Master Lease Agreement



 Exhibit 10.1 
 MASTER LEASE AGREEMENT 
 THIS MASTER LEASE AGREEMENT (this
“Lease”), is made as of this 11th day of October, 2011, by and between TNP SRT OSCEOLA VILLAGE, LLC, a Delaware limited liability company (“Master Lessor”) and TNP SRT OSCEOLA VILLAGE MASTER LESSEE, LLC, a Delaware limited
liability company (“Master Lessee”); and TNP Strategic Retail Trust, Inc., a Maryland corporation (“Guarantor”). 
 RECITALS: 
 A. American National Insurance Company (together with its
successors and assigns, the (“Lender”), is making a loan (the “Loan”) to Master Lessor pursuant to Lender’s Mortgage Loan Commitment (“Loan Commitment”) in the original principal aggregate amount of Nineteen
Million and No/100 Dollars ($19,000,000.00). 
 B. The Loan is to be evidenced by that certain promissory note (said promissory
note, and all amendments, restatements, renewals, modifications, consolidations, refinancing, assignments and extensions thereof, is hereafter referred to the “Note”) dated on or about the date hereof executed by Master Lessor for the
benefit of Lender in the original principal aggregate amount of $19,000,000.00 and that certain Mortgage, Assignment of Rents and Leases, Security Agreement and Financing Statement (said mortgage and all amendments, restatements, renewals,
modifications, consolidations, refinancing, assignments and extensions thereof, the “Mortgage”) and other loan documents given as security therefor (such other loan documents, and all amendments, restatements, renewals, modifications,
consolidations, refinancing, assignments and extensions thereof, collectively together with the Note and the Mortgage are collectively, the “Loan Documents”). Any capitalized terms not otherwise defined herein shall have the meanings given
to them in either the Mortgage unless the context hereof specifically requires otherwise. 
 C. Tenant is affiliated with the
Master Lessor and the Master Lessor and Lender entered into the Loan Commitment which required that Tenant execute this Lease, to be assigned by Master Lessor to Lender pursuant to the Loan Documents, as a condition precedent to Lender’s
obligation to make the Loan. 
 D. Tenant directly or indirectly owns an interest in Master Lessor and Tenant has received a
direct, material benefit due to Lender’s making of the Loan to Master Lessor. 

  
  

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 E. Except as expressly provided herein, Master Lessee’s obligation to pay rent shall
not be reduced and this Lease shall not be amended or terminated by any act or omission of Master Lessor, Master Lessor’s Lender, or any other occupant or other tenant or subtenant of the Premises, including any use or occupancy thereof by
Master Lessor, Master Lessor’s Lender or any other occupant or other tenant or subtenant thereof, or by any other occurrence. It is intended that this Lease and the rents there from will be included in the rents and profits assigned by Master
Lessor to Lender under the Loan Documents. Master Lessee and Lender intend and agree that Master Lessee’s obligations hereunder shall continue and extend to (i) any transfer of the Loan by Lender, (ii) any purchaser at a foreclosure
sale by Lender, and (iii) to any transferee in connection with a deed-in-lieu of foreclosure transaction by Lender. 
 F.
The parties hereby acknowledge that this Lease is security for the Loan and is a condition precedent for Lender’s agreement to make the Loan. Except as expressly provided herein, Master Lessee’s obligation to pay rent shall not be reduced
and this Lease shall not be amended or terminated by any act or omission of Master Lessor, Lender, or any other occupant or other tenant or subtenant of the Premises, including any use or occupancy thereof by Master Lessor, Lender or any other
occupant or other tenant or subtenant thereof, or by any other occurrence. It is intended that this Lease and the rents there from will be included in the rents and profits assigned by Lender under the Loan Documents. Master Lessee and Lender intend
and agree that Master Lessee’s obligations hereunder shall continue and extend to (i) any transfer of the Loan by Lender, (ii) any purchaser at a foreclosure sale by, and (iii) to any transferee in connection with a deed-in-lieu
of foreclosure transaction by Lender. The Master Lease is independent of this Note and survives the foreclosure of the Mortgage. 

ARTICLE 1: 

PREMISES 

In consideration of the obligation of Master Lessee to pay rent and of the other terms, provisions and covenants hereof, Master Lessor
leases to Master Lessee, and Master Lessee leases from Master Lessor, all that certain real property and the improvements constructed thereon containing approximately 23,005 square feet (the “Premises”), together with all rights, easements
and appurtenances pertaining thereto located in Kissimmee, Florida, more particularly described in Exhibit A, and commonly known as Osceola Village, a multi-use shopping center containing approximately 116,000 square feet located at 3020-3086
Dyer Road (the “Center”), which Center is more particulary described on Exbibit A-1, of which the Premises are a part. 
 Notwithstanding the foregoing, the Premises shall be reduced proportionately for each square foot of space leased to third-party tenants pursuant to an Approved Lease (defined below) in accordance with
this Lease. 

  
  

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 ARTICLE 2: 
 TERM OF LEASE, COMMENCEMENT, EXTENSION OPTION AND SURRENDER 
 2.01.
Commencement and Term of Lease. The term of this Lease (the “Term”) shall commence on the date hereof (the “Commencement Date”), and shall expire on the earlier to occur of (i) seven (7) calendar years after the
Commencement Date; (ii) the date on which all available rentable space in the Premises is rented to third-party tenants reasonably acceptable to Lender, and otherwise on terms providing for at least $19 per square foot of space, with a term of
seven (7) years or longer, and obligating such tenants to pay their respective proportionate share of all common area maintenance charges, taxes, and insurance, and otherwise in a form and substance reasonably approved by Lender (each, an
“Approved Lease”); (iii) the date on which that certain $19,000,000 loan (the “Loan”) from American National Insurance Company (the “Lender”) to Master Lessee is paid in full in cash (not as a result of a credit
bid by Lender at a foreclosure sale). If the Commencement Date is other than the first day of a calendar month, the Term shall extend through the end of the calendar month. 
 2.02. Surrender and Conveyance by Master Lessee to Master Lessor. Master Lessee, its successors and assigns and grantees of the Premises and lessees in and under leases (whether characterized as
“leases” or “subleases”) made by Master Lessee (either as lessor or sublessor) for space in, or of parts or portions of the Premises for terms commencing on or subsequent to the date of this Lease, expressly covenant and agree
with Master Lessor that upon the expiration or termination of this Lease all improvements to the Premises (excluding personal and trade fixtures, or other fixtures and inventory), shall become the property of Master Lessor. 

ARTICLE 3: 

BASE RENT AND RENT ADJUSTMENT 
 3.01. Base Rent. Base Rent shall be payable monthly in advance without demand and without set off as follows: 
 Master Lessee will pay Master Lessor Base Rent in equal monthly installments in an amount equal to $36,424.58. 
 Notwithstanding the foregoing, Base Rent shall be reduced proportionately for each square foot of space leased to third-party tenants pursuant to an Approved Lease in accordance with this Lease.

 Commencing on the fifth (5th) day of the first full calendar month following the Commencement Date, monthly installments of Base Rent shall be
due and payable without demand on or before the fifth
(5th) day of each calendar month thereafter during
the Term. The rental payment for any fractional calendar month at the end of the Term shall be prorated. 

  
  

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 ARTICLE 4: 
 CONDITION; PERMITTED USE 
 4.01. As Is, Where Is. Master Lessee
accepts the Premises As-Is Where Is from time to time, with all faults. Master Lessor has no obligation to maintain or repair the Premises or take any action with respect thereto. Master Lessor has no responsibility, obligation or liability of any
type or nature whatsoever, either express or implied, except as specifically set forth herein. 
 4.02 Permitted Use. The
Premises shall be continuously used by Master Lessee and all third-party tenants for ordinary retail and shopping center uses, in commercially reasonable manner, and in no event shall any such use (i) violate any restriction or exclusive right
granted to another tenant or occupant of the Center containing the Premises, or entitle another tenant or occupant to reduce its rent or terminate its lease; (ii) be in breach of any recorded restrictions, agreements or covenants applicable to
the Center; (iii) involve the storage, use or disposal of any material or substance which is then classified as “hazardous” or “toxic” by any law or regulation; (iv) adversely affect the reputation or image of the
Center, as reasonably determined by Master Lessor; (v) require Master Lessor to perform any alterations to the Premises or the remainder of the Center by reason of any applicable law, code or regulation unless Master Lessee agrees to pay for
such alterations; (vi) violate any zoning or certificate of occupancy affecting the Premises; (vii) cause injury to the Center; (viii) cause the value or usefulness of all or any part of the Center to diminish; (ix) constitute a
public or private nuisance or waste; or (x) render the insurance of the Premises void or the insurance risk more hazardous. 

ARTICLE 5: 

COMMON AREA MAINTENANCE; TAXES 
 5.01. Definition of Common Area. The term “Common Area,” as used in this Lease means all areas and the improvements thereon within the exterior boundaries of the Center now or later made
available for the general use of Master Lessor, Master Lessee and other persons entitled to occupy the Center and their customers, including, without limitation, the parking facilities of the Center, loading and unloading areas, trash areas,
roadways, sidewalks, walkways, parkways, driveways, landscaped areas, and similar areas and facilities situated within the Center which are not reserved for the exclusive use of any tenants in the Center, and the exterior surfaces and roofs of the
Center. Without limiting this definition, Master Lessor may include in the Common Area those portions of the Center presently or later sold or leased to purchasers or tenants. Common Area shall not include (i) the entryway to a tenant’s
premises, (ii) any improvements installed by a tenant outside of its premises, whether with or without Master Lessor’s knowledge or consent, or (iii) any areas or facilities that are included in the description of premises leased to a
tenant. 

  
  

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 5.02 Maintenance and Use of Common Area. The manner in which the Common Area
shall be maintained shall be solely determined by Master Lessor. If any owner or tenant of any portion of the Center maintains Common Area located upon its parcel or demised premises (Master Lessor shall have the right in its sole discretion to
allow any purchaser or tenant to so maintain Common Area located upon its parcel or demised premises and to be excluded from participation in the payment of Common Area Expenses as provided below), Master Lessor shall not have any responsibility for
the maintenance of that portion of the Common Area and Master Lessee shall have no claims against Master Lessor arising out of any failure of such owner or tenant to so maintain its portion of the Common Area. The use and occupancy by Master Lessee
of the Premises shall include the right to use the Common Area (except those portions of the Common Area on which have been constructed or placed permanent or temporary kiosks, displays, carts, and stands and except areas used in the maintenance or
operation of the Center), in common with Master Lessor and other tenants of the Center and their customers and invitees, subject to (i) the rights of other tenants in the Center; and (ii) such rules and regulations concerning the Center as
may be established by Master Lessor from time to time. Master Lessee agrees to promptly comply with all such rules and regulations and any amendments thereto, upon receipt of written notice from Master Lessor. Master Lessee hereby acknowledges that
Master Lessor shall have no obligation whatsoever to provide security service or other security measures for the benefit of the Premises or the Shopping Center. Master Lessee assumes all responsibility for the protection of Master Lessee, its
agents, employees, contractors, customers and invitees and the property of Master Lessee and of Master Lessee’s agents, employees, contractors, customers and invitees, from acts of third parties. Nothing herein contained shall prevent Master
Lessor, at Master Lessor’s sole option, from providing security protection for the Center or any part of it. 
 5.03
Control of and Changes to the Common Area. Master Lessor shall have the sole and exclusive control of the Common Area, as well as the right to make reasonable changes to the Common Area. Master Lessor’s rights shall include, but not be
limited to, the right to (a) restrain the use of the Common Area by unauthorized persons; (b) cause Master Lessee to remove or restrain persons from any unauthorized use of the Common Area if they are using the Common Area by reason of
Master Lessee’s presence in the Center; (c) utilize from time to time any portion of the Common Area for promotional, entertainment, and related matters; (d) place permanent or temporary kiosks, displays, carts, and stands in the
Common Area and to lease same to tenants; (e) temporarily close any portion of the Common Area for repairs, improvements or alterations, to discourage non customer use, to prevent public dedication or an easement by prescription from arising,
or for any other reason deemed appropriate in Master Lessor’s judgment; and (f) reasonably change the shape and size of the Common Area, add, eliminate or change the location of improvements to the Common Area, including, without
limitation, buildings, lighting, parking areas, landscape areas, roadways, drive aisles, walkways and curb cuts. 

  
  

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 5.04 Common Area Expenses. The term “Common Area Expenses” as used in this
Lease means all costs and expenses incurred by Master Lessor, in (a) operating, managing, policing, insuring, servicing, repairing and maintaining the Common Area, (b) maintaining, repairing and replacing the exterior surface of exterior
walls and maintaining, repairing and replacing roofs of the buildings from time to time constituting the Center including the Building; and (c) operating, insuring, repairing, replacing and maintaining the Common Utility Facilities.
“Common Utility Facilities” are defined to include but are not limited to, sanitary sewer lines and systems, gas lines and systems, water lines and systems, fire protection lines and systems, electric power, telephone and communication
lines and systems, and storm drainage and retention facilities not exclusively serving the premises of any tenant or store located in the Center. Common Area Expenses shall include, without limitation, the following: expenses for maintenance,
landscaping, repaving, resurfacing, repairs, replacements, painting, lighting, cleaning, trash removal, security, fire protection and similar items; non refundable contributions toward one or more reserves for replacements other than equipment;
rental on equipment; charges, surcharges, and other levies related to the requirements of any federal, state or local governmental agency; expenses related to the Common Utility Facilities; personal property taxes and Real Property Taxes on the
improvements and land comprising the Common Area; costs of insurance maintained by Master Lessor pursuant to this Lease; costs of improvements to the Common Area as may be required from time to time by any laws, ordinances, rules or regulations of
any governmental authority or agency having jurisdiction thereof; and a sum payable to Master Lessor for administration and overhead in an amount equal to ten percent (10%) of the Common Area Expenses for the applicable year. 

5.05 Determination of Master Lessee’s Monthly Common Area Expense Charge. From and after the Commencement Date, Master
Lessee shall pay to Master Lessor, on the first day of each calendar month during the Term of this Lease, Master Lessee’s percentage share of an amount estimated by Master Lessor to be the Monthly Common Area Expenses for the Center for that
month (“Master Lessee’s Monthly Common Area Expense Charge”). 
 5.06 Estimate Statement. Prior to the
Commencement Date and on or about March 1st of each subsequent calendar year during the Term of this Lease, Master Lessor will endeavor to deliver to Master Lessee a statement (“Estimate Statement”) wherein Master Lessor will estimate
both the Common Area Expenses and Master Lessee’s Monthly Common Area Expense Charge for the then current calendar year. Master Lessee agrees to pay Master Lessor, as additional rent, Master Lessee’s estimated Monthly Common Area Expense
Charge each month thereafter, beginning with the next installment of rent due, until such time as Master Lessor issues a revised Estimate Statement or the Estimate Statement for the succeeding calendar year; except that, concurrently with the
regular monthly rent payment next due following the receipt of each such Estimate Statement, Master Lessee agrees to pay Master Lessor an amount equal to one monthly installment of Master Lessee’s estimated Monthly Common Area Expense Charge
(less any applicable Common Area Expenses already paid) multiplied by the number of months from January, in the current calendar year, to the month of such rent payment next due, all months inclusive. If at any time during the Term of this Lease,
but not more often than quarterly, Master Lessor reasonably determines that Master Lessee’s Share of Common Area Expenses for the current 

  
  

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calendar year will be greater than the amount set forth in the then current Estimate Statement, Master Lessor may issue a revised Estimate Statement and Master Lessee agrees to pay Master Lessor,
within ten (10) days of receipt of the revised Estimate Statement, the difference between the amount owed by Master Lessee under such revised Estimate Statement and the amount owed by Master Lessee under the original Estimate Statement for the
portion of the then current calendar year which has expired. Thereafter Master Lessee agrees to pay Master Lessee’s Monthly Common Area Expense Charge based on such revised Estimate Statement until Master Lessee receives the next calendar
year’s Estimate Statement or a new revised Estimate Statement for the current calendar year. 
 5.07 Actual
Statement. By March 1st of each calendar year during the Term of this Lease, Master Lessor will also endeavor to deliver to Master Lessee a statement (“Actual Statement”) which states Master Lessee’s Share of the actual
Common Area Expenses for the preceding calendar year. If the Actual Statement reveals that Master Lessee’s Share of the actual Common Area Expenses is more than the total Additional Rent paid by Master Lessee for Common Area Expenses on account
of the preceding calendar year, Master Lessee agrees to pay Master Lessor the difference in a lump sum within ten (10) days of receipt of the Actual Statement. If the Actual Statement reveals that Master Lessee’s Share of the actual Common
Area Expenses is less than the Additional Rent paid by Master Lessee for Common Area Expenses on account of the preceding calendar year, Master Lessor will credit any overpayment toward the next monthly installment(s) of Master Lessee’s Share
of the Common Area Expenses due under this Lease. 
 5.08 Miscellaneous. Any delay or failure by Master Lessor in
delivering any Estimate Statement or Actual Statement pursuant to this Section 4 will not constitute a waiver of its right to require an increase in rent nor will it relieve Master Lessee of its obligations pursuant to this Section. If Master
Lessee does not object to any Estimate Statement or Actual Statement within thirty (30) days after Master Lessee receives any such statement, such statement will be deemed final and binding on Master Lessee. Even though the Term has expired and
Master Lessee has vacated the Premises, when the final determination is made of Master Lessee’s Share of the actual Common Area Expenses for the year in which this Lease terminates, Master Lessee agrees to promptly pay any increase due over the
estimated expenses paid and, conversely, any overpayment made in the event said expenses decrease shall promptly be rebated by Master Lessor to Master Lessee. Such obligation will be a continuing one which will survive the expiration or termination
of this Lease. Prior to the expiration or sooner termination of the Lease Term and Master Lessor’s acceptance of Master Lessee’s surrender of the Premises, Master Lessor will have the right to estimate the actual Common Area Expenses for
the then current Lease Year and to collect from Master Lessee prior to Master Lessee’s surrender of the Premises, Master Lessee’s Share of any excess of such actual Common Area Expenses over the estimated Common Area Expenses paid by
Master Lessee in such Lease Year. 

  
  

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 5.09. Utilities. Master Lessee shall pay the applicable utility companies or
governmental agencies for all such utilities consumed on the Premises during the Term. 
 ARTICLE 6: 

REPAIRS AND MAINTENANCE 
 6.01. Repairs and Maintenance. Master Lessor shall keep and maintain, or shall cause to be kept or maintained, all parts of the Premises in good condition, promptly making all necessary repairs and
replacements, whether ordinary or extraordinary, with materials and workmanship of the same character, kind and quality as the original, structural or nonstructural. Master Lessor as part of its obligation hereunder shall keep the whole of the
Premises in a clean and sanitary condition. Master Lessor will as far as possible keep all such parts of the Premises from deteriorating, ordinary wear and tear excepted, and from falling temporarily out of repair. 

ARTICLE 7: 

ALTERATIONS 
 7.01. Alterations. Master Lessor shall have the right to construct any Major Improvements to the Premises at Master Lessor’s expense, provided such improvements are in compliance with the
permitted use in Section 4.02 hereof, the rights of other tenants in the Center, and all applicable, laws, rules and regulations. Major Improvements shall be defined as extended life or permanent improvements or additions to buildings on the
Premises not existing on the Premises as of the date hereof. All improvements to the Premises shall become part of the Premises. 

ARTICLE 8: 

INSPECTIONS 
 8.01. Inspections. Master Lessor, Master Lessor’s agents and representatives, and Lender, after 24 hours written notice (except for emergencies) shall have the right to enter and inspect the
Premises at any reasonable time for the following purposes: (a) to ascertain the condition of the Premises; (b) to determine whether Master Lessee is diligently fulfilling Master Lessee’s responsibilities under this Lease; (c) to
show the Premises to prospective purchasers, tenants, or mortgagees; and (d) to do any other act or thing Master Lessor deems reasonable to preserve the Premises. 

  
  

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 ARTICLE 9: 
 ASSIGNMENT AND SUBLETTING 
 9.01. Assignment and Subletting. Master
Lessee shall have no right to assign or pledge this Lease or to sublet the whole or any part of the Premises, or permit the use or occupancy of the Premises by anyone other than Master Lessee, without the prior written consent of Master Lessor and
Lender. Notwithstanding any permitted assignment or subletting, Master Lessee shall at all times remain directly, primarily and fully responsible and liable for the payment of the rent herein specified and for compliance with all of its other
obligations under the terms, provisions and covenants of this Lease until such time as the Lease expires or is terminated. 

ARTICLE 10: 

INSURANCE; FIRE AND CASUALTY DAMAGE 
 10.01. Insurance. 
 (a) Throughout the Term, Master Lessor may, at Master
Lessor’s sole cost and expense, subject to any applicable terms of the Loan Documents, obtain and maintain insurance in amounts and against risks consistent with insurance coverages obtained and maintained by owners of improved real property
similar to the Premises. 
 (b) Master Lessor shall have the exclusive right to receive the proceeds from any insurance policy
described herein and intended to restore, repair or reconstruct the Premises or any part thereof 
 10.02. Waiver of
Subrogation. Each of Master Lessor and Master Lessee hereby releases the other from any and all liability or responsibility to the other or anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to the
Premises caused by fire, extended coverage perils, vandalism or malicious mischief, sprinkler leakage, or any other perils insured in policies of insurance covering the Premises, even if such loss or damage shall have been caused by the fault or
negligence of the other party, or anyone for whom such party may be responsible; provided, however, that this release shall be applicable and in force and effect only to the extent that such release shall be lawful at the time and in any event only
with respect to loss or damage occurring during such times as the releasor’s policies shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the
releasor to recover thereunder and then only to the extent of the insurance proceeds payable under such policies. Each of Master Lessor and Master Lessee agrees that it will require its insurance carriers to include in its policies such a clause or
endorsement. 
 10.03. Damage or Destruction. Subject to the terms and conditions of the Loan Documents, in the event the
Premises is hereafter damaged or destroyed or rendered only partially 

  
  

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usable for its accustomed use by fire or other casualty, subject to the approval of Lender, Master Lessor shall use its best efforts, within 180 days after the receipt by Master Lessor of
insurance proceeds payable on account of and as a result of such casualty, to commence repair of said Premises and within 18 months after commencement of such repair, restore the Premises to the extent permitted by Lender. 

10.04. Liability. Master Lessor shall not be liable to Master Lessee or Master Lessee’s employees, agents, patrons or
visitors, or to any other person whomsoever (other than as provided in the Loan Documents), for any injury to person or damage to property on or about the Premises, resulting from and/or caused in part or whole by the negligence or misconduct of
Master Lessee, its agents, servants or employees, invitees, permitees or of any other person entering upon the Premises, or caused by the Premises becoming out of repair, or caused by leakage of gas, oil, water or steam or by electricity emanating
from the Premises, or due to any cause whatsoever, and Master Lessee hereby covenants and agrees that it will at all times indemnify and hold safe and harmless the Premises, the Master Lessor, and Master Lessor’s agents and employees from any
loss, liability, claims, suits, costs and expense, including attorney’s fees and damages, both real and alleged, arising out of such damage or injury; except injury to persons or damage to property the sole cause of which is the negligence of
Master Lessor or its employees or agents. 
 ARTICLE 11: 

EMINENT DOMAIN 
 11.01. Eminent Domain. 
 (a) If the whole of the Premises should be taken for any
public or quasi-public use under governmental law, ordinances or regulation, or by right of eminent domain, or by private purchase in lieu thereof and the taking would prevent or materially interfere with the use of the Premises for the purpose for
which it is then being used, this Lease shall terminate effective when the legal taking shall occur as if the date of such taking were the date originally fixed in the Lease for the expiration of the Term. 

(b) If part of the Premises shall be taken for any public or quasi-public use under governmental law, ordinance or regulation, or by
right of eminent domain, or by private purchase in lieu thereof, and this Lease is not terminated as provided above, this Lease shall not terminate but the rent payable hereunder during the unexpired portion of this Lease shall be reduced to such
extent as may be fair and reasonable under all of the circumstances. 
 (c) Subject to the terms and conditions of the Loan
Documents, all compensation awarded for any taking of the Premises, and the resultant termination of this Lease shall belong to Master Lessor. 

  
  

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 ARTICLE 12: 
 DISCLAIMER OF MASTER LESSOR’S LIABILITY 
 12.01 Disclaimer of
Master Lessor’s Liability. Master Lessee accepts the Premises As-Is Where Is from time to time, with all faults. Master Lessor has no obligation to maintain or repair the Premises or take any action with respect thereto. Master Lessor has
no responsibility, obligation or liability of any type or nature whatsoever, either express or implied, except as specifically set forth herein 
 ARTICLE 13: 
 EVENTS OF DEFAULT; REMEDIES; INDEMNIFICATION 

13.01. Events of Default. The following events shall be deemed to be events of default by Master Lessee under this Lease.

 (a) Master Lessee shall fail to pay when or before due Base Rent, and such failure shall continue for a period of ten
(10) days from the date such payment was due; or 
 (b) Master Lessee shall fail to comply with any term or provision of
this Lease other than by failing to pay when or before due any sum of money becoming due to be paid to Master Lessor hereunder, and shall not cure such failure within thirty (30) days (forthwith, if the default involves a hazardous condition)
after written notice thereof to Master Lessee, except that said thirty (30) day period shall be extended for a reasonable period of time if the alleged default is not reasonably capable of cure within said thirty (30) day period and Master
Lessee proceeds to reasonably and diligently cure such alleged default; or 
 (c) Master Lessee shall fail to vacate immediately
the Premises upon termination of this Lease, by lapse of time or otherwise or upon termination of Master Lessee’s right to possession only; or 
 (d) The leasehold interest of Master Lessee shall be levied or executed upon or be attached by process of law or Master Lessee shall fail to contest diligently the validity of any lien or claimed lien and
give sufficient security to Master Lessor to insure payment thereof or shall fail to satisfy any judgment rendered thereon and have the same released, and such default shall continue for ninety (90) days after written notice thereof to Master
Lessee; or 
 (e) Master Lessee shall admit in writing its inability to pay its debts generally as they become due, file a
petition in bankruptcy or a petition to take advantage of any insolvency statute, make an assignment for the benefit of creditors, make a transfer in fraud of creditors, apply for the consent to the appointment of a receiver for itself or for the
whole or any substantial part of its property, or file a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws, as now in effect or hereafter amended, or any other applicable law or statute of the United States
or any state thereof; or 

  
  

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 (f) A court of competent jurisdiction shall enter an order, judgment or decree adjudicating
Master Lessee a bankrupt, or appointing a receiver of Master Lessee, or of the whole or any substantial part of its property, without the consent of Master Lessee, or approving a petition filed against Master Lessee seeking reorganization or
arrangement of Master Lessee under the bankruptcy laws of the United States, as now in effect or hereafter amended, or any state thereof, and such order, judgment or decree shall not be vacated or set aside or stayed within ninety (90) days
from the date of entry thereof; or 
 (g) The inaccuracy of a material representation or warranty made by the Master Lessee
under this Lease, and the failure to cure such inaccuracy within ten (10) days written notice from Master Lessor; or 
 (h)
Any act or omission of the Master Lessee which results in a breach of the terms of the Loan which is not corrected or remedied within any applicable cure period; or 
 (i) Master Lessee fails, for whatever reason, to secure or maintain any licenses necessary to operate one or more of the facilities that comprise the Premises. 

13.02. Remedies. 
 (a) Enter upon and take possession of the Premises, using such force or means as may be necessary and legally permitted, and dispossess and remove all persons, goods and chattels, without liability in law
or in equity for any damages caused by such removal, possession and entry; Master Lessee hereby waives any and all claims for damages therefor and hereby discharges Master Lessor therefrom. Upon said entry by Master Lessor, Master Lessee shall at
once surrender possession of the Premises and shall be liable in damages and subject to equitable action for failure to do so. Surrender of the Premises shall not in and of itself constitute a termination of this Lease nor relieve Master Lessee from
any of the terms, covenants, and conditions hereof. After resuming possession of the Premises, Master Lessor may: 
 (i) Relet, as Master Lessee’s agent and without terminating this Lease, the Premises for such amounts and upon such terms and conditions as Master Lessor may deem best under the circumstances,
whereupon Master Lessee shall be liable to Master Lessor in general damages for the difference between the rentals and other charges stipulated to be paid by Master Lessee and what Master Lessor is able to recover from a re-letting, after deducting
any attorney’s fees, commissions and other expenses paid by Master Lessor with respect to such re-letting; 

  
  

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 (ii) Terminate this Lease, whether or not the leased Premises or any part
thereof shall have been relet, by written notice to Master Lessee, whereupon this Lease shall end; provided, however, that no such termination of this Lease shall relieve Master Lessee of its liability and obligations under this Lease incurred prior
to such termination. Upon such termination, Master Lessee shall be immediately liable for the damages, present and prospective, which were the necessary and direct result of Master Lessee’s breach, as well as for any special damages as may have
resulted from such breach. All amounts and arrearages due and payable to Master Lessor by Master Lessee shall bear interest at the highest rate permitted by law. 
 (c) Treat the Lease as remaining in existence, curing Master Lessee’s default by performing or paying the obligation which Master Lessee has breached, all sums paid or expenses incurred by Master
Lessor directly or indirectly incurring Master Lessee’s default, which amounts shall become immediately due and payable and shall bear interest at the highest rate permitted by law from the date of disbursement by Master Lessor until paid by
Master Lessee. If the breach consists of a failure to pay the rent stipulated in this Lease and Master Lessor elects to treat the Lease as remaining in existence, Master Lessor can take such action as is necessary to recover the rent due as each
installment matures or for the whole amount at the end of the term, or Master Lessor can immediately upon the breach take such action as is necessary to recover the entire remaining unpaid rent for the balance of the term hereof. 

(d) Any failure by Master Lessor to insist, or any election by Master Lessor not to insist, upon strict performance by Master Lessee of
any of the terms, provisions or conditions of this Lease shall not be deemed to be a waiver of same or of any other terms, provision or condition thereof and Master Lessor shall have the right at any time or times thereafter to insist upon strict
performance by Master Lessee of any and all of such terms, provisions and conditions. Nothing contained in this Lease and no act done or omitted by Master Lessor pursuant to the powers and rights granted Master Lessor under the terms of this Lease
shall be deemed to be a waiver by Master Lessor of the rights and remedies of Master Lessor under this Lease and this Lease is made and accepted without prejudice to any of the rights and remedies possessed by Master Lessor under the terms of this
Lease. Further, in no event shall any such action or inaction described above by Master Lessor with respect to any of the terms and conditions contained herein, whether evidenced by a written agreement or otherwise, operate in any manner as the
action or inaction of Lender or as the agreement of Lender and shall not affect in any manner any rights of Lender to enforce all of the terms and provisions herein or to bind Lender in any manner. 

(e) Notwithstanding anything to the contrary set forth above, Master Lessor shall have no right to exercise any of the remedies in this
Article 13 without the prior written approval of Lender, which may be given or withheld in Lender’s sole discretion. 

  
  

Page 13 








 13.03. Indemnification. In addition to its other obligations under this Lease, the
Master Lessee will indemnify and save harmless the Master Lessor (including the Master Lessor’s partners, members, shareholders, officers, directors and employees, each individually an “Indemnified Party” and collectively, the
“Indemnified Parties”) from and against any and all liabilities, obligations, damages, penalties, claims, costs, charges and expenses, including, without limitation, reasonable attorneys’ fees and expenses, which may be imposed upon
or incurred by or asserted against such persons (except to the extent the same are caused by the negligence or willful misconduct of the Master Lessor, its agents, employees, licensees, invitees, contractors and/or subcontractors) by reason of any
of the following: 
 (a) any work or thing done by anyone other than the Master Lessor in, on or about the Premises or any part
thereof; 
 (b) any use, non-use, possession, occupation, condition, operation, maintenance or management of the Premises or any
part thereof or any street, alley, sidewalk, curb, passageway or space adjacent thereto; 
 (c) any gross negligence of the
Master Lessee or any agent, contractor, employee, licensee or invitee of the Master Lessee; 
 (d) any accident or injury to any
person (including death) or damage to property occurring in, on or about the Premises or any part thereof or any street, alley, sidewalk, curb, passageway, or space adjacent thereto; 

(e) any failure on the part of Master Lessee to perform or comply with any of the agreements, terms or conditions contained in this Lease
on its part to be performed or complied with; and 
 (f) any default by Master Lessor, or any of the parties who together
constitute Master Lessor, under this Lease, any Loan Document, any other agreement or obligation which relates to the Premises and is not made an obligation of the Master Lessee pursuant to this Lease. 

In the event that any action or proceeding shall be brought against an Indemnified Party by reason of any matter covered by this
Section 13.03, the Master Lessee, upon notice from the Indemnified Party, will at the Master Lessee’s sole cost and expense resist or defend the same. To the extent of the proceeds received by the Master Lessor under any insurance policy
furnished or supplied to the Master Lessor by the Master Lessee, the Master Lessee’s obligation to indemnify and save harmless an Indemnified Party against the hazard which is the subject of such insurance shall be deemed to be satisfied.


  
  

Page 14 








 ARTICLE 14: 
 SUBORDINATION, ESTOPPEL AND LIENS 
 14.01. Subordination. Subject to
the terms and conditions of the Loan and any and all Loan Documents, Master Lessor reserves the right to grant a mortgage or mortgages on Master Lessor’s interest in the Premises and this Lease. Master Lessee shall, upon the written request of
Master Lessor accompanied by Lender’s written consent, subordinate this Lease to the lien of any mortgage upon the Premises; provided, that any subordination agreement to be signed by Master Lessee shall contain a non-disturbance provision that
will remain effective as long as Master Lessee is not in default hereunder beyond any applicable cure period. Such agreement shall be substantially in the form reasonably satisfactory to Master Lessee and any such mortgagee. As used herein,
“mortgage” shall include mortgages, deeds of trust, deeds to secure debt or other similar instruments, and any modifications or extensions of same. 
 14.02. Estoppel. Within 10 days after the request by either party, the other party agrees to deliver to the requesting party and to any potential mortgagee, assignee or purchaser of the requesting
party’s interest in the Premises an estoppel certificate, in form and substance reasonably satisfactory to the requesting party, certifying that this Lease is unmodified and in full force and effect (or, if there have been modifications,
whether same is in full force and effect as modified, and stating the modifications), that, to the certifying party or, to the reasonable knowledge and belief, there are no defenses or offsets thereto (or stating those claimed by the certifying
party), that there are no defaults by the certifying party or, to the reasonable knowledge and belief of the certifying party, on the part of the requesting party (or, if such defaults exist, stating their nature) and such other matters as the
requesting party may reasonably request; provided, however, that no such estoppel certificate shall be deemed to amend or modify this Lease. 
 14.03. Liens. Master Lessee shall have no authority, express or implied, to create or place a leasehold mortgage or any other lien or encumbrance of any kind or nature whatsoever upon, or in any
manner to bind, the interest of Master Lessor in the Premises or to charge the rentals payable hereunder for any claim in favor of any person dealing with Master Lessee, including those who may furnish materials or perform labor for any construction
or repairs, and each such claim shall affect and each such lien shall attach to, if at all, only the leasehold interest granted to Master Lessee by this Lease. Master Lessee covenants and agrees that it will pay or cause to be paid all sums legally
due and payable by it on account of any labor performed or materials furnished in connection with any work performed on the Premises on which any lien is or can be validly and legally asserted against its leasehold interest in the Premises or the
improvements thereon and that it will save and hold Master Lessor harmless from any and all loss, cost or expense based on or arising out of asserted claims or liens against the leasehold estate or against the right, title and interest of Master
Lessor in the Premises or under the terms of this Lease. Master Lessee will not permit any mechanic’s lien or liens or any other liens which may be imposed by law affecting Master Lessor’s or its mortgagee’s interest in the Premises
to be placed upon the Premises, and in 

  
  

Page 15 








 
case of the filing of any such lien Master Lessee will promptly pay or bond over same. If any such lien shall remain in force and effect for 20 days after written notice thereof, Master Lessor
shall have the right and privilege at Master Lessor’s option of paying and discharging the same or any portion thereof without inquiry as to the validity thereof, and any amounts so paid, including expenses and interest, shall be so much
additional indebtedness hereunder due from Master Lessee to Master Lessor and shall be repaid to Master Lessor immediately on rendition of a bill thereof. Notwithstanding the foregoing, Master Lessee shall have the right to contest any such lien in
good faith and with all due diligence so long as any such contest, or action taken in connection therewith, protects the interest of Master Lessor and Master Lessor’s mortgagee in the Premises and Master Lessor and any such mortgagee are, by
the expiration of said 20 day period, furnished such protection and indemnification against any loss, cost or expense related to any such lien and the contest thereof as are reasonably satisfactory to Master Lessor and any such mortgagee. Except as
otherwise provided herein, Master Lessor hereby waives any contractual, statutory or other Master Lessor’s lien on Master Lessee’s furniture, fixtures, supplies, equipment, inventory and Master Lessee’s other property. 

14.04 Lender’s Rights. Master Lessor and Master Lessee acknowledge, for the benefit of Lender, that in connection with the
Loan, Lender has or will receive an assignment of this Lease by an assignment of Leases and Rents to be recorded in the real estate records of Osceola County, Florida, and that Lender is relying upon such assignment in making the Loan. Master Lessor
and Master Lessee acknowledge and agree upon any Event of Default under any of the Loan Documents, Lender will be entitled to enforce such assignment of this Lease and replace Master Lessor under this Lease for all purposes. Master Lessee agrees,
from and after notice from Lender of its exercise of rights under such assignment, to acknowledge Lender as Master Lessor and attorn to Lender under the Lease. 
 ARTICLE 15: 
 NOTICES 

15.01. Notices. Each provision of this lease or of any applicable governmental laws, ordinances, regulations and other
requirements with reference to the sending, mailing or delivery of any notice of the making of any payment shall be deemed to be complied with when and if the following steps are taken: 

(a) All rent and other payments required to be made by Master Lessee to Master Lessor shall be payable to Master Lessor at the address
listed below, or at such other address as Master Lessor may specify from time to time by written notice delivered in accordance herewith. 

  
  

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 (b) Any notice or consent required to be given by or on behalf of any party hereto to any
other party shall be in writing and mailed by registered or certified mail, return receipt requested or delivered personally, including by air courier or expedited mail service, addressed as follows: 

 

			
	If to Master Lessor:	  	 TNP SRT Osceola Village, LLC

c/o Thompson National Properties, LLC
 1900 Main
Street, Suite 700
 Irvine, CA 92614

Attn: Stephen Corea

		
	If to Master Lessee:	  	 TNP SRT Osceola Village Master Lessee, LLC
 c/o Thompson National Properties, LLC
 1900 Main Street, Suite 700

Irvine, CA 92614
 Attn: Stephen
Corea

		
		  	and to:
		
		  	 Hirschler Fleischer
 2100
East Cary Street
 P.O. Box 500

Richmond, VA 23218-0500


 or at such other address as may be specified from time to time in writing. All such notices hereunder shall be deemed to
have been given on the date of delivery or the date marked on the return receipt unless delivery is refused or cannot be made because of any incorrect address provided by the addressee, in which case the date of postmark shall be deemed the date
notice has been given. 
 ARTICLE 16: 
 ENVIRONMENTAL 
 16.01. Environmental Indemnification. Master Lessee
shall indemnify and save harmless Master Lessor and its members, officers, employees and agents harmless from any fine, suit, claim, action, liability, damage, loss, cost or expense, including, without limitation, attorney’s fees and court
costs, of any kind (collectively “Losses”) arising out of or in any way connected with: (a) any spills, releases or discharges of, or contamination by, Hazardous Material (as defined herein below) at, onto, beneath, from or affecting
the Premises, whenever caused or occurring, except to the extent caused by the operation or use of the Premises by Master Lessor or its employees or agents after the Commencement Date; and (b) failure by the Master Lessee to comply with
applicable Environmental Requirements (hereinafter defined). 

  
  

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 16.02. Intentionally deleted. 

16.03. Hazardous Substances. Master Lessee agrees that it will not on, about, or under the Premises, make, release, treat or
dispose of any “hazardous substances” as that term is defined in the Comprehensive Environmental Response, Compensation and Liability Act, and the rules and regulations promulgated thereto, as from time to time amended, 42 U.S.C.
Section 9601 et seq. (the “Act”); but the foregoing shall not prevent the use of any hazardous substances in accordance with applicable laws and regulations. Master Lessee represents and warrants that it will at all times
comply with the Act and any other federal, state or local laws, rules or regulations governing Hazardous Materials (as hereinafter defined). 
 16.04. Hazardous Materials. To the extent required by the Act and/or any Environmental Requirements, Master Lessee shall remove any hazardous substances (as defined in the Act) and Hazardous
Materials whether now or hereafter existing on the Premises and whether or not arising out of or in any manner connected with Master Lessee’s occupancy of the Premises during the Term. 

16.05. Underground Storage Tanks. Master Lessee agrees that it will not install any underground storage tanks at the Premises
without specific, prior written approval from Master Lessor. Master Lessee agrees that it will not store combustible or flammable materials on the Premises in violation of Environmental Requirements. 

As used herein, the term “Environmental Requirements” shall mean all federal, state, local and foreign statutes,
regulations, ordinances and other provisions having the force or effect of law, all judicial and administrative orders and determinations, all contractual obligations and all common law in each case concerning public health and safety, worker health
and safety, and pollution or protection of the environment, as the foregoing are enacted or in effect prior to, on, or after the Commencement Date. As used herein, the term “Hazardous Material” shall mean petroleum, any hazardous or
toxic substance, material or waste that is or becomes regulated by any governmental authority because of its toxic, hazardous, deleterious or dangerous properties and includes, without limitation, any material or substance which is: (a) defined
as a “hazardous substance” under the environmental, health, or safety laws of the state in which the Premises are located; (b) petroleum; (c) asbestos; (d) designated as a “hazardous substance” pursuant the Federal
Water Pollution Control Act, 33 U.S.C. Section 401 et seq.; (e) defined as a “hazardous waste” pursuant to the Federal Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq.; (f) defined as
a “hazardous substance” pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq.; (g) defined as a “regulated substance” pursuant to Subchapter IX,
Solid Waste Disposal Act (Regulation of Underground Storage Tanks), 42 U.S.C. Section 6991 et seq.; or (h) defined as a “toxic substance” pursuant to the Toxic Substance Control Act, 15 U.S.C. Section 2601 et
seq. 

  
  

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 The provisions of this Article 16 shall survive the expiration or earlier termination of
this Lease. 
 ARTICLE 17: 
 MISCELLANEOUS 
 17.01. Gender. Words of any gender used in this
Lease shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, unless the context otherwise requires. 
 17.02. Successors and Assigns; Authority. The terms, provisions and covenants and conditions contained in this Lease shall apply to, inure to the benefit of, and be binding upon, the parties hereto
and upon their respective heirs, legal representatives, successors and permitted assigns, except as otherwise herein expressly provided. Subject to the provisions of this Article 17, Master Lessor shall have the right to assign any of its rights and
obligations under this Lease and Master Lessor’s grantee or Master Lessor’s successor, as the case may be, shall upon such assignment, become Master Lessor hereunder, thereby freeing and relieving the grantor or assignor, as the case may
be, of all covenants and obligations of Master Lessor hereunder. Each party agrees to furnish to the other, promptly upon demand, a corporate resolution, proof of due authorization by partners, or other appropriate documentation evidencing the due
authorization of such party to enter into this Lease. 
 17.03. Captions. The captions inserted in this Lease are for
convenience only and in no way define, limit or otherwise describe the scope or intent of this Lease, or any provision hereof, or in any way affect the interpretation of this Lease. 

17.04. Amendment. This Lease may not be altered, changed or amended except by an instrument in writing signed by Master Lessee and
Master Lessor; provided, however, that all such amendments are subject to Lender’s approval. 
 17.05. Survival;
Surrender. All obligations of Master Lessee not fully performed as of the expiration or earlier termination of the Term of this Lease shall survive the expiration or earlier termination of the Term, including without limitation, all payment
obligations with respect to taxes and operating costs and all obligations concerning the condition of the Premises. Upon the expiration or earlier termination of the Term, and prior to Master Lessee vacating the Premises, Master Lessor and Master
Lessee shall jointly inspect the Premises and Master Lessee shall pay to Master Lessor any amount estimated by Master Lessor as necessary to put the Premises, including without limitation paving, lighting, heating and air conditioning systems and
equipment therein, in good condition and repair, ordinary wear and tear excepted. Any work required to be done by Master Lessee prior to its vacation of the Premises which has not been completed upon such vacation, shall be completed by Master
Lessor and billed to Master Lessee. Master Lessee shall 

  
  

Page 19 








 
also, prior to vacating the Premises, pay to Master Lessor the amount, as estimated by Master Lessor, of Master Lessee’s obligation hereunder for taxes and costs. All such amounts shall be
used and held by Master Lessor for payment of such obligations of Master Lessee hereunder, with Master Lessee being liable for any additional cost therefor upon demand by Master Lessor, or with any excess to be returned to Master Lessee after all
such obligations have been determined and satisfied, as the case may be. 
 17.06. Invalidity. If any clause, provision
or portion of this Lease or the application thereof to any person or circumstance shall be invalid or unenforceable under applicable law, such event shall not affect, impair or render invalid or unenforceable the remainder of this Lease nor any
other clause, phrase, provision or portion hereof, nor shall it affect the application of any clause, phrase, provision or portion hereof to other persons or circumstances, and it is also the intention of the parties to this Lease that in lieu of
each such clause, phrase, provision or portion of this Lease that is invalid or unenforceable, there be added as a part of this Lease a clause, phrase, provision or portion as similar in terms to such invalid or unenforceable clause, phrase,
provision or portion as may be possible and be valid and enforceable. 
 17.07. Effective Date. All references in this
Lease to “the date hereof” or similar references shall be deemed to refer to the last date in point of time, on which all parties hereto have executed this Lease. 
 17.08. Time is of the Essence. The time of the performance of all of the covenants, conditions, and agreements of this Lease is of the essence. 

17.09. Governing Law. This Lease shall be construed under the laws of the state in which the Premises is located. 

17.10. Relationship of Parties. Nothing herein shall be construed so as to constitute a joint venture or partnership between
Master Lessor and Master Lessee. 
 17.11. Intentionally deleted. 

17.12. Attorneys’ Fees. In the event that at any time during the Term of this Lease either Master Lessor or Master Lessee
shall institute any action or proceeding against the other relating to the provisions of this Lease, or any default hereunder, the unsuccessful party in such action or proceeding agrees to reimburse the successful party for the reasonable expenses
of attorneys’ fees and paralegal fees and disbursements incurred therein by the successful party. Such reimbursement shall include all legal expenses incurred prior to trial and at all levels of appeal and post-judgment proceedings. 


  
  

Page 20 








 17.13. Counterparts. This Lease may be executed in several counterparts, each of
which shall be deemed an original and all of which together shall constitute one instrument. 
 17.14. Third Party
Beneficiary. Until the Loan has been satisfied in full in cash (not as a result of a credit bid by Lender at a foreclosure sale), this Lease and all of the terms and provisions hereof shall in all respects be subject to and subordinate to the
terms and conditions of the Loan Documents and Lender shall be an express third party beneficiary of this Lease. In the event of a conflict between the terms of this Lease and the terms of the Loan Documents, the terms of the Loan Documents shall
prevail and control. The Master Lessor and Master Lessee each agree that they shall not engage in any activity which would violate the terms of any of the Loan Documents. 
 17.15 Florida Law. THIS DOCUMENT IS INTENDED TO BE PERFORMED IN THE STATE OF FLORIDA, AND THE SUBSTANTIVE LAWS OF THE STATE OF FLORIDA AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA SHALL
GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT AND INTERPRETATION OF THIS DOCUMENT AND THE LOAN DOCUMENTS AND ANY OTHER DOCUMENT RELATED THERETO UNLESS LENDER, IN ITS SOLE AND INDEPENDENT DETERMINATION, ELECTS THAT THE LAWS FOR THE STATE OF FLORIDA
SHALL GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT AND INTERPRETATION OF THIS DOCUMENT OR ANY OF THE OTHER LOAN DOCUMENTS AND ANY OTHER DOCUMENTS RELATED THERETO. IN THE EVENT OF SUCH ELECTION BY LENDER, EACH OF THE UNDERSIGNED WAIVES ALL DEFENSES
OF CONFLICTS OF LAW. 
 EACH OF THE UNDERSIGNED, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND
UPON THE ADVICE OF COMPETENT COUNSEL: 
 (a) SUBMITS TO PERSONAL JURISDICTION IN THE STATE IN WHICH THE PROPERTY IS LOCATED, OR
THE STATE OF FLORIDA, IF LENDER SO ELECTS IN ITS SOLE AND INDEPENDENT DETERMINATION, OVER ANY SUIT, ACTION OR PROCEEDING BY ANY PERSON ARISING FROM OR RELATING TO THIS AGREEMENT; 

(b) AGREES THAT ANY SUCH ACTION, SUIT OR PROCEEDING MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN THE
COUNTY AND STATE, IN WHICH THE PROPERTY IS LOCATED, OR THE STATE OF FLORIDA, IF LENDER SO ELECTS IN ITS SOLE AND INDEPENDENT DETERMINATION; 
 (c) SUBMITS TO THE JURISDICTION OF SUCH COURTS; AND 

  
  

Page 21 








 (d) TO THE FULLEST EXTENT PERMITTED BY LAW, AGREES THAT IT WILL NOT BRING ANY ACTION, SUIT
OR PROCEEDING IN ANY OTHER FORUM (BUT NOTHING HEREIN SHALL AFFECT THE RIGHT OF LENDER TO BRING ANY ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM). 
 (e) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION, OR PROCEEDING BROUGHT IN ANY SUCH COURT AND
ANY CLAIM THAT ANY SUCH SUIT, ACTION, OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (f)
HEREBY CONSENTS AND AGREES TO SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER LEGAL PROCESS, IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING ARISING FROM OR RELATING TO THIS AGREEMENT BY REGISTERED OR CERTIFIED U.S. MAIL, POSTAGE PREPAID TO THE
UNDERSIGNED AT THE ADDRESSES SET FORTH HEREIN. 
 THIS WRITTEN AGREEMENT AND THE OTHER DOCUMENTS EXECUTED SUBSTANTIALLY
CONTEMPORANEOUSLY WITH THIS AGREEMENT REPRESENT THE FINAL AGREEMENT OF THE PARTIES AND M A Y N O T B E C O N T R A D IC T E D B Y E V ID E N C E O F P RIO R , CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES. 
 17.06 Waiver of Jury Trial. AFTER CONSULTATION WITH COUNSEL AND RECOGNIZING THAT ANY
DISPUTE HEREUNDER WILL BE COMMERCIAL IN NATURE AND COMPLEX, AND IN ORDER TO MINIMIZE THE COSTS AND TIME INVOLVED IN ANY DISPUTE RESOLUTION PROCESS, THE UNDERSIGNED KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHT TO A TRIAL BY JURY WITH
RESPECT TO ANY LITIGATION BASED UPON THE NOTE, THIS INSTRUMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH ANY OF THE OTHER LOAN DOCUMENTS, OR RESPECTING ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTION
OF ANY PARTY. EXCEPT AS PROHIBITED BY LAW, THE UNDERSIGNED HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION REFERRED TO IN THIS SECTION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR
IN ADDITION TO, ACTUAL DAMAGES. THE UNDERSIGNED (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR 

  
  

Page 22 








 
ATTORNEY OF THE LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (ii) ACKNOWLEDGES THAT THE
LENDER HAS BEEN INDUCED TO ENTER INTO THE LOAN TRANSACTION, REPRESENTED BY THE NOTE, THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS, OR ANY MODIFICATIONS THEREOF AS APPLICABLE, BY AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS OF THE UNDERSIGNED.

 ARTICLE 18: 
 TERMINATION 
 18.01. Termination. This Lease and the tenancy hereby
created shall cease and terminate at the end of the Term or any renewal or extension thereof without the necessity of notice from either Master Lessor or Master Lessee to terminate the same. 

ARTICLE 19: 

EXHIBITS 

Attached to this Lease are the following Exhibits: 
 Exhibit A - Legal Description 
 Exhibit B - Guaranty 

Exhibit C - Springing Guaranty 
 * * * * 
 [SIGNATURES FOLLOW] 

  
  

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 The parties intending to be bound hereby execute or cause this Lease to be effective as of
the date first shown above. 
  

													
	MASTER LESSOR:	 	TNP SRT OSCEOLA VILLAGE, LLC,	 	
		 		 	a Delaware limited liability company	 	
					
		 		 	By:	 	TNP Strategic Retail Operating Partnership, L.P.,	 	
		 		 		 	a Delaware limited partnership	 	
		 		 		 	Its Sole Member	 	
						
		 		 		 	By:	 	TNP Strategic Retail Trust, Inc.,	 	
		 		 		 		 	a Maryland corporation	 	
		 		 		 		 	Its General Partner	 	
							
	WITNESS:	 	 /s/ Dalila Bueno
	 		 		 	By:	 	 /s/ Jack R. Maurer
	 	
	WITNESS:	 	 /s/ Bhriza Comacho
	 		 		 	Name:	 	 Jack R. Maurer
	 	
		 		 		 		 	Its:	 	 Vice Chairman
	 	
			
	MASTER LESSEE:	 	TNP SRT OSCEOLA VILLAGE MASTER LESSEE, LLC,	 	
		 		 	a Delaware limited liability company	 	
					
		 		 	By:	 	TNP Strategic Retail Operating Partnership, L.P.,	 	
		 		 		 	a Delaware limited partnership	 	
		 		 		 	Its: Sole Member	 	
						
		 		 		 	By:	 	TNP Strategic Retail Trust, Inc.,	 	
		 		 		 		 	a Maryland corporation	 	
		 		 		 		 	Its: General Partner	 	
							
	WITNESS:	 	 /s/ Dalila Bueno
	 		 		 	By:	 	 /s/ Jack R. Maurer
	 	
	WITNESS:	 	 /s/ Bhriza Comacho
	 		 		 	Name:	 	 Jack R. Maurer
	 	
		 		 		 		 	Its:	 	 Vice Chairman
	 	
					
	GUARANTOR:	 		 		 	TNP STRATEGIC RETAIL TRUST, INC.,	 	
		 		 		 		 	a Maryland corporation	 	
							
	WITNESS:	 	 /s/ Dalila Bueno
	 		 		 	By:	 	 /s/ Jack R. Maurer
	 	
	WITNESS:	 	 /s/ Bhriza Comacho
	 		 		 	Name:	 	 Jack R. Maurer
	 	
		 		 		 		 	Its:	 	 Vice Chairman
	 	


  
  

Page 24 








 EXHIBIT A 
 PREMISES 

  
  

Page 25 








 EXHIBIT A-1 
 THE CENTER 
 LOTS 1 THROUGH 8, OSCEOLA VILLAGE, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT
BOOK 21, PAGES 17 AND 18, PUBLIC RECORDS OF OSCEOLA COUNTY, FLORIDA. 
 TOGETHER WITH non-exclusive appurtenant easements as created by that
certain Access and Easement Agreement recorded in Official Records Book 3300, Page 2533, Public Records of Osceola County, Florida, for the purposes set forth therein, over and across the lands set forth therein. 

  
  

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 EXHIBIT B 
 Guaranty 
 In order to induce American National Insurance Company, a Texas
insurance company (“Lender”) to make that certain $19,000,000 loan (the “Loan”) to TNP SRT Osceola Village, LLC, a Delaware limited liability company (“Master Lessor”), Lender has required that TNP Strategic Retail
Trust, Inc., a Maryland corporation (“Guarantor”) execute this Guaranty of that certain Master Lease Agreement between Master Lessor and TNP SRT Osceola Village Master Lessee, LLC, a Delaware limited liability company (“Tenant”)
for certain premises containing approximately 23,005 square feet of space (the “Premises”), located in that certain shopping center containing approximately 116,000 square feet of space (the “Center”), located in Kissimmee,
Florida, of which the Premises are a part. 
 Accordingly, Guarantor hereby unconditionally, absolutely and irrevocably
guarantees to Lender, and its successors and assigns, the prompt and full payment and performance by Tenant of each and every item, covenant, condition, provision and obligation to be paid, kept, observed or performed by Tenant under the Lease
(collectively the “Obligations”). The liability of Guarantor is coextensive with that of Tenant and also joint and several, and legal action may be brought against Guarantor and carried to final judgment either with or without making
Tenant or any assignee or successor thereof as a party thereto. Without limiting the generality of the foregoing, This Guaranty shall be enforceable against Guarantor without the necessity of (i) any suit instigated by Master Lessor against
Tenant or any other guarantor, (ii) the exhaustion of Master Lessor’s remedies with respect to Tenant under the Lease or any other guarantor, or (iii) the enforcement of Master Lessor’s rights with respect to any security which
has ever been given to secure the payment and performance of the Obligations. This Guaranty shall also be enforceable without the necessity of any notice of Tenant’s nonpayment or nonperformance except to the extent required by the Lease,
notice of acceptance of this Guaranty or any other notice or demand to which Guarantor might otherwise be entitled, all of which Guarantor hereby expressly waives. 
 This Guaranty shall be binding upon the undersigned, and all successors, assigns, personal or legal representatives and heirs, and shall inure to the benefit of Lender and Lender’s successors and
assigns. The undersigned hereby consents and agrees that this Guaranty may be assigned by Master Lessor, without recourse, in connection with any sale or assignment by Master Lessor of part or all of its interest in the Center in which the Premises
under the Lease are contained. 
 The obligations of Guarantor shall be irrevocable and unconditional, irrespective of the
genuineness, validity, regularity or enforceability of the Lease or any security given for the Obligations or any circumstance which might otherwise constitute a legal or equitable discharge of a surety or guarantor, and Guarantor waives the benefit
of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty, and agrees 

  
  

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that the obligations of Guarantor hereunder shall not be affected by any circumstances, whether or not referred to in this Guaranty, which might otherwise constitute a legal or equitable
discharge of a surety or guarantor. Without limiting the generality of the foregoing, Guarantor agrees that the occurrence of the following events (or any thereof), whether they occur with or without notice or consent by Guarantor, will in no
way release or impair any liability or obligation of Guarantor hereunder: (i) Master Lessor, in its discretion, waives compliance by Tenant with any of its Obligations or covenants under the Lease or waives any default thereunder, or
grants any indulgence with respect to the Lease, (ii) Master Lessor with Tenant’s written agreement modifies, amends or changes any provision of the Lease or the guaranty of any other guarantor (including, without limitation, any
termination or release of such guaranty), (iii) Master Lessor grants extensions or renewals of the Lease or the Obligations, (iv) Master Lessor transfers its interest in the premises covered by the Lease or its rights under this Guaranty,
(v) Master Lessor consents to the assignment by Tenant of its rights under the Lease or consent to the subletting of all or any part of the Premises, (vi) Master Lessor deals in any respect with Tenant and the Obligations, and any other
guarantor and such guaranty, as if this Guaranty were not in effect, (vii) Master Lessor, in its discretion, waives compliance by any other guarantor with any of its Obligations or covenants under such other guaranty or waives any default
thereunder, or grants any indulgence with respect to the such guaranty, (viii) the release or discharge of Tenant or any other guarantor in an creditor’s proceedings, receivership, bankruptcy or other proceeding, (ix) the impairment,
limitation or modification of the liability of Tenant or the estate of Tenant in bankruptcy, or of any remedy for the enforcement of Tenant’s liability under the Lease, resulting from the operation of any present or future provision of the
federal Bankruptcy Act or other statute or from the decision in any court, and (x) the rejection or disaffirmance of the Lease in any such proceedings. If, as a result of such proceedings, Master Lessor is forced to refund any payment made
by Tenant to Master Lessor because it is found to be a preference or for any other reason, Guarantor hereby covenants to pay such amount to Master Lessor upon demand. 
 All of Master Lessor’s rights and remedies under the Lease or under this Guaranty are intended to be distinct, separate and cumulative, and no such right or remedy therein mentioned is intended to be
in exclusion of or a waiver of any of the others. Specifically, the obligation of Guarantor hereunder shall not be released by Master Lessor’s receipt, application or release of security given for performance and observance of covenants
and conditions required to be performed and observed by Tenant under the Lease. 
 If any provision of this Guaranty is held to
be illegal, invalid, or unenforceable under present or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this
Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. 

  
  

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 All references to the singular shall include the plural and vice versa and all references to
any gender shall include the others, wherever appropriate. 
 As used herein, the term “Tenant” shall include any
successor or assignee of Tenant, the term “Master Lessor” shall include any successor or assignee of Master Lessor, and the term “Lease” shall include any amendment, extension or renewal of the Lease. 

TO THE MAXIMUM EXTENT PERMITTED BY LAW, GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, SUIT, PROCEEDING, OR COUNTERCLAIM THAT RELATES TO OR ARISES OUT OF ANY OF THIS GUARANTY OR THE LEASE OR THE ACTS OR FAILURE TO ACT OF OR BY MASTER LESSOR OR MASTER LESSOR’S LENDER IN CONNECTION WITH THE ENFORCEMENT OF ANY OF THE TERMS
OR PROVISIONS OF THIS GUARANTY OR THE LEASE. 
 THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND
MASTER LESSOR WITH RESPECT TO GUARANTOR’S GUARANTY OF THE OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY
IS INTENDED BY GUARANTOR AND MASTER LESSOR AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND MASTER LESSOR, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND
MASTER LESSOR. 
 THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF
TEXAS WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS AND THE LAWS OF THE UNITED STATES APPLICABLE TO TRANSACTIONS IN THE STATE OF FLORIDA. GUARANTOR HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING AGAINST IT WITH RESPECT TO THIS
GUARANTY MAY BE MAINTAINED IN THE COURTS OF OSCEOLA COUNTY, FLORIDA OR IN THE U.S. DISTRICT COURT FOR THE MIDDLE DISTRICT OF FLORIDA AND GUARANTOR HEREBY CONSENTS TO THE VENUE OF SUCH COURTS. 

  
  

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 The terms, covenants, provisions, conditions and obligations contained in this Guaranty may
not be waived, changed, modified, discharged, terminated or abandoned, except by agreement in writing, signed by Lender and Guarantor. 
 All notices or other communications to be provided pursuant to this Guaranty shall be in writing and shall be deemed to be properly served if sent by Federal Express or similar courier service with
overnight delivery, or by professional messenger service (with receipt therefor) or by certified or registered mail, return receipt requested, (i) if to Lender, c/o Mortgage and Real Estate Investment Department, One Moody Plaza, Galveston,
Texas 77550; and (ii) if to Guarantor, at the address for the Master Lessor under the Lease. All notices or other communications to be provided pursuant to this Guaranty sent by certified or registered mail, return receipt requested,
first-class postage prepaid shall be deemed effective when they are mailed, otherwise such notices or other communications shall be effective upon receipt. 
 [Signatures Follow] 

  
  

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 IN WITNESS WHEREOF, the undersigned has executed this Guaranty effective as of the Date of
Lease. 
  

					
	 GUARANTOR:
	 	TNP STRATEGIC RETAIL TRUST, INC.,
		 	a Maryland limited liability company
			
		 	By:	 	  

		 	Name:	 	  

		 	Its:	 	  



  
  

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 EXHIBIT C 
 SPRINGING GUARANTY 
 In order to induce American National Insurance Company, a Texas insurance
company (“Lender”) to make that certain $19,000,000 loan (the “Loan”) to TNP SRT Osceola Village, LLC, a Delaware limited liability company (“Master Lessor”), Lender has required that Thompson National Properties, LLC,
a Delaware limited liability (“Springing Guarantor”) execute this Guaranty of that certain Master Lease Agreement between Master Lessor and TNP SRT Osceola Village Master Lessee, LLC, a Delaware limited liability company
(“Tenant”) for certain premises containing approximately 23,005 square feet of space (the “Premises”), located in that certain shopping center containing approximately 116,000 square feet of space (the “Center”),
located in Kissimmee, Florida, of which the Premises are a part. 
 This Guaranty shall become effective at such time as there
is a Trigger Event, as defined below. This Guaranty is intended to be a present obligation of a future contingent commitment. 

A “Trigger Event” means one or more of the following: (a) default occurs under that certain revolving credit facility by
and between KeyBank National Association (whether as agent for one or more lenders or for itself), as Lender, and TNP SRT Secured Holdings, LLC, a Delaware limited liability company, evidenced in part by that certain Revolving Credit Agreement dated
as of December 17, 2010, as amended from time to time; (b) KeyBank National Association as agent for one or more lenders or for itself, or successors or assigns; or (c) any other lender that has a lien or security interest on any one
or more of the Mortgagee Related Parties, acquires one or more of the Mortgagee Related Parties, or any interest therein, (including, without limitation, membership interests, partnership interests, shares or other ownership interests).
“Mortgagee Related Parties” mean: Mortgagor, Thompson National Properties, LLC, TNP Strategic Retail Trust, Inc., TNP Strategic Retail Operating Partnership, L.P. or any other Constituent Owner, 

Accordingly, Guarantor hereby unconditionally, absolutely and irrevocably guarantees to Lender, and its successors and assigns, the
prompt and full payment and performance by Tenant of each and every item, covenant, condition, provision and obligation to be paid, kept, observed or performed by Tenant under the Lease (collectively the “Obligations”). The liability of
Guarantor is coextensive with that of Tenant and also joint and several, and legal action may be brought against Guarantor and carried to final judgment either with or without making Tenant or any assignee or successor thereof as a party thereto.
Without limiting the generality of the foregoing, This Guaranty shall be enforceable against Guarantor without the necessity of (i) any suit instigated by Master Lessor against Tenant or any other guarantor, (ii) the exhaustion of Master
Lessor’s remedies with respect to Tenant under the Lease or any other guarantor, or (iii) the enforcement of Master Lessor’s rights with respect to any security which has ever been given to secure the payment and performance of the
Obligations. This Guaranty shall also be enforceable without the 

  
  

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necessity of any notice of Tenant’s nonpayment or nonperformance except to the extent required by the Lease, notice of acceptance of this Guaranty or any other notice or demand to which
Guarantor might otherwise be entitled, all of which Guarantor hereby expressly waives. 
 This Guaranty shall be binding upon
the undersigned, and all successors, assigns, personal or legal representatives and heirs, and shall inure to the benefit of Lender and Lender’s successors and assigns. The undersigned hereby consents and agrees that this Guaranty may be
assigned by Master Lessor, without recourse, in connection with any sale or assignment by Master Lessor of part or all of its interest in the Center in which the Premises under the Lease are contained. 

The obligations of Guarantor shall be irrevocable and unconditional, irrespective of the genuineness, validity, regularity or
enforceability of the Lease or any security given for the Obligations or any circumstance which might otherwise constitute a legal or equitable discharge of a surety or guarantor, and Guarantor waives the benefit of all principles or provisions of
law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty, and agrees that the obligations of Guarantor hereunder shall not be affected by any circumstances, whether or not referred to in this Guaranty, which
might otherwise constitute a legal or equitable discharge of a surety or guarantor. Without limiting the generality of the foregoing, Guarantor agrees that the occurrence of the following events (or any thereof), whether they occur with or
without notice or consent by Guarantor, will in no way release or impair any liability or obligation of Guarantor hereunder: (i) Master Lessor, in its discretion, waives compliance by Tenant with any of its Obligations or covenants under
the Lease or waives any default thereunder, or grants any indulgence with respect to the Lease, (ii) Master Lessor with Tenant’s written agreement modifies, amends or changes any provision of the Lease or the guaranty of any other
guarantor (including, without limitation, any termination or release of such guaranty), (iii) Master Lessor grants extensions or renewals of the Lease or the Obligations, (iv) Master Lessor transfers its interest in the premises covered by
the Lease or its rights under this Guaranty, (v) Master Lessor consents to the assignment by Tenant of its rights under the Lease or consent to the subletting of all or any part of the Premises, (vi) Master Lessor deals in any respect with
Tenant and the Obligations, and any other guarantor and such guaranty, as if this Guaranty were not in effect, (vii) Master Lessor, in its discretion, waives compliance by any other guarantor with any of its Obligations or covenants under such
other guaranty or waives any default thereunder, or grants any indulgence with respect to the such guaranty, (viii) the release or discharge of Tenant or any other guarantor in an creditor’s proceedings, receivership, bankruptcy or other
proceeding, (ix) the impairment, limitation or modification of the liability of Tenant or the estate of Tenant in bankruptcy, or of any remedy for the enforcement of Tenant’s liability under the Lease, resulting from the operation of any
present or future provision of the federal Bankruptcy Act or other statute or from the decision in any court, and (x) the rejection or disaffirmance of the Lease in any such proceedings. If, as a result of such proceedings, Master Lessor
is forced to refund any payment made by Tenant to Master Lessor because it is found to be a preference or for any other reason, Guarantor hereby covenants to pay such amount to Master Lessor upon demand. 

  
  

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 All of Master Lessor’s rights and remedies under the Lease or under this Guaranty are
intended to be distinct, separate and cumulative, and no such right or remedy therein mentioned is intended to be in exclusion of or a waiver of any of the others. Specifically, the obligation of Guarantor hereunder shall not be released by
Master Lessor’s receipt, application or release of security given for performance and observance of covenants and conditions required to be performed and observed by Tenant under the Lease. 

If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during the term
of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this
Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary
to the basic understandings and intentions of the parties as expressed herein. 
 All references to the singular shall include
the plural and vice versa and all references to any gender shall include the others, wherever appropriate 
 As used herein, the
term “Tenant” shall include any successor or assignee of Tenant, the term “Master Lessor” shall include any successor or assignee of Master Lessor, and the term “Lease” shall include any amendment, extension or renewal
of the Lease. 
 TO THE MAXIMUM EXTENT PERMITTED BY LAW, GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING, OR COUNTERCLAIM THAT RELATES TO OR ARISES OUT OF ANY OF THIS GUARANTY OR THE LEASE OR THE ACTS OR FAILURE TO ACT OF OR BY MASTER LESSOR OR MASTER LESSOR’S LENDER IN CONNECTION WITH THE ENFORCEMENT
OF ANY OF THE TERMS OR PROVISIONS OF THIS GUARANTY OR THE LEASE. 
 THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF
GUARANTOR AND MASTER LESSOR WITH RESPECT TO GUARANTOR’S GUARANTY OF THE OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF.
THIS GUARANTY IS INTENDED BY GUARANTOR AND MASTER LESSOR AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND MASTER LESSOR, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR 

  
  

Page 34 








 
DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR
AND MASTER LESSOR. 
 THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE
OF TEXAS WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS AND THE LAWS OF THE UNITED STATES APPLICABLE TO TRANSACTIONS IN THE STATE OF FLORIDA. GUARANTOR HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING AGAINST IT WITH RESPECT TO THIS
GUARANTY MAY BE MAINTAINED IN THE COURTS OF OSCEOLA COUNTY, FLORIDA OR IN THE U.S. DISTRICT COURT FOR THE MIDDLE DISTRICT OF FLORIDA AND GUARANTOR HEREBY CONSENTS TO THE VENUE OF SUCH COURTS. 

The terms, covenants, provisions, conditions and obligations contained in this Guaranty may not be waived, changed, modified, discharged,
terminated or abandoned, except by agreement in writing, signed by Lender and Guarantor. 
 All notices or other communications
to be provided pursuant to this Guaranty shall be in writing and shall be deemed to be properly served if sent by Federal Express or similar courier service with overnight delivery, or by professional messenger service (with receipt therefor) or by
certified or registered mail, return receipt requested, (i) if to Lender, c/o Mortgage and Real Estate Investment Department, One Moody Plaza, Galveston, Texas 77550; and (ii) if to Guarantor, at the address for the Master Lessor under the
Lease. All notices or other communications to be provided pursuant to this Guaranty sent by certified or registered mail, return receipt requested, first-class postage prepaid shall be deemed effective when they are mailed, otherwise such notices or
other communications shall be effective upon receipt. 
 [SIGNATURES FOLLOW] 

  
  

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 Witness the following signatures: 

 

					
	 SPRINGING GUARANTOR:
	 	Thompson National Properties, LLC, a
		 	Delaware limited liability company
			
		 	By:	 	  

		 	Name:	 	  

		 	Its:	 	  



  
  

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