Document:

Second Amended and Restated Master Property Agmt

 EXHIBIT 10.4.2 
 SECOND AMENDED AND RESTATED MASTER PROPERTY MANAGEMENT AND LEASING AGREEMENT 
 THIS SECOND AMENDED AND RESTATED MASTER PROPERTY MANAGEMENT AND LEASING AGREEMENT (this “Agreement”) is made and executed as of the 1st day of April, 2012, by and between Global Growth Trust,
Inc., a Maryland corporation and Global Growth, LP, a Delaware limited partnership (collectively, “Company”), the various subsidiaries of the Company set forth on the Joinder(s) attached hereto (individually or collectively or both as the
context requires, the Company and each such subsidiary, only with respect to the property owned by it, “Owner”) and CNL Global Growth Managers, LLC, a Delaware limited liability company (“Manager”). 

W I T N E S S E T H: 

WHEREAS, Owner owns the Properties (as defined below); and 

WHEREAS, Owner has employed Manager to manage and coordinate the leasing of certain of the Properties to be acquired by
Owner pursuant to the Master Property Management and Leasing Agreement between Owner and Manager (the “Original Agreement”) dated December 19, 2008 (the “Effective Date”), which Original Agreement established the terms and
conditions for such services; and, 
 WHEREAS, the Original Agreement was amended and restated as of
August 11, 2011 (the “First Amended and Restated Agreement”); and 
 WHEREAS, the First Amended
and Restated Agreement is being amended and restated as set forth herein. 
 NOW, THEREFORE, in consideration of
the mutual covenants herein, the parties agree as follows: 
 I. DEFINITIONS 

Except as otherwise specified or as the context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Agreement: 
 1.A. “Account” shall have the meaning
ascribed to it in Section 2.C.9 herein. 
 1.B. “Affiliate” means, with respect to any
Person: (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, 50% or more of the outstanding voting securities of such other Person; (ii) any Person 50% or more of whose outstanding voting securities
are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any trustee or
general partner of such other Person; and (v) any legal entity for which such Person acts as a trustee or general partner. 
 1.C. “Annual Business Plan” shall have the meaning ascribed to it in Section 2.E.3 herein. 

 1.D “BOMA” shall have the meaning ascribed to it in
Section 8.I.2 herein. 
 1.E. “Cause” means (i) with respect to the termination of
this Agreement by a party, a material breach of this Agreement of any nature whatsoever by the other party, which breach is not cured within thirty (30) days after notice is given to the breaching party specifying the nature of the alleged
breach, and which breach relates to all or substantially all of the Properties, and (ii) with respect to the removal of a given Property from Schedule I hereto by a party, a material breach of this Agreement of any nature whatsoever by the
other party, which breach is not cured within thirty (30) days after notice is given to the breaching party specifying the nature of the alleged breach, and which breach relates specifically to such Property. 

1.F. [Intentionally Omitted.] 
 1.G. [Intentionally Omitted.] 
 1.H. “Company”
shall have the meaning ascribed to it in the preamble of this Agreement. 
 1.I. “Confidential
Information” shall have the meaning ascribed to it in Section 8.P herein. 
 1.J.
“Controlling Agreements” shall have the meaning ascribed to it in Section 2.C.11 herein. 

1.K. “Documents and Forms” shall have the meaning ascribed to it in Section 2.E.2 herein.

 1.L. “Eligible Severance Payment” shall have the meaning ascribed to it in Section 3.C
herein. 
 1.M. “Embargoed Person” shall have the meaning ascribed to it in Section 7.A.13
herein. 
 1.N. “Gross Revenues” means all amounts actually collected as rents (except for
rents paid under any vacant master lease space) or other charges for the use and occupancy of Properties including but not limited to parking income to the extent Manager’s responsibilities include a parking facility, after hours HVAC
reimbursements and other direct tenant charges, on a cash basis, but shall exclude: parking revenues to the extent a parking facility is managed by a third party; any payments by tenants for amortization of lease improvements over building standard,
determined by Owner; security deposits and reductions in security deposits as a result of damage from tenant misuse of or damage to property; rebates, discounts or other credits received by Manager incident to purchases, contracts or other
arrangements entered into pursuant to this Agreement for the account of Owner, which items shall accrue solely to the benefit of Owner; abated rent; sales tax; lease termination/buyout settlement amounts; environmental reimbursements; property tax
refunds; miscellaneous income taxable to Owner; interest and other investment income of Owner and proceeds received by Owner for a sale, exchange, condemnation, eminent domain taking, casualty or other disposition of assets of Owner. 

  
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 1.O. “Improvements” means all buildings, structures and
equipment from time to time located on Properties and all parking and common areas located on Properties. 

1.P. “Key Personnel” shall have the meaning ascribed to it in Section 2.C.5(d) herein. 

1.Q. “Lease” or “Leases” means, unless the context otherwise requires, any lease,
ground lease, master lease or sublease made by Owner as landlord or by its predecessor relating to a Property or portions thereof. 
 1.R. “Leasing Activities Agreement” shall have the meaning ascribed to it in Section 2.C.1(f) herein. 

1.S. “Lender” and “Lenders” shall have the meaning ascribed to it in
Section 2.C.1(e) herein. 
 1.T. “List” shall have the meaning ascribed to it in
Section 7.A.13 herein. 
 1.U. “Losses” shall have the meaning ascribed to it in
Section 5.D.1 herein. 
 1.V. “Manager” shall have the meaning ascribed to it in the
preamble of this Agreement. 
 1.W. “Management Fee” means the fee payable to Manager for its
services hereunder; provided that the Management Fee does not include the Oversight Fee. 
 1.X.
“Manager Indemnified Parties” shall have the meaning ascribed to it in Section 2.E.4 herein. 
 1.Y. “Manager’s Employees” shall have the meaning ascribed to it in Section 2.C.5(a)(2) herein. 

1.Z. “Minimum Management Fee” shall have the meaning ascribed to it in Section 4.A herein.

 1.AA “OFAC” shall have the meaning ascribed to it in Section 2.C.14 herein. 

1.BB-1 “Oversight Fee” shall have the meaning ascribed to it in Section 4.D. herein. 

1.BB-2 “Oversight Services” shall have the meaning ascribed to it in Section 4.D. herein.

 1.CC. “Owner” shall have the meaning ascribed to it in the preamble of this Agreement.

 1.DD. “Owner Indemnified Parties” shall have the meaning ascribed to it in
Section 5.D.2 herein. 
 1.EE. “Owner’s Representative” shall have the meaning
ascribed to it in Section 8.S herein. 

  
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 1.FF. “Owner’s Share of Eligible Severance Payments”
shall have the meaning ascribed to it in Section 3.C herein. 
 1.GG. “Person” means an
individual, corporation, association, business trust, estate, trust, partnership, limited liability company or other legal entity. 
 1.HH. “Prohibited Person” shall have the meaning ascribed to it in Section 7.A.14 herein. 
 1.II. “Properties” means all tracts (including all buildings and other improvements and property of Owner located thereon) as yet unspecified but to be acquired by Owner and other
entities controlled by the Company, specified in writing by Owner to be managed by Manager, and included on Schedule I hereto, as amended from time to time in accordance with Section 2.A or Section 6.D herein, containing improvements
or on which Owner will construct improvements. 
 1.JJ. “Property Financings” shall have the
meaning ascribed to it in Section 8.O herein. 
 1.KK. “Property Management Representative”
shall have the meaning ascribed to it in Section 2.C.5(d) herein. 
 1.LL. “Reimbursable Staff
Member” shall have the meaning ascribed to it in Section 3.C herein. 
 1.MM.
“Submanager” means any Affiliate of Manager to whom Manager has assigned or subcontracted all or part of its duties hereunder pursuant to Section 8.C(1). 

1.NN. “Reporting Requirements” shall have the meaning ascribed to it in Section 2.E.2 herein.

 1.OO. “Updated Requirements” shall have the meaning ascribed to it in Section 2.E.2(a)
herein. 

  
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 II. APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED 

2.A. Appointment of Manager. Owner hereby appoints Manager as the exclusive managing agent and tenant coordinating
agent of the Properties, and Manager hereby accepts such appointment on the terms and conditions hereinafter set forth. Owner hereby authorizes Manager to exercise such powers with respect to the Properties as may be necessary for the performance of
Manager’s obligations under the terms of this Agreement provided, however, Manager shall have no right or authority to commit or otherwise obligate or bind Owner in any manner whatsoever, except to the extent specifically provided herein. From
time to time during the term of this Agreement, whenever Owner or any other entity controlled by the Company shall acquire a tract containing improvements or on which Owner or such entity will construct improvements, Owner shall be required to amend
Schedule I hereto, effective on the date of such acquisition, to include such tract as a “Property” for purposes of this Agreement. 
 2.B. General Duties. Manager shall manage, operate, maintain and lease the Properties in accordance with the generally accepted standards for the type of property being managed in the area in
accordance with all applicable loan requirements, subject, however to the management rights and responsibilities reserved or allocated to any tenant under the leases for the respective Properties. Manager shall make available to Owner the full
benefit of the judgment, experience and advice of the members of Manager’s organization and staff with respect to the policies to be pursued by Owner relating to the management, operation, maintenance and leasing of the Properties. 

2.C. Specific Duties. Manager’s duties include the following: 

1. Lease Obligations. Manager shall be Owner’s exclusive leasing agent for the Properties, and shall, to the
extent permitted by applicable law and subject to this Agreement, perform all leasing functions relating to the Properties. Manager shall be paid for such leasing activities in conformity with this Agreement, which amounts shall be in addition to
the compensation otherwise payable to Manager hereunder. Without limiting the generality of the foregoing, Manager’s leasing function includes the following: 

(a) Manager shall use commercially reasonable efforts to lease all space in the Properties which is now vacant, becomes
vacant or is projected to become vacant during the term of this Agreement, subject to the limitations imposed by any Annual Business Plan approved by Owner, and Manager’s responsibilities shall include lease negotiation coordination, tenant
improvement coordination, governmental liaison, opening activities, tenant liaison, facilitating tenant move-in and similar activities. Manager may, in its sole discretion, engage the services of other outside cooperating real estate consultants and
brokers to lease space in the Properties on behalf of Owner and who shall be paid by Owner such commissions as may be included in the Annual Business Plan approved by Owner or are otherwise established by Owner and Manager from time to time. Manager
shall, so far as possible, procure references from prospective tenants, investigate such references and use its best judgment in the selection of prospective tenants. Where appropriate, upon the occurrence of a vacancy or a projected vacancy,
Manager will prepare and disseminate adequate rental listings. After a vacancy is listed, Manager will cooperate with brokers in an effort to aid in successfully filling the vacancy. Manager shall establish procedures to ensure that ample time is
available to renew existing leases or obtain new tenants in an effort to minimize vacancies and loss of income. 

  
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 (b) Owner shall refer all inquiries concerning the rental of space in the
Property to Manager. All negotiations with prospective tenants shall be conducted by Manager or under its direction. All leases for the Properties shall be prepared by Manager in the name of Owner and shall be in accordance with such leasing
guidelines as Owner and Manager shall agree upon from time to time. Manager shall secure Owner’s prior written approval before finalizing any lease for a Property that is not in compliance with the leasing plan set forth in the Annual Business
Plan. All leases for Properties shall be presented to and executed by Owner. Manager shall duly and punctually comply with all the obligations of Owner under all leases with tenants of space in the Property, but solely on behalf of Owner and at
Owner’s expense. 
 (c) Manager shall prepare all advertising and promotional materials for the Properties,
which materials shall be used only after Owner’s approval and shall comply with all applicable laws, ordinances and regulations. The costs of all advertising and promotional materials shall be at Owner’s sole cost and expense and shall
either be in accordance with an approved operating budget or otherwise approved by Owner in writing. 
 (d)
Rental rates for space in the Properties shall be established by Owner. Manager shall, promptly following the execution of this Agreement and from time to time thereafter, provide general market information and general office space rental rate
surveys and make recommendations to Owner with respect to rental rates. 
 (e) Manager shall assist Owner, as
requested, in obtaining any approvals of proposed leases for the Properties, the tenants and the terms thereof which may be required from the Properties’ lenders, including senior financing, mezzanine level financing or preferred equity (each,
a “Lender” and collectively, “Lenders”) in accordance with the terms of the applicable loan documents. 
 (f) Notwithstanding anything in this Section 2.C.1 to the contrary, the parties acknowledge and agree that Manager may not be licensed to act as a real estate broker in the state(s) in which the
Properties are located and that, in such a case, Manager shall either: (a) subcontract the leasing activities described herein to a licensed real estate broker qualified (by years of experience, number of employees, number and type of
properties under management and standing in the marketplace) to manage properties of like kind in the vicinity of the Properties; or (b) if Owner elects to enter into a separate agreement with a leasing agent, Manager shall cause the leasing
activities described herein to be performed by Owner’s leasing agent by acting as Owner’s agent to enforce all of Owner’s rights and fulfill Owner’s duties under the separate agreement between Owner and Owner’s leasing agent
(the “Leasing Activities Agreement”), with the exception of the obligation to pay Owner’s leasing agent the commissions payable pursuant to the Leasing Activities Agreement (which shall remain Owner’s responsibility).
Notwithstanding anything in this Section 2.C.1 to the contrary, if Owner elects to enter into a Leasing Activities Agreement with a real estate broker licensed in the state in which the Properties are located and remains obligated to pay the
commissions due thereunder, then Manager shall not be paid for the leasing activities described in Section 4.B below. 

  
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 2. Maintenance. Manager’s duties and supervision in this respect
shall include, without limitation, cleaning of the interior and the exterior of the Improvements and the public common areas on the Properties and the making and supervision of repair, alterations, and decoration of the Improvements, subject to and
in strict compliance with this Agreement and the Leases. Non-budgeted expenses for any individual item of work which are not reimbursed by a tenant shall not exceed the sum of $5,000 unless specifically authorized in advance by Owner, provided that
emergency repairs which are immediately necessary for the preservation or safety of the Properties, for the safety of occupants or other persons, or required to avoid the suspension of any necessary service of the Properties may be made by Manager
without prior approval of Owner if, under the circumstances, Owner cannot be conveniently notified before the required emergency repairs must be done. 
 3. Intentionally Omitted. 
 4. Notice of Violations.
Manager shall forward to Owner promptly upon receipt all notices of violation or other notices from any governmental authority, board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such
notice as appropriate. 
 5. Personnel. Subject to Section 8.C below, Manager shall employ at all
times a sufficient number of capable employees to properly, safely and economically manage, operate and maintain the Properties. Manager shall fully comply with all applicable laws and regulations and agreements having to do with worker’s
compensation, social security, unemployment insurance, hours of labor, wages, working conditions under Manager’s control and other employer-employee related subjects. All matters pertaining to the employment, supervision, compensation,
promotion and discharge of such employees are the responsibility of Manager. 

  
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 (a) Employees of Manager: 

(1) Manager, as an independent contractor, has the authority to control and direct the management and
operation of the Properties in accordance with the terms hereof. 
 (2) All persons employed in
connection with the management and operation of the Properties (“Manager’s Employees”) shall be employees of Manager or such consultants, independent contractor or contractors as may be retained by Manager and not employees of Owner.

 (b) It shall be the responsibility of Manager to properly train the members of its property team and cause
the appropriate team members to become familiar with the terms of this Agreement, key tenant lease provisions and vendor/contractor contract terms. 
 (c) Schedule of Employees: Manager shall provide Owner with a schedule of employees annually. This schedule shall include the names of employees, job title, and time allocated to the Properties. Manager
agrees to identify in the annual operating budget for approval by Owner, all employees’ salaries that are directly charged to the Properties. When such employee terminates his employment with Manager, or the employee’s employment is
otherwise terminated, a new employee must be identified by notification in writing to Owner by Manager as a replacement. When it is necessary to replace employees working at the Properties, Manager shall notify Owner, in advance, of the reasons for
the replacement and the qualifications for the replacement personnel and Owner shall have the right to approve any such replacement personnel. 
 (d) Key Personnel: This agreement is made with the understanding that Owner and Manager have identified the key personnel (“Key Personnel”) set forth in Appendix A attached hereto,
including the employee who will be responsible for the direct management of each Property (the “Property Management Representative”). Owner has a right to approve any Key Personnel change. Appendix A shall be updated jointly by
Owner and Manager, each acting reasonably and in good faith, upon any modification of Schedule I to add or remove a Property pursuant to this Agreement. 
 6. Utilities and Supplies. Manager shall, on behalf of Owner, enter into or renew contracts for electricity, gas, steam, landscaping, fuel, oil, maintenance and other services as are customarily
furnished or rendered in connection with the operation of similar rental property in the area, or as it, in its reasonable judgment, shall deem prudent, provided that Manager shall submit to Owner for its approval such contracts for items of expense
which are not contemplated in the Annual Business Plan. Further, at the time of execution of any service contract, the cost of the services to be provided under such contract shall be comparable with general prevailing market conditions, as to each
of the Properties. Unless Owner notifies Manager of its disapproval of any such contract within ten (10) days of the Owner’s receipt of a copy of such written contract, Owner shall be deemed to have approved such contract. Manager shall
also purchase all supplies which Manager deems necessary to maintain and operate the Properties, provided that no such purchase which is outside the ordinary course of business or which is of a nature not reimbursed by tenants shall be made by
Manager without the prior written consent of Owner. 

  
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 7. Expenses. Manager shall analyze all bills received for services,
work and supplies in connection with maintaining and operating the Properties, pay all such bills from the Account (as defined below), and, if requested by Owner, pay, when due, utility and water charges, sewer rent and assessments, and any other
amount payable in respect to the Properties from the Account. All bills shall be paid by Manager within the time required to obtain discounts, if any. Owner may from time to time request that Manager forward certain bills to Owner promptly after
receipt, and Manager shall comply with any such request. It is understood that the payment of real property taxes, assessments and insurance premiums will be paid out of the Account (as hereinafter defined) by Manager at the direction of Owner. All
expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances, however designed). 
 8. Monies Collected. Manager shall, in accordance with any applicable loan requirements or other Controlling Agreement, use diligent efforts to collect all rent and other monies from tenants of the
Properties and any sums otherwise due the Properties with respect to Owner in the ordinary course of business including, but not limited to, tenants’ payments for real estate taxes, insurance, damages and repairs, and common area maintenance,
and shall deposit such monies in the Account (as defined below). In collecting such monies, Manager shall inform Owner’s tenants that all remittances are to be in the form of a check, wire transfer, money order, automatic payments or other
forms approved by Owner. Owner authorizes Manager to request, demand and collect all such rent and other monies due and, at Owner’s request, to institute legal proceedings in the name of Owner and at Owner’s expense for the collection
thereof and for the dispossession of any tenant in default under its Lease. Manager shall not compromise with any tenant or waive Owner’s rights under any Lease without Owner’s prior written consent. Nothing in this Agreement shall be
construed as a guarantee of payment or collection by Manager of rent or other monies due from tenants of the Properties. 

  
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 9. Bank Account. Manager shall, in accordance with any applicable
loan requirements or other Controlling Agreement, establish and maintain a separate checking account or accounts (collectively, the “Account”) for funds relating to the Properties. Manager shall cooperate with Owner and all lenders with
respect to any lock box or cash management agreements established by Owner or any lender. All monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of Owner and shall be withdrawn
and disbursed by Manager for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds
of Manager. The Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following: 
 (a) All sums received from rents and other income from the Properties shall be promptly deposited by Manager in the Account. Manager shall have the right to designate two or more persons who shall be
authorized to draw against the Account, but only for purposes authorized by this Agreement. 
 (b) All sums due
to Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by Manager from the Account.

 (c) All sums necessary to pay the operational expenses of the Properties, including real estate taxes and
insurance premiums, as set forth in Section 2.C.7. 
 (d) By the 20th day of each month, except as
otherwise directed by Owner, Manager shall forward to Owner net operating proceeds from the preceding month, retaining at all times, however, a reasonable reserve for the subsequent month’s cash requirements. 

10. Tenant Complaints. Manager shall maintain business-like relations with the tenants of the Properties and use
commercially reasonable efforts to resolve any tenant complaint or to cooperate with Owner in so doing. 
 11.
Controlling Agreements. Manager has received copies of (and will be provided with copies of future) applicable articles of incorporation, agreements of limited partnership, joint venture agreements, operating agreements, loan agreements,
deeds of trust or mortgages, each as may be amended from time to time, of Owner (the “Controlling Agreements”) and is and will be familiar with the terms thereof. Manager shall use reasonable care to avoid any act or omission that, in the
performance of its duties hereunder, shall in any way conflict with the terms of the Controlling Agreements. 

12. Signs. The Manager shall place and remove, or cause to be placed and removed, leasing signs upon the Properties
as the Manager deems appropriate, subject, however, to the terms and conditions of the Leases, to any applicable ordinances, regulations and covenants or restrictions and Owner’s approval of the size and general appearance of such signs.

 13. Other Services. Manager shall recommend from time to time to Owner such procedures with respect to
the Properties as Manager may deem advisable for the most efficient and economic management services which normally are performed in connection with the operation of first-class office and commercial buildings or other buildings, as applicable, and
perform all services normally provided to similar premises, without additional charges to Owner. 

  
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 14. Office of Foreign Assets Control, Department of the Treasury
(“OFAC”): 
 (a) Manager hereby acknowledges and agrees that it will be performing OFAC
searches/checks on each potential tenant (including renewals) that may be leasing space in the Properties. Manager is required to keep verification of the OFAC check in the tenant file. Manager also agrees that a tenant shall not be permitted to
sublet its space to a new tenant without Manager performing an OFAC search/check on the potential sublessee. 

(b) Manager hereby acknowledges and agrees that it will be performing OFAC (defined below) searches/checks on each
potential vendor (including renewals) that may be performing work in or around the Properties. Manager is required to keep verification of the OFAC check in the vendor file. 

(c) OFAC searches/checks may be done online using the Bridger Insight Free Name Check web site at the following link:
www.bridgerinsight.choicepoint.com, or any of the other free name check services that may also be available on the web. 
 (d) All leases, lease renewals and contracts including all construction contracts, purchase orders and service agreements and renewals thereof shall include OFAC language. 

15. Compliance with Laws: Manager shall, in the performance of its services hereunder, comply with all federal,
state, municipal or other governmental laws, ordinances, rules or regulations affecting the Properties. 
 (a)
Manager shall also be responsible for complying with REIT testing for disallowed income subject to U.S. REIT standards. Examples of disallowed income include, but are not limited to: leasing fees, management fees, a disallowed service provided to a
tenant without charge as a condition of the lease, amenities that would normally attract a charge but are provided for free, etc. The last two examples of disallowed income are where there is a service provided for no charge, but, the income is
deemed to exist as a component of rental income. From Manager’s perspective, REIT testing for disallowed income is based upon regulatory requirements. The process involves ensuring timely completion of testing and undertaking an annual survey
regarding the property’s income. 

  
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 (b) Manager shall not in performance of its services hereunder violate, and
shall comply in all respects with the terms of, any ground lease, space lease, mortgage, deed of trust or other security instrument binding on or affecting any of the Properties. If Manager identifies a conflict between the terms of any such
document and the terms of this Agreement, Manager shall not take any action except to notify Owner and await Owner’s written instructions. 
 16. Manager’s Cooperation with Sale of the Properties: Manager agrees to facilitate, in any and all manner, and cooperate with Owner’s listing agent for the sale of the Properties. Such
cooperation and assistance shall be considered a normal function of the property management duties agreed to under the terms of this Agreement. 
 2.D. Approval of Leases, Contracts, Etc. In fulfilling its duties to Owner, Manager hereby is authorized to negotiate, on behalf of Owner, leases for any Properties, and to negotiate and enter into
any other leases, contracts or agreements on behalf of Owner in the ordinary course of the management, operation, maintenance and leasing of each Property, subject to the requirement that Owner execute all leases for Properties in accordance with
Section 2.C.1(b), the limitations set forth above in Section 2.C, any leasing and property management guidelines established by Owner, and the Annual Business Plan set forth in Section 2.E.3 below; provided, however that Manager shall
not enter into any lease, contract or agreement on behalf of Owner that would cause a material deviation from the Annual Business Plan. Owner hereby appoints Manager as Owner’s authorized agent for the purposes of executing, as the agent of
Owner, all such leases, contracts and agreements. Manager is required to clearly identify itself as Owner’s agent and to inform all third parties with whom Manager is dealing that Manager is acting solely as Owner’s agent with respect to
the Properties and is not itself the owner of the Properties. Manager is further required to correct any known misunderstanding with respect to the ownership of the Properties. In addition, Owner agrees to (a) specifically assume in writing all
obligations of Owner under all such leases, contracts and agreements entered into by Manager as the agent of Owner upon termination of this Agreement, and (b) indemnify, protect, defend, save and hold harmless Manager and all of the other
Manager Indemnified Parties of and from any and all Losses (as defined in Section 5.D below) that may be imposed on any or all of them in connection with or relating to the obligations of Owner under any such leases, contracts or agreements
following the termination of this Agreement. If Manager subcontracts any of the obligations required of Manager hereunder, Manager shall cause the subcontract to include provisions which require the subcontractor (a) to a thirty
(30) day termination for convenience clause, (b) to clearly identify itself as Owner’s agent and to inform all third parties with whom subcontractor is dealing that it is acting solely as Owner’s agent with respect to the
Properties and is not itself the owner of the Properties and (c) to correct any known misunderstanding with respect to the ownership of the Properties; provided, however that Manager shall not enter into an agreement delegating its day to day
property management obligations or functions hereunder without Owner’s prior written consent. 

  
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 2.E. Accounting, Records and Reports. 

1. Records. Manager shall maintain all office records and books of account and shall record therein, and keep
copies of, each invoice received from services, work and supplies ordered in connection with the maintenance and operation of the Properties and Manager’s record retention policy. Such records shall be maintained on a double entry basis. Owner
and persons designated by Owner shall at all reasonable time have access to and the right to audit and make independent examinations of such records, books and accounts and all vouchers, files and all other material pertaining to the Properties and
this Agreement, all of which Manager agrees to keep safe, available and separate from any records not pertaining to the Properties, at a place recommended by Manager and approved by Owner. 

2. Monthly Reports. The financial reporting responsibilities of Manager are set forth in Appendices B, C
and D attached hereto (the “Reporting Requirements”). Manager acknowledges and agrees that it has had the opportunity to review the contents of the Reporting Requirements prior to executing this Agreement, and agrees to comply
with and be bound by the terms thereof and to compile and submit all reports in the format required by Owner in accordance with its established Documents and Forms (“Documents and Forms”) which will be provided to Manager within ten
(10) days. Manager acknowledges and agrees that the Documents and Forms and Reporting Requirements are proprietary to Owner, and Manager agrees that Manager, its employees, agents or representatives shall not disseminate, release or use the
Reporting Requirements for any purpose other than the performance of Manager’s obligations hereunder. 

(a) Updates/Additions: The Reporting Requirements may be updated from time to time as deemed necessary by Owner, both to
change or delete existing provisions and to add new provisions. In the event of modifications or updates to the policies, procedures, forms or information contained in Reporting Requirements Owner shall provide written notification (“Update
Notice”) of modifications to the Reporting Requirements (the “Updated Requirements”) to Manager via e-mail to Manager’s designated Property Management Representative (defined below). Within five (5) business days of receipt
of such Update Notice, Manager shall inform Owner in writing via e-mail whether any such Updated Requirements constitute a Material Updated Requirement (as defined below). If Manager informs Owner that the Updated Requirements are not Material
Updated Requirements, then Owner will use reasonable efforts to provide a courtesy e-mail copy of the notice to all other employees of Manager for which Manager has supplied valid e-mail addresses, but failure to notify any of Manager’s
personnel other than the Property Management Representative shall not affect the validity of the notice. Any Updated Requirements shall become effective upon the latter of: (1) the date specified in the e-mail notice, or (2) the sixth
business day after receipt of the Update Notice by the Property Management Representative and Manager has not provided Owner with notice that any Updated Requirements are Material Updated Requirements. 

  
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 (b) If Manager has informed Owner that any update/addition is a Material
Updated Requirement in accordance with subsection (a) above, the Owner and Manager agree to negotiate in good faith the amount of reimbursement of additional costs that Owner shall pay Manager to implement and provide the Material Updated
Requirement(s). As used in this Agreement, a “Material Updated Requirement” means additional requirements in the aggregate that increase the time of non-Reimbursable Staff Members on an individual Property by more than eight (8) hours
per month. 
 (c) In addition, Appendices B, C and/or D shall be updated jointly by Owner and Manager,
each acting reasonably and in good faith, upon any modification of Schedule I to add or remove a Property pursuant to this Agreement, but only if Owner or Manager requests such an update with respect to such Property based on its attributes. Any
updates pursuant to this subsection (c) shall be subject to the provisions in subsection (b) above, except that the addition of a Property to Schedule I shall not be treated as a Material Updated Requirement unless there are requirements
unique to such Property that, in the aggregate, increase the time of non-Reimbursable Staff Members on an individual Property by more than eight (8) hours per month. 

3. Budgets and Leasing Plans. No later than ninety (90) days before each calendar year end, Manager shall
prepare and submit to Owner for its approval an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each Property for the calendar year immediately following such submission. The
Annual Business Plan shall be in the form approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its approval an updated Annual Business Plan
incorporating such changes as shall be necessary to reflect cost over-runs and the like during such period. If Owner disapproves any such Annual Business Plan, Manager shall submit a revised Annual Business Plan, as applicable, within twenty
(20) days of receipt of the notice of disapproval, and Owner shall have twenty (20) days to provide notice to Manager if it disapproves of any such revised Annual Business Plan. In the event that an operating budget has not been approved
prior to each December 31, the operating budget for the prior twelve month period shall govern to the extent of any unapproved items. In the event a capital budget has not been approved by Owner prior to each December 31, Manager shall not
make any capital or extraordinary expenditures for the Properties (other than in the event of an emergency) without the prior written consent of Owner. 
 Manager shall use reasonable diligence and employ commercially reasonable efforts to ensure that the actual costs of maintaining and operating the Properties shall not exceed the budgeted amount in total
or in any one accounting category. All expenses must be charged to the proper account on either the operating budget or capital budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted
amount of an accounting category. Manager agrees to use commercially reasonable efforts to inform Owner, promptly after they become known to Manager, or any material increases in costs and expenses that were not foreseen during the budget
preparation period, and were, therefore, not reflected in the operating budget or capital budget. 

  
 14 

 4. Legal Requirements. Manager shall execute and file when due all
forms, reports, and returns required by law relating to the employment of its personnel. Manager shall be responsible for notifying Owner in the event it receives notice that any Improvement on a Property or any equipment therein does not comply
with the requirements of any statute, ordinance, law or regulation of any governmental body, public authority or official thereof having or claiming to have jurisdiction thereover. Manager shall promptly forward to Owner any complaints, warnings,
notices or summonses received by it relating to such matters. Owner represents that, to the best of its knowledge, each of its Properties and any equipment thereon will, upon acquisition by Owner, comply with all such requirements. Owner authorizes
Manager to disclose the ownership of each Property by Owner to any such officials. Owner agrees to indemnify, protect, defend, save and hold harmless Manager and its member(s), partner(s), stockholder(s), officers, directors, employees, managers,
successors and assigns including, but not limited to, any Submanager (collectively, the “Manager Indemnified Parties”) of and from any and all Losses (as defined in Section 5.D.1 hereof) that may be imposed on any or all of them by
reason of the failure of Owner to correct any past, present or future violation or alleged violation of any and all past, present or future laws, ordinances, statutes, or regulations of any public authority or official thereof, having or claiming to
have jurisdiction thereover, of which it has actual notice. 
 5. Tax Returns. Except for applicable
requirements relating to reporting sales tax and leases of tangible property, the preparation of which shall be the responsibility of Manager, Manager shall have no responsibility for the preparation of any federal, state or local tax reports or
returns on behalf of Owner, but Manager shall provide such information as shall be reasonably requested by Owner to assist Owner’s preparation of such tax reports and returns. 

6. Sarbanes-Oxley Compliance. Manager shall maintain procedures for accounting and reporting necessary for the
Company to comply with the Sarbanes-Oxley Act, Public Law No. 107-204, and the rules and regulations promulgated thereunder. 
 III. EXPENSES 
 3.A. Owner’s Expenses. Except
as otherwise specifically provided, all reasonable and customary costs and expenses incurred hereunder by Manager in fulfilling its duties to Owner shall be the responsibility of Owner to the extent included in the Annual Business Plan described in
Section 2.E.3 above or as otherwise agreed by Owner. Such costs and expenses may include wages, salaries and other employee-related expenses of Manager or a third party, including an Affiliate, and all legal, travel and other out-of-pocket
expenses which are directly related to the management of specific Properties, to the extent permitted by the Statement of Policy Regarding Real Estate Investment Trusts adopted by the North American Securities Administrators Association, Inc. All
costs and expenses for which Owner is responsible under this Agreement shall be paid by, or reimbursed to, Manager out of the Account. In the event the Account does not contain sufficient funds to pay all such costs and expenses, Owner shall fund
all sums necessary to meet such unpaid costs and expenses within thirty (30) days of receipt of notice from Manager and an itemization of such unpaid costs and expenses. Nothing in this Agreement shall obligate Manager to advance its own funds
on behalf of Owner. 

  
 15 

 3.B. Manager’s Expenses. Manager shall, out of its own funds,
pay all of its general, overhead and administrative expenses (including those for off-site employees or offices not located within the Properties) except as set forth in a budget submitted by Manager and approved by Owner pursuant to
Section 2.E.3 above or as otherwise specifically approved in advance by Owner. 
 3.C. Manager’s
Cost to Be Reimbursed. After payment by Manager, Manager may be reimbursed out of the Account for costs of the gross salary and wages or pro rata share thereof, federal and state unemployment taxes, social security taxes, group medical and
health insurance premiums, worker’s compensation insurance, Owner’s Share of Eligible Severance Payments (as defined below) and other benefits or burdens of Manager’s employees required to properly, adequately, safely and economically
manage, operate and maintain the Properties in accordance with this Agreement, provided that such employees have been identified by position and enumerated in an approved budget. As used herein: (1) an “Eligible Severance Payment”
shall mean any severance payment made by Manager to any Reimbursable Staff Member (as defined below) in connection with the termination of such Reimbursable Staff Member’s employment that resulted either from Owner’s termination of this
Agreement, the sale of an individual property, or Owner’s request that such Reimbursable Staff Member no longer be an on-site employee of Manager at the Property (unless such request was made for cause); (2) a “Reimbursable Staff
Member” shall mean any employee of the Manager who, prior to the termination of such employee’s employment, worked as an employee of the Manager at the Property; and (3) the “Owner’s Share of Eligible Severance
Payments” shall mean one hundred percent (100%) of all Eligible Severance Payments that are allocable to the Property, based on each such terminated Reimbursable Staff Member’s tenure working for Manager relative to the time such
Reimbursable Staff Member worked as an on-site employee of Manager at the Property. In no event shall Manager be reimbursed by Owner for costs attributable to losses arising from negligence or fraud on the part of Manager or Manager’s
employees. 
 IV. MANAGER’S COMPENSATION 

4.A. Management Fee. Commencing on the Effective Date, Owner shall pay Manager a property
management fee in an amount equal to, unless otherwise agreed, the greater of (i) four and 3/10ths percent (4.3%) of Gross Revenues (the “Management Fee”) on a monthly basis from the rental income received from the Properties
over the term of this Agreement and (ii) in the event a Property has less than fifty percent (50%) of its leaseable space leased to one or more tenants then an amount equal to four and 3/10th percent (4.3%) of a monthly threshold amount as shall be agreed
upon by Owner and Manager and set forth on Schedule I attached hereto (the “Minimum Management Fee”), which shall be completed, or updated, as applicable, when a Joinder is executed by an Owner. Such Minimum Management Fee shall apply
until such time as the leaseable space of the Property is at least fifty percent (50%) leased, provided, however, that subject to the approval of the Company’s independent directors, the Management Fee may be increased with respect to the
management of any Property located outside of the United States. Manager’s compensation under this Section 4.A shall apply to all Leases, including renewals, extensions or expansions of Leases. The Management Fee may include the
reimbursement of the specified cost incurred by Manager of engaging another person or entity to perform Manager’s responsibilities hereunder, provided, however, that Manager shall be responsible for payment to such third parties. Nothing herein
shall prevent Manager from entering fee-splitting arrangements with third parties with respect to the Management Fee. 

  
 16 

 4.B. Leasing Fee. In addition to the compensation paid to Manager
under Section 4.A above, Manager shall be entitled to receive a separate fee for the Leases of new tenants and renewals of Leases with existing tenants in an amount not to exceed the fee customarily charged in arm’s-length transactions by
others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area, as specifically described on Appendix E. Appendix E shall be updated jointly by Owner and Manager,
each acting reasonably and in good faith, upon any modification of Schedule I to add or remove a Property pursuant to this Agreement. 
 4.C. Project Management Fee. In addition to the compensation paid to Manager under Section 4.A above, Owner shall pay to Manager, with respect to any tenant or capital improvements, a separate
fee in an amount equal to five percent (5%) of all hard and soft costs and expenses actually paid or incurred in connection with the construction and installation of such improvements. As to each project, the fee shall be due and payable upon
completion. 
 4.D. Oversight Fee. The Company shall pay Manager an oversight fee in an amount equal to
20/100ths of one percent (0.20%) of Gross Revenues (the “Oversight Fee”) on a monthly basis from rental income received from the Properties over the term of this Agreement. In consideration for the Oversight Fee, the Manager agrees to
provide oversight over the Company’s portfolio of Properties, coordinate matters that arise from the Company holding Properties in multiple jurisdictions, and provide certain accounting and tax support for the Company with respect to its
portfolio of Properties (the “Oversight Services”). 
 4.E. Audit Adjustment. If any audit of
the records, books or accounts relating to the Properties discloses an overpayment or underpayment of Management Fee or Oversight Fee, the Manager, or the Owner or the Company, as applicable, shall promptly pay to the other party the amount of such
overpayment or underpayment, as the case may be. If such audit discloses an overpayment of Management Fee or Oversight Fee for any fiscal year of the greater of 2% or $5,000 than the correct Management Fee or Oversight Fee for such fiscal year,
Manager shall bear the cost of such audit. 

  
 17 

 V. INSURANCE AND INDEMNIFICATION 

5.A. Insurance to be Carried. Manager during the term of this Agreement shall keep in force at its expense
insurance substantially in conformance with the following: 
  

	 	(a)	 Commercial general liability insurance for claims of bodily injury and property damage due to the management, operation and maintenance of the
Properties. Such insurance shall have a combined single limit of not less than Ten Million Dollars ($10,000,000) each occurrence/aggregate. Owner should be named as additional insured. 

 

	 	(b)	 Workers’ Compensation insurance in accordance with applicable statutory law. 

 

	 	(c)	 Business auto liability coverage insuring bodily injury and property damage with a combined single limit of not less than One Million Dollars
($1,000,000) per accident for owned, non-owned and hired vehicles. 

  

	 	(d)	 A fidelity bond with a corporate surety or employee dishonesty/crime insurance covering all employees who handle or are responsible for the rents
and revenues from each of the Properties or for the payment of expenses from Owner’s account. The fidelity bond shall be in the amount not less than Five Million Dollars ($5,000,000) with a maximum deductible of Two Hundred Fifty Thousand
Dollars ($250,000). The bond shall include a loss payable endorsement in favor of Owner. 

  

	 	(e)	 Professional Liability coverage with limits not less than Five Million Dollars ($5,000,000) per incident and Five Million Dollars ($5,000,000)
annual aggregate covering real estate management operations and leasing operations when applicable. 

  

	 	(f)	 To the extent carried by other property managers in the same market, any other insurance reasonably required by Owner, or required by law.

 The policies required to be maintained by Manager shall be with companies
rated A- or better by Standard & Poors or A- to very good by the A.M. Best Company. Insurers shall be licensed to do business in the state in which the Property are located and domiciled in the USA. Certificates of insurance shall be
delivered to Owner prior to the Effective Date of the Agreement and not less than annually thereafter at least ten (10) days prior to the expiration date of the old policy. Each policy of insurance shall provide notification to Owner at least
thirty (30) days prior to any cancellation or modification to reduce the insurance coverage. 
 5.B.
Cooperation with Insurers. Manager shall cooperate with and provide reasonable access to the Properties to representatives of insurance companies and insurance brokers or agents with respect to insurance which is in effect or for which
application has been made. Manager shall use its best efforts to comply with all requirements of insurers. 

  
 18 

 5.C. Accidents and Claims. Manager shall promptly investigate and
shall report in detail to Owner all accidents, claims for damage relating to the Properties, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall prepare for
approval by Owner all reports required by an insurance company in connection with any such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly and any report not so given within five (5) days after the
occurrence of any such accident, claim, damage or destruction shall be noted in the monthly report delivered to Owner pursuant to Section 2.E.2 herein. Manager is authorized to settle any claim against an insurance company not exceeding $5,000
arising out of any policy and, in connection with such claim, to execute proofs of loss and adjustments of loss and to collect and receipt for loss proceeds. If a claim against an insurance company exceeds $5,000, Manager shall take no action
specified in the immediately preceding sentence with respect thereto without the prior approval of Owner. 

5.D. Indemnification. 
 1. General. Owner shall indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties from and against any and all claims, causes of action, demands,
suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney’s fees and expenses, of every kind and nature whatsoever (collectively, “Losses”), that may be imposed on or incurred by Manager by reason of the
willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of Owner; provided, however, that such indemnification and exculpation shall not extend to any such Losses arising out
of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees; provided, further, that such
indemnification and exculpation shall be limited to the extent that Manager recovers insurance proceeds with respect to such matter. 
 2. Property Damage, Etc. Owner agrees to indemnify, defend, protect, save and hold harmless Manager and all of the other Manager Indemnified Parties from any and all Losses in connection with or in
any way related to each Property and from liability for damage to each Property and injuries to or death of any person whomsoever, and damage to property; provided, however, that such indemnification and exculpation shall not extend to any such
Losses arising out of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees; provided,
further, that such indemnification and exculpation shall be limited to the extent that Manager recovers insurance proceeds with respect to such matter. Manager shall not be liable for any error of judgment or for any mistake of fact or law, or for
anything that it may do or refrain from doing, except in cases of willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction). Manager agrees to indemnify, defend, protect, save
and hold harmless Owner and its members, partners, stockholders, officers, directors, employees, managers, successors and assigns (collectively, the “Owner Indemnified Parties”) from any and all Losses arising out of any injury or damage
to any person or property whatsoever for which Manager is responsible occurring in, on, or about the Properties, including, without limitation, the Improvements, when such injury or damage shall be caused by the willful misconduct, negligence and/or
unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees, except to the extent that any Owner Indemnified Party recovers insurance
proceeds with respect to such matter. 

  
 19 

 3. Environmental Matters. Owner hereby warrants and represents to
Manager that to the best of Owner’s knowledge none of the Properties have previously been or are presently being used to treat, deposit, store, dispose of or place any hazardous substance that may subject Manager to liability or claims under
the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. Section 9607), as amended, or any other statute, law, rule, regulation or ordinance regarding the treatment, storage or disposition of any hazardous
substance. Furthermore, Owner shall indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties from any and all Losses involving, concerning or in any way related to any past, current or future claims
regarding the treatment, deposit, storage, disposal or placement by any party other than Manager of hazardous substances on or about the Properties. 
 4. Indemnification Procedure. If a claim, action, or proceeding by a third-party (a “Claim”) is made against Owner, an Owner Indemnified Party, Manager, or a Manager Indemnified Party
(the “Indemnified Party”) for which the Indemnified Party intends to seek indemnity under this Section 5.D, the Indemnified Party shall promptly notify the party against whom indemnification is sought (the “Indemnitor”) in
writing of such Claim, setting forth a description of such Claim in reasonable detail (the “Indemnification Notice”); provided, however, that failure to give such Indemnification Notice shall not relieve the Indemnitor of its obligations
hereunder, except to the extent the Indemnitor has been prejudiced by such failure. The Indemnitor shall have thirty (30) days after receipt of the Indemnification Notice to undertake, conduct and assume control, through counsel of its own
choosing reasonably satisfactory to the Indemnified Party, and at its own expense, of the settlement or defense of such Claim, so long as the Indemnitor notified the Indemnified Party of such defense in writing within thirty (30) days after the
Indemnified Party has given notice of the third-party Claim and the Indemnitor conducts the defense of the third-party Claim actively and diligently, and the Indemnified Party shall cooperate fully in connection therewith; provided, however, that
the Indemnified Party may participate in such settlement or defense through counsel chosen by such Indemnified Party and paid at its own expense; and, provided, further, that the Indemnified Party shall pay the fees and disbursements of such
separate counsel unless (a) the employment of such separate counsel has been specifically authorized in writing by the Indemnitor, (b) the Indemnitor has failed to assume the defense of such third party Claim within thirty (30) days
after receipt of the Indemnification Notice with counsel reasonably satisfactory to such Indemnified Party, or (c) the named parties to the proceeding in which such Claim has been asserted include both the Indemnitor and such Indemnified Party
and, in the reasonable opinion of counsel to such Indemnified Party, there exists one or more defenses that may be available to the Indemnified Party that are in conflict with those available to the Indemnitor. The Indemnified Party shall not pay or
settle any such Claim without the written consent of the Indemnitor, which consent shall not be unreasonably withheld. If the Indemnitor has received the Indemnified Party’s Indemnification Notice and does not notify the Indemnified Party in
writing within thirty (30) days after receipt of such notice that it elects to undertake the defense thereof, the Indemnified Party shall have the right to undertake, at Indemnitor’s cost, risk and expense, the defense, compromise or
settlement of the Claim, but shall not thereby waive any right to indemnity therefor pursuant to this Agreement. The parties hereto agree to cooperate fully with each other in connection with the defense, negotiation or settlement of any such
third-party Claim. Notwithstanding anything in this Section 5.D to the contrary, the Indemnitor shall not, except with the written consent of the Indemnified Party (which such consent shall not be unreasonably withheld), enter into any
settlement that (y) does not include as an unconditional term thereof the giving by the person or persons asserting such Claim of an unconditional release of the Indemnified Party from liability with respect to such Claim, or (z) involves
non-monetary relief or remedy that is binding upon the Indemnified Party, including any restrictions on the Indemnified Party’s ability to operate or compete. 

  
 20 

 5. Limitations. Notwithstanding anything to the contrary in this
Agreement, any indemnification and exculpation by Owner under this Agreement is subject to any limitations imposed under Owner’s Articles of Incorporation or any amendments thereto. 

VI. TERM 
 6.A. Term. This Agreement commenced on the Effective Date and shall continue until terminated in accordance with the earlier to occur of the following: 

1. Six years from the Effective Date. However, this Agreement will be automatically extended for successive six
(6) year periods after the end of the initial term unless Owner or Manager gives at least ninety (90) days prior written notice of its intention to terminate the Agreement; 

2. Immediately upon written notice by one party to the other party upon the occurrence of any of the following:

 (a) A decree or order is rendered by a court having jurisdiction: (i) adjudging the other party as
bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for the other party under the federal bankruptcy laws or any similar applicable law or practice; or
(ii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the other party or a substantial part of the property of the other party, or for the winding up or liquidation of its affairs; 

  
 21 

 (b) The other party: (i) institutes proceedings to be adjudicated a
voluntary bankrupt or an insolvent; (ii) consents to the filing of a bankruptcy proceeding against it; (iii) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar
applicable law or practice; (iv) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property; (v) makes
an assignment for the benefit of creditors; (vi) is unable to or admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of the first party; or (vii) takes corporate or other
action in furtherance of any of the aforesaid purposes; or 
 (c) The party providing such notice having Cause
(after the expiration of the relevant cure period); or 
 3. Mutual consent of the parties to terminate this
Agreement. 
 Upon termination, the obligations of the parties hereto shall cease, provided that Manager and Owner shall comply
with the provisions hereof applicable in the event of termination and Manager shall be entitled to receive all compensation which may be due to Manager hereunder up to the date of such termination, and provided, further, that if this Agreement
terminates pursuant to clause 2 above, the parties shall have such other remedies as may be available at law or in equity. 
 6.B. Manager’s Obligations After Termination. Upon the termination of this Agreement, Manager shall have the following duties: 

1. Manager shall deliver to Owner, or its designee, all transferable or assignable books and records with respect to the
Properties. 
 2. Manager shall transfer or assign to Owner, or its designee, all transferable or assignable
service contracts and personal property relating to or used in the operation and maintenance of the Properties, except personal property paid for and owned by Manager. Manager shall also, for a period of sixty (60) days immediately following
the date of such termination, make itself available to consult with and advise Owner, or its designee, regarding the operation, maintenance and leasing of the Properties. 

3. Manager shall render to Owner an accounting of all funds of Owner in its possession and shall deliver to Owner a
statement of Management Fees claimed to be due Manager and shall cause funds of Owner held by Manager relating to the Properties to be paid to Owner or its designee. 

  
 22 

 4. Manager shall deliver to Company a statement of Oversight Fees claimed to
be due Manager, and Company, upon its verification that such statement is accurate, shall promptly pay such claimed fees to Manager. 
 5. All provisions of this Agreement that require Manager to have insurance, or to protect, defend, save, hold harmless and indemnify or to reimburse Owner shall survive any expiration or termination of
this Agreement and, if Owner is or becomes involved in any claim, proceeding or litigation by reason of having been Owner, such provisions shall apply as if this Agreement were still in effect. 

Manager shall furnish all such information and take all such action as Owner shall require to effectuate an orderly and systematic
termination of Manager’s duties and activities under this Agreement. Manager hereby grants a limited power of attorney to Owner to endorse any checks received in connection with the Properties and hereby assigns to Owner effective upon the date
of such termination any and all rights Manager may have in and to the Properties’ records. 
 6.C.
Owner’s Obligations Upon Termination. Owner shall pay or reimburse Manager for any sums of money due it under the Management Agreement for services and expenses prior to termination of this Agreement. All provisions of this Agreement
that require Owner to have insured, or to protect, defend, save, hold harmless and indemnify or to reimburse Manager shall survive any expiration or termination of this Agreement and, if Manager is or becomes involved in any claim, proceeding or
litigation by reason of having been Manager of Owner, such provisions shall apply as if this Agreement were still in effect. The parties understand and agree that Manager may withhold funds for sixty (60) days after the end of the month in
which this Agreement is terminated to pay costs and expenses previously incurred but not yet invoiced and to close accounts. Should the funds withheld be insufficient to meet the obligations of Manager to pay costs and expenses previously incurred,
Owner will, upon demand, advance sufficient funds to Manager to ensure fulfillment of Manager’s obligation to do so, within ten (10) days of receipt of notice and an itemization of such unpaid costs and expenses. 

6.D. Removal of Properties from Schedule I. From time to time during the term of this Agreement, Owner shall have
the right to amend Schedule I hereto by removing a given Property (each, a “Removable Property”) from such Schedule I if and only if: 
 1. Owner shall sell, transfer, or convey title to such Removable Property to a bona fide, non-Affiliate; provided; however; that Owner shall give at least thirty (30) days prior written
notice of its intention to remove such Removable Property from Schedule I pursuant to this clause (1); or 
 2.
Owner has Cause (after the expiration of the relevant cure period) relating specifically to such Removable Property. 
 In
addition, from time to time during the term of this Agreement, Manager shall have the right to amend Schedule I hereto by removing a given Property from such Schedule I if and only if Manager has Cause (after the expiration of the relevant cure
period) relating specifically to such Property. 

  
 23 

 VII. COVENANTS AND WARRANTIES 

7.A. Manager covenants and warrants that: 

1. Manager is qualified to manage the Properties and perform the services assumed hereunder has, and will have at the
relevant time the resources, capacity, expertise and ability in terms of equipment, software, know-how and personnel to provide the services in the manner required under this Agreement; 

2. Manager has all rights necessary (including licenses) to provide the services it is obligated to provide under this
Agreement; 
 3. all reporting and invoicing for services will be compatible with and integrate with Owner’s
systems as communicated between the parties; 
 4. Manager shall require any third party submanagers to
implement, at their own cost and expense, appropriate internal controls including an SAS 70 audit or similar internal audit report; 
 5. Manager’s use of any software (other than its own software) or equipment relating to the services provided under this Agreement will not infringe the intellectual property rights of any other
person; 
 6. Manager will supply the services promptly, diligently and professionally, in accordance with the
highest professional standards and practices; 
 7. the services will be fit for the purposes and meet the
criteria set out in the Reporting Requirements; 
 8. Manager will: 

(a) efficiently use the resources or services necessary to provide the services; 

(b) perform the services in the most cost-effective manner consistent with the required level of quality and performance;

 9. Manager’s signing, delivery and performance of this Agreement will not constitute: 

(a) a violation of any judgment, order or decree; 

(b) a material default under any material contract by which it or any of its assets are bound; or 

(c) an event that would, with notice or lapse of time, or both, constitute such a default; 

  
 24 

 10. Manager has the requisite power and authority to enter into this
Agreement and to carry out the obligations contemplated by this Agreement; 
 11. Intentionally Omitted;

 12. Manager represents and warrants that (a) Manager and each person or entity owning an interest in
Manager is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the
“List”), and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive
Order of the President of the United States, (b) none of the funds or other assets of Manager constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), (c) no Embargoed
Person has any interest of any nature whatsoever in Manager (whether directly or indirectly), (d) none of the funds of Manager have been derived from any unlawful activity with the result that the investment in Manager is prohibited by law or
that the Agreement is in violation of law, and (e) Manager has implemented procedures, and will consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times. The term
“Embargoed Person” means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy
Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result that the investment in Manager is prohibited by law or Manager is in violation of law; and 

13. Manager covenants and agrees (a) to comply with all requirements of law relating to money laundering,
anti-terrorism, trade embargos and economic sanctions, now or hereafter in effect, (b) to immediately notify Owner in writing if any of the representations, warranties or covenants set forth in this paragraph or the preceding paragraph are no
longer true or have been breached or if Manager has a reasonable basis to believe that they may no longer be true or have been breached, (c) not to use funds from any “Prohibited Person” (as such term is defined in the
September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) to make any payment due to Owner under the Agreement and (d) at the request of Owner, to
provide such information as may be requested by Owner to determine Manager’s compliance with the terms hereof. Manager hereby acknowledges and agrees that Manager’s inclusion on the List at any time during the term of the Agreement shall
be a material default of the Agreement, and this Agreement shall automatically terminate. Notwithstanding anything herein to the contrary, Manager shall take commercially reasonable efforts not to permit the Property or any portion thereof to be
used or occupied by any person or entity on the List or by any Embargoed Person (on a permanent, temporary or transient basis), and any such use or occupancy of the Property by any such person or entity shall be a material default of the Agreement.

  
 25 

 VIII. MISCELLANEOUS 

8.A. Notices. All notices, approvals, consents and other communications hereunder shall be in writing, and, except
when receipt is required to start the running of a period of time, shall be deemed given and received when delivered in person or on the second (2nd) business day after its mailing by either party by registered or certified United States mail,
postage prepaid and return receipt requested, to the other party, at the addresses set forth after their respective name below or at such different addresses as either party shall have theretofore advised the other party in writing in accordance
with this Section 8.A. 
  

			
	 Owner:
	  	 Global Growth Trust, Inc.

		  	 Attention: Chief Financial Officer

		  	 CNL Center at City Commons

		  	 450 South Orange Avenue

		  	 Orlando, Florida 32801

		
	 Manager:
	  	 CNL Global Growth Managers, LLC
 c/o CNL Global Growth Advisors, LLC
 CNL Center at City
Commons

		  	 450 South Orange Avenue

		  	 Orlando, Florida 32801

 8.B. Governing Law; Venue. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, and any action brought to enforce the agreements made hereunder or any action which arises out of the relationship created hereunder shall be brought exclusively in the federal or state courts for
Orange County, Florida. 
 8.C. Assignment; Subcontracting. Manager may not assign this Agreement either
directly or indirectly without the prior written consent of Owner. Notwithstanding the foregoing, Manager may, without the consent of Owner, (1) assign or delegate partially or in full its duties and rights under this Agreement and the fees and
compensation related thereto to a duly qualified and licensed Affiliate of Manager; or (2) subcontract with a duly qualified and licensed third-party to perform all or some of Manager’s duties and responsibilities under this Agreement as
to one or more specific Properties. Manager shall promptly notify Owner in writing of any such permitted assignment, delegation or subcontract to such Affiliate or third party. Further, and notwithstanding anything to the contrary contained in this
Agreement, from time to time the provisions of a subcontract with such Affiliate or third party, and/or the provisions of a Joinder, may differ from the provisions of this Agreement, depending upon various factors including, without limitation,
market conditions in the jurisdiction where the subject property is located or what business terms are reasonable and customary for the subcontractor; and any such variances, so long as they do not violate applicable law, shall not be deemed a
breach of this Agreement. 

  
 26 

 8.D. No Waiver. The failure of either party to seek redress for
violation or to insist upon the strict performance of any covenant or condition of this Agreement, shall not constitute a waiver thereof for the future. 
 8.E. Amendments. This Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment is sought. 

8.F. Headings. The headings of the various subdivisions of this Agreement are for reference only and shall not
define or limit any of the terms or provisions hereof. 
 8.G. Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when
one or more counterparts hereof, individually or taken together, shall bear the signatures of all parties reflected thereon as the signatories. 
 8.H. Entire Agreement. This Agreement, together with any Joinder signed by Owner, contains the entire understanding and all agreements between Owner and Manager respecting the management of the
Properties. There are no representations, agreements, arrangements or understandings, oral or written, between Owner and Manager relating to the management of the Properties that are not fully expressed herein. 

8.I. Dispute Resolution. 

1. Disputes Notice. If a dispute or difference arises between Manager and Owner in respect of any
fact, matter or thing arising out of, or in any way in connection with this Agreement, either party may give the other a written notice giving particulars of the dispute or difference. 

2. Expert Determination. If the dispute is not resolved within fourteen (14) days after a
notice is given under Section 8.I.1 above, the dispute maybe submitted, by the party raising it, to an expert determination, by an industry expert agreed by the parties, or, if no agreement is reached within twenty one (21) days of the
notice under Section 8.I.1 above, appointed by the President of Building Owner’s and Manager’s Association “BOMA”, or if it no longer exists such organization which most closely fulfils the functions which were carried out
by BOMA. If an expert appointed under this Section 8.I.2: becomes unavailable prior to giving his or her determination; or otherwise does not give his or her determination within the time required by Section 8.I.3; this Section 8.I.2
will reapply. 
 3. Procedure for Determination. The expert will: act as an expert and not
as an arbitrator; proceed in any manner he or she thinks fit; conduct any investigation which he or she considers necessary to resolve the dispute or difference; examine such documents, and interview such persons, as he or she may require; have
regard to any submissions of the parties but ignore all directions of the parties; make such directions for the conduct of the determination as he or she considers necessary; and give his or her determination within twenty seven (27) days of
the referral of the dispute or such other time agreed between the parties and need not give reasons for his or her determination. 

  
 27 

 4. Agreement. The parties must enter into an
agreement with the expert containing such terms as are reasonably required by the expert, including: 
 (a) a
release of any liability which the expert may otherwise incur for any act or omission, other than actual fraud, during the course of the determination of the dispute; and 

(b) a term that each party will pay one-half of the expert’s costs. 

5. Determination of Expert. The determination of the expert: must be in writing; and will be final
and binding upon the parties. 
 6. Continuation of Works. Despite the existence of a
dispute or difference between the parties Manager must: continue to provide the services; and otherwise comply with its obligations under the Agreement. 
 8.J. Activities of Manager. The obligations of Manager pursuant to the terms and provisions of this Agreement shall not be construed to preclude Manager from engaging in other activities or
business ventures, whether or not such other activities or ventures are in competition with the Properties or the business of Owner. 
 8.K. Independent Contractor. Manager and Owner shall not be construed as joint venturers or owners of each other pursuant to this Agreement, and neither shall have the power to bind or obligate the
other except as set forth herein. In all respects, the status of Manager to Owner under this Agreement is that of an independent contractor. It is expressly understood and agreed that payments hereunder shall be payments by Owner to Manager as an
independent contractor and not as an employee, partner or joint venture of Owner. 
 8.L. No Third-Party
Rights. Nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of
this Agreement, except for (a) such rights as shall inure to a successor or permitted assignee pursuant to Section 8.C herein, (b) such rights as the Manager Indemnified Parties shall have pursuant to Sections 2.D, 2.E, and 5.D
herein, and (c) such rights as the Owner Indemnified Parties shall have pursuant to Section 5.D herein. 
 8.M. Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact
that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 8.N.
Interpretation. This Agreement shall be deemed to have been drafted jointly by the parties, and therefore no provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party
having, or being deemed to have, drafted, devised, or imposed such provision. 

  
 28 

 8.O. Subordination. This Agreement, and any and all rights of Manager
hereunder, are and shall be subject and subordinate to any financing (whether senior financing, mezzanine level financing, or preferred equity) respecting the Properties (or any portion thereof) (collectively, the “Property Financings”),
and any Leases with respect to the Properties or any portion thereof, and all renewals, extensions, modifications, consolidations and replacements thereof, and to each and every advance made or hereafter to be made under any such Property Financings
or Leases. This section shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, Manager shall promptly execute, acknowledge and deliver any instrument that Owner, the landlord
under any of the Leases or the holder of any such Property Financings or the trustee or beneficiary of any deed of trust or any of their respective successors in interest may reasonably request to evidence such subordination. At any time and from
time to time, upon not less than ten (10) business days prior notice from Manager or Owner, the certifying party shall furnish to the requesting party, or a designee thereof, an estoppel certifying that this Agreement is unmodified and in full
force and effect (or that this Agreement is in full force and effect as modified and setting forth the modifications), the date to which Manager has been paid hereunder, that to the knowledge of the certifying party, no default or an event of
default has occurred and is continuing or, if a default or an event of default shall exist, specifying in reasonable detail the nature thereof and the steps being taken to remedy the same, and such additional information as the requesting party may
reasonably request. Any subordination or estoppel furnished pursuant to this Section 8.O may be relied upon by Owner, and its affiliates, Lenders, and any prospective landlord or lender of the Property or any portion thereof. Manager shall not
unreasonably withhold its consent to any amendment to this Agreement reasonably required by such lender or lessor, provided that such amendment does not (i) increase Manager’s financial obligations hereunder, or (ii) have a material
adverse effect upon Manager’s rights hereunder, or (iii) materially increase Manager’s non-economic obligations hereunder. 
 8.P. Confidential Information. Any and all books, records and information (regardless of the form of disclosure or the medium used to store or represent it) which Manager first becomes aware
through disclosure by Owner to Manager or otherwise through Manager’s involvement with Owner and its business operations (the “Confidential Information”) are and shall remain the property of Owner but shall be made available to
Manager for its use and knowledge in assuming the duties and responsibilities of Manager under this Agreement. Manager covenants with Owner that it: will maintain the Confidential Information in strict confidence; will only use the Confidential
Information for the purpose of carrying out its obligations under this Agreement; and will not disclose, or permit to be disclosed the Confidential Information to any person without the prior written consent of Owner except as required by law.

 8.Q. Penalties for Non-performance. In the event that Manager fails to comply with the terms
outlined in this Agreement or in the Reporting Requirements, Owner may seek any remedy allowed at law or in equity. Any fee, late charge or penalty due to a third party and incurred from Manager’s non-performance, shall be paid by Manager.

  
 29 

 8.R. Owner’s Representative. Owner may, by written notice
to Manager, delegate all or any portion of its authority hereunder to a designated representative of Owner (“Owner’s Representative”). All decisions made by Owner’s Representative shall be binding on Owner until Manager has
received written notice of Owner’s termination of such delegation. Owner hereby designates CNL Global Growth Advisors, LLC, a Delaware limited liability company, as the initial Owner’s Representative with respect to all of Owner’s
authority hereunder. 
 8.S. Subsidiary’s Separate Contract Rights. It is understood and
agreed that notwithstanding anything to the contrary contained in this Agreement, (i) any corporation, limited liability company, partnership, business trust or other entity of which the Company, directly or indirectly, owns or controls at
least fifty percent (50%) of the voting securities or economic interests (each, a “Subsidiary”) that owns a Property located in jurisdictions outside of the United States (referred to herein as “Foreign Properties”), and
(ii) any Subsidiary that owns a Property within the United States may, under certain circumstances as determined by Manager and such Subsidiary, enter into contracts directly with property management and/or leasing entities other than Manager
for any or all of the property management and other services referenced herein, except for Oversight Services which shall continue to be the direct responsibility of Manager. In such event, unless otherwise agreed, (i) only the Oversight Fee
will be payable to Manager by the Company with respect to any such Foreign Properties or other Properties (unless the applicable Subsidiary fails to pay or perform any amounts or obligations that it is obligated to pay or perform under such separate
contract, in which event the Company shall continue to be obligated to pay or perform such unpaid amounts or unperformed obligations as required under this Agreement, as if such separate contract had not been entered into), and (ii) the
Subsidiary that owns the applicable Foreign Property or other Property will execute a Joinder to this Agreement and will be treated as an Owner, but such Joinder shall be subject to such Subsidiary’s rights and obligations under the separate
contract. The execution and delivery of any such separate contract shall not enlarge the obligations or limit the rights of the Company and any applicable Subsidiary (taken together), on the one hand, or the Manager, on the other hand, under this
Agreement. In any such circumstance, this Agreement shall be automatically deemed modified as required to ensure that the Company and any applicable Subsidiary (taken together), on the one hand, and the Manager, on the other hand, are each in no
worse a position with respect to all legal and economic rights and obligations as they would have been in the absence of any such subcontract, assignment, delegation or separate agreement. In furtherance of the foregoing, the parties agree to take
such additional steps or provide such further assurances as are reasonably necessary to achieve the parties’ intent as described in this paragraph. 
 [Remainder of Page Intentionally Left Blank – Signature Pages Follow] 

  
 30 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written. 
  

					
	GLOBAL GROWTH TRUST, INC.
		
	 By:
	 	 /s/ Robert A. Bourne

	 Name:
	 	 Robert A. Bourne

	 Title:
	 	 Chief Executive Officer

	
	GLOBAL GROWTH, LP
		
	 By:
	 	Global Growth GP, LLC, its general partner
		
	 By:
	 	Global Growth Trust, Inc., its managing member
			
		 	 By:
	 	 /s/ Robert A. Bourne

		 	 Name:
	 	 Robert A. Bourne

		 	 Title:
	 	 Chief Executive Officer

	
	CNL GLOBAL GROWTH MANAGERS, LLC
		
	 By:
	 	CNL Global Growth Advisors, LLC, its manager
			
		 	 By:
	 	 /s/ Steven D. Shackelford

		 	 Name:
	 	 Steven D. Shackelford

		 	 Title:
	 	 Chief Financial Officer

  
 31 

 JOINDER 
 [to be executed by each Property owner concurrent with 
 the addition of the
Property owner’s name to Schedule I] 
 The undersigned,
                                        , a
                            , as of this      day of
                    , 20    , hereby joins in the execution of the Second Amended and Restated Master Property Management and
Leasing Agreement dated as of April 1, 2012, as further amended and/or amended and restated from time to time, to bind itself by all of the terms and conditions thereof. 

 

					
	 [
	 	  
	 	 ]

 
					
			
	 By:
	 	  
	 	

 
					
	 Name:
	 	  
	 	

 
					
	 Title:
	 	  
	 	

 SCHEDULE I 
 PROPERTIES TO BE MANAGED BY MANAGER 

 APPENDIX A 
 SCHEDULE OF KEY EMPLOYEES 

 APPENDIX B 
 GENERAL MONTHLY PROPERTY MANAGEMENT REPORTING 
 Monthly Report Timeline 

All reports are due by the end of the 1st day of the following month. Reports can be attached directly into the property management system. In the case when a
designated day does not fall on a business day, the activity is to occur on the next business day of the month with each subsequent day moved back the respective amount of days. 

Cash activity is to be cut off in the property management on the 20th of the month to facilitate meeting final reporting deadlines per the
following schedule (listed in Central time): 
 Post all open cash batches by noon on the
20th of each month 

After the next month’s tenant charges have been charged to the tenants, print the monthly
statements and send out to the tenants by 2:00 pm on the
20th of each month 

Calculate the monthly management fee and print final monthly check run by 3:00 pm on the 20th of each month 

Owner to close A/R and A/P modules by 5:00 pm on the 20th of each month 

Before month-end reports to be attached to property management system by end of the second business
day following the 20th of each month 

Manager company locked out of current month journal entries at 12:01 am on the fifth business day
following the 20th of each month 

After month-end reports to be attached to property management system by end of day first day of the new month 

Monthly Property Management Report 
 The Monthly Property Management Report is a narrative report summarizing the period’s activity for the property. The Monthly Property Management Report is due by the end of the 7th of each month and is to include all monthly operating activity
through the end of the calendar month. The following format should be used and include information based on the standard templates which can be found in the Standard Monthly Property Management Report Package document: 

Table of contents 
 I. Income & Expense Summary with material variance commentary 
 II. Accounts Receivables – over 60 days and over $10,000 per tenant with actions/recommendations (if in collection, refer to Litigation Report) 

  
 B-1

 III. Occupancy & Activity Summary 

IV. Rollover Schedule – 12 to 18 months 

V. Marketing Efforts 
 VI. Major Capital & Tenant Improvements (see Extraordinary Expenditure Report for detail – add commentary to explain variance) 

VII. Facilities Maintenance Update (Major repairs/preventative maintenance projects) 

VIII. General Property Management & Administrative Initiatives and Issues 

IX. Major Litigation Issues and Updates (Litigation Report) 

X. Insurance and Real Estate Tax Issues 

XI. Ownership Issues 
 Appendix: 
  

	 	•	 	 Extraordinary Expenditure Report 

  

	 	•	 	 Detailed Capital Expense Report 

  

	 	•	 	 Major Repairs Report 

  

	 	•	 	 Management Fee Calculation Reconciliation 

  

	 	•	 	 Excess Cash Distribution Statement 

  

	 	•	 	 Leasing Activity Report 

  

	 	•	 	 Square Footage Reconciliation Report 

  

	 	•	 	 Aged Delinquencies 

  

	 	•	 	 Detailed Variance Analysis 

  

	 	•	 	 Disbursements Report 

  

	 	•	 	 24-Month Rollover Schedule 

  

	 	•	 	 Letters of Credit – Upcoming Expirations 

 For detail/information regarding the monthly financial reporting requirements, review the information in Appendix C. 

  
 B-2

 APPENDIX C 
 MONTHLY FINANCIAL REPORTING REQUIREMENTS 
 Instructions: 

Submit the following monthly documents in a report entitled Monthly Financial Reports in the order they are listed
below no later than the 2nd business day of the following
calendar month-end, unless otherwise identified, as a PDF file in the “Property” section within the property management system. 
  

 
 Budget to Actual Variance
Analysis: 
 The Budget to Actual Variance Analysis should include thorough explanations for all actual income and expense
account balances which vary from the month-to-month budget by 10% or from the year-to-date budget by 5% AND which exceeds the maximum allowable dollar variance amount of $5,000. The variance analysis should be completed according to
Owner’s chart of accounts. 
  
  

Trial Balances: 

The Property Manager must provide trial balances, in Owner’s chart of accounts, providing monthly activity in addition to the
applicable YTD balances for each reporting entity. 
  
  

Balance Sheet: 
 The Balance
Sheet contains the year-to-date balances for all assets, liabilities and equity for an individual property. 
  

 
 Income Statement: 

The Income Statement Summary contains both actual and budgeted income and actual and budgeted expense information at the major account
levels for both the current month and year-to-date. 
  
  

  
 C-1

 Bank Statement & Account Reconciliation: 

The current month’s operating bank statement and account reconciliation for the operating accounts must be
included in the monthly reporting package. Bank statements will end on the 20th of each month. Each bank account must have its own reconciliation. 
  

 
 Fixed Asset Additions: 

Detail of fixed asset additions from the prior month will be reviewed for tax purposes. 

 
  
 Profit & Loss Statements: 
 PNL statement actual vs. budget detail should be compared on
a monthly and year-to-date basis. 
  
  

Tenant Income Detail: 
 The Tenant Income Detail shows the beginning accounts receivable balance, current month’s charges, amounts collected by type of income, and the ending accounts receivable balance. The end-of-month
balance column should show any prepaid or delinquent accounts. The ending balance for the month should always be carried forward to the following month’s report as the beginning balance. Please total all columns by account category at the end
of the report. If necessary, provide a reconciliation of this report to the general ledger account balances. 
  

 
 Aged Accounts Receivable Report:

 The Aged Accounts Receivable Report includes all delinquent receivables categorized by number of days past due. This should
be reconciled to the end-of-month balance on the Tenant Income Detail. Balances should not include security deposits. The report should include comments regarding attempts to collect and should include commentary for any balances greater than
$50,000 that are also 60 days aged and all balances that are 90 days aged. 
  

 
 Doubtful Accounts: 

In the event a reserve for doubtful accounts is established to fairly state the collection probability of receivables, a schedule is
required which reconciles the reserve balance to the general ledger and provides tenant level detail and applicable comments. 
  

 

  
 C-2

 Write-off Request Form: 

The Write-off Request Form verifies action was recommended by the Property Manager and Owner’s asset manager (“Asset
Manager”) to write-off accounts receivable amounts. A copy of the signed form should be submitted with the monthly accounting package when applicable. All write-off requests require Owner Board approval. 

 
  
 Free Rent and Rental Abatements: 
 A schedule of all free rent or rental abatement
activity should be included in the monthly accounting package. The accounting treatment and economics for such activity should be clearly explained. 
  

 
 Schedule of Deferred Rent
Concessions: 
 Property Manager will calculate and provide supporting schedules for applicable FASB 13 adjustments on a
lease-by-lease basis. Such adjustments will be included in the general ledger activity in accordance with US GAAP. Property Managers operating in Owner Yardi environment may not be subject to this requirement. Please confirm with your controller.

  
  
 Check Register: 
 The check register contains a detail of all checks written for property
expenditures during the current month. 
  
  

Expense Detail: 
 The Expense
Detail shows the expenses paid during the month by expense account. 
  

 
 Accounts Payable: 

The Accounts Payable report represents invoices that have been received and recorded, but checks have not been issued. If necessary,
please provide a reconciliation of this report to the general ledger account balances. 
  

 

  
 C-3

 Accrual Schedules: 
 Accrual schedules must be submitted in the monthly accounting package detailing the accrual entries made to the general ledger in the current month. 

 
  
 Capitalization Policy: 
 Owner’s policy is to capitalize all lease
commissions in excess of $1,000 and for lease terms of greater than one year. Additionally, any single expenditure for a capital asset which equals or exceeds $5,000 should be capitalized. Any capital expenditure, regardless of amount, relating to a
project where total project costs equal or exceed $5,000, should also be capitalized. Please pay close attention to the definition of a capital asset in the capitalization policy. 

 
  
 Capital Expense: 
 All types of capital expenditures shall be recorded on a
schedule and submitted with the Monthly Financial Reports package. The “Capital Expenditures” form within the Accounting section of the Documents and Forms shows an example of how building improvements and tenant improvements should be
listed. Record in detail the monthly expenditures by project or tenant, as applicable. The estimated project cost should agree with the amount budgeted or the amount per the lease proposal. Construction in progress accounts should be used for
long-term construction projects until complete to reduce the potential of calculating depreciation on accrued capital or incomplete projects. The total paid per month should agree with the monthly accounting report. Copies of invoices should
accompany the capital schedules for all entries made to these accounts. Please note on the schedule the month in which a project is completed. A project is considered complete when the improvement is first put in a state of readiness and is
available for a specifically assigned function. Refer to the Capitalization Policy section above for further explanation on what can be capitalized. 
  

 
 Lease Commission: 

An example of recording lease commissions on a monthly basis can be found in the “Capital Expenditures” form within the
Accounting section in the Documents and Forms. This form details expenses during the month that were charged to account Capitalized Lease Commissions and/or account Non-capitalized Lease Commissions. Copies of invoices should accompany the
schedule for any entry to the lease commission capital account. Refer to the Capitalization Policy section above to determine whether a lease commission should be capitalized. 

 
  

  
 C-4

 Security Deposits: 
 All security deposit moneys will be kept by Owner in an account in the state in which the property is located. Due to differences in state laws, special consideration will be made for properties in states
with specific requirements. If you have questions, consult with your accountant and we will consult with appropriate parties in such instances. A list of security deposits, by tenant, will be required. Include a memo with the monthly accounting
report summarizing the monthly activity of security deposits for the property (i.e., amounts received by tenant, amounts applied to income or outstanding receivable balances due to move outs, etc.). 

 
  
 General Ledger: 
 Submit a General Ledger generated by the property management
system providing all detail activity and posted entries for the applicable reporting period. 
  

 
 Invoices: 

Send copies of all invoices for lease commissions, tenant improvements and capital improvements. Owner will calculate all depreciation
and amortization expense, thus the need for copies of the supporting documentation for audit purposes. 
  

 
 Accounting Period: 

The accounting period cut-off day is the 20th of each month. The monthly management report and supporting detail should be submitted to the property management
system as an attachment in the Property section no later than the 2nd business day of the following month. 
  

 
 Actuals Application: 

All monthly income and expenses must be entered into the property management system by Manager no later than the
2nd business day of the following month. 

 
  

  
 C-5

 Reforecast: 
 Due to the importance of projecting future operating results, a reforecast of the remaining future periods will be required on a monthly basis. This reforecast will include year-to-date actual information
as well as original budget and revised projections. Comments relating to % and revised assumptions as also required. 
  

 
 Distributable Cash: 

The Property Manager must provide a monthly calculation of excess cash available at the property indicating the cash available for
distribution to Owner. The projection should include the existing cash balance at the end of the period and applicable adjustments for accounts payable, accrued expenses, including real estate tax accrual and non-cash accruals, less a reasonable
working capital reserve. Future excess cash projections may also be required. 
  

 
 Consolidated Accounting:

 The Manager will be responsible for consolidation of the property information in a form and format acceptable to the Asset
Manager. 
  
  

Standard Templates: 
 The Property Management Company must provide monthly information via standardized templates required by Owner, such as Capital Expenditures, Budget to Actual Variance Analysis and Excess Cash
Distribution. The templates can be found in the Accounting section in the Documents and Forms. 

  
 C-6

 APPENDIX D 
 ANNUAL REPORTING REQUIREMENTS 
 Annual Budgets: 

Annual budgets are used to monitor the performance of Owner’s real estate properties. The budgeting process begins every fall when
Owner sends detailed information outlining budget reporting deadlines to help guide you through the budgeting process. 
 Key
points: 
 Questions regarding the annual budgets should be directed to your accountant. 

Budgets shall contain estimated monthly cash flows, a list and explanation of assumptions used in arriving at projected
leasing activity and rates, expenses and capital expenditures. 
 Budgets must be prepared on an accrual basis.

  
  
 Estimate of Deferred Maintenance & Capital Expenditure: 
 Manager shall,
for each calendar year, prepare and submit to Owner a proposed Capital Budget in a format approved by Owner for releasing expenses and the replacement, repair and maintenance of equipment or improvements of a capital nature on or about the Property.
Refer to the “General Requirements” and “Construction Guidelines and Procedures” sections of the Operating Guidelines for more details. 
  

 
 Operating Expense Reimbursement
Reconciliations: 
 Manager shall, for each calendar, year prepare and submit to Owner a schedule of operating expense
reimbursement reconciliations for review. 
  
  

1099-MISC Reporting: 
 Manager will continue to be responsible for reporting 1099 information to the Internal Revenue Service. Please determine the impact if utilizing the Yardi environment administered by Owner. If vendor
history is detailed in two property management systems, information should be combined for 1099 reporting, if applicable. 
  

 

 APPENDIX E 
 LEASING FEELimited Liability Company Agreement

 EXHIBIT 10.13 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 

GGT WHITEHALL VENTURE NC, LLC 

 LIMITED LIABILITY 

COMPANY AGREEMENT OF 
 GGT WHITEHALL VENTURE NC, LLC 
 A DELAWARE LIMITED LIABILITY COMPANY

 TABLE OF CONTENTS 
  

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE 1. DEFINITIONS
	  	 	2	  
		 	1.1	  	Definitions	  	 	2	  
		 	1.2	  	Other Defined Terms	  	 	9	  
		 	1.3	  	Exhibits	  	 	9	  
		
	 ARTICLE 2. THE COMPANY
	  	 	9	  
		 	2.1	  	Organization	  	 	9	  
		 	2.2	  	Name of Company	  	 	9	  
		 	2.3	  	Purpose of Company	  	 	9	  
		 	2.4	  	Principal and Registered Office	  	 	9	  
		 	2.5	  	Further Assurances	  	 	10	  
		 	2.6	  	Expenses of Formation and Syndication	  	 	10	  
		 	2.7	  	No Individual Authority	  	 	10	  
		 	2.8	  	Business Opportunities	  	 	10	  
		 	2.9	  	Neither Responsible for Other’s Commitments	  	 	11	  
		 	2.10	  	Affiliates	  	 	11	  
		 	2.11	  	Operations in Accordance With the Act: Ownership	  	 	11	  
		
	 ARTICLE 3. TERM
	  	 	11	  
		 	3.1	  	Term	  	 	11	  
		
	 ARTICLE 4. CAPITAL CONTRIBUTIONS OF THE MEMBERS
	  	 	12	  
		 	4.1	  	Capital Contributions of the Members	  	 	12	  
		 	4.2	  	No Other Contributions	  	 	12	  
		 	4.3	  	No Interest Payable	  	 	12	  
		 	4.4	  	No Withdrawals	  	 	12	  
		 	4.5	  	Additional Capital Contributions	  	 	13	  
		
	 ARTICLE 5. MEMBER LOANS
	  	 	15	  
		 	5.1	  	Member Loans	  	 	15	  
		 	5.2	  	Payment of Member Loans	  	 	15	  
		
	 ARTICLE 6. MANAGEMENT OF THE COMPANY
	  	 	15	  
		 	6.1	  	Management	  	 	15	  
		 	6.2	  	Major Decisions	  	 	18	  
		 	6.3	  	Bank Accounts	  	 	22	  
		 	6.4	  	Annual Budgets	  	 	22	  
		 	6.5	  	Insurance	  	 	23	  
		 	6.6	  	Consultation Regarding the Project	  	 	23	  
		 	6.7	  	Termination of Delegation of Authority to Woodfield as Operating Member	  	 	24	  

  
 (i)

									
		 	6.8	  	Development	  	 	25	  
		 	6.9	  	Management Agreement	  	 	25	  
		 	6.10	  	Contracts with Affiliates	  	 	26	  
		 	6.11	  	Indemnification of Managing Member and Operating Member	  	 	26	  
		 	6.12	  	Leasing Guidelines	  	 	26	  
		
	 ARTICLE 7. BOOKS AND RECORDS, AUDITS, TAXES, ETC.
	  	 	26	  
		 	7.1	  	Books; Statements	  	 	26	  
		 	7.2	  	Where Maintained	  	 	27	  
		 	7.3	  	Audits	  	 	28	  
		 	7.4	  	Objections to Statements	  	 	28	  
		 	7.5	  	Tax Returns	  	 	28	  
		 	7.6	  	Tax Matters Partner	  	 	28	  
		 	7.7	  	Tax Policy	  	 	28	  
		 	7.8	  	Section 754 Election	  	 	29	  
		 	7.9	  	Capital Accounts	  	 	29	  
		
	 ARTICLE 8. ALLOCATIONS
	  	 	29	  
		 	8.1	  	Allocation of Net Income and Net Loss	  	 	29	  
		 	8.2	  	Loss Limitation	  	 	30	  
		 	8.3	  	Minimum Gain Chargebacks and Nonrecourse Deductions	  	 	30	  
		 	8.4	  	Qualified Income Offset	  	 	31	  
		 	8.5	  	Code Section 704(b) Allocations	  	 	31	  
		 	8.6	  	Other Allocation Provisions	  	 	31	  
		 	8.7	  	Distributions of Nonrecourse Liability Proceeds	  	 	31	  
		 	8.8	  	Information as to Allocation of Debt	  	 	31	  
		 	8.9	  	Taxable Year; Fiscal Year	  	 	31	  
		
	 ARTICLE 9. DISTRIBUTIONS AND ALLOCATIONS
	  	 	31	  
		 	9.1	  	Percentage Interests in Company	  	 	31	  
		 	9.2	  	Certain Definitions	  	 	32	  
		 	9.3	  	Operating Cash Flow Distributions	  	 	33	  
		 	9.4	  	Extraordinary Cash Flow Distributions	  	 	34	  
		 	9.5	  	Loss of Promoted Interest	  	 	35	  
		 	9.6	  	Distributions Upon Liquidation	  	 	35	  
		
	 ARTICLE 10. ASSIGNMENT AND OFFER TO PURCHASE
	  	 	36	  
		 	10.1	  	Transfers	  	 	36	  
		 	10.2	  	Permitted Transfers	  	 	36	  
		 	10.3	  	Assumption by Assignee	  	 	36	  
		 	10.4	  	Amendment of Certificate of Formation	  	 	37	  
		 	10.5	  	Other Assignments Void	  	 	37	  
		 	10.6	  	Right to Cause Sale of Property	  	 	37	  
		 	10.7	  	Buy-Sell	  	 	39	  
		 	10.8	  	Provisions Generally Applicable to Sales	  	 	40	  
		 	10.9	  	Compliance with ERISA and State Statutes on Governmental Plans	  	 	42	  
		
	 ARTICLE 11. DISSOLUTION OR BANKRUPTCY OF A MEMBER
	  	 	44	  
		 	11.1	  	Dissolution or Merger	  	 	44	  

  
 (ii)

									
		 	 11.2
	  	Bankruptcy, etc	  	 	44	  
		 	 11.3
	  	Reconstitution	  	 	45	  
		
	 ARTICLE 12. CROSS-DEFAULT
	  	 	45	  
		
	 ARTICLE 13. DISSOLUTION
	  	 	46	  
		 	 13.1
	  	Winding Up by Members	  	 	46	  
		 	 13.2
	  	Winding Up by Liquidating Member	  	 	46	  
		 	 13.3
	  	Offset for Damages	  	 	47	  
		 	 13.4
	  	Distributions of Operating Cash Flow	  	 	47	  
		 	 13.5
	  	Distributions of Proceeds of Liquidation	  	 	48	  
		 	 13.6
	  	Orderly Liquidation	  	 	48	  
		 	 13.7
	  	Financial Statements	  	 	48	  
		 	 13.8
	  	Restoration of Deficit Capital Accounts	  	 	48	  
		
	 ARTICLE 14. MEMBERS
	  	 	48	  
		 	 14.1
	  	Liability	  	 	48	  
		
	 ARTICLE 15. NOTICES
	  	 	48	  
		 	 15.1
	  	In Writing; Address	  	 	48	  
		 	 15.2
	  	Copies	  	 	49	  
		
	 ARTICLE 16. MISCELLANEOUS
	  	 	50	  
		 	 16.1
	  	Additional Documents and Acts	  	 	50	  
		 	 16.2
	  	Interpretation	  	 	50	  
		 	 16.3
	  	Entire Agreement	  	 	50	  
		 	 16.4
	  	References to this Agreement	  	 	50	  
		 	 16.5
	  	Headings	  	 	50	  
		 	 16.6
	  	Binding Effect	  	 	50	  
		 	 16.7
	  	Counterparts	  	 	50	  
		 	 16.8
	  	Confidentiality	  	 	50	  
		 	 16.9
	  	Amendments	  	 	51	  
		 	 16.10
	  	Exhibits	  	 	51	  
		 	 16.11
	  	Severability	  	 	51	  
		 	 16.12
	  	Qualification in Other States	  	 	51	  
		 	 16.13
	  	Forum	  	 	51	  
		 	 16.14
	  	No Brokerage	  	 	52	  
		 	 16.15
	  	Tax Compliance	  	 	52	  

  
 (iii)

 Exhibits 
  

			
	 Exhibit A
	    	 Members’ Percentage Interests

		
	 Exhibit B
	    	 Description of Land

		
	 Exhibit C
	    	 Development Agreement

		
	 Exhibit D
	    	 Insurance Certificates

		
	 Exhibit E
	    	 Member’s ERISA Certificate

		
	 Exhibit F
	    	 CNL’s ERISA Certificate

		
	 Exhibit G
	    	 Project Budget

		
	 Exhibit H
	    	 Pre-Development Costs

  
 (iv)

 LIMITED LIABILITY COMPANY AGREEMENT 

OF 

GGT WHITEHALL VENTURE NC, LLC 
 This Limited Liability Company Agreement of GGT Whitehall Venture NC, LLC (this “Agreement”) is entered into and shall be effective as of the 9th day of January, 2012, by and between WF
Arrowood, LLC, a Delaware limited liability company (“Woodfield”), and GGT Whitehall Holdings, LLC, a Delaware limited liability company (“CNL”), pursuant to the provisions of the Delaware Limited Liability Company
Act (the “Act”). Woodfield and CNL are sometimes referred to herein, collectively, as the Members and individually as a Member. 
 R E C I T A L S 
 WHEREAS, GGT Whitehall Venture NC, LLC
(the “Company”) was formed on November 1, 2011, pursuant to the Delaware Limited Liability Company Act by filing a Certificate of Formation filed with the Secretary of State of the State of Delaware (the “Certificate of
Formation”). 
 WHEREAS, reference is hereby made to that certain Agreement for Purchase and Sale of
Real Property with an effective date of June 30, 2011, by and between Woodfield Acquisitions, LLC, a North Carolina limited liability company, as purchaser (“Purchaser”), and Whitehall Corporate Center Development Limited
Partnership, a North Carolina limited partnership, as seller (“Property Seller”) (as the same may have been amended, modified or supplemented, the “Land Contract”), whereby Purchaser has agreed to purchase from
Property Seller, and Property Seller has agreed to sell to Purchaser, inter alia, the real property located off of Arrowood Road in Charlotte, Mecklenburg County, North Carolina (together with all personal property, fixtures, rights and
intangibles associated therewith, the “Property”), as more particularly described in Exhibit B hereto. 
 WHEREAS, the Members desire to form the Company for the purposes of acquiring the Property and constructing a Class A rental apartment community on the Property with 297 units, together with all
amenities and related improvements (the “Project”), and leasing and managing the Project, but in any case the Property is intended to be held by the Company for investment and/or held for appreciation and subsequent sale.

 WHEREAS, contemporaneously with the execution of this Agreement, Purchaser has assigned its interest under
the Land Contract with regard to the acquisition of the Property under the Land Contract to the Company. 

  
 1 

 NOW, THEREFORE, in order to carry out their intent as expressed above and in
consideration of the mutual agreements and covenants hereinafter contained, the receipt and sufficiency of which are hereby acknowledged, the Members hereby covenant and agree as follows: 

ARTICLE 1. DEFINITIONS 
 1.1 Definitions. The following terms shall have the following meanings when used herein: 
 10.7 Offer. As defined in Section 10.8(a). 

Acceptable Person. Any person who or which is not (i) a tax exempt organization as defined in
Section 501(c) of the Code, (ii) a person whose direct or indirect participation in the Company would result in a Plan Violation or (iii) in default or in breach, beyond any applicable grace period, of its obligations under any
material written agreement with CNL or any of its Affiliates. 
 Act. The Delaware Limited Liability
Company Act, 6 Delaware Code, Section 18-101 et. seq. (or any corresponding provisions of succeeding law), as in effect at the time of the initial filing of the Certificate, and as thereafter amended from time to time. 

Additional Capital. For a Member, except as otherwise provided in this Agreement, the sum of all capital
contributions made by such Member under this Agreement other than Woodfield’s Initial Capital, CNL’s Initial Capital and Additional Initial Capital. “Additional Capital” shall not include any Member Loan. 

Additional Capital Request Date. As described in Section 4.5(b). 

Additional Funding Notice. As defined in Section 4.5(b). 

Additional Initial Capital. As described in Section 4.5(a). 

Additional Initial Capital Funding Notice. As described in Section 4.5(a). 

Additional Initial Capital Request Date. As described in Section 4.5(a). 

Adjusted Capital Account. As defined in Section 8.2. 

Affiliate. An “Affiliate” of a person is (a) any officer, director, general partner,
shareholder, member, manager or trustee of such person, (b) any person directly or indirectly controlling, controlled by, or under common control with such person, and (c) any officer, director, general partner, shareholder, member,
manager, trustee or holder of fifty percent (50%) or more of the voting interest of any person described in clause (a) or (b) of this sentence. For the purpose of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any person, means any of the following: (i) having, directly or indirectly, the power to direct or cause
the direction of the management and policies of such person, whether through the ownership of voting securities, by contract or otherwise; (ii) holding fifty percent (50%) or more of the outstanding voting securities of such person,
(iii) having the right to receive fifty percent (50%) or more of the profits of such person; (iv) having the right to receive fifty percent (50%) or more of the assets of such person upon dissolution; or (v) having the
contractual power to designate fifty percent (50%) or more of the directors of such person or individuals exercising similar functions. 

  
 2 

 Agreement. This Limited Liability Company Agreement, including all
Exhibits and Schedules attached hereto, as it may be amended from time to time. 
 Appraisal Notice. As
described in Section 13.2(b)(i). 
 Business Day. Any weekday that is not an official holiday in
North Carolina. 
 Capital Account. As described in Section 7.9. 

Capital Budget. As described in Section 6.4. 

Capital Contribution. For each Member, the aggregate of sums contributed to the Company by such Member pursuant to
Article IV hereof. 
 Cash Flow. As described in Section 9.2(h). 

Cause. As defined in Section 6.7(a). 

Certificate of Formation. As described in the Recitals above. 

CFG. As defined in Section 10.1. 

CNL. As described in the first paragraph above. 

CNL Consent. The written consent of CNL. 

CNL Decision. As defined in Section 6.2(b). 

CNL Entities. As defined in Section 2.8(b). 

CNL Maximum Initial Capital. As defined in Section 4.1. 

CNL Price. As defined in Section 10.6(c). 

CNL Property Manager. CNL Global Growth Sub-Managers, LLC, a Florida limited liability company. 

CNL Sale Deposit. As described in Section 10.6(d)(ii). 

CNL’s Initial Capital. As described in Section 4.1. 

Code. The Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. 

  
 3 

 Company. GGT Whitehall Venture NC, LLC, a Delaware limited liability
company. 
 Company Financing. Financing that is provided to the Company. 

Company Minimum Gain. As described in Section 8.3(a). 

Completion. As defined in the Development Agreement. 

Construction Contract. As defined in the Development Agreement. 

Construction Loan. As defined in the Development Agreement. 

Construction Management Fee. As described in Section 6.8. 

Developer. Woodfield Development Company, LLC, a Delaware limited liability company, acting in such capacity
pursuant to Section 6.8. 
 Development Agreement. That certain Development Agreement dated of even
date herewith by and between the Company and Developer providing for the development of the Project on the Property, a copy of which is attached hereto as Exhibit C and incorporated herein by reference. 

Development Fee. As described in Section 6.8. 

Economic Capital Account. With respect to any Member, such Member’s Capital Account as of the date of
determination, after crediting to such Capital Account any amounts that the Member is deemed obligated to restore under Treasury Regulations Section 1.704-2. 

Effective Date. The date this Agreement shall be signed by all the Members. 

Electing Member. As described in Section 13.2(b)(i). 

Entire Interest. Means, for each Member, such Member’s entire equity interest in the Company (which shall
include any and all interests in the Company held by persons that acquired their interests from such Member) and all unpaid Member Loans made by such Member. 
 ERISA. The Employee Income Security Act of 1974, as amended. 
 Extraordinary Cash Flow. As described in Section 9.2(b). 
 Failing Member. As described in Section 4.5(d). 

Failing Member Loan. As described in Section 4.5(d). 

Fair Market Value. As described in Section 13.2(b)(ii). 

GAAP. United States generally accepted accounting principles applied on a consistent basis. 

  
 4 

 Governmental Plan. As defined in Section 3(32) of ERISA.

 Initial Capital Contributions. As defined in Section 4.1. 

IRR. With respect to all Capital Contributions of a Member, the internal rate of return or discount factor that,
when applied to a cash flow stream consisting of all distributions by the Company to such Member, makes the present value of such distributions equal the present value (determined using the same discount factor) of all Capital Contributions of such
Member to the Company. The IRR shall be determined taking into account the exact dates any applicable Capital Contributions are made to the Company by the Member and the exact dates any applicable distributions are made by the Company to such
Member. The IRR to a Member shall be computed using the XIRR function in Microsoft Excel or a functional equivalent using actual dates of cash flows and based on annual compounding. 

Land Contract. As defined in the Recitals above. 

Leasing Guidelines. The leasing guidelines for the Project as approved (and amended) by the Members in accordance
with Section 6.12. 
 LIBOR. The average rate (rounded upward to the nearest
1/16th) at which deposits in U.S. dollars of comparable
amounts and for a period of one month are offered in the London Interbank Market at approximately 11:00 am (London time) on the day that the capital contribution or loan is made, as reasonably determined by Member Consent, or if London Interbank
Market is no longer published, LIBOR shall be a rate as published in a publication of national circulation approved by Member Consent. 
 Liquidating Member. The Member in sole charge of winding up the Company and having the powers described in Section 13.2. 

List. As described in Section 13.2(b)(ii). 

Loan Closing. The closing of the Construction Loan. 

Major Capital Event. One or more of the following: (i) sale of all or any part of, or any interest in,
Company property (including the Project and the Property), exclusive of sales or other dispositions of tangible personal property in the ordinary course of business; (ii) placement and funding of any indebtedness of the Company secured by some
or all of its assets with respect to borrowed money, excluding short term borrowing in the ordinary course of business; (iii) condemnation of all or any material part of, or any interest in, the Property through the exercise of the power of
eminent domain; or (iv) any unrestored material loss of Company property or any part thereof or interest therein by casualty, failure of title or otherwise. 

Major Decision. As defined in Section 6.2(a). 

Management Agreement. As set forth in Section 6.9. 

Managing Member. CNL. 

  
 5 

 Member Consent. The written consent of each of CNL and Woodfield.

 Member Loan. Any loan made by any Member or any Affiliate of a Member to the Company pursuant to
Article V. 
 Member Nonrecourse Debt. As described in Section 8.3(c). 

Member Nonrecourse Debt Minimum Gain. As described in Section 8.3(c). 

Members. The parties to this Agreement, any Person to whom the parties to this Agreement may convey an interest in
the Company pursuant to Article 10, and any Person subsequently admitted to the Company as a substitute or additional Member in accordance with the terms of this Agreement, and “Member” means any of the Members. The initial Members
are CNL and Woodfield. 
 Membership Interest. The entire ownership interest of a Member in the Company,
including the Member’s Capital Account, interest in profits and losses, the right to receive distributions from the Company and the rights, if any, to participate in the management of the Company or consent to any actions by the Company as set
forth in this Agreement. 
 Minor Field Changes. As defined in the Development Agreement. 

Non-Failing Member. As described in Section 4.5(d). 

Nonrecourse Deductions. As described in Section 8.3(b) 

Notice Date. As described in Section 10.8(b). 

Notice of Intention. As described in Section 4.5(d). 

Offering Party. As defined in Section 10.8(a) 

Operating Budget. As described in Section 6.4. 

Operating Cash Flow. As described in Section 9.2(a). 

Operating Member. Woodfield, subject to CNL’s right to terminate Woodfield’s authority as Operating
Member in accordance with Section 6.7. 
 Operating Return. As described in Section 9.2(d).

 Operating Shortfall. For any given period after Completion of the Project, if the operating expenses
of the Company in the normal course of business of the Company (including debt service under any Company Financing) exceed or are expected to exceed the gross receipts of the Company plus cash reserves for such period, and the Company therefore is
expected to suffer, or has suffered, a cash flow deficit. 
 Opportunity. As defined in
Section 2.8(b). 

  
 6 

 Out-of-Pocket Costs. Any costs or expenses incurred by the Managing
Member, Operating Member or other Member or their Affiliates acting within the scope of their respective authority under this Agreement (including travel costs and Fedex/mail charges), provided that such costs or expenses are necessary or beneficial
for the Company’s business as described in Section 2.3. 
 Percentage Interest. As described in
Section 9.1. 
 Permitted Leases. Leases of apartment units within the Project entered into pursuant
to the approved Leasing Guidelines in the ordinary course of operations as an apartment community. 

Person. The term “person” includes individuals, partnerships, limited liability companies, corporations,
trusts, and other associations. 
 Plan Violation. A transaction, condition or event that would
constitute a nonexempt prohibited transaction under ERISA. 
 Plans and Specifications. Plans and
specifications for the Project prepared by the Developer and approved by Member Consent. 
 Pre-Development
Costs. Those certain costs and expenses incurred by Woodfield or Developer for the benefit of the Company as set forth on Exhibit H attached hereto and incorporated herein by reference, which shall be reimbursed to Woodfield or Developer,
as applicable, in accordance with Section 4.1. 
 Project. As described in the third paragraph of
the Recitals. 
 Project Budget. The budget approved by Member Consent for the acquisition, construction,
development, marketing and financing of the Project. The initial Project Budget is attached hereto as Exhibit G. 
 Property. As described in the second paragraph of the Recitals. 
 Property Closing. The closing of the Company’s acquisition of the Property pursuant to the Land Contract. 

Property Manager. The sub property manager or managers selected by Member Consent to be proposed to enter into an
sub property management agreement with CNL Property Manager to manage the Property following Completion, and any successor thereto. 
 Proposer. As described in Section 10.7(a). 
 Reply
Price. As described in Section 10.8(a). 
 Requirements. All state, federal and local laws,
ordinances, rules, regulations, codes, requirements of governmental authorities, permits, licenses, approvals, the terms of all restrictions, easements and other arrangements of record affecting all or any portion of the Property, and all
contractual obligations of Developer and the Company (including obligations related to the Construction Loan and any other third-party financing). 

  
 7 

 Responding Member. As described in Section 10.7(a). 

REIT. A real estate investment trust as defined pursuant to Sections 856 through 860 of the Code and the Treasury
Regulations promulgated thereunder. 
 REIT Property Manager. CNL Global Growth Managers, LLC, a Delaware
limited liability company. 
 Responding Member’s Buy-Sell Deposit. As described in
Section 10.7(b)(ii). 
 Sale Notice. As defined in Section 10.6(c). 

Sale Proposal. As defined in Section 10.7(a). 

Stated Price. As defined in Section 10.6(c). 

Target Balance. With respect to any Member as of the close of any period for which allocations are made under
Article 8, the amount such Member would receive (or be required to contribute) in a hypothetical liquidation of the Company as of the close of such period, assuming for purposes of such hypothetical liquidation: (i) a sale of all of the
assets of the Company at prices equal to their then book values (as maintained by the Company for purposes of, and as maintained pursuant to, the capital account maintenance provisions of Treasury Regulations Sections 1.704-1(b)(2)(iv)); and
(ii) the distribution of the net proceeds computed under clause (i) above to the Members pursuant to Section 9.4 (after the payment of all actual Company indebtedness, and any other liabilities related to the Company’s assets,
limited, in the case of nonrecourse liabilities, to the collateral securing or otherwise available to satisfy such liabilities). 
 Tax Matters Partner. As described in Section 7.6. 

Treasury Regulations. The Income Tax Regulations, including Temporary Regulations, promulgated under the Code, as
such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 Unreturned Additional Capital. As described in Section 9.2(e). 
 Unreturned Initial Capital. As described in Section 9.2(g). 
 Unreturned Operating Return. As described in Section 9.2(f). 
 Value. As described in Section 10.8(a)(i). 

Woodfield. As described in the first paragraph above. 

Woodfield Maximum Initial Capital. As defined in Section 4.1. 

  
 8 

 Woodfield Principals. Means, collectively, Mike Underwood, Greg
Bonifield, Todd Jacobus, Mike Schwarz and Chad Hagler. 
 Woodfield’s Initial Capital. As described
in Section 4.1. 
 The definitions in this Section 1.1 shall apply equally to both the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “,without limitation,”. 
 1.2 Other Defined
Terms. Capitalized terms not defined in Section 1.1 shall have the meanings set forth in the other sections of this Agreement. 
 1.3 Exhibits. The exhibits to this Agreement are incorporated herein by reference as if fully set forth herein. 
 ARTICLE 2. THE COMPANY 
 2.1 Organization. The
Members shall operate the Company pursuant to the provisions of the Act. The terms and provisions hereof will be construed and interpreted in accordance with the Act. 

2.2 Name of Company. The name of the Company will be “GGT Whitehall Venture NC, LLC”, and the Company’s
business will be conducted under the name “Woodfield Whitehall”. The Managing Member may change the name of the Company or the name under which the Company’s business is conducted at any time, provided that Woodfield shall have the
right to approve the use of any name that includes the word “Woodfield” or any variation thereof. 

2.3 Purpose of Company. The purpose of the Company is to directly or indirectly carry on the business of acquiring,
owning, operating, managing, improving, repairing, renting, mortgaging, refinancing, selling, conveying and otherwise dealing with the Property and all activities reasonably related thereto. In furtherance of such purpose, the Company shall have all
such powers as may be exercised by a limited liability company under the laws of the State of Delaware. Except as permitted by this Section 2.3, the Company shall not engage in any other business. In furtherance of the foregoing purposes, but
expressly subject to the other provisions of this Agreement, the Company is empowered to enter into contracts containing agreements to arbitrate disputes to the extent such contracts are approved by Member Consent. The Company is authorized to take
any legal measures which will assist it in accomplishing its purpose or benefit the Company. 
 2.4 Principal
and Registered Office. The principal office of the Company shall be 450 South Orange Avenue, Orlando, Florida 32801 or such other place as the Managing Member may from time to time determine. Notification of any change in the Company’s
principal place of business or principal office shall be given to the other Members. The Company may change its principal office and or may maintain additional offices and places of business in other locations selected by the Managing Member and, to
the extent required by law and/or deemed necessary or desirable by the Managing Member, the Company shall qualify as a foreign limited liability company in any other jurisdiction in which it conducts business. The name and address of the registered
agent of the Company for service of process in the State of Delaware is National Registered Agents, Inc., 160 Greentree Drive, Suite 101, Dover, Delaware 19904. The Company’s registered agent and the Company’s registered and principal
offices may be changed by the Managing Member in compliance with the relevant requirements of the Act. 

  
 9 

 2.5 Further Assurances. The parties hereto will execute whatever
certificates and documents, and will file, record and publish such certificates and documents, which are required to operate a limited liability company under the Act. The parties hereto will also execute and file, record and publish, as required,
such certificates and documents as they, upon advice of counsel, may deem necessary or appropriate to comply with other applicable laws governing the operation of a limited liability company. 

2.6 Expenses of Formation and Syndication. The expenses incurred by each Member in connection with its consideration of
an investment in the Company and its acquisition of a membership interest in the Company, including the fees of any attorney, financial advisor or other consultant, shall be paid and/or reimbursed by the Company as set forth in the Project Budget
and approved by Member Consent. 
 2.7 No Individual Authority. Except as otherwise expressly provided in this
Agreement, no Member, acting alone, shall have any authority to act for, undertake or assume any obligations or responsibility on behalf of any other Member or the Company. 

2.8 Business Opportunities. 

(a) Subject to the provisions of, and except as set forth in, subsection (b) of this
Section 2.8, nothing contained in this Agreement shall be construed so as to prohibit any Member or any firm or corporation controlled by or controlling such Member or any other Affiliate of a Member from owning, operating, or investing in any
real estate or real estate development not owned or operated by the Company, wherever located. Each Member agrees that any other Member, any Affiliate or any director, officer, employee, partner or other person or entity related to either thereof
may engage in or possess an interest in another business venture or ventures of any nature and description, independently or with others, including the ownership, financing, leasing, operation, management, syndication, brokerage and development of
real property, whether or not such activities are in direct competition with the company, and neither the Company nor the Members shall have any rights by virtue of this Agreement in and to such independent ventures or to the income or profits
derived therefrom. To the fullest extent permitted by applicable law, the Members hereby waive any obligation or duty which might otherwise be imposed or implied under any so-called “business opportunity doctrine” or similar theory.

 (b) Woodfield covenants and agrees that for so long as it is a Member, in the event it
proposes to undertake any additional apartment development opportunities in the area within a four (4) mile radius of the Property (each an “Opportunity”) other than developments existing as of the Effective Date, CNL and
Affiliates of CNL Financial Group, LLC (collectively, “CNL Entities”) shall have the right of first refusal to participate in any such Opportunity, and to the extent that the CNL Entities decline or fail to respond to such
Opportunity within a reasonable period of time after such Opportunity is offered, Woodfield shall not be required to continue to offer any CNL Entity the right to participate to any extent in such Opportunity. 

  
 10 

 2.9 Neither Responsible for Other’s Commitments. Neither the Members
nor the Company shall be responsible or liable for any indebtedness or obligation of a particular Member incurred either before or after the execution of this Agreement, except as to those joint responsibilities, liabilities, debts or obligations
incurred pursuant to the terms of this Agreement, and each Member indemnifies and agrees to hold the other Member and the Company harmless from such personal obligations and debts, except as aforesaid. 

2.10 Affiliates. Any and all activities to be performed by CNL hereunder may be performed by officers or employees of one
or more Affiliates of CNL, provided that all actions taken by such persons on behalf of CNL in connection with this Agreement shall be binding upon CNL. Any and all activities to be performed by Woodfield hereunder may be performed by officers or
employees of one or more Affiliates of Woodfield, provided that all actions taken by such persons on behalf of Woodfield in connection with this Agreement shall be binding upon Woodfield. 

2.11 Operations in Accordance With the Act: Ownership. Except as expressly set forth in this Agreement to the contrary,
the rights and obligations of the Members and the administration, operation and termination of the Company shall be governed by the Act, as it may be amended. The interest of each Member in the Company shall be personal property for all purposes.
All real and other property owned by the Company shall be deemed owned by the Company as a company, and no Member, individually, shall have any ownership interest in such property. 

ARTICLE 3. TERM 
 3.1 Term. Unless extended by Member Consent, the term of the Company shall continue until the first to occur of the following: 

(a) December 31, 2061; 

(b) The sale or other disposition of all or substantially all of the Property, other than to a nominee or
trustee of the Company for financial or other business purposes; 
 (c) Dissolution of the
Company pursuant to the express provisions of Section 4.5(d)(iii) or Articles 10, 11 or 13; or 
 (d) The occurrence of any event or circumstance that would cause the entry of a decree of judicial dissolution of the Company under the Act unless, following a Member Consent to cure such events, the
events giving rise to such judicial dissolution are cured within the time, if any, set for such cure, and the Company is reinstated under the Act. 

  
 11 

 ARTICLE 4. CAPITAL CONTRIBUTIONS OF THE MEMBERS 

4.1 Capital Contributions of the Members. Upon or following the execution of this Agreement, CNL and Woodfield shall
contribute their pro rata shares (based upon their respective Percentage Interests) of all amounts payable by the Company at the Property Closing and the Loan Closing, including amounts necessary to reimburse Woodfield or Developer for its
Pre-Development Costs. Such initial capital contribution by CNL shall constitute a portion of “CNL’s Initial Capital”. Such initial capital contribution by Woodfield (against which Woodfield may credit any portion of the
Development Fee that is assigned by Developer to Woodfield in accordance with the Development Agreement) shall constitute a portion of “Woodfield’s Initial Capital”. Woodfield’s Initial Capital and CNL’s Initial
Capital shall collectively be called the “Initial Capital Contributions”. Such contributions are reflected on Exhibit A attached hereto and shall be updated from time to time to reflect modifications to the Initial Capital
Contributions and any additional capital contributions, including contributions of Additional Initial Capital as required pursuant to Section 4.5(a). The amount of cash and the fair market value, as agreed to by Member Consent, of other
property contributed by a Member shall be credited to such Member’s Capital Account. In no event shall the aggregate amount of CNL’s Initial Capital exceed $7,053,750 without the express written approval of CNL (the “CNL Maximum
Initial Capital”), and in no event shall Woodfield’s Initial Capital exceed $371,250 without the express written approval of Woodfield (the “Woodfield Maximum Initial Capital”). The Members expressly agree that, to the
extent the amount of the final Project Budget is hereafter reduced due to savings in the Construction Contract’s guaranteed maximum price, the Initial Capital Contributions of CNL and Woodfield shall be reduced on a pro rata basis. Any
Construction Cost Overruns (as defined in the Development Agreement) funded by Developer shall not be treated as a contribution by Developer or Woodfield to the Company or in any manner construed so as to increase Woodfield’s Capital Account or
Woodfield’s Initial Capital under this Agreement, shall not be treated as Additional Capital of Woodfield under this Agreement, shall not be treated as a Member Loan by Woodfield to the Company, and shall not entitle Developer or Woodfield to
any interest on or refund of any amounts so advanced or to any other rights or remedies against the Company or any Member. 
 4.2 No Other Contributions. Except as expressly required by this Article 4, neither Member shall have any obligation to make any capital contribution to the Company nor to advance any funds thereto.

 4.3 No Interest Payable. No Member shall receive any interest on any of its Capital Contributions except for
such Member’s Operating Return. 
 4.4 No Withdrawals. No Capital Contribution shall be withdrawn except as
hereinafter expressly stipulated. 

  
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 4.5 Additional Capital Contributions. 

(a) When the Operating Member determines in its good faith business judgment that capital is needed by the
Company to pay for (A) costs provided in the Project Budget that have not been previously paid by the Members and that are not being paid for out of Company Financing or (B) costs of development or construction of the Project in excess of
the Project Budget which costs have been approved by Member Consent (collectively, the “Additional Initial Capital”), then the Operating Member shall cause notice to be delivered to the Members setting forth the purposes and amounts
of such Additional Initial Capital. Each such notice delivered to the Members shall constitute an “Additional Initial Capital Funding Notice” pursuant to this Section 4.5(a). All amounts funded by Woodfield pursuant to this
Section 4.5(a) shall constitute a portion of Woodfield’s Initial Capital. All amounts funded by CNL pursuant to this Section 4.5(a) shall constitute a portion of CNL’s Initial Capital. Within ten (10) Business Days following
the date of delivery of an Additional Initial Capital Funding Notice (in each case, the “Additional Initial Capital Request Date”), CNL and Woodfield shall contribute to the Company, in proportion to their Percentage Interests, as
Additional Initial Capital, the amount so required, up to the CNL Maximum Initial Capital Contribution, in the case of CNL, and up to the Woodfield Maximum Initial Capital Contribution, in the case of Woodfield. 

(b) If the Operating Member determines in its good faith business judgment that additional funds (other
than amounts required to be funded under Section 4.5(a) above) are needed by the Company to fund any Operating Shortfall or to reimburse the Members or their Affiliates for Out-of-Pocket Costs incurred on behalf of the Company (other than
Out-of-Pocket Costs related to or arising out of the development and construction of the Project to the extent Woodfield is responsible for such Out-of-Pocket Costs under the Development Agreement), then Operating Member shall cause notice to be
delivered to the Members setting forth the purposes and amounts of such additional funds. Each such notice delivered to the Members shall constitute an “Additional Funding Notice”. All amounts funded by CNL pursuant to this
Section 4.5(b) shall constitute a portion of CNL’s Additional Capital, and all amounts funded by Woodfield pursuant to this Section 4.5(b) shall constitute a portion of Woodfield’s Additional Capital. Within ten
(10) Business Days following the date of delivery of an Additional Funding Notice (in each case, the “Additional Capital Request Date”), CNL and Woodfield shall contribute to the Company, in proportion to their respective
Percentage Interests, as Additional Capital, the amount so required. 
 (c) Any and all funds
contributed by the Members pursuant to this Section 4.5 shall be credited to their Capital Accounts in the Company and shall constitute Additional Capital (in the case of contribution of Additional Capital) or Additional Initial Capital (in the
case of contribution of Additional Initial Capital), as the case may be, for all purposes of this Agreement. 

  
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 (d) If a Member (the “Failing Member”)
fails to contribute an amount equal to the entire amount required to be contributed by it pursuant to Sections 4.5(a) or 4.5(b) within the applicable period after the Additional Initial Capital Request Date or the Additional Capital Request Date, as
applicable, and if any other Member (the “Non-Failing Member”) makes its required contribution within such applicable time period pursuant to Section 4.5(a) or (b) and so notifies any Failing Member (the “Notice of
Intention”), and such Failing Member fails to fully remedy its failure to contribute such required capital within ten (10) days after the giving of such Notice of Intention, then one or more of the following may occur, at the option
and election of the Non-Failing Member, which election shall be specified prospectively in the Notice of Intention: (i) the Non-Failing Member may require the Company to repay immediately to the Non-Failing Member the Capital Contribution(s),
if any, it made pursuant to Section 4.5(a) or 4.5(b); (ii) the Non-Failing Member may, but need not, make an additional Capital Contribution to the Company not in excess of the amount such Failing Member failed to contribute pursuant to
Section 4.5(a) or 4.5(b), in which case (y) the balance of the Non-Failing Member’s Capital Account shall be increased by $1.15 for each $1.00 not funded by such Failing Member in accordance with the terms of this Section 4.5 in
response to the applicable Additional Capital Funding Notice or Additional Initial Capital Funding Notice (which adjustment shall be treated as Additional Capital contributed by such Non-Failing Member), as applicable and (z) each of such
Failing Member’s distribution percentages pursuant to Sections 9.4(f), 9.4(g) and 9.4(h) shall be reduced by one percent (1%) for every $20,000 of Additional Capital or Additional Initial Capital such Failing Member failed to contribute to
the Company pursuant to this Section 4.5 and in turn, each of the Non-Failing Member’s Percentage Interest and the Non-Failing Member’s distribution percentages under Sections 9.4(f), 9.4(g) and 9.4(h), respectively, shall be
increased by the equivalent percentage, and any such adjustments to the Members’ Capital Account balances to give effect to the foregoing shall be treated as liquidated damages for tax purposes; (iii) the Non-Failing Member may cause the
Company to be dissolved, in which case such Non-Failing Member will be the Liquidating Member and will have the right to cause the Property and other Company assets to be sold or otherwise liquidated in accordance with Section 13.2; or
(iv) the Non-Failing Member may elect to loan to such Failing Member (“Failing Member Loan”), which Failing Member Loan shall be disbursed to the Company and treated as an additional Capital Contribution to the Company made by
such Failing Member, an amount equal to the amount such Failing Member failed to contribute pursuant to Section 4.5(a) or 4.5(b), which Failing Member Loan made by the Non-Failing Member to the Failing Member shall bear interest at an annual
rate (compounded annually) of one thousand basis points (1,000 bps) above one month LIBOR from the date of the advance until such Failing Member Loan is paid to the Non-Failing Member in full. Payments with respect to such Failing Member Loan shall
be made to the Non-Failing Member out of distributions that would otherwise have been payable to such Failing Member under this Agreement until fully repaid (which payments will be applied first to accrued interest on the outstanding principal
balance and then to the outstanding principal balance of such Failing Member Loan). Any such Failing Member Loan shall be nonrecourse to such Failing Member, secured by such Failing Member’s entire interest in the Company, and shall be
satisfied only out of distributions as provided above in this Section 4.5(d). Such Failing Member Loan may be prepayable at any time or from time to time and, if not sooner paid in full, shall mature upon the earlier of (A) the liquidation
of the Company and (B) the fifth anniversary thereof. Each Non-Failing Member shall have the right, but not the obligation, to make a portion of any additional Capital Contribution (as contemplated by Section 4.5(d)(ii)) or Failing Member
Loan (as contemplated by Section 4.5(d)(iv)) in an amount proportionate to its respective Percentage Interest. 
 (e) The Members acknowledge and agree that, to the extent Developer assigns any portion of the Development Fee or Construction Management Fee to Woodfield in accordance with the Development Agreement,
Woodfield may credit such assigned portion of the Development Fee or Construction Management Fee against the amounts of Woodfield’s Additional Capital, Additional Initial Capital or any Additional Capital that Woodfield is required to
contribute to the Company from time to time. The Members further acknowledge and agree that the Company shall not actually pay any such credited portion of the Development Fee or Construction Management Fee to Developer or Woodfield, and the credit
given to Woodfield shall be deemed payment of such portion of the Development Fee or Construction Management Fee. 

  
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 ARTICLE 5. MEMBER LOANS 

5.1 Member Loans. No Member shall be obligated to lend any money to the Company. If the Operating Member determines that
it is necessary or appropriate for the Company to borrow money from any of the Members, then the Operating Member shall cause notice (a “Loan Request Notice”) to be sent to each of the Members, setting forth the amount proposed to
be borrowed from the Members and the purpose of the proposed Member Loan. Each of the Members shall have the right, but not the obligation, to lend to the Company the amount to be borrowed as set forth in such Loan Request Notice, multiplied by its
respective Percentage Interest, which shall be exercisable by notice given to the Company and the other Members within 45 days of receipt of the Loan Request Notice from the Operating Member or by such earlier date as shall have been determined to
be appropriate by the Operating Member, as set forth in the Loan Request Notice. If any of the Members does not lend the full amount set forth for it in the Loan Request Notice, the other Members shall have the option to lend the balance. If any
Member(s) shall lend any money to the Company, such Member Loan shall not constitute a Capital Contribution by such Member(s) or entitle it to any increase in its share of the distributions of the Company. Each Member Loan shall be an obligation of
the Company, provided that no Member shall be personally obligated to repay the Member Loan and the Member Loan shall be payable or collectible only out of the assets of the Company. All such Member Loans shall be on commercially reasonable terms as
determined by Member Consent and shall bear interest at a rate of 2% per annum above the prime rate (or the average thereof if published as a range) (in each case as published from time to time in The Wall Street Journal (or if The
Wall Street Journal is no longer published, the prime rate as published in a publication of national circulation selected by Member Consent)), compounded annually, adjusted as of the date of each prime rate change published, but in no event
shall the rate of interest exceed the highest rate permitted by law for the obligor which, if exceeded, could subject the lending Member to penalties or forfeiture of all or any part of the interest or principal associated with such Member Loan.

 5.2 Payment of Member Loans. Member Loans shall be repaid in accordance with the terms as agreed to by Member
Consent. 
 ARTICLE 6. MANAGEMENT OF THE COMPANY 

6.1 Management. 
 (a) The day-to-day ordinary and customary business and affairs of the Company shall be managed by Managing Member in its capacity as manager of the Company, subject to and in accordance with the terms
hereof. The Members hereby appoint CNL as the initial Managing Member of the Company. 

  
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 (b) Subject to approval by Member Consent of Major Decisions
under Section 6.2(a) and other matters requiring Member Consent hereunder, approval by CNL Consent of CNL Decisions under Section 6.2(b), and the other restrictions on authority and express approval rights of CNL otherwise provided in this
Agreement, the Managing Member shall have full and complete authority, power and discretion to manage and control the day-to-day affairs and business of the Company and shall have such power as is necessary, convenient or appropriate to carry out
the purposes of the Company and to conduct the day-to-day business of the Company consistent with the terms of this Agreement. Except as otherwise expressly provided in this Agreement, the Members (other than Managing Member acting in its capacity
as manager of the Company in accordance with and subject to the terms of this Agreement or Operating Member acting in accordance with the authority delegated by Managing Member to Operating Member subject to the terms of this Agreement) shall have
no right, power or authority to act for or on behalf of, or otherwise bind, the Company. Managing Member agrees to devote to the Company’s business such time as reasonably shall be necessary in connection with its duties and responsibilities
hereunder. Managing Member shall at all times conduct the business and affairs of the Company (i) in accordance with the then effective Project Budget or Operating Budget and Capital Budget, as the case may be, (ii) following Completion,
in a first-class and prudent manner, and (iii) in compliance in all material respects with all Company Financing, all material agreements affecting the Property or the Company, all applicable Requirements and any court orders. Subject to
Section 6.2 and other provisions of this Agreement requiring Member Consent or CNL Consent, as applicable, the Managing Member shall have the rights and authority to act on behalf of the Company with respect to: 

(i) managing the Company’s operations so as to preserve the REIT status of the CNL owner and/or
prevent the imposition of a prohibited transaction tax; 
 (ii) the continuation of the
Company’s valid existence as a limited liability company under the laws of State of Delaware; 
 (iii) the acquisition, development, maintenance, preservation and operation of the Project in accordance with the provisions of the approved Plans and Specifications, this Agreement and applicable
Requirements; 
 (iv) procurement of such insurance as may be appropriate or necessary for the
prudent development and operation and management of the Property as set forth in this Agreement; 

(v) formation of subsidiaries as may be necessary for the prudent development of the Project and the
operation and management of the Company’s business and affairs; 
 (vi) collection of
revenues generated by the Company and payment of all expenses of the Company; 
 (vii)
establishment, maintenance and drawing upon checking, savings and other accounts in the name of the Company; 

  
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 (viii) oversight and management of litigation filed on
behalf of or against the Company as set forth in this Agreement; including providing to the other Members any notices received by the Managing Member or its Affiliates regarding any violations of Requirements and any notices received with respect to
the Construction Loan or any other third party loan; 
 (ix) maintenance of all accounting and
tax records for the Company as set forth in this Agreement, including maintaining all tax books, tax records and all other financial statements and records in accordance with GAAP and as may be required for REIT purposes; 

(x) preparation or oversight of the Company’s independent accountants in the preparation of all
federal, state and local tax returns of the Company; 
 (xi) the delivery of the Company
financial statements as set forth in this Agreement, prepared in accordance with GAAP and performance or causing performance of the Company’s financial reporting requirements as set forth in this Agreement; 

(xii) delivery of, or causing delivery of, to the Company and the members of the Company of all
documentation and calculations necessary for the Company’s independent accountants to prepare the Company’s federal tax return and K-1’s; 

(xiii) monitoring of compliance with all loan and lender requirements and performing loan covenant testing
and loan compliance reporting with respect to the Construction Loan and other loans made to the Company; 
 (xiv) monitoring and oversight of the REIT Property Manager, the CNL Property Manager and the Property Manager, and delivery to the Members such reports and information as are required of the Property
Manager pursuant to the Management Agreement; 
 (xv) monitoring and management of Company’s
debt compliance, cash management functions and annual independent audit, including maintenance of a system of cash management to comply with lender cash management requirements (this obligation shall include payment of vendors, maintenance of bank
accounts, performance of bank reconciliations, the making of intercompany rents payments and the making of debt service payments); 
 (xvi) maintenance of Capital Accounts for the Members of the Company in accordance with the terms of this Agreement; 

(xvii) implementation of Major Decisions and CNL Decisions as approved and on the terms set forth by
Member Consent or CNL Consent, as applicable; 
 (xviii) making all distributions of Operating
Cash Flow and Extraordinary Cash Flow in accordance with the terms of this Agreement; 

  
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 (xix) maintaining a system of internal controls necessary
for CNL Sarbanes-Oxley certifications, including delivering or causing to be delivered a SAS 70 Type II report for the Property as requested by CNL, or such other documentation and testing of internal controls as is deemed necessary by CNL; and

 (xx) any other action that the Managing Member or the Operating Member is expressly authorized
to perform under the other provisions of this Agreement. 
 (c) The Managing Member shall have
the right to delegate any of the above responsibilities and authority to any other Member of the Company as the Operating Member, subject to the acceptance by such Member of such delegation. The Managing Member hereby designates Woodfield as
Operating Member and delegates to Woodfield, subject to the right of the Managing Member to terminate such delegation in accordance with Section 6.7, the foregoing responsibilities, duties and authority of the Managing Member described in
subparagraphs (ii) through (xx) of Section 6.1(b). Woodfield hereby accepts such delegation by CNL as Managing Member and agrees that it shall perform as Operating Member the responsibilities and obligations delegated as part of such
delegation in accordance with the standard of care required under Section 6.1(b) of this Agreement as if it was the Managing Member of the Company and had all duties, responsibilities, authority and rights related to the Company and its Members
associated with such office of Managing Member. CNL acknowledges that Woodfield shall have no responsibilities or obligations to perform the duties of Managing Member of the Company except to the extent set forth herein. 

6.2 Major Decisions. 

(a) Notwithstanding anything to the contrary, without prior written Member Consent in each instance (each,
a “Major Decision”), the Company and Managing Member shall not, and the Managing Member shall not authorize the Operating Member to: 

(i) Adopt, modify or supplement the Plans and Specifications, except for Minor Field Changes as permitted
under the Development Agreement; 
 (ii) Enter into any contract or transaction with, or pay any
amount to, a Member or any Affiliate of a Member, except for Out-of-Pocket Costs incurred on behalf of the Company or as expressly provided in this Agreement, the Project Budget, an Operating Budget or a Capital Budget; 

(iii) Authorize or enter into any agreement, transaction or action on behalf of the Company that is
unrelated to its purpose set forth in Section 2.3, including acquiring any additional real property; 
 (iv) Subject to the terms of Article 10, sell, lease, encumber, assign, convey, exchange or otherwise dispose of, in each case directly or indirectly, any interest in any asset of the Company, except in
the case of (i) the sale of personal property which is not necessary for the operation of the Property (or if necessary, which is replaced by sufficient substitute property) for a sales price of not more than $25,000, or (ii) Permitted
Leases; 

  
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 (v) Modify the Project Budget, other than to reallocate demonstrated line
item savings to demonstrated line item overruns, so long as each Member shall be given notice thereof promptly following reallocation of amounts from the contingency line item. Notwithstanding the foregoing, it shall be a Major Decision to
reallocate any savings in the Project Budget line item for Woodfield’s legal and third party costs and expenses, for marketing and initial leasing expenses or for loan interest; 

(vi) Voluntarily dissolve or liquidate the Company; 

(vii) Authorize or effect a merger or consolidation of the Company with or into one or more entities;

 (viii) Make any call for capital contributions from the Members, except as expressly
authorized pursuant to Article IV; 
 (ix) Select any Property Manager to propose to the CNL
Property Manager for a sub property management agreement for the management of the Property, it being acknowledged that the Company shall enter into a property management agreement with the REIT Property Manager which has entered into a sub property
management agreement with the CNL Property Manager, as set forth in Section 6.9; 
 (x)
Except for the Construction Loan, cause the Company to incur any Company Financing or modify, supplement or refinance any Company Financing, provided that when the Construction Loan matures (whether at its stated maturity, upon acceleration or
otherwise), the Operating Member with Member Consent shall have the authority to affirmatively cause the Company to obtain or attempt to obtain replacement financing in at least the amount of the outstanding balance of the Construction Loan;
provided, however that upon the maturity of the Construction Loan or any other then-existing Company Financing that has been guaranteed in whole or in part by Woodfield or any of the Woodfield Principals, if new Company Financing, the proceeds of
which will be used to repay the Construction Loan or such other guaranteed matured Company Financing in full, has been presented, in good faith, by the Operating Member and is not approved by Member Consent, then the Operating Member shall be
authorized, without Member Consent, to pursue from a third-party lender such replacement Company Financing, in an amount equal to the then-outstanding principal of the Construction Loan or other matured Company Financing, on commercially reasonable
prevailing market terms favorable to the Company. It is understood that non-recourse financing which would neither adversely affect the Company’s ability to dispose of the Property nor require the Company to pay a prepayment premium shall be
deemed most favorable, and financing which would neither adversely affect the Company’s ability to dispose of the Property nor require the Company to pay a prepayment premium and which requires guaranties solely from Woodfield and/or any of the
Woodfield Principals shall also be deemed favorable; 
 (xi) Confess a judgment against the
Company in excess of $50,000, file or fail to contest any bankruptcy, seek or permit a receivership, make an assignment for the benefit of creditors or take any similar action for the benefit of creditors; 

  
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 (xii) Possess any Company property or assign the rights of
the Company in specific Company property for other than a Company purpose; 
 (xiii) Cause the
Company to loan funds to any Person or issue any guaranty or indemnity, except pursuant to Company Financing; 
 (xiv) Commingle Company funds with the funds of any other Person; 
 (xv) Modify the Development Fee, Construction Management Fee or otherwise modify or amend the Development Agreement; 

(xvi) Amend this Agreement or the Certificate of Formation, except that the Certificate of Formation may
be amended by the Managing Member to the extent required by law or to effect changes solely of a ministerial nature which do not adversely affect the rights or increase the obligations of a Member; 

(xvii) Issue any interest in the Company or admit any Person as an additional member in the Company,
provided, that CNL may effectuate any sale, assignment, gift, pledge, hypothecation, encumbrance or other transfer of CNL’s interest in the Company as set forth in Section 10.1; 

(xviii) Determine whether and to what extent the Property should be repaired or restored following
casualty or condemnation, other than as required by Company Financing; 
 (xix) Appoint any
substitute Managing Member or delegate any responsibilities of Managing Member other than as set forth in Section 6.1(b); 
 (xx) Fail to carry insurance required by this Agreement or modify any such insurance; 
 (xxi) Threaten, file or settle any claim involving the Company, other than eviction proceedings in the ordinary course of business, insured tort claims and claims involving amounts less than $25,000,
individually or in the aggregate for related claims; 
 (xxii) Remove or appoint accountants in
connection with any Company business; 
 (xxiii) Determine any actions to be taken to cure any
material default under or material violation of any Requirement other than a default under this Agreement; or 
 (xxiv) Designate a bank for the deposit of funds of the Company. 
 (b) Notwithstanding any thing to the contrary, without prior CNL Consent in each instance (each, a “CNL Decision”), the Company and the Managing Member shall not, and the Managing Member shall
not authorize the Operating Member to: 
 (i) Adopt an Operating Budget or a Capital Budget or,
except for the reimbursement of Out-of-Pocket Costs or as expressly provided below in items (ii) and (iii) immediately below, cause the Company to incur any expense not provided for in the Project Budget, an Operating Budget or a Capital
Budget; 

  
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 (ii) Modify any Operating Budget, except to allow annual
variances in line items that do not exceed in the aggregate in any Fiscal Year the greater of (i) $50,000, and (ii) ten percent (10%) of the line item and that, when taken together with all other variances in any Operating Budget in
such Fiscal Year, do not increase the total amount provided in the applicable Operating Budget by more than one hundred ten percent (110%) in the aggregate; 

(iii) Modify any Capital Budget, except to allow an annual aggregate variance not in excess of $50,000
after taking all line item variances into account; and 
 (iv) Enter into any contract or
agreement that obligates the Company to pay more than $50,000 or that is not terminable on no more than thirty (30) days’ notice without penalty or charge; provided, however, that subject to the other provisions of Section 6.2(a) and
6.2(b), such restriction shall not restrict the authority of the Managing Member or the Operating Member to enter into such contracts or agreements only with non-Affiliate third parties in the ordinary course of business of operating the Project as
an apartment community on such terms as are commercially reasonable in the context of a “Class A” garden apartment community in the Charlotte, North Carolina market. 

CNL will use good faith efforts to consult with Woodfield on matters constituting CNL Decisions; provided,
however that CNL shall have no obligation to implement or otherwise be subject to any information or input offered by Woodfield in connection therewith. 

(c) The Operating Member shall use good faith efforts to provide each other Member with not less than
thirty (30) days’ advance notice of any proposed Major Decision or CNL Decision, provided, however, in the event of an emergency or other circumstance that does not reasonably permit such advance notice, the Operating Member may call upon
the Members to respond within a shorter, reasonable period of time (but in no event less than two (2) Business Days’ advance notice). Member Consent or CNL Consent, as applicable, may be by written consent or may occur pursuant to a
meeting by conference call with the results confirmed in writing, and such written consent or written confirmation may be delivered in the form of facsimile, electronic mail, telex, telecopy or telegraph. An agenda for each meeting shall be prepared
in advance by the Members in consultation with each other. Approval by Member Consent or CNL Consent, as applicable, of the matter being considered shall be binding on the Company and the Members for all matters. Upon the request of any of the
Members, the Operating Member shall cause written minutes to be prepared of all actions taken by such members at meetings and shall deliver a copy thereof to each of the Members within seven (7) days after the date of the meeting. 

  
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 (d) To the extent that the Operating Member shall have the
authority to cause any Major Decisions to occur and be implemented without the consent of any Member, such authority shall be limited as follows: 

(i) With respect to Section 6.2.(a)(xx), the Operating Member shall have the authority to modify the
insurance carried by the Company but shall not have the authority to cause the Company to fail to carry any insurance required by this Agreement, applicable law or any Company Financing, loan document or other agreement to which the Company is a
party. 
 (ii) With respect to Section 6.2(a)(xxi), neither the Managing Member nor the
Operating Member shall have the authority without the consent of the other Member to threaten, file or settle any claim involving the other Member, but each shall have the authority, subject to the provisions of Section 6.2(a)(xxi), to
threaten, file or settle any claim involving such Member that does not involve the other Member. 

(iii) With respect to Section 6.2(a)(xxiv), the Operating Member’s authority to designate a bank
for the deposit of Company funds shall be subject to Section 6.3 below. 
 6.3 Bank Accounts. For so long
as the Construction Loan remains outstanding, the Company will maintain a separate bank account or accounts with the bank making the Construction Loan for the deposit and disbursement of all funds of the Company. Subject to the foregoing, the
Company may thereafter maintain separate bank accounts in such banks as the Members by Member Consent may designate or any Lender of the Company may require exclusively for the deposit and disbursement of all funds of the Company. All funds of the
Company shall be promptly deposited in such accounts. The Operating Member may designate representatives of Operating Member to be authorized signatories for such accounts from time to time, provided that a representative of Woodfield shall at all
times be an authorized signatory on all Company bank accounts without the requirement of any co-signatory for such accounts and all such signatories shall be insured by fidelity bonds on terms reasonably acceptable to CNL and shall not authorize any
expenditures from such accounts with respect to the Project that are not in accordance with the Project Budget. 
 6.4 Annual Budgets. No later than sixty (60) days before Completion, the Operating Member shall prepare or cause to be prepared by the Property Manager for the Property, for CNL’s review and
approval, a proposed operating budget and a proposed capital budget, each for the following fiscal year of the Company (or portion thereof if Completion does not occur on January 1) in a form reasonably satisfactory to CNL. The Operating Member
shall consult with CNL with respect to such proposed operating budget and proposed capital budget. Once approved by CNL, the applicable final proposed operating budget shall become the “Operating Budget” hereunder, and, once
approved by CNL, the applicable final proposed capital budget shall become the “Capital Budget” hereunder. Thereafter, no later than November 1st of each year, the Operating Member shall prepare or cause to be prepared by the Property Manager for the Property, for
CNL’s review and approval, a proposed operating budget and a proposed capital budget for the upcoming calendar year. The Operating Member shall consult with CNL with respect to such proposed operating budget and proposed capital budget with the
goal that CNL and Woodfield agree on each such proposed budget on or before December 1st of each year. If approved by CNL, the final proposed operating budget for such subsequent year shall become the then operative “Operating Budget” hereunder. If approved by CNL, the final
proposed capital budget for such subsequent year shall become the then operative “Capital Budget” hereunder. If, as of the commencement of any Fiscal Year, all or any portion of a proposed Operating Budget has not been approved by CNL, the
Operating Member shall be authorized to operate the Company in accordance with those portions of the prior Fiscal Year’s Operating Budget that pertain to the portions of the proposed Operating Budget that have not been so approved.
Notwithstanding the foregoing, until a new Operating Budget for a Fiscal Year is approved by CNL, the Operating Member may make expenditures for real estate taxes, scheduled debt service payments, insurance premiums for insurance maintained in
accordance with the terms of this Agreement, common area expenses, fulfillment of obligations to tenants under Permitted Leases and utilities, regardless of the amounts permitted therefore in the prior Fiscal Year’s Operating Budget.

  
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 6.5 Insurance. Certificates for all insurance maintained by the Company
shall be attached hereto collectively as Exhibit D. The Operating Member shall cause the Company to obtain and maintain all such insurance as and when described on Exhibit D, and the Operating Member shall attach such additional
certificates of insurance to Exhibit D upon issuance. At no time shall insurance maintained by the Company be less than the applicable amount required under applicable law. 

6.6 Consultation Regarding the Project. CNL, as Managing Member, directly or through its agents or Affiliates,
notwithstanding the delegation of authority granted to the Operating Member, shall have the right to consult with and provide comments to the Operating Member on significant issues relating to the management and business of the Company and
development of the Project, and, if requested by CNL, each of the Company and the Operating Member will make available its officers and representatives of its accountants to meet with CNL or its agents or Affiliates from time to time during each
year at mutually agreeable times for such consultation, to review the management, progress and conditions (financial and otherwise) of the Project and the management of the Company. Notwithstanding anything to the contrary in this Agreement, the
rights of CNL to provide such consultation shall include: (a) the right to discuss, and provide advice with respect to, the Company’s business (including the management of the Project) with the Operating Member and the Company’s
officers, employees, managers and agents and the right to consult with and advise the Operating Member on matters materially affecting the Company (including the Project); (b) the right to submit business proposals or suggestions relating to
the Company (including the Project) to the Operating Member and the Company’s management from time to time with the requirement that one or more members of the Operating Member’s management discuss such proposals or suggestions with CNL or
its agent or Affiliate, as applicable, within a reasonable period after such submission and the right to call a meeting with the Operating Member’s management in order to discuss such proposals or suggestions; and (c) the right (i) to
visit the Company’s business premises and the Project during normal business hours, (ii) to receive financial statements, operating reports, budgets or other financial reports of the Company (including those relating to the Project) on a
regular basis describing the financial performance, significant proposals and other material aspects of the Company (including the Project), (iii) to examine the books and records of the Company (including those relating to the Project) and
(iv) to request such other information relating to the Company (including the Project) at reasonable times and intervals in light of the Company’s normal business operations concerning the general status of the Company’s business,
financial condition and operations (including the Project) but only to the extent such information is reasonably available to the Company and in a format consistent with how the Company maintains such information. 

  
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 6.7 Termination of Delegation of Authority to Woodfield as Operating Member.

 (a) Subject to the conditions set forth in Section 6.7(b), as applicable, CNL shall have
the right, without the concurrence of Woodfield, to terminate the delegation of authority of, and remove Woodfield as, Operating Member at any time with or without Cause. Solely in the event of termination by CNL and removal of Woodfield as
Operating Member for Cause, Woodfield shall cease to have any rights to approve or consent to any matters under this Agreement. For the avoidance of doubt, any termination by CNL and removal of Woodfield as Operating Member without Cause shall not
affect Woodfield’s right to approve Major Decisions or any other matters requiring Member Consent under this Agreement. For purposes of this Agreement, termination of Woodfield as Operating Member for “Cause” shall mean termination
due to any one or more of the following: (i) any material breach or default by Woodfield in its obligations as Operating Member as delegated by the Managing Member under this Agreement, which breach, default or misrepresentation, if the same
may be cured by the payment of money, has not been cured within five (5) days after written notice to Woodfield, or if the same may not be cured by the payment of money, has not been cured within twenty (20) days after written notice to
Woodfield (provided, however, that (x) if the breach or default has a material adverse effect on the company, the Property or CNL, Woodfield shall have an additional thirty (30) days to cure such breach if such breach is not curable within
such twenty (20) day period, so long as Woodfield has commenced cure within such initial twenty (20) day period and continues to prosecute to completion with diligence and continuity the curing thereof within such additional thirty
(30) day period, and (y) if the breach or default does not have a material adverse effect on the Company, the Project or CNL and if Woodfield has commenced and continues to prosecute to completion with diligence and continuity the cure
thereof within such initial twenty (20) day period, then Woodfield shall have as much time as is commercially reasonable for curing such breach or default, provided, however, that in no event shall Woodfield have greater than one hundred twenty
(120) days in the aggregate from such written notice to so cure); (ii) any act by Woodfield beyond the scope of its authority under this Agreement; or (iii) in the event of any fraud, gross negligence or willful misconduct by
Woodfield against CNL or the Company; provided, however, that prior to Completion, CNL shall also have the sole and exclusive right, without the concurrence of Woodfield, to terminate the delegation of authority of, and remove
Woodfield as, Operating Member if (A) in CNL’s reasonable business judgment, the Project is not being completed according to schedule (except in the case of an Event of Force Majeure as defined in the Development Agreement) or
(B) Woodfield Development Company, LLC is terminated as Developer pursuant to the terms of the Development Agreement, each of which shall constitute additional grounds for termination for Cause. Such removal and termination of authority shall
be effective upon delivery of written notice thereof to Woodfield, and CNL shall have the right to become, directly or through an Affiliate, or to appoint and delegate authority to, a substitute Operating Member who shall have such rights and
obligations of the Operating Member as may be delegated by the Managing Member. 

  
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 (b) As a condition to terminating the delegation of
authority of, and removing Woodfield as, Operating Member without Cause, CNL (or, at Woodfield’s election, a creditworthy Affiliate of CNL, reasonably satisfactory to Woodfield) shall, by a legally enforceable agreement, assume liability for
the payment and performance of all obligations of the Company accruing after such removal and termination of Woodfield (including, without limitation, the Construction Loan) to the extent that Woodfield or any of its Affiliates has personal
liability therefor (including liability for matters customarily excluded from non-recourse provisions). If, at the time of such termination and removal of Woodfield without Cause, the Company has incurred any debt or liability for which Woodfield or
any of its Affiliates has any recourse liability with respect to payments of principal and interest, CNL shall cause Woodfield or its Affiliate to be released from all liability (whether directly, by guaranty, or otherwise) with respect to such
liability for principal and interest payments. If Woodfield or its Affiliate has any recourse liability with respect to obligations of the Company other than for principal and interest payments and the lender or other obligee does not permit the
release of Woodfield or its Affiliate with respect to such other recourse liability, CNL (or, at Woodfield’s election, a creditworthy Affiliate of CNL, reasonably satisfactory to Woodfield) shall indemnify Woodfield or its Affiliate from all
recourse obligations relating to such other recourse liability. It is a further condition to the termination and removal of Woodfield as Operating Member without Cause, that Woodfield be satisfied with the creditworthiness of CNL or its Affiliate
providing such indemnification. 
 6.8 Development. The Company shall retain Woodfield Development Company, LLC,
a Delaware limited liability company, as the Developer for the Project, to act as the Company’s sole and exclusive agent to coordinate and supervise the management and administration of the development of the Project and the construction of the
improvements comprising the Project. The Company and Developer shall enter into a Development Agreement in substantially the form set forth as Exhibit C attached hereto. The Developer will cause Completion of the Project for a price equal to
the lesser of (i) the aggregate cost in the Project Budget or (ii) the actual and independently audited cost for development and Completion of the Project. The Developer, or a creditworthy entity acceptable to CNL, shall provide all
guaranties required in connection with the Construction Loan including a completion guaranty, cost guaranty and/or construction warranty as required by CNL or the lender for the Construction Loan. As compensation for the Developer’s property
development services, Company agrees to pay the Developer a total development fee (the “Development Fee”) equal to three percent (3%) of the aggregate costs in the Project Budget. As additional compensation, the Company also
agrees to pay the Developer a construction management fee (the “Construction Management Fee”) equal to one percent (1%) of the total contracted amount paid to the general contractor for the Project under the Construction
Contract. 
 6.9 Management Agreement. Upon Completion, the Company will enter into a Management Agreement with
the REIT Property Manager to manage the Property. The REIT Property Manager has entered into a sub property management agreement with the CNL Property Manager, and the Company will request that the CNL Property Manager enter into a sub property
management agreement with a Property Manager selected by Member Consent as a Major Decision (the “Management Agreement”). Should the CNL Property Manager not agree to the proposed manager, or should the Management Agreement
terminate for any reason, the Company will request that the CNL Property Manager enter into an agreement or agreements for management of the Property in accordance with the terms of Section 6.2. 

  
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 6.10 Contracts with Affiliates. Notwithstanding anything to the contrary,
CNL shall have the sole and exclusive authority to enforce and/or exercise the rights of the Company, including consent and approval rights of the Company, under any contract with an Affiliate of Woodfield, including the Company’s engagement of
Woodfield Development Company, LLC as the Developer pursuant to Section 6.8. 
 6.11 Indemnification of
Managing Member and Operating Member. The Company shall hold harmless, indemnify and defend each of the Managing Member and the Operating Member and their respective Affiliates from and against any and all claims arising out of or relating to any
action taken, omitted or suffered by the Managing Member or the Operating Member in the performance of their respective duties as Managing Member or Operating Member hereunder, or otherwise in their capacity as the Managing Member or Operating
Member, provided that such claim results from a decision or action which (i) was taken, omitted or suffered by the Managing Member or Operating Member, as applicable, in the reasonable and good faith belief that such decision or action was in
the best interest of the Company and within the authority of the Managing Member or Operating Member, as applicable, under this Agreement and (ii) did not involve (A) fraud, bad faith, gross negligence or willful misconduct on the part of
the Managing Member or the Operating Member, as applicable, or the breach of the fiduciary duties of the Managing Member or Operating Member or of any covenant, agreement or obligation of the Managing Member or Operating Member contained in this
Agreement or in any other instrument contemplated by this Agreement or (B) the knowing breach of any representation or warranty made by the Managing Member or Operating Member in this Agreement. 

6.12 Leasing Guidelines. The Members shall negotiate in good faith to develop and agree upon initial Leasing Guidelines
for the lease up of the Project as an apartment community following the execution of this Agreement and prior to the execution of any lease within the Project. The Members shall negotiate in good faith to amend the Leasing Guidelines as may be
necessary from time to time. All Leasing Guidelines shall be approved by Member Consent. 
 ARTICLE 7. BOOKS AND RECORDS,
AUDITS, TAXES, ETC. 
 7.1 Books; Statements. In addition to the establishment and maintenance of
Capital Accounts pursuant to Section 7.9, the Company shall keep all books and records required under the Act and such other books and records as shall be determined by the Managing Member. All financial statements of the Company shall be
prepared in accordance with GAAP, consistently applied. 
 Following the Effective Date: 

(a) following the commencement of at least one lease for any portion of the Project, Operating Member
shall prepare or cause to be prepared a statement setting forth the calculation of Operating Cash Flow for each period of time, but not less often than monthly, at the end of which period the Company is to make periodic distributions of Operating
Cash Flow as provided in Section 9.3, and the Company shall furnish a copy of such cash flow statement to each Member within twenty-one (21) days after the end of such period; 

  
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 (b) no later than fifteen (15) days after each
month-end, Operating Member shall prepare and submit or cause to be prepared and submitted to each Member, an unaudited balance sheet of the Company dated as of the end of the preceding month, together with a profit and loss statement and statement
of cash flows as of the end of such month and for the portion of the fiscal year then ended and a statement of change in each Member’s capital for the month; 

(c) no later than the tenth
(10th) day of each January, April, July and October
during the term of this Agreement, Operating Member shall prepare and submit or cause to be prepared and submitted to each Member, an unaudited balance sheet of the Company dated as of the end of the preceding month, together with a profit and loss
statement for the three calendar month period next preceding with a cumulative calendar year accrual basis profit and loss statement to date, and a statement of change in each Member’s capital for the quarter and year to date; and 

(d) As soon as practicable following the end of each fiscal year of the Company, an annual audit shall be
conducted by independent certified public accountants of recognized standing, selected by CNL in accordance with Section 7.6 and retained by the Company, which accounting and/or audit shall cover the assets, properties, liabilities and net
worth of the Company, and its dealings, transactions and operations during such fiscal year, and all matters and things customarily included in such accountings and audits, and a full, detailed certified statement shall be furnished to each Member
within sixty (60) days after the end of such fiscal year, showing on an accrual basis the assets, liabilities, properties, net worth, profits, losses, net income, Operating Cash Flow, changes in the financial condition of the Company for such
fiscal year and each Member’s capital in the Company, and, if applicable, a full and complete report of the audit scope and audit findings in the form of a management audit report with an internal control memorandum. 

In its preparation of the financial statements set forth in this Section 7.1, the Operating Member shall maintain a
system of internal controls necessary for CNL Sarbanes-Oxley certifications, and shall deliver or cause to be delivered a SAS 70 Type II report for the Property as requested by CNL, or shall provide such other certification and documentation and
testing of internal controls as is deemed necessary by CNL. 
 7.2 Where Maintained. The books, accounts and
records of the Company shall be at all times maintained at the offices of Woodfield or as otherwise specified in the Management Agreement or any successor management agreement in effect with respect to the Property from time to time, and available
to the other Members for review and copying. 

  
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 7.3 Audits. In addition to the annual audit of the Company as required under
Section 7.1(d), any Member may, at its option and at its own expense, conduct internal audits of the books, records and accounts of the Company. Audits may be on either a continuous or a periodic basis or both and may be conducted by employees
of any Member, or an Affiliate of any Member, or by independent auditors retained by any Member. 
 7.4
Objections to Statements. Following Completion, any Member shall have the right to object to the statements described in Sections 7.1(a), (b) and (c) by giving notice to the other Members within 45 days after such statement is received by
each Member indicating in reasonable detail the objections of such Member and the basis for such objections. If any Member shall fail to give such notice within said 45-day period, such statement and the contents thereof shall, in the absence of
fraud or willful misconduct by the other Members or the independent certified public accountants preparing the statements, be deemed conclusive and binding upon such party so failing to give such notice subject, in the case of the statements
provided for in Sections 7.1(a) and (b), to the audit provided for in Section 7.1(c). Objections to any statement and any disputes concerning the findings of, and questions raised as the result of, audits of the Company’s books shall be
settled by Member Consent. 
 7.5 Tax Returns. The Company shall elect to be treated and shall file its tax
returns as a partnership for Federal, state, municipal and other governmental income tax and other tax purposes. The Company shall prepare or cause to be prepared, on an accrual basis, all Federal, state and municipal partnership tax returns
required to be filed. Unless otherwise determined by Member Consent, such tax returns shall be prepared by independent certified public accountants selected pursuant to Section 7.6, who shall sign such returns as preparers. The Company shall
submit the returns to each Member for review and approval no later than thirty (30) days prior to the due date of the returns, but in no event later than ninety (90) days after the close of the Company’s taxable year. Each Member
shall notify the other Member(s) upon receipt of any notice of tax examination of the Company by Federal, state or local authorities. 
 7.6 Tax Matters Partner. CNL is hereby appointed the “Tax Matters Partner” of the Company for all purposes pursuant to Sections 6221-6231 of the Code, with respect to operations conducted
by the Company during the period that CNL is a Member. The Tax Matters Partner shall comply with the requirements of Section 6221 through 6232 of the Code. The Tax Matters Partner shall have the authority, in its reasonable discretion, to
select and appoint, from time to time, independent certified public accountants to prepare tax returns and annual audited financial statements for the Company, the expense of which shall be borne by the Company. 

7.7 Tax Policy. The Company shall make any and all tax accounting and reporting elections and adopt such procedures as
shall be approved by Member Consent. A Member shall be deemed to have consented to any tax elections made by the Tax Matters Partner if such Member shall not have objected in writing to such election as reflected in the initial tax return reflecting
such election within fifteen (15) days after such return is received by such Member, indicating in reasonable detail the objection of such Member and the basis for such objection. Any disputes over tax elections shall be resolved by Member
Consent. 

  
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 7.8 Section 754 Election. At the request of a Member, the Company shall
make and file a timely election under Section 754 of the Code (and a corresponding election under applicable state or local law) in the event of a transfer of an interest in the Company permitted hereunder or the distribution of property to a
Member to the extent that such election results in a positive basis adjustment to the Company’s property. Any Member or transferee first requesting an election hereunder shall reimburse to the Company the reasonable out-of-pocket expenses
incurred by the Company in connection with such election including any legal or accountants’ fees. Thereafter, each transferee shall reimburse such expenses with respect to adjustments under Section 743 of the Code in the proportion which
the interest of each transferee bears to the sum of the interests of all transferees. 
 7.9 Capital Accounts. A
separate capital account (each, a “Capital Account”) shall be maintained for each Member in accordance with the rules of Treasury Regulations Section 1.704-1(b)(2)(iv), and this Section 7.9 shall be interpreted and applied
in a manner consistent therewith. Whenever the Company would be permitted to adjust the Capital Accounts of the Members pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Company property, the
Company may so adjust the Capital Accounts of the Members and the Company shall so adjust the Capital Accounts of the Members to the extent necessary to comply with the requirements of Code Section 704(b) and the Treasury Regulations
thereunder. In the event that the Capital Accounts of the Members are adjusted pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Company property, (i) the Capital Accounts of the Members shall
be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain or loss, as computed for book purposes, with respect to such property, (ii) the
Members’ distributive shares of depreciation, depletion, amortization and gain or loss, as computed for tax purposes, with respect to such property shall be determined so as to take account of the variation between the adjusted tax basis and
book value of such property in the same manner as under Code Section 704(c) and (iii) the amount of upward and/or downward adjustments to the book value of the Company property shall be treated as income, gain, deduction and/or loss for
purposes of applying the allocation provisions of Article 8. In the event that Code Section 704(c) applies to Company property, the Capital Accounts of the Members shall be adjusted in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain and loss, as computed for book purposes, with respect to such property. 

ARTICLE 8. ALLOCATIONS 
 8.1 Allocation of Net Income and Net Loss. After application of Section 8.3 and Section 8.4, and subject to Section 8.2, any remaining net income or net loss (or items thereof) for the
fiscal year or portion thereof shall be allocated among the Members and to their Capital Accounts in such ratio or ratios as may be required to cause the balances of the Members’ Economic Capital Accounts to be as nearly equal to their Target
Balances as possible, consistent with the provisions of Section 8.5. 

  
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 8.2 Loss Limitation. Net loss allocated pursuant to Section 8.1 shall
not exceed the maximum amount of net loss that can be allocated without causing or increasing a deficit balance in a Member’s Adjusted Capital Account. A Member’s “Adjusted Capital Account” balance shall mean such
Member’s Capital Account balance increased by such Member’s obligation to restore a deficit balance in its Capital Account, including any deemed obligation pursuant to the penultimate sentences of Treasury Regulations Sections
1.704-2(g)(1) and 1.704-2(i)(5), and decreased by the amounts described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6). In the event that one but not all of the Members would have a deficit
balance in its Adjusted Capital Account as a consequence of an allocation of net loss pursuant to Section 8.1 in excess of the amount, if any, permitted under the first sentence of this Section 8.2, the limitation set forth in this
Section 8.2 shall be applied by allocating 100% of the remaining net loss to the other Members, in proportion to such positive balances, until the Adjusted Capital Account of such other Member or Members is zero. 

8.3 Minimum Gain Chargebacks and Nonrecourse Deductions. Notwithstanding any other provision of this Agreement:

 (a) Company Minimum Gain Chargeback. In the event there is a net decrease in Company
Minimum Gain during a fiscal year, the Members shall be allocated items of income and gain in accordance with Treasury Regulations Section 1.704-2(f). For purposes of this Agreement, the term “Company Minimum Gain” shall have
the meaning for “partnership minimum gain” set forth in Treasury Regulations Section 1.704-2(b)(2), and any Member’s share of Company Minimum Gain shall be determined in accordance with Treasury Regulations
Section 1.704-2(g)(1). This Section 8.3(a) is intended to comply with the minimum gain chargeback requirement of Treasury Regulations Section 1.704-2(f) and shall be interpreted and applied in a manner consistent therewith.

 (b) Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Members
pro rata in accordance with their Initial Capital Percentages. For purposes of this Agreement, the term “Nonrecourse Deductions” shall have the meaning set forth in Treasury Regulations Section 1.704-2(b)(1). This
Section 8.3(b) is intended to comply with Treasury Regulations Section 1.704-2(e) and shall be interpreted and applied in a manner consistent therewith. 

(c) Member Nonrecourse Debt. To the extent required by Treasury Regulations
Section 1.704-2(i), any items of income, gain, loss or deduction of the Company that are attributable to a nonrecourse debt of the Company that constitutes Member Nonrecourse Debt (including chargebacks of Member Nonrecourse Debt Minimum Gain)
shall be allocated in accordance with the provisions of Treasury Regulations Section 1.704-2(i). For purposes of this Agreement, the term “Member Nonrecourse Debt” shall have the meaning for partner nonrecourse debt set forth
in Treasury Regulations Section 1.704-2(b)(4), and the term “Member Nonrecourse Debt Minimum Gain” shall have the meaning for partner nonrecourse debt minimum gain set forth in Treasury Regulations Section 1.704-2(i)(2).
This Section 8.3(c) is intended to satisfy the requirements of Treasury Regulations Section 1.704-2(i) (including the partner nonrecourse debt minimum gain chargeback requirement) and shall be interpreted and applied in a manner consistent
therewith. 

  
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 8.4 Qualified Income Offset. Any Member who unexpectedly receives an
adjustment, allocation or distribution described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) that causes or increases a deficit balance in its Capital Account in excess of any
obligation to restore a deficit balance in its Capital Account (including any deemed deficit restoration obligation pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5), and adjusted as provided in Treasury
Regulations Section 1.704-1(b)(2)(ii)(d)) shall be allocated items of income and gain in an amount and a manner sufficient to eliminate, to the extent required by the Treasury Regulations, such deficit balance as quickly as possible.
This Section 8.4 is intended to comply with the alternate test for economic effect set forth in Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted and applied in a manner consistent therewith. 

8.5 Code Section 704(b) Allocations. The allocation provisions contained in this Article 8 are intended to comply
with Code Section 704(b) and the Treasury Regulations promulgated thereunder. 
 8.6 Other Allocation
Provisions. Any elections or decisions relating to the allocations of Company items of income, gain, loss, deduction or credit shall be made by CNL in a manner that, in CNL’s discretion, reasonably reflects the arrangement between the Members
pursuant to this Agreement. 
 8.7 Distributions of Nonrecourse Liability Proceeds. If the Company makes a
distribution to any Member that may be allocable to an increase in Company Minimum Gain pursuant to Treasury Regulations Section 1.704-2(h), then the Company shall, to the extent permitted by Treasury Regulations Section 1.704-2(h),
minimize the amount of such distribution that is allocable to an increase in Company Minimum Gain. 
 8.8
Information as to Allocation of Debt. Woodfield agrees that indebtedness of the Company shall be allocated among the Members under Code Section 752 and CNL shall have sole authority, in its discretion, as to all allocations and/or decisions
under Code Section 752, it being understood that it is the intention of the Members to allocate as much debt as possible to Members other than CNL to the extent that CNL is satisfied that there is an adequate basis for such position under
applicable authority. Managing Member also agrees to provide CNL with all other information, including taxable income and loss of the Company, the basis of property of the Company, and the highest amount of acquisition indebtedness in the twelve
month period preceding any sale or disposition of property of the Company, which CNL may require for purposes of this Article 8. 
 8.9 Taxable Year; Fiscal Year. The taxable year of the Company shall be the calendar year, unless otherwise required by the Code or, subject to obtaining consent of the Internal Revenue Service, the
Members determine otherwise by Member Consent. The fiscal year of the Company shall be the same as its taxable year. 

ARTICLE 9. DISTRIBUTIONS AND ALLOCATIONS 

9.1 Percentage Interests in Company. The percentage interest of the respective Members in the Company shall be:

  

					
	 CNL:
	  	 	95	% 
	 Woodfield:
	  	 	5	% 

  
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 The percentage interest of each Member, which is subject to the preferred
and priority rights provided for herein and adjustment pursuant to the terms of Section 4.5(d), is hereinafter called such Members’ “Percentage Interest.” 

9.2 Certain Definitions. The following terms shall have the following meanings when used herein: 

(a) “Operating Cash Flow” shall mean, for any period, the net income or loss of the
Company for such period (excluding Extraordinary Cash Flow), as determined in accordance with GAAP, consistently applied and adjusted as follows or as otherwise determined by Member Consent: 

(i) Additions. There shall be added to such net income or subtracted from such loss (1) the
amount charged for depreciation, amortization or any other deduction not involving a cash expenditure, (2) the amount of Capital Contributions to the Company pursuant to (A) Section 4.5(d)(ii) and (B) Section 4.5(d)(iv),
(3) the proceeds of short-term borrowings of the Company in the ordinary course of business (including Member Loans) and interest received on non-cash consideration received by the Company pursuant to a Major Capital Event, (4) any amount
by which cash reserves, which were previously established pursuant to the Operating Cash Budget prior to the accounting period in order to retain sufficient working capital in the Company or to properly reserve for actual or contingent obligations
of the Company or improvements to the Property, have been reduced (other than through the payment of expenses) and (5) the proceeds of business interruption insurance. 

(ii) Deductions. There shall be subtracted from such net income or added to such loss (1) the
amount of payments made on account of principal upon mortgage loans secured by Company property and the amount of current interest and principal then due and payable with respect to any other loans made to the Company, including Member Loans,
(2) funds disbursed for capital expenditures, leasing commissions, tenant finish or any other similar expenses that are required to be capitalized and (3) any amount to establish or increase cash reserves pursuant to a determination by
Member Consent that such reserve and the amount thereof is necessary or appropriate in order to retain sufficient working capital in the Company or to properly reserve for other actual or contingent obligations of the Company or improvements to the
Property. 

  
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 (b) “Extraordinary Cash Flow” shall mean
the cash receipts of the Company from a Major Capital Event as reduced by (A) the costs and expenses incurred by the Company in connection with such Major Capital Event, including title, survey, appraisal, recording, escrow, transfer tax and
similar costs, brokerage expense and attorneys, and other professional fees, and amounts spent on reconstruction or repair, (B) funds deposited in reserves pursuant to a determination by Member Consent that each such reserve and the amount
thereof is required or appropriate to provide for actual or contingent obligations of the Company, amounts expected therefrom for capital improvements to the Property, and (C) funds applied to pay or prepay any indebtedness of the Company
(including Member Loans) in connection with such Major Capital Event. To the extent that any amount received pursuant to a Major Capital Event has been set aside as a reserve pursuant to item (B) above in this definition and the Members
thereafter determine by Member Consent that all or a portion of such amount is not required for such purposes, such amount shall be included in Extraordinary Cash Flow when the Members determine by Member Consent that it is no longer necessary or
appropriate to retain such amount as a reserve. Any principal payments on non-cash consideration received pursuant to a Major Capital Event, including promissory notes or deferred payment obligations, shall be deemed to be included in Extraordinary
Cash Flow when received in cash by the Company; provided, however, that, notwithstanding the terms of Section 9.2(a)(i)(3) as determined by Member Consent, such noncash assets may be distributed in accordance with Percentage Interest in kind to
the Members, in lieu of cash, treating the total fair market value of such non-cash assets at the date of distribution as Extraordinary Cash Flow. 

(c) [Intentionally Deleted] 

(d) “Operating Return” shall mean a cumulative return, compounded monthly, equal to ten
and one-half percent (10.5%) per annum on each Member’s Unreturned Additional Capital and/or Unreturned Initial Capital, as the case may be. One-twelfth of the annual Operating Return payable for the current fiscal year of the Company
shall accrue at the time of each monthly distribution of Operating Cash Flow (or at the time that such distribution would be made if Operating Cash Flow were available for distribution). 

(e) “Unreturned Additional Capital” shall mean, for each Member, its Additional Capital,
reduced by any distributions of Extraordinary Cash Flow made to such Member pursuant to Section 9.4(e) hereof. 
 (f) “Unreturned Operating Return” shall mean, for each Member, its Operating Return computed with respect to Unreturned Initial Capital or Unreturned Additional Capital, as the case may
be, reduced, in the case of the Operating Return computed with respect to Unreturned Initial Capital by distributions of Operating Return made to such Member pursuant to Sections 9.3(a) and 9.4(b) hereof and reduced, in the case of the Operating
Return computed with respect to Unreturned Additional Capital, by distributions of Operating Return pursuant to Sections 9.3(b) and 9.4(c) hereof. 

(g) “Unreturned Initial Capital” shall mean, for each Member, its Initial Capital,
reduced by any distributions of Extraordinary Cash Flow made to such Member pursuant to Section 9.4(d) hereof. 
 (h) “Cash Flow” shall mean, collectively, Operating Cash Flow and Extraordinary Cash Flow. 
 9.3 Operating Cash Flow Distributions. 
 Subject to the terms of
Section 4.5(d) hereof, the Company shall distribute Operating Cash Flow for each month during the term of the Company in which there is Operating Cash Flow (such distribution to be made monthly, within twenty-one (21) days after the end of
each such month) to the Members, as follows: 
 (a) First, to the Members, pari passu, in
accordance with the outstanding balances of the Members’ respective Unreturned Operating Return on Unreturned Initial Capital, until each Member’s Unreturned Operating Return balance on Unreturned Initial Capital has been reduced to zero;

  
 33 

 (b) Second, to the Members, pari passu, in accordance with
the outstanding balances of the Members’ respective Unreturned Operating Return on Unreturned Additional Capital, until each Member’s Unreturned Operating Return balance on Unreturned Additional Capital has been reduced to zero; and

 (c) Thereafter, to the Members pro rata in accordance with their respective Percentage
Interests. 
 9.4 Extraordinary Cash Flow Distributions. 

Subject to the terms of Section 4.5(d) hereof, the Company shall distribute Extraordinary Cash Flow (within five
(5) Business Days following a Major Capital Event generating Extraordinary Cash Flow) to the Members, as follows: 
 (a) First, to the Members, in amounts necessary to repay (A) compound and current interest, and thereafter (B) the outstanding principal balance payable, on Member Loans made by a Member to the
Company, which distributions shall be made pro rata to the Members if more than one of the Members have outstanding Member Loans in accordance with the total principal and interest amounts of Member Loans then outstanding. Without
limiting the foregoing, all Member Loans made by a particular Member shall be repaid in the chronological order in which they were made; 
 (b) Second, to the Members, pari passu, in accordance with the outstanding balances of the Members’ respective Unreturned Operating Return on Unreturned Initial Capital, until each Member’s
Unreturned Operating Return balance on Unreturned Initial Capital has been reduced to zero; 

(c) Third, to the Members, pari passu, in accordance with the outstanding balances of the Members’
respective Unreturned Operating Return on Unreturned Additional Capital, until each Member’s Unreturned Operating Return balance on Unreturned Additional Capital has been reduced to zero; 

(d) Fourth, to the Members, pari passu, in proportion to their respective Unreturned Initial Capital,
until each Member’s Unreturned Initial Capital has been reduced to zero; 
 (e) Fifth, to
the Members, pari passu, in proportion to their respective Unreturned Additional Capital, until each Member’s Unreturned Additional Capital has been reduced to zero; 

  
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 (f) Sixth, seventy percent (70%) to CNL and thirty
percent (30%) to Woodfield, until CNL achieves a 15% IRR on its aggregate Capital Contributions; 
 (g) Seventh, sixty percent (60%) to CNL and forty percent (40%) to Woodfield, until CNL achieves a 20% IRR on its aggregate Capital Contributions; and 

(h) Thereafter, fifty percent (50%) to CNL and fifty percent (50%) to Woodfield. 

9.5 Loss of Promoted Interest. Notwithstanding the provisions of Section 9.4, Woodfield shall no longer have the
right to distributions with respect to its so-called “promoted interest” as such distributions are set forth in Sections 9.4(f), 9.4(g) and 9.4(h) (and Woodfield shall instead receive distributions of Extraordinary Cash Flow under such
Sections based on its Percentage Interest) upon the occurrence of any of the following prior to Completion of the Project: 
 (a) Upon violation by Woodfield of any of the restrictions on transfer as set forth in Section 10.1 (but subject to the permitted transfers as set forth in Section 10.2); provided that Woodfield
shall have the same notice and cure rights with respect to such violation as described in Section 6.7(a)(i); or 
 (b) In the event that Woodfield Development Company, LLC is terminated as the Developer pursuant to the terms of the Development Agreement. 

Upon the loss of Woodfield’s promoted interests set forth in Sections 9.4(f), 9.4(g) and 9.4(h), such Sections shall
be deemed revised to provide that all distributions thereunder shall be made to the Members pro rata in accordance with their Percentage Interests, and Woodfield shall no longer be entitled to any distributions under Section 9.4(f),
9.4(g) or 9.4(h) in excess of a distribution based on its Percentage Interest. Without limiting the foregoing, if CNL terminates and removes Woodfield as the Operating Member without Cause in accordance with Section 6.7, such termination and
removal shall not cause Woodfield to lose the promoted interests set forth in Sections 9.4(f), 9.4(g) and 9.4(h). 
 9.6 Distributions Upon Liquidation. In the event the Company (or any Member’s interest therein) is “liquidated” within the meaning of Treasury Regulations
Section 1.704-1(b)(2)(ii)(g), then any distributions shall be made pursuant to this Section 9.6 to the Members (or such Member, as appropriate) in accordance with their positive Capital Account balances in compliance with Treasury
Regulations Section 1.704-1(b)(2)(ii)(b)(2). 

  
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 ARTICLE 10. ASSIGNMENT AND OFFER TO PURCHASE 

10.1 Transfers. Except as expressly provided in this Article 10, no Member, or any assignee or successor in interest of a
Member, may sell, assign, give, pledge, hypothecate, encumber or otherwise transfer, or permit the transfer of, all or any portion of its interest in the Company, or in any Member Loans made by it, or in all or any part of the assets of the Company,
directly or indirectly, whether by operation of law or otherwise. Any purported sale, assignment, gift, pledge, hypothecation, encumbrance or other transfer of all or any portion of a Member’s interest in the Company or any Member Loans made by
it not otherwise expressly permitted by this Article 10 shall be null and void and of no force or effect whatsoever. A sale, assignment, gift, pledge, hypothecation, encumbrance or other transfer by CNL of all or a portion of its Entire Interest in
the Company to an Affiliate of CNL Financial Group, LLC (“CFG”) from time to time, or in connection with any corporate merger, acquisition or other combination or the sale or transfer of all or substantially all of its assets shall
be a transfer permitted under this Article 10, and CNL shall not be required to obtain the consent of, nor offer all or any portion of its Entire Interest to be so sold, assigned, given, pledged, hypothecated, encumbered or transferred to any other
Member. No transfers of any direct or indirect interest in CNL, or of CNL’s interest in the Company among funds sponsored or advised by CFG or its Affiliates, shall be restricted in any way. 

10.2 Permitted Transfers. Notwithstanding any other provision of this Agreement, so long as at least two (2) of the
Woodfield Principals collectively control the day-to-day decision-making for Woodfield, then (a) in the event of the death of any individual member of Woodfield or Woodfield Investment Company, LLC, such individual’s interest may be
transferred to the personal representative of such individual or as otherwise disposed of pursuant to the will of such individual or under the laws of intestate succession, and (b) any individual member of Woodfield or Woodfield Investment
Company, LLC may freely transfer all or any part of that member’s interest either (A) to another Woodfield Principal or (B) to a trust, family limited liability company, family partnership or similar estate planning or wealth
preservation entity established by the transferring member for the benefit of such member, such member’s spouse, one or more of such member’s immediate family or any combination thereof. 

10.3 Assumption by Assignee. Any assignment of all or any portion of an Entire Interest in the Company permitted under
this Article 10 shall be in writing, and shall be an assignment and transfer of all of the assignor’s rights and obligations hereunder with respect to the portion of the Entire Interest transferred, and the assignee shall expressly agree in
writing to be bound by all of the terms of this Agreement and assume and agree to perform all of the assignor’s agreements and obligations existing or arising at the time of and subsequent to such assignment. Upon any such permitted assignment
of all or any portion of an Entire Interest, and after such assumption, the assignor shall be relieved of its agreements and obligations hereunder arising after such assignment with respect to the interest transferred, and, in the case of a transfer
of an Entire Interest, the assignee shall become a Member in place of the assignor. An executed counterpart of each such assignment of all or any portion of an Entire Interest in the Company and assumption of a Member’s obligations shall be
delivered to each Member and to the Company. The assignee shall pay all expenses incurred by the Company in admitting the assignee as a Member. Except as otherwise expressly provided herein, no permitted assignment shall terminate the Company.

 As a condition to any assignment of all or any portion of an Entire Interest, the selling Member shall obtain
such consents as may be required from third parties, if any, or waivers thereof. The other Members shall use reasonable efforts to cooperate with the selling Member in obtaining such consents or waivers. 

  
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 10.4 Amendment of Certificate of Formation. If an assignment of an Entire
Interest in the Company shall take place pursuant to the provisions of this Article 10, then unless the Company is dissolved by such assignment, the continuing Members promptly thereafter shall cause to be filed, to the extent necessary, an
amendment to the Company’s Certificate of Formation with all applicable state authorities, together with any necessary amendments to the fictitious or assumed name(s) of the Company in order to reflect such change or take such similar action as
may be required. 
 10.5 Other Assignments Void. 

(a) Without limiting the terms of Section 10.1, but subject to Section 10.2, any Member, other
than CNL, that is an incorporated or unincorporated business entity and any permitted assignee of all or any portion of the Entire Interest of such business entity, shall not permit, without prior CNL Consent, which consent may be withheld in the
sole and uncontrolled discretion of CNL, the direct or indirect admission of any new equity or other beneficial interest holder in such entity, or the issuance or assignment to any person or entity, who is not now an equity or other beneficial
interest holder, or an Affiliate of such an equity interest holder, in such entity, of any kind of interest whatsoever in such entity. If a transfer is permitted under this subsection, such assignee shall pay all expenses incurred by the Company in
connection with the transfer. 
 (b) Further without limiting the terms of Section 10.1, but
subject to Section 10.2, any Member, other than CNL, that is an incorporated or unincorporated business entity and any permitted assignee of all or any portion of the Entire Interest of such business entity, shall not permit, without prior CNL
Consent, which consent may be withheld in the sole and uncontrolled discretion of CNL, the issuance, sale, assignment, gift, pledge, hypothecation or encumbrance of any interest in such entity or in any equity or other beneficial interest holder in
such entity or any such assignee or any instruments convertible into any interest in such entity or in any equity or other beneficial interest holder in such entity or any such assignee or the transfer of any right to vote any equity or other
beneficial interest in such entity or any such assignee. 
 10.6 Right to Cause Sale of Property. 

(a) CNL may, at any time after the date that is twenty-four (24) months after Completion of the
Project, cause the direct or indirect sale or other transfer by the Company of the Property, subject to the terms of this Section 10.6. Woodfield shall cooperate with any such sale or other transfer. 

(b) Notwithstanding anything to the contrary contained in this Agreement, at any time when the Property is
being actively marketed pursuant to this Section 10.6, the Managing Member shall suspend all marketing efforts, negotiations or other actions which may have been commenced with respect to a sale of its Entire Interest, except for any sale
approved by CNL. 

  
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 (c) Prior to the exercise of its right as set forth in
Section 10.6(a), CNL must give notice (the “Sale Notice”) to the other Members (i) of CNL’s intention to pursue the sale of the Property at a specified cash price (the “Stated Price”) and
(ii) offering to sell its Entire Interest in the Company to any Member at a specified price (equal to the amount that would be distributable or payable to CNL under Section 4.5(d) and Section 9.4, including payment of all Member Loans
to the Company from CNL, if the Property were sold for an amount equal to the Stated Price (the “CNL Price”) and specifying all other material terms and conditions of the contemplated sale. CNL shall have the right to obtain, at the
Company’s expense, a tax opinion from recognized tax counsel as to the federal income tax consequences of any proposed sale. 
 (d) If CNL has forwarded a copy of the Sale Notice to the Members, each Member shall, within forty-five (45) days after receiving a copy of the Sale Notice, elect one of the following options:

 (i) notify CNL in writing that such Member has no objection to CNL marketing the Property, and
if all Members so notify CNL, then CNL may cause the Company to market and sell the Property, provided that (A) the price obtained for the Property is at least ninety-five percent (95%) of the Stated Price, (B) the contract to acquire
the Property is executed within six (6) months following CNL’s receipt of the second of the Members’ responses under this item (i) or any deemed election pursuant to item (ii) below not to purchase CNL’s Entire Interest
pursuant to such item (ii), and (C) the outside closing date under such contract is no later than ninety (90) days after the date of execution of such contract; or 

(ii) notify CNL in writing of such Member’s election to purchase CNL’s Entire Interest upon the
same terms and conditions contained in the Sale Notice, except that the price to be paid to CNL for its Entire Interest shall be equal to the CNL Price. Such notification shall be accompanied by a deposit in an amount equal to five percent
(5%) of the CNL Price (such amount, together with any interest earned thereon, being hereinafter called the “CNL Sale Deposit”), which amount shall be non-refundable, unless the purchase and sale pursuant to this
Section 10.6(d)(ii) does not close due to the default of CNL. Notice of such Member’s election to purchase shall be addressed to CNL and shall set forth the place of closing which, unless the Members shall otherwise agree, shall be at the
office of the Company, during usual business hours within sixty (60) days after the date of the giving of the applicable notice of election to CNL. The CNL Sale Deposit shall be credited against the total purchase price for the Entire Interest
being purchased pursuant to this Section 10.6(d); provided, however, that, if the closing shall fail to occur because of a default by the purchasing Member, CNL shall have the right to elect, as its sole and exclusive remedy, to
retain the CNL Sale Deposit as liquidated damages, it being agreed that in such instance CNL’s actual damages would be difficult, if not impossible, to ascertain, or to exercise its rights under Section 10.8. If a Member shall not have
given notice to CNL of its election to purchase CNL’s Entire Interest within the forty-five (45) day notice period, such Member shall be deemed to have exercised the option provided in subsection (i) above. 

(e) In connection with the sale of CNL’s Entire Interest to a Member pursuant to this
Section 10.6, the provisions of Section 10.8 shall be applicable to such sale. 

  
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 (f) If a proposed sale of the Property is not consummated in
accordance with the terms of this Section, all the provisions of this Section 10.6 shall apply to any subsequent proposed sale of the Property. 

(g) In the event that Woodfield timely exercises the right to purchase CNL’s Entire Interest pursuant
to Section 10.6(d)(ii), Woodfield shall have the sole right to consummate such transaction and to purchase CNL’s Entire Interest. 
 (h) For purposes of this Section 10.6, all references to a “Member “shall mean Woodfield or CNL as the context permits and all references to “the Members” shall mean Woodfield and
CNL. 
 10.7 Buy-Sell. 

(a) Any time after the date that is twenty-four (24) months after Completion of the Project, either
Woodfield or CNL may make an offer to purchase the other’s Entire Interest or sell its Entire Interest for such purchase price (which shall be payable in cash at the closing of any such transaction) and on such terms as such Member (the
“Proposer”) may propose in a notice (the “Sale Proposal”) to the other Member (the “Responding Member”). The Sale Proposal shall include a statement as to the total purchase price for the Property
that formed the basis for the stated purchase price for each Entire Interest. 
 (b) Within
forty-five (45) days after receiving a copy of the Sale Proposal, the Responding Member shall notify the Proposer: 
 (i) that the Responding Member is agreeable to the sale of its Entire Interest to the Proposer in accordance with the terms set forth in the Sale Proposal; or 

(ii) that the Responding Member elects to purchase the Entire Interest of the Proposer at the Reply Price
(as defined below) determined in accordance with Section 10.8 and otherwise in accordance with the terms set forth in the Sale Proposal, as modified in accordance with Section 10.8(a). Such notification shall be accompanied by a deposit in
an amount equal to five percent (5%) of the amount payable to the Proposer pursuant to this Section 10.7(b)(ii) (such amount, together with any interest earned thereon, being hereinafter called the “Responding Member’s
Buy-Sell Deposit”), which amount shall be non-refundable unless the purchase and sale pursuant to this Section 10.7(b)(ii) does not close due to the default of the Proposer. Notice of election to purchase shall be addressed to the
Proposer and shall set forth the time and place of closing which, unless otherwise agreed, shall be at the office of the Company, during usual business hours within sixty (60) days after the date of the giving of the notice of election under
this Section 10.7(b)(ii) to the Proposer. The Responding Member’s Buy-Sell Deposit shall be credited against the total purchase price for the Entire Interest being purchased pursuant to this Section 10.7(b)(ii); provided,
however, that, if the closing shall fail to occur because of a default by the Responding Member, subject to the provisions of Section 10.7(b)(ii) above concerning refundability of the deposit, the Proposer shall have the right to retain
the Responding Member’s Buy-Sell Deposit as liquidated damages, it being agreed that in such instance the Proposer’s actual damages would be difficult, if not impossible, to ascertain. 

  
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 (c) [Intentionally Omitted] 

(d) The purchase and sale pursuant to Section 10.7(b)(i) or (ii) shall take place within
forty-five (45) days following the Responding Member’s election pursuant to Section 10.7(b). The closing shall take place during normal business hours at the office of the Company. Failure of the Responding Member to respond to the
Sale Proposal within the forty-five (45) day period referenced in Section 10.7(b) shall be deemed an election to sell its Entire Interest under Section 10.7(b)(i). Each Member shall pay a portion of any transfer or similar taxes due
in connection with the sale of an Entire Interest under this Section 10.7 in proportion to their respective Percentage Interest. 
 (e) Notwithstanding anything to the contrary stated herein, if CNL has delivered a Sale Notice under Section 10.6, no Member shall have the right to deliver a Sale Proposal under this
Section 10.7 unless and until a proposed sale of the Property is not consummated in accordance with the terms of Section 10.6. 
 10.8 Provisions Generally Applicable to Sales. The following provisions shall be applicable to sales under Sections 10.6, 10.7 and/or 13.2, as indicated: 

(a) If, under the provisions of Section 10.7, either party (the “Offering Party”)
makes an offer (the “10.7 Offer”) to the other party (the “Other Party”) to purchase its Entire Interest, the purchase price (the “Reply Price”) payable by the Other Party to the Offering Party, if
the Other Party exercises its election to purchase the Entire Interest of the Offering Party shall be determined as follows: 
 (i) In the event this Section 10.8(a) is triggered in the context of Section 10.7, there shall be determined the “Value” of the Company, after payment of debts, liabilities and
expenses, based upon the amount of the 10.7 Offer. The Value shall equal the total amount which would have been available for distribution and payment by the Company to all of the Members under Section 9.4, after payment of debts, liabilities
and expenses under Sections 13.5(a) and 13.5(b), if the Property were sold for the price set forth in the 10.7 Offer. 
 (ii) After determining the Value, there shall then be determined the amount which would have been distributable and payable to the Offering Party under Section 9.4 if all of the Company’s
Property had been sold for an amount equal to the Value, plus all debts, liabilities and expenses of the Company referenced above. Such amount which would have been distributable to the Offering Party equals the Reply Price. 

(b) For purposes of any sale of an Entire Interest of a Member, the purchase price associated with such
sale shall be adjusted to reflect assets and liabilities of the Company not reflected in the Company’s financial statements available to all Members at the time of the notice of election (the “Notice Date”). The purchase price,
as so adjusted, shall be determined ten (10) Business Days prior to closing and shall be subject to such post-closing adjustments as the circumstances may require. The purchase price, as so adjusted, shall be paid, at the selling Member’s
option, in cash, by certified check drawn to the order of the selling Member, or by wire transfer of immediately available funds to the seller’s account. All prorations of real estate taxes, rents and other items to be prorated shall be made as
of the date of sale. All transfer taxes, title insurance policies, surveys and recording fees shall be paid for by the party usually charged with such payment under local custom. 

  
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 (c) [Intentionally Omitted.] 

(d) On payment of the purchase price for an Entire Interest, the purchasing Member shall, at its option,
either (i) deliver a release of the selling Members from all liability, direct or contingent, by all holders of all Company debts, obligations or claims against the Company for which any Member is or may be personally liable, except for any
debts, obligations or claims which are fully insured by public liability insurer(s) acceptable to the selling Members, or (ii) cause all such debts, obligations or claims to be paid in full at the closing, or (iii) deliver to the selling
Members an agreement in form and substance satisfactory to the selling Members to defend, indemnify and save the selling Members harmless from any actions, claims or loss arising from any debt, obligation or claim of the Company arising prior to
date of sale. The Company shall provide the Members such tax information and reporting as may be required by the Members in connection with such sale within a reasonable period following such sale. 

(e) All Members (including the selling Members) shall be entitled to any distributions of Operating Cash
Flow from the Company made prior to the closing. 
 (f) If the Property is damaged by fire or
other casualty, or if any entity possessing the right of eminent domain shall give notice of an intention to take or acquire a substantial part of the Property, and such damage occurs, or such notice is given, between the Notice Date and the closing
date of the purchase of an Entire Interest in the Company, the following shall apply: 
 (i) If the Property is
damaged by an insured casualty not to exceed five hundred thousand dollars ($500,000) (or an uninsured casualty not resulting in damage in excess of fifty thousand dollars ($50,000)) or if the taking or acquisition shall not result in a substantial
(in excess of two percent (2%)) reduction in the income producing capacity of the Property, then the purchasing Member shall be required to complete the transaction and accept an assignment of the insurance or condemnation proceeds. 

(ii) If the Property is damaged by an uninsured casualty resulting in damage in excess of fifty thousand dollars
($50,000), or if the taking or acquisition shall result in a substantial (in excess of two percent (2%)) reduction in the income producing capacity of the Property, or if there is an insured casualty in excess of $500,000, then the purchasing
Member shall have the option (to be exercised within 30 days from the date of the occurrence of the casualty or receipt of the notice of condemnation) to either (x) accept the Property in an “as is” condition together with any
insurance proceeds, settlements and awards, or (y) cancel the purchase and have its deposit returned. 

  
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 In the event that the taking or acquisition shall result in a substantial
reduction in the income producing capacity of the Property, notwithstanding the election of the purchasing Member pursuant to subparagraph (ii) above, CNL or Woodfield, in its capacity as selling Member, as applicable, shall also have the right
to cancel the purchase within fifteen (15) days from the date of the receipt of the notice of condemnation. In the event that the purchase is canceled by either Member pursuant to the above provisions, the terms of this Agreement shall remain
in effect and continue to be binding on the parties. 
 (g) At the closing of the sale of the
Entire Interest of a Member, the selling Members shall execute an assignment of its interest in the Company, free and clear of all liens, encumbrances and adverse claims, which assignment shall be in form and substance reasonably satisfactory to the
purchasing Member, and such other instruments as the purchasing Member shall reasonably require to assign the Entire Interest of the selling Members to such person or entity as the purchasing Member may designate. For any sale or transfer under this
Article 10, the purchasing Member may designate the assignee of the Entire Interest, which assignee need not be an Affiliate of the purchasing Member, subject to the other Members’ reasonable consent. 

(h) In the event of a purchase and sale pursuant to Section 13.2, the Company shall be dissolved and
terminated as of the closing date of the sale, and on the closing date the Members shall execute and file a Certificate of Cancellation of the Company’s Certificate of Formation. The Members shall cooperate in taking all steps necessary in
connection with the dissolution and termination of the Company. 
 (i) It is the intent of the
parties to this Agreement that the requirements or obligations, if any, of one Member to sell its Entire Interest to another Member shall be enforceable by an action for specific performance of a contract relating to the purchase of real property or
an interest therein. In the event that the selling Member(s) shall have created or suffered any unauthorized liens, encumbrances or other adverse interests against either the Property or the selling Member’s interest in the Company, the
purchasing Member shall be entitled either to an action for specific performance to compel the selling Member(s) to have such defects removed, in which case the closing shall be adjourned for such purpose, or, at the purchasing Member’s option,
to an appropriate offset against the purchase price, which offset shall include all reasonable costs associated with enforcement of this Section. 

(j) Each Member agrees that it will negotiate in good faith a purchase and sale agreement in the event of
an election by a Member to purchase the other Member’s Entire Interest within ten (10) business days following the Notice Date. 
 (k) For purposes of this Section 10.8, all references to a “Member “ shall mean Woodfield or CNL as the context permits and all references to “the Members” shall mean Woodfield,
and/or CNL as the context permits. 
 10.9 Compliance with ERISA and State Statutes on Governmental Plans.

 (a) Not less than five (5) Business Days before each transfer of a direct or indirect
interest in any Member (other than CNL), such Member shall cause the proposed transferee to deliver to CNL a certification in substantially the form of Exhibit E attached hereto and made a part hereof. 

  
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 (b) On the closing or consummation of a Member Loan:

 (i) Woodfield shall deliver to CNL a certification in substantially the form of Exhibit
E; and 
 (ii) CNL shall deliver to Woodfield a certification in substantially the form of
Exhibit F. 
 (c) If there is a proposed sale of the Property pursuant to
Section 10.6, and a Member buys the Property, (i) if the purchasing Member is not CNL, such Member shall deliver to the other Members a certification in substantially the form of Exhibit E, and (ii) if the purchasing Member is
CNL, CNL shall deliver to the Members a certification in substantially the form of Exhibit F. 
 (d) Anything else in this Agreement contained to the contrary notwithstanding, CNL shall have up to fifteen (15) days following the receipt by it of a certification by a Member or a proposed
transferee provided for in this Section 10.9 to notify such Member that it has determined that a proposed transfer by such Member of its Entire Interest or a proposed transfer of the Property would result in a transfer to a person other than an
Acceptable Person and/or in a Plan Violation. If CNL notifies such Member that any such proposed transaction would constitute a Plan Violation, then the proposed transaction shall not be consummated and any attempt to do so shall be void. If, within
such fifteen (15) day period, CNL notifies such Member that it has determined that no Plan Violation will result from the proposed transaction, then the proposed transaction may be consummated; provided, however, that such transaction must be
consummated no later than (i) the twentieth
(20th) day after the delivery to such Member by CNL
of a notice that it has determined the proposed transaction will not result in a Plan Violation or the expiration of the fifteen (15) day period referred to in this Section 10.9(d), as the case may be, or (ii) if Section 10.6 is
applicable and provides for a closing that is later than such twenty (20) day period, the latest day that such Section permits such closing to occur. Additionally, in the event that any certification by CNL or a Member or a proposed transferee
contains a material misrepresentation or omission, then, in such event, notwithstanding CNL’s or such Member’s lack of objection or deemed lack of objection thereto, the proposed transaction shall not be consummated and, if it is
consummated, such transaction shall be void. Each (i) breach of representation or warranty given in connection with this Section 10.9, and (ii) violation of this Section 10.9, or of any other provision of this Agreement or the
Purchase Agreement relating to ERISA or Plan Violations will constitute a default entitling any Member not in such violation to terminate this Agreement. 

(e) Each Member shall indemnify CNL and defend and hold CNL harmless from and against all loss, cost,
damage and expense that CNL may incur, directly or indirectly, as a result of a (i) default by such Member under this Section 10.9, (ii) a breach of a representation or warranty given by such Member under this Section 10.9, or
(iii) any material misstatement or omission in a certification by such Member or proposed transferee of such Member which is given to CNL pursuant to this Section 10.9. The liability, excise taxes, penalties, interest, loss, cost, damage
and expense will include attorney’s fees and costs incurred in the investigation, defense and settlement of claims and losses incurred in 

  
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 (i) correcting any Plan Violation, 

(ii) the sale of a prohibited Company interest, or 

(iii) obtaining any individual exemption for a Plan Violation that may be required, in CNL’s sole
discretion. This indemnity shall survive (x) the sale of the Property or of the indemnifying Member’s Entire Interest and (y) termination of this Agreement. 

(f) The Company will not enter into any agreements, or suffer any conditions, that CNL determines, in its
reasonable judgment, would result in a Plan Violation. At any Member’s request, CNL shall deliver a written notice of each such determination to such Member together with an explanation of the reasons for the determination. 

(g) Upon any Member’s reasonable request, the Members agree to cooperate with each other’s
efforts to discover and correct Plan Violations. 
 ARTICLE 11. DISSOLUTION OR BANKRUPTCY OF A MEMBER 

11.1 Dissolution or Merger. If Woodfield shall be dissolved, or merged with or consolidated into another corporation or
other entity, or if all or substantially all of its assets shall be sold, or transferred, then unless such dissolution, merger, consolidation, sale or transfer is expressly permitted under Article 10, such dissolution, merger, consolidation, sale or
transfer shall, at CNL’s election, be a dissolution of the Company, and CNL shall be the “Liquidating Member” in the dissolution of the Company. If CNL shall be dissolved, or merged with or consolidated into another corporation or
other entity, or if all or substantially all of its assets shall be sold, or transferred, then unless such dissolution, merger, consolidation, sale or transfer is expressly permitted under Article 10, such dissolution, merger, consolidation, sale or
transfer shall, at Woodfield’s election, be a dissolution of the Company, and Woodfield shall be the “Liquidating Member” in the dissolution of the Company. 

11.2 Bankruptcy, etc. In the event: 

(a) any Member shall file a voluntary petition in bankruptcy or shall be adjudicated a bankrupt or seek
any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief for itself under the present or any future Federal bankruptcy code or any other present or future applicable Federal, state, or other statute or
law relative to bankruptcy, insolvency, or other relief for debtors, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver, conservator or liquidator of said Member or its interest in the Company (the term
“acquiesce” includes but is not limited to the failure to file a petition or motion to vacate or discharge any order, judgment or decree providing for such appointment within sixty (60) days after the appointment); or

  
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 (b) a court of competent jurisdiction shall enter an order,
judgment or decree approving a petition filed against any Member seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future Federal bankruptcy code or any other
present or future applicable Federal, state or other statute or law relating to bankruptcy, insolvency, or other relief for debtors, and said Member shall acquiesce in the entry for such order, judgment or decree (the term
“acquiesce” includes but is not limited to the failure to file a petition or motion to vacate or discharge such order, judgment or decree within ten (10) days after the entry of the order, judgment or decree) or such order,
judgment or decree shall remain unvacated and unstayed for an aggregate of ninety (90) days (whether or not consecutive) from the date of entry thereof, or any trustee, receiver, conservator or liquidator of said Member or of all or any
substantial part of said Member’s property or its interest in the Company shall be appointed without the consent or acquiescence of said Member and such appointment shall remain unvacated and unstayed for an aggregate of ninety (90) days
(whether or not consecutive); or 
 (c) any Member shall admit in writing its inability to pay
its debts as they mature; or 
 (d) any Member shall give notice to any governmental body of
insolvency, or pending insolvency, or suspension or pending suspension of operations; or 
 (e)
any Member shall make an assignment for the benefit of creditors or take any other similar action for the protection or benefit of creditors; 
 then such event shall, at the election of any other Member, cause the dissolution of the Company and such electing Member shall be the Liquidating Member. 

11.3 Reconstitution. Notwithstanding the provisions of Section 11.1 and 11.2, the remaining Member may, within
ninety (90) days of any event described in this Article 11, elect to (a) continue the Company or (b) transfer the assets of the Company to a newly organized entity and accept ownership interests in such entity in exact proportion to
its interests in the Company at the time of dissolution. An appropriate amendment to or cancellation of the Certificate of Formation and all other filings required by law shall be made in accordance with any action taken pursuant to this
Section 11.3. 
 ARTICLE 12. CROSS-DEFAULT 

Any termination for Cause by the Managing Member of the delegation of authority given to Woodfield as the Operating Member in accordance
with Section 6.7 of this Agreement shall give CNL, in its sole and absolute discretion, the right to terminate Woodfield Development Company, LLC as the Developer under the Development Agreement, and any termination of Woodfield Development
Company, LLC as Developer pursuant to the terms of the Development Agreement shall give CNL the right to terminate the delegation of authority given to Woodfield as Operating Member in accordance with Section 6.7 of this Agreement. 

  
 45 

 ARTICLE 13. DISSOLUTION 

13.1 Winding Up by Members. Upon dissolution of the Company by expiration of the term hereof, by operation of law, by any
provision of this Agreement or by agreement between the Members, the Company’s business shall be wound up and all its assets distributed in liquidation. In such dissolution, except as otherwise expressly provided in Articles 10 or 11, the
Members shall be co-liquidating Members and shall continue to act by Member Consent. In such event the Members shall have rights acting by Member Consent to wind up the Company and shall proceed to cause the Company’s property to be sold and to
distribute the proceeds of sale as provided in Section 13.5. Except in respect of (i) all assets on which a single, non-severable mortgage or other lien will be in effect after such distribution, and (ii) any assets which the Members
shall determine are not readily severable or distributable in kind, the Members, to the extent that liquidation of such assets is not required to fulfill the payments, if any, under subsections (a) and (b) of Section 13.5 and
Section 9.4(a) shall, if they agree, have the right to distribute, in kind, all or a portion of the assets of the Company to the Members. 
 13.2 Winding Up by Liquidating Member. 
 (a) In a
dissolution pursuant to either Section 4.5(d)(iii) or Articles 10 and 11, the Liquidating Member shall be as therein provided and such Liquidating Member shall have the right to: 

(i) Wind up the Company and cause the Company’s assets to be sold and the proceeds of sale
distributed as provided in Section 13.5; or 
 (ii) Notwithstanding anything to the contrary
contained in this Agreement, cause the assets of the Company to be appraised in accordance with Section 13.2(b) and at its option, purchase the Entire Interests of the other Members in accordance with Section 13.2(b). 

(b) (i) The Liquidating Member, within 30 days after the commencement of the dissolution of the Company,
or the Non-Failing Member at any time during the period set forth in Section 4.5 (such Member giving the notice being referred to herein as the “Electing Member”) may give notice (the “Appraisal Notice”)
to the other Members electing to have the “Fair Market Value” of the Company’s assets determined by appraisal pursuant to Section 13.2(b)(ii). The fees and expenses of such appraisers shall be borne by the Company. The Electing
Member shall have the option, by notice given to the other Members within 30 days after receipt of the determination of “Fair Market Value” pursuant to Section 13.2(b)(ii), to purchase each other Member’s Entire Interest at a
price equal to the amount which would have been distributable and payable to the other Member in accordance with the provisions of Section 9.4 if all of the Company’s assets had been sold for an amount equal to such appraised value and any
debts, liabilities and expenses which would have been payable by the Company pursuant to Sections 13.5(a), (b) and Section 9.4 out of the proceeds of such sale were deducted in determining the appraised value. Such option may be exercised
by the Electing Member within forty-five (45) days after receipt of the determination of “Fair Market Value” pursuant to Section 13.2(b)(ii) by notice to the other Members. If after the receipt of the determination of “Fair
Market Value” pursuant to Section 13.2(b)(ii), the Electing Member elects not to exercise the option to purchase the other Members’ Entire Interests pursuant to this Section, then the Electing Member shall have all of its rights under
Section 4.5 or this Section 13.2, as applicable, as if the Appraisal Notice had not been given. All of the provisions of Section 10.8 shall apply to a purchase under this Section 13.2(b), except that for the purposes of this
Section 13.2(b), any adjustments required pursuant to Section 10.8 shall be applicable to any events and/or liabilities or income which were not included in determining the Fair Market Value. 

  
 46 

 (ii) If the fair market value (the “Fair Market Value”) of
the assets of the Company is required for purposes of Section 13.2(b)(i), such Fair Market Value, if not otherwise agreed upon by the Members, shall be determined as set forth in this Section 13.2(b)(ii). All appraisers referred to herein
shall be real estate appraisers which are members of the North Carolina Chapter of the American Institute of Real Estate Appraisers for at least seven (7) years. As used herein, Fair Market Value is the fair market value of all the assets of
the Company. Each of CNL and Woodfield shall select one (1) appraiser. In the event that either party fails to select an appraiser within thirty (30) days after notice of the exercise of an option or election requiring a valuation, then
such party’s appraiser shall be selected by the other party from a list of no fewer than five (5) appraisers compiled and approved by Member Consent (the “List”). After the selection, each appraiser shall independently
determine the gross fair market value of the assets of the Company. If the separate appraisals differ, the Members shall have a period of ten (10) days after receipt of the appraisals to agree on the Fair Market Value. In the event the Members
cannot agree on the Fair Market Value in accordance with the preceding sentence, the two appraisers referred to therein shall within ten (10) days after the expiration of the ten day period described in the preceding sentence select a third
appraiser. In the absence of such a selection, the third appraiser shall be selected by the North Carolina Chapter of the American Institute of Real Estate Appraisers. The third appraiser shall decide which of the two appraisals established by the
appraisers in accordance with this Section constitutes the Fair Market Value, and such decision shall be conclusive and binding on all Members. 
 13.3 Offset for Damages. In the event of dissolution resulting from an event described in Article 11, the Liquidating Member shall be entitled to deduct from the amount payable to the other Member
pursuant to Section 13.2(a) or (b), Section 13.4 or Section 13.5, the amount of damages, including reasonable attorneys’ fees and disbursements, incurred by the Liquidating Member proximately resulting from any such event, only
if and as established by a court order. 
 13.4 Distributions of Operating Cash Flow. Subject to
Section 13.5 hereof as to proceeds of liquidation, upon the dissolution of the Company for any reason during the period of liquidation and until termination of the Company, the Members shall continue to receive the Operating Cash Flow and to
share profits and losses for all tax and other purposes as provided elsewhere in this Agreement. 

  
 47 

 13.5 Distributions of Proceeds of Liquidation. For purposes of this
Section 13.5, “proceeds of liquidation” shall equal cash available for distribution, net of debts secured by liens on the Property, provided that neither the Company nor the Members shall be personally liable on, or they shall
be released from, such debts. The proceeds of liquidation shall be applied in the following order of priority: 
 (a) First. To the payment of: 
 (i) debts
and liabilities of the Company, except Member Loans, and 
 (ii) expenses of liquidation.

 (b) Second. To the setting up of any reserves which the Liquidating Member or Members,
as the case may be, may deem necessary for any contingent or unforeseen liabilities or obligations of the Company or of the Members arising out of or in connection with the Company. Such reserves may be deposited by the Company in a bank or trust
company acceptable to the Liquidating Member or Members, as the case may be, to be held by it for the purpose of disbursing such reserves in payment of any of the aforementioned liabilities or obligations, and at the expiration of such period as the
Liquidating Member or Members, as the case may be, shall deem advisable, distributing the balance, if any, thereafter remaining, in a manner hereinafter provided. 

(c) Third. Any balance remaining shall be paid and distributed as provided in Section 9.4.

 13.6 Orderly Liquidation. A reasonable time shall be allowed for the orderly liquidation of the assets of the
Company and the discharge of liabilities to creditors so as to enable the Members to minimize the losses normally attendant upon a liquidation. 
 13.7 Financial Statements. During the period of winding up, the Company’s then independent certified public accountants shall prepare and furnish to each of the Members, until complete liquidation is
accomplished, all the financial statements provided for in Section 7.1. 
 13.8 Restoration of Deficit
Capital Accounts. At no time during the term of the Company shall a Member with a deficit balance in its Capital Account have any obligation to the Company or to another Member or to any other person to restore such deficit balance. 

ARTICLE 14. MEMBERS 
 14.1 Liability. A Member shall not be personally liable for the debts, liabilities or obligations of the Company, except to the extent provided in the Act, including for distributions received in
violation of the Act or which are otherwise required to be returned pursuant to the terms of the Act. 
 ARTICLE 15.
NOTICES 
 15.1 In Writing; Address. All notices, elections, offers, acceptances, demands, consents,
waivers of condition and reports (collectively “notices”) provided for in, permitted under, required under or to be effective under, this Agreement shall be in writing and shall be given to the Company, CNL or Woodfield at the
address set forth below or at such other address as the Company or any of the parties hereto may hereafter specify in writing. 

  
 48 

					
	 CNL:
	  	 GGT Whitehall Holdings, LLC

		  	 CNL Center at City Commons

		  	 450 South Orange Avenue

		  	 Orlando, Florida 32801

		  	 Attention:
	 	 John McRae

		  	 Attention:
	 	 John Starr

		
	 with a copy to:
	  	 GGT Whitehall Holdings, LLC

		  	 CNL Center at City Commons

		  	 450 South Orange Avenue

		  	 Orlando, Florida 32801

		  	 Attention: Sandra C. Gordon, Esq., Senior Vice President, Legal

		
	 with a copy to:
	  	 Lowndes, Drosdick, Doster, Kantor & Reed, P.A.

		  	 450 South Orange Avenue, Suite 800

		  	 Orlando, Florida 32801

		  	 Attention: Joaquin E. Martinez, Esq.

		
	 Woodfield:
	  	 WF Arrowood, LLC

		  	 3328 Landerwood Drive

		  	 Charlotte, North Carolina 28210

		  	 Attention: Chad M. Hagler

		
	 with a copy to:
	  	 K&L Gates, LLP

		  	 214 North Tryon Street

		  	 Hearst Tower,
47th Floor

		  	 Charlotte, North Carolina 28202
 Attention: David H. Jones, Esq.

 All notices hereunder shall be in writing to be deemed effective and shall be deemed
sufficiently given or served for all purposes when delivered (i) by personal service or courier service, and shall be deemed given on the date when signed for or, if refused, when refused by the person designated as an agent for receipt of
notices, (ii) by nationally-recognized overnight courier that produces a receipt of delivery and shall be deemed given when placed into the hands of such courier for delivery on the next business day or (iii) mailed by United States
registered or certified mail, return receipt requested, postage prepaid, deposited in a United States post office or a depository for the receipt of mail regularly maintained by the post office and if so mailed, then such notice or other
communication shall be deemed to have been received by the addressee on the third business day following the date of such mailing. For purposes hereof, notices may be given by the parties hereto or by their attorneys identified above. 

A copy of any notice or any written communication from the Internal Revenue Service to the Company shall be given to each
Member at the addresses provided for above. 
 15.2 Copies. A copy of any notice, service of process, or other
document in the nature thereof, received by either Member from anyone other than the other Member and pertaining to the Company or the Property, shall be delivered by the receiving Member to the other Member as soon as practicable. 

  
 49 

 ARTICLE 16. MISCELLANEOUS 

16.1 Additional Documents and Acts. In connection with this Agreement, as well as all transactions contemplated by this
Agreement, each Member agrees to execute and deliver such additional documents and instruments, and to perform such additional acts, as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions
of this Agreement and all such transactions. All approvals of either party hereunder shall be in writing. 

16.2 Interpretation. This Agreement and the rights and obligations of the Members hereunder shall be interpreted in
accordance with the laws of the State of Delaware. 
 16.3 Entire Agreement. This instrument together with that
certain side letter agreement by and between the Members of even date herewith contain all of the understandings and agreements of whatsoever kind and nature existing between the parties hereto with respect to this Agreement and the rights,
interests, understandings, agreements and obligations of the respective parties pertaining to the Company. 

16.4 References to this Agreement. Numbered or lettered articles, sections and subsections herein contained refer to
articles, sections and subsections of this Agreement unless otherwise expressly stated. 
 16.5 Headings. All
headings herein are inserted only for convenience and ease of reference and are not to be considered in the construction or interpretation of any provision of this Agreement. 

16.6 Binding Effect. Except as herein otherwise expressly stipulated to the contrary, this Agreement shall be binding
upon and inure to the benefit of the parties signatory hereto, and their respective distributees, successors and assigns. 
 16.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall for all purposes constitute one agreement which is binding on all of the parties hereto. 

16.8 Confidentiality. The terms and provisions of this Agreement shall be kept confidential and shall not, without the
other Members’ prior written consent (which shall not be unreasonably withheld), be disclosed in writing by a Member or by a Member’s agents, managers, members, representatives and employees to any person or entity, except to the extent
required by law, and to existing or prospective construction lenders, contractors, tenants, or investors in a Member, accountants of a Member or CNL therein and other advisors to a Member, in each case to the extent each of such parties is bound by
a confidentiality obligation substantially on the terms set forth in this Section, and except to the extent reasonably necessary to accomplish the transaction contemplated hereby. No publicity, media communications, press releases or other public
announcements concerning the terms and provisions of this Agreement or the transactions contemplated hereby shall be issued or made by any Member without the prior written consent of the other Members, which consent shall not be unreasonably
withheld, conditioned or delayed, except if a Member is required to make a public announcement or disclosure under applicable law, in which case such Member shall provide the other Members with the form and content of such disclosure within a
reasonable amount of time prior to its release (to the extent possible under the circumstances) and shall consider in good faith all comments provided by the other Members; provided, however, that CNL shall not be required to provide copies of
disclosures to be made or proposed to be made by CNL in periodic reports and other filings required by the applicable federal securities laws. 

  
 50 

 16.9 Amendments. This Agreement may not be amended, altered or modified
except by a written instrument signed by all parties, provided, however, that Woodfield and CNL shall agree to any amendments of this Agreement reasonably required by CNL in order to comply with ERISA or related provisions of the Code which do not
adversely affect the economic or voting interests of the other Members hereunder and any amendments reasonably required by CNL in order to comply with REIT requirements; provided, that CNL will pay for all reasonable costs and expenses (including
reasonable attorneys’ fees) of the other Members related to any such amendments. 
 16.10 Exhibits. All
exhibits and schedules annexed hereto are expressly made a part of this Agreement, as fully as though completely set forth herein, and all references to this Agreement herein or in any of such exhibits or schedules shall be deemed to refer to and
include all such exhibits or schedules. 
 16.11 Severability. Each provision hereof is intended to be severable
and the invalidity or illegality of any portion of this Agreement shall not affect the validity or legality of the remainder. 
 16.12 Qualification in Other States. In the event the business of the Company is carried on or conducted in any locations in addition to North Carolina, then the Members agree that the Company shall exist
under the laws of each state or district in which business is actually conducted by the Company, and they severally agree to execute such other and further documents as may be required or requested in order that the Members legally may qualify the
Company in such states and districts to the extent possible. A Company office or principal place of business in any state or district may be designated from time to time by Member Consent. 

16.13 Forum. Any action by one or more Members against the Company or by the Company against one or more Members which arises under or in
any way relates to this Agreement, actions taken or failed to be taken or determinations made or failed to be made by the Members or relating to the Company including transactions permitted hereunder or otherwise related in any way to the Company,
may be brought only in the state courts of the State of Florida or the United States District Court for the Middle District of Florida. Each Member hereby consents to the jurisdiction of such courts to decide any and all such actions and to such
venue. 

  
 51 

 16.14 No Brokerage. The Members represent and warrant to each other that
they have not dealt with any brokers, investment bankers, consultants or other third parties in the negotiation of this Agreement and the transactions contemplated herein. The Members further agree to indemnify, defend and hold each other harmless
from and against any liability, claim, damage, cost or expense (including reasonable attorney’s fees) arising out of or in connection with the claims for commissions or any other fees due in connection with this Agreement and the transactions
contemplated herein arising from such Member’s actions. 
 16.15 Tax Compliance. Woodfield represents and
warrants that (i) Woodfield is wholly-owned by Woodfield Investment Company, LLC and Chad Hagler; (ii) Woodfield Investment Company, LLC and Chad Hagler are the only managers and voting members of Woodfield; (iii) with respect to the
ownership of Woodfield Investment Company, LLC, the only managers and voting members are Greg Bonifield, Mike Underwood, Todd Jacobus and Mike Schwarz, and any other members are non-voting members; (iv) Woodfield and Woodfield Investment
Company, LLC are both classified as partnerships for Federal income tax purposes, (v) Woodfield’s U.S. employer identification number is 45-3632721, and (vi) Woodfield Investment Company, LLC’s U.S. employer identification number
is 03-0554146. Except with respect to permitted transfers under Section 10.2, Woodfield covenants that it will not take or allow any action (or fail to take any action, as the case may be) that would cause the representations in this
Section 16.15 to fail to be true throughout the term of this Agreement. 
 (Remainder of page intentionally left
blank) 

  
 52 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the date first above written. 
  

					
	 WOODFIELD:

			
		 		 	 WF ARROWOOD, LLC

		 		 	 a Delaware limited liability company

 
					
			
		 	 By:
	 	 /s/ Chad M.
Hagler

 
					
		 	 Name:
	 	 Chad M. Hagler

		 	 Title:
	 	 Manager

		
	 CNL:
	 	
		
		 	 GGT WHITEHALL HOLDINGS, LLC,

		 	 a Delaware limited liability company

 
					
			
		 	 By:
	 	 /s/ Robert A.
Bourne

 
					
		 	 Name:
	 	 Robert A. Bourne

		 	 Title:
	 	 President

  
 53 

 EXHIBIT A 

 

													
	 Names and Interests of Members
	  	Percentage
Interest	 	 	Initial
Capital
Contributions	 	  	Maximum
Contributions*	 
				
	 GGT Whitehall Holdings, LLC
	  	 	95	% 	 	$	3,800,000.00	  	  	$	7,053,750.00	  
				
	 WF Arrowood, LLC
	  	 	5	% 	 	$	200,000.00	  	  	$	371,250.00	  
				
	 TOTALS:
	  	 	100	% 	 	$	4,000,000.00	  	  	$	7,425,000.00	  

  

	*	 The Members agree that to the extent that the amount of the final Project Budget is reduced from that of the Project’s “concept
budget” due to savings in the Construction Contract’s guaranteed maximum price, the aggregate initial capital contribution of each of CNL and Woodfield will be adjusted downward on a pro-rata basis to reflect such reduction.

  
 A-1

 EXHIBIT B 

Description of Land 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT C

 Development Agreement 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT D

 Insurance Certificates 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT E

 Member ERISA Certificate 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT F

 CNL ERISA Certificate 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT G

 PROJECT BUDGET 
 [Omitted as not necessary for an understanding of the agreement] 
 EXHIBIT H

 PRE-DEVELOPMENT COSTS 
 [Omitted as not necessary for an understanding of the agreement]

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