Document:

Master Management Agreement, dated April 24, 2012

 Exhibit 10.14 
 MASTER MANAGEMENT AGREEMENT 
 BY AND BETWEEN 

EVERGREEN ALLIANCE GOLF LIMITED, L.P., a Delaware limited partnership 

and 
 FORE
GOLF MANAGEMENT, LLC, a Florida limited liability company 
 April 24, 2012 

 MASTER MANAGEMENT AGREEMENT 

THIS MASTER MANAGEMENT AGREEMENT (this “Agreement”) is made and entered into as of April 24, 2012 (the
“Effective Date”), by and between EVERGREEN ALLIANCE GOLF LIMITED, L.P., a Delaware limited partnership (“Tenant”) and FORE GOLF MANAGEMENT, LLC, a Florida limited liability company
(“Manager”). 
 W I T N E S S E T H: 
 WHEREAS, Tenant is the owner of a leasehold interest in and to those certain golf courses identified on Exhibit A, including all amenities related thereto (each, a
“Property” and collectively, the “Properties”); 
 WHEREAS, Tenant’s leasehold
interest in each Property is subject to a lease agreement as identified and described on the attached Exhibit A (each, a “Lease” and collectively, the “Leases”); 

WHEREAS, Tenant desires to have Manager manage and operate the Properties and Manager is willing to perform such services for
Tenant in accordance with the terms and conditions contained in this Agreement, 
 NOW, THEREFORE, for and in
consideration of the mutual covenants, promises, and agreements herein contained, the parties hereby agree as follows: 

ARTICLE 1. 

DEFINITIONS 
 1.1 Definitions. All capitalized terms referenced or used in this Agreement and not specifically defined herein shall have the meanings set forth on Exhibit B attached hereto and made a part
hereof for all purposes. 
 ARTICLE 2. 
 APPOINTMENT OF MANAGER 
 2.1 Appointment/Use. Tenant hereby
retains and appoints Manager to supervise, manage and operate the Properties on behalf of Tenant during the Term effective upon the Commencement Date for each such Property, subject to the terms and conditions set forth in this Agreement, including
without limitation the terms of Section 2.2 hereof, and the Leases. Manager hereby accepts such appointment. Subject to Tenant’s rights hereunder, Tenant hereby grants to Manager the use and possession of the Properties during the
Term of this Agreement for the purposes set forth herein. 
 2.2 Approvals. With respect to any provision of this
Agreement conferring a right of Tenant to approve or consent to an action proposed to be undertaken by Manager, Manager shall submit such matter to Tenant in writing with a copy to the applicable Landlord, and Tenant shall use reasonable efforts to
timely review and approve or disapprove any such policies, plans, procedures, Budgets and other matters required to be approved by Tenant hereunder within the time period set forth herein. Tenant may not in any event unreasonably withhold, condition
or delay its consent or approval, and Tenant and Manager shall use good faith commercially reasonable efforts to timely resolve any disputes. If, notwithstanding such good faith or commercially reasonable efforts, Tenant and Manager are not able to
agree with respect to any matter over which Tenant has a right to consent or approve, either party may submit such dispute to Landlord for a resolution. Tenant and Manager hereby agree that Landlord’s decision with respect to any such dispute
shall control. Tenant shall have five (5) business days from the 

  
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date of submission from Manager to review and approve or disapprove such proposal, unless a different approval period is specified in this Agreement with respect to such matter. Failure to
respond within such five (5) business day period shall be deemed to be an approval. If Landlord is required to resolve a dispute as set forth in this Section 2.2, Landlord shall have either (i) one (1) business day
following receipt of Tenant’s or Manager’s request to resolve a dispute to resolve such dispute in favor of Tenant or Manager or (ii) if Landlord was not provided a simultaneous copy of the original approval request submitted to
Tenant, six (6) business days following the date of such request to resolve the dispute. In the event Landlord fails to resolve such dispute in favor of Manager or Tenant within the applicable time period set forth in the previous sentence,
Manager’s proposal shall be deemed to have been approved. 
 ARTICLE 3. 

TERM 
 3.1 Term. The term of this Agreement shall commence on the Commencement Date for each such Property, and shall continue until 11:59 p.m. eastern on December 31, 2014, unless sooner terminated
or otherwise extended according to the provisions hereof (the “Term”). 
 ARTICLE 4. 

BUDGETS 
 4.1 Business Plan. Manager shall develop and submit to Tenant and Landlord a proposed Business Plan for each Fiscal Year no later than sixty (60) days prior to the beginning of each Fiscal
Year commencing Fiscal Year 2013. Manager and Tenant acknowledge and agree that the Business Plan for each of the Properties for the balance of Fiscal Year 2012 is attached hereto as Schedule 4.1. The Business Plan shall be prepared for each
Property as a whole and on a departmental basis, if appropriate, and shall include (i) the Annual Operations Budget (as defined in Section 4.2) for the forthcoming Fiscal Year, together with a description of the assumptions upon
which the Annual Operations Budget is based, including but not limited to a description of the specific assumptions related to the income and expenses with respect to tournaments and social catering, (ii) a narrative description of plans and
goals, including the marketing plan, (iii) proposed marketing, sales, promotion, advertising, and public relations concepts for such Property, (iv) a schedule of proposed greens fees and other rates for such Property, and (v) the
Capital Improvement and Replacement Budget (as defined in Section 4.3) for the forthcoming Fiscal Year. 
 4.2
Annual Operations Budget. Manager shall prepare and submit to Tenant and Landlord, as part of the Business Plan to be submitted pursuant to Section 4.1, for Tenant’s review and approval, the proposed annual operations budget
for each Property for the upcoming Fiscal Year (the “Annual Operations Budget”) in a format acceptable to Tenant. Each proposed Annual Operations Budget shall be prepared for each Property as a whole and on a departmental basis, if
necessary, and include all revenue opportunities, inventory requirements, and other costs and expenses as can be reasonably anticipated for the promotion and operation of such Property for the upcoming Fiscal Year. 

4.3 Capital Improvement and Replacement Budget. Subject to the terms of Section 7.1.4, Manager shall prepare and
submit to Tenant and Landlord, as part of the Business Plan to be submitted pursuant to Section 4.1, for Tenant’s review and approval, the proposed capital improvement and replacement budget for each Property for the upcoming Fiscal
Year (the “Capital Improvement and Replacement Budget”). Each proposed annual Capital Improvement and Replacement Budget shall be prepared for each Property on a whole and on a departmental basis, if necessary, and include the
projected Capital Expenditures for such Property for the upcoming Fiscal Year. 

  
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 4.4 Approvals. Tenant shall approve or reasonably disapprove (and provide written
comment with respect to any disapproval) any proposed budgets prepared by Manager, or any part(s) thereof, within thirty (30) days following Tenant’s receipt of such proposed budget from Manager. In the event Tenant fails to approve or
disapprove any proposed budgets within such thirty (30) day period, then the proposed budgets shall be deemed approved by Tenant (any such proposed budget, Annual Operations Budget or Capital Improvement and Replacement Budget approved or
deemed approved by Tenant is hereinafter referred to as the “Budget” or “Budgets”). 
 4.4.1 Disapproved Budgets. If Tenant and Manager are unable to agree upon all aspects of any proposed Budget of a Property for a Fiscal Year prior to the beginning of such Fiscal Year, then
(i) Manager will operate such Property in accordance with those portions, if any, of the Budget approved by Tenant, and (ii) with respect to those portions of the Budget still subject to dispute between Tenant and Manager, Tenant and
Manager shall continue to use their best efforts to agree upon a Budget and until the same is approved, the approved Budget for the prior Fiscal Year shall remain in effect as the current approved Budget with the following modifications:
(i) the amounts set forth for expenses over which the Tenant or Manager has reasonable control (such as payroll, advertising and operating supplies) shall be increased by the percentage increase in the CPI over the prior Fiscal Year and
(ii) the amounts set forth for expenses over which the Tenant or Manager does not have reasonable control (such as insurance, utilities and permit fees) shall be the actual amounts which is required to be paid for such items. 

4.4.2 Operation in Accordance with Budgets. Subject to the terms of Section 4.5, Manager shall use
commercially reasonable efforts to operate the Properties in accordance with the existing Budget(s). 
 4.5 Unanticipated
Expenditures and Reallocation of Funds. Manager may reallocate all or any portion of any amount budgeted with respect to any one item in the Budget to another item in the Budget for any expenditures that were unanticipated at the time of
preparation of the Budgets but are reasonable and necessary to carry out the provisions of this Agreement; provided, however, any reallocation or increase in a budgeted item in excess of either (i) ten percent (10%) of the amount of such
budgeted item or (ii) $5,000 shall require Tenant’s approval, and in any event any such variances or reallocations shall be reflected in the General Manager’s summary report described in Section 5.2.9. Tenant acknowledges
that Manager has not made and, by proposing the Budgets, does not make any guarantee, warranty, or representation of any nature concerning the Budgets, the amounts of Gross Revenues or Expenses or cash flow, or the Capital Improvement and
Replacement Budget requirements to be generated or incurred from the operation of the applicable Property. Manager shall not under any circumstances be required to, or be deemed to have any duty to, advance any of its own funds to cover any
unanticipated expenditures. 
 ARTICLE 5. 
 SERVICES OF MANAGER 
 5.1 General Management
Responsibilities. Manager shall have the duty, responsibility and authority to perform the acts that are reasonably necessary and appropriate to operate and manage each Property in a manner consistent with the Budgets and in compliance with the
terms and conditions of the applicable Lease for such Property. In the execution of such duty, Manager shall, subject to the approved Budgets and Major Decisions, be authorized to (i) determine and establish operating policies, standards of
operation, services and maintenance, pricing and other policies and procedures of each Property that are reasonably designed to provide for the efficient and profitable operation of such Property, and (ii) perform any such acts necessary or
desirable for the operation and maintenance of each Property that are consistent with the Standards. 

  
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 5.2 Management Services. Subject to the Major Decisions and the applicable Budget,
Manager shall have the following management duties, powers, and authorities set forth in this Section: 
 5.2.1
Operational Services. Manager shall provide management services for all areas of operations for the Properties (the “Operational Services”) in accordance with this Agreement, the applicable Lease, and in accordance with the
Standards, which services shall include payment of Expenses as they become due during the Term. On the Commencement Date, Manager shall pay prorated Rent due for the month in which the Commencement Date occurs. 

5.2.2 Human Resource Management Services. Manager shall provide procedures, techniques, and programs to, and shall
use due care and diligence in the evaluation, hiring, training, supervision and maintenance of qualified personnel to become staff members for each Property including the General Manager, Director of Golf or Golf Course Superintendent (Agronomist),
revenue manager, operations manager, director of sales and marketing, maintenance engineer, and support personnel (to the extent each such position is deemed necessary by Tenant and Manager), provided, however, Tenant shall have the right to approve
the Manager’s candidate for the position of General Manager, Director of Golf and Golf Course Superintendent (Agronomist) (or any replacement thereof), which approval shall not be unreasonably withheld, and further provided that in no event
shall Tenant be deemed to be a co-employer of such employees. Manager shall provide Tenant with personnel requirements and compensation levels for each department. Manager, through the General Manager, shall have the authority to hire, promote,
discharge, and supervise all other personnel employed at the Properties. Manager shall provide the staff of each Property with job descriptions, employee handbooks, operational/procedural manuals and an employee incentive program for personnel under
Manager’s direction as Manager shall determine from time to time. Manager shall interview, hire and maintain competent employees so as to maximize the performance of each Property, but where possible shall strive to focus on interviewing,
hiring and maintaining competent local employees so as to minimize relocation expenses. Notwithstanding the foregoing, the parties acknowledge and agree that Manager is not assuming and shall have no liability under any employment contracts in
effect on or before the Commencement Date. 
 5.2.3 Purchasing Contracts/Service Agreements. As of the
Commencement Date, Manager shall comply with all obligations of Tenant with respect to those certain capital leases, operating leases and operating contracts listed on the attached Schedule 5.2.3, to the extent such obligations arise after
the Commencement Date. (The parties acknowledge that as of the Effective Date there appear to be ten (10) to thirteen (13) golf carts missing at Majestic Oaks Golf Club in Ham Lake, Minnesota, based on the number of golf carts present at
such Property compared to the number of carts subject to the equipment lease for such carts. The Parties further acknowledge that any liability arising with respect to such missing golf carts shall be deemed to have arisen prior to the Commencement
Date and Manager shall have no liability with respect thereto.) Manager shall purchase such food, beverages, equipment, operating supplies and other materials necessary for the operation of each Property and consistent with the applicable Annual
Operations Budget. Manager shall negotiate and consummate such agreements and equipment leases, as necessary for the furnishing of utilities, services, concessions and supplies for the maintenance and operation of each Property subject to and
consistent with the applicable Annual Operations Budget (collectively, the “Operating Contracts”). Manager represents that it will use commercially reasonable efforts to secure the services and supplies referenced above at prices
which are reasonably comparable to competitive market prices. Upon the expiration or earlier termination of this Agreement, Tenant shall have the obligation, with respect to any Operating Contract specifically approved by Tenant, to either assume
such Operating Contract or terminate such Operating Contract, in which case all expenses or fees for such termination shall be the 

  
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responsibility of Tenant. Additionally, Tenant shall allow Manager to enter into beverage agreements with Tenant’s Affiliate that holds the liquor, beer and wine licenses at the Properties
to the extent allowable under local law during interim period while Manager uses commercially reasonable efforts to obtain its own licenses and otherwise cooperate with the transfer of the existing liquor, beer and wine licenses. The cost of such
transfer shall not be the obligation of the Manager or an Expense. 
 5.2.4 Repairs and Maintenance.
Manager shall take any and all actions required to keep each Property and related facilities in good repair and shall coordinate all repairs, replacements, and improvements necessary to keep the Properties in compliance with Section 5.1 of
each of the Leases, pursuant and subject to the Budget and subject to Tenant’s right to approve Major Decisions. Notwithstanding the foregoing, Manager shall not be in default of this Section if Manager fails to make necessary repairs,
replacements or improvements to the Properties if (i) such failure relates to a portion of a Property subject to an Initial Improvement Project set forth in Section 7.1.4, and (ii) such failure to repair, replace or improve
such component of a Property was directly caused by the failure of Landlord to fund such Initial Improvement Project. 
 5.2.5 Intentionally Omitted. 
 5.2.6 Legal Actions.
Manager may engage attorneys and other advisors, with Tenant’s prior approval, to represent the Tenant, Manager and the applicable Property in the protection or defense of all operational matters, and to protect the assets and interests of such
Property. Such action shall be in Tenant’s and/or Manager’s name as necessary. 
 5.2.7 Government
Regulations/Mortgages/Licenses, Permits and Accreditations. Manager shall comply with and cause each Property to comply with in all material respects all applicable statutes, ordinances, laws, rules, regulations, or orders of any governmental or
regulatory agencies and the terms and provisions of the applicable Lease. Manager shall make application, obtain, maintain and renew in the name of the Property, Tenant or Manager as necessary or desirable, all licenses, permits, governmental
approvals, and accreditations (e.g., health permits, boiler permits, fire permits, and if applicable to the extent required pursuant to Legal Requirements, liquor licenses) required in connection with the management and operation of the Property.
Manager shall use commercially reasonable efforts to comply with any Property operating covenants contained in any mortgage or deed of trust affecting the Property as of the Effective Date or thereafter. 

5.2.8 Accounting Services. Manager shall establish and maintain a uniform accounting system, internal controls and
reporting systems in accordance with the standard industry accounting practices and generally accepted accounting principles for the Properties (the “Accounting Principles”). Manager shall coordinate the setup of all requisite
computer hardware and software for the operation of each Property. Manager shall pay, as an Expense, when due all assessments, taxes, charges, levies, fees and other impositions and charges of every kind and nature applicable to each Property, and
prepare and file all applicable returns required with respect to such taxes, assessments, impositions or charges excluding, however, any (i) income tax or franchise tax returns required to be filed by Tenant and (ii) any challenges to any
real property or other ad valorem taxes, initiated by Tenant. 
 5.2.9 Reports. Manager shall deliver by
email each Monday, to Landlord, Tenant and to such additional persons as Tenant may designate from time to time, a weekly operating report detailing the golf rounds played and revenue by category achieved by each Property during the previous week.
Beginning with the first Friday of the Term and every other Friday thereafter, 

  
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Manager shall provide to Landlord and Tenant a pace report detailing business, whether closed or pending, with respect to tournaments and social catering events for the current and future
calendar years. Manager shall also provide Landlord and Tenant with Financial Statements for the each Property on a monthly basis within fifteen (15) days of the end of each Fiscal Month with complete financial statements of each Property,
which shall include an income (or profit and loss) statement, in a format approved by Landlord, which compares actual performance to budgeted performance and actual performance compared to the prior Fiscal Year, sources and uses of funds, an
operating balance sheet showing the results of the operation of the Property for the immediately preceding month and for the Fiscal Year to date, (i) interim Financial Statements, (ii) a General Manager’s summary report covering
material operating issues, balance sheet movements and accounts receivable aging, (iii) a twelve (12) month rolling cash flow projection, and such other information as mutually and reasonably agreed upon by Landlord, Tenant and Manager in
a format reasonably acceptable to Landlord. With respect to the Financial Statements for any Fiscal Month that coincides with the last month of a fiscal quarter, such Financial Statements shall be certified to Landlord and Tenant by the Chief
Financial Officer of Manager. Manager shall provide to Landlord and Tenant, within sixty (60) days after the close of each Fiscal Year, a Financial Statement certified by the Chief Financial Officer of Manager showing in detail the financial
activities of each Property for the Fiscal Year then ended, together with, and including without limitation, profit and loss statement, balance sheet, sources and uses of funds, income statement, a budget variance analysis, report indicating balance
in Capital Reserve Account, accounts receivable statement and a statement of the Net Operating Income achieved by the Property and the NOI Fee, if any, all consistent with the Accounting Principles and in a format reasonably acceptable to Landlord.

 5.2.10 Sarbanes Oxley. Manager hereby agrees to provide Landlord reasonable access to each Property,
including the books and records, and reasonable assistance necessary to Landlord that will allow Landlord to conduct activities necessary to satisfy such responsibilities, including, but not limited to, the activities stipulated by the Public
Company Accounting Oversight Board in its release 2004-1, or other similarly promulgated guidance by other regulatory agencies. Manager shall be reimbursed for all of its reasonable expenses incurred for all such services and assistance requested by
Landlord. Manager agrees to provide, at Landlord’s request and expense, evidence of Manager’s documented policies, if any, regarding “whistle-blower” procedures and regarding the reporting of fraud or misstatements involving
financial reporting of each Property. 
 5.2.11 Bank Accounts. Manager shall maintain in the
Manager’s name (except for the Capital Reserve Account which shall be in Landlord’s name as set forth in Section 7.1.3) the Bank Accounts provided in Article 7. 

5.2.12 Inspections and Audits. Landlord and Tenant, or their respective agents, shall have the right but not the
obligation to inspect each Property at any time and to inspect and/or audit or to cause an independent audit of the books and records of such Property at such party’s expense; provided, however, that such party shall use commercially
reasonable efforts to conduct any such inspections and/or audits in such a way as to not materially interfere with the operation of the Property in the ordinary course of business. Manager specifically acknowledges and agrees that Landlord shall
have the right to inspect and audit the books and records of Manager in accordance with the terms and conditions of the applicable Lease. Upon the expiration of the Term, Manager shall provide Tenant and Landlord a copy of all books and records
regarding the operation of each Property during the Term. 

  
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 5.2.13 Management Information System Services. Manager acknowledges
that Tenant has developed proprietary materials, to which Manager may be made privy. Accordingly, Manager agrees to keep confidential (except as legally required) the content of any proprietary materials, including, but not limited to, manuals,
programs, marketing and promotional materials, and training materials (the “Information”). Upon request or termination of this Agreement, all Information shall be returned to Tenant. Tenant shall own any Information developed during
the Term for the benefit of the Property and may use such Information in the ongoing operation of the Properties following the expiration or earlier termination of this Agreement, or transfer the Information to the applicable Landlord. Information
shall not include information that (i) was previously known to Manager or any of its Affiliates (other than from a disclosing party), or (ii) is available or, without the fault of Manager or any of its Affiliates, becomes available to the
general public, or (iii) is lawfully received by Manager or its Affiliates from a third party that, to Manager’s knowledge, is not bound by any similar obligation of confidentiality. 

5.2.14 Deposit of Revenues. Subject to the terms of Section 5.2.18, Manager shall initially deposit all
Gross Revenues achieved by each Property into the Depository Account for such Property. Funds in the each Depository Account shall be managed in accordance with Article 7. 

5.2.15 Capital Reserve Payment. Manager shall deposit no later than the tenth (10th) business day of the following Fiscal Month an amount equal to
one twelfth (1/12) of three percent (3%) of Revenues into the Capital Reserve Account established for such Property (the “Capital Reserve Payment”). The amounts to be deposited to the Capital Reserve Account shall be
cumulative so that in the event there is not a sufficient amount of Gross Revenue generated in a particular Fiscal Month to make the Capital Reserve Payment for such Fiscal Month the amount of the deficiency shall be carried forward and added to the
Capital Reserve Payment for the subsequent Fiscal Month(s) until the deficiency is paid. During the Term, up to one third (1/3) of such Capital Reserve Payment may be applied to golf cart and equipment leases. 

5.2.16 Employees. All employees of the Properties shall be the employees of Manager; however, all salaries, wages,
employee benefits (including profit sharing and 401K plans) insurance premiums, payroll taxes, training costs, hiring and moving expenses, staffing costs, costs of defending employee claims, settlement costs, payment of employment claims (other than
any employment claim subject to Manager’s indemnification obligation contained in Section 11.2) and any other employee expense or compensation (collectively, the “Employee Expenses”) shall be included as an Expense
and shall be set forth in the applicable Budget. Benefit plans for the benefit of employees may be joint plans for the benefit of employees at more than one property owned, leased or managed by Manager or its Affiliates. The administrative expenses
of any joint plans will be equitably apportioned by Manager among properties covered by such plan based on the number of employees at the Property versus the number of employees participating in such joint plan overall. 

5.2.17 Insurance. Manager shall obtain insurance of the types and in the amounts set forth on the attached
Schedule 5.2.17 from an underwriter(s) licensed to do business in the state where the applicable Property is located, the cost of which shall be an Expense. All policies shall name Tenant as an additional insured, or insured as Tenant’s
interest may appear. Manager shall furnish to Tenant and Landlord certificates of insurance evidencing such insurance on or before the Commencement Date, and shall thereafter furnish certificates upon request. Manager shall provide Tenant and
Landlord with thirty (30) days’ written notice of any material change, termination or cancellation of any policy. 

  
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 5.2.18 Annual Prepaid Dues. Commencing with prepaid dues received for
calendar year 2013, Manager hereby agrees to deliver, promptly upon receipt by Manager, all Annual Prepaid Dues (as defined in the applicable Leases) to Tenant so that Tenant may comply with the terms of Section 22.2 of certain of the Leases,
and Tenant hereby agrees to deliver, promptly upon receipt by Tenant from Landlord, all monthly installments of such Annual Prepaid Dues to Manager, which monthly installments shall be deemed to be Gross Revenues when received by Manager.
Notwithstanding the foregoing, Tenant hereby directs Manager to deliver all Annual Prepaid Dues directly to Landlord, in lieu of delivering such amounts to Tenant for Tenant to deliver to Landlord pursuant to Section 22.2 of the applicable
Leases. Further, Tenant hereby covenants with Manager to direct Landlord to deliver monthly installments of the Annual Prepaid Dues directly to Manager in lieu of Landlord delivering such amounts to Tenant for Tenant to then deliver to Manager
pursuant to this Section 5.2.18. 
 5.2.19 Aged Receivables. Tenant and Manager acknowledge
that approximately $1,000,000 in aggregate receivables for the Properties remain outstanding as of the Commencement Date (the “Pre-Term Receivables”), a schedule of which are attached hereto as Schedule 5.2.19. All Pre-Term
Receivables shall remain the property of Tenant, however, Manager shall use good faith, commercially reasonable efforts to collect such Pre-Term Receivables on behalf of Tenant. In consideration of such efforts, Manager shall have the right to
retain the following amounts of any such Pre-Term Receivables collected by Manager during the Term: (i) ten percent (10%) of any Pre-Term Receivables aged thirty (30) days or less as of the Commencement Date, (ii) fifteen percent
(15%) of any Pre-Term Receivables aged over thirty (30) days but less than sixty (60) days as of the Commencement Date and (iii) twenty percent (20%) of any Pre-Term Receivables aged sixty (60) days or more as of the
Commencement Date (the “Collection Fee”). Manager shall have the right to retain such amounts even if such Pre-Term Receivable had been first submitted to a collection agency by Manager or Tenant, provided Manager’s percentage
shall be net of any fee charged by such collection agency. If any Pre-Term Receivables remain uncollected by Manager sixty (60) days following the Commencement Date (the “Remaining Pre-Term Receivables”), Tenant may move the
collection efforts for the Remaining Pre-Term Receivables to a collection agency of Tenant’s choosing, and Manager shall not be eligible to receive a Collection Fee on the Remaining Pre-Term Receivables. The Pre-Term Receivables shall not be
deemed to be Gross Revenues, and Manager shall deliver the Pre-Term Receivables (less the amounts set forth in the previous sentence) to Tenant promptly after receipt by Manager. 

5.2.20 Payables. Tenant hereby acknowledges that Manager shall have no liability with respect to any payables
outstanding with respect to any Property as of the Commencement Date for such Property. Tenant shall be responsible for all obligations and liabilities with respect to accounts payable related to the Properties outstanding as of the Effective Date
or attributable to the period prior to the Effective Date. Such accounts payable shall not be transferred to or assumed by Manager and Tenant shall indemnify Manager against any claim or liability incurred by Manager with respect to such accounts
payable. Tenant hereby agrees to satisfy all accounts payable set forth on the attached Schedule 5.2.20 on or before five (5) Business Days following the Commencement Date for the applicable Properties to which such payables apply.

 5.3 Other Duties and Prerogatives. Subject to the terms of this Agreement, the Budgets and the Major Decisions,
Manager shall have all the prerogatives ordinarily accorded a manager in the ordinary course of commerce, including, but not limited to, the collection of proceeds from the operation of the Properties, the incurring of trade debts, the approval and
payment of obligations, and the negotiating and signing of operating leases and contracts. 

  
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 5.4 Membership Documents. The terms of this Section 5.4 shall apply to
any Property that is subject to Membership Documents. The Membership Documents may be amended by Manager in accordance with the terms thereof from time to time, at Manager’s sole discretion, and any rules and regulations, membership agreements
and financing addenda related thereto and any and all other documents governing the Golf Club, provided any such amendment is not material in nature and further provided that a copy of any such amendment is provided to Tenant and Landlord within ten
(10) days of its adoption. Any material amendment to the Membership Documents shall require Tenant’s and Landlord’s prior written consent. An amendment to the rules and regulations governing usage of the Golf Club shall not be subject
to the Tenant’s and Landlord’s approval; provided such amendment is customary and generally in conformity to other Comparable Clubs and may be amended or terminated at any time by the Manager or any subsequent operator of the Golf Club.
For purposes hereof, an amendment to the Membership Documents shall be deemed to be a “material” amendment if it relates to (i) the refundability of membership fees or membership deposits, (ii) any restriction or covenant that
runs with or binds the Property or Landlord, (iii) the nature of the Golf Club as an equity or non-equity club, (iv) any amendment which purports to or may create contractual liability to the Landlord, or (v) any life or other term
membership with reduced dues or no dues requirements. Notwithstanding the foregoing, the creation of non-equity and/or nonrefundable memberships shall not be deemed to be “material” for purposes of this Section 5.4. Subject to
the terms of Section 11.1 hereof, Tenant shall protect, indemnify, pay, save and hold harmless Manager for, from and against all liabilities, obligations, claims, damages, penalties, causes of action, costs and reasonable expenses
(including, without limitation, reasonable attorneys’ fees), to the maximum extent permitted by law, imposed upon or incurred by or asserted against Manager by reason of any liability related to the refund of deposits, securities violations, or
other liabilities associated with the Membership Documents (a) arising or accruing prior to the Commencement Date, or (b) arising after the Commencement Date from any act of Tenant, its employees, agents or contractors with respect to such
Membership Documents. For purposes of this Section 5.4, the terms “Membership Documents” and “Golf Club” shall have the meanings ascribed to such terms in the applicable Lease. 

5.5 Authority. Subject to the applicable Major Decisions and the other terms and conditions of this Agreement, Manager shall have
the authority to manage and operate each Property and to direct, control, and implement all policies, procedures, operational programs, standards of service, and pricing with respect to the operation of each Property. Manager’s authority,
discretion, and control in matters relating to the management and operation of the Properties shall extend to and include, without limitation, determining and establishing greens and cart fees, food and beverage prices, and any other charges and
fees, the collection of all revenues from the operation of the Properties, the development and implementation of employment policies, the maintenance of bank accounts, the procurement of inventories, supplies, and services, and the promotion and
marketing of each Property. Manager shall not make any Major Decisions or take any actions with respect to Major Decisions except for those specifically authorized by the applicable Budget or otherwise approved in advance by Tenant or by Landlord
pursuant to Section 2.2. 
 5.6 Emergency Condition. Notwithstanding the foregoing, in the event during the
Term of this Agreement, a condition should exist in, on, or about any Property of an emergency nature which reasonably requires immediate action to preserve and protect such Property, or to protect such Property’s guests, members, or employees,
Manager is authorized to take all steps and to make all expenditures reasonably necessary to repair and correct any such condition, whether or not provisions have been made in the applicable Budgets for any such expenditures. Manager shall give
prompt notice to Tenant and Landlord of any such condition as soon as possible. 

  
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 ARTICLE 6. 
 TENANT’S DUTIES 
 6.1 Tenant Funding. Tenant shall
deposit into the Depository Account, or deliver to Manager for Manager to deposit into the Depository Account, in accordance with the time periods described below, the following categories of funds to be used by Manager to operate and maintain the
Property in accordance with the terms recited herein. 
 6.1.1 Inventory/Working Capital Allowance. No
later than one (1) business day following the Commencement Date, Tenant shall deposit into the applicable Depository Account (i) an amount equal to the Initial Cash Balance and (ii) an amount (the “Inventory
Allowance”) equal to the amount by which the value of the par pro shop inventory for each Property as set forth on Exhibit A (the “Par Pro Shop Inventory”) exceeds the value of pro shop inventory at the Properties as
of the Commencement Date. Manager agrees to use the Initial Cash Balance for Working Capital (as defined in the applicable Lease), and the Inventory Allowance for purchase of pro shop inventory with respect to the applicable Property. Upon
expiration or earlier termination (including partial termination) of this Agreement, Manager shall surrender the Properties to Tenant with pro shop inventory in place at the level of Par Pro Shop Inventory, and levels of other categories of
inventory at such levels as existed as of the Commencement Date. 
 6.1.2 Prepaid Membership Allowance.
Tenant shall provide Manager an amount equal to approximately $4,328,637, which amount represents the prorated amount of all prepaid membership dues for 2012 previously collected by Tenant for the Properties, which amount shall be delivered by
Tenant in equal monthly installments of $541,079.63 commencing on the Commencement Date through the end of Fiscal Year 2012 (the “Prepaid Membership Allowance”). The Prepaid Membership Allowance shall be allocated amongst those
Properties from which Tenant originally collected such prepaid membership dues, and such monthly amount shall be deemed to be part of Gross Revenues for each such Property when received. 

6.1.3 Event Deposit Transfer. Prior to the Commencement Date, Tenant collected approximately $1,956,238.00 in event
deposits with respect to certain Properties that pertain to events scheduled to occur following the Commencement Date, including but not limited to prepaid deposits for any tournaments, outings, banquets or other reservations. Tenant shall provide
such deposits to Manager within five (5) business days of Tenant’s receipt of Manager’s written notice (to be delivered no more frequently than monthly) of such amounts having become earned pursuant to the terms of such event
agreements, which notice shall include reasonably acceptable supporting documentation of the amount so earned (the “Event Deposit Transfer”). Manager shall treat such amounts as Gross Revenue at such time as Manager receives such
amounts from Tenant, or, if and as applicable, shall refund such deposits from the Event Deposit Transfer pursuant to the terms of the applicable event agreements. 

6.1.4 Redemption Liabilities Reimbursement. Manager and Tenant acknowledge that certain Properties are subject to
gift card/gift certificate liabilities, membership dues credits or discounts granted prior the Commencement Date but first applicable following the Commencement Date, “credit book” liabilities (i.e., golf shop merchandise redemption
liabilities), Eagle Cards, trail fees, passes, rain checks, discounted fees for locker, handicap, hole in one, tournament entry, private cart, private storage and bag storage as well as credits, discounts or play privileges granted under any barter
agreements, member referral program, Player Development Program, gift certificates, range fees, complimentary cards and passes, multi-play cards, prepaid golf lessons, food and beverage vouchers and use privileges, undisclosed discounts and/or free
giveaways, with respect to such Properties in the amount of approximately 

  
 10 

 
$1,937,594.00. Tenant shall reimburse Manager for any such liabilities redeemed by members or customers of such Properties within five (5) business days of Tenant’s receipt of
Manager’s written request therefore (to be delivered no more frequently than monthly), which request shall include reasonably acceptable supporting documentation of the amount redeemed by such members/customers. Any sales related to such
reimbursements shall be treated as Gross Revenues for the applicable Properties. Manager and Tenant also acknowledge that any expenses prepaid prior to the Effective Date shall be remitted by Manager to Tenant. Tenant shall promptly reimburse
Manager for all real and personal property taxes for 2012 when due and payable that accrued prior to the Commencement Date for the applicable property. Manager agrees to accept all such redemption liabilities when presented. No later than thirty
(30) days following the Commencement Date, Tenant shall reimburse Manager for all utility bills for the Properties paid by Manager but relating to periods prior to the Commencement Date. 

6.1.5 Operating Deficits. Manager hereby acknowledges and agrees that, in consideration of the disbursements and
reimbursements set forth in this Section 6.1, Tenant shall not be responsible or liable for any Operating Deficits or any other liabilities incurred at any Property resulting from Expenses incurred and Revenues generated from and after
the applicable Commencement Date. 
 6.1.6 Tenant Direction and Authorization. With respect to all notices
and amounts to be delivered pursuant to Section 6.1.1, Section 6.1.2, Section 6.1.3 and Section 6.1.4, Tenant hereby (i) directs Manager to deliver any such notice directly to the applicable
Landlord, in lieu of delivering such notice to Tenant for Tenant to deliver to Landlord, and (ii) covenants with Manager to direct each Landlord to deliver the amounts and installments referenced in such sections directly to Manager in lieu of
Landlord delivering such amounts to Tenant for Tenant to then deliver such amounts to Manager. 
 6.2 Environmental
Remediation. Throughout the Term, if Manager becomes aware of the presence of any Hazardous Material in a quantity sufficient to require remediation or reporting under any Environmental Law in, on or under any Real Property or if Manager,
Tenant, or Property becomes subject to any order of any federal, state or local agency to investigate, remove, remediate, repair, close, detoxify, decontaminate or otherwise clean up such Real Property, Manager shall, at Tenant’s request and
sole expense, use all commercially reasonable efforts, as approved by Tenant, to carry out and complete any required investigation, removal, remediation, repair, closure, detoxification, decontamination or other cleanup of such Real Property;
provided that such remediation activities shall be at Manager’s expense if such activities are required as a direct consequence of Hazardous Material being present in, on or under such Real Property solely as a result of the negligent or
willful actions undertaken by Manager or any Manager Related Parties. Tenant acknowledges and agrees that Tenant shall be solely responsible for any legal or other liability arising out of the presence of any Hazardous Material in, on or under any
Real Property that occurred during the period of Tenant’s interest in such Property, provided, however, Tenant shall not be responsible for any liability arising out of the presence of any Hazardous Material in, on or under any Real Property
that occurred following the Effective Date except to the extent such Hazardous Material becomes present in, on or under such Real Property after the Commencement Date as a result of the acts of Tenant, its agents, employees or contractors.

 6.3 Compliance with Laws. Manager shall operate each Property in compliance with all applicable governmental
regulations and Tenant shall take all actions required of Tenant to maintain each Property in compliance with all governmental regulations and the applicable Lease. 
 6.4 Licenses, Permits, and Accreditations. Tenant and Manager shall hold or will use commercially reasonable efforts to hold on or prior to the Commencement Date all approvals and permits,

  
 11 

 
including the building occupancy permits, but excluding all operational and liquor licenses (if applicable) to be obtained and maintained by Manager. Tenant shall cooperate with Manager as
necessary to enable Manager to procure and/or transfer and maintain all licenses, permits, or authorizations necessary for the operation of each Property, including but not limited to, the liquor license, and in no event shall Tenant charge a fee or
require compensation for the transfer of any permits or licenses to Manager (or, in the event compensation is required by Legal Requirements for such transfer, for nominal consideration only). Any one-time fees to transfer any such permits or
licenses shall be the obligation of Manager as an Expense, not to exceed $178,500. Manager acknowledges and agrees that upon any termination or partial termination of this Agreement with respect to any Property, Manager shall use commercially
reasonable efforts to transfer any such permits and licenses to Tenant or Landlord, or their designees, promptly following such termination and without fee or compensation to Manager (or, in the event compensation is required by Legal Requirements
for such transfer, for nominal consideration only). 
 ARTICLE 7. 

BANK ACCOUNTS 
 7.1 Bank Accounts. The following bank accounts shall be established and maintained by Manager, and shall be subject to Tenant’s audit and inspection (the “Bank Accounts”):

 7.1.1 Depository Account. Manager shall establish, in Manager’s name, utilizing the federal tax
identification number of Manager, a depository account (the “Depository Account”) for each Property. The records and bank statements of such accounts shall be subject to inspection by Tenant and Landlord pursuant to the terms
recited herein. All Gross Revenues shall be collected, received, and deposited by Manager exclusively through the applicable Depository Account in accordance with the terms of this Agreement. 

7.1.2 Master Disbursement Account. Expenses shall be handled and expended through a central disbursing account
under the name and federal tax identification number of the Manager (the “Master Disbursement Account”). Manager shall transfer funds from the Depository Accounts to the Master Disbursement Account to pay Expenses, the Corporate
Overhead Reimbursement, the NOI Fee, the Sale Property Fee, the Capital Reserve Payment and all Rent due under the Leases (excluding any Sale Property and other Property for which this Agreement has been terminated pursuant to the terms hereof) and
any other amounts permitted under this Agreement. 
 7.1.3 Capital Reserve Account. Manager shall utilize
the bank account for each Property established in Landlord’s name to pay Capital Expenditures pursuant to the applicable approved Capital Improvement and Replacement Budget (the “Capital Reserve Account”) or as otherwise
provided herein. Notwithstanding anything to the contrary recited herein, in the event any lender of Landlord or Tenant requires the maintenance of a reserve or replacement account, the lender reserve or replacement account shall be credited against
the requirements of the Capital Reserve Account set forth herein. Manager acknowledges that all funds in each Capital Reserve Account shall remain the property of the applicable Landlord throughout the Term. 

7.1.4 Initial Improvement Project. Tenant and Manager acknowledge and agree that during the first 12 months after
the Commencement Date, Manager and/or Landlord shall complete certain capital improvements at the Properties, as more particularly set forth on Schedule 7.1.4 attached hereto (the “Initial Improvement Project”). Tenant and
Manager further acknowledge and agree that Manager shall coordinate such Initial Improvement Project directly with Landlords, and Manager shall be reimbursed by Tenant for the costs and expenses of the Initial Improvement Project (the
“Initial Improvement Project Costs”) incurred by Manager 

  
 12 

 
within five (5) business days of Tenant’s receipt of Manager’s written request therefore, which request shall include reasonably acceptable supporting documentation of the
respective amount. Tenant hereby directs Manager to deliver such written requests directly to Landlord, and Covenants with Manager to direct Landlord to deliver such reimbursements directly to Manager in lieu of Landlord delivering such amounts to
Tenant and Tenant delivering such amounts to Manager. 
 ARTICLE 8. 

COMPENSATION OF MANAGER 
 8.1 Corporate Overhead Reimbursement. During the Term of this Agreement, Manager shall be entitled to an amount for each Fiscal Year equal to three percent (3%) of Gross Revenues achieved by
all Properties other than the Sale Properties for such Fiscal Year (the “Corporate Overhead Reimbursement”). The Corporate Overhead Reimbursement will be payable from the Master Disbursement Account within ten (10) days
following the end of each Fiscal Month during the Term, and if this Agreement shall expire or otherwise terminate on a date other than the last day of a Fiscal Month, within ten (10) days of the date of termination or expiration of this
Agreement. 
 8.2 NOI Fee. In addition to the Corporate Overhead Reimbursement described above,
Manager shall be paid the NOI Fee, if any. The NOI Fee shall be paid from the Master Disbursement Account. Seventy five percent (75%) of the NOI Fee, if any, shall be due and payable to Manager on a quarterly basis upon the tenth
(10th) day following Tenant’s receipt of the Financial Statements applicable to such calendar quarter, and the balance of the NOI Fee shall be paid and trued up on an annual basis upon the tenth (10th) day following Tenant’s receipt of the annual Financial
Statements for such Fiscal Year (commencing with the receipt of the Financial Statements for Fiscal Year 2012) to be delivered by Manager to Tenant pursuant to Section 5.2.9. 

8.3 COI Margin Incentive Fee. In addition to the Corporate Overhead Fee and NOI Fee described above, Manager shall be paid a fee
in the amount of One Million and No/100 Dollars ($1,000,000.00) if the Properties (other than the Sale Properties or any other Property for which this Agreement has been terminated pursuant to the terms hereof) achieve a COI Margin in excess of the
COI Threshold during the trailing twelve (12) consecutive months prior to the expiration or earlier termination of this Agreement (but not any extension of the Term pursuant to Section 12.5) (the “COI Margin Incentive
Fee”). By way of example, please refer to Exhibit C attached hereto for purposes of computation of the COI Margin Incentive Fee. The COI Margin Incentive Fee shall be paid to Manager in accordance with the terms of
Section 15.2. 
 8.4 Deferred Management Fee. In addition to the other amounts set forth in this Article
8, Manager shall be paid the Deferred Management Fee upon the expiration of the Term or earlier termination (but not partial termination) of this Agreement that occurs for any reason other than an Event of Default by Manager. The Deferred
Management Fee shall be payable to Manager in accordance with the terms of Section 15.2. 
 8.5 Cash Balance
Retention. Upon expiration of the Term, Manager shall be entitled to apply the then current Cash Balance of the Properties against amounts due at termination to Manager for the NOI Fee and the Deferred Management Fee in accordance with the terms
of Section 15.2. 
 8.6 Receivables and Initiation Receivables. Upon the expiration or earlier termination of
this Agreement (including any partial termination of this Agreement) that occurs for any reason other than a 

  
 13 

 
Manager Event of Default, Manager shall retain the right to receive fifty percent (50%) of any non-refundable Net Initiation Fees receivables of any nature which were generated by Manager
during the Term at such Properties subject to the termination but which are scheduled for collection in years following the expiration or termination of the Agreement. Manager shall also retain the right to receive all other receivables which were
generated by Manager during the Term at the Properties, which amounts shall not be duplicative of any other amount due to Manager hereunder. Notwithstanding the foregoing, all amounts due to Manager under this Section 8.6 shall be paid
to Manager only when such receivables or revenues from such Initiation Fees are actually collected by Landlord or any successor owner, tenant or manager of such Properties. 

8.7 Sale Property Fee. During the Term, Tenant shall pay Manager an amount equal to Fifty Thousand and No/100
Dollars ($50,000.00) each calendar year (and prorated for any partial calendar year during the Term for each Sale Property subject to this Agreement (the “Sale Property Fee”). The Sale Property Fee will be payable in equal monthly
installments of $4,166.66 from the Master Disbursement Account on the first (1st) day of each Fiscal Month during the Term. With respect to the Sale Properties, the Sale Property Fee shall be payable in lieu of, and not in addition to, the Corporate Overhead Fee, the COI Margin
Incentive Fee, the Cash Balance Retention, the Initiation Receivables and the Deferred Management Fee with respect to the Sale Properties. 
 8.8 Survival. The terms of Article 8 shall survive the expiration or earlier termination of this Agreement. 
 ARTICLE 9. 
 TENANT’S AND MANAGER’S COVENANTS AND
REPRESENTATIONS 
 9.1 Tenant’s Covenants and Representations. Tenant hereby covenants, represents, and
warrants to Manager that as of the Effective Date, throughout the Term and on the Commencement Date the following: 
 9.1.1 Existence, Authority and Conflict. Tenant is duly formed, validly existing and in good standing in the State of Delaware with full power and authority to enter into this Agreement. This
Agreement has been duly executed and delivered by Tenant and constitutes a valid and binding obligation of Tenant, enforceable in accordance with its terms. 
 9.1.2 Governmental Matters/Suits. Except as otherwise set forth on Schedule 9.1.2, Tenant has not received any notice, written or otherwise, from any governmental agency requiring the
correction of any condition with respect to any Property which might be in material violation of any Governmental Regulation and which has not been previously resolved. Tenant has received no notice and has no knowledge of any pending material
improvements, liens, or special assessments to be made against any Property by any governmental agency or authority. Tenant has not received any notice, written or otherwise, from any party of any litigation or other legal action against or
regarding Tenant or any Property, which, if adversely determined would reasonably be expected to have a material effect on the operations of any Property, which notice Tenant has not previously disclosed to Manager. Tenant has no knowledge of the
presence of any Hazardous Material in a quantity sufficient to require remediation or reporting under any Environmental Law in, on or under any Real Property 
 9.1.3 Permits. Tenant shall cooperate fully with Manager as reasonably necessary to enable Manager, if required by local or state law, to procure and/or transfer and maintain all licenses, permits,
or authorizations reasonably necessary for the operation of each Property. 

  
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 9.1.4 Documentation. If necessary to carry out the intent of this
Agreement, Tenant agrees to execute and provide to Manager, on or after the Commencement Date, any and all other instruments, documents, conveyances, assignments, and agreements which Manager may reasonably request in connection with the operation
of the Properties. 
 9.2 Manager’s Covenants and Representations. Manager makes the following covenants and
representations to Tenant, which covenants and representations shall, unless otherwise stated herein, survive the execution and delivery of this Agreement: 
 9.2.1 Corporate Status. Manager is a limited liability company duly organized, validly existing, and in good standing under the laws of Florida, and authorized to transact business in all states
where the Properties are located, with full corporate power to enter into this Agreement and execute all documents required hereunder. 
 9.2.2 Ownership Structure. The owners of all beneficial interests in Manager, and each owner’s respective percentages, are set forth on the attached Exhibit D. Beneficial ownership
interests in Manager may be conveyed, transferred or assigned at any time and from time to time without Tenant’s prior written consent so long as The Staples Corporation shall, individually or collectively, directly or indirectly, own not less
than 51% of such beneficial interests and either Charles Staples or Michael Miraglia shall be the chief executive or chief operating officer of Manager. Upon Tenant’s request from time to time during the Term, Manager shall provide a
certificate executed by an officer of Manager setting forth the owners of all beneficial interests in Manager, and each owner’s respective percentage interest in Manager. 

9.2.3 Authorization. The making, execution, delivery, and performance of this Agreement by Manager has been duly
authorized and approved by all requisite action of the members and/or board of managers (as applicable) of Manager, and this Agreement has been duly executed and delivered by Manager and constitutes a valid and binding obligation of Manager,
enforceable in accordance with its terms. 
 9.2.4 Effect of Agreement. Neither the execution and delivery
of this Agreement by Manager nor Manager’s performance of any obligation hereunder (i) will constitute a violation of any law, ruling, regulation, or order to which Manager is subject, or (ii) shall constitute a default of any term or
provision or shall cause an acceleration of the performance required under any other agreement or document to which Manager is a party or is otherwise bound. 
 9.2.5 Documentation. If necessary to carry out the intent of this Agreement, Manager agrees to execute and provide to Tenant, on or after the Effective Date, any and all other instruments,
documents, conveyances, assignments, and agreements which Tenant may reasonably request in connection with the operation of the Properties. 
 ARTICLE 10. 
 INTENTIONALLY OMITTED 

ARTICLE 11. 

INDEMNIFICATION 
 11.1 Tenant’s Indemnification Obligations. Except as otherwise provided in Section 11.2, Tenant shall pay, defend, indemnify and hold Manager and its Affiliates and each of their
shareholders, members, officers, directors, managers, employees, agents, and representatives (the “Manager Related Parties”) harmless of and from all liability, loss, damage, cost, or expense (including, without limitation,

  
 15 

 
reasonable attorneys’ fees and expenses), including those of any employee of Tenant, or any customer, member, invitee, or licensee of Tenant, arising from (i) the operation of the
Property by Tenant prior to the Commencement Date and (ii) any breach of Tenant’s covenants and representations set forth in Section 9.1. Notwithstanding the foregoing, Tenant does not indemnify Manager against any claims,
demands, damages, losses or liability arising from acts or omissions of any of Tenant’s predecessors in title or any third party with whom Tenant was not in privity, including any acts or omissions of any nature resulting in the environmental
condition or damage or with respect to any physical condition of the Property, that occurred prior to Tenant’s interest in the applicable Property. If Tenant shall fail to pay any amount due to Manager under this Section 11.1, and
such failure continues following written demand by Manager to Tenant beyond any applicable cure period set forth in Section 13.2.2, then Manager shall have the right to offset such amount against Rent payable by Manager hereunder,
provided, however, any such amounts offset by Manager pursuant to this sentence shall not relieve Tenant of Tenant’s obligation to pay Rent under the Leases (exclusive of any Sale Property or any other Property for which this Agreement
has been terminated pursuant to the terms hereof). 
 11.2 Manager’s Indemnification Obligations. Manager shall pay,
defend, indemnify and hold Tenant, Tenant’s Affiliates, and each of their shareholders, members, officers, directors, managers, employees, agents, and representatives (the “Tenant Related Parties”) harmless of and from all
liability, loss, damage, cost, or expense (including, without limitation, reasonable attorneys’ fees and expenses) from any and all claims, actions, demands, damages, losses or liability, including those of any employee of Manager, or any
customer, member, invitee or licensee of Manager or the Property, arising from (i) the operation of the Property by Manager on or after the Commencement Date, unless arising directly from the negligent or willful act of Tenant (where
Tenant’s failure to respond to a request for approval from Manager shall not be deemed to be a negligent or willful act); (ii) any breach of Manager’s covenants and representations set forth in Section 9.2 that occurs on
and/or after the applicable Commencement Date; or (iii) corporate or company matters of Manager or its Affiliates, to the extent such matters are not directly related to the Properties. 

ARTICLE 12. 

SALE OR ASSIGNMENT SALE OR ASSIGNMENT AND OPTION TO TERMINATE 

12.1 Assignment of Agreement. Except as expressly provided herein, this Agreement and any documents executed in connection
herewith may not be assigned by Manager without the prior written consent of Tenant and Landlord, which consent may be withheld in each of Tenant’s and Landlord’s sole discretion (subject to the provisions of Section 2.2 with
respect to any dispute between Tenant and Manager). The transfer of control of more than fifty percent (50%) of the ownership of Manager or The Staples Corporation shall be deemed to be an assignment for purposes of this Section. In the event
Tenant consents to an assignment of this Agreement by Manager, such consent shall not be deemed to be a consent to any further assignment of this Agreement. 
 12.2 Tenant’s Sale or Assignment. Tenant may, in accordance with the terms and provisions hereof, sell, transfer, assign, or otherwise convey its interest in the Properties subject to this
Agreement and assign this Agreement to an assignee of all of Tenant’s leasehold interests in and to the Properties, provided that such assignment is permitted pursuant to the terms of the Leases. Any such assignee shall assume the obligations
of Tenant under this Agreement arising from and after such assignment unless this Agreement is terminated pursuant to Section 12.3. 
 12.3 Tenant’s Option to Terminate. 
 12.3.1 Tenant
shall have the option to partially terminate this Agreement during the Term with respect to any Sale Property, effective upon thirty (30) days’ prior written notice to 

  
 16 

 
Manager and the payment of any amounts due Manager through the termination date pursuant to the terms of this Agreement, including, but not limited to the terms of Section 8.7,
provided that no Termination Fee shall be payable to Manager as a result of Tenant terminating a Sale Property pursuant to this Section 12.3.1. 
 12.3.2 Tenant shall also have the option to partially terminate this Agreement during the Term with respect to any other Property, or all other Properties, effective upon sixty (60) days’ prior
written notice to Manager and compliance with the terms of Section 12.5 and Section 15.2, and the payment of the Termination Fee to Manager and, if applicable, the Rent, Build Out and FF&E Fee; provided, however,
no Termination Fee shall be due to Manager in the event of such partial or complete termination if such termination is in connection with the concurrent termination of the applicable Lease with respect to all such affected Properties and the
applicable Landlord has elected to enter into a replacement management agreement for such affected Property or Properties with Manager in the form attached hereto as Exhibit E to be effective upon such partial termination of this Agreement
(each, a “Replacement Management Agreement”). If Landlord so elects to enter into a Replacement Management Agreement with Manager pursuant to the previous sentence, Landlord and Manager shall each execute and deliver such
Replacement Management Agreement prior to the termination of this Agreement with respect to such Property. 
 12.3.3 Subject to the terms of Section 12.5 below, if Tenant elects to terminate this Agreement pursuant to Section 12.3.2 above with respect to all Properties to which this
Agreement then-applies prior to December 31, 2014, then Tenant, in addition to other amounts due to Manager under this Agreement, shall reimburse Manager for the following amounts (as more particularly set forth on Schedule 12.3.3
attached hereto) (collectively, the “Rent, Build Out and FF&E Fee”): (a) the amount of rental expense for office space specifically acquired by Manager to perform its obligations under this Agreement that shall be incurred
by Manager from the date of such termination through December 31, 2014, which shall not exceed $46,200.00 and (b) the FF&E and build-out expense actually incurred by Manager with respect to such office space, which amount shall be
prorated by multiplying such amount by a ratio, the numerator of which is the number of full calendar months following such termination through December 31, 2014, and the denominator of which is the number of full calendar months from the
Effective Date through December 31, 2014; provided, however, the total amount to be reimbursed to Manager pursuant to this clause (b) shall not exceed $120,000.00. If Tenant partially terminates this Agreement with respect to any five
(5) Properties other than Sale Properties, then Tenant shall pay a prorated portion of the Rent, Build Out and FF&E Fee with respect to any additional Property that is thereafter partially terminated by Tenant hereunder, in which case the
prorated portion for the sixth (6th) such Property to
be terminated by Owner to include the prorated amounts of such other five (5) Properties previously terminated. 
 12.3.4 In the event one or more of the Properties is sold or leased to a third party resulting in a termination of one or more of the Leases and this Agreement pursuant to Section 12.3.1,
Tenant shall cause the purchase and sale agreement or lease assignment with any subsequent buyer or tenant with respect to such Property or Properties to include language substantially consistent with either (at Tenant’s sole discretion)
of the following provisions (each a “Subsequent Party”): either (i) “All accounts receivable for the Properties, including, but not limited to, regular operating receivables, membership receivables for dues and other
member charges, and fifty percent (50%) of the membership receivables for initiation fees (the “Manager’s Initiation Fee Receivables”), which were generated during the Term of that certain Management Agreement by and
between Evergreen Alliance Golf Limited and Fore Golf Management, LLC (“Manager”) by Manager (the “Management Agreement”) at the Properties (all such receivables including the Manager’s Initiation Fee
Receivables, collectively, 

  
 17 

 
“Manager’s Receivables”) shall be and are hereby retained by the Manager and shall not be transferred or assigned to any Subsequent Party. The Subsequent Party
covenants and agrees to use good faith efforts to actively collect the Manager’s Receivables by corresponding for a period of one hundred twenty (120) days after the subsequent party takes possession
of the Property (such period being referred to as the “Active A/R Collection Period”). All receivables collected by any Subsequent Party from a member will be applied in satisfaction of such member’s receivables
as they accrued. Both during and after the Active A/R Collection Period, if any Subsequent Party collects and receives any payment from a member of one of the Properties who has outstanding Manager’s Receivables, consistent
with the preceding sentence the Subsequent Party shall remit such payment to Manager on a monthly basis until such time as the Manager’s Receivables for such member are paid in full. The Subsequent Party acknowledges and agrees that if
Manager elects, in its sole and absolute discretion, Manager shall be permitted to exercise reasonable collection efforts, including legal action, for the Manager’s Receivables provided in the event Manager exercises such efforts during the
Active A/R Collection Period, Subsequent Party shall thereafter be relieved of any obligation to continue collection efforts with respect to the Manager’s Receivables for the balance of the A/R Collection Period. The Subsequent Party shall
continue to abide by any disciplinary actions or collection proceedings instituted by Manager as of the date of the termination of the Management Agreement, including, without limitation, continuing the suspension or termination of members for
failure to pay Manager’s Receivables, and shall initiate disciplinary actions against members and/or shall prevent such members from rejoining, for failure to pay Manager’s Receivables that become delinquent following the termination of
this Agreement, in each case to the extent such actions, proceedings, suspensions and terminations are consistent with the terms of the Membership Documents as applied during the Term. Furthermore, the Subsequent Party acknowledges and agrees
that Manager is a third party beneficiary of the foregoing provisions and is entitled to enforce same against the Subsequent Party. This Section shall survive the expiration or termination of this Agreement”, or (ii) “Subsequent Party
shall, upon closing and in addition to the purchase price, pay Manager for all Manager’s Receivables other than the Initiation Fee Receivables as follows: (a) 100% of all receivables aged thirty (30) days or less, (b) eighty
percent (80%) of all receivables aged thirty one (31) days or up to sixty (60) days, (c) fifty percent (50%) of all receivables aged sixty one (61) days through one hundred eighty (180) days. Subsequent Party shall
have no obligation to purchase any Manager’s Receivables aged over one hundred eighty (180) days, provided that Subsequent Party shall deliver any such receivables actually collected by Subsequent Party to Manager within five (5) days
of Subsequent Party’s receipt thereof”, together with a provision consistent with the terms of clause (i) hereof to apply with respect to the Manager’s Initiation Fee Receivables. 

12.4 Manager’s Option to Terminate. Manager shall have the option to partially terminate this Agreement during the Term with
respect to any Property subject to a Material Adverse Condition, which Material Adverse Condition remains uncured or unmitigated, as the case may be, by Tenant or Landlord within sixty (60) days after Manager delivers written notice of such
Material Adverse Condition to Tenant and Landlord. Such termination shall be effective upon thirty (30) days’ prior written notice to Tenant and Landlord of Manager’s election to terminate as a result of such uncured or unmitigated
Material Adverse Condition, and Manager shall be entitled to the Termination Fee and the Rent, Build Out and FF&E Fee with respect to any partial termination pursuant to this Section 12.4 (a “Manager Termination”).

 12.5 Termination Limitations. Notwithstanding anything to the contrary in this Agreement, any termination by Tenant as
to any or all of the Properties (excluding the Sale Properties), except with respect to a termination due to Manager’s Default, shall not be effective until such time as the conditions set forth in Section 15.2 have been satisfied,
and this Agreement shall remain in full force and effect until such conditions have been satisfied, during which time the Manager shall continue to be paid the Corporate Overhead Reimbursement and the NOI Fee. 

12.6 Survival. The terms and provisions of this Article 12 shall survive the expiration or earlier termination of this
Agreement. 

  
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 ARTICLE 13. 
 EVENTS OF DEFAULT 
 13.1 Manager’s Default. The
occurrence of any of the following events on any individual Property which is not cured in the time permitted herein shall constitute a default under this Agreement (hereinafter referred to as an “Event of Default”): 

13.1.1 Manager fails to satisfy any monetary obligation under this Agreement when such sum is due and fails to cure such
non-payment within ten (10) calendar days after Manager receives written notice of such failure; 
 13.1.2
If Manager shall fail in the performance of or compliance with any of the covenants, agreements, terms or conditions contained in this Agreement and such failure shall continue for a period of thirty (30) calendar days after written notice
thereof from Tenant to Manager specifying in detail the nature of such failure, or, in the case such failure cannot be cured with due diligence within thirty (30) calendar days, Manager fails to proceed promptly and with all due diligence to
cure the same and thereafter to prosecute the curing of such failure with all due diligence; but in no event later than an additional ninety (90) calendar days; 

13.1.3 Except as may be prohibited by the Federal Bankruptcy Act, as amended, if Manager shall file a voluntary petition
in bankruptcy or shall be adjudicated a bankrupt or insolvent, or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the present or any future
federal bankruptcy act or any other present or future applicable federal or state statute or law, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of Manager or of all or any substantial part of its
properties; 
 13.1.4 Except as may be prohibited by the Federal Bankruptcy Act, as amended, if within ninety
(90) days after the commencement of any proceeding against Manager seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the present or any future federal bankruptcy act or any
other present or future applicable federal or state statute or law, such proceeding shall not have been dismissed, or if within ninety (90) days after the appointment, without the consent or acquiescence of Manager, of any trustee, receiver, or
liquidator of Manager or of all or any substantial part of its properties, such appointment shall not have been vacated or stayed on appeal or otherwise, or if within ninety (90) days after the expiration of any such stay, such appointment
shall not have been vacated; 
 13.1.5 If Manager shall violate or otherwise fail to comply with or perform any
other term, provision, covenant, agreement, or condition to be performed or observed under any of the Leases by the lessee thereunder, and such violation or failure shall continue beyond any cure period provided thereunder; 

13.1.6 If Manager shall commit fraud of any kind or make any material misrepresentation with respect to this Agreement;

  
 19 

 13.1.7 If Manager shall fail to generate Gross Revenues sufficient to pay
all Expenses when due in the ordinary course; or 
 13.1.8 If Manager shall make any application of insurance
proceeds or condemnation awards not made in accordance with the terms and conditions of this Agreement, except to the extent that Manager did not have the legal right, because of a bankruptcy, receivership or similar judicial proceeding, to direct
disbursement of such proceeds or awards. 
 13.2 Tenant’s Default. The occurrence of any of the following events
which is not cured in the time permitted herein shall constitute an “Event of Default”: 

13.2.1 If Tenant fails to pay Manager any sum owed to Manager pursuant to the terms of this Agreement or fails to make any
payment under Section 6.1, when such sum is due and fails to cure such non-payment within ten (10) calendar days after Tenant receives written notice of such failure; or 

13.2.2 If Tenant shall fail in the performance of or compliance with any of the covenants, agreements, terms or conditions
contained in this Agreement and such failure shall continue for a period of thirty (30) calendar days after written notice thereof from Manager to Tenant specifying in detail the nature of such failure, or, in the case such failure cannot with
due diligence be cured within thirty (30) calendar days, Tenant fails to proceed promptly and with all due diligence to cure the same and thereafter prosecute the curing of such failure with all due diligence, but in no event later than an
additional ninety (90) calendar days. 
 ARTICLE 14. 

REMEDIES 
 14.1 Tenant’s Remedies. Upon the occurrence of an Event of Default by Manager which is not cured within the time permitted, Tenant shall be entitled to proceed with the following remedies:

 14.1.1 Remedy any Event of Default of Manager, and in connection with such remedy, Tenant may pay all expenses
and employ counsel, and all sums so expended or obligations incurred by Tenant in connection therewith shall be paid by Manager to Tenant. 
 14.1.2 Terminate this Agreement in its entirety, or in its sole discretion, partially terminate this Agreement with respect to the Property or Properties affected by such Manager Event of Default, by
written notice of such termination to Manager. In which event no Termination Fee, COI Margin Incentive Fee or Deferred Management Fee shall be due with respect to such terminated Property or Properties. Upon proper termination or partial termination
of this Agreement, Manager shall surrender occupancy of the affected Properties to Tenant. 
 14.1.3 Enforce its
rights and remedies by suit, action at law, or other appropriate proceeding, whether one or more, and/or bring an action for enforcement or specific performance of any covenant, promise or agreement or condition contained in this Agreement.

  
 20 

 14.2 Manager’s Remedies. Upon the occurrence of an Event of Default which is not
cured by Tenant within the time permitted, Manager shall be entitled to proceed with any and/or all of the following remedies: 
 14.2.1 Remedy any Event of Default of Tenant, and in connection with such remedy, Manager may pay all expenses and employ counsel, and all sums so expended or obligations incurred by Manager in connection
therewith shall be paid by Tenant to Manager. 
 14.2.2 Enforce its rights and remedies by suit, action at law,
or other appropriate proceeding, including termination of this Agreement in its entirety, whether one or more, and/or bring an action for enforcement or specific performance of any covenant, promise or agreement or condition contained in this
Agreement. Manager shall have the right to all Termination Fees, the Deferred Maintenance Fee and the Rent, Build Out and FF&E Fee in the event of a termination by Manager under this Section 14.2.2. Notwithstanding the foregoing,
prior to terminating this Agreement pursuant to this Section 14.2.2, Manager shall provide Landlord with written notice of such default by Tenant and an opportunity to cure such default, and upon such cure, this Agreement shall not be
terminable with respect to such cure and Manager further acknowledges and agrees that any assignee of Tenant with respect to this Agreement pursuant to Section 12.3 shall have the right to cure any default by Tenant hereunder, provided
such assignee cures such default within the time periods set forth in this Agreement. 
 14.3 Additional Remedies. No
remedy herein conferred upon or reserved to Manager or Tenant is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative. No delay or omission to exercise any right or power accruing
upon any Event of Default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. 

ARTICLE 15. 

TERMINATION 
 15.1 Termination. Subject to Section 12.5 above, the Term of this Agreement shall only terminate on the occurrence of one of the events set forth below: 

15.1.1 An Event of Default by Manager which is not cured within the time permitted and Tenant sends to Manager a written
notice of termination for such cause; 
 15.1.2 An Event of Default by Tenant which is not cured within the time
permitted and Manager sends to Tenant a written notice of termination for cause; 
 15.1.3 The exercise of
Tenant’s right to terminate set forth in Section 12.3; 
 15.1.4 The expiration of the Term of
this Agreement; or 
 15.1.5 In the event of a Manager Termination. 

15.2 Termination Procedures For Expiration or Tenant Termination. Manager and Tenant acknowledge that upon the expiration of the
Term, or a termination of this Agreement pursuant to Section 12.3.2, the amounts then due to Manager as of such expiration or earlier termination will be difficult to determine. In order to accurately determine such amounts, secure the
payment of such amounts to Manager and provide for the orderly transition of the operation of the Properties from Manager to Tenant or Tenant’s designee, Manager and Tenant agree that the following procedure shall apply upon expiration of the
Term or the earlier termination pursuant to Section 12.3.2. 
 15.2.1 At least sixty (60) days
prior to the expiration of the Term or the scheduled termination, Tenant shall deliver or caused to be delivered to the Escrow Agent an amount equal 

  
 21 

 
to the sum of One Million Dollars ($1,000,000) (the “COI Escrow”). After the expiration or scheduled termination of this Agreement, as applicable, and upon Manager’s
delivery to Tenant and Landlord of the final financial reports for the period through such expiration or scheduled termination the COI Escrow shall be handled as follows: 

15.2.1.1 If the final financial reports show that the COI Margin Threshold had been met or exceeded after deducting all
accounts receivable outstanding as of termination from Gross Revenues, then the COI Margin Incentive Fee shall be promptly paid to Manager from the COI Escrow. 
 15.2.1.2 If the final financial reports show that the COI Margin Threshold would not be met after calculating the COI Margin by including all accounts receivable outstanding as of termination in Gross
Revenues, then no COI Margin Incentive Fee shall be due or payable to Manager and the COI Escrow shall be returned to Tenant. 
 15.2.1.3 If the final financial reports show that the COI Margin Threshold had been met, but only by including all accounts receivable as of termination in the calculation of the COI Margin, then the COI
Escrow shall remain in place. 
 15.2.1.4 If, on the tenth (10) day of the month
following the month in which the final financial reports were provided, additional financial reports prepared by or on behalf of Tenant and delivered to Manager and Landlord indicate that the COI Margin Threshold had been met by including all
pre-termination receivables actually collected during the previous month in the calculation of the COI Margin, while specifically excluding any remaining uncollected accounts receivable, then the COI Margin Incentive Fee shall be payable to the
Manager from the COI Escrow. If such reports do not show that the COI Margin Threshold has been met, then the COI Escrow shall remain in place, and the COI Margin Threshold shall be tested again by the tenth (10th) day of the following month, to include all pre-termination
receivables actually collected through the beginning of such month, while specifically excluding any remaining uncollected accounts receivable. If such test indicates that the COI Margin Threshold had been met or exceeded based on such collections,
then the COI Margin Incentive Fee shall be payable to Manager from the COI Escrow; otherwise the COI Escrow shall remain in place while to be tested again by the tenth (10th) day of the following month in the same manner, and each month thereafter if the COI Margin Threshold has not
been met based on collections of accounts receivable through the end of the month preceding such test; provided, however, if the test that occurs on or about the tenth (10th) day of the seventh (7th) month following the expiration or earlier termination of the Agreement does not indicate that the COI Margin
Threshold had been met, then no COI Margin Incentive Fee shall be due and payable to Manager and the COI Escrow shall be returned to Tenant. 
 15.2.2 On the date of the expiration or scheduled termination of this Agreement, as applicable, Manager shall pay all outstanding payables with respect to the Properties incurred during the Term and
prorate all taxes and other amounts arising with respect to the Properties during the Term from the period prior to such expiration or termination but which shall become due and payable following such expiration or termination of this Agreement, by
either delivering such prorated amount to Tenant or deducting such amount from the Deferred Management Fee to be paid to Manager. 
 15.2.3 On the date of the expiration or scheduled termination of this Agreement, as applicable, Manager shall retain the Cash Balance as of such date in satisfaction the Deferred

  
 22 

 
Management Fee in accordance with the provisions of Section 8.5. Following the expiration of scheduled termination of this Agreement, Manager shall retain the Depository Account and
the Master Disbursement Account in Manager’s name and shall further maintain the balance of funds in such accounts after paying the Deferred Management Fee pursuant to the previous sentence pending disbursement in accordance with
Section 15.2.4. 
 15.2.4 No later than ten (10) days following the delivery by Manager to
Tenant and Landlord of the final financial reports for the period through the expiration or scheduled termination, as applicable, Manager shall pay itself, from the balance remaining in the Depository Account and Master Disbursement Account, an
amount equal to the Last Quarter NOI Fee plus the remaining twenty five percent (25%) of the NOI Fee earned by but not yet paid to Manager for the year in which the expiration or termination occurs pursuant to the terms of
Section 8.2, after paying any accounts payable outstanding as of the expiration or scheduled termination, as applicable, of this Agreement that were generated during the Term to the extent such amounts were not paid pursuant to
Section 15.2.2. 
 15.3 Post-Termination Provisions. In addition to the amounts owed to Manager hereunder as
a result of a termination of this Agreement, upon any termination or partial termination of this Agreement as described above, the following provisions apply and shall be the sole cost and expense of Tenant, unless such termination is the result of
an Event of Default by Manager, in which case the costs and expenses of such termination procedures shall be the obligation of Manager: 
 15.3.1 Manager shall peacefully surrender possession of the Properties to which such termination applied to Tenant. 
 15.3.2 Any and all items of personal property purchased or leased by Manager using its own funds for use at the terminated Properties shall be the property of Manager and retained by Manager. 

15.3.3 Manager’s (i) proprietary computer programs relating to accounting, operations, membership, marketing,
and forecasting, (ii) operations manuals, policy and procedure manuals, employee manuals and marketing manuals of Manager or its affiliates, (iii) accounting books, records, and employee files, and (iv) items and materials normally
considered Manager’s and not required to be transferred to Tenant according to any other provision in this Agreement (the “Manager’s Proprietary Materials”), shall remain the sole property of Manager and shall be removed
by Manager upon termination or partial termination of this Agreement, except that Tenant shall not be obligated to return any Manager’s Proprietary Materials that have been developed during the Term solely for the benefit of the terminated
Properties. 
 15.3.4 Manager shall coordinate with Tenant in all reasonable respects at Tenant’s expense in
the transfer of all aspects of the Property and the business operated with respect thereto to Tenant or its designee, including, without limitation, transfer of the liquor license and provide transition assistance to Tenant or its designee, as
reasonably requested. 
 15.3.5 Manager shall have no right to use in any manner the names, trade names, logos,
trademarks or programs of Tenant that are not related to the Properties without the prior written consent of Tenant, which consent shall not be unreasonably withheld, conditioned or delayed. 

  
 23 

 ARTICLE 16. 
 LOGOS, TRADE NAMES AND EMPLOYEES 
 16.1 Logos, Trade Names.
Tenant shall have no right to use in any manner, the names, trade names, logos, trademarks or programs of the Manager without the prior written consent of the Manager, which consent shall not be unreasonably withheld, conditioned, or delayed.
Manager shall have no right to use in any manner the names, trade names, logos, trademarks or programs of Tenant that are not related to the Properties without the prior written consent of Tenant, which consent may be withheld in Tenant’s sole
discretion. Manager may use the names, trade names, logos, trademarks or programs of the Properties that specifically relate to the operation of the Properties. Manager acknowledges and agrees that any such use is on an as-is, where-is basis, that
Manager shall be responsible for any use or misuse of any such names, trade names, logos, trademarks or programs, and that Tenant makes no representation or warranty as to the ownership or right to use any of the above-described intellectual
property. 
 ARTICLE 17. 
 NOTICES 
 17.1 Notices. Any notice required or permitted to
be delivered hereunder shall be in writing and shall be deemed received upon (i) confirmed transmission of a facsimile or email; or (ii) personal delivery to the party to whom the notice is directed; or (iii) if sent by recognized
overnight courier service, one (1) business day following its deposit in the with the courier service, addressed to Tenant or Manager, as the case may be, at the addresses set forth below (or such other address as Tenant or Manager may specify
by notice given pursuant to this Section): 
  

			
	If to Tenant:	  	 Evergreen Alliance Golf Limited, L.P.
 4851 LBJ Freeway, Suite 600
 Dallas, Texas 75244

Attention:      Joe R. Munsch, President
                       Lynn Marie Mallery, Esq.,

                      Senior Vice President
and General Counsel
 Fax: (214) 722-6052

Email: LMallery@eaglegolf.com; jmunsch@eaglegolf.com

		
	With a copy to:	  	 Quilling, Selander, Lownds, Winslett & Moser
 2001 Bryan Street, Suite 1800
 Dallas, Texas 75201

Attention: Michael J. Quilling, Esq.
 Fax: (214)
871-2111
 Email: mquilling@qslwm.com

		
	And a copy to:	  	 CNL Lifestyle Properties, Inc.

450 S. Orange Avenue
 Orlando, Florida
32801
 Attention:     Joseph T. Johnson, SVP and CFO
 Attention:     Holly Greer, Esq., SVP and General Counsel
 Fax: (407)
540-2544
 Email: joseph.johnson@cnl.com;holly.greer@cnl.com

  
 24 

			
	If to Manager:	  	 Fore Golf Management, LLC

10688 Crestwood Drive, Suite D
 Manassas,
Virginia 20109
 Attention: Michael Miraglia
 Phone: (305) 582-5111
 Fax: (703) 367-8911
 Email: Michael_Miraglia@msn.com

		
	With a copy to:	  	 Foley & Lardner LLP
 100 N.
Tampa St., Suite 2700
 Tampa, FL 33602

Attn: Thomas M. Little, Esq.
 Phone: (813)
225-4187
 Fax: (813) 221-4210
 Email:
tlittle@foley.com

		
	And a copy to:	  	 CNL Lifestyle Properties, Inc.

450 S. Orange Avenue
 Orlando, Florida
32801
 Attention:     Joseph T. Johnson, SVP and CFO
 Attention:     Holly Greer, Esq., SVP and General Counsel
 Fax: (407)
540-2544
 Email: joseph.johnson@cnl.com;holly.greer@cnl.com

 ARTICLE 18. 
 INTENTIONALLY OMITTED 
 ARTICLE 19. 

MISCELLANEOUS 
 19.1 Intentionally Omitted. 
 19.2 Independent Entity. Tenant
recognizes and acknowledges that Manager is an independent entity, formed under the laws of the State of Florida to whom Tenant will solely look and who is solely responsible for the obligations and liabilities of Manager recited herein, arising
hereunder, or in any manner related to the transactions contemplated hereby, and Tenant further recognizes and acknowledges that no other entity or entities, including (i) Manager’s parent entity, (ii) any individual, (iii) any
entity affiliated with Manager which may supply services to or take actions in behalf of or for the benefit of Manager with respect to the matter herein contemplated (it being agreed among and between the parties hereto that the parent of and/or the
affiliated entities of Manager may form, organize, provide services to, provide loans and funds to, negotiate for, provide personnel to, make representations on behalf of, and from time to time take actions on behalf of or for the benefit of Manager
by direct dealings with Tenant or those acting for it), or (iv) any other entity affiliated with Manager, although such entity may do anything listed in (iii) above, is in any manner liable or responsible for the obligations and
liabilities of Manager, whether recited herein, arising hereunder, or in any manner related to the transactions contemplated hereby. 
 Manager recognizes and acknowledges that Tenant is an independent entity, formed under the laws of the State of Delaware to whom Manager will solely look and who is solely responsible for the obligations
and liabilities of Tenant recited herein, arising hereunder, or in any manner related to the transactions contemplated hereby, and Manager further recognizes and acknowledges that no other entity or entities, including (i) Tenant’s parent
entity, (ii) any individual, (iii) any entity affiliated with Tenant which may supply services to or take actions in behalf of or for the benefit of Tenant with respect to the 

  
 25 

 
matter herein contemplated (it being agreed among and between the parties hereto that the parent of and/or the affiliated entities of Tenant may form, organize, provide services to, provide loans
and funds to, negotiate for, provide personnel to, make representations on behalf of, and from time to time take actions on behalf of or for the benefit of Tenant by direct dealings with Manager or those acting for it), or (iv) any other entity
affiliated with Tenant, although such entity may do anything listed in (iii) above, is in any manner liable or responsible for the obligations and liabilities of Tenant, whether recited herein, arising hereunder, or in any manner related to the
transactions contemplated hereby. 
 19.3 Governing Law to Apply. This Agreement shall be construed under and in
accordance with the laws of the State of Florida. 
 19.4 Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of the parties hereto, and their respective heirs, executors, administrators, legal representatives, successors and assigns where permitted by this Agreement. 

19.5 Legal Construction. In case any one or more of the provisions contained in this Agreement shall for any reason be held to be
invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never
been contained herein. 
 19.6 Prior Agreements Superseded. This Agreement constitutes the sole and only agreement of the
parties hereto and supersedes any prior understandings or written or oral agreements between the parties respecting the subject matter herein. 
 19.7 Gender. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice
versa, unless the context requires otherwise. 
 19.8 Headings. The headings used in this Agreement have been included
for reference only and are not to be used in construing this Agreement. 
 19.9 Attorneys’ Fees and Legal Expenses.
Should either party hereto institute any action or proceeding in court to enforce any provision hereof or for damages by reason of any alleged breach of any provision of this Agreement or for any other judicial remedy, the prevailing party shall be
entitled to receive from the losing party all reasonable attorneys’ fees and all court costs in connection with said proceeding. 
 19.10 Exhibits and Schedules. All Exhibits and Schedules attached hereto are incorporated herein by this reference as if fully set forth herein. 

19.11 Governing Document. This Agreement shall govern in the event of any inconsistency between this Agreement and any of the
Exhibits attached hereto or any other document or instrument executed or delivered pursuant hereto or in connection herewith. 

19.12 Rule of Construction. The parties acknowledge that each party and its counsel have reviewed and revised this Agreement and
that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments or exhibits hereto. 

19.13 Force Majeure. If either party shall fail punctually to perform any obligation due to a Force Majeure event, then, upon
written notice to the other, within five (5) days of a Force Majeure event, 

  
 26 

 
such failure shall be excused and not be a breach of this Agreement, but only to the extent occasioned by a Force Majeure event. If any right or option of either party to take any action under or
with respect to the term of this Agreement is conditioned upon the same being exercised within any prescribed period of time or at or before a named date, then such prescribed period of time or such named date shall be deemed to be extended or
delayed, as the case may be, upon written notice, as provided above, for a time equal to the period of the Force Majeure event. Notwithstanding anything contained herein to the contrary, the provisions of this Section shall not be applicable to the
parties’ obligation to pay any sums, monies, costs, charges or expenses required to be paid pursuant to the terms of this Agreement. 
 19.14 No Partnership or Joint Venture. Nothing contained herein shall be deemed or construed by the parties hereto or by any third party as creating the relationship of (i) a partnership, or
(ii) a joint venture between the parties hereto; it being understood and agreed that neither any provisions contained herein nor any acts of the parties hereto shall be deemed to create any relationship between the parties hereto other than the
relationship of owner and manager. 
 19.15 Amendment and Waiver. This Agreement shall not be modified or amended except
in a writing executed by the parties. Waiver of a term of this Agreement shall not affect any other term or subsequent performance of the waived term. 
 19.16 Confidentiality. Tenant and Manager agree that the matters set forth in this Agreement are strictly confidential. In addition, the Tenant and Manager agree to keep strictly confidential all
information of a proprietary or confidential nature about or belonging to the other party or to any Affiliate of the other party to which the other party gains or has access by virtue of the relationship between Tenant and Manager. Notwithstanding
the foregoing, disclosure to any Landlord under the Leases shall not be deemed to be a disclosure hereunder or a breach of any covenant of confidentiality. Except as disclosure may be required to obtain the advice of professionals or consultants, or
financing for the Properties from an institutional lender, or in furtherance of a sale or lease of the Property or permitted assignment of this Agreement, or as may be required by law or by the order of any government, regulatory authority, or
tribunal or otherwise to comply with all applicable statutes, ordinances, laws, rules, regulations, or orders of any governmental or regulatory agencies (including reporting requirements applicable to public companies), each party shall use
reasonable efforts to ensure that such information (including terms of this Agreement) is not disclosed to the press or to any other Person without the prior consent of the other Party. The obligations set forth in this Section 19.16
shall survive any termination or expiration of this Agreement for a period of three (3) years. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 27 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	Tenant:
	
	EVERGREEN ALLIANCE GOLF LIMITED, L.P., a Delaware limited partnership
		
	 By:
	 	PREMIER GOLF EAGL GP, L.L.C., a Delaware limited liability company, its general partner
		
	By:	 	 /s/ Lynn Marie Mallery

	Name:	 	Lynn Marie Mallery
	Title:	 	Senior Vice President
	
	Manager:
	
	FORE GOLF MANAGEMENT, LLC, a Florida limited liability company
		
	By:	 	 /s/ Michael Miraglia

	Name:	 	Michael Miraglia
	Title:	 	President

  
 28 

 EXHIBIT A 
 [Intentionally Omitted] 
 EXHIBIT B 

Definitions 
 [Intentionally Omitted] 
 EXHIBIT C 

Calculation of COI Margin Incentive Fee 
 [Intentionally Omitted] 
 EXHIBIT D 

Ownership Structure of Manager 
 [Intentionally Omitted] 
 EXHIBIT E 

Form of Replacement Management Agreement 
 [Intentionally Omitted] 
 SCHEDULE 4.1 

[Intentionally Omitted] 

 SCHEDULE 5.2.3 

[Intentionally Omitted] 
 SCHEDULE 5.2.17 
 [Intentionally Omitted] 

SCHEDULE 5.2.19 
 [Intentionally Omitted] 
 SCHEDULE 7.1.4 

[Intentionally Omitted] 
 SCHEDULE 9.1.2 
 [Intentionally Omitted] 

SCHEDULE 12.3.3 
 [Intentionally Omitted]Purchase and Sale Agreement, dated December 18, 2012

 Exhibit 10.18 
 PURCHASE AND SALE AGREEMENT 
 by and among 

CLP SENIOR HOLDING, LLC, 
 a Delaware limited liability company, 
 and 

HEALTH CARE REIT, INC., 
 a Delaware corporation, 
 December 18, 2012 

 TABLE OF CONTENTS 

 

							
	 Article I. INTERPRETATION
	  	 	3	  
			
	 Section 1.01
	 	 Defined Terms
	  	 	3	  
	 Section 1.02
	 	 Additional Defined Terms
	  	 	5	  
		
	 Article II. AGREEMENT TO SELL AND PURCHASE SELLER’S INTEREST
	  	 	6	  
			
	 Section 2.01
	 	 Sale of Seller’s Interest
	  	 	6	  
	 Section 2.02
	 	 Distribution of Certain Cash
	  	 	7	  
		
	 Article III. TITLE TO SELLER’S INTEREST
	  	 	7	  
			
	 Section 3.01
	 	 Title to Interests
	  	 	7	  
	 Section 3.02
	 	 Satisfaction of Conditions Precedent
	  	 	7	  
		
	 Article IV. REPRESENTATIONS AND WARRANTIES OF PURCHASER
	  	 	7	  
			
	 Section 4.01
	 	 Organization, Good Standing and Entity Authority
	  	 	7	  
	 Section 4.02
	 	 Authorization and Binding Effect of Documents
	  	 	7	  
	 Section 4.03
	 	 Absence of Conflicts
	  	 	8	  
	 Section 4.04
	 	 Consents
	  	 	8	  
	 Section 4.05
	 	 Broker’s or Finder’s Fees
	  	 	8	  
	 Section 4.06
	 	 No Insolvency
	  	 	8	  
		
	 Article V. REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	9	  
			
	 Section 5.01
	 	 Organization and Good Standing and Entity Authorization
	  	 	9	  
	 Section 5.02
	 	 Authorization and Binding Effect of Documents
	  	 	9	  
	 Section 5.03
	 	 Absence of Conflicts
	  	 	9	  
	 Section 5.04
	 	 Consents
	  	 	9	  
	 Section 5.05
	 	 Broker’s or Finder’s Fees
	  	 	10	  
	 Section 5.06
	 	 ERISA.
	  	 	10	  
	 Section 5.07
	 	 No Judgments
	  	 	10	  
	 Section 5.08
	 	 No Insolvency
	  	 	10	  
	 Section 5.09
	 	 FIRPTA
	  	 	10	  
	 Section 5.10
	 	 Specially Designated National or Blocked Person
	  	 	10	  
	 Section 5.11
	 	 Ownership of Seller’s Interest.
	  	 	11	  
	 Section 5.12
	 	 Adverse Actions
	  	 	11	  
	 Section 5.13
	 	 No Undisclosed Liabilities
	  	 	11	  
	 Section 5.14
	 	 Taxes
	  	 	12	  
		
	 Article VI. COVENANTS
	  	 	12	  
			
	 Section 6.01
	 	 Publicity
	  	 	12	  
	 Section 6.02
	 	 Commercially Reasonable Efforts
	  	 	12	  
	 Section 6.03
	 	 No Recordation
	  	 	13	  
	 Section 6.04
	 	 Licenses
	  	 	13	  
	 Section 6.05
	 	 Casualty
	  	 	13	  
	 Section 6.06
	 	 Condemnation
	  	 	13	  
	 Section 6.07
	 	 Operation of Business; Insurance
	  	 	13	  
	 Section 6.08
	 	 Exclusivity During Contract Period
	  	 	13	  

  
 i 

							
	 Section 6.09
	 	 Tax Information
	  	 	14	  
	 Section 6.10
	 	 TRS Election
	  	 	14	  
	 Section 6.11
	 	 Restructuring; Modifications
	  	 	14	  
	 Section 6.12
	 	 Licensing Cooperation
	  	 	14	  
		
	 Article VII. CONDITIONS PRECEDENT TO THE OBLIGATION OF PURCHASER AND SELLER TO CLOSE
	  	 	14	  
			
	 Section 7.01
	 	 Conditions to Each Party’s Obligation to Close
	  	 	14	  
	 Section 7.02
	 	 Conditions to Purchaser’s Obligation to Close
	  	 	15	  
	 Section 7.03
	 	 Conditions to Seller’s Obligation to Close
	  	 	15	  
		
	 Article VIII. CLOSING
	  	 	16	  
			
	 Section 8.01
	 	 Time and Place
	  	 	16	  
	 Section 8.02
	 	 Delivery of Documents at Closing
	  	 	16	  
	 Section 8.03
	 	 Closing Costs
	  	 	17	  
		
	 Article IX. INDEMNITY; DEFAULT; DAMAGES; TERMINATION
	  	 	18	  
			
	 Section 9.01
	 	 Purchaser’s Remedies for Seller’s Defaults
	  	 	18	  
	 Section 9.02
	 	 Seller’s Remedies for Purchaser’s Defaults
	  	 	18	  
	 Section 9.03
	 	 Indemnification by Purchaser
	  	 	18	  
	 Section 9.04
	 	 Indemnification by Seller
	  	 	19	  
	 Section 9.05
	 	 Administration of Indemnification
	  	 	19	  
	 Section 9.06
	 	 Exclusive Remedies
	  	 	20	  
	 Section 9.07
	 	 Termination
	  	 	20	  
	 Section 9.08
	 	 Effect of Failure to Close on Venture Agreement
	  	 	21	  
		
	 Article X. MISCELLANEOUS
	  	 	21	  
			
	 Section 10.01
	 	 Further Actions
	  	 	21	  
	 Section 10.02
	 	 Consents under Venture Agreement
	  	 	21	  
	 Section 10.03
	 	 Notices
	  	 	21	  
	 Section 10.04
	 	 Entire Agreement
	  	 	23	  
	 Section 10.05
	 	 Not Construed Against Drafter
	  	 	23	  
	 Section 10.06
	 	 Binding Effect; Benefits
	  	 	23	  
	 Section 10.07
	 	 Assignment
	  	 	23	  
	 Section 10.08
	 	 Governing Law
	  	 	23	  
	 Section 10.09
	 	 Amendments and Waivers
	  	 	24	  
	 Section 10.10
	 	 Severability
	  	 	24	  
	 Section 10.11
	 	 Headings
	  	 	24	  
	 Section 10.12
	 	 Counterparts
	  	 	24	  
	 Section 10.13
	 	 References
	  	 	24	  
	 Section 10.14
	 	 Exhibits
	  	 	24	  
	 Section 10.15
	 	 Attorneys’ Fees
	  	 	24	  
	 Section 10.16
	 	 Waiver of Jury Trial
	  	 	24	  
	 Section 10.17
	 	 Facsimile and PDF Signatures
	  	 	25	  

  
 ii 

 EXHIBITS 
  

			
	A	  	Facilities; Facility Owners; Operating Tenants
		
	B	  	Form of Assignment and Assumption of Interest Agreement
		
	C	  	Purchase Price Calculation
		
	D	  	Listing of Lender Releases
		
	E	  	Non-Foreign Status Affidavit
		
	F	  	Transfer Tax Payment Allocation

  
 iii

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is dated as of the 18th day of December, 2012, by and among CLP
Senior Holding, LLC, a Delaware limited liability company (“Seller”), and Health Care REIT, Inc., a Delaware corporation (“Purchaser”). Certain capitalized terms used herein are defined in Section 1.01.

 RECITALS: 
 A. Seller and Sunrise Senior Living Investments, Inc., a Virginia corporation (“Sunrise”), are the sole members of CC3 Acquisition, LLC, a Delaware limited liability company
(“Joint Venture”), in which Seller owns a sixty percent (60%) membership interest and Sunrise owns a forty percent (40%) membership interest. Seller’s interest in the Joint Venture is referred to herein as
“Seller’s Interest”. 
 B. Joint Venture is the sole member of CC3 Acquisition TRS Corp., a Delaware
corporation (the “TRS”). TRS is the 100% direct or indirect owner of interests in Senior Living Mezz E, LLC, Senior Living Mezz D, LLC, Senior Living Mezz C, LLC, Senior Living Mezz B, LLC and Sunrise Third Senior Living Holdings,
LLC, each a Delaware limited liability company (collectively, the “Tenant Mezz Borrowers”). 
 C. Sunrise Third
Senior Living Holdings, LLC (the “Sunrise Third”) is the sole member or ninety-nine percent (99%) limited partner of each of the Delaware limited liability companies (the “Tenant LLCs”) or California limited
partnerships (as applicable) set forth in Column 3 of Exhibit A attached hereto (collectively, the “Operating Tenants”). Sunrise Third (Pool I) GP, LLC, Sunrise Third (Pool III) GP, LLC and Sunrise Third (Pool IV) GP, LLC, each a
Delaware limited liability company (collectively, the “Tenant Pool GPs”), are the one percent (1%) general partners of Sunrise Third (Pool I), LP, Sunrise Third (Pool III), LP and Sunrise Third (Pool IV), LP, respectively.
Sunrise Third is the sole member of the Tenant Pool GPs. The Operating Tenants and the Tenant Pool GPs are referred to herein collectively as the “Operating Subsidiaries”. 

D. Joint Venture is the 100% direct or indirect owner of interests in CC3 Mezz E, LLC, CC3 Mezz D, LLC, CC3 Mezz C, LLC, CC3 Mezz B, LLC
and CC3 Mezz A, LLC, each a Delaware limited liability company (collectively, the “Landlord Mezz Borrowers”). 

E. CC3 Mezz A, LLC is (i) the sole member of CC3 Facility Owner Holding, LLC, a Delaware limited liability company
(“Facility Holding Company”), (ii) the sole member of CC3 Facility Owner GP, LLC, a Delaware limited liability company (the “Landlord Pool GP”), and (iii) the ninety-nine percent (99%) limited partner
of each of the limited partnerships set forth in Column 1 of Exhibit A attached hereto (the “LP Facility Owners”). Facility Holding Company is the sole member of each of the limited liability companies set forth in Column 1 of
Exhibit A attached hereto (the “LLC Facility Owners” and collectively with the LP Facility Owners, the “Facility Owners”). Landlord Pool GP is the one percent (1%) general partner of each of the LP
Facility Owners. Facility Holding Company, Landlord Pool GP and the Facility Owners are referred to herein collectively as the “Landlord Subsidiaries”. 

 F. Joint Venture’s interests in TRS, TRS’s direct or indirect interests in the
Tenant Mezz Borrowers, Sunrise Third’s interests in the Operating Tenants and the Tenant Pool GPs interests in Sunrise Third (Pool I), LP, Sunrise Third (Pool III), LP and Sunrise Third (Pool IV), LP are referred to herein collectively as the
“Opco Interests”. 
 G. Joint Venture’s direct or indirect interests in the Landlord Mezz Borrowers, CC3
Mezz A, LLC’s interests in the Facility Holding Company, Landlord Pool GP and the LP Facility Owners, Facility Holding Company’s interests in the LLC Facility Owners and Landlord Pool GP’s interests in the LP Facility Owners are
referred to herein collectively as the “Propco Interests”. 
 H. Joint Venture is governed by that certain
Amended and Restated Limited Liability Company Agreement of the Joint Venture, dated as of January 10, 2011 (as may be amended, the “Venture Agreement”). 
 I. Each Facility Owner owns the fee simple interest in the senior living facility described in Column 2 of Exhibit A attached hereto (each a “Facility” and collectively, the
“Facilities”) set forth across from such Facility Owner’s name. 
 J. Pursuant to lease agreements for the
Facilities, each of the Facilities is leased from the applicable Facility Owner to the applicable Operating Tenant or Sunrise NY Tenant, LLC, a Delaware limited liability company (“Sunrise NY Tenant”). Sunrise NY Tenant has entered
into cash surplus agreements and site control agreements with GWC-Plainview, Inc., GWC-Dix Hills, Inc., GWC-East Meadow, Inc., GWC-East Setauket, Inc., GWC-East Holbrook, Inc. and GWC-West Babylon, Inc., each a Virginia non-stock corporation
(collectively, the “NY License Holders”). 
 K. Pursuant to property management agreements and related
documents, each of the Facilities is managed by Sunrise Senior Living Management, Inc., an Affiliate of Sunrise (“Manager”). 
 L. At Closing, Purchaser intends to purchase Seller’s Interest and Seller has agreed to sell Seller’s Interest to Purchaser pursuant to the terms and conditions set forth herein, and upon
receipt of the Purchase Price, Seller has agreed to withdraw from the Joint Venture pursuant to the terms and conditions set forth herein. Seller has determined that the Purchase Price approximates the net proceeds that the Seller would have
realized had the Joint Venture sold its assets for a gross sales price of approximately $676,470,077. 
 M. Contemporaneously
with the execution and delivery of this Agreement, Purchaser and/or one or more Affiliates of Purchaser are entering into those certain Purchase and Sale Agreements, pursuant to which Purchaser and/or one or more Affiliates of Purchaser will
purchase certain membership interests of Seller’s Affiliates in (i) CLPSun Partners II, LLC, a Delaware limited liability company, and (ii) CLPSun Partners III, LLC, a Delaware limited liability company (collectively, the
“Other Purchase Agreements”). 

  
 2 

 Accordingly, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 Article I. 

INTERPRETATION 

Section 1.01 Defined Terms. As used herein, the following terms shall have the meanings indicated: 

Affiliate: With respect to any specified Person that is not an individual, another Person which, directly or indirectly, controls,
is controlled by, or is under common control with, the specified Person. 
 Assignment and Assumption of Interest
Agreement: Assignment and Assumption Agreement substantially in the form of Exhibit B. 
 Business Day:
Any day, other than a Saturday, a Sunday or a day on which banks in New York City are required or authorized to close. 

Charter Documents: (i) with respect to any Person which is a corporation, the certificate of incorporation and bylaws of such
Person, (ii) with respect to any Person which is a limited liability company, the certificate of formation and operating or limited liability company agreement of such Person, and (iii) with respect to any Person which is a limited
partnership, the certificate of limited partnership and partnership agreement of such Person. 
 Code: The United States
Internal Revenue Code of 1986, as amended. 
 Contract Date: The date of this Agreement, set forth in the introductory
paragraph. 
 Documents: This Agreement and all Exhibits hereto, and each other agreement, certificate or instrument
delivered pursuant to this Agreement. 
 ERISA: The Employee Retirement Income Security Act of 1974, as amended.

 Existing Owner Financing: The existing mortgage financing obtained by the Facility Owners with respect to the
Facilities. 
 GAAP: United States generally accepted accounting principles, consistently applied. 

Governmental Entity: Any governmental authority, agency, commission, board or public authority. 

Healthcare Permits: All licenses, permits, certifications or approvals issued by Governmental Entities necessary for Facility
Owners, Operating Tenants and Manager to provide healthcare and other assisted living services to Residents as are provided or offered by Facility Owners, Operating Tenants, the NY License Holders or Manager as of the Contract Date or the Closing
Date. 
 Liabilities: Obligations or commitments of any nature whatsoever, whether direct or indirect, matured or
unmatured, fixed or unfixed, known or unknown, accrued, asserted or unasserted, choate or inchoate, liquidated or unliquidated, secured or unsecured, absolute, contingent or otherwise, including any indebtedness or guaranty. 

  
 3 

 Licenses: All certificates, licenses, and permits issued by Governmental Entities in
connection with the ownership, leasing, use, occupancy, operation, and maintenance of the Facilities, including the Healthcare Permits. 
 Lien: Any mortgage, deed of trust, pledge, hypothecation, right of first refusal, security, voting trust agreement, encumbrance, option, lien or charge of any kind, whether voluntarily incurred or
arising by operation of law or otherwise, affecting any assets or property, including any agreement to give or grant any of the foregoing, any conditional sale or other title retention agreement, and the filing of or agreement to give any financing
statement with respect to any assets or property under the Uniform Commercial Code or comparable law of any jurisdiction. 

Loss: With respect to any Person, any and all costs, obligations, liabilities, demands, claims, settlement payments, awards,
judgments, fines, penalties, damages, and reasonable out-of-pocket expenses, including court costs and reasonable attorneys’ fees, whether or not arising out of a third party claim, but excluding consequential damages. 

Material Adverse Effect: Any change, event, development or effect that individually or in the aggregate has a material adverse
effect on (a) the assets, financial condition or results of operations of the Joint Venture, the Facilities, the Facility Owners, the Operating Tenants and the Real Property in the aggregate or (b) the ability of the parties to consummate
the transactions contemplated by this Agreement. 
 Person: Any individual, partnership, corporation, limited liability
company, trust or other legal entity. 
 Purchase Price: An amount equal to $144,882,046, based on anticipated operating
cash flow distributions to Seller between the Contract Date and the Closing Date equal to the amount of $3,952,443 on January 31, 2013 and $3,877,114 on April 30, 2013 as set forth in the financial model attached as Exhibit C and a
Closing that occurs between July 1, 2013 and July 7, 2013. The Purchase Price received by Seller at the Closing shall be adjusted, as necessary, to account for (i) actual operating cash flow distributions to Seller between the
Contract Date and the Closing Date, which may be more than or less than the amounts set forth on Exhibit C, together with additional capital contributions, if any, and (ii) a Closing that occurs after July 7, 2013. Any such
adjustments under (i) and (ii) above shall be based on the financial model attached as Exhibit C so as to provide the Seller a return of 13.0% as calculated on an XIRR basis with a Closing Date for calculation purposes of the later
of the actual actual closing date or July 7, 2013. The only potential variables in the financial model attached as Exhibit C will be the actual operating cash flow distributions to Seller, the payment date for such distributions,
additional capital contributions, if any, and the actual Closing Date. 
 Real Property: The real property identified in
Column 2 of Exhibit A that is owned in fee simple by the relevant Facility Owners and all buildings, structures, fixtures and other improvements located thereon, including all permits, easements, Licenses, rights-of-way, rights and related
appurtenances. 

  
 4 

 Resident: Each individual resident at the Facilities in his/her capacity as such.

 Specially Designated National or Blocked Person: (i) A person or entity designated by the U.S. Department of the
Treasury’s Office of Foreign Assets Control from time to time as a “specially designated national or blocked person” or similar status, (ii) a person or entity described in Section 1 of U.S. Executive Order 13224,
issued on September 23, 2001 (the “Executive Order”), or (iii) a person or entity otherwise identified by Governmental Entity or legal authority as a person with whom a United States Person is prohibited from transacting
business. As of the date hereof, a list of such designations and the text of the Executive Order are published under the internet website address www.ustreas.gov/offices/enforcement/ofac. 

Taxes: All federal, state, local and foreign taxes including, without limitation, income, gains, transfer, unemployment,
withholding, payroll, social security, real property, personal property, excise, sales, use and franchise taxes, levies, assessments, imposts, duties, licenses and registration fees and charges of any nature whatsoever, including interest, penalties
and additions with respect thereto and any interest in respect of such additions or penalties, but excluding impact fees or other similar exactions levied or payable in connection with the development or operation of any of the Facilities and
excluding special assessments. 
 Title Company: Fidelity National Title Insurance Company, Mansfield, Ohio office.

 United States Person: (i) Any individual or business entity, regardless of location, that is a resident of the
United States; (ii) any individual or business entity physically located within the United States; (iii) any business entity organized under the laws of the United States or of any state, territory, possession, or district thereof; and
(iv) any business entity, wheresoever organized or doing business, which is owned or controlled by an individual or business entity specified in (i) or (iii) above. 

Section 1.02 Additional Defined Terms. As used herein, the following terms shall have the meanings defined in the recitals or
sections indicated below: 
  

			
	Agreement	  	Preamble
	Closing	  	Section 8.01
	Closing Date	  	Section 3.02
	Closing Statement	  	Section 8.02(a)(v)
	Deductible	  	Section 9.04
	Facility/Facilities	  	Recital I
	Facility Holding Company	  	Recital E
	Facility Owners	  	Recital E
	Indemnified Party	  	Section 9.05(a)
	Indemnifying Party	  	Section 9.05(a)
	Joint Venture	  	Recital A

  
 5 

			
	Landlord Mezz Borrowers	  	Recital D
	Landlord Pool GP	  	Recital E
	Landlord Subsidiaries	  	Recital E
	LLC Facility Owners	  	Recital E
	LP Facility Owners	  	Recital E
	Manager	  	Recital K
	Merger	  	Section 7.02(b)
	Merger Agreement	  	Section 7.02(b)
	NY License Holders	  	Recital J
	Opco Interests	  	Recital F
	Operating Subsidiaries	  	Recital C
	Operating Tenants	  	Recital C
	Other Purchase Agreements	  	Recital M
	Propco Interests	  	Recital G
	Purchaser	  	Preamble
	Seller	  	Preamble
	Seller Parent	  	Section 9.04
	Seller’s Interest	  	Recital A
	Sunrise	  	Recital A
	Sunrise NY Tenant	  	Recital J
	Sunrise Third	  	Recital C
	Survival Period	  	Section 9.04
	Tenant Mezz Borrowers	  	Recital B
	Tenant LLCs	  	Recital C
	Tenant Pool GPs	  	Recital C
	TRS	  	Recital B
	Venture Agreement	  	Recital H

 Article II. 
 AGREEMENT TO SELL AND PURCHASE SELLER’S INTEREST 
 Section 2.01 Sale
of Seller’s Interest. Upon and subject to the terms and conditions provided herein, in consideration of the payment of the Purchase Price to Seller, Seller hereby agrees to sell to Purchaser, Seller’s Interest. 

  
 6 

 Section 2.02 Distribution of Certain Cash. Notwithstanding anything to the
contrary contained herein, the parties acknowledge that prior to Closing, Seller and Sunrise shall continue to cause Joint Venture to make distributions of Net Operating Cash Flow (as defined in the Venture Agreement) to Seller and Sunrise in
accordance with and subject to the provisions of the Venture Agreement. All provisions of the Venture Agreement allocating profits, losses, gains, deductions and credits for tax purposes shall remain in effect until the Closing Date. 

Article III. 

TITLE TO SELLER’S INTEREST 
 Section 3.01 Title to Interests. Seller shall cause to be released at or prior to Closing all Liens encumbering Seller’s Interest, the Propco Interests and the Opco Interests. 

Section 3.02 Satisfaction of Conditions Precedent. The Closing shall take place, as provided in Section 8.01, on
a date designated by Purchaser that is within fifteen (15) days of the satisfaction or waiver of the last to be fulfilled of the conditions in Article VII (such date, the “Closing Date”); provided, however, that (i) in no
event shall the Closing take place prior to July 1, 2013; (ii) if the Closing Date is to occur on July 1, 2013, then Purchaser shall have given Seller prior written notice of the Closing Date on or before June 1, 2013; and
(iii) if the Closing Date does not occur on July 1, 2013, Purchaser shall have given Seller sixty (60) days prior written notice of the Closing Date unless otherwise agreed to by the Purchaser and Seller. 

Article IV. 

REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 Purchaser represents and warrants to Seller as follows: 
 Section 4.01
Organization, Good Standing and Entity Authority. Purchaser is a corporation, duly organized, validly existing and in good standing under the laws of the State of Delaware. Purchaser has all requisite corporate power to own and operate its
properties and carry on its business. 
 Section 4.02 Authorization and Binding Effect of Documents. Purchaser has
all requisite power and authority to enter into this Agreement and shall have all requisite power and authority to enter into the other Documents to which Purchaser is to be a party and to consummate the transactions contemplated by this Agreement
and such other Documents. The execution and delivery of this Agreement by Purchaser and the consummation by Purchaser of the transactions contemplated hereby, on the terms and subject to the conditions herein, has been duly authorized by all
necessary action on the part of Purchaser. This Agreement has been, and each of the other Documents to which Purchaser is to be a party will be, duly executed and delivered by Purchaser at or prior to Closing. This Agreement constitutes (and each of
the other Documents to which Purchaser is to be a party, when executed and delivered, will constitute) the valid and binding obligation of Purchaser enforceable against Purchaser in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and to the exercise of judicial discretion in accordance with general principles of equity, whether applied by a court of law or of equity.

  
 7 

 Section 4.03 Absence of Conflicts. The execution, delivery and performance by
Purchaser of this Agreement and the other Documents to which Purchaser is to be a party, and consummation by Purchaser of the transactions contemplated hereby and thereby, do not and will not (i) conflict with or result in any breach of any of
the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in a violation of, or (iv) give any third party the right to modify, terminate or accelerate any obligation under, the provisions of the certificate
of incorporation or the by-laws of Purchaser, any law, regulation, judgment, rule, order or decree to which Purchaser is subject, or any indenture, mortgage, lease, loan agreement or other agreement or instrument to which Purchaser is subject;
provided, that, Purchaser makes no representation or warranty pursuant to this Section 4.03 with respect to Licenses, Healthcare Permits or related regulatory matters relating to the Joint Venture, the Operating Tenants, the NY License
Holders, the Manager or their respective Affiliates. 
 Section 4.04 Consents. Except for such reports and filings
that an Affiliate of Purchaser may be required to make with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, the execution, delivery and performance by Purchaser of this Agreement and the other
Documents to which Purchaser is to be a party do not require any order, permission, consent, approval, authorization, registration or validation of, or exemption, clearance or other action by, or notice or declaration to, or filing with, any
Governmental Entity or the consent, waiver or approval of any other Person which has not been obtained and is currently in full force and effect; provided, that, Purchaser makes no representation or warranty pursuant to this Section 4.04
with respect to Licenses, Healthcare Permits or related regulatory matters relating to the Joint Venture, the Operating Tenants, the NY License Holders, the Manager or their respective Affiliates. 

Section 4.05 Broker’s or Finder’s Fees. No agent, broker, investment banker or other Person acting on behalf of or
under the authority of Purchaser is or will be entitled to any broker’s or finder’s fee or any other commission or similar fee, directly or indirectly, from Seller in connection with the transactions contemplated by this Agreement.

 Section 4.06 No Insolvency. Purchaser has not committed an act of bankruptcy, proposed a compromise or
arrangement to its creditors generally, had any petition for a receiving order in bankruptcy filed against it, instituted any proceeding with respect to a compromise or arrangement, instituted any proceeding to have itself declared bankrupt or
wound-up, instituted any proceeding to have a receiver appointed in connection with any of its assets, had any encumbrancer take possession of any of its assets, or had any execution or distress become enforceable or become levied upon any of its
assets or otherwise taken advantage of any bankruptcy or insolvency laws. 
 As used in this Agreement, the phrase “to
Purchaser’s knowledge” and similar phrases shall mean the current, actual (not constructive, imputed, or implied) knowledge, after due inquiry, of Erin C. Ibele. 

  
 8 

 Article V. 
 REPRESENTATIONS AND WARRANTIES OF SELLER 
 Seller represents and warrants to
Purchaser as follows: 
 Section 5.01 Organization and Good Standing and Entity Authorization. Seller is a limited
liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware. Seller has all requisite limited liability company power to own, operate and lease its properties and carry on its business.

 Section 5.02 Authorization and Binding Effect of Documents. Seller has all requisite power and authority to enter
into this Agreement and, at Closing, shall have all requisite power and authority to enter into the other Documents to which it is to be a party and to consummate the transactions contemplated by this Agreement and such other Documents. The
execution and delivery of this Agreement by Seller and the consummation by Seller of the transactions contemplated hereby, on the terms and subject to the conditions herein, have been duly authorized by all necessary action on the part of Seller and
Seller’s equity holders. This Agreement has been, and each of the other Documents to which Seller is to be a party will be, duly executed and delivered by Seller at or prior to Closing. This Agreement constitutes (and each of the other
Documents to which Seller is to be a party, when executed and delivered, will constitute) the valid and binding obligation of Seller enforceable against Seller in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting the rights of creditors generally and to the exercise of judicial discretion in accordance with general principles of equity, whether applied by a court of law or of equity. 

Section 5.03 Absence of Conflicts. The execution, delivery and performance by Seller of this Agreement and the other
Documents to which Seller is to be a party, and consummation by Seller of the transactions contemplated hereby and thereby, do not and will not (i) conflict with or result in any breach of any of the terms, conditions or provisions of,
(ii) constitute a default under, (iii) result in a violation of, (iv) give any third party the right to modify, terminate or accelerate any obligation under, the provisions of the certificate of formation or limited liability company
agreement of Seller, any law, regulation, rule, judgment, order or decree to which Seller is subject, or any indenture, mortgage, lease, loan agreement or other agreement or instrument by which Seller is bound or affected; provided, that, Seller
makes no representation or warranty pursuant to this Section 5.03 with respect to Licenses, Healthcare Permits or related regulatory matters relating to the Joint Venture, the Operating Tenants, the NY License Holders, the Manager or
their respective Affiliates. 
 Section 5.04 Consents. The execution, delivery and performance by Seller of this
Agreement and the other Documents, and consummation by Seller of the transactions contemplated hereby and thereby, do not and will not require the authorization, consent, approval, exemption, clearance, order, permission, license, registration or
validation of, or exemption by, or other action by or notice or declaration to, or filing with, any court or Governmental Entity, or the consent, waiver or approval of any other Person which has not been obtained and is currently in full force and
effect; provided, that, Seller makes no representation or warranty pursuant to this Section 5.04 with respect to Licenses, Healthcare Permits or related regulatory matters relating to the Joint Venture, the Operating Tenants, the NY
License Holders, the Manager or their respective Affiliates. 

  
 9 

 Section 5.05 Broker’s or Finder’s Fees. No agent, broker, investment
banker, or other Person acting on behalf of or under the authority of Seller is or will be entitled to any broker’s or finder’s fee or any other commission or similar fee, directly or indirectly, from Purchaser in connection with the
transactions contemplated by this Agreement. 
 Section 5.06 ERISA. 

(a) Seller is not an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to the provisions of
Title I of ERISA, a “plan” as defined in and subject to Section 4975 of the Code, or an entity deemed to hold “plan assets” of either of the foregoing. 

(b) Seller is not a “governmental plan” within the meaning of Section 3(32) of ERISA and Seller is not subject to state
statutes regulating investments of and fiduciary obligations with respect to governmental plans that would be violated by the transactions contemplated by this Agreement. 
 Section 5.07 No Judgments. To Seller’s knowledge, there are no judgments presently outstanding and unsatisfied directly against Seller, the Joint Venture, TRS, Tenant Mezz Borrowers, the
Operating Subsidiaries, the Landlord Mezz Borrowers or the Landlord Subsidiaries, and such entities are not involved in any litigation at law or in equity, or in any proceeding before any court, or by or before any Governmental Entity, which
judgment, litigation or proceeding could reasonably be anticipated to have a Material Adverse Effect and which is not fully covered by insurance and, to Seller’s knowledge, (i) no such judgment, litigation or proceeding is threatened
against such entities which could reasonably be anticipated to have a Material Adverse Effect and (ii) no investigation looking toward such a proceeding has begun or is contemplated. A list of litigation, proceedings and investigations pending
or threatened in writing against Seller, the Joint Venture, TRS, Tenant Mezz Borrowers, the Operating Subsidiaries, the Landlord Mezz Borrowers or the Landlord Subsidiaries is attached as Schedule 5.07 to this Agreement. To Seller’s knowledge,
such list is true, correct and complete. 
 Section 5.08 No Insolvency. Seller has not committed an act of
bankruptcy, proposed a compromise or arrangement to its creditors generally, or had any petition for a receiving order in bankruptcy filed against it, instituted any proceeding to have itself declared bankrupt or wound-up, instituted any proceeding
to have a receiver appointed in connection with any of its assets, had any encumbrancer take possession of any of its assets, or had any execution or distress become enforceable or become levied upon any of its assets or otherwise taken advantage of
any bankruptcy or insolvency laws. 
 Section 5.09 FIRPTA. Seller is not a “foreign person” within the
meaning of Section 1445 of the Code and the regulations issued thereunder. 
 Section 5.10 Specially Designated
National or Blocked Person. Based solely on publicly-available information or as otherwise disclosed to Seller, neither Seller, nor any of its shareholders, directors or officers is a Specially Designated National or Blocked Person. Neither
Seller nor any of its shareholders is directly or indirectly owned or controlled by the government 

  
 10 

 
of any country that is subject to an embargo by the United States government. Neither Seller nor any of its shareholders, directors or officers is acting on behalf of a government of any country
that is subject to such an embargo. 
 Section 5.11 Ownership of Seller’s Interest. 

(a) Seller is the sole legal owner of Seller’s Interest. Seller’s Interest is free and clear of all Liens encumbering
Seller’s Interest, and Seller has good and marketable title to Seller’s Interest (subject to applicable securities laws). There is no restriction or limitation on Seller’s right to sell Seller’s Interest as contemplated by this
Agreement, except as set forth in the Venture Agreement, which requires the approval and consent of Sunrise for the consummation by Seller of the transactions contemplated by this Agreement. At Closing, Seller will transfer to Purchaser
Seller’s Interest, free and clear of all Liens. 
 (b) Joint Venture is the sole legal owner of TRS. TRS is the sole legal
owner of Senior Living Mezz E, LLC. Senior Living Mezz E, LLC is the sole legal owner of Senior Living Mezz D, LLC. Senior Living Mezz D, LLC is the sole legal owner of Senior Living Mezz C, LLC. Senior Living Mezz C, LLC is the sole legal owner of
Senior Living Mezz B, LLC. Senior Living Mezz B, LLC is the sole legal owner of Sunrise Third. Sunrise Third is the sole legal owner of the Tenant LLCs and the Tenant Pool GPs. Sunrise Third and Sunrise Third (Pool I) GP, LLC are the sole legal
owners of Sunrise Third (Pool I), LP. Sunrise Third and Sunrise Third (Pool III) GP, LLC are the sole legal owners of Sunrise Third (Pool III), LP. Sunrise Third and Sunrise Third (Pool IV) GP, LLC are the sole legal owners of Sunrise Third (Pool
IV), LP. 
 (c) Joint Venture is the sole legal owner of CC3 Mezz E, LLC. CC3 Mezz E, LLC is the sole legal owner of CC3 Mezz D,
LLC. CC3 Mezz D, LLC is the sole legal owner of CC3 Mezz C, LLC. CC3 Mezz C, LLC is the sole legal owner of CC3 Mezz B, LLC. CC3 Mezz B, LLC is the sole legal owner of CC3 Mezz A, LLC. CC3 Mezz A, LLC is the sole legal owner of the Facility Holding
Company and the Landlord Pool GP. Facility Holding Company is the sole legal owner of the LLC Facility Owners. CC3 Mezz A, LLC and the Landlord Pool GP are the sole legal owners of the LP Facility Owners. The Propco Interests and the Opco Interests
are validly issued. 
 Section 5.12 Adverse Actions. Seller has not taken any actions that could give rise to a Lien
on, or any other adverse consequences with respect to, the Real Property or any of the assets or property owned by the Joint Venture, TRS, Tenant Mezz Borrowers, the Operating Subsidiaries, the Landlord Mezz Borrowers or the Landlord Subsidiaries.

 Section 5.13 No Undisclosed Liabilities. To Seller’s knowledge, none of the Joint Venture, TRS, Tenant Mezz
Borrowers, the Operating Subsidiaries, the Landlord Mezz Borrowers or the Landlord Subsidiaries has any material Liabilities required by GAAP to be disclosed on a balance sheet, except those Liabilities incurred in the ordinary course of business,
those Liabilities that have been disclosed to Purchaser or that Purchaser has knowledge of, or those Liabilities that are set forth on the most recent financial statements of such entities. 

  
 11 

 Section 5.14 Taxes. There are no due, but unpaid, Tax liabilities or obligations
of Seller or, to Seller’s knowledge, the Joint Venture, TRS, Tenant Mezz Borrowers, the Operating Subsidiaries, the Landlord Mezz Borrowers or the Landlord Subsidiaries, whether contingent or otherwise, which, by application of law or
otherwise, Purchaser could, upon Closing, reasonably be expected to become responsible for. To Seller’s knowledge, none of the Joint Venture, TRS, Tenant Mezz Borrowers, the Operating Subsidiaries, the Landlord Mezz Borrowers or the Landlord
Subsidiaries has been notified in writing of any pending or threatened Tax audit. To Seller’s knowledge, the Joint Venture, TRS, Tenant Mezz Borrowers, the Operating Subsidiaries, the Landlord Mezz Borrowers and the Landlord Subsidiaries have
filed all required federal, state and local Tax returns and have made adequate provision for the payment of such Taxes, if any. To Seller’s knowledge, there are no present or pending disputes as to Taxes of any nature payable by the Joint
Venture, TRS, Tenant Mezz Borrowers, the Operating Subsidiaries, the Landlord Mezz Borrowers or the Landlord Subsidiaries or proposed assessments of any Taxes pending against such entities, nor, to the knowledge of Seller, is there basis for any
such disputes. To Seller’s knowledge, the Joint Venture has, at all times since its formation, been taxed as a partnership for the purposes of all applicable federal, state and local Tax filings and returns. 

As used in this Agreement, the phrase “to Seller’s knowledge” and similar phrases shall mean the current, actual (not
constructive, imputed or implied) knowledge, after due inquiry, of John Starr, Kevin R. Maddron or Sarah W. Nixon. 
 Article VI.

 COVENANTS 
 Section 6.01 Publicity. The parties agree that, prior to the Closing, no public release or announcement concerning the transactions contemplated hereby shall be issued by any party without the
prior written consent of the other parties, except as required by law or applicable regulations. The parties may disclose this Agreement and matters relating to the subject matter hereof to (i) their professional advisers (including legal and
financial advisers) or (ii) any prospective or existing lenders, provided that in each case any such party informs the recipient of the confidentiality obligations of such party hereunder. The parties understand and agree that if required by
law, or if required by applicable disclosure requirements under applicable securities laws or other laws, one or more of the parties may (i) disclose certain information concerning the transaction, (ii) issue one (1) or more press
releases concerning the execution of this Agreement and/or the purchase of the Facilities, provided that with respect to any press release which identifies Seller, Purchaser or their respective Affiliates, the party issuing the release shall
use its reasonable best efforts to seek the prior approval of the other party, as applicable, such approval not to be unreasonably delayed or withheld and, in any event, such requirement to seek prior approval not to preclude any party or its
Affiliate from complying with applicable disclosure obligations under law, and (iii) file a copy of this Agreement with the Securities and Exchange Commission. 
 Section 6.02 Commercially Reasonable Efforts. Subject to the terms and conditions of this Agreement, each party will use its commercially reasonable efforts to take all action and to do all
things necessary, proper or advisable to satisfy any condition hereunder in its power to satisfy and for which it is responsible for the satisfaction of, and to consummate and make 

  
 12 

 
effective as soon as practicable the transactions contemplated by this Agreement, provided that except as otherwise provided in this Agreement in no event shall a party be required to pay more
than a de minimus amount to any third party in connection with the exercise of such commercially reasonable efforts. 

Section 6.03 No Recordation. Seller and Purchaser each agrees that neither this Agreement nor any memorandum or notice hereof
shall be recorded. 
 Section 6.04 Licenses. Seller shall use commercially reasonable efforts to cooperate, and
shall cause the Operating Tenants to cooperate, with Purchaser in such manner as Purchaser may reasonably request in connection with the issuance or transfer to Purchaser, the Operating Tenants, the Facility Owners and/or Manager (or other
appropriate party) of the Licenses, provided that in no event shall Seller be required to incur any financial obligation to any party in connection with the exercise of such commercially reasonable efforts. Without limiting the generality of the
foregoing, Seller shall promptly provide to Purchaser such information in its possession and control concerning the Joint Venture, Manager, the Facility Owners, the Operating Tenants and the Facilities as may be reasonably requested by any
Governmental Entity in connection with the issuance of Licenses required to effect the transactions contemplated by this Agreement, and none of the Joint Venture, the Operating Tenants or the Facility Owners shall bear any costs in connection with
such issuance or transfer prior to the Closing. 
 Section 6.05 Casualty. In the event that all or any portion of
the Facilities is damaged or destroyed by fire or other casualty prior to Closing, subject to the terms of the Existing Owner Financing, the Joint Venture shall promptly cause the applicable Facility Owner, Operating Tenant, NY License Holder and/or
Sunrise NY Tenant to undertake such repair and complete the same. Closing will not be extended to permit the applicable Facility Owner, Operating Tenant, NY License Holder and/or Sunrise NY Tenant to complete the same, but subject to the terms of
any Existing Owner Financing, the insurance proceeds will be assigned to Purchaser or its designee at Closing to pay the costs of restoration. 
 Section 6.06 Condemnation. In the event there is any permanent or temporary actual or threatened taking or condemnation of any portion of any Facility, any and all proceeds of such taking or
condemnation shall be delivered or assigned to Purchaser or its designee at Closing. 
 Section 6.07 Operation of
Business; Insurance. Through the Closing Date, Purchaser shall cause Manager to (i) continue to manage and operate the Facilities, taken as a whole, in the ordinary course of business in the manner it has previously managed and operated the
Facilities prior to the date of this Agreement, and (ii) maintain in full force and effect insurance against loss or damage by fire and such other hazards as are customarily covered by extended coverage endorsement in commercially reasonable
amounts, but in no event less than the full replacement cost of the Real Property and improvements thereon. 
 Section 6.08
Exclusivity During Contract Period. Until the earlier of the Closing and the termination of this Agreement, none of Seller, Purchaser or their respective Affiliates, agents, brokers or representatives shall (i) directly or indirectly,
offer to, negotiate with, engage in discussions with, or provide information to, any other party with respect to a sale, joint venture, 

  
 13 

 
syndication or other disposition, transfer or conveyance of Seller’s Interest, or any merger, sale of substantial assets or similar transaction involving the Joint Venture, TRS, Tenant Mezz
Borrowers, the Operating Subsidiaries, the Landlord Mezz Borrowers or the Landlord Subsidiaries and/or (ii) exercise any transfer rights, sale rights, purchase option, buy-sell rights, rights of first offer, put rights or other similar rights
pursuant to the Venture Agreement. For purposes of clarity, upon the consummation of the Merger, this Agreement will supersede Sunrise’s purchase options under the Venture Agreement. 

Section 6.09 Tax Information. Purchaser shall provide to Seller, at Seller’s reasonable request and at no more than a de
minimus cost to Purchaser, any documents, records, or similar information in Purchaser’s possession related to Taxes arising in periods prior to or at Closing with respect to the Seller’s Interest. 

Section 6.10 TRS Election. Upon request of Purchaser in connection with the consummation of the Merger, Seller shall
cooperate with Purchaser and Sunrise in making a taxable REIT subsidiary election with respect to TRS for the benefit of Purchaser and its Affiliates, which cooperation may include, without limitation, completing, executing and filing applicable
forms with the Internal Revenue Service. 
 Section 6.11 Restructuring; Modifications. Seller agrees to cooperate in
good faith with Purchaser, Sunrise and the holders of the Existing Owner Financing prior to or after the consummation of the Merger to (a) restructure the Joint Venture, TRS, Tenant Mezz Borrowers, the Operating Subsidiaries, the Landlord Mezz
Borrowers and/or the Landlord Subsidiaries, and (b) modify the mortgages and other documents evidencing the Existing Owner Financing; provided, that, in no event will Seller be negatively impacted economically by such restructuring or
modifications or become subject to additional Liabilities beyond what is contemplated by this Agreement as a result of such restructuring or modifications. Purchaser will pay all reasonable costs, including legal fees and transfer or similar
transaction-related Taxes, incurred by Seller and its Affiliates in connection with any such restructuring or modifications. 

Section 6.12 Licensing Cooperation. Following consummation of the Merger, Seller agrees to cooperate in good faith with
Purchaser and Sunrise to obtain approvals from applicable Governmental Entities in New York for Purchaser to have the right to appoint members to the boards of directors of the NY License Holders. 

Article VII. 

CONDITIONS PRECEDENT TO THE OBLIGATION 
 OF PURCHASER AND SELLER TO CLOSE 
 Section 7.01 Conditions to Each
Party’s Obligation to Close. The obligation of each party to proceed to Closing is subject to the satisfaction of each of the following conditions, any of which may be waived, in whole or in part, in writing by the parties at or prior to
Closing: 
 (a) No Governmental Entity of competent jurisdiction will have enacted, issued, promulgated, enforced or entered
into any statute, rule, regulation, executive order, decree, injunction or other order (whether temporary, preliminary or permanent) that (i) is in effect and (ii) has the effect of making the transactions contemplated by this Agreement
illegal or otherwise prohibits the consummation of such transactions. 

  
 14 

 (b) The transactions contemplated by the Agreement and Plan of Merger (the “Merger
Agreement”), dated as of August 21, 2012, by and among Sunrise Senior Living, Inc., Brewer Holdco, Inc., Brewer Holdco Sub, Inc., Health Care REIT, Inc. and Red Fox, Inc. (the “Merger”) shall have been consummated.

 (c) Contemporaneously with the Closing of the transactions contemplated by this Agreement, the transactions contemplated by
the Other Purchase Agreements shall be consummated. 
 (d) The parties shall cooperate in good faith to allocate the Purchase
Price for the properties identified in Exhibit F on or before January 31, 2013. 
 (e) The parties hereby acknowledge and
agree that Exhibit F is a draft exhibit, and the parties shall finalize such Exhibit F on or before January 31, 2013, which final version shall include the party responsible for the payment of transfer taxes, if applicable, relating to the
properties identified in Exhibit F. As such, the parties hereby acknowledge that the responsible party as currently reflected in Exhibit F may be changed on or before January 31, 2013. 

Section 7.02 Conditions to Purchaser’s Obligation to Close. The obligation of Purchaser to proceed to Closing is subject
to the satisfaction of each of the following conditions, any of which may be waived, in whole or in part, in writing by Purchaser at or prior to Closing: 
 (a) Seller shall have performed in all material respects all of its obligations under this Agreement which are required to be performed at or prior to Closing. 

(b) All representations and warranties of Seller set forth in Article V of this Agreement shall have been true and correct in all
material respects as of the Contract Date and as of the Closing Date with the same force and effect as though made on and as of the Closing Date. 
 (c) Seller shall have executed and/or delivered all of the documents required to be delivered at Closing pursuant to Section 8.02(a). 

(d) The Operating Tenants, NY License Holders, Manager and/or their respective Affiliates shall have obtained all of the Healthcare
Permits necessary for the operation of the Facilities after the Closing. 
 (e) All lender consents required under the documents
evidencing the Existing Owner Financing shall have been obtained. 
 Section 7.03 Conditions to Seller’s Obligation
to Close. The obligation of Seller to proceed to Closing is subject to the satisfaction of each of the following conditions, any of which may be waived, in whole or in part, in writing by Seller at or prior to Closing: 

(a) Purchaser shall have performed in all material respects its obligations under this Agreement which are required to be performed at or
prior to Closing. 

  
 15 

 (b) All representations and warranties of Purchaser set forth in Article IV of this
Agreement shall be true and correct in all material respects as of the Contract Date and as of Closing with the same force and effect as though made on and as of the Closing Date. 

(c) Purchaser shall have executed and delivered all of the documents required to be delivered at Closing pursuant to Sections
8.02(b). 
 (d) Purchaser shall cause lender to release, from and after Closing, Seller and/or its Affiliates under those
certain agreements listed on Exhibit D in a form reasonably satisfactory to Seller. 
 Article VIII. 

CLOSING 

Section 8.01 Time and Place. Closing of Purchaser’s acquisition of Seller’s Interest pursuant to this Agreement
(the “Closing”) shall take place at the offices of Purchaser (or at such other place as Purchaser and Seller mutually agree) on the Closing Date or such other date as is mutually agreed upon by Seller and Purchaser. The parties
currently anticipate that the Closing will occur on or about July 1, 2013, subject to the satisfaction or waiver of the conditions described in Article VII. 
 Section 8.02 Delivery of Documents at Closing. 
 (a) At Closing,
Seller shall: 
 (i) Execute and deliver to Purchaser (or its designee) the Assignment and Assumption of Interest Agreement,
which shall constitute Seller’s relinquishment of Seller’s Interest in the Joint Venture. 
 (ii) Execute, cause to
be acknowledged and deliver to Purchaser a certificate confirming the matters set forth in Sections 7.02(a) and (b) with respect to Seller as of the Closing Date, such certificate to be signed by a duly authorized officer of
Seller (or its controlling Affiliate). 
 (iii) Provide to Purchaser (A) a copy of the Charter Documents of Seller
certified by a duly authorized officer of Seller and (B) such other evidence of the power and authority of Seller to consummate the transactions described in this Agreement as Purchaser may reasonably require. 

(iv) Execute, cause to be acknowledged as appropriate and deliver to Purchaser such additional documents as may be reasonably necessary
or customary to consummate the transactions contemplated by this Agreement and that are consistent with this Agreement (and do not impose any additional Liabilities on Seller beyond what is contemplated by this Agreement). 

(v) Execute, cause to be acknowledged as appropriate and deliver to Purchaser a closing statement or memorandum in a form reasonably
acceptable to Purchaser and Seller (the “Closing Statement”). 

  
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 (vi) Execute, cause to be acknowledged and deliver to Purchaser one or more non-foreign
status affidavits in the form of Exhibit E, as required by Section 1445 of the Code. 
 (vii) Execute, cause to be
acknowledged and deliver to the Title Company any non-imputation and other customary closing affidavits, certificates and agreements as the Title Company may require to issue any title policies, updates or endorsements in connection with Closing.

 (viii) Execute or cause to be executed, and cause to be acknowledged and filed, as applicable, any and all transfer tax
forms, or signature pages to transfer tax forms reasonably requested by Purchaser in connection with the transfer of Seller’s Interests or the indirect interests in the Facility Owners to Purchaser (or its designee) as contemplated hereunder.

 (b) At Closing, Purchaser shall: 
 (i) Pay the Purchase Price by wire transfer of immediately available funds to an account designated by Seller and the other closing costs to be borne by Purchaser hereunder. 

(ii) Execute and deliver the Assignment and Assumption of Interest Agreement. 

(iii) Execute, cause to be acknowledged as appropriate and deliver such additional documents as may be reasonably necessary or customary
to consummate the transactions contemplated by this Agreement and that are consistent with this Agreement (and do not impose any additional Liabilities on Purchaser beyond what is contemplated by this Agreement). 

(iv) Execute, acknowledge and deliver a certificate to Seller confirming the matters set forth in Sections 7.03(a) and
(b) with respect to Purchaser, as of the Closing Date, such certificates to be signed by an officer of Purchaser. 

(v) Execute, and cause to be acknowledged, as appropriate, and deliver the Closing Statement. 

(vi) Execute, and cause to be notarized and filed, as applicable, any and all transfer tax forms, or signature pages to transfer tax
forms, required by applicable law or advisable, in the reasonable opinion of Purchaser (as the case may be), in connection with the transfer of Seller’s Interests or the indirect interests in the Facility Owners to Purchaser (or its designee).

 Section 8.03 Closing Costs. 
 (a) Except as otherwise specifically provided in this Agreement, Purchaser and Seller shall each, as appropriate, pay the fees and expenses of their own attorneys, accountants, financial advisors,
investment bankers and employees. 

  
 17 

 (b) Any transfer taxes, fees or similar charges incurred as a result of the transactions
contemplated by this Agreement shall be paid by the party customarily responsible for the payment of such taxes, fees and charges in the applicable jurisdiction. For purposes of clarity, the parties agree that Exhibit F attached hereto sets
forth the customary allocation of such taxes, fees and charges. 
 (c) Purchaser shall pay for any and all assumption,
prepayment, defeasance or similar costs and fees in connection with the Existing Owner Financing, including any costs or fees in connection with consents from the holders of the Existing Owner Financing or other actions required in connection with
the Existing Owner Financing with respect to the transactions contemplated by this Agreement. Such costs and fees shall include Seller’s reasonable legal fees incurred in connection with such assumptions, prepayments or defeasances. 

Article IX. 

INDEMNITY; DEFAULT; DAMAGES; TERMINATION 
 Section 9.01 Purchaser’s Remedies for Seller’s Defaults. If Seller materially breaches any of its representations and warranties hereunder, or defaults on any of its obligations
hereunder in any material respect, and such default continues for ten (10) Business Days after written notice thereof from Purchaser to Seller specifying such default, including, without limitation, a breach of the obligation to sell
Seller’s Interest on the Closing Date, time being of the essence, Purchaser may, as Purchaser’s sole remedy hereunder, by delivering notice in writing to Seller in the manner provide in this Agreement, either (i) terminate this
Agreement and the other Documents and declare it and them null and void (except for those obligations that expressly survive such termination), (ii) seek enforcement of this Agreement by a decree of specific performance or injunctive relief
requiring Seller to fulfill its obligations under this Agreement, including but not limited to the transfer of Seller’s Interest or (iii) waive any such conditions or defaults and consummate the transactions contemplated by this Agreement
and the Documents in the same manner as if there had been no conditions or defaults without any reduction in the Purchase Price and without any further claim against Seller. 
 Section 9.02 Seller’s Remedies for Purchaser’s Defaults. If Purchaser materially breaches any of its representations or warranties hereunder, or defaults on any of its obligations
hereunder in any material respect, and such default continues for ten (10) Business Days after written notice thereof from Seller to Purchaser specifying such default, Seller may, as its sole remedy hereunder, by delivering notice in writing to
Purchaser in the manner provided in this Agreement, either, (i) terminate this Agreement and the other Documents and declare it and them null and void (except for those obligations that expressly survive such termination), or (ii) waive
any such conditions or defaults and consummate the transactions contemplated by this Agreement and the Documents in the same manner as if there had been no conditions or defaults without any reduction in the Purchase Price and without any further
claim against Purchaser. 
 Section 9.03 Indemnification by Purchaser. If the Closing occurs, Purchaser shall
indemnify, defend, and hold harmless Seller and its respective members, officers, directors, employees, Affiliates, successors and assigns from and against, and pay or reimburse each of them for and with respect to, any Loss relating to, arising out
of or resulting from any breach by Purchaser of any of its representations, warranties, covenants or agreements in this Agreement or 

  
 18 

 
any other Document to which it is a party; provided, however, that all claims for indemnification under this Section 9.03 must be set forth in reasonable detail in a written notice
received by Purchaser during the Survival Period (as defined below) and any litigation with respect to such claim shall be commenced on or prior to the date that is sixty (60) days after the expiration of the Survival Period. Notwithstanding
anything to the contrary contained herein or in any other Document, if the Closing occurs, Purchaser shall not have liability to Seller for Losses incurred by Seller (a) unless and until the aggregate amount of Losses subject to indemnification
exceeds the Deductible, and (b) in excess of an amount equal to two and one-half percent (2.5%) of the Purchase Price. 
 Section 9.04 Indemnification by Seller. If the Closing occurs, (A) Seller shall indemnify, defend, and hold harmless Purchaser and its officers, directors, employees, Affiliates,
successors and assigns from and against, and pay or reimburse each of them for and with respect to, any Loss relating to, arising out of or resulting from any breach by Seller of any of its representations, warranties, covenants or agreements in
this Agreement or any other Document to which it is a party and (B) CNL Lifestyle Properties, Inc. (“Seller Parent”) and Seller shall jointly and severally, indemnify, defend, and hold harmless Purchaser and its officers,
directors, employees, Affiliates, successors and assigns from and against, and pay or reimburse each of them for and with respect to, any Loss relating to, arising out of or resulting from any breach by Seller of any of its representations set forth
in Sections 5.02 and 5.11; provided, however, that all claims for indemnification under this Section 9.04 must be set forth in reasonable detail in a written notice received by Seller and/or Seller Parent not later than the
date that is twelve (12) months following the Closing Date (the “Survival Period”) and any litigation with respect to such claim shall be commenced on or prior to the date that is sixty (60) days after the expiration of
the Survival Period. Notwithstanding anything to the contrary contained herein or in any other Document, if the Closing occurs, neither Seller nor Seller Parent shall have any liability to Purchaser for Losses incurred by Purchaser (other than
Losses incurred as a result of any breach or inaccuracy of any representation or warranty contained in Sections 5.02 and 5.11) unless and until the aggregate amount of Losses subject to indemnification exceeds Twenty-Five Thousand
Dollars ($25,000.00) (the “Deductible”). In addition, notwithstanding anything to the contrary contained herein or in any other Document, if the Closing occurs, neither Seller nor Seller Parent shall have any liability to Purchaser
in excess of: (x) with respect to the representations set forth in Sections 5.02 and 5.11, an amount equal to the Purchase Price and (y) with respect to all other breaches by Seller in this Agreement or any other Document, an
amount equal to two and one-half percent (2.5%) of the Purchase Price. 
 Section 9.05 Administration of
Indemnification. For purposes of administering the indemnification provisions set forth in Sections 9.03 and 9.04, the following procedure shall apply: 
 (a) Whenever a claim shall arise for indemnification under this Article, the party entitled to indemnification (the “Indemnified Party”) shall promptly give written notice to the party
from whom indemnification is sought (the “Indemnifying Party”) setting forth in reasonable detail, to the extent then available, the facts concerning the nature of such claim and the basis upon which the Indemnified Party believes
that it is entitled to indemnification hereunder. 

  
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 (b) In the event of any claim for indemnification resulting from or in connection with any
claim by a third party, the Indemnifying Party shall be entitled, at its sole expense, either (i) to participate in defending against such claim or (ii) to assume the entire defense with counsel which is selected by it and which is
reasonably satisfactory to the Indemnified Party provided that (A) the Indemnifying Party agrees in writing that it does not and will not contest its responsibility for indemnifying the Indemnified Party in respect of such claim or proceeding
and (B) no settlement shall be made and no judgment consented to without the prior written consent of the Indemnified Party which shall not be unreasonably withheld. If, however, (i) the claim, action, suit or proceeding would, if
successful, result in the imposition of damages for which the Indemnifying Party would not be solely responsible, or (ii) representation of both parties by the same counsel would otherwise be inappropriate due to actual or potential differing
interests between them, then the Indemnifying Party shall not be entitled to assume the entire defense and each party shall be entitled to retain counsel who shall cooperate with one another in defending against such claim. In the case of clause
(i) of the immediately preceding sentence, the Indemnifying Party shall be obligated to bear only that portion of the expense of the Indemnified Party’s counsel that is in proportion to the damages indemnifiable by the Indemnifying Party
compared to the total amount of the third-party claim against the Indemnified Party. 
 (c) If the Indemnifying Party does not
choose to defend against a claim by a third party, the Indemnified Party may defend in such manner as it deems appropriate or settle the claim (after giving notice thereof to the Indemnifying Party) on such terms as the Indemnified Party may deem
appropriate, and the Indemnified Party shall be entitled prompt indemnification from the Indemnifying Party in accordance with this Article. 
 (d) Failure or delay by an Indemnified Party to give prompt notice of any claim shall not release, waive or otherwise affect an Indemnifying Party’s obligations with respect to the claim, except to
the extent that the Indemnifying Party can demonstrate actual loss or prejudice as a result of such failure or delay. 

Section 9.06 Exclusive Remedies. The rights and remedies set forth in this Article IX shall be exclusive of all other
rights to monetary damages that any party (or any party’s successors or assigns) would otherwise have at law or in equity in connection with the transactions contemplated by this Agreement or any other Document, other than with respect to
claims based on common law fraud or rights which by law cannot be waived or limited. 
 Section 9.07 Termination.
Notwithstanding anything in this Agreement to the contrary: 
 (a) This Agreement shall automatically terminate upon the
termination of the Merger Agreement. 
 (b) This Agreement may be terminated at any time by mutual written consent of Purchaser
and Seller. 
 (c) Purchaser may terminate this Agreement in accordance with Section 9.01 and Seller may terminate this
Agreement in accordance with Section 9.02. 

  
 20 

 (d) This Agreement may be terminated by Purchaser or Seller if the transactions contemplated
by this Agreement have not been consummated by December 31, 2013; provided however, that if the transactions contemplated by this Agreement have not been consummated by December 31, 2013 as a result of the failure to obtain the approvals
and consents required under Sections 7.02(d) or (e), Purchaser shall have such additional time as may be necessary to obtain such approvals and consents so long as Purchaser is diligently proceeding to obtain them but in no event later than one
hundred eighty (180) days following the consummation of the Merger. 
 (e) This Agreement may be terminated by Purchaser or
Seller if the Merger has not been consummated by August 21, 2013. 
 (f) Upon the termination of this Agreement, Purchaser
and Seller shall have no further rights, obligations or Liabilities to the other party arising out of or resulting from this Agreement or the Documents, except for those items that expressly survive termination of this Agreement or the Documents.
This Section 9.07(e) and Sections 6.01 (Publicity) and 10.08 (Governing Law) will survive any such termination. 

Section 9.08 Effect of Failure to Close on Venture Agreement. If any transaction contemplated by this Agreement does not
close for any reason, including due to a default by Seller or Purchaser or their respective Affiliates or the failure of a condition to the Closing of any such contemplated transaction, the same shall not have any effect on the Venture Agreement or
any other documents, instrument and agreement existing with respect to the Facilities or the ownership thereof. 
 Article X.

 MISCELLANEOUS 
 Section 10.01 Further Actions. From time to time before, at and after the Closing, each party will execute and deliver such documents as reasonably requested by any other party in order more
effectively to consummate the transactions contemplated hereby, provided that such documents do not impose additional Liabilities on such party. 
 Section 10.02 Consents under Venture Agreement. Seller acknowledges that the transactions contemplated hereunder may require the consent of Seller in accordance with the terms of the Venture
Agreement, and the execution and delivery by Seller of this Agreement shall evidence any such required consent of Seller. 

Section 10.03 Notices. All notices, demands or other communications given hereunder shall be in writing and shall be
sufficiently given if delivered by courier (including overnight delivery service) or sent by registered or certified mail, first class, postage prepaid, or by electronic mail or facsimile (provided that an additional copy is delivered by one
of the foregoing methods), addressed as follows: 
  

	 	(a)	If to Seller, to: 

 CLP Senior
Holding, LLC 
 450 South Orange Avenue, 12th Floor 

  
 21 

 Orlando, Florida 32801 

Attn.: Holly J. Greer, Esq. 
 Facsimile No: 407-540-2544 
 Email Address: holly.greer@cnl.com 

with a copy to: 
 Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 
 215 North Eola Drive

 Orlando, Florida 32801 
 Attn.: Peter E. Reinert, Esq. 
 Facsimile No: 407-843-4444 

Email Address: peter.reinert@lowndes-law.com 
  

	 	(b)	If to Seller Parent, to: 

 CNL
LIFESTYLE PROPERTIES, INC. 
 450 South Orange Avenue, 12th Floor 

Orlando, Florida 32801 
 Attn.: Holly J. Greer, Esq. 
 Facsimile No: 407-540-2544 

Email Address: holly.greer@cnl.com 
 with a copy to: 
 Lowndes, Drosdick, Doster, Kantor &
Reed, P.A. 
 215 North Eola Drive 

Orlando, Florida 32801 
 Attn.: Peter E. Reinert, Esq. 
 Facsimile No: 407-843-4444

 Email Address: peter.reinert@lowndes-law.com 

 

	 	(c)	If to Purchaser, to: 

 Health Care REIT, Inc. 
 4500 Dorr Street 

Toledo, Ohio 43615 
 Attn.: Jeffrey H. Miller 
 Facsimile No: 419-247-2826 

Email Address: jmiller@hcreit.com 
 with a copy to: 
 Shumaker, Loop & Kendrick, LLP

 1000 Jackson Street 
 Toledo, Ohio 43604 
 Attn.: Gregory J. Shope 

Facsimile No: 419-241-6894 
 Email Address: gshope@slk-law.com 

  
 22 

 or such other address as a party may from time to time notify the other party in writing (as provided
above). Any such notice, demand or communication shall be deemed to have been given (i) if so mailed, as of the close of the fifth Business Day following the date so mailed, (ii) if delivered by courier, on the date received and
(iii) if sent by electronic mail or facsimile, on the date transmitted if during normal business hours of the recipient, and otherwise on the next Business Day of the recipient. 

Section 10.04 Entire Agreement. This Agreement, the Exhibits and the other Documents contain the entire understanding among
the parties with respect to the subject matter hereof and are intended to be a full integration of all prior or contemporaneous agreements, conditions or undertakings among the parties hereto. There are no promises, agreements, conditions,
undertakings, warranties or representations, oral or written, express or implied, among the parties with respect to the subject matter hereof other than as set forth in this Agreement and the Exhibits and other Documents. 

Section 10.05 Not Construed Against Drafter. This Agreement has been negotiated and prepared by the parties and their
respective counsel, and should any provision of this Agreement require judicial interpretation, the court interpreting or construing the provision shall not apply the rule of construction that a document is to be construed more strictly against one
party. 
 Section 10.06 Binding Effect; Benefits. Except as otherwise provided herein, this Agreement shall inure to
the benefit of and be binding upon the parties hereto and their respective successors or permitted assigns. Except to the extent specified herein, nothing in this Agreement, express or implied, shall confer on any person other than the parties
hereto and their respective successors or permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement. 
 Section 10.07 Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by any party without the prior written consent of the other parties,
provided that Purchaser may assign all of its respective rights under this Agreement to an Affiliate, provided further that (i) the representations and warranties of Purchaser shall be true and correct in all material respects as
applied to the applicable assignee (with such immaterial modifications required to make such representations and warranties true as to such assignee), (ii) Purchaser shall execute and deliver to Seller a written instrument in form and substance
satisfactory to the parties, in their reasonable discretion, in which Purchaser and the assignee agree to be jointly and severally liable for performance of all of the applicable assignee’s obligations under this Agreement, and
(iii) Purchaser shall remain fully liable for its obligations under this Agreement. 
 Section 10.08 Governing
Law. This Agreement shall in all respects be governed by and construed in accordance with the laws of the State of Delaware without regard to its principles of conflicts of laws. 

  
 23 

 Section 10.09 Amendments and Waivers. No term or provision of this Agreement may
be amended, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom the enforcement of such amendment, waiver, discharge or termination is sought. Any waiver shall be effective only in
accordance with its express terms and conditions. 
 Section 10.10 Severability. Any provision of this Agreement
which is unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such unenforceability without invalidating the remaining provisions hereof, and any such unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereto hereby waive any provision of law now or hereafter in effect which renders any provision hereof unenforceable
in any respect. 
 Section 10.11 Headings. The captions in this Agreement are for convenience of reference only and
shall not define or limit any of the terms or provisions hereof. 
 Section 10.12 Counterparts. This Agreement may
be executed in any number of counterparts, and by any party on separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same instrument. 

Section 10.13 References. All references in this Agreement to Articles and Sections are to Articles and Sections contained in
this Agreement unless a different document is expressly specified. 
 Section 10.14 Exhibits. Unless otherwise
specified herein, each Exhibit referred to in this Agreement is attached hereto, and each such Exhibit (other than Exhibits that are to be separately executed and delivered as Documents) is hereby incorporated by reference and made a part hereof as
if fully set forth herein. 
 Section 10.15 Attorneys’ Fees. In the event any party brings an action to enforce
or interpret any of the provisions of this Agreement, the “prevailing party” in such action shall, in addition to any other recovery, be entitled to its reasonable attorneys’ fees and expenses arising from such action and any appeal
or any bankruptcy action related thereto, whether or not such matter proceeds to court. For purposes of this Agreement, “prevailing party” shall mean, in the case of a Person asserting a claim, such Person is successful in obtaining
substantially all of the relief sought, and in the case of a Person defending against or responding to a claim, such Person is successful in denying substantially all of the relief sought. 

Section 10.16 Waiver of Jury Trial. EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY PROCEEDINGS BROUGHT BY ANY OTHER PARTY IN
CONNECTION WITH ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE TRANSACTION, THIS AGREEMENT, SELLER’S INTEREST, THE FACILITIES OR THE RELATIONSHIP OF THE PARTIES HEREUNDER. THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING
(AND NOT BE MERGED THEREIN) OR ANY EARLIER TERMINATION OF THIS AGREEMENT. 

  
 24 

 Section 10.17 Facsimile and PDF Signatures. Signatures to this Agreement
transmitted by facsimile or by electronic mail in PDF format shall be valid and effective to bind the party so signing. Each party agrees to promptly deliver an execution original to this Agreement with its actual signature to the other parties, but
a failure to do so shall not affect the enforceability of this Agreement, it being expressly agreed that each party to this Agreement shall be bound by its own facsimile signature or signature transmitted by electronic mail in PDF format and shall
accept the facsimile signature or signature transmitted by electronic mail in PDF format of each other party to this Agreement. 

[SIGNATURES FOLLOW ON NEXT PAGE] 

  
 25 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as
of the date first written above. 
  

			
	 SELLER
  

CLP SENIOR HOLDING, LLC, a Delaware limited liability company

		
	By:	 	 /s/ Kevin R. Maddron

	Name:	 	 Kevin R. Maddron

	Title:	 	 Senior Vice President

 [Signature Page to Purchase and Sale Agreement] 

 
			
	 PURCHASER

 

	 HEALTH CARE REIT, INC.,
 a Delaware corporation

		
	By:	 	 /s/ Erin C. Ibele

	Name:	 	 Erin C. Ibele

	Title:	 	Senior Vice President-Administration and Corporate Secretary

 [Signature Page to Purchase and Sale Agreement] 

			
	 SELLER PARENT
  

Executed solely for the purpose of acknowledging and agreeing to the indemnity by the undersigned set forth in Section 9.04

 
 CNL LIFESTYLE PROPERTIES, INC.

		
	By:	 	 /s/ Kevin R. Maddron

	Name:	 	 Kevin R. Maddron

	Title:	 	 Senior Vice President

 [Signature Page to Purchase and Sale Agreement] 

 Exhibit A 
 Facilities; Facility Owners; Operating Tenants 
 [Intentionally Omitted]

 Exhibit B 
 Form of Assignment and Assumption of Interest Agreement 
 [Intentionally
Omitted] 
 Exhibit C 
 Purchase Price Calculation 
 [Intentionally Omitted] 

Exhibit D 

Listing of Lender Releases 
 [Intentionally Omitted] 
 Exhibit E 

Non-Foreign Status Affidavit 
 [Intentionally Omitted] 
 Exhibit F 

Transfer Tax Payment Allocation 
 [Intentionally Omitted]

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