Document:

Deed To Secure Debt and Security Agreement

 Exhibit 10.8 
 THIS SECURITY INSTRUMENT 
 WAS PREPARED BY, AND UPON 

RECORDING SHOULD BE 
 RETURNED TO: 

Gail Livingston Mills 
 Burr & Forman
LLP 
 420 North 20th Street 
 Suite
3400 
 Birmingham, Alabama 35203 
  

 
  

			
	STATE OF GEORGIA	  	)
	COUNTY OF COBB	  	)

 DEED TO SECURE DEBT AND SECURITY AGREEMENT 

THIS DEED TO SECURE DEBT AND SECURITY AGREEMENT (this “Security Instrument”), is made as of the 18th day of
December, 2012, by and between CHT ACWORTH GA OWNER, LLC, a Delaware limited liability company (together with its successors and 

  
  

NOTE TO INTANGIBLE RECORDING TAX OFFICER: This instrument secures a long-term promissory note in the amount of Fifteen Million
Seventy-Three Thousand Forty-One and No/100 Dollars ($15,073,041.00), having a final maturity date of December 15, 2017. Accordingly, intangible recording tax in the amount of $25,000 is payable upon recording this instrument. 

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assigns, individually and collectively, “Borrower”), whose address is CNL Center at City Commons, 450 South Orange Avenue, Orlando, Florida 32801, Attn: Joseph T. Johnson, SVP
and CFO and Holly J. Greer, SVP and General Counsel, in favor of SYNOVUS BANK, a Georgia state banking corporation (together with its successors and assigns, “Lender”), whose address is 800 Shades Creek Parkway, Suite 375,
Birmingham, Alabama 35209, Attention: Senior Housing and Healthcare Lending. 
 RECITALS 

A. Borrower is indebted to Lender for money loaned or to be loaned in the principal sum of up to Fifteen Million Seventy-Three Thousand
Forty-One and No/100 Dollars ($15,073,041.00) (the “Loan”), which Loan is evidenced by certain Promissory Note of even date herewith from Borrower, payable to the order of Lender in installments of principal and/interest thereon,
such final installment being due on January 1, 2018 (collectively including all schedules, riders, allonges, endorsements, addenda or amendments together with any renewals, replacements, substitutions, or extensions thereof, the
“Note”). 
 B. As a condition precedent to making the Loan, Lender has required that Borrower execute this
Security Instrument as security for the Loan and the other Indebtedness (as hereinafter defined). 
 GRANTING CLAUSES

 NOW, THEREFORE, for and in consideration of the Indebtedness, and to secure the prompt payment thereof, Borrower
does hereby irrevocably grant, bargain, sell, convey, assign, transfer, pledge and set over unto Lender, its successors and assigns forever, and grants to Lender a security interest in and to, the Mortgaged Property (as hereinafter defined).

 TO HAVE AND TO HOLD the Mortgaged Property and all parts thereof unto Lender, its successors and assigns forever, in
FEE SIMPLE, subject however to the terms and conditions herein; 
 AND, this conveyance is intended (i) to
constitute a security agreement under the Uniform Commercial Code of Georgia by which Borrower does hereby grant a present and continuing security interest in and security title to that portion of the Mortgaged Property constituting personal
property, and (ii) to operate and is to be construed as a deed passing title to the Mortgaged Property to the Lender and is made under those provisions of §§ 44-14-60 through 44-14-85 of the Official Code of Georgia Annotated,
and not as a mortgage, and further establishes a perpetual security interest in the Mortgaged Property in favor of Lender. Use of the capitalized term “Mortgage Property” does not in any way signify that this Security Instrument is a
mortgage. To the fullest extent permitted by applicable law, except as otherwise expressly provided herein, it is the further intent that all of the foregoing Mortgaged Property shall be deemed a part of the real property and may be foreclosed upon
and sold upon an Event of Default in accordance with the laws relating to security deeds involving real estate; however, as to any personal property to which this expressed intention is ineffective, Lender shall have and be entitled to exercise all
rights and remedies with respect to such personal property available under the Uniform Commercial Code of Georgia and under any other applicable law or in equity. 

  
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 AGREEMENT 

AND Borrower and Lender further covenant and agree as follows: 

1. Definitions. The following terms, when used in this Security Instrument (including when used in the above recitals),
shall have the following meanings: 
 (a) “1933 Act” has the meaning given to that term in
Section 15. 
 (b) “Accounts” has the meaning given such term in the UCC, and includes, without
limitation, any rights of Borrower arising from the operation of the Facility to payment for goods sold or leased or for services rendered, not evidenced by an Instrument, including, without limitation, any rights of Borrower in and to (i) all
accounts arising from the operation of the Facility, (ii) all moneys and accounts, if any, held by Lender pursuant to this Security Instrument or any other Loan Document, (iii) all rights to payment from Medicare or Medicaid programs or
similar state or federal programs, boards, bureaus or agencies, and rights to payment from patients, residents, private insurers, and others arising from the operation of the Facility, including rights to payment pursuant to Reimbursement Contracts,
(iv) receivables arising out of the use of a credit or charge card or information contained on or for use with the card, (v) any and all “health-care insurance receivables” (as defined in the UCC), (vi) Supporting
Obligations, letter-of-credit rights and letters of credit given by any Person with respect to any of the foregoing, and (vii) all books and records in whatever media (paper, electronic or otherwise) recorded or stored, with respect to any or
all of the foregoing and all equipment and general intangibles necessary or beneficial to retain, access and/or process the information contained in those books and records. Accounts shall include the Proceeds thereof. 

(c) “Affiliate” has the meaning given such term in the Loan Agreement. 

(d) “Appurtenant Rights” means all air rights, development rights, zoning rights, easements, rights-of-way, strips and
gores of land, vaults, streets, roads, alleys, tenements, passages, sewer rights, waters, water courses, water rights and powers, minerals, flowers, shrubs, crops, trees, timber and other emblements now or hereafter appurtenant to, or used or useful
in connection with, or located on, under or above the Land, or any part or parcel thereof, and all ground leases, estates, rights, titles, interests, privileges, liberties, tenements, hereditaments and appurtenances, reversions, and remainders
whatsoever, in any way belonging, relating or appertaining to the Land, or any part thereof, now or hereafter. 
 (e)
“Assignment of Leases and Rents” means that certain Assignment of Leases and Rents of even date herewith executed by Borrower for the benefit of Lender, together with all amendments and supplements thereto. 

(f) “Borrower” means all persons or entities identified as “Borrower” in the first paragraph of this Security
Instrument, together with their successors and assigns. 
 (g) “Borrower Assignment of Licenses” means that
certain Borrower Assignment of Licenses, Permits and Contracts of even date herewith executed by Borrower for the benefit of Lender, together with all amendments and supplements thereto. 

  
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 (h) “Business Day” means a day, other than Saturday, Sunday or legal
holidays, when Lender is open for business. 
 (i) “Chattel Paper” has the meaning given such term in the UCC,
and includes, without limitation, a record or records (including, without limitation, electronic chattel paper) which evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software
used in the goods, or a lease of specific goods; all Supporting Obligations with respect thereto; any returned, rejected or repossessed goods and software covered by any such record or records and all proceeds (in any form including, without
limitation, accounts, contract rights, documents, chattel paper, instruments and general intangibles) of such returned, rejected or repossessed goods; and all proceeds (cash proceeds and noncash proceeds) of the foregoing. 

(j) “Condemnation” has the meaning given to that term in Section 12. 

(k) “Contracts” means all license agreements, operating contracts, and all management, service, employment, supply and
maintenance contracts and agreements, and any other agreements, licenses or contracts of any nature whatsoever now or hereafter obtained or entered into by Borrower with respect to the acquisition, construction, renovation, expansion, ownership,
occupancy, use, operation, maintenance and administration of the Facility and/or the Mortgaged Property, including, without limitation, (i) any and all contracts, authorizations, agreements and/or consents executed by, or on behalf of any
patient or other Person seeking services from Borrower pursuant to which Borrower provides or furnishes skilled nursing care and related services at the Facility, including the consent to treatment and assignment of payment of benefits by third
party and (ii) any and all contracts between Borrower and any resident of the Facility giving the resident certain rights of occupancy in the Facility and providing for certain services to such resident. 

(l) “Debt Service Reserve Fund Agreement” means that certain Debt Service Reserve Fund Escrow and Security Agreement of
even date herewith between Borrower and Lender. 
 (m) “Default Rate” has the meaning given to that term in the
Note. 
 (n) “Deposit Accounts” has the meaning given such term in the UCC. 

(o) “Development Manager” means Solomon Development Services-Acworth, LLC, and any successor manager of the development
of the Facility as approved by Lender in writing. 
 (p) “Equipment” has the meaning given such term in the
UCC, and includes, without limitation, all beds, linen, televisions, carpeting, telephones, cash registers, computers, lamps, glassware, rehabilitation equipment, restaurant and kitchen equipment, and other fixtures and equipment of Borrower
(including, without limitation, embedded software) located on, attached to or used or useful in connection with any of the Mortgaged Property or the Facility and all renewals and replacements thereof and substitutions therefor; provided, however,
that with respect to any items which are leased by Borrower for the benefit of the Facility and not 

  
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owned by Borrower, the Equipment shall include the leasehold interest only of Borrower together with any options to purchase any of said items and any additional or greater rights with respect to
such items which Borrower may hereafter acquire, but the foregoing shall not be construed to mean that such leasing shall be permitted hereunder and under the other Loan Documents. 

(q) “Event of Default” means the occurrence of any event listed in Section 14. 

(r) “Facility” means the new senior living facility containing 46 memory care units and 46 assisted living units to be
constructed on the Land to be known as “Dogwood Forest of Acworth,” together with any other general or specialized care facilities, if any (including any other specialty care assisted living facility, skilled nursing or subacute care
facility) hereafter operated on the Land. 
 (s) “Fixtures” means all property which is now or hereafter so
attached to the Land or the Improvements as to constitute a fixture under applicable law and all renewals and replacements thereof and substitutions therefor, including, without limitation: machinery, equipment, engines, boilers, incinerators,
installed building materials; systems and equipment for the purpose of supplying or distributing heating, cooling, electricity, gas, water, air, or light; antennas, cable, wiring and conduits used in connection with radio, television, security, fire
prevention, or fire detection or otherwise used to carry electronic signals; telephone systems and equipment; elevators and related machinery and equipment; fire detection, prevention and extinguishing systems and apparatus; security and access
control systems and apparatus; plumbing systems; water heaters, ranges, stoves, microwave ovens, refrigerators, dishwashers, garbage disposers, washers, dryers and other appliances; light fixtures, awnings, storm windows and storm doors; pictures,
screens, blinds, shades, curtains and curtain rods; mirrors; cabinets, paneling, rugs and floor and wall coverings; fences, trees and plants; and exercise equipment. 
 (t) “General Intangibles” has the meaning given such term in the UCC, and includes, without limitation, all intangible personal property of Borrower arising out of or connected with the
Mortgaged Property or the Facility and all renewals and replacements thereof and substitutions therefor (other than Accounts, Rents, Instruments, Inventory, Money, Permits and Reimbursement Contracts), including, without limitation, things in
action, contract rights and other rights to payments of Money, commercial tort claims, other claims (including without limitation all claims for income tax and other refunds), payment intangibles and Supporting Obligations. 

(u) “Governmental Authority” means any board, commission, department or body of any municipal, county, state or federal
governmental unit, or any subdivision of any of them, that has or acquires jurisdiction over the Mortgaged Property and/or the Improvements or the use, operation or improvement of the Mortgaged Property. 

(v) “Guarantor” means CNL Healthcare Trust, Inc., a Maryland corporation. 

  
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 (w) “Guaranty Agreement” means that certain Guaranty of even date herewith
executed by Guarantor for the benefit of Lender, together with all amendments and supplements thereto. 
 (x)
“Impositions” and “Imposition Deposits” have the meanings given to those terms in Section 4. 
 (y) “Improvements” means all buildings, structures and improvements of every nature whatsoever now or hereafter situated on the Land, including but not limited to, all gas and electric
fixtures, radiators, heaters, engines and machinery, boilers, ranges, elevators and motors, plumbing and heating fixtures, carpeting and other floor coverings, water heaters, awnings and storm sashes, and cleaning apparatuses which are or shall be
attached to the Land or said buildings, structures or improvements. 
 (z) “Indebtedness” means the aggregate
of the principal of and interest on the Note due and owing from time to time and all expenses, charges and other amounts due and owing from time to time under the Note, the Loan Agreement, this Security Instrument or any other Loan Document,
including, without limitation, prepayment premiums, late charges, default interest and advances to protect the security of this Security Instrument under Section 7, if any. 

(aa) “Instruments” has the meaning given such term in the UCC, and includes, without limitation, all instruments,
Chattel Paper, documents or other writings obtained by Borrower from or in connection with the operation of the Mortgaged Property or the construction and operation of the Facility (including without limitation, all ledger sheets, computer records
and printouts, data bases, programs, books of account, software, trademarks or trade names, utility contracts, maintenance and service contracts and files of Borrower relating thereto). 

(bb) “Inventory” means all inventories of food, beverages and other comestibles owned and held by Borrower for sale or
use at or from the Mortgaged Property or the Facility, and soap, paper supplies, medical supplies, drugs and all other such goods, wares and merchandise held by Borrower (including, without limitation, embedded software) for sale to or for
consumption by residents, guests or patients of the Land or the Facility and all such other goods returned to or repossessed by Borrower. 
 (cc) “Investment Property” has the meaning given such term in the UCC, and includes, without limitation, a security, whether certificated or uncertificated, security entitlement,
securities account, commodity contract, or commodity account, and all proceeds (cash proceeds and noncash proceeds) of, and Supporting Obligations with respect to, the foregoing. 

(dd) “Land” means the land described in Exhibit “A” attached hereto and incorporated herein.

 (ee) “Leases” means all present and future leases, subleases, licenses, concessions or grants or other
possessory interests now or hereafter in force, whether oral or written, covering or affecting the Mortgaged Property and/or the Facility, or any portion of the Mortgaged Property and/or the Facility and all modifications, extensions or renewals
thereof. 

  
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 (ff) “Lender” means the entity identified as “Lender” in the
first paragraph of this Security Instrument, or any subsequent holder of the Note. 
 (gg) “Lessee” means CHT
Acworth GA Tenant Corp., a Delaware corporation. 
 (hh) “Lessee Security Documents” means, collectively,
(i) that certain Lessee Security Agreement and Lease Subordination of even date herewith by and between Lessee and Lender; (ii) that certain Lessee Assignment of Licenses, Permits and Contracts of even date herewith from Lessee in favor of
Lender; (iii) that certain Collateral Assignment of Management Agreement of even date herewith from Lessee in favor of Lender; and (iv) that certain Lessee Environmental Indemnity Agreement of even date herewith from Lessee in favor of
Lender. 
 (ii) “Lien” means any voluntary or involuntary mortgage, security deed, deed of trust, lien, pledge,
assignment, security interest, title retention agreement, financing lease, levy, execution, seizure, judgment, attachment, garnishment, charge, lien or other encumbrance of any kind, including those contemplated by or permitted in this Security
Instrument, the Loan Agreement and the other Loan Documents. 
 (jj) “Loan” has the meaning given to that term
in the Recitals. 
 (kk) “Loan Agreement” means that certain Loan Agreement of even date herewith by and
between Borrower and Lender, together with all amendments and supplements thereto. 
 (ll) “Loan Documents”
means, collectively, the Note, the Loan Agreement, this Security Instrument, the Assignment of Leases and Rents, the Borrower Assignment of Licenses, the Lessee Security Documents, the Subordination of Development Agreement, the Subordination of
Management Agreement, the Guaranty, and the Debt Service Reserve Fund Agreement, together with any and all other documents executed by Borrower, Guarantor or others, evidencing, securing or otherwise relating to the Loan. 

(mm) “Managed Care Plans” means any health maintenance organization, preferred provider organization, individual
practice association, competitive medical plan, or similar arrangement, entity, organization, or Person. 
 (nn)
“Manager” means Trinity Lifestyles Management, LLC, a Georgia limited liability company. 
 (oo)
“Medicaid” means that certain program of medical assistance, funded jointly by the federal government and the States, for impoverished individuals who are aged, blind and/or disabled, and/or members of families with dependent
children, which program is more fully described in Title XIX of the Social Security Act (42 U.S.C. §§ 1396 et seq.) and the regulations promulgated thereunder. 

  
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 (pp) “Medicare” means that certain federal program providing health
insurance for eligible elderly and other individuals, under which physicians, hospitals, skilled nursing homes, home health care, and other providers are reimbursed for certain covered services they provide to the beneficiaries of such program,
which program is more fully described in Title XVIII of the Social Security Act (42 U.S.C. §§ 1395 et seq.) and the regulations promulgated thereunder. 
 (qq) “Money” means all monies, cash, rights to Deposit Accounts, or other items of legal tender obtained from or for use in connection with the operation of the Facility. 

(rr) “Mortgaged Property” means all of Borrower’s present and future right, title and interest in and to all of the
following, provided that if any of the following capitalized terms are defined in the UCC, each such term shall have the meaning given such term in the UCC and shall include, without limitation, the additional items set forth in this Security
Instrument with respect to such term: 
 (i) the Land; 

(ii) all Appurtenant Rights; 
 (iii) all Equipment; 
 (iv) all Improvements; 

(v) all Fixtures; 
 (vi) all Accounts; 
 (vii) all Deposit Accounts; 

(viii) all Contracts; 
 (ix) all General Intangibles; 
 (x) all Permits (to the extent
assignable); 
 (xi) all Money; 

(xii) all Instruments; 
 (xiii) all Inventory; 
 (xiv) all Reimbursement Contracts;

 (xv) all Rents; 
 (xvi) all Personalty; 
 (xvii) all Leases; 

  
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 (xviii) all Chattel Paper; 

(xix) all Supporting Obligations; 
 (xx) all Investment Property; 
 (xxi) all Proceeds; 

(xxii) all contracts, options and other agreements for the sale of the Land, the Improvements, the Fixtures, the
Personalty or any other part of the Mortgaged Property entered into by Borrower now or in the future, including cash or securities deposited to secure performance by parties of their obligations; 

(xxiii) all Imposition Deposits; 
 (xxiv) all refunds or rebates of Impositions by any municipal, state or federal authority or insurance company (other than refunds applicable to periods before the real property tax year in which this
Security Instrument is dated); 
 (xxv) all names under or by which any of the above Mortgaged Property may be
operated or known, and all trademarks, trade names, and goodwill relating to any of the Mortgaged Property; and 

(xxvi) all renewals, replacements and Proceeds of any of the foregoing and any substitutions therefor. 

(ss) “Note” has the meaning given to that term in the Recitals. 

(tt) “Notice” has the meaning given to that term in Section 24. 

(uu) “O&M Programs” has the meaning given to such term in the Loan Agreement. 

(vv) “Operating Lease” means that certain Lease Agreement dated as of the date hereof between the Borrower and the
Lessee. 
 (ww) “Opinion of Counsel” means an opinion or opinions in writing signed by independent legal
counsel to Borrower, designated by Borrower, and reasonably satisfactory to Lender. 
 (xx) “Parent” means,
with respect to a corporation, any other corporation owning or controlling, directly or indirectly, fifty percent (50%) or more of the voting stock of the corporation. 
 (yy) “Permits” means all licenses, permits and certificates used or necessary in connection with the construction, ownership, operation, use or occupancy of the Mortgaged Property and/or
the Facility, including, without limitation, building permits, land disturbance permits, business licenses, state health department licenses, food service licenses, licenses to 

  
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conduct business, certificates of need and all such other permits, licenses and rights, obtained from any governmental, quasi-governmental or private person or entity whatsoever concerning
ownership, operation, use or occupancy. 
 (zz) “Permitted Encumbrances” has the meaning given to that term in
the Loan Agreement. 
 (aaa) “Permitted Transfer” has the meaning given to that term in the Loan Agreement.

 (bbb) “Person” means any natural person, firm, trust, corporation, partnership, limited liability company
and any other form of legal entity. 
 (ccc) “Personalty” means all Equipment, Inventory, General Intangibles
which are used now or in the future in connection with the ownership, management or operation of the Land or the Improvements or are located on the Land or in the Improvements, including furniture, furnishings, machinery, building materials,
appliances, goods, supplies, tools, books, records (whether in written or electronic form), computer equipment (hardware and software) and other tangible personal property (other than Fixtures) which are used now or in the future in connection with
the ownership, management or operation of the Land or the Improvements or are located on the Land or in the Improvements, and any operating agreements relating to the Land or the Improvements, and any surveys, plans and specifications and contracts
for architectural, engineering and construction services relating to the Land or the Improvements and all other intangible property and rights relating to the operation of, or used in connection with, the Land or the Improvements, including all
governmental Permits relating to any activities on the Land. 
 (ddd) “Prior Lien” has the meaning given to
that term in Section 26. 
 (eee) “Proceeds” means all awards, payments, earnings, royalties,
issues, profits, liquidated claims and proceeds (including proceeds of insurance and condemnation and any conveyance in lieu thereof), whether cash or noncash, moveable or immoveable, tangible or intangible, from the sale, conversion (whether
voluntary or involuntary), exchange, transfer, collection, loss, damage, condemnation, disposition, substitution or replacement of any of the Mortgaged Property. 
 (fff) “Property Jurisdiction” means the jurisdiction in which the Mortgaged Property is located. 
 (ggg) “Qualified Leases” has the meaning given to that term in the Assignment of Leases and Rents. 
 (hhh) “Reimbursement Contracts” means, to the extent now or hereafter applicable, all third-party reimbursement contracts for the Facility which are now or hereafter in effect with
respect to residents or patients qualifying for coverage under the same, including Medicare and Medicaid, Managed Care Plans and private insurance agreements, and any successor program or other similar reimbursement program and/or private insurance
agreements, now or hereafter existing. 

  
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 (iii) “Rents” means all rent and other payments of whatever nature from
time to time payable pursuant to the Leases (including, without limitation, rights to payment earned under leases for space in the Improvements for the operation of ongoing retail businesses such as newsstands, barbershops, beauty shops,
physicians’ offices, pharmacies and specialty shops). 
 (jjj) “Single-Purpose Entity” has the meaning
given to that term in the Loan Agreement. 
 (kkk) “Stock” means all shares, options, warrants, general or
limited partnership interests, membership interests, participations or other equivalents (regardless of how designated) in a corporation, limited liability company, partnership or any equivalent entity, whether voting or nonvoting, including,
without limitation, common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities
Exchange Act of 1934, as amended). 
 (lll) “Subordination of Development Agreement” means that certain
Assignment and Subordination of Development Agreement of even date herewith by and among Borrower, Development Manager, and Lender. 
 (mmm) “Subordination of Management Agreement” means that certain Subordination of Management Agreement of even date herewith by and among Lessee, Manager, and Lender. 

(nnn) “Supporting Obligation” has the meaning given such term in the UCC, and includes, without limitation, a
letter-of-credit right, secondary obligation, or obligation of a secondary obligor, or secondary obligation that supports the payment or performance of an Account, Chattel Paper, a document, a General Intangible, an Instrument, or Investment
Property. 
 (ooo) “Taxes” means all taxes, assessments, vault rentals and other charges, if any, general,
special or otherwise, including all assessments for schools, public betterments and general or local improvements, which are levied, assessed or imposed by any public authority or quasi-public authority, and which, if not paid, will become a lien,
on the Land or the Improvements. 
 (ppp) “Transfer” shall mean the conveyance, assignment, sale, transfer,
mortgaging, collateral assignment, encumbrance, pledging, alienation, hypothecation, granting of a security interest in, granting of options with respect to, or other disposition of (directly or indirectly, voluntarily or involuntarily, by operation
of law or otherwise, and whether or not for consideration or of record) all or any portion of any legal or beneficial interest (i) in all or any portion of the Mortgaged Property; (ii) in the Stock of any corporation which is Borrower, a
member of Borrower (if Borrower is a limited liability company), a partner of Borrower or, if applicable, a partner of a general partner of Borrower; and (iii) in Borrower (or any trust of

  
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which Borrower is a trustee), or, if Borrower is a limited or general partnership, limited liability company, joint venture, trust, nominee trust, tenancy in common or other unincorporated form
of business association or form of ownership interest, in any Person having a direct or indirect legal or beneficial ownership in Borrower, excluding any legal or beneficial interest in any constituent limited partner or member of Borrower but
including the interest of such limited partner or member itself and further including any legal or beneficial interest in any constituent general partner of Borrower, if applicable, in any general partner of any constituent general partner of
Borrower, or, if Borrower is a limited liability company, in any constituent corporate member of Borrower. The term “Transfer” shall also include, without limitation, the following: an installment sales agreement wherein Borrower
agrees to sell the Mortgaged Property or any part thereof or any interest therein for a price to be paid in installments; except pursuant to Qualified Leases or the Operating Lease an agreement by Borrower leasing all or a substantial part of the
Mortgaged Property to one or more Persons pursuant to a single transaction or related transactions, or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or
any Rent; any instrument subjecting the Mortgaged Property to a condominium regime or transferring ownership to a cooperative corporation or other form of multiple ownership or governance; the dissolution or termination of Borrower, any general
partner of Borrower, any general partner of any general partner of Borrower, if applicable, or, if Borrower is a limited liability company, any corporate member of Borrower; the issuance of new Stock in any corporation which is Borrower, a member of
Borrower (if Borrower is a limited liability company), a partner of Borrower or, if applicable, a partner of a general partner of Borrower; and the merger or consolidation with any other Person of Borrower, any general partner of Borrower, any
general partner of any general partner of Borrower, if applicable, or, if Borrower is a limited liability company, any corporate member of Borrower. 
 (qqq) “UCC” has the meaning given to that term in Section 2. 
 (rrr) “UCC Collateral” has the meaning given to that term in Section 2. 
 2. Uniform Commercial Code Security Agreement. This Security Instrument is also a security agreement under the Uniform Commercial Code as in effect from time to time in the State of Georgia
(the “UCC”) for any of the Mortgaged Property which, under applicable law, may be subject to a security interest under the UCC, whether acquired now or in the future, and all products and cash and non-cash Proceeds thereof
(collectively, “UCC Collateral”), and Borrower hereby grants to Lender a security interest in the UCC Collateral. Borrower hereby authorizes Lender to file financing statements, continuation statements and financing statement
amendments in such form as Lender may require to perfect or continue the perfection of this security interest and Borrower agrees, if Lender so requests, to execute and deliver to Lender such financing statements, continuation statements and
amendments. Borrower shall pay all filing costs and all costs and expenses of any record searches for financing statements that Lender may require. Without the prior written consent of Lender, Borrower shall not create or permit to exist any other
lien or security interest in any of the UCC Collateral. If an Event of Default has occurred and is continuing, Lender shall have the remedies of a secured party under the UCC, in addition to all remedies provided by this Security Instrument or
existing under applicable law. In exercising any remedies, Lender may exercise its remedies against the UCC 

  
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Collateral separately or together and in any order, without in any way affecting the availability of Lender’s other remedies hereunder and/or under applicable law. The terms
“sign,” “signed” and signatures” shall have their ordinary meanings except that, to limited extent Lender in an authenticated record expressly agrees otherwise from time to time in the exercise of its sole and absolute
discretion, the terms may also include other methods used to authenticate. Without implying any limitation on the foregoing, with respect to the UCC Collateral that may be perfected by control, Borrower shall take such steps as Lender may require in
order that Lender may have such control. To the extent that the proceeds of any of the Accounts are expected to become subject to the control of, or in the possession of, a party other than Borrower or Lender, Borrower shall cause all such parties
to execute and deliver on the date of this Security Instrument and from time to time hereafter security documents, financing statements or other documents as requested by Lender and as may be necessary to evidence and/or perfect the security
interest of Lender in those proceeds. Borrower agrees that a copy of a fully executed security agreement and/or financing statement shall be sufficient to satisfy for all purposes the requirements of a financing statement as set forth in Article 9
of the UCC. Borrower hereby irrevocably appoints Lender as Borrower’s attorney-in-fact, with power of substitution, in the name of Lender or in the name of Borrower or otherwise, for the use and benefit of Lender, but at the cost and expense of
Borrower and without notice to Borrower, to execute and deliver any and all of the instruments and other documents and take any action which Lender may require pursuant the foregoing provisions of this Section. Further, to the extent permitted by
applicable laws, Lender may file, without Borrower’s signature, one or more financing statements or other notices disclosing Lender’s liens and other security interests. All financing statements and notices may describe Lender’s
collateral as all assets or all personal property of Borrower. Borrower hereby ratifies and confirms the validity of any and all financing statements filed by Lender prior to the date of this Security Instrument. 

3. Leases. Borrower shall not, without the prior written consent and approval of Lender, enter into any Lease (except for
the Operating Lease or Qualified Leases), or enter into or permit any management agreement of or affecting any part of the Mortgaged Property, other than the Management Agreement between Lessee and Manager as is more particularly described in the
Loan Agreement. 
 4. Deposits for Taxes, Insurance and Other Charges. 

(a) If requested by Lender but only if an Event of Default exists, Borrower shall deposit with Lender on the day monthly installments of
principal and/or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when
due (i) to the extent applicable, the yearly water and sewer charges which may be levied on all or any part of the Mortgaged Property, (ii) the premiums for fire and other hazard insurance, business interruption insurance and such other
insurance as Lender may require under the Loan Agreement, (iii) the yearly Taxes, and (iv) amounts for other charges and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the
imposition of liens on the Mortgaged Property, or otherwise to protect Lender’s interests, all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are
collectively referred to 

  
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in this Security Instrument as the “Imposition Deposits.” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Security
Instrument as “Impositions.” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being
added plus one-sixth of such estimate. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying property taxes, insurance
premiums and each other obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender’s discretion, at any time
upon notice to Borrower. 
 (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an
institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits
exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be
required to pay Borrower any interest, earnings or profits on the Imposition Deposits. Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under
this Security Instrument and the other Loan Documents. Any amounts deposited with Lender under this Section shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under subsection (e).

 (c) Following the occurrence of an Event of Default and during the continuance thereof, Borrower shall direct the applicable
Governmental Authority to deliver the invoices and bills for all Impositions to Lender. If Lender receives a bill or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no
obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any bill, statement or estimate from the appropriate public office or insurance company without inquiring
into the accuracy of the bill, statement or estimate or into the validity of the Imposition. 
 (d) If at any time the amount of
the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If
at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of
the deficiency within fifteen (15) days after notice from Lender. 
 (e) If an Event of Default has occurred and is
continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness or upon
a waiver by Lender of an Event of Default or acceptance by Lender of a cure of an Event of Default, Lender shall refund to Borrower any Imposition Deposits held by Lender. 

  
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 5. Application of Payments. If at any time Lender receives, from Borrower or
otherwise, any amount applicable to the Indebtedness which is less than all amounts due and payable at such time, then Lender may apply that payment to amounts then due and payable in the manner set forth in the Note. Neither Lender’s
acceptance of an amount which is less than all amounts then due and payable nor Lender’s application of such payment in the manner authorized in the immediately preceding sentence shall constitute or be deemed to constitute either a waiver of
the unpaid amounts or an accord and satisfaction. Notwithstanding the application of any such amount to the Indebtedness, Borrower’s obligations under this Security Instrument and the Note shall remain unchanged. 

6. Use of Property. Unless required by applicable law, Borrower shall not (a) except for any change in use approved by
Lender, allow changes in the use for which all or any part of the Mortgaged Property is being used at the time this Security Instrument was executed, (b) convert any part of the Facility to commercial use other than one permitting as an
assisted living facility and related uses, or (c) initiate or acquiesce in a change in the zoning classification of the Land and/or the Facility. 
 7. Protection of Lender’s Security. 
 (a) If Borrower fails to
perform any of its obligations under this Security Instrument or any other Loan Document following the expiration of any applicable cure or grace period, or if any action or proceeding is commenced which purports to affect the Mortgaged Property,
Lender’s security or Lender’s rights under this Security Instrument, including eminent domain, insolvency, code enforcement, civil or criminal forfeiture, enforcement of Hazardous Materials Laws, fraudulent conveyance or reorganizations or
proceedings involving a bankrupt or decedent, then Lender at Lender’s option and upon notice to Borrower may make such appearances, disburse such sums and take such actions as Lender reasonably deems necessary to perform such obligations of
Borrower and to protect Lender’s interest, including (i) disbursement of fees and out of pocket expenses of attorneys, accountants, inspectors and consultants, (ii) entry upon the Mortgaged Property to make repairs or secure the
Mortgaged Property, (iii) procurement of the insurance coverages required under the Loan Agreement, and (iv) payment of amounts which Borrower has failed to pay under Section 9. 

(b) Any amounts disbursed by Lender under this Section, or under any other provision of this Security Instrument, or under any of the
other Loan Documents, that treats such disbursement as being made under this Section, shall be added to, and become part of the Indebtedness, shall be immediately due and payable and shall bear interest from the date of disbursement until paid at
the Default Rate. 
 (c) Nothing in this Section shall require Lender to incur any expense or take any action. 

8. Inspection. Lender, its agents, representatives, and designees may make or cause to be made entries upon and inspections
of the Mortgaged Property (including environmental inspections and tests) during normal business hours, or at any other reasonable time, upon reasonable advance notice to Borrower (which may be oral) except in an emergency or during the continuance
of an Event of Default. 

  
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 9. Taxes; Operating Expenses. 

(a) Subject to the provisions of Section 9(c) and Section 9(d), Borrower shall pay, or cause to be paid, all
Taxes when due and before the addition of any interest, fine, penalty or cost for nonpayment. 
 (b) Subject to the provisions
of Section 9(c), Borrower shall pay or cause to be paid the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including insurance premiums, utilities, repairs and replacements) before the last date upon
which each such payment may be made without any penalty or interest charge being added or lien imposed. 
 (c) As long as no
Event of Default has occurred and is continuing, Borrower shall not be obligated to pay Taxes, insurance premiums or any other individual Imposition to the extent that Imposition Deposits are held by Lender for the purpose of paying that specific
Imposition. If an Event of Default exists, Lender may exercise any rights Lender may have with respect to Imposition Deposits without regard to whether Impositions are then due and payable. 

(d) Borrower, at its own expense, may contest by appropriate legal proceedings, conducted diligently and in good faith, the amount or
validity of any Imposition other than insurance premiums, if (i) Borrower notifies Lender of the commencement or expected commencement of such proceedings, (ii) the Mortgaged Property is not in danger of being sold or forfeited, as
determined by Lender, (iii) if requested by Lender, Borrower deposits with Lender cash reserves or other collateral sufficient to pay the contested Imposition, (iv) Borrower furnishes whatever security is required in the proceedings or is
reasonably requested by Lender, which may include the delivery to Lender of the reserves established by Borrower to pay the contested Imposition, as additional security, and (v) such contest operates to suspend enforcement of such Imposition.

 (e) Borrower shall promptly deliver to Lender a copy of all notices of, and invoices for, Impositions, and if Borrower pays
any Imposition directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. 
 (f) In the event of the
passage of any law subsequent to the date of this Security Instrument in any manner changing or modifying the laws now in force governing the taxation of deeds of trust or mortgages or debts secured by deeds of trust or mortgages or the manner of
collecting any such taxes so as to adversely affect Lender (including, without limitation, a requirement that internal revenue stamps be affixed to this Security Instrument or any of the other Loan Documents), Borrower will promptly pay any such
tax. If Borrower fails to make such prompt payment, or if any law prohibits Borrower from making such payment or would penalize Lender if Borrower makes such payment, then the entire unpaid balance of the Indebtedness shall, without notice,
immediately become due and payable at the sole option of Lender. In no event, however, shall any income taxes of Lender or franchise taxes of Lender measured by income, or taxes in lieu of such income taxes or franchise taxes, be required to be paid
by Borrower. 

  
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 10. Liens; Encumbrances. Borrower acknowledges that the existence of any Lien
on the Mortgaged Property, other than Permitted Encumbrances, whether voluntary, involuntary or by operation of law, which is not removed, discharged, or satisfied within thirty (30) days following the filing or recording of such lien, is a
“Transfer” which constitutes an Event of Default as provided under Section 14, and will subject Borrower to personal liability under the Note. 
 11. Preservation, Management and Maintenance of Mortgaged Property. Borrower (a) shall not commit waste or permit impairment or deterioration of the Mortgaged Property, (b) shall
not abandon the Facility, (c) shall restore or repair promptly, in a good and workmanlike manner, any damaged part of the Mortgaged Property to the equivalent of its original condition, or such other condition as Lender may approve in writing,
whether or not insurance proceeds or condemnation awards are available to cover any costs of such restoration or repair, except to the extent Lender applies such insurance proceeds or condemnation awards to reduce the Indebtedness, (d) shall
keep the Mortgaged Property in good repair, including the replacement of Personalty and Fixtures with items of equal or better function and quality, (e) shall provide for professional management of the Mortgaged Property by a manager
satisfactory to Lender, in its sole discretion, under a contract approved by Lender in writing, and (f) shall give notice to Lender of and, unless otherwise directed in writing by Lender, shall appear in and defend any action or proceeding
purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Security Instrument. Borrower shall not (and shall not permit any other person to) remove, demolish or alter the Mortgaged Property or any part of
the Mortgaged Property except in connection with the replacement of tangible Personalty. 
 12. Condemnation.

 (a) Borrower shall promptly notify Lender of any action or proceeding relating to any condemnation or other taking, or
conveyance in lieu thereof, of all or any part of the Mortgaged Property, whether direct or indirect (a “Condemnation”). Borrower shall appear in and prosecute or defend any proceeding relating to any Condemnation unless otherwise
directed by Lender in writing. Borrower authorizes and appoints Lender as attorney-in-fact for Borrower to commence, appear in and prosecute, in Lender’s or Borrower’s name, any action or proceeding relating to any Condemnation and to
settle or compromise any claim in connection with any Condemnation. This power of attorney is coupled with an interest and therefore is irrevocable. However, nothing contained in this Section shall require Lender to incur any expense or take any
action. Borrower hereby transfers and assigns to Lender all right, title and interest of Borrower in and to any award or payment with respect to (i) any Condemnation, or any conveyance in lieu of Condemnation, and (ii) any damage to the
Mortgaged Property caused by governmental action that does not result in a Condemnation. 
 (b) Subject to the provisions of the
Loan Agreement, Lender, in its sole discretion, may apply such awards or proceeds, after the deduction of Lender’s expenses incurred in the collection of such amounts, at Lender’s option, to the restoration or repair of the Mortgaged
Property or to the payment of the Indebtedness, with the balance, if any, to Borrower. Unless Lender otherwise agrees in writing, any application of any awards or proceeds to the Indebtedness shall not extend or postpone the due date of any monthly
installments referred to in the Note or this Security Instrument, or change the amount of such installments. Borrower agrees to execute such further evidence of assignment of any awards or proceeds as Lender may require. 

  
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 13. Transfers of the Mortgaged Property or Beneficial Interests in Borrower.
Other than Permitted Transfers, no Transfer of any part of the Mortgaged Property or any beneficial interest of Borrower shall be permitted without Lender’s prior written consent which may be withheld in Lender’s sole and absolute
discretion. 
 14. Events of Default. The occurrence of any one or more of the following shall constitute an Event
of Default under this Security Instrument: 
 (a) any failure by Borrower to pay or deposit within ten (10) days following
written demand, any amount required by this Security Instrument; 
 (b) any failure by Borrower to perform any of its
obligations under this Security Instrument (other than those specified in the preceding subsections of this Section), as and when required, which continues for a period of thirty (30) days after notice of such failure by Lender to Borrower;
provided, however, that if such default cannot be cured within such thirty (30) day period, then such cure period shall be extended for an additional sixty (60) days as long as Borrower is diligently and in good faith prosecuting such cure
to completion. However, no such notice or grace period shall apply in the case of any such failure which could, in Lender’s judgment, absent immediate exercise by Lender of a right or remedy under this Security Instrument, result in harm to
Lender, impairment of the Note or this Security Instrument or any other security given under any other Loan Document; 
 (c) a
failure of Borrower to comply with the provisions of Section 13; 
 (d) the commencement of a forfeiture action or
proceeding, whether civil or criminal, which, in Lender’s reasonable judgment, could result in a forfeiture of the Mortgaged Property or otherwise materially impair the lien created by this Security Instrument or Lender’s interest in the
Mortgaged Property, which action or proceeding is not dismissed within sixty (60) days of filing; 
 (e) any “Event of
Default” by Borrower, Lessee, or Guarantor under any Loan Document other than this Security Instrument, as defined in the applicable Loan Document; 
 (f) any exercise by the holder of any debt instrument secured by a mortgage, deed of trust or deed to secure debt on the Mortgaged Property of a right to declare all amounts due under that debt instrument
immediately due and payable; 
 (g) the Mortgaged Property becomes part of a bankrupt debtor’s estate pursuant to any
chapter of the Federal Bankruptcy Code or the Mortgaged Property otherwise becomes subject to any reorganization, receivership (other than a receivership proceeding instituted by Lender) or insolvency proceeding or any similar proceeding pursuant to
any federal, state or foreign law affecting debtor and creditor rights; or 

  
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 (h) if any representation or warranty made by Borrower in that certain Loan Closing
Certification executed in connection with the Loan is not true and correct in any material respect. 
 15.
Remedies. 
 (a) Acceleration of Maturity. If an Event of Default shall have occurred, then the entire
Indebtedness shall, at the option of Lender, immediately become due and payable without notice or demand, time being of the essence of this Security Instrument, and no omission on the part of Lender to exercise such option when entitled to do so
shall be construed as a waiver of such right. 
 (b) Uniform Commercial Code. Lender shall have all of the rights and
remedies of a secured party under the UCC. Upon demand by Lender, Borrower shall assemble the UCC Collateral and make it available to Lender, at a place designated by Lender. Lender or its agents may without notice from time to time enter upon
Borrower’s premises to take possession of the UCC Collateral, to remove it, to render it unusable, to process it or otherwise prepare it for sale, or to sell or otherwise dispose of it. Any written notice of the sale, disposition or other
intended action by Lender with respect to the UCC Collateral which is sent by regular mail, postage prepaid, to Borrower at the address of Borrower which may from time to time be shown on Lender’s records, at least ten (10) days prior to
such sale, disposition or other action, shall constitute commercially reasonable notice to Borrower. Lender may alternatively or additionally give such notice in any other commercially reasonable manner. Nothing in this Security Instrument shall
require Lender to give any notice not required by applicable laws. If any consent, approval, or authorization of any state, municipal or other governmental department, agency or authority or of any person, or any person, corporation, partnership or
other entity having any interest therein, should be necessary to effectuate any sale or other disposition of the UCC Collateral, Borrower agrees to execute all such applications and other instruments, and to take all other action, as may be required
in connection with securing any such consent, approval or authorization. If and to the extent any UCC Collateral consists of securities, Borrower recognizes that Lender may be unable to effect a public sale of all or a part of the UCC Collateral
consisting of securities by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and other applicable federal and state laws. Lender may, therefore, in its discretion, take such steps as it may deem appropriate to
comply with such laws and may, for example, at any sale of the UCC Collateral consisting of securities restrict the prospective bidders or purchasers as to their number, nature of business and investment intention, including, without limitation, a
requirement that the Persons making such purchases represent and agree to the satisfaction of Lender that they are purchasing such securities for their account, for investment, and not with a view to the distribution or resale of any thereof.
Borrower covenants and agrees to do or cause to be done promptly all such acts and things as Lender may request from time to time and as may be necessary to offer and/or sell the securities or any part thereof in a manner which is valid and binding
and in conformance with all applicable laws. Upon any such sale or disposition, Lender shall have the right to deliver, assign and transfer to the purchaser thereof the UCC Collateral consisting of securities so sold. 

  
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 (c) Right to Enter and Take Possession. 

(i) If an Event of Default shall have occurred and is continuing, Borrower, upon demand of Lender, shall forthwith
surrender to Lender the actual possession of the Mortgaged Property and, if and to the extent permitted by law, Lender itself, or by such officers or agents as it may appoint, may enter and take possession of all or any part of the Mortgaged
Property without the appointment of a receiver or an application therefor, and may exclude Borrower and its agents and employees wholly therefrom, and take possession of the books, papers and accounts of Borrower relating thereto; 

(ii) If Borrower shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after such
demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgaged Property to Lender. Borrower will pay to Lender, upon demand,
all expenses of obtaining such judgment or decree, including costs and expense actually incurred by Lender, its attorneys and agents, and all such expenses and costs shall, until paid, become part of the Indebtedness and shall be secured by this
Security Instrument; 
 (iii) Upon every such entering or taking of possession, Lender may hold, store, use,
operate, manage and control the Mortgaged Property and conduct the business thereof, and, from time to time (A) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and
thereon and purchase or otherwise acquire additional Fixtures, Personalty and Equipment; (B) insure or keep the Mortgaged Property insured; (C) manage and operate the Mortgaged Property and exercise all of the rights and powers of Borrower
to the same extent as Borrower could in its own name; and/or (D) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted to Lender, all as Lender from time to time may determine to be in its
best interest. Lender may collect and receive all the Rents, including those past due as well as those accruing thereafter, and, after deducting (1) all expenses of taking, holding, managing and operating the Mortgaged Property (including
compensation for the services of all persons employed for such purposes); (2) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases and acquisitions; (3) the cost of such
insurance deemed necessary by Lender; (4) such taxes, assessments and other similar charges as Lender may at its option pay; (5) other proper charges upon the Mortgaged Property or any part thereof; and (6) the actual reasonable fees,
expenses and disbursements of the attorneys and agents of Lender, Lender shall apply the remainder of the monies and proceeds so received by Lender, first, to the payment of accrued interest; second, to the payment of Imposition Deposits and to
other sums required to be paid hereunder; and third, to the payment of overdue installments of principal and any other unpaid Indebtedness then due. Anything in this Section to the contrary notwithstanding, Lender shall not incur any liability as a
result of any exercise by Lender of its rights under this Security Instrument, and Lender shall be liable to account only for the Rents actually received by Lender; 

(iv) Whenever all the Indebtedness shall have been paid and all Events of Default shall have been cured, Lender shall
surrender possession of the Mortgaged Property to Borrower, its successors and/or assigns. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occur and be continuing. 

  
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 (d) Performance by Lender. Upon the occurrence of an Event of Default, Lender may, at
its sole option, pay, perform or observe the same, and all payments made or costs or expenses incurred by Lender in connection therewith, with interest thereon at the Default Rate (as defined in the Note) or at the maximum rate from time to time
allowed by applicable law, whichever is less, shall be secured hereby and shall be, without demand, immediately repaid by Borrower to Lender. Notwithstanding anything to the contrary herein, Lender shall have no obligation, explicit or implied to
pay, perform, or observe any term, covenant, or condition. 
 (e) Receiver. If any Event of Default shall exist, Lender,
upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice and without regard to the sufficiency or value of any security for the Indebtedness or the solvency of any party bound for its
payment, to the appointment of a receiver to take possession of and to operate the Mortgaged Property and the Facility and to collect and apply the Rents. The receiver shall have all the rights and powers permitted under the laws of the Property
Jurisdiction. Borrower will pay unto Lender upon demand all expenses, including receiver’s fees, actual attorney’s fees, costs and agent’s compensation, incurred pursuant to the provisions of this Section, and upon any Borrower’s
failure to pay the same, any such amounts shall be added to the Indebtedness and shall be secured by this Security Instrument. 

(f) Lender’s Power of Enforcement. If an Event of Default shall exist, Lender may, either with or without entry or taking
possession as hereinabove provided or otherwise, proceed by suit or suits at law in equity or any other appropriate proceeding or remedy (i) to enforce payment of the Note or the performance of any term thereof or any other right, (ii) to
foreclose this Security Instrument and to sell, as an entirety or in separate lots or parcels, the Mortgaged Property, as provided by applicable Georgia law, and (iii) to pursue any other remedy available to it, all as Lender shall deem most
effectual for such purposes. Lender shall take action either by such proceedings or by the exercise of its powers with respect to entry or taking possession, as Lender may determine. 

(g) Power of Sale. 
 (i) If an Event of Default shall exist, Lender, at its option, may sell the Mortgaged Property or any part of the Mortgaged Property at public sale or sales before the door of the courthouse of the county
in which the Land and Improvements or any part of the Land and Improvements is situated, to the highest bidder for cash, in order to pay the Indebtedness and all expenses of the sale and of all proceedings in connection therewith, including
reasonable attorneys’ fees actually incurred, after advertising the time, place, and terms of sale once a week for four (4) weeks immediately preceding such sale (but without regard to the number of days) in a newspaper in which
Sheriff’s sales are advertised in said county. Lender may bid and purchase at such sale. With respect to any personal property or fixtures included in the Mortgaged Property or located on the Land and Improvements, Lender may, at its option,
sell or otherwise dispose of the same by public or private proceedings, separate from the sale of the real property, in accordance with the provisions of the UCC, and Lender may with respect to such

  
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personal property and fixtures exercise any other rights or remedies of a secured party under the UCC. Lender’s conveyance may contain such recitals as to the occurrence of an Event of
Default under this Security Instrument, which recitals shall be presumptive evidence that all preliminary acts prerequisite to such sale and conveyance were duly complied with in all respects. Such recitals shall be binding upon Borrower.

 (ii) At any sale conducted pursuant to this Section, Lender may execute and deliver to the purchaser a
conveyance of the Mortgaged Property, or any part of the Mortgaged Property, or any personal property or fixtures included in the Mortgaged Property or located on the Land and Improvements, in fee simple, which conveyance may contain recitals as to
the occurrence of an Event of Default hereunder, and to this end Borrower hereby constitutes and appoints Lender its agent and attorney-in-fact, with full power of substitution, to make such sale and conveyance and thereby to divest Borrower of all
right, title, or equity in and to the Mortgaged Property sold and to vest the same in the purchaser or purchasers at such sale or sales, and all the reasonable acts and doings of said agent and attorney-in-fact are hereby ratified and confirmed.
Lender’s conveyance may contain such recitals as to the occurrence of an Event of Default under this Security Instrument, which recitals shall be presumptive evidence that all preliminary acts prerequisite to such sale and conveyance were duly
complied with in all respects. Such recitals shall be binding upon Borrower. The aforesaid power of sale and agency hereby granted are coupled with an interest and are irrevocable by dissolution or otherwise, are granted as cumulative of the other
remedies provided by law for collection of the Indebtedness, and shall not be exhausted by one exercise thereof but may be exercised until full payment of the Indebtedness. 

(iii) Upon any foreclosure sale or sale of all or any portion of the Mortgaged Property under the power herein granted,
Lender may bid for and purchase the Mortgaged Property and shall be entitled to apply all or any part of the Indebtedness as a credit to the purchase price. 
 (h) Application of Proceeds of Sale. In the event of a foreclosure or other sale of all or any portion of the Mortgaged Property, the proceeds of said sale shall be applied, first, to the expenses
of such sale and of all proceedings in connection therewith, including actual reasonable attorney’s fees and expenses (and attorney’s fees and expenses shall become absolutely due and payable whenever foreclosure is commenced); then to
insurance premiums, liens, assessments, Impositions and charges, including utility charges and any other amounts advanced by Lender hereunder, and interest thereon; then to payment of the Indebtedness in such order of priority as Lender shall
determine, in its sole discretion; and finally the remainder, if any, shall be paid to Borrower, or to the person or entity lawfully entitled thereto. 
 (i) Borrower as Tenant Holding Over. In the event of any such foreclosure sale, Borrower (if Borrower shall remain in possession) shall be deemed a tenant holding over and shall forthwith deliver
possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable thereto. 
 (j) Waiver of Appraisement, Valuation, Etc. Borrower agrees, to the full extent permitted by law, that in case of an Event of Default on the part of Borrower hereunder,

  
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neither Borrower nor anyone claiming through or under Borrower will assert, claim or seek to take advantage of any appraisement, redemption, valuation, stay, homestead, extension, exemption or
laws now or hereafter in force, in order to prevent or hinder the enforcement of foreclosure of this Security Instrument, or the absolute sale of the Mortgaged Property, or the delivery of possession thereof immediately after such sale to the
purchaser at such sale. 
 (k) Discontinuance of Proceedings. In case Lender shall have proceeded to enforce any right,
power or remedy under this Security Instrument by foreclosure, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to Lender, then in every such case, Borrower
and Lender shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Lender shall continue as if no such proceedings had occurred. 

(l) Waiver. 
 (i) No delay or omission by Lender or by any holder of the Note to exercise any right, power or remedy accruing upon any default shall exhaust or impair any such right, power or remedy or shall be
construed to be a waiver of any such default, or acquiescence therein, and every right, power and remedy given by this Security Instrument to Lender may be exercised from time to time and as often as may be deemed expedient by Lender. No consent or
waiver expressed or implied by Lender to or of any breach or default by Borrower in the performance of the obligations of Borrower hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the
performance of the same or any other obligations of Borrower hereunder. Failure on the part of Lender to complain of any act or failure to act or failure to declare an Event of Default, irrespective of how long such failure continues, shall not
constitute a waiver by Lender of its rights hereunder or impair any rights, powers or remedies of Lender hereunder. 
 (ii) No act or omission by Lender shall release, discharge, modify, change or otherwise affect the original liability under the Note, this Security Instrument, other Loan Documents or any other obligation
of Borrower or any subsequent purchaser of the Mortgaged Property or any part thereof, or any maker, co-signer, endorser, surety or guarantor, nor preclude Lender from exercising any right, power or privilege herein granted or intended to be granted
in any Event of Default then existing or of any subsequent default, nor alter the lien of this Security Instrument, except as expressly provided in an instrument or instruments executed by Lender. Without limiting the generality of the foregoing,
Lender may (A) grant forbearance or an extension of time for the payment of all or any portion of the Indebtedness; (B) take other or additional security for the payment of any of the Indebtedness; (C) waive or fail to exercise any
right granted herein, in the Note or in other Loan Documents; (D) release any part of the Mortgaged Property from the security interest or lien of this Security Instrument or otherwise change any of the terms, covenants, conditions or
agreements of the Note, this Security Instrument or other Loan Documents; (E) consent to the filing of any map, plat or replat affecting the Land; (F) consent to the granting of any easement or other right affecting the Mortgaged Property;
(G) make or consent to any agreement subordinating the security title or lien hereof, or (H) take or omit to take any action whatsoever with 

  
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respect to the Note, this Security Instrument, the other Loan Documents, the Mortgaged Property or any document or instrument evidencing, securing or in any way related to the Security
Instrument, all without releasing, discharging, modifying, changing or affecting any such liability, or precluding Lender from exercising any such right, power or privilege with respect to the lien of this Security Instrument. In the event of the
sale or transfer by operation of law or otherwise of all or any part of the Mortgaged Property, Lender, without notice, is hereby authorized and empowered to deal with any such vendee or transferee with respect to the Mortgaged Property or the
Indebtedness, or with reference to any of the terms, covenants, conditions or agreements hereof, as fully and to the same extent as it might deal with the original parties hereto and without in any way releasing or discharging any liabilities,
obligations or undertakings of Borrower, any guarantor of the Indebtedness or others. 
 (iii) Borrower waives
and relinquishes any and all rights it may have, whether at law or equity, to require Lender to proceed to enforce or exercise any rights, powers and remedies it may have under the Loan Documents in any particular manner, in any particular order, or
in any particular state or other jurisdiction. Borrower expressly waives and relinquishes any and all rights and remedies that Borrower may have or be able to assert by reason of the laws of the state of jurisdiction pertaining to the rights and
remedies of sureties. 
 Borrower makes these arrangements, waivers and relinquishments knowingly and as a material inducement
to Lender in making the Loan, after consulting with and considering the advice of independent legal counsel selected by Borrower. 
 (m) Commercial Transaction; Other Waivers. The interest of Lender hereunder and the obligations of Borrower for all Indebtedness arise from a “commercial transaction” within the meaning
of O.C.G.A. § 44-14-260(1). Accordingly, pursuant to O.C.G.A. § 44-14-263, Borrower waives any and all rights which Borrower may have to notice prior to seizure by Lender of any interest in any personal property collateral of
Borrower which constitutes part of the Mortgaged Property, whether such seizure is by writ of possession or otherwise, and also waives the requirement for any bond in connection with any writ of immediate possession sought by Lender. Borrower also
expressly waives, to the maximum extent permitted by law, those provisions of O.C.G.A. Section 44-14-85 that may operate to rescind the acceleration of the Indebtedness secured thereby and reinstate such Indebtedness in accordance with its
terms following the withdrawal of any foreclosure proceedings by Lender. Borrower acknowledges and agrees that such rescission and reinstatement shall occur only upon written agreement of Lender. 

(n) Suits to Protect the Mortgaged Property. Lender shall have power to institute and maintain such suits and proceedings as it
may deem expedient (i) to prevent any impairment of the Mortgaged Property by any acts which may be unlawful or constitute an Event of Default under this Security Instrument; (ii) to preserve or protect its interest in the Mortgaged
Property and in the Rents arising therefrom; and (iii) to restrain the enforcement of or compliance with any legislation or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid, if the enforcement of or
compliance with such enactment, rule or order would materially impair the security hereunder or be prejudicial to the interest of Lender. 

  
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 (o) Proofs of Claim. In the case of any receivership, insolvency, bankruptcy,
reorganization, arrangement, adjustment, composition or other proceedings affecting Borrower, its creditors or its properties, Lender, to the extent permitted by law, shall be entitled to file such proofs of claim and other documents as may be
necessary or advisable in order to have the claims of Lender allowed in such proceedings for the entire amount due and payable by Borrower under this Security Instrument at the date of the institution of such proceedings and for any additional
amount which may become due and payable by Borrower hereunder after such date. 
 (p) Actions Without Borrower’s
Consent. Borrower agrees that Lender may do any one or all of the following without notice to or the consent of Borrower and without affecting Lender’s rights or remedies against Borrower: (i) accept partial payment of, compromise,
settle, renew, extend the time for payment or performance of, or refuse to enforce any of Borrower’s Indebtedness to Lender under or in connection with this Security Instrument or any of the other Loan Documents; (ii) grant any indulgence
or forbearance to Guarantor or any other Person under or in connection with any or all of the Loan Documents; (iii) release, waive, substitute or add any or all collateral securing payment of any or all of the Indebtedness; (iv) release,
substitute or add any one or more endorsers or guarantors of any or all of the Indebtedness; and (v) exercise any right or remedy with respect to the Indebtedness or any collateral securing the Indebtedness, notwithstanding any effect on or
impairment of Borrower’s subrogation, reimbursement or other rights against Guarantor or any other Person under or in connection with any or all of the Loan Documents. 
 16. Remedies Cumulative. Each right and remedy provided in this Security Instrument is distinct from all other rights or remedies under this Security Instrument or any other Loan Document or
afforded by applicable law, and each shall be cumulative and may be exercised concurrently, independently, or successively, in any order. 
 17. Forbearance. 
 (a) Lender may agree with Borrower, from time to
time, at Lender’s option and without giving notice to, or obtaining the consent of, or having any effect upon the obligations of any guarantor or other third party obligor, extend the time for payment of all or any part of the Indebtedness,
reduce the payments due under this Security Instrument, the Note, or any other Loan Document, release anyone liable for the payment of any amounts under this Security Instrument, the Note, or any other Loan Document, accept a renewal of the Note,
modify the terms and time of payment of the Indebtedness, join in any extension or subordination agreement, release any Mortgaged Property, take or release other or additional security, modify the rate of interest or period of amortization of the
Note or change the amount of the monthly installments payable under the Note, or otherwise modify this Security Instrument, the Note, or any other Loan Document. 
 (b) Any forbearance by Lender in exercising any right or remedy under the Note, this Security Instrument, the Guaranty Agreement, or any other Loan Document or

  
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otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any right or remedy. The acceptance by Lender of payment of all or any part of the Indebtedness after
the due date of such payment, or in an amount which is less than the required payment, shall not be a waiver of Lender’s right to require prompt payment when due of all other payments on account of the Indebtedness or to exercise any remedies
for any failure to make prompt payment. Enforcement by Lender of any security for the Indebtedness shall not constitute an election by Lender of remedies so as to preclude the exercise of any other right available to Lender. Lender’s receipt of
any insurance and/or condemnation proceeds shall not operate to cure or waive any Event of Default. 
 18. Loan
Charges. If any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower is interpreted so that any charge provided for in any Loan Document, whether considered separately or together with other
charges levied in connection with any other Loan Document, violates that law, and Borrower is entitled to the benefit of that law, that charge is hereby reduced to the extent necessary to eliminate that violation. The amounts, if any, previously
paid to Lender in excess of the permitted amounts shall be applied by Lender to reduce the principal of the Indebtedness. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be
collected from Borrower has been violated, all Indebtedness which constitutes interest, as well as all other charges levied in connection with the Indebtedness which constitute interest, shall be deemed to be allocated and spread over the stated
term of the Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Note. 

19. Waiver of Statute of Limitations. Borrower hereby waives the right to assert any statute of limitations as a bar to the
enforcement of the lien of this Security Instrument or to any action brought to enforce any Loan Document. 
 20. Waiver
of Marshalling. Notwithstanding the existence of any other security interests in the Mortgaged Property held by Lender or by any other party, Lender shall have the right to determine the order in which any or all of the Mortgaged Property
shall be subjected to the remedies provided in this Security Instrument, the Note, the Loan Agreement, any other Loan Document or under applicable law. Lender shall have the right to determine the order in which any or all portions of the
Indebtedness are satisfied from the proceeds realized upon the exercise of such remedies. Borrower and any party who now or in the future acquires a security interest in the Mortgaged Property and who has actual or constructive notice of this
Security Instrument waives any and all right to require the marshalling of assets or to require that any of the Mortgaged Property be sold in the inverse order of alienation or that any of the Mortgaged Property be sold in parcels or as an entirety
in connection with the exercise of any of the remedies permitted by applicable law or provided in this Security Instrument. 

21. Further Assurances. Borrower shall execute, acknowledge, and deliver, at its sole cost and expense, all further acts,
deeds, conveyances, assignments, estoppel certificates, financing statements, transfers and assurances as Lender may require from time to time in order to better assure, grant, and convey to Lender the rights intended to be granted, now or in the
future, to Lender under this Security Instrument and the Loan Documents. 

  
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 22. Estoppel Certificate. Within ten (10) days after a request from
Lender, Borrower shall deliver to Lender a written statement, signed and acknowledged by Borrower, certifying to Lender or any person designated by Lender, as of the date of such statement, (a) that the Loan Documents are unmodified and in full
force and effect (or, if there have been modifications, that the Loan Documents are in full force and effect as modified and setting forth such modifications); (b) the unpaid principal balance of the Note; (c) the date to which interest
under the Note has been paid; (d) that Borrower is not in default in paying the Indebtedness or in performing or observing any of the covenants or agreements contained in this Security Instrument or any of the other Loan Documents (or, if
Borrower is in default, describing such default in reasonable detail); (e) whether or not there are then existing any setoffs or defenses known to Borrower against the enforcement of any right or remedy of Lender under the Loan Documents; and
(f) any additional facts requested by Lender. 
 23. Governing Law; Consent to Jurisdiction and Venue.

 (a) This Security Instrument shall be governed by the laws of the State of Georgia. 

(b) Each of Borrower and Lender consents to the jurisdiction of any and all state and federal courts with jurisdiction in the Property
Jurisdiction over Borrower and Borrower’s assets. Borrower agrees that its assets shall be used first to satisfy all claims of creditors organized or domiciled in the United States and that no assets of Borrower in the United States shall be
considered part of any foreign bankruptcy estate. 
 (c) Each of Borrower and Lender agrees that any controversy arising under
or in relation to the Note, this Security Instrument, or any other Loan Document may be litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction shall have nonexclusive
jurisdiction over all controversies which shall arise under or in relation to the Note, any security for the Indebtedness, or any other Loan Document. Borrower irrevocably consents to service, jurisdiction, and venue of such courts for any such
litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. 

24. Notice. 
 (a) All notices, demands and other communications (“Notice”) under or concerning this Security Instrument shall be in writing. Each Notice shall be addressed to the intended recipient at
its address set forth in this Security Instrument, and shall be deemed given on the earliest to occur of (i) the date when the Notice is received by the addressee; (ii) the first Business Day after the Notice is delivered to a recognized
overnight courier service, with arrangements made for payment of charges for next Business Day delivery; or (iii) the third Business Day after the Notice is deposited in the United States mail with postage prepaid, certified mail, return
receipt requested. 
 (b) Any party to this Security Instrument may change the address to which Notices intended for it are to
be directed by means of Notice given to the other party in accordance with this Section. Each party agrees that it will not refuse or reject delivery of any 

  
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Notice given in accordance with this Section, that it will acknowledge, in writing, the receipt of any Notice upon request by the other party and that any Notice rejected or refused by it shall
be deemed for purposes of this Section to have been received by the rejecting party on the date so refused or rejected, as conclusively established by the records of the U.S. Postal Service or the courier service. 

(c) Any Notice under the Note and any other Loan Document which does not specify how Notices are to be given shall be given in accordance
with this Section. 
 (d) A copy of any Notice sent to Lender pursuant to this Section shall be sent to: 

Burr & Forman LLP 

420 North 20th Street, Suite 3400 
 Birmingham, Alabama 35203 
 Attn: Gail Livingston Mills 

(e) A copy of any Notice sent to Borrower pursuant to this Section shall be sent to: 

Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 

215 N. Eola Drive 
 Orlando, Florida 32801 
 Attn: Peter Luis Lopez, Esq. 

25. Single-Purpose Entity. Until the Indebtedness is paid in full, Borrower shall maintain its status as a Single-Purpose
Entity and comply with all those covenants with respect to its status as a Single-Purpose Entity as set forth in the Loan Agreement. 
 26. Subrogation. If, and to the extent that, the proceeds of the Loan are used to pay, satisfy or discharge any obligation of Borrower for the payment of money that is secured by a
pre-existing mortgage, deed of trust or other lien encumbering the Mortgaged Property (a “Prior Lien”), such loan proceeds shall be deemed to have been advanced by Lender at Borrower’s request, and Lender shall automatically,
and without further action on its part, be subrogated to the rights, including lien priority, of the owner or holder of the obligation secured by the Prior Lien, whether or not the Prior Lien is released. 

27. Lender Statement; Certain Charges. With respect to (a) any statement, accounting, or similar information requested
by Borrower or any other Person pursuant to applicable law; or (b) any other document furnished to Borrower or any other Person by Lender at Borrower’s request, Lender shall have the right to charge the maximum amount then permitted by law
or, if there is no such maximum, Lender’s customary charge for providing such statement, accounting, or other information. Borrower shall pay Lender its customary charge for any other service rendered by Lender in connection with the Loan or
the Mortgaged Property, including the issuance of a request for full or partial release of the lien of this Security Instrument, transmitting proceeds of the Loan to an escrow holder and changing Lender’s records relating to the Indebtedness.

  
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 28. Disclosure of Information. Lender may furnish financial information
regarding Borrower or the Mortgaged Property to third parties with an existing or prospective interest in the enforcement, evaluation, performance, purchase or securitization of the Indebtedness, including but not limited to credit rating agencies.
Borrower irrevocably waives any and all rights it may have under applicable law to prohibit such disclosure, including but not limited to any right of privacy. 
 29. Release. Provided that (i) all Indebtedness secured by this Security Instrument has been paid or performed in full, and (ii) all fees due Lender in connection with release of
this Security Instrument have been paid, this Security Instrument shall be canceled and surrendered by Lender. Upon the payment and performance in full of all Indebtedness, and upon request of Borrower, Lender shall also surrender to Borrower the
Note and all other documents evidencing the Indebtedness secured by this Security Instrument. The recitals in the release of any matters or facts shall be conclusive proof of their truthfulness. Such release shall operate as a reassignment of the
Rents and profits assigned to Lender under the Assignment of Leases and Rents. Lender shall deliver this Security Instrument and the Note after release to the Person or Persons legally entitled thereto. 

30. Execution of Documents by Lender. Without notice to or affecting the liability of Borrower or any other Person for the
payment or performance of the Indebtedness, without affecting the lien or priority of this Security Instrument or Lender’s rights and remedies under the Loan Documents, and without liability to Borrower or any other Person, Lender shall have
the right, at any time and from time to time, to do any one or more of the following: (a) release any part of the Mortgaged Property and (b) execute any extension agreement relating to any or all of the Indebtedness, any document
subordinating the lien of this Security Instrument to any other lien or document, or any other document relating to the Mortgaged Property, Indebtedness, or Loan Documents. 
 31. Joint and Several Liability. If more than one Person or entity signs this Security Instrument as Borrower, the obligations of such Persons shall be joint and several. 

32. Relationship of Parties; No Third Party Beneficiary. The relationship between Lender and Borrower shall be solely that
of creditor and debtor, respectively, and nothing contained in this Security Instrument shall create any other relationship between Lender and Borrower. No creditor of any party to this Security Instrument and no other person shall be a third party
beneficiary of this Security Instrument or any other Loan Document. 
 33. Severability; Amendments. The
invalidity or unenforceability of any provision of this Security Instrument shall not affect the validity or enforceability of any other provision, and all other provisions shall remain in full force and effect. This Security Instrument contains the
entire agreement among the parties as to the rights granted and the obligations assumed in this Security Instrument. This Security Instrument may not be amended or modified except by a writing signed by the party against whom enforcement is sought.

 34. Miscellaneous Provisions. The captions and headings of the sections of this Security Instrument are for
convenience only and shall be disregarded in construing this Security Instrument. Any reference in this Security Instrument to an “Exhibit” or a “Section” shall,

  
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unless otherwise explicitly provided, be construed as referring, respectively, to an Exhibit attached to this Security Instrument or to a section of this Security Instrument. All Exhibits
attached to or referred to in this Security Instrument are incorporated by reference into this Security Instrument. Any reference in this Security Instrument to a statute or regulation shall be construed as referring to that statute or regulation as
amended from time to time. Use of the singular in this Agreement includes the plural and use of the plural includes the singular. As used in this Security Instrument, the term “including” means “including, but not limited to.”

 35. WAIVER OF TRIAL BY JURY. EACH OF BORROWER AND LENDER (A) COVENANTS AND AGREES NOT TO ELECT A TRIAL
BY JURY WITH RESPECT TO ANY ISSUE THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH
PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL, AND THIS WAIVER IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A JURY TRIAL WOULD OTHERWISE EXIST. BORROWER AND LENDER ARE
AUTHORIZED TO SUBMIT THIS SECURITY INSTRUMENT TO ANY COURT HAVING JURISDICTION OVER THE SUBJECT MATTER AND THE PARTIES TO ANY LOAN DOCUMENT, SO AS TO SERVE AS CONCLUSIVE EVIDENCE OF BORROWER’S AND LENDER’S WAIVER OF THE RIGHT TO JURY
TRIAL. FURTHER, EACH OF BORROWER AND LENDER CERTIFIES THAT NEITHER BORROWER’S NOR LENDER’S REPRESENTATIVES OR AGENTS HAVE REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ENFORCEMENT OF THIS WAIVER WILL NOT BE SOUGHT. 

36. WAIVER OF AUTOMATIC STAY. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, BORROWER HEREBY AGREES THAT, IN
CONSIDERATION OF LENDER’S AGREEMENT TO MAKE THE LOAN AND IN RECOGNITION THAT THE FOLLOWING COVENANT IS A MATERIAL INDUCEMENT FOR LENDER TO MAKE THE LOAN, IN THE EVENT THAT BORROWER SHALL (A) FILE WITH ANY BANKRUPTCY COURT OF COMPETENT
JURISDICTION OR BE THE SUBJECT OF ANY PETITION UNDER ANY SECTION OR CHAPTER OF TITLE 11 OF THE UNITED STATES CODE, AS AMENDED (“BANKRUPTCY CODE”), OR SIMILAR LAW OR STATUTE; (B) BE THE SUBJECT OF ANY ORDER FOR RELIEF ISSUED
UNDER THE BANKRUPTCY CODE OR SIMILAR LAW OR STATUTE; (C) FILE OR BE THE SUBJECT OF ANY PETITION SEEKING ANY REORGANIZATION, ARRANGEMENT, COMPOSITION, READJUSTMENT, LIQUIDATION, DISSOLUTION, OR SIMILAR RELIEF UNDER ANY PRESENT OR FUTURE FEDERAL
OR STATE ACT OR LAW RELATING TO BANKRUPTCY, INSOLVENCY, OR OTHER RELIEF FOR DEBTORS; (D) HAVE SOUGHT OR CONSENTED TO OR ACQUIESCED IN THE APPOINTMENT OF ANY TRUSTEE, RECEIVER, CONSERVATOR, OR LIQUIDATOR; OR (E) BE THE SUBJECT OF AN ORDER,
JUDGMENT OR DECREE ENTERED BY ANY COURT OF COMPETENT JURISDICTION APPROVING A PETITION FILED AGAINST BORROWER FOR ANY REORGANIZATION, ARRANGEMENT, COMPOSITION, 

  
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READJUSTMENT, LIQUIDATION, DISSOLUTION, OR SIMILAR RELIEF UNDER ANY PRESENT OR FUTURE FEDERAL OR STATE ACT OR LAW RELATING TO BANKRUPTCY, INSOLVENCY OR RELIEF FOR DEBTORS, THEN, SUBJECT TO COURT
APPROVAL, LENDER SHALL THEREUPON BE ENTITLED AND BORROWER HEREBY IRREVOCABLY CONSENTS TO, AND WILL NOT CONTEST, AND AGREES TO STIPULATE TO RELIEF FROM ANY AUTOMATIC STAY OR OTHER INJUNCTION IMPOSED BY SECTION 362 OF THE BANKRUPTCY CODE, OR SIMILAR
LAW OR STATUTE (INCLUDING, WITHOUT LIMITATION, RELIEF FROM ANY EXCLUSIVE PERIOD SET FORTH IN SECTION 1121 OF THE BANKRUPTCY CODE) OR OTHERWISE, ON OR AGAINST THE EXERCISE OF THE RIGHTS AND REMEDIES OTHERWISE AVAILABLE TO LENDER AS PROVIDED IN THE
LOAN DOCUMENTS, AND AS OTHERWISE PROVIDED BY LAW, AND BORROWER HEREBY IRREVOCABLY WAIVES ITS RIGHTS TO OBJECT TO SUCH RELIEF. 
 37. Successors and Assigns Bound. This Security Instrument shall bind, and the rights granted by this Security Instrument shall inure to, the respective successors and assigns of Lender and
Borrower. 
 38. Counterparts. This Security Instrument may be executed in any number of counterparts, all of
which when taken together shall constitute one and the same Security Instrument. 
 39. Future Advances. This
Security Instrument shall secure not only existing indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option of Lender, or otherwise, and whether made under the Loan Agreement, or otherwise, as are
made within twenty (20) years from the date hereof, to the same extent as if such future advances were made on the date of the execution of this Mortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount
of two times the original principal amount of the Note, plus interest thereon, and any disbursements made for the payment of taxes, levies or insurance on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether
obligatory or to be made at the option of Lender, or otherwise, and whether made under the Loan Agreement, or otherwise, may be made either prior to or after the due date of the Note or any other notes secured by this Security Instrument and shall
be secured hereunder. 
 40. WAIVER OF CERTAIN RIGHTS. BORROWER HEREBY WAIVES ANY RIGHT BORROWER MAY
HAVE UNDER THE CONSTITUTION OF THE STATE OF GEORGIA OR THE CONSTITUTION OF THE UNITED STATES OF AMERICA TO NOTICE OR TO A JUDICIAL HEARING PRIOR TO THE EXERCISE OF ANY RIGHT OR REMEDY PROVIDED TO LENDER BY THIS SECURITY INSTRUMENT, AND BORROWER
WAIVES ITS RIGHTS, IF ANY, TO SET ASIDE OR INVALIDATE ANY SALE UNDER POWER DULY CONSUMMATED IN ACCORDANCE WITH THE PROVISIONS OF THIS SECURITY INSTRUMENT ON THE GROUND (IF SUCH BE THE CASE) THAT THE SALE WAS CONSUMMATED WITHOUT PRIOR NOTICE OR
JUDICIAL HEARING. THE WAIVERS MADE BY BORROWER IN THIS SECTION AND ELSEWHERE IN THIS SECURITY INSTRUMENT HAVE BEEN 

  
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MADE VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY ON BEHALF OF BORROWER BY ITS DULY AUTHORIZED OFFICERS AFTER THEY HAVE READ AND UNDERSTOOD THIS DEED AND HAVE BEEN AFFORDED AN OPPORTUNITY TO BE
INFORMED BY COUNSEL OF BORROWER’S POSSIBLE ALTERNATIVE RIGHTS, AND BY EXECUTING THIS SECURITY INSTRUMENT THE DULY AUTHORIZED OFFICER OF BORROWER ACKNOWLEDGES SO MAKING SUCH WAIVERS ON BEHALF OF BORROWER. 

/s/JT 

Initial 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, Borrower has caused this Security Instrument to be properly
executed as of the date first above written. 
  

							
		 		 	BORROWER:
			
	Signed, sealed and delivered in the presence of:	 		 	 CHT ACWORTH GA OWNER, LLC,
 a Delaware limited liability company

				
	 /s/ Patti Cook
	 		 	By:	 	 /s/ Joshua J. Taube

	Print Name: Patti Cook	 		 	Joshua J. Taube, Vice President
				
	 /s/ Tresa R. Bagwell
	 		 		 	
	Print Name: Tresa R. Bagwell	 		 		 	

 STATE OF FLORIDA 

COUNTY OF ORANGE 
 The foregoing
instrument was acknowledged before me this 13th day of December, 2012, by Joshua J. Taube, as Vice President of CHT Acworth Owner, LLC, a Delaware limited liability company. He is personally known to me or has produced
                     as identification and did not take an oath. 

 

	
	 /s/ Cathleen A. Coffey

	Print Name: Cathleen A. Coffey
	Notary Public
	My Commission Expires:      September 24, 2013

 [NOTARY STAMP OR SEAL] 

  
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 EXHIBIT “A” 

LEGAL DESCRIPTION 
 [Intentionally Omitted]Guaranty

 Exhibit 10.9 
 GUARANTY 
 THIS GUARANTY (the “Guaranty”) is
executed as of the 18th day of December, 2012, by CNL HEALTHCARE TRUST, INC., a Maryland corporation (“Guarantor”) in favor of SYNOVUS BANK, a Georgia state banking corporation (together with its successors and
assigns, “Lender”). 
 RECITALS: 

A. CHT ACWORTH GA OWNER, LLC, a Delaware limited liability company (“Borrower”), has requested that Lender make a
loan to Borrower in the principal sum of up to Fifteen Million Seventy-Three Thousand Forty-One and 00/100 Dollars ($15,073,041.00) in order to finance the construction of a new senior living facility containing 46 dementia care units and 46
assisted living units to be known as Dogwood Forest of Acworth (the “Facility”) in Acworth, Cobb County, Georgia. The Loan will be evidenced by Borrower’s Promissory Note of even date herewith (the “Note”) and
that certain Loan Agreement by and between Lender and Borrower of even date herewith (the “Loan Agreement”), and will secured by, among other things, a Deed to Secure Debt and Security Agreement, of even date herewith (the
“Security Instrument”) granting a first lien on the Facility and other property more particularly described therein (the “Mortgaged Property”). The Note, the Loan Agreement, the Security Instrument and the other
documents, certificates, instruments and agreements executed by Borrower in connection with the Loan or to otherwise evidence or secure the Loan, and all renewals, supplements, or amendments thereto or a part thereof, are collectively referred to as
the “Loan Documents.” Capitalized terms used herein without definitions shall have the meaning set forth in the Loan Agreement. 
 B. As a condition of making the Loan, Guarantor has agreed to guaranty payment of the Guaranteed Obligations (as defined below), subject to the terms and conditions set forth in this Guaranty. 

NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower, and for other good and valuable consideration, the
receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: 
 ARTICLE 1.

 NATURE AND SCOPE OF GUARANTY 
 1.1 Guaranty of Obligation. Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and assigns, the payment and performance of the Future Operating Deficit
Guaranty Obligations (as defined in Section 1.2), the Debt Service Reserve Fund (as defined in Section 1.3) and the Guaranteed Recourse Obligations of Borrower (as defined in Section 1.4) (collectively, the
“Guaranteed Obligations”) as and when the same shall be due and payable. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor. 

1.2 Future Operating Deficit Guaranty Obligations. Guarantor hereby absolutely and unconditionally guarantees to Lender,
commencing with the first fiscal quarter ending after the month which is 24 months after the date Facility opens for business (anticipated to be 

  
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September 30, 2016) (the “First Test Date”), and for each quarter thereafter until the Termination Date (as defined below), the full and punctual payment of Operating
Deficits incurred by the Facility during such quarter, provided that Guarantor’s obligation to fund such Operating Deficits shall in no event exceed One Million Seventy-Six Thousand Six Hundred Forty-Five and No/100 Dollars ($1,076,645.00) in
the aggregate (the “Future Operating Deficit Guaranty Obligations”), and provided further that the Future Operating Deficit Guaranty Obligations will be due and payable only if the following conditions have occurred: 

(a) First, Loan proceeds in the amount of the Budgeted Operating Deficits shall be have been fully advanced by Lender to Borrower
pursuant to the Loan Agreement; and 
 (b) Second, as of the Determination Date, the Facility shall have failed to
satisfy the following Debt Service Coverage Ratios: 
  

	 	(i)	for the First Test Date, a Debt Service Coverage Ratio for the Facility, tested on the basis of interest only payments due under the Loan, of not less than 1.0 to 1.0,
tested based on the preceding calendar month; 

  

	 	(ii)	for the first quarter ending after the First Test Date, a Debt Service Coverage Ratio for the Facility, tested on the basis of interest only payments due under the
Loan, of not less than 1.0 to 1.0, tested based on a trailing 3-calendar month basis; 

  

	 	(iii)	for the second quarter ending after the First Test Date, a Debt Service Coverage Ratio for the Facility, tested on the basis of interest only payments due under the
Loan, of not less than 1.3 to 1.0, tested based on a trailing 6-calendar month basis; 

  

	 	(iv)	for the third quarter ending after the First Test Date, a Debt Service Coverage Ratio for the Facility, tested on the basis of interest only payments due under the
Loan, of not less than 1.5 to 1.0, tested based on a trailing 9-calendar month basis; 

  

	 	(v)	for the fourth quarter ending after the First Test Date, and for all quarter thereafter until the Termination Date, a Debt Service Coverage Ratio for the Facility,
tested on the basis of interest only payments due under the Loan, of not less than 1.5 to 1.0, tested based on a trailing 12-calendar month basis. 

 The Future Operating Deficits Guaranty Obligation shall, at Guarantor’s option, be satisfied by any of the following payment options set forth in paragraphs (c), (d) or (e) below:

 (c) Guarantor shall elect to fund Operating Deficits directly to Borrower as a capital contribution on a monthly basis. In
such event, Guarantor shall provide Lender with evidence of the amount of the additional Operating Deficit and the funding of the related capital contribution to Borrower (provided that if a Default or Event of Default has occurred and is continuing
under the terms of the Loan, Guarantor shall, at Lender’s option, fund directly to Lender upon demand by Lender). Such evidence of funding shall be delivered to Lender together with a Guaranty Certificate executed by a financial officer of
Guarantor, which Guaranty Certificate shall certify to the Lender the amount of the additional Operating Deficit and the related capital contribution funded by the Guarantor and the amount of the remaining Future Operating Deficit Guaranty
Obligations and Lender shall evidence its agreement with such amounts by delivering its 

  
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countersignature to the Guaranty Certificate to the Guarantor. If Lender fails to object to the amounts shown on the Guaranty Certificate or the evidence provided by the Guarantor within
thirty (30) days of receipt from the Guarantor, such evidence and the Guaranty Certificate shall be deemed approved. Each capital contribution confirmed or deemed confirmed by Lender under this paragraph (a) by Guarantor shall reduce
Guarantor’s liability for the Future Operating Deficit Guaranty Obligations on a dollar for dollar basis; or 
 (d)
Guarantor shall deposit the sum of One Million Seventy-Six Thousand Six Hundred Forty-Five and No/100 Dollars ($1,076,645.00) with Lender in a reserve account, to be advanced by Lender to Borrower, provided that no Default or Event of Default has
occurred, in order to finance Operating Deficits on a monthly basis; such reserve funds and the reserve account will be pledged to Lender to secure the Loan Obligations; or 
 (e) Guarantor shall make a reduction of Loan principal in the amount of One Million Seventy-Six Thousand Six Hundred Forty-Five and No/100 Dollars ($1,076,645.00). 

Guarantor’s Future Operating Deficit Guaranty Obligations will remain in full force and effect until the earlier of (i) reduction of the Loan
principal in accordance with subsection (e) above or (ii) such time as Facility has maintained a Debt Service Coverage Ratio, tested on the basis of interest only payments due under the Loan, of not less than 1.5 (tested based on a
trailing 6-calendar month basis), and has achieved a stabilized Occupancy Covenant of at least 80% tested based on a trailing 6-calendar month basis (the “Termination Date”). On the Termination Date, provided that no Event of
Default has occurred under the Loan Documents, Guarantor’s Future Operating Deficits Guaranty Obligations will cease and terminate, and any remaining reserve amount deposited with Lender pursuant to paragraph (b) above will be released to
Guarantor. Any prepayment made pursuant to paragraph (c) above, however, will not be refunded by Lender. 
 1.3 Debt
Service Reserve Fund. In addition to the Guarantor’s Future Operating Deficit Guaranty Obligations, Guarantor hereby absolutely and unconditionally guarantees to Lender, the Borrower’s obligation to deposit of a reserve fund equal
to approximately three (3) debt service payments on the fully funded Loan amount (or $202,000) upon completion of construction of the Facility and a condition to the final Advance of the Loan as set forth in Section 2.5(c) of the Loan
Agreement (the “Debt Service Reserve Fund Guaranty”). Pursuant to the Debt Service Reserve Fund Agreement, Borrower has established the Debt Service Reserve Funds Escrow Account with Lender into which the Debt Service Reserve Funds
will be deposited and has granted to Lender an assignment and security interest in such Debt Service Reserve Funds Escrow Account and all funds on deposit therein. 
 1.4 Guaranteed Recourse Obligations of Borrower. In addition to the Guarantor’s Future Operating Deficit Guaranty Obligations and the Debt Service Reserve Fund Guaranty Obligations,
Guarantor shall also guarantee to Lender the prompt payment of any loss, damage, cost, expense, liability, claim or other obligation incurred by Lender (including attorneys’ fees and costs reasonably incurred) arising out of or in connection
with the following occurring on or after the date hereof (collectively, the “Guaranteed Recourse Obligations of Borrower”): 
 (a) fraud, material misrepresentation, gross negligence or willful misconduct by Borrower, Lessee, Guarantor or any of their respective partners, officers, principals, members, any other guarantor or any
other person authorized to make statements or representations, or act, on behalf of Borrower or Guarantor in connection with the Loan; 

  
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 (b) physical waste committed on the Mortgaged Property; damage to the Mortgaged Property as
a result of the intentional misconduct or gross negligence of Borrower, Lessee, or any of their respective principals, officers, general partners or members, or any agent or employee of any such persons; or the removal of any portion of the
Mortgaged Property in violation of the terms of the Loan Documents following an Event of Default; 
 (c) subject to any right to
contest such matters, as provided in the Security Instrument, and to the extent accrued and/or payable prior to a foreclosure or delivery of a deed-in-lieu, failure to pay any valid taxes, assessments, mechanic’s liens, materialmen’s liens
or other liens which could create liens on any portion of the Mortgaged Property which would be superior to the lien or security title of the Security Instrument or the other Loan Documents, to the full extent of the amount claimed by any such lien
claimant; 
 (d) all legal costs and expenses (including attorneys’ fees) reasonably incurred by Lender in connection with
litigation or other legal proceedings involving the collection or enforcement of the Loan, this Guaranty or preservation of Lender’s rights under the Loan Documents or this Guaranty, including any costs incurred by Lender arising from or
relating to the filing of a petition under the U.S. Bankruptcy Code by or against Borrower, Lessee, or Guarantor, other than those customarily incurred by a Lender in realizing upon its lien in an uncontested foreclosure sale after an undisputed
default; 
 (e) the breach of any representation, warranty, covenant or indemnification provision in the Lessee’s
Environmental Indemnity Agreement of even date herewith given by Lessee to Lender or in the Loan Agreement concerning Hazardous Materials Laws or Hazardous Substances; 
 (f) the misapplication or conversion by Borrower or Lessee of (A) any insurance proceeds paid by reason of any loss, damage or destruction to the Mortgaged Property, (B) any awards or other
amounts received by Borrower or Lessee in connection with the condemnation of all or a portion of the Mortgaged Property, or (C) any Rents by Borrower or Lessee following an Event of Default; and 

(g) any security deposits or other refundable deposits collected by Borrower or Lessee with respect to the Mortgaged Property which are
not delivered to Lender upon a foreclosure of the Mortgaged Property or action in lieu thereof, except to the extent any such security deposits were applied in accordance with the terms and conditions of any of the Leases (as defined in the Security
Instrument) prior to the occurrence of the Event of Default that gave rise to such foreclosure or action in lieu thereof. 

  
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 Notwithstanding anything to the contrary in the Note or any of the Loan Documents,
(A) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the debt secured by the Security
Instrument or to require that all collateral shall continue to secure all of the debt owing to Lender in accordance with the Loan Documents, and (B) Guarantor shall be liable for the full amount of the debt and all obligations of Borrower to
Lender under the Loan Documents in the event that: (i) the first full monthly payment of principal and interest under the Note which becomes due after the date of this Guaranty is not paid when due; (ii) Borrower or Lessee fails to provide
financial information required to be produced by Borrower or Lessee under any Loan Document within thirty (30) days after the date upon which such financial information is due and Lender has given at least fifteen (15) days prior written
notice to Borrower or Lessee of such failure by Borrower or Lessee to provide such information; (iii) Borrower fails to maintain its status as a Single Purpose Entity (it being understood that, in the absence of a violation of any other
provision of Section 5.4 of the Loan Agreement, Guarantor shall not have any recourse liability for any requirement in such section which required Borrower to remain solvent after the date of this Guaranty; or (iv) except for Permitted
Encumbrances and/or Permitted Transfers, Borrower fails to obtain Lender’s prior written consent to any Transfer (as defined in the Security Instrument). 
 1.5 Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty of collection. This Guaranty may not be revoked by
Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by Guarantor. The fact that at any time or from time to time the Guaranteed Obligations may be increased or
reduced shall not release or discharge the obligation of Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced by Lender and any subsequent holder of the Note and shall not be discharged by the assignment or
negotiation of all or part of the Note. 
 1.6 Guaranteed Obligations Not Reduced by Offset. The Guaranteed
Obligations and the liabilities and obligations of Guarantor to Lender hereunder, shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Borrower, or any other party, against Lender or
against payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 

1.7 Payment By Guarantor. If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether
at demand, maturity, acceleration or otherwise, Guarantor shall, immediately upon demand by Lender, and without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of
the maturity, or any other notice whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender at Lender’s address as set forth herein. Such demand(s) may be made at any time coincident
with or after the time for payment of all or part of the Guaranteed Obligations, and may be made from time to time with respect to the same or different items of Guaranteed Obligations. Such demand shall be deemed made, given and received in
accordance with the notice provisions hereof. 

  
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 1.8 No Duty To Pursue Others. It shall not be necessary for Lender (and
Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce the obligations of Guarantor hereunder, first to (i) institute suit or exhaust its remedies against Borrower or others liable on the Loan or the
Guaranteed Obligations or any other person, (ii) enforce Lender’s rights against any collateral which shall ever have been given to secure the Loan, (iii) enforce Lender’s rights against any other guarantors of the Guaranteed
Obligations, (iv) join Borrower or any others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (v) exhaust any remedies available to Lender against any collateral which shall ever have been given to
secure the Loan, or (vi) resort to any other means of obtaining payment of the Guaranteed Obligations. Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 1.9 Waivers. Guarantor agrees to the provisions of the Loan Documents, and hereby waives notice of (i) any
loans or advances made by Lender to Borrower, (ii) acceptance of this Guaranty, (iii) any amendment or extension of the Note, the Security Instrument or of any other Loan Documents, (iv) the execution and delivery by Borrower and
Lender of any other loan or credit agreement or of Borrower’s execution and delivery of any promissory notes or other documents arising under the Loan Documents or in connection with the Mortgaged Property, (v) the occurrence of any breach
by Borrower or an Event of Default, (vi) Lender’s transfer or disposition of the Guaranteed Obligations, or any part thereof, (vii) sale or foreclosure (or posting or advertising for sale or foreclosure) of any collateral for the
Guaranteed Obligations, (viii) protest, proof of non-payment or default by Borrower, or (ix) any other action at any time taken or omitted by Lender, and, generally, all demands and notices of every kind in connection with this Guaranty,
the Loan Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations and the obligations hereby guaranteed. 
 1.10 Payment of Expenses. In the event that Guarantor should breach or fail to timely perform any provisions of this Guaranty, Guarantor shall, immediately upon demand by Lender, pay Lender
all costs and expenses (including court costs and attorneys’ fees) incurred by Lender in the enforcement hereof or the preservation of Lender’s rights hereunder. The covenant contained in this Section shall survive the payment and
performance of the Guaranteed Obligations. 
 1.11 Effect of Bankruptcy. In the event that, pursuant to any
insolvency, bankruptcy, reorganization, receivership or other debtor relief law, or any judgment, order or decision thereunder, or any agreement, stipulation or settlement, Lender must rescind or restore any payment, or any part thereof, received by
Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect, and this Guaranty shall remain in full force and effect.
It is the intention of Borrower and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance. 

1.12 Waiver of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained in this
Guaranty, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating the

  
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Guarantor to the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower or any other party liable for payment of any
or all of the Guaranteed Obligations for any payment made by Guarantor under or in connection with this Guaranty or otherwise. Guarantor hereby waives all rights and defenses arising out of an election of remedies by Lender. Specifically, and
without in any way limiting the foregoing, Guarantor hereby waives any rights of subrogation, indemnification, contribution or reimbursement or any right of recourse to or with respect to Borrower or the assets or property of Borrower or to any
collateral for the Loan. In connection with the foregoing, Guarantor expressly waives any and all rights of subrogation to Lender against Borrower, and Guarantor hereby waives any rights to enforce any remedy which Lender may have against Borrower
and any right to participate in any collateral for the Loan. In addition to and without in any way limiting the foregoing, Guarantor hereby subordinates any and all indebtedness of Borrower now or hereafter owed to Guarantor to all indebtedness of
Borrower to Lender, and agrees with Lender that Guarantor shall not demand or, during the continuance of an Event of Default, accept any payment of principal or interest from Borrower, shall not claim any offset or other reduction of
Guarantor’s obligations hereunder because of any such indebtedness and shall not take any action to obtain any of the collateral for the Loan. Further, Guarantor shall not have any right of recourse against Lender by reason of any action Lender
may take or omit to take under the provisions of this Agreement or under the provisions of any of the Loan Documents. If any amount shall nevertheless be paid to a Guarantor by Borrower or another Guarantor during the continuance of an Event of
Default and prior to payment in full of the Obligations (hereinafter defined), such amount shall be held in trust for the benefit of Lender and shall forthwith be paid to Lender to be credited and applied to the Obligations, whether matured or
unmatured. The provisions of this paragraph shall survive the termination of this Guaranty, and any satisfaction and discharge of Borrower by virtue of any payment, court order or any applicable law. Without limiting the foregoing Guarantor waives
(i) Guarantor’s rights of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to Guarantor by reason of any state law; (ii) any rights or defenses Guarantor
may have in respect of its obligations as a guarantor by reason of any election of remedies by the Lender; and (iii) all rights and defenses that Guarantor may have because the Borrower’s debt is secured by real property. This means, among
other things, Lender may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower; and if Lender forecloses on any real property collateral pledged by Borrower, the amount of the debt may be
reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has
destroyed any right Guarantor may have to collect from Borrower. This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because the Borrower’s debt evidenced by the Note is secured by real property.

 1.13 Borrower. The term “Borrower” as used herein shall include any new or successor corporation,
association, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of Borrower or any interest in Borrower. 

  
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 ARTICLE 2. 
 EVENTS AND CIRCUMSTANCES NOT REDUCING 
 OR DISCHARGING
GUARANTOR’S OBLIGATIONS 
 Guarantor hereby consents and agrees to each of the following, and agrees that
Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely affected by any of the following, and waives any common law, equitable, statutory or other rights (including without limitation rights
to notice) which Guarantor might otherwise have as a result of or in connection with any of the following: 
 2.1
Modifications. Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the Note, the Security Instrument, the other Loan Documents, or any other document,
instrument, contract or understanding between Borrower and Lender, or any other parties, pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantor of any such action. 

2.2 Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower
or any Guarantor. 
 2.3 Condition of Borrower or Guarantor. The insolvency, bankruptcy, arrangement, adjustment,
composition, liquidation, disability, dissolution or lack of power of Borrower, Guarantor or any other party at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of Borrower or Guarantor, or any sale,
lease or transfer of any or all of the assets of Borrower or Guarantor, or any changes in the shareholders, partners or members of Borrower or Guarantor; or any reorganization of Borrower or Guarantor. 

2.4 Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any part of the
Guaranteed Obligations, or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including without limitation the fact that (i) the Guaranteed Obligations, or any part thereof, exceeds the
amount permitted by law, (ii) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii) the officers or representatives executing the Note, the Security Instrument or the other Loan Documents or otherwise
creating the Guaranteed Obligations acted in excess of their authority, (iv) the Guaranteed Obligations violate applicable usury laws, (v) the Borrower has valid defenses, claims or offsets (whether at law, in equity or by agreement) which
render the Guaranteed Obligations wholly or partially uncollectible from Borrower, (vi) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing
part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii) the Note, the Security Instrument
or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other person be found not liable on the
Guaranteed Obligations or any part thereof for any reason. 
 2.5 Release of Obligors. Any full or partial release
of the liability of Borrower on the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any other person or 

  
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entity now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or
any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full without assistance or support of any other party, and Guarantor has not been induced to enter into
this Guaranty on the basis of a contemplation, belief, understanding or agreement that other parties will be liable to pay or perform the Guaranteed Obligations, or that Lender will look to other parties to pay or perform the Guaranteed Obligations.

 2.6 Other Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance
of payment, for all or any part of the Guaranteed Obligations. 
 2.7 Release of Collateral. Any release,
surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with,
or assuring or securing payment of, all or any part of the Guaranteed Obligations. 
 2.8 Care and Diligence. The
failure of Lender or any other party to exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of such collateral, property or security, including but not limited to
any neglect, delay, omission, failure or refusal of Lender (i) to take or prosecute any action for the collection of any of the Guaranteed Obligations or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute
to completion any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations. 

2.9 Unenforceability. The fact that any collateral, security, security interest or lien contemplated or intended to be
given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it
being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value of any of the collateral for the Guaranteed
Obligations. 
 2.10 Offset. The Note, the Guaranteed Obligations and the liabilities and obligations of the
Guarantor to Lender hereunder shall not be reduced, discharged or released because of or by reason of any existing or future right of offset, claim or defense of Borrower against Lender, or any other party, or against payment of the Guaranteed
Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 

2.11 Merger. The reorganization, merger or consolidation of Borrower into or with any other corporation or entity.

  
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 2.12 Preference. Any payment by Borrower to Lender is held to constitute a
preference under bankruptcy laws, or for any reason Lender is required to refund such payment or pay such amount to Borrower or someone else. 
 2.13 Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations, or the security and collateral therefor,
whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it is the unambiguous and unequivocal intention of Guarantor that
Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly
described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations. 
 ARTICLE 3. 
 REPRESENTATIONS AND WARRANTIES 

To induce Lender to consent to the Transfer and the Assumption, Guarantor represents and warrants to Lender as follows: 

3.1 Benefit. Guarantor is an affiliate of Borrower, is the owner of a direct or indirect interest in Borrower, and has
received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations. 
 3.2 Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of the Borrower and is familiar with the value
of any and all collateral intended to be created as security for the payment of the Note or Guaranteed Obligations; however, Guarantor is not relying on such financial condition or the collateral as an inducement to enter into this Guaranty.

 3.3 No Representation By Lender. Neither Lender nor any other party has made any representation, warranty or
statement to Guarantor in order to induce the Guarantor to execute this Guaranty. 
 3.4 Guarantor’s Financial
Condition. As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be, solvent, and has and will have assets which, fairly valued, exceed its obligations,
liabilities (including contingent liabilities) and debts, and has and will have property and assets sufficient to satisfy and repay its obligations and liabilities. 
 3.5 Legality. The execution, delivery and performance by Guarantor of this Guaranty and the consummation of the transactions contemplated hereunder do not, and will not, contravene or
conflict with any law, statute or regulation whatsoever to which Guarantor is subject or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or result in the breach of, any indenture,
mortgage, deed of trust, charge, lien, or any contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor. This Guaranty is a legal and binding obligation of Guarantor and is enforceable in
accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights. 
 3.6 Survival. All representations and warranties made by Guarantor herein shall survive the execution hereof. 

  
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 ARTICLE 4. 
 SUBORDINATION OF CERTAIN INDEBTEDNESS 
 4.1 Subordination of
All Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean all debts and liabilities of Borrower to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the
obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective
of the person or persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include
without limitation all rights and claims of Guarantor against Borrower (arising as a result of subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed Obligations. Upon the occurrence of an Event of
Default or the occurrence of an event which would, with the giving of notice or the passage of time, or both, constitute an Event of Default, Guarantor shall not receive or collect, directly or indirectly, from Borrower or any other party any amount
upon the Guarantor Claims. 
 4.2 Claims in Bankruptcy. In the event of receivership, bankruptcy, reorganization,
arrangement, debtor’s relief, or other insolvency proceedings involving Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver,
trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for application upon the Guaranteed Obligations,
any such dividend or payment which is otherwise payable to Guarantor, and which, as between Borrower and Guarantor, shall constitute a credit upon the Guarantor Claims, then upon payment to Lender in full of the Guaranteed Obligations, Guarantor
shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion
of the Guaranteed Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims. 
 4.3 Payments Held in Trust. In the event that, notwithstanding anything to the contrary in this Guaranty, Guarantor should receive any funds, payment, claim or distribution which is
prohibited by this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims or distributions so received, and agrees that it shall have absolutely no dominion over the amount of such funds,
payments, claims or distributions so received except to pay them promptly to Lender, and Guarantor covenants promptly to pay the same to Lender. 

  
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 4.4 Liens Subordinate. Guarantor agrees that any liens, security interests,
judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon
Borrower’s assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor
shall not (i) exercise or enforce any creditor’s right it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without
limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement. debtor’s relief or insolvency proceeding) to enforce any liens, mortgage, deeds of trust, security interests, collateral rights, judgments or other
encumbrances on assets of Borrower held by Guarantor. 
 ARTICLE 5. 

MISCELLANEOUS 
 5.1 Waiver. No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other right. The rights of Lender hereunder shall be in addition to all other rights provided by law. No modification or waiver of any provision of this Guaranty, nor consent to
departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action
in the same, similar or other instances without such notice or demand. 
 5.2 Notices. Any notice, demand,
statement, request or consent made hereunder shall be in writing and shall be deemed to be received by the addressee on the third day following the day such notice is deposited with the United States Postal Service first class certified mail, return
receipt requested, addressed to the address, as set forth below, of the party to whom such notice is to be given, or to such other address as either party shall in like manner designate in writing. 

The addresses of the parties hereto are as follows: 
 If to Guarantor: 
 CNL Healthcare Trust, Inc. 

CNL Center at City Commons 
 450 South Orange Avenue 
 Orlando, Florida 32801 

Attn: Joseph T. Johnson, SVP and CFO and Holly Greer, SVP and General Counsel 

with a copy to: 
 Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 
 215 N.
Eola Drive 
 Orlando, Florida 32801 

Attn: Peter Luis Lopez, Esq. 

  
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 If to Lender: 

Synovus Bank 
 800 Shades Creek Parkway 
 Suite 325 

Birmingham, Alabama 35209 
 Attn: Senior Housing and Healthcare Lending 
 with a copy to: 

Burr & Forman LLP 
 420 North 20th Street 
 Suite 3400 

Birmingham, Alabama 35203 
 Gail Livingston Mills, Esq. 
 Either party may change its address to another single address by
notice given as herein provided, except any change of address notice must be actually received in order to be effective. 
 5.3
Governing Law. This Guaranty shall be governed by and construed in accordance with the laws of the State of Georgia and the applicable laws of the United States of America. 

5.4 Invalid Provisions. 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. 
 5.5
Amendments. This Guaranty may be amended only by an instrument in writing executed by the party or an authorized representative of the party against whom such amendment is sought to be enforced. 

5.6 Parties Bound: Assignment, Joint and Several. This Guaranty shall be binding upon and inure to the benefit of the
parties hereto and their respective successors, assigns and legal representatives; provided, however, that Guarantor may not, without the prior written consent of Lender, assign any of its rights, powers, duties or obligations hereunder. If
Guarantor consists of more than one person or party, the obligations and liabilities of each such person or party shall be joint and several. 
 5.7 Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty. 

  
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 5.8 Recitals. The recital and introductory paragraphs hereof are a part
hereof, form a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein. 
 5.9 Counterparts. To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be necessary that the signature of, or on
behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making proof of this Guaranty to
produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing the legal
effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. 
 5.10 Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by endorsement or otherwise, other than under this Guaranty, such liability shall not
be in any manner impaired or affected hereby and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor. The exercise by Lender of any right or remedy hereunder or under any other
instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy. 

5.11 Other Defined Terms. Any capitalized term utilized herein shall have the meaning as specified in the Security
Instrument, unless such term is otherwise specifically defined herein. 
 5.12 Entirety. THIS GUARANTY EMBODIES
THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR’S GUARANTY OF THE GUARANTEED 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 LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, 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 LENDER. 
 5.13 Waiver of Right To Trial By Jury. GUARANTOR AND
LENDER (BY ITS ACCEPTANCE HEREOF) HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS
GUARANTY, THE NOTE, THE SECURITY INSTRUMENT, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, 

  
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COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR AND LENDER AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER AND GUARANTOR ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY LENDER
AND GUARANTOR. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be properly executed by its
duly authorized representative as of the date first above written. 
  

							
		 		 	GUARANTOR:
	WITNESS:	 		 	
		 		 	CNL HEALTHCARE TRUST, INC.,
		 		 	a Maryland corporation
	 /s/ Cathleen A. Coffey
	 		 		 	
				
	Print Name: Cathleen A. Coffey	 		 	By:	 	 /s/ Joshua J. Taube

		 		 		 	Joshua J. Taube
		 		 		 	Vice President

  
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