property. 

(d)    Borrower shall not raise as a defense to the payment of the Loan that there exists
set-offs, defenses or counterclaims, except to the extent such defense is permitted or provided by the usury Laws of the State. 

4.11    Special Purpose Entity; Separateness. 

(a)    Borrower hereby covenants, until such time as the Indebtedness is fully and finally paid, Borrower shall not: 

(i)    change or permit to be changed its Governing Documents, if such change would materially and adversely impact the
covenants set forth in this Agreement or otherwise violate any prohibited transfer or due on sale provisions set forth in the Loan Documents; 

(ii)    fail to qualify to do business and remain in good standing under the Laws of the state in which it was formed and
the State, or fail to observe all material corporate formalities; 
 (iii)    engage in any line of business or other
activity other than (1) acquiring, owning, operating, leasing, managing and disposing of the Property (and activities incidental thereto), (2) entering into the Loan, and (3) any and all lawful activities incidental, necessary and
appropriate thereto; 

  

					
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 (iv)    acquire or own any assets other than (1) the Property, and
(2) such incidental personal property as may be necessary for the operation of the Property or the conduct of its business as contemplated herein; 

(v)    merge into or consolidate with any Person, or dissolve, terminate, liquidate in whole or in part, or change its
legal structure; 
 (vi)    transfer or otherwise dispose of all or substantially all of its assets, or engage in any
transfer of assets outside the ordinary course of its business; 
 (vii)    form, acquire, hold or own any subsidiary,
or make any investment in any Person (including the acquisition of obligations or securities of its Affiliates or acquisition of evidence of indebtedness issued by any other Person (other than cash and investment-grade securities)); 

(viii)    commingle its assets with the assets of any other Person; 

(ix)    incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than
(1) the Loan; (2) the Permitted Secondary Financing; and (3) trade and operational indebtedness incurred in the ordinary course of business with trade creditors, provided such indebtedness is (A) unsecured, (B) not evidenced by a
note, (C) on commercially reasonable terms and conditions, and (D) due not more than ninety (90) days past the date incurred and paid on or prior to such date, provided, further, that at no time shall the aggregate outstanding balance
of the permitted debt specified in (3) above exceeds $250,000.00; 
 (x)    fail to maintain its records, books of
account, bank accounts, Financial Statements, accounting records and other entity documents separate and apart from those of any other Person or have its assets listed on the Financial Statement of any other entity; provided, however, that
Borrower’s financial position, assets, liabilities, net worth and operating results may be included in the consolidated Financial Statements of an Affiliate so long as Borrower’s assets are listed on Borrower’s own separate balance
sheet (which are separate and apart from the consolidated Financial Statements) and that any such consolidated Financial Statements contain a footnote indicating that Borrower is a separate legal entity, that Borrower’s assets and credit are
not available to satisfy the debts and other obligations of such Affiliate, and that Borrower maintains separate books and records; 

(xi)    enter into any contract or agreement with any Affiliate except upon terms and conditions that are intrinsically
fair, commercially reasonable and substantially similar to those that would be available on an arm’s-length basis with unaffiliated third parties; 

(xii)    maintain its assets in such a manner that it will be costly or difficult to segregate, ascertain or identify its
individual assets from those of any other Person; 
 (xiii)    assume or guaranty or otherwise become obligated for the
debts of any other Person, hold itself out to be responsible for the debts of any other Person, or otherwise pledge its assets for the benefit of any other Person (other than to Lender to secure the Loan) or hold out its credit as being available to
satisfy the obligations of any other Person; 

  

					
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 (xiv)    make any loans or advances to any Person; 

(xv)    fail to file its own tax returns (unless Borrower is a tax-disregarded
entity not required to file tax returns under applicable Law) or file a consolidated federal income tax return with any Person (unless prohibited or required, as the case may be, by applicable Laws); 

(xvi)    fail either to hold itself out to the public as a legal entity separate and distinct from any other Person
(including identifying itself as a division or part of any other Person), or to conduct its business solely in its own name or a trade name owned by Borrower and not used by another entity (including the failure to use separate stationery, invoices
and checks bearing its own name) or fail to correct any known misunderstanding regarding its separate identity; provided, Borrower may use the trade name “Domain at Tallahassee” or such other trade name of the Property to the extent such
trade name is used for marketing and/or branding purposes, only; 
 (xvii)    fail to 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 (including the failure to remain Solvent or pay its own expenses and liabilities (including salaries of its own
employees) only from its own funds); provided, however: (1) the existence of negative or insufficient cash flow at the Property shall not constitute a breach of this subsection (xvii) unless, during such period of negative or insufficient
cash flow, without first paying operating expenses, debt service, maintaining commercially reasonable reserves, and all other amounts required the Loan Documents, Borrower (x) commits a default under Section 5.10 hereof, or (y) fails
to turn over to Lender Rents received by Borrower after revocation of the license to receive Rents; and (2) a reduction of the market value of the Property (not caused by the acts and/or omissions of Borrower or its agents) below the
outstanding Indebtedness shall not constitute a breach of this subsection (xvii); 
 (xviii)    without the prior
unanimous consent of all of Borrower’s members or partners, as applicable, and the prior unanimous consent of all the direct owners of Borrower’s general partner or managing member, as applicable, (1) elect to dissolve or liquidate,
or permit its general partner or manager to elect to dissolve or liquidate, its business organization or wind up its business affairs; (2) consent, or allow its general partner or manager to consent, to the appointment of a receiver, trustee or
liquidator of all or a substantial part of its assets; (3) be adjudicated as bankrupt or insolvent, or file a voluntary petition in bankruptcy, or admit in writing its inability to pay its debts as they become due; (4) make a general
assignment for the benefit of creditors; (5) file a petition under or take advantage of any insolvency Law; (6) file an answer admitting the material allegations of a petition filed against Borrower or Guarantor or any such respective
general partner or managing member of Borrower or Guarantor in any bankruptcy, reorganization or insolvency proceeding or petition or request for the appointment of a receiver, or fail to cause the dismissal of such petition within ninety
(90) days after the filing of said petition; or (7) take action for the purpose of effecting any of the foregoing; or 

(xix)    fail to fairly and reasonably allocate expenses that are shared with an Affiliate (including for shared office
space and for services performed by an employee of an Affiliate) among the Persons sharing such expenses. 

  

					
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 (b)    The Governing Documents of Borrower shall at all times materially
comply with each of the representations, warranties, covenants, and provisions set forth in Section 4.11(a). 

4.12    Leases and Possessory Estates. 

(a)    Leasing. Borrower shall use all commercially reasonable efforts to lease and keep all of the Improvements
fully leased. Any and all such Leases must comply with the provisions hereof. Upon Lender’s request, Borrower shall deliver to Lender a true, complete and correct copy of all Leases. Borrower shall not amend, modify, permit an assignment or
sublease, supplement, terminate, cancel or rescind any Lease after the execution thereof without the prior written consent of Lender, not to be unreasonably withheld, except such consent shall not be required for such actions that are taken in
accordance with normal and prudent property management practices. Additionally, Borrower shall not, without the prior written consent of Lender, not to be unreasonably withheld, (i) request or consent to the subordination of any Lease to any
Lien subordinate to the Security Instrument; or (ii) exercise any right to relocate any tenant outside the Property pursuant to any right set forth in a Lease. 

(b)    Lease Form. From and after the date of this Agreement, Borrower shall only execute Leases on the form of
tenant lease approved by Lender as part of the underwriting of the Loan (the “Form Lease”). Borrower shall not, without the prior written consent of Lender, not to be unreasonably withheld, amend, modify or alter the Form Lease in
any material respect and Borrower shall reimburse Lender any of its costs and expenses, including reasonable attorneys’ fees, for the review of the Form Lease, including any proposed revisions thereto, or for the review of proposed Leases, any
extensions, modifications and amendments to Leases. From and after the date of this Agreement, Borrower shall utilize the Form Lease in leasing all or any part of the Improvements and all Leases entered into from and after the date of this Agreement
must (i) be at competitive market rents; (ii) have lease terms of not less than eleven and one-half (11.5) months, except no more than twenty percent (20%) of all Leases may have lease terms of less
than eleven and one-half (11.5) months; and (iii) contain a written provision acceptable to Lender whereby all rights of the tenant under the Lease are subordinated to the Liens granted in the Loan
Documents or may be made superior to the lien of the Security Instrument at Lender’s option. Notwithstanding the foregoing, Borrower may make modifications to the Form Lease (i) (i) to the extent such changes are immaterial and consistent
with normal and prudent property management practices, provided that Borrower provides Lender prior written notice of same and an updated copy of such Form Lease, (ii) as may be required or necessary in order to maintain compliance with
applicable Law, and (iii) as negotiated with prospective tenants provided such changes are commercially reasonable, negotiated in the ordinary course of business of owning and operating the Property in a prudent and sound business like manner
and otherwise consistent with normal and prudent property management practices. 
 (c)    Performance. Borrower
shall (i) duly and punctually perform and comply with any and all covenants and agreements which are binding on the landlord under any Lease; (ii) use commercially reasonable efforts to enforce the performance by each tenant under its
respective Lease of all of said tenant’s obligations thereunder; (iii) appear and provide appropriate defense, with reasonable diligence, in any action or proceeding in any way connected with any Lease; and (iv) deliver to Lender such
further information, and execute and deliver to 

  

					
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Lender such further assurances, assignments, and confirmations of Lender’s rights under the Loan Documents with respect to the Leases and Rents as Lender may reasonably request. Without
Lender’s prior written consent, Borrower shall not (A) do or knowingly permit to be done anything to impair the value of any of the Leases; (B) except for security or similar deposits, collect any Rents or other payments due under any
of the Leases more than one (1) month in advance of the time when the same becomes due under the terms of any Lease (expressly excluding the first month’s rent, which may be paid upon Lease execution); provided, however, that Borrower may
collect rents for more than one (1) month in advance for Leases of no more than twenty percent (20%) of the rentable area of the Property; (C) discount any future Rents or other payments due under any of the Leases except in the ordinary
course of business consistent with normal and prudent property management practices; or (D) assign or grant a security interest in or to any of the Leases or any Rents due thereunder, other than in accordance with the terms, provisions, or
obligations contained in the Loan Documents. Lender shall have the right, but not the obligation, at its sole option, upon the occurrence of any default by Borrower under any Lease, to pay any sum required or perform any obligation required to cure
such default and Borrower shall repay on demand any and all such amounts incurred by Lender, including interest on such amount at the Default Rate. 

(d)    Estoppel Certificates. Borrower shall deliver to Lender, upon request, tenant estoppel certificates from
each commercial lessee at the Property in form and substance reasonably satisfactory to Lender (provided, however, that Borrower shall not be required to deliver such certificates more frequently than one time in any calendar year unless a default
then exists under the Loan Documents). 
 (e)    [Intentionally Omitted]. 

(f)    Miscellaneous Licenses, Leases and other Possessory Estates. Notwithstanding anything in this Agreement to
the contrary, without the prior written consent of Lender (which consent shall not be unreasonably withheld), Borrower shall not grant any Person any possessory interest wherein such Person shall have the right to attach to any exterior portion of
the Building or on any portion of the Land telecommunication, renewable energy or similar equipment, including, but not limited to: satellite dishes, antennas, cable routers, solar panels, wind turbines,
etc.                 

4.13    Miscellaneous Property Agreements. Borrower shall duly and punctually perform and comply with any and all
covenants and agreements which are binding on the Borrower under any deed, sublease, or other form of conveyance, or any other agreement pursuant to which Borrower grants or is granted a possessory interest in the Property. 

  

					
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 ARTICLE V 

NEGATIVE COVENANTS 
 Borrower
hereby unconditionally covenants and agrees with Lender, until the Indebtedness has been paid in full and the Obligations have been paid, fully performed and discharged, as follows: 

5.1    Use Violations. Borrower will not use, maintain, operate or occupy, or allow the use, maintenance, operation
or occupancy of, the Property in any manner which (i) violates any Laws; (ii) may be dangerous, unless safeguarded as required by Law and/or appropriate insurance; (iii) constitutes a public or private nuisance; or (iv) makes
void, voidable or cancellable, or increases the premium of, any insurance then in force with respect thereto. 

5.2    Waste. Borrower will not commit or permit any waste or impairment of the Property, ordinary wear and tear
excepted. 
 5.3    No Disposition. Except for Permitted Dispositions, neither Borrower nor any legal or
beneficial owner of Borrower will make a Disposition without obtaining Lender’s prior written consent to the Disposition. 

5.4    Change of Name or Address. Borrower shall not change its name, identity, principal places of business or its
jurisdiction of organization without obtaining Lender’s prior written consent to such change, which consent shall not be unreasonably withheld. Borrower shall bear all costs incurred by Lender in connection with any such change including,
without limitation, reasonable attorneys’ fees. 
 5.5    ERISA. 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 this Agreement and the other Loan Documents) to be a non-exempt
(under a statutory or administrative class exemption) prohibited transaction under ERISA or result in a violation of a state statute regulating governmental plans. 

5.6    Zoning. Borrower will not (i) initiate, support or acquiesce in any zoning reclassification of the
Property, seek any variance under existing zoning ordinances applicable to the Property or use or permit the use of the Property in a manner which would result in such use becoming a non-conforming use under
applicable zoning ordinances; (ii) modify, amend or supplement any of the Permitted Encumbrances; (iii) impose any restrictive covenants or encumbrances upon the Property, or execute or file any subdivision plat affecting the Property, or
consent to the annexation of the Property to any municipality; (iv) permit or suffer the Property to be used by the public or any Person in such manner as would make possible a colorable claim of adverse usage or possession or of any implied
dedication or easement; (v) take any actions which results in the Property no longer being separately assessed for real property tax purposes as a separate tax lot or lots; (vi) assign, transfer or in any manner change any certificates,
licenses, authorizations, registrations, permits and/or approvals without first receiving the written consent of Lender, which consent shall not be unreasonably withheld; or (vii) consent to the formation of any owner/tenant association or road
improvement district affecting the Property. 
 5.7    Mineral Rights. Borrower agrees that the making of any
oil, gas or mineral lease, or the sale or conveyance of any mineral interest or right to explore for minerals under, through or upon the Property, would impair the value of the Property and Borrower will not permit any drilling or exploration for or
extraction, removal or production of any minerals from the surface or the sub-surface of the Real Property regardless of the depth thereof or the method of mining or extraction thereof. Borrower shall have no
right, power or authority to lease the Property, or any 

  

					
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part thereof, for oil, gas or other mineral purposes, or to grant, assign or convey any mineral interest of any nature, or the right to explore for oil, gas and other minerals, without first
obtaining Lender’s express written permission therefor. Whether or not Lender shall consent to such Lease or grant of mineral rights, Lender shall receive the entire consideration to be paid for any such Lease or grant of mineral rights, with
the same to be applied to the Loan notwithstanding the fact that the amount owing thereon may not then be due and payable or that the Loan is otherwise adequately secured. The acceptance of such consideration shall in no way impair the Lien of the
Security Instrument on the Property or cure any existing Event of Default. 
 5.8    Alteration, Removal, Building
and Change in Use of Property. Borrower will not permit the following without the prior written consent of Lender, which consent shall not be unreasonably withheld: (i) any structural alteration of, or addition to, the Improvements now or
hereafter situated upon the Real Property, or the addition of any new buildings or other structure(s) thereto, other than (A) the erection or removal of non-load bearing interior walls or alterations
required by the terms of Leases which have been approved by Lender or which are not subject to Lender’s review, comment and approval, or (B) making other immaterial alterations or improvements to the Property consistent with the ownership
and operation relating to the Existing Use and otherwise as approved in writing by Lender; (ii) the removal, transfer, sale or lease of the Fixtures and Security Property, except that the renewal, replacement or substitution of broken, obsolete
or worn out Fixtures and Security Property may be made in the normal course of business as long as replacement or substituted items are of like or better quality, value and utility as the removed items were in their original condition;
(iii) building or constructing upon any portion of the Property, any building, structure or improvement of any kind whatsoever, the building or construction of which has not been previously approved by Lender in writing, which approval shall be
at the discretion of Lender; and (iv) the use of any of the Improvements now or hereafter situated on the Real Property for any purpose other than the Existing Use and related facilities. 

5.9    Liens, Charges and Encumbrances. Borrower will not permit to be created or to exist in respect of the
Property or any part thereof any Lien on parity with, superior to or inferior to any of the Liens of the Loan Documents, except for the Permitted Encumbrances. Upon the creation of any Lien on the Property except for the Permitted Encumbrances,
Borrower shall immediately pay, bond, or provide Lender with a cash deposit, which deposit may be used by Lender to satisfy any Lien described in this Section 5.9, or otherwise discharge all lawful claims and demands of mechanics, materialmen,
laborers, realtors, brokers and others which if unpaid, might result in, or permit the creation of, a Lien, charge or encumbrance upon the Property or any part thereof, or on the Rents, arising therefrom. Notwithstanding the foregoing, Borrower may
contest, in good faith and in accordance with applicable Laws and procedures, mechanics’, materialmen’s and other such liens filed against the Property. Borrower shall give Notice to Lender of its intent to bring such action and Lender
may, in Lender’s discretion, require Borrower to post a bond or other collateral satisfactory to Lender (and acceptable to the title company insuring the Security Instrument to insure over any Lien described in this Section 5.9) as a
result of Borrower’s act. 
 5.10    Distributions. Borrower will not make any distributions with respect to
any class of its equity or ownership interest; provided, however, that Borrower may make distributions so long as: (i) there exists no default under the Loan Documents, (ii) Borrower shall, after giving


  

					
	Domain at Tallahassee	 	27	 	Loan No. 00-1102733










 
effect to any such distribution, continue to be in compliance with the terms and conditions of the Loan Documents, including without limitation Sections 4.11 hereof, and (iii) by making such
distribution, Borrower shall be deemed to have remade the representation in Section 3.13 of this Agreement to be effective after giving effect to such distribution. 

ARTICLE VI 
 INSURANCE, CASUALTY,
CONDEMNATION 
 6.1    Insurance. 

(a)    Required Coverages. At Borrower’s sole cost and expense, Borrower shall maintain in full force and
effect on the Property until the Indebtedness has been paid in full and all Obligations have been fully performed and completed, the following insurance: 

(i)    Property. Special form (extended coverage all risk) property insurance insuring all Improvements,
Appurtenances, Fixtures and Security Property that now are or hereafter become a part of the Property from all losses or damages resulting from fire, windstorm, flood (if required), sinkhole, earthquake (if required), mine subsidence, acts of
terrorism), and such other hazards, casualties, contingencies and perils as may be required by Lender, in an amount equal to the full replacement cost thereof (without taking into account any depreciation); 

(ii)    Liability. Commercial general liability insurance in an adequate amount as may from time to time be
required by Lender, taking into consideration the type of property being insured and the corresponding liability exposure, on forms, with deductibles, and in amounts as may be acceptable to Lender; 

(iii)    Components. Comprehensive boiler and machinery insurance (without exclusion for explosion), if
applicable, in amounts as shall be reasonably required by Lender and covering all boilers or other pressure vessels, machinery and equipment located at or about the Property (including, without limitation, electrical equipment, sprinkler systems,
heating and air conditioning equipment, refrigeration equipment and piping); 
 (iv)    Flood. Insurance
covering loss by flood (if at any time during the term of the Loan the Improvements are shown to lie wholly or partially within a Special Flood Hazard Area as designated on the Federal Emergency Management Agency’s Maps, or any other flood
prone area) in an amount equal to the full replacement cost of the Improvements or such other amount as approved by Lender; 

(v)    Rent Loss. Business Income coverage in an amount that is equal to the greater of (a) twelve (12)
months of actual loss sustained, or (b) one year’s debt service plus operating expenses. 

(vi)    Builder’s Risk. During any period of construction or restoration of the Property, a policy or
policies of builder’s risk coverage written on a completed value basis insuring against such risks (including, without limitation, fire and extended coverage, collapse of the Property to agreed limits) as Lender may reasonably request, in form
and substance reasonably acceptable to Lender; 

  

					
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 (vii)    Worker’s Compensation. A policy or policies of
workers’ compensation insurance as required by workers’ compensation insurance laws subject to the statutory limits of the State in respect of any work or other operations on, about or in connection with the Property and covering all
employees of Borrower and employer’s liability insurance coverage of not less than $1,000,000; provided, the foregoing may be maintained by any third party property manager approved in accordance with this Agreement; 

(viii)    Terrorism. Insurance covering losses resulting from acts of terrorism; 

(ix)    Law & Ordinance. A policy or policies providing “Ordinance or Law
Coverage” or “Enforcement” endorsements in amounts satisfactory to Lender if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or
uses or the ability to rebuild the Improvements is restricted or prohibited; and 
 (x)    Earthquake. A policy
or policies of earthquake insurance with a deductible in an amount acceptable to Lender. 
 (b)    General
Requirements. All insurance policies shall (i) be with insurers licensed to do business in the State and who have and maintain a rating of at least A:X or better from AM Best’s Insurance Guide; (ii) contain the complete address of
the Property (or a complete legal description); (iii) be for a term of at least one (1) year; (iv) contain deductibles no greater than $25,000 for Special Form or All Risk property insurance coverage or as otherwise required by Lender; and
(v) be subject to the approval of Lender as to insurance companies, amounts, content, forms of policies, method by which premiums are paid and expiration dates. Borrower shall as of the date hereof deliver to Lender evidence that said insurance
policies have been paid current as of the date hereof and evidence of insurance shall be provided in the form of declaration pages and/or policy endorsements, and certified copies of such insurance policies, if required, signed by an authorized
agent evidencing such insurance satisfactory to Lender (“Evidence of Insurance”). Borrower shall renew all such insurance and deliver to Lender the Evidence of Insurance for such renewals at least thirty (30) days before any
such insurance shall expire. Without limiting the required endorsements to insurance policies, Borrower further agrees that all such policies shall provide that proceeds thereunder shall be payable directly to Lender, its successors and assigns,
pursuant and subject to a Non-Contributory Standard Lender Clause and a Lender’s Loss Payable Endorsement or an equivalent if approved by Lender, or otherwise made a part of such policy in favor of
Lender, and that Lender, its successors and assigns, shall be named as an additional insured under all liability insurance policies. Borrower further agrees that all such insurance policies: (A) shall provide for at least thirty
(30) days’ prior Notice to Lender prior to any cancellation or termination thereof (except that only ten (10) days’ prior Notice shall be required for cancellation due to the non-payment of
premiums); and (B) shall contain an endorsement or agreement by the insurer that any loss shall be payable to Lender in accordance with the terms of such policy notwithstanding any act or negligence of Borrower which might otherwise result in
forfeiture of such insurance. 
 (c)    Effect. The delivery to Lender of the Evidence of Insurance, as provided
above shall constitute an assignment of all proceeds payable under such insurance policies by Borrower to Lender as further security for the Loan. In the event of foreclosure of the Security 

  

					
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Instrument, or other transfer of title to the Property in extinguishment in whole or in part of the Indebtedness, all right, title and interest of Borrower in and to all proceeds payable under
such policies then in force concerning the Property shall thereupon vest in the purchaser at such foreclosure, or in Lender or other Transferee in the event of such other transfer of title. Approval of any insurance by Lender shall not be a
representation of the solvency of any insurer or the sufficiency of any amount of insurance. 
 (d)    Remedial
Rights. In the event Borrower fails to provide, maintain, keep in force or deliver and furnish to Lender the Evidence of Insurance required by this Agreement or evidence of their renewal as required herein, Lender may, but shall not be obligated
to, procure such insurance and Borrower shall pay all amounts advanced by Lender, together with interest thereon at the Default Rate from and after the date advanced by Lender until actually repaid by Borrower, promptly upon demand by Lender. Any
amounts so advanced by Lender, together with interest thereon, shall be secured by the Security Instrument and by all of the other Loan Documents securing all or any part of the Indebtedness. Lender shall not be responsible for nor incur any
liability for the insolvency of the insurer or other failure of the insurer to perform, even though Lender has caused the insurance to be placed with the insurer after failure of Borrower to furnish such insurance. 

6.2    Borrower’s Obligations. 

(a)    General Requirements. In the event of any damage to or loss or destruction of the Property
(“Damage”), Borrower shall: (i) promptly notify Lender of such event and take such steps as shall be necessary to preserve any undamaged portion of the Property, (ii) promptly pay all required insurance deductibles, and
(iii) regardless whether the insurance proceeds, if any, shall be sufficient for restoration, promptly commence and diligently pursue to completion the restoration, replacement and rebuilding of the Property, as nearly as possible to their
value, condition and character immediately prior to the Damage (the “Restoration”). The Restoration shall be completed in a good and workmanlike manner, in accordance with all applicable Laws, and with other provisions for the
preservation of the security hereunder reasonably established by Lender, including, the Restoration Conditions (as defined below). Notwithstanding Borrower’s Restoration requirement, if Lender applies the insurance proceeds to the Indebtedness,
pursuant to Section 6.3, then Borrower shall have the option to prepay the remaining outstanding principal balance of the Loan, at Par, provided that: (i) no Event of Default then exists under the Loan or the Loan Documents,
(ii) Borrower delivers to Lender Notice of such intent to prepay the Loan within thirty (30) days following the date of Lender’s application of the insurance proceeds to the Indebtedness, (iii) with respect to casualties where
the amount of such loss or damage does not exceed twenty-five percent (25%) of the outstanding principal balance of the Loan, Borrower has made a good faith effort to attempt to comply with the Restoration Conditions, and (iv) Borrower repays
the Indebtedness to Lender within ninety (90) days following the date on which Borrower delivers to Lender Notice of its intent to prepay under subsection (ii) above. Any costs and expenses (including, without limitation, reasonable
attorneys’ fees and expenses) related to Lender’s determination of whether or not to waive such requirement shall be paid by Borrower upon demand. 

(b)    Settlement. Borrower may settle all insurance claims up to Two Hundred Fifty Thousand and NO/00 Dollars
($250,000.00) directly with the insurance company without 

  

					
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the prior consent of Lender subject to the following: (i) no Event of Default then exists, (ii) Borrower uses the proceeds of any claim for the Restoration, (iii) local building
and zoning Laws allow the Property to be rebuilt to its condition prior to the casualty and for the Existing Use, and (iv) the claim is settled on or before the date that is one hundred twenty (120) days after the date of any such
casualty. Any such proceeds that are not promptly utilized for Restoration shall be applied against the Indebtedness, in the order and manner determined by Lender (provided that to the extent that any Indebtedness shall remain outstanding after such
application, such unpaid Indebtedness shall continue in full force and effect and Borrower shall not be excused in the payment thereof). 

6.3    Lender’s Rights. 

(a)    Insured Casualty. In the event that any portion of the Property is damaged, lost or destroyed, and such
damage, loss or destruction is covered, in whole or in part, by insurance described in Section 6.1 or any other insurance maintained by Borrower with respect to the Property, then: 

(i)    Except as provided in Section 6.2(b), Lender shall have the right to, but shall not be obligated to, make
proof of loss if not made promptly by Borrower, and is hereby authorized and empowered by Borrower to settle, adjust or compromise any claims for damage, loss or destruction thereunder. Unless a default then exists under the Loan Documents, Lender
shall consult with Borrower (but shall not be required to obtain Borrower’s consent) regarding any such settlement, adjustment or compromise; 

(ii)    Each insurance company concerned is hereby authorized and directed to make payment therefor directly to Lender;
and 
 (iii)    Borrower or Lender, as the case may be, shall apply the insurance proceeds, first, to reimburse Lender
for all costs and expenses, including, without limitation, adjustors’ and reasonable attorneys’ fees and disbursements, incurred in connection with the collection of such proceeds, and, second, at Lender’s option, (A) in payment
of all or any part of the Indebtedness, at Par (so long as no Event of Default then exists) in the order and manner determined by Lender (provided that to the extent that any Indebtedness shall remain outstanding after such application, such unpaid
Indebtedness shall continue in full force and effect and Borrower shall not be excused in the payment thereof); (B) to the cure of any default hereunder; or (C) to the Restoration, in whole or in part, of the portion of the Property so damaged,
lost or destroyed, provided, that, in the opinion and discretion of Lender, either: (1) the insurance proceeds so collected are sufficient to cover the cost of the Restoration or repair of the damage or destruction with respect to which such
proceeds were paid; or (2) the insurance proceeds so collected are not sufficient alone to cover the cost of the Restoration or repair but are sufficient therefor when taken together with funds provided and made available, and deposited into
cash collateral account controlled by Lender, by Borrower from other sources. In that event, Lender shall make such insurance proceeds available to Borrower, subject to the Restoration Conditions, for the purpose of effecting such Restoration, but
Lender shall not be obligated to see to the proper application of such insurance proceeds nor shall the amount of funds so released or used be deemed to be payment of or on account of the Loan. Lender shall have sole and exclusive dominion and
control over such proceeds. If Lender elects to apply the insurance proceeds to the 

  

					
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Indebtedness and such proceeds are insufficient to pay the Indebtedness in full and subject to Borrower’s right to pay the remainder of the Indebtedness at Par pursuant to Section 6.2,
Lender may declare the remaining unpaid Indebtedness to be due and payable forthwith and to avail itself of any of the remedies afforded thereby as in the case of any Event of Default. 

(b)    Release of Proceeds. Notwithstanding the foregoing, and provided no default then exists under the Loan
Documents (provided Borrower shall have the right to cure such default within any applicable cure period), in the event of loss or damage to the Property by fire, earthquake, other catastrophe or event for which insurance has been maintained by
Borrower, and the amount of such loss or damage does not exceed twenty-five percent (25%) of the outstanding principal balance of the Loan and does not result in any spill, seepage, discharge, emission or other release of any Hazardous Substances at
or about the Property which materially adversely affects (x) the marketability of title to the Property, (y) the usability, potential for development or market value of the Property, or (z) any of the Leases or the Rents (as
reasonably determined by Lender), Lender hereby agrees to allow the proceeds of insurance to be used for the Restoration and to release such insurance proceeds to Borrower as the Restoration progresses, subject to the following conditions
(collectively, the “Restoration Conditions”): 
 (i)    the proforma shall indicate that the
Improvements shall be at least eighty percent (80%) leased after Restoration is fully completed and stabilization has occurred; 

(ii)    the plans and specifications for the Restoration shall have been approved in writing by Lender in advance, such
approval not to be unreasonably withheld; 
 (iii)    at all times during the Restoration, Borrower has deposited with
Lender funds which, when added to the insurance proceeds received by Lender, are sufficient to complete the Restoration in accordance with the approved plans and specifications, and all applicable building codes, zoning ordinances, regulations and
Laws, and the funds on deposit with Lender are sufficient to complete the Restoration of the Property as certified to Lender by Lender’s inspecting architect/engineer; 

(iv)    Borrower provides suitable completion, payment and performance bonds, and builders’ all risk insurance in
such amounts, with such deductibles and upon such other terms and conditions as are acceptable to Lender, together with all necessary licenses and permits for such Restoration in form and amount reasonably acceptable to Lender; 

(v)    Lender shall have the option, upon the completion of the Restoration of the Property, to apply any surplus
insurance proceeds remaining after the completion of the Restoration to the reduction, at Par, of the outstanding principal balance of the Note, notwithstanding the fact that the amount owing thereon may not then be due and payable or that said Loan
is otherwise adequately secured; 
 (vi)    the insurance proceeds and any other funds held by Lender shall be
disbursed by Lender no more often than once per month and in amounts of not less than $50,000 each, except the final disbursement may be in an amount less than $50,000; 

(vii)    Lender’s obligation to make any such disbursement shall be conditioned upon Lender’s receipt of
written certification from Lender’s inspecting 

  

					
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architect/engineer (whose fees shall be reimbursed to Lender by Borrower) that all construction and work for which such disbursement is requested has been completed in accordance with the
approved plans and specifications and in accordance with all applicable building codes, zoning ordinances and all other Laws and, further, that Borrower has deposited with Lender sufficient funds to complete such Restoration; and 

(viii)    Lender shall be entitled to require and to impose such other conditions to the release of such funds as would
be customarily required and imposed by institutional mortgage lenders or that are otherwise commercially reasonable. 
 Borrower’s
failure to timely commence Restoration and diligently pursue the completion thereof, subject to the Restoration Conditions, will constitute an Event of Default under the Loan Documents. Furthermore, Borrower’s failure to use the insurance
proceeds received directly from the insurance company to rebuild and restore shall trigger recourse liability pursuant to Section 10.1(iii) of this Agreement. 

6.4    Condemnation. 

(a)    Borrower’s Obligations; Proceedings. Borrower covenants and agrees to provide Lender with immediate
Notice of any actual or threatened commencement of any proceedings under eminent domain, including, but not limited to any taking by eminent domain, recovery for inverse condemnation or by deed in lieu thereof, whether permanent or temporary, of all
or any part of the Property including any easement or any appurtenance thereto, including any change in grade of any right of way, street, or public place (collectively, a “Taking”) and to deliver to Lender copies of any and all
papers served in connection with any Taking. Lender may participate in any such proceedings, at Borrower’s sole cost and expense, and Borrower from time to time will execute and deliver to Lender all instruments requested by Lender or as may be
required to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings and shall consult and cooperate with Lender, its attorneys and agents, in the carrying on and defense of any such proceedings. No
settlement of any such proceeding shall be made by Borrower without Lender’s prior written consent. 

(b)    Lender’s Rights to Awards. All Taking proceeds, including awards or proceeds of sale in lieu of
condemnation, and all judgments, decrees and awards for injury or damage to the Property (an “Award” or “Awards”) are hereby assigned and shall be paid to Lender. Borrower shall execute and deliver to Lender, at any
time, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning Awards made to Lender
(including the assignment of any Award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). Notwithstanding the
foregoing, if no Event of Default then exists, in the event any Awards are equal to or less than $250,000.00, Borrower shall be entitled to receive the proceeds for Restoration, or to the extent such proceeds are not promptly utilized for
Restoration, for application against the Indebtedness, in the order and manner determined by Lender (provided that to the extent that any Indebtedness shall remain outstanding after such application, such unpaid Indebtedness shall continue in full
force and effect and Borrower shall not be excused in the payment thereof). 

  

					
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 (c)    Application of Awards. Lender shall have the right to apply any
Awards as follows: first, to reimburse Lender for all costs and expenses, including, without limitation, reasonable attorney’s fees incurred in connection with such Taking, and, second, at Lender’s option, (A) in payment of all or any
part of the Indebtedness, at Par (so long as no Event of Default then exists), in the order and manner determined by Lender (provided that to the extent that any Indebtedness shall remain outstanding after such application, such unpaid Indebtedness
shall continue in full force and effect and Borrower shall not be excused in the payment thereof); (B) to the cure of any default hereunder; or (C) to the Restoration, in whole or in part, of the portion of the Property remaining after the
Taking; provided, however, Lender shall hold said Awards without any allowance of interest, and make the same available to restore, replace and rebuild the Property, as nearly as possible to its value, condition and character immediately prior to
the Taking if such Taking does not result in the following, as determined by Lender in its good faith discretion: (i) a Material Adverse Change, (ii) a violation of any Laws (including any zoning ordinances), or (iii) a default under
any Lease. In the event that Lender elects to make the Awards available to reimburse Borrower for the cost of the Restoration of the Improvements on the Real Property, such proceeds shall be made available in the manner and under the same conditions
as required under Section 6.3(b). In the event Lender applies such Awards to the reduction of the outstanding Loan or if any surplus remains out of the Award after payment of such cost of Restoration, such amounts shall be applied on account of
the Loan at Par, so long as no Event of Default then exists (notwithstanding the fact that the amount owing thereon may not then be due and payable or that the Loan may otherwise be adequately secured). If the Taking results in a Material Adverse
Change, as determined by Lender, and Lender elects to apply the Awards to the Indebtedness and such proceeds are insufficient to pay the Indebtedness in full and subject to Borrower’s right to pay the remainder of the Indebtedness at Par
pursuant to Section 6.2, Lender may declare the remaining unpaid Indebtedness to be due and payable forthwith and to avail itself of any of the remedies afforded thereby as in the case of any Event of Default. If Lender applies any Award to the
Indebtedness, pursuant to this Section 6.4, then Borrower shall have the option to prepay the remaining outstanding principal balance of the Loan, at Par, provided that: (i) no Event of Default then exists under the Loan or the Loan
Documents, (ii) Borrower delivers to Lender Notice of such intent to prepay the Loan within thirty (30) days following the date of Lender’s application of the Awards to the Indebtedness, and (iii) Borrower repays the Indebtedness
to Lender within ninety (90) days following the date on which Borrower delivers to Lender Notice of its intent to prepay under subsection (ii) above. 

ARTICLE VII 
 TRANSFERS AND
DISPOSITIONS 
 7.1    Transfers and Dispositions. It shall be an Event of Default if, without Lender’s
prior written consent (which consent may be given or withheld for any or for no reason subject to such conditions as Lender may establish, in Lender’s discretion) a Disposition shall occur (other than a Permitted Disposition). For the purposes
of the foregoing, each of the following shall be deemed a “Disposition”: 
 (a)    a sale, conveyance,
assignment, transfer, disposition or divesture of Borrower’s title to all or any part of the Property, or a conveyance of security title to the Property, in any manner, whether voluntary or involuntary; 

  

					
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 (b)    a Lease of all or a substantial part of the Property for other than
actual occupancy by a tenant under a Lease or a sale, assignment or other transfer of, or the grant of a security in, Borrower’s right, title and interest in and to any Leases or Rents; 

(c)    a merger, consolidation, sale, transfer, assignment, liquidation, or dissolution involving (i) any or all of
the assets of Borrower, or (ii) all or substantially all of the assets of Guarantor or any general partner, managing member or Controlling Interest of Borrower; or 

(d)    an assignment, transfer, pledge, voluntary or involuntary sale (or any of the foregoing at one time or over any
period of time) of a Controlling Interest in Borrower or Guarantor, or in any entity which directly or indirectly holds a Controlling Interest in Borrower or Guarantor. 

(e)    the conversion of any general partner interest in Borrower to a limited partner interest if Borrower is a
partnership; 
 (f)    any change, removal, or resignation of any general partner of Borrower if Borrower is a
partnership; 
 (g)    any change, removal, addition or resignation of a manager or managing member of Borrower (or if
no manager or managing member, any member) if Borrower is a limited liability company; 
 (h)    except as expressly
provided in Section 7.4, the creation or issuance of new stock by which an aggregate of more than 10% of a corporation that is the manager, managing member or general partner of Borrower shall be vested in a party or parties who are not
shareholders as of the date of this Agreement; 
 (i)    any change, removal, or resignation of any trustee of Borrower
if Borrower is a trust; 
 (j)    any change, removal, or resignation of any third party management company (investment
advisor) previously approved by Lender to operate/manage the Borrower; or 
 (k)    any financing (except as expressly
provided in Section 4.11(a)(ix) and Section 7.5), including without limitation, any secondary, subordinate or mezzanine financing, secured by the Property or interests in Borrower, or any entity having a Controlling Interest in Borrower.

 7.2    Third Party Permitted Disposition. In the event that Borrower shall desire to sell, transfer or
otherwise assign the Property pursuant to an arms-length bona fide sale transaction to an unaffiliated third-party (a “Transferee”), Borrower may request in writing that Lender approve (such approval to be granted or withheld by
Lender in its discretion, except as provided herein) such conveyance and the transferee’s assumption of the Loan by the Transferee shall be contingent upon the following conditions being fully satisfied: 

(a)    Lender determines, in Lender’s discretion, the proposed Transferee is a Qualified Transferee; 

  

					
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 (b)    Lender and the proposed Transferee shall enter into an agreement in
writing that (i) the rate of interest payable on the Loan shall be at such rate as Lender shall determine; (ii) the repayment schedule as set forth herein may be modified by Lender, in Lender’s discretion, to initiate amortization or
modify the existing amortization schedule in order to amortize the then remaining unpaid principal balance of the Note over a period of time as determined by Lender, in Lender’s discretion, without a change in the Maturity Date; and
(iii) the proposed Transferee shall assume all obligations of Borrower under the Loan Documents in writing and an assumption fee, to be determined by Lender in Lender’s discretion (not to exceed one percent (1%) of the outstanding
principal balance of the Note), may be charged by Lender; 
 (c)    Lender shall receive, for Lender’s review and
approval: (i) copies of all transfer documents, (ii) copies of proposed Transferee’s organizational documents (including an organizational chart), (iii) current financial statements, and (iv) such other information and
documentation as Lender reasonably requests; 
 (d)    Borrower or the Transferee shall pay all costs and expenses in
connection with such transfer and assumption, including, without limitation, all fees and expenses incurred by Lender, whether or not such transfer or assumption is approved or completed; 

(e)    no Event of Default has occurred under any of the Loan Documents and no default then exists under the Loan
Documents; 
 (f)    any Guarantor obligations are assumed by a Person acceptable to Lender (“Replacement
Guarantor”) in its sole discretion; and 
 (g)    any rental achievement threshold required in the Application
or the Loan Documents has been satisfied. 
 7.3    Dealing with Transferees. In the event the ownership of the
Property, or any part thereof, shall become vested in a Transferee, whether with or without the prior written consent of Lender, Lender may, without notice to Borrower, deal with such Transferee with reference to the Property and the Loan Documents,
in the same manner and to the same extent as with Borrower without in any way vitiating or discharging Borrower’s liability hereunder or under any of the Loan Documents. No sale, transfer or conveyance of the Property, no forbearance on the
part of Lender and no extension of time given by Lender to Borrower for the payment of the Note shall operate to release, discharge, modify, change or affect the original liability of Borrower, either in whole or in part, unless expressly set forth
in writing executed by Lender. 
 7.4    Pre-Approved Dispositions. 

(a)    The creation, issuance, transfer, classification, reclassification, designation, redesignation, and/or redemption
(each, an “Interest Transfer”) of limited partnership interests in SSSHT Operating Partnership, L.P., a Delaware limited partnership (“Operating Partnership”) or of stock in SSSHT are permitted without Lender’s
consent, provided that, after giving effect to each such Interest Transfer, each of the following conditions 

  

					
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are satisfied: (i) with respect to each Interest Transfer or redemption after the date that SSSHT has raised $20,000,000 in private or public equity, no change of control of SSSHT, Borrower
or Operating Partnership shall result therefrom; (ii) SSSHT shall continue to own one hundred percent (100%) of the general partnership interests in the Operating Partnership; (iii) the Operating Partnership shall continue to own, directly
or indirectly, one hundred percent (100%) of the membership interests in Borrower; (iv) SmartStop Asset Management, LLC, a Delaware limited liability company (“SmartStop”), shall continue to own a controlling interest in SSSHT
Advisor, LLC, a Delaware limited liability company (“SSSHT Advisor”); (v) that certain Advisory Agreement dated January 27, 2017 by and between SSSHT Advisor and SSSHT (the “Advisory Agreement”) shall continue
to be in full force and effect without modification, amendment, or assignment (except to the extent that any modification or amendment is (i) in connection with an initial public offering of stock made by SSSHT so long as (A) Lender
receives notice of such modification or amendment at least ten (10) days prior to the effective date thereof, (B) such amendment or modification does not result in a change of control of the parties to the Advisory Agreement, and
(C) such amendment or modification is otherwise materially consistent with the form of amendment or modification approved by Lender in connection with closing or (ii) required by any law and/or regulation applicable to Borrower, SSSHT
and/or the Property so long as Lender receives notice of such modification or amendment at least ten (10) days prior to the effective date thereof); and (vi) Borrower shall pay all of Lender’s actual costs and expenses incurred in
connection with each such Interest Transfer, including without limitation attorneys’ fees. 
 (b)    Upon not less
than thirty (30) days advance written notice to Lender, Borrower shall have a one-time right to transfer the Property (subject to the limitations provided herein) to a Transferee, without a change in the
Interest Rate, amortization or other terms, provided that the Transferee assumes in writing all of the obligations of the Loan Documents and is acceptable to Lender, in its sole and absolute discretion, and subject to the satisfaction of the
following conditions: (i) the Transferee shall be a Qualified Transferee; (ii) Borrower shall pay Lender at the time of transfer a cash assumption fee equal to one percent (1.00%) of the outstanding principal balance of the Loan and all of
Lender’s actual costs and expenses incurred in connection with the transfer and assumption, including without limitation reasonable attorneys’ fees); (iii) there is no continuing Event of Default or any event that is, or after notice or
passage of time would constitute, an Event of Default; (iv) Lender receives and approves an endorsement to Lender’s policy of title insurance; (v) Lender approves of any replacement management and leasing companies (including their
respective engagement agreements); (vi) any Guarantor obligations are assumed by a Replacement Guarantor acceptable to Lender in its sole discretion, or if there are no Guarantors, Lender shall have the right to require a Replacement Guarantor
execute Guaranty Agreements on Lender’s then current form of Guaranty Agreements if the conditions set forth in this Section 7.4(b) are not satisfied; and (vii) at the time of transfer, the Loan satisfies the Loan Assumption
Thresholds. In the event that, at the time of transfer, the Loan Assumption Thresholds are not satisfied, then Borrower and/or Transferee may make a partial prepayment of the Loan sufficient to satisfy the Loan Assumption Thresholds (as defined
below); provided, however, any such partial prepayment permitted in this Section 7.4(b) shall be subject to a Prepayment Premium. Upon transfer of the Property and satisfaction of all conditions set forth in this Section 7.4(b), Lender
shall release Borrower and Guarantor from liabilities under the Loan based on facts first arising after the effective date of the transfer. 

  

					
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 For purposes of this Section 7.4(b), “Loan Assumption Thresholds” shall
collectively mean: (x) the loan-to-value shall not exceed sixty percent (60%); (y) the loan to purchase shall not exceed fifty-five percent (55%); and
(z) a debt service coverage ratio of at least 2.00 to 1.00, based upon the Interest Rate and remaining amortization schedule (to be calculated excluding: (1) any Leases with tenants not in occupancy, (2) any Leases more than thirty
(30) days delinquent; and (3) any Leases with original terms of less than eleven and one-half (11.5) months), each of which shall be reasonably determined by Lender based upon Lender’s
Underwriting Requirements (as defined below). 
 For purposes of this Section 7.4(b), “Lender’s Underwriting
Requirements” shall mean Lender’s then current underwriting methodology for similar properties, including, but not limited to both historical operating reviews and performance and forward-looking proforma underwriting, property
condition, operating history, current occupancy, net operating income, debt service coverage, tenant exposures and financial conditions, tenant lease terms and lease rollover, market rents, any anticipated change in real estate taxes and/or
assessments due with respect to the property sale/transfer, property location, the Transferee’s financial condition and creditworthiness, the Transferee’s operating and management experience, and then current market conditions. 

7.5    Permitted Secondary Financing. 

(a)    Lender hereby acknowledges and consents to: the existence of an equity bridge loan to a direct or indirect owner of
Borrower and/or to Operating Partnership, Noble PPS, LLC, a Nevada limited liability company, and/or H. Michael Schwartz, and Lender further acknowledges that the existence of said equity bridge loan shall not be an Event of Default hereunder (the
“Permitted Secondary Financing”); provided, however, that no equity in Borrower or in any direct or indirect owner of Borrower shall be pledged as collateral for the Permitted Secondary Financing. At least ten (10) days prior
to the making of the Permitted Secondary Financing, Lender shall have received copies of all loan documentation evidencing the Permitted Secondary Financing, together with such other documentation that Lender may reasonably request, to confirm that
the Permitted Secondary Financing complies with this Section 7.5. Borrower shall pay all of Lender’s costs and expenses in connection with such Permitted Secondary Financing, including but not limited to any processing fees or
attorneys’ fees (internal and/or external). 
 (b)    Lender hereby acknowledges and consents to secondary
financing secured by non-Controlling Interests in one or more Permitted Entities (as defined below) (each, a “Permitted Pledge,” and collectively, the “Permitted Pledges”),
subject to each of the following conditions: 
 (i)    After giving effect to all Permitted Pledges, no
more than forty-nine percent (49%), whether in one transaction or in the aggregate, of the interests in any Permitted Entity have been pledged to one or more lenders; 

  

					
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 (ii)    No direct interests in Borrower have been pledged to
any lender; 
 (iii)    No general partnership interests in any Permitted Entity have been pledged to any
lender, which prohibition shall include, without limitation, the pledge of SSSHT’s, or any other owner’s, general partnership interest in Operating Partnership; 

(iv)    At least thirty (30) days prior to each Permitted Pledge, Lender shall have received evidence
reasonably satisfactory to Lender confirming that conditions 7.5(b)(i), (ii) and (iii) have been satisfied, which may include, without limitation, copies of any applicable pledge agreement; and 

(v)    Borrower shall pay all of Lender’s actual costs and expenses incurred in connection with each
Permitted Pledge, including without limitation attorneys’ fees. 
 As used herein, “Permitted Entity”
and “Permitted Entities” means, individually or collectively, as applicable, (1) SSSHT, (2) SSSHT Student Holdco, LLC, a Delaware limited liability company, and/or (3) Operating Partnership. 

ARTICLE VIII 
 EVENTS OF DEFAULT

 8.1    Event of Default. The term “Event of Default,” as used herein and in the other Loan
Documents, shall mean the happening or occurrence, at any time and from time to time, of any one or more of the following (and any Event of Default that has occurred shall continue unless and until Lender accepts a cure in accordance with the terms
hereof or waives (in writing) such Event of Default in its discretion): 
 (a)    Payments. Borrower shall fail,
refuse or neglect to make any payment or deposit required under the Loan Documents when due and payable, whether at the due date thereof stipulated in the Loan Documents including, without limitation, upon the Maturity Date, acceleration or
otherwise; provided, however, Borrower shall have a period of five (5) days to cure any monetary defaults (each a “Monetary Cure Period”) not more than once per Loan Year or three times during the term of the Loan, and if Borrower
cures such monetary default within the applicable Monetary Cure Period, the Loan shall not accrue at the Default Rate, but nothing herein shall limit Borrower’s obligation to pay the Late Charge due in connection with such late payment 

(b)    Performance of Obligations. Borrower shall fail, refuse or neglect or cause the failure, refusal or neglect
to comply with, perform and discharge fully and timely as and when required any of the Obligations other than a failure or breach otherwise referred to in other subsections of this Sections 8.1 and such failure or breach shall either not be curable
or, if curable, shall remain uncured for a period of thirty (30) days after the date Lender gives Notice thereof to Borrower; provided, however, that if such failure or breach is curable but requires work to be performed, acts to be done or
conditions to be remedied which, by their nature, cannot be performed, done or remedied, as the case may be, within such thirty (30) day period, no Event of Default shall be deemed to have occurred if Borrower commences same within such thirty
(30) day period and thereafter diligently and continuously prosecutes the same to completion within sixty (60) days after such Notice; 

  

					
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 (c)    False Representation. Any representation, warranty or statement
made by Borrower, Guarantor or others under or pursuant to the Loan Documents or any affidavit or other instrument executed or delivered with respect to the Loan Documents or the Indebtedness, including, but not limited to the Application, is
determined by Lender to be false or misleading in any material respect as of the date hereof or when made; 

(d)    Default Under Other Lien Document. Borrower shall default or commit an event of default under and pursuant
to any other mortgage or security agreement (beyond any applicable notice and cure period) which covers or affects any part of the Property; 

(e)    Insolvency; Bankruptcy. Borrower (i) as a result of an affirmative act and/or omission of Borrower,
shall cease to be Solvent or shall be unable to pay its Obligations as the same shall mature; (ii) shall execute an assignment for the benefit of creditors or an admission in writing of Borrower’s inability to pay, or Borrower’s
failure to pay, its debts generally as such debts become due; (iii) shall allow the levy against the Property or any part thereof, of any execution, attachment, sequestration or other writ which is not vacated within ninety (90) days after
the levy; (iv) shall allow the appointment of a receiver, trustee or custodian of Borrower or of the Property or any part thereof, which receiver, trustee or custodian is not discharged within ninety (90) days after the appointment;
(v) files as a debtor a petition, case, proceeding or other action pursuant to, or voluntarily seeks the benefit or benefits of, any debtor relief law, or takes any action in furtherance thereof; (vi) files either a petition, complaint,
answer or other instrument which seeks to effect a suspension of, or which has the effect of suspending, any of the rights or powers of Lender granted in the Note, herein or in any Loan Document; or (vii) allows the filing of a petition, case,
proceeding or other action against Borrower as a debtor under any debtor relief Law or seeks the appointment of a receiver, trustee, custodian or liquidator of Borrower or of the Property, or any part thereof, or of any significant part of
Borrower’s other property, and (a) Borrower admits, acquiesces in or fails to contest diligently the material allegations thereof, (b) the petition, case, proceeding or other action results in the entry of an order for relief or order
granting the relief sought against Borrower, or (c) the petition, case, proceeding or other action is not permanently dismissed or discharged on or before the earlier of trial thereon or ninety (90) days next following the date such
petition, case, proceeding or other action was filed; 
 (f)    Dissolution; Death. Borrower or any Guarantor
shall die, become incompetent (if an individual), dissolve, terminate, or liquidate; provided, however, in the event of the incompetence or death of a Guarantor, it shall only be an Event of Default if a replacement guarantor with financial strength
equal to or greater than that of the original Guarantor, as of the Closing Date, and acceptable to Lender, in Lender’s sole reasonable discretion, fails to execute and deliver to Lender a replacement Guaranty Agreement on Lender’s then
current form within the earlier of (i) one hundred twenty (120) days after the death or adjudication of incompetence of the Guarantor, or (ii) the date a claim must be made against the deceased Guarantor’s estate under Fla. Stat.
§ 733.702; 

  

					
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 (g)    No Further Encumbrances. Borrower creates, places or permits to
be created or placed, or through any act or failure to act, acquiesces in the placing of, or allows to remain, any secondary or subordinate Lien, mortgage, deed of trust or security interest of any kind whatsoever (“Subordinate
Mortgage”), regardless of whether such Subordinate Mortgage is expressly subordinate to the Liens of the Loan Documents, with respect to the Property, other than the Permitted Encumbrances; 

(h)    Disposition of Property or Beneficial Interest in Borrower. Borrower or any shareholder, member or partner
of Borrower makes a Disposition (unless expressly permitted pursuant to the terms hereof) without the prior written consent of Lender; 

(i)    Abandonment. Borrower abandons or removes all or any part of the Improvements, Security Property or Fixtures
and fails to replace them with items of equal or better value, utility and quality as the removed items were in their original condition; 

(j)    Discontinuance of Operations. Borrower vacates, or discontinues operations of or from, any substantial part
of the Property; 
 (k)    Guarantor’s or Borrower Party’s Default. The occurrence of any event
referred to in Section 8.1(e) hereof with respect to any Guarantor, Borrower Parties, Controlling Interest Owners or other Person obligated in any manner to pay or perform the Indebtedness or Obligations, respectively, or any part thereof (as
if such Guarantor, Borrower Party, Controlling Interest Owner or other Person were “Borrower” in such Section 8.1(e)); 

(l)    Failure to Obtain Lender’s Consent. Borrower shall, without first obtaining Lender’s prior written
consent, take any action that requires Lender’s consent under the Loan Documents; 
 (m)    Event of Default in
Loan Documents. A default beyond any applicable notice and cure periods or an Event of Default as defined in any of the Loan Documents; and 

(n)    Failure to Maintain Insurance. Borrower fails to maintain insurance required pursuant to Article VI of this
Agreement or fails to deliver to Lender the Evidence of Insurance as required by Article VI of this Agreement. 
 For the avoidance of
doubt, and notwithstanding anything in this Agreement or any of the other Loan Documents to the contrary, with respect to any use of the phrases “during the continuance of an Event of Default”, “if an Event of Default has occurred and
is continuing,” and similar phrases in this Agreement or any of the other Loan Documents, Lender shall not be obligated to accept any cure of a default following the expiration of the applicable cure period, if any, and if, following an Event
of Default, Borrower then proffers a cure of such Event of Default, such Event of Default shall only be considered cured within the timeframe of the applicable cure period provided for under the Loan Documents if Lender, in its sole and absolute
discretion, accepts such proffered cure in writing. 
 8.2    Remedies. Upon the occurrence of any Event of
Default, interest shall automatically begin to accrue at the Default Rate and Lender may, at its option and by or through a trustee, nominee, assignee or otherwise, to the fullest extent permitted by Law, exercise any or


  

					
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all of the rights and remedies available to Lender at law or in equity, under the terms of the Security Instrument, or any of the following rights, remedies and recourses, either successively or
concurrently: 
 (a)    Right to Perform Borrower’s Covenants. If Borrower has failed to keep or perform any
covenant whatsoever contained in any of the Loan Documents, Lender may, but shall not be obligated to any Person to do so, perform or attempt to perform said covenant, and any payment made or expense incurred (individually or collectively, a
“Protective Advance”) in the performance or attempted performance of any such covenant shall be and become a part of the Obligations, and Borrower promises to pay to Lender, at the place where the Note is payable, all sums so
advanced or paid by Lender, with interest from the date when paid or incurred by Lender at the Default Rate upon the earlier of the date that is ninety (90) days after Lender made the Protective Advance and five (5) days after Borrower
receives written demand from Lender. No such payment by Lender shall constitute a waiver of any Event of Default. In addition to the Liens hereof, Lender shall be subrogated to all rights, titles, Liens securing the payment of any debt, claim, tax
or assessment for the payment of which Lender may make an advance, or which Lender may pay. 
 (b)    Right to
Accelerate. Lender may, without notice, demand, presentment, notice of nonpayment or nonperformance, protest, notice of protest, notice of intent to accelerate, notice of acceleration or any other notice or any other action, all of which are
hereby waived by Borrower and all other parties obligated in any manner whatsoever on the Indebtedness, declare the entire unpaid balance of the Indebtedness immediately due and payable, and upon such declaration, the entire unpaid balance of the
Indebtedness shall be immediately due and payable. 
 (c)    Lender’s Uniform Commercial Code Remedies.
Lender may exercise its rights of enforcement with respect to Security Property under the Code, and in conjunction with, in addition to or in substitution for those rights and remedies: 

(i)    Lender may without demand or notice to Borrower, enter upon the Property to take possession of, assemble, receive
and collect the Security Property, or any part thereof, or to render it unusable; 
 (ii)    Lender may require
Borrower to assemble the Security Property and make it available at a place Lender designates which is mutually convenient to allow Lender to take possession or dispose of the Security Property; 

(iii)    Notice mailed to Borrower as provided in Section 9.1 herein at least ten (10) days prior to the date
of public sale of the Security Property or prior to the date after which private sale of the Security Property occurs shall constitute reasonable notice; 

(iv)    any sale made pursuant to the provisions of this subsection 8.2(c) shall be deemed to have been a public sale
conducted in a commercially reasonable manner if held contemporaneously with the sale of the other Property under power of sale as provided herein upon giving the same notice with respect to the sale of the Security Property hereunder as is required
for such sale of the other Property under power of sale, and such sale shall be deemed to be pursuant to a security agreement covering both real and personal property under the Code; 

  

					
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 (v)    in the event of a foreclosure sale, whether made under the terms of
the Security Instrument, or under judgment of a court, the Security Property and the other Property, or any portion thereof, may, at the option of Lender, be sold together; 

(vi)    it shall not be necessary that Lender take possession of the Security Property, or any part thereof, prior to the
time that any sale pursuant to the provisions of this subsection 8.2(c) is conducted, and it shall not be necessary that the Security Property or any part thereof be present at the location of such sale; 

(vii)    prior to application of proceeds of disposition of the Security Property to the Indebtedness, such proceeds
shall be applied to the reasonable expenses of retaking, holding, preparing for sale or lease, selling, leasing and the like and the reasonable attorneys’ fees and legal expenses incurred by Lender; 

(viii)    after notification, Lender may sell, lease or otherwise dispose of the Security Property, or any part thereof,
in one or more parcels at public or private sale or sales, at Lender’s offices or elsewhere, for cash, on credit or for future delivery. Borrower shall be liable for all expenses of retaking, holding, preparing for sale or the like and all
reasonable attorneys’ fees, legal expenses and all other costs and expenses incurred by Lender in connection with the collection of the Indebtedness and the enforcement of Lender’s rights under the Loan Documents. Lender shall apply the
proceeds of the sale of the Security Property against the Indebtedness in accordance with the provisions of Section 8.3 of this Agreement. Borrower shall remain liable for any deficiency if the proceeds of any disposition of the Security
Property are insufficient to pay the Indebtedness in full. Borrower waives all rights of marshaling in respect of the Security Property; 

(ix)    Lender may dispose of the Security Property in its then present condition, has no duty to repair or clean the
Security Property prior to sale and may disclaim warranties of title, possession, quiet enjoyment and the like with respect to the Security Property, all without affecting the commercial reasonableness of the sale; 

(x)    any and all statements of fact or other recitals made in any bill of sale, assignment or other instrument
evidencing any foreclosure sale hereunder, the nonpayment of the Loan, the occurrence of any Event of Default, Lender having declared all or a part of the Loan to be due and payable, the notice of time, place and terms of sale and of the properties
to be sold having been duly given, or any other act or thing having been duly done by Lender, shall be taken as prima facie evidence of the truth of the facts so stated and recited; 

(xi)    Lender may appoint or delegate any one or more Persons as agent to perform any act or acts necessary or incident
to any sale held by Lender, including the sending of notices and the conduct of the sale, but in the name and on behalf of Lender; and 

(xii)    Lender shall have the right at any time to enforce Borrower’s rights against account debtors and obligors.

 (d)    Other Rights. Lender (i) may surrender the insurance policies maintained pursuant to Article VI
hereof or any part thereof, and upon receipt shall apply the unearned premiums as a credit on the Indebtedness, in accordance with the provisions of Section 8.5 

  

					
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hereof, and, in connection therewith, Borrower hereby appoints Lender as agent and attorney-in-fact (which is
coupled with an interest and is therefore irrevocable) for Borrower to collect such premiums; (ii) may apply the reserve for Impositions and insurance premiums, if any, required by the provisions of this Agreement, toward payment of the
Obligations; and (iii) shall have and may exercise any and all other rights and remedies which Lender may have at law or in equity, or by virtue of any Loan Document or under the Code, or otherwise. The failure to exercise any remedy available
to Lender shall not be deemed to be a waiver of any rights or remedies of Lender under the Loan Documents, at law or in equity. 

(e)    Prepayments after Default. If, after the occurrence of an Event of Default, payment of all or any part of
the Obligations is tendered by Borrower and accepted by Lender in Lender’s sole and absolute discretion or is otherwise recovered by Lender (including through application of any reserve funds), such tender or recovery shall be deemed to be a
voluntary prepayment by Borrower in violation of the prohibition against prepayment set forth in Section 2.6 hereof, and Borrower shall pay, as part of the Obligations, all of the following: (i) all accrued interest and, if such tender and
acceptance is not made on a Payment Date, interest that would have accrued on the Obligations to, but not including, the next Payment Date and (ii) an amount equal to the Prepayment Premium. 

8.3    Application of Proceeds. The proceeds from any sale, lease, or other disposition made pursuant to this
Article VIII shall be applied by Lender to the Indebtedness in the following order and priority: (i) to the payment of all expenses of advertising, selling, and conveying the Property or part thereof, and/or prosecuting or otherwise collecting
Rents, other payments, proceeds, premiums, or other sums, including reasonable attorneys’ fees and a reasonable fee or commission to the party conducting the sale on behalf of Lender, not to exceed five percent of the proceeds thereof or sums
so received; (ii) to the remainder of the Indebtedness as follows: first, to the remaining accrued but unpaid interest, second, to the matured portion of principal of the Indebtedness, and third, to prepayment of the unmatured portion, if any,
of principal of the Indebtedness applied to installments of principal in inverse order of maturity; (iii) the balance, if any and to the extent applicable, remaining after the full and final payment of the Indebtedness and full performance and
discharge of the Obligations, to the holder or beneficiary of any inferior Liens covering the Property, if any, in order of the priority of such inferior Liens (Lender shall hereby be entitled to rely exclusively upon a commitment for title
insurance issued to determine such Liens and their priority); and (iv) the cash balance, if any, to the Borrower. The application of proceeds of sale or other proceeds as otherwise provided herein shall be deemed to be a payment of the
Indebtedness like any other payment. The balance of the Indebtedness remaining unpaid, if any, shall remain fully due and owing in accordance with the terms of the Loan Documents. 

8.4    Payment of Costs. To the fullest extent allowable under applicable Law, Borrower shall pay all costs
incurred or paid by Lender in connection with the Indebtedness, the Obligations, or the Loan Documents (i) in collecting payment, whether or not suit is filed; (ii) in defending and/or bringing suit, or if Lender otherwise becomes a party
to any suit or proceeding where the Indebtedness, Obligations, or any Loan Documents are involved, or if Lender is required to respond to any service of process, including a subpoena; (iii) in foreclosing or taking any other actions to secure
possession and exercise Lender’s rights with respect to any collateral; (iv) in connection with any bankruptcy, reorganization, or other similar proceeding, or any 

  

					
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probate proceeding, involving Borrower, any Guarantor, or any Interest Owner which in any way affects the exercise by Lender of its rights and remedies; (v) to otherwise enforce
Lender’s rights and remedies pursuant to or which arise out of this Agreement and/or any other Loan Document; (vi) in connection with the negotiation, preparation, and execution hereof and of any other Loan Document and any amendment
hereto or thereto, or any release, consent, approval, or waiver hereunder or under any other Loan Document; (vii) in connection with the making of any advance under the Note; (viii) incurred by Lender which are payable or reimbursable by
Borrower pursuant to any Loan Document; and (ix) which are the obligation of Borrower or incurred by Lender pursuant to any of the Loan Documents. All such costs shall be and become a part of the Indebtedness. Except as otherwise expressly
provided for herein, all such costs shall be due and payable when incurred and shall bear interest at the Default Rate from the date such costs are paid by Lender until Lender is reimbursed for the respective costs and interest. 

8.5    Setoff. In addition to all other rights under any of the Loan Documents, Borrower grants to Lender the
right, without any notice or demand, to set off against all money, securities, Termination Fees held by Lender or any agent of Lender, and similar assets of Borrower, now or hereafter in possession of or on deposit with Lender, whether held in a
general or special account or deposit, to apply such to any Indebtedness which is due and payable by Borrower to Lender in any order that Lender may determine in Lender’s discretion. 

8.6    Miscellaneous. 

(a)    Discontinuance of Remedies. In case Lender shall have proceeded to invoke any right, remedy or recourse
permitted under the Loan Documents and shall thereafter elect to discontinue or abandon same for any reason, Lender shall have the unqualified right so to do, and in such event, Borrower and Lender shall be restored to their former positions with
respect to the Indebtedness, the Loan Documents, the Property or otherwise, and the rights, remedies, recourses and powers of Lender shall continue as if same had never been invoked. 

(b)    Other Remedies. In addition to the remedies set forth in this Article and in the Security Instrument, upon
the occurrence of an Event of Default, Lender shall, in addition, have all other remedies available to it at law or in equity. 

(c)    Remedies Cumulative; Non-Exclusive; Etc. All rights, remedies
and recourses of Lender granted in the Loan Documents, any other pledge of collateral or otherwise available at law or in equity: (i) shall be cumulative and concurrent; (ii) may be pursued separately, successively or concurrently against
Borrower, the Property or any one or more of them, at the discretion of Lender; (iii) may be exercised as often as occasion therefor shall arise, it being agreed by Borrower that the exercise or failure to exercise any of same shall in no event
be construed as a waiver or release thereof or of any other right, remedy or recourse; (iv) shall be nonexclusive; (v) shall not be conditioned upon Lender exercising or pursuing any remedy in relation to the Property prior to Lender
bringing suit to recover the Indebtedness or suit on the Obligations; and (vi) in the event Lender elects to bring suit on the Indebtedness and/or the Obligations and obtains a judgment against Borrower prior to exercising any remedies in
relation to the Property, all Liens including the Lien of the Security Instrument, shall remain in full force and effect and may be exercised at Lender’s option. 

  

					
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 (d)    Partial Release; Etc. Lender may release, regardless of
consideration, any part of the Property without, as to the remainder, in any way impairing, affecting, subordinating or releasing the Lien evidenced by the Loan Documents or affecting the obligations of Borrower or any other party to pay the
Indebtedness or perform and discharge the Obligations. For payment of the Indebtedness, Lender may resort to any of the collateral therefor in such order and manner as Lender may elect. No collateral heretofore, herewith or hereafter taken by Lender
shall in any manner impair or affect the collateral given pursuant to the Loan Documents, and all collateral shall be taken, considered and held as cumulative. The taking of additional collateral, or the amendment, extension, renewal, or
rearrangement of the Indebtedness or Obligations, or any part thereof, shall not release or impair the Lien, or other rights granted by any of the Loan Documents, or affect the liability of Borrower, any endorser, constituent party, or Guarantor, or
any other Person or entity obligated for payment or performance of any portion of the Indebtedness or Obligations, or improve the right of any junior lienholder. 

(e)    Waiver and Release. Borrower, each Borrower Party and Guarantor, and all endorsers of the Note, hereby
irrevocably and unconditionally waive and release: (i) all benefits that might accrue to Borrower by virtue of any present or future Law exempting the Property from attachment, levy or sale on execution or providing for any appraisement, stay
of execution, exemption from civil process, redemption, or extension of time for payment; (ii) except as otherwise expressly required in any Loan Documents, all notice of any Event of Default, notice of the exercise of any right, remedy, or
recourse provided for under the Loan Documents, or any other notice under or with respect to all of the Loan Documents or any action taken by Lender in connection therewith; (iii) any right to a marshaling of assets or a sale in inverse order
of alienation; (iv) any right to be released, or any claim that a release has occurred, by reason of any extension of time or any modification to the terms of any of the Loan Documents, except a party will not be liable for an increase in the
amount of principal, or interest on such increased principal, pursuant to any such modification if such principal increase was not contemplated in the Loan Documents (absent such modification) or agreed to in writing by such party; and (v) all
rights to the benefits of any statute of limitations, moratorium, or laches now provided or which may hereafter be provided by federal or state Law or pursuant to common law, to the fullest extent such rights can be waived and released pursuant to
applicable Law. 
 (f)    No Implied Covenants. There are no, nor shall there be any, implied covenants of good
faith and fair dealing or other similar covenants or agreements in any of the Loan Documents. All agreed contractual duties are set forth in the Loan Documents. 

(g)    Real Property Laws Govern. The remedies in this Article VIII shall be available under and governed by the
real property Laws of the State and shall not be governed by the personal property Laws of the State provided Lender elects to proceed as to the Security Property together with the other Property under and pursuant to the real property remedies of
this Article VIII. 
 8.7    Cross Default. This Agreement is also evidenced and/or secured by the terms,
conditions and provisions of the Note, Security Instrument, Assignment, and additionally, may be secured by other contracts, agreements of guaranty or other security instruments. The terms, covenants, conditions and agreements of each security
instrument shall be considered a part hereof as fully as if set forth herein verbatim. Any default continuing beyond any applicable 

  

					
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notice and cure periods under any of the Loan Documents shall constitute an Event of Default hereunder and under each of the other Loan Documents. Notwithstanding the foregoing, the enforcement
or attempted enforcement of the Loan Documents now or hereafter held by Lender shall not prejudice or in any manner affect the right of Lender to enforce any other Loan Document. 

ARTICLE IX 
 MISCELLANEOUS 

9.1    Notices. Any notice or other communication required or permitted to be given under this Agreement shall be
in writing and either shall be sent by overnight courier service or personally delivered to a representative of the receiving party. All such communications shall be sent or delivered, addressed to the party for whom it is intended at its address
set forth below: 
  

			
	If to Borrower:	  	SSSST 700 W VIRGINIA ST, LLC
		  	10 Terrace Road
		  	Ladera Ranch, California 92694
		  	Attention: H. Michael Schwartz
		
	If to Lender:	  	NATIONWIDE LIFE INSURANCE COMPANY
		  	One Nationwide Plaza, Fifth Floor
		  	Columbus, Ohio 43215
		  	Attention: Real Estate Investments (1-05-701)

 Any communication so addressed and sent shall be deemed to have been delivered on the earlier of (1) actual delivery, and
(2) on the first Business Day after deposit with an overnight courier service, if such deposit is timely and appropriate in accordance with the requirements of such courier service for next business day delivery, in either case to the address
of the intended addressee (except as otherwise provided in any Security Instrument), and any communication so delivered in person shall be deemed to be given when receipted for by, or actually received by Lender or any Borrower, as the case may be.
Borrower or Lender may designate a change of address within the United States of America by written notice to the other by giving at least ten (10) days prior written notice of such change of address. 

9.2    Preservation of Rights. No delay or omission on Lender’s part to exercise any right or power arising
hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will Lender’s action or inaction impair any such right or power. Lender’s rights and remedies hereunder are cumulative and not
exclusive of any other rights or remedies which Lender may have under other agreements, at law or in equity. 

9.3    Illegality. If any provision contained in this Agreement should be invalid, illegal or unenforceable in any
respect, it shall not affect or impair the validity, legality and enforceability of the remaining provisions of this Agreement. 

9.4    Changes in Writing. No modification, amendment or waiver of, or consent to any departure by Borrower from,
any provision of this Agreement or any other Loan Document will be effective unless made in a writing signed by the party to be charged, and then such waiver or 

  

					
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consent shall be effective only in the specific instance and for the purpose for which given. Notwithstanding the foregoing, Lender may modify any of the Loan Documents for the purposes of
completing missing content or correcting erroneous content, without the need for a written amendment, provided that Lender shall send a copy of any such modification to Borrower (which notice may be given by electronic mail). No notice to or demand
on Borrower will entitle Borrower to any other or further notice or demand in the same, similar or other circumstance. 

9.5    Entire Agreement. This Agreement together with the other Loan Documents constitute the entire agreement and
supersede all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. 

9.6    Counterparts. This Agreement may be signed in any number of counterpart copies and by the parties hereto on
separate counterparts, but all such copies shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by electronic transmission shall be effective as delivery of a manually executed
counterpart. Any party so executing this Agreement by electronic transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by electronic
transmission. 
 9.7    Successors and Assigns. This Agreement will be binding upon and inure to the benefit of
Borrower and Lender and their respective heirs, executors, administrators, successors and assigns; provided, however, that Borrower may not assign this Agreement in whole or in part without Lender’s prior written consent and Lender at any time
may assign this Agreement in whole or in part. 
 9.8    Interpretation. In this Agreement, unless Lender and
Borrower otherwise agree in writing, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to statutes are to be construed as including all statutory provisions consolidating,
amending or replacing the statute referred to; the word “or” shall be deemed to include “and/or”, the words “including”, “includes” and “include” shall be deemed to be followed by the words
“without limitation”; references to articles, sections (or subdivisions of sections) or exhibits are to those of this Agreement; and references to agreements and other contractual instruments shall be deemed to include all subsequent
amendments and other modifications to such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Agreement. Section headings in this Agreement are included for convenience of reference
only and shall not constitute a part of this Agreement for any other purpose. Unless otherwise specified in this Agreement, all accounting terms used herein shall be interpreted and all accounting determinations shall be made in accordance with
generally accepted accounting principles consistently applied, except as to accounting terms applicable to financial information of the Schwartz Trust. If this Agreement is executed by more than one party as Borrower, the obligations of such Persons
will be joint and several. 
 9.9    No Consequential Damages, Etc. Lender will not be responsible for any
damages, consequential, incidental, special, punitive or otherwise, that may be incurred or alleged by any Person, including Borrower and any Guarantor, as a result of this Agreement, the other Loan Documents, the transactions contemplated hereby or
thereby, or the use of the proceeds of the Loan. 

  

					
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 9.10    Governing Law and Jurisdiction. This Agreement has been
delivered to and accepted by Lender and will be deemed to be made in the State. This Agreement will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the Laws of the State, excluding its conflict of
laws rules. Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Real Property is located; provided that nothing contained in this Agreement will prevent Lender
from bringing any action, enforcing any award or judgment or exercising any rights against Borrower individually, against any security or against any property of Borrower within any other county, state or other foreign or domestic jurisdiction. The
venue provided above is the most convenient forum for both Lender and Borrower. Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Agreement. 

9.11    Modification Not an Impairment of Security. Lender, without notice, may release any part of the security
described herein or may release any Person liable for the Loan without in any way affecting the priority of the Security Instrument, to the full extent of the Loan remaining unpaid hereunder, upon any part of the security not expressly released.
Lender, at its option and within Lender’s discretion, may agree with any party obligated on the Loan or having any interest in the security described herein, to extend the time for payment of any part or all of the Loan, and such agreement
shall not, in any way, release or impair the Security Instrument, but shall extend the same as against the title of all parties having any interest in said security, which interest is subject to the Security Instrument. In the event Lender
(a) releases, as aforesaid, any part of the security described herein or any Person liable for the Loan; (b) grants an extension of time for the payment of the Note; (c) takes other or additional security for the payment of the Note;
or (d) waives or fails to exercise any rights granted in any of the Loan Documents, any said act or omission shall not release Borrower, subsequent purchasers of the Property or any part thereof, or any Guarantor from any obligation or any
covenant of any of the Loan Documents, nor preclude Lender from exercising any right, power or privilege herein granted or intended to be granted in the event of any other default then made or any subsequent default. 

9.12    Replacement Documents. Upon receipt of an affidavit of an officer of Lender as to the loss, theft,
destruction or mutilation of the Note or any other Loan Document which is not of public record and, in the case of any such mutilation, upon surrender and cancellation of such Note or other Loan Document, Borrower, at its expense, will issue, in
lieu thereof, a replacement Note or other Loan Document, dated the date of such lost, stolen, destroyed or mutilated Note or other Loan Document in the same principal amount thereof and otherwise of like tenor.

9.13    Sole Discretion of Lender. Wherever 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 that arrangements or terms are satisfactory or not satisfactory shall be in the sole discretion of Lender
and shall be final and conclusive, except as may be otherwise expressly and specifically provided herein. 

  

					
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 9.14    Expenses. Borrower shall pay Lender, upon the execution of
this Agreement, and otherwise on demand, all costs and expenses incurred by Lender in connection with the preparation, negotiation and delivery of this Agreement and the other Loan Documents, and any modifications thereto, and the collection of all
of the Obligations, including but not limited to enforcement actions, relating to the Loan, whether through judicial proceedings or otherwise, or in defending or prosecuting any actions or proceedings arising out of or relating to this Agreement,
including reasonable fees and expenses of counsel (which may include costs of in-house counsel), expenses for auditors, appraisers and environmental consultants, lien searches, recording and filing fees and
taxes. Fees and expenses imposed or incurred by Lender in connection with considering any request by Borrower for approval, modification or waiver may include a reasonable processing fee imposed by Lender and reasonable legal fees, if counsel is
used (including, without limitation, in-house and outside counsel), and shall be paid or reimbursed to Lender by Borrower regardless of whether Lender shall have given such approval or waiver or agreed to such
modification. 
 9.15    UCC Financing Statements. Borrower authorizes Lender to file such financing statements,
with or without the signature of Borrower, as Lender may elect, as may be necessary or desirable to perfect the Lender’s Lien in the Security Property. Without limiting any other provision herein, Borrower hereby authorizes Lender to file one
or more financing statements and any renewal or continuation statements thereof, describing the Property and the proceeds of the Property, including, without limitation, a financing statement covering “all assets of Borrower, all proceeds
therefrom, and all rights and privileges with respect thereto.” Borrower further authorizes Lender to file, with or without any additional signature from Borrower, as Lender may elect, such amendments and continuation statements as Lender may
deem necessary or desirable from time to time to perfect or continue the Lender’s Lien in the Security Property. Borrower hereby ratifies any financing statements that may have been filed by Lender in advance of the date hereof to perfect
Lender’s security interest in the Security Property. 
 9.16    Secondary Market. Lender may, at any time,
sell, transfer or assign any of the Loan Documents, any or all servicing rights with respect thereto, or grant participations therein or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in a rated or
unrated public offering or private placement. Lender may forward to each purchaser, transferee, assignee, servicer or participant (collectively, “Investor”), and each prospective Investor, all documents and information which Lender
now has or may hereafter acquire relating to the Loan and to Borrower, any Guarantor and the Property, whether furnished by Borrower, any Guarantor or otherwise, as Lender determines necessary or desirable. In connection therewith, Borrower agrees
that it shall cooperate with Lender and use commercially reasonable efforts to facilitate the consummation of any such sale, transfer, assignment, participation or grant. 

9.17    WAIVER OF JURY TRIAL. EACH OF BORROWER AND LENDER IRREVOCABLY WAIVES ANY AND ALL RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. BORROWER AND LENDER ACKNOWLEDGE THAT THE
FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 

  

					
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 9.18    Time of the Essence. Time is of the essence with respect to
the performance of Borrower’s and Guarantor’s obligations under the Loan Documents. 
 9.19    Electronic
Images. Except for the Note, Borrower hereby acknowledges and agrees that Lender may create electronic images and destroy paper originals of any imaged documents received or generated by Lender in connection with the Loan. Except for the Note,
any such images maintained by Lender as part of its normal business processes shall be given the same legal effect as the paper original(s) thereof. Except for the Note, Borrower hereby agrees that Lender may convert any instrument into a
“electronic record” under the Uniform Electronic Transactions Act (Ohio Uniform Commercial Code Section 1306.01, et seq.) (the “UETA”), and that the image of such instrument in Lender’s possession shall
constitute an “authoritative copy” under the UETA. 
 9.20    Due on Sale. Lender, at its option, may
declare the entire balance of the Note to be immediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of all or any part of the Property, except for Permitted Encumbrances and subject
to Borrower’s right to contest any lien or encumbrance as provided in Section 5.9 above. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 

9.21    Collection, Expenses, and Attorneys’ Fees. On or after the occurrence of an Event of Default, to the
extent permitted by law, Borrower agrees to pay all expenses of collection, enforcement or protection of Lender’s rights and remedies under this Loan Agreement, the Note or any other Loan Document. Expenses include, but are not limited to,
reasonable attorneys’ fees or a larger amount as the court judges as reasonable and just, court costs and other legal expenses. These expenses are due and payable immediately. If not paid immediately, these expenses will bear interest from the
date of payment until paid in full at the Default Rate. All fees and expenses will be secured by the Property. In addition, to the extent permitted by the United States Bankruptcy Code, Borrower agrees to pay the reasonable attorneys’ fees
incurred by Lender to protect Lender’s rights and interests in connection with any bankruptcy proceedings initiated by or against Borrower. 

ARTICLE X 
 LIMITATION OF LIABILITY

 10.1    Non-Recourse Liability. Except as hereinafter provided, the
liability of Borrower and any Guarantor with respect to the payment of principal and interest hereunder shall be “non-recourse,” and Lender’s source of satisfaction of the Indebtedness and
Borrower’s and Guarantor’s other obligations under the Loan Documents shall be limited to the Property and Lender’s receipt of the Rents from the Property and any other security or collateral now or hereafter held by Lender. Lender
shall not seek to procure payment out of other assets of Borrower, any Guarantor or any Person comprising Borrower, nor seek any judgment (except as hereinafter provided) for any sums that are or may be payable under the Loan Documents, including
any claim or judgment (except as hereafter provided) for any deficiency remaining after foreclosure of the Security Instrument. The above provisions shall not be deemed to be a release or impairment of the Loan evidenced by the Note or the security
therefor intended by the other Loan Documents, nor be deemed to preclude Lender from exercising its rights to foreclose 

  

					
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the Security Instrument or to enforce any of its other rights or remedies under the Loan Documents, including but not limited to the Guaranty Agreement. It is expressly understood and agreed that
the aforementioned limitation on liability shall in no way affect or apply to the continued personal liability of Borrower or any Guarantor, jointly and severally, for all Enforcement Costs and any and all costs, expenses (including Protective
Advances), losses and/or damages incurred by Lender as a result of any of the following: 
 (a)    Fraud, willful
misconduct or material misrepresentation made by any of the Borrower Parties in connection with the Application, any of the Loan Documents, or any other supporting or due diligence documentation provided by Borrower, Guarantor or any of the other
Borrower Parties in connection therewith; 
 (b)    Failure to pay any taxes which accrue prior to Lender taking title
to the Property, or to pay assessments, charges for labor or materials, or any other charges that could result in Liens on all or any portion of the Property (except to the extent that sums sufficient to pay such amounts have been deposited into a
cash collateral account with Lender for the purpose of paying such assessments and charges); 
 (c)    Misapplication or
misappropriation of: (A) proceeds of insurance covering all or any portion of the Property, (B) proceeds of the sale or condemnation of all or any portion of the Property, or (C) rentals or other income from the Property received by
or on behalf of Borrower and not applied to satisfy Borrower’s obligations hereunder and/or under the Loan Documents; 

(d)    Causing or permitting waste, arson, or other similar damage to occur in, on or about the Property; 

(e)    Failure to pay to Lender, upon an Event of Default, all unearned advance rentals and security deposits that have
been paid by tenants of the Property to the extent that such funds have not been refunded to such tenants; 

(f)    [Intentionally Omitted]; 

(g)    Loss by fire, casualty, acts of terrorism, or other events, not compensated by insurance proceeds collected by or
remitted to Lender as a result of Borrower’s failure to comply with Lender’s insurance requirements (including the payment of any required deductibles); 

(h)    Failure to return to Lender or reimburse Lender for all Security Property owned by Borrower taken from the Property
by or on behalf of Borrower out of the ordinary course of business and not replaced by items of like or greater value than the original value of the Security Property so removed; 

(i)    Any breach of any representation, warranty, covenant or indemnity obligations under the Indemnity Agreement; and

 (j)    Borrower’s failure to timely pay any amounts payable for all state documentary stamp taxes, recording and
transfer taxes, and intangible personal property taxes, if any, which may be levied or assessed against the Loan, or any of the Loan Documents, together with all interest, penalties or charges in connection therewith. 

  

					
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 The obligations of Borrower in subsections (a) through (j) above shall survive the repayment
of the Loan and satisfaction of the Security Instrument. Notwithstanding the foregoing, the obligations in subsection (i) above shall be deemed terminated upon the termination of the corresponding obligations pursuant to Sections 6.12 of the
Indemnity Agreement. 
 10.2    Full Recourse Liability. Borrower and Guarantor shall become personally liable,
jointly and severally, for the entire amount of the Loan (including all principal, interest and other charges associated therewith) and performance under the Loan Documents in the event that: (A) Borrower or any Person having a direct or
indirect interest in Borrower violates the covenant governing the placing of secondary financing pursuant to Sections 4.11(a)(ix), 7.1(k) or 8.1(g) of this Agreement, (B) Borrower or any Person having a direct or indirect interest in Borrower
violates the covenant restricting Dispositions pursuant to Article VII of this Agreement, (C) any of the Borrower Parties files a petition in bankruptcy or for the appointment of a receiver, or commences under any bankruptcy or insolvency law,
proceedings for any Borrower Parties’ relief or for the compromise, extension, arrangement or adjustment of Borrower Parties’ obligations, (D) there is filed against any of the Borrower Parties a petition in bankruptcy or for the
appointment of a receiver, or there is commenced under any bankruptcy or insolvency law, proceedings for Borrower Parties’ relief, or for the compromise, extension, arrangement or adjustment of any of the Borrower Parties’ obligations
resulting from a breach of the Loan Documents or any of the Borrower Parties collusion in an involuntary bankruptcy proceeding filed against any of the Borrower Parties which is not dismissed within ninety (90) days after the filing of same,
(E) there is filed against Borrower any claim by reason of the operation of federal bankruptcy, state insolvency or similar creditors’ rights laws that is based on (i) the Loan being deemed a fraudulent conveyance or fraudulent
transfer; or (ii) the Loan being deemed a preferential transfer, (F) in the event any Borrower Parties or any affiliate thereof challenges or disputes the validity or enforceability of any of the provisions of the Loan Documents following
a Material Default, seeks to delay or impair the enforcement of Lender’s remedial rights under the Loan Documents following a Material Default under the Loan Documents, or challenges the validity, enforceability or first priority of the liens
and security interests securing payment of amounts owing or payable under the terms of the Loan Documents (unless prior to such challenge Borrower has either commenced turning over all revenue (including any security deposits) from the Property or
Borrower has cooperated with the appointment of a receiver to preserve and protect the Property during the pendency of such challenge), or (G) Borrower commits a material violation of Section 4.11 of this Agreement which is a contributing
factor in the substantive consolidation of Borrower with another entity. 
 [SIGNATURE PAGES TO FOLLOW] 

  

					
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 [Borrower’s Signature Page to Loan Agreement] 

IN WITNESS WHEREOF, Borrower has caused this Agreement to be duly executed and delivered as of the date first above written. 

 

					
	BORROWER:
	
	 SSSST 700 W VIRGINIA ST, LLC,

a Delaware limited liability company

		
	By:	 	 Strategic Student & Senior Housing Trust, Inc., a Maryland corporation,

its Manager

			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	Chief Executive Officer


 [Lender’s Signature Page Follows] 

  

					
	Domain at Tallahassee	 		 	Loan No. 00-1102733










 [Lender’s Signature Page to Loan Agreement] 

IN WITNESS WHEREOF, Lender has caused this Agreement to be duly executed and delivered as of the date first above
written.     
  

			
	LENDER:
	
	NATIONWIDE LIFE INSURANCE COMPANY, an Ohio corporation
		
	By:	 	 /s/ Michael C. Beidelman

	Print Name:	 	Michael C. Beidelman
	Title:	 	 Senior Investment Professional
 Real Estate
Investments

		 	Authorized Signatory



  

					
	Domain at Tallahassee	 		 	Loan No. 00-1102733