Document:

Exhibit 10.18

 

PROMISSORY NOTE

 

	U.S. $38,035,000.00	As of November 14, 2014

 

FOR VALUE RECEIVED, each
of the undersigned, having an address at 189 South Orange Avenue, Suite 170, Orlando, Florida 32801 (such entities collectively
referred to herein as “Maker”), hereby promises, on a joint and several basis, to pay to the order of KEYBANK
NATIONAL ASSOCIATION, a national banking association (“Payee”), having an address at 4910 Tiedeman Road,
3rd Floor, Brooklyn, Ohio 44144, the principal sum of Thirty-Eight Million Thirty-Five Thousand and No/100 Dollars ($38,035,000.00)
or so much thereof as may be advanced from time to time, and interest from the date hereof on the balance of principal from time
to time outstanding, in United States currency, at the rates and at the times hereinafter described.

 

This Note is issued by
Maker pursuant to that certain Secured Loan Agreement of even date herewith (the “Loan Agreement”) entered into
among Maker, Payee, individually and as administrative agent for itself and certain other lenders from time to time a party thereto
(collectively, the “Lenders”), and the other Lenders. This Note evidences the Loan (as defined in the Loan Agreement).
Payment of this Note is governed by the Loan Agreement, the terms of which are incorporated herein by express reference as if fully
set forth herein. Capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Loan Agreement.

 

1.          Interest.
The principal amount hereof outstanding from time to time shall bear interest until paid in full at the Applicable Rate.

 

2.          Monthly Payments.
Interest only shall be payable in arrears on the tenth (10th) day of each calendar month after the date hereof up to
and including the Final Maturity Date in the amount of all interest accrued during the immediately preceding calendar month. In
addition to, and not in lieu of, each monthly interest payment required hereunder, commencing on
Dovember 10, 2017, and continuing on the tenth (10th) day of each successive month thereafter until the Extended Maturity Date,
principal under this Note shall be due payable in monthly installments. Each such installment shall be in an amount sufficient
to fully amortize the Loan on a thirty (30) year amortization schedule at per annum interest rate of six and one-half percent
(6.5%). All payments on account of the indebtedness evidenced by this Note shall be made to Payee not later than 1:00 p.m.
Cleveland, Ohio time on the day when due in lawful money of the United States and shall be first applied to late charges, costs
of collection or enforcement and other similar amounts due, if any, under this Note and any of the other Loan Documents, then
to interest due and payable hereunder and the remainder to principal due and payable hereunder.

 

3.          Final Maturity
Date. The indebtedness evidenced hereby shall mature on the Final Maturity Date. On the Final Maturity Date, the entire
outstanding principal balance hereof, together with accrued and unpaid interest and all other sums evidenced by this Note, shall,
if not sooner paid, become due and payable.

 

    	PROMISSORY
                                         NOTE	Page 1

    	 

    

 

4.General Provisions.

 

(a)          Regardless
of whether an Adjusted LIBOR Rate would otherwise then be in effect, in the event (i) the principal balance hereof is not paid
when due whether by acceleration or upon the Final Maturity Date or (ii) an Event of Default exists, then the principal balance
hereof shall bear interest from and after at the Default Rate. In addition, for any installment (exclusive of the payment due upon
the Final Maturity Date) which is not paid within ten (10) days of the date when due a late charge as set forth in the Loan Agreement
shall be also due and payable.

 

(b)          Maker
shall have no right to prepay this Note except as set forth in Section 4.4 of the Loan Agreement.

 

(c)          Maker
agrees that the obligation evidenced by this Note is an exempt transaction under the Truth-in-Lending Act, 15 U.S.C.
§ 1601, et seq.

 

(d)          The parties
hereto intend and believe that each provision in this Note comports with all applicable local, state and federal laws and judicial
decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this Note is found by
a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative or judicial
decision, or public policy, and if such court should declare such portion, provision or provisions of this Note to be illegal,
invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such portion, provision or
provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable, that the remainder of
this Note shall be construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or provisions were
not contained therein, and that the rights, obligations and interest of Maker and the holder or holders hereof under the remainder
of this Note shall continue in full force and effect. All agreements herein are expressly limited so that in no contingency or
event whatsoever, whether by reason of advancement of the proceeds hereof, acceleration of maturity of the unpaid principal balance
hereof, or otherwise, shall the amount paid or agreed to be paid to the holders hereof for the use, forbearance or detention of
the money to be advanced hereunder exceed the highest lawful rate permissible under applicable usury laws. If, from any circumstances
whatsoever, the fulfillment of any provision hereof, at the time performance of such provision shall be due, shall involve transcending
the limit of validity prescribed by law which a court of competent jurisdiction may deem applicable hereto, then, ipso facto,
the obligation to be fulfilled shall be reduced to the limit of such validity and if from any circumstance the holder hereof shall
ever receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall
be applied to the reduction of the unpaid principal balance due hereunder and not to the payment of interest.

 

(e)          This Note
and all provisions hereof shall be binding upon Maker and all persons claiming under or through Maker, and shall inure to the benefit
of Payee, together with its successors and assigns, including each owner and holder from time to time of this Note.

 

(f)          Time is
of the essence as to all dates set forth herein.

 

(g)          Maker
agrees that its liability shall not be in any manner affected by any indulgence, extension of time, renewal, waiver, or modification
granted or consented to by Payee; and Maker consents to any indulgences and all extensions of time, renewals, waivers, or modifications
that may be granted by Payee with respect to the payment or other provisions of this Note, and to any substitution, exchange or
release of the collateral, or any part thereof, with or without substitution, and agrees to the addition or release of any makers,
endorsers, guarantors, or sureties, all whether primarily or secondarily liable, without notice to Maker and without affecting
its liability hereunder.

 

    	PROMISSORY
                                         NOTE	Page 2

    	 

    

 

(h)          Maker
hereby waives and renounces for itself, its successors and assigns, all rights to the benefits of any statute of limitations and
any moratorium, reinstatement, marshalling, forbearance, valuation, stay, extension, redemption, appraisement, or exemption and
homestead laws now provided, or which may hereafter be provided, by the laws of the United States and of any state thereof against
the enforcement and collection of the obligations evidenced by this Note.

 

(i)          If this
Note is placed in the hands of attorneys for collection or is collected through any legal proceedings, Maker promises and agrees
to pay, in addition to the principal, interest and other sums due and payable hereon, all costs of collecting or attempting to
collect this Note, including all reasonable attorneys’ fees and disbursements.

 

(j)          All parties
now or hereafter liable with respect to this Note, whether Maker, principal, surety, guarantor, endorsee or otherwise hereby severally
waive presentment for payment, demand, notice of nonpayment or dishonor, protest and notice of protest. No failure to accelerate
the indebtedness evidenced hereby, acceptance of a past due installment following the expiration of any cure period provided by
this Note, any Loan Document or applicable law, or indulgences granted from time to time shall be construed (i) as a novation
of this Note or as a reinstatement of the indebtedness evidenced hereby or as a waiver of such right of acceleration or of the
right of Payee thereafter to insist upon strict compliance with the terms of this Note, or (ii) to prevent the exercise of
such right of acceleration or any other right granted hereunder or by the laws of the State. Maker hereby expressly waives the
benefit of any statute or rule of law or equity now provided, or which may hereafter be provided, which would produce a result
contrary to or in conflict with the foregoing.

 

(k)          THIS NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF OHIO AND ANY APPLICABLE LAWS OF THE UNITED STATES
OF AMERICA.

 

Maker has delivered this
Note as of the day and year first set forth above.

 

Signature Page Follows

 

    	PROMISSORY
                                         NOTE	Page 3

    	 

    

 

	 	MAKER:
	 	 	 
	 	MVI Health Center, LP, a Delaware limited partnership
	 	 	 
	 	By:	/s/ John Mark Ramsey 
	 	Name:	John Mark Ramsey
	 	Title:	Authorized Signatory
	 	 	 
	 	Sentio Landlord Hammond, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ John Mark Ramsey 
	 	Name:	John Mark Ramsey
	 	Title:	Authorized Signatory
	 	 	 
	 	Wildewood Owner, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ John Mark Ramsey 
	 	Name:	John Mark Ramsey
	 	Title:	Authorized Signatory
	 	 	 
	 	Sentio Landlord Slidell, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ John Mark Ramsey 
	 	Name:	John Mark Ramsey
	 	Title:	Authorized Signatory
	 	 	 
	 	Gables of Hudson, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ John Mark Ramsey 
	 	Name:	John Mark Ramsey
	 	Title:	Authorized Signatory

 

    	PROMISSORY
                                         NOTE	Page 4Exhibit 10.19

 

GUARANTY
AGREEMENT

 

THIS GUARANTY AGREEMENT
(“Guaranty”) made as of November 14, 2014, by SENTIO HEALTHCARE PROPERTIES, INC., a Maryland corporation
(“Guarantor”), to and for the benefit of KEYBANK NATIONAL ASSOCIATION, a national banking association,
as administrative agent for the benefit of the Lenders, its successors and assigns (“Agent”).

 

RECITALS

 

A.           On
or about the date hereof, MVI HEALTH CENTER LP, a Delaware limited partnership (“Mesa Vista”), SENTIO LANDLORD
HAMMOND, LLC, a Delaware limited liability company (“Hammond”), WILDEWOOD OWNER, LLC, a Delaware limited liability
company (“Wildewood”), SENTIO LANDLORD SLIDELL, LLC a Delaware limited liability company (“Slidell”),
and GABLES OF HUDSON, LLC, a Delaware limited liability company (“Hudson”) (Mesa Vista, Hammond, Wildewood,
Slidell, and Hudson being collectively referred to as “Borrowers”), Agent and the Lenders entered into that
certain Secured Loan Agreement (“Loan Agreement”) whereby the Lenders agreed to make a secured term loan (the
“Loan”) available to Borrowers in the maximum aggregate amount at any time outstanding not to exceed the sum
of Thirty-Eight Million Thirty-Five Thousand and No/100 Dollars ($38,035,000.00), for the acquisition of the Projects.

 

B.           In
connection with the Loan, Borrowers have executed and delivered one or more promissory notes (collectively, the “Notes”),
of even date herewith and payable to the order of the Lenders in the aggregate amount of $38,035,000.00, payment of which is secured
by (i) the Mortgages and (ii) the other Loan Documents.

 

C.           Guarantor
will derive financial benefit from the Loan evidenced and secured by the Notes, the Mortgages and the other Loan Documents.

 

D.           The
Lenders have relied on the statements and agreements contained herein in agreeing to make the Loan. The execution and delivery
of this Guaranty by Guarantor is a condition precedent to the making of the Loan by the Lenders.

 

E.           Initially
capitalized terms used and not otherwise defined herein shall have the meanings respectively ascribed to them in the Loan Agreement.

 

AGREEMENTS

 

NOW, THEREFORE, intending
to be legally bound, Guarantor, in consideration of the matters described in the foregoing Recitals, which Recitals are incorporated
herein and made a part hereof, and for other good and valuable consideration the receipt and sufficiency of which are acknowledged,
hereby covenants and agrees with Agent for the benefit of the Lenders and their respective successors, indorsees, transferees,
participants and assigns as follows:

 

    	GUARANTY AGREEMENT	Page 1

    	 

    

 

1.          Guarantor
absolutely, unconditionally and irrevocably guarantees to Lender:

 

(a)          the
full and prompt payment of the principal of and interest on the Note when due, whether at stated maturity, upon acceleration or
otherwise, and at all times thereafter;

 

(b)          the
full and prompt payment of any Enforcement Costs (as hereinafter defined in Section 10 hereof);

 

(c)          any
loss, damage, cost, expense, liability or obligation suffered or incurred by the Lenders arising out of, on account of, or in connection
with the misapplication or conversion of any tenant security deposits, insurance proceeds, condemnation awards, or any proceeds
from the sale of a portion of any Project received by any Borrower and not delivered over to Agent or used to restore the Project
in accordance with the terms of the Loan Agreement;

 

(d)          any
loss, damage, cost, expense, liability or obligation suffered or incurred by the Lenders arising out or on account of or based
upon any fraud or willful misrepresentation of a material fact by any Borrower or Guarantor in any document executed or presented
to Agent or any Lender in connection with the Loan;

 

(e)          any
amount(s) necessary to repair or replace any damage to or destruction of any Project which is the result of willful misconduct
or gross negligence on the part of any Borrower including, without limitation, waste, any act of arson or malicious destruction
by any Borrower;

 

(f)          any
loss, damage, cost, expense, liability or obligation suffered or incurred by the Lenders out of or on account of or based upon
the failure to maintain insurance as required by the Loan Documents or the failure to timely pay insurance premiums for any such
required insurance for any Project;

 

(g)          any
loss, damage, cost, expense, liability or obligation suffered or incurred by the Lenders out of or on account of or based upon
the failure to timely pay any valid real estate taxes for any Project which could create liens on any portion of any Project which
would be superior to the lien or security title of the applicable Mortgage or the other Loan Documents, to the full extent of the
amount claimed by any such lien claimant, except to the extent such loss results from Lenders failure to pay any valid real estate
taxes for any Project;

 

(h)          the
aggregate amount outstanding under the Loan Documents upon any Borrower (i) making a general assignment for the benefit of
its creditors; (ii) filing a petition, answer or consent seeking, or having entered against it an order for relief (or any
similar remedy) under any provision of Title 11 of the United States Code or any other federal, state or foreign Law relating
to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, or consent to the institution of any proceedings thereunder;
(iii) convening a meeting of its creditors, or any class thereof, for the purpose of effecting a moratorium upon or extension
or composition of its debts; (iv) admitting in writing that it is generally not able to pay its debts as they mature; or (v) applying
for a consent to the appointment of a receiver, trustee, custodian, liquidator or other similar official of all or a portion of
its assets; and

 

    	GUARANTY AGREEMENT	Page 2

    	 

    

 

(i)          any
loss, damage, cost, expense, liability or obligation suffered or incurred by the Lenders arising out of, on account of, or in connection
with a distribution by any Borrower of Monthly Excess Cash Flow in violation of the provisions of the Loan Documents.

 

All amounts due, debts, liabilities and payment
obligations described in subsections (a) – (i) of this Section 1 shall be hereinafter collectively referred to
as the “Guaranteed Indebtedness.”

 

2.          In
the event of any default by Borrowers in the payment of the Guaranteed Indebtedness, after the expiration of any applicable cure
or grace period, Guarantor agrees, on demand by Agent or the holder of any Note, to pay the Guaranteed Indebtedness regardless
of any defense, right of set-off or claims which any Borrower or Guarantor may have against Agent or any Lender or the holder of
any Note. Notwithstanding the foregoing or anything else in this Guaranty to the contrary, Agent agrees that Guarantor’s
liability solely with respect to the amounts described in subsection (a) of Section 1 of this Guaranty shall be limited to thirty-five
percent (35%) the aggregate outstanding principal balance under the Notes and all accrued but unpaid interest thereon. For the
avoidance of doubt, Guarantor shall be fully liable for all other amounts described in subsections (b) through (i) of Section 1
of this Guaranty until the payment in full of the Guaranteed Indebtedness.

 

3.          All
of the remedies set forth herein and/or provided for in any of the Loan Documents or at law or equity shall be equally available
to Agent and the Lenders, and the choice by Agent or the Lenders of one such alternative over another shall not be subject to question
or challenge by Guarantor or any other person, nor shall any such choice be asserted as a defense, setoff, or failure to mitigate
damages in any action, proceeding, or counteraction by Agent to recover or seeking any other remedy under this Guaranty, nor shall
such choice preclude Agent from subsequently electing to exercise a different remedy. The parties have agreed to the alternative
remedies provided herein in part because they recognize that the choice of remedies in the event of a default hereunder will necessarily
be and should properly be a matter of good faith business judgment, which the passage of time and events may or may not prove to
have been the best choice to maximize recovery by Agent and the Lenders at the lowest cost to Borrowers and/or Guarantor. It is
the intention of the parties that such good faith choice by Agent or any Lender be given conclusive effect regardless of such subsequent
developments.

 

    	GUARANTY AGREEMENT	Page 3

    	 

    

 

4.          Guarantor
does hereby (a) waive notice of acceptance of this Guaranty by Agent and the Lenders and any and all notices and demands of
every kind which may be required to be given by any statute, rule or law, (b) agree to refrain from asserting, until after
repayment in full of the Loan, any defense, right of set-off or other claim which such Guarantor may have against any Borrower,
(c) waive any defense, right of set-off or other claim which any Borrower or Guarantor may have against any Agent, any Lender,
or the holder of any Note, (d) waive any and all rights such Guarantor may have under any anti-deficiency statute or other similar
protections, (e) waive presentment for payment, demand for payment, notice of nonpayment or dishonor, protest and notice of
protest, diligence in collection and any and all formalities which otherwise might be legally required to charge such Guarantor
with liability, and (f) waive any failure by Agent or any Lender to inform such Guarantor of any facts Agent or any Lender
may now or hereafter know about any Borrower, any Project, the Loan, or the transactions contemplated by the Loan Agreement, it
being understood and agreed that neither Agent nor any Lender has any duty so to inform and that such Guarantor is fully responsible
for being and remaining informed by Borrowers of all circumstances bearing on the risk of nonperformance of any Borrower’s
obligations. Credit may be granted or continued from time to time by the Lenders to any Borrower without notice to or authorization
from Guarantor, regardless of the financial or other condition of such Borrower at the time of any such grant or continuation.
Neither Agent nor any Lender shall have any obligation to disclose or discuss with Guarantor its assessment of the financial condition
of such Borrower. Guarantor acknowledges that no representations of any kind whatsoever have been made by Agent or any Lender.
No modification or waiver of any of the provisions of this Guaranty shall be binding upon Agent or any Lender except as expressly
set forth in a writing duly signed and delivered by Agent on behalf of the Lenders.

 

5.          Guarantor
further agrees that Guarantor’s liability as guarantor shall in not be impaired or affected by any renewals or extensions
which may be made from time to time, with or without the knowledge or consent of such Guarantor of the time for payment of interest
or principal under the Notes or by any forbearance or delay in collecting interest or principal under the Notes, or by any waiver
by Agent or any Lender under the Loan Agreement, any Mortgage or any other Loan Documents, or by Agent’s or any Lender’s
failure or election not to pursue any other remedies it may have against any Borrower or Guarantor, or by any change or modification
in any Note, the Loan Agreement, any Mortgage or any other Loan Document, or by the acceptance by Agent or any Lender of any additional
security or any increase, substitution or change therein, or by the release by Agent or any Lender of any security or any withdrawal
thereof or decrease therein, or by the application of payments received from any source to the payment of any obligation other
than the Guaranteed Indebtedness even though Agent or any Lender might lawfully have elected to apply such payments to any part
or all of the Guaranteed Indebtedness, it being the intent hereof that, subject to Agent’s and the Lenders’ compliance
with the terms of this Guaranty, Guarantor shall remain liable for the payment of the Guaranteed Indebtedness, until the Guaranteed
Indebtedness has been paid in full, notwithstanding any act or thing which might otherwise operate as a legal or equitable discharge
of a surety. Guarantor further understands and agrees that Agent and the Lenders may at any time enter into agreements with Borrowers
to amend and modify the Notes, the Loan Agreement, the Mortgages or other Loan Documents, and may waive or release any provision
or provisions of the Notes, the Loan Agreement, the Mortgages and other Loan Documents or any thereof, and, with reference to such
instruments, may make and enter into any such agreement or agreements as Agent, the Lenders and Borrowers may deem proper and desirable,
without in any manner impairing or affecting this Guaranty or any of Agent’s or Lenders’ rights hereunder or Guarantor’s
obligations hereunder.

 

    	GUARANTY AGREEMENT	Page 4

    	 

    

 

6.          This
is an absolute, present and continuing guaranty of payment and not of collection. Guarantor agrees that this Guaranty may be enforced
by Agent on behalf of the Lenders without the necessity at any time of resorting to or exhausting any other security or collateral
given in connection herewith or with the Notes, the Loan Agreement, any Mortgage or any of the other Loan Documents through foreclosure
or sale proceedings, as the case may be, under any Mortgage or otherwise, or resorting to any other guaranties, and Guarantor hereby
waives any right to require Agent or any Lender to join any Borrower in any action brought hereunder or to commence any action
against or obtain any judgment against any Borrower or to pursue any other remedy or enforce any other right. Guarantor further
agrees that nothing contained herein or otherwise shall prevent Agent on behalf of the Lenders from pursuing concurrently or successively
all rights and remedies available to it at law and/or in equity or under the Notes, the Loan Agreement, any Mortgage or any other
Loan Documents, and the exercise of any of its rights or the completion of any of its remedies shall not constitute a discharge
of Guarantor’s obligations hereunder, it being the purpose and intent of such Guarantor that the obligations of such Guarantor
hereunder shall be absolute, independent and unconditional under any and all circumstances whatsoever. None of Guarantor’s
obligations under this Guaranty or any remedy for the enforcement thereof shall be impaired, modified, changed or released in any
manner whatsoever by any impairment, modification, change, release or limitation of the liability of any Borrower under the Notes,
the Loan Agreement, any Mortgage or other Loan Documents or by reason of the bankruptcy of any Borrower or by reason of any creditor
or bankruptcy proceeding instituted by or against any Borrower. This Guaranty shall continue to be effective or be reinstated (as
the case may be) if at any time payment of all or any part of any sum payable pursuant to the Notes, the Loan Agreement, any Mortgage
or any other Loan Document is rescinded or otherwise required to be returned by Agent or any Lender upon the insolvency, bankruptcy,
dissolution, liquidation, or reorganization of any Borrower, or upon or as a result of the appointment of a receiver, intervenor,
custodian or conservator of or trustee or similar officer for, any Borrower or any substantial part of its property, or otherwise,
all as though such payment to Agent or such Lender had not been made, regardless of whether Agent or such Lender contested the
order requiring the return of such payment. In the event of the foreclosure of the Mortgage and of a deficiency, Guarantor hereby
promises and agrees forthwith to pay the amount of such deficiency notwithstanding the fact that recovery of said deficiency against
Borrowers would not be allowed by applicable law; however, the foregoing shall not be deemed to require that Agent on behalf of
the Lenders institute foreclosure proceedings or otherwise resort to or exhaust any other collateral or security prior to or concurrently
with enforcing this Guaranty.

 

7.          Guarantor
hereby covenants as follows:

 

(a)          Guarantor
shall maintain a Tangible Net Worth (as defined below) of not less than the sum of (1) Seventy-Five Million and No/100 Dollars
($75,000,000.00), plus (2) 75% of net equity capital proceeds raised after the date hereof; and

 

(b)          Guarantor
shall maintain a minimum of Five Million and No/100 Dollars ($5,000,000.00) in Cash and Cash Equivalents (as defined below) and
Marketable Securities (as defined below).

 

    	GUARANTY AGREEMENT	Page 5

    	 

    

 

“Cash and Cash Equivalents”
shall mean (i) marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued by
an agency thereof and backed by the full faith and credit of the United States, in each case maturing within one (1) year after
the date of acquisition thereof, (ii) marketable direct obligations issued by any state of the United States of America or any
political subdivision of any such state or any public instrumentality thereof maturing within ninety (90) days after the date of
acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from any two of the Rating
Agencies (or, if at any time no two of the foregoing shall be rating such obligations, then from such other nationally recognized
rating services as may be acceptable to Lender) and not listed for possible down-grade in Credit Watch published by Standard &
Poor’s; (iii) commercial paper, other than commercial paper issued by any Borrower or any of its affiliates, maturing no
more than ninety (90) days after the date of creation thereof and, at the time of acquisition, having a rating of at least A-1
or P-1 from either Standard & Poor’s or Moody’s (or, if at any time neither Standard & Poor’s nor Moody’s
shall be rating such obligations, then the highest rating from such other nationally recognized rating services as may be acceptable
to Agent); and (iv) domestic and Eurodollar certificates of deposit or time deposits or bankers’ acceptances maturing within
ninety (90) days after the date of acquisition thereof, overnight securities repurchase agreements, or reverse repurchase agreements
secured by any of the foregoing types of securities or debt instruments issued, in each case, by (A) any commercial bank organized
under the laws of the United States of America or any state thereof or the District of Columbia or Canada having combined capital
and surplus of not less than Two Hundred Fifty Million Dollars ($250,000,000) or (B) Agent.

 

“Marketable Securities”
shall mean securities regularly traded, and currently listed, on a nationally recognized exchange.

 

“Tangible Net Worth”
means, as of a given date, all amounts that would be included under net assets (the result of total assets minus total liabilities)
on the consolidated statement of net assets of Guarantor and its consolidated subsidiaries at such date, determined pursuant to
the fair value basis of accounting in conformity with GAAP.

 

8.          Guarantor
agrees to deliver to Lender on an annual basis within one hundred-twenty (120) days after each December 31, the audited financial
statements of Guarantor along with a covenant compliance certificate in the form attached hereto as Exhibit A certified by an authorized
officer of Guarantor. Guarantor agrees that the failure to furnish such financial statements shall constitute a default subject
to the notice and cure provisions set forth in Section 14.1(a)(ii) of the Loan Agreement.

 

9.          In
the event any Lender or any holder of any Note shall assign any Note to any lender or other entity to secure a loan from such lender
or other entity to any Lender or such holder for an amount not in excess of the amount which will be due, from time to time, from
Borrowers to any Lender under such Note with interest not in excess of the rate of interest which is payable by Borrowers under
such Note, Guarantor will accord full recognition thereto and agree that all rights and remedies of such Lender or such holder
hereunder shall be enforceable against such Guarantor by such lender or other entity with the same force and effect and to the
same extent as would have been enforceable by such lender or such holder but for such assignment; provided, however, that unless
Agent shall otherwise consent in writing, Agent shall have an unimpaired right, prior and superior to that of its assignee or transferee,
to enforce this Guaranty for Lender’s benefit to the extent any portion of the Guaranteed Indebtedness or any interest therein
is not assigned or transferred.

 

    	GUARANTY AGREEMENT	Page 6

    	 

    

 

10.         If:
(a) this Guaranty is placed in the hands of an attorney for collection or is collected through any legal proceeding; (b) an
attorney is retained to represent Agent or any Lender in any bankruptcy, reorganization, receivership, or other proceedings affecting
creditors’ rights and involving a claim under this Guaranty; (c) an attorney is retained to provide advice to Agent
or any Lender or other representative of Agent or any other Lender in any proceedings whatsoever in connection with this Guaranty
and Agent or such Lender prevails in such proceedings, then Guarantor shall pay to Agent or such Lender upon demand all reasonable
attorney’s fees, costs and expenses incurred in connection therewith (all of which are referred to herein as “Enforcement
Costs”), in addition to all other amounts due hereunder, regardless of whether all or a portion of such Enforcement Costs
are incurred in a single proceeding brought to enforce this Guaranty as well as the other Loan Documents.

 

11.         The
parties hereto intend and believe that each provision in this Guaranty comports with all applicable local, state and federal laws
and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this Guaranty
is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative
or judicial decision, or public policy, and if such court should declare such portion, provision or provisions of this Guaranty
to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such portion,
provision or provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable, that the
remainder of this Guaranty shall be construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or
provisions were not contained therein, and that the rights, obligations and interest of Agent and the Lenders under the remainder
of this Guaranty shall continue in full force and effect.

 

12.         TO
THE GREATEST EXTENT PERMITTED BY LAW, GUARANTOR HEREBY WAIVES ANY AND ALL RIGHTS TO REQUIRE MARSHALLING OF ASSETS BY AGENT. WITH
RESPECT TO ANY SUIT, ACTION OR PROCEEDINGS RELATING TO THIS GUARANTY (EACH, A “PROCEEDING”), AGENT (BY ITS ACCEPTANCE
HEREOF) AND GUARANTOR IRREVOCABLY (A) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS HAVING JURISDICTION
IN THE CITY OF NEW YORK AND STATE OF NEW YORK, AND (B) WAIVES ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE LAYING OF
VENUE OF ANY PROCEEDING BROUGHT IN ANY SUCH COURT, WAIVES ANY CLAIM THAT ANY PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM
AND FURTHER WAIVES THE RIGHT TO OBJECT, WITH RESPECT TO SUCH PROCEEDING, THAT SUCH COURT DOES NOT HAVE JURISDICTION OVER SUCH PARTY.
NOTHING IN THIS GUARANTY SHALL PRECLUDE AGENT FROM BRINGING A PROCEEDING IN ANY OTHER JURISDICTION NOR WILL THE BRINGING OF A PROCEEDING
IN ANY ONE OR MORE JURISDICTIONS PRECLUDE THE BRINGING OF A PROCEEDING IN ANY OTHER JURISDICTION. AGENT AND GUARANTOR FURTHER AGREE
AND CONSENT THAT, IN ADDITION TO ANY METHODS OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN
ANY PROCEEDING IN ANY NEW YORK STATE OR UNITED STATES COURT SITTING IN THE CITY OF NEW YORK AND MAY BE MADE BY CERTIFIED OR REGISTERED
MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO THE APPLICABLE PARTY AT THE ADDRESS INDICATED BELOW, AND SERVICE SO MADE SHALL BE COMPLETE
UPON RECEIPT; EXCEPT THAT IF SUCH PARTY SHALL REFUSE TO ACCEPT DELIVERY, SERVICE SHALL BE DEEMED COMPLETE FIVE (5) DAYS
AFTER THE SAME SHALL HAVE BEEN SO MAILED.

 

    	GUARANTY AGREEMENT	Page 7

    	 

    

 

13.         Any
indebtedness of any Borrower to Guarantor now or hereafter existing is hereby subordinated to the payment of the Guaranteed Indebtedness.
Guarantor agrees that, until the entire Guaranteed Indebtedness has been paid in full, no Guarantor will seek, accept, or retain
for its own account, any payment from such Borrower on account of such subordinated debt. Any payments to Guarantor on account
of such subordinated debt shall be collected and received by Guarantor in trust for the Lenders and shall be paid over to Agent
for the benefit of the Lenders on account of the Guaranteed Indebtedness without impairing or releasing the obligations of Guarantor
hereunder.

 

14.         Any
amounts received by the Lenders from any source on account of the Loan may be utilized by the Lenders for the payment of the Guaranteed
Indebtedness and any other obligations of any Borrower to the Lenders in such order as the Lenders may from time to time elect.
Additionally, if the Guaranteed Indebtedness guaranteed hereby is less than the full indebtedness evidenced by the Notes, all rents,
proceeds and avails of each Project, including proceeds of realization of the Lenders’ collateral, shall be deemed applied
on the Guaranteed Indebtedness of Borrowers to the Lenders that is not guaranteed by Guarantor until such unguaranteed indebtedness
of Borrowers to the Lenders has been fully repaid before being applied upon the Guaranteed Indebtedness guaranteed by Guarantor.

 

15.         GUARANTOR
AND AGENT (BY ITS ACCEPTANCE HEREOF) HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND
ANY RIGHT UNDER THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS
THE SUBJECT OF THIS GUARANTY AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

16.         Any
notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder shall be
in writing and shall be deemed to have been properly given (a) if hand delivered, when delivered; (b) if mailed by United States
Certified Mail (postage prepaid, return receipt requested), three Business Days after mailing (c) if by Federal Express or other
reliable overnight courier service, on the next Business Day after delivered to such courier service or (d) if by telecopier on
the day of transmission so long as copy is sent on the same day by overnight courier as set forth below:

 

	 	c/o Sentio Healthcare Properties, Inc.
	Guarantor:	189 South Orange Avenue, Suite 1700
	 	Orlando, Florida 32801
	 	Attention:	John Mark Ramsey	 
	 	Attention:	Kevin Thomas	 
	 	Attention:	Sharon Kaiser	 
	 	Telephone:	(407) 999 - 7679	 
	 	Facsimile:	(407) 999 – 5210	 

 

    	GUARANTY AGREEMENT	Page 8

    	 

    

 

	With a copy to:	Foley & Lardner LLP
	 	111 North Orange Avenue, Suite 1800
	 	Orlando, Florida 32801
	 	Attention:	Michael A. Okaty, Esq.	 
	 	Telephone:	(407) 244 – 3229	 
	 	Facsimile:	(407) 648 - 1743	 
	 	 	 	 
	 	 	 
	Agent:	KeyBank National Association	 
	 	Mailcode: OH-01-51-0311	 
	 	4910 Tiedeman Road, 3rd Floor	 
	 	Brooklyn, Ohio 44144	 
	 	Attention:	Amy L. MacLearie, KREC Commercial Loan Closer-	 
	 	 	Assistant Vice President	 
	 	Telephone:	(216) 813-6935	 
	 	Facsimile:	(216) 357-6383	 
	 	 	 
	With a copy to:	Alfred G. Kyle, Esq.	 
	 	Bracewell & Giuliani LLP	 
	 	1445 Ross Avenue, Suite 3800	 
	 	Dallas, Texas 75202	 
	 	Telephone:	(214) 758-1660	 
	 	Facsimile:	(214) 758-8360	 

 

or at such other address as the party to be
served with notice may have furnished in writing to the party seeking or desiring to serve notice as a place for the service of
notice.

 

17.         In
order to induce the Lenders to make the Loan, Guarantor makes the following representations and warranties to the Agent for the
benefit of the Lender set forth in this Section. Guarantor acknowledges that but for the truth and accuracy of the matters covered
by the following representations and warranties, the Lenders would not have agreed to make the Loan:

 

(a)          Guarantor
is duly formed, validly existing, and in good standing in its state of organization and has qualified to do business and is in
good standing in any state in which it is necessary in the conduct of its business;

 

(b)          Guarantor
maintains an office at the address set forth for such party in Section 16;

 

(c)          Any
and all balance sheets, net worth statements, and other financial data with respect to Guarantor which have heretofore been given
to Agent or any Lender by or on behalf of Guarantor fairly and accurately present the financial condition of Guarantor in all material
respects as of the respective dates thereof;

 

    	GUARANTY AGREEMENT	Page 9

    	 

    

(d)          The
execution, delivery, and performance by Guarantor of this Guaranty does not and will not contravene or conflict with (i) any
Laws, order, rule, regulation, writ, injunction or decree now in effect of any Government Authority, or court having jurisdiction
over Guarantor, (ii) any contractual restriction binding on or affecting Guarantor or Guarantor’s property or assets
which may adversely affect Guarantor’s ability to fulfill its obligations under this Guaranty, (iii) the instruments creating
any trust holding title to any assets included in Guarantor’s financial statements, or (iv) the organizational documents
of Guarantor;

 

(e)          This
Guaranty creates legal, valid, and binding obligations of Guarantor enforceable in accordance with its terms;

 

(f)          there
is no action, proceeding, or investigation pending or, to the knowledge of Guarantor, threatened or affecting Guarantor, which
may adversely affect Guarantor’s ability to fulfill its material obligations under this Guaranty. There are no judgments
or orders for the payment of money rendered against Guarantor for an amount in excess of $100,000 which have been undischarged
for a period of ten (10) or more consecutive days or the enforcement of which is not stayed by reason of a pending appeal or otherwise.
Guarantor is not in default under any agreements which may adversely affect Guarantor’s ability to fulfill its obligations
under this Guaranty; and

 

(g)          All
statements set forth in the Recitals are true and correct.

 

All of the foregoing representations
and warranties shall be deemed remade on the date of the first disbursement of Loan proceeds, on the date of each advance of Loan
proceeds, and upon any extension of the Loan pursuant to the Loan Agreement. Guarantor hereby agrees to indemnify and hold Agent
and each Lender free and harmless from and against all loss, cost, liability, damage, and expense, including reasonable attorney’s
fees and costs, which Agent or any Lender may sustain by reason of the inaccuracy or breach of any of the foregoing representations
and warranties as of the date the foregoing representations and warranties are made and are remade.

 

18.         Guarantor
shall deliver or cause to be delivered to Agent all of the applicable financial statements to be delivered in accordance with the
terms of the Loan Agreement.

 

19.         This
Guaranty shall be binding upon the heirs, executors, legal and personal representatives, successors and assigns of Guarantor.

 

20.         This
Guaranty shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the
State of New York excluding choice-of-law principles of the law of such state that would require the application of the laws of
a jurisdiction other than such state.

 

21.         The
Lenders shall be entitled to honor any request for Loan proceeds made by Borrowers and shall have no obligation to see to the proper
disposition of such advances. Guarantor agrees that its obligations hereunder shall not be released or affected by reason of any
improper disposition by Borrowers of such Loan proceeds.

 

22.         This
Guaranty may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.

 

    	GUARANTY AGREEMENT	Page 10

    	 

    

 

IN WITNESS WHEREOF, Guarantor
has delivered this Guaranty in the State of Ohio as of the date first written above.

 

	 	GUARANTOR:
	 	 
	 	SENTIO HEALTHCARE PROPERTIES, INC., a Maryland corporation
	 	 
	 	By:	/s/ John Mark Ramsey
	 	Name:	John Mark Ramsey
	 	Title:	Authorized Signatory

 

    	GUARANTY AGREEMENT	Page 11

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