Document:

Assignment of Assignment of Rents and Leases

 Exhibit 10.7 
 Return to: 
 TNP SRT Constitution Trail, LLC 

c/o Thompson National Properties, LLC 
 1900 Main
Street, Ste. 700 
 Irvine, CA 92614 

Prepared by: 
 Rebecca K. Hamrin 

Godfrey & Kahn, S.C. 
 780 North Water
Street 
 Milwaukee, WI 53202 
 TAX
I.D. # See Exhibit A 
 ASSIGNMENT OF ASSIGNMENT OF RENTS AND LEASES 

M&l Marshall & llsley Bank, a Wisconsin state-chartered bank, having an address of 770 North Water Street, Milwaukee, Wisconsin 53202 (the
“Assignor”), the Lender named in the Assignment of Rents and Leases described below (or the successor, by merger or change of name, to the original Lender named below), for and in consideration of the sum of TEN DOLLARS ($10.00) lawful
money of the United States of America, paid to it by TNP SRT Constitution Trail, LLC, a Delaware limited liability company, whose address is above (the “Assignee”), the receipt of which is hereby acknowledged, has granted, bargained, sold,
assigned, transferred and set over, and by these presents does grant, bargain, sell, assign, transfer and set over unto the Assignee and without recourse, representations or warranties of any kind whatsoever, all of the Assignor’s right, title
and interest in and to that certain Assignment of Rents and Leases made by Constitution Trail, LLC, a Nebraska limited liability company (“Borrower”) in favor of Assignor dated October 13, 2006 and recorded with the Recorder of Deeds
of McLean County, Illinois (“Recorder”) on October 20, 2006 as Document No. 2006-00029355 (“Assignment”), and which Assignment encumbers the real property located in the County of McLean, State of Illinois, legally
described as follows: 
 See Exhibit A attached hereto. 

TO HAVE, HOLD, RECEIVE AND TAKE, all and singular the hereditaments and premises hereby and thereby granted, described and
assigned, or mentioned and intended so to be, with the appurtenances, unto the Assignee to and for its proper use and benefit forever. 

 IN WITNESS WHEREOF, the undersigned has executed this instrument by its duly authorized
officer, this 28 day of June, 2011. 
  

			
	M&I MARSHALL & ILSLEY BANK
		
	By:	 	/s/ Michael Martinez
	Name:	 	Michael Martinez
	Title:	 	AVP
		
	By:	 	/s/ Daniel P. Nillen
	Name:	 	Daniel P. Nillen
	Title:	 	Regional SVP

  

			
	 STATE OF Arizona
	  	)
		  	)  SS
	 COUNTY OF Maricopa
	  	)

 I, the undersigned, a Notary Public in and for said County, in the State aforesaid, certify that Michael
Martinez and Daniel Nillen, as AVP and SVP, respectively, of M&I Marshall & Ilsley Bank, personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person, and
acknowledged that they signed, sealed and delivered the instrument as their free and voluntary act, for the use and purposes therein set forth. 
 Given under my hand and notarial seal, this 28 day of June, 2011. 
  

					
	 

	 		 	/s/ Bethanie M. Anderson
	 		 	Notary Public
	 		 	My commission expires: 7/16/14
	 		 	
	 		 	
	 		 	
	 		 	

  
 2 

 EXHIBIT A 
 Legal Description of Mortgaged Property 
 TRACT NO. 1: 

Lots 1, 2, 3, 6 and 8 and Outlots 5, 7,12 and 500, 502, 503 and 504 in the Constitution Trail Subdivision, according to the Plat thereof recorded
August 7, 2007 as Document Number 2007-21949, in McLean County, Illinois, 
 EXCEPTING: The Second Addition to Constitution Trail Centre a
Planned Unit Development in the Town of Normal, according to the Plat thereof recorded June 5, 2008 as Document No. 2008-15763, in McLean County, Illinois. 
 EXCEPTING: 
 The Third Addition to Constitution Trail Centre a Planned Unit Development in the Town
of Normal, according to the Plat thereof recorded June 5, 2008 as Document No. 2008-15764, in McLean County, Illinois. 
 EXCEPTING:

 The First Addition to Constitution Trail Centre a Planned Unit Development in the Town of Normal, according to the Plat thereof recorded
February 20, 2009 as Document No. 2009-4743, in McLEAN COUNTY, ILLINOIS. 
 EXCEPTING: 

The Fourth Addition to Constitution Trail Centre a Planned Unit Development in the Town of Normal, according to the Plat thereof recorded July 1,
2009 as Document No. 2009-20923, in McLEAN COUNTY, ILLINOIS. 
 TRACT NO. 2: 
 Lot 10 and Outlot 508 in the Second Addition to Constitution Trail Centre a Planned Unit Development in the Town of Normal, according to the Plat thereof recorded June 5, 2008 as Document
No. 2008-15763, in McLean County, Illinois. 
 TRACT NO. 3: 
 OutLot 509 in the Third Addition to Constitution Trail Centre a Planned Unit Development in the Town of Normal, according to the Plat thereof recorded June 5, 2008 as Document No. 2008-15764, in
McLean County, Illinois. 
 TRACT NO. 4: 
 Lot 20 and Outlots 506 and 507 in the First Addition to Constitution Trail Centre a Planned Unit Development in the Town of Normal, according to the Plat thereof recorded February 20, 2009 as
Document No. 2009-4743, in McLEAN COUNTY, ILLINOIS. 
 TRACT NO. 5: 
 Lots 9 and Outlot 510 in the Fourth Addition to Constitution Trail Centre a Planned Unit Development in the Town of Normal, according to the Plat thereof recorded July 1, 2009 as Document
No. 2009-20923, in McLEAN COUNTY, ILLINOIS. 

 14-16-454-001 Lot 1; 
 14-16-454-002 Lot 2; 
 14-16-454-004 Lot 3; 

14-16-380-001 Lot 6; 
 14-16-379-004 Lot 8;

 14-16-380-002 Outlot 5; 

14-16-379-005 Outlot 7; 
 14-16-379-001 Outlot
12; 
 14-16-454-003 Outlot 500; 

14-16-326-003 Outlot 502; 
 14-16-326-002 Outlot
503; 
 14-16-404-001 and 14-16-404-002 Outlot 504 and as underlying land No. for Lot 20 and Outlots 506 and 507; 

14-16-379-006 and 14-16-379-007 underlying lands - Lot 10 and Outlot 508 and as unlying lands No. for Lot 9 and Outlots 510 

14-16-405-001 Underlying lands 0 Lot 509General Assignment

 Exhibit 10.8 
 GENERAL ASSIGNMENT 
 THIS GENERAL ASSIGNMENT (this
“Assignment”) is made as of this 29th day of June, 2011, by M&I Marshall and Ilsley Bank, having an address at 770 North Water Street, Milwaukee, Wl 53202 (“Assignor”) in favor of TNP SRT Constitution Trail, LLC, a Delaware
limited liability company, having a place of business at c/o Thompson National Properties, LLC, 1900 Main Street, Suite 700, Irvine , CA 92614 (“Assignee”). 
 RECITALS 
 A. Assignor and TNP Strategie Retail Trust, Inc. have
entered into that certain Loan Sale Agreement dated June 21, 2011, as subsequently assigned from TNP Strategic Retail Trust, Inc. to Assignee (the “Loan Sale Agreement”) whereby Assignor agrees to convey to Assignee all of
Assignor’s right, title and interest in and to the Loans and the Loan Documents (as defined in the Loan Sale Agreement) that are described on Exhibit 1 hereto. Assignee agrees to accept the Loans on the terms and conditions stated in the
Loan Sale Agreement. 
 B. Pursuant to the Loan Sale Agreement, Assignor desires to execute this Assignment in favor of
Assignee. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the sum of TEN and 00/100 DOLLARS ($10.00) and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged,
Assignor hereby agrees as follows: 
 (a) Definitions. Capitalized terms used but not defined herein shall have the same
meaning as set forth in the Loan Sale Agreement. 
 (b) Assignment. Assignor hereby sells, assigns, transfers and conveys
to Assignee, without any representation, warranty or recourse other than as specifically provided for in the Loan Sale Agreement, all of Assignor’s right, title and interest in and to all of the notes and the Loans evidenced by the notes,
including any and all guaranties and collateral and other security for the Loans, with such documents and security interests more fully described on Exhibit 1 hereto. 
 (c) Successors. This Assignment shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, legal representatives, successors and assigns. 

(d) Governing Law. This Assignment shall be governed by the laws of the State of Wisconsin. 

(e) WAIVER OF JURY TRIAL. SELLER AND BUYER BOTH IRREVOCABLY WAIVE ANY AND ALL RIGHT EITHER PARTY MIGHT HAVE TO A TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS ASSIGNMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS ASSIGNMENT OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. EACH OF THE SELLER AND THE BUYER ACKNOWLEDGES THAT THE
FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 

 (f) Construction. Unless the context otherwise requires, singular nouns and pronouns,
when used herein, shall be deemed to include the plural of such noun or pronoun and pronouns of one gender shall be deemed to include the equivalent pronoun of the other gender. 

IN WITNESS WHEREOF, Assignor has executed this Assignment as of the date first above written. 

 

			
	Assignor:
	
	M&I MARSHALL AND ILSLEY BANK
		
	By:	 	/s/ Michael Martinez
	Name:	 	Michael Martinez
	Title:	 	AVP

 EXHIBIT 1 
 All Loan Documents arising from the original loan dated October 12, 2006, by and between M&I Marshall and Ilsley Bank and Constitution Trail, LLC, a Nebraska limited liability company, including
but not limited to all loan agreements, promissory notes, mortgages, security agreements, loan modification agreements, assignments, promissory note extensions, UCC Financing Statements, guaranty agreements, and also including all amendments and
modifications thereto.Promissory Note

 Exhibit 10.9 
 PROMISSORY NOTE 
  

			
	$15,300,000	  	New York, New York
		  	June 29, 2011

 FOR VALUE RECEIVED, TNP SRT CONSTITUTION TRAIL, LLC, a Delaware limited
liability company, having an address at c/o Thompson National Properties, LLC, 1900 Main Street, Suite 700, Irvine, CA 92614 (“Borrower”), hereby unconditionally promises to pay to the order of TL DOF III HOLDING CORPORATION,
a Delaware corporation, having an address at c/o Torchlight Investors, 230 Park Avenue, 12th Floor, New York, New York 10169 (“Lender”), as payee, at its office set forth above or at such other place as the holder hereof may from time to time designate in writing, the principal
sum of FIFTEEN MILLION-THREE HUNDRED THOUSAND and 00/100 Dollars ($15,300,000.00), or so much thereof as is advanced in lawful money of the United States of America with interest thereon to be computed from the date of this note (this
“Note”), at the interest rate or, if applicable, the Default Rate, and to be paid in accordance with the terms of this Note and that certain credit agreement dated as of the date hereof between Borrower and Lender (the
“Credit Agreement”). All capitalized terms not defined herein shall have the respective meanings set forth in the Credit Agreement. 
 ARTICLE I 
 PAYMENT TERMS 

Borrower agrees to pay the principal sum of this Note, interest on the outstanding principal balance of this Note (including any
component thereof consisting of Deferred Interest), the Origination Fee, the Exit Fee and the Prepayment Premium (if applicable) and all other amounts due under the Credit Agreement (collectively, the “Debt”), all in accordance with
the terms of this Note and the Credit Agreement. The outstanding principal balance of this Note may only be prepaid in accordance with the Credit Agreement. 
 Interest on the outstanding principal balance of this Note shall accrue at the interest rate(s) specified in the Credit Agreement. 
 ARTICLE II 
 DEFAULT AND ACCELERATION 

The Debt shall without notice become immediately due and payable at the option of Lender if unpaid on the Maturity Date or upon the
occurrence of any other Event of Default. 

 ARTICLE III 
 DEFAULT INTEREST 
 During the continuance of an Event of Default, Lender
shall be entitled to receive interest at the default rate specified in Section 4(c) of the Credit Agreement. This Article, however, shall not be construed as an agreement or privilege to extend the date of the payment of the Debt, nor as a
waiver of any other right or remedy accruing to Lender by reason of the occurrence and continuance of an Event of Default. 

ARTICLE IV 

LOAN DOCUMENTS 
 This Note is secured by the Credit Agreement and the other Transaction Documents. All of the terms, covenants and conditions contained in the Credit Agreement and the other Transaction Documents are
hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event of a conflict or inconsistency between the terms of this Note and the terms of the Credit Agreement, the terms and
provisions of the Credit Agreement shall govern. 
 ARTICLE V 

SAVINGS CLAUSE 
 Notwithstanding anything to the contrary, (a) all agreements and communications between Borrower and Lender are hereby and shall automatically be limited so that, after taking into account all
amounts deemed interest, the interest contracted for, charged or received by Lender shall never exceed the maximum legal rate, (b) in calculating whether any interest exceeds the maximum legal rate, all such interest shall be amortized,
prorated, allocated and spread over the full amount and term of all principal indebtedness with respect to the Loan to Borrower by Lender, and (c) if through any contingency or event, Lender receives or is deemed to receive interest in excess
of the maximum legal rate, any such excess shall be deemed to have been applied to the outstanding principal amount of the Loan, with any excess refunded to Borrower. 
 ARTICLE VI 
 NO ORAL CHANGE 

This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the
part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 

  
 2 

 ARTICLE VII 
 WAIVERS 
 Except as otherwise provided in the Credit Agreement, Borrower
and all others who may become liable for the payment of all or any part of the Debt do hereby severally waive presentment and demand for payment, notice of dishonor, notice of intention to accelerate, notice of acceleration, protest and notice of
protest and non-payment and all other notices of any kind. No release of any security for the Debt or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the
Credit Agreement or the other Transaction Documents made by agreement between Lender or any other Person shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower, and any other Person who may
become liable for the payment of all or any part of the Debt. No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further action without further notice or demand as
provided for in this Note. 
 ARTICLE VIII 
 GOVERNING LAW; SUBMISSION TO JURISDICTION 
 THIS NOTE WAS NEGOTIATED IN
THE STATE OF NEW YORK, AND MADE BY BORROWER AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THIS NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO
THE UNDERLYING TRANSACTION EMBODIED HEREBY. IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER
AND, BY ITS ACCEPTANCE HEREOF, LENDER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK. 
 TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR
BORROWER ARISING OUT OF OR RELATING TO THIS NOTE MAY, AT THE OPTION OF LENDER, BE INSTITUTED IN ANY FEDERAL OR STATE COURT SITTING IN NEW YORK COUNTY, NEW YORK, AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE
AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING. BORROWER AND, BY ITS ACCEPTANCE HEREOF, LENDER HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN NEW YORK, NEW YORK IN RESPECT OF ANY ACTION OR
PROCEEDING ARISING UNDER THIS NOTE OR THE OTHER TRANSACTION DOCUMENTS. 

  
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 ARTICLE IX 
 NOTICES 
 All notices or other written communications hereunder shall be
delivered in accordance with the Credit Agreement. 
 ARTICLE X 

TRIAL BY JURY 
 BORROWER AND, BY ITS ACCEPTANCE HEREOF, LENDER EACH AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH
RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS NOTE OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION HEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND, BY ITS ACCEPTANCE OF
THIS NOTE, LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EITHER PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS
CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER. 

  
 4 

 IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and year first
above written. 
  

					
	BORROWER:
	
	 TNP SRT CONSTITUTION TRAIL, LLC,
 a Delaware limited liability company

		
	By:	 	TNP Strategic Retail Operating Partnership,
	L.P., a Delaware limited partnership
	Its:	 	Sole Member
			
		 	By:	 	 TNP Strategic Retail Trust, Inc.,
 a Delaware corporation

		 	Its:	 	General Partner
			
		 	By:	 	/s/ James Wolford
		 	Name:	 	James Wolford
		 	Its:	 	CFO

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