Document:

Sub-Permit and  Lease Agreement

 Exhibit 10.1 
 SUB-PERMIT AND LEASE AGREEMENT 
 DATED AS OF MAY 26, 2006 
 BY AND BETWEEN 
 R&H US CANADIAN
CYPRESS LIMITED 
 in its capacity as trustee of the 
 CYPRESS JERSEY TRUST 
 AS LANDLORD, 
 AND 
 CYPRESS BOWL RECREATIONS LIMITED PARTNERSHIP 
 AS TENANT 

 TABLE OF CONTENTS 
  

							
	 	  	 	    	 	  	Page
	1.	  	DEFINITIONS	  	2
		  	1.1.	    	Definitions	  	2
		  	1.2.	    	Affiliates	  	23
			
	2.	  	SUB-PERMIT, LEASE AND TERM	  	23
		  	2.1.	    	Sub-Permit	  	23
		  	2.2.	    	Lease of Improvements	  	23
		  	2.3.	    	Authority of Tenant Under Cypress Permit and VANOC Agreements.	  	24
		  	2.4.	    	Fixed Term	  	25
		  	2.5.	    	Extension Terms	  	25
			
	3.	  	RENT	  	26
		  	3.1.	    	Rent	  	26
		  	3.2.	    	Confirmation of Percentage Rent	  	27
		  	3.3.	    	Additional Charges	  	29
		  	3.4.	    	Payment of Impositions.	  	30
		  	3.5.	    	Late Payment of Rent, Etc	  	32
		  	3.6.	    	Triple Net Lease	  	33
		  	3.7.	    	Sales Tax	  	36
		  	3.8.	    	Withholding Tax	  	38
		  	3.9.	    	Deposit of Prepaid Minimum Rent	  	38
			
	4.	  	USE OF THE CYPRESS PREMISES.	  	39
		  	4.1.	    	Permitted Use.	  	39
		  	4.2.	    	Compliance with Legal/Insurance Requirements, Etc	  	41
		  	4.3.	    	Environmental Matters	  	42
		  	4.4.	    	Negative Covenants	  	42
		  	4.5.	    	Nature Of Relationship	  	44
		  	4.6.	    	Application of Cypress Permit	  	44
		  	4.7.	    	Equipment Lease	  	47
		  	4.8.	    	Limitations on Tenant’s Exercise of Authority.	  	47
			
	5.	  	REPAIRS, MAINTENANCE AND REPLACEMENTS	  	48
		  	5.1.	    	Repairs and Maintenance Costs	  	48
		  	5.2.	    	Capital Renewals Reserve	  	50
		  	5.3.	    	Capital Expenditures Exceeding Capital Renewals Reserve	  	52
		  	5.4.	    	Ownership of Replacements	  	53
		  	5.5.	    	Yield Up	  	53
		  	5.6.	    	Management Matters	  	54
			
	6.	  	IMPROVEMENTS, ETC.	  	55
		  	6.1.	    	No Liens	  	55
		  	6.2.	    	Salvage	  	55

  

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	7.	  	LIENS	  	56
			
	8.	  	PERMITTED CONTESTS	  	56
		  	8.1.	    	Right to Contest	  	56
		  	8.2.	    	Residence of Landlord	  	57
			
	9.	  	INSURANCE.	  	59
		  	9.1.	    	Insurance Coverages	  	59
		  	9.2.	    	General Insurance Provisions.	  	61
		  	9.3.	    	Costs and Expenses.	  	64
		  	9.4.	    	Waiver of Subrogation	  	64
		  	9.5.	    	Indemnification of Landlord	  	64
		  	9.6.	    	Landlord Advance	  	65
			
	10.	  	DAMAGE, REPAIR AND EXPROPRIATION	  	65
		  	10.1.	    	Partial Destruction	  	65
		  	10.2.	    	Major Destruction	  	67
		  	10.3.	    	Reinstatement	  	67
		  	10.4.	    	Expropriation.	  	68
		  	10.5.	    	Secured Loan Documents	  	69
			
	11.	  	SECURITY.	  	69
		  	11.1.	    	Security.	  	69
		  	11.2.	    	Subordination and Attornment	  	69
		  	11.3.	    	Compliance with Cypress Permit	  	73
		  	11.4.	    	Liens; Credit	  	73
		  	11.5.	    	Amendments Requested by Secured Party	  	73
		  	11.6.	    	Blocked Account Arrangements	  	73
		  	11.7.	    	Direction re: Payment of Secured Loan and other Financial Indebtedness	  	74
			
	12.	  	DEFAULTS AND REMEDIES	  	74
		  	12.1.	    	Events of Default	  	74
		  	12.2.	    	Remedies	  	77
		  	12.3.	    	Tenant’s Continuing Operation	  	79
		  	12.4.	    	Application of Funds	  	79
		  	12.5.	    	Landlord’s Right to Cure Tenant’s Default	  	80
			
	13.	  	HOLDING OVER	  	80
			
	14.	  	TRANSFERS BY LANDLORD OR SECURED PARTY	  	81
			
	15.	  	SUBLETTING AND ASSIGNMENT	  	82
		  	15.1.	    	Restriction on Mortgaging, Subletting and Assignment.	  	82
		  	15.2.	    	Transfer Limitation	  	85
			
	16.	  	TENANT CERTIFICATES AND FINANCIAL STATEMENTS	  	86

  

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		  	16.1.	    	Tenant Certificates	  	86
		  	16.2.	    	Accounting, Distributions and Annual Reconciliation.	  	87
		  	16.3.	    	Books and Records	  	87
		  	16.4.	    	Annual Business Plan	  	88
		  	16.5.	    	Update Meetings	  	88
		  	16.6.	    	Approvals.	  	88
		  	16.7.	    	Sarbanes-Oxley	  	89
			
	17.	  	LANDLORD’S RIGHT TO INSPECT	  	90
			
	18.	  	BUYBACK OPTION	  	90
			
	19.	  	MISCELLANEOUS.	  	90
		  	19.1.	    	Limitation on Payment of Rent	  	90
		  	19.2.	    	No Waiver	  	91
		  	19.3.	    	Remedies Cumulative	  	91
		  	19.4.	    	Severability	  	91
		  	19.5.	    	Acceptance of Surrender	  	92
		  	19.6.	    	No Merger of Title	  	92
		  	19.7.	    	Quiet Enjoyment	  	92
		  	19.8.	    	Dispute Resolution	  	93
		  	19.9.	    	No Recordation	  	94
		  	19.10.	    	Notices.	  	94
		  	19.11.	    	Construction	  	96
		  	19.12.	    	Limited Recourse	  	97
		  	19.13.	    	Counterparts; Headings	  	98
		  	19.14.	    	Entire Agreement	  	98
		  	19.15.	    	Applicable Law, Etc	  	98
		  	19.16.	    	Right to Make Agreement	  	99
		  	19.17.	    	Indemnity of Tenant’s Performance	  	99
		  	19.18.	    	Time	  	99
		  	19.19.	    	Exculpation of Trustee	  	100

  

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 SUB-PERMIT AND LEASE AGREEMENT 
 (WITH BUY BACK OPTION) 
 THIS SUB-PERMIT AND LEASE AGREEMENT (the
“Lease”) is entered into as of this 18th day of May, 2006, by and between R&H US CANADIAN CYPRESS LIMITED a company incorporated pursuant to the laws of the Island of Jersey, solely in its capacity as trustee of
CYPRESS JERSEY TRUST, a trust settled pursuant to the laws of the Island of Jersey, (the “Landlord”), and CYPRESS BOWL RECREATIONS LIMITED PARTNERSHIP, a British Columbia limited partnership (the
“Tenant”). 
 RECITALS: 
 A. Landlord is the “Permittee” under the Cypress Permit (as defined herein) of certain portions of the Cypress Provincial Park currently being operated as the Cypress Mountain ski area. 
 B. With the consent of the Minister as defined in and contemplated by the Cypress Permit, the Landlord wishes to appoint Tenant as its sub-permittee
under the Cypress Permit to carry out the obligations of the Permittee thereunder and to grant a sub-permit to Tenant of the Landlord’s rights under the Cypress Permit together with a lease of the Improvements (as defined herein), all subject
to and upon the terms and conditions set forth herein. 
 C. CNL Personal Property TRS ULC, a Nova Scotia unlimited liability company and an
affiliate of Landlord (“CNL TRS”) is the owner of the equipment, furniture, furnishings, inventory and other personal property used and useable in connection with the Tenant’s operations in Cypress Provincial Park, which
personal property is leased to Tenant pursuant to a Personal Property Lease Agreement of even date herewith (the “Personal Property Lease”). 
 D. Tenant’s parent company, Boyne USA, Inc. has been granted the right and option to buy back from Landlord the Cypress Permit and Improvements, together with the right and 

 
option to buy back from CNL TRS the related personal property, pursuant to a Buyback Option Agreement dated December 22, 2005 entered into by and among
inter alia, CNL Income Partners, LP (an affiliate of Landlord and of CNL TRS) and Boyne USA, Inc. 
 AGREEMENT: 
 In consideration of the Rent payable by Tenant hereunder and the mutual covenants herein contained and other good and valuable consideration, the mutual
receipt and legal sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows: 
 1. DEFINITIONS 
 1.1. Definitions. For all purposes of this Lease, except as otherwise expressly provided or unless the context otherwise requires,
(a) the terms defined in this Article shall have the meanings ascribed to them in this Article and include the plural as well as the singular, (b) all accounting terms not otherwise defined herein shall have the meanings ascribed to them
in accordance with GAAP, (c) all references in this Lease to designated “Articles,” “Sections” and other subdivisions of this Lease and “Exhibits” are to the designated Articles, Sections, other subdivisions
of this Lease and Exhibits and (iv) the words “herein”, “hereof” “hereunder” and other words of similar import refer to this Lease as a whole and not to any particular Article, Section or other subdivision.

 “Accounting Period” shall mean each calendar month during the Term, or part thereof where the Term commences on a date
other than the first day of a calendar month or ends on the last day of a calendar month, unless otherwise agreed by both parties. 
 “Accounting Period Statement” shall have the meaning given such term in Section 16.2. 
 “Additional
Charges” shall have the meaning given such term in Section 3.3. 
  

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 “Additional Minimum Rent” shall mean with respect to any Fiscal Year an amount equal to
the aggregate of Additional Minimum Rent applicable to each Landlord Expenditure hereafter made by Landlord. For each Landlord Expenditure hereafter made by Landlord, Additional Minimum Rent shall be paid by Tenant for each Fiscal Year in an amount
equal to the product of: (a) the Subsequently Agreed Lease Rate applicable to such additional Landlord Expenditure and (b) the amount of such Landlord Expenditure. Landlord shall notify Tenant in writing as to the Additional Minimum Rent
amount, and the calculation thereof, at the time of each Landlord Expenditure. 
 “Affiliates” shall have the meaning given
such term in Section 1.2. 
 “Annual Business Plan” shall mean the annual business plan delivered by Tenant to Landlord
pursuant to, and in accordance with, Section 16.4. 
 “Applicable Laws” shall mean all applicable laws, statutes,
regulations, rules, ordinances, codes, licenses, permits and orders, from time to time in existence, of all courts of competent jurisdiction and Government Agencies, and all applicable judicial and administrative and regulatory decrees, judgments
and orders, including Environmental Laws. 
 “Asset Purchase Agreement” shall mean that Asset Purchase Agreement entered
into by and between Tenant and Gatlinburg Skylift, LLC, as sellers, and CNL Income Partners, LP, as purchaser, dated, December 22, 2005 as said agreement was assigned by CNL Income Partners, LP, as to the Skylift Assets (as defined
therein) to CNL Gatlinburg Partnership, LP and as to the Cypress Assets (as defined therein) to the Landlord and CNL TRS, as same may be amended, extended, supplemented, replaced and renewed from time to time. 
 “Award” shall mean all compensation, sums or other consideration, benefit or value awarded, paid to or to the order of or for the
benefit of Landlord in respect of total or partial 

  

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Expropriation of the Landlord’s rights as to any portion of the Cypress Premises (after deduction of all reasonable legal fees and other reasonable
costs and expenses of Landlord, including, without limitation, expert witness fees, incurred by Landlord, in connection with obtaining any such award). 
 “Business Day” shall mean any day other than Saturday, Sunday, or any other day on which banking institutions in the Province are authorized by law or executive action to close. 
 “Buyback Option” means the Buyback Option Agreement, dated December 22, 2005, executed by CNL Gatlinburg Partnership, LP, CNL
Income Partners, LP and Boyne USA, Inc., a copy of which is attached hereto as Schedule 1.1A and which, with respect to the Leased Property and the Personal Property have been assumed by Landlord and by CNL TRS pursuant to an “Assumption of
Buyback Option Obligation” of even date herewith. 
 “Capital Expenditure” shall mean the expenditures and capital
lease payments approved by Landlord in accordance with the requirements of this Lease and necessary for alterations, improvements, renewals, replacements, and additions to the Improvements which are classified as “capital expenditures”
under GAAP. 
 “Capital Renewals Reserve” shall have the meaning given such term in Section 5.2.A. 
 “Capital Reserve Budget” shall have the meaning given such term in Section 5.2.C. 
 “Claims” shall have the meaning given such term in Article 8. 
 “Closing” shall mean the closing of the purchase by Landlord and sale by Tenant of the Cypress Permit and Improvements, and the purchase
by CNL TRS and the sale by Tenant of the Personal Property related thereto as contemplated by the Asset Purchase Agreement, including the execution and delivery of this Lease by the Landlord and the Tenant and all agreements to be entered into on
the Commencement Date. 
  

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 “CNL TRS” has the meaning given to it in Recital D to this Lease and shall include
successors and assigns thereof in accordance with the Personal Property Lease. 
 “Code” shall mean the Internal Revenue
Code of 1986 and, to the extent applicable, the Treasury Regulations promulgated thereunder, each as amended from time to time, when reference is made to US Code, and the Income Tax Act (Canada) whenever reference is made to Canadian tax
laws. 
 “Commencement Date” shall mean May 26, 2006, being the same date as the date of Closing under the Asset
Purchase Agreement. 
 “Contracts” shall mean all maintenance, service and supply contracts, and all other similar
agreements for goods or services in connection with the Cypress Premises or the Leased Property other than the Licenses and Permits. 
 “Control” and “Controlled” shall mean, in respect of any Person, (i) the right to exercise, directly or indirectly, a majority of the votes which may be voted at a meeting of (A) the shareholders
of such Person, in the case of a corporation, (B) the shareholders of the general partner of such Person, in the case of a limited partnership or (C) the equity holders or other voting participants in the case of a Person that is not a
corporation or a limited partnership, or (ii) the right to elect or appoint, directly or indirectly, a majority of (A) the directors of such Person, in the case of a corporation, (B) the directors of the general partner of such
Person, in the case of a limited partnership or (C) a majority of the Persons who have the right to manage or supervise the management of the affairs and business of such Person, in the case of a Person that is not a corporation or a limited
partnership. 
 “Cypress Permit” shall mean Park Use Permit 1506, dated September 13, 1984, issued by Her Majesty, the
Queen in right of the Province of British Columbia represented by the 

  

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Minister as such Park Use Permit has been amended or supplemented by agreements dated June 17, 1985, November 5, 1986, June 4,
1987, August 15, 1987, October 16, 1987, August 19, 1988, February 19, 1997, June 26, 1997, and February 20, 2001, and as amended and restated by agreement dated February 20, 2001, and as
further amended by a second amendment dated February 20, 2001 and further amendments made as of October 1, 2001, April 10, 2006, and May 26, 2006, including the CRA Master Plan as defined in such permit, as assigned by
Tenant to Landlord, with the consent of the Minister as same may be restated, extended, supplemented, replaced and reviewed from time to time. 
 “Cypress Premises” shall mean all of those lands to which Landlord has been granted rights of use pursuant to the Cypress Permit including, without limitation, the Controlled Recreation Area and those portions thereof
referred to as the Alpine Ski Area, the Nordic Ski Area, the Parking Facilities, and the Maintenance Areas as well as the Surrounding Lands, all as described and defined in the Cypress Permit. 
 “Date of Taking” shall mean the date the Expropriator has the right to possession of the Cypress Premises, or any portion thereof in
connection with a Expropriation. 
 “Default” shall mean any event or condition existing which with the giving of notice
and/or lapse of time would ripen into an Event of Default. 
 “Emergency Requirements” shall mean any of the following
events or circumstances: (a) an emergency threatening the Cypress Premises or Improvements, or the life, safety or property of its tenants, subtenants, customers, invitees or employees; (b) a violation of any Legal Requirement or any
condition, the continuation of which would subject Tenant or Landlord to civil or criminal liability. 
  

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 “Entity” shall mean any corporation, general or limited partnership, limited liability
company, limited liability partnership, stock company or association, joint venture, association, company, trust, bank, trust company, land trust, business trust, cooperative, Governmental Agency or political subdivision thereof or any other
association or entity. 
 “Environment” shall mean soil, surface waters, ground waters, land, streams, sediments, surface or
subsurface strata and ambient air. 
 “Environmental Claims” means all claims for reimbursement, remediation, abatement,
removal, clean up, contribution, personal injury, property damage or damage to natural resources made by any Government Agencies or other Person arising from or in connection with the (i) presence or actual or potential spill, leak, emission,
discharge or release of any Hazardous Materials over, on, in, under or from the Cypress Premises, or (ii) violation of any Environmental Laws with respect to the Cypress Premises. 
 “Environmental Laws” shall mean any Applicable Laws which regulate the manufacture, generation, formulation, processing, use, treatment,
handling, storage, disposal, distribution or transportation, or an actual or potential spill, leak, emission, discharge or release of any Hazardous Materials, pollution, contamination or radiation into any water, soil, sediment, air or other
environmental media, including, without limitation, the Canada Environmental Assessment Act (Canada), the Transportation of Dangerous Goods Act (Canada), the Waste Management Act (British Columbia), the Contaminated Sites Regulation Act (British
Columbia) and all other federal, regional, provincial and local laws, as amended as of the time in question. 
 “Environmental
Liabilities” means all liabilities under any Environmental Laws arising from or in connection with the Cypress Premises, including, without limitation, any obligations to manage, control, contain, remove, remedy, respond to, clean up or
abate any actual or potential spill, leak, emission, discharge or release of any Hazardous Materials, pollution, contamination or radiation into any water, soil, sediment, air or other environmental media. 
  

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 “Event of Default” shall have the meaning given such term in Section 12.1.

 “Expropriation” shall mean (a) the exercise of any governmental power with respect to the Cypress Premises, whether
by legal proceedings or otherwise, by an Expropriator of its power of condemnation or expropriation, (b) a voluntary sale or transfer of the Cypress Premises by Landlord to any Expropriator, either under threat of expropriation or while legal
proceedings for expropriation are pending, or (c) a taking or voluntary conveyance of all or part of the Cypress Premises, or any interest therein, or right accruing thereto or use thereof, as the result or in settlement of any expropriation
proceeding affecting the Cypress Premises, whether or not the same shall have actually been commenced. 
 “Expropriator”
shall mean the Province, or any other public or quasi-public authority, or Person having the power of Expropriation. 
 “Extension
Terms” shall have the meaning given such term in Section 2.5. 
 “Financial Indebtedness” means any
indebtedness or liability, direct or indirect, absolute or contingent, for or in respect of any borrowed money, any guarantee of borrowed money or any indemnity or reimbursement obligations with respect to a letter of credit, including indebtedness
under a debt instrument given in payment of the purchase price of an investment. 
 “Financial Statements” shall mean a
balance sheet, profit and loss statement, statement of shareholders equity, and cash flow statement for the Premises and the operations thereon, all prepared in accordance with GAAP consistently applied. 
 “Fiscal Year” shall mean each calendar year ending at midnight on December 31 of each calendar year during the Term, or part
thereof. 
  

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 “Fixed Term” shall have the meaning given such term in Section 2.4. 
 “GAAP” means United States generally accepted accounting principles applied on a consistent basis, as such principles may be duly
modified from time to time where appropriate. 
 “Government Agencies” shall mean any court, agency, authority, board
(including, without limitation, environmental protection, planning and zoning), bureau, commission, department, office or instrumentality of any nature whatsoever of any governmental or quasi-governmental unit of Canada, the Province or the local
jurisdiction in which the Cypress Premises is located or any political subdivision of any of the foregoing, whether now or hereafter in existence, having jurisdiction over Tenant or the Cypress Premises or any portion thereof or the Leased Property
operated thereon. 
 “Gross Revenues” means, subject to the exclusions listed below, all collected, recovered or accrued
revenue and income from the operation of the Cypress Premises and properly attributable to the Fiscal Year under consideration, determined without duplication and in accordance with GAAP and, for purposes of greater certainty, Gross Revenues shall
include, but shall not be limited to: 
  

	 	(i)	 the revenues and payments received, recovered or accrued from any party, including, without limitation, amounts for ski passes, parking, chair lift tickets, tow
rope tickets, locker rental, equipment rental, snowmobile rental, instruction classes for skiing and other activities, filming and photograph licenses, hiking permits, cabin rentals, food and beverage services, rent and fees from subtenants,
concessionaires and the like, services provided to the Province and any third parties, and amounts received pursuant to the VANOC Agreement other than as payment or reimbursement for the Tenant’s design, construction, procurement or 

  

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installation of Improvements on behalf of VANOC as contemplated by the VANOC Agreement or any agreement, contract or other instrument that is entered into
between VANOC and the Tenant in respect of the Improvements contemplated by the VANOC Agreement (as such may hereafter be amended or modified). 

  

	 	(ii)	the net proceeds of use and occupancy or business interruption insurance with respect to the operation of the Cypress Premises and Leased Property (after deduction from said
proceeds of all necessary expenses incurred in the adjustment or collection thereof); and 

  

	 	(iii)	any amounts under the terms of any other shared services agreements, licenses, easements or servitudes relating to the Cypress Premises; 

 Gross Revenues shall not include: 
  

	 	A.	Sales tax or similar charges which are required by law to be collected directly from sublessees, if any, or as part of the sale price of any goods or services or displays and which
must be remitted to competent governmental taxing authorities; 

  

	 	B.	proceeds or awards arising from a taking or Expropriation of capital property other than an award for temporary use; 

  

	 	C.	receipts or credits for settlement of claims for loss or damage to personal property or furnishings; 

  

	 	D.	proceeds from any insurance policy except for the net proceeds of use and occupancy or business interruption insurance; 

  

	 	E.	receipts of a capital nature; 

  

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	 	F.	receipts collected by Tenant on behalf of and which are remitted to another person, and not properly recordable as “revenues” according to GAAP; and

  

	 	G.	amounts received for the sale of goods or services by subtenants and concessionaires, unaffiliated with Tenant, who pay rent or fees to Landlord for the privilege of such subtenancy
or concession. 

 “Hazardous Materials” shall mean and include any substance or material containing one or
more of any of the following: “hazardous material,” “hazardous waste,” “hazardous substance,” “regulated substance,” “petroleum,” “pollutant,” “contaminant,” “polychlorinated
biphenyls,” “lead or lead-based paint” or “asbestos” as such terms are defined in any applicable Environmental Law in such concentration(s) or amount(s) as may impose clean-up, removal, monitoring or other responsibility
under the Environmental Laws, as the same may be amended from time to time, and any other substance or material (including, without limitation, mould) which may present a significant risk of harm to customers, invitees or employees of the Tenant.

 “Impositions” shall mean collectively, all fees and other amounts payable under or pursuant to the Cypress Permit, and
all taxes (including, without limitation, all taxes imposed under the laws of the Province and the local jurisdiction in which the Cypress Premises is located, as such laws or regulations may be amended from time to time, and all ad valorem, sales
and use, single business, gross receipts, transaction privilege, rent or similar taxes as the same relate to or are imposed upon Landlord, Tenant or the businesses conducted upon the Cypress Premises), Tax on Capital, surtaxes, assessments
(including, without limitation, all assessments for public improvements or benefit, whether or not commenced or completed prior to the date hereof), all assessments, water, sewer or other rents and charges, excises, tax levies, fees 

  

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(including, without limitation, license, permit, inspection, authorization and similar fees), and all other governmental charges, in each case whether
general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character in respect of the Cypress Premises, the Leased Property, or the businesses conducted thereon by Tenant or any subtenants (including all interest and
penalties thereon due to any failure in payment by Tenant or any subtenants), which at any time prior to, during or in respect of the Term hereof may be assessed or imposed on or in respect of or be a lien or hypothecation upon
(a) Landlord’s interest in the Cypress Premises, (b) the Cypress Premises or any part thereof or any rent or fees therefrom or any estate, right, title or interest therein, or (c) any occupancy, operation, use or possession of,
or sales from, or activity conducted on, or in connection with the Cypress Premises or Leased Property or the leasing or use of the Cypress Premises or Leased Property or any part thereof by Tenant or any subtenants, if any; provided, however, that
nothing contained herein shall be construed to require Tenant to pay: (i) any income tax of Landlord, (ii) any transfer fee or other tax imposed with respect to the sale, exchange or other disposition by Landlord of the Cypress Permit, the
Leased Property or the proceeds thereof, (iii) any single business, gross receipts tax (from any source other than the rent received by Landlord from Tenant), or similar taxes as the same relate to or are imposed upon Landlord, except to the
extent that any tax, assessment, tax levy or charge that would otherwise be an Imposition under this definition which is in effect at any time during the Term hereof is totally or partially repealed, and a tax, assessment, tax levy or charge set
forth in clause (i) or (ii) preceding is levied, assessed or imposed expressly in lieu thereof, (iv) any interest or penalties imposed on Landlord as a result of the failure of Landlord to file any return or report timely and in the
form prescribed by law or to pay any tax or imposition, except to the extent such failure is a result of a breach by Tenant of its obligations pursuant to this Lease, (v) any 

  

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Impositions imposed on Landlord that are a result of Landlord not being considered a “Canadian Resident Person” as defined in the Income Tax Act
(Canada), (vi) any Impositions that are enacted or adopted by their express terms as a substitute for any tax that would not have been payable by Tenant pursuant to the terms of this Lease, or (vii) any Impositions imposed as a result of a
breach of covenant or representation by Landlord in any agreement entered into by Landlord governing Landlord’s conduct or operation or as a result of the negligence or willful misconduct of Landlord. 
 “Improvements” shall mean those affixed buildings, fixtures, structures and other improvements within the Cypress Premises that
constitute real property or fixtures under Applicable Law, over which Landlord has rights of use, occupancy, or control under the terms of the Cypress Permit, including all Improvements hereafter to be constructed at the Cypress Premises under the
terms of the VANOC Agreement to be dealt with in accordance with the provisions of Section 5.4 or otherwise. 
 “Indemnifier” shall mean Boyne USA, Inc., a Michigan corporation, its successors and permitted assigns. 
 “Indemnity” shall mean the Guaranty Indemnity Agreement made by Indemnifier in favour of Landlord of even date herewith, as such may be modified or amended from time to time in accordance with its terms. 
 “Initial Landlord Expenditure” is CDN $19,719,827.86, which is the agreed amount allocated to Landlord’s Expenditures in connection
with the acquisition of the Cypress Permit and the Improvements. 
 “Initial Minimum Rent” shall mean with respect to any
Fiscal Year an amount equal to the product of: (a) the Initial Landlord Expenditure; and (b) the Originally Agreed Lease Rate 

  

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for such Fiscal Year. Initial Minimum Rent, on an annual basis, shall be CDN $2,021,282.36 from the date of this Lease until December 31, 2006 (10.25%
times the Initial Landlord Expenditure). 
 “Insurance Requirements” shall mean all terms of any insurance policy required
by this Lease and all requirements of the issuer of any such policy and all orders, rules and regulations and any other requirements of the National Board of Fire Underwriters in Canada as well as any such demand under the Secured Loan Documents or
any other body exercising similar functions binding upon Landlord, Tenant or the Cypress Premises. 
 “Insurance Retention”
shall have the meaning given such term in Section 9.3B. 
 “Interest Rate” shall mean an annual rate of interest equal
to, as of the date of determination, the Originally Agreed Lease Rate plus two hundred (200) basis points. 
 “Landlord
Expenditure” shall mean any expenditure made by Landlord in connection with the Landlord’s investment in the Leased Property, including without limitation each amount expended by Landlord to fund the cost of any excess Capital
Expenditure pursuant to Section 5.3 of the Lease. Landlord and Tenant agree and confirm upon execution of this Lease that the Landlord’s Expenditure in connection with Landlord’s acceptance of the Leased Property is the Initial
Landlord Expenditure. Additional Landlord Expenditures after the date hereof are referred to as “Additional Landlord Expenditures”. Landlord shall notify Tenant in writing of each Additional Landlord Expenditure subsequent to the date of
this Lease, which amount shall be final and conclusive in the absence of manifest error. 
 “Landlord Liens” shall mean
Liens on or against the Cypress Permit, the Cypress Premises or any payment of Rent (a) which result from any act of, or any claim against, Landlord or the Province which result from any violation by Landlord of any terms of this Lease, or
(b)

  

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which result from Liens in favour of any taxing authority by reason of any tax owed by Landlord or the Province; provided, however, that “Landlord
Lien” shall not include any Lien resulting from any tax for which Tenant is obligated to pay or indemnify Landlord against until such time as Tenant shall have already paid to or on behalf of Landlord the tax or the required indemnity with
respect to the same. 
 “Lease” shall mean this Sub-permit and Lease Agreement, including all Exhibits hereto, as it and
they may be amended from time to time as herein provided. 
 “Lease Rate” shall mean that percentage rate agreed by Landlord
and Tenant to be applicable to a given Landlord Expenditure for the calculation of Minimum Rent. The Lease Rate applicable to the Initial Landlord Expenditures on or prior to the date of this Lease shall be the Originally Agreed Lease Rate. The
Lease Rate applicable to each Landlord Expenditure subsequent to the date of this Lease shall be the Subsequently Agreed Lease Rate. 
 “Lease Year” shall mean any Fiscal Year during the Term and any partial Fiscal Year at the beginning or end of the Term. 
 “Leased Property” shall mean all of the Improvements and the non-exclusive right to use and occupy the Cypress Premises pursuant to the Cypress Permit. 
 “Legal Requirements” shall mean all federal, provincial, municipal and other governmental statutes, laws, rules, orders, regulations,
safety standards, ordinances, judgments, decrees and injunctions affecting the Cypress Premises or the maintenance, construction, alteration or operation thereof, whether now or hereafter enacted or in existence, including, without limitation,
(a) all regulations and processes required as a result of the Cypress Premises being located in Cypress Provincial Park, (b) all Environmental Laws, and (c) all applicable safety code requirements, imposed by Government Agencies and
(e) all permits, licenses, 

  

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authorizations, certificates and regulations necessary to operate the Cypress Premises and Leased Property for its Permitted Use, and (f) all covenants,
agreements, declarations, restrictions and encumbrances contained in any instruments at any time in force affecting the Cypress Premises or the Leased Property as of the date hereof, or to which Tenant has consented or required to be granted
pursuant to Applicable Laws, including those which may (i) require material repairs, modifications or alterations in or to the Cypress Premises or Leased Property or (ii) in any way materially and adversely affect the use and enjoyment
thereof, but excluding any requirements arising as a result of Landlord’s or any Affiliated Person of Landlord’s status as a real estate investment trust. 
 “Licenses and Permits” shall mean all licenses, permits, consents, authorizations, approvals, registrations and certificates issued by any Governmental Agency which are held by Landlord with respect
to the Cypress Premises or the Leased Property, including, without limitation, those necessary for the construction, use or occupancy of the Cypress Premises or the Leased Property, to the extent that the same are transferable, together with any
deposits made by Landlord thereunder to the extent that they are transferable but specifically excluding from this definition the Cypress Permit. 
 “Lien” shall mean any mortgage, hypothecation, security interest, pledge, collateral assignment, or other encumbrance, lien or charge of any kind, or any transfer of property or assets for the purpose of subjecting the same
to the payment of Financial Indebtedness or performance of any other obligation in priority to payment of its general creditors. 
 “Major Destruction” shall mean damage to the Improvements resulting in a cost of repair, replacement or rebuilding of such damaged portion of the Leased Property, as reasonably estimated by Landlord, that will exceed
U.S.One Million Dollars (U.S.$1,000,000.00), and at the 

  

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time of such damage there remain less than two (2) years to the expiration of the Term of this Lease; provided, however, that if the Tenant is entitled
to an Extension Term and agrees in writing that this Lease shall not be terminated at the end of the Term but shall be extended through the next Extension Term, then such damage shall not be deemed a “Major Destruction.” 
 “Management Agreement” shall have the meaning set forth in Section 5.6 of this Lease. 
 “Minimum Rent” shall mean with respect to any Fiscal Year an amount equal to the sum of: (a) the Initial Minimum Rent; and
(b) the Additional Minimum Rent. 
 “Minister” means the Minister of Environment or such other Minister from time to
time as defined in, and having responsibility for the Cypress Permit; 
 “Notice” shall mean a notice given in accordance
with Section 19.10. 
 “Officer’s Certificate” shall have the meaning given such term in Section 3.1B

 “Originally Agreed Lease Rate” shall mean the Lease Rate noted below with respect to each of the following Fiscal Years:

 10.25% from the date of this Lease until December 31, 2006; 
 10.50% from January 1, 2007 through December 31, 2007; 
 10.75% from January 1, 2008 through December 31, 2008; 
 11.00% from January 1, 2009 through
December 31, 2009; 
 11.25% from January 1, 2010 through December 31, 2010; 
 11.50% from January 1, 2011 through December 31, 2011; 
 11.75% from January 1, 2012 through December 31, 2012; 
 12.00% from January 1, 2013 through
December 31, 2013; 
 12.25% from January 1, 2014 through December 31, 2014; 
 12.50% from January 1, 2015 through December 31, 2015; 
  

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 12.75% from January 1, 2016 through December 31, 2016; and 
 13.00% from January 1, 2016 through the remainder of the Lease Term and any Extension Term. 
 “Partial Destruction” shall mean any damage to a portion of the Leased Property which is not a Major Destruction. 
 “Percentage Rent” shall have the meaning given such term in Section 3.1.B. 
 “Permitted Encumbrances” shall mean all rights, restrictions, easements, and agreements affecting the Cypress Premises on the date of
this Lease, or hereafter imposed thereon pursuant to the Cypress Permit or the VANOC Agreement, or with the written consent of Landlord and Tenant. 
 “Permitted Use” shall mean only such use of the Cypress Premises permitted pursuant to Section 4.1A. 
 “Person” shall mean any individual or Entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such Person where the context so admits. 
 “Personal Property” shall mean all of those items of furniture, equipment and other tangible personal property owned by CNL TRS or
Landlord and located at or used or usable in connection with the Premises, including without limitation all items of personal property described in the Personal Property Schedule attached to the Personal Property Lease as Exhibit “A”, as
such items of personal property are modified, replaced, altered and added to. Personal Property shall include, but is not limited to, all items of personal property hereafter purchased with funds from the capital renewals reserve established under
the Personal Property Lease. For greater certainty, Personal Property does not include any property that is, or may become, a Retained Business Asset as defined in, and pursuant to, the terms of the Turnover Agreement. 
  

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 “Personal Property Lease” means that certain Personal Property Lease Agreement by and
between Tenant and CNL TRS pursuant to which the Personal Property owned by CNL TRS and located at or used in connection with the operations at the Cypress Premises is leased by Tenant. 
 “Province” shall mean the Province of British Columbia. 
 “Re-letting Expenses” shall have the meaning given such term in Section 12.2. 
 “Rent” shall mean, collectively, the Minimum Rent, Percentage Rent and Additional Charges. 
 “Replacement
Value” shall mean the costs of repairing, replacing or reinstating any item of property with materials of like kind and quality on the same or similar site without deduction for physical, accounting or any other depreciation. 
 “Revenue Audit” shall have the meaning given such term in Section 3.2. 
 “Sales Tax” means all goods and services taxes, sales taxes, multi-stage sales taxes, use or consumption taxes, business transfer taxes,
value added or transaction taxes and any other existing or future tax imposed with respect to any amount payable by Tenant to Landlord under this Lease other than Withholding Tax. 
 “Secured Loan” shall mean any loan made by the Secured Party to Landlord secured by a mortgage or collateral assignment against the
Cypress Permit or Leased Property, in whole or in part, from time to time as said Secured Loan is amended, extended, renewed, supplemented and/or replaced from time to time. 
 “Secured Loan Agreement” shall mean any loan agreement evidencing and/or governing any Secured Loan made by a Secured Party to Landlord
from time to time as said agreement is amended, extended, renewed, supplemented and/or replaced from time to time. 
  

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 “Secured Loan Documents” shall mean the Security Instrument, the Secured Loan Agreement
and any note or notes evidencing the Secured Loan secured by the Security Instrument as well as all guarantees and/or indemnities executed and/or delivered in connection therewith and any and all other documents evidencing, securing, governing or
otherwise entered into in connection with the Secured Loan as such agreements, guarantees and/or indemnities may be amended, extended, renewed, supplemented and/or replaced from time to time. 
 “Secured Party” shall mean an institutional lender which is the holder of any Security Instrument and its successors and assigns.

 “Security Instrument” shall mean any mortgage, debenture, charge, hypothecation, deed of trust, or security document
encumbering Landlord’s interest in the Cypress Permit, the Leased Property, and/or this Lease from time to time as said instrument is amended, extended, renewed, supplemented and/or replaced from time to time. 
 “Skylift” shall mean Gatlinburg Skylift, LLC, a Michigan limited liability company, its successors and assigns. 
 “Skylift Lease” shall mean that certain Sublease Agreement dated as of December 22, 2005, by and between CNL Gatlinburg
Partnership, LP, as sublessor and Skylift, as sublessee. 
 “Sole Discretion” shall mean, in each instance, discretion
exercised by the relevant party in its sole subjective and unfettered discretion which discretion may be exercised unreasonably and/or arbitrarily. 
 “Subsequently Agreed Lease Rate” shall mean the Lease Rate agreed by Landlord and Tenant as applicable to each Landlord Expenditure made by Landlord subsequent to the Initial Landlord Expenditure, for purposes of
calculating Additional Minimum Rent. In the absence of written agreement by Landlord and Tenant as to the amount of the Subsequently Agreed Lease Rate, Landlord and Tenant agree that the Subsequently Agreed Lease Rate applicable to a given Landlord
Expenditure shall be the Originally Agreed Lease Rate. 
  

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 “Subsidiary” shall mean, with respect to any Person: (i) any corporation of which
more than 50% of the outstanding capital stock having ordinary voting power to elect the majority of the board of directors of such corporation is at the time directly or indirectly owned by (A) such Person, (B) such Person and one or more
corporations each of which is Controlled by such Person or (C) one or more corporations each of which is Controlled by such Person, or (ii) any limited or general partnership, joint venture, limited liability company, trust or other Entity
as to which (A) such Person, (B) such Person and one or more Persons referred to in clause (i) above or (C) one or more Persons referred to in clause (i) above owns more than a 50% ownership, equity or similar interest or
has power to direct or cause the direction of management and policies, or the power to elect the general partner or managing partner (or equivalent thereof) of such limited or general partnership, joint venture, limited liability company, trust or
other Entity, as the case may be. 
 “Tax on Capital” shall mean the amount determined by Landlord as the taxes, rates,
duties and/or assessments presently or hereafter payable by, levied upon, rated upon, charged to and/or assessed against the permittee and/or sub-permittee from time to time of the Cypress Premises (or if the permittee or sub-permittee of the
Cypress Premises at any time is a trust, the beneficiaries of such trust, or if the Landlord permitted or sub-permitted of the Cypress Premises at any time is a partnership, the partners of such partnership, or if there is more than one owner, by
each of them), under any legislation of any authority having jurisdiction now or hereafter in effect imposing taxes on account of capital, taxable capital or capital of the owner of the Cypress Premises (or such partners, beneficiaries or persons)
which it (or they) have employed or 

  

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invested, directly or indirectly, in the Cypress Premises, including, without limitation, the amount payable in respect of the tax commonly known as large
corporation tax payable under Part 1.3 of the Income Tax Act (Canada), as amended or replaced from time to time. If the permittee of the Cypress Premises (or, if applicable, the partners of the partnership or beneficiaries of the trust which is the
permittee of Cypress Premises) owns (or own) more than one property, the amount of the taxes herein referred to which shall constitute Tax on Capital will be determined on the basis of an allocation of such taxes among such properties made by
Landlord, acting reasonably, and subject to review by the Tenant. 
 “Term” shall mean, collectively, the Fixed Term and the
Extension Terms, to the extent properly exercised pursuant to the provisions of Section 2.5, unless sooner terminated pursuant to the provisions of this Lease. 
 “Turnover Agreement” shall mean that certain “Turnover Agreement” of even date herewith made by and among Tenant, and CNL TRS with respect to the turnover by Tenant to CNL TRS of certain
“Retained Business Assets” as more particularly described therein, upon the expiration or termination of this Lease, as such agreement may be amended, modified and/or supplemented from time to time. 
 “VANOC” shall mean the Vancouver Organizing Committee For The 2010 Olympic And Paralympic Winter Games - Comite D’Organisation Des
Jeux Olympiques Et Paralympiques D’Hiver De 2010 A Vancouver, a corporation organized under the laws of Canada and its successors and assigns. 
 “VANOC Agreement” shall mean that certain Games Venue Agreement dated December 10, 2002, by and between Tenant and Vancouver 2010 Bid Corporation, a corporation organized under the laws of the Province of British
Columbia, as amended by an Amending Agreement dated May 26, 2003, which VANOC Agreement was assumed by VANOC, as such agreement may be further amended, modified, restated or replaced from time to time. 
  

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 “Withholding Tax” has the meaning given to it in Section 3.8. 
 1.2. Affiliates. In this Lease, two entities are “Affiliates” if (i) one of the entities is a Subsidiary of the other
Entity, (ii) both of the entities are Subsidiaries of the same Entity, (iii) both of the entities are Controlled by the same Person or Entity, (iv) one of the entities is a partnership and the other Entity is its general partner, or
(v) one of the entities is a trust and the other Entity is its beneficiary, and where a Person is an Affiliate of two entities each of those entities will be Affiliates of each other (for greater certainty, a partnership and a trust shall be
deemed to be entities for the purpose of the foregoing). 
 2. SUB-PERMIT, LEASE AND TERM 
 2.1. Sub-Permit. Upon and subject to the terms and conditions hereinafter set forth, Landlord hereby appoints Tenant as sub-permittee
under the Cypress Permit to carry out all of the obligations of the permittee thereunder and in connection therewith Landlord hereby grants a sub-permit to and in favour of Tenant including the right to use and occupy the Cypress Premises for the
purposes and subject to the limitations and conditions set forth in the Cypress Permit and in this Lease. Tenant hereby covenants and agrees to pay and perform all obligations of the “Permittee” as provided for in the Cypress Permit.

 2.2. Lease of Improvements. Landlord hereby leases to Tenant, and grants to Tenant the right to use and occupy, the
Improvements located at the Cypress Premises, subject to the limitations and conditions set forth in the Cypress Permit and in this Lease. Tenant confirms that Tenant has inspected the Cypress Premises and the Leased Property and has reviewed the
Permitted Encumbrances, and all related agreements and documentation. In that regard, Tenant 

  

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acknowledges and agrees that it is leasing and/or assuming Landlord’s relevant interests in the Permitted Encumbrances, the Cypress Premises and the
Leased Property, “AS IS/WHERE IS.” LANDLORD MAKES ABSOLUTELY NO WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Tenant agrees to indemnify and hold Landlord and
Landlord’s agents, employees, officers, and directors harmless from and against, any and all Claims, including any and all attorneys’ fees and legal expenses, arising from or caused directly or indirectly by any actual or alleged use,
possession, maintenance, condition (whether or not latent or discoverable), operation, location, delivery or transportation of any of the Leased Property. This indemnity remains in full force notwithstanding the termination or expiration of this
Lease, but will be released as to the original Tenant at the time of any Transferee’s assumption of this Lease and release of original Tenant if provided pursuant to Section 15.1C. 
 2.3. Authority of Tenant Under Cypress Permit and VANOC Agreements. The Landlord hereby appoints the Tenant to carry out all of the
obligations of Landlord under each of the Cypress Permit and the VANOC Agreement. The Tenant is authorized and hereby covenants and agrees to carry out on behalf of the Landlord, and shall otherwise perform all obligations of the Landlord under the
Cypress Permit and the VANOC Agreement, at the sole cost and expense of the Tenant. The authority herein granted shall include the power to administer and manage the day to day responsibilities of Landlord and of the other parties to the Cypress
Permit and VANOC Agreement, and to do any act and to make any decision with respect the Cypress Permit and the VANOC Agreement necessary to carry out such obligations. Such authority shall at all times be exercised by Tenant in the best interests of
the Landlord. The Province and VANOC shall have the right to assume that Tenant is authorized to take such action and make any decision with respect to Landlord’s obligations under the Cypress Permit and VANOC Agreement, and may act in reliance
thereupon. 
  

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 2.4. Fixed Term. The initial term of this Lease (the “Fixed Term”)
shall commence on the Commencement Date and shall expire on March 31, 2026 unless sooner terminated in accordance with the provisions hereof. 
 2.5. Extension Terms. Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for four (4) consecutive extension terms of five (5) years each (each being an
“Extension Term”) (the latter of which Extension Term is subject to the renewal of the Cypress Permit in accordance with its terms), unless Tenant elects, by providing Notice to Landlord not sooner than thirty (30) months and
no later than twenty-four (24) months prior to the scheduled expiration of the Fixed Term or the current Extension Term, as applicable, to not extend and to terminate this Lease and the Personal Property Lease upon the expiration of the then
fixed Term or the current Extension Term as the case may be. In any event this Lease shall terminate upon expiration of the initial term of the Cypress Permit if such term of the Cypress Permit is not renewed or extended. Notwithstanding the
foregoing, in the event that Skylift elects not to extend and to terminate the Skylift Lease with respect to any extension term of the Skylift Lease, or if the Skylift Lease is terminated for any other reason, then at Landlord’s option the
Tenant shall immediately lose the right to any additional Extension Terms under this Lease. Any such Notice of non-extension and termination shall, if given, be irrevocable, but Tenant’s failure to give any such notice of non-extension and
termination shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof but subject to the provisions of the Buyback Option. Each Extension Term shall commence on the day succeeding the
expiration of the Fixed Term or the preceding 

  

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Extension Term, as the case may be. All of the terms, covenants and provisions of this Lease shall apply to each such Extension Term providing Tenant shall
have no right to extend the Term beyond the expiration of the fourth and final Extension Term. 
 3. RENT 
 3.1. Rent. Tenant shall pay to Landlord or to any other Person designated in writing to Tenant by Landlord (including any payments on
behalf of and as agent for the Landlord as directed in writing by the Landlord, all of which amounts shall be deemed to be paid to Landlord), by wire transfer of immediately available federal funds or by other means acceptable to Landlord, acting
reasonably, in lawful money of Canada which shall be legal tender for the payment of public and private debts, without offset, abatement, demand or deduction, Rent during the Term of this Lease as follows: 
 A. Tenant shall pay to Landlord monthly Minimum Rent in advance equal to one-twelfth (1/12th) of the annual amount of Minimum Rent applicable for a Lease Year beginning on the Commencement Date and continuing on the first (1st) day of each
calendar month thereafter; provided, however, that Minimum Rent shall be prorated as to any Lease Year which is less than twelve (12) calendar months and as to any partial calendar months, and Additional Minimum Rent shall be prorated to the
extent that a Landlord Expenditure is made on a date other than the first day of a Lease Year or the first day of a calendar month. 
 B. Tenant shall pay to Landlord percentage rent (“Percentage Rent”) calculated for each calendar year at Five and six tenths percent (5.6%) of Gross Revenues exceeding CDN$7,200,000.00 in the first partial calendar
year, and exceeding CDN$12,000,000.00 in each calendar year thereafter. Percentage Rent shall be payable 

  

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annually in arrears commencing on or before the thirtieth (30th) day after the end of the first full calendar year and continuing on the thirtieth
(30th) day after the end of each calendar year during the Term hereof. Landlord and Tenant expressly
acknowledge and agree that the applicable percentage under this Section 3.1B, beginning with the eleventh (11th) calendar year following the Commencement Date shall be reset by Landlord to achieve an equivalent yield (which shall in any event not be less than the aggregate amount of Percentage Rent received by Landlord in the Lease Year
preceding such reset), adjusted to reflect changes in Gross Revenues and in non-controllable expenses (including, without limit, real estate taxes, and insurance and utility costs) and on the tenth (10th) anniversary and each fifth (5th) anniversary thereafter through the end of the Lease Term and any Extension Term. Tenant shall deliver to Landlord a Certificate from a senior officer of Tenant (an “Officer’s Certificate”) with each
Percentage Rent payment (or, if no Percentage Rent is then payable, on the due date therefore) setting forth the calculation of the Percentage Rent payment for the most recently completed calendar year in the Term. Percentage Rent shall be subject
to confirmation and adjustment, if applicable, as set forth in Section 3.2. 
 3.2. Confirmation of Percentage
Rent. Tenant shall utilize, or cause to be utilized, an accounting system for the Tenant’s operations at Cypress Premises in accordance with customary industry practices, and in accordance with GAAP, that will accurately record
all data necessary to compute Percentage Rent, and Tenant shall retain, for at least five (5) years after the expiration of each Lease Year, reasonably adequate records conforming to such accounting system showing all data necessary to conduct
Landlord’s Audit and to compute Percentage Rent for the applicable Lease Year. Landlord shall have the right, for a period of two (2) years 

  

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following each Lease Year, from time to time, by its accountants or representatives at its cost, to audit such information in connection with Landlord’s
Audit, and to examine all Tenant’s records (including supporting data and sales and excise tax returns) reasonably required to complete Landlord’s Audit and to verify Percentage Rent, subject to any prohibitions or limitations on
disclosure of any such data under Legal Requirements. Tenant shall produce all such Tenant records at the Cypress Premises, or otherwise in a single location in Vancouver, British Columbia. If any Landlord’s Audit discloses a deficiency in the
payment of Percentage Rent, and either Tenant agrees with the results of Landlord’s Audit or the matter is otherwise determined or compromised, Tenant shall forthwith pay to Landlord the amount of the deficiency, as finally agreed or
determined, together with interest at the Interest Rate from the date when said payment should have been made to the date of payment thereof. If any Landlord’s Audit discloses a deficiency in the determination or reporting of Gross Revenue,
which, as finally agreed or determined, exceeds five percent (5%), Tenant shall pay the costs of the portion of Landlord’s Audit allocable to the determination of such Revenues (the “Revenue Audit”). Any proprietary information
obtained by Landlord pursuant to the provisions of this Section shall be treated as confidential, except that such information may be used, subject to appropriate confidentiality safeguards, in any litigation or arbitration between the parties and
except further that Landlord may disclose such information to prospective lenders, investors and underwriters and to any other persons to whom disclosure is necessary to comply with applicable laws, regulations and government requirements. The
obligations of Tenant contained in this Section shall survive the expiration or earlier termination of this Lease. Any dispute as to the existence or amount of any deficiency in the payment of Percentage Rent as disclosed by Landlord’s Audit
shall, if not otherwise settled by the parties, be submitted to arbitration. 
  

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 3.3. Additional Charges. In addition to the Minimum Rent and Percentage Rent, Tenant also
will pay and discharge as and when due and payable all other amounts, liabilities, obligations and Impositions, including without limitation all fees and charges due from time to time under the Cypress Permit. In the event of any failure on the part
of Tenant to pay any of those amounts, liabilities, obligations and Impositions, Tenant also will promptly pay and discharge every fine, penalty, interest and cost that may be added for non-payment or late payment of such items (all of the foregoing
amounts, liabilities, obligations and Impositions referred to in this Section 3.3 shall be deemed to be additional rent payable by Tenant hereunder and being referred to herein collectively as the “Additional Charges”), and
Landlord shall have all legal and contractual rights, powers and remedies provided either in this Lease or by statute or otherwise in the case of non-payment of the Additional Charges as in the case of non-payment of the Minimum Rent. If any
installment of Minimum Rent, Percentage Rent or Additional Charges (but only as to those Additional Charges that are payable directly to Landlord) shall not be paid on its due date, Tenant will pay Landlord within fifteen (15) days of demand,
as Additional Charges, an amount equal to the interest computed at the Interest Rate on the amount of such installment, from the due date of such installment to the date of payment thereof. If Tenant fails to timely pay any Additional Charges due to
any third party Entity (e.g. payment for fees required to be paid to the Province on account of the Cypress Permit), Landlord may pay such third party Entity and will be reimbursed by Tenant on demand the amount paid by Landlord, plus interest at
the Interest Rate from the date of such payment by Landlord until reimbursement by Tenant. To the extent that Tenant pays any Additional Charges to Landlord pursuant to the requirements of this Lease, Tenant shall be relieved of its obligation to
pay such Additional Charges to the Entity to which they would otherwise be due and Landlord shall pay the same from monies received from Tenant and any interest or penalties resulting from late payment thereof that is the responsibility of the
Landlord shall be borne by the Landlord. 
  

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 3.4. Payment of Impositions. 
 A. Subject to Article 8 relating to permitted contests, Tenant shall pay, or cause to be paid, all Impositions before any fine, penalty,
interest or cost (other than any opportunity cost as a result of a failure to take advantage of any discount for early payment) may be added for non-payment, such payments to be made directly to the Province and other taxing authorities where
feasible, and shall promptly, upon request, furnish to Landlord copies of official receipts or other reasonably satisfactory proof evidencing such payments. If any such Imposition may, at the option of the taxpayer, lawfully be paid in installments
(whether or not interest shall accrue on the unpaid balance of such Imposition), Tenant may exercise the option to pay the same (and any accrued interest on the unpaid balance of such Imposition) in installments and, in such event, shall pay such
installments during the Term as the same become due and before any fine, penalty, premium, further interest or cost may be added thereto. Landlord, at its expense, shall, to the extent required or permitted by Applicable Law, prepare and file all
tax returns and pay all taxes due in respect of Landlord’s net income, gross receipts (from any source other than the Rent received by Landlord from Tenant), sales and use, single business, ad valorem, franchise taxes and taxes on its capital
stock, and Tenant, at its expense, shall, to the extent required or permitted by Applicable Laws, prepare and file all other tax returns and reports in respect of any Imposition as may be required by Government Agencies. If any refund shall be due
from any taxing authority in respect of any Imposition paid by Tenant, the same shall be paid over to or retained by Tenant if no 

  

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Event of Default shall have occurred hereunder and be continuing. If an Event of Default shall have been declared by Landlord and be continuing, any such
refund shall be paid over to or retained by Landlord to be held by Landlord subject to a resolution of any dispute of same between Landlord and Tenant. Landlord and Tenant shall, upon request of the other, provide such data as is maintained by the
party to whom the request is made with respect to the Cypress Premises as may be necessary to prepare any required returns and reports. It is Landlord and Tenant’s intent that none of the Leased Property be personal property for any purpose,
and in the event Government Agencies classify any property covered by this Lease as personal property, such personal property shall be deemed to be removed from this Lease but will then automatically be added to the leased property under the
Personal Property Lease. Landlord shall provide Tenant with copies of assessment notices in sufficient time for Tenant to prepare a protest, which Landlord shall file upon the Tenant’s request. Landlord may, upon notice to Tenant, at
Landlord’s option and at Landlord’s sole expense, appeal, protest, or institute such other proceedings (in its or Tenant’s name) as Landlord may deem appropriate to effect a reduction of assessments and Tenant shall fully cooperate
with Landlord in such protest, appeal or other action. 
 B. Landlord shall give prompt Notice to Tenant of all Impositions
payable by Tenant hereunder of which Landlord at any time has received notice and as to which Tenant has received no other notice; provided, however, that Landlord’s failure to give any such notice shall in no way diminish Tenant’s
obligation hereunder to pay such Impositions (except that Landlord shall be responsible for any interest or penalties incurred as a result of Landlord’s failure promptly to forward the same). 
  

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 C. In addition, Tenant shall timely pay at or before the time such become due and payable
without duplication, the following with respect to the period from and after the Commencement Date (while remaining solely liable and paying for such during the period prior to the Commencement Date pursuant to the Asset Purchase Agreement):

 (i) Utility Charges. All charges for electricity, power, gas, oil, water and other utilities used in connection with
the Cypress Premises that are not included within the definition of “Impositions”. 
 (ii) Insurance
Premiums. All premiums for the insurance coverage required to be maintained pursuant to Article 9; 
 (iii) Other
Charges. All other amounts, liabilities and obligations arising in connection with the Cypress Permit, the Cypress Premises, the Leased Property and Tenant’s obligations in connection herewith not already covered by the definition of
Impositions, except those obligations expressly assumed by Landlord pursuant to the provisions of this Lease or expressly stated not to be an obligation of Tenant pursuant to this Lease. 
 D. If Tenant pays or causes to be paid any Additional Charges attributable to periods after the end of the Term, whether upon expiration
or sooner termination of this Lease, Tenant may, within a reasonable time after the end of the Term, provide Notice to Landlord of its estimate of such amounts. Landlord shall promptly reimburse Tenant for all payments of such Additional Charges
that are attributable to any period after the Term to the extent not offset by amounts due from Tenant to Landlord. 
 3.5. Late
Payment of Rent, Etc. If any installment of Minimum Rent, Percentage Rent or Additional Charges shall not be paid within five (5) days after its due date, Tenant shall 

  

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pay Landlord, within five (5) days after Landlord’s written demand therefore, as Additional Charges, a late charge (to the extent permitted by law)
computed at the Interest Rate on the amount of such installment, from the due date of such installment to the date of payment thereof. To the extent that Tenant pays any Additional Charges directly to Landlord or any Secured Party pursuant to any
requirement of this Lease, Tenant shall be relieved of its obligation to pay such Additional Charges to the Entity to which they would otherwise be due and Landlord shall pay when due, or cause the applicable Secured Party to pay when due, such
Additional Charges to the Entity to which they are due. In the event of any failure by Tenant to pay any Additional Charges when due, except as expressly provided in Section 3.3 with respect to permitted contests pursuant to Article 8, Tenant
shall promptly pay (unless payment thereof is in good faith being contested and enforcement thereof is stayed) and discharge, as Additional Charges, every fine, penalty, interest and cost which may be added for non-payment or late payment of such
items. Landlord shall have all legal and contractual rights, powers and remedies provided either in this Lease or by statute or otherwise in the case of non-payment of the Additional Charges as in the case of non-payment of the Minimum Rent and
Percentage Rent. 
 3.6. Triple Net Lease. The Rent shall be absolutely net to Landlord so that this Lease shall yield to
Landlord the full amount of the installments or amounts of the Rent throughout the Term, subject to any other provisions of this Lease which expressly provide otherwise. This Lease is a net Sub-Permit and Lease and, except to the extent otherwise
expressly specified in this Lease, it is agreed and intended that Rent payable hereunder by Tenant shall be paid without notice, demand, counterclaim, setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction
and that Tenant’s obligation to pay all such amounts, throughout the Term and all applicable Extension Terms is absolute and unconditional and 

  

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except to the extent otherwise expressly specified in this Lease, the respective obligations and liabilities of Tenant and Landlord hereunder shall in no way
be released, discharged or otherwise affected for any reason, including without limitation: (a) any defect in the condition, merchantability, design, quality or fitness for use of the Cypress Premises, the Leased Property or any part thereof;
or the failure of the Cypress Premises or Leased Property to comply with all Applicable Laws, including any inability to occupy or use the Cypress Premises by reason of such non-compliance; (b) any damage to, removal, abandonment, salvage,
loss, Expropriation, theft, scrapping or destruction of or any requisition or taking of the Cypress Premises, the Leased Property or any part thereof, or any environmental conditions on the Cypress Premises or any property in the vicinity of the
Cypress Premises; (c) any restriction, prevention or curtailment of or interference with any use of the Cypress Premises, the Leased Property, or any part thereof, including any interference with the operations at Cypress Premises as
contemplated by the VANOC Agreement; (d) any defect in title to or rights to the Cypress Premises or Leased Property or any Lien on such title or rights to the Cypress Premises or Leased Property; (e) any change, waiver, extension,
indulgence or other action or omission or breach in respect of any obligation or liability of or by any Person; (f) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceedings relating
to Tenant or any other Person, or any action taken with respect to this Lease by any trustee or receiver of Tenant or any other Person, or by any court, in any such proceeding; (g) any right or claim that Tenant has or might have against any
Person, including without limitation Landlord (other than a monetary default) or any vendor, manufacturer, contractor of or for the Cypress Premises or the Leased Property; (h) any failure on the part of Landlord or any other Person to perform
or comply with any of the terms of this Lease, or of any other agreement; (i) any invalidity, 

  

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unenforceability, rejection or disaffirmance of this Lease by operation of law or otherwise against or by Tenant or any provision hereof; (j) the
impossibility of performance by Tenant or Landlord, or both; (k) any action by any court, administrative agency or other Government Agencies; (l) any interference, interruption or cessation in the use, possession or quiet enjoyment of the
Cypress Premises or otherwise; or (m) any other occurrence whatsoever, whether similar or dissimilar to the foregoing, whether foreseeable or unforeseeable, and whether or not Tenant shall have notice or knowledge of any of the foregoing;
provided, however, that the foregoing shall not apply or be construed to restrict Tenant’s rights in the event of any act or omission by Landlord constituting gross negligence or willful misconduct for which the Tenant is not insured or
required to be insured hereunder. Except as specifically set forth in Sections 2.4, 2.5, 10.4 and 18 of this Lease, this Lease shall be non-cancelable by Tenant for any reason whatsoever and, except as expressly provided in Sections 2.4, 2.5, 10.4
and 18 of this Lease, Tenant, to the extent now or hereafter permitted by Applicable Laws, waives all rights now or hereafter conferred by statute or otherwise to quit, terminate or surrender this Lease or to any diminution, abatement or reduction
of Rent payable hereunder. Except as specifically set forth in Sections 5.2 and 5.3 of this Lease, under no circumstances or conditions shall Landlord be expected or required to make any payment of any kind hereunder or have any obligations with
respect to the use, possession, control, maintenance, alteration, rebuilding, replacing, repair, restoration or operation of all or any part of the Cypress Premises, and Tenant expressly waives the right to require any such action at the expense of
Landlord pursuant to any law, except as otherwise expressly set forth in Sections 5.2 and 5.3 of this Lease. 
  

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 3.7. Sales Tax. 
 A. In addition to the Rent payable hereunder, the Tenant will pay to the Landlord, or if required by the Landlord directly to the taxing
authority in the manner specified by the Landlord, the full amount of all Sales Taxes imposed on the Tenant in respect of the Rent payable by the Tenant under this Lease or in respect of the rental of space by the Tenant under this Lease. Sales Tax
so payable by the Tenant will: (i) be calculated by the Landlord in accordance with the applicable legislation; (ii) be paid by the Tenant at the same time as the amounts to which the Sales Tax applies are payable to the Landlord under the
terms of this Lease; and (iii) despite anything else in this Lease, be considered not to be Rent, but the Landlord shall have all of the same remedies for and rights of recovery with respect to such amounts as it has for non-payment of Rent
under this Lease or at law. The Landlord will be responsible for remitting to the appropriate Governmental Authority all Sales Tax paid by Tenant to Landlord pursuant to this Section 3.7A in accordance with applicable legislation. If a deposit
is forfeited to the Landlord, or an amount becomes payable to the Landlord due to a default or as consideration for a modification of this Lease, and the applicable legislation deems a part of the deposit or amount to include Sales Tax, the deposit
or amount will be increased and the increase paid by the Tenant so that the Landlord will receive the full amount of the forfeited deposit or other amount payable without encroachment by any deemed Sales Tax portion. 
 B. All Capital Expenditures including without limitation, all amounts that are expended from the Capital Renewals Reserve or which are
funded by Landlord and expended by Tenant will include Sales Tax payable by Tenant or Landlord, as the case 

  

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may be, less the amount of any credits, rebates, refunds or similar benefits to which Tenant or Landlord, as applicable, is entitled in respect of such
payment of Sales Tax (for the purposes of this Section 3.7, “Net Sales Tax”). For greater certainty, all Capital Expenditures that are approved by the Landlord in accordance with Section 5.2B and expended in accordance with
Section 5.3, will include Net Sales Tax payable in connection with such expenditures and funding, and the amount of such Net Sales Tax will be included in the aggregate additional Landlord Expenditures to be paid by the Tenant in accordance
with Section 5.3. Tenant shall advance to Landlord in trust such amounts as are necessary to satisfy such Net Sales Tax payable. The Landlord will hold such advances in trust and will be responsible for remitting to the appropriate Governmental
Authority all Sales Tax paid by Tenant to Landlord pursuant to this Section 3.7B in accordance with the applicable legislation. 
 C. To the extent that the applicable legislation imposes Sales Tax on Landlord in respect of any services provided by Tenant to the benefit of the Landlord in respect of Capital Expenditures that are approved by the Landlord in accordance
with Section 5.2B or Section 5.3 and expended in accordance with Sections 5.2C or 5.3, Landlord shall advance to Tenant in trust such amounts as are necessary to satisfy such Sales Tax payable under applicable legislation and such advance
will be in addition to, and not included in the amounts described in Section 3.7(B). Tenant will hold such advances in trust and will be responsible for remitting to the appropriate Governmental Authority all Sales Tax payable by Landlord to
Tenant pursuant to this Section 3.7(C) in accordance with the applicable legislation. 
  

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 D. Tenant will be responsible for collecting and remitting any Sales Tax with respect to
the use and occupancy by any of Tenant’s subtenants of the Cypress Premises or any part thereof. 
 E. The Landlord shall
have all of the rights and remedies available to it due to the Tenant’s failure to pay Sales Tax in its entirety and/or in a timely manner as those rights available to the Landlord for a Tenant Event of Default pursuant to Section 12.1(e).

 3.8. Withholding Tax. Notwithstanding anything else in this Agreement including without limitation any prohibition on
abatement, hold-back or set-off of Rent, the Landlord acknowledges and agrees that the Tenant may withhold Rent or other amounts payable to Landlord hereunder, or portions thereof, if it is required to do so by any Applicable Laws including without
limitation pursuant to Part XIII of the Income Tax Act (Canada) as such legislation may be amended, modified, supplemented or replaced (“Withholding Tax”). The Tenant covenants and agrees that the amount of Withholding Tax to be withheld
in respect of amounts to be paid to the Landlord hereunder shall be determined by applying the applicable rate of withholding to the amount available for payment to the Landlord as reflected on the relevant Form NR6 filed with and approved by the
appropriate Governmental Authority in respect of each Lease Year in accordance with Section 8.2. Any amounts so withheld or paid on behalf of or with respect to the Landlord pursuant to this Section 3.8 including such amounts directed to
be paid by the Landlord pursuant to Section 3.1, shall be deemed to have been paid to the Landlord. 
 3.9. Deposit of Prepaid
Minimum Rent. If Tenant at Tenant’s option delivers to Landlord one month’s prepaid Minimum Rent with written direction that the amount is to be held and applied pursuant to the provisions of this Section 3.9 as a
Deposit for payment of Minimum Rent( the “Deposit”), Landlord will put such Deposit in a separate interest bearing 

  

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account, with interest, subject to this Section 3.9, accruing to the benefit of the Tenant and Landlord will not commingle such funds. The Deposit
amount will be applied by Landlord to the payment of Minimum Rent in the event that : (i) Tenant is delinquent in the payment of any installment of Minimum Rent, and (ii) Landlord has delivered to Tenant a written notice of nonpayment of
such installment, and (iii) Tenant has failed to cure the payment default within the cure period allowed in this Lease. Tenant will not be deemed in default for failing to pay any single installment of Minimum Rent so long as Landlord has in
its possession an unapplied Deposit in an amount sufficient to pay in full such delinquent installment. Landlord will notify Tenant in writing of any such application of the Deposit upon such application. At the expiry of this Lease or earlier
termination pursuant to the exercise by the Tenant of its Buyback Option under the Buyback Option Agreement, the Landlord will return to the Tenant any unused Deposit plus all interest accrued thereon, provided the Tenant is current on all Rent
payments. If the Lease is terminated by the Landlord as a result of an Event of Default then the Landlord may apply the Deposit and any accrued interest thereon upon such termination to any damages, losses or costs suffered or incurred by the
Landlord as a result of such Event of Default and termination provided that the Landlord provides to the Tenant written evidence of such damages, losses or costs and returns to the Tenant any unused portion thereof. 
 4. USE OF THE CYPRESS PREMISES. 
 4.1.
Permitted Use. 
 A. Tenant shall at all times during the Term and at any other time that Tenant shall be in use
and occupancy of the Cypress Premises, continuously use and operate the Cypress Premises and the Leased Property solely for commercial purposes in compliance with the terms of the Cypress Permit but recognizing and subject to the VANOC 

  

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Agreement and shall use reasonable commercial efforts to seek to maximize Gross Revenues. Tenant shall not use the Cypress Premises, the Leased Property or
any portion thereof for any other use without the prior written consent of Landlord. No use shall be made or permitted to be made of the Cypress Premises or the Leased Property and no acts shall be done thereon which will cause the cancellation of
any insurance policy covering the Cypress Premises, the Leased Property or any part thereof (unless another adequate policy is available), and Tenant shall not sell or otherwise provide or permit to be kept, used or sold in or about the Cypress
Premises any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost, comply
with all Insurance Requirements. Further, Tenant shall not take or omit to take any action, the taking or omission of which materially impairs the value or the usefulness of the Cypress Premises, the Leased Property, or any part thereof for its
Permitted Use. 
 B. Tenant shall proceed with all due diligence and exercise commercially reasonable efforts to obtain and
maintain all approvals necessary to continuously use and continuously operate the Cypress Premises and Leased Property for its Permitted Use under Applicable Laws. Landlord shall reasonably cooperate with Tenant in this regard, at no expense to
Landlord, including executing all applications and consents required to be signed by Landlord, to which Landlord has no reasonable objection, in order for Tenant to obtain and maintain such approvals. 
 C. Tenant shall not use or suffer or permit the use of the Cypress Premises or Leased Property for any unlawful purpose. Tenant shall not
commit or suffer to be committed any waste on the Cypress Premises, or cause or permit any unlawful nuisance 

  

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thereon or therein. Except as may be required by law or any order of a Court having jurisdiction over the Cypress Premises, Tenant shall not permit the
Cypress Premises, the Leased Property, or any portion thereof, to be used in such a manner as might reasonably impair Landlord’s rights or title thereto or to any portion thereof, or may reasonably allow a claim or claims for adverse usage or
adverse possession by any person or implied dedication of the Cypress Premises, the Leased Property or any material portion thereof provided that any claims of aboriginal rights or title made by or on behalf of any aboriginal group which do not
materially impair the Landlord’s rights or title to the Cypress Premises under the Permit or Tenant’s operations at the Cypress Premises shall not be a breach of this section 4.1. 
 4.2. Compliance with Legal/Insurance Requirements, Etc. Subject to the provisions of Article 8, Tenant, at its sole expense, shall
(i) comply with all Legal Requirements and Insurance Requirements, and with all reasonable requirements of Secured Loan Documents which do not materially impair Tenant’s operations or cause Tenant to incur any substantial expense, in
respect of the use, operation, maintenance, repair, alteration and restoration of the Leased Property, (ii) comply with all Permitted Encumbrances; and (iii) comply with all appropriate licenses, and other authorizations and agreements
(including the VANOC Agreement) required for, or in respect of, any use of the Leased Property, if any, then being made and which are material to the operation of the Leased Property, and for the proper operation and maintenance of the Leased
Property and each part thereof. Notwithstanding the foregoing, the Tenant will have no obligation to comply, or liability for non-compliance, if such non-compliance is a result of the Landlord exercising its discretion not to consent, to the
detriment of the Tenant, to a course of action by the Tenant as requested by the Tenant pursuant to the terms of this Lease. 
  

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 4.3. Environmental Matters. 
 A. In the event of the discovery of Hazardous Materials on any portion of the Cypress Premises during the Term, Tenant shall undertake
appropriate and prudent actions to promptly remove such Hazardous Materials, together with all contaminated soil and containers, and shall otherwise remedy the problem in accordance with all Environmental Laws without duplication in connection with
any other agreements between Tenant and Landlord in respect of indemnification for environmental matters. Tenant shall indemnify, defend and hold Landlord harmless from and against all loss, costs, liability and damage (including, without
limitation, engineers’ and legal fees and expenses, and the cost of litigation) arising from the presence of Hazardous Materials on the Cypress Premises; and this obligation of Tenant shall survive termination of this Lease for the applicable
period of any statute of limitations. 
 B. Each party shall promptly notify the other party concerning the presence of any
Hazardous Materials on or under the Cypress Premises, in violation of Applicable Laws, of which the notifying party has knowledge; provided, however, that unless required by Legal Requirements, the parties shall otherwise maintain such information
confidential. 
 4.4. Negative Covenants. Tenant covenants and agrees with Landlord that Tenant will not during the Term
without the prior written consent of Landlord: 
  

	 	(a)	engage in any activities of a material nature other than the operation of the Cypress Premises and all necessary or advisable activities related thereto; 

 

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	 	(b)	incur, assume or otherwise become liable to pay any Financial Indebtedness other than that certain guaranty granted by the Tenant to JP Morgan Chase Bank, N.A. as administrative
agent for certain banks, LaSalle Bank Midwest National Association, as syndication agent and General Electric Capital Corporation, as co-administrative agent; provided, however, that Tenant may incur, assume or otherwise become liable to pay
Financial Indebtedness up to a maximum of U.S.$1,500,000, in the aggregate for both the Tenant and Skylift, but only for working capital necessary to finance inventory and other working capital needs of Tenant; further provided that in any event
none of such Financial Indebtedness shall be secured by any sublease, assignment, lien, security or other interest in the Tenant’s rights, title or interest under this Lease; 

  

	 	(c)	sell or agree to sell or otherwise dispose of or assign any of its interest in this Lease other than in accordance with the provisions of Section 15.1;

  

	 	(d)	enter into any material agreement or contract involving more than U.S.$100,000.00 in annual cost or value during the initial Lease Year (with such U.S.$100,000 threshold amount to
be increased by three percent (3%), on a compounded basis, for each succeeding Lease Year) that is not approved in advance by the Landlord; 

  

	 	(e)	incur in any calendar year, an aggregate of Capital Expenditures at the Cypress Premises that exceed the aggregate amounts budgeted for Capital Expenditures in the Capital Reserve
Budget (other than Capital Expenditures due to Emergency Requirements and Capital Expenditures approved in advance by Landlord); 

  

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	 	(f)	enter into any joint venture (regardless of the form of joint venture) or any co-ownership arrangement; 

  

	 	(g)	enter into any future sublease in respect of the Cypress Premises in breach of the Secured Loan Documents; or 

  

	 	(h)	enter into any management agreement or leasing agreement with respect to the Cypress Premises or the Leased Property. 

 4.5. Nature Of Relationship. Nothing contained in this Lease shall be deemed to create any relationship between the Landlord and
Tenant other than the relationship of landlord and tenant. 
 4.6. Application of Cypress Permit. Notwithstanding
anything else contained herein, Tenant covenants and agrees in favour of the Landlord that: 
  

	 	(a)	it shall assume, observe, perform and be bound by all of the terms, covenants, conditions, agreements and obligations of the Landlord, as assignee of the VANOC Agreement and as
Permittee under the terms of the Cypress Permit, from time to time, including without limitation the payment of all permit fees under the Cypress Permit. 

  

	 	(b)	it shall not do or neglect to do any act or thing which would bring about any breach of any of the provisions of the Cypress Permit and/or the VANOC Agreement at any time;

  

	 	(c)	it shall comply with the Permitted Encumbrances and all encumbrances in connection with the Cypress Premises and the Leased Property; 

  

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	 	(d)	 all services, utilities, repairs (structural or otherwise), replacements, rebuilding, maintenance, restorations, parking facilities, equipment, security services
and access to and from the Cypress Premises and the Leased Property and any insurance coverage and any other obligations of the Province under the Cypress Permit, if any, deriving from the provisions of the Cypress Permit will in fact be provided by
the Province pursuant to the Cypress Permit or VANOC pursuant to the VANOC Agreement and Landlord shall have no obligation during the Term or ever to provide any such services, utilities, repairs (structural or otherwise), replacements, rebuilding,
maintenance, restorations, parking facilities, equipment, security services, insurance or access and/or to perform such other obligations to the Tenant. Tenant covenants and agrees to look solely to the Province or VANOC for the furnishing of such
services, utilities, repairs (structural or otherwise), replacements, rebuilding, maintenance, restorations, parking facilities, equipment, security services, insurance, access and/or the performance of such other obligations that are to be provided
by the Province under the Cypress Permit. If the Province or VANOC shall default in any of its material obligations to the Landlord with respect to the Cypress Premises and/or the Leased Property, the Landlord at Landlord’s option and expense
may seek to enforce the Landlord’s rights, or the Tenant on behalf of Landlord and at the sole cost, risk and expense of Tenant, may attempt to enforce Landlord’s rights against the Province or VANOC. In the event that Tenant shall seek on

  

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behalf of Landlord to enforce the Permit or the VANOC Agreement, any settlement of such action shall be subject to the prior written consent and approval of
the Landlord, and Tenant shall indemnify and save harmless the Landlord from any costs, liability, damages, or expenses suffered or incurred by Landlord in so doing; 

  

	 	(e)	wherever, in the Cypress Permit or the VANOC Agreement, a covenant benefiting the operations of the Tenant at the Cypress Premises is made by the Province or VANOC, as the case may
be, in favour of the Permittee under the Cypress Permit or the other party under the VANOC Agreement (in each case being the Landlord), for so long as this Lease shall remain in effect and free of a Tenant Event of Default, such covenant shall be
deemed to be made by VANOC or the Province (and not by Landlord) in favour of Tenant as well as Landlord; . 

  

	 	(f)	if any term of this Lease is directly contradictory to any term of the Cypress Permit or the VANOC Agreement, the term of the Permit or the VANOC Agreement, as the case may be,
shall prevail and, without limiting the generality of the foregoing, any requirements of the Minister or any other Government Agency having authority under or pursuant to the Cypress Permit or with respect to the Cypress Premises and including any
statute, regulations, rules, guidelines, ordinances, decrees, treaties, policies or notices having the force of law, shall prevail over the terms of this Lease. 

  

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 4.7. Equipment Lease. Tenant shall not enter into any equipment lease that is not a
capital lease for equipment having a fair market value exceeding U.S.$50,000, or annual lease expense exceeding U.S.$50,000, without the prior written consent of Landlord, and all such Equipment Leases shall expressly authorize a turnover to
Landlord or its designee of such equipment and Equipment Lease pursuant to the terms of the Turnover Agreement. Tenant agrees to turn over delivery of such equipment to Landlord or its designee in good operating condition and repair at the
termination of this Lease. The dollar limits in this Section 4.7 shall increase annually by 3%, compounded annually. 
 4.8.
Limitations on Tenant’s Exercise of Authority. Notwithstanding the appointment and general grant of authority in Section 2.3 above, Tenant agrees with Landlord that, without Landlord’s prior written consent, Tenant shall
not agree to any amendment, modification, restatement, or replacement of, or supplemental agreement with respect to the Cypress Permit or the VANOC Agreement, or to the waiver or termination of any material obligation of any other party thereto.
Without Landlord’s prior written consent, the Tenant will neither perform any act nor make any decision that could result in any material increase in liability to Landlord or adverse financial impact to the Landlord or Tenant. Without limiting
the foregoing, Tenant shall not participate in or permit the construction or installation of any Improvements other than those expressly contemplated by the terms of the VANOC Agreement (as such Agreement may hereafter be modified and amended).
Landlord agrees that it will promptly review any proposed amendment, modification, restatement, replacement, or supplemental agreement with respect to the Cypress Permit or the VANOC Agreement that is recommended by Tenant, and if approved by
Landlord will execute same as and when required or appropriate. Tenant will keep Landlord regularly and timely informed with respect to any 

  

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material acts or decisions made by Tenant affecting the Cypress Permit or VANOC Agreement and as to the performance by Tenant and by the other parties to the
Cypress Permit and VANOC Agreement of the obligations thereunder. Copies of all correspondence by Tenant and its employees, agents and consultants with the Province or VANOC shall be retained by Tenant and delivered to Landlord promptly upon
request. 
 5. REPAIRS, MAINTENANCE AND REPLACEMENTS 
 5.1. Repairs and Maintenance Costs. 
 A. Tenant shall at Tenant’s sole
cost and expense, (i) maintain the Cypress Premises and the Leased Property in good repair and working condition, clean and attractive to tourists and skiers, and in accordance with all safety and maintenance requirements of Government Agencies
and shall make such maintenance, repairs and alterations as necessary for such purposes, (ii) cause inspections to be made of all lift equipment on a regular basis in accordance with all requirements of Government Agencies, and (iii) not
commit waste or permit impairment or deterioration of the Cypress Premises or the Leased Property (normal wear and tear excepted); (iv) not abandon the Cypress Premises or Leased Property; (v) comply in all material respects with all
Applicable Laws applicable to the Cypress Premises and the Leased Property; (vi) provide prompt written notification to Landlord of any material adverse change to the Cypress Premises and Leased Property, such as a major avalanche or landslide,
or any other material change to any environmental condition, including, without limitation, a material change in the presence of biocontaminants, such as mold; (vii) promptly undertake appropriate assessment, remedial and preventative actions
sufficient to meet any guidelines or regulations adopted by applicable Government Agencies or standards 

  

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generally employed by well-operated Canadian ski resorts in the region in connection with the safety of the ski operations and operating equipment. In the
event of mold contamination in any Improvement on the Cypress Premises, Tenant shall undertake or cause to be undertaken at Tenant’s sole cost and expense (a) removal of the mold, (b) abatement of the underlying cause of mold
(including water intrusion), and (c) repair of any leaks and associated water damage at the Cypress Premises; except that: 
 (i) Tenant shall be obligated to undertake with respect to the mold contamination identified prior to the date of this Lease only such remediation as is specified in accordance with the separate written agreement of the Landlord and Tenant;
and 
 (ii) Tenant shall be obligated to undertake the full remediation described in this section with respect to mold that is
hereafter found in any buildings existing at the Cypress Premises on the date of this Lease only if the presence of the mold is at levels that are in excess of the standard for human health as set out in applicable Environmental Laws or if action is
reasonably determined by Landlord’s advisers to be advisable in accordance with Environmental Laws to avoid future adverse health effects therefrom. 
 B. If Landlord notifies Tenant in writing of the need for Tenant to undertake repairs and maintenance in accordance with the provisions of this Section 5.1, specifying the items of repair or maintenance in
question, Tenant shall respond within ten (10) Business Days as to Tenant’s planned course of action with respect to the specific items identified by Landlord, or as to such items which Landlord feels are inappropriate, except in the case
of an emergency in which event the Tenant shall respond as quickly as the 

  

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emergency requires. If Tenant disputes the Landlord’s determination that repair or maintenance is needed, or otherwise fails thereafter to promptly
undertake such repairs and maintenance identified by Landlord, Landlord may at Landlord’s option request arbitration for resolution of the dispute. Landlord shall not have the right to terminate the Lease as a result of such repair or
maintenance failure, but shall have the right to specific performance of the Tenant’s obligations if the arbitrator so awards it. If the arbitrator awards specific performance to Landlord, such award shall be binding upon the Tenant and
enforceable in the courts of the Province. The prevailing party in any such arbitration and in obtaining of a court order shall be entitled to all costs and expenses incurred in connection with the enforcement of Tenant’s obligations under this
Section 5.1. If the arbitrator or courts does not specify the time within which such repair or maintenance must be carried out, then the Tenant shall present a plan for rectification to the Landlord and shall promptly carry out such plan,
acting reasonably. 
 5.2. Capital Renewals Reserve. 
 A. Landlord and Tenant shall establish a reserve account in Landlord’s name, with Tenant’s designee(s) as signatory on the
account (the “Capital Renewals Reserve”), in a bank or similar institution selected by Landlord and reasonably acceptable to Tenant, to cover the cost of approved Capital Expenditures. The Capital Renewals Reserve is the
exclusive property of the Landlord, but so long as no Event of Default shall exist hereunder, for which notice has been given to the Tenant in accordance with Section 12.1, Landlord agrees that Tenant shall be the sole signatory on the account.

 B. Tenant shall prepare an annual estimate (the “Capital Reserve Budget”) of the Capital
Expenditures necessary for the Leased Property and Improvements 

  

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anticipated during the ensuing Fiscal Year, and shall deliver the Capital Reserve Budget to Landlord for its review, comment and approval sixty (60 ) days
prior to the end of the Fiscal Year, in each case acting reasonably and taking into account the operating experience of the Tenant. The Capital Reserve Budget shall also indicate the estimated time schedule for making such replacements, renewals,
and additions, a reasonable description of items required to be replaced or added, unit costs and costs in the aggregate, together with such additional information as Landlord shall reasonably request. 
 C. In compliance with the approved Capital Reserve Budget, Tenant shall from time to time expend moneys from the Capital Renewal Reserve
as necessary to make such approved Capital Expenditures as may be required to maintain the Improvements and Leased Property in good working order and condition and to improve, modernize or alter the Leased Property or Improvements up to the balance
in the Capital Renewals Reserve. No expenditures will be made in excess of said balance without the approval of Landlord. In addition, Tenant shall not, without Landlord’s approval, acting reasonably, make any expenditures from the Capital
Renewals Reserve that, in the aggregate, exceed the total aggregate amount of expenditures set forth in the then-applicable Capital Reserve Budget; provided, however, that Tenant shall be authorized to take appropriate remedial action (including
making any necessary expenditures from the Capital Renewals Reserve above the total aggregate amount set forth in the then-applicable Capital Reserve Budget), without receiving Landlord’s prior approval, to the extent immediately required to
remedy or respond to any of the Emergency Requirements (provided further that Tenant shall notify Landlord of any such remedial action that 

  

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requires more than a de-minimus expenditure of funds from the Capital Renewals Reserve and shall promptly deliver to Landlord for Landlord’s
approval a revised Capital Reserve Budget showing how such Capital Reserve Budget is impacted as a result of such emergency expenditure and how such over-Budget expenditure is to be resolved ). At the end of each Fiscal Year, any amounts remaining
in the Capital Renewals Reserve shall be carried forward to the next Fiscal Year. The Capital Renewals Reserve will be kept in an interest-bearing account, and any interest which accrues thereon shall be retained in the Capital Renewals Reserve.
Interest which accrues on amounts held in the Capital Renewals Reserve, shall not result in any reduction in the required transfers to the Capital Renewals Reserve set forth in Section 5.2(B) above, or (2) be included in Gross Revenues.
The Landlord’s funding of the Capital Renewals Reserve pursuant to this Section 5.2 shall not be deemed an Additional Landlord Expenditure and shall not result in additional Rent from Tenant. Landlord may at Landlord’s option from
time to time withdraw moneys from the Capital Renewals Reserve provided that all such withdrawals shall be used for Capital Expenditures related to the Cypress Premises or the Improvements thereon. Tenant shall cooperate with Landlord in effecting
any such withdrawal. 
 5.3. Capital Expenditures Exceeding Capital Renewals Reserve. Tenant shall notify Landlord of the need
for any Capital Expenditures determined by Tenant to be necessary or desirable for the Cypress Premises, or the Improvements thereon. Tenant will provide to Landlord such information regarding the nature of the Capital Expenditure as Landlord may
request. Landlord shall have no obligation to fund any such Capital Expenditure exceeding the amount of capital available in the Capital Renewals Reserve. Landlord may, in Landlord’s Sole 

  

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Discretion, fund the cost of such excess Capital Expenditure at a mutually determined Subsequently Agreed Lease Rate. To the extent that Landlord funds any
excess Capital Expenditures under this Section 5.3, all such amounts shall be Additional Landlord Expenditures and increase the amount of Minimum Rent payable hereunder for subsequent Fiscal Years. Landlord agrees to review any alternative
financing proposal provided by Tenant for Tenant to finance such excess Capital Expenditure at Tenant’s sole cost and expense from a party other than the Landlord and may, in Landlord’s Sole Discretion, approve or refuse to approve the
proposed excess Capital Expenditure and/or such alternative financing option. 
 5.4. Ownership of Replacements. All repairs,
alterations, improvements, renewals or replacements made pursuant to this Article 5, and all Improvements shall be the property of Landlord upon the earlier of affixation or completion, provided that all Improvements hereafter made under the VANOC
Agreement shall become the property of the Landlord in accordance with the arrangements made pursuant to the VANOC Agreement, but in any event upon completion of the Olympic and Paralympic games contemplated thereunder. 
 5.5. Yield Up. Upon the expiration or sooner termination of this Lease (unless such termination occurs at the closing after Boyne
USA’s exercise of its Buyback Option pursuant to the Buyback Option Agreement), Tenant shall at Tenant’s sole cost and expense: 
 A. prior to vacating the Premises make or cause to be made such maintenance, repairs, and alterations as may be necessary to put the Leased Property in the condition required by this Section 5.5; and 

B. vacate and surrender the Cypress Premises and deliver the Leased Property to Landlord in substantially the same condition in which
the Cypress Premises and Leased Property were in on the Commencement Date, except as repaired, replaced, 

  

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rebuilt, restored, replaced, altered or added to as permitted or required by the provisions of this Lease, reasonable wear and tear and Expropriation (and
casualty damage, in the event that this Lease is terminated following a casualty in accordance with Article 10) excepted; and 
 C. use Tenant’s good faith, commercially reasonable efforts to transfer to Landlord, and cooperate with Landlord or Landlord’s nominee in connection with the processing of all applications for transfer to Landlord of, all Licenses
and Permits and other governmental authorizations and all Contracts entered into by Tenant, including Contracts with Governmental Agencies which may be necessary for the use and operation of the Cypress Premises and Improvements as then operated,
but excluding utility deposits. Landlord shall indemnify and hold Tenant harmless for all claims, costs and expenses (including reasonable legal fees) arising from acts or omissions by Landlord under such Contracts subsequent to the date of transfer
thereof to Landlord; and Tenant shall indemnify and hold Landlord harmless for all claims, costs and expenses (including reasonable legal fees) arising from acts or omission by Tenant under such Contracts and/or the Licenses and Permits prior to the
date of transfer thereof to Landlord; and (ii) Tenant shall re-assign to Landlord or Landlord’s nominee all of its right, title and interest under all then existing subleases. In addition, any non-exclusive license pursuant to which
Landlord allows Tenant’s use of the Trademarks shall automatically terminate. 
 D. Turnover and deliver to CNL TRS all
of the personal property required to be turned over to CNL TRS pursuant to the Turnover Agreement. 
 5.6. Management Matters.
Tenant shall not enter into a management agreement (the “Management Agreement”) without Landlord’s prior written consent. Any such Management 

  

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Agreement shall expressly provide that the Management Agreement and all provisions thereof are expressly subordinate and subject to the terms of this Lease,
and that the manager shall at all times be an “eligible independent contractor” as defined in Section 856(d) of the Code. The terms of such Management Agreement (a) shall not, in Landlord’s and its counsel’s
reasonable opinion, cause the Rent to fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code; (b) shall expressly provide that if Landlord and its counsel reasonably conclude that the terms
of the Management Agreement will have such an effect, then the terms of the Management Agreement will be modified so that the Management Agreement, in the reasonable opinion of Landlord and its counsel, does not cause the Rent to be so characterized
under the Code; provided, however, no such modifications shall affect the amount of management fees or the practical realization of the rights and benefits of the Manager thereunder; and (c) shall not in the Landlord’s reasonable opinion
be inconsistent with the terms and conditions of any Secured Loan Documents. 
 6. IMPROVEMENTS, ETC. 
 6.1. No Liens. Tenant shall not grant a Lien on or security interest in the Cypress Premises or the Leased Property, or Tenant’s
interest under this Lease, without the prior written consent of Landlord, which consent may be withheld by Landlord in Landlord’s Sole Discretion. 
 6.2. Salvage. Other than Tenant’s Personal Property, all materials which are scrapped or removed in connection with the making of repairs, alterations, improvements, renewals, replacements and
additions pursuant to Article 5 shall be disposed of by Tenant and the net proceeds thereof, if any, shall be deposited into the Capital Reserve Account. 
  

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 7. LIENS. 
 Subject to Article 8, Tenant shall not directly or indirectly, create or allow to remain, and shall promptly discharge, at its expense, any Lien, encumbrance, attachment, title retention agreement or claim upon the
Cypress Premises, the Leased Property, or Tenant’s interest under this Lease, or any attachment, levy, claim or encumbrance in respect of the Rent, other than (a) Permitted Encumbrances, (b) restrictions, Liens and other encumbrances
which are consented to in writing by Landlord, (c) Liens for those taxes of Landlord which Tenant is not required to pay hereunder, (d) subleases, if any, permitted by Article 15, (e) Liens for Impositions or for sums resulting from
non-compliance with Legal Requirements so long as (i) the same are not yet due and payable, or (ii) are being contested in accordance with Article 8, (f) Liens of mechanics, laborers, materialmen, suppliers or vendors incurred in the
ordinary course of business that are not yet due and payable (but will be paid in full by Tenant or Manager) or are for sums that are being contested in accordance with Article 8, (g) any Secured Loan Documents or other Liens which are the
responsibility of Landlord pursuant to the provisions of Article 11, and (h) Landlord’s Liens. 
 8. PERMITTED CONTESTS 

8.1. Right to Contest. Tenant shall have the right at Tenant’s sole cost and expense to contest the amount or validity of any
Imposition, Legal Requirement, Insurance Requirement, Environmental Obligation, Lien, attachment, levy, encumbrance, charge or claim (collectively, “Claims”) as to the Cypress Premises and Leased Property, by appropriate legal
action or proceedings, conducted in good faith and with due diligence, provided that (a) the foregoing shall in no way be construed as relieving, modifying or extending Tenant’s obligation to pay any Claims required hereunder to be paid by
Tenant as finally determined, (b) such contest shall not 

  

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cause Landlord or Tenant to be in default under any Secured Loan Documents, deed of trust or other agreement encumbering the Cypress Premises or any part
thereof and Tenant shall not contest any requirement set forth in the Secured Loan Documents, (c) no part of the Cypress Premises, the Leased Property nor any Rent therefrom shall be in any immediate danger of sale, forfeiture, attachment or
loss, and (d) Tenant hereby indemnifies and holds harmless Landlord from and against any cost, claim, damage, penalty or reasonable expense, including reasonable legal fees, incurred by Landlord in connection therewith or as a result thereof.
Landlord agrees to join in any such proceedings if required legally to prosecute such contest, provided that Landlord shall not thereby be subjected to any liability therefore (including, without limitation, for the payment of any costs or expenses
in connection therewith) unless Tenant agrees to assume and indemnify Landlord with respect to the same. Tenant shall be entitled to any refund of any Claims and such charges and penalties or interest thereon which have been paid by Tenant or paid
by Landlord to the extent that Landlord has been reimbursed by Tenant. If Tenant shall fail (a) to pay or cause to be paid any Claims when finally determined, (b) to provide reasonable security therefore, or (c) to prosecute or cause
to be prosecuted any such contest diligently and in good faith, Landlord may, upon Notice to Tenant, pay such charges, together with interest and penalties due with respect thereto, and Tenant shall reimburse Landlord therefore, upon demand, as
Additional Charges, together with interest at the Interest Rate from the date of Landlord’s payment until reimbursement. 
 8.2.
Residence of Landlord. Notwithstanding anything else to the contrary contained herein, if and for so long as Landlord is a non-resident of Canada as defined in the Income Tax Act (Canada), Landlord and Tenant shall make the
applicable joint 216(4) election pursuant to the Income Tax Act (Canada) in respect of each Lease Year by filing the prescribed tax return for 

  

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such income within the time limits prescribed in the Income Tax Act (Canada) and thereafter provide notification to the other that such filings having
been completed. Landlord covenants and agrees to provide, promptly upon request by the Tenant from time to time, such information concerning the Landlord as may be necessary for the Tenant to discharge its obligations pursuant to Section 216(4)
of the Income Tax Act (Canada). Landlord will indemnify and save harmless Tenant for any loss, costs, expenses, penalties and interest suffered or incurred by Tenant as a result of any failure by Landlord to pay amounts due and payable by Landlord
pursuant to the Income Tax Act (Canada). Notwithstanding any other provision in this Lease, if and to the extent that Tenant is required to pay any amounts to any Governmental Authority as a result of having filed the applicable joint 216(4)
election pursuant to the Income Tax Act (Canada), and in addition to the indemnification provisions of this Section 8.2, Tenant shall have a claim against Landlord and may set off against future Rent payments that amount which Tenant has
actually paid to such Governmental Authority, and such set off shall not be a breach of this Lease by Tenant; provided, however, that Tenant agrees that it shall not pay any amounts to any Governmental Authority pursuant to a notice of assessment of
the Governmental Authority unless and except if: (a) Tenant has delivered to Landlord written notice of the Governmental Authority notice of assessment together with a copy of all correspondence from such Governmental Authority, and
(b) Landlord has failed to pay to the Governmental Authority within the earlier of thirty (30) days after such written notice or the occurrence of an “Imminent Levy” as defined herein, and (c) Tenant reasonably determines
that it is in imminent jeopardy, if Tenant does not pay, of having its assets or operations adversely impacted in a material way, seized or levied upon as a result of such non-payment (an “Imminent Levy”). Landlord shall, at its sole cost,
have the right to contest any claim by a Governmental Authority for such payment. 

  

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Promptly after receipt by Tenant of notice of assessment, notice of claim or the commencement of any action by a Governmental Authority, Tenant will notify
Landlord in writing with respect thereof and Landlord will assume the conduct of such proceedings on behalf of the Tenant. After notice from Landlord to Tenant of its assumption of the conduct of proceedings (with counsel approved by Tenant, the
approval of which will not be unreasonably delayed or withheld), Landlord will not be liable to Tenant under this Section for any legal or other expenses subsequently incurred by Tenant in connection with the proceedings unless the proceedings
require the Tenant to have counsel separate from Landlord, or Tenant’s interests are in conflict with those of Landlord in the claim, in which case all fees and expenses of such counsel shall be assumed and paid for by Landlord. If Landlord
shall not have promptly retained counsel on behalf of Tenant with respect to any such proceedings, Landlord shall not have the right to direct the conduct of the proceedings on behalf of Tenant and the Tenant shall have the right, but not the
obligation, to retain counsel in such proceedings and all fees and expenses of such counsel shall be assumed and paid for by Landlord and Landlord will provide such assistance to Tenant as may be reasonably required for such proceedings including
copies of non-privileged documentation relevant to the proceedings. Except in the circumstance of an Imminent Levy, Tenant shall not without the prior written consent of the Landlord agree to any settlement of any pending or threatened proceeding
unless the Landlord has failed to assume conduct of the proceedings on behalf of Tenant. 
 9. INSURANCE. 
 9.1. Insurance Coverages. Commencing with the Commencement Date, and throughout the Term, Tenant shall procure and maintain for the benefit
of Landlord, at Tenant’s sole cost and expense, the following: 
  

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	 	(a)	insurance against damage to the Cypress Premises and Leased Property from risks of all nature including, without limitation, avalanche, erosion, landslide, wind and hail, flood and
earthquake (but only if the Cypress Premises is within a flood or earthquake zone for which such insurance is customarily obtained) and comprehensive boiler and machinery insurance with respect to any boiler, pressure vessel and unfired pressure
vessel and all air conditioning equipment, auxiliary piping, motors, compressors and electrical equipment (all on a broad form, blanket replacement cost basis), in aggregate amounts which shall not be less than the full Replacement Value thereof and
in no event less than the minimum amount necessary to avoid the effect of co-insurance provisions of such policies; Ordinance and Law coverage; 

  

	 	(b)	use and occupancy or business interruption insurance covering loss of income to Tenant and Landlord, as applicable, for a minimum indemnity period of twelve (12) months
resulting from interruption of business caused by the occurrence of any of the risks insured against under the property damage insurance referred to in Section 9.1A above; 

  

	 	(c)	 comprehensive or commercial liability insurance on a claims made basis against claims for personal injury, death or property damage suffered by others arising out
of the operations of Tenant or other occupants of the Cypress Premises, indemnifying and protecting Tenant and Landlord, and any Secured Party specified by Landlord and the Province if required under the terms of the Permit, in such amounts and to
such extent as may 

  

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from time to time be usual and prudent for companies operating or owning similar properties and businesses (which amounts shall initially be U.S. twenty-five
million dollars (U.S. $25,000,000) (including liquor liability) for any personal injury, death, property damage or other claim in respect of any one accident or occurrence) and, without limitation of the foregoing, with provisions for cross
liability and severability of interests and naming Landlord and any Secured Party specified by Landlord as an additional insured; and if alcoholic beverages are served on the Premises, liquor liability is required in the above;

  

	 	(d)	Business auto liability insurance, including owned, non-owned and hired vehicles, for combined single limits (including bodily injury and property damage) of not less than U.S. five
million dollars (U.S. $5,000,000) each Occurrence; 

  

	 	(e)	worker compensation insurance or insurance required by similar employee benefit acts as required by law, as well as employer’s liability insurance in amounts not less than U.S.
one million dollars (U.S. $1,000,000) per accident/per disease; 

  

	 	(f)	such additional insurance as may reasonably be required from time to time, by (i) the Cypress Permit and (ii) a Secured Party under any Secured Loan Documents.

 9.2. General Insurance Provisions. 
 A. All insurance described in Section 9.1 shall be with companies with an A.M. Best Rating of A-VII or greater. If Tenant wishes to
place insurance in an insurance 

  

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company that is affiliated with Tenant, the financial standing and creditworthiness of the affiliate is subject to Landlord’s approval, and Tenant will
deliver Landlord such financial information regarding the affiliate as may be requested by Landlord prior to approval. All insurance may be obtained through blanket insurance programs, provided that such blanket programs substantially fulfill the
requirements specified herein. The blanket insurance programs may include deductibles or risk retention levels; however, the deductibles or risk retention levels allocated to the Cypress Premises and the Leased Property shall be limited to the
Insurance Retention as defined in Section 9.3. The charge-back/deductible for general liability insurance and workers’ compensation insurance allocated to the Cypress Premises and Leased Property shall not exceed U.S. One Hundred Thousand
Dollars (U.S. $100,000) unless such greater amount is agreeable to both Landlord and Tenant. The property insurance deductible allocated to the Cypress Premises and the Leased Property shall not exceed U.S. One Hundred Thousand Dollars (U.S.
$100,000) unless such greater amount is agreeable to both Landlord and Tenant, or if a higher deductible for high hazard risks (i.e., wind or flood) is mandated by the insurance carrier. 
 B. The insurance required under Section 9.1(A) shall name the Landlord as the “lender” loss payee, as well as the Province
if required by the Permit, and any Secured Party specified by Landlord, in writing, as required by the Secured Loan Documents. All proceeds of insurance obtained pursuant to Sections 9.1(A) shall be payable to Landlord as a lender loss payee
and shall be made available by Landlord to the repair, rebuilding or replacement of the damaged Leased Property. Landlord shall make available to Tenant the insurance proceeds required by Tenant from time to time to pay 

  

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the costs of repair, rebuilding or replacement of the damaged Leased Property by deposit of such sums into the Capital Renewal Reserves account or otherwise
as required by Landlord. If for any reason the Leased Property is not repaired, rebuilt or replaced, or if there are excess insurance proceeds, Landlord shall be entitled to retain such monies or, at Landlord’s option, deposit such monies into
the Capital Renewals Reserve fund for future Capital Expenditure requirements. 
 C. Tenant shall deliver to Landlord prior to
the effective date of this Lease (and, with respect to any renewal policy, at least 30 days prior to the expiration of the existing policy) certificates of insurance evidencing the insurance coverages required under Section 9.1 and any renewals
thereof. All such certificates of insurance shall, to the extent obtainable, state that the insurance shall not be cancelled or materially reduced without at least sixty (60) days’ prior written notice to the certificate holder. Upon
Landlord’s request, copies of said policies shall be delivered to Landlord for Landlord’s review. All such insurance shall be evaluated by Landlord, Tenant and Secured Party from time to time to ensure that the limits and coverages are
adequate. 
 D. Notwithstanding the foregoing or anything else contained herein or elsewhere, in addition to the foregoing
requirements, Tenant shall also ensure that all requisite insurance is obtained and maintained throughout the Term in accordance with all requirements set forth in any Secured Loan Documents (including, without limitation, all requirements with
respect to the insurance company providing the policies and all other provisions relating to insurance set forth in the Secured Loan Documents). 
  

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 9.3. Costs and Expenses. 
 A. All charges under any blanket programs shall be allocated to the Cypress Premises and other similar participating projects on a
reasonable basis. 
 B. “Insurance Retention” shall mean the insurance policy deductible; however, for any
insurance obtained through the blanket insurance programs, “Insurance Retention” shall mean the Cypress Premises per occurrence limit for any loss or reserve as established for the Cypress Premises, which limit shall be the same as is
applied to other similar projects participating in the blanket insurance programs, or such higher amount if mandated by the insurer for high hazard risks such as earthquake, flood and wind. 
 9.4. Waiver of Subrogation. All policies of insurance will provide that (i) the insurance company will have no right of subrogation
against any Secured Party or Landlord, or any of their respective Affiliates or the agents or employees thereof, and (ii) that the proceeds thereof in the event of loss of damage will, to the extent payable to any Secured Party, be payable
notwithstanding any act of negligence or breach of warranty by Landlord which might otherwise result in the forfeiture or nonpayment of such insurance proceeds. 
 9.5. Indemnification of Landlord. Except as expressly provided herein including as otherwise covered by insurance, Tenant shall protect, indemnify and hold harmless Landlord for, from and against all
liabilities, obligations, claims, damages, penalties, causes of action, costs and reasonable expenses (including, without limitation, reasonable legal fees), to the maximum extent permitted by law, imposed upon or incurred by or asserted against
Landlord by reason of: (a) any accident, injury to or death of persons or loss of or damage to property of third parties occurring during the Term on or about the Cypress Premises and Leased Property or rights of 

  

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way under Tenant’s control, and (b) any use, misuse, condition, management, maintenance or repair by Tenant or anyone claiming under Tenant of the
Cypress Premises or the Leased Property or Tenant’s personal property during the Term or any litigation, proceeding or claim by Governmental Agencies to which Landlord is made a party or participant relating to such use, misuse, condition,
management, maintenance, or repair thereof to which Landlord is made a party; provided, however, that Tenant’s obligations hereunder shall not apply to any liability, obligation, claim, damage, penalty, cause of action, cost or expense arising
from any gross negligence or willful misconduct of Landlord, its employees, agents or contractors. Tenant, at its expense, shall defend any such claim, action or proceeding asserted or instituted against Landlord covered under this indemnity or may
compromise or otherwise dispose of the same. The obligations of Tenant under this Section 9.5 shall survive the termination of this Lease for a period of three (3) years, plus for such additional time as is necessary until any such claim,
action or proceeding asserted or instituted against Landlord covered under this indemnity is completely and finally resolved and all opportunities for appeals have passed. 
 9.6. Landlord Advance. If Tenant fails to deliver the original policies and certificates required under Section 9.2C within the
time required thereby, Landlord shall have the right to obtain such insurance at Tenant’s expense and, upon demand, Tenant shall reimburse Landlord for the cost of any such insurance, together with interest at the Interest Rate from the date of
Landlord’s payment until reimbursement. 
 10. DAMAGE, REPAIR AND EXPROPRIATION 
 10.1. Partial Destruction. In the event of Partial Destruction to any Leased Property, Rent shall not abate and Tenant shall, subject to the
Secured Loan Documents, using the proceeds of insurance and with due diligence, repair, rebuild or replace the damaged Leased 

  

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Property, such that following such repair, rebuilding or replacement such Leased Property shall be substantially the same as, or better than, prior to such
damage or destruction. Tenant shall promptly notify Landlord and the applicable insurance carriers of all such casualties and fully cooperate in processing the claim with the applicable insurance carriers. Tenant shall promptly make all necessary
arrangements for the appropriate contractors and suppliers to repair and/or replace the damaged portion of the Leased Property. All such work shall be undertaken by Tenant in a workmanlike manner and in accordance with plans and specifications
approved by Landlord (which approval or disapproval shall be made within fifteen (15) business days after Landlord receives the applicable plans or specifications and, if applicable, within five (5) business after Landlord receives any
modifications of said plans or specifications), failing which the Landlord shall be deemed to have approved, provided that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion
of the Improvements to levels of quality and quantity that are equal to those that existed with respect to such portion of the Improvements prior to the occurrence of the damage at issue. If insurance proceeds are insufficient to pay all of the
costs of such repair, rebuild, or replacement, Tenant shall use funds available in the Capital Renewals Reserve to fund such shortfall, and if there are inadequate funds in the Capital Renewals Reserve, then the provisions of Section 5.3
regarding “Capital Expenditures Exceeding the Capital Renewals Reserve” shall apply. Tenant shall, upon completion of such repair, rebuilding or replacement, be entitled to continue its operation of the Leased Property under the terms and
conditions of this Lease. If Tenant fails to diligently pursue the repair, rebuilding or replacement, or in any event fails to substantially commence such repair, rebuilding or replacement within one hundred eighty (180) days after the date of
such occurrence, or if Tenant thereafter fails to diligently prosecute and complete the work, Landlord 

  

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may, at its option and in addition to any other remedy it may have under this Lease, give to Tenant Notice electing to undertake such repair, replacement or
rebuilding of the Leased Property in which event the insurance proceeds and funds in the Capital Renewals Reserve shall be available to Landlord for such repair, replacement or rebuilding. If Tenant determines that for reasons of obsolescence or any
other reason it would be best not to undertake any such repair, replacement or rebuilding, and Landlord agrees in writing, then the Lease shall be deemed to have been amended to remove the damaged portion of the Improvements and the definition of
“Leased Property” will be deemed to have been accordingly modified to take into account the removal of such portion of the Improvements. 
 10.2. Major Destruction. In the event of a Major Destruction of the Leased Property, Rent shall not abate and subject to the Secured Loan Documents, Landlord may in its Sole Discretion elect within thirty (30) days after
the date of such event, to terminate this Lease (subject to the Tenant’s right to extend the Lease as provided for in the definition of Major Destruction), in which event this Lease shall be deemed to have terminated. In such an event, all
insurance proceeds shall be the sole and absolute property of Landlord. 
 10.3. Reinstatement. If this Lease is terminated
with respect to any portion or portions of the Improvements, pursuant to Section 10.1 and thereafter such portion or portions that were damaged or destroyed are repaired or rebuilt within five (5) years after the occurrence of the damage
or destruction, this Lease (if still in force) will be reinstated with respect to such Improvements effective on the first day of the Fiscal Year immediately following the Fiscal Year in which the work is substantially completed and the definition
of Improvements hereunder will be deemed to have been adjusted accordingly. 
  

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 10.4. Expropriation. 
 A. In the event all or substantially all of the Cypress Premises and Improvements shall be taken in any Expropriation or similar
proceeding by any competent authority for any public or quasi-public use or purpose, or in the event a portion of the Cypress Premises or Leased Property that is critical to the operation (e.g. access, or the ski slopes) shall be so taken, and the
result is that the continued operation of the Cypress Premises as a ski area is no longer possible, this Lease shall terminate unless each of Landlord and Tenant agree to the contrary in writing. In either such event, Landlord shall be entitled to
receive all Awards resulting from such Expropriation. 
 B. In the event a portion of the Cypress Premises and Improvements
shall be taken by the events described in Section 10.4A, or the entire Cypress Premises and Improvements are affected but on a temporary basis, and the result is not to make it impossible to continue to operate the Cypress Premises, this Lease
shall not terminate and shall continue in full force and effect without abatement of Rent. If however any of the Improvements are damaged by such taking, then Tenant shall diligently repair and restore such damaged portion, using so much of any
Award for any such partial taking or Expropriation as shall be necessary to render the Leased Property equivalent to its condition prior to such event. Landlord shall be entitled to the entire Award in any such circumstance, but shall transfer such
portion of any Award received by it that is reasonably required to repair and restore the Improvements damaged by any Expropriation to the Capital Renewals Reserve, or at Landlord’s option to an escrow agent (“Escrow Agent”)
for the purpose of funding the cost of the repair or restoration. Tenant agrees that a Secured Party is an acceptable Escrow Agent. Such amounts shall be 

  

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drawn by Tenant from the Capital Renewals Reserve, or advanced by Escrow Agent, so as to permit payment for the cost of any restoration and repair. The
obligations under this Section 10.4B to disburse the Award and such other amounts shall be subject to (a) the collection thereof and (b) the release of such Award by the applicable Secured Party. Tenant’s obligation to repair and
restore the Improvements shall be subject to the availability of the Award, and if the Award is insufficient and there are inadequate funds in the Capital Renewals Reserve a Landlord advance as contemplated by Section 5.3, to fund the cost of
such repair or restoration. 
 10.5. Secured Loan Documents. Notwithstanding the foregoing or anything else contained herein or
elsewhere, Tenant acknowledges and agrees that the disposition of all matters relating to Partial Destruction, Major Destruction or Expropriation shall be governed by the Secured Loan Documents, to the extent applicable. 
 11. SECURITY. 
 11.1. Security.

 A. Landlord shall be permitted to encumber its interest in this Lease, the Cypress Permit, the Leased Property or any part
thereof, in favour of any Secured Party from time to time, subject to the terms and conditions of the Cypress Permit. 
 B. In
the event Tenant receives any reasonable request for information on the Cypress Premises from any Secured Party, Tenant will, at Landlord’s cost, provide or distribute such information directly to such Secured Party. 
 11.2. Subordination and Attornment. Tenant shall, subject to a Secured Party delivering to the Tenant a non-disturbance agreement pursuant
to which the Lease will continue as long as no Event of Default of Tenant has occurred, provide to any Secured Party an instrument (the “Subordination Agreement”) in form and content acceptable to Secured Party pursuant to which:

 A. this Lease and any extensions, renewals, replacements or modifications thereto, and all right and interest of Tenant in
and to the Cypress Premises, the Leased Property, and the Cypress Permit, shall be subject and subordinate to such Secured Loan Documents; 
  

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 B. Tenant shall be obligated to each of the Subsequent Owners (as defined below) to
perform all of the terms and conditions of this Lease for the balance of the remaining Term hereof, with the same force and effect as if such Subsequent Owner were Landlord; 
 C. If the Secured Party or a Subsequent Owner takes any proceedings in respect of the Cypress Premises or the Leased Property (including
taking possession, foreclosure or power of sale) as a result of the occurrence of a default under the Secured Loan Documents, Tenant shall attorn and be bound to such Secured Party or a Subsequent Owner under all of the terms of this Lease for the
balance of the Term thereof remaining, including any renewals and/or extensions, with the same force and effect as if Secured Party or a Subsequent Owner were the landlord under this Lease, and Tenant hereby attorns to Secured Party or a Subsequent
Owner as landlord under this Lease, such attornment to take effect automatically, without the execution of any further instrument on the part of any of the parties hereto, immediately upon the Secured Party or a Subsequent Owner taking possession or
control of the Cypress Premises or foreclosing under the Secured Loan Documents or otherwise becoming the permittee of the Cypress Premises or the owner of the Leased Property, but in each case subject to any conditions 

  

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or restrictions imposed under or pursuant to the Cypress Permit or otherwise imposed by the Minister. If Secured Party exercises a power of sale as a result
of the occurrence of a default under the Secured Loan Documents, Tenant shall attorn and be bound to the Subsequent Owner pursuant to such power of sale under all of the terms of this Lease for the balance of the Term hereof remaining, including any
renewals and extensions, with the same force and effect as if the Subsequent Owner were the landlord under this Lease, such attornment to take effect automatically, without the execution of any further instrument on the part of the purchaser or
Tenant, immediately upon the Subsequent Owner taking possession of the Cypress Premises. Tenant also agrees, however, to execute and deliver at any time and from time to time, upon the request of Secured Party or any such Subsequent Owner:
(a) any instrument or certificate which, in the reasonable judgment of Secured Party or such Subsequent Owner may be necessary or appropriate to evidence such attornment, and (b) an up to date estoppel certificate in form and substance
consistent with this Lease. Further, but subject to Section 11.2D below, from and after any such attornment, Secured Party or such a Subsequent Owner shall be bound to Tenant under all of the terms, covenants and conditions of this Lease and
Tenant shall not be disturbed in its rights to use and occupancy under the terms of this Lease; provided, however, that Secured Party or such Subsequent Owner shall not be: 
 (i) liable for any action or omission of, or any payment required to be made by, any prior landlord (including Landlord); 
 (ii) bound by any rent which Tenant might have paid for more than the current month to any prior landlord (including Landlord);

  

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 (iii) liable for the return or application of any security deposits unless Landlord
actually delivers such deposits to Secured Party; 
 (iv) liable for the cost of any Improvements which are Landlord’s
responsibility; 
 (v) bound by any termination, surrender or amendment or modification of this Lease made without Secured
Party’s written consent; or 
 (vi) subject to any offsets or deficiencies, which Tenant might be entitled to assert
against any prior landlord (including Landlord). 
 D. Notwithstanding the foregoing or anything else contained herein or
elsewhere, Tenant acknowledges and agrees that if Tenant is in default under this Lease and there is a foreclosure of the Security Instrument (or a deed, vesting order or other conveyance in lieu of foreclosure), or other exercise by such Secured
Party (or its successor or assign) of its rights or remedies in connection with which title or possession of the Cypress Permit or the Leased Property, or any portion thereof is transferred to the Secured Party (or its designee) or to a purchaser at
foreclosure or to a subsequent purchaser from the Secured Party (or from its designee) (all of the foregoing shall collectively be referred to as “Subsequent Owners”), this Lease may or may not be terminated in the Secured
Party’s or the Subsequent Owner’s Sole Discretion. If the Secured Party or the Subsequent Owner elects to terminate this Lease, Tenant shall first assign all of its right, title and interest in any subleases to the Secured Party or
Subsequent Owner at no cost to the Secured Party or Subsequent Owner and comply with the balance of this Lease. 
  

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 11.3. Compliance with Cypress Permit. Tenant shall manage and operate the Cypress Premises
in compliance with all obligations imposed pursuant to the Cypress Permit. 
 11.4. Liens; Credit. Tenant shall not cause any
Lien to be filed against the Cypress Premises or Leased Property or any portion thereof, and shall use commercially reasonable efforts to prevent any Liens from being filed against the Cypress Premises or the Leased Property which may arise from any
maintenance, repairs, alterations, improvements, renewals or replacements in or to the Cypress Premises or the Leased Property, and shall obtain the release of any such Liens. This obligation shall not limit Tenant’s rights to Contest provided
for under Article 8 hereunder, nor to grant a security interest in respect of any Financial Indebtedness incurred by the Tenant in connection with its working capital within the limitations set forth in Section 4. 
 11.5. Amendments Requested by Secured Party. If requested by any Secured Party or prospective Secured Party, Tenant agrees to execute and
deliver any amendment of this Lease that is reasonably required by such Secured Party or prospective Secured Party, provided that Tenant shall be under no obligation to amend this Lease if the result of such amendment would be to materially and
adversely increase Tenant’s obligations or to materially and adversely affect Tenant’s rights under this Lease. Any such amendment shall be in effect only for the period of time in which such Secured Loan Documents are outstanding.

 11.6. Blocked Account Arrangements. To the extent required by a Secured Party from time to time, Tenant and the Secured
Party shall enter into a written lock box or blocked account agreement or agreements, in the form and content requested by the Secured Party, in connection with the deposit, payment and disbursement only of all Rent hereunder from time to time and
such other matters may be agreed between Landlord and Tenant each acting reasonably. 
  

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 11.7. Direction re: Payment of Secured Loan and other Financial Indebtedness. If so
directed by Landlord in writing, Tenant will pay Rent payable to Landlord hereunder directly to any Secured Party or other lender or creditor in respect of any Financial Indebtedness of Landlord. 
 12. DEFAULTS AND REMEDIES 
 12.1. Events
of Default. The occurrence of any one or more of the following events shall constitute an “Event of Default” hereunder: 
  

	 	(a)	should Tenant fail to make any payment of Minimum Rent within five (5) Business Days after Notice thereof, or fail to make payment of any other Rent or any other sum, payable
hereunder when due and such failure shall continue for a period of ten (10) days after Notice thereof; or 

  

	 	(b)	should Tenant fail to maintain the insurance coverages required under Article 9; or 

  

	 	(c)	should Tenant breach or be in default under, and if a cure period is applicable fail to timely cure in accordance with the provisions thereof any obligation that is applicable to
the Tenant under the Cypress Permit, the VANOC Agreement, or the Personal Property Lease; or 

  

	 	(d)	should Skylift breach or be in default under, and if a cure period is applicable fail to timely cure in accordance with the provisions thereof, the Skylift Lease; or

  

	 	(e)	 subject to Article 8 relating to permitted contests, should Tenant default in the due observance or performance of any of the terms, covenants or agreements
contained herein to be performed or observed by it (other than 

  

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as specified in clauses (a) and (b) above) and such default shall continue for a period of thirty (30) days after Notice thereof from Landlord
to Tenant; provided, however, that if such default is susceptible of cure but such cure cannot be accomplished with due diligence within such period of time and if, in addition, Tenant commences to cure or cause to be cured such default within
thirty (30) days after Notice thereof from Landlord and thereafter prosecutes the curing of such default with all due diligence, such period of time shall be extended to such period of time (not to exceed three hundred sixty-five
(365) days) as may be necessary to cure such default with all due diligence; or 

  

	 	(f)	should Tenant (or Indemnifier during the period that its Indemnity is in effect) generally not be paying its debts as they become due or should Tenant (or Indemnifier the period
that its Indemnity is in effect) make a general assignment for the benefit of creditors; or 

  

	 	(g)	 should any petition be filed by, on behalf of or against Tenant (or Indemnifier during the period that its Indemnity is in effect) under the Bankruptcy and
Insolvency Act or the Companies’ Creditors Arrangement Act, Canada, or should any other proceeding be instituted by or against Tenant (or Indemnifier during the same period) seeking to adjudicate it a bankrupt or insolvent, or
seeking liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of
a receiver, trustee, 

  

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custodian or other similar official for Tenant (or Indemnifier during the same period) or for any substantial part of the property of Tenant or Indemnifier
and such proceeding is not dismissed within ninety (90) days after institution thereof, or should Tenant take any action to authorize any of the actions set forth above in this paragraph; or 

  

	 	(h)	should Tenant (or Indemnifier during the period its Indemnity is in effect) cause or institute any proceeding for its dissolution or termination; or 

  

	 	(i)	unless Tenant shall be contesting such Lien or attachment in good faith in accordance with Article 8, should the estate or interest of Tenant in the Cypress Premises or any part
thereof be levied upon or attached in any proceeding and the same shall not be vacated, discharged or fully bonded or otherwise secured to the reasonable satisfaction of Landlord within the later of (i) one hundred and twenty (120) days
after such attachment or levy in which case Tenant shall give notice to Landlord of the dispute but Tenant may defend in any reasonably suitable way, and (ii) thirty (30) days after receipt by Tenant of Notice thereof from Landlord; it
being understood and agreed that Tenant may commence a contest of such matter pursuant to Article 8 above following such Notice from Landlord, 

  

	 	(j)	Any default by the Indemnifier under its Indemnity Agreement and failure to cure within any applicable cure period, shall be a default under this Lease, including without limitation
failure to maintain minimum liquidity as set forth in the Indemnity Agreement, 

  

	 	(k)	Any default by the Tenant under the terms of the Turnover Agreement, 

  

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 then, and in any such event, (and to the extent expressly provided above, the passage without cure of any
cure period expressly provided above) the next three (3) months Rent shall immediately become due and payable to Landlord and Landlord, in addition to all other remedies available to it, may terminate this Lease by giving Notice thereof to
Tenant and upon the expiration of the time fixed in such Notice but in any event not less than thirty (30) days, this Lease shall terminate and all rights of Tenant under this Lease shall cease. Landlord shall have and may exercise all rights
and remedies available at law and in equity to Landlord as a result of Tenant’s breach of this Lease, including without limitation the right of re-entry upon the Cypress Premises and the right to retake possession of the Leased Property upon
and at any time after the occurrence of an Event of Default. 
 12.2. Remedies. None of (a) the termination of this Lease
pursuant to Section 12.1, (b) the repossession of the Cypress Premises or any portion thereof, (c) the failure of Landlord to re-let the Cypress Premises, or the Leased Property, or any portion thereof, nor (d) the re-letting of
all or any portion of the Cypress Premises or the Leased Property, shall relieve Tenant of its liability and obligations hereunder, all of which shall survive any such termination, repossession or re-letting of the Cypress Premises or the Leased
Property. In the event of any such termination, repossession or re-letting, Tenant shall forthwith pay to Landlord all Rent due and payable under the Lease through and including the date of such termination, repossession or re-letting. Thereafter,
Tenant, until the end of what would have been the Term of this Lease (assuming no extension beyond the then-current Term) in the absence of such termination, repossession or re-letting, and whether or not the Cypress Premises or any portion thereof
shall have been re-let, shall, at Landlord’s option, be liable to Landlord for, and shall pay to Landlord, as current damages, the Rent and other charges which would be payable hereunder for the 

  

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remainder of the Term had such termination, repossession or re-letting not occurred, LESS the net proceeds, if any, of any re-letting of the Cypress Premises
or any other operation of the Cypress Premises by Landlord (if Landlord repossesses the Cypress Premises), after deducting all reasonable expenses in connection with such re-letting, or operation, as applicable, including, without limitation, all
reasonable repossession costs, brokerage commissions, legal expenses, legal fees, advertising, expenses of employees, alteration costs and expenses of preparation for such re-letting (such expenses being hereinafter referred to as the
“Re-letting Expenses”). Tenant shall pay such current damages to Landlord monthly on the days on which the Minimum Rent would have been payable hereunder if this Lease had not been so terminated. 
 In case of any Event of Default, re-entry, expiration or dispossession by summary proceedings or otherwise, Landlord may, subject to any conditions
imposed under the Cypress Permit or otherwise by the Minister, (a) re-let the Cypress Premises and the Leased Property or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s
option, be equal to, less than or exceed the period which would otherwise have constituted the balance of the Term and may grant concessions or free rent to the extent that Landlord considers advisable and necessary to re-let the same, and
(b) may make such reasonable alterations, repairs and decorations thereof as Landlord, acting reasonably, and subject to the provisions of the Cypress Permit, considers advisable and necessary for the purpose of re-letting the Cypress Premises
and Leased Property; and the making of such alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord shall in no event be liable in any way whatsoever for any failure to
re-let all or any portion of the Cypress Premises or the Leased Property, or, in the event that such is re-let, for failure to collect the rent under such re-letting. To the maximum 

  

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extent permitted by law, Tenant hereby expressly waives any and all rights of redemption granted under any present or future laws in the event of Tenant
being evicted or dispossessed, or in the event of Landlord obtaining possession of the Cypress Premises and Leased Property, by reason of the occurrence and continuation of an Event of Default hereunder. 
 12.3. Tenant’s Continuing Operation. In the Event of Default, and notwithstanding any termination of this Lease, Landlord may
at Landlord’s option request that Tenant continue to operate the Cypress Premises and Leased Property under the terms of this Lease (including Tenant paying all Rent) until such time as Landlord enters into a new sub-permit with a successor
tenant acceptable to the Province and to Landlord. Upon such request of Landlord, Tenant shall continue the operation of the Cypress Premises on a month-to-month basis, terminable on the later of (i) not less than thirty (30) days’
notice by Landlord and (ii) Landlord’s delivery of possession of the Cypress Premises to a replacement subpermittee acceptable to Landlord and the Province. Tenant’s obligation to continue operation after termination shall extend for
a maximum of 180 days, provided that if the Province is processing an application by Landlord for a successor subpermittee such obligation shall extend until such processing by the Province is completed and a replacement subpermittee is approved by
the Province. Tenant shall not oppose and shall express to the Province in writing, if requested by Landlord, the Tenant’s support for any such Landlord application for approval by the Province of such replacement subpermittee. Tenant shall be
entitled to the benefit of the business of the operations during such period subject to the provisions of Section 12.4. 
 12.4.
Application of Funds. All revenues received by Tenant from the operation of the Cypress Premises and Leased Properties subsequent to an Event of Default shall be first applied to the payment of Rent as determined by the Landlord. Any
payments received by Landlord 

  

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under any of the provisions of this Lease during the existence or continuance of any Event of Default (and any payment made to Landlord rather than Tenant
due to the existence of any Event of Default) shall be applied to Tenant’s current and past due obligations under this Lease in such order as Landlord may determine or as may be prescribed by the laws of the Province with the balance, if any,
to the benefit of Tenant. 
 12.5. Landlord’s Right to Cure Tenant’s Default. If an Event of Default shall have
occurred and be continuing, Landlord, after Notice to Tenant (which Notice shall not be required if Landlord shall reasonably determine there is an Emergency Requirement), without waiving or releasing any obligation of Tenant and without waiving or
releasing any Event of Default, may (but shall not be obligated to), at any time thereafter, make such payment or perform such act for the account and at the expense of Tenant, and may, to the maximum extent permitted by law, enter upon the Cypress
Premises and the Improvements or any portion thereof for such purpose and take all such action thereon as, in the reasonable opinion of the Landlord and subject to Minister’s consent, may be necessary or appropriate therefor. No such entry
shall be deemed an eviction of Tenant. All reasonable costs and expenses (including, without limitation, reasonable legal fees) incurred by Landlord in connection therewith, together with interest thereon (to the extent permitted by law) at the
Interest Rate from the date such sums are paid by Landlord until repaid, shall be reimbursed by Tenant to Landlord, on demand. 
 13. HOLDING
OVER. Any holding over by Tenant after the expiration or sooner termination of this Lease shall be treated as a daily tenancy at sufferance at a rate equal to two times the Rent and other charges herein provided (prorated on a daily basis),
provided however if such holding over is pursuant to Landlord’s written request as set forth in Section 12.3 or subsequent to the expiration date of the term and precedes the closing of the Tenant’s exercised 

  

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buyback option pursuant to the Buyback Option Agreement, then Rent shall be paid at a rate as if there had been no expiration or termination of the Lease.
Tenant shall also pay to Landlord all damages (direct or indirect) sustained by reason of any such holding over. Nothing contained herein shall constitute the consent, express or implied, of Landlord to the holding over of Tenant after the
expiration or earlier termination of this Lease and Tenant hereby waives any right to claim the existence of a Lease by sufferance under any applicable law. 
 14. TRANSFERS BY LANDLORD OR SECURED PARTY 
 Landlord or Secured Party (including, in all cases a Subsequent Owner)
shall have the unrestricted right, subject to any requirement for Minister’s consent pursuant to any restrictions under the Cypress Permit, to convey, transfer, assign or encumber the Cypress Premises, the Leased Property, the Cypress Permit,
and its interest in this Lease, in whole to a Secured Party pursuant to Section 11 above, or to any other grantee or transferee subject to the provisions of this Lease provided only that such other grantee or transferee agrees to assume all
obligations of the Landlord hereunder. If Landlord or Secured Party transfers in accordance with the terms hereof to a grantee or transferee that expressly assumes in writing all obligations of Landlord hereunder or Secured Party under its Secured
Loan Documents arising or accruing from and after the date of such transfer, Landlord or Secured Party shall thereupon be released from all future liabilities and obligations of Landlord or Secured Party under this Lease or its Secured Loan
Documents arising or accruing from and after the date of such conveyance or other transfer and all such future liabilities and obligations shall thereupon be binding upon the new owner or secured party. 
  

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 15. SUBLETTING AND ASSIGNMENT 
 15.1. Restriction on Mortgaging, Subletting and Assignment. 
 A. Except as set
forth in this Section 15.1A, Tenant shall not, without Landlord’s prior written consent (which may be given or withheld by Landlord in its Sole Discretion) and the consent of Landlord’s Secured Party if required by any of the Secured
Loan Documents: (a) assign, mortgage, pledge, hypothecate, encumber or otherwise transfer this Lease or any part of the Cypress Premises and/or the Leased Property or any part hereof or any right, title or interest herein, or (b) sublease
(which term shall be deemed to include the granting of concessions, licenses, permits and the like) all or any part of the Cypress Premises or the Leased Property, or (c) suffer or permit this Lease or the sub-permit rights created hereby or
any other rights arising under this Lease to be assigned, transferred, mortgaged, pledged, hypothecated or encumbered, in whole or in part, whether voluntarily, involuntarily or by operation of law, or (d) permit the use or operation of the
Cypress Premises or the Leased Property by anyone other than (i) Tenant and its customers in the ordinary course of business but subject to the provisions of Section 4.1 and the provisions of the VANOC Agreement, and (ii) third
parties who are given a temporary right to use a portion of the Cypress Premises for a period not to exceed two (2) weeks in duration, including rights granted under permit, provided that any such use is consistent with the uses allowed under
the Permit and does not interfere with the operations of Tenant. For purposes of this Section 15.1, a Transfer of this Lease requiring Landlord’s consent shall be deemed to include the following: any direct or indirect transfer of any
interest in Tenant or any transaction pursuant to which Tenant is merged or consolidated with another Entity or pursuant to which all or substantially all of 

  

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Tenant’s assets are transferred to any other Entity, but shall not include any involuntary Liens or attachments contested by Tenant in good faith in
accordance with Article 8 or any merger or consolidation with another Entity pursuant to which there is no change of Control or requirement under the Permit or the VANOC Agreement for the Minister’s or VANOC’s consent or approval. Each of
the foregoing is considered a “Transfer” and all of the foregoing is collectively, the “Transfers”, a recipient of a Transfer is a “Transferee”. 
 B. If this Lease is assigned or if the Cypress Premises, the Leased Property or any part thereof is Transferred by Tenant, Landlord or its
Secured Party may collect the rents from such assignee, subtenant or occupant, as the case may be, and apply the net amount collected to the Rent herein reserved, but no such collection shall be deemed a waiver of the provisions set forth in
Section 15.1(A), the acceptance by Landlord of such assignee, subtenant or occupant, as the case may be, as a tenant, or a release of Tenant from the future performance by Tenant of its covenants, agreements or obligations contained in this
Lease. In addition, Tenant hereby grants to Landlord a first ranking security interest in all rents and revenues from any assignee, subtenant, occupant or other Transferee from time to time to secure the payment of Rent and the performance of all
obligations to be paid and performed by Tenant to or for the benefit of Landlord under this Lease and any amendments hereto from time to time. 
 C. If Tenant Transfers with Landlord’s consent in accordance with the terms hereof to a grantee or transferee whose creditworthiness is expressly approved in writing by Landlord and who expressly assumes in
writing all obligations of Tenant hereunder and under the Personal Property Lease arising or accruing from and after the date of such 

  

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Transfer, Tenant shall thereupon be released by Landlord from all future liabilities and obligations of the Tenant under this Lease arising or accruing from
and after the date of such conveyance or other transfer and all such future liabilities and obligations shall thereupon be binding upon the new tenant, its successors and assigns. No consent to any Transfer in a particular instance shall be deemed
to be a waiver of the prohibition set forth in this Section 15.1 as it applies to the new tenant. No Transfer shall affect any Permitted Use, nor contravene or result in a default under or non-compliance with any provision of the Cypress
Permit. Any Transfer of Tenant’s interest under this Lease in contravention of this Section 15.1 shall be void. 
 D. Any Transfer by or on behalf of Tenant of all or any portion of the Cypress Premises, the Leased Property or the Lease (said Transfers being collectively, the “Future Transfers” or individually a “Future
Transfer”) shall provide (a) that it is subject and subordinate to this Lease and to the matters to which this Lease is or shall be subject to subordinate; (b) that in the event of termination or expiration of this Lease or
re-entry or dispossession of Tenant by Landlord under this Lease, Landlord may take over all of the right, title and interest of Tenant, and, except as provided below, such Future Transferee shall, at Landlord’s option, attorn to Landlord
and/or any Secured Party (including, in each case, a Subsequent Owner) pursuant to the then executory provisions of such Transfer and become a direct tenant of Landlord and/or any Secured Party, except that neither Landlord nor any Secured Party, as
holder of a Security Loan Document or as landlord under this Lease, if such Secured Party succeeds to that position, shall (i) be liable for any act or omission of Tenant under such Transfer, (ii) be subject to any credit, counterclaim,
offset or defense which theretofore accrued to such Transferee against 

  

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Tenant, (iii) be bound by any previous prepayment of more than one (i) month’s rents, (iv) be bound by any covenant of Tenant to
undertake or complete any construction of the Leased Property or any portion thereof, (v) be required to account for any security deposit of the Transferee other than any security deposit actually delivered to Landlord by Tenant, (vi) be
bound by any obligation to make any payment to such Transferee or grant any credits, except for services, repairs, maintenance and restoration provided for under the sublease that are performed after the date of such attornment, (vii) be
responsible for any monies owing by Tenant to the credit of such Transferee, or (viii) be required to remove any Person occupying any portion of the Leased Property; and (c) in the rent that such Transferee receives a written Notice from
Landlord or any Secured Party stating that an Event of Default has occurred and is continuing, such subtenant shall thereafter be obligated to pay all rentals and other monies accruing under such Transfer directly to the party giving such Notice or
as such party may direct. All rentals and other monies received from such Transferee by Landlord or the Secured Party, as the case may be, shall be credited against the amounts owing by tenant under this Lease and such Transfer shall provided that
the Transferee thereunder shall, at the request of Landlord, execute a suitable instrument in confirmation of such agreement to attorn. An original counterpart of each such Transfer duly executed by Tenant and such Transferee shall be delivered
promptly to Landlord, Tenant shall remain liable for the payment of Rent from and after the date of such assignment, and shall not be released from any obligations of the Tenant hereunder except in the circumstances of a release under
Section 15.1C above. 
 15.2. Transfer Limitation. For so long as Landlord or any Affiliate of Landlord, shall seek to
qualify as a real estate investment trust, anything contained in this Lease to the contrary 

  

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notwithstanding, Tenant shall not sublease or otherwise Transfer the Cypress Premises or Improvements on any basis such that Landlord determines that the
rental to be paid by any Transferee thereunder would be based, in whole or in part, on either (a) the net income or profits derived by the business activities of such Transferee, or (b) any other formula such that any portion of such
sublease rental would fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code or any similar or successor provision thereto. 
 16. TENANT CERTIFICATES AND FINANCIAL STATEMENTS 
 16.1. Tenant Certificates. At
any time and from time to time, upon not less than ten (10) Business Days prior Notice by either party, the party receiving such Notice shall furnish to the other a certificate certifying that this Lease is unmodified and in full force and
effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which the Rent has been paid, that to its knowledge no Default or an Event of Default by the other party has occurred and is
continuing or, if a Default or an Event of Default shall exist, specifying in reasonable detail the nature thereof, and the steps being taken to remedy the same, and such additional information as the requesting party may reasonably request. If such
additional information reasonably requires more than ten (10) Business Days to provide, the party furnishing such information shall be entitled to such additional period to respond to such request as may be reasonably required under the
circumstances. Any such certificate furnished pursuant to this Section 16.1 may be relied upon by the requesting party, its lenders and any prospective purchaser or Secured Party of the Cypress Premises, the Leased Property or the permitted
rights hereby created. 
  

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 16.2. Accounting, Distributions and Annual Reconciliation. 
 A. Within twenty (20) days after the close of each Accounting Period, Tenant shall deliver to Landlord an interim profit and loss
statement for the preceding Accounting Period certified by the Tenant’s chief financial officer to be true and correct (an “Accounting Period Statement”). 
 B. Calculations and payments made with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. Within
sixty (60) days after the end of each Fiscal Year, Tenant shall deliver to Landlord audited Financial Statements in reasonable detail summarizing the operations of the Cypress Premises for the immediately preceding Fiscal Year and a certificate
of Tenant’s chief accounting officer, or equivalent, certifying that, to the best of his or her knowledge, such Financial Statements are true and correct. The parties shall, within ten (10) Business Days after Landlord’s receipt of
such Financial Statements, make any adjustments, by cash payment, in the amounts paid or retained for such Fiscal Year as are needed because of the final figures set forth in such Financial Statements. Such Financial Statements shall be controlling
over the preceding Accounting Period profit and loss statements. 
 16.3. Books and Records. Books of control and account
pertaining to operations at the Cypress Premises shall be kept on the accrual basis and in all material respects in accordance with GAAP consistently applied. Upon Landlord’s reasonable request and at reasonable intervals during normal business
hours Landlord shall have the right to examine such records at the Cypress Premises. If Landlord desires to audit or examine the Annual Operating Statement, Landlord shall notify Tenant in writing within sixty (60) days after receipt of such
Financial Statements of its desire for the audit, and shall complete such audit within ninety (90) days after 

  

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commencement thereof. Landlord may provide copies of any financial statements, books or records to any Secured Party or any other person directly or
indirectly providing financing to Landlord. 
 16.4. Annual Business Plan. Not later than sixty (60) days prior to each
Fiscal Year, Tenant shall deliver to Landlord an annual “business plan” for the succeeding Fiscal Year for Landlord’s review and comments. Tenant shall review in good faith Landlord’s comments prior to finalizing its business
plan. The business plan shall include projections of income and expenses on a monthly basis for the succeeding fiscal year in detailed line item breakdown, together with a marketing plan describing in detail the Tenant’s plan for marketing the
Tenant’s operations at the Cypress Premises, including a detailed line item marketing budget. 
 16.5. Update Meetings.
Tenant agrees that Tenant will meet with Landlord upon Landlord’s request to review such aspects of the Leased Property and Tenant’s operations thereon as Landlord may reasonably request. Such meetings shall occur no more frequently than
quarterly without Tenant’s consent. 
 16.6. Approvals. In this Lease, where Tenant or Landlord is required to obtain the
other’s consent or approval with respect to: (i) the execution and delivery of an agreement or contract; (ii) the use of the Premises; (iii) any Capital Expenditure; (iv) the enforcement of any provision in the Permit, the
VANOC Agreement or any other agreement entered into by the Landlord but carried out by the Tenant; (v) all budgets, Capital Reserve Budgets, operating plans or other reporting requirements of the Tenant; the other shall promptly review and
provide a timely response and information reasonably requested by the other. A response will be deemed “timely” if given within ten (10) days, except if a shorter period is required due to the emergency nature of the request, (which
for the purposes of this section includes any opportunity that must 

  

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be realized or committed to within a shorter period of time than ten (10) days where the request for consent or approval and the information necessary
for a decision to be made have not been delayed in their transmittal to the party being requested to respond on an expedited basis), in which case such response will be given as promptly as reasonably possible. To facilitate such approval process,
each party shall appoint an individual to be responsible for the Cypress Premises and such individual shall have the authority to provide consent whether in writing or otherwise to the other, and each shall be entitled to rely upon the authority of
such appointed individual to give the consents and approvals required hereunder. 
 16.7. Sarbanes-Oxley. In connection with
Landlord’s responsibility to maintain effective internal controls over financial reporting and the requirements for complying with the Sarbanes Oxley Act of 2002, Tenant hereby agrees to provide access and reasonable assistance necessary to
Landlord that will allow Landlord to conduct activities necessary to satisfy its responsibilities, as previously outlined, 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. Tenant hereby agrees to provide, at Landlord’s request, a report prepared by an independent registered certified public accountant pursuant to the AICPA’s statement on
auditing standards No. 70 “Reports on the Processing of Transactions by Service Organizations” (“SAS No. 70”) utilizing a “Type II approach,” as defined in that SAS No. 70. Tenant shall be reimbursed its
reasonable third party expenses incurred for all such services and assistance requested by Landlord, including third party expenses for provision of the report pursuant to SAS No. 70. Landlord agrees to provide Tenant with appropriate notice
regarding the conduct of the activities anticipated in this provision. 
  

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 17. LANDLORD’S RIGHT TO INSPECT. Tenant shall permit Landlord and any Secured Party or any
other Person directly or indirectly providing financing to Landlord and their authorized representatives to inspect the Cypress Premises at reasonable times of the day upon not less than twenty-four (24) hours’ Notice, and to make such
repairs as Landlord is permitted or required to make pursuant to the terms of this Lease, provided that any inspection or repair by Landlord or Secured Party or other Person or its representatives will not unreasonably interfere with Tenant’s
use and operation of the Cypress Premises and further provided that in the event of an emergency, as determined by Landlord or Secured Party or other Person in its reasonable discretion, prior Notice shall not be necessary. 
 18. BUYBACK OPTION. Landlord and CNL TRS, are parties to that certain “Buyback Option Agreement” pursuant to which Landlord and CNL
TRS have granted to Boyne USA, Inc. the option to buy back or cause the Tenant to buy back from Landlord the Improvements and all of the rights and obligations under and pursuant to the Cypress Permit and all of the related Personal Property from
CNL TRS, together with other assets purchased pursuant to the Asset Purchase Agreement subject to and on the terms and conditions set forth in the Buyback Option Agreement. 
 19. MISCELLANEOUS. 
 19.1. Limitation on Payment of Rent. All agreements
between Landlord and Tenant herein are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of Rent, or otherwise, shall the Rent or any other amounts payable to Landlord under this Lease exceed
the maximum permissible under Applicable Laws, and if, from any circumstance whatsoever, fulfillment of any provision of this Lease, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed
by law, 

  

 - 90 - 

 
or if from any circumstances Landlord should ever receive as fulfillment of such provision such an excessive amount, then, ipso facto, the amount which would
be excessive shall be applied to the reduction of any installment of Minimum Rent next due and not to the payment of such excessive amount. This provision shall control every other provision of this Lease and any other agreements between Landlord
and Tenant. 
 19.2. No Waiver. No failure by Landlord or Tenant to insist upon the strict performance of any term hereof or to
exercise any right, power or remedy consequent upon a breach thereof, and no acceptance of full or partial payment of Rent during the continuance of any such breach, shall constitute a waiver of any such breach or of any such term. To the maximum
extent permitted by law, no waiver of any breach shall affect or alter this Lease, which shall continue in full force and effect with respect to any other then existing or subsequent breach. 
 19.3. Remedies Cumulative. To the maximum extent permitted by law, and except as specifically waived herein, each legal, equitable or
contractual right, power and remedy of Landlord, now or hereafter provided either in this Lease or by statute or otherwise, shall be cumulative and concurrent and shall be in addition to every other right, power and remedy and the exercise or
beginning of the exercise by Landlord (as applicable) of any one or more of such rights, powers and remedies shall not preclude the simultaneous or subsequent exercise by Landlord or Tenant of any or all of such other rights, powers and remedies.

 19.4. Severability. Any clause, sentence, paragraph, section or provision of this Lease held by a court of competent
jurisdiction to be invalid, illegal or ineffective shall not impair, invalidate or nullify the remainder of this Lease, but rather the effect thereof shall be confined to the clause, sentence, paragraph, section or provision so held to be invalid,
illegal or ineffective, and this Lease shall be construed as if such invalid, illegal or ineffective provisions had never been contained therein. 
  

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 19.5. Acceptance of Surrender. No surrender to Landlord of this Lease or of the Cypress
Premises or any part thereof or of any interest therein, shall be valid or effective unless agreed to and accepted in writing by Landlord and no act by Landlord or any representative or agent of Landlord, other than such a written acceptance by
Landlord, shall constitute an acceptance of any such surrender. 
 19.6. No Merger of Title. It is expressly acknowledged and
agreed that it is the intent of the parties that there shall be no merger of this Lease or of the interest created hereby by reason of the fact that the same Person may acquire, own or hold, directly or indirectly the Tenant’s interest under
this Lease or the rights created hereby, and the Landlord’s rights under the Cypress Permit. 
 19.7. Quiet Enjoyment.
Provided that no Event of Default shall have occurred and be continuing, Tenant shall peaceably and quietly have, hold and enjoy the Cypress Premises and Leased Property for the Term, free of hindrance or molestation by Landlord or anyone claiming
by, through or under Landlord, but subject to (a) the terms and conditions of the Cypress Permit and the VANOC Agreement, and (b) any Encumbrance permitted to be created by Landlord hereunder, (c) all Permitted Encumbrances,
(d) Liens as to obligations of Landlord that are either not yet due or which are being contested in good faith and by proper proceedings, provided the same do not materially interfere with Tenant’s ability to operate the Cypress Premises,
and (e) Liens that have been consented to in writing by Tenant. Except as otherwise provided in this Lease, no failure by Landlord to comply with the foregoing covenant shall give Tenant the right to cancel or terminate this Lease or abate,
reduce or make a deduction from or offset against the Rent or any other sum payable under this Lease, or to fail to perform any other obligation of Tenant hereunder. 
  

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 19.8. Dispute Resolution. The Landlord and Tenant covenant and agree with each other as
follows: 
 (a) if there is a dispute or disagreement between the parties in respect of any of the provisions of this Lease
(other than payment of Rent or a Tenant default that in Landlord’s reasonable judgment requires specific performance or injunctive relief, or immediate dispossession in order to protect the value of Landlord’s reversionary interest in the
Leased Property), which remains unresolved for a period of 30 days, each party will designate a senior manager or officer to review and make reasonable efforts to develop a workable resolution to the dispute or disagreement. The communications in
any such attempts to settle shall be privileged in any subsequent proceedings or action, and the failure to arrive at a resolution shall give rise to no claim by either party, whether or not a party arguably failed to make a reasonable effort.

 (b) Either party to a dispute or disagreement may at any time refer the dispute or disagreement, including a dispute or
disagreement which is under an internal review under Section 19.8(a) for determination by arbitration in accordance with the following: 
 A. The arbitration will be conducted by a sole arbitrator agreed by the parties to the dispute unless the parties fail to agree on such sole arbitrator within ten (10) Business Days of the giving of the notice of
arbitration or the parties agree that the arbitration should be conducted by a panel of three (3) arbitrators; 
 B. if
the parties fail to agree on a sole arbitrator pursuant to the above, or agree to have a panel of three (3) arbitrators conduct the arbitration: 
  

 - 93 - 

 (c) each party will promptly select an arbitrator and the two (2) arbitrators will
then promptly select a third arbitrator; 
 (d) if either party fails to select an arbitrator within seven (7) Business
Days of the notice of arbitration the arbitrator selected by the other party will act as the sole arbitrator; 
 (e) if the
arbitrator selected by the parties fails to select a third arbitrator within ten (10) Business Days of the later of their appointments, either party may apply to the Supreme Court of British Columbia for the appointment of a third arbitrator;

 A. the decision of a majority of the arbitrators or the sole arbitrator, as the case may be, including any decision as to
costs, will be final and binding upon the parties but will not be a precedent in any subsequent arbitration under this Lease; and 
 B. except as expressly provided herein, all arbitrations will be conducted according to the laws governing commercial arbitrations in British Columbia. 
 (f) Any dispute referred to arbitration will be dealt with on an expeditious basis with both parties using all commercially reasonable
efforts to obtain and implement a timely decision of the arbitrator or arbitrators. 
 19.9. No Recordation. Neither Landlord
nor Tenant shall record or register this Lease or a notice thereof unless required by a Secured Party. 
 19.10. Notices.

 A. Any and all notices, demands, consents, approvals, offers, elections and other communications required or permitted
under this Lease shall be deemed adequately given if in writing and the same shall be delivered either in hand, or by mail or Federal Express or similar expedited commercial carrier, addressed to the recipient of the notice, post-paid and registered
or certified with return receipt requested (if by mail), or with all freight charges prepaid (if by Federal Express or similar carrier). 
  

 - 94 - 

 B. All notices required or permitted to be sent hereunder shall be deemed to have been
given for all purposes of this Lease upon the date of receipt or refusal, except that whenever under this Lease a notice is either received on a day which is not a Business Day or is required to be delivered on or before a specific day which is not
a Business Day, the day of receipt or required delivery shall automatically be extended to the next Business Day. 
 C. All
such notices shall be addressed, 
  

			
	If to the Landlord:	 	 R&H US Canadian Cypress Limited, as trustee of the Cypress Jersey Trust
 Ordnance House
 31 Pier Road
 St.
Helier, Jersey
 JE4 8PW
 Channel Islands
 Attn: David Goar
 Fax No. 44 1534 825250

		
	With a copy to:	 	 CNL Income Properties, Inc.
 450 S. Orange
Avenue
 Orlando, Florida 32801
 Attention: Tammie A. Quinlan,
Executive Vice President and Chief Financial Officer
 Attn: Amy Sinelli, Vice President and Corporate Counsel
 Fax: 407-540-2544
 Telephone: 407-650-1000

		
	With a copy to:	 	 Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
 215
N. Eola Drive
 Orlando, Florida 32801
 Attn: Michael Ryan,
Esq.
 Fax: (407) 843-4444
 Telephone: (407)
843-4600

  

 - 95 - 

			
	If to Tenant to:	 	 Cypress Bowl Recreations Limited Partnership
 Top of
Cypress Bowl Road
 Cypress Provincial Park
 P. O. Box
91252
 West Vancouver, BC V7V 3N9
 Attn: Maureen Collins,
Controller
 Fax: (604) 926-7121
 Telephone: (604)
926-5612

		
	 With a copy to, and
 otherwise if to Indemnifier,
to:
	 	
 Boyne USA, Inc.
 1 Boyne Mountain
Road
 P.O. Box 19
 Boyne Falls, Michigan 49713
 Attn: Roland Andreasson, Chief Financial Officer
 Fax: (231)
549-6094
 Telephone: (231) 675-7241

		
	and in either case, with a copy to:	 	 Lawson Lundell LLP
 1600-925 West Georgia
Street
 Vancouver, BC V6C 3L2
 Attn: Valerie C. Mann,
Esq.
 Fax: (604) 669-1620
 Telephone: (604)
685-3456

 D. By notice given as herein provided, the parties hereto and their respective
successors and assigns shall have the right from time to time and at any time during the term of this Lease to change their respective addresses effective upon receipt by the other parties of such notice and each shall have the right to specify as
its address any other address within Canada, the Island of Jersey, or the United States of America. 
 19.11. Construction.
Anything contained in this Lease to the contrary notwithstanding, all claims against, and liabilities of, Tenant or Landlord arising prior to any date of termination or expiration of this Lease with respect to the Cypress Premises or Leased Property
shall survive such termination or expiration. Neither this Lease nor any provision hereof may be changed, waived, discharged or terminated except by an instrument in writing signed by all the parties 

  

 - 96 - 

 
thereto. All the terms and provisions of this Lease shall be binding upon and inure to the benefit of the parties hereto and their respective permitted
successors and assigns. Each term or provision of this Lease to be performed by Tenant shall be construed as an independent covenant and condition. Time is of the essence with respect to the exercise of any rights of Tenant or Landlord under this
Lease. Except as otherwise set forth in this Lease, any obligations arising prior to the expiration or sooner termination of this Lease (including without limitation, any monetary, repair and indemnification obligations) shall survive the expiration
or sooner termination of this Lease; provided, however, that each party shall be required to give the other Notice of any such surviving and unsatisfied obligations within one year after the expiration or sooner termination of this Lease.

 19.12. Limited Recourse. Anything contained in this Lease to the contrary notwithstanding, Tenant agrees and acknowledges
that no party owning any stock of any corporation that is an affiliate of the Landlord (a “CIP Stockholder”) shall be personally liable, as a result of being a CIP Stockholder, for obligations of any kind , including, but not
limited to, any debts, claims, liabilities, demands, or judgments, which arise, directly or indirectly, as a result of, or in connection with this Lease. This provision shall survive the Closing or termination of this Lease. 
 Anything contained in this Lease to the contrary notwithstanding, Landlord agrees and acknowledges that except for the Indemnifier pursuant to the
Indemnity Agreement for the term thereof only, no party owning any stock or other security interest (including a limited partnership unit or ownership interest) of any corporation or partnership that is an Affiliate of the Tenant (a “CBRLP
Stockholder”) shall be personally liable, as a result of being a CBRLP Stockholder, for obligations of any kind, including, but not limited to, any debts, claims, liabilities, demands, or judgments, which arise, directly or indirectly, as a
result of, or in connection with this Lease. This provision shall survive the Closing or termination of this Lease. 
  

 - 97 - 

 19.13. Counterparts; Headings. This Lease may be executed in two or more counterparts, each
of which shall constitute an original, but which, when taken together, shall constitute but one instrument and shall become effective as of the date hereof when copies hereof, which, when taken together, bear the signatures of each of the parties
hereto shall have been signed. Headings in this Lease are for purposes of reference only and shall not limit or affect the meaning of the provisions hereof. 
 19.14. Entire Agreement. This Lease and any other written agreement between the parties hereto with respect to the subject matter hereof constitute the entire agreement between the Landlord and Tenant
with respect to the subject matter hereof and there are no other representations, warranties, collateral warranties, agreements, collateral agreements, statements or assurances of any kind or nature whatsoever upon which any party is entitled to
rely. This Lease may not be amended, modified or varied, except by a written agreement signed by all parties hereto. The terms of this Lease shall control in the event of any conflict with, and in the interpretation of, all provisions of the Asset
Purchase Agreement or any term sheet or letter of intent related thereto. 
 19.15. Applicable Law, Etc. This Lease shall be
interpreted, construed, applied and enforced in accordance with the laws of the Province, regardless of (a) where this Lease is executed or delivered; or (b) where any payment or other performance required by this Lease is made or required
to be made; or (c) where any breach of any provision of this Lease occurs, or any cause of action otherwise accrues; or (d) where any action or other proceeding is instituted or pending; or (e) the nationality, citizenship, domicile,
principal place of business, or jurisdiction 

  

 - 98 - 

 
of organization or domestication of any party; or (f) whether the laws of the forum jurisdiction otherwise would apply the laws of a jurisdiction other
than the Province; or (g) any combination of the foregoing. To the maximum extent permitted by Applicable Law, any action to enforce, arising out of, or relating in any way to, any of the provisions of this Lease but subject to the provisions
of section 19.8 which shall take precedence, may be brought and prosecuted in such court or courts located in the Province; and the parties consent to the jurisdiction of said court or courts located in the Province and to service of process by
registered mail, return receipt requested, or by any other manner provided by law. 
 19.16. Right to Make Agreement. Each
party warrants, with respect to itself, that neither the execution of this Lease, nor the consummation of any transaction contemplated hereby, shall violate any provision of any law, or any judgment, writ, injunction, order or decree of any court or
governmental authority having jurisdiction over it; nor result in or constitute a breach or default under any indenture, contract, other commitment or restriction to which it is a party or by which it is bound; nor require any consent, vote or
approval which has not been given or taken, or at the time of the transaction involved shall not have been given or taken. Each party covenants that it has and will continue to have throughout the Term and any renewal and/or extension thereof the
full right to enter into this Lease and perform its obligations hereunder. 
 19.17. Indemnity of Tenant’s Performance.
With respect to a period of four (4) calendar years from the Commencement Date, the Indemnitor shall be jointly and severally liable for the Tenant’s covenants and obligations in respect of the payment to Landlord of the Minimum Rent
provided for herein, as provided for in and subject to the terms of the Indemnity. 
 19.18. Time. Time shall be of the essence
of this Lease and in each and every part hereof. 
  

 - 99 - 

 19.19. Exculpation of Trustee. Notwithstanding anything express or implied in this Lease to
the contrary, to the extent that a trust is or becomes Landlord hereunder (a “Trust”), the maximum liability of the trustees of said Trust under this Lease (including, without limitation, any liability for interest, costs, expenses
and/or any other sums recoverable under this Lease) shall not exceed the value of the property held in the Trust from time to time and which is in the trustee’s possession or under its control as trustee of the Trust (and for greater certainty
no other property of any other trust). 
 IN WITNESS WHEREOF, the parties have executed this Lease as a sealed instrument as of the
date above first written. 
  

			
	 TENANT
 CYPRESS BOWL RECREATIONS 
 LIMITED PARTNERSHIP,
 by its General Partner, Cypress Bowl ULC

		
	By:	 	 /s/ John Kircher

	Name:	 	John Kircher
	Title:	 	President

  

 - 100 - 

			
	 LANDLORD
 R&H US CANADIAN
CYPRESS LIMITED
 a company incorporated pursuant to the laws of the
 Island of Jersey, solely in its capacity as trustee of
 CYPRESS JERSEY TRUST, a trust settled
 pursuant to the laws of the Island of Jersey

		
	By:	 	 /s/ Jennifer Geddes

		 	Director
		
		 	 /s/ Francis Raffay

		 	Secretary

  

 - 101 - 

			
	INDEMNIFIER [solely for Purposes of Section 19.17]
	
	BOYNE USA, INC.
		
	By:	 	 /s/ John Kircher

	Name:	 	John Kircher
	Title:	 	Director

  

 - 102 - 

 Schedule 1.1A 
 Buyback Option Agreement 
  

 - 103 -Personal Property Sublease Agreement

 Exhibit 10.2 
 PERSONAL PROPERTY LEASE AGREEMENT 
 DATED AS OF MAY 26, 2006 
 BY AND BETWEEN 
 CNL PERSONAL
PROPERTY TRS ULC 
 AS LESSOR 
 AND 
 CYPRESS BOWL RECREATIONS LIMITED PARTNERSHIP 
 AS LESSEE 

 TABLE OF CONTENTS 
  

							
	 	  	 	    	 	  	Page
	1.	  	DEFINITIONS	  	2
		  	1.1.	    	Definitions	  	2
		  	1.2.	    	Affiliates	  	21
			
	2.	  	LEASE AND TERM	  	21
		  	2.1.	    	Lease of Personal Property	  	21
		  	2.2.	    	Authority and Obligation of Lessee Under VANOC Agreements.	  	22
		  	2.3.	    	Term	  	22
			
	3.	  	RENT.	  	22
		  	3.1.	    	Rent	  	22
		  	3.2.	    	Confirmation of Percentage Rent	  	24
		  	3.3.	    	Additional Charges	  	25
		  	3.4.	    	Payment of Impositions.	  	26
		  	3.5.	    	Late Payment of Rent, Etc	  	29
		  	3.6.	    	Triple Net Lease	  	29
		  	3.7.	    	Sales Tax	  	32
		  	3.8.	    	Withholding Tax.	  	34
		  	3.9.	    	Deposit of Prepaid Minimum Rent.	  	34
			
	4.	  	PERSONAL PROPERTY TITLE	  	35
			
	5.	  	USE OF THE PERSONAL PROPERTY.	  	36
		  	5.1.	    	Permitted Use.	  	36
		  	5.2.	    	Compliance with Legal/Insurance Requirements, Etc	  	37
		  	5.3.	    	Environmental Matters.	  	38
		  	5.4.	    	Negative Covenants	  	39
		  	5.5.	    	Nature Of Relationship	  	40
		  	5.6.	    	Application of Cypress Permit and VANOC Agreement	  	40
		  	5.7.	    	Equipment Leases	  	42
		  	5.8.	    	Limitations on Lessee’s Exercise of Authority.	  	42
			
	6.	  	REPAIRS, MAINTENANCE AND REPLACEMENTS	  	43
		  	6.1.	    	Inspection and Acceptance.	  	43
		  	6.2.	    	Repairs and Maintenance Costs.	  	43
		  	6.3.	    	Capital Renewals Reserve.	  	45
		  	6.4.	    	Withdrawal By Lessor From Capital Renewals Reserve Account	  	47
		  	6.5.	    	Capital Expenditures Exceeding Capital Renewals Reserve	  	48
		  	6.6.	    	Ownership of Replacements	  	48
		  	6.7.	    	Lessee’s Personal Property	  	48
		  	6.8.	    	Yield Up	  	49
		  	6.9.	    	Management Matters	  	50

  

 - i - 

							
	7.	  	IMPROVEMENTS, ETC.	  	51
		  	7.1.	    	No Liens	  	51
		  	7.2.	    	Salvage	  	51
			
	8.	  	LIENS	  	51
			
	9.	  	PERMITTED CONTESTS	  	52
		  	9.1.	    	Right to Contest	  	52
			
	10.	  	RISK OF LOSS AND INSURANCE	  	53
		  	10.1.	    	Insurance	  	53
		  	10.2.	    	General Insurance Provisions	  	54
		  	10.3.	    	Costs and Expenses.	  	57
		  	10.4.	    	Waiver of Subrogation	  	57
		  	10.5.	    	Indemnification of Lessor	  	57
		  	10.6.	    	Lessor Advance	  	58
			
	11.	  	DAMAGE, REPAIR AND EXPROPRIATION	  	59
		  	11.1.	    	Damage or Loss	  	59
		  	11.2.	    	Reinstatement	  	60
		  	11.3.	    	Expropriation.	  	61
		  	11.4.	    	Secured Loan Documents	  	62
			
	12.	  	SECURITY.	  	62
		  	12.1.	    	Security.	  	62
		  	12.2.	    	Subordination and Attornment	  	62
		  	12.3.	    	Compliance with Cypress Permit	  	65
		  	12.4.	    	Liens; Credit	  	65
		  	12.5.	    	Amendments Requested by Secured Party	  	66
		  	12.6.	    	Blocked Account Arrangements	  	66
		  	12.7.	    	Direction re: Payment of Secured Loan and other Financial Indebtedness	  	66
			
	13.	  	DEFAULTS AND REMEDIES	  	66
		  	13.1.	    	Events of Default	  	66
		  	13.2.	    	Remedies	  	70
		  	13.3.	    	Lessee Remains Liable.	  	71
		  	13.4.	    	Lessee’s Continuing Operation	  	72
		  	13.5.	    	Application of Funds	  	72
		  	13.6.	    	Lessor’s Right to Cure Lessee’s Default	  	73
			
	14.	  	FAILURE TO TURN OVER	  	73
			
	15.	  	TRANSFERS BY LESSOR OR SECURED PARTY	  	74
			
	16.	  	SUBLETTING AND ASSIGNMENT	  	75
		  	16.1.	    	Restriction on Mortgaging, Subletting and Assignment.	  	75
			
	17.	  	LESSEE CERTIFICATES AND FINANCIAL STATEMENTS	  	79

  

 - ii - 

							
		  	17.1.	    	Lessee Certificates	  	79
		  	17.2.	    	Accounting, Distributions and Annual Reconciliation.	  	79
		  	17.3.	    	Books and Records	  	80
		  	17.4.	    	Annual Business Plan	  	81
		  	17.5.	    	Update Meetings	  	81
		  	17.6.	    	Approvals.	  	81
		  	17.7.	    	Sarbanes-Oxley	  	82
			
	18.	  	LESSOR’S RIGHT TO INSPECT	  	82
			
	19.	  	LESSEE’S BUYBACK OPTION	  	83
			
	20.	  	MISCELLANEOUS.	  	83
		  	20.1.	    	Limitation on Payment of Rent	  	83
		  	20.2.	    	No Waiver	  	83
		  	20.3.	    	Remedies Cumulative	  	84
		  	20.4.	    	Severability	  	84
		  	20.5.	    	Acceptance of Surrender	  	85
		  	20.6.	    	No Merger of Title.	  	85
		  	20.7.	    	Quiet Enjoyment	  	85
		  	20.8.	    	Dispute Resolution	  	86
		  	20.9.	    	No Recordation	  	87
		  	20.10.	    	Notices.	  	87
		  	20.11.	    	Construction	  	89
		  	20.12.	    	Limited Recourse	  	90
		  	20.13.	    	Counterparts; Headings	  	90
		  	20.14.	    	Entire Agreement	  	91
		  	20.15.	    	Applicable Law, Etc	  	91
		  	20.16.	    	Right to Make Agreement	  	92
		  	20.17.	    	Indemnity of Lessee’s Performance	  	92
		  	20.18.	    	Time	  	92
		  	20.19.	    	Exculpation of Trustee	  	92

  

 - iii - 

 PERSONAL PROPERTY LEASE AGREEMENT 
 (WITH BUY BACK OPTION) 
 THIS PERSONAL PROPERTY LEASE AGREEMENT (the
“Lease”) is entered into as of this 18th day of May 2006, by and between CNL PERSONAL PROPERTY TRS ULC, a Nova Scotia unlimited liability company, (the “Lessor”), and CYPRESS BOWL RECREATIONS LIMITED
PARTNERSHIP, a British Columbia limited partnership (the “Lessee”). 
 RECITALS: 
 A. Lessee and R&H US Canadian Cypress Limited in its capacity as trustee of the Cypress Jersey Trust, an affiliate of Lessor and a trust settled under
the laws of the Isle of Jersey (the “Trust”) are parties to a Sub-Permit and Lease Agreement (the “Sub-Permit”) of even date herewith, pursuant to which the Trust granted to Lessee a sub-permit of the Trust’s right
under the Cypress Permit (as defined herein) including the right to use and occupy portions of the Cypress Provincial Park in British Columbia currently being operated as the Cypress Mountain ski area which are the subject of the Cypress Permit
together with a lease of certain structures and fixtures constituting real property located thereon (the “Improvements”). 
 B.
Lessor is the owner of certain Personal Property (defined herein) located at and used or usable in connection with the Lessee’s ski operations and related business at Cypress Provincial Park. 
 C. Lessor desires to lease to Lessee and Lessee desires to lease from Lessor the Personal Property, on the terms and conditions set forth herein.

 D. Lessee’s parent company, Boyne USA, Inc. has been granted the right and option to buy back from the Trust the Cypress Permit and
Improvements, and from Lessor the right and option to buy back the related Personal Property, pursuant to a Buyback Option Agreement dated December 22, 2005 entered into by and among inter alia, CNL Income Partners, LP (an affiliate of Lessor
and of the Trust) and Boyne USA, Inc. 
  

 - 1 - 

 AGREEMENT: 
 In consideration of the Rent payable by Lessee hereunder and the mutual covenants herein contained and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged,
Lessor and Lessee hereby agree as follows: 
 1. DEFINITIONS 
 1.1. Definitions. For all purposes of this Lease, except as otherwise expressly provided or unless the context otherwise requires, (a) the terms defined in this Article shall have the meanings
ascribed to them in this Article and include the plural as well as the singular, (b) all accounting terms not otherwise defined herein shall have the meanings ascribed to them in accordance with GAAP, (c) all references in this Lease to
designated “Articles,” “Sections” and other subdivisions of this Lease and “Exhibits” are to the designated Articles, Sections, other subdivisions of this Lease and Exhibits and (iv) the words
“herein”, “hereof” “hereunder” and other words of similar import refer to this Lease as a whole and not to any particular Article, Section or other subdivision. 
 “Accounting Period” shall mean each calendar month during the Term, or part thereof where the Term commences on a date other than the
first day of a calendar month or ends on a date other than the last day of a calendar month, unless otherwise agreed by both parties. 
 “Accounting Period Statement” shall have the meaning given such term in Section 17.2. 
 “Additional
Charges” shall have the meaning given such term in Section 3.3. 
  

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 “Additional Minimum Rent” shall mean with respect to any Fiscal Year an amount equal to
the aggregate of Additional Minimum Rent applicable to each Lessor Expenditure hereafter made by Lessor. For each Lessor Expenditure hereafter made by Lessor, Additional Minimum Rent shall be paid by Lessee for each Fiscal Year in an amount equal to
the product of: (a) the Subsequently Agreed Lease Rate applicable to such additional Lessor Expenditure and (b) the amount of such Lessor Expenditure. Lessor shall notify Lessee in writing as to the Additional Minimum Rent amount, and the
calculation thereof, at the time of each Lessor Expenditure. 
 “Affiliates” shall have the meaning given such term in
Section 1.2. 
 “Applicable Laws” shall mean all applicable laws, statutes, regulations, rules, ordinances, codes,
licenses, permits and orders, from time to time in existence, of all courts of competent jurisdiction and Government Agencies, and all applicable judicial and administrative and regulatory decrees, judgments and orders, including Environmental Laws.

 “Asset Purchase Agreement” shall mean that Asset Purchase Agreement entered into by and between Lessee and Gatlinburg
Skylift, LLC, as sellers, and CNL Income Partners, LP, as purchaser, dated, December 22, 2005 as said agreement was assigned to Affiliates of CNL Income Partners, LP, and as same may be amended, extended, supplemented, replaced and
renewed from time to time. 
 “Business Day” shall mean any day other than Saturday, Sunday, or any other day on which
banking institutions in the Province are authorized by law or executive action to close. 
 “Buyback Option” means the
Buyback Option Agreement, dated December 22, 2005, executed by CNL Gatlinburg Partnership, LP, CNL Income Partners, LP and Boyne USA, Inc., a copy of which is attached hereto as Schedule 1.1A and which has been assumed by Lessor and by
the Trust pursuant to an “Assumption of Buyback Option Obligation” of even date herewith. 
  

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 “Capital Expenditure” shall mean the expenditures and capital lease payments approved by
Lessor in accordance with the requirements of this Lease and necessary for alterations, improvements, renewals, replacements, and additions to the Personal Property as “capital expenditures” under GAAP. 
 “Capital Renewals Reserve” shall have the meaning given such term in Section 6.3.A. 
 “Capital Reserve Budget” shall have the meaning given such term in Section 6.3.C. 
 “Claims” shall have the meaning given such term in Article 9. 
 “Closing” shall mean the closing of the purchase by the Trust and sale by Lessee of the Cypress Permit and Improvements, and the
purchase by Lessor and the sale by Lessee of the Personal Property related thereto as contemplated by the Asset Purchase Agreement, including the execution and delivery of this Lease by the Lessor and the Lessee and all agreements to be entered into
on the Commencement Date. 
 “Code” shall mean the Income Tax Act (Canada) whenever reference is made to Canadian tax
laws and the United States Internal Revenue Code of 1986 and, to the extent applicable, the Treasury Regulations promulgated thereunder, each as amended from time to time, when reference is made to US Code. 
 “Commencement Date” shall mean May 26, 2006, being the same date as the date of Closing under the Asset Purchase Agreement.

 “Contracts” shall mean all maintenance, service and supply contracts, and all other similar agreements for goods
or services in connection with the Cypress Premises and Improvements or the Personal Property other than the Licenses and Permits. 
  

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 “Control” and “Controlled” shall mean, in respect of any Person,
(i) the right to exercise, directly or indirectly, a majority of the votes which may be voted at a meeting of (A) the shareholders of such Person, in the case of a corporation, (B) the shareholders of the general partner of such
Person, in the case of a limited partnership or (C) the equity holders or other voting participants in the case of a Person that is not a corporation or a limited partnership, or (ii) the right to elect or appoint, directly or indirectly,
a majority of (A) the directors of such Person, in the case of a corporation, (B) the directors of the general partner of such Person, in the case of a limited partnership or (C) a majority of the Persons who have the right to manage
or supervise the management of the affairs and business of such Person, in the case of a Person that is not a corporation or a limited partnership. 
 “Cypress Permit” shall mean Park Use Permit 1506, dated September 13, 1984, issued by Her Majesty, the Queen in right of the Province of British Columbia represented by the Minister as such Park Use Permit has been
amended or supplemented by agreements dated June 17, 1985, November 5, 1986, June 4, 1987, August 15, 1987, October 16, 1987, August 19, 1988, February 19, 1997, June 26, 1997, and February 20, 2001,
and as amended and restated by agreement dated February 20, 2001, and as further amended by a second amendment dated February 20, 2001 and further amendments dated October 1, 2001, April 10, 2006 and May 26, 2006,
including the CRA Master Plan as defined in such permit, as assigned by Lessee to the Trust, with the consent of the Minister and as same may be restated, extended, supplemented, replaced and renewed from time to time. 
 “Cypress Premises” shall mean all of those lands to which the Trust has been granted rights of use pursuant to the Cypress Permit
including, without limitation, the Controlled Recreation Area and those portions thereof referred to as the Alpine Ski Area, the Nordic Ski Area, the Parking Facilities, and the Maintenance Areas as well as the Surrounding Lands, all as described
and defined in the Cypress Permit. 
  

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 “Default” shall mean any event or condition existing which with the giving of notice
and/or lapse of time would ripen into an Event of Default. 
 “Emergency Requirements” shall mean any of the following
events or circumstances: (a) an emergency threatening the Cypress Premises or Improvements, or the life, safety or property of its tenants, subtenants, customers, invitees or employees; (b) a violation of any Legal Requirement or any
condition, the continuation of which would subject Lessee or Lessor to civil or criminal liability. 
 “Entity” shall mean
any corporation, general or limited partnership, limited liability company, limited liability partnership, stock company or association, joint venture, association, company, trust, bank, trust company, land trust, business trust, cooperative,
Governmental Agency or political subdivision thereof or any other association or entity. 
 “Environment” shall mean soil,
surface waters, ground waters, land, streams, sediments, surface or subsurface strata and ambient air. 
 “Environmental
Claims” means all claims for reimbursement, remediation, abatement, removal, clean up, contribution, personal injury, property damage or damage to natural resources made by any Government Agencies or other Person arising from or in
connection with the (i) presence or actual or potential spill, leak, emission, discharge or release of any Hazardous Materials over, on, in, under or from the Cypress Premises, or (ii) violation of any Environmental Laws with respect to
the Cypress Premises. 
 “Environmental Laws” shall mean any Applicable Laws which regulate the manufacture, generation,
formulation, processing, use, treatment, handling, storage, disposal, 

  

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distribution or transportation, or an actual or potential spill, leak, emission, discharge or release of any Hazardous Materials, pollution, contamination or
radiation into any water, soil, sediment, air or other environmental media, including, without limitation, the Canada Environmental Assessment Act (Canada), the Transportation of Dangerous Goods Act (Canada), the Waste Management Act (British
Columbia), the Contaminated Sites Regulation Act (British Columbia) and all other federal, regional, provincial and local laws, as amended as of the time in question. 
 “Environmental Liabilities” means all liabilities under any Environmental Laws arising from or in connection with the Cypress Premises, including, without limitation, any obligations to manage,
control, contain, remove, remedy, respond to, clean up or abate any actual or potential spill, leak, emission, discharge or release of any Hazardous Materials, pollution, contamination or radiation into any water, soil, sediment, air or other
environmental media. 
 “Event of Default” shall have the meaning given such term in Section 13.1. 
 “Expropriation” shall mean (a) the exercise of any governmental power with respect to the Cypress Premises, whether by legal
proceedings or otherwise, by an Expropriator of its power of condemnation or expropriation, (b) a voluntary sale or transfer of the Cypress Premises by Lessor to any Expropriator, either under threat of expropriation or while legal proceedings
for expropriation are pending, or (c) a taking or voluntary conveyance of all or part of the Cypress Premises, or any interest therein, or right accruing thereto or use thereof, as the result or in settlement of any expropriation proceeding
affecting the Cypress Premises, whether or not the same shall have actually been commenced. 
 “Expropriator” shall mean the
Province, or any other public or quasi-public authority, or Person having the power of Expropriation. 
  

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 “Financial Indebtedness” means any indebtedness or liability, direct or indirect,
absolute or contingent, for or in respect of any borrowed money, any guarantee of borrowed money or any indemnity or reimbursement obligations with respect to a letter of credit, including indebtedness under a debt instrument given in payment of the
purchase price of an investment. 
 “Financial Statements” shall mean a balance sheet, profit and loss statement, statement
of shareholders equity, and cash flow statement for the Premises and the operations thereon, all prepared in accordance with GAAP consistently applied. 
 “Fiscal Year” shall mean each calendar year ending at midnight on December 31 of each calendar year during the Term, or part thereof. 
 “GAAP” means United States generally accepted accounting principles applied on a consistent basis, as such principles may be duly
modified from time to time where appropriate. 
 “Government Agencies” shall mean any court, agency, authority, board
(including, without limitation, environmental protection, planning and zoning), bureau, commission, department, office or instrumentality of any nature whatsoever of any governmental or quasi-governmental unit of Canada, the Province or the local
jurisdiction in which the Cypress Premises is located or any political subdivision of any of the foregoing, whether now or hereafter in existence, having jurisdiction over Lessee or the Cypress Premises or any portion thereof or the Leased Property
operated thereon. 
 “Gross Revenues” means, subject to the exclusions listed below, all collected, recovered or accrued
revenue and income from the operation of the Cypress Premises and properly attributable to the Fiscal Year under consideration, determined without duplication and in accordance with GAAP and, for purposes of greater certainty, Gross Revenues shall
include, but shall not be limited to: 
  

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	 	(i)	the revenues and payments received, recovered or accrued from any party, including, without limitation, amounts for ski passes, parking, chair lift tickets, tow rope tickets, locker
rental, equipment rental, snowmobile rental, instruction classes for skiing and other activities, filming and photograph licenses, hiking permits, cabin rentals, food and beverage services, rent and fees from subtenants, concessionaires and the
like, services provided to the Province and any third parties, and amounts received pursuant to the VANOC Agreement other than as payment or reimbursement for the Lessee’s design, construction, procurement or installation of Improvements on
behalf of VANOC as contemplated by the VANOC Agreement or any agreement, contract or other instrument that is entered into between VANOC and the Lessee in respect of the Improvements contemplated by the VANOC Agreement (as such may hereafter be
amended or modified); 

  

	 	(ii)	the net proceeds of use and occupancy or business interruption insurance with respect to the operation of the Cypress Premises and Improvements (after deduction from said proceeds
of all necessary expenses incurred in the adjustment or collection thereof); and 

  

	 	(iii)	any amounts under the terms of any other shared services agreements, licenses, easements or servitudes relating to the Cypress Premises; 

 Gross Revenues shall not include: 
  

	 	A.	Sales tax or similar charges which are required by law to be collected directly from sublessees, if any, or as part of the sale price of any goods or services or displays and which
must be remitted to competent governmental taxing authorities; 

  

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	 	B.	proceeds or awards arising from a taking or Expropriation of capital property other than an award for temporary use; 

  

	 	C.	receipts or credits for settlement of claims for loss or damage to personal property or furnishings; 

  

	 	D.	proceeds from any insurance policy except for the net proceeds of use and occupancy or business interruption insurance; 

  

	 	E.	receipts of a capital nature; 

  

	 	F.	receipts collected by Lessee on behalf of and which are remitted to another person, and not properly recordable as “revenues” according to GAAP; and

  

	 	G.	amounts received for the sale of goods or services by subtenants and concessionaires, unaffiliated with Lessee, who pay rent or fees to the Trust for the privilege of such
subtenancy or concession. 

 “Hazardous Materials” shall mean and include any substance or material containing
one or more of any of the following: “hazardous material,” “hazardous waste,” “hazardous substance,” “regulated substance,” “petroleum,” “pollutant,” “contaminant,”
“polychlorinated biphenyls,” “lead or lead-based paint” or “asbestos” as such terms are defined in any applicable Environmental Law in such concentration(s) or amount(s) as may impose clean-up, removal, monitoring or
other responsibility under the Environmental Laws, as the same may be amended from time to time, and any other substance or material (including, without limitation, mould) which may present a significant risk of harm to customers, invitees or
employees of the Lessee. 
  

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 “Impositions” shall mean collectively, all fees and other amounts payable under or
pursuant to the Cypress Permit or otherwise in connection with the use and operation of the Personal Property, and all taxes (including, without limitation, all taxes imposed under the laws of the Province and the local jurisdiction in which the
Cypress Premises is located, as such laws or regulations may be amended from time to time, and all ad valorem, sales and use, single business, gross receipts, transaction privilege, rent or similar taxes as the same relate to or are imposed upon
Lessor, Lessee or the businesses conducted upon or related to use of the Personal Property), Tax on Capital, surtaxes, excises, tax levies, fees (including, without limitation, license, permit, inspection, authorization and similar fees), and all
other governmental charges, in each case whether general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character in respect of the Personal Property, which at any time prior to, during or in respect of the Term hereof
may be assessed or imposed on or in respect of or be a lien or hypothecation upon (a) Lessor’s interest in the Personal Property, or (b) any operation, use or possession of, or in connection with the Personal Property or the leasing
or use of the Personal Property or any part thereof by Lessee or any subtenants of the Cypress Premises, if any; provided, however, that nothing contained herein shall be construed to require Lessee to pay: (i) any income tax of Lessor,
(ii) any transfer fee or other tax imposed with respect to the sale, exchange or other disposition by Lessor of the Personal Property or the proceeds thereof, (iii) any single business, gross receipts tax (from any source other than the
rent received by Lessor from Lessee), or similar taxes as the same relate to or are imposed upon Lessor, except to the extent that any tax, assessment, tax levy or charge that would otherwise be an Imposition under this definition which is in effect
at any time during the Term hereof is totally or partially repealed, and a tax, assessment, tax levy or charge set forth in clause (i) or (ii) preceding is 

  

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levied, assessed or imposed expressly in lieu thereof, (iv) any interest or penalties imposed on Lessor as a result of the failure of Lessor to file any
return or report timely and in the form prescribed by law or to pay any tax or imposition, except to the extent such failure is a result of a breach by Lessee of its obligations pursuant to this Lease, (v) any Impositions that are enacted or
adopted by their express terms as a substitute for any tax that would not have been payable by Lessee pursuant to the terms of this Lease, or (vi) any Impositions imposed as a result of a breach of covenant or representation by Lessor in any
agreement entered into by Lessor governing Lessor’s conduct or operation or as a result of the negligence or willful misconduct of Lessor. 
 “Improvements” shall mean those affixed buildings, fixtures, structures and other improvements within the Cypress Premises that constitute real property or fixtures under Applicable Law, over which the Trust has rights of
use, occupancy, or control under the terms of the Cypress Permit, including all Improvements hereafter to be constructed at the Cypress Premises under the terms of the VANOC Agreement or otherwise. 
 “Indemnifier” shall mean Boyne USA, Inc., a Michigan corporation, its successors and permitted assigns. 
 “Indemnity” shall mean the Guaranty Agreement made by Indemnifier in favour of Lessor of even date herewith, as such may be modified or
amended from time to time in accordance with its terms. 
 “Initial Lessor Expenditure” is CDN $11,837,956.23, which is the
agreed amount allocated to Lessor’s Expenditures in connection with the acquisition of the Personal Property. 
 “Initial
Minimum Rent” shall mean with respect to any Fiscal Year an amount equal to the product of: (a) the Initial Lessor Expenditure; and (b) the Originally Agreed Lease Rate for such Fiscal Year. Initial Minimum Rent, on an annual
basis, shall be CDN $1,213,390.51 from the date of this Lease until December 31, 2006 (10.25% times the Initial Lessor Expenditure). 
  

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 “Insurance Requirements” shall mean all terms of any insurance policy required by this
Lease and all requirements of the issuer of any such policy and all orders, rules and regulations and any other requirements of the National Board of Fire Underwriters in Canada as well as any such demand under the Secured Loan Documents or any
other body exercising similar functions binding upon Lessor, Lessee or the Cypress Premises. 
 “Interest Rate” shall mean
an annual rate of interest equal to, as of the date of determination, the Originally Agreed Lease Rate plus two hundred (200) basis points. 
 “Lease” shall mean this Personal Property Lease Agreement, including all Exhibits hereto, as it and they may be amended from time to time as herein provided. 
 “Lease Rate” shall mean that percentage rate agreed by Lessor and Lessee to be applicable to a given Lessor Expenditure for the
calculation of Minimum Rent. The Lease Rate applicable to the Initial Lessor Expenditures on or prior to the date of this Lease shall be the Originally Agreed Lease Rate. The Lease Rate applicable to each Lessor Expenditure subsequent to the date of
this Lease shall be the Subsequently Agreed Lease Rate. 
 “Lease Year” shall mean any Fiscal Year during the Term and any
partial Fiscal Year at the beginning or end of the Term. 
 “Leased Property” shall mean all of the Personal Property.

 “Legal Requirements” shall mean all federal, provincial, municipal and other governmental statutes, laws, rules, orders,
regulations, safety standards, ordinances, judgments, decrees and injunctions affecting the Cypress Premises or the maintenance, construction, alteration or operation thereof, whether now or hereafter enacted or in existence, including, 

  

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without limitation, (a) all regulations and processes required as a result of the Cypress Premises being located in Cypress Provincial Park,
(b) all Environmental Laws, and (c) all applicable safety code requirements, imposed by Government Agencies and (e) all permits, licenses, authorizations, certificates and regulations necessary to operate the Cypress Premises and
Personal Property for its Permitted Use, and (f) all covenants, agreements, declarations, restrictions and encumbrances contained in any instruments at any time in force affecting the Cypress Premises, the Improvements or the Personal Property
as of the date hereof, or to which Lessee has consented or required to be granted pursuant to Applicable Laws, including those which may (i) require material repairs, modifications or alterations in or to the Cypress Premises or Personal
Property or (ii) in any way materially and adversely affect the use and enjoyment thereof, but excluding any requirements arising as a result of Lessor’s or any Affiliated Person of Lessor’s status as a real estate investment trust.

 “Lessee’s Personal Property” shall mean all tangible personal property of Lessee acquired by Lessee at its election
and with its own funds on and after the date hereof and located at the Cypress Premises and all modifications, replacements, alterations and additions to such personal property installed at the expense of Lessee, excepting the items of personal
property that are to be turned over and delivered to Lessor pursuant to the Turnover Agreement. 
 “Lessor Expenditure”
shall mean any expenditure made by Lessor in connection with the Lessor’s investment in the Personal Property, including without limitation each amount expended by Lessor to fund the cost of any excess Capital Expenditure pursuant to
Section 6.5 of the Lease. Lessor and Lessee agree and confirm upon execution of this Lease that the Lessor’s Expenditure in connection with Lessor’s acceptance of the Personal Property is the Initial Lessor Expenditure. Lessor shall
notify Lessee in writing of each Additional Lessor Expenditure subsequent to the date of this Lease, which amount shall be final and conclusive in the absence of manifest error. 
  

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 “Lessor Liens” shall mean Liens on or against the Personal Property or any payment of
Rent (a) which result from any act of, or any claim against, Lessor or the Province which result from any violation by Lessor of any terms of this Lease, or (b) which result from Liens in favour of any taxing authority by reason of any tax
owed by Lessor or the Province; provided, however, that “Lessor Lien” shall not include any Lien resulting from any tax for which Lessee is obligated to pay or indemnify Lessor against until such time as Lessee shall have already paid to
or on behalf of Lessor the tax or the required indemnity with respect to the same. 
 “Licenses and Permits” shall mean all
licenses, permits, consents, authorizations, approvals, registrations and certificates issued by any Governmental Agency which are held by Lessor with respect to the Cypress Premises or the Personal Property, including, without limitation, those
necessary for the construction, use or occupancy of the Cypress Premises or the construction use or occupancy of the Personal Property, to the extent that the same are transferable, together with any deposits made by Lessor thereunder to the extent
that they are transferable but specifically excluding from this definition the Cypress Permit. 
 “Lien” shall mean any
mortgage, hypothecation, security interest, pledge, collateral assignment, or other encumbrance, lien or charge of any kind, or any transfer of property or assets for the purpose of subjecting the same to the payment of Financial Indebtedness or
performance of any other obligation in priority to payment of its general creditors. 
 “Minimum Rent” shall mean with
respect to any Fiscal Year an amount equal to the sum of: (a) the Initial Minimum Rent; and (b) the Additional Minimum Rent. 
  

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 “Minister” means the Minister of Environment or such other Minister from time to time
having responsibility for the Cypress Permit. 
 “Notice” shall mean a notice given in accordance with Section 20.10.

 “Officer’s Certificate” shall have the meaning given such term in Section 3.1.B. 
 “Originally Agreed Lease Rate” shall mean the Lease Rate noted below with respect to each of the following Fiscal Years: 
 10.25% from the date of this Lease until December 31, 2006; 
 10.50% from January 1, 2007 through December 31, 2007; 
 10.75% from January 1, 2008 through
December 31, 2008; 
 11.00% from January 1, 2009 through December 31, 2009; 
 11.25% from January 1, 2010 through December 31, 2010; 
 11.50% from January 1, 2011 through December 31, 2011; 
 11.75% from January 1, 2012 through
December 31, 2012; 
 12.00% from January 1, 2013 through December 31, 2013; 
 12.25% from January 1, 2014 through December 31, 2014; 
 12.50% from January 1, 2015 through December 31, 2015; 
 12.75% from January 1, 2016 through
December 31, 2016; and 
 13.00% from January 1, 2016 through the remainder of the Lease Term and any Extension Term. 

“Percentage Rent” shall have the meaning given such term in Section 3.1.B. 
 “Permitted Encumbrances” shall mean all security interests and equipment leases affecting the Personal Property on the date of this
Lease (as shown on Exhibit “B” attached hereto), or hereafter imposed thereon pursuant to terms of this Personal Property Lease with the written consent of Lessor and Lessee. 
  

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 “Permitted Use” shall mean only such use of the Personal Property permitted pursuant to
Section 5.1.A. 
 “Person” shall mean any individual or Entity, and the heirs, executors, administrators, legal
representatives, successors and assigns of such Person where the context so admits. 
 “Personal Property” shall mean all of
those items of furniture, equipment, vehicles and other tangible personal property owned by Lessor and located at or used or usable in connection with the Premises, including without limitation all items of personal property described in the
Personal Property Schedule attached hereto as Exhibit “A”, as such items of personal property are modified, replaced, altered and added to. Personal Property shall include, but is not limited to, all items of personal property hereafter
purchased with funds from the capital renewals reserve established under the Personal Property Lease. For greater certainty, Personal Property does not include any property that is, or may become, a Retained Business Asset as defined in, and
pursuant to, the terms of the Turnover Agreement. 
 “Province” shall mean the Province of British Columbia. 
 “Re-letting Expenses” shall have the meaning given such term in Section 13.2. 
 “Rent” shall mean, collectively, the Minimum Rent, Percentage Rent and Additional Charges. 
 “Replacement Value” shall mean the costs of repairing, replacing or reinstating any item of property with materials of like kind and
quality on the same or similar site without deduction for physical, accounting or any other depreciation. 
 “Revenue Audit”
shall have the meaning given such term in Section 3.2. 
  

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 “Retained Business Assets” shall mean those items of personal property, tangible and
intangible, used and usable in connection with the operation by Lessee of the businesses and assets at Cypress Provincial Park, ownership of which was retained by Lessee at the time that Lessee sold to Lessor and an Affiliate of Lessor the bulk of
its assets at Cypress Provincial Park, pursuant to and as more particularly described in the Asset Purchase Agreement and in the Turnover Agreement, together with all replacements thereof and additions thereto. 
 “Sales Tax” means all goods and services taxes, sales taxes, multi-stage sales taxes, use or consumption taxes, business transfer taxes,
value added or transaction taxes and any other existing or future tax imposed with respect to any amount payable by Lessee to Lessor under this Lease. 
 “Secured Loan” shall mean any loan made by the Secured Party to the Trust and/or Lessor secured by a mortgage, lien, or collateral assignment against the Cypress Permit, the Cypress Premises or
Improvements or the Personal Property, in whole or in part, from time to time as said Secured Loan is amended, extended, renewed, supplemented and/or replaced from time to time. 
 “Secured Loan Agreement” shall mean any loan agreement evidencing and/or governing any Secured Loan made by a Secured Party to the Trust
and/or Lessor from time to time as said agreement is amended, extended, renewed, supplemented and/or replaced from time to time. 
 “Secured Loan Documents” shall mean the Security Instrument, the Secured Loan Agreement and any note or notes evidencing the Secured Loan secured by the Security Instrument as well as all guarantees and/or indemnities
executed and/or delivered in connection therewith and any and all other documents evidencing, securing, governing or otherwise entered into in connection with the Secured Loan as such agreements, guarantees and/or indemnities may be amended,
extended, renewed, supplemented and/or replaced from time to time. 
  

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 “Secured Party” shall mean an institutional lender which is the holder of any Security
Instrument and its successors and assigns. 
 “Security Instrument” shall mean any mortgage, debenture, charge,
hypothecation, deed of trust, or security document encumbering the Trust’s interest in the Cypress Permit, the Cypress Premises or the Improvements and/or the Lessor’s interest in the Personal Property, and/or this Lease from time to time
as said instrument is amended, extended, renewed, supplemented and/or replaced from time to time. 
 “Sub-Permit and Lease
Agreement” means that certain Sub-Permit and Lease Agreement by and between Lessee and the Trust pursuant to which Lessee has been granted the right to use and occupy portions of the Cypress Provincial Park in British Columbia and has been
leased certain structures and fixtures constituting real property thereon. 
 “Subsequently Agreed Lease Rate” shall mean
the Lease Rate agreed by Lessor and Lessee as applicable to each Lessor Expenditure made by Lessor subsequent to the Initial Lessor Expenditure, for purposes of calculating Additional Minimum Rent. In the absence of written agreement by Lessor and
Lessee as to the amount of the Subsequently Agreed Lease Rate, Lessor and Lessee agree that the Subsequently Agreed Lease Rate applicable to a given Lessor Expenditure shall be the Originally Agreed Lease Rate. 
 “Subsidiary” shall mean, with respect to any Person: (i) any corporation of which more than 50% of the outstanding capital stock
having ordinary voting power to elect the majority of the board of directors of such corporation is at the time directly or indirectly owned by (A) such Person, (B) such Person and one or more corporations each of which is Controlled by
such 

  

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Person or (C) one or more corporations each of which is Controlled by such Person, or (ii) any limited or general partnership, joint venture,
limited liability company, trust or other Entity as to which (A) such Person, (B) such Person and one or more Persons referred to in clause (i) above or (C) one or more Persons referred to in clause (i) above owns more than
a 50% ownership, equity or similar interest or has power to direct or cause the direction of management and policies, or the power to elect the general partner or managing partner (or equivalent thereof) of such limited or general partnership, joint
venture, limited liability company, trust or other Entity, as the case may be. 
 “Term” shall have the meaning given such
term in Section 2.3 unless sooner terminated pursuant to the provisions of this Lease. 
 “Trust” has the meaning given
to it in Recital A to this Lease and shall include successors and assigns thereof in accordance with the Sub-Permit and Lease Agreement. 
 “Turnover Agreement” shall mean that certain “Turnover Agreement” of even date herewith made by and among Lessee, and Lessor with respect to the turnover by Lessee to Lessor of certain “Retained Business
Assets” as more particularly described therein, upon the expiration or termination of this Lease, as such agreement may be amended, modified and/or supplemented from time to time. 
 “VANOC” shall mean the Vancouver Organizing Committee For The 2010 Olympic And Paralympic Winter Games - Comite D’Organisation Des
Jeux Olympiques Et Paralympiques D’Hiver De 2010 A Vancouver, a corporation organized under the laws of Canada and its successors and assigns. 
 “VANOC Agreement” shall mean that certain Games Venue Agreement dated December 10, 2002, by and between Lessee and Vancouver 2010 Bid Corporation, a corporation 

  

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organized under the laws of the Province of British Columbia, as amended by an Amending Agreement dated May 26, 2003, which VANOC Agreement was assumed
by VANOC, as such agreement may be further amended, modified, restated or replaced from time to time. 
 1.2. Affiliates. In
this Lease, two entities are “Affiliates” if (i) one of the entities is a Subsidiary of the other Entity, (ii) both of the entities are Subsidiaries of the same Entity, (iii) both of the entities are Controlled by the
same Person or Entity, (iv) one of the entities is a partnership and the other Entity is its general partner, or (v) one of the entities is a trust and the other Entity is its beneficiary, and where a Person is an Affiliate of two entities
each of those entities will be Affiliates of each other (for greater certainty, a partnership and a trust shall be deemed to be entities for the purpose of the foregoing). 
 2. LEASE AND TERM 
 2.1. Lease of Personal Property. Lessor hereby leases to Lessee, and
Lessee hereby accepts and leases from Lessor all of the Personal Property. Lessee confirms that Lessee has inspected the Personal Property and has reviewed the Permitted Encumbrances, and all related agreements and documentation. In that regard,
Lessee acknowledges and agrees that it is leasing and/or assuming Lessor’s relevant interests in the Permitted Encumbrances, and the Personal Property, “AS IS/WHERE IS.” LESSOR MAKES ABSOLUTELY NO WARRANTIES, EXPRESSED OR IMPLIED,
INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Lessee agrees to indemnify and hold Lessor and Lessor’s agents, employees, officers, and directors harmless from and against, any and all Claims, including any and
all attorneys’ fees and legal expenses, arising from or caused directly or indirectly by any actual or alleged use, possession, maintenance, condition (whether or not latent or discoverable), operation, location, delivery or transportation of
any of the Personal 
  

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Property. This indemnity remains in full force notwithstanding the termination or expiration of this Lease, but will be released as to the original Lessee at
the time of any Transferee’s assumption of this Lease and release of original Lessee if provided pursuant to Section 16.1.C. 
 2.2. Authority and Obligation of Lessee Under VANOC Agreements. The Lessor hereby appoints the Lessee to carry out all of the obligations of Lessor under the VANOC Agreement. The Lessee is authorized and hereby covenants and
agrees to carry out on behalf of the Lessor, and shall otherwise perform all obligations of the Lessor under the VANOC Agreement, at the sole cost and expense of the Lessee. The authority herein granted shall include the power to administer and
manage the day to day responsibilities of Lessor, and to do any act and to make any decision with respect the VANOC Agreement necessary to carry out such obligations. Such authority shall at all times be exercised by Lessee in the best interests of
the Lessor. 
 2.3. Term. The term of this Lease (the “Term”) shall commence on the Commencement Date and
shall terminate upon the expiration of the Sub-Permit and Lease Agreement, as extended if applicable, unless sooner terminated in accordance with the provisions thereof. 
 3. RENT. 
 3.1. Rent. Lessee shall pay to Lessor or to any other Person designated in
writing to Lessee by Lessor (including any payments on behalf of and as agent for the Lessor as directed in writing by the Lessor, all of which amounts shall be deemed to be paid to Lessor), by wire transfer of immediately available federal funds or
by other means acceptable to Lessor, acting reasonably, in lawful money of Canada which shall be legal tender for the payment of public and private debts, without offset, abatement, demand or deduction, Rent during the Term of this Lease as follows:

  

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 A. Lessee shall pay to Lessor monthly Minimum Rent in advance equal to one-twelfth
(1/12th) of the annual amount of Minimum Rent applicable for a Lease Year beginning on the Commencement Date
and continuing on the first (1st) day of each calendar month thereafter; provided, however, that Minimum Rent shall be prorated as to any Lease Year which is less than twelve (12) calendar months and as to any partial calendar months, and
Additional Minimum Rent shall be prorated to the extent that a Lessor Expenditure is made on a date other than the first day of a Lease Year or the first day of a calendar month. 
 B. Lessee shall pay to Lessor percentage rent (“Percentage Rent”) being that amount calculated for each calendar year at
three and four tenths percent (3.4%) of Gross Revenues: (i) exceeding CDN$7,200,000.00 in the first partial calendar year of the Lease Term; and (ii) exceeding CDN$12,000,000.00 in each calendar year thereafter. Percentage Rent shall
be payable annually in arrears commencing on or before the thirtieth (30th) day after the end of the first full calendar year and continuing on the thirtieth (30th) day after the end of each calendar year during the Term hereof. Lessor and Lessee expressly acknowledge and agree that the applicable percentage under
this Section 3.1.B, beginning with the eleventh (11th) calendar year following the Commencement Date shall
be reset by Lessor to achieve an equivalent yield (which shall in any event not be less than the aggregate amount of Percentage Rent received by Lessor in the Lease Year preceding such reset), adjusted to reflect changes in Gross Revenues and in
non-controllable expenses (including, without limit, real estate taxes, 

  

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and insurance and utility costs) and on the tenth (10th) anniversary and each fifth (5th) anniversary thereafter
through the end of the Lease Term. Lessee shall deliver to Lessor a Certificate from a senior officer of Lessee (an “Officer’s Certificate”) with each Percentage Rent payment (or, if no Percentage Rent is then payable, on the
due date therefore) setting forth the calculation of the Percentage Rent payment for the most recently completed calendar year in the Term. Percentage Rent shall be subject to confirmation and adjustment, if applicable, as set forth in
Section 3.2. 
 3.2. Confirmation of Percentage Rent. Lessee shall utilize, or cause to be utilized, an accounting system
for the Lessee’s operations at Cypress Premises in accordance with customary industry practices, and in accordance with GAAP, that will accurately record all data necessary to compute Percentage Rent, and Lessee shall retain, for at least five
(5) years after the expiration of each Lease Year, reasonably adequate records conforming to such accounting system showing all data necessary to conduct Lessor’s Audit and to compute Percentage Rent for the applicable Lease Year. Lessor
shall have the right, for a period of two (2) years following each Lease Year, from time to time, by its accountants or representatives at its cost, to audit such information in connection with Lessor’s Audit, and to examine all
Lessee’s records (including supporting data and sales and excise tax returns) reasonably required to complete Lessor’s Audit and to verify Percentage Rent, subject to any prohibitions or limitations on disclosure of any such data under
Legal Requirements. Lessee shall produce all such Lessee records at the Cypress Premises, or otherwise in a single location in Vancouver, British Columbia. If any Lessor’s Audit discloses a deficiency in the payment of Percentage Rent, and
either Lessee agrees with the results of Lessor’s Audit or the matter is otherwise determined or compromised, Lessee shall forthwith pay to Lessor the amount of the deficiency, as finally agreed or 
  

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determined, together with interest at the Interest Rate from the date when said payment should have been made to the date of payment thereof. If any
Lessor’s Audit discloses a deficiency in the determination or reporting of Gross Revenue, which, as finally agreed or determined, exceeds five percent (5%), Lessee shall pay the costs of the portion of Lessor’s Audit allocable to the
determination of such Revenues (the “Revenue Audit”). Any proprietary information obtained by Lessor pursuant to the provisions of this Section shall be treated as confidential, except that such information may be used, subject to
appropriate confidentiality safeguards, in any litigation or arbitration between the parties and except further that Lessor may disclose such information to prospective lenders, investors and underwriters and to any other persons to whom disclosure
is necessary to comply with applicable laws, regulations and government requirements. The obligations of Lessee contained in this Section shall survive the expiration or earlier termination of this Lease. Any dispute as to the existence or amount of
any deficiency in the payment of Percentage Rent as disclosed by Lessor’s Audit shall, if not otherwise settled by the parties, be submitted to arbitration. 
 3.3. Additional Charges. In addition to the Minimum Rent and Percentage Rent, Lessee also will pay and discharge as and when due and payable all other amounts, liabilities, Impositions and obligations
arising hereunder. In the event of any failure on the part of Lessee to pay any of those amounts, liabilities, obligations, and Impositions, Lessee also will promptly pay and discharge every fine, penalty, interest and cost that may be added for
non-payment or late payment of such items (all of the foregoing amounts, liabilities, obligations and Impositions referred to in this Section 3.3 shall be deemed to be additional rent payable by Lessee hereunder and being referred to herein
collectively as the “Additional Charges”), and Lessor shall have all legal and contractual rights, powers and remedies provided either in this Lease or by statute or 
  

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otherwise in the case of non-payment of the Additional Charges as in the case of non-payment of the Minimum Rent. If any installment of Additional Charges
(but only as to those Additional Charges that are payable directly to Lessor) shall not be paid on its due date, Lessee will pay Lessor within fifteen (15) days of demand, as Additional Charges, an amount equal to the interest computed at the
Interest Rate on the amount of such installment, from the due date of such installment to the date of payment thereof. If Lessee fails to timely pay any Additional Charges due to any third party, Lessor may pay such third party and will be
reimbursed by Lessee on demand the amount paid by Lessor, plus interest at the Interest Rate from the date of such payment by Lessor until reimbursement by Lessee. To the extent that Lessee timely pays any Additional Charges to Lessor or any Secured
Party pursuant to the requirements of this Lease, Lessee shall be relieved of its obligation to pay such Additional Charges to the third party to which they would otherwise be due and Lessor shall pay the same from monies received from Lessee and
any interest or penalties resulting from late payment thereof that is the responsibility of the Lessor shall be borne by the Lessor. 
 3.4. Payment of Impositions. 
 A. Subject to Article 9 relating to permitted contests, Lessee shall
pay, or cause to be paid, all Impositions before any fine, penalty, interest or cost (other than any opportunity cost as a result of a failure to take advantage of any discount for early payment) may be added for non-payment, such payments to be
made directly to the Province and other taxing authorities where feasible, and shall promptly, upon request, furnish to Lessor copies of official receipts or other reasonably satisfactory proof evidencing such payments. If any such Imposition may,
at the option of the taxpayer, lawfully be paid in installments (whether or not interest shall accrue on the unpaid 

  

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balance of such Imposition), Lessee may exercise the option to pay the same (and any accrued interest on the unpaid balance of such Imposition) in
installments and, in such event, shall pay such installments during the Term as the same become due and before any fine, penalty, premium, further interest or cost may be added thereto. Lessor, at its expense, shall, to the extent required or
permitted by Applicable Law, prepare and file all tax returns and pay all taxes due in respect of Lessor’s net income, gross receipts (from any source other than the Rent received by Lessor from Lessee), sales and use, single business, ad
valorem, franchise taxes and taxes on its capital stock, and Lessee, at its expense, shall, to the extent required or permitted by Applicable Laws, prepare and file all other tax returns and reports in respect of any Imposition as may be required by
Government Agencies. If any refund shall be due from any taxing authority in respect of any Imposition paid by Lessee, the same shall be paid over to or retained by Lessee if no Event of Default shall have occurred hereunder and be continuing. If an
Event of Default shall have been declared by Lessor and be continuing, any such refund shall be paid over to or retained by Lessor to be held by Lessor subject to a resolution of any dispute of same between Lessor and Lessee. Lessor and Lessee
shall, upon request of the other, provide such data as is maintained by the party to whom the request is made with respect to the Cypress Premises and Personal Property as may be necessary to prepare any required returns and reports. Lessor shall
provide Lessee with copies of assessment notices in sufficient time for Lessee to prepare a protest, which Lessor shall file upon the Lessee’s request. Lessor may, upon notice to Lessee, at Lessor’s option and at Lessor’s sole
expense, appeal, protest, or institute such other proceedings (in its or Lessee’s name) as Lessor may deem appropriate to effect a reduction of assessments and Lessee shall fully cooperate with Lessor in such protest, appeal or other action.

  

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 B. Lessor shall give prompt Notice to Lessee of all Impositions payable by Lessee
hereunder of which Lessor at any time has received notice and as to which Lessee has received no other notice; provided, however, that Lessor’s failure to give any such notice shall in no way diminish Lessee’s obligation hereunder to pay
such Impositions (except that Lessor shall be responsible for any interest or penalties incurred as a result of Lessor’s failure promptly to forward the same). 
 C. In addition, Lessee shall timely pay at or before the time such become due and payable without duplication, the following with respect
to the period from and after the Commencement Date (while remaining solely liable and paying for such during the period prior to the Commencement Date pursuant to the Asset Purchase Agreement): 
 (i) Insurance Premiums. All premiums for the insurance coverage required to be maintained pursuant to Article 10; 
 (ii) Other Charges. All other amounts, liabilities and obligations arising in connection with the Personal Property and
Lessee’s obligations in connection herewith not already covered by the definition of Impositions, except those obligations expressly assumed by Lessor pursuant to the provisions of this Lease or expressly stated not to be an obligation of
Lessee pursuant to this Lease. 
 D. If Lessee pays or causes to be paid any Additional Charges attributable to periods after
the end of the Term, whether upon expiration or sooner termination of this Lease, Lessee may, within a reasonable time after the end of the Term, provide Notice to Lessor of its estimate of such amounts. Lessor shall promptly reimburse Lessee for
all payments of such Additional Charges that are attributable to any period after the Term to the extent not offset by amounts due from Lessee to Lessor. 
  

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 3.5. Late Payment of Rent, Etc. If any installment of Minimum Rent or Percentage Rent or
Percentage Rent shall not be paid within five (5) days after its due date, Lessee shall pay Lessor, within five (5) days after Lessor’s written demand therefore, as Additional Charges, a late charge (to the extent permitted by law)
computed at the Interest Rate on the amount of such installment, from the due date of such installment to the date of payment thereof. To the extent that Lessee pays any Additional Charges directly to Lessor or any Secured Party pursuant to any
requirement of this Lease, Lessee shall be relieved of its obligation to pay such Additional Charges to the Entity to which they would otherwise be due and Lessor shall pay when due, or cause the applicable Secured Party to pay when due, such
Additional Charges to the Entity to which they are due. In the event of any failure by Lessee to pay any Additional Charges when due, except as expressly provided in Section 3.3 with respect to permitted contests pursuant to Article 9, Lessee
shall promptly pay (unless payment thereof is in good faith being contested and enforcement thereof is stayed) and discharge, as Additional Charges, every fine, penalty, interest and cost which may be added for non-payment or late payment of such
items. Lessor shall have all legal and contractual rights, powers and remedies provided either in this Lease or by statute or otherwise in the case of non-payment of the Additional Charges as in the case of non-payment of the Minimum Rent and
Percentage Rent. 
 3.6. Triple Net Lease. The Rent shall be absolutely net to Lessor so that this Lease shall yield to Lessor
the full amount of the installments or amounts of the Rent throughout the Term, subject to any other provisions of this Lease which expressly provide otherwise. This Lease is a net Lease and, except to the extent otherwise expressly specified in
this Lease, it is 
  

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agreed and intended that Rent payable hereunder by Lessee shall be paid without notice, demand, counterclaim, setoff, deduction or defense and without
abatement, suspension, deferment, diminution or reduction and that Lessee’s obligation to pay all such amounts, throughout the Term is absolute and unconditional and except to the extent otherwise expressly specified in this Lease, the
respective obligations and liabilities of Lessee and Lessor hereunder shall in no way be released, discharged or otherwise affected for any reason, including without limitation: (a) any defect in the condition, merchantability, design, quality
or fitness for use of the Personal Property or any part thereof; or the failure of the Personal Property or Cypress Premises to comply with all Applicable Laws, including any inability to use the Personal Property by reason of such non-compliance;
(b) any damage to, removal, abandonment, salvage, loss, Expropriation, theft, scrapping or destruction of or any requisition or taking of the Personal Property or any part thereof, or any environmental conditions affecting the Personal Property
or Lessee’s operations on the Cypress Premises; (c) any restriction, prevention or curtailment of or interference with any use of the Cypress Premises, the Personal Property, or any part thereof, (including any interference under the VANOC
Agreement); (d) any defect in title to or rights to the Cypress Premises or Personal Property or any Lien on such title or rights to the Cypress Premises or Personal Property; (e) any change, waiver, extension, indulgence or other action
or omission or breach in respect of any obligation or liability of or by any Person; (f) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceedings relating to Lessee or any other
Person, or any action taken with respect to this Lease by any trustee or receiver of Lessee or any other Person, or by any court, in any such proceeding; (g) any right or claim that Lessee has or might have against any Person, including without
limitation Lessor (other than a monetary default) or any vendor, manufacturer, contractor of or 

  

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for the Cypress Premises or the Personal Property; (h) any failure on the part of Lessor or any other Person to perform or comply with any of the terms
of this Lease, or of any other agreement; (i) any invalidity, unenforceability, rejection or disaffirmance of this Lease by operation of law or otherwise against or by Lessee or any provision hereof; (j) the impossibility of performance by
Lessee or Lessor, or both; (k) any action by any court, administrative agency or other Government Agencies; (l) any interference, interruption or cessation in the use, possession or quiet enjoyment of the Cypress Premises or the Personal
Property or otherwise; or (m) any other occurrence whatsoever, whether similar or dissimilar to the foregoing, whether foreseeable or unforeseeable, and whether or not Lessee shall have notice or knowledge of any of the foregoing; provided,
however, that the foregoing shall not apply or be construed to restrict Lessee’s rights in the event of any act or omission by Lessor constituting gross negligence or willful misconduct for which the Lessee is not insured or required to be
insured hereunder. Except as specifically set forth in Section 2.5 of the Sub-permit incorporated by reference into Section 2.3 hereof and as set forth in the Buyback Agreement referenced in Article 18, the Lease shall be
non-cancelable by Lessee for any reason whatsoever and, except as expressly provided in said Section 2.5 of the Sub-permit, incorporated by reference into Section 2.3 hereof and as set forth in the Buyback Agreement, Lessee, to the extent
now or hereafter permitted by Applicable Laws, waives all rights now or hereafter conferred by statute or otherwise to quit, terminate or surrender this Lease or to any diminution, abatement or reduction of Rent payable hereunder. Except as
specifically set forth in Sections 6.2 or 6.3 of this Lease, under no circumstances or conditions shall Lessor be expected or required to make any payment of any kind hereunder or have any obligations with respect to the use, possession, control,
maintenance, alteration, rebuilding, replacing, repair, restoration or operation of all or any part of the Personal Property and Lessee expressly waives the right to require any such action at the expense of Lessor pursuant to any law, except as
otherwise expressly set forth in Sections 6.2 and 6.3 of this Lease. 
  

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 3.7. Sales Tax. 
 A. In addition to the Rent payable hereunder, the Lessee will pay to the Lessor, or if required by the Lessor directly to the taxing
authority in the manner specified by the Lessor, the full amount of all Sales Taxes imposed on the Lessee in respect of the Rent payable by the Lessee under this Lease or in respect of the rental of space by the Lessee under this Lease. Sales Tax so
payable by the Lessee will: (i) be calculated by the Lessor in accordance with the applicable legislation; (ii) be paid by the Lessee at the same time as the amounts to which the Sales Tax applies are payable to the Lessor under the terms
of this Lease; and (iii) despite anything else in this Lease, be considered not to be Rent, but the Lessor shall have all of the same remedies for and rights of recovery with respect to such amounts as it has for non-payment of Rent under this
Lease or at law. The Lessor will be responsible for remitting to the appropriate Governmental Authority all Sales Tax paid by Lessee to Lessor pursuant to this Section 3.7A in accordance with applicable legislation. If a deposit is forfeited to
the Lessor, or an amount becomes payable to the Lessor due to a default or as consideration for a modification of this Lease, and the applicable legislation deems a part of the deposit or amount to include Sales Tax, the deposit or amount will be
increased and the increase paid by the Lessee so that the Lessor will receive the full amount of the forfeited deposit or other amount payable without encroachment by any deemed Sales Tax portion. 
 B. All Capital Expenditures including without limitation, all amounts that are expended from the Capital Renewals Reserve or which are
funded by Lessor and 

  

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expended by Lessee will include Sales Tax payable by Lessee or Lessor, as the case may be, less the amount of any credits, rebates, refunds or similar
benefits to which Lessee or Lessor, as applicable, is entitled in respect of such payment of Sales Tax (for the purposes of this Section 3.7, “Net Sales Tax”). For greater certainty, all Capital Expenditures that are approved by the
Lessor in accordance with Section 6.3.C and expended in accordance with either Section 6.3 or Section 6.5, will include Net Sales Tax payable in connection with such expenditures and funding, and the amount of such Net Sales Tax will
be included in the aggregate additional Lessor Expenditures to be paid by the Lessee in accordance with Section 6.5. Lessee shall advance to Lessor in trust such amounts as are necessary to satisfy such Net Sales Tax payable. The Lessor will
hold such advances in trust and will be responsible for remitting to the appropriate Governmental Authority all Sales Tax paid by Lessee to Lessor pursuant to this Section 3.7B in accordance with the applicable legislation. 
 C. To the extent that the applicable legislation imposes Sales Tax on Lessor in respect of any services provided by Lessee to the benefit
of the Lessor in respect of Capital Expenditures that are approved by the Lessor in accordance with Section 6.3.C and expended in accordance with Section 6.3.C or 6.5, Lessor shall advance to Lessee in trust such amounts as are necessary
to satisfy such Sales Tax payable under applicable legislation and such advance will be in addition to, and not included in the amounts described in Section 3.7B. Lessee will hold such advances in trust and will be responsible for remitting to
the appropriate Governmental Authority all Sales Tax payable by Lessor to Lessee pursuant to this Section 3.7C in accordance with the applicable legislation. 
  

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 D. Lessee will be responsible for collecting and remitting any Sales Tax with respect to
the use and occupancy by any of Lessee’s subtenants of the Cypress Premises or any part thereof. 
 E. The Lessor shall
have all of the rights and remedies available to it due to the Lessee’s failure to pay Sales Tax in its entirety and/or in a timely manner as those rights available to the Lessor for a Lessee Event of Default pursuant to Section 12.1(e).

 3.8. Withholding Tax. Notwithstanding anything else in this Agreement including without limitation any prohibition on
abatement, hold-back or set-off of Rent, the Lessor acknowledges and agrees that the Tenant may withhold Rent or other amounts payable to Lessor hereunder, or portions thereof, if it is required to do so by any Applicable Laws including without
limitation pursuant to Part XIII of the Income Tax Act (Canada) as such legislation may be amended, modified, supplemented or replaced (“Withholding Tax”). Any amounts so withheld shall be deemed to have been paid to the Lessor.

 3.9. Deposit of Prepaid Minimum Rent. If Lessee at Lessee’s option delivers to Lessor one month’s prepaid Minimum
Rent with written direction that the amount is to be held and applied pursuant to the provisions of this Section 3.9 as a Deposit for payment of Minimum Rent( the “Deposit”), Lessor will put such Deposit in a separate interest bearing
account, with interest, subject to this Section 3.9, accruing to the benefit of the Lessee and Lessor will not commingle such funds provided that, Lessor may hold such Deposit in the same account as the deposit monies delivered to the Trust by
the Lessee pursuant to the Sub-Permit and Lease Agreement. The Deposit amount will be applied by Lessor to the payment of Minimum Rent in the event that : (i) Lessee is delinquent in the payment of any installment of Minimum Rent, and
(ii) Lessor has delivered to Lessee a written notice of nonpayment of such installment, and (iii)

  

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Lessee has failed to cure the payment default within the cure period allowed in this Lease. Lessee will not be deemed in default for failing to pay any
single installment of Minimum Rent so long as Lessor has in its possession an unapplied Deposit in an amount sufficient to pay in full such delinquent installment. Lessor will notify Lessee in writing of any such application of the Deposit upon such
application. At the expiry of this Lease or earlier termination pursuant to the exercise by the Lessee of its Buyback Option under the Buyback Option Agreement, the Lessor will return to the Lessee any unused Deposit plus all interest accrued
thereon, provided the Lessee is current on all Rent payments. If the Lease is terminated by the Lessor as a result of an Event of Default, then the Lessor may apply the Deposit and any accrued interest thereon upon such termination to any damages,
losses or costs suffered or incurred by the Lessor as a result of such Event of Default and termination provided that the Lessor provides to the Lessee written evidence of such damages, losses or costs and returns to the Lessee any unused portion
thereof. 
 4. PERSONAL PROPERTY TITLE. Lessor and Lessee hereby declare that this Lease is, and is intended to be, a true lease and not a
lease intended as security or a lease in the nature of a security interest. Lessee shall not acquire any right, equity, title or interest in the Personal Property, except the right, as lessee, to use the Personal Property under the terms of this
Lease. The Personal Property is, and shall at all times during the Term be and remain, the sole and exclusive property of Lessor. Notwithstanding any registration of the Personal Property in the name of the Lessee to comply with any Applicable Laws,
and other than its rights under the Buy-Back Agreement, Lessee shall have no right, title or interest in the Personal Property as a result of this Lease, except solely the right to use the Personal Property as expressly set forth herein. Lessee
shall keep all of the Personal Property within the Cypress Premises and not remove any of the Personal Property therefrom, except in the normal course of use and/or 
  

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maintenance and repair of such Personal Property, without obtaining Lessor’s prior written consent, which may be withheld in Lessor’s Sole
Discretion. Any replacements, accessories, additions or attachments which become a component part of the Personal Property shall immediately vest in Lessor and shall be included under the terms hereof. 
 5. USE OF THE PERSONAL PROPERTY. 
 5.1.
Permitted Use. 
 A. Lessee shall at all times during the Term and at any other time that Lessee shall be in use
and occupancy of the Cypress Premises, continuously use and operate the Personal Property solely for commercial purposes in strict compliance with the terms of the Cypress Permit, the VANOC Agreement, and Applicable Laws, and shall use reasonable
commercial efforts to seek to maximize Gross Revenues. Lessee shall not use the Personal Property or any portion thereof for any other use without the prior written consent of Lessor. No use shall be made or permitted to be made of the Personal
Property and no acts shall be done which will cause the cancellation of any insurance policy covering the Cypress Premises, the Personal Property or any part thereof (unless another adequate policy is available), and Lessee shall not sell or
otherwise provide or permit to be kept, used or sold in or about the Cypress Premises any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or
fire underwriter’s regulations. Lessee shall, at its sole cost, comply with all Insurance Requirements. Further, Lessee shall not take or omit to take any action, the taking or omission of which materially impairs the value or the usefulness of
the Cypress Premises or the Personal Property, or any part thereof for its Permitted Use. 
  

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 B. Lessee shall proceed with all due diligence and exercise commercially reasonable
efforts to obtain and maintain all approvals necessary to continuously use and continuously operate the Personal Property for its Permitted Use under Applicable Laws. Lessor shall reasonably cooperate with Lessee in this regard, at no expense to
Lessor, including executing all applications and consents required to be signed by Lessor, to which Lessor has no reasonable objection, in order for Lessee to obtain and maintain such approvals. 
 C. Lessee shall not use or suffer or permit the use of the Personal Property for any unlawful purpose. Lessee shall not commit or suffer
to be committed any waste of the Personal Property, or cause or permit any unlawful nuisance thereon or therein. Except as may be required by law or any order of a Court having jurisdiction over the Cypress Premises or Lessee, Lessee shall not
permit the Personal Property, or any portion thereof, to be used in such a manner as might reasonably impair Lessor’s rights or title thereto or to any portion thereof, or may reasonably allow a claim or claims for adverse usage or adverse
possession by any person or implied dedication of the Personal Property or any material portion thereof. 
 5.2. Compliance with
Legal/Insurance Requirements, Etc. Subject to the provisions of Article 9, Lessee, at its sole expense, shall (i) comply with all Legal Requirements and Insurance Requirements, and with all reasonable requirements of Secured Loan
Documents which do not materially impair Lessee’s operations or cause Lessee to incur any substantial expense, in respect of the use, operation, maintenance, repair, alteration and restoration of the Personal Property, (ii) comply with all
Permitted Encumbrances; and (iii) comply with all appropriate licenses, and other authorizations and agreements (including the VANOC 

  

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Agreement) required for, or in respect of, any use of the Personal Property, if any, then being made and which are material to the use and operation of the
Cypress Premises, and for the proper operation and maintenance of the Personal Property thereon. Notwithstanding the foregoing, the Lessee will have no obligation to comply, or liability for non-compliance, if such non-compliance is a result of the
Lessor exercising its discretion not to consent, to the detriment of the Lessee, to a course of action by the Lessee as requested by the Lessee pursuant to the terms of this Lease. 
 5.3. Environmental Matters. 
 A. In the event of the discovery of Hazardous Materials on any portion of the Cypress Premises during the Term, Lessee shall undertake appropriate and prudent actions to promptly remove such Hazardous Materials,
together with all contaminated soil and containers, and shall otherwise remedy the problem in accordance with all Environmental Laws without duplication in connection with any other agreements between Lessee and Lessor in respect of indemnification
for environmental matters. Lessee shall indemnify, defend and hold Lessor harmless from and against all loss, costs, liability and damage (including, without limitation, engineers’ and legal fees and expenses, and the cost of litigation)
arising from the presence of Hazardous Materials on the Cypress Premises; and this obligation of Lessee shall survive termination of this Lease for the applicable period of any statute of limitations. 
 B. Each party shall promptly notify the other party concerning the presence of any Hazardous Materials on or under the Cypress Premises,
in violation of Applicable Laws, of which the notifying party has knowledge; provided, however, that unless required by Legal Requirements, the parties shall otherwise maintain such information confidential. 
  

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 5.4. Negative Covenants. Lessee covenants and agrees with Lessor that Lessee will not
during the Term without the prior written consent of Lessor: 
  

	 	(a)	engage in any activities of a material nature other than the operation of the Cypress Premises and all necessary or advisable activities related thereto; 

 

	 	(b)	incur, assume or otherwise become liable to pay any Financial Indebtedness other than that certain guaranty granted by the Lessee to JP Morgan Chase Bank, N.A. as administrative
agent for certain banks, LaSalle Bank Midwest National Association, as syndication agent and General Electric Capital Corporation, as co-administrative agent; provided, however, that Lessee may incur, assume or otherwise become liable to pay
Financial Indebtedness up to a maximum of U.S.$1,500,000, in the aggregate for both the Lessee and Skylift, but only for working capital necessary to finance inventory and other working capital needs of Lessee; further provided that in any event
none of such Financial Indebtedness shall be secured by any sublease, assignment, lien, security or other interest in the Lessee’s rights, title or interest under this Lease; 

  

	 	(c)	sell or agree to sell or otherwise dispose of or assign any of its interest in this Lease other than in accordance with the provisions of Article 16; 

  

	 	(d)	enter into any material agreement or contract involving more than U.S.$100,000.00 in annual cost or value during the initial Lease Year (with such U.S.$100,000.00 threshold amount
to be increased by three percent (3%), on a compounded basis, for each succeeding Lease Year) that is not approved in advance by the Lessor; 

  

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	 	(e)	incur in any calendar year, an aggregate of Capital Expenditures for the Personal Property that exceed the aggregate amounts budgeted for Capital Expenditures in the Capital Reserve
Budget (other than Capital Expenditures due to Emergency Requirements and Capital Expenditures approved in advance by Lessor); 

  

	 	(f)	enter into any joint venture (regardless of the form of joint venture) or any co-ownership arrangement; 

  

	 	(g)	enter into any future sublease in respect of the Personal Property in breach of the Secured Loan Documents; or 

  

	 	(h)	enter into any management agreement or leasing agreement with respect to the Personal Property. 

 5.5. Nature Of Relationship. Nothing contained in this Lease shall be deemed to create any relationship between the Lessor and Lessee other
than the relationship of lessor and lessee. 
 5.6. Application of Cypress Permit and VANOC Agreement. Notwithstanding anything
else contained herein, Lessee covenants and agrees in favor of the Lessor that: 
  

	 	(a)	it shall assume, observe, perform and be bound by all of the terms, covenants, conditions, agreements and obligations of the Lessor, as assignee of the VANOC Agreement and as
Permittee under the terms of the Cypress Permit, from time to time, including without limitation the payment of all fees under the Cypress Permit and under the VANOC Agreement, if any. 

  

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	 	(b)	it shall not do or neglect to do any act or thing which would bring about any breach of any of the provisions of the Cypress Permit or the VANOC Agreement at any time;

  

	 	(c)	it shall comply with the Permitted Encumbrances and all encumbrances in connection with the Cypress Premises and the Personal Property including the obligation to make any financing
payment due and owing under any equipment leases affecting the Personal Property; 

  

	 	(d)	if any term of this Lease is directly contradictory to any term of the Cypress Permit or the VANOC Agreement, the term of the Cypress Permit or the VANOC Agreement, as the case may
be, shall prevail and, without limiting the generality of the foregoing, any requirements of the Minister or any other Government Agency having authority under or pursuant to the Cypress Permit or with respect to the Cypress Premises and including
any statute, regulations, rules, guidelines, ordinances, decrees, treaties, policies or notices having the force of law, shall prevail over the terms of this Lease; 

  

	 	(e)	wherever in the VANOC Agreement, a covenant benefiting the operations of the Lessee at the Cypress Premises is made by VANOC in favour of the Lessor (for so long as this Lease shall
remain in effect and free from a Tenant Event of Default) such covenant shall be deemed to be made by VANOC in favour of Lessee as well as Lessor. 

  

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 5.7. Equipment Leases. Lessee will timely pay and keep current all leases and financing
payments due to the holders of the liens and security interests identified in Exhibit “B” as “Permitted Encumbrances” and all future equipment leases. Lessee shall not enter into any equipment lease that is not a capital lease
for equipment having a fair market value exceeding U.S. $25,000, or annual lease expense exceeding U.S. $25,000, without the prior written consent of Lessor, and all such Equipment Leases shall expressly authorize a turnover to Lessor or its
designee of such equipment and Equipment Lease pursuant to the terms of the Turnover Agreement. Lessee agrees to turn over delivery of such equipment to Lessor or its designee in good operating condition and repair at the termination of this Lease.
The dollar limits in this Section 5.7 shall increase annually by 3%, compounded annually. 
 5.8. Limitations on Lessee’s
Exercise of Authority. Notwithstanding the appointment and general grant of authority in Section 2.2 above, Lessee agrees with Lessor that, without Lessor’s prior written consent, Lessee shall not agree to any amendment,
modification, restatement, or replacement of, or supplemental agreement with respect to the VANOC Agreement, or to the waiver or termination of any material obligation of any other party thereto. Without Lessor’s prior written consent, the
Lessee will neither perform any act nor make any decision that could result in any increase in liability to Lessor or adverse financial impact to the Lessor or Lessee. Without limiting the foregoing, Lessee shall not participate in or permit the
construction or installation of any Improvements other than those expressly contemplated by the terms of the VANOC Agreement (as such Agreement may hereafter be modified and amended by VANOC and Lessor). Lessor agrees that it will promptly review
any amendment, modification, restatement, replacement, or supplemental agreement with respect to the VANOC Agreements that is recommended by Lessee, and if approved by Lessor will execute same as the 

  

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contracting party thereto. Lessee will keep Lessor regularly and timely informed with respect to any material acts or decisions made by Lessee affecting the
VANOC Agreement and as to the performance by Lessee and by the other parties to the VANOC Agreement of the obligations thereunder. Copies of all correspondence by Lessee and its employees, agents and consultants with the Province or VANOC shall be
retained by Lessee and delivered to Lessor promptly upon request. 
 6. REPAIRS, MAINTENANCE AND REPLACEMENTS 
 6.1. Inspection and Acceptance. Lessee has fully inspected the Personal Property and is satisfied with and has accepted the Personal
Property in its existing condition for the purpose of this Personal Property Lease. 
 6.2. Repairs and Maintenance Costs.

 A. Lessee shall at Lessee’s sole cost and expense, (i) maintain the Personal Property in good repair and
working condition, and in accordance with all Government Agency required and industry recommended safety and maintenance codes and requirements and shall make such maintenance, repairs and alterations as necessary for such purposes, (ii) cause
inspections to be made of all lift equipment on a regular basis in accordance with all requirements of Government Agencies, and (iii) not commit waste or permit impairment or deterioration of the Personal Property (normal wear and tear
excepted); (iv) not abandon the Personal Property; (v) comply in all material respects with all Applicable Laws applicable to the Personal Property; (vi) provide prompt written notification to Lessor of any material adverse change to
the Personal Property; (vii) promptly undertake appropriate assessment, remedial and preventative actions sufficient to meet any guidelines or regulations adopted by applicable Government 

  

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Agencies or standards generally employed by well-operated Canadian ski resorts in the region in connection with the safety of the ski operations and
operating equipment as it relates to use of the Personal Property and the Prevention of any material adverse change. Except for those items of Personal Property disposed of by Lessee in the ordinary course due to obsolescence, inability to repair,
or replacement, Lessee shall in any event return the Personal Property to Lessor at the expiration of the Term in as reasonably as good a condition as when received, ordinary wear and tear excepted, and shall make or cause to be made such
maintenance, repairs and alterations as necessary for such purposes. 
 B. If Lessor notifies Lessee in writing of the need
for Lessee to undertake repairs and maintenance to any of the Personal Property in accordance with the provisions of this Section 6.2, specifying the items of repair or maintenance in question, Lessee shall respond within ten (10) Business
Days as to Lessee’s planned course of action with respect to the specific items identified by Lessor, or as to such items which Lessor feels are inappropriate, except in the case of an emergency in which event the Lessee shall respond as
quickly as the emergency requires. If Lessee disputes the Lessor’s determination that repair or maintenance is needed, or otherwise fails thereafter to promptly undertake such repairs and maintenance or other action identified by Lessor, Lessor
may at Lessor’s option request arbitration for resolution of the dispute. Lessor shall not have the right to terminate the Lease as a result of such repair or maintenance failure, or other failure, but shall have the right to specific
performance of the Lessee’s obligations if the arbitrator so awards it. If the arbitrator awards specific performance to Lessor, such award shall be binding upon the Lessee and enforceable in the courts of the Province. The prevailing party in
any such arbitration and in obtaining of a court order 

  

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shall be entitled to all costs and expenses incurred in connection with the enforcement of Lessee’s obligations under this Section 6.2. If the
arbitrator or courts does not specify the time within which such repair or maintenance must be carried out, then the Lessee shall present a plan for rectification to the Lessor and shall promptly carry out such plan, acting reasonably. 

6.3. Capital Renewals Reserve. 
 A. Lessor and Lessee shall establish a reserve account in Lessor’s name, with Lessee’s designee(s) as signatory on the account (the “Capital Renewals Reserve”), in a bank or similar
institution selected by Lessor and reasonably acceptable to Lessee, to cover the cost of approved Capital Expenditures. The Capital Renewals Reserve is the exclusive property of the Lessor, but so long as no Event of Default shall exist hereunder,
for which notice has been given to the Tenant in accordance with Section 12.1, Lessor agrees that Lessee shall be the sole signatory on the account; provided however that any withdrawal by Lessee that is materially inconsistent with the Lessor
approved Capital Reserve Budget for Personal Property will require Lessor’s consent. 
 B. For each Accounting Period
during the Term hereof, Lessee shall transfer into the Capital Renewals Reserve an amount equal to six percent (6%) of Gross Revenues. Transfers into the Capital Renewals Reserve shall be made at the time of each interim accounting described in
Section 17.2 hereof. 
 C. Lessee shall prepare an annual estimate (the “Capital Reserve Budget”)
of the Capital Expenditures necessary for the Personal Property anticipated during the ensuing Fiscal Year, and shall deliver the Capital Reserve Budget to Lessor for its review, comment and approval sixty (60 ) days prior to the end of the Fiscal
Year, in each case 

  

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acting reasonably and taking into account the operating experience of the Lessee. The Capital Reserve Budget shall also indicate the estimated time schedule
for making such replacements, renewals, and additions, a reasonable description of items required to be replaced or added, unit costs and costs in the aggregate, together with such additional information as Lessor shall reasonably request.

 D. In compliance with the approved Capital Reserve Budget, Lessee shall from time to time expend moneys from the Capital
Renewal Reserve Account as necessary to make such approved Capital Expenditures as may be required to maintain Personal Property in good working order and condition and to improve, modernize or alter the Personal Property up to the balance in the
Capital Renewals Reserve. No expenditures will be made in excess of said balance without the approval of Lessor. In addition, Lessee shall not, without Lessor’s approval, acting reasonably, make any expenditures from the Capital Renewals
Reserve that, in the aggregate, exceed the total aggregate amount of expenditures set forth in the then-applicable Capital Reserve Budget; provided, however, that Lessee shall be authorized to take appropriate remedial action (including making any
necessary expenditures from the Capital Renewals Reserve above the total aggregate amount set forth in the then-applicable Capital Reserve Budget), without receiving Lessor’s prior approval, to the extent immediately required to remedy or
respond to any of the Emergency Requirements (provided further that Lessee shall notify Lessor of any such remedial action that requires more than a de-minimus expenditure of funds from the Capital Renewals Reserve and shall promptly deliver
to Lessor for Lessor’s approval a revised Capital Reserve Budget showing how such Capital Reserve Budget is impacted as a result of such emergency expenditure and how such 

  

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over-Budget expenditure is to be resolved ). At the end of each Fiscal Year, any amounts remaining in the Capital Renewals Reserve shall be carried forward
to the next Fiscal Year. The Capital Renewals Reserve will be kept in an interest-bearing account, and any interest which accrues thereon shall be retained in the Capital Renewals Reserve. Interest which accrues on amounts held in the Capital
Renewals Reserve, shall not result in any reduction in the required transfers to the Capital Renewals Reserve set forth in Section 6.3.B above, or (2) be included in Gross Revenues. The Lessor’s funding of the Capital Reserve Account
pursuant to this Section 6.3 shall not be deemed an Additional Lessor Expenditure and shall not result in additional Rent from Lessee. 
 6.4. Withdrawal By Lessor From Capital Renewals Reserve Account. Lessor may at Lessor’s option from time to time, withdraw moneys from the Capital Renewals Reserve Account; provided that all such withdrawals shall be used
for Capital Expenditures related to the Cypress Premises or the Improvements thereon or Personal Property therewith; and further provided that so long as no Event of Default shall exist under this Lease for which notice has been given to Lessee in
accordance with Section 12.1, no withdrawal shall be made without the prior consent of the Lessee. Lessee shall not withhold or delay its consent to any Lessor request for withdrawal under this Section 6.4 for which the Lessor has provided
information that establishes to the Lessee’s satisfaction that the Lessor’s withdrawal of moneys is reasonable and consistent with the purpose for which the Capital Renewals Reserve is established. The Lessor acknowledges and agrees that a
withholding of consent by the Lessee in accordance with this Section 6.4 will not be an Event of Default and the Lessor will not claim an Event of Default in respect of same. 
  

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 6.5. Capital Expenditures Exceeding Capital Renewals Reserve. Lessee shall notify Lessor of
the need for any Capital Expenditures determined by Lessee to be necessary or desirable for the Personal Property. Lessee will provide to Lessor such information regarding the nature of the Capital Expenditure as Lessor may request. Lessor shall
have no obligation to fund any such Capital Expenditure exceeding the amount of capital available in the Capital Renewals Reserve. Lessor may, in Lessor’s Sole Discretion, fund the cost of such excess Capital Expenditure at a mutually
determined Subsequently Agreed Lease Rate. To the extent that Lessor funds any Capital Expenditures, all such amounts shall be Additional Lessor Expenditures and increase the amount of Minimum Rent payable hereunder for subsequent Fiscal Years.
Lessor agrees to review any alternative financing proposal provided by Lessee for Lessee to finance such excess Capital Expenditure at Lessee’s sole cost and expense from a party other than the Lessor and may, in Lessor’s Sole Discretion,
approve or refuse to approve the proposed excess Capital Expenditure and/or such alternative financing option. 
 6.6. Ownership of
Replacements. All repairs, alterations, improvements, additions, renewals or replacements made pursuant to this Article 6, and all Personal Property shall be the property of Lessor, provided that all Personal Property additions hereafter
made under the VANOC Agreement shall become the property of the Lessor in accordance with the arrangements made pursuant to the VANOC Agreement, but in any event upon completion of the Olympic and Paralympic games contemplated thereunder.

 6.7. Lessee’s Personal Property. At or prior to the expiration or sooner termination of the Lease (unless such
termination occurs in connection with Lessee’s purchase of the Personal Property pursuant to its Buyback Option), Lessor may elect either (a) to give Lessee Notice that Lessee shall be required, within ten (10) Business Days after
such expiration or 
  

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termination, to remove Lessee’s Personal Property from the Cypress Premises or (b) to buy all or a portion of Lessee’s Personal Property by
paying Lessee the book value of such property. Lessor may request an inventory of Lessee’s Personal Property, and the assigned book value of each unit of such Lessee’s Personal Property as a condition for Lessor’s making such
election. Further, if requested by Lessor, Lessee will provide evidence that any item of Lessee’s Personal Property was acquired by Lessee from its separate funds and not as a result of payment from the Capital Renewals Reserve. Personal
Property that is required to be turned over to the Lessor pursuant to the Turnover Agreement is not Lessee’s Personal Property whether or not paid for from Lessee’s separate funds. Failure of Lessor to make such election shall be deemed an
election to proceed in accordance with clause (b) preceding. 
 6.8. Yield Up. Upon the expiration or sooner termination
of this Lease (unless such termination occurs at the closing after Lessee’s exercise of its Buyback Option pursuant to the Buyback Option Agreement), Lessee shall at Lessee’s sole cost and expense: 
 A. prior to vacating the Cypress Premises make or cause to be made such maintenance, repairs, and alterations as may be necessary to put
the Personal Property in the condition required by this Section 6.8; and 
 B. deliver the Personal Property to Lessor in
substantially the same condition in which the Personal Property was in on the Commencement Date, except as repaired, replaced, rebuilt, restored, replaced, altered or added to as permitted or required by the provisions of this Lease, reasonable wear
and tear (and casualty damage, in the event that this Lease is terminated following a casualty in accordance with Article 11) excepted; and 
 C. use Lessee’s good faith, commercially reasonable efforts to transfer to Lessor, and cooperate with Lessor or Lessor’s nominee in connection with the processing 

  

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of all applications for transfer to Lessor (or Lessor’s designee) of, all Licenses and Permits and other governmental authorizations and all Contracts
entered into by Lessee in connection with the Personal Property and to the extent not provided for in the Sub-permit, including Contracts with Governmental Agencies which may be necessary for the use and operation of the Personal Property on the
Cypress Premises and Improvements as then operated. Lessor shall indemnify and hold Lessee harmless for all claims, costs and expenses (including reasonable legal fees) arising from acts or omissions by Lessor under such Contracts subsequent to the
date of transfer thereof to Lessor; and Lessee shall indemnify and hold Lessor harmless for all claims, costs and expenses (including reasonable legal fees) arising from acts or omission by Lessee under such Contracts and/or the Licenses and Permits
prior to the date of transfer thereof to Lessor; and (ii) Lessee shall re-assign to Lessor or Lessor’s nominee all of its right, title and interest under all then existing subleases. 
 D. Turnover and deliver to Lessor all of the personal property required to be turned over to Lessor pursuant to the Turnover Agreement.

 6.9. Management Matters. Lessee shall not enter into a management agreement (the “Management Agreement”)
with respect to the Personal Property without Lessor’s prior written consent. Any such Management Agreement shall expressly provide that the Management Agreement and all provisions thereof are expressly subordinate and subject to the terms of
this Lease, and that the manager shall at all times be an “eligible independent contractor” as defined in Section 856(d) of the Code. 
  

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 7. IMPROVEMENTS, ETC. 
 7.1. No Liens. Lessee shall not grant a Lien on or security interest in the Cypress Premises or the Personal Property, or Lessee’s interest under this Lease, without the prior written consent of
Lessor, which consent may be withheld by Lessor in Lessor’s Sole Discretion. 
 7.2. Salvage. Other than Lessee’s
Personal Property, all materials which are scrapped or removed in connection with the making of repairs, alterations, improvements, renewals, replacements and additions pursuant to Article 6 shall be disposed of by Lessee and the net
proceeds thereof, if any, shall be deposited into the Capital Reserve Account 
 8. LIENS. 
 Subject to Article 9, Lessee shall not directly or indirectly, create or allow to remain, and shall promptly discharge, at its expense, any
Lien, encumbrance, attachment, title retention agreement or claim upon the Personal Property, or Lessee’s interest under this Lease, or any attachment, levy, claim or encumbrance in respect of the Rent, other than (a) Permitted
Encumbrances, (b) restrictions, Liens and other encumbrances which are consented to in writing by Lessor, (c) Liens for those taxes of Lessor which Lessee is not required to pay hereunder, (d) subleases, if any, permitted by Article
16, (e) Liens for Impositions or for sums resulting from non-compliance with Legal Requirements so long as (i) the same are not yet due and payable, or (ii) are being contested in accordance with Article 9, (f) Liens of
mechanics, labourers, materialmen, suppliers or vendors incurred in the ordinary course of business that are not yet due and payable (but will be paid in full by Lessee) or are for sums that are being contested in accordance with Article 9,
(g) any Secured Loan Documents or other Liens which are the responsibility of Lessor pursuant to the provisions of Article 12, and (h) Lessor’s Liens. 
  

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 9. PERMITTED CONTESTS 
 9.1. Right to Contest. Lessee shall have the right at Lessee’s sole cost and expense to contest the amount or validity of any Imposition, Legal Requirement, Insurance Requirement,
Environmental Obligation, Lien, attachment, levy, encumbrance, charge or claim (collectively, “Claims”) as to the Personal Property, by appropriate legal action or proceedings, conducted in good faith and with due diligence,
provided that (a) the foregoing shall in no way be construed as relieving, modifying or extending Lessee’s obligation to pay any Claims required hereunder to be paid by Lessee as finally determined, (b) such contest shall not cause
Lessor or Lessee to be in default under the Sub-Permit and Lease Agreement, or any Secured Loan Documents, deed of trust or other agreement encumbering the Personal Property or any part thereof and Lessee shall not contest any requirement set forth
in the Secured Loan Documents, (c) no part of the Personal Property nor any Rent therefrom shall be in any immediate danger of sale, forfeiture, attachment or loss, and (d) Lessee hereby indemnifies and holds harmless Lessor from and
against any cost, claim, damage, penalty or reasonable expense, including reasonable legal fees, incurred by Lessor in connection therewith or as a result thereof. Lessor agrees to join in any such proceedings if required legally to prosecute such
contest, provided that Lessor shall not thereby be subjected to any liability therefore (including, without limitation, for the payment of any costs or expenses in connection therewith) unless Lessee agrees to assume and indemnify Lessor with
respect to the same. Lessee shall be entitled to any refund of any Claims and such charges and penalties or interest thereon which have been paid by Lessee or paid by Lessor to the extent that Lessor has been reimbursed by Lessee. If Lessee shall
fail (a) to pay or cause to be paid any Claims when finally determined, (b) to provide reasonable security therefore, or (c) to prosecute or cause to be prosecuted any such contest diligently and in good faith, Lessor may, upon Notice

  

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to Lessee, pay such charges, together with interest and penalties due with respect thereto, and Lessee shall reimburse Lessor therefore, upon demand, as
Additional Charges, together with interest at the Interest Rate from the date of Lessor’s payment until reimbursement. 
 10. RISK OF LOSS AND
INSURANCE 
 10.1. Insurance. Lessee will secure and maintain, with the premiums thereon fully paid in advance, at
Lessee’s expense, all risk property insurance (including extra expense insurance) on all of the Personal Property and tangible items of Retained Business Assets, all for the full replacement cost thereof. Lessee shall also procure and maintain
for the benefit of Lessor, at Lessee’s sole cost and expense: 
  

	 	(a)	use and occupancy or business interruption insurance covering loss of income to Lessee and Lessor, as applicable, for a minimum indemnity period of twelve (12) months resulting
from interruption of business caused by the occurrence of any of the risks insured against under the property damage insurance referred to in Section 10.1 above; 

  

	 	(b)	 comprehensive or commercial liability insurance on a claims made basis against claims for personal injury, death or property damage suffered by others arising out
of the operations of Lessee or other occupants of the Cypress Premises, indemnifying and protecting Lessee and Lessor, and any Secured Party specified by Lessor and the Province if required under the terms of the Permit, in such amounts and to such
extent as may from time to time be usual and prudent for companies operating or owning similar properties (which amounts shall initially be U.S. twenty-five million dollars (U.S. $25,000,000.00) (including liquor liability) for any 

  

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personal injury, death, property damage or other claim in respect of any one accident or occurrence) and, without limitation of the foregoing, with
provisions for cross liability and severability of interests and naming Lessor and any Secured Party specified by Lessor as an additional insured; and if alcoholic beverages are served on the Premises, liquor liability is required in the above;

  

	 	(c)	Business auto liability insurance, including owned, non-owned and hired vehicles, for combined single limits (including bodily injury and property damage) of not less than U.S. five
million dollars (U.S. $5,000,000.00) each Occurrence; 

  

	 	(d)	worker compensation insurance or insurance required by similar employee benefit acts as required by law, as well as employer’s liability insurance in amounts not less than U.S.
one million dollars (U.S. $1,000,000) per accident/per disease; 

  

	 	(e)	such additional insurance as may reasonably be required from time to time, by (i) the Cypress Permit and (ii) a Secured Party under any Secured Loan Documents.

 10.2. General Insurance Provisions. 
 A. All insurance described in Section 10.1 shall be with companies with an A.M. Best Rating of A-VII or greater. If Lessee wishes to
place insurance in an insurance company that is affiliated with Lessee, the financial standing and creditworthiness of the affiliate is subject to Lessor’s approval, and Lessee will deliver Lessor such financial information regarding the
affiliate as may be requested by Lessor prior to approval. All 

  

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insurance may be obtained through blanket insurance programs, provided that such blanket programs substantially fulfill the requirements specified herein.
The blanket insurance programs may include deductibles or risk retention levels; however, the deductibles or risk retention levels allocated to the Cypress Premises and the Leased Property shall be limited to the Insurance Retention as defined in
Section 10.3. The charge-back/deductible for general liability insurance and workers’ compensation insurance allocated to the Cypress Premises and Leased Property shall not exceed U.S. One Hundred Thousand Dollars (U.S. $100,000) unless
such greater amount is agreeable to both Lessor and Lessee. The property insurance deductible allocated to the Cypress Premises and the Leased Property shall not exceed U.S. One Hundred Thousand Dollars (U.S. $100,000) unless such greater amount is
agreeable to both Lessor and Lessee, or if a higher deductible for high hazard risks (i.e., wind or flood) is mandated by the insurance carrier. 
 B. Lessor hereunder shall be listed as a lender loss payee and additional insured on all such policies and such policies shall provide coverage for any and all claims arising in connection with the ownership or
operation of the Personal Property and Retained Business Assets. The insurance required under this Section 10 shall name the Lessor as the first loss payee, as well as the Province if required by the Permit, and any Secured Party specified by
Lessor, in writing, as required by the Secured Loan Documents. All insurance provided for in this Article 10 shall be written in the name of the Parties and their respective Affiliates and any permitted Secured Party, as their interests may appear,
and shall contain (a) to the extent available, a provision requiring the insurance company to notify each Party of any cancellation or material change at least 

  

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thirty (30) days prior thereto; and (b) a standard provision for the benefit of such Secured Party. All proceeds of insurance obtained pursuant to
this Section 10 shall be payable to Lessor as a first loss payee and shall be made available by Lessor to the repair, rebuilding or replacement of the damaged Leased Property. Lessor shall make available to Lessee the insurance proceeds
required by Lessee from time to time to pay the costs of repair, rebuilding or replacement of the damaged Leased Property by deposit of such sums into the Capital Renewal Reserves account or otherwise as required by Lessor. If for any reason the
Leased Property is not repaired, rebuilt or replaced, or if there are excess insurance proceeds, Lessor shall be entitled to retain such monies or, at Lessor’s option, deposit such monies into the Capital Renewals Reserve fund for future
Capital Expenditure requirements. 
 C. Lessee shall deliver to Lessor prior to the effective date of this Lease (and, with
respect to any renewal policy, at least 30 days prior to the expiration of the existing policy) certificates of insurance evidencing the insurance coverages required under this Article 10 and any renewals thereof. All such certificates of insurance
shall, to the extent obtainable, state that the insurance shall not be cancelled or materially reduced without at least sixty (60) days’ prior written notice to the certificate holder. Upon Lessor’s request, copies of said policies
shall be delivered to Lessor for Lessor’s review. All such insurance shall be evaluated by Lessor, Lessee and Secured Party from time to time to ensure that the limits and coverages are adequate. 
 D. Notwithstanding the foregoing or anything else contained herein or elsewhere, in addition to the foregoing requirements, Lessee shall
also ensure that all requisite insurance is obtained and maintained throughout the Term in accordance with 

  

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all requirements set forth in any Secured Loan Documents (including, without limitation, all requirements with respect to the insurance company providing the
policies and all other provisions relating to insurance set forth in the Secured Loan Documents). 
 10.3. Costs and Expenses.

 A. All charges under any blanket programs shall be allocated to the Cypress Premises and other similar participating
projects on a reasonable basis. 
 B. “Insurance Retention” shall mean the insurance policy deductible;
however, for any insurance obtained through the blanket insurance programs, “Insurance Retention” shall mean the Cypress Premises per occurrence limit for any loss or reserve as established for the Cypress Premises, which limit shall be
the same as is applied to other similar projects participating in the blanket insurance programs, or such higher amount if mandated by the insurer for high hazard risks such as earthquake, flood and wind. 
 10.4. Waiver of Subrogation. All policies of insurance will provide that (i) the insurance company will have no right of subrogation
against any Secured Party or Lessor, or any of their respective Affiliates or the agents or employees thereof, and (ii) that the proceeds thereof in the event of loss of damage will, to the extent payable to any Secured Party, be payable
notwithstanding any act of negligence or breach of warranty by Lessor which might otherwise result in the forfeiture or nonpayment of such insurance proceeds. 
 10.5. Indemnification of Lessor. Except as expressly provided herein including as otherwise covered by insurance, Lessee shall protect, indemnify and hold harmless Lessor for, from and against all
liabilities, obligations, claims, damages, penalties, causes of action, costs and reasonable expenses (including, without limitation, reasonable legal fees), to the maximum 
  

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extent permitted by law, imposed upon or incurred by or asserted against Lessor by reason of: (a) any accident, injury to or death of persons or loss of
or damage to property of third parties (in any way connected to the Personal Property) occurring during the Term of this Personal Property Lease or otherwise while Lessee remains in possession or control of any Personal Property or Retained Business
Assets in any way connected to the Personal Property, and (b) any use, misuse, condition, management, maintenance or repair by Lessee or anyone claiming under Lessee of the Personal Property or Lessee’s Personal Property during the Term or
any litigation, proceeding or claim by Governmental Agencies to which Lessor is made a party or participant relating to such use, misuse, condition, management, maintenance, or repair thereof; provided, however, that Lessee’s obligations
hereunder shall not apply to any liability, obligation, claim, damage, penalty, cause of action, cost or expense arising from any gross negligence or willful misconduct of Lessor, its employees, agents or contractors. Lessee, at its expense, shall
defend any such claim, action or proceeding asserted or instituted against Lessor covered under this indemnity or may compromise or otherwise dispose of the same. The obligations of Lessee under this Section 10.5 shall survive the termination
of this Lease for a period of three (3) years, plus for such additional time as is necessary until any such claim, action or proceeding asserted or instituted against Lessor covered under this indemnity is completely and finally resolved and
all opportunities for appeals have passed. 
 10.6. Lessor Advance. If Lessee fails to deliver the original policies and
certificates required under Sections 10.1 or 10.2 within the time required thereby, Lessor shall have the right to obtain such insurance at Lessee’s expense and, upon demand, Lessee shall reimburse Lessor for the cost of any such insurance,
together with interest at the Interest Rate from the date of Lessor’s payment until reimbursement. 
  

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 11. DAMAGE, REPAIR AND EXPROPRIATION 
 11.1. Damage or Loss. In the event of damage to or loss of any Personal Property, Rent shall not abate and Lessee shall, subject to the
Secured Loan Documents, using the proceeds of insurance and with due diligence, repair, rebuild or replace the damaged Personal Property, such that following such repair, rebuilding or replacement such Personal Property shall be substantially the
same as, or better than, prior to such damage or loss. Lessee shall promptly notify Lessor and the applicable insurance carriers of all such casualties and losses and fully cooperate in processing the claim with the applicable insurance carriers.
Lessee shall promptly make all necessary arrangements for the appropriate contractors and suppliers to repair and/or replace the damaged or lost portion of the Personal Property. All such work shall be undertaken in a workmanlike manner and if the
damage or loss exceeds $10,000.00 in cost, in accordance with specifications approved by Lessor (which approval or disapproval shall be made within fifteen (15) business days after Lessor receives the applicable specifications and, if
applicable, within five (5) business days after Lessor receives any modifications of said specifications), failing which the Lessor shall be deemed to have approved, provided that the parties agree that the standard for such repair and/or
replacement shall be to repair and/or replace the damaged or lost portion of the Personal Property to levels of quality and quantity that are equal to those that existed with respect to such portion of the Personal Property prior to the occurrence
of the damage or loss at issue. If insurance proceeds are insufficient to pay all of the costs of such repair, rebuild or replacement, Lessee shall use funds available in the Capital Renewals Reserve to fund such shortfall, and if there are
inadequate funds in the Capital Renewals Reserve, then the provisions of Section 6.5 regarding “Capital Expenditures Exceeding the Capital Renewals Reserve” shall apply. Lessee shall, upon completion of such repair, rebuilding or
replacement, 
  

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be entitled to continue its use of the applicable Personal Property under the terms and conditions of this Lease. If Lessee fails to diligently pursue the
repair, rebuilding or replacement, or in any event fails to substantially commence such repair or replacement within forty-five (45) days after the date of such occurrence, or if Lessee thereafter fails to diligently prosecute and complete the
repair or replacement, Lessor may, at its option and in addition to any other remedy it may have under this Lease, give to Lessee Notice electing to undertake such repair, replacement or rebuilding of the applicable Personal Property in which event
the insurance proceeds and funds in the Capital Renewals Reserve shall be available to Lessor for such repair, replacement or rebuilding. If Lessee determines that for reasons of obsolescence or any other reason it would be best not to undertake any
such repair, replacement, or rebuilding, and Lessor agrees in writing, then the Lease shall be deemed to have been amended to remove the damaged portion of the Personal Property and the definition of “Personal Property” hereunder will be
deemed to have been accordingly modified to take into account the removal of such portion of the Personal Property. 
 11.2.
Reinstatement. If this Lease is terminated with respect to any portion or portions of the Personal Property, pursuant to Section 11.1 and thereafter such portion or portions that were damaged or lost are repaired, rebuilt or replaced
within one (1) year after the occurrence of the damage or destruction, this Lease (if still in force) will be reinstated with respect to such Personal Property effective on the first day of the Fiscal Year immediately following the Fiscal Year
in which the work is substantially completed and the definition of Personal Property hereunder will be deemed to have been adjusted accordingly. 
  

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 11.3. Expropriation. 
 A. In the event all or substantially all of the Personal Property shall be taken in any Expropriation or similar proceeding by any
competent authority for any public or quasi-public use or purpose, or in the event a portion of the Personal Property that is critical to the operation (e.g. the lifts) shall be so taken, and the result is that the continued operation of the Cypress
Premises as a ski area is no longer possible, this Lease shall terminate unless each of Lessor and Lessee agree to the contrary in writing. In either such event, Lessor shall be entitled to receive all Awards resulting from such Expropriation that
relate to the Personal Property. 
 B. In the event a portion of the Personal Property shall be taken by the events described
in Section 11.3A, or the entire Personal Property are affected but on a temporary basis, and the result is not to make it impossible to continue to operate the Cypress Premises, this Lease shall not terminate and shall continue in full force
and effect without abatement of Rent. If however any of the Improvements are damaged by such taking, then Lessee shall diligently repair and restore such damaged portion, using so much of any Award appropriated to the Personal Property for any such
partial taking or Expropriation as shall be necessary to render the Leased Property equivalent to its condition prior to such event. Lessor shall be entitled to the entire Award appropriated to the Personal Property in any such circumstance, but
shall transfer such portion of any Award received by it that is reasonably required to repair and restore the Personal Property damaged by any Expropriation to the Capital Renewals Reserve, or at Lessor’s option to an escrow agent
(“Escrow Agent”) for the purpose of funding the cost of the repair or restoration. Lessee agrees that a Secured Party is an acceptable Escrow Agent. 

  

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Such amounts shall be drawn by Lessee from the Capital Renewals Reserve, or advanced by Escrow Agent, so as to permit payment for the cost of any restoration
and repair. The obligations under this Section 11.3 to disburse the Award and such other amounts shall be subject to (a) the collection thereof and (b) the release of such Award by the applicable Secured Party. Lessee’s
obligation to repair and restore the Personal Property shall be subject to the availability of the Award, and if the Award is insufficient and there are inadequate funds in the Capital Renewals Reserve a Lessor advance as contemplated by
Section 6.5, to fund the cost of such repair or restoration 
 11.4. Secured Loan Documents. Notwithstanding the foregoing
or anything else contained herein or elsewhere, Lessee acknowledges and agrees that the disposition of all matters relating to damage or loss to the Personal Property shall be governed by the Secured Loan Documents, to the extent applicable.

 12. SECURITY. 
 12.1.
Security. 
 A. Lessor shall be permitted to encumber its interest in this Lease, the Turnover Agreement, the
Personal Property, or any part thereof, in favour of any Secured Party from time to time, subject to the terms and conditions of the Cypress Permit. 
 B. In the event Lessee receives any reasonable request for information on the Cypress Premises or the Personal Property, from any Secured Party, Lessee will, at Lessor’s cost, provide or distribute such
information directly to such Secured Party. 
 12.2. Subordination and Attornment. Lessee shall, subject to a Secured Party
delivering to the Lessee a non-disturbance agreement pursuant to which the Lease will continue as long as no Event of Default of Lessee has occurred, provide to any Secured Party an 

  

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instrument (the “Subordination Agreement”) in form and content acceptable to Secured Party pursuant to which: 
 A. this Lease and any extensions, renewals, replacements or modifications thereto, and all right and interest of Lessee in and to the
Personal Property shall be subject and subordinate to such Secured Loan Documents; 
 B. Lessee shall be obligated to each of
the Subsequent Owners (as defined below) to perform all of the terms and conditions of this Lease for the balance of the remaining Term hereof, with the same force and effect as if such Subsequent Owner were Lessor; 
 C. If the Secured Party or a Subsequent Owner takes any proceedings in respect of the Personal Property (including taking possession,
foreclosure or power of sale) as a result of the occurrence of a default under the Secured Loan Documents, Lessee shall attorn and be bound to such Secured Party or a Subsequent Owner under all of the terms of this Lease for the balance of the Term
thereof remaining, with the same force and effect as if Secured Party or a Subsequent Owner were the landlord under this Lease, and Lessee hereby attorns to Secured Party or a Subsequent Owner as landlord under this Lease, such attornment to take
effect automatically, without the execution of any further instrument on the part of any of the parties hereto, immediately upon the Secured Party or a Subsequent Owner taking possession or control of the Personal Property or otherwise becoming the
owner of the Personal Property. If Secured Party exercises a repossession or power of sale as a result of the occurrence of a default under the Secured Loan Documents, Lessee shall attorn and be bound to the Subsequent Owner pursuant to such power
of sale under all of the terms of this Lease for the balance of the Term hereof 

  

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remaining, including any renewals and extensions, with the same force and effect as if the Subsequent Owner were the landlord under this Lease, such
attornment to take effect automatically, without the execution of any further instrument on the part of the purchaser or Lessee, immediately upon the Subsequent Owner taking possession of the Personal Property. Lessee also agrees, however, to
execute and deliver at any time and from time to time, upon the request of Secured Party or any such Subsequent Owner: (a) any instrument or certificate which, in the reasonable judgment of Secured Party or such Subsequent Owner may be
necessary or appropriate to evidence such attornment, and (b) an up to date estoppel certificate in form and substance consistent with this Lease. Further, but subject to Section 12.2.D below, from and after any such attornment, Secured
Party or such a Subsequent Owner shall be bound to Lessee under all of the terms, covenants and conditions of this Lease and Lessee shall not be disturbed in its rights under the terms of this Lease; provided, however, that Secured Party or such
Subsequent Owner shall not be: 
 (i) liable for any action or omission of, or any payment required to be made by, any prior
landlord (including Lessor); 
 (ii) bound by any rent which Lessee might have paid for more than the current month to any
prior landlord (including Lessor); 
 (iii) liable for the return or application of any security deposits unless Lessor
actually delivers such deposits to Secured Party; 
 (iv) bound by any termination, surrender or amendment or modification of
this Lease made without Secured Party’s written consent; or 
 (v) subject to any offsets or deficiencies, which Lessee
might be entitled to assert against any prior landlord (including Lessor). 
  

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 D. Notwithstanding the foregoing or anything else contained herein or elsewhere, Lessee
acknowledges and agrees that if Lessee is in default under this Lease and there is an execution or a foreclosure of the Security Instrument (or other conveyance in lieu of foreclosure), or other exercise by such Secured Party (or its successor or
assign) of its rights or remedies in connection with which title or possession of the Personal Property, or any portion thereof is transferred to the Secured Party (or its designee) or to a purchaser at foreclosure or to a subsequent purchaser from
the Secured Party (or from its designee) (all of the foregoing shall collectively be referred to as “Subsequent Owners”), this Lease may or may not be terminated in the Secured Party’s or the Subsequent Owner’s Sole
Discretion. If the Secured Party or the Subsequent Owner elects to terminate this Lease, Lessee shall first assign all of its right, title and interest in any subleases to the Secured Party or Subsequent Owner at no cost to the Secured Party or
Subsequent Owner and comply with the balance of this Lease. 
 12.3. Compliance with Cypress Permit. Lessee shall manage,
operate, and use the Personal Property in compliance with all obligations imposed on Lessor or the Cypress Premises pursuant to the Cypress Permit. 
 12.4. Liens; Credit. Lessee shall not cause any Lien to be filed against the Personal Property or any portion thereof, and shall use commercially reasonable efforts to prevent any Liens from being filed against the Personal
Property which may arise from any maintenance, repairs, alterations, improvements, renewals or replacements in or to the Personal Property, and shall obtain the release of any such Liens. This obligation shall not limit Lessee’s rights to

  

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Contest provided for under Article 9 hereunder, nor to grant a security interest in respect of any Financial Indebtedness incurred by the Lessee in
connection with its working capital within the limitations set forth hereunder. 
 12.5. Amendments Requested by Secured Party.
If requested by any Secured Party or prospective Secured Party, Lessee agrees to execute and deliver any amendment of this Lease that is reasonably required by such Secured Party or prospective Secured Party, provided that Lessee shall be under no
obligation to amend this Lease if the result of such amendment would be to materially and adversely increase Lessee’s obligations or to materially and adversely affect Lessee’s rights under this Lease. Any such amendment shall be in effect
only for the period of time in which such Secured Loan Documents are outstanding. 
 12.6. Blocked Account Arrangements. To the
extent required by a Secured Party from time to time, Lessee and the Secured Party shall enter into a written lock box or blocked account agreement or agreements, in the form and content requested by the Secured Party, in connection with the
deposit, payment and disbursement only of all Rent hereunder from time to time and such other matters may be agreed between Lessor and Lessee each acting reasonably. 
 12.7. Direction re: Payment of Secured Loan and other Financial Indebtedness. If so directed by Lessor in writing, Lessee will pay Rent payable to Lessor hereunder directly to any Secured Party or other
lender or creditor in respect of any Financial Indebtedness of Lessor. 
 13. DEFAULTS AND REMEDIES 
 13.1. Events of Default. The occurrence of any one or more of the following events shall constitute an “Event of Default”
hereunder: 
  

	 	(a)	should Lessee fail to make any payment of Minimum Rent or Percentage Rent within five (5) Business Days after Notice thereof, or fail to make payment of any other Rent or any
other sum, payable hereunder when due and such failure shall continue for a period of ten (10) days after Notice thereof; or 

  

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	 	(b)	should Lessee fail to maintain the insurance coverages required under Article 10; or 

  

	 	(c)	should Lessee breach or be in default under, and if a cure period is applicable fail to timely cure in accordance with the provisions thereof any obligation that is applicable to
the Lessee under the Cypress Permit, the VANOC Agreement, or the Sub-permit; or 

  

	 	(d)	should the Sub-permit be declared to be in default as a result of a breach of the Skylift Lease that is not cured within any applicable cure period; or 

  

	 	(e)	subject to Article 9 relating to permitted contests, should Lessee default in the due observance or performance of any of the terms, covenants or agreements contained herein to be
performed or observed by it (other than as specified in clauses (a) and (b) above) and such default shall continue for a period of thirty (30) days after Notice thereof from Lessor to Lessee; provided, however, that if such default is
susceptible of cure but such cure cannot be accomplished with due diligence within such period of time and if, in addition, Lessee commences to cure or cause to be cured such default within thirty (30) days after Notice thereof from Lessor and
thereafter prosecutes the curing of such default with all due diligence, such period of time shall be extended to such period of time (not to exceed one hundred eighty (180) days) as may be necessary to cure such default with all due diligence;
or 

  

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	 	(f)	should Lessee (or Indemnifier during the period that its Indemnity is in effect) generally not be paying its debts as they become due or should Lessee (or Indemnifier the period
that its Indemnity is in effect) make a general assignment for the benefit of creditors; or 

  

	 	(g)	should any petition be filed by, on behalf of or against Lessee (or Indemnifier during the period that its Indemnity is in effect) under the Bankruptcy and Insolvency Act or
the Companies’ Creditors Arrangement Act, Canada, or should any other proceeding be instituted by or against Lessee (or Indemnifier during the same period) seeking to adjudicate it bankrupt or insolvent, or seeking liquidation,
reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee,
custodian or other similar official for Lessee (or Indemnifier during the same period) or for any substantial part of the property of Lessee or Indemnifier and such proceeding is not dismissed within ninety (90) days after institution thereof,
or should Lessee take any action to authorize any of the actions set forth above in this paragraph; or 

  

	 	(h)	should Lessee (or Indemnifier during the period its Indemnity is in effect) cause or institute any proceeding for its dissolution or termination; or 

  

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	 	(i)	unless Lessee shall be contesting such Lien or attachment in good faith in accordance with Article 9, should the estate or interest of Lessee in the Personal Property or any part
thereof be levied upon or attached in any proceeding and the same shall not be vacated, discharged or fully bonded or otherwise secured to the reasonable satisfaction of Lessor within the later of (i) sixty (60) days after such attachment
or levy in which case Lessee shall give notice to Lessor of the dispute but Lessee may defend in any reasonably suitable way, and (ii) thirty (30) days after receipt by Lessee of Notice thereof from Lessor; it being understood and agreed
that Lessee may commence a contest of such matter pursuant to Article 9 above following such Notice from Lessor, 

  

	 	(j)	Any default by the Indemnifier under its Indemnity Agreement and failure to cure within any applicable cure period, shall be a default under this Lease, including without limitation
failure to maintain minimum liquidity as set forth in the Indemnity Agreement, 

  

	 	(k)	 Any default by the Lessee under the terms of the Turnover Agreement, then, and in any such Event of Default, (and to the extent expressly provided above, the
passage without cure of any cure period expressly provided above) the next three (3) months Rent shall immediately become due and payable to Lessor and Lessor, in addition to all other remedies available to it, may terminate this Lease by
giving Notice thereof to Lessee and upon the expiration of the time fixed in such Notice but in any event not less than thirty (30) days, this Lease shall terminate and all rights 

  

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of Lessee under this Lease shall cease. Lessor shall have and may exercise all rights and remedies available at law and in equity to Lessor as a result of
Lessee’s breach of this Lease, including without limitation the right of re-entry upon the Cypress Premises and the right to retake possession of the Personal Property upon and at any time after the occurrence of an Event of Default and the
right to institute an action compelling specific performance by Lessee of its obligations under this Lease. 

 13.2.
Remedies. None of (a) the termination of this Lease pursuant to Section 13.1(b), the repossession of the Personal Property or any portion thereof, (c) the failure of Lessor to re-let the Personal Property, or any portion
thereof, nor (d) the re-letting of all or any portion of the Personal Property, shall relieve Lessee of its liability and obligations hereunder, all of which shall survive any such termination, repossession or re-letting of the Personal
Property. In the event of any such termination, repossession or re-letting, Lessee shall forthwith pay to Lessor all Rent due and payable under the Lease through and including the date of such termination, repossession or re-letting. Thereafter,
Lessee, until the end of what would have been the Term of this Lease in the absence of such termination, repossession or re-letting, and whether or not the Personal Property or any portion thereof shall have been re-let, shall, at Lessor’s
option, be liable to Lessor for, and shall pay to Lessor, as current damages, the Rent and other charges which would be payable hereunder for the remainder of the Term had such termination, repossession or re-letting not occurred, LESS the net
proceeds, if any, of any re-letting of the Personal Property, after deducting all reasonable expenses in connection with such re-letting, including, without limitation, all reasonable repossession costs, brokerage commissions, legal expenses, legal
fees, advertising, expenses of employees, alteration costs and expenses of preparation for such 
  

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re-letting (such expenses being hereinafter referred to as the “Re-letting Expenses”). Lessee shall pay such current damages to Lessor
monthly on the days on which the Minimum Rent would have been payable hereunder if this Lease had not been so terminated. 
 In case of any
Event of Default, re-entry, expiration or dispossession by summary proceedings or otherwise, Lessor may (a) re-let the Personal Property or any part or parts thereof, either in the name of Lessor or otherwise, for a term or terms which may at
Lessor’s option, be equal to, less than or exceed the period which would otherwise have constituted the balance of the Term and may grant concessions or free rent to the extent that Lessor considers advisable and necessary to re-let the same,
and (b) may make such reasonable alterations and repairs thereof as Lessor, acting reasonably, considers advisable and necessary for the purpose of re-letting the Personal Property; and the making of such alterations and repairs shall not
operate or be construed to release Lessee from liability hereunder as aforesaid. Lessor shall in no event be liable in any way whatsoever for any failure to re-let all or any portion of the Personal Property, or, in the event that such is re-let,
for failure to collect the rent under such re-letting. To the maximum extent permitted by law, Lessee hereby expressly waives any and all rights of redemption granted under any present or future laws in the event of Lessee being dispossessed, or in
the event of Lessor obtaining possession of the Personal Property, by reason of the occurrence and continuation of an Event of Default hereunder. 
 13.3. Lessee Remains Liable. Notwithstanding any said repossession, or any other action which Lessor may take, Lessee shall be and remain liable for the full performance of all obligations on the part of Lessee to be performed
under this Personal Property Lease. All such remedies are cumulative, and may be exercised concurrently or separately and from time to time. In addition, Lessee will pay any legal or collection agency expenses incurred in the repossession of the
Personal Property and Retained Business Assets or collection of delinquent amounts due under the Personal Property Lease. 
  

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 13.4. Lessee’s Continuing Operation. In the Event of Default, and notwithstanding any
termination of this Lease, Lessor may at Lessor’s option request that Lessee continue to utilize the Personal Property under the terms of this Lease (including Lessee paying all Rent) and assuming Lessee is concurrently required to continue as
sub-permittee of the Cypress Permit, until such time as Lessor enters into a new Personal Property Lease with a successor sub-permittee of the Cypress Permit acceptable to the Province and to Lessor. Upon such request of Lessor, Lessee shall
continue the use of the Personal Property in connection with the operation of the Cypress Premises on a month-to-month basis, terminable on the later of (i) not less than thirty (30) days’ notice by Lessor and (ii) Lessor’s
delivery of possession of the Cypress Premises and Personal Property to a replacement tenant acceptable to Lessor and the Province. Lessee’s obligation to continue use of the Personal Property in connection with operation of the Cypress
Premises after termination shall extend for a maximum of 180 days, provided that if the Province is processing an application by Lessor for a successor subpermittee such obligation shall extend until such processing by the Province is completed and
a replacement subpermittee is approved by the Province. Lessee shall not oppose and shall express to the Province in writing, if requested by Lessor, the Lessee’s support for any such Lessor application for approval by the Province of such
replacement subpermittee. Lessee shall be entitled to the benefit of the business of the operations during such period subject to the provisions of Section 13.5. 
 13.5. Application of Funds. All revenues received by Lessee from its operation on the Cypress Premises subsequent to an Event of Default shall be first applied to the payment of Rent as determined by the
Lessor. Any payments received by Lessor under any of the provisions of 
  

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this Lease during the existence or continuance of any Event of Default (and any payment made to Lessor rather than Lessee due to the existence of any Event
of Default) shall be applied to Lessee’s current and past due obligations under this Lease in such order as Lessor may determine or as may be prescribed by the laws of the Province with the balance, if any, to the benefit of Lessee. 

13.6. Lessor’s Right to Cure Lessee’s Default. If an Event of Default shall have occurred and be continuing, Lessor, after
Notice to Lessee (which Notice shall not be required if Lessor shall reasonably determine there is an Emergency Requirement), without waiving or releasing any obligation of Lessee and without waiving or releasing any Event of Default, may (but shall
not be obligated to), at any time thereafter, make such payment or perform such act for the account and at the expense of Lessee, and may, to the maximum extent permitted by law, enter upon the Cypress Premises and the Improvements or any portion
thereof for such purpose and take all such action with respect to the Personal Property thereon as, in the reasonable opinion of the Lessor and subject to Minister’s consent, may be necessary or appropriate therefor. All reasonable costs and
expenses (including, without limitation, reasonable legal fees) incurred by Lessor in connection therewith, together with interest thereon (to the extent permitted by law) at the Interest Rate from the date such sums are paid by Lessor until repaid,
shall be reimbursed by Lessee to Lessor, on demand. 
 14. FAILURE TO TURN OVER. Any continued possession and failure to return the Personal
Property over by Lessee after the expiration or sooner termination of this Lease shall be treated as a daily lease at sufferance at a rate equal to two times the Rent and other charges herein provided (prorated on a daily basis), provided however if
such holding over is pursuant to Lessor’s written request as set forth in Section 13.4 or subsequent to the expiration date of the 
  

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Term and precedes the closing of the Lessee’s exercised buyback option pursuant to the Buyback Option Agreement, then Rent shall be paid at a rate as if
there had been no expiration or termination of this Lease. Lessee shall also pay to Lessor all damages (direct or indirect) sustained by reason of any such failure to return the Property. Nothing contained herein shall constitute the consent,
express or implied, of Lessor to the failure of Lessee to return the Personal Property after the expiration or earlier termination of this Lease and Lessee hereby waives any right to claim the existence of a lease under any applicable law.

 15. TRANSFERS BY LESSOR OR SECURED PARTY 
 Lessor or Secured Party (including, in all cases a Subsequent Owner) shall have the unrestricted right, to convey, transfer, assign or encumber the Personal Property and its interest in this Lease and in the Turnover
Agreement, in whole or in part to a Secured Party, pursuant to Section 12, or to any other grantee or transferee subject to the provisions of this Lease provided only that such other grantee or transferee agrees to assume all obligations of the
Lessor hereunder. If Lessor or Secured Party transfers in accordance with the terms hereof to a grantee or transferee that expressly assumes in writing all obligations of Lessor hereunder or Secured Party under its Secured Loan Documents arising or
accruing from and after the date of such transfer, Lessor or Secured Party shall thereupon be released from all future liabilities and obligations of Lessor or Secured Party under this Lease or its Secured Loan Documents arising or accruing from and
after the date of such conveyance or other transfer and all such future liabilities and obligations shall thereupon be binding upon the new owner or secured party. 
  

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 16. SUBLETTING AND ASSIGNMENT 
 16.1. Restriction on Mortgaging, Subletting and Assignment. 
 A. Except as set
forth in this Section 16.1.A and in 16.1.E, Lessee shall not, without Lessor’s prior written consent (which may be given or withheld by Lessor in its Sole Discretion) and the consent of Lessor’s Secured Party if required by any of the
Secured Loan Documents, assign, mortgage, pledge, hypothecate, encumber or otherwise transfer this Lease or any part of the Personal Property or any part hereof or any right, title or interest herein or sublease (which term shall be deemed to
include the granting of concessions, licenses, permits and the like) all or any part of the Personal Property, or suffer or permit this Lease or any rights arising under this Lease to be assigned, transferred, mortgaged, pledged, hypothecated or
encumbered, in whole or in part, whether voluntarily, involuntarily or by operation of law, or permit the use or operation of the Personal Property by anyone other than Lessee, its contractors, and its customers in the ordinary course of business
but subject to the provisions of Section 5.1 and the provisions of the VANOC Agreement. For purposes of this Section 16.1, an assignment of this Lease requiring Lessor’s consent shall be deemed to include the following: any direct or
indirect transfer of any interest in Lessee or any transaction pursuant to which Lessee is merged or consolidated with another Entity or pursuant to which all or substantially all of Lessee’s assets are transferred to any other Entity, but
shall not include any involuntary Liens or attachments contested by Lessee in good faith in accordance with Article 9 or any merger or consolidation with another Entity pursuant to which there is no change of Control. Each of the foregoing is
considered a “Transfer” and all of the foregoing is collectively, the “Transfers”, a recipient of a Transfer is a “Transferee”. 
  

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 B. If this Lease is assigned by Lessee, or if all or substantially all of the Personal
Property is Transferred by Lessee, Lessor or its Secured Party may collect the rents from such assignee or subtenant, as the case may be, and apply the net amount collected to the Rent herein reserved, but no such collection shall be deemed a waiver
of the provisions set forth in Section 16.1.A, the acceptance by Lessor of such assignee or subtenant, as the case may be, as a tenant, or a release of Lessee from the future performance by Lessee of its covenants, agreements or obligations
contained in this Lease. In addition, Lessee hereby grants to Lessor a first ranking security interest in all rents and revenues from any assignee or subtenant or other Transferee from time to time to secure the payment of Rent and the performance
of all obligations to be paid and performed by Lessee to or for the benefit of Lessor under this Lease and any amendments hereto from time to time. 
 C. If Lessee Transfers with Lessor’s consent in accordance with the terms hereof to a grantee or transferee whose creditworthiness is expressly approved in writing by Lessor and who expressly assumes in writing
all obligations of Lessee hereunder and under the Sub-Permit and Lease Agreement arising or accruing from and after the date of such Transfer, Lessee shall thereupon be released by Lessor from all future liabilities and obligations of the Lessee
under this Lease arising or accruing from and after the date of such conveyance or other transfer and all such future liabilities and obligations shall thereupon be binding upon the new tenant, its successors and assigns. No consent to any Transfer
in a particular instance shall be deemed to be a waiver of the prohibition set forth in this Section 16.1 as it applies to the new tenant. No Transfer shall affect any Permitted Use, nor contravene or result in a default under or non-compliance
with any provision of the Cypress Permit. Any Transfer of Lessee’s interest under this Lease in contravention of this Section 16.1 shall be void. 
  

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 D. Any Transfer by or on behalf of Lessee of all or substantially all of the Personal
Property or this Lease (said Transfers being collectively, the “Future Transfers” or individually a “Future Transfer”) shall provide (a) that it is subject and subordinate to this Lease and to the matters to
which this Lease is or shall be subordinate; (b) that in the event of termination or expiration of this Lease or dispossession of Lessee by Lessor under this Lease, Lessor may take over all of the right, title and interest of Lessee, and,
except as provided below, such Future Transferee shall, at Lessor’s option, attorn to Lessor and/or any Secured Party (including, in each case, a Subsequent Owner) pursuant to the then executory provisions of such Transfer and become a direct
tenant of Lessor and/or any Secured Party, except that neither Lessor nor any Secured Party, as holder of a Security Loan Document or as landlord under this Lease, if such Secured Party succeeds to that position, shall (i) be liable for any act
or omission of Lessee under such Transfer, (ii) be subject to any credit, counterclaim, offset or defense which theretofore accrued to such Transferee against Lessee, (iii) be bound by any previous prepayment of more than one
(1) month’s rents, (iv) be bound by any covenant of Lessee to replace or repair Personal Property or any portion thereof, (v) be required to account for any security deposit of the Transferee other than any security deposit
actually delivered to Lessor by Lessee, (vi) be bound by any obligation to make any payment to such Transferee or grant any credits, except for services, repairs, maintenance and restoration provided for under the sublease that are performed
after the date of such attornment, (vii) be responsible for any monies owing by Lessee to the credit of such 

  

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Transferee, or (viii) be required to dispossess any Person utilizing any portion of the Personal Property; and (c) in the event that such
Transferee receives a written Notice from Lessor or any Secured Party stating that an Event of Default has occurred and is continuing, such subtenant shall thereafter be obligated to pay all rentals and other monies accruing under such Transfer
directly to the party giving such Notice or as such party may direct. All rentals and other monies received from such Transferee by Lessor or the Secured Party, as the case may be, shall be credited against the amounts owing by Lessee under this
Lease and such Transfer shall provide that the Transferee thereunder shall, at the request of Lessor, execute a suitable instrument in confirmation of such agreement to attorn. An original counterpart of each such Transfer duly executed by Lessee
and such Transferee shall be delivered promptly to Lessor, Lessee shall remain liable for the payment of Rent from and after the date of such assignment, and shall not be released from any obligations of the Lessee hereunder except in the
circumstances of a release under Section 16.1 above. 
 E. Lessor acknowledges that Lessee may sell, transfer and/or
dispose of Personal Property from time to time in the ordinary course of repairing, maintaining and replacing the Personal Property as required in Section 5.1, provided that: (i) without the written consent of Lessor, no sale or transfer
shall be made to an affiliate or employee of Lessee or any relation thereof, and each sale or transfer will be an arms length sale for fair market value; (ii) the proceeds of any such sale shall belong to Lessor, and be deposited into the
Capital Renewals Reserve (unless the sale or transfer by Lessee of a piece of equipment is in conjunction with a purchase of a replacement piece of equipment for the account of Lessor and the seller of the replacement piece of equipment gives a

  

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reasonable fair market credit against the purchase price of the replacement piece of equipment); and (iii) if the original cost of any such item
exceeded US $100,000.00 (with such US $100,000 threshold amount to be increased by three percent (3%), on a compounded basis, for each succeeding Lease Year), Lessor’s consent to the conditions of such sale, transfer or disposal of the Leased
Property shall be obtained. 
 17. LESSEE CERTIFICATES AND FINANCIAL STATEMENTS 
 17.1. Lessee Certificates. At any time and from time to time, upon not less than ten (10) Business Days prior Notice by either party,
the party receiving such Notice shall furnish to the other a certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date
to which the Rent has been paid, that to its knowledge no Default or an Event of Default by the other party has occurred and is continuing or, if a Default or an Event of Default shall exist, specifying in reasonable detail the nature thereof, and
the steps being taken to remedy the same, and such additional information as the requesting party may reasonably request. If such additional information reasonably requires more than ten (10) Business Days to provide, the party furnishing such
information shall be entitled to such additional period to respond to such request as may be reasonably required under the circumstances. Any such certificate furnished pursuant to this Section 17.1 may be relied upon by the requesting party,
its lenders and any prospective purchaser or Secured Party of the Cypress Premises, the Personal Property or the permitted rights hereby created. 
 17.2. Accounting, Distributions and Annual Reconciliation. 
 A. Within twenty (20) days after the
close of each Accounting Period, Lessee shall deliver to Lessor an interim profit and loss statement summarizing the operations of the Cypress Premises for the preceding Accounting Period certified by the Lessee’s chief financial officer to be
true and correct (an “Accounting Period Statement”). 
  

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 B. Calculations and payments made with respect to each Accounting Period within a Fiscal
Year shall be accounted for cumulatively. Within sixty (60) days after the end of each Fiscal Year, Lessee shall deliver to Lessor audited Financial Statements in reasonable detail summarizing the operations of the Cypress Premises for the
immediately preceding Fiscal Year and a certificate of Lessee’s chief accounting officer, or equivalent, certifying that, to the best of his or her knowledge, such Financial Statements are true and correct. The parties shall, within ten
(10) Business Days after Lessor’s receipt of such Financial Statements, make any adjustments, by cash payment, in the amounts paid or retained for such Fiscal Year as are needed because of the final figures set forth in such Financial
Statements. Such Financial Statements shall be controlling over the preceding Accounting Period profit and loss statements. 
 17.3.
Books and Records. Books of control and account pertaining to operations at the Cypress Premises shall be kept on the accrual basis and in all material respects in accordance with GAAP consistently applied. Upon Lessor’s reasonable
request and at reasonable intervals during normal business hours Lessor shall have the right to examine such records at the Cypress Premises. If Lessor desires to audit or examine the Annual Operating Statement, Lessor shall notify Lessee in writing
within sixty (60) days after receipt of such Financial Statements of its desire for the audit, and shall complete such audit within ninety (90) days after commencement thereof. Lessor may provide copies of any financial statements, books
or records to any Secured Party or any other person directly or indirectly providing financing to Lessor or any of its affiliates. 
  

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 17.4. Annual Business Plan. Not later than sixty (60) days prior to each Fiscal Year,
Lessee shall deliver to Lessor an annual “business plan” for the succeeding Fiscal Year for Lessor’s review and comments. Lessee shall review in good faith Lessor’s comments prior to finalizing its business plan. The business
plan shall include projections of income and expenses on a monthly basis for the succeeding fiscal year in detailed line item breakdown, together with a marketing plan describing in detail the Lessee’s plan for marketing the Lessee’s
operations at the Cypress Premises, including a detailed line item marketing budget. 
 17.5. Update Meetings. Lessee agrees
that Lessee will meet with Lessor upon Lessor’s request to review such aspects of the Personal Property and Lessee’s utilization thereof as Lessor may reasonably request. Such meetings shall occur no more frequently than quarterly without
Lessee’s consent and shall take place concurrently with any meetings that are requested and scheduled with the Lessor under the Sub-permit. 
 17.6. Approvals. In this Lease, where Lessee or Lessor is required to obtain the other’s consent or approval with respect to: (i) the execution and delivery of an agreement or contract; (ii) the use of
the Personal Property; (iii) any Capital Expenditure; (iv) the enforcement of any provision in the VANOC Agreement or any other agreement entered into by the Lessor but carried out by the Lessee; (v) all budgets, Capital Reserve
Budgets, operating plans or other reporting requirements of the Lessee; the other shall promptly review and provide a timely response and information reasonably requested by the other. A response will be deemed “timely” if given within ten
(10) days, except if a shorter period is required due to the emergency nature of the request, in which case such response will be given as promptly as reasonably possible. To facilitate such approval process, each party shall appoint an
individual to be responsible for the Personal Property and such individual shall have the authority to provide consent whether in writing or otherwise to the other, and each shall be entitled to rely upon the authority of such appointed individual
to give the consents and approvals required hereunder. 
  

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 17.7. Sarbanes-Oxley. In connection with Lessor’s responsibility to maintain effective
internal controls over financial reporting and the requirements for complying with the Sarbanes Oxley Act of 2002, Lessee hereby agrees to provide access and reasonable assistance necessary to Lessor that will allow Lessor to conduct activities
necessary to satisfy its responsibilities, as previously outlined, 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. Lessee hereby agrees to provide, at Lessor’s request and cost, a report prepared by an independent registered certified public accountant pursuant to the AICPA’s statement on auditing standards No. 100
“Reports on the Processing of Transactions by Service Organizations” (“SAS No. 70”) utilizing a “Type II approach,” as defined in that SAS No. 70. Lessee shall be reimbursed its reasonable third party expenses
incurred for all such services and assistance requested by Lessor, including third party expenses for provision of the report pursuant to SAS No. 70. Lessor agrees to provide Lessee with appropriate notice regarding the conduct of the
activities anticipated in this provision. 
 18. LESSOR’S RIGHT TO INSPECT. Lessee shall permit Lessor and any Secured Party or any other
Person directly or indirectly providing financing to Lessor and their authorized representatives to inspect the Personal Property at reasonable times of the day upon not less than twenty-four (24) hours’ Notice, and to make such repairs as
Lessor is permitted or required to make pursuant to the terms of this Lease, provided that any inspection or repair by Lessor or Secured Party or other Person or its representatives will not unreasonably interfere with Lessee’s use of the
Personal Property in connection with the operation of the Cypress Premises and further provided that in the event of an emergency, as determined by Lessor or Secured Party or other Person in its reasonable discretion, prior Notice shall not be
necessary. 
  

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 19. LESSEE’S BUYBACK OPTION. Lessor and the Trust are parties to that certain “Buyback Option
Agreement” pursuant to which the Trust has granted to Boyne USA, Inc. the option to buy back from the Trust the Improvements and all of the rights and obligations under and pursuant to the Cypress Permit and Lessor has granted to Boyne USA,
Inc. the option to buy back all of the related Personal Property, together with other assets purchased pursuant to the Asset Purchase Agreement subject to and on the terms and conditions set forth in the Buyback Option Agreement. 
 20. MISCELLANEOUS. 
 20.1. Limitation on
Payment of Rent. All agreements between Lessor and Lessee herein are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of Rent, or otherwise, shall the Rent or any other amounts payable
to Lessor under this Lease exceed the maximum permissible under Applicable Laws, and if, from any circumstance whatsoever, fulfillment of any provision of this Lease, at the time performance of such provision shall be due, shall involve transcending
the limit of validity prescribed by law, or if from any circumstances Lessor should ever receive as fulfillment of such provision such an excessive amount, then, ipso facto, the amount which would be excessive shall be applied to the reduction of
any installment of Minimum Rent next due and not to the payment of such excessive amount. This provision shall control every other provision of this Lease and any other agreements between Lessor and Lessee. 
 20.2. No Waiver. No failure by Lessor or Lessee to insist upon the strict performance of any term hereof or to exercise any right, power or
remedy consequent upon a breach thereof, 
  

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and no acceptance of full or partial payment of Rent during the continuance of any such breach, shall constitute a waiver of any such breach or of any such
term. To the maximum extent permitted by law, no waiver of any breach shall affect or alter this Lease, which shall continue in full force and effect with respect to any other then existing or subsequent breach. 
 20.3. Remedies Cumulative. To the maximum extent permitted by law, and except as specifically waived herein, each legal, equitable or
contractual right, power and remedy of Lessor, now or hereafter provided either in this Lease or by statute or otherwise, shall be cumulative and concurrent and shall be in addition to every other right, power and remedy and the exercise or
beginning of the exercise by Lessor (as applicable) of any one or more of such rights, powers and remedies shall not preclude the simultaneous or subsequent exercise by Lessor or Lessee of any or all of such other rights, powers and remedies.
Notwithstanding the foregoing, in the event of a third party claim against Lessor resulting in a Lessor claim for indemnification from Lessee hereunder, any recovery by Lessor shall be limited such that (a) Lessor may not recover from Lessee
for the same damage claim as the landlord under the Sub-permit has already recovered from Lessee, and (b) to the extent the third party claim is against both Lessor and the landlord under the Sub-permit in the same action or proceeding, Lessor
may not recover for attorney fees for an attorney representing the Lessor separately from the Landlord under the Sub-Permit. 
 20.4.
Severability. Any clause, sentence, paragraph, section or provision of this Lease held by a court of competent jurisdiction to be invalid, illegal or ineffective shall not impair, invalidate or nullify the remainder of this Lease, but
rather the effect thereof shall be confined to the clause, sentence, paragraph, section or provision so held to be invalid, illegal or ineffective, and this Lease shall be construed as if such invalid, illegal or ineffective provisions had never
been contained therein. 
  

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 20.5. Acceptance of Surrender. No surrender to Lessor of this Lease or of the Personal
Property or any part thereof or of any interest therein, shall be valid or effective unless agreed to and accepted in writing by Lessor and no act by Lessor or any representative or agent of Lessor, other than such a written acceptance by Lessor,
shall constitute an acceptance of any such surrender. 
 20.6. No Merger of Title. It is expressly acknowledged and agreed that
it is the intent of the parties that there shall be no merger of this Lease or of the interest created hereby by reason of the fact that the same Person may acquire, own or hold, directly or indirectly the Lessee’s interest under this Lease or
the rights created hereby, and the Lessor’s rights in and to the Personal Property. 
 20.7. Quiet Enjoyment. Provided
that no Event of Default shall have occurred and be continuing, Lessee shall peaceably and quietly have, hold and enjoy the Personal Property for the Term, free of hindrance or molestation by Lessor or anyone claiming by, through or under Lessor,
but subject to (a) the terms and conditions of the Cypress Permit, the Sub-Permit and Lease Agreement and the VANOC Agreement, and (b) any Encumbrance permitted to be created by Lessor hereunder, (c) all Permitted Encumbrances,
(d) Liens as to obligations of Lessor that are either not yet due or which are being contested in good faith and by proper proceedings, provided the same do not materially interfere with Lessee’s ability to use the Personal Property in
connection with the operation of the Cypress Premises, and (e) Liens that have been consented to in writing by Lessee. Except as otherwise provided in this Lease, no failure by Lessor to comply with the foregoing covenant shall give Lessee the
right to cancel or terminate this Lease or abate, reduce or make a deduction from or offset against the Rent or any other sum payable under this Lease, or to fail to perform any other obligation of Lessee hereunder. 
  

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 20.8. Dispute Resolution. The Lessor and Lessee covenant and agree with each other as
follows: 
 (a) if there is a dispute or disagreement between the parties in respect of any of the provisions of this Lease
(other than payment of Rent or a Lessee default that in Lessor’s reasonable judgment requires specific performance or injunctive relief, or immediate dispossession in order to protect the value of Lessor’s reversionary interest in the
Personal Property), which remains unresolved for a period of 30 days, each party will designate a senior manager or officer to review and make reasonable efforts to develop a workable resolution to the dispute or disagreement. The communications in
any such attempts to settle shall be privileged in any subsequent proceedings or action, and the failure to arrive at a resolution shall give rise to no claim by either party, whether or not a party arguably failed to make a reasonable effort.

 (b) Either party to a dispute or disagreement may at any time refer the dispute or disagreement, including a dispute or
disagreement which is under an internal review under Section 20.8(b) for determination by arbitration in accordance with the following: 
 A. The arbitration will be conducted by a sole arbitrator agreed by the parties to the dispute unless the parties fail to agree on such sole arbitrator within ten (10) Business Days of the giving of the notice of
arbitration or the parties agree that the arbitration should be conducted by a panel of three (3) arbitrators; 
 B. if
the parties fail to agree on a sole arbitrator pursuant to the above, or agree to have a panel of three (3) arbitrators conduct the arbitration: 
 (a) each party will promptly select an arbitrator and the two (2) arbitrators will then promptly select a third arbitrator; 
  

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 (b) if either party fails to select an arbitrator within seven (7) Business Days of
the notice of arbitration the arbitrator selected by the other party will act as the sole arbitrator; 
 (c) if the arbitrator
selected by the parties fails to select a third arbitrator within ten (10) Business Days of the later of their appointments, either party may apply to the Supreme Court of British Columbia for the appointment of a third arbitrator; 

C. The decision of a majority of the arbitrators or the sole arbitrator, as the case may be, including any decision as to costs, will
be final and binding upon the parties but will not be a precedent in any subsequent arbitration under this Lease; and 
 D.
Except as expressly provided herein, all arbitrations will be conducted according to the laws governing commercial arbitrations in British Columbia. 
 E. Any dispute referred to arbitration will be dealt with on an expeditious basis with both parties using all commercially reasonable efforts to obtain and implement a timely decision of the arbitrator or arbitrators.

 20.9. No Recordation. Neither Lessor nor Lessee shall record this Lease or a notice thereof unless required by a Secured
Party. 
 20.10. Notices. 
 A. Any and all notices, demands, consents, approvals, offers, elections and other communications required or permitted under this Lease shall be deemed adequately given if in writing and the same shall be delivered
either in hand, or by mail or Federal Express or similar expedited commercial carrier, addressed to the recipient of the notice, post-paid and registered or certified with return receipt requested (if by mail), or with all freight charges prepaid
(if by Federal Express or similar carrier). 
  

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 B. All notices required or permitted to be sent hereunder shall be deemed to have been
given for all purposes of this Lease upon the date of receipt or refusal, except that whenever under this Lease a notice is either received on a day which is not a Business Day or is required to be delivered on or before a specific day which is not
a Business Day, the day of receipt or required delivery shall automatically be extended to the next Business Day. 
 C. All
such notices shall be addressed, 
  

			
	If to the Lessor:	  	 CNL Personal Property TRS ULC, a Nova Scotia unlimited liability company
 c/o CNL Income Properties, Inc.
 450 S. Orange Avenue
 Orlando, Florida 32801
 Attention: Tammie A. Quinlan, Executive Vice President and Chief Financial Officer
 Attn: Amy Sinelli, Vice President and Corporate Counsel
 Fax:
407-540-2544
 Telephone: 407-650-1000

		
	With a copy to:	  	 Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
 215
N. Eola Drive
 Orlando, Florida 32801
 Attn: Michael Ryan,
Esq.
 Fax: (407) 843-4444
 Telephone: (407)
843-4600

		
	If to Lessee to:	  	 Cypress Bowl Recreation Limited Partnership
 Top of
Cypress Bowl Road
 Cypress Provincial Park
 British
Columbia
 Attn: General Manager
 Fax: (604) 926-9441

Telephone: (604) 926-5612

  

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	 With a copy to, and
 otherwise if to
Indemnifier, to:
	  	 Boyne USA, Inc.
 1 Boyne Mountain Road
 P.O. Box 19
 Boyne Falls, Michigan 49713
 Attn: Roland Andreasson
 Fax: (231) 549-6094
 Telephone: (231) 675-7241

		
	and in either case, with a copy to:	  	 Lawson Lundell LLP
 1600-925 West Georgia
Street
 Vancouver, BC V6C 3L2
 Attn: Valerie C. Mann,
Esq.
 Fax: (604) 669-1620
 Telephone: (604)
685-3456

 D. By notice given as herein provided, the parties hereto and their respective
successors and assigns shall have the right from time to time and at any time during the term of this Lease to change their respective addresses effective upon receipt by the other parties of such notice and each shall have the right to specify as
its address any other address within Canada or the United States of America. 
 20.11. Construction. Anything contained in this
Lease to the contrary notwithstanding, all claims against, and liabilities of, Lessee or Lessor arising prior to any date of termination or expiration of this Lease with respect to the Cypress Premises or Personal Property shall survive such
termination or expiration. Neither this Lease nor any provision hereof may be changed, waived, discharged or terminated except by an instrument in writing signed by all the parties thereto. All the terms and provisions of this Lease shall be binding
upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. Each term or provision of this Lease to be performed by Lessee shall be construed as an independent covenant and condition. Time is of the
essence with respect to the exercise of any rights of Lessee or Lessor under this Lease. Except as otherwise set forth in this Lease, any obligations arising prior to the expiration or sooner termination of this Lease (including without limitation,
any monetary, 
  

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repair and indemnification obligations) shall survive the expiration or sooner termination of this Lease; provided, however, that each party shall be
required to give the other Notice of any such surviving and unsatisfied obligations within one year after the expiration or sooner termination of this Lease. 
 20.12. Limited Recourse. Anything contained in this Lease to the contrary notwithstanding, Lessee agrees and acknowledges that no party owning any stock of any corporation that is an affiliate of the
Lessor (a “CIP Stockholder”) shall be personally liable, as a result of being a CIP Stockholder, for obligations of any kind , including, but not limited to, any debts, claims, liabilities, demands, or judgments, which arise,
directly or indirectly, as a result of, or in connection with this Lease. This provision shall survive the Closing or termination of this Lease. 
 Anything contained in this Lease to the contrary notwithstanding, Lessor agrees and acknowledges that except for the Indemnifier pursuant to the Indemnity Agreement for the term thereof only, no party owning any stock or other security
interest (including a limited partnership unit or ownership interest) of any corporation or partnership that is an Affiliate of the Lessee (a “CBRLP Stockholder”) shall be personally liable, as a result of being a CBRLP Stockholder,
for obligations of any kind, including, but not limited to, any debts, claims, liabilities, demands, or judgments, which arise, directly or indirectly, as a result of, or in connection with this Lease. This provision shall survive the Closing or
termination of this Lease. 
 20.13. Counterparts; Headings. This Lease may be executed in two or more counterparts, each of
which shall constitute an original, but which, when taken together, shall constitute but one instrument and shall become effective as of the date hereof when copies hereof, which, when taken together, bear the signatures of each of the parties
hereto shall have been signed. Headings in this Lease are for purposes of reference only and shall not limit or affect the meaning of the provisions hereof. 
  

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 20.14. Entire Agreement. This Lease and any other written agreements between the parties
hereto with respect to the subject matter hereof constitute the entire agreement between the Lessor and Lessee with respect to the subject matter hereof and there are no other representations, warranties, collateral warranties, agreements,
collateral agreements, statements or assurances of any kind or nature whatsoever upon which any party is entitled to rely. This Lease may not be amended, modified or varied, except by a written agreement signed by all parties hereto. The terms of
this Lease shall control in the event of any conflict with, and in the interpretation of, all provisions of the Asset Purchase Agreement or any term sheet or letter of intent related thereto. 
 20.15. Applicable Law, Etc. This Lease shall be interpreted, construed, applied and enforced in accordance with the laws of the Province,
regardless of (a) where this Lease is executed or delivered; or (b) where any payment or other performance required by this Lease is made or required to be made; or (c) where any breach of any provision of this Lease occurs, or any
cause of action otherwise accrues; or (d) where any action or other proceeding is instituted or pending; or (e) the nationality, citizenship, domicile, principal place of business, or jurisdiction of organization or domestication of any
party; or (f) whether the laws of the forum jurisdiction otherwise would apply the laws of a jurisdiction other than the Province; or (g) any combination of the foregoing. To the maximum extent permitted by Applicable Law, any action to
enforce, arising out of, or relating in any way to, any of the provisions of this Lease but subject to the provisions of section 20.8 which shall take precedence, may be brought and prosecuted in such court or courts located in the Province; and the
parties consent to the jurisdiction of said court or courts located in the Province and to service of process by registered mail, return receipt requested, or by any other manner provided by law. 
  

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 20.16. Right to Make Agreement. Each party warrants, with respect to itself, that neither
the execution of this Lease, nor the consummation of any transaction contemplated hereby, shall violate any provision of any law, or any judgment, writ, injunction, order or decree of any court or governmental authority having jurisdiction over it;
nor result in or constitute a breach or default under any indenture, contract, other commitment or restriction to which it is a party or by which it is bound; nor require any consent, vote or approval which has not been given or taken, or at the
time of the transaction involved shall not have been given or taken. Each party covenants that it has and will continue to have throughout the Term and any renewal and/or extension thereof the full right to enter into this Lease and perform its
obligations hereunder. 
 20.17. Indemnity of Lessee’s Performance. With respect to a period of four (4) calendar
years from the Commencement Date, the Indemnitor shall be jointly and severally liable for the Lessee’s covenants and obligations in respect of the payment to Lessor of the Minimum Rent provided for herein, as provided for in and subject to the
terms of the Indemnity. 
 20.18. Time. Time shall be of the essence of this Lease and in each and every part hereof.

 20.19. Exculpation of Trustee. Notwithstanding anything express or implied in this Lease to the contrary, to the extent that
a trust is or becomes Lessor hereunder (a “Trust”), the maximum liability of the trustees of said Trust under this Lease (including, without limitation, any liability for interest, costs, expenses and/or any other sums recoverable
under this Lease) shall not exceed the value of the property held in the Trust from time to time and which is in the trustee’s possession or under its control as trustee of the Trust (and for greater certainty no other property of any other
trust). 
  

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 IN WITNESS WHEREOF, the parties have executed this Lease as a sealed instrument as of the date
above first written. 
  

			
	 LESSEE
 CYPRESS BOWL
RECREATIONS
 LIMITED PARTNERSHIP, by its General
 Partner, Cypress Bowl ULC

		
	 By:
	 	 /s/ John Kircher

	 Name:
	 	John Kircher
	 Title:
	 	President

  

 - 93 - 

			
	 LESSOR
 CNL PERSONAL PROPERTY TRS
ULC,
 a Nova Scotia unlimited liability company

		
	By:	 	 /s/ Tammie A. Quinlan

	Name:	 	Tammie A. Quinlan
	Title:	 	Executive Vice President

  

 - 94 - 

			
	 INDEMNIFIER [solely for Purposes of
 Section 20.17]

	
	 BOYNE USA, INC.

		
	 By:
	 	 /s/ John Kircher

	 Name:
	 	John Kircher
	 Title:
	 	Director

  

 - 95 - 

 Exhibit “A” 
 Personal Property 

 Exhibit “B” 
 Permitted Encumbrances 
 Equipment Leases 
  

	 	A.	Lease dated December 19, 2002 for a 2002 Volvo Plowtruck, Model #VHD64F leased by CIBC Equipment Finance Limited to CBRLP. 

  

	 	B.	Lease dated August 5, 2005 for a 2000 Champion Grader, Model 740A leased by CIT Financial Ltd. to CBRLP. 

  

	 	C.	Lease dated August 5, 2005 for a 2000 Volvo Loader, Model 120C leased by CIT Financial Ltd., to CBRLP. 

  

	 	D.	Lease dated January 13, 2006 for a Hitachi 135 Excavator leased by Wajax Financial Ltd. 

 Schedule 1.1A 
 Buyback Option Agreement

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