Document:

Assignment of Management Agreement and Subordination of Management Fees

 Exhibit 10.6 
 ASSIGNMENT OF MANAGEMENT AGREEMENT AND 
 SUBORDINATION OF MANAGEMENT FEES

 THIS ASSIGNMENT OF MANAGEMENT AGREEMENT AND SUBORDINATION OF MANAGEMENT FEES
(“Assignment”) is made as of the
21st day of October, 2011, between 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”), TL DOF III HOLDING CORPORATION, a Delaware
corporation, having an address at c/o Torchlight Investors, 230 Park Avenue, New York, New York 10169 (together with its successors and/or assigns, “Lender”), and is acknowledged and consented to by TNP PROPERTY MANAGER,
LLC, a Delaware limited liability company having its principal place of business at c/o Thompson National Properties, LLC, 1900 Main Street, Suite 700, Irvine, CA 92614 (“Agent”). 

RECITALS: 

A. Borrower is the owner of fee title to the land and improvements known as _ Constitution Trail Shopping Center, Normal, Illinois, which
land and improvements are more particularly described in the Security Instrument (the “Property”). 
 B.
Lender is the current holder of a first lien mortgage loan in respect of the Property in the original principal amount of Fifteen Million Five Hundred Forty-Three Thousand Six Hundred Ninety-Six and 00/100 (15,543,696.00) (the
“Loan”). The Loan is evidenced by a note in the stated principal amount of Fifteen Million Five Hundred Forty-Three Thousand Six Hundred Ninety-Six and 00/100 (15,543,696.00) (the “Note”) by
Borrower in favor of Lender and secured by, inter alia, that certain Mortgage, Security Agreement and Assignment of Leases and Rents made by Borrower in favor of Lender (the “Security Instrument”). The Note, the
Mortgage and the other documents executed in connection therewith are referred to herein collectively as the “Loan Documents”. 
 C. Pursuant to a Property and Asset Management Agreement, dated as of TNP Property Manager, LLC, a Delaware limited liability company (the “Management Agreement”), a copy of which
is annexed hereto as Exhibit A, Borrower appointed Agent as the manager of the Property, and Agent accepted such appointment. The Management Agreement calls for the payment of certain fees to Agent (the “Management
Fees”). 
 D. Lender requires that Borrower collectively assign the Management Agreement to Lender and that Agent
subordinate its interest in the Management Fees in lien and payment to the Mortgage as set forth below. 
 AGREEMENT:

 For good and valuable consideration, the parties hereto agree as follows: 

1. Assignment of Management Agreement. As additional collateral security for the Loan, Borrower hereby conditionally transfers,
sets over and assigns to Lender all of 

 
Borrower’s right, title and interest in and to the Management Agreement, said transfer and assignment to automatically become a present, unconditional assignment, at Lender’s option, in
the event of a default by Borrower under the Loan Documents, including but not limited to escrow agreements, and the failure of Borrower to cure such default within any applicable notice and/or grace period. 

2. Subordination of Management Fees. The Management Fees and all rights and privileges of Agent to such Management Fees are hereby
and shall at all times continue to be subject and unconditionally subordinate in all respects in lien and payment to the lien and payment of the Loan Documents and to any renewals, extensions, modifications, assignments, replacements, or
consolidations thereof and the rights, privileges, and powers of Lender thereunder. 
 3. Termination. At such time as
the Loan is paid in full and the Mortgage is released or assigned of record, this Agreement and all of Lender’s right, title and interest hereunder with respect to the Management Agreement shall terminate. 

4. Estoppel. Agent represents and warrants that (a) the Management Agreement is in full force and effect and has not been
modified, amended or assigned with respect to the Property, (b) neither Agent nor Borrower is in default under any of the terms, covenants or provisions of the Management Agreement and Agent knows of no event which, but for the passage of time
or the giving of notice or both, would constitute an event of default under the Management Agreement, (c) neither Agent nor Borrower has commenced any action or given or received any notice for the purpose of terminating the Management
Agreement with respect to the Property and (d) the Management Fees and all other sums due and payable prior to the date hereof to the Agent under the Management Agreement have been paid in full. 

5. Borrower’s Covenants. Borrower hereby covenants with Lender that during the term of this Assignment: (a) Borrower
shall not transfer the responsibility for the management of the Property from Agent to any other person or entity without prior written notification to Lender and the prior written consent of Lender, which consent shall not be unreasonably withheld
or delayed, other than to Borrower or an affiliate of Borrower; (b) Borrower shall not terminate or amend any of the terms or provisions of the Management Agreement without the prior written consent of Lender, which consent shall not be
unreasonably withheld or delayed; and (c) Borrower shall, in the manner provided for in this Agreement, give notice to Lender of any notice or information that Borrower receives which indicates that Agent is terminating the Management Agreement
or that Agent is otherwise discontinuing its management of the Property. 
 6. Agreement by Borrower and Agent. Borrower
and Agent hereby agree that upon the occurrence an Event of Default under the Loan Documents (an “Event of Default”) during the term of this Agreement, at the option of Lender exercised by written notice to Borrower and
Agent: (a) all rents, security deposits, issues, proceeds and profits of the Property collected by Agent, after payment of all costs and expenses of operating the Property (including, without limitation, operating expenses, real estate taxes,
insurance premiums and repairs and maintenance), shall be applied in accordance with Lender’s written directions to Agent; (b) Agent shall not collect or be entitled to any Management Fees or other fee or

 
commission due under the Management Agreement following termination thereof, except those that are due and payable prior to the date of any such termination thereof; and (c) Lender may
exercise its rights under this Assignment and may immediately terminate the Management Agreement and require Agent to transfer its responsibility for the management of the Property to a management company selected by Lender in Lender’s sole and
absolute discretion. 
 7. Lender’s Right to Replace Agent. In addition to the foregoing, in the event that Agent
becomes insolvent, Lender may exercise its rights under this Assignment and direct Borrower to terminate the Management Agreement and to replace Agent with a management company acceptable to Lender in Lender’s sole and absolute discretion.

 8. Receipt of Management Fees. Borrower and Agent hereby agree that Agent shall not be entitled to receive any
Management Fees or other fee, commission or other amount payable to Agent under the Management Agreement for and during any period of time that any Event of Default has occurred and is continuing; provided, however, that Agent shall not be obligated
to return or refund to Lender any Management Fees or other fee, commission or other amount already received by Agent prior to the occurrence of the Event of Default and to which Agent was entitled under this Assignment; and provided, further, that
Agent shall have no further obligation to perform its obligations under the Management Agreement for so long as and to the extent that Agent is not collecting Management Fees or has not been paid same. 

9. Consent and Agreement by Agent. Agent hereby acknowledges and consents to this Assignment and agrees that Agent will act in
conformity with the provisions of this Assignment and Lender’s rights hereunder or otherwise related to the Management Agreement. In the event that the responsibility for the management of the Property is transferred from Agent in accordance
with the provisions hereof, Agent shall, and hereby agrees to, fully cooperate in transferring its responsibility to a new management company and effectuate such transfer no later than thirty (30) days from the date the Management Agreement is
terminated. Further, Agent hereby agrees (a) not to contest or impede the exercise by Lender of any right it has under or in connection with this Assignment; and (b) that it shall, in the manner provided for in this Assignment, give at
least thirty (30) days prior written notice to Lender of its intention to terminate the Management Agreement or otherwise discontinue its management of the Property. 
 10. Governing Law. This Assignment shall be deemed to be a contract entered into pursuant to the laws of the state of Illinois and shall in all respects be governed, construed, applied and enforced
in accordance with the laws of the state of Illinois without regard to principles of conflicts of laws. For the purposes of any litigation relating to this Assignment, Borrower and Agent each hereby irrevocably submits to the jurisdiction of any
State or Federal courts of the State of Illinois and any State or Federal courts of the Southern District of New York of competent jurisdiction, and agrees with Lender that personal jurisdiction over Borrower and Agent rests with such courts for
purposes of any action on or related to this Assignment. Borrower and Agent each hereby waives personal service by manual delivery and agrees that service of process may be made by prepaid certified mail directed to the address of such party for
notices under this Assignment or at such other address as may be designated in writing by Borrower and Agent, respectively, to Lender, and that upon mailing of such process such service will be effective as if such party was personally served.
Borrower and Agent each agrees that a final judgment in any such action or proceeding shall be conclusive and may be 

 
enforced in other jurisdictions by suit on the judgment or in any manner provided by law. Borrower and Agent each further waives any objection to venue in any such action or proceeding on the
basis of inconvenient forum. Borrower and Agent each agrees that any action on or proceeding brought against Lender shall only be brought in such courts. 
 11. Notices. Any notice, demand, statement, request or consent made hereunder shall be in writing and shall be deemed to be received by the addressee on the third day following the day such notice
is deposited with the United States Postal Service first class certified mail, return receipt requested, addressed to the address, as set forth below, of the party to whom such notice is to be given, or to such other addressee as either party shall
in like manner designate in writing. The addresses of the parties hereto are as follows: 
  

					
	If to Borrower:	  	 TNP SRT Constitution Trail, LLC
 c/o Thompson National Properties, LLC
 1900 Main Street, Suite 700,

Irvine, CA 92614

Attention: Christopher Lal, Esq., General Counsel
 Facsimile: (949) 252-0212
  

With a copy to:
  
 Hirschler Fleischer
 The Edgeworth Building
 2100 East Cary Street
 Richmond, VA 23223
 Attention: Thomas G. Voekler, Esq.
 Facsimile: (804) 644-0957

 
	  	 
			
	If to Agent:	  	 TNP Property Manager, LLC
 c/o
Thompson National Properties, LLC
 1900 Main Street, Suite 700,
 Irvine, CA 92614
 Attention: Christopher Lal, Esq., General Counsel

Facsimile: (949) 252-0212
  
	  	
			
	If to Lender:	  	 TL DOF III Holding Corporation
 c/o Torchlight Investors
 230 Park Avenue
 New York, NY 10169
 Attention: Steve Schwartz

Facsimile: (212) 883-2955
	  	

					
	  	  	 With a copy to:
  

TL DOF III Holding Corporation
 c/o Torchlight
Investors
 230 Park Avenue
 New York,
NY 10169
 Attention: Abbey Kosakowski, Esq.
 Facsimile: (212) 883-2888
  

And a copy to:
  
 Herrick, Feinstein LLP
 2 Park Avenue
 New York, NY 10016
 Attention: Dennis M. Sughrue, Esq.

Facsimile: (212) 545-3437
	  	  

 For purposes of this Section 11, the term “Business
Day” shall mean a day on which commercial banks are not authorized or required by law to close in New York, New York. 
 12. No Oral Change. This Assignment, and any provisions hereof, 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, Agent 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. 

13. Liability. If Borrower or Agent consists of more than one person, the respective obligations and liabilities of each such
person hereunder shall be joint and several. This Assignment shall be binding upon and inure to the benefit of Borrower, Agent and Lender and their respective successors and assigns forever. 

14. Inapplicable Provisions. If any term, covenant or condition of this Assignment is held to be invalid, illegal or unenforceable
in any respect, this Agreement shall be construed without such provision. 
 15. Headings, etc. The headings and captions
of various paragraphs of this Assignment are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 

16. Duplicate Originals; Counterparts. This Assignment may be executed in any number of duplicate originals and each duplicate
original shall be deemed to be an original. This Assignment may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall constitute a single Assignment. The failure of any
party hereto to execute this Assignment, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 

 17. Number and Gender. Whenever the context may require, any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. 
 18. Miscellaneous. (a) Wherever pursuant to this Assignment (i) Lender exercises any right given to it to approve or disapprove, (ii) any arrangement or term is to be satisfactory to
Lender, or (iii) any other decision or determination is to be made by Lender, the decision of Lender to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other decisions and
determinations made by Lender, shall be in the sole and absolute discretion of Lender and shall be final and conclusive, except as may be otherwise expressly and specifically provided herein. 

(b) Wherever pursuant to this Assignment it is provided that Borrower pay any costs and expenses, such costs and expenses shall include,
but not be limited to, reasonable legal fees and disbursements or Lender, whether retained firms, the reimbursement for the expenses of in-house staff or otherwise. 
 [The remainder of this page is intentionally left blank.] 

 IN WITNESS WHEREOF Borrower and Lender have executed this Assignment as of the date first
written above. 
  

							
	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 Maryland corporation, its General Partners
				
		 		 	By:	 	 /s/ James Wolford

		 		 		 	Name: James Wolford
		 		 		 	Title: CFO
	
	LENDER:
	
	TL DOF III HOLDING CORPORATION,
	a Delaware corporation
		
	By:	 	 /s/ Steven Z. Schwartz

		 	Name: Steven Z. Schwartz
		 	Title: Managing Director

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

 ACCEPTED AND AGREED: 
 AGENT: 
 TNP PROPERTY MANAGER, LLC, 

a Delaware limited liability company 
  

					
	  By:	 	 Thompson National Properties, LLC.,
 a Delaware limited liability company,
 its sole member

			
		 	 By:
	 	 /s/ James Wolford

		 		 	Name: James Wolford
		 		 	 Title: CFO

  

 EXHIBIT A 

Property Management Agreement 
 [To be Attached]Recourse Guaranty

 Exhibit 10.7 
 RECOURSE GUARANTY 
 This RECOURSE GUARANTY
(“Guaranty”) is executed as of October 21, 2011, by TONY THOMPSON, an individual having an address at c/o TNP Strategic Retail Trust Inc., 1900 Main Street, Irvine, California (“Thompson”), and
TNP STRATEGIC RETAIL TRUST INC., a Maryland corporation having an address at c/o Thompson National Properties, LLC, 1900 Main Street, Irvine, California 92614 (hereinafter, individually and collectively, “Guarantor”)
for the benefit of TL DOFF III HOLDING CORPORATION, a Delaware corporation, having an address at c/o Torchlight Investors, 230 Park Avenue, New York, New York 10169 (together with its successors and/or assigns,
“Lender”). 
 W I T N E S S E T
H: 
 WHEREAS, Lender is the holder of that certain Promissory Note (the “Note”),
dated as of the date hereof, in the original principal amount of Fifteen Million Five Hundred Forty-Three Thousand Six Hundred Ninety-Six and 00/100 (15,543,696.00), by TNP SRT Constitution Trail, LLC, a Delaware limited liability company
(“Borrower”); 
 WHEREAS, the Note is secured by that certain Mortgage, Security Agreement and
Assignment of Leases and Rents, dated as of the date hereof, by Borrower in favor of Lender (the “Mortgage”), which mortgage constitutes a mortgage lien against the Mortgaged Property; 

WHEREAS, capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Mortgage;

 WHEREAS, the loan evidenced and secured by the Note, the Mortgage and the other Loan Documents is hereinafter referred
to as the “Loan”; 
 WHEREAS, Lender would not have made the Loan to Borrower unless Guarantor
executed and delivered this Guaranty to Lender; and 
 WHEREAS, Guarantor is the owner of a direct or indirect interest
in Borrower and will directly benefit from the Loan. 
 NOW, THEREFORE, in consideration of the matters described in the
foregoing Recitals, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby jointly and severally agree as follows: 

 ARTICLE I 
 NATURE AND SCOPE OF GUARANTY 
 1.1 Guarantied
Obligations. Guarantor hereby absolutely, irrevocably and unconditionally guaranties to Lender and its successors and assigns (i) the payment and performance in full of the Debt (as defined in the Note) upon (A) the occurrence of a
Voluntary Act of Insolvency (hereinafter defined), (B) the occurrence of a Change of Control, unless Lender shall have theretofore consented thereto and (C) the violation of the special purpose covenants set forth in Section 4.07 of
the Mortgage, if such violation results in the substantive consolidation of the assets of Borrower with the assets of any other Person and (ii) any loss or damage suffered by Lender (including, without limitation, reasonable attorneys’
fees) by reason of (A) fraud or material misrepresentation or physical waste of the Premises by Borrower, (B) the application of the proceeds of casualty insurance or any award made on account of any taking or condemnation in a manner
which violates the terms of the terms of the Loan Documents, (C) Borrower’s collection of rents under leases for a period in excess of thirty (30) days, (D) the misapplication of tenant security deposits, (E) any breach of
the provisions of the Environmental Indemnity or the provisions of the Mortgage relating to Hazardous Materials, (E) the failure to comply with the provisions of Section 3.01 of the Mortgage, (F) the failure to comply with the
provisions of Section 2.04 of the Mortgage, (G) Borrower’s failure to apply all rents and other proceeds of the Premises to the Obligations in accordance with the terms of the Loan Documents or to the maintenance and repair of the
Premises during the continuance of an Event of Default and (H) any bad faith attempt by Borrower or Guarantor or any of the principals or Affiliates thereof to impede, delay, interfere or otherwise frustrate Lender’s enforcement of its
rights under the Loan Documents. For purposes of this Agreement, the term “Voluntary Act of Insolvency” shall mean, with respect to Borrower or either Guarantor, the commencement by such Person, as debtor, of any case or
proceeding under any bankruptcy, insolvency, reorganization, liquidation, moratorium, dissolution, delinquency or similar law or the commencement of an involuntary case or proceeding under any bankruptcy or analogous law, which case or proceeding
was coordinated, facilitated or otherwise directed by Borrower, either Guarantor or any of their respective Affiliates. The obligations guarantied by this Section 1.1 are hereinafter referred to as the “Guarantied
Obligations”. 
 1.2 Joint and Several. Each Person (as defined in the Mortgage) comprising Guarantor
shall be jointly and severally liable on account of the Guarantied Obligations. 
 ARTICLE II 

EVENTS AND CIRCUMSTANCES NOT REDUCING 
 OR DISCHARGING GUARANTOR’S OBLIGATIONS 
 Guarantor hereby
waives any and all defenses to the performance by Guarantor of the duties and obligations of Guarantor under this Guaranty. Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s obligations under this
Guaranty shall not be released, diminished, impaired, reduced or adversely affected by any of the following, and waives any common law, equitable, statutory or other rights (including without limitation rights to notice) which Guarantor might
otherwise have as a result of or in connection with any of the following: 

  
 - 2 -

 2.1 Failure to Disclose Information: Any failure of Lender to disclose to
Guarantor any information relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of Borrower or any Guarantor or any Related Party. 

2.2 Failure to Enforce Guarantied Obligations. Lender’s failure, refusal or neglect in the enforcement or collection
of the Guarantied Obligations against Borrower. 
 2.3 Modifications. Any renewal, extension, increase,
modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the Note, the Pledge Agreement, the other Loan Documents, or any other document, instrument, contract or understanding between Borrower and Lender, or any
other parties, pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantor of any such action. 

2.4 Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower
or any Guarantor. 
 2.5 Condition of Borrower or Guarantor. The insolvency, bankruptcy, arrangement, adjustment,
composition, liquidation, disability, dissolution or lack of power of Borrower, Guarantor or any other Person at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of Borrower or Guarantor, or any sale,
lease or transfer of any or all of the assets of Borrower or Guarantor, or any changes in the shareholders, partners or members of Borrower or Guarantor; or any reorganization of Borrower or Guarantor. 

2.6 Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any part of the
Guaranteed Obligations, or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including without limitation the fact that (i) the Guaranteed Obligations, or any part thereof, exceeds the
amount permitted by law, (ii) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii) the officers or representatives executing the Note, the Pledge Agreement or the other Loan Documents or otherwise
creating the Guaranteed Obligations acted in excess of their authority, (iv) the Guaranteed Obligations violate applicable usury laws, (v) Borrower has valid defenses, claims or offsets (whether at law, in equity or by agreement) which
render the Guaranteed Obligations wholly or partially uncollectible from Borrower, (vi) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing
part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii) the Note, the Pledge Agreement or
any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other person be found not liable on the
Guaranteed Obligations or any part thereof for any reason. 
 2.7 Release of Obligors. Any full or partial release
of the liability of Borrower on the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform,
guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be 

  
 - 3 -

 
required to pay the Guaranteed Obligations in full without assistance or support of any other Person, and Guarantor has not been induced to enter into this Guaranty on the basis of a
contemplation, belief, understanding or agreement that other Persons will be liable to pay or perform the Guaranteed Obligations, or that Lender will look to other Persons to pay or perform the Guaranteed Obligations. 

2.8 Other Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of payment,
for all or any part of the Guaranteed Obligations. 
 2.9 Release of Collateral. Any release, surrender, exchange,
subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with, or assuring or
securing payment of, all or any part of the Guaranteed Obligations. 
 2.10 Care and Diligence. The failure of
Lender or any other party to exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of such collateral, property or security, including but not limited to any
neglect, delay, omission, failure or refusal of Lender (i) to take or prosecute any action for the collection of any of the Guaranteed Obligations or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to
completion any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations. 

2.11 Unenforceability. The fact that any collateral, security, security interest or lien contemplated or intended to be
given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it
being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectability or value of any of the collateral for the Guaranteed
Obligations. 
 2.12 Merger. The reorganization, merger or consolidation of Borrower into or with any other
Person. 
 2.13 Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the
Loan Documents, the Guaranteed Obligations, or the security and collateral therefor, whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant
to the terms hereof, it is the unambiguous and unequivocal intention of Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action, or omission whatsoever,
whether contemplated or uncontemplated, and whether or not otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations. 

  
 - 4 -

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 To induce Lender to enter into the
Loan Documents and extend credit to Borrower, Guarantor represents and warrants to Lender as follows: 
 3.1
Benefit. Guarantor is an affiliate of Borrower, is the owner of a direct or indirect interest in Borrower, and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed
Obligations. 
 3.2 Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and
records regarding, the financial condition of Borrower and is familiar with the value of any and all collateral intended to be created as security for the payment of the Note or Guaranteed Obligations; however, Guarantor is not relying on such
financial condition or the collateral as an inducement to enter into this Guaranty. 
 3.3 No Representation By
Lender. Neither Lender nor any other Person has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty. 
 3.4 Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be, solvent,
and has and will have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and has and will have property and assets sufficient to satisfy and repay its obligations and liabilities.

 3.5 Governmental Authority. No authorization, approval or other action by, and no notice to or filing with, any
governmental authority is required for the due execution, delivery and performance by Guarantor of this Guaranty. 
 3.6
Financial Statements. The financial statements of and other financial information related to Guarantor that were delivered to Lender, are true, correct and complete in all material respects. Such financial statements fairly present the
financial position of Guarantor. No material adverse change has occurred with respect to Guarantor since the date of such financial statements. 
 3.7 Disclosure. None of Guarantor’s representations or warranties contained in this Guaranty or any other document, certificate or written statement furnished to Lender by or on behalf
of Guarantor contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained in this Guaranty or in such other document, certificate or written statement not misleading. There is
no fact known to Guarantor which could result in a material adverse change to Guarantor which has not been disclosed in writing to Lender by Guarantor. 
 3.8 Legality. The execution, delivery and performance by Guarantor of this Guaranty and the consummation of the transactions contemplated hereunder do not, and will not,

  
 - 5 -

 
contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is subject or constitute a default (or an event which with notice or lapse of time or both would
constitute a default) under, or result in the breach of, any indenture, mortgage, charge, lien, or any contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor. This Guaranty is a legal and
binding obligation of Guarantor and is enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights. 

3.9 Survival. All representations and warranties made by Guarantor herein shall survive the execution hereof. 

ARTICLE IV 

SUBORDINATION OF INDEBTEDNESS 
 4.1 Subordination of All Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean all debts and liabilities of Borrower to Guarantor, whether such debts and
liabilities now exist or are hereafter incurred or arise, or whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be
evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may
hereafter be acquired by Guarantor. The Guarantor Claims shall include without limitation all rights and claims of Guarantor against Borrower (arising as a result of subrogation or otherwise) as a result of Guarantor’s payment of all or a
portion of the Guaranteed Obligations. All Guarantor Claims are and shall be subordinate to the Loan. 
 4.2 Claims in
Bankruptcy. In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief, or other insolvency proceedings involving Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so
as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to
Lender. Should Lender receive, for application upon the Guaranteed Obligations, any such dividend or payment which is otherwise payable to Guarantor, and which, as between Borrower and Guarantor, shall constitute a credit upon the Guarantor Claims,
then upon payment to Lender in full of the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed
Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims. 

4.3 Payments Held in Trust. In the event that, notwithstanding anything to the contrary in this Guaranty, Guarantor should
receive any funds, payment, claim or distribution which is prohibited by this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims or distributions so received, and agrees that it

  
 - 6 -

 
shall have absolutely no dominion over the amount of such funds, payments, claims or distributions so received except to pay them promptly to Lender, and Guarantor covenants promptly to pay the
same to Lender. 
 4.4 Subordination. Guarantor agrees that any claims, liens, security interests, judgment liens,
charges or other encumbrances against Borrower and/or Borrower’s assets with respect to the Guarantor Claims shall be and remain inferior and subordinate to any claims, liens, security interests, judgment liens, charges or other encumbrances of
Lender against Borrower and/or Borrower’s assets of Lender, regardless of whether such claims and/or encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender,
Guarantor shall not (i) make any demand for payment of, or take any action to accelerate, any obligation owed to Guarantor by Borrower, or seek to collect payment of any such obligation, (ii) exercise or enforce any creditor’s right
it may have against Borrower, or (iii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation,
bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any claims, liens, mortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances against Borrower or the assets of Borrower held
by Guarantor. 
 ARTICLE V 
 MISCELLANEOUS 
 5.1 Remedies. Lender shall not, by any
act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies under this Guaranty or otherwise. A waiver by Lender of any right or remedy under this Guaranty on any one occasion, shall not be construed as a ban or waiver
of any such right or remedy which Lender would have had on any future occasion, nor shall Lender be liable for exercising or failing to exercise any such right or remedy. 
 The rights and remedies of Lender under this Guaranty are cumulative and, as such, are in addition to any other rights and remedies available to Lender under law or any other agreements. 

If Lender is exercising any of its rights and remedies with respect to Borrower or any or all of the Property, to the extent permitted by
law, Guarantor will not object to any action taken by Lender in enforcing such rights and remedies to the extent such action is permitted by law. 
 5.2 Reporting Requirements. Guarantor will provide immediate notice to Lender if (1) any representation and warranty included in this Guaranty would no longer be true if made on such
date or (2) there is a material adverse change with respect to Guarantor. Guarantor will furnish to Lender from time to time such information regarding Guarantor as Lender may reasonably request. 

5.3 Waiver of Suretyship Defenses. Guarantors hereby waive (i) notice of acceptance hereof, (ii) grace, demand,
presentment or protest with respect to the Guarantied Obligations or any instrument, agreement or document evidencing the same, (iii) notice of grace, 

  
 - 7 -

 
demand, presentment and protest, (iv) notice of non-performance or other defaults, (v) notice of the renewal, extension, amendment and/or modification of any of the terms and provisions
of this Lease and (v) any other notice in respect of Guarantied Obligations. 
 5.4 Waiver of other Defenses.
No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right. The rights of Lender hereunder shall be in addition to all other rights provided by law. No modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall be effective unless in writing and no such
consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand.

 5.5 Notices. Any notice, demand, statement, request or consent made hereunder shall be in writing and shall be
deemed to be received by the addressee on the third day following the day such notice is deposited with the United States Postal Service first class certified mail, return receipt requested, addressed to the address, as set forth below, of the party
to whom such notice is to be given, or to such other addressee as either party shall in like manner designate in writing. The addresses of the parties hereto are as follows: 
 Guarantor: 
 Tony Thompson 

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

Attention: Christopher Lal, Esq., General Counsel 
 Facsimile: (949) 252-0212 
 and: 

TNP Strategic Retail Trust Inc. 
 c/o Thompson National Properties, LLC 
 1900 Main Street 

Irvine, CA 92614 

Attention: Christopher Lal, Esq., General Counsel 
 Facsimile: (949) 252-0212 
 with a copy to: 

Hirschler Fleischer 
 2100 East Cary Street 
 Richmond, VA 23223 

Attn: Tom Voeckler, Esq. 
 Facsimile: (804) 644-0957 

  
 -8-

 Lender: 
 TL DOFF III Holding Corporation 
 c/o Torchlight Investors 

230 Park Avenue 

New York, NY10169 

Attention: Steve Schwartz 
 Facsimile: (212) 883-2955 
 With a copy to: 

TL DOFF III Holding Corporation 
 c/o Torchlight Investors 
 230 Park Avenue 

New York, NY10169 
 Attention: Abbey Kosakowski, Esq. 
 Facsimile: (212) 883-2888 

And a copy to: 
 Herrick, Feinstein LLP 
 2 Park Avenue 

New York, NY 10016 
 Attention: Dennis M. Sughrue, Esq. 
 Facsimile: (212) 545-3437 

5.6 Governing Law. This Guaranty is, and shall be deemed to be, a contract entered into under and pursuant to the laws of
the State of Illinois and shall be in all respects governed, construed, applied and enforced in accordance with the laws of the State of Illinois without regard to principles of conflicts of laws. 

5.7 Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or
future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and
the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of this
Guaranty, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. 

5.8 Indemnity and Expenses. Guarantor hereby indemnifies Lender from and against any and all claims, losses, damages and
liabilities growing out of or resulting from this Guaranty, including enforcement of this Guaranty, except claims, losses, damages or liabilities resulting from Lender’s gross negligence and willful misconduct.

  
 -9-

 Guarantor will upon demand pay to Lender the amount of any and all expenses, including the
fees and expenses of Lender’s counsel and of any experts and agents, which Lender incurs in connection with (i) any amendment to this Guaranty, (ii) the administration of this Guaranty, (iii) the exercise or enforcement of any of
the rights of Lender under this Guaranty, or (iv) the failure by Guarantor to perform or observe any of the provisions of this Guaranty. 
 5.9 Amendments. This Guaranty may be amended only by an instrument in writing executed by the party or an authorized representative of the party against whom such amendment is sought to be
enforced. 
 5.10 Parties Bound. This Guaranty will bind the estate of Guarantor as to Obligations created or
incurred both before and after the death or incapacity of Guarantor, whether or not Lender receives notice of such death or incapacity. This Guaranty shall be binding upon and inure to the benefit of the parties hereto and their respective
successors, assigns and legal representatives; provided, however, that Guarantor may not, without the prior written consent of Lender, assign any of its rights, powers, duties or obligations hereunder. Lender may assign or otherwise transfer all or
a portion of its rights or obligations with respect to the obligations under the Loan Documents to any other Person, and such other Person shall then become vested with all the benefits in respect of such transferred obligations granted to Lender in
this Guaranty or otherwise. Guarantor agrees that Lender can provide information regarding Guarantor to any prospective or actual successor, transferee or assign. 
 5.11 Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty. 

5.12 Counterparts. This Guaranty may be executed in counterparts. 

5.13 Other Defined Terms. Any capitalized term utilized herein shall have the meaning as specified in the Loan Agreement,
unless such term is otherwise specifically defined herein. 
 5.14 Submission to Jurisdiction. For the purposes of
any litigation relating to the Note, this Guaranty, Guarantor hereby irrevocably submits to the jurisdiction of any State or Federal courts of the State of Illinois and any State or Federal courts of the Southern District of New York of competent
jurisdiction, and agrees with Lender that personal jurisdiction over Guarantor rests with such courts for purposes of any action on or related to this Guaranty. Guarantor hereby waives personal service by manual delivery and agrees that service of
process may be made by prepaid certified mail directed to Guarantor at the address of Guarantor for notices under this Guaranty or at such other address as may be designated in writing by Guarantor to Lender, and that upon mailing of such process
such service will be effective as if Guarantor was personally served. Guarantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any manner
provided by law. Guarantor further waives any objection to venue in any such action or proceeding on the basis of inconvenient forum. Guarantor agrees that any action on or proceeding brought against Lender shall only be brought in such courts.

  
 -10-

 5.15 Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND
LENDER WITH RESPECT TO GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS
GUARANTY IS INTENDED BY GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND
LENDER. 
 5.16 Waiver of Right To Trial By Jury. GUARANTOR HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE PLEDGE OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR
OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY
WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR. 
 5.17 Reinstatement in Certain Circumstances. If at any time any payment of the principal of or interest under the Note or any other amount payable by Borrower under the Loan Documents is
rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, the Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment has
been due but not made at such time. 
 Guarantor hereby consents that, without the necessity of any reservation of rights
against Guarantor and without notice to or further assent by Guarantor, any demand for payment of any of the obligations under the Loan Documents made by Lender may be rescinded by Lender and any of such obligations continued after such rescission.

 (Signature page follows) 

  
 -11-

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty as of the
date of this Guaranty first written above. 
  

			
	GUARANTORS:
	
	 /s/ Tony Thompson

	 TONY THOMPSON, individually

	
	 TNP STRATEGIC RETAIL TRUST INC.,
 a Maryland corporation

		
	By:	 	 /s/ James Wolford

		 	Name: James Wolford
		 	Title: CFO

 [Constitution Trail - Recourse Guaranty]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}]]