Document:

Indemnification Agreement

 Exhibit 10.17 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION
AGREEMENT is made and entered into this 29th day of
December, 2011 (“Agreement”), by and between Cornerstone Core Properties REIT, Inc., a Maryland corporation (the “Company”), and Lee Powell Stedman (“Indemnitee”). 

WHEREAS, at the request of the Company, Indemnitee currently serves as a director or officer of the Company and may, therefore, be
subjected to claims, suits or proceedings arising as a result of his or her service; and 
 WHEREAS, as an inducement to
Indemnitee to continue to serve as such director or officer, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, subject to certain limitations set
forth herein; and 
 WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and
advance of expenses; 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and
Indemnitee do hereby covenant and agree as follows: 
 Section 1. Definitions. For purposes of this Agreement:

 (a) “Applicable Legal Rate” means a fixed rate of interest equal to the applicable federal rate for mid-term
debt instruments as of the day that it is determined that Indemnitee must repay any advanced expenses. 
 (b) “Change
in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar
item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation,
such a Change in Control shall be deemed to have occurred if after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Act) is or becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the Company’s then outstanding securities entitled to vote generally in the election of
directors without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation,
sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such
transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals (A) who were directors as of the Effective Date or
(B) whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least two-thirds of the directors then in office who were directors as of the Effective Date
or whose election for nomination for election was previously so approved. 

  
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 (c) “Corporate Status” means the status of a person as a present or former
director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request
of the Company, service by Indemnitee shall be deemed to be at the request of the Company if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise (i) of which a majority of the voting power or equity interest is owned directly or indirectly by the Company or (ii) the management of
which is controlled directly or indirectly by the Company. 
 (d) “Disinterested Director” means a director of
the Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee. 
 (e) “Effective Date” means the date of this Agreement. 

(f) “Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the
actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or
preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium for, security for and other
costs relating to any cost bond supersedeas bond or other appeal bond or its equivalent. 
 (g) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to
either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving
rise to a claim for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing,
would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
 (h) “Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal
therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the
institution of a Proceeding, such situation shall also be considered a Proceeding. 

  
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 Section 2. Services by Indemnitee. Indemnitee will serve as a director or
officer of the Company. However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall not be deemed an employment contract between the
Company (or any other entity) and Indemnitee. 
 Section 3. Indemnification — General. Subject to the
limitations in Section 7, the Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) as otherwise permitted by Maryland law in effect on the Effective Date and as amended from time to
time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. Subject to the limitations in Section 7, the
rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General
Corporation Law (the “MGCL”). 
 Section 4. Rights to Indemnification. Subject to the limitations in
Section 7, if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement
and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established by clear and convincing evidence that (i) the act or omission of Indemnitee was
material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or
services or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 
 Section 5. Court-Ordered Indemnification. Subject to the limitations in Section 7(a) and (b), a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the
court shall require, may order indemnification of Indemnitee in the following circumstances: 
 (a) if such court
determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

 (b) if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the
relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c)
of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances
described in Section 2-418(c) of the MGCL shall be limited to Expenses. 
 Section 6. Indemnification for Expenses
of an Indemnitee Who is Wholly or Partly Successful. Subject to the limitations in Section 7, to the extent that Indemnitee was or is, by reason of his or her Corporate Status, made a party to (or otherwise becomes a participant in) any

  
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Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, he or she shall be indemnified for all Expenses actually and reasonably incurred by him or her or on
his or her behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall
indemnify Indemnitee under this Section 6 for all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For
purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 7. Limitations on Indemnification. Notwithstanding any other provision of this Agreement (other than Section 5),
Indemnitee shall not be entitled to: 
 (a) indemnification for any loss or liability unless all of the following
conditions are met: (i) Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company; (ii) Indemnitee was acting on behalf of or performing services for the
Company; (iii) such loss or liability was not the result of negligence or misconduct, or, if Indemnitee is an independent director, gross negligence or willful misconduct; and (iv) such indemnification is recoverable only out of the
Company’s net assets and not from the Company’s stockholders, investors or stakeholders; 
 (b) indemnification
for any loss or liability arising from an alleged violation of federal or state securities laws unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged
material securities law violations as to Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to Indemnitee; or (iii) a court of competent jurisdiction approves a settlement
of the claims against Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange
Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws; 

(c) indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged to be liable to
the Company; 
 (d) indemnification hereunder if Indemnitee is adjudged to be liable on the basis that personal benefit was
improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in the Indemnitee’s Corporate Status; or 
 (e) indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then
only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board
of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. 

  
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 Section 8. Advance of Expenses for an Indemnitee. If, by reason of
Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder and
except as set forth in the following sentence, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding within ten days after the receipt by the Company of a statement or statements requesting such
advance or advances from time to time, whether prior to or after final disposition of such Proceeding. The Company may not advance Expenses incurred by or on behalf of Indemnitee in connection with a Proceeding unless (a) such Proceeding is
initiated by a third party who is not a stockholder of the Company or, if such Proceeding is initiated by a stockholder of the Company acting in his or her capacity as such, a court of competent jurisdiction specifically approves such advancement,
and (b) such Proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company. The statement or statements requesting advance or advances shall reasonably evidence the Expenses incurred by
Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this
Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution
thereof, to reimburse the portion of any Expenses advanced to Indemnitee, together with the Applicable Legal Rate of interest thereon, relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established, by clear
and convincing evidence, that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved as described in Section 6 of this Agreement. To the extent that Expenses advanced to Indemnitee do not relate to
a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and
shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. 
 Section 9. Indemnification and Advance of Expenses as a Witness or Other Participant. Subject to the limitations in Section 7, to the extent that Indemnitee is or may be, by reason of
Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable
Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such
advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. 

Section 10. Procedure for Determination of Entitlement to Indemnification. 

(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such

  
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requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall,
promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. 
 (b) Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto
shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel
shall be selected by Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred,
(A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely of
one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably
withheld, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company.
If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect
to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred by
Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and
hold Indemnitee harmless therefrom. 
 (c) The Company shall pay the reasonable fees and expenses of Independent Counsel,
if one is appointed. 
 Section 11. Presumptions and Effect of Certain Proceedings. 

(a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making
such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the
burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. 

(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a
plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 

  
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 (c) The knowledge and/or actions, or failure to act, of any other director, officer,
employee or agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement. 
 Section 12. Remedies of Indemnitee. 
 (a) If (i) a
determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 or 9 of this Agreement,
(iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of
indemnification is not made pursuant to Section 6 or 9 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the
charter or Bylaws of the Company is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of
Maryland, or in any other court of competent jurisdiction, of his or her entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single
arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his or her rights under Section 6 of this
Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in
arbitration. 
 (b) In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall
be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case
may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final
determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in
any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that
the Company is bound by all of the provisions of this Agreement. 
 (c) If a determination shall have been made pursuant to
Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in 

  
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any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification. 
 (d) In the
event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce his or her rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be
entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him or her in such judicial adjudication or arbitration. If it shall be determined in such judicial
adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be
appropriately prorated. 
 (e) Interest shall be paid by the Company to Indemnitee at the maximum rate
allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the
date on which the Company was requested to advance Expenses in accordance with Section 8 or 9 of this Agreement or the 60 th day after the date on which the Company was requested to make the determination of entitlement to indemnification
under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company. 
 Section 13. Defense of the Underlying Proceeding. 

(a) Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint,
indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of
the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement
unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. 

(b) Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall
have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of
any such Proceeding under Section 13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into
any settlement or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release
shall be in form and substance reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under
Section 12 above. 

  
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 (c) Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to
which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that he or she may
have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company,
which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such
Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of
the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any
Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which
approval shall not be unreasonably withheld, at the expense of the Company (subject to Section 12(d)), to represent Indemnitee in connection with any such matter. 
 Section 14. Non-Exclusivity; Survival of Rights; Subrogation; Coordination of Payments. 
 (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under
applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. Unless consented to in writing by Indemnitee,
no amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to
such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder,
or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy. 
 (b) In the event
of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (c) The Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise. 

  
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 Section 15. Insurance. The Company will use its reasonable best efforts to
acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of his or her Corporate Status
and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of his or her Corporate Status. Without in any way limiting any other obligation under this
Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses
incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or
obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of the
Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. 
 Section 16. Reports to Stockholders, Investors and Stakeholders. To the extent required by the MGCL, the Company shall report in writing to its stockholders, investors or stakeholders the
payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of investors of the Company next following the
date of the payment of any such indemnification or advance of Expenses or prior to such meeting. 
 Section 17. Duration
of Agreement; Binding Effect. 
 (a) This Agreement shall continue until and terminate ten years after the date that
Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending or threatened in respect of which Indemnitee is granted rights of
indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto. 
 (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and
assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer,
employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise which such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other
legal representatives. 

  
 10 

 (c) The Company shall require and cause any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 
 (d) The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such
breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or
irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such
specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges
that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking. 

Section 18. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law;
(b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of
this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby. 
 Section 19. Identical Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom
enforceability is sought shall be sufficient to evidence the existence of this Agreement. 
 Section 20. Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

  
 11 

 Section 21. Modification and Waiver. No supplement, modification or amendment of
this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor
shall such waiver constitute a continuing waiver. 
 Section 22. Notices. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery,
or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 
 (a) If to Indemnitee, to the address set forth on the signature page hereto. 

(b) If to the Company to: 
 Cornerstone Core Properties REIT, Inc. 
 1920 Main Street

 Suite 400 
 Irvine, California 92614 
 Attn:    Chief
Executive Officer 
             and Chief Financial
Officer 
 or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the
case may be. 
 Section 23. Governing Law. This Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules. 
 [SIGNATURE PAGE FOLLOWS]

  
 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Indemnification
Agreement on the day and year first above written. 
  

					
	ATTEST:	 	CORNERSTONE CORE PROPERTIES REIT, INC.
			
		 	By:	 	 _/s/ Terry G. Roussel

		 	(SEAL)
		 	Name: Terry G. Roussel
		 	Title: CEO
		
	WITNESS:	 	INDEMNITEE
		
		 	 Lee Powell Stedman

		 	LEE POWELL STEDMAN
		
		 	Address:

  
 13 

 EXHIBIT A 
 AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED 
 To: The Board of Directors of Cornerstone
Core Properties REIT, Inc. 
 Re: Affirmation and Undertaking 
 Ladies and Gentlemen: 
 This Affirmation and Undertaking is
being provided pursuant to that certain Indemnification Agreement, dated the 29th day of December, 2011, by and between Cornerstone Core Properties REIT, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”),
pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”). 
 Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. 
 I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all times, insofar as I
was involved as a director or officer of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in
money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. 
 In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I
hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active
and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I
shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of interest thereon, relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

 IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this      day of
            , 20        . 
  

	
	
	  
 Name:

  
 14Second Modification Agreement with Wells Fargo Bank

 Exhibit 10.18 

 

			
	Loan No. WB13991	  	

 SECOND MODIFICATION AGREEMENT 

(Long Form) 
 THIS
SECOND MODIFICATION AGREEMENT (Long Form) (“Modification Agreement”) is executed to be effective as of February 13, 2012 by and among WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association as
successor-by-merger to Wachovia Bank, National Association, a national banking association (“Lender”), COP-MONROE, LLC, a Florida limited liability company (“Progress Way Borrower”), COP-CARTER,
LLC, a Florida limited liability company (“Winter Garden Borrower”), COP-HANGING MOSS, LLC, a Florida limited liability company (“Hanging Moss Borrower”) and COP-GOLDENROD,
LLC, a Florida limited liability company (“Goldenrod Borrower”, and individually and collectively with Progress Way Borrower, Winter Garden Borrower and Hanging Moss Borrower, referred to herein as “Original
Borrower” or “Original Borrowers”), COP-SHOEMAKER, LLC, a Delaware limited liability company (“Shoemaker Borrower”, and individually and collectively with Original Borrowers,
“Borrower” or “Borrowers”).  
  

	A.	Original Borrowers and Lender entered into that certain Loan Agreement dated as of November 13, 2007 (as amended, the “Loan Agreement”). Pursuant
to the Loan Agreement, Lender agreed to make a loan (the “Loan”) to Original Borrowers in the principal amount of Twenty-Two Million Four Hundred Twenty Thousand Five Hundred and No/100 Dollars ($22,420,500.00) for the purposes set
forth therein. The following documents, each of which is dated as of November 13, 2007, were executed in connection with the Loan (among others): 

  

	 	1.	That certain Promissory Note evidencing the Loan executed by Original Borrowers to the order of Lender, in the original principal amount of $22,420,500.00 (the
“Existing Note”). 

  

	 	2.	The following mortgages were executed by one or more Original Borrowers, as mortgagor, in favor of Lender, as mortgagee (collectively referred to herein as the
“Original Deeds of Trust”): 

  

	 	a.	That certain Mortgage, Assignment, Security Agreement and Fixture Filing, executed by Progress Way Borrower, as Mortgagor, in favor of Lender, as Mortgagee, and
recorded in the Official Records of Seminole County, Florida, as Clerk’s # 2007162863, on or about November 20, 2007, as amended by (i) that certain Extension Agreement (Short Form) dated as of November 13, 2009,
executed by and between Lender and Original Borrowers and recorded in the Official Records of Seminole County, Florida, as Clerk’s #2009138154 on or about December 7, 2009 (the “Extension Agreement (Short Form) (Seminole
County)”), and (ii) that certain Memorandum of Modification Agreement Amending Mortgage (Progress Way) dated as of August 3, 2011, executed by and between Lender, Borrowers and COP-South Industrial, LLC, a Delaware limited
liability company (“South Industrial”), and recorded in the Official Records of Seminole County, Florida, as Clerk’s #2011087254 on or about August 17, 2011 (the “Memorandum of Modification (Seminole
County)”, and collectively with the Extension Agreement (Short Form) (Seminole County), the “Seminole County Short Forms”); 

  

	 	b.	 That certain Mortgage, Assignment, Security Agreement and Fixture Filing, executed by Winter Garden Borrower, as Mortgagor, in favor of Lender, as
Mortgagee, and recorded in the Official Records of Orange County, Florida, as Instrument No. 20070760342, on or about November 20, 2007, as amended by (i) that certain Extension Agreement (Short Form) dated as of November 13,
2009, executed by and between Lender and Original Borrowers and recorded in the Official Records of Orange County, Florida, as Document No. 20090708153 on or about December 4, 2009 (the “Extension Agreement (Short Form) (Orange
County)”), and (ii) that certain Memorandum of Modification Agreement Amending Mortgage (Winter Garden, Hanging Moss 

  
 1 

 Loan No. WB13991 

 

	 	
and Goldenrod) dated as of August 3, 2011, executed by and between Lender, Borrowers and South Industrial, and recorded in the Official Records of Orange County, Florida, in Book 10254, Page
7262 on or about August 16, 2011 (“Memorandum of Modification (Orange County)”, and collectively with the Extension Agreement (Short Form) (Orange County), the “Orange County Short Forms”);

  

	 	c.	That certain Mortgage, Assignment, Security Agreement and Fixture Filing, executed by Hanging Moss Borrower, as Mortgagor, in favor of Lender, as Mortgagee, and
recorded in the Official Records of Orange County, Florida, as Instrument No. 20070760305, on or about November 20, 2007, as amended by the Orange County Short Forms; and 

 

	 	d.	That certain Mortgage, Assignment, Security Agreement and Fixture Filing, executed by Goldenrod Borrower, as Mortgagor, in favor of Lender, as Mortgagee, and recorded
in the Official Records of Orange County, Florida, as Instrument No. 20070760372, on or about November 20, 2007, as amended by the Orange County Short Forms; 

 

	 	3.	That certain Limited Guaranty (as amended, the “Guaranty”), executed by Cornerstone Core Properties REIT, Inc., a Maryland corporation
(“CCP”), Cornerstone Realty Advisors, LLC, a Delaware limited liability company, and Cornerstone Operating Partnership, L.P., a Delaware limited partnership (individually and collectively, “Guarantor”), in favor of
Lender; 

  

	 	4.	That certain Environmental Indemnity Agreement (as amended, the “Existing Environmental Indemnity”) executed by Original Borrowers and Guarantor, in
favor of Lender. 

  

	B.	Subsequently, Original Borrowers and Lender entered into that certain Extension Agreement (Long Form) dated as of November 13, 2009 (the “Extension
Agreement (Long Form)”). Pursuant to the Extension Agreement (Long Form), among other things, Lender confirmed that the Original Borrowers successfully exercised their option to extend the Maturity Date to November 13, 2010 pursuant to
Section 2.4 of the Loan Agreement. 

  

	C.	Subsequently, Original Borrowers and Lender entered into (i) that certain letter agreement dated as of October 21, 2010 (the “First Letter
Agreement”), which, among other things, extended the maturity of the Existing Note to February 13, 2011, (ii) that certain letter agreement dated as of February 23, 2011 (the “Second Letter Agreement”),
which, among other things, extended the maturity of the Existing Note to May 13, 2011, and (iii) that certain letter agreement dated as of April 14, 2011 (the “Third Letter Agreement”, and collectively with the First
Letter Agreement and the Second Letter Agreement, the “Letter Agreements”), which, among other things, extended the maturity of the Existing Note to August 13, 2011. 

 

	D.	 Subsequently, pursuant to, among other documents, that certain Assumption and Modification Agreement dated as of August 3, 2011 executed by
Borrowers and South Industrial, Shoemaker Borrower and South Industrial were added as “Borrowers” under the Loan Documents. Additionally, (i) Shoemaker Borrower executed in favor of Lender that certain Deed of Trust, Assignment,
Security Agreement and Fixture Filing dated as of August 3, 2011 and recorded in the Official Records of Los Angeles County, California on August 15, 2011 as Instrument No. 20111095092, and encumbers the Shoemaker Project (the
“Shoemaker Deed of Trust”, and collectively with the Original Deeds of Trust, the “Deeds of Trust”), and (ii) South Industrial executed in favor of Lender that certain Deed of Trust, Assignment, Security
Agreement and Fixture Filing dated as of August 3, 2011 and recorded in the Official Records of Maricopa County, Arizona on August 15, 2011 as Instrument No. 20110678680, and encumbered the South Industrial Project (the “South
Industrial Deed of Trust”). Additionally, (i) Shoemaker Borrower and Guarantor executed in favor of Lender that certain Environmental Indemnity Agreement dated as of August 3, 2011 relating to the Shoemaker Project (the
“Shoemaker Environmental Indemnity”), and (ii) South Industrial and Guarantor executed in favor of Lender that certain Environmental Indemnity Agreement dated as of August 3, 2011 relating to the South

  
 2 

 Loan No. WB13991 

 

	 	
Industrial Project (the “South Industrial Environmental Indemnity”, and collectively with the Existing Environmental Indemnity and the Shoemaker Environmental Indemnity, the
“Environmental Indemnities”). Lastly, Borrowers and South Industrial executed and delivered to Lender that certain Amended and Restated Promissory Note Secured by Deed of Trust dated as of August 3, 2011 in the face principal
amount of $15,360,000.00 to the order of Lender (the “Note”), which amended, restated and replaced the Existing Note, in its entirety. 

  

	E.	Subsequently, pursuant to that certain letter agreement dated as of December 21, 2011 executed by Borrowers, South Industrial and Lender (the “South
Industrial Letter Agreement”), the South Industrial Project was released from the lien of the South Industrial Deed of Trust. 

  

	F.	Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Loan Agreement. 

 

	G.	As of the date of this Modification Agreement, prior to the Required Principal Payment (as described below), the outstanding principal balance of the Loan is Fourteen
Million Three Hundred Twenty-Eight Thousand Nine Hundred Ninety and 67/100 Dollars ($14,328,990.67). Borrowers are not entitled to any further disbursements of loan proceeds under the Loan Documents. 

 

	H.	As used in this Modification Agreement, the term “Loan Documents” means the Loan Agreement, the Note, the Deeds of Trust, the Environmental
Indemnities, the Guaranty, the Extension Agreement (Long Form), the Seminole County Short Forms, the Orange County Short Forms, the Letter Agreements, the Short Forms (as defined below), the South Industrial Letter Agreement, and the other
“Loan Documents” described in the Loan Agreement. This Modification Agreement also shall constitute a Loan Document. 

  

	I.	Borrowers have requested that Lender, among other things, extend the Maturity Date and revise the interest rate applicable to the Loan. Lender has agreed to do so on
the terms and conditions stated herein. 

 NOW, THEREFORE, with reference to the foregoing information, and in consideration of
the mutual covenants and agreements contained in this Modification Agreement, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrowers and Lender agree as follows: 

 

	1.	REPRESENTATIONS AND WARRANTIES. Borrowers represent and warrant, as of the Effective Date (as defined in Section 2.10 below) that:

  

	 	1.1	 REPRESENTATIONS. The statement of facts set forth above is true and correct, and is hereby incorporated herein as an agreement of
Borrowers and Lender. Borrowers hereby represent and warrant to Lender that (a) to Borrowers’ actual knowledge, no Event of Default or Unmatured Event of Default has occurred and is continuing that would not otherwise be cured by the
effectiveness of this Modification Agreement, and (b) all representations and warranties of Borrowers contained in the Loan Agreement or in any of the other Loan Documents (as the Loan Agreement and such other Loan Documents are amended hereby)
are true and correct as of the date hereof, except to the extent that such representations or warranties were made as of a specific date, in which case such representation or warranty was true and correct as of such date. Borrowers reaffirm all of
their obligations under the Loan Documents and relating to any Swap Contracts, and Borrowers acknowledge that they have no claims, offsets or defenses with respect to the payment of sums due under the Note or under any Swap Contracts. Without
limiting the foregoing, Borrowers reaffirm Lender’s right, following the occurrence and during the continuance of any Event of Default, to apply any and all payments made by Borrowers or otherwise received by Lender with respect to the Loan and
any Swap Contracts between any one or more Borrowers and Lender, including without limitation all proceeds received from the sale or liquidation of any collateral, to the obligations owing by Borrowers under the Loan Documents and Swap Contracts

  
 3 

 Loan No. WB13991 

 

	 	
in such order and manner deemed appropriate by Lender in its sole discretion, and Borrowers acknowledge that they shall have no right to direct Lender as to such application or designate the
portion of the obligation to be satisfied. 

  

	2.	MODIFICATION OF LOAN DOCUMENTS. The Loan Agreement (and the other Loan Documents) are hereby supplemented and modified to incorporate the following
terms, which shall supersede and prevail over any conflicting provisions (which modifications shall be effective as of the Effective Date (except as otherwise indicated): 

 

	 	2.1	REDUCED COMMITMENT. Notwithstanding anything else to the contrary in the Loan Documents, following the Required Principal Payment (as defined below), as
of the Effective Date, the maximum loan amount available to Borrowers under the Loan shall be reduced from $14,328,990.67 to $6,828,990.67 (the “Reduced Commitment”), and Borrowers shall not be entitled to any further disbursements
of Loan proceeds. At no time during the term of the Loan shall the outstanding amounts owing under the Loan exceed the Reduced Commitment. Any amounts repaid under the Loan may not be re-borrowed. 

 

	 	2.2	INTEREST. 

 2.2.1
As of February 13, 2012, the reference in Section 2 of the Note to “four and one-half percent (4.50%)” is hereby deleted in its entirety and replaced with “three and one-half percent (3.50%)”. 

2.2.2 As of February 13, 2012, the references in Exhibit A to the Note to “three percent (3.00%)” are each hereby deleted
in their entirety and replaced with “two percent (2.00%)”. 
  

	 	2.3	MATURITY DATE. The Maturity Date is hereby extended from February 13, 2012 to February 13, 2014. All amounts outstanding under the Loan shall be
due and payable no later than this extended Maturity Date. Any references in any of the Loan Documents to the Maturity Date in any of the Loan Documents shall refer to the Maturity Date as hereby extended. Additionally, notwithstanding anything to
the contrary in any of the Loan Documents, no further options to extend the Maturity Date remain exercisable by Borrowers. 

  

	 	2.4	EXTENSION FEES. On February 13, 2013, Borrowers shall pay to Lender an extension fee (the “Extension Fee”) in an amount equal to
one-half of one percent (0.50%) of the outstanding principal balance of the Loan as of February 13, 2013. The Extension Fee shall be fully earned as of the Effective Date. 

 

	 	2.5	NO OTHER MODIFICATIONS. Except as expressly set forth in this Modification Agreement, the Loan Documents shall be and remain unmodified and in full force
and effect. 

  

	 	2.6	 SECURED OBLIGATIONS. The Deeds of Trust and all other Loan Documents which secure Borrowers’ indebtedness and obligations under the
Loan Documents (but excluding those documents which expressly do not secure Borrowers’ indebtedness and obligations under the Loan Documents) shall secure, in addition to all other indebtedness and obligations secured thereby, the payment and
performance of all present and future indebtedness and obligations of Borrowers under this Modification Agreement, the Note, and any and all amendments, modifications, renewals and/or extensions of this Modification Agreement or the Note, regardless
of whether any such amendment, modification, renewal or extension is evidenced by a new or additional instrument, document or agreement. Each of the Borrowers acknowledges, agrees and reaffirms that each of the Deeds of Trust secures, in addition to
all other indebtedness and obligations stated or specified therein to be secured thereby, (i) all indebtedness and obligations owing under the Loan Agreement, as amended hereby (and as the same may hereafter be further amended or

  
 4 

 Loan No. WB13991 

 

	 	
modified from time to time), (ii) all indebtedness and obligations owing under the Note (as the same may hereafter be further amended or modified from time to time), (iii) all
indebtedness and obligations owing under or in connection with any and all Swap Contracts between Wells Fargo Bank, National Association (or its Affiliates and/or successors) and any one or more Borrowers (or their Affiliates), and (iv) all
“Obligations,” as that term is defined in each of the Deeds of Trust. The Deeds of Trust shall not secure any Environmental Indemnity, the Guaranty, or any other Loan Document that is expressly stated to be unsecured.

  

	 	2.7	SOUTH INDUSTRIAL. South Industrial is hereby released from all liability under the Loan Documents, other than (i) any amounts required to be paid
under the South Industrial Environmental Indemnity, and (ii) any indemnity obligations and other obligations under the Loan Documents which by their terms expressly survive repayment of the Loan, for which South Industrial shall continue to
remain liable. 

  

	 	2.8	PREPAYMENT. Section 2.5 of the Loan Agreement is hereby deleted in its entirety. 

 

	 	2.9	DEFINITIONS. Except as provided in this Modification Agreement, all references in the Loan Agreement and in the other Loan Documents (i) to the Note
shall mean the Note as amended by this Modification Agreement, (ii) to the Loan Agreement shall mean the Loan Agreement as amended by this Modification Agreement, (iii) to the Guaranty shall mean the Guaranty as amended by this
Modification Agreement, (iv) to the Loan Documents shall mean the Loan Documents as such term is defined in this Modification Agreement, and (v) to any particular Loan Document shall mean such Loan Document as modified by this Modification
Agreement, and all prior amendments, or any document executed pursuant thereto. 

  

	 	2.10	CONDITIONS PRECEDENT. Before this Modification Agreement becomes effective (the “Effective Date”) and Lender becomes obligated under it,
all of the following conditions shall have been either (i) satisfied at Borrowers’ sole cost and expense in a manner acceptable to Lender in the exercise of its sole judgment or (ii) waived by Lender in writing. Once all of the
following conditions have been satisfied or waived by Lender in accordance with the foregoing sentence, the Effective Date shall be deemed to be February 13, 2012. 

 

	 	a.	Lender shall have received from Borrowers a principal payment (the “Required Principal Payment”) in the amount of $7,500,000.00 from Borrowers’
own funds (i.e., not from Loan funds). 

  

	 	b.	Lender shall have received from Borrowers the modification fee in the amount of $34,144.95. 

 

	 	c.	Lender shall have received reimbursement, in immediately available funds, of all costs and expenses incurred by Lender in connection with this Modification Agreement or
of any other amounts owing under the Loan. 

  

	 	d.	Lawyers Title Insurance Corporation (“Title Company”) shall have issued and delivered to Lender, or shall have irrevocably and unconditionally
committed to issue for the benefit of Lender, such endorsements to the title policies issued in connection with the Deeds of Trust as Lender shall request to insure the validity and continuing first position lien priority of the Deeds of Trust, as
amended hereby, including a Modification of Mortgage Endorsement or CLTA 110.5 Endorsement (as applicable). 

  

	 	e.	 Lender shall have received fully executed originals of this Modification Agreement, that certain Memorandum of Second Modification Agreement Amending
Mortgage (Progress Way) dated as of even date herewith executed by Borrowers in favor of Lender (“Seminole County Second 

  
 5 

 Loan No. WB13991 

 

	 	
Short Form”), that certain Memorandum of Second Modification Agreement Amending Mortgage (Winter Garden, Hanging Moss and Goldenrod) dated as of even date herewith executed by
Borrowers in favor of Lender (“Orange County Second Short Form”), that certain Memorandum of Second Modification Agreement Amending Deed of Trust (Shoemaker) dated as of even date herewith executed by Borrowers in favor of Lender
(“Shoemaker Short Form” and collectively with the Seminole County Second Short Form and the Orange County Second Short Form, the “Short Forms”), the Consent of Guarantors attached hereto, any appropriate officer
certificates or other certificates requested by Lender, and such other documents and agreements as Lender shall request, all in form and substance satisfactory to Lender. 

 

	 	f.	Borrowers shall have paid Lender’s attorneys fees, and all costs and expenses of recording and issuing all required title policy endorsements.

  

	 	g.	No change shall have occurred in the financial condition of Borrowers, any Guarantor or in the Projects, which would have, in Lender’s judgment, a material adverse
effect on the Projects or on Borrowers’ or any Guarantor’s ability to repay the Loan or otherwise perform its obligations under the Loan Documents. 

 

	 	h.	The representations and warranties contained in the Loan Agreement and in all other Loan Documents are true and correct as of the date hereof and as of the Effective
Date, except to the extent that such representations or warranties were made as of a specific date, in which case such representation or warranty was true and correct as of such date. 

 

	 	i.	Lender shall have received all documents evidencing the formation, organization and valid existence of the Borrowers and any Guarantor which is an entity (to the extent
such documents have been amended from the versions previously sent to Lender or have not previously been delivered to Lender) and the authorization for the execution, delivery, and performance of the Agreement. 

 

	 	j.	No Event of Default or Unmatured Event of Default has occurred and is continuing. 

 

	3.	WARRANTIES. Each Borrower is duly organized and validly existing. Except as previously disclosed in writing by Borrowers to Lender, there have been no
changes in the organization, composition, ownership structure or formation documents of any Borrower since the Closing Date. Each Guarantor that is an entity is duly formed and validly existing, and has the power to own its assets, to transact the
business in which it is now engaged and to continue to guaranty the Loan. Except as previously disclosed in writing by Borrowers to Lender, there have been no changes in the organization, composition, or ownership structure of any Guarantor which
are entities since the Closing Date, other than changes in the ownership of CCP which do not constitute a “change in control.” 

  

	4.	NON-IMPAIRMENT. Except as expressly provided herein, nothing in this Modification Agreement shall alter or affect any provision, condition or covenant
contained in the Loan Agreement or other Loan Documents or affect or impair any rights, powers or remedies thereunder, and the parties hereto intend that the provisions of the Loan Agreement and other Loan Documents shall continue in full force and
effect except as expressly modified hereby. 

  

	5.	 MISCELLANEOUS. This Modification Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of
Florida applicable to contracts made and performed in such state, without regard to the principles thereof regarding conflict of laws, and any applicable laws of the United States of America. The headings used in this Modification Agreement are for
convenience only and shall be disregarded in interpreting the substantive provisions of this Modification Agreement. If any provision of 

  
 6 

 Loan No. WB13991 

 

	 	
this Modification Agreement shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed herefrom and the remaining parts
shall remain in full force as though the invalid, illegal or unenforceable provision had never been a part hereof. As used in this Modification Agreement, the term “include(s)” shall mean “include(s), without limitation,”
and the term “including” shall mean “including, but not limited to.” In the event of any inconsistency between this Modification Agreement and the Loan Documents, this Modification Agreement shall govern.

  

	6.	COUNTERPARTS. The Loan Documents, including this Modification Agreement, contain or expressly incorporate by reference the entire agreement of the parties
with respect to the matters contemplated therein, and supersede all prior negotiations. No reference to this Modification Agreement is necessary in any instrument or document at any time referring to a Loan Document. Any reference to a Loan Document
(including in any other Loan Document) shall be deemed a reference to such document as amended hereby. 

  

	7.	INTEGRATION; INTERPRETATION. This Modification Agreement contains or expressly incorporates by reference the entire agreement of the parties with respect
to the matters contemplated herein and supersedes all prior negotiations or agreements, written or oral, and shall not be modified except by written instrument executed by all parties. 

 

	8.	GENERAL RELEASE. As further inducement to Lender to enter into this Modification Agreement, Borrowers and each Guarantor (by their execution of the
Guarantor’s Consent attached hereto) hereby release Lender as follows: 

  

	 	8.1	Borrowers, each Guarantor and their respective heirs, successors and assigns (collectively, the “Releasing Parties”) do hereby release, acquit and
forever discharge Lender of and from any and all claims, demands, obligations, liabilities, indebtedness, breaches of contract, breaches of duty or any relationship, acts, omissions, misfeasance, malfeasance, cause or causes of action, debts, sums
of money, accounts, compensation, contracts, controversies, promises, damages, costs, losses and expenses of every type, kind, nature, description, or character, whether known or unknown, suspected or unsuspected, liquidated or unliquidated, each as
though fully set forth herein at length, which in any way arise out of, are connected with or related to the Loan Documents, this Modification Agreement or any earlier and/or other agreement or document referred to therein or any other action,
claim, cause of action, demand, damage or cost of whatever nature arising on or prior to the Effective Date (collectively, the “Released Claims”). 

 

	 	8.2	The agreement of the Releasing Parties, as set forth in the preceding subparagraph 8.1 shall inure to the benefit of the successors, assigns, insurers,
administrators, agents, employees, and representatives of Lender. 

  

	 	8.3	The Releasing Parties have read the foregoing release, fully understand the legal consequences thereof and have obtained the advice of counsel with respect thereto. The
Releasing Parties further warrant and represent that they are authorized to make the foregoing release. 

  

	 	8.4	This release is not to be construed and does not constitute an admission of liability on the part of Lender. This release shall constitute an absolute bar to any
Released Claim of any kind, whether such claim is based on contract, tort, warranty, mistake or any other theory, whether legal, statutory or equitable. The Releasing Parties specifically agree that any attempt to assert a claim barred hereby shall
subject each of them to the provisions of applicable law setting forth the remedies for the bringing of groundless, frivolous or baseless claims or causes of action. 

  
 7 

 Loan No. WB13991 

 

	 	8.5	The Releasing Parties acknowledge and agree that they understand the meaning and effect of Section 1542 of the California Civil Code which provides:

 “A general release does not extend to claims which the creditor does not know or suspect to exist in his or
her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 
 THE RELEASING PARTIES AGREE TO ASSUME THE RISK OF ANY AND ALL UNKNOWN, UNANTICIPATED OR MISUNDERSTOOD DEFENSES, CLAIMS, CONTRACTS, LIABILITIES, INDEBTEDNESS AND OBLIGATIONS WHICH ARE RELEASED, WAIVED AND
DISCHARGED BY THIS AGREEMENT. THE RELEASING PARTIES HEREBY WAIVE AND RELINQUISH ALL RIGHTS AND BENEFITS WHICH THEY MIGHT OTHERWISE HAVE UNDER THE AFOREMENTIONED SECTION 1542 OF THE CALIFORNIA CIVIL CODE OR ANY SIMILAR FLORIDA LAW, TO THE EXTENT
SUCH LAW MAY BE APPLICABLE, WITH REGARD TO THE RELEASE OF SUCH UNKNOWN, UNANTICIPATED OR MISUNDERSTOOD DEFENSES, CLAIMS, CONTRACTS, LIABILITIES, INDEBTEDNESS AND OBLIGATIONS. TO THE EXTENT THAT SUCH LAWS MAY BE APPLICABLE, THE RELEASING PARTIES
WAIVE AND RELEASE ANY RIGHT OR DEFENSE WHICH THEY MIGHT OTHERWISE HAVE UNDER ANY OTHER LAW OF ANY APPLICABLE JURISDICTION WHICH MIGHT LIMIT OR RESTRICT THE EFFECTIVENESS OR SCOPE OF ANY OF ITS WAIVERS OR RELEASES HEREUNDER. 

 

							
	 /s/ SIR
	  	 /s/ SIR
	  	 /s/ SIR
	  	 /s/ SIR

	Progress Way Borrower’s Initials	  	Winter Garden Borrower’s Initials	  	Hanging Moss Borrower’s Initials	  	Goldenrod Borrower’s Initials
				
	 /s/ SIR
	  	 /s/ SIR
	  	 /s/ SIR
	  	 /s/ SIR

	Shoemaker Borrower’s Initials	  	Cornerstone Core Properties, REIT, Inc.’s Initials	  	Cornerstone Realty Advisors, LLC’s Initials	  	Cornerstone Operating Partnership, L.P.’s Initials

 [Remainder of Page Left Intentionally Blank] 

  
 8 

 Loan No. WB13991 

 

 IN WITNESS WHEREOF, Borrowers and Lender have caused this Modification Agreement to be duly executed as
of the date first above written. 
 “LENDER” 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, a national 
 banking association, as
successor-by-merger to Wachovia Bank, National 
 Association, a national banking association 

 

			
	By:	 	 /s/ Leslie Baines

	Name:	 	Leslie Baines
	Title:	 	VP

 “BORROWERS” 
 COP-MONROE, LLC, a Florida limited liability company 
  

									
	By:	 	COP–ORL ONE, LLC, a Florida limited liability company, its Manager
			
		 	By:	 	 Cornerstone Operating Partnership, L.P., a
 Delaware limited partnership, its Manager

				
		 		 	By:	 	CORNERSTONE CORE PROPERTIES REIT, INC., a Maryland corporation, its general partner
					
		 		 		 	By:	 	 /s/ Stephen I. Robie

		 		 		 	Name:	 	Stephen I. Robie
		 		 		 	Title:	 	Chief Financial Officer

 COP-CARTER, LLC, a Florida limited liability company 

 

									
	By:	 	COP–ORL ONE, LLC, a Florida limited liability company, its Manager
			
		 	By:	 	Cornerstone Operating Partnership, L.P., a Delaware limited partnership, its Manager
				
		 		 	By:	 	CORNERSTONE CORE PROPERTIES REIT, INC., a Maryland corporation, its general partner
					
		 		 		 	By:	 	 /s/ Stephen I. Robie

		 		 		 	Name:	 	Stephen I. Robie
		 		 		 	Title:	 	Chief Financial Officer

  
 S-1

 Loan No. WB13991 

 

 COP-HANGING MOSS, LLC, a Florida limited liability company 

 

									
	By:	 	COP–ORL ONE, LLC, a Florida limited liability company, its Manager
			
		 	By:	 	Cornerstone Operating Partnership, L.P., a Delaware limited partnership, its Manager
				
		 		 	By:	 	CORNERSTONE CORE PROPERTIES REIT, INC., a Maryland corporation, its general partner
					
		 		 		 	By:	 	 /s/ Stephen I. Robie

		 		 		 	Name:	 	Stephen I. Robie
		 		 		 	Title:	 	Chief Financial Officer

 COP-GOLDENROD, LLC, a Florida limited liability company 

 

									
	By:	 	COP–ORL ONE, LLC, a Florida limited liability company, its Manager
			
		 	By:	 	Cornerstone Operating Partnership, L.P., a Delaware limited partnership, its Manager
				
		 		 	By:	 	CORNERSTONE CORE PROPERTIES REIT, INC., a Maryland corporation, its general partner
					
		 		 		 	By:	 	 /s/ Stephen I. Robie

		 		 		 	Name:	 	Stephen I. Robie
		 		 		 	Title:	 	Chief Financial Officer
	
	COP-SHOEMAKER, LLC, a Delaware limited liability company
		
	By:	 	Cornerstone Operating Partnership, L.P., a Delaware limited partnership, its sole member
			
		 	By:	 	CORNERSTONE CORE PROPERTIES REIT, INC., a Maryland corporation, its general partner
					
		 		 		 	By:	 	 /s/ Stephen I. Robie

		 		 		 	Name:	 	Stephen I. Robie
		 		 		 	Title:	 	Chief Financial Officer

 (ALL SIGNATURES MUST BE ACKNOWLEDGED) 

  
 S-2

 Loan No. WB13991 

 

 GUARANTOR’S CONSENT 
 The undersigned, having read and understood the foregoing Second Modification Agreement (Long Form) (“Agreement”), hereby (i) consent to all of the terms and provisions of the
Agreement (including without limitation Sections 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 2.7, 2.8, and 8 of the Agreement), (ii) agrees that the Agreement does not terminate or diminish any of the obligations of the undersigned to Lender under
(a) that certain Limited Guaranty dated November 13, 2007 executed by the undersigned (the “Guaranty”), (b) that certain Environmental Indemnity Agreement dated as of November 13, 2007, and executed by the
undersigned and Original Borrowers in favor of Lender (the “Existing Environmental Indemnity”), (c) that certain Environmental Indemnity Agreement dated as of August 3, 2011 and executed by the undersigned and Shoemaker
Borrower in favor of Lender (the “Shoemaker Environmental Indemnity”), or (d) that certain Environmental Indemnity Agreement dated as of August 3, 2011 and executed by the undersigned and South Industrial in favor of
Lender (the “South Industrial Environmental Indemnity”, and collectively with the Existing Environmental Indemnity and the Shoemaker Environmental Indemnity, the “Environmental Indemnities”) and (iii) reaffirms
its obligations under the Guaranty and Environmental Indemnities in light of the Agreement. The undersigned hereby acknowledges and agrees that Lender shall have the right to apply payments received from Borrowers to the Obligations in any manner
elected by Lender, even if the manner of application does not reduce at all or to the greatest extent Guarantor’s maximum aggregate obligation under the Guaranty for payment of the Guaranteed Obligations (as defined in the Guaranty). The
undersigned, having reread the Guaranty and the Environmental Indemnity Agreement, and with advice of their own counsel, hereby reaffirm and restate all waivers, authorizations, agreements and understandings set forth in the Guaranty and the
Environmental Indemnities, as though set forth in full herein. Capitalized terms used in this consent but not otherwise defined shall have the meanings ascribed to such terms in the Agreement or the Loan Agreement (as defined in the Agreement).

 Dated as of: February 13, 2012. 

  
 CONSENT

 Loan No. WB13991 

 

 “GUARANTOR” 
 “Guarantor” 
 CORNERSTONE CORE PROPERTIES REIT, INC., a 

Maryland corporation 
  

			
	By:	 	 /s/ Stephen I. Robie

	Name:	 	Stephen I. Robie
	Title:	 	Chief Financial Officer

 CORNERSTONE REALTY ADVISORS, LLC, a 
 Delaware limited liability company 
  

			
	By:	 	 /s/ Stephen I. Robie

	Name:	 	Stephen I. Robie
	Title:	 	Chief Financial Officer

 CORNERSTONE OPERATING PARTNERSHIP, L.P., a 
 Delaware limited partnership 
  

			
	By:	 	CORNERSTONE CORE PROPERTIES REIT, INC., a Maryland corporation, its general partner
		
	By:	 	 /s/ Stephen I. Robie

	Name:	 	Stephen I. Robie
	Title:	 	Chief Financial Officer

  
 ACKNOWLEDGMENT

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