Document:

2012 Management Incentive Plan

 Exhibit 10.1 
 MANAGEMENT INCENTIVE PLAN 
 CONDITIONS AGREEMENT

FISCAL YEAR ENDING 2/2/2013 
 A.
Purpose: The purpose of the Cost Plus, Inc. FYE 02/02/2013 “Management Incentive Plan” is to reward employees whose contributions assist Cost Plus, Inc. (“Cost Plus” or the “Company”) in achieving
its goals for the Fiscal Year ending February 2, 2013. 
 B. Earning Terms and Conditions: Regular, full time employees, who
work for Cost Plus in incentive-eligible positions during the Fiscal Year, are eligible to earn an incentive(s) only if each of the following conditions is fully met: 
 1. The employee must be actively employed by Cost Plus through the end of the Fiscal Year, except if the employee is on an approved Leave of Absence from which the employee returns to actively working for
Cost Plus for at least one (1) month. (the date upon which such one (1) month period ends is referred to as the “Post-Leave Bonus Date”). 
 2. The employee must be actively employed by Cost Plus at the time incentives are paid, or be on an approved Leave of Absence from which the employee returns to actively working for Cost Plus for at
least one (1) month. An employee on an approved Leave of Absence who completes one (1) month of active work upon his/her return from such Leave of Absence will receive his/her incentive(s), if any and subject to the terms and conditions of
this plan, no later than the fifteenth (15th) day of
the third (3rd) month following the later of
(a) the end of the calendar year in which the Post-Leave Bonus Date occurs; or (b) the end of Cost Plus’ fiscal year in which the Post-Leave Bonus Date occurs. 
 3. The employee — including an employee hired or promoted into an incentive-eligible position after the beginning of the Fiscal Year — must have actively worked (e.g., provided services) for the
Company for at least six (6) months of the Fiscal Year in an incentive eligible position. 
 4. The final 2012 EBITDA from continuing
operations results (excluding costs associated with store closures) must be at least ____. 

 5. The employee must be in Good Standing throughout the Fiscal Year 

6. If an employee eligible for one target payout % is re-located or re-assigned to a position within Cost Plus during the Fiscal Year that is eligible
for a different target payout %, the employee will be eligible, on a prorated basis, for both types of incentive based on: 

a. the amount of time the employee spent in each position during the Fiscal Year 

b. final 2012 EBITDA from continuing operations results of at least ____. 

c. the employee’s actual earned salary in each position exclusive of bonus, incentive payments, benefits or earnings paid while on a
Leave of Absence. 
 C. Definitions: 
 1. An employee is in “Good Standing” if: 
 a. the employee has performed
his/her job during the Fiscal Year at a consistently “meets requirements” level; specifically, has not received any written performance or conduct warnings during the fiscal year; and 

b. has not engaged in any grossly negligent, intentionally negligent or dishonest conduct. 

2. An employee’s “Annual Salary” means the total salary amount received by the employee from the Company while in a bonus-eligible
position during the Fiscal Year, exclusive of all bonuses and benefits. 
 3. For the purpose of determining “EBITDA from continuing
operations” any costs associated with unbudgeted new store openings or store closures shall be excluded. The EBITDA from continuing operations goal calculation includes the expense related to the estimated 2012 MIP plan payment up to but not
exceeding the amount included in the Company’s fiscal 2012 budget. The calculation may also exclude any unusual or extraordinary non-cash charges that are approved by the Compensation Committee of the Board of Directors. 

 D. Incentive Payments: 
 1. Generally, incentives will be paid around ____ after conclusion of the Fiscal Year. 
 2. If an employee is on an approved Leave of Absence at the time incentives are paid, the employee will receive his/her incentive payment, only after returning from Leave and actively working for
Cost Plus for one month. An employee on an approved Leave of Absence who completes one (1) month of active work upon his/her return from such Leave of Absence will receive his/her incentive(s), if any and subject to the terms and conditions of
this plan, no later than the fifteenth (15th) day of
the third (3rd) month following the later of
(a) the end of the calendar year in which the Post-Leave Bonus Date occurs; or (b) the end of Cost Plus’ fiscal year in which the Post-Leave Bonus Date occurs. If the employee does not return from such a Leave and work for Cost Plus,
Inc for one month, she/he will not have met each of the earning conditions. 
 3. All incentive payments will be subject to applicable tax
withholdings, as well as other withholdings from compensation authorized by the employee. 
 E. Miscellaneous: 

1. The Company reserves the right, at any time during the Fiscal Year, to change or terminate all or any portion of any Incentive Plan. However, the
Company generally will exercise its right in this regard in the event of economic changes, catastrophic events or other circumstances not contemplated before the beginning of the Fiscal Year, that affect a particular store or the entire Company.

 2. Nothing about the fact or any provision of this Incentive Plan document, nor administration of the Management Incentive Plan is intended
or should be construed as changing the “at-will” nature of employment with Cost Plus. At all times, employees and the Company reserve the right to terminate the employment relationship at any time, for any or no particular cause or reason.

 3. This Incentive Plan document, and an employee’s target payout % listed within the SharePoint intranet site constitute the
full and exclusive terms under which an employee may earn and receive a Management Incentive Plan payout for the Fiscal Year ending February 2, 2013. 

 4. Any request for an exception to any of the terms and conditions set forth in this Management Incentive
Plan document and/or in the Sharepoint Intranet listing of an employee’s target payout % about the meaning or administration of any provision contained in these documents, or any complaint about the amount of any incentive payment, by or on
behalf of any employee, must be delivered in writing, no later than May 31 after conclusion of FYE 2/2/2013, to: 
 a. the
employee’s manager(s) for that Fiscal Year; and 
 b. the Vice President of Human Resources 

Such written request or complaint must contain all facts and circumstance relevant to the request/complaint. After consideration and/or investigation,
the Company will provide a written response to the request/complaint. 
 5. Any question about the meaning or administration of any provision of
this incentive Plan Program document and/or of an employee’s target payout % document, should be promptly delivered in writing to the Vice President of Human Resources at the Corporate Office in Oakland, California. Sometimes one
employee’s question, and the answer to that question, may be relevant to more than just the employee posing the question. In such cases, the Company may distribute an e-mail or other document to employees in a Management Incentive Plan eligible
position so they may also have additional information about the meaning and/or administration of the Incentive Plan. 
 6. The Company, through
its CEO and Board of Directors, is responsible for interpreting and administering the Management Incentive Plan.Mortgage

 Exhibit 10.1 
 MORTGAGE 
 (This Mortgage is also a future advance mortgage under applicable
Michigan law) 
 DC-19675 W. TEN MILE, LLC, 
 a Delaware limited liability company, 
 as Grantor 

TO 
 FOR THE
BENEFIT OF 
 KEYBANK NATIONAL ASSOCIATION, 
 a national banking association, as Agent, 
 as Mortgagee 

DATED: AS OF May 25, 2012 
 County: Oakland 
 State: Michigan 

Tax Parcel Identification Numbers: 24-26-101-003 as to Parcel IB and 24-26-101-004 as to Parcel IC 

MORTGAGE AS FIXTURE FILING: 

This mortgage covers goods which are or are to become fixtures, is effective as a financing statement filed as a fixture filing and is to be filed in the
real property records of the Recorder’s Office of Oakland County, Michigan. 

 MORTGAGE 

THIS MORTGAGE (this “Instrument”) is made and entered into as of this 25th day of May, 2012, by and between DC-19675 W. TEN MILE, LLC, a
Delaware limited liability company (“Grantor”), as mortgagor, having a mailing address of 4211 W. Boy Scout Boulevard # 500, Tampa, Florida 33607, and KEYBANK NATIONAL ASSOCIATION, a national banking association
(“KeyBank”), as mortgagee, having a mailing address of 4900 Tiedeman Road, Brooklyn, Ohio 44144, Attn: Real Estate Capital Services, with a copy to KeyBank National Association, 1200 Abernathy Road, N.E., Suite 1550, Atlanta,
Georgia 30328, Attn: Daniel Stegemoeller, as Agent (KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”) for itself and each other lender (collectively, the “Lenders”) which is or may hereafter
become a party to that certain Credit Agreement, dated as of March 30, 2012, by and among Carter/Validus Operating Partnership, LP, a Delaware limited partnership (“Borrower”), KeyBank, as Agent and the Lenders (as the same may
be varied, amended, restated, renewed, consolidated, extended or otherwise supplemented from time to time, the “Credit Agreement”). Capitalized terms used herein that are not otherwise defined herein shall have the meanings set
forth in the Credit Agreement. Grantor is a Guarantor and will benefit from the Credit Agreement, as more fully set forth in the Guaranty (as hereinafter defined) executed by Grantor, and is granting this Instrument in consideration for such
benefit. 
 W I T N E S S E T H: 
 FOR AND IN CONSIDERATION of the sum of Ten and No/100 Dollars ($10.00) and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to secure the
indebtedness and other obligations of Grantor and Borrower hereinafter set forth, Grantor does hereby mortgage and warrant, grant, assign, transfer and set over unto Agent, for the benefit of Agent and for the ratable benefit of the Lenders and the
holders of the Hedge Obligations, and their successors and assigns, all of the following described land and interests in land, estates, easements, rights, improvements, property, fixtures, equipment, furniture, furnishings, appliances, general
intangibles, and appurtenances, whether now or hereafter existing or acquired (collectively, the “Property”): 

(a) All those tracts or parcels of land and easements more particularly described in Exhibit “A” attached hereto and by
this reference made a part hereof (the “Land”). 
 (b) All present and future buildings, structures, parking
areas, annexations and improvements of every nature whatsoever now or hereafter situated on the Land (hereinafter referred to as the “Improvements”) and all materials intended for construction, reconstruction, alteration and repairs
of the Improvements now or hereafter erected, all of which materials shall be deemed to be included within the Improvements immediately upon the delivery thereof to the 

  
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Land, and all gas and electric fixtures, radiators, heaters, engines and machinery, boilers, ranges, elevators and motors, plumbing and heating fixtures, incinerating, sprinkling, and waste
removal systems, carpeting and other floor coverings, fire extinguishers and any other safety equipment required by governmental regulation or law, washers, dryers, water heaters, mirrors, mantels, air conditioning apparatus, refrigerating plants,
refrigerators, cooking apparatus and appurtenances, storm windows and doors, window and door screens, awnings and storm sashes, which are or shall be owned by Grantor and attached to said Improvements and all other furnishings, furniture, glassware,
tableware, uniforms, linen, drapes and curtains and related hardware and mounting devices, wall to wall carpeting, radios, lamps, telephone systems, televisions and television systems, computer systems, guest ledgers, vehicles, fixtures, machinery,
equipment, apparatus, appliances, books and records, chattels, inventory, accounts, farm products, consumer goods, general intangibles and personal property of every kind and nature whatsoever now or hereafter owned by Grantor and located in, on or
about, or used or intended to be used with or in connection with the use, operation or enjoyment of the Property, including all extensions, additions, improvements, betterments, after-acquired property, renewals, replacements and substitutions, or
proceeds from a permitted sale of any of the foregoing, together with the benefit of any deposits or payments now or hereafter made by Grantor or on behalf of Grantor, all of which are hereby declared and shall be deemed to be fixtures and
accessions to the Land and a part of the Property as between the parties hereto and all persons claiming by, through or under them, and which shall be deemed to be a portion of the security for the indebtedness herein described and to be secured by
this Instrument. 
 (c) All easements, access rights, rights-of-way, strips and gores of land, vaults, streets, ways, alleys,
passages, sewer rights, waters, water courses, water rights and powers, irrigation systems (including, without limitation, underground wiring, pipes, pumps and sprinkler heads), minerals, flowers, plants, shrubs, crops, trees, timber, fences, signs,
bridges, fountains, monuments and other emblements now or hereafter located on the Land or under or above the same or any part or parcel thereof, and all estates, rights, titles, interests, privileges, liberties, servitudes, licenses, tenements,
hereditaments and appurtenances, reversion and reversions, remainder and remainders, whatsoever, in any way belonging, relating or appertaining to the Land or any part thereof, or which hereafter shall in any way belong, relate or be appurtenant
thereto, whether now owned or hereafter acquired by Grantor. 
 (d) All leases and all subleases, tenancies, occupancies and
licenses, whether oral or written (collectively, the “Leases”), and all income, rents, issues, profits, room rentals, transient or guest payments, fees, charges or other payments for the use or occupancy of rooms or other
facilities, and revenues of the Property from time to time accruing (including, without limitation, all payments under Leases), all guarantees of the foregoing or letters of credit relating to the foregoing, lease termination payments, proceeds of
insurance, condemnation payments, tenant security, damage or other deposits whether held by Grantor or in a trust account, all escrow agreements relating to any of the Leases, escrow funds, including, without limitation, any funds escrowed for
tenant improvements, fees, charges, rents, license fees, accounts, royalties, security, damage or other deposits from time to time accruing, all payments under working interests, production payments, royalties, overriding royalties, operating
interests, participating interest and other such entitlements, and all the estate, right, title, interest, property, possession, claim and demand whatsoever at law, as well as in equity, of Grantor of, in and to the same (collectively, the
“Revenues”); reserving only the right to Grantor to collect the same (other than 

  
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lease termination payments, insurance proceeds and condemnation payments) so long as no Event of Default has occurred and is continuing. Agent shall be entitled to all the rights and remedies
conferred by Act No. 210 of the Michigan Public Acts of 1953 as amended by Act No. 151 of the Michigan Public Acts of 1966 (MCL Section 554.231, et seq.), and Act No. 228 of the Michigan Public Acts of 1925 (MCL
Section 554.211, et seq.), and Act No. 66 of the Michigan Public Acts of 1956 (MCL Section 565.81, et seq.). 

(e) All insurance policies, building service, building maintenance, construction, development, management, indemnity, and other similar
agreements and contracts and subcontracts, written or oral, express or implied, now or hereafter entered into, arising or in any manner related to the purchase, construction, design, improvement, use, operation, ownership, occupation, enjoyment,
sale, conversion or other disposition (voluntary or involuntary) of the Property, or the buildings and improvements now or hereafter located thereon, or any other interest in the Property, or any combination thereof, franchise agreements, property
management agreements, cable television agreements, contracts for the purchase of supplies, telephone service agreements, yellow pages or other advertising agreements, sales contracts, construction contracts, architects agreements, general contract
agreements, design agreements, engineering agreements, technical service agreements, sewer and water and other utility agreements, service contracts, agreements relating to the collection of receivables or use of customer lists, all bookings and
reservations for space or facilities within the Property, all purchase options, option agreements, rights of first refusal, contract deposits, earnest money deposits, prepaid items and payments due and to become due thereunder, and further including
all payment and performance bonds, labor, deposits, assurances, construction guaranties, guaranties, warranties, indemnities and other undertakings, architectural plans and specifications, drawings, surveys, soil reports, engineering reports,
inspection reports, environmental audits and other technical descriptions and reports relating to the Property, renderings and models, permits, consents, approvals, licenses, variances, agreements, contracts, building permits, purchase orders and
equipment leases, personal property leases, and all causes of action relating thereto. 
 (f) All deposit accounts, instruments,
accounts receivable, documents, causes of action, claims, names by which the Property or the improvements thereon may be operated or known, all rights to carry on business under such names, all telephone numbers or listings, all rights, interest and
privileges of which Grantor may have in any capacity under any covenants, restrictions or declarations now or hereafter relating to the Property or the Improvements, and all notes or chattel paper now or hereafter arising from or by virtue of any
transactions relating to the Property or the Improvements located thereon and all customer lists, other lists, and business information relating in any way to the Property or the Improvements or the use thereof, whether now owned or hereafter
acquired. 
 (g) All assets related to the ownership or operation of the Property or the Improvements now or hereafter erected
thereon, including, without limitation, accounts (including, without limitation, health-care-insurance receivables), chattel paper (whether tangible or electronic), deposit accounts, documents, general intangibles (including, without limitation,
payment intangibles, and all current and after acquired copyrights, copyright rights, advertising materials, web sites, and web pages, software and software licenses, trademarks and service marks, trademark rights, trademark applications, service
mark rights, service mark applications, trade dress rights, company names, logos, and all domain names, owned or used in connection 

  
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with the Grantor’s business, and in each case all goodwill associated therewith), goods (including, without limitation, inventory, property, possessions, equipment, fixtures and accessions),
instruments (including, without limitation, promissory notes), investment property, letter-of-credit rights, letters of credit, money, supporting obligations, as-extracted collateral, timber to be cut and all proceeds and products of anything
described or referred to above in this Subsection (g), in each case as such terms are defined under the Uniform Commercial Code as in effect in the applicable jurisdiction. 

(h) All cash funds, deposit accounts and other rights and evidence of rights to cash, now or hereafter created or held by Agent pursuant
to this Instrument, the Credit Agreement or any other of the Loan Documents. 
 (i) All proceeds, products, substitutions and
accessions of the foregoing of every type. 
 TO HAVE AND TO HOLD the Property and all parts, rights, members and appurtenances
thereof, to the use, benefit and behoof of Agent for the ratable benefit of the Lenders and the holders of the Hedge Obligations and their respective successors and assigns, IN FEE SIMPLE forever; and Grantor covenants that Grantor is lawfully
seized and possessed of the Property as aforesaid, and has good right to convey the same, that the same is unencumbered except for those matters expressly set forth in Exhibit “B” attached hereto and by this reference made a part
hereof (the “Permitted Encumbrances”), and that Grantor does warrant and will forever defend the title thereto against the claims of all persons whomsoever, except as to those matters set forth in said Exhibit “B”
attached hereto, or otherwise specifically approved by Agent in writing after the date hereof. 
 To secure the following
described obligations (collectively, the “Secured Obligations”): 
 (a) The debt evidenced by (i) those
certain Revolving Credit Notes made by Borrower in the aggregate principal amount of Thirty Million and No/100 Dollars ($30,000,000.00) to the order of Lenders, and (ii) that certain Swing Loan Note made by Borrower in the principal amount of
Ten Million and No/100 Dollars ($10,000,000.00) to the order of KeyBank, each of which has been issued pursuant to the Credit Agreement and each of which is due and payable in full on or before March 30, 2015, unless extended as provided in the
Credit Agreement; and (iii) each other note as may be issued under the Credit Agreement, each as originally executed, or if varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated from time to time as so
varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated (collectively, the “Note”); 
 (b) The payment, performance and discharge of each and every obligation, covenant and agreement of Grantor contained herein or of Grantor contained in that certain Unconditional Guaranty of Payment and
Performance by Grantor and others in favor of KeyBank, as Agent for itself and each other Lender, dated as of March 30, 2012 (as amended, restated, modified, renewed, supplemented or extended from time to time, the “Guaranty”), of
Borrower contained in the Credit Agreement, and of Grantor and Borrower in the other Loan Documents, including, without limitation, the obligation of Borrower to reimburse Issuing Lender for any draws under the Letters of Credit; 

  
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 (c) Any and all additional advances made by Agent or any Lender to protect or preserve the
Property or the lien and security title hereof in and to the Property, or for taxes, assessments or insurance premiums as hereinafter provided (whether or not Grantor is the owner of the Property at the time of such advances); 

(d) The payment, performance and discharge of each and all of the Hedge Obligations; 

(e) Any and all other indebtedness now or hereafter owing by Borrower to Agent or any Lender pursuant to the terms of the Credit
Agreement, whether now existing or hereafter arising or incurred, however evidenced or incurred, whether express or implied, direct or indirect, absolute or contingent, due or to become due, including, without limitation, all principal, interest,
fees, expenses, yield maintenance amounts and indemnification amounts, and all renewals, modifications, consolidations, replacements and extensions thereof; and 
 (f) All costs and expenses incurred by the Agent, the Lenders and the holders of the Hedge Obligations in connection with the enforcement and collection of the Secured Obligations, including, without
limitation, all attorneys’ fees and disbursements, and all other such costs and expenses described in and incurred pursuant to the Note, the Credit Agreement, the Guaranty, this Instrument, and the other Loan Documents and the agreements
evidencing or relating to the Hedge Obligations (the “Hedge Documents”) (collectively, the “Enforcement Costs”). 
 Subject to Section 2.22 hereof, should the Secured Obligations secured by this Instrument be paid and performed according to the terms and effect thereof when the same shall become due and payable,
and should Grantor perform all covenants contained herein in a timely manner and the obligation of the Lenders to make Loans and issue Letters of Credit under the Credit Agreement has terminated, then this Instrument shall be released. 

Grantor hereby further covenants and agrees with Agent as follows: 

ARTICLE 1 

1.01 Payment of Secured Obligations. Grantor will pay and perform or cause to be paid and performed the Secured Obligations
according to the tenor thereof and all other sums now or hereafter secured hereby as the same shall become due. 
 1.02 Funds
for Impositions. After the occurrence and during the continuance of an Event of Default, Grantor shall pay to Agent, subject to Agent’s option under Section 1.03 hereof, on the days that monthly installments of interest are payable
under the Note, until the Note is paid in full, a sum (hereinafter referred to as the “Funds”) reasonably estimated by Agent to provide an amount necessary for payment of the following items in full fifteen (15) days prior to
when such items become due (hereinafter collectively referred to as the “Impositions”): (a) the yearly real estate taxes, ad valorem taxes, personal property taxes, assessments and betterments, and (b) the yearly premium
installments for the insurance covering the Property and required by the Credit Agreement. The Impositions shall be reasonably estimated initially and from time to time by Agent on the basis of assessments and bills and estimates thereof. The Funds
shall be 

  
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held by Agent in a separate interest bearing account free of any liens or claims on the part of other creditors of Grantor and as part of the security for the Secured Obligations. Grantor shall
pay all Impositions prior to delinquency as required by Section 1.03 hereof. In the event Agent elects to reserve Funds as permitted under this Section 1.02, within ten (10) days after Grantor furnishes Agent with reasonably
satisfactory evidence that Grantor has paid one or more of the items comprising the Impositions, Agent shall reimburse Grantor (or the one paying the Impositions) therefor to the extent of the Funds (plus accrued interest) then held by Agent.
Alternatively, Agent shall apply the Funds to pay the Impositions with respect to which the Funds were paid to the extent of the Funds then held by Agent and provided Grantor has delivered to Agent the assessments or bills therefor. Grantor shall be
permitted to pay any Imposition early in order to take advantage of any available discounts. Agent shall make no charge for so holding and applying the Funds or for verifying and compiling said assessments and bills. The Funds are pledged as
additional security for the Secured Obligations, and may be applied, at Agent’s option and without notice to Grantor, to the payment of the Secured Obligations upon the occurrence of any Event of Default. If at any time the amount of the Funds
held by Agent shall be less than the amount reasonably deemed necessary by Agent to pay Impositions as such become due, Grantor shall pay to Agent any amount necessary to make up the deficiency within fifteen (15) business days after notice
from Agent to Grantor requesting payment thereof. Upon payment and performance in full of the Secured Obligations and termination of the obligation of the Lenders to make Loans and of Issuing Lender to issue Letters of Credit, Agent shall promptly
refund to Grantor any Funds then held by Agent. 
 1.03 Impositions, Liens and Charges. Grantor shall pay all Impositions
and other charges, if any, attributable to the Property prior to delinquency, and at Agent’s option during the continuance of an Event of Default, Grantor shall pay in the manner hereafter provided under this Section 1.03. Grantor shall,
during continuance of an Event of Default, furnish to Agent all bills and notices of amounts due under Section 1.03 as soon as received, and in the event Grantor shall make payment directly, Grantor shall, as and when available, furnish to
Agent receipts evidencing such payments prior to the dates on which such payments are delinquent, subject to Grantor’s right to contest taxes, assessments and other governmental charges as provided in the Credit Agreement. Grantor shall
promptly discharge (by bonding, payment or otherwise) any lien filed against the Property or Grantor (including federal tax liens) and will keep and maintain the Property free from the claims of all persons supplying labor or materials to the
Property, subject to Grantor’s right to contest the same as provided in the Credit Agreement. Grantor shall not claim or be entitled to any credit against the taxable value of the Property by reason of this Instrument, or any deduction in or
credit on the Secured Obligations by reason of Impositions paid. 
 1.04 Taxes, Liens and Other Charges. 

(a) In the event of the passage of any state, federal, municipal or other governmental law, order, rule or regulation, subsequent to the
date hereof, in any manner changing or modifying the laws now in force governing the taxation of debts secured by mortgages or the manner of collecting taxes so as to adversely affect Agent or the Lenders, Grantor will promptly pay any such tax. If
Grantor fails to make such payment promptly, or if, in the opinion of Agent, any such state, federal, municipal, or other governmental law, order, rule or regulation prohibits Grantor from making such payment or would penalize Agent or the

  
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Lenders if Grantor makes such payment or if, in the opinion of Agent, the making of such payment could reasonably result in the imposition of interest beyond the maximum amount permitted by
applicable law, then the entire balance of the principal sums secured by this Instrument and all interest accrued thereon shall, at the option of Agent, become immediately due and payable. 

(b) Grantor will pay all taxes, liens, assessments and charges of every character including all utility charges, whether public or
private, already levied or assessed or that may hereafter be levied or assessed upon or against the Property as required under the Credit Agreement. 
 1.05 Insurance. 
 Grantor shall procure for, deliver to and maintain for
the benefit of Agent and Lenders the insurance policies described in the Credit Agreement. Grantor shall pay all premiums on such insurance policies. All proceeds of any property or casualty insurance or awards of damages on account of any taking or
condemnation for public use of or injury to the Property are hereby assigned and shall be paid to Agent, for the benefit of the Lenders, subject to Borrower’s and Grantor’s right to adjust certain claims and use such proceeds as provided
in the Credit Agreement. Any such proceeds shall be released and advanced to Borrower or Grantor in accordance with and subject to the requirements of the Credit Agreement and be applied to the cost of repairing or restoring the Property or the
remaining portion of the Property, with any balance remaining to be applied in accordance with the terms and provisions of the Credit Agreement. In the event of a foreclosure sale of all or any part of the Property pursuant to the enforcement of
this Instrument, the purchaser of such Property shall succeed to all rights of Grantor, including any rights to the proceeds of insurance and to unearned premiums, in and to all of the policies of insurance. In the event of a foreclosure sale, Agent
is hereby authorized, without the further consent of Grantor, to take such steps as Agent may deem advisable to cause the interest of such purchaser to be protected by any of such policies. In case of Grantor’s failure to keep the Property
properly insured as required herein, Agent, after notice to Grantor, at its option may (but shall not be required to) acquire such insurance as required herein at Borrower’s and Grantor’s sole expense. 

1.06 Condemnation. If all or any portion of the Property shall be damaged or taken through condemnation (which term when used in
this Instrument shall include any damage or taking by any governmental authority or any transfer by private sale in lieu thereof), either temporarily or permanently, then all compensation, awards and other payments or relief thereof, shall be paid
and applied in accordance with terms and provisions of the Credit Agreement. 
 1.07 Care, Use and Management of
Property. 
 (a) Grantor will keep, or cause to be kept, the roads and walkways, landscaping and all other Improvements of
any kind now or hereafter erected on the Land or any part thereof in good condition and repair, will not commit or suffer any waste, impairment or deterioration (ordinary wear and tear excepted) and will not do or suffer to be done anything which
will increase the risk of fire or other hazard to the Property or any part thereof. 

  
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 (b) Grantor will not remove or demolish nor alter the structural character of any building
located on the Land or any fixtures or personal property relating thereto except when incidental to the replacement of fixtures and personal property with items of like kind and value or customary tenant improvements pursuant to Leases approved or
deemed approved pursuant to the Credit Agreement. 
 (c) If the Property or any part thereof is materially damaged by fire or
any other cause, Grantor will give immediate written notice thereof to Agent. 
 (d) Grantor will promptly comply with all
present and future laws, ordinances, rules and regulations of any governmental authority, all restrictive covenants and other agreements affecting the Property or relating to the operation thereof affecting the Property or any part thereof and all
licenses or permits affecting the Property or any part thereof, subject to Grantor’s right to contest the same as provided in the Credit Agreement. 
 (e) Grantor shall keep the Property, including the Improvements and the Personal Property (as hereinafter defined), in good order, repair and tenantable condition and shall replace fixtures, equipment,
machinery and appliances on the Property when necessary to keep such items in good order, repair, and tenantable condition (ordinary wear and tear excepted). 
 (f) Grantor shall keep all franchises, trademarks, trade names, service marks and licenses and permits necessary for the Grantor’s use and occupancy of the Property in good standing and in full force
and effect. 
 (g) Unless required by applicable law or unless Agent has otherwise agreed in writing, Grantor shall not allow
changes in the nature of the occupancy or use for which the Property was intended at the time this Instrument was executed. Grantor shall not abandon the Property. Grantor shall not initiate, fail to contest or acquiesce in a change in the zoning
classification of the Property or subject the Property to restrictive or negative covenants without Agent’s written consent. Grantor shall comply with, observe and perform all zoning and other laws affecting the Property, all agreements and
restrictive covenants affecting the Property, and all licenses and permits affecting the Property, subject to Grantor’s right to contest compliance with laws to the extent permitted in the Credit Agreement. 

(h) To the extent permitted under the terms of the applicable Leases, Agent may, at Grantor’s expense, make or cause to be made
reasonable entries upon and inspections of the Property as permitted in the Credit Agreement during normal business hours and upon reasonable advance notice, or at any other time when necessary or appropriate in an emergency circumstance or during
the continuance of an Event of Default, in the sole reasonable discretion of Agent, to protect or preserve the Property. 
 (i)
If all or any part of the Property shall be damaged by fire or other casualty or loss, then, subject to the provisions of the Credit Agreement, Grantor will promptly restore the Property to the equivalent of its original condition; and if a part of
the Property shall be damaged through condemnation, Grantor will promptly restore, repair or alter the remaining portions of the Property in a manner satisfactory to Agent. Notwithstanding the foregoing, Grantor shall not

  
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be obligated to so restore unless, in each instance, Agent agrees to make available to Grantor (subject to the terms of the Credit Agreement) any net insurance or condemnation proceeds actually
received by Agent hereunder in connection with such casualty loss or condemnation, to the extent such proceeds are required to defray the expense of such restoration; provided, however, that, subject to the provisions of the Credit Agreement, the
insufficiency of any such insurance or condemnation proceeds to defray the entire expense of restoration shall in no way relieve Grantor of its obligation to restore. 
 (j) Grantor shall pay all normal and customary operating expenses for the Property as the same become due. 
 1.08 Leases and other Agreements Affecting Property. 
 (a) As additional
security for the Secured Obligations, Grantor presently and unconditionally assigns and transfers to Agent all of Grantor’s right, title and interest in and to the Leases and the Revenues, including those now due, past due or to become due by
virtue of any of the Leases for the occupancy or use of all or any part of the Property. Grantor acknowledges and agrees that the assignment of rents hereunder to Agent is intended to be an absolute present assignment of rents pursuant to MCLA
554.231 et seq. and MCLA 565.81 et seq. and that as such, upon the occurrence of a default and without any action by Agent, Grantor shall have no further right to collect or otherwise receive such rents and that such rents will be the
absolute and sole property of Agent pursuant to said statute. Grantor hereby authorizes Agent or Agent’s agents to collect the Revenues and hereby directs such tenants, lessees and licensees of the Property to pay the Revenues to Agent or
Agent’s agents; provided, however, Grantor shall have a license (revocable upon the occurrence and during the continuance of an Event of Default) to collect and receive the Revenues. Grantor agrees that each and every tenant, lessee and
licensee of the Property may pay, and hereby irrevocably authorizes and directs each and every tenant, lessee and licensee of the Property to pay, the Revenues to Agent or Agent’s agents on Agent’s written demand therefor (which demand may
be made by Agent at any time after the occurrence and during the continuance of an Event of Default) without any obligation on the part of said tenant, lessee or licensee to inquire as to the existence of an Event of Default and notwithstanding any
notice or claim of Grantor to the contrary, and Grantor agrees that Grantor shall have no right or claim against said tenant, lessee or licensee for or by reason of any Revenues paid to Agent following receipt of such written demand. Agent shall be
entitled to all the rights and remedies conferred by Act No. 210 of the Michigan Public Acts of 1953 as amended by Act No. 151 of the Michigan Public Acts of 1966 (MCL Section 554.231, et seq.), and Act No. 228 of the Michigan
Public Acts of 1925 (MCL Section 554.211, et seq.), and Act No. 66 of the Michigan Public Acts of 1956 (MCL Section 565.81, et seq.). 
 (b) Grantor hereby covenants that Grantor has not executed any prior assignment of the Leases or the Revenues, that Grantor has not performed, and will not perform, any acts and has not executed, and will
not execute, any instruments which would prevent Agent from exercising the rights of the beneficiary of this Instrument, and that at the time of execution of this Instrument, there has been no anticipation or prepayment of any of the Revenues for
more than one (1) month prior to the due dates of such Revenues. Grantor further covenants that Grantor will not hereafter collect or accept payment of any Revenues more than one (1) month prior to the due dates of such Revenues.

  
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 (c) Grantor agrees that neither the foregoing assignment of Leases and Revenues nor the
exercise of any of Agent’s rights and remedies under this Section or Article 2 hereof shall be deemed to make Agent a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Leases, the Property or the use,
occupancy, enjoyment or operation of all or any portion thereof, unless and until Agent, in person or by agent, assumes actual possession thereof. Grantor further agrees that the appointment of any receiver for the Property by any court at the
request of Agent or by agreement with Grantor, or the entering into possession of any part of the Property by such receiver, shall not be deemed to make Agent a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to
the Leases, the Property or the use, occupancy, enjoyment or operation of all or any portion thereof. 
 (d) If Agent exercises
its rights and remedies pursuant to this Section or Article 2 hereof, all Revenues thereafter collected shall be applied in such order as Agent may elect in its discretion to the reasonable costs of taking control of and managing the Property and
collecting the Revenues, including, but not limited to, reasonable attorneys’ fees actually incurred, fees, receiver fees, premiums on receiver’s bonds, costs of repairs to the Property, premiums on insurance policies, Impositions and
other charges on the Property, and the costs of discharging any obligation or liability of Grantor as landlord, lessor or licensor of the Property, or to the Secured Obligations. Agent or any receiver shall have access to the books and records used
in the operation and maintenance of the Property and shall be liable to account only for those Revenues actually received. Agent shall not be liable to Grantor, anyone claiming under or through Grantor or anyone having an interest in the Property by
reason of anything done or left undone by Agent pursuant to this Section or Article 2 hereof, except in the event of Agent’s gross negligence or willful misconduct. If the Revenues are not sufficient to meet the costs of taking control of and
managing the Property and collecting the Revenues, any monies reasonably expended by Agent for such purposes shall become a portion of the Secured Obligations. Unless Agent and Grantor agree in writing to other terms of payment, such amounts shall
be payable upon notice from Agent to Grantor requesting payment thereof and shall bear interest from the date of disbursement at the Default Rate stated in the Credit Agreement unless payment of interest at such rate would be contrary to applicable
law, in which event such amounts shall bear interest at the highest rate which may be collected from Grantor under applicable law. The entering upon and taking possession of and maintaining of control of the Property by Agent or any receiver and the
application of Revenues as provided herein shall not cure or waive any Event of Default or invalidate any other right or remedy of Agent hereunder. 
 (e) It is the intention of Agent and Grantor that the assignment effectuated by this Instrument with respect to the Revenues shall be a direct and currently effective assignment and shall not constitute
merely an obligation to grant a lien, security interest or pledge for the purpose of securing the Secured Obligations. 
 (f) In
the event that a court of competent jurisdiction determines that, notwithstanding such expressed intent of the parties, Agent’s interest in the Revenues constitutes a lien on or security interest in or pledge of the Revenues, it is agreed and
understood that the forwarding of a notice to Borrower after the occurrence of an Event of Default advising Borrower of the revocation of Borrower’s license to collect such Revenues, shall be sufficient action by Agent to (i) perfect such
lien on or security interest in or pledge of the Revenues, (ii) take possession thereof and (iii) entitle Agent to immediate and direct payment of the Revenues, 

  
 11 

 
for application as provided in this Instrument, all without the necessity of any further action by Agent, including, without limitation, any action to obtain possession of the Land, Improvements
or any other portion of the Property subject to the requirements of MCLA Section 554.231 et seq. 
 1.09 Leases
of the Property. 
 (a) Except as permitted in the Credit Agreement, Grantor shall not enter into any Lease of all or any
portion of the Property or amend, supplement or otherwise modify, or terminate or cancel, or accept the surrender of, or consent to the assignment or subletting of, or grant any concessions to or waive the performance of any obligations of any
tenant, lessee or licensee under, any now existing or future Lease of the Property, without the prior written consent of Agent. Grantor, at Agent’s request, shall furnish Agent with executed copies of all Leases hereafter made of all or any
part of the Property. Upon Agent’s request, Grantor shall make a separate and distinct assignment to Agent, as additional security, of all Leases hereafter made of all or any part of the Property. 

(b) There shall be no merger of the leasehold estates created by the Leases with the fee estate of the Land without the prior written
consent of Agent. Agent may at any time and from time to time by specific written instrument intended for the purpose, unilaterally subordinate the lien of this Instrument to any Lease, without joinder or consent of, or notice to, Grantor, any
tenant or any other Person, and notice is hereby given to each tenant under a Lease of such right to subordinate. No such subordination shall constitute a subordination to any lien or other encumbrance, whenever arising, or improve the right of any
junior lienholder. Nothing herein shall be construed as subordinating this Instrument to any Lease. 
 (c) Grantor hereby
appoints Agent its attorney-in-fact, coupled with an interest, empowering Agent to subordinate this Instrument to any Leases. 

1.10 Security Agreement. 
 (a) Insofar as the machinery, apparatus, equipment, fittings, fixtures, building supplies and materials, general intangibles and articles of personal property either referred to or described in this
Instrument, or in any way connected with the use and enjoyment of the Property is concerned, Grantor grants unto Agent a security interest therein and this Instrument is hereby made and declared to be a security agreement, encumbering each and every
item of personal property (the “Personal Property”) included herein, in compliance with the provisions of the Uniform Commercial Code as enacted in the applicable jurisdiction as set forth in Section 3.04 below (the
“UCC”). A financing statement or statements affecting all of said personal property aforementioned, shall be appropriately filed. The remedies for any violation of the covenants, terms and conditions of the security agreement herein
contained shall be (i) as prescribed herein with respect to the Property, or (ii) as prescribed by general law, or (iii) as prescribed by the specific statutory consequences now or hereafter enacted and specified in said UCC, all at
Agent’s sole election. Grantor and Agent agree that the filing of such financing statement(s) in the records normally having to do with personal property shall never be construed as in any way derogating from or impairing this declaration and
hereby stated intention of Grantor and Agent that everything used in connection with the production of income from the Property and/or 

  
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adapted for use therein and/or which is described or reflected in this Instrument, is to the full extent provided by law, and at all times and for all purposes and in all proceedings both legal
or equitable shall be, regarded as part of the real estate irrespective of whether (i) any such item is physically attached to the Improvements, (ii) serial numbers are used for the better identification of certain items capable of being
thus identified in a recital contained herein, or (iii) any such item is referred to or reflected in any such financing statement(s) so filed at any time. Similarly, the mention in any such financing statement(s) of the rights in and to
(1) the proceeds of any fire and/or hazard insurance policy, or (2) any award in eminent domain proceedings for a taking or for loss of value, or (3) Grantor’s interest as lessor in any present or future lease or rights to income
growing out of the use and/or occupancy of the Property, whether pursuant to lease or otherwise, shall never be construed as in any way altering any of the rights of Agent as determined by this Instrument, subject to the provisions of the Credit
Agreement, or impugning the priority of Agent’s lien granted hereby or by any other recorded document, but such mention in such financing statement(s) is declared to be for the protection of Agent in the event any court shall at any time hold
with respect to the foregoing (1), (2) or (3), that notice of Agent’s priority of interest to be effective against a particular class of persons, must be filed in the UCC records. 

(b) Grantor warrants that (i) Grantor’s (that is, “Debtor’s”) correct legal name (including, without limitation,
punctuation and spacing) indicated on the public record of Grantor’s jurisdiction of organization, identity or corporate structure, residence or chief executive office and jurisdiction of organization are as set forth in Subsection 1.10(c)
hereof; (ii) Grantor (that is, “Debtor”) has been using or operating under said name, identity or corporate structure without change for the time period set forth in Subsection 1.10(c) hereof, and (iii) the location of the
Personal Property secured by this Instrument is upon the Land (except that the books and records related to the Property may be stored and maintained at another site). Grantor covenants and agrees that Grantor shall not change any of the matters
addressed by clauses (i) or (iii) of this Subsection 1.10(b) unless it has given Agent thirty (30) days prior written notice of any such change and has executed or authorized at the request of Agent such additional financing
statements or other instruments in such jurisdictions as Agent may deem necessary or advisable in its sole discretion to prevent any filed financing statement from becoming misleading or losing its perfected status. 

(c) The information contained in this Subsection 1.10(c) is provided in order that this Instrument shall comply with the
requirements of the Uniform Commercial Code, as enacted in the State of Michigan, for instruments to be filed as financing statements. The names of the “Debtor” and the “Secured Party”, the identity or corporate structure,
jurisdiction of organization, organizational number, federal tax identification number, and residence or chief executive office of “Debtor”, and the time period for which “Debtor” has been using or operating under said name and
identity or corporate structure without change, are as set forth in Schedule 1 of Exhibit “C” attached hereto and by this reference made a part hereof; the mailing address of the “Secured Party” from which information
concerning the security interest may be obtained, and the mailing address of “Debtor”, are as set forth in Schedule 2 of Exhibit “C” attached hereto; and a statement indicating the types, or describing the items, of
Personal Property secured by this Instrument is set forth hereinabove. 

  
 13 

 (d) Exhibit “C” correctly sets forth all names and tradenames that Grantor
has used within the last five years, and also correctly sets forth the locations of all of the chief executive offices of Grantor over the last five years. 
 (e) The Grantor hereby covenants and agrees that: 
 (1) Grantor shall not merge
or consolidate into, or transfer any of the Property to, any other person or entity except as permitted under the Credit Agreement. 
 (2) Grantor shall, at any time and from time to time, take such steps as Agent may reasonably request for Agent (A) to obtain an acknowledgment, in form and substance reasonably satisfactory to
Agent, of any bailee having possession of any of the Property, stating that the bailee holds possession of such Property on behalf of Agent, (B) to obtain “control” of any investment property, deposit accounts, letter-of-credit
rights, or electronic chattel paper (as such terms are defined by the UCC with corresponding provisions thereof defining what constitutes “control” for such items of collateral), with any agreements establishing control to be in form and
substance reasonably satisfactory to Agent, and (C) otherwise to insure the continued perfection and priority of the Agent’s security interest in any of the Property and of the preservation of its rights therein. If Grantor shall at any
time, acquire a “commercial tort claim” (as such term is defined in the UCC) with respect to the Property or any portion thereof, Grantor shall promptly notify Agent thereof in writing, providing a reasonable description and summary
thereof, and shall execute a supplement to this Instrument in form and substance acceptable to Agent granting a security interest in such commercial tort claim to Agent. 
 (3) Grantor hereby authorizes Agent, its counsel or its representative, at any time and from time to time, to file financing statements, amendments and continuations that describe or relate to the
Property or any portion thereof in such jurisdictions as Agent may deem necessary or desirable in order to perfect the security interests granted by Grantor under this Instrument or any other Loan Document, and such financing statements may contain,
among other items as Agent may deem advisable to include therein, the federal tax identification number of Grantor. 
 (4)
Grantor shall not license, lease, sell or otherwise transfer any of the general intangibles to any third party during the term of this Instrument and the Credit Agreement without the prior written consent of the Agent (which consent may be withheld
in the Agent’s sole discretion); and the Grantor will continue to use all trademarks, service marks and trade names in a consistent manner and shall take all steps necessary to properly maintain any formal registrations on the general
intangibles, and to defend and enforce them, for the term of this Instrument and the Credit Agreement. 
 1.11 Further
Assurances; After-Acquired Property. At any time and from time to time, upon request by Agent, Grantor will make, execute and deliver or cause to be made, executed and delivered, to Agent and, where appropriate, cause to be recorded and/or filed
and from time to time thereafter to be rerecorded and/or refiled at such time and in such offices and places as shall be deemed desirable by Agent, any and all such other and further mortgages, security agreements, financing statements, notice
filings, continuation statements, instruments of further 

  
 14 

 
assurance, certificates and other documents as may, in the opinion of Agent, be necessary or desirable in order to effectuate, complete, or perfect, or to continue and preserve (a) the
obligation of Grantor under the Guaranty, this Instrument, the other Loan Documents and the Hedge Documents and (b) this Instrument as a first and prior lien upon and security interest in and to all of the Property, whether now owned or
hereafter acquired by Grantor. Upon any failure by Grantor so to do, Agent may make, execute, record, file, re-record and/or refile any and all such deeds of trust, security agreements, financing statements, continuation statements, instruments,
certificates, and documents for and in the name of Grantor and Grantor hereby irrevocably appoints Agent the agent and attorney-in-fact of Grantor so to do. The lien hereof will automatically attach, without further act, to all after acquired
property attached to and/or used in the operation of the Property or any part thereof. 
 1.12 Expenses. Grantor will pay
or reimburse Agent, upon demand therefor, for all reasonable attorney’s fees, costs and expenses incurred by Agent in any suit, action, legal proceeding or dispute of any kind in which Lenders, Agent or the holders of the Hedge Obligations is
made a party or appears as party plaintiff or defendant, affecting or arising in connection with the Secured Obligations secured hereby, this Instrument or the interest created herein, or the Property, including, but not limited to, the exercise of
the power of sale contained in this Instrument, any condemnation action involving the Property or any action to protect the security hereof; and any such amounts paid by Lenders, Agent or the holders of the Hedge Obligations shall be added to the
Secured Obligations secured by the lien of this Instrument. 
 1.13 Subrogation. Agent shall be subrogated to the claims
and liens of all parties whose claims or liens are discharged or paid with the proceeds of the Secured Obligations secured hereby. 
 1.14 Limit of Validity. If from any circumstances whatsoever fulfillment of any provision of this Instrument, the Guaranty, the Credit Agreement, the Note, any other Loan Document or any Hedge
Document, at the time performance of such provision shall be due, shall be subject to the defense of usury or otherwise transcend or violate applicable law concerning interest or other charges, then ipso facto the obligation to be fulfilled shall be
reduced to the limit, so that in no event shall any exaction be possible under this Instrument, the Guaranty, the Note, the Credit Agreement, any other Loan Document or any Hedge Document be subject to the defense of usury or otherwise transcend or
violate applicable law concerning interest or other charges that is in excess of the current limit, but such obligation shall be fulfilled to the maximum limit permitted. The provisions of this Section 1.14 shall control every other provision
of this Instrument, the Guaranty, the Note, the Credit Agreement or any other Loan Document or any Hedge Document. 
 1.15
Conveyance of Property. Grantor hereby acknowledges to Agent that (a) the identity and expertise of Grantor was and continues to be a material circumstance upon which Agent has relied in connection with, and which constitute valuable
consideration to Agent for, the extending to Borrower of the loans and other extensions of credit evidenced by the Note and Credit Agreement, and (b) any change in such identity or expertise could materially impair or jeopardize the security
for the payment of the Secured Obligations granted to Agent by this Instrument. Grantor therefore covenants and agrees with Agent, as part of the consideration for the extending to Grantor of the loans evidenced by the Note, that Grantor shall not
convey, transfer, assign, further encumber or pledge any or all of its interest in the Property except as permitted under the Credit Agreement. 

  
 15 

 ARTICLE 2 
 2.01 Events of Default. The terms “Default” and “Event of Default” as used herein shall have the following meanings: 

“Default” shall mean any event which, with the giving of notice or the lapse of time, or both, would become an Event of
Default. 
 “Event of Default” shall mean (a) any default in the payment or performance of the obligations
of Grantor hereunder or of Borrower or any other Guarantor under any of the other Loan Documents when the same shall become due and payable which is not cured within any grace or notice and cure period provided in the Credit Agreement or such other
Loan Documents, if any, subject to any limitations in the Credit Agreement on the right of Grantor, Borrower or any other Guarantor to receive notices of default, or (b) any representation or warranty of Grantor hereunder proving to be false or
incorrect in any material respect upon the date when made or deemed to have been repeated, or (c) any default in the performance of the obligations of Grantor or Borrower or any other Person under any of the Security Documents beyond the
expiration of any applicable notice and cure period, (d) the occurrence of any “Event of Default” under the Credit Agreement or any other Loan Document, (e) any amendment to or termination of a financing statement naming Grantor
as debtor and Agent as secured party, or any correction statement with respect thereto, is filed in any jurisdiction by, or caused by, or at the instance of Grantor or by, or caused by, or at the instance of any principal, member, general partner or
officer of Grantor (collectively, “Grantor Party”) without the prior written consent of Agent; or (f) in the event that any amendment to or termination of a financing statement naming Grantor as debtor and Agent as secured party, or
any correction statement with respect thereto, is filed in any jurisdiction by any party other than a Grantor Party or Agent or Agent’s counsel without the prior written consent of Agent and Grantor fails to use its best efforts to cause the
effect of such filing to be completely nullified to the reasonable satisfaction of Agent within ten (10) days after notice to Grantor thereof. 
 2.02 Acceleration of Maturity. If an Event of Default shall have occurred and be continuing, then the entire Secured Obligations secured hereby shall, at the option of Agent and as permitted by the
terms of the Credit Agreement, immediately become due and payable without notice or demand except as required by law, time being of the essence of this Instrument. 
 2.03 Right to Enter and Take Possession. 
 (a) If an Event of Default shall
have occurred and be continuing, Grantor, upon demand of Agent, shall forthwith surrender to Agent the actual possession of the Property, 

  
 16 

 
and if and to the extent permitted by law, Agent itself, or by such officers or agents as it may appoint, may enter and take possession of all the Property (or such portion or portions as Agent
may select) without the appointment of a receiver, or an application therefor, and may exclude Grantor and its agents and employees wholly therefrom, and may have joint access with Grantor to the books, papers and accounts of Grantor. 

(b) If Grantor shall for any reason fail to surrender or deliver the Property or any part thereof after such demand by Agent, Agent may
obtain a judgment or decree conferring upon Agent the right to immediate possession or requiring Grantor to deliver immediate possession of the Property to Agent. Grantor will pay to Agent, upon demand, all expenses of obtaining such judgment or
decree, including reasonable compensation to Agent, its attorneys and agents; and all such expenses and compensation shall, until paid, be secured by the lien of this Instrument. 

(c) Upon every such entering upon or taking of possession, Agent may hold, store, use, operate, manage and control the Property and
conduct the business thereof and, from time to time, (i) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase or otherwise acquire additional
fixtures, personalty and other property; (ii) insure or keep the Property insured; (iii) lease, manage and operate the Property and exercise all the rights and powers of Grantor to the same extent as Grantor could in its own name or
otherwise with respect to the same; and (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted Agent, all as Agent from time to time may determine to be in its best interest. Agent may
collect and receive all the rents, issues, profits and revenues from the Property, including those past due as well as those accruing thereafter, and, after deducting (1) all expenses of taking, holding, managing and operating the Property
(including compensation for the services of all persons employed for such purposes); (2) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases and acquisitions; (3) the cost of
such insurance; (4) such taxes, assessments and other similar charges as Agent may at its option pay; (5) other proper charges upon the Property or any part thereof; and (6) the reasonable compensation, expenses and disbursements of
the attorneys and agents of Agent; Agent shall apply the remainder of the monies and proceeds so received by Agent in accordance with Section 12.5 of the Credit Agreement. Agent shall have no obligation to discharge any duties of a landlord to
any tenant or to incur any liability as a result of any exercise by Agent of any rights under this Instrument or otherwise. Agent shall not be liable for any failure to collect rents, issues, profits and revenues from the Property, nor shall Agent
be liable to account for any such rents, issues, profits or revenues unless actually received by Agent. 
 (d) Whenever all that
is due upon the Secured Obligations and under any of the terms, covenants, conditions and agreements of this Instrument shall have been paid, the Lenders have no obligation to make further Loans and the Issuing Lender has no further obligation to
issue Letters of Credit, and all Events of Default cured, Agent shall surrender possession of the Property to Grantor, its successors or assigns. The same right of taking possession, however, shall exist if any subsequent Event of Default shall
occur and be continuing. 

  
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 2.04 Performance by Agent. If there shall be a Default or Event of Default in the
payment, performance or observance of any term, covenant or condition of this Instrument, Agent may, so long as such Default or Event of Default continues, at its option, pay, perform or observe the same, and all payments made or costs or expenses
incurred by Agent in connection therewith, shall be secured hereby and shall be, upon demand, immediately repaid by Grantor to Agent with interest thereon at the Default Rate. Agent shall be the sole judge of the necessity for any such actions and
of the amounts to be paid. Agent is hereby empowered to enter and to authorize others to enter upon the Land or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming
liable to Grantor or any person in possession holding under Grantor. 
 2.05 Receiver. If an Event of Default shall have
occurred and be continuing, Agent, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right without regard to the occupancy or value of any security for the Secured Obligations secured hereby or the
solvency of any party bound for its payment, to the appointment of a receiver to take possession of and to operate the Property (or such portion or portions as Agent may select) and to collect and apply the rents, issues, profits and revenues
thereof. The receiver shall have all of the rights and powers permitted under the laws of the State of Michigan. Grantor will pay to Agent upon demand all reasonable expenses, including receiver’s fees, attorney’s fees, costs and
agent’s compensation, incurred pursuant to the provisions of this Section 2.05, and all such expenses shall be secured by this Instrument. 
 2.06 Enforcement. 
 (a) If an Event of Default shall have occurred and be
continuing, to the extent permitted by law, Agent, at its option, may effect the foreclosure of this Instrument by selling the Property (or such portion or portions thereof as the Agent may select) at public auction at such time and place and upon
such terms and conditions as may be required or permitted by applicable law, after having first advertised the time, place and terms of sale in accordance with applicable law. At any foreclosure sale, such portion of the Property as is offered for
sale may, at the Agent’s option, be offered for sale for one total price, and the proceeds of such sale accounted for in one account without distinction between the items of security or without assigning to them any proportion of such proceeds,
the Grantor hereby waiving the application of any doctrine of marshalling. Agent is authorized and empowered to sell or cause to be sold the Property and to convey the same to the purchaser thereof pursuant to the provisions of MCL
Section 600.3201 et seq., as amended, pertaining to foreclosure by advertisement, which statute does not require that Grantor be personally notified of such sale or that a judicial hearing be held before the sale is conducted. 

(b) If an Event of Default shall have occurred and be continuing, Agent may, to the extent permitted by law, in addition to and not in
abrogation of the rights covered under subparagraph (a) of this Section 2.06, either with or without entry or taking possession as herein provided or otherwise, proceed by a suit or suits in law or in equity or by any other appropriate
proceeding or remedy (i) to enforce payment of the Secured Obligations or the performance of any term, covenant, condition or agreement of this Instrument or any other right, and (ii) to pursue any other remedy available to it, all as
Agent shall determine most effectual for such purposes. 

  
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 2.07 Purchase by Agent. Upon any foreclosure sale, Agent, on behalf of the Lenders
and the holders of the Hedge Obligations, may bid for and purchase the Property and shall be entitled to apply all or any part of the Secured Obligations secured hereby as a credit to the purchase price. 

2.08 Application of Proceeds of Sale. The proceeds received by Agent as a result of the foreclosure sale of the Property or the
exercise of any other rights or remedies hereunder shall be applied in the manner provided for in Section 12.5 of the Credit Agreement. 
 2.09 Grantor as Tenant Holding Over. In the event of any such foreclosure sale by Agent, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or
purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. 
 2.10
Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws. Grantor agrees, to the full extent permitted by law, that in case of a Default or Event of Default, neither Grantor nor anyone claiming through or under it shall or will
set up, claim or seek to take advantage of any appraisement, valuation, stay, extension, homestead, exemption or redemption laws now or hereafter in force and Grantor, for itself and all who may at any time claim through or under it, hereby waives
to the full extent that it may lawfully so do, the benefit of all such laws, and any and all right to have the assets comprised in the security intended to be created hereby marshaled upon any foreclosure of the lien hereof. 

2.11 Waiver of Homestead. Grantor hereby waives and renounces all homestead and exemption rights provided for by the Constitution
and the laws of the United States and of any state, in and to the Property as against the collection of the Secured Obligations, or any part hereof. 
 2.12 Leases; Licensees. Agent, at its option, is authorized to foreclose this Instrument subject to the rights of any tenants and licensees of the Property, and the failure to make any such tenants
or licensees parties to any such foreclosure proceedings and to foreclose their rights will not be, nor be asserted by Grantor to be a defense to any proceedings instituted by Agent to collect the sums secured hereby. 

2.13 Discontinuance of Proceedings and Restoration of the Parties. In case Agent shall have proceeded to enforce any right, power
or remedy under this Instrument by foreclosure, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to Agent, then and in every such case Grantor and Agent shall
be restored to their former positions and rights hereunder, and all rights, powers and remedies of Agent shall continue as if no such proceeding had been taken. 
 2.14 Remedies Cumulative. No right, power or remedy conferred upon or reserved to Agent by this Instrument is intended to be exclusive of any other right, power or remedy, but each and every such
right, power and remedy shall be cumulative and concurrent and, to the extent permitted by applicable law, may be exercised against Grantor as Agent may select and shall be in addition to any other right, power and remedy given hereunder or now or
hereafter existing at law or in equity or by statute. 

  
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 2.15 Waiver. 

(a) No delay or omission of Agent, any Lender or any holder of the Hedge Obligations to exercise any right, power or remedy accruing upon
any Default or Event of Default shall exhaust or impair any such right, power or remedy or shall be construed to be a waiver of any such Default or Event of Default, or acquiescence therein; and every right, power and remedy given by this Instrument
to Agent may be exercised from time to time and as often as may be deemed expedient by Agent. No consent or waiver, expressed or implied, by Agent to or of any Default or Event of Default by Grantor in the performance of the obligations thereof
hereunder shall be deemed or construed to be a consent or waiver to or of any other Default or Event of Default in the performance of the same or any other obligations of Grantor hereunder. Failure on the part of Agent, the Lenders or any holder of
the Hedge Obligations to complain of any act or failure to act or to declare a Default or Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by Agent, any Lender or any holder of the Hedge Obligations of
its rights hereunder or impair any rights, powers or remedies consequent on any Default or Event of Default by Grantor. 
 (b)
If Lenders or Agent on behalf of the Lenders, or any holder of the Hedge Obligations (i) grant forbearance or an extension of time for the payment of any sums secured hereby; (ii) take other or additional security for the payment of any
sums secured hereby; (iii) waive or do not exercise any right granted herein or in the Note, the Credit Agreement, any other Loan Document or any Hedge Document; (iv) release any part of the Property from the lien of this Instrument or
otherwise change any of the terms, covenants, conditions or agreements of the Note, this Instrument, any other Loan Document or any Hedge Document; (v) consent to the filing of any map, plat or replat affecting the Property; (vi) consent
to the granting of any easement or other right affecting the Property; or (vii) make or consent to any agreement subordinating the lien hereof, any such act or omission shall not release, discharge, modify, change or affect the original
liability under the Note, the Credit Agreement, the Guaranty, this Instrument or any other obligation of Grantor, or any subsequent purchaser of the Property or any part thereof, or any maker, co-signer, endorser, surety or guarantor; nor shall any
such act or omission preclude Agent from exercising any right, power or privilege herein granted or intended to be granted in the event of any Default then made or of any subsequent Default; nor, except as otherwise expressly provided in an
instrument or instruments executed by Agent, shall the lien of this Instrument be altered thereby. In the event of the sale or transfer by operation of law or otherwise of all or any part of the Property, Agent, without notice, is hereby authorized
and empowered to deal with any such vendee or transferee with reference to the Property or the Secured Obligations secured hereby, or with reference to any of the terms, covenants, conditions or agreements hereof, as fully and to the same extent as
it might deal with the original parties hereto and without in any way releasing or discharging any liabilities, obligations or undertakings. 
 2.16 Suits to Protect the Property. Agent shall have power (a) to institute and maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Property by any
acts which may be unlawful or in violation of this Instrument, (b) to preserve or protect its interest in the Property and in the rents, issues, profits and revenues arising therefrom, and (c) to restrain the enforcement of or compliance
with any legislation or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid, if the enforcement of or compliance with such enactment, rule or order would impair the security hereunder or be prejudicial to
the interest of Lenders or the holders of the Hedge Obligations. 

  
 20 

 2.17 Agent May File Proofs of Claim. In the case of any receivership, insolvency,
bankruptcy, reorganization, arrangement, adjustment, composition or other proceedings affecting Grantor, its creditors or its property, Agent, to the extent permitted by law, shall be entitled to file such proofs of claim and other documents as may
be necessary or advisable in order to have the claims of Agent, Lenders and the holders of the Hedge Obligations allowed in such proceedings for the entire amount due and payable by Grantor under this Instrument at the date of the institution of
such proceedings and for any additional amount which may become due and payable by Grantor hereunder after such date. 
 2.18
WAIVER OF GRANTOR’S RIGHTS. BY EXECUTION OF THIS INSTRUMENT, GRANTOR EXPRESSLY: (A) ACKNOWLEDGES THE RIGHT OF AGENT, THE LENDERS AND/OR THE HOLDERS OF THE HEDGE OBLIGATIONS TO ACCELERATE THE SECURED OBLIGATIONS AND, TO THE EXTENT
PERMITTED BY LAW, THE POWER OF AGENT TO SELL THE PROPERTY BY NONJUDICIAL FORECLOSURE UPON DEFAULT BY GRANTOR WITHOUT ANY JUDICIAL HEARING AND WITHOUT ANY NOTICE OTHER THAN SUCH NOTICE (IF ANY) AS IS SPECIFICALLY REQUIRED TO BE GIVEN UNDER THE
PROVISIONS OF THIS INSTRUMENT OR BY LAW; (B) TO THE FULL EXTENT PERMITTED BY LAW, WAIVES ANY AND ALL RIGHTS WHICH GRANTOR MAY HAVE UNDER THE CONSTITUTION OF THE UNITED STATES (INCLUDING, WITHOUT LIMITATION, THE FIFTH AND FOURTEENTH AMENDMENTS
THEREOF), THE VARIOUS PROVISIONS OF THE CONSTITUTIONS FOR THE SEVERAL STATES, OR BY REASON OF ANY OTHER APPLICABLE LAW, TO NOTICE AND TO JUDICIAL HEARING PRIOR TO THE EXERCISE BY AGENT OF ANY RIGHT OR REMEDY HEREIN PROVIDED TO AGENT, EXCEPT SUCH
NOTICE (IF ANY) AS IS SPECIFICALLY REQUIRED TO BE PROVIDED IN THIS INSTRUMENT OR BY APPLICABLE LAW; (C) ACKNOWLEDGES THAT GRANTOR HAS READ THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS AND ANY AND ALL QUESTIONS REGARDING THE LEGAL EFFECT OF THIS
INSTRUMENT AND THE OTHER LOAN DOCUMENTS AND THEIR PROVISIONS HAVE BEEN EXPLAINED FULLY TO GRANTOR AND GRANTOR HAS CONSULTED WITH COUNSEL OF GRANTOR’S CHOICE PRIOR TO EXECUTING THIS INSTRUMENT; AND (D) ACKNOWLEDGES THAT ALL WAIVERS OF THE
AFORESAID RIGHTS OF GRANTOR HAVE BEEN MADE KNOWINGLY, INTENTIONALLY AND WILLINGLY BY GRANTOR AS PART OF A BARGAINED FOR LOAN TRANSACTION. 
 2.19 Claims Against Agent, Lenders and Holders of Hedge Obligations. No action at law or in equity shall be commenced, or allegation made, or defense raised, by Grantor against Agent, the Lenders
or any holder of the Hedge Obligations for any claim under or related to this Instrument, the Note, the Credit Agreement, the Guaranty or any other instrument, document, transfer, conveyance, assignment or loan agreement given by Grantor with
respect to the Secured Obligations secured hereby, or related to the conduct of the parties thereunder, unless written notice of such claim, expressly setting forth the particulars of the claim alleged by Grantor, shall have been given to Agent
within sixty (60) days from and after the initial awareness of Grantor of the event, omission or circumstances forming the basis of Grantor for such claim. Any failure by Grantor to timely provide such written notice to Agent shall constitute a
waiver by Grantor of such claim. 

  
 21 

 2.20 [Intentionally Omitted]. 

2.21 Indemnification; Subrogation; Waiver of Offset. 
 (a) Grantor shall indemnify, defend and hold Agent, the Lenders and the holders of the Hedge Obligations harmless for, from and against any and all liability, obligations, losses, damages, penalties,
claims, actions, suits, costs and expenses (including Agent’s reasonable attorneys’ fees, together with reasonable appellate counsel fees, if any) of whatever kind or nature which may be asserted against, imposed on or incurred by Agent,
or the Lenders or the holders of the Hedge Obligations in connection with the Secured Obligations, this Instrument, the Property, or any part thereof, or the exercise by Agent of any rights or remedies granted to it under this Instrument; provided,
however, that nothing herein shall be construed to obligate Grantor to indemnify, defend and hold harmless Agent, the Lenders or the holders of the Hedge Obligations for, from and against any and all liabilities, obligations, losses, damages,
penalties, claims, actions, suits, costs and expenses asserted against, imposed on or incurred by Agent or a Lender by reason of such Person’s willful misconduct or gross negligence if a judgment is entered against Agent, a Lender or a holder
of a Hedge Obligation by a court of competent jurisdiction after the expiration of all applicable appeal periods. 
 (b) If
Agent, a Lender or a holder of a Hedge Obligation is made a party defendant to any litigation or any claim is threatened or brought against Agent, a Lender or a holder of a Hedge Obligation concerning the Secured Obligations, this Instrument, the
Property, or any part thereof, or any interest therein, or the construction, maintenance, operation or occupancy or use thereof, then Grantor shall indemnify, defend and hold such Person harmless for, from and against all liability by reason of said
litigation or claims, including reasonable attorneys’ fees (together with reasonable appellate counsel fees, if any) and expenses incurred by such Person in any such litigation or claim, whether or not any such litigation or claim is prosecuted
to judgment; provided, however, that nothing in this Section 2.21(b) shall be construed to obligate Grantor to indemnify, defend and hold harmless Agent, a Lender or a holder of a Hedge Obligation for, from and against any and all liabilities
or claims imposed on or incurred by such Person by reason of such Person’s willful misconduct or gross negligence if a judgment is entered against such Person by a court of competent jurisdiction after expiration of all applicable appeal
periods. If Agent commences an action against Grantor to enforce any of the terms hereof or to prosecute any breach by Grantor of any of the terms hereof or to recover any sum secured hereby, Grantor shall pay to Agent its reasonable attorneys’
fees (together with reasonable appellate counsel, fees, if any) and expenses. The right to such attorneys’ fees (together with reasonable appellate counsel fees, if any) and expenses shall be deemed to have accrued on the commencement of such
action, and shall be enforceable whether or not such action is prosecuted to judgment. If Grantor breaches any term of this Instrument, Agent may engage the services of an attorney or attorneys to protect its rights hereunder, and in the event of
such engagement following any breach by Grantor, Grantor shall pay Agent reasonable attorneys’ fees (together with reasonable appellate counsel fees, if any) and expenses incurred by Agent, whether or not an action is actually commenced against
Grantor by reason of such breach. All references to “attorneys” in this Subsection and elsewhere in this Instrument shall include 

  
 22 

 
without limitation any attorney or law firm engaged by Agent and Agent’s in-house counsel, and all references to “fees and expenses” in this Subsection and elsewhere in this
Instrument shall include without limitation any fees of such attorney or law firm and any allocation charges and allocation costs of Agent’s in-house counsel. 
 (c) A waiver of subrogation shall be obtained by Grantor from its insurance carrier and, consequently, Grantor waives any and all right to claim or recover against Agent, the Lenders, the holders of the
Hedge Obligations and each of their respective officers, employees, agents and representatives, for loss of or damage to Grantor, the Property, Grantor’s property or the property of others under Grantor’s control from any cause insured
against or required to be insured against by the provisions of this Instrument. 
 (d) ALL SUMS PAYABLE BY GRANTOR HEREUNDER
SHALL BE PAID WITHOUT NOTICE (EXCEPT AS MAY OTHERWISE BE PROVIDED HEREIN), DEMAND, COUNTERCLAIM, SETOFF, DEDUCTION OR DEFENSE AND WITHOUT ABATEMENT, SUSPENSION, DEFERMENT, DIMINUTION OR REDUCTION, AND THE SECURED OBLIGATIONS AND LIABILITIES OF
GRANTOR HEREUNDER SHALL IN NO WAY BE RELEASED, DISCHARGED OR OTHERWISE AFFECTED BY REASON OF: (I) ANY DAMAGE TO OR DESTRUCTION OF OR ANY CONDEMNATION OR SIMILAR TAKING OF THE PROPERTY OR ANY PART THEREOF; (II) ANY RESTRICTION OR PREVENTION
OF OR INTERFERENCE WITH ANY USE OF THE PROPERTY OR ANY PART THEREOF; (III) ANY TITLE DEFECT OR ENCUMBRANCE OR ANY EVICTION FROM THE LAND OR THE IMPROVEMENTS ON THE LAND OR ANY PART THEREOF BY TITLE PARAMOUNT OR OTHERWISE; (IV) ANY
BANKRUPTCY, INSOLVENCY, REORGANIZATION, COMPOSITION, ADJUSTMENT, DISSOLUTION, LIQUIDATION, OR OTHER LIKE PROCEEDING RELATING TO AGENT, THE LENDERS OR ANY HOLDER OF THE HEDGE OBLIGATIONS, OR ANY ACTION TAKEN WITH RESPECT TO THIS INSTRUMENT BY ANY
AGENT OR BY ANY RECEIVER OF AGENT, OR BY ANY COURT, IN SUCH PROCEEDING; (V) ANY CLAIM WHICH GRANTOR HAS, OR MIGHT HAVE, AGAINST AGENT, THE LENDERS OR ANY HOLDER OF THE HEDGE OBLIGATIONS; (VI) ANY DEFAULT OR FAILURE ON THE PART OF AGENT,
THE LENDERS OR ANY HOLDER OF THE HEDGE OBLIGATIONS TO PERFORM OR COMPLY WITH ANY OF THE TERMS HEREOF OR OF ANY OTHER AGREEMENT WITH GRANTOR; OR (VII) ANY OTHER OCCURRENCE WHATSOEVER, WHETHER SIMILAR OR DISSIMILAR TO THE FOREGOING, WHETHER OR
NOT GRANTOR SHALL HAVE NOTICE OR KNOWLEDGE OF ANY OF THE FOREGOING. GRANTOR WAIVES ALL RIGHTS NOW OR HEREAFTER CONFERRED BY STATUTE OR OTHERWISE TO ANY ABATEMENT, SUSPENSION, DEFERMENT, DIMINUTION, OR REDUCTION OF ANY SUM SECURED HEREBY AND PAYABLE
BY GRANTOR. 
 2.22 Revolving Credit/Future Advance. This Instrument secures Secured Obligations which may provide for a
variable rate of interest as well as revolving credit advances and other future advances, whether such advances are obligatory or otherwise. Advances under the Note are subject to the terms and provisions of the Credit Agreement and the other
Security Documents. Grantor acknowledges that the Secured Obligations may increase or decrease from time to time and that if the outstanding balance of the Secured Obligations is ever repaid to zero the security title and security interest created
by this Instrument shall not be deemed released or 

  
 23 

 
extinguished by operation of law or implied intent of the parties. This Instrument shall remain in full force and effect as to any further advances under the Credit Agreement made after any such
zero balance until the Secured Obligations are paid in full, all agreements to make further advances or issue letters of credit have been terminated and this Instrument has been canceled of record. Grantor waives the operation of any applicable
statutes, case law or regulation having a contrary effect. 
 ARTICLE 3 

3.01 Successors and Assigns. This Instrument shall inure to the benefit of and be binding upon Grantor and Agent and their
respective heirs, executors, legal representatives, successors and assigns. Whenever a reference is made in this Instrument to Grantor or Agent such reference shall be deemed to include a reference to the heirs, executors, legal representatives,
successors and assigns of Grantor or Agent. 
 3.02 Terminology. All personal pronouns used in this Instrument whether
used in the masculine, feminine or neuter gender, shall include all other genders; the singular shall include the plural, and vice versa. Titles and Articles are for convenience only and neither limit nor amplify the provisions of this Instrument
itself, and all references herein to Articles, Sections or subsections thereof, shall refer to the corresponding Articles, Sections or subsections thereof, of this Instrument unless specific reference is made to such Articles, Sections or
subsections thereof of another document or instrument. 
 3.03 Severability. If any provision of this Instrument or the
application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Instrument and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be
enforced to the greatest extent permitted by law. 
 3.04 Applicable Law. This Instrument will be governed by the
substantive laws of the State of Michigan, without giving effect to its principles of choice of law or conflicts of law (except with respect to choice of law or conflicts of law provisions of its Uniform Commercial Code), and the laws of the United
States applicable to transactions in the State of Michigan. Should any obligation or remedy under this Instrument be invalid or unenforceable pursuant to the laws provided herein to govern, the laws of any other state referred to herein or of
another state whose laws can validate and apply thereto shall govern. 
 3.05 Notices. Except as otherwise provided
herein, any notice or other communication required hereunder shall be in writing, and shall be deemed to have been validly served, given or delivered if given and delivered as provided in the Guaranty if given to Grantor or as provided in the Credit
Agreement if given to Agent. 
 3.06 Conflict with Credit Agreement Provisions. Grantor hereby acknowledges and agrees
that, in the event of any conflict between the terms hereof and the terms of the Credit Agreement, the terms of the Credit Agreement shall control. 

  
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 3.07 Assignment. This Instrument is assignable by Agent, and any assignment hereof by
Agent shall operate to vest in the assignee all rights and powers herein conferred upon and granted to Agent. 
 3.08 Time of
the Essence. Time is of the essence with respect to each and every covenant, agreement and obligation of Grantor under this Instrument, and any and all other instruments now or hereafter evidencing, securing or otherwise relating to the Secured
Obligations. 
 3.09 Grantor. Unless the context clearly indicates otherwise, as used in this Instrument,
“Grantor” means the grantors named in recitals hereof or any of them. The obligations of Grantor hereunder shall be joint and several. If any Grantor, or any signatory who signs on behalf of any Grantor, is a corporation, partnership or
other legal entity, Grantor and any such signatory, and the person or persons signing for it, represent and warrant to Agent that this instrument is executed, acknowledged and delivered by Grantor’s duly authorized representatives. 

ARTICLE 4 - STATE-SPECIFIC PROVISIONS 
 4.01 Principles of Construction. In the event of any inconsistencies between the terms and conditions of this Article 4 and the terms and conditions of this Instrument, the terms and
conditions of this Article 4 shall control and be binding. 
 4.02 Waste. Failure, refusal or neglect of Grantor to
pay any Impositions or any other liens, assessments and charges of every character (the “Other Charges”), including any utility rates levied, assessed or imposed upon the Property as and when the same are due and payable (subject to the
limited right of Grantor to contest the same, as described below), and/or nonpayment of any premiums for insurance required to be retained by Grantor with respect to the Property pursuant to the terms hereof and the other Loan Documents prior to the
expiration of the insurance policies to which such premiums related, shall constitute waste, and shall entitle Agent to exercise the remedies provided in this Instrument, as well as those afforded by law, including, without limitation, MCL
Section 600.2927, as amended. Notwithstanding the foregoing, after prior notice to Agent, Grantor, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the
amount or validity or application in whole or in part of any Impositions or Other Charges, provided that (a) no Event of Default has occurred and remains uncured; (b) such proceeding shall be permitted under and be conducted in accordance
with the provisions of any other instrument to which Grantor is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (c) neither the
Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (d) Grantor shall promptly upon final determination thereof pay the amount of any such Impositions or Other Charges,
together with all costs, interest and penalties which may be payable in connection therewith; (e) such proceeding shall suspend the collection of such contested Impositions or Other Charges from the Property; and (f) Grantor shall furnish
such security as may be required in the proceeding, or as may be reasonably requested by Agent, to insure the payment of any such Impositions or Other Charges, together with all interest and penalties thereon. Agent may pay over any such cash
deposit or part thereof 

  
 25 

 
held by Agent to the claimant entitled thereto at any time when, in the judgment of Agent, the entitlement of such claimant is established or the Property (or part thereof or interest therein)
shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the lien of this Instrument being primed by any related lien. 
 4.03 Power of Sale. THIS INSTRUMENT CONTAINS A POWER OF SALE AND, DURING THE CONTINUANCE OF AN EVENT OF DEFAULT HEREUNDER, MAY BE FORECLOSED BY ADVERTISEMENT (UNDER AND PURSUANT TO THE PROVISIONS
OF MCL SECTION 600.3201 ET SEQ.) OR BY JUDICIAL ACTION (UNDER AND PURSUANT TO THE PROVISIONS OF MCL SECTION 600.3101). IN A FORECLOSURE BY ADVERTISEMENT, NO HEARING IS INVOLVED AND THE ONLY NOTICE REQUIRED IS PUBLICATION OF A FORECLOSURE NOTICE IN A
LOCAL NEWSPAPER AND POSTING OF A COPY OF THE NOTICE UPON THE PROPERTY. IF THIS INSTRUMENT IS FORECLOSED BY ADVERTISEMENT UNDER THE PROVISIONS OF MCL SECTION 600.3201 (OR ANY SUCCESSOR PROVISION OF THE LAWS OF THE STATE OF MICHIGAN), GRANTOR HEREBY
VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY WAIVES ALL RIGHTS UNDER THE CONSTITUTION AND THE LAWS OF THE STATE OF MICHIGAN AND THE CONSTITUTION AND LAWS OF THE UNITED STATES OF AMERICA TO ANY NOTICE OR HEARING IN CONNECTION WITH SAID FORECLOSURE BY
ADVERTISEMENT, EXCEPT AS SET FORTH IN SAID MICHIGAN STATUTE PROVIDING FOR FORECLOSURE BY ADVERTISEMENT. 
 4.04 Assignment of
Rents. GRANTOR HEREBY WAIVES ANY RIGHT TO NOTICE, OTHER THAN SUCH NOTICE AS MAY BE PROVIDED IN ACT 210 OF THE PUBLIC ACTS OF MICHIGAN OF 1953 AND ACT 66 OF THE PUBLIC ACTS OF MICHIGAN OF 1956, EACH AS AMENDED OR SUPERSEDED, AND WAIVES ANY RIGHT
TO ANY HEARING, JUDICIAL OR OTHERWISE, PRIOR TO AGENT’S EXERCISE OF ITS RIGHTS UNDER THIS INSTRUMENT WITH RESPECT TO THE ASSIGNMENT OF RENTS GRANTED TO AGENT HEREUNDER. 
 4.05 Future Advances. This Instrument secures future advances and is a future advance mortgage under Michigan Act No. 348 of the Public Acts of 1990, as amended (MCL Section 565.901 et
seq.). 
 4.06 Additional Fixture Filing Language. This Instrument shall be effective as a financing statement filed as a
fixture filing with respect to all fixtures included in the Property and is to be filed and recorded in, among other places, the real estate records of the county where the Property is located. For this purpose the following information is included:
(i) Grantor shall be deemed the “Debtor” with the address set forth on Exhibit “C” hereof; (ii) Agent shall be deemed the “Secured Party” with the address set forth on Exhibit “C”
hereof; (iii) this document covers goods which are or are to become fixtures; and (iv) the name of the record owner of the Land is the Debtor; (v) the organizational identification number of the Debtor is set forth on Exhibit
“C” hereof. 
 4.07 Events of Default. Section 12.1 of the Credit Agreement provides that each of the
events listed on Exhibit “D” attached hereto and made a part hereof shall constitute an Event of Default. All capitalized terms used in Exhibit “D” shall have the meaning as set forth in the Credit Agreement.

  
 26 

 4.08 Servicing Agent. For purposes of this Mortgage, Agent is the servicing agent of
the Mortgage pursuant to MCL 600.3204. 
 ARTICLE 5 - COMPLIANCE WITH CREDIT AGREEMENT 

5.01 Representations and Warranties. In addition to the representations and warranties made by Grantor herein, Grantor hereby
makes to the Agent and the Lenders the representations and warranties set forth in the Credit Agreement applicable to it, as if it were a party thereto, including, without limitation, those contained in the following sections: Sections 6.1(c) and
(d), 6.2, 6.6, 6.7, 6.8, 6.9, 6.10, 6.12, 6.14, 6.15, 6.16, 6.17, 6.20, 6.23, 6.25, 6.26, 6.27, 6.28, 6.29, 6.30 and 6.32. 

5.02 Covenants and Agreements. The Grantor covenants and agrees that so long as any Loan, Note or Letter of Credit is outstanding
that Grantor shall comply with all of the covenants and agreements set forth in the Credit Agreement applicable to it, as if it were a party thereto, including, without limitation, those contained in the following sections: Sections 7.2, 7.3,
7.4(e), 7.5(a), (b), (c), and (d), 7.6, 7.7 (to the extent required by Section 1.05 hereof), 7.8, 7.9, 7.10, 7.11, 7.12, 7.13, 7.14, 7.16, 7.19, 8.1, 8.2, 8.3, 8.4, 8.5, 8.6, 8.8, 8.10, 8.12, 8.13, 8.14, 8.15, 18.9, 21, and 25. For purposes of
Sections 7.5(a), (b), (c) and (d) of the Credit Agreement, notice given to Agent by Borrower shall satisfy any requirement that Grantor deliver notice under the relevant section. 

[SIGNATURES ON NEXT PAGE] 

  
 27 

 THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE
PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 
 IN WITNESS WHEREOF, Grantor has executed this Instrument as of the day and year first above written. 
  

							
	GRANTOR:
	
	DC-19675 W. TEN MILE, LLC, a Delaware limited liability company
		
	By:	 	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member
			
		 	By:	 	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	/s/ John E. Carter
		 		 	Name:	 	John E. Carter
		 		 	Title:	 	CEO

 ACKNOWLEDGMENT 
 STATE OF FLORIDA                          ) 

COUNTY OF HILLSBOROUGH        ) 
 I, the undersigned, a Notary Public in and for said County, in said state, hereby certify that John Carter whose name as CEO of Carter Validus Mission Critical REIT, Inc., a Maryland corporation, which is
the general partner of Carter/Validus Operating Partnership, LP, a Delaware limited partnership, which is the Managing Member of DC-19675 W. TEN MILE, LLC, a Delaware limited liability company, is signed to the foregoing instrument, and who is known
to me, acknowledged before me on this day that, being informed of the contents of the instrument, he/she, as such officer and with full authority, executed the same voluntarily for and as the act of said officer on behalf of said company and stated
that the representations therein contained are true. 
 GIVEN under my hand and Official Seal this 25 day of May, 2012.

 /s/ Demi Elliott 
 Signature of
Notary 
 Demi Elliott 
 Print
Notary’s Name 
 Notary Public residing in Hillsborough County 
 My commission expires: 2/11/2015 
 PREPARED BY AND WHEN RECORDED, RETURN TO: 

McKenna Long & Aldridge LLP 
 303
Peachtree Street, N.E., Suite 5300 
 Atlanta, Georgia 30308 
 Attention: Brian T. Holmes, Esq. 

 EXHIBIT “A” 

LEGAL DESCRIPTION 

Real property in the City of Southfield, County of Oakland, State of Michigan, described as follows: 

Parcel IB: 
 Part of the Northwest 1/4 of the
Northwest 1/4 of Section 26, Town 1 North, Range 10 East, City of Southfield, Oakland County, Michigan, described as: Beginning at a point on the South line of Ten Mile Road (120 feet wide). Said point being North 89 degrees 59 minutes 45
seconds East 416.0 feet and South 0 degrees 00 minutes 15 seconds East 60.0 feet from the Northwest corner of Section 26, Town 1 North, Range 10 East; thence South 0 degrees 00 minutes 15 seconds East 118.00 feet; thence North 89 degrees 59
minutes 45 seconds East 125.0 feet; thence South 0 degrees 00 minutes 15 seconds East 94.75 feet; thence South 45 degrees 49 minutes 35 seconds East 252.68 feet; thence North 44 degrees 10 minutes 25 seconds East 72.0 feet; thence South 45 degrees
49 minutes 35 seconds East 50.15 feet; thence 177.95 feet along the Arc of a curve concave to the West, said curve having a Radius of 807.68 feet, a Central Angle of 12 degrees 37 minutes 25 seconds and whose Chord bears North 14 degrees 12 minutes
57 seconds East 177.59 feet; thence North 0 degrees 00 minutes 15 seconds West 200.0 feet; thence along the South line of Ten Mile Road, South 89 degrees 59 minutes 45 seconds West 435.98 feet to the point of beginning. Together with the right to
use in common with others all easements for parking, ingress and egress, installation and maintenance of utilities and drainage facilities and use of all other common facilities, all as set forth in that certain instrument entitled “Declaration
of Easements” dated June 25, 1968 and recorded in Liber 5225, Page 777, Oakland County Records as amended by instrument dated December 7, 1968 and recorded December 25, 1968 in Liber 5297, Page 465, Oakland County Records, and as
further amended by instrument dated April 27, 2012 and recorded May 21, 2012 in Liber 44206, Page 87, Oakland County Records (as amended from time to time, the “Declaration”). 

And together with a Generator Easement as granted in the Declaration over the property more particularly described as follows: Part of the Northwest 1/4
of Section 26, Township 1 North, Range 10 East, City of Southfield, Oakland County, Michigan, being more particularly described as follows; Commencing at the Northwest corner of Section 26; thence S89 degrees 57 minutes 31 seconds E,
415.61 feet (previously recorded as N89 degrees 59 minutes 45 seconds E, 415.00 feet) along the North line of Section 26; thence S00 degrees 00 minutes 15 seconds E, 178.24 feet (previously recorded at 178.00 feet); thence N89 degrees 59
minutes 45 seconds E, 125.00 feet; thence S00 degrees 00 minutes 15 seconds E, 94.75 feet; thence S45 degrees 49 minutes 35 seconds E, 252.68 feet; thence N44 degrees 10 minutes 25 seconds E, 42.00 feet to the point of beginning of the following
described easement; thence N44 degrees 10 minutes 25 seconds E, 30.00 feet; thence S45 degrees 49 minutes 35 seconds E, 82.00 feet; thence S47 degrees 13 minutes 47 seconds W, 48.00 feet; thence N45 degrees 49 minutes 35 seconds W, 11.24 feet;
thence N05 degrees 48 minutes 12 seconds E, 22.87 feet; thence N45 degrees 49 minutes 35 seconds W, 54.00 feet to the point of beginning. 
 EXHIBIT “A” - PAGE 1 

 Parcel IC: 
 Part of the Northwest 1/4 of the Northwest 1/4 of Section 26, Town 1 North, Range 10 East, City of Southfield, Oakland County, Michigan, described as: Beginning at a point on the South line of Ten
Mile Road which is South 89 degrees 59 minutes 45 seconds West measured on the North line of Section 26, 1613.28 feet and South 00 degrees 00 minutes 15 seconds East 60.00 feet from the North 1/4 corner of said Section 26; thence South 89
degrees 59 minutes 45 seconds West along the South line of Ten Mile Road, 100.00 feet to a point; thence South 00 degrees 00 minutes 15 seconds East 200 feet to a point; thence North 89 degrees 59 minutes 45 seconds East, 100.00 feet to a point;
thence North 00 degrees 00 minutes 15 seconds West, 200.0 feet to the place of beginning, except the Easterly 60 feet thereof. 
 Tax Parcel
Identification Numbers: 24-26-101-003 as to Parcel IB and 24-26-101-004 as to Parcel IC 

 EXHIBIT “B” 

Permitted Encumbrances 
 Permitted Encumbrances are such matters as are shown on Schedule B to the Pro Forma Loan Title Insurance Policy File No. 533547-L issued by First American Title Insurance Company to the Agent in
connection with this Instrument. 
 EXHIBIT “B” - PAGE 1 

 EXHIBIT “C” 

Schedule 1 

(Description of “Debtor” and “Secured Party”) 

 

	A.	Debtor: 

  

	 	1.	DC-19675 W. TEN MILE, LLC , a Delaware limited liability company organized under the laws of the State of Delaware. Debtor has been using or operating under said name
and identity or corporate structure without change since March 15, 2012. 

 Names and Tradenames used
within last five years: None 
 Location of all chief executive offices over last five years: 4211 W. Boy Scout Boulevard, Suite
500, Tampa, Florida 33607. 
 Organizational Number: 5125017 

Federal Tax Identification Number: 90-0807641 
  

	B.	Secured Party: 

 KEYBANK NATIONAL ASSOCIATION, a national banking association, as Agent. 
 EXHIBIT
“C” - PAGE 1 

 Schedule 2 
 (Notice Mailing Addresses of “Debtor” and “Secured Party”) 
  

	A.	The mailing address of Debtor is: 

DC-19675 W. TEN MILE, LLC 
 4211 W. Boy Scout Boulevard 
 Suite 500 

Tampa, Florida 33607 
 Attn: Todd Sakow, Chief Financial Officer 
  

	B.	The mailing address of Secured Party is: 

 KeyBank National Association 
 1200 Abernathy Road, N.E. 

Suite 1550 

Atlanta, Georgia 30328 
 Attn: Daniel Stegemoeller 
 Schedule 2 - Page 1 

 EXHIBIT “D” 

Events of Default 
 If
any of the following events (“Events of Default” or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur: 

(a) the Borrower shall fail to pay any principal of the Loans when the same shall become due and payable, whether at the stated date of
maturity or any accelerated date of maturity or at any other date fixed for payment; 
 (b) the Borrower shall fail to pay any
interest on the Loans, any reimbursement obligations with respect to the Letters of Credit or any fees or other sums due hereunder or under any of the other Loan Documents when the same shall become due and payable, whether at the stated date of
maturity or any accelerated date of maturity or at any other date fixed for payment; 
 (c) the Borrower shall fail to comply
with the covenant contained in §9.1 and such failure shall continue for fifteen (15) calendar days after written notice thereof shall have been given to the Borrower by the Agent; 

(d) the Borrower shall fail to perform any other term, covenant or agreement contained in §9; 

(e) the Borrower, the Guarantors or any of their respective Subsidiaries shall fail to perform any other term, covenant or agreement
contained herein or in any of the other Loan Documents which they are required to perform (other than those specified in the other subclauses of this §12 or in the other Loan Documents); 

(f) any representation or warranty made by or on behalf of the Borrower, the Guarantors or any of their respective Subsidiaries in this
Agreement or any other Loan Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a
Loan, the issuance of any Letter of Credit or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; 

(g) the Borrower, any Guarantor or any of their Subsidiaries shall fail pay when due (including, without limitation, at maturity), or
within any applicable period of grace, any principal, interest or other amount on account any obligation for borrowed money or credit received or other Indebtedness (including under any Derivatives Contract), or shall fail to observe or perform any
term, covenant or agreement contained in any agreement by which it is bound, evidencing or securing any obligation for borrowed money or credit received or other Indebtedness (including under any Derivatives Contract) for such period of time as
would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the termination or other settlement of such obligation;
provided that the events described in §12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(g), involve Non-Recourse Indebtedness in excess of
$20,000,000 individually or in excess of $30,000,000.00 in the aggregate; 

  
 EXHIBIT
“D”- PAGE 1 

 (h) the Borrower, any Guarantor or any of their respective Subsidiaries, (i) shall make
an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator
or receiver for it or any substantial part of its assets, (ii) shall commence any case or other proceeding relating to it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar
law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing; 
 (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower, any Guarantor or any of their respective Subsidiaries or any
substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of
any jurisdiction, now or hereafter in effect, and any such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition, application, case or proceeding shall not have been dismissed within sixty
(60) days following the filing or commencement thereof; 
 (j) a decree or order is entered appointing a trustee,
custodian, liquidator or receiver for the Borrower, any Guarantor or any of their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for
relief is entered in respect of any such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; 
 (k) there shall remain in force, undischarged, unsatisfied and unstayed, for more than fifteen (15) days during any calendar year, whether or not consecutive, one or more uninsured or unbonded final
judgments against (x) the Borrower or any Guarantor that, either individually or in the aggregate, exceed $5,000,000.00 in any calendar year or (y) any Subsidiary of the Borrower that is not a Subsidiary Guarantor that, either individually
or in the aggregate, exceed $5,000,000.00 in any calendar year; 
 (l) any of the Loan Documents or the Contribution Agreement
shall be canceled, terminated, revoked or rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the Lenders, or any action at law, suit in equity or other legal proceeding to
cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any Guarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction
shall make a determination, or issue a judgment, order, decree or ruling, to the effect that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; 

(m) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower, any Guarantor or any of their
respective Subsidiaries shall occur or any sale, transfer or other disposition of the assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur, in each case, other than as permitted under the terms of this Agreement
or the other Loan Documents; 

  
 EXHIBIT
“D”- PAGE 2 

 (n) with respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have
occurred and the Majority Lenders shall have determined in their reasonable discretion that such event reasonably could be expected to result in liability of the Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or such
Guaranteed Pension Plan in an aggregate amount exceeding $1,000,000.00 and (x) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC or for the appointment
by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan; or (y) a trustee shall have been appointed by the United States District Court to administer such Plan; or (z) the PBGC shall have
instituted proceedings to terminate such Guaranteed Pension Plan; 
 (o) the Borrower, any Guarantor or any of their respective
Subsidiaries or any shareholder, officer, director, partner or member of any of them shall be indicted for a federal crime, a punishment for which could include the forfeiture of (i) any assets of the Borrower or any of their respective
Subsidiaries which in the good faith judgment of the Majority Lenders could reasonably be expected to have a Material Adverse Effect, or (ii) the Collateral; 
 (p) any Guarantor denies that it has any liability or obligation under the Guaranty or any other Loan Document, or shall notify the Agent or any of the Lenders of such Guarantor’s intention to
attempt to cancel or terminate the Guaranty or any other Loan Document, or shall fail to observe or comply with any term, covenant, condition or agreement under any Guaranty or any other Loan Document; 

(q) the Borrower or any Subsidiary Guarantor abandons all or a portion (other than de minimis portion) of the Mortgaged Property;

 (r) any Mortgaged Property shall be taken on execution or other process of law (other than by eminent domain) in any action
against Borrower or any Subsidiary Guarantor; 
 (s) the holder of any lien or security interest on the Mortgaged Property
(without implying the consent of the Agent or the Lenders to the existence or creation of any such lien or security interest) whether superior or subordinate to the Mortgage or any of the other Loan Documents, declares a default and such default is
not cured within the applicable grace or cure period set forth in the applicable document (subject, to the extent applicable, to Borrower’s right to contest pursuant to §7.8) or such holder institutes foreclosure or other proceedings for
the enforcement of its remedies thereunder; 
 (t) the Mortgaged Property, or any part thereof, is subjected to actual or
threatened waste or to removal, demolition or material alteration so that the value of the Mortgaged Property is materially diminished thereby, and the Agent in good faith determines that the Lenders are not adequately protected from any loss,
damage or risk associated therewith; 
 (u) the Borrower, any Guarantor or any of their respective Subsidiaries shall fail to
comply with the covenants set forth in §8.6 hereof; provided, however, no Event of Default shall occur hereunder as a result of such failure if such failure relates solely to a parcel or parcels of Real Estate that are not a
Mortgaged Property whose book value, either individually or in the aggregate, does not exceed $10,000,000.00; 

  
 EXHIBIT
“D”- PAGE 3 

 (v) REIT shall fail to comply at any time with all requirements and applicable laws and
regulations necessary to maintain REIT Status and shall continue to receive REIT Status; 
 (w) REIT shall fail to comply with
any SEC reporting requirements; 
 (x) any Change of Control shall occur; 

(y) an Event of Default under any of the other Loan Documents shall occur. 

  
 EXHIBIT
“D”- PAGE 4

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