Document:

EX-10.3

THIS INSTRUMENT: (A) SECURES THE ORIGINAL PRINCIPAL AMOUNT OF THE NOTES HEREIN DESCRIBED AND
ANY FUTURE ADVANCES UP TO A MAXIMUM PRINCIPAL AMOUNT OF TEN MILLION FIVE HUNDRED THOUSAND AND
NO/100 DOLLARS ($10,500,000.00); AND (B) CONSTITUTES A CONTINUOUSLY PERFECTED UCC FIXTURE FINANCING
STATEMENT FILED TO PERFECT A SECURITY INTEREST IN FIXTURES HEREIN GRANTED PURSUANT TO IND. CODE §
26-1-9.1-502 AND § 26-1-9.1-515 AND THE TERMS AND PROVISIONS HEREOF, AND IS TO BE FILED AND INDEXED
IN THE REAL ESTATE RECORDS, AND ALSO TO BE INDEXED IN THE INDEX OF FIXTURE FINANCING STATEMENTS
UNDER THE NAME OF THE MORTGAGOR, AS “DEBTOR”, AND MORTGAGEE, AS “SECURED PARTY”, AND THE ADDITIONAL
INFORMATION SET FORTH IN ATTACHED APPENDIX A, IN THE OFFICE OF THE RECORDER OF HOWARD
COUNTY, INDIANA.

MORTGAGE, ASSIGNMENT,

SECURITY AGREEMENT AND

FIXTURE FILING

by

NNN HEALTHCARE/OFFICE REIT KOKOMO MEDICAL OFFICE PARK, LLC,

a Delaware limited liability company,

as Mortgagor,

in favor of

WACHOVIA FINANCIAL SERVICES, INC.,

as Mortgagee

This document serves as a Fixture Filing under the Indiana Uniform Commercial Code.

Mortgagor’s Organizational Identification Number is 4392566

1

Mortgage, Assignment, Security Agreement and Fixture Filing

This Mortgage, Assignment, Security Agreement and Fixture Filing is made as of the 5th day of
December, 2007, by NNN HEALTHCARE/OFFICE REIT KOKOMO MEDICAL OFFICE PARK, LLC, a Delaware limited
liability company (herein referred to as “Mortgagor”), whose address is c/o Triple Net
Properties, LLC, 1551 N. Tustin Avenue, Suite 300, Santa Ana, California 92705, for the benefit of
WACHOVIA FINANCIAL SERVICES, INC. (“Mortgagee”), whose address is Wachovia Bank, N.A., Real
Estate Financial Services, General Banking Group, Mail Code: CA 6233, 15750 Alton Parkway, Irvine,
California 92618.

Recitals

Mortgagor has requested that Mortgagee make the Loan (as hereinafter defined) to Mortgagor.
As a condition precedent to making the Loan, Mortgagee has required that Mortgagor execute and
deliver this Mortgage, Assignment, Security Agreement and Fixture Filing to Mortgagee.

Grants and Agreements

Now, therefore, in order to induce Mortgagee to make the Loan to Mortgagor, Mortgagor agrees
as follows:

Article I

Definitions

As used in this Mortgage, the terms defined in the Preamble hereto shall have the respective
meanings specified therein, and the following additional terms shall have the meanings specified:

"Accessories” means all fixtures, equipment, systems, machinery, furniture,
furnishings, appliances, inventory, goods, building and construction materials, supplies and other
articles of personal property, of every kind and character, tangible and intangible (including
software embedded therein), now owned or hereafter acquired by Mortgagor, which are now or
hereafter attached to or situated in, on or about the Land or Improvements, or used in or necessary
to the complete and proper planning, development, use, occupancy or operation thereof, or acquired
(whether delivered to the Land or stored elsewhere) for use or installation in or on the Land or
Improvements, and all Additions to the foregoing, all of which are hereby declared to be permanent
accessions to the Land.

"Accelerating Transfer” means any Transfer of all or any part of the Property, the
legal or beneficial interest therein, or any membership interest in Mortgagor in violation of
Section 5.2 of this Mortgage.

"Accounts” means all accounts of Mortgagor, within the meaning of the Uniform
Commercial Code of the State, derived from or arising out of the use, occupancy or enjoyment of the
Property or for services rendered therein or thereon.

"Additions” means any and all alterations, additions, accessions and improvements to
property, substitutions therefor, and renewals and replacements thereof.

"Claim” means any liability, suit, action, claim, demand, loss, expense, penalty,
fine, judgment or other cost of any kind or nature whatsoever, including fees, costs and expenses
of attorneys, consultants, contractors and experts.

"Condemnation” means any taking of title to, use of, or any other interest in the
Property under the exercise of the power of condemnation or eminent domain, whether temporarily or
permanently, by any Governmental Authority or by any other Person acting under or for the benefit
of a Governmental Authority.

"Condemnation Awards” means any and all judgments, awards of damages (including
severance and consequential damages), payments, proceeds, settlements, amounts paid for a taking in
lieu of Condemnation, or other compensation heretofore or hereafter made, including interest
thereon, and the right to receive the same, as a result of, or in connection with, any Condemnation
or threatened Condemnation.

"Contract of Sale” means any contract for the sale of all or any part of the Property
or any interest therein, whether now in existence or hereafter executed.

"Default” means an event or circumstance which, with the giving of Notice or lapse of
time, or both, would constitute an Event of Default under the provisions of this Mortgage.

"Design and Development Documents” means, collectively, (a) all contracts for services
to be rendered, work to be performed or materials to be supplied in the development of the Land or
the construction or repair of Improvements, if any; (b) all plans, drawings and specifications for
the development of the Land or the construction or repair of Improvements, if any; (c) all permits,
licenses, variances and other rights or approvals issued by or obtained from any Governmental
Authority or other Person in connection with the development of the Land or the construction or
repair of Improvements, if any; and (d) all amendments of or supplements to any of the foregoing.

"Encumbrance” means any Lien, easement, right of way, roadway (public or private),
condition, covenant or restriction (including any condition, covenant or restriction imposed in
connection with any condominium development or cooperative housing development), Lease or other
matter of any nature that would affect title to the Property.

"Environmental Agreement” means the Environmental Indemnity Agreement of even date
herewith by and between Mortgagor and Guarantor in favor of Mortgagee pertaining to the Property,
as the same may from time to time be extended, amended, restated, supplemented or otherwise
modified. The Environmental Agreement is one of the Loan Documents, but this Mortgage does not
secure the obligations of Mortgagor or Guarantor under the Environmental Agreement.

"Event of Default” means an event or circumstance specified in Article VI and
the continuance of such event or circumstance beyond the applicable grace and/or cure periods
therefor, if any, set forth in Article VI.

"Expenses” means all fees, charges, costs and expenses of any nature whatsoever
incurred at any time and from time to time (whether before or after an Event of Default) by
Mortgagee in making, funding, administering or modifying the Loan, in negotiating or entering into
any “workout” of the Loan, or in exercising or enforcing any rights, powers and remedies provided
in this Mortgage or any of the other Loan Documents, including attorneys’ fees, court costs,
receiver’s fees, management fees and costs incurred in the repair, maintenance and operation of, or
taking possession of, or selling, the Property.

"Governmental Authority” means any governmental or quasi-governmental entity,
including any court, department, commission, board, bureau, agency, administration, service,
district or other instrumentality of any governmental entity.

"Guarantor” means NNN Healthcare/Office REIT, Inc., a Maryland corporation.

"Improvements” means all buildings, structures and other improvements now or hereafter
existing, erected or placed on the Land, together with any off-site improvements owned by Mortgagor
in any way used or to be used in connection with the use, enjoyment, occupancy or operation of the
Land.

"Insurance Proceeds” means the insurance claims under and the proceeds of any and all
policies of insurance covering the Property or any part thereof, including all returned and
unearned premiums with respect to any insurance relating to such Property, in each case whether now
or hereafter existing or arising.

"Land” means the real property described in Exhibit A attached hereto and made a part
hereof.

"Laws” means all federal, state and local laws, statutes, rules, ordinances,
regulations, codes, licenses, authorizations, decisions, injunctions, interpretations, orders or
decrees of any court or other Governmental Authority having jurisdiction as may be in effect from
time to time.

"Leases” means all leases, license agreements and other occupancy or use agreements
(whether oral or written), now or hereafter existing, which cover or relate to the Property or any
part thereof, together with all options therefor, amendments thereto and renewals, modifications
and guaranties thereof, including any cash or security deposited under the Leases to secure
performance by the tenants of their obligations under the Leases, whether such cash or security is
to be held until the expiration of the terms of the Leases or applied to one or more of the
installments of rent coming due thereunder.

"Letter of Credit” means any letter of credit issued by Mortgagee for the account of
Mortgagor or its nominee in connection with the Property, together with any and all extensions,
renewals or modifications thereof, substitutions therefor or replacements thereof.

"Lien” means any mortgage, Mortgage, pledge, security interest, assignment, judgment,
lien or charge of any kind, including any conditional sale or other title retention agreement, any
lease in the nature thereof, and the filing of, or agreement to give, any financing statement under
the Uniform Commercial Code of any jurisdiction.

"Loan” means the loan from Mortgagee to Mortgagor, the repayment obligations in
connection with which are evidenced by the Note.

"Loan Agreement” means the Loan Agreement of even date herewith between Mortgagor and
Mortgagee which sets forth, among other things, the terms and conditions upon which the proceeds of
the Loan will be disbursed, as the same may from time to time be extended, amended, restated,
supplemented or otherwise modified.

"Loan Documents” means this Mortgage, the Note, the Repayment Guaranty, the
Environmental Agreement, the Loan Agreement, any application or reimbursement agreement executed in
connection with any Letter of Credit, and any and all other documents (other than any Swap
Contracts) which Mortgagor, Guarantor or any other party or parties have executed and delivered, or
may hereafter execute and deliver, to evidence, secure or guarantee the Obligations, or any part
thereof, as the same may from time to time be extended, amended, restated, supplemented or
otherwise modified.

"Mortgage” means this Mortgage, Assignment, Security Agreement and Fixture Filing, as
the same may from time to time be extended, amended, restated, supplemented or otherwise modified.

"Mortgagee” means Mortgagee and its successors and assigns.

"Note” means the Promissory Note of even date herewith in the original principal
amount of Eight Million Three Hundred Thousand and No/100 Dollars ($8,300,000.00) made by Mortgagor
to the order of Mortgagee, as the same may from time to time be extended, amended, restated,
supplemented or otherwise modified.

"Notice” means a notice, request, consent, demand or other communication given in
accordance with the provisions of Section 9.8 of this Mortgage.

"Obligations” means all present and future debts, obligations and liabilities of
Mortgagor to Mortgagee arising pursuant to, and/or on account of, the provisions of this Mortgage,
the Note or any of the other Loan Documents, including the obligations: (a) to pay all principal,
interest, late charges, prepayment premiums (if any) and other amounts due at any time under the
Note; (b) to pay all Expenses, indemnification payments, fees and other amounts due at any time
under this Mortgage or any of the other Loan Documents, together with interest thereon as herein or
therein provided; (c) to pay and perform all obligations of Mortgagor under any Swap Contract;
(d) to perform, observe and comply with all of the other terms, covenants and conditions, expressed
or implied, which Mortgagor is required to perform, observe or comply with pursuant to this
Mortgage or any of the other Loan Documents; and (e) to pay and perform all future advances and
other obligations that Mortgagor or any successor in ownership of all or part of the Property may
agree to pay and/or perform (whether as principal, surety or guarantor) for the benefit of
Mortgagee, when a writing evidences the parties’ agreement that the advance or obligation be
secured by this Mortgage; excluding, however, the debts, obligations and
liabilities of Mortgagor under the Environmental Agreement. This Mortgage does not secure the
Environmental Agreement, the Repayment Guaranty or any other Loan Document that is expressly stated
to be unsecured.

"Permitted Encumbrances” means (a) any matters set forth in any policy of title
insurance issued to Mortgagee and insuring Mortgagee’s interest in the Property which are
acceptable to Mortgagee as of the date hereof, (b) the Liens and interests of this Mortgage, and
(c) any other Encumbrance that Mortgagee shall expressly approve in writing in its sole and
absolute discretion.

"Person” means an individual, a corporation, a partnership, a joint venture, a limited
liability company, a trust, an unincorporated association, any Governmental Authority or any other
entity.

"Personalty” means all personal property of any kind or nature whatsoever, whether
tangible or intangible and whether now owned or hereafter acquired, in which Mortgagor now has or
hereafter acquires an interest and which is used in the construction of, or is placed upon, or is
derived from or used in connection with the maintenance, use, occupancy or enjoyment of, the
Property, including (a) the Accessories; (b) the Accounts; (c) all franchise, license, management
or other agreements with respect to the operation of the Real Property or the business conducted
therein (provided all of such agreements shall be subordinate to this Mortgage, and Mortgagee shall
have no responsibility for the performance of Mortgagor’s obligations thereunder) and all general
intangibles (including payment intangibles, trademarks, trade names, goodwill, software and symbols
but excluding all of Mortgagor’s rights to the payment of money to Mortgagor under any Swap
Contracts) related to the Real Property or the operation thereof; (d) all sewer and water taps,
appurtenant water stock or water rights, allocations and agreements for utilities, bonds, letters
of credit, permits, certificates, licenses, guaranties, warranties, causes of action, judgments,
Claims, profits, security deposits, utility deposits, and all rebates or refunds of fees, Taxes,
assessments, charges or deposits paid to any Governmental Authority related to the Real Property or
the operation thereof; (e) all insurance policies held by Mortgagor with respect to the Property or
Mortgagor’s operation thereof; and (f) all money, instruments and documents (whether tangible or
electronic) arising from or by virtue of any transactions related to the Property, and all deposits
and deposit accounts of Mortgagor with Mortgagee related to the Property, including any such
deposit account from which Mortgagor may from time to time authorize Mortgagee to debit and/or
credit payments due with respect to the Loan; together with all Additions to and Proceeds of all of
the foregoing. For purposes of clarification, “Personalty”, and the security interests granted
hereunder, do not include any of Mortgagor’s rights to the payment of money from Mortgagee (or its
Affiliates) under any Swap Contracts.

"Proceeds,” when used with respect to any of the Property, means all proceeds of such
Property, including all Insurance Proceeds and all other proceeds within the meaning of that term
as defined in the Uniform Commercial Code of the State.

"Property” means the Real Property and the Personalty and all other rights, interests
and benefits of every kind and character which Mortgagor now has or hereafter acquires in, to or
for the benefit of the Real Property and/or the Personalty and all other property and rights used
or useful in connection therewith, including all Leases, all Rents, all Condemnation Awards, all
Proceeds, and all of Mortgagor’s right, title and interest in and to all Design and Development
Documents, all Contracts of Sale and all Refinancing Commitments.

"Property Assessments” means all Taxes, payments in lieu of taxes, water rents, sewer
rents, assessments, condominium and owner’s association assessments and charges, maintenance
charges and other governmental or municipal or public or private dues, charges and levies and any
Liens (including federal tax liens) which are or may be levied, imposed or assessed upon the
Property or any part thereof, or upon any Leases or any Rents, whether levied directly or
indirectly or as excise taxes, as income taxes, or otherwise.

"Real Property” means the Land and Improvements, together with (a) all estates, title
interests, title reversion rights, remainders, increases, issues, profits, rights-of-way or uses,
additions, accretions, servitudes, strips, gaps, gores, liberties, privileges, water rights, water
courses, alleys, passages, ways, vaults, licenses, tenements, franchises, hereditaments,
appurtenances, easements, rights of ingress or egress, parking rights, timber, crops, mineral
interests and other rights, now or hereafter owned by Mortgagor and belonging or appertaining to
the Land or Improvements; (b) all Claims whatsoever of Mortgagor with respect to the Land or
Improvements, either in law or in equity, in possession or in expectancy; (c) all estate, right,
title and interest of Mortgagor in and to all streets, roads and public places, opened or proposed,
now or hereafter adjoining or appertaining to the Land or Improvements; and (d) all options to
purchase the Land or Improvements, or any portion thereof or interest therein, and any greater
estate in the Land or Improvements, and all Additions to and Proceeds of the foregoing.

"Refinancing Commitment” means any commitment from or other agreement with any Person
providing for the financing of the Property, some or all of the proceeds of which are intended to
be used for the repayment of all or a portion of the Loan.

"Rents” means all of the rents, royalties, issues, profits, revenues, earnings, income
and other benefits of the Property, or arising from the use or enjoyment of the Property, including
all such amounts paid under or arising from any of the Leases and all fees, charges, accounts or
other payments for the use or occupancy of rooms or other public facilities within the Real
Property.

"Repayment Guaranty” means the Repayment Guaranty of even date herewith executed by
Guarantor for the benefit of Lender, as the same may from time to time be extended, amended,
restated, supplemented or otherwise modified.

"State” means the state in which the Land is located.

"Swap Contract” means any agreement, whether or not in writing, relating to any
transaction that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap or option, bond, note or bill option, interest rate option,
forward foreign exchange transaction, interest cap, collar or floor transaction, currency swap,
cross-currency rate swap, swap option, currency option or any other similar transaction (including
any option to enter into the foregoing) or any combination of the foregoing, and, unless the
context otherwise clearly requires, any form of master agreement published by the International
Swaps and Derivatives Association, Inc., or any other master agreement, entered into between
Mortgagee (or its affiliate) and Mortgagor (or its affiliate) in connection with the Loan, together
with any related schedules and confirmations, as amended, supplemented, superseded or replaced from
time to time, relating to or governing any or all of the foregoing.

"Taxes” means all taxes and assessments, whether general or special, ordinary or
extraordinary, or foreseen or unforeseen, which at any time may be assessed, levied, confirmed or
imposed by any Governmental Authority or any community facilities or other private district on
Mortgagor or on any of its properties or assets or any part thereof or in respect of any of its
franchises, businesses, income or profits.

"Transfer” means any direct or indirect sale, assignment, conveyance or transfer,
including any Contract of Sale and any other contract or agreement to sell, assign, convey or
transfer, whether made voluntarily or by operation of Law or otherwise, and whether made with or
without consideration.

Article I

Granting Clauses; Condition of Grant

Section 1.0 Conveyances and Security Interests.

In order to secure the prompt payment and performance of the Obligations, Mortgagor
(a) irrevocably and unconditionally mortgages, warrants, pledges, transfers and assigns to
Mortgagee, with power of sale and right of entry and possession, all estate, right, title and
interest that Mortgagor now has or may later acquire in and to the Real Property; (b) grants to
Mortgagee a security interest in the Personalty; (c) assigns to Mortgagee, and grants to Mortgagee
a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to
Mortgagee , and grants to Mortgagee a security interest in, all of Mortgagor’s right, title and
interest in, but not any of Mortgagor’s obligations or liabilities under, all Design and
Development Documents, all Contracts of Sale and all Refinancing Commitments. All Persons who may
have or acquire an interest in all or any part of the Property will be deemed to have notice of,
and will be bound by, the terms of the Obligations and each other agreement or instrument made or
entered into in connection with each of the Obligations. Such terms include any provisions in the
Note, the Loan Agreement or any Swap Contract which provide that the interest rate on one or more
of the Obligations may vary from time to time. Unless Lender otherwise agrees in writing,
Mortgagor’s obligations under any Swap Contract shall continue to be secured by this Mortgage
notwithstanding that Lender has sold, participated, syndicated or otherwise transferred or released
some or all of its interest in the Loan to another person.

Section 2.0 Absolute Assignment of Leases and Rents.

In consideration of the making of the Loan by Mortgagee to Mortgagor and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor
absolutely and unconditionally assigns the Leases and Rents to Mortgagee. This assignment is, and
is intended to be, an unconditional, absolute and present assignment from Mortgagor to Mortgagee of
all of Mortgagor’s right, title and interest in and to the Leases and the Rents and not an
assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security
interest therein. So long as no Event of Default shall exist, however, and so long as Mortgagor is
not in default in the performance of any obligation, covenant or agreement contained in the Leases,
Mortgagor shall have a license (which license shall terminate automatically and without notice upon
the occurrence of an Event of Default or a default by Mortgagor under the Leases) to collect, but
not prior to accrual, all Rents. Mortgagor agrees to collect and hold all Rents in trust for
Mortgagee and to use the Rents for the payment of the cost of operating and maintaining the
Property and for the payment of the other Obligations before using the Rents for any other purpose.

Section 3.0 Security Agreement, Fixture Filing and Financing Statement.

This Mortgage creates a security interest in the Personalty, and, to the extent the Personalty
is not real property, this Mortgage constitutes a security agreement from Mortgagor to Mortgagee
under the Uniform Commercial Code of the State. In addition to all of its other rights under this
Mortgage and otherwise, Mortgagee shall have all of the rights of a secured party under the Uniform
Commercial Code of the State, as in effect from time to time, or under the Uniform Commercial Code
in force from time to time in any other state to the extent the same is applicable Law. This
Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all
fixtures included within the Property and is to be filed for record in the real estate records of
each county where any part of the Property (including such fixtures) is situated. This Mortgage
shall also be effective as a financing statement with respect to any other Property as to which a
security interest may be perfected by the filing of a financing statement and may be filed as such
in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and
Mortgagee are set forth in the opening paragraph of this Mortgage. A carbon, photographic or other
reproduction of this Mortgage or any other financing statement relating to this Mortgage shall be
sufficient as a financing statement for any of the purposes referred to in this Section. Mortgagor
hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial
financing statements, amendments thereto and continuation statements as authorized by applicable
Law, reasonably required by Mortgagee to establish or maintain the validity, perfection and
priority of the security interests granted in this Mortgage. The foregoing authorization includes
Mortgagor’s irrevocable authorization for Mortgagee at any time and from time to time to file any
initial financing statements and amendments thereto that indicate the Personalty (a) as “all
assets” of Mortgagor or words of similar effect, regardless of whether any particular asset
comprised in the Personalty falls within the scope of the Uniform Commercial Code of the State or
the jurisdiction where the initial financing statement or amendment is filed, or (b) as being of an
equal or lesser scope or with greater detail; provided that in either case, such description is
limited to assets used on or in connection with the Property.

Section 4.0 Release of Mortgage and Termination of Assignments and Financing
Statements.

If and when Mortgagor has paid and performed all of the Obligations, and no further advances
are to be made under the Loan Agreement and all Swap Contracts have been terminated, Mortgagee will
provide a release of the Property from the lien of this Mortgage and termination statements for
filed financing statements, if any, to Mortgagor. Mortgagor shall be responsible for the
recordation of such release and the payment of any recording and filing costs. Upon the recording
of such release and the filing of such termination statements, the absolute assignments set forth
in Section 2.2 shall automatically terminate and become null and void. Partial releases of
the Property from the lien of this Mortgage shall be made on the terms and subject to the
conditions of the Loan Agreement. No partial release shall be sought, requested or required if any
Event of Default has occurred which has not been cured.

Article III

Representations and Warranties

	 	 	 
	Mortgagor makes the following representations and warranties to Mortgagee:

	Section 1.0

	 	Title to Real Property.
	
 
	 	 

Mortgagor (a) owns fee simple title to the Real Property, (b) owns all of the beneficial and
equitable interest in and to the Real Property, and (c) is lawfully seized and possessed of the
Real Property. Mortgagor has the right and authority to convey a security interest in the Real
Property and does hereby convey a security interest in the Real Property. The Real Property is
subject to no Encumbrances other than the Permitted Encumbrances.

Section 2.0 Title to Other Property.

Mortgagor has good title to the Personalty, and the Personalty is not subject to any
Encumbrance other than the Permitted Encumbrances. None of the Leases, Rents, Design and
Development Documents, Contracts of Sale or Refinancing Commitments are subject to any Encumbrance
other than the Permitted Encumbrances.

Section 3.0 Property Assessments.

To Borrower’s knowledge, the Real Property is assessed for purposes of Property Assessments as
a separate and distinct parcel from any other property, such that the Real Property is not subject
to the Lien of any Property Assessments levied or assessed against any property other than the Real
Property.

Section 4.0 Independence of the Real Property.

To Borrower’s knowledge, no buildings or other improvements on property not covered by this
Mortgage rely on the Real Property or any interest therein to fulfill any requirement of any
Governmental Authority for the existence of such property, building or improvements; and none of
the Real Property relies, or will rely, on any property not covered by this Mortgage or any
interest therein to fulfill any requirement of any Governmental Authority. To Borrower’s
knowledge, the Real Property has been properly subdivided from all other property in accordance
with the requirements of any applicable Governmental Authorities.

Section 5.0 Existing Improvements.

The existing Improvements, if any, were constructed, and are being used and maintained, in
accordance with all applicable Laws, including zoning Laws.

Section 6.0 Leases and Tenants.

The Leases are valid and are in full force and effect, and Mortgagor is not in default under
any of the terms thereof. Except as expressly permitted in the Loan Agreement, Mortgagor has not
accepted any Rents in advance of the time the same became due under the Leases and has not
forgiven, compromised or discounted any of the Rents. Mortgagor has title to and the right to
assign the Leases and Rents to Mortgagee, and no other assignment of the Leases or Rents has been
granted. To the best of Mortgagor’s knowledge and belief, no tenant or tenants occupying,
individually or in the aggregate, more than five percent (5%) of the net rentable area of the
Improvements are in default under their Lease(s) or are the subject of any bankruptcy, insolvency
or similar proceeding.

Article IV

Affirmative Covenants

Section 1.0 Obligations.

Mortgagor agrees to promptly pay and perform all of the Obligations, time being of the essence
in each case.

Section 2.0 Property Assessments; Documentary Taxes.

Mortgagor (a) will promptly pay in full and discharge all Property Assessments, and (b) will
furnish to Mortgagee, upon demand, the receipted bills for such Property Assessments prior to the
day upon which the same shall become delinquent. Property Assessments shall be considered
delinquent as of the first day any interest or penalty commences to accrue thereon. Mortgagor will
promptly pay all stamp, documentary, recordation, transfer and intangible taxes and all other taxes
that may from time to time be required to be paid with respect to the Loan, the Note, this Mortgage
or any of the other Loan Documents.

Section 3.0 Permitted Contests.

Mortgagor shall not be required to pay any of the Property Assessments, or to comply with any
Law, so long as Mortgagor shall in good faith, and at its cost and expense, contest the amount or
validity thereof, or take other appropriate action with respect thereto, in good faith and in an
appropriate manner or by appropriate proceedings; provided that (a) such proceedings operate to
prevent the collection of, or other realization upon, such Property Assessments or enforcement of
the Law so contested, (b) there will be no sale, forfeiture or loss of the Property during the
contest, (c) Mortgagee is not subjected to any Claim as a result of such contest, and (d) Mortgagor
provides assurances satisfactory to Mortgagee (including the establishment of an appropriate
reserve account with Mortgagee) of its ability to pay such Property Assessments or comply with such
Law in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly
prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee
harmless against all Claims in connection therewith. Promptly after the settlement or conclusion
of such contest or action, Mortgagor shall comply with such Law and/or pay and discharge the
amounts which shall be levied, assessed or imposed or determined to be payable, together with all
penalties, fines, interests, costs and expenses in connection therewith.

Section 4.0 Compliance with Laws.

Mortgagor will comply with and not violate, and cause to be complied with and not violated,
all present and future Laws applicable to the Property and its use and operation.

Section 5.0 Maintenance and Repair of the Property.

Mortgagor, at Mortgagor’s sole expense, will (a) keep and maintain Improvements and
Accessories in good condition, working order and repair, and (b) make all necessary or appropriate
repairs and Additions to Improvements and Accessories, so that each part of the Improvements and
all of the Accessories shall at all times be in good condition and fit and proper for the
respective purposes for which they were originally intended, erected, or installed.

Section 6.0 Additions to Security.

All right, title and interest of Mortgagor in and to all Improvements and Additions hereafter
constructed or placed on the Property and in and to any Accessories hereafter acquired shall,
without any further Mortgage, conveyance, assignment or other act by Mortgagor, become subject to
the Lien of this Mortgage as fully and completely, and with the same effect, as though now owned by
Mortgagor and specifically described in the granting clauses hereof. Mortgagor agrees, however, to
execute and deliver to Mortgagee such further documents as may be required by the terms of the Loan
Agreement and the other Loan Documents.

Section 7.0 Subrogation.

To the extent permitted by Law, Mortgagee shall be subrogated, notwithstanding its release of
record, to any Lien now or hereafter existing on the Property to the extent that such Lien is paid
or discharged by Mortgagee whether or not from the proceeds of the Loan. This Section shall not be
deemed or construed, however, to obligate Mortgagee to pay or discharge any Lien.

Section 8.0 Leases.

( ) Except as expressly permitted in the Loan Agreement, Mortgagor shall not enter into any
Material Lease (as defined in the Loan Agreement) with respect to all or any portion of the
Property without the prior written consent of Mortgagee.

( ) Mortgagee shall not be obligated to perform or discharge any obligation of Mortgagor under
any Lease. The assignment of Leases provided for in this Mortgage in no manner places on Mortgagee
any responsibility for (i) the control, care, management or repair of the Property, (ii) the
carrying out of any of the terms and conditions of the Leases, (iii) any waste committed on the
Property, or (iv) any dangerous or defective condition on the Property (whether known or unknown).

( ) No approval of any Lease by Mortgagee shall be for any purpose other than to protect
Mortgagee’s security and to preserve Mortgagee’s rights under the Loan Documents, and no such
approval shall result in a waiver of a Default or Event of Default.

Article V

Negative Covenants

Section 1.0 Encumbrances.

Mortgagor will not permit any of the Property to become subject to any Encumbrance other than
the Permitted Encumbrances. Within thirty (30) days after the filing of any mechanic’s lien or
other Lien or Encumbrance against the Property, Mortgagor will promptly discharge the same by
payment or filing a bond or otherwise as permitted by Law. So long as Mortgagee’s security has
been protected by the filing of a bond or otherwise in a manner satisfactory to Mortgagee in its
sole and absolute discretion, Mortgagor shall have the right to contest in good faith any Claim,
Lien or Encumbrance, provided that Mortgagor does so diligently and without prejudice to Mortgagee
or delay in completing construction of the Improvements. Mortgagor shall give Mortgagee Notice of
any default under any Lien and Notice of any foreclosure or threat of foreclosure with respect to
any of the Property.

Section 2.0 Transfer of the Property.

Mortgagor will not Transfer, or contract to Transfer, all or any part of the Property or any
legal or beneficial interest therein (except for certain Transfers of the Accessories expressly
permitted in this Mortgage). The Transfer of more than 10% of the membership interests in
Mortgagor (whether in one or more transactions during the term of the Loans) shall be deemed to be
a prohibited Transfer of the Property. Notwithstanding the foregoing, no transfer of shares of
stock in NNN Healthcare/Office REIT, Inc. shall be prohibited or shall constitute a Default or
Event of Default under this Mortgage.

Section 3.0 Removal, Demolition or Alteration of Accessories and Improvements.

Except to the extent permitted by the following sentence, no Improvements or Accessories shall
be removed, demolished or materially altered without the prior written consent of Mortgagee.
Mortgagor may remove and dispose of, free from the Lien of this Mortgage, such Accessories as from
time to time become worn out or obsolete, provided that, either (a) Borrower reasonably determines
that such Accessories are not necessary for the proper ownership or operation of the Property,
(b) at the time of, or prior to, such removal, any such Accessories are replaced with other
Accessories which are free from Liens other than Permitted Encumbrances and have a value at least
equal to that of the replaced Accessories (and by such removal and replacement Mortgagor shall be
deemed to have subjected such replacement Accessories to the Lien of this Mortgage), or (c) so long
as a prepayment may be made without the imposition of any premium pursuant to the Note, such
Accessories are sold at fair market value for cash and the net cash proceeds received from such
disposition are paid over promptly to Mortgagee to be applied to the prepayment of the principal of
the Loan.

Section 4.0 Additional Improvements.

Mortgagor will not construct any Improvements other than those presently on the Land and those
described in the Loan Agreement without the prior written consent of Mortgagee. Mortgagor will
complete and pay for, within a reasonable time, any Improvements which Mortgagor is permitted to
construct on the Land. Mortgagor will construct and erect any permitted Improvements (a) strictly
in accordance with all applicable Laws and any private restrictive covenants, (b) entirely on lots
or parcels of the Land, (c) so as not to encroach upon any easement or right-of-way or upon the
land of others, and (d) wholly within any building restriction and setback lines applicable to the
Land.

Section 5.0 Restrictive Covenants, Zoning, etc.

Without the prior written consent of Mortgagee, Mortgagor will not initiate, join in, or
consent to any change in, any restrictive covenant, easement, zoning ordinance, or other public or
private restrictions limiting or defining the uses which may be made of the Property. Mortgagor
(a) will promptly perform and observe, and cause to be performed and observed, all of the terms and
conditions of all agreements affecting the Property, and (b) will do or cause to be done all things
necessary to preserve intact and unimpaired any and all easements, appurtenances and other
interests and rights in favor of, or constituting any portion of, the Property.

Article VI

Events of Default

The occurrence or happening, from time to time, of any one or more of the following shall
constitute an Event of Default under this Mortgage:

Section 1.0 Payment Obligations.

Mortgagor fails to pay any of the Obligations when due, whether on the scheduled due date or
upon acceleration, maturity or otherwise, subject to applicable cure periods.

Section 2.0 Transfers.

Mortgagor Transfers, or contracts to Transfer, all or any part of the Property or any legal or
beneficial interest therein (except for Transfers of the Accessories expressly permitted under this
Mortgage). The Transfer of more than 10% of the membership interests in Mortgagor (whether in one
or more transactions during the term of the Loans) shall be deemed to be a prohibited Transfer of
the Property. Notwithstanding the foregoing, no transfer of shares of stock in NNN
Healthcare/Office REIT, Inc. shall be prohibited or shall constitute a Default or Event of Default
under this Mortgage.

Section 3.0 Other Obligations.

Mortgagor fails to promptly perform or comply with any of the Obligations set forth in this
Mortgage (other than those expressly described in other Sections of this Article VI), and
such failure continues uncured for a period of thirty (30) days after Notice from Mortgagee to
Mortgagor; provided, however, that if such default is susceptible of cure but such cure cannot be
accomplished with reasonable diligence within said period of time, and if Mortgagor commences to
cure such default promptly after receipt of notice thereof from Mortgagee, and thereafter
prosecutes the curing of such default with reasonable diligence, such period of time shall be
extended for such period of time as may be necessary to cure such default with reasonable
diligence, but not to exceed an additional sixty (60) days.

Section 4.0 Event of Default Under Other Loan Documents.

An Event of Default (as defined therein) occurs under the Note or the Loan Agreement, or
Borrower or Guarantor fails to promptly pay, perform, observe or comply with any obligation or
agreement contained in any of the other Loan Documents (within any applicable grace or cure
period).

Section 5.0 Default Under Other Lien Documents.

A default by Borrower occurs under any other mortgage, deed of trust or security agreement
covering the Property, including any Permitted Encumbrances.

Section 6.0 Execution; Attachment.

Any execution or attachment is levied against any of the Property, and such execution or
attachment is not set aside, discharged or stayed within sixty (60) days after the same is levied.

Article VII

Rights and Remedies

Upon the happening of and during the continuance of any Event of Default, Mortgagee shall have
the right, in addition to any other rights or remedies available to Mortgagee under any of the Loan
Documents or applicable Law, to exercise any one or more of the following rights, powers or
remedies:

Section 1.0 Acceleration.

Mortgagee may accelerate all Obligations under the Loan Documents (except as provided below)
whereupon such Obligations shall become immediately due and payable, without notice of default,
notice of acceleration or intention to accelerate, presentment or demand for payment, protest,
notice of protest, notice of nonpayment or dishonor, or notices or demands of any kind or character
(all of which are hereby waived by Mortgagor); provided that the foregoing provisions of this
Section 7.1 shall not be applicable to the Swap Contracts, and any acceleration of the obligations
thereunder or exercise of other remedies thereunder shall be governed by the terms of the Swap
Contracts.

Section 2.0 Foreclosure; Power of Sale.

Mortgagee shall have all of the rights and may exercise all of the powers set forth in
applicable Law of the State. Mortgagee may sell the Property in its entirety or in parcels, and by
one or by several sales, as deemed appropriate by Mortgagee in its sole and absolute discretion.
If Mortgagee chooses to have more than one foreclosure sale, Mortgagee may cause the foreclosure
sales to be held simultaneously or successively, on the same day, or on such different days and at
such different times as Mortgagee may elect. Before any foreclosure sale, Mortgagee shall give
such notice of default and election to sell as may be required by Law. After the lapse of such
time as may then be required by Law following the recordation of such notice of default, and notice
of sale having been given as then required by Law, Mortgagee shall sell the property being sold at
a public auction to be held at the time and place specified in the notice of sale. Mortgagee shall
have no obligation to make demand on Mortgagor before any foreclosure sale. From time to time in
accordance with then-applicable Law, Mortgagee may postpone any foreclosure sale by public
announcement at the time and place noticed for that sale. At any foreclosure sale, Mortgagee shall
sell to the highest bidder at public auction for cash in lawful money of the United States (or cash
equivalents acceptable to Mortgagee to the extent permitted by applicable Law), payable at the time
of sale. Mortgagee shall execute and deliver to the purchaser(s) a deed or deeds conveying the
property being sold without any covenant or warranty whatsoever, expressed or implied. The
recitals in any such deed of any matters of fact, including any facts bearing upon the regularity
or validity of any foreclosure sale, shall be conclusive proof of their truthfulness. Any such
deed shall be conclusive against all Persons as to the facts recited therein. Any Person,
including Mortgagee, may purchase at such sale, and any bid by Mortgagee may be, in whole or in
part, in the form of cancellation of all or any part of the Obligations.

Section 3.0 Judicial Action.

Mortgagee shall have the right to bring an action in any court of competent jurisdiction for
foreclosure of this Mortgage and a deficiency judgment as provided by Law, or for specific
enforcement of any of the covenants or agreements of this Mortgage.

Section 4.0 Collection of Rents.

Upon the occurrence of an Event of Default, the license granted to Mortgagor to collect the
Rents shall be automatically and immediately revoked, without further notice to or demand upon
Mortgagor. Mortgagee may, but shall not be obligated to, perform any or all obligations of the
landlord under any or all of the Leases, and Mortgagee may, but shall not be obligated to, exercise
and enforce any or all of Mortgagor’s rights under the Leases. Without limiting the generality of
the foregoing, Mortgagee may notify the tenants under the Leases that all Rents are to be paid to
Mortgagee, and following such notice all Rents shall be paid directly to Mortgagee and not to
Mortgagor or any other Person other than as directed by Mortgagee, it being understood that a
demand by Mortgagee on any tenant under the Leases for the payment of Rent shall be sufficient to
warrant payment by such tenant of Rent to Mortgagee without the necessity of further consent by
Mortgagor. Mortgagor hereby irrevocably authorizes and directs the tenants under the Leases to pay
all Rents to Mortgagee instead of to Mortgagor, upon receipt of written notice from Mortgagee,
without the necessity of any inquiry of Mortgagor and without the necessity of determining the
existence or non-existence of an Event of Default. Mortgagor hereby appoints Mortgagee as
Mortgagor’s attorney-in-fact with full power of substitution, which appointment shall take effect
upon the occurrence of an Event of Default and is coupled with an interest and is irrevocable prior
to the full and final payment and performance of the Obligations, in Mortgagor’s name or in
Mortgagee’s name: (a) to endorse all checks and other instruments received in payment of Rents and
to deposit the same in any account selected by Mortgagee; (b) to give receipts and releases in
relation thereto; (c) to institute, prosecute and/or settle actions for the recovery of Rents;
(d) to modify the terms of any Leases including terms relating to the Rents payable thereunder;
(e) to cancel any Leases; (f) to enter into new Leases; and (g) to do all other acts and things
with respect to the Leases and Rents which Mortgagee may deem necessary or desirable to protect the
security for the Obligations. Any Rents received shall be applied first to pay all Expenses and
next in reduction of the other Obligations. Mortgagor shall pay, on demand, to Mortgagee, the
amount of any deficiency between (i) the Rents received by Mortgagee, and (ii) all Expenses
incurred together with interest thereon as provided in the Loan Agreement and the other Loan
Documents.

Section 5.0 Taking Possession or Control of the Property.

As a matter of right without regard to the adequacy of the security, and to the extent
permitted by Law without notice to Mortgagor, Mortgagee shall be entitled, upon application to a
court of competent jurisdiction, to the immediate appointment of a receiver for all or any part of
the Property and the Rents, whether such receivership may be incidental to a proposed sale of the
Property or otherwise, and Mortgagor hereby consents to the appointment of such a receiver and
agrees that such receiver shall have all of the rights and powers granted to Mortgagee pursuant to
Section 7.4. In addition, to the extent permitted by Law, and with or without the
appointment of a receiver, or an application therefor, Mortgagee may (a) enter upon, and take
possession of (and Mortgagor shall surrender actual possession of), the Property or any part
thereof, without notice to Mortgagor and without bringing any legal action or proceeding, or, if
necessary by force, legal proceedings, ejectment or otherwise, and (b) remove and exclude Mortgagor
and its agents and employees therefrom.

Section 6.0 Management of the Property.

Upon obtaining possession of the Property or upon the appointment of a receiver as described
in Section 7.5, Mortgagee or the receiver, as the case may be, may, at its sole option,
(a) make all necessary or proper repairs and Additions to or upon the Property, (b) operate,
maintain, control, make secure and preserve the Property, and (c) complete the construction of any
unfinished Improvements on the Property and, in connection therewith, continue any and all
outstanding contracts for the erection and completion of such Improvements and make and enter into
any further contracts which may be necessary, either in their or its own name or in the name of
Mortgagor (the costs of completing such Improvements shall be Expenses secured by this Mortgage and
shall accrue interest as provided in the Loan Agreement and the other Loan Documents). Mortgagee
or such receiver shall be under no liability for, or by reason of, any such taking of possession,
entry, holding, removal, maintaining, operation or management, except for gross negligence or
willful misconduct. The exercise of the remedies provided in this Section shall not cure or waive
any Event of Default, and the enforcement of such remedies, once commenced, shall continue for so
long as Mortgagee shall elect, notwithstanding the fact that the exercise of such remedies may
have, for a time, cured the original Event of Default.

Section 7.0 Uniform Commercial Code.

Mortgagee may proceed under the Uniform Commercial Code as to all or any part of the
Personalty, and in conjunction therewith may exercise all of the rights, remedies and powers of a
secured creditor under the Uniform Commercial Code. Upon the occurrence of any Event of Default,
Mortgagor shall assemble all of the Accessories and make the same available within the
Improvements. Any notification required by the Uniform Commercial Code shall be deemed reasonably
and properly given if sent in accordance with the Notice provisions of this Mortgage at least
ten (10) days before any sale or other disposition of the Personalty. Disposition of the
Personalty shall be deemed commercially reasonable if made pursuant to a public sale advertised at
least twice in a newspaper of general circulation in the community where the Property is located.
It shall be deemed commercially reasonable for the Mortgagee to dispose of the Personalty without
giving any warranties as to the Personalty and specifically disclaiming all disposition warranties.
Alternatively, Mortgagee may choose to dispose of some or all of the Property, in any combination
consisting of both Personalty and Real Property, in one sale to be held in accordance with the Law
and procedures applicable to real property, as permitted by Article 9 of the Uniform Commercial
Code. Mortgagor agrees that such a sale of Personalty together with Real Property constitutes a
commercially reasonable sale of the Personalty.

Section 8.0 Application of Proceeds.

Unless otherwise provided by applicable Law, all proceeds from the sale of the Property or any
part thereof pursuant to the rights and remedies set forth in this Article VII and any
other proceeds received by Mortgagee from the exercise of any of its other rights and remedies
hereunder or under the other Loan Documents shall be applied first to pay all Expenses and next in
reduction of the other Obligations, in such manner and order as Mortgagee may elect.

Section 9.0 Other Remedies.

Mortgagee shall have the right from time to time to protect, exercise and enforce any legal or
equitable remedy against Mortgagor provided under the Loan Documents, any Swap Contracts with
Mortgagee (or its affiliate) or by applicable Laws.

Article VIII

Intentionally Omitted

Article IX

Miscellaneous

Section 1.0 Rights, Powers and Remedies Cumulative.

Each right, power and remedy of Mortgagee as provided for in this Mortgage, or in any of the
other Loan Documents or now or hereafter existing by Law, shall be cumulative and concurrent and
shall be in addition to every other right, power or remedy provided for in this Mortgage, or in any
of the other Loan Documents or now or hereafter existing by Law, and the exercise or beginning of
the exercise by Mortgagee of any one or more of such rights, powers or remedies shall not preclude
the simultaneous or later exercise by Mortgagee of any or all such other rights, powers or
remedies.

Section 2.0 No Waiver by Mortgagee.

No course of dealing or conduct by or among Mortgagee and Mortgagor shall be effective to
amend, modify or change any provisions of this Mortgage or the other Loan Documents. No failure or
delay by Mortgagee to insist upon the strict performance of any term, covenant or agreement of this
Mortgage or of any of the other Loan Documents, or to exercise any right, power or remedy
consequent upon a breach thereof, shall constitute a waiver of any such term, covenant or agreement
or of any such breach, or preclude Mortgagee from exercising any such right, power or remedy at any
later time or times. By accepting payment after the due date of any of the Obligations, Mortgagee
shall not be deemed to waive the right either to require prompt payment when due of all other
Obligations, or to declare an Event of Default for failure to make prompt payment of any such other
Obligations. Neither Mortgagor nor any other Person now or hereafter obligated for the payment of
the whole or any part of the Obligations shall be relieved of such liability by reason of (a) the
failure of Mortgagee to comply with any request of Mortgagor or of any other Person to take action
to foreclose this Mortgage or otherwise enforce any of the provisions of this Mortgage, or (b) any
agreement or stipulation between any subsequent owner or owners of the Property and Mortgagee, or
(c) Mortgagee’s extending the time of payment or modifying the terms of this Mortgage or any of the
other Loan Documents without first having obtained the consent of Mortgagor or such other Person.
Regardless of consideration, and without the necessity for any notice to or consent by the holder
of any subordinate Lien on the Property, Mortgagee may release any Person at any time liable for
any of the Obligations or any part of the security for the Obligations and may extend the time of
payment or otherwise modify the terms of this Mortgage or any of the other Loan Documents without
in any way impairing or affecting the Lien of this Mortgage or the priority of this Mortgage over
any subordinate Lien. The holder of any subordinate Lien shall have no right to terminate any
Lease regardless of whether or not such Lease is subordinate to this Mortgage. Mortgagee may
resort to the security or collateral described in this Mortgage or any of the other Loan Documents
in such order and manner as Mortgagee may elect in its sole discretion.

Section 3.0 Waivers and Agreements Regarding Remedies.

To the fullest extent Mortgagor may do so under applicable law, Mortgagor hereby:

( ) agrees that it will not at any time plead, claim or take advantage of any Laws now or
hereafter in force providing for any appraisement, valuation, stay, extension or redemption, and
waives and releases all rights of redemption, valuation, appraisement, stay of execution, extension
and notice of election to accelerate the Obligations;

( ) waives all rights to a marshalling of the assets of Mortgagor, including the Property, or
to a sale in the inverse order of alienation in the event of a foreclosure of the Property, and
agrees not to assert any right under any Law pertaining to the marshalling of assets, the sale in
inverse order of alienation, the exemption of homestead, the administration of estates of
decedents, or other matters whatsoever to defeat, reduce or affect the right of Mortgagee under the
terms of this Mortgage to a sale of the Property without any prior or different resort for
collection, or the right of Mortgagee to the payment of the Obligations out of the proceeds of sale
of the Property in preference to every other claimant whatsoever;

( ) waives any right to bring or utilize any defense, counterclaim or setoff, other than one
which denies the existence or sufficiency of the facts upon which any foreclosure action is
grounded. If any defense, counterclaim or setoff, other than one permitted by the preceding
clause, is timely raised in a foreclosure action, such defense, counterclaim or setoff shall be
dismissed. If such defense, counterclaim or setoff is based on a Claim which could be tried in an
action for money damages, such Claim may be brought in a separate action which shall not thereafter
be consolidated with the foreclosure action. The bringing of such separate action for money
damages shall not be deemed to afford any grounds for staying the foreclosure action; and

( ) waives and relinquishes any and all rights and remedies which Mortgagor may have or be
able to assert by reason of the provisions of any Laws pertaining to the rights and remedies of
sureties.

Section 4.0 Successors and Assigns.

All of the grants, covenants, terms, provisions and conditions of this Mortgage shall run with
the Land and shall apply to and bind the successors and assigns of Mortgagor (including any
permitted subsequent owner of the Property), and inure to the benefit of Mortgagee, its successors.

Section 5.0 No Warranty by Mortgagee.

By inspecting the Property or by accepting or approving anything required to be observed,
performed or fulfilled by Mortgagor or to be given to Mortgagee pursuant to this Mortgage or any of
the other Loan Documents, Mortgagee shall not be deemed to have warranted or represented the
condition, sufficiency, legality, effectiveness or legal effect of the same, and such acceptance or
approval shall not constitute any warranty or representation with respect thereto by Mortgagee.

Section 6.0 Amendments.

This Mortgage may not be modified or amended except by an agreement in writing, signed by the
party against whom enforcement of the change is sought.

Section 7.0 Severability.

In the event any one or more of the provisions of this Mortgage or any of the other Loan
Documents shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part
or in any other respect, or in the event any one or more of the provisions of the Loan Documents
operates or would prospectively operate to invalidate this Mortgage or any of the other Loan
Documents, then and in either of those events, at the option of Mortgagee, such provision or
provisions only shall be deemed null and void and shall not affect the validity of the remaining
obligations, and the remaining provisions of the Loan Documents shall remain operative and in full
force and effect and shall in no way be affected, prejudiced or disturbed thereby.

Section 8.0 Notices.

All Notices required or which any party desires to give hereunder or under any other Loan
Document shall be in writing and, unless otherwise specifically provided in such other Loan
Document, shall be deemed sufficiently given or furnished if delivered by personal delivery, by
nationally recognized overnight courier service or by certified United States mail, postage
prepaid, addressed to the party to whom directed at the applicable address specified in the
Preamble to this Mortgage (unless changed by similar notice in writing given by the particular
party whose address is to be changed) or by facsimile. Any Notice shall be deemed to have been
given either at the time of personal delivery or, in the case of courier or mail, as of the date of
first attempted delivery at the address and in the manner provided herein, or, in the case of
facsimile, upon receipt; provided that service of a Notice required by any applicable statute shall
be considered complete when the requirements of that statute are met. Notwithstanding the
foregoing, no notice of change of address shall be effective except upon actual receipt. This
Section shall not be construed in any way to affect or impair any waiver of notice or demand
provided in this Mortgage or in any other Loan Document or to require giving of notice or demand to
or upon any Person in any situation or for any reason.

Section 9.0 Joint and Several Liability.

If Mortgagor consists of two (2) or more Persons, the term “Mortgagor” shall also refer to all
Persons signing this Mortgage as Mortgagor, and to each of them, and all of them are jointly and
severally bound, obligated and liable hereunder. Mortgagee may release, compromise, modify or
settle with any of Mortgagor, in whole or in part, without impairing, lessening or affecting the
obligations and liabilities of the others of Mortgagor hereunder or under the Note. Any of the
acts mentioned aforesaid may be done without the approval or consent of, or notice to, any of
Mortgagor.

Section 10.0 Rules of Construction.

The words “hereof,” “herein,” “hereunder,” “hereto,” and other words of similar import refer
to this Mortgage in its entirety. The terms “agree” and “agreements” mean and include “covenant”
and “covenants.” The words “include” and “including” shall be interpreted as if followed by the
words “without limitation.” The headings of this Mortgage are for convenience of reference only and
shall not be considered a part hereof and are not in any way intended to define, limit or enlarge
the terms hereof. All references (a) made in the neuter, masculine or feminine gender shall be
deemed to have been made in all such genders, (b) made in the singular or plural number shall be
deemed to have been made, respectively, in the plural or singular number as well, (c) to the Loan
Documents are to the same as extended, amended, restated, supplemented or otherwise modified from
time to time unless expressly indicated otherwise, (d) to the Land, Improvements, Personalty, Real
Property or Property shall mean all or any portion of each of the foregoing, respectively, and
(e) to Articles or Sections are to the respective Articles or Sections contained in this Mortgage
unless expressly indicated otherwise. Any term used or defined in the Uniform Commercial Code of
the State, as in effect from time to time, which is not defined in this Mortgage shall have the
meaning ascribed to that term in the Uniform Commercial Code of the State. If a term is defined in
Article 9 of the Uniform Commercial Code of the State differently than in another Article of the
Uniform Commercial Code of the State, the term shall have the meaning specified in Article 9.

Section 11.0 Governing Law.

This Mortgage shall be construed, governed and enforced in accordance with the Laws in effect
from time to time in the State (without regard to its conflicts of law principles).

Section 12.0 Entire Agreement.

The Loan Documents constitute the entire understanding and agreement between Mortgagor and
Mortgagee with respect to the transactions arising in connection with the Loan, and supersede all
prior written or oral understandings and agreements between Mortgagor and Mortgagee with respect to
the matters addressed in the Loan Documents. In particular, and without limitation, the terms of
any commitment by Mortgagee to make the Loan are merged into the Loan Documents. Except as
incorporated in writing into the Loan Documents, there are no representations, understandings,
stipulations, agreements or promises, oral or written, with respect to the matters addressed in the
Loan Documents.

Article X

Additional State Provisions

Section 1.0 Principles of Construction. In the event of any inconsistencies between
the terms and provisions of this Article 10 and the terms and provision of the other Sections and
Articles of this Mortgage, the terms and provisions of this Article 10 shall govern and control.

Section 2.0 Definitions (State Specific). Terms used in this Article 10 that are not
otherwise defined are given the same meaning as set forth in this Mortgage. The following terms
and references (for purposes of this Article 10 only) shall mean the following:

"Applicable Law” means statutory and case law in the State, including, but not by way
of limitation, Mortgages, Ind. Code 32-29-1-1 to 11-1, Mortgage Foreclosure
Actions, Ind. Code 32-30-10 et seq., Receiverships, Ind. Code 32-30-5 et seq., and the
Uniform Commercial Code — Secured Transactions, Ind. Code 26-1-9.1-1 et seq. (the
"UCC”), as amended, modified and/or recodified from time to time; provided, however, if by
reason of mandatory provisions of law, the perfection, the effect of perfection or nonperfection,
and the priority of a security interests in any Personalty are governed by the Uniform Commercial
Code as in effect in a jurisdiction other than the State, “UCC” shall mean the Uniform Commercial
Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to
perfection, effect of perfection or non-perfection, and the priority of the security interests in
any such Personalty.

"County” means the County in the State in which the Property is located.

"Secured Obligations” means the Obligations secured by this Mortgage and shall
include, without limitation, any judgment(s) or final decree(s) rendered to collect all
indebtedness and any other money obligations of Mortgagor to Mortgagee and/or to enforce the
performance or collection of all covenants, agreements, other obligations and liabilities of the
Mortgagor under this Mortgage, the Note, the Loan Agreement or any or all of the other Loan
Documents.

Section 3.0 Secured Obligations. Notwithstanding anything contained herein or in any
of the other Loan Documents to the contrary, Secured Obligations shall not include any
judgment(s) or final decree(s) rendered in another jurisdiction, which judgment(s) or final
decree(s) would be unenforceable by a State Court pursuant to Ind. Code 34-54-3-4. The obtaining
of any judgment by Mortgagee (other than a judgment foreclosing this Mortgage) and any levy of any
execution under any such judgment upon the Property shall not affect in any manner or to any extent
the lien of this Mortgage upon the Property or any part thereof, or any liens, powers, rights and
remedies of Mortgagee, but such liens, powers, rights and remedies shall continue unimpaired as
before until the judgment or levy is satisfied.

Section 4.0 Rights and Remedies under Applicable Law. Notwithstanding anything in
this Mortgage, the Note, the Loan Agreement or the other Loan Documents to the contrary, Mortgagee
shall be entitled to all rights and remedies that a mortgagee would have under Applicable Law. In
the event of any inconsistency between the provisions of this Mortgage and the provisions of
Applicable Law, the provisions of Applicable Law shall take precedence over the provisions of this
Mortgage, but shall not invalidate or render unenforceable any other provisions of this Mortgage
that can be construed in a manner consistent with Applicable Law. Conversely, if any provision of
this Mortgage shall grant to Mortgagee any rights or remedies upon default of the Mortgagor which
are more limited than the rights or remedies that would otherwise be vested in this Mortgage under
Applicable Law in the absence of said provision, Mortgagee shall be vested with the rights and
remedies granted under Applicable Law. Notwithstanding any provision in this Mortgage relating to
a power of sale or other provision for sale of the Property upon an Event of Default other than
under a judicial proceeding, any sale of the Property pursuant to this Mortgage will be made
through a judicial proceeding, except as otherwise may be permitted under the UCC.

Section 5.0 Unenforceable Remedies. To the extent Applicable Law limits: (i) the
availability of the exercise of any of the remedies set forth in this Mortgage, including without
limitation the remedies involving a power of sale on the part of Mortgagee and the right of
Mortgagee to exercise self-help in connection with the enforcement of the terms of this Mortgage,
or (ii) the enforcement of waivers and indemnities made by Mortgagor, such remedies, waivers, or
indemnities shall be exercisable or enforceable, any provisions in this Mortgage to the contrary
notwithstanding, if, and to the extent, permitted by the laws in force at the time of the exercise
of such remedies or the enforcement of such waivers or indemnities without regard to whether such
remedies, waivers or indemnities were enforceable at the time of the execution and delivery of this
Mortgage.

Section 6.0 Future Advances. Notwithstanding anything contained in this Mortgage or
the other Loan Documents to the contrary, this Mortgage shall secure: (i) a maximum principal
amount of $10,500,000, exclusive of any items described in (ii) below, including any additional
advances made from time to time after the date hereof pursuant to the Loan Documents whether made
as part of the obligations secured hereby, made at the option of the Mortgagee, made after a
reduction to a zero (0) or other balance, or made otherwise, (ii) all other amounts payable by
Mortgagor, or advanced by Mortgagee for the account, or on behalf, of Mortgagor, pursuant to this
Mortgage or the other Loan Documents, including amounts advanced with respect to the Property for
the payment of taxes, assessments, insurance premiums and other costs and impositions incurred for
the protection of the Property to the same extent as if the future obligations and advances were
made on the date of execution of this Mortgage; and (iii) future modifications, extensions, and
renewals of any Loan Documents or Secured Obligations secured by this Mortgage. Pursuant to Ind.
Code 32-29-1-10, the lien of this Mortgage with respect to any future advances, modifications,
extensions, and renewals referred to herein and made from time to time shall have the same priority
to which this Mortgage otherwise would be entitled as of the date this Mortgage is executed and
recorded without regard to the fact that any such future advance, modification, extension, or
renewal may occur after this Mortgage is executed. Notwithstanding anything to the contrary
contained herein or in the other Loan Documents, Mortgagor acknowledges and agrees that Mortgagee
is under no obligation to make any additional advances following the initial advance evidenced by
the Note.

Section 7.0 Incorporation by Reference. To the extent necessary to interpret this
Mortgage, the provisions of the Note, the Loan Agreement and the other Loan Documents are hereby
incorporated by reference into this Mortgage with the same effect as if set forth herein. In the
event that any such incorporated provisions of the Note, the Loan Agreement or the other Loan
Documents are inconsistent with the provisions hereof, the provisions of such Loan Documents shall
govern and control to the extent of the inconsistency; provided, however, the
provisions of this Article 10 shall govern and control in all circumstances, anything in this
Mortgage or the Loan Documents to the contrary notwithstanding. Notwithstanding anything
contained in this Mortgage and the other Loan Documents to the contrary, the creation, validity,
perfection, priority and enforceability of the lien and security interest created by this Mortgage,
all warranties of title contained herein with respect to the Property and all provisions hereof
relating to the realization of the security covered hereby with respect to the Property shall be
governed by Applicable Law.

Section 8.0 Disclosure Law. Mortgagor represents and warrants that it has complied,
and will comply, with the Indiana Responsible Property Transfer Law, Indiana Code § 13-25-3-1 et
seq. (the “Disclosure Law”), by (A) the completion and delivery to the Mortgagee of a
disclosure document in the form required by the Disclosure Law (the “Disclosure Document”),
(B) the timely recording in the Office of the Recorder of the County in which the Property is
located of a Disclosure Document, and (C) the timely filing in the Office of the Indiana Department
of Environmental Management, of the Disclosure Document; or Mortgagor has determined after diligent
investigation that the Property does not constitute “property” under the Disclosure Law and
therefore delivery, filing and recording of a Disclosure Document is not required.

Section 9.0 Environmental Liens. Neither Mortgagor nor, to the best of Mortgagor’s
knowledge, after diligent inquiry and investigation, any tenant of the Property has received a
notice of intention to hold a lien as may be imposed under Ind. Code 13-25-4-2, et
seq.

Section 10.0 Fixture Filing. Part of the Property is or may become fixtures as such
term is defined in Ind. Code 26-1-9.1-102(41). It is intended that as to such fixtures, this
Mortgage shall be effective as a continuously perfected financing statement filed pursuant to Ind.
Code 26-1-9.1-515 as a fixture filing from the date of the filing of this Mortgage for record with
the Recorder of the County in which the Property is located. In order to satisfy Ind. Code
26-1-9.1-502(a) and Ind. Code 26-1-9.1-502(b), the information required to be set forth in an UCC
financing statement is set forth in Appendix A attached hereto and made a part hereof.
Mortgagor hereby acknowledges receipt of a copy of this Mortgage in compliance with Mortgagee’s
obligation to deliver a copy of the fixture filing to Mortgagor pursuant to Section 9.1-502(f) of
the UCC. A copy, photographic, or other reproduction of this Mortgage and/or any financing
statement relating thereto shall be sufficient for filing and/or recording as a financing
statement. The filing of any other financing statement relating to any personal property rights or
interests described herein shall not be construed to diminish any right or priority hereunder.

Section 11.0 Subrogation; Waiver. If any of the proceeds of the Note are utilized to
pay off outstanding liens against all or any part of the Property, Mortgagee shall be subrogated to
any and all rights, superior titles, liens and equities owned or claimed by any owner or holder of
any such outstanding liens and debts, however remote, regardless of whether said liens or debts are
acquired by Mortgagee by assignment, or are released by the holder thereof upon payment.
Mortgagor, any guarantors and any endorsers hereof or of the Note jointly and severally waive
absolutely and unconditionally any and all rights of subrogation to the rights of Mortgagee
hereunder or under any of the Loan Documents.

Section 12.0 UCC Remedies. It is the intention of the parties hereto that this
Mortgage shall constitute a security agreement within the meaning of Applicable Law. If an Event
of Default shall occur and be continuing under this Mortgage, then in addition to having any other
right or remedy available at law or in equity, Mortgagee shall have the option pursuant to
Applicable Law of either (i) proceeding under Applicable Law and exercising such rights and
remedies as may be provided to a secured party by Applicable Law with respect to all or any portion
of the personal property that is not real property (including, without limitation, taking
possession of and selling such personal property) or (ii) treating such collateral as real property
and proceeding with respect to both the real and collateral constituting the Property in accordance
with Mortgagee’s rights, powers and remedies with respect to the real property under Applicable Law
(in which event the default provisions of the UCC shall not apply). Mortgagee may exercise any or
all of the remedies available to a secured party under the UCC. Upon request or demand of
Mortgagee after the occurrence and during the continuance of an Event of Default, Mortgagor shall,
at its expense, assemble the collateral and make it available to Mortgagee at the Land if tangible
property, and if not, at a place designated by Mortgagee which is reasonably convenient to both
Mortgagee and Mortgagor. Any notice of sale, disposition or other intended action by Mortgagee
with respect to the collateral sent to Mortgagor in accordance with the provisions of this Mortgage
at least ten (10) days prior to such action, shall, except as otherwise provided by Applicable Law,
constitute reasonable notice to Mortgagor.

Section 13.0 No Waiver of Right to Seek Deficiency. Anything contained in Ind. Code.
32-29-7-5 to the contrary notwithstanding, no waiver made by Mortgagor in this Mortgage, the Note,
the Loan Agreement or in any of the other Loan Documents shall constitute the consideration for or
be deemed to be a waiver or release by Mortgagee or any judgment holder of the Secured Obligations
of the right to seek a deficiency judgment against the Mortgagor or any other person or entity who
may be personally liable for the Secured Obligations, which right to seek a deficiency judgment is
hereby reserved, preserved and retained by Mortgagee for its own behalf and its successors and
assigns.

Section 14.0 Application of Proceeds of Foreclosure Sale. The proceeds of any
foreclosure sale of the Property shall be distributed and applied pursuant to this Mortgage and the
other Loan Documents, to the fullest extent permitted by Applicable Law.

Section 15.0 Additional Provision Regarding Foreclosure. With respect to any
foreclosure sale of all or any of the Property, Mortgage agrees that (a) there is an irrebuttable
presumption that the foreclosure sale price is equal to the fair market value of the Property sold
for purposes of calculating any deficiencies owed by Mortgagor, guarantors and others against whom
recovery of a deficiency is sought, regardless of whether the purchaser at the foreclosure sale is
the Mortgagee or any other person; and (b) in the event that the foregoing presumption shall not be
applied for any reason, and the value of the Property is determined by a court of competent
jurisdiction for purposes of calculating any deficiencies owed by Mortgagor, guarantors and others
against whom recovery of a deficiency may be sought, the following shall be considered competent
evidence for the finder of fact’s determination of the fair market value of the Property as of the
date of the foreclosure sale: (i) the Property shall be valued in an “as is” condition as of the
date of the foreclosure sale, without any assumption or expectation that the Property will be
repaired or improved in any manner before a resale of the Property after foreclosure; (ii) the
valuation shall be based upon an assumption that the foreclosure purchaser desires a prompt resale
of the Property for cash promptly (but no later than twelve months) following the foreclosure sale;
(iii) all expenses to be incurred when Mortgagee or other purchaser resells the Property, including
reasonable closing costs customarily borne by the seller in a commercial real estate transaction,
should be added to the Expenses, including, without limitation, brokerage commissions, expenses of
title insurance, survey, an environmental assessment and any necessary or appropriate testing and
remediation of the Property, tax prorations, attorneys’ fees, and marketing costs; (iv) the gross
fair market value of the Property shall be further discounted for any estimated holding costs
associated with maintaining the Real Property pending sale, including, without limitation,
utilities expenses, property management fees, taxes and assessments (to the extent not accounted
for in subsection (iii) above), and other maintenance expenses; and (v) any expert opinion
testimony given or considered in connection with a determination of the fair market value of the
Property must be given by persons having at least five years’ experience in appraising improved
property in the vicinity where the Property is located and being actively engaged therein at the
time of such testimony.

Section 16.0 Purchase by Mortgagee. Upon any foreclosure sale or sales of all or any
portion of the Property under this Mortgage and Applicable Law, Mortgagee may bid for and purchase
the Property and shall be entitled to apply all or any part of the Secured Obligations as a credit
to the purchase price.

Section 17.0 Consent To Receiver and No Mortgagee-In-Possession. Subject to the terms
and provisions of this Mortgage, any receiver, when duly appointed pursuant to Ind. Code
32-30-5-1(4)(C), shall have all of the powers and duties of receivers pursuant to Applicable Law;
provided, however, no appointment of a receiver for the Property by any court at the request of
Mortgagee or by agreement with the Mortgagor, or the entering into possession of any part of the
Property by such receiver, shall be deemed to make Mortgagee a “mortgagee-in-possession” or
otherwise responsible or liable in any manner with respect to the Property or the use, occupancy,
enjoyment or operation of all or any portion thereof.

Section 18.0 Reimbursable Costs. All costs incurred by Mortgagee pursuant to this
Mortgage, to the extent reimbursable under Applicable Law, whether or not enumerated in this
Mortgage or the other Loan Documents (“Reimbursable Costs”), shall be added to the Secured
Obligations or by the judgment of foreclosure, which Reimbursable Costs may include, without
limitation, all costs and expenses which may be paid or incurred by or on behalf of Mortgagee in
any proceeding to enforce this Mortgage or foreclose upon the Property, all expenses of any
environmental site assessments, environmental audits, environmental remediation costs, appraisals,
surveys, engineering studies, wetlands delineations, flood plain studies, and any other similar
testing or investigation deemed necessary or advisable by Mortgagee incurred in preparation for,
contemplation of or in connection with the enforcement of this Mortgage and/or the collection of
the Obligations and for attorneys’ fees, appraiser’s fees, receiver’s costs and expenses,
insurance, taxes, outlays for documentary and expert evidence, expenses and costs for preservation
of the Property, stenographer’s charges, publication costs and costs of procuring all abstracts of
title, title searches and examination, guarantee policies, and similar data and assurances with
respect to title as may deem to be reasonably necessary either to prosecute such suit or to
evidence to bidders at any foreclosure sale which may be had pursuant to such decree the true
condition of the title to or value of the Property or for any other reasonable purpose. The amount
of any such Reimbursable Costs which may be paid or incurred after the decree or judgment for sale
is entered may be estimated and the amount of such estimate may be allowed and included as
additional indebtedness secured hereby in the foreclosure judgment or decree for or sale. The
phrases “attorneys fees”, “legal fees” and counsel fees” when used herein or in the other Loan
Documents shall include any and all attorneys’, paralegals’ and law clerks’ fees and disbursements,
including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels
incurred or paid by Mortgagee in protecting its interest in the Property, or any part thereof and
enforcing its rights hereunder.

Section 19.0 Security Interest – Rents. Without limiting the scope of the assignment
of Rents contained in this Mortgage, the assignment of Rents set forth herein shall constitute an
assignment of rents as set forth in Ind. Code 32-21-4-2 and thereby creates, and Mortgagor hereby
grants to Mortgagee, a security interest in the Rents that will be perfected upon the recording of
this Mortgage.

Section 20.0 Consolidation of Actions. If Mortgagee brings an action in the State to
recover judgment under the Note, the Loan Agreement or any of the other Loan Documents and during
the pendancy of such action brings a separate action in the State under this Mortgage, such actions
shall be consolidated if and to the extent required pursuant to Ind. Code 32-30-10-10.

Section 21.0 Trade Name. Mortgagor warrants that Mortgagor does business under no
other names with respect to this Mortgage and the Property. Mortgagor shall immediately notify
Mortgagee in writing of any change in the name of and the use of any trade names by Mortgagor and,
upon request of Mortgagee, shall execute any additional financing statements and other certificates
required to reflect any change in name or trade names and shall execute and file any assumed name
certificate required by applicable laws including, without limitation, Ind. Code 23-15-1-1.

Section 22.0 Satisfaction or Release. Notwithstanding any release or satisfaction of
this Mortgage pursuant to the terms and conditions hereof, any of the terms and provisions of this
Mortgage that are intended to survive, shall nevertheless survive, to the extent permitted by
Applicable Law, the release or satisfaction of this Mortgage whether voluntarily granted by
Mortgagee, as a result of a judgment upon judicial foreclosure of this Mortgage or in the event a
deed in lieu of foreclosure is granted by Mortgagor to Mortgagee.

Section 23.0 Perfection. Mortgagee’s interest hereunder shall be perfected no later
than the date and time of recording, pursuant to Ind. Code 32-21-4-2 and enforceable, among other
things, in accordance with Ind. Code. 32-29-1-11.

Section 24.0 Additional Waiver. Mortgagor expressly waives and relinquishes any and
all rights and remedies which Mortgagor may have or be able to assert by reason of the laws of the
State pertaining to the rights and remedies of sureties. Each of the Obligations is payable
without relief from valuation and appraisement laws, and Mortgagor expressly waives and
relinquishes any and all rights which Mortgagor may have or be able to assert by Applicable Law
providing for any valuation or appraisement before sale of any portion of the Property.

Section 25.0 After Acquired Property. If, after the date of this Mortgage, Mortgagor
acquires any property located on and used in connection with the Property and that by the terms of
this Mortgage is required or intended to be encumbered by this Mortgage, the property shall become
subject to the lien and security interest of this Mortgage immediately upon its acquisition by
Borrower and without any further mortgage, conveyance, assignment or transfer. Nevertheless, upon
Mortgagee’s request at any time Mortgagor will execute, acknowledge and deliver any additional
instruments and assurances of title and will do or cause to be done anything further that is
reasonably necessary for carrying out the intent of this Mortgage.

Section 26.0 No Joint Venture. Nothing contained in this Mortgage or any other Loan
Document is intended to create a partnership, joint venture, or association between Mortgagor and
Mortgagee, or in any way make Mortgagee a co-principal with Mortgagor with reference to the
Property, and any inferences to the contrary are hereby expressly waived.

Section 27.0 Indemnification Notice. IT IS EXPRESSLY AGREED AND UNDERSTOOD BY
MORTGAGOR THAT THIS MORTGAGE AND THE OTHER LOAN DOCUMENTS MAY INCLUDE INDEMNIFICATION PROVISIONS
WHICH, IN CERTAIN CIRCUMSTANCES, INCLUDE AN INDEMNIFICATION BY MORTGAGOR OF MORTGAGEE FROM CLAIMS
OR LOSSES ARISING AS A RESULT OF MORTGAGEE’S OWN OR SOLE NEGLIGENCE AND SUCH INDMENIFICATION
PROVISIONS SHALL SURVIVE THE SATISFACTION OR RELEASE OF THIS MORTGAGE.

2

IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be executed as of the day and
year first written above.

	 
	MORTGAGOR:

	NNN HEALTHCARE/OFFICE REIT MARKET EXCHANGE, LLC, a Delaware limited liability

company

By: /s/ Shannon K S Johnson

Printed Name: Shannon K S Johnson

Title: Authorized Signatory

	 	 	 	 	 
	STATE OF California )

	 	 	 
	COUNTY OF Orange	 	)

On November 30, 2007, before me, Monica Chavez, a Notary Public, personally appeared Shannon K
S Johnson, personally known to me to be the person whose name is subscribed to the within
instrument and acknowledged to me that she executed the same in her authorized capacity, and that
by her signature on the instrument the person, or the entity upon behalf of which the person acted,
executed the instrument.

WITNESS my hand and official seal.

Signature /s/ Monica Chavez

Printed Name Monica Chavez

Resident of Orange County, California

My Commission Expires: August 21, 2011

[Seal] Monica Chavez

[Seal] Commission # 1762879

[Seal] Notary Public – California

[Seal] Orange County

[Seal] My Comm. Expires Aug. 21, 2011

Upon recording return to:

Sheppard, Mullin, Richter & Hampton llp

Attn: Kenneth D. Fox

650 Town Center Drive, Fourth Floor

Costa Mesa, CA 92626

This instrument was prepared by Kenneth D. Fox.

I affirm, under the penalties for perjury, that I have taken reasonable care to redact each Social
Security number in this document, unless required by law. Kenneth D. Fox

3EX-10.4

REPAYMENT GUARANTY

THIS REPAYMENT GUARANTY (this “Guaranty”) is made as of December 5, 2007, by NNN
HEALTHCARE/OFFICE REIT, INC., a Maryland corporation (“Guarantor”) in favor of WACHOVIA
FINANCIAL SERVICES, INC., a North Carolina corporation (“Lender”).

1. Except as otherwise provided in this Guaranty, initially capitalized terms used in this
Guaranty without definition are defined in that certain Loan Agreement of even date herewith by and
between NNN Healthcare/Office REIT Kokomo Medical Office Park, LLC, a Delaware limited liability
company (“Borrower”) and Lender (the “Loan Agreement”).

2. In order to induce Lender to extend to Borrower a loan (whether acting on behalf of itself
or any estate created by the commencement of a case under Title 11 United States Code or any
successor statute thereto (the “Bankruptcy Code”) or any other insolvency, bankruptcy,
reorganization or liquidation proceeding, or by any trustee under the Bankruptcy Code, liquidator,
sequestrator or receiver of Borrower or Borrower’s property or similar Person duly appointed
pursuant to any law generally governing any insolvency, bankruptcy, reorganization, liquidation,
receivership or like proceeding) in the sum of $8,300,000.00 (the “Loan”), evidenced by a
secured promissory note (“Note”), in the aggregate principal amount of $8,300,000.00, each
now or hereafter executed by Borrower and payable to the order of Lender, Guarantor hereby
unconditionally and irrevocably guarantees to Lender and to its successors, endorsees and/or
assigns, the full and prompt payment of (a) the principal sum of the Note in accordance with its
terms when due, by acceleration or otherwise, together with all interest accrued thereon, when due
under the terms of the Note, and any and all other sums of money that become owing by Borrower to
Lender under the Note, Loan Agreement or any other “Loan Document” as such term is defined in the
Loan Agreement (which Note, Loan Agreement and other “Loan Documents” are also collectively
referred to herein as the “Loan Documents”) and (b) any and all sums owing under any “Swap
Contract” as such term is defined in the Loan Agreement (“Swap Contract”). The obligations
guaranteed pursuant to this Section 2 are hereinafter referred to as the “Guaranteed
Obligations.”

Notwithstanding the foregoing, Guarantor’s obligations hereunder shall in no event exceed an
amount equal to $2,075,000.00 of the principal amount of the Loan outstanding on the date the Notes
become due and payable in full, whether at maturity or by acceleration or otherwise (the
"Guaranteed Principal Amount”), plus 100% of (a) all interest owing on the Loan;
(b) attorneys’ fees and collection costs and all other sums other than principal owing on the Loan;
and (c) any deficiency, loss or damage actually suffered by Lender because of: (1) Borrower’s
commission of a criminal act; (2) the failure to comply with provisions of the Loan Documents
prohibiting the sale, transfer or encumbrance of the Project; (3) the misapplication by Borrower of
any funds derived from the Project, including security deposits, insurance proceeds, condemnation
awards, rental income or other income arising with respect to the Project; (4) Borrower’s
commission of waste; (5) Borrower’s removal of collateral from the Project without replacement,
(6) Borrower’s violation of law; (7) failure to pay real property taxes, assessments or other
charges which would create liens on any portion of the Project; (8) losses, expense or liability
relating to the presence of hazardous or toxic materials on the Project; (9) the fraud or
intentional misrepresentation by Borrower made in or in connection with the Loan Documents or the
Loan; (10) Borrower’s voluntary filing of any proceeding for relief under any federal or state
bankruptcy, insolvency or receivership laws or any assignment for the benefit of creditors made by
Borrower not dismissed within 180 days; (11) any involuntary filing against Borrower of any
proceeding for relief under any federal or state bankruptcy, insolvency or receivership laws or any
assignment for the benefit of creditors, but only if such involuntary filing was made by Borrower
or an Affiliate of Borrower, or at the instigation or in collusion or acquiescence with Borrower or
an Affiliate of Borrower; (12) Borrower’s interference with Lender’s enforcement proceedings (other
than in good faith by reason of a legitimate defense); (13) Borrower’s failure to maintain required
insurance; (14) Borrower’s collection of rent more than one month in advance; (15) any amount owing
to Lender under indemnity provisions that relate to liabilities to third parties resulting from
acts or omissions of Borrower, contractors or such other third parties with whom Borrower has
dealt, and/or from the ownership, occupancy or use of the Project; or (16) any amounts necessary to
ensure lien-free completion of any tenant improvements which Borrower is obligated to construct
under any leases. Guarantor’s obligations shall not be affected, impaired, lessened or released by
loans, credits or other financial accommodations now existing or hereafter advanced by Lender to
Borrower in excess of the Guaranteed Principal Amount. In no event shall the Guaranteed Principal
Amount be reduced as a result of (a) Lender’s foreclosure or acceptance of a deed in lieu of
foreclosure with respect to any collateral securing the Loan, or (b) Guarantor’s payment of the
Loan or any portion thereof prior to the date when the entire Loan becomes due and payable in full,
whether at maturity or by acceleration or otherwise. The agreement of Lender to the foregoing
limitation on Guarantor’s liability shall in no way be deemed to limit or restrict the right of
Lender to apply any sums paid by Guarantor to any portion of the Loan.

The indebtedness guaranteed by Guarantor hereunder shall be deemed to be the last indebtedness
which remains outstanding under the Loan Documents after the application of payments received from
Borrower and the application of proceeds received from the foreclosure of the Mortgage and other
liquidation of any collateral for the Loan (subject to the above limitations on the maximum amount
of principal indebtedness guaranteed hereby), and Guarantor may not claim or contend so long as any
such indebtedness remains outstanding that any payments received by Lender from Borrower or
otherwise, or proceeds received by Lender on the liquidation of the Project, shall have reduced or
discharged Guarantor’s liability or obligations hereunder. Nothing contained in this paragraph
shall be deemed to (i) limit or otherwise impair any of the waivers or agreements of Guarantor
contained in this Guaranty or (ii) require Lender to proceed against Borrower, any collateral or
any other Guarantor before proceeding against any particular Guarantor (any such requirement having
been specifically waived).

3.

(a) Guarantor waives any and all rights of subrogation, reimbursement, indemnification and
contribution, and any other rights and defenses that are or may become available to Guarantor,
including, without limitation, any and all rights or defenses Guarantor may have by reason of
protection afforded to the principal with respect to any of the Guaranteed Obligations or to any
other guarantor of any of the Guaranteed Obligations with respect to such guarantor’s obligations
under its guaranty, in either case, pursuant to the antideficiency or other laws of this state
limiting or discharging the principal’s indebtedness or such other guarantor’s obligations; and

(b) Guarantor waives all rights and defenses that Guarantor may have because Borrower’s debt
is secured by real property. This means, among other things:

(i) Lender may collect from Guarantor without first foreclosing on any real or personal
property collateral pledged by Borrower;

(ii) If Lender forecloses on any real property collateral pledged by Borrower:

(A) The amount of the debt may be reduced only by the price for which that
collateral is sold at the foreclosure sale, even if the collateral is worth more
than the sale price;

(B) Lender may collect from Guarantor even if the Lender, by foreclosing on the
real property collateral, has destroyed any right Guarantor may have to collect from
Borrower.

This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may
have because Borrower’s debt is secured by real property; and

(c) Guarantor waives all rights and defenses arising out of an election of remedies by Lender,
even though that election of remedies, such as a nonjudicial foreclosure with respect to security
for the Guaranteed Obligations, has destroyed Guarantor’s rights of subrogation and reimbursement
against Borrower, and even though that election of remedies by Lender has destroyed Guarantor’s
rights of contribution against another guarantor of any of the Guaranteed Obligations.

No other provision of this Guaranty shall be construed as limiting the generality of any of the
covenants and waivers set forth in this Section 3.

4. Guarantor represents and warrants to Lender that Guarantor has a financial interest in
Borrower or is otherwise affiliated with Borrower. In that regard, Guarantor agrees that Lender’s
agreement to make the Loan to Borrower is of substantial and material benefit to Guarantor and
further agrees as follows:

(a) Guarantor shall continue to be liable under this Guaranty and the provisions hereof will
remain in full force and effect notwithstanding (i) any modification, agreement or stipulation
between Borrower and Lender or their respective successors and assigns, with respect to the Loan
Documents or the Swap Contracts or the obligations encompassed thereby, including, without
limitation, the Guaranteed Obligations, (ii) Lender’s waiver of or failure to enforce any of the
terms, covenants or conditions contained in the Loan Documents or the Swap Contracts or in any
modification thereof, (iii) any discharge or release of Borrower or any other guarantor from any
liability with respect to the Guaranteed Obligations, (iv) any discharge, release, exchange or
subordination of any real or personal property then held by Lender as security for the performance
of the Guaranteed Obligations, (v) any additional security taken for the Guaranteed Obligations,
whether real or personal property, (vi) any foreclosure or other realization on any security for
the Guaranteed Obligations, regardless of the effect upon Guarantor’s subrogation, contribution or
reimbursement rights against Borrower or any other guarantor, (vii) any additional loans or
financial accommodations to Borrower or (viii) the manner or order by which payments are applied to
principal, interest or other obligations under the Loan Documents and the Swap Contracts. Without
limiting the generality of the foregoing, Guarantor hereby agrees that Guarantor’s liability shall
continue even if Lender alters any obligations under the Loan Documents or the Swap Contracts in
any respect or Lender’s remedies or rights against Borrower are in any way impaired or suspended
without Guarantor’s consent.

(b) Guarantor’s liability under this Guaranty shall continue until all sums due under the Note
have been paid in full and until all Guaranteed Obligations to Lender have been satisfied, and
shall not be reduced by virtue of any payment by Borrower of any amount due under the Note or under
any of the Loan Documents or Swap Contracts or Lender’s recourse to any collateral or security.

(c) Guarantor represents and warrants to Lender that Guarantor now has and will continue to
have full and complete access to any and all information concerning the transactions contemplated
by the Loan Documents or Swap Contracts or referred to therein, the value of the assets owned or to
be acquired by Borrower, Borrower’s financial status and its ability to pay and perform the
Guaranteed Obligations owed to Lender. Guarantor further represents and warrants that Guarantor
has reviewed and approved copies of the Loan Documents and Swap Contracts and is fully informed of
the remedies Lender may pursue, with or without notice to Borrower, in the event of default under
the Note or other Loan Documents or Swap Contracts. So long as any of the Guaranteed Obligations
remains unsatisfied or owing to Lender, Guarantor shall keep fully informed as to all aspects of
Borrower’s financial condition and the performance of the Guaranteed Obligations.

(d) Guarantor acknowledges and agrees that Guarantor may be required to perform the Guaranteed
Obligations in accordance with the terms hereof notwithstanding the fact that the Loan has fully
matured, that the outstanding principal balance thereof is fully due and payable and that Borrower
is in default of its obligation to pay the full amount due under the Note on the maturity thereof.

5. The liability of Guarantor under this Guaranty is a guaranty of payment and performance and
not of collectibility, and is not conditioned or contingent upon the genuineness, validity,
regularity or enforceability of the Loan Documents, Swap Contracts or other instruments relating to
the creation or performance of the Guaranteed Obligations or the pursuit by Lender of any remedies
which any now has or may hereafter have with respect thereto under the Loan Documents or Swap
Contracts, at law, in equity or otherwise. Guarantor hereby agrees that Guarantor shall be liable
even if Borrower had no liability at the time of execution of any of the Loan Documents or Swap
Contracts or thereafter ceases to be liable, and Guarantor’s liability may be larger in amount and
more burdensome than that of Borrower. Guarantor’s liability hereunder shall not be limited or
affected in any way by any impairment or any diminution or loss of value of any security or
collateral for the Loan, whether caused by hazardous substances or otherwise, Lender’s failure to
perfect a security interest in such security or collateral or any disability or other defense of
Borrower or any other guarantor.

6. Guarantor hereby waives to the extent permitted by law: (i) all notices to Guarantor, to
Borrower, or to any other Person, including without limitation notices of the acceptance of this
Guaranty or the creation, renewal, extension, modification, accrual of any of the Guaranteed
Obligations owed to Lender, enforcement of any right or remedy with respect thereto and notice of
any other matters relating thereto; (ii) diligence and demand of payment, presentment, protest,
dishonor and notice of dishonor; (iii) any statute of limitations affecting Guarantor’s liability
hereunder or the enforcement thereof; and (iv) all principles or provisions of law which conflict
with the terms of this Guaranty. Guarantor further agrees that Lender may enforce this Guaranty
upon the occurrence of an event of default under the Note or the other Loan Documents or Swap
Contracts (as event of default is described therein), notwithstanding the existence of any dispute
between Borrower and Lender with respect to the existence of said event of default or performance
of the Guaranteed Obligations or any counterclaim, set-off or other claim which Borrower may allege
against Lender with respect thereto. Moreover, Guarantor agrees that Guarantor’s obligations shall
not be affected by any circumstances which constitute a legal or equitable discharge of a guarantor
or surety.

7. Guarantor agrees that Lender may enforce this Guaranty without the necessity of resorting
to or exhausting any security or collateral (including, without limitation, pursuant to a judicial
or nonjudicial foreclosure) and without the necessity of proceeding against Borrower or any other
guarantor. Guarantor hereby waives the right to require Lender to proceed against Borrower, to
proceed against any other guarantor, to foreclose any lien on any real or personal property, to
exercise any right or remedy under the Loan Documents and Swap Contracts, to draw upon any letter
of credit issued in connection herewith, or to pursue any other remedy or to enforce any other
right.

8. (a) Guarantor agrees that nothing contained herein shall prevent Lender from suing on the
Note or from exercising any rights available to it under the Note or under any of the other Loan
Documents or Swap Contracts and that the exercise of any of the aforesaid rights will not
constitute a legal or equitable discharge of Guarantor. Guarantor understands that the exercise by
Lender of certain rights and remedies contained in the Swap Contracts and Loan Documents (such as a
nonjudicial foreclosure) may affect or eliminate Guarantor’s right of subrogation against Borrower
and that Guarantor may therefore incur a partially or totally non-reimbursable liability hereunder;
nevertheless, Guarantor hereby authorizes and empowers Lender to exercise, in its sole discretion,
any rights and remedies, or any combination thereof, which may then be available to Lender, since
it is the intent and purpose of Guarantor that the obligations hereunder are absolute, independent
and unconditional under any and all circumstances. Guarantor expressly waives any defense (which
defense, if Guarantor had not given this waiver, Guarantor might otherwise have) to a judgment
against Guarantor by reason of a nonjudicial foreclosure sale. Notwithstanding any foreclosure of
the lien of any mortgage or security agreement with respect to any or all of the real or personal
property secured thereby, whether by the exercise of the power of sale contained therein, by an
action for judicial foreclosure or by an acceptance of a deed in lieu of foreclosure, Guarantor
shall remain bound under this Guaranty.

(b) Guarantor shall have no right of subrogation against Borrower or against any collateral or
security provided for in the Loan Documents or Swap Contracts and no right of reimbursement or
contribution against any other guarantor unless and until all Guaranteed Obligations have been
indefeasibly paid and satisfied in full, and Lender has released, transferred or disposed of all of
their rights, title and interest in any collateral or security. To the extent the waiver of
Guarantor’s rights of subrogation, reimbursement and contribution as set forth herein is found by a
court of competent jurisdiction to be void or voidable for any reason, Guarantor further agrees
that Guarantor’s rights of subrogation and reimbursement against Borrower and Guarantor’s rights of
subrogation against any collateral or security shall be junior and subordinate to any rights Lendes
may have against Borrower and to all rights, title and interest Lender may have in such collateral
or security, and Guarantor’s rights of contribution against any other guarantor shall be junior and
subordinate to any rights Lender may have against such other guarantor. Lender may use, sell or
dispose of any item of collateral or security as it sees fit without regard to Guarantor’s
subrogation and contribution rights, and upon disposition or sale of any item, Guarantor’s rights
with respect to such item will terminate. Guarantor understands that Guarantor may record a
Request for Notice of Default and thereby receive notice of any proposed foreclosure of any real
property collateral then securing the Guaranteed Obligations. With respect to the foreclosure of
any security interest in any personal property collateral then securing the Guaranteed Obligations,
Lender agrees to give Guarantor five (5) days’ prior written notice, in the manner set forth in
Section 11 hereof, of any sale or disposition of any such personal property collateral, other than
collateral which is perishable, threatens to decline speedily in value, is of a type customarily
sold on a recognized market, or is cash, cash equivalents, certificates of deposit or the like.

(c) Guarantor’s sole right with respect to any such foreclosure of real or personal property
collateral shall be to bid at such sale in accordance with applicable law. Guarantor acknowledges
and agrees that Lender may also bid at any such sale and in the event such collateral is sold to
Lender in whole or in partial satisfaction of the Guaranteed Obligations (or any portion thereof),
Guarantor shall have no further right or interest with respect thereto. Notwithstanding anything
to the contrary contained herein, no provision of this Guaranty shall be deemed to limit, decrease,
or in any way to diminish any rights of set-off Lender may have with respect to any cash, cash
equivalents, certificates of deposit, letters of credit or the like which may now or hereafter be
deposited with Lender by Borrower.

(d) To the extent any dispute exists at any time between or among Guarantor and any other
guarantor of the Guaranteed Obligations as to Guarantor’s or any other guarantor’s right to
contribution or otherwise, Guarantor agrees to indemnify, defend and hold Lender harmless from and
against any loss, damage, claim, demand, cost or any other liability (including, without
limitation, reasonable attorneys’ fees and costs) Lender may suffer as a result of such dispute.

(e) So long as any of the Guaranteed Obligations are owing to Lender, Guarantor shall not,
without the prior written consent of Lender, commence or join with any other party in commencing
any bankruptcy, reorganization or insolvency proceedings of or against Borrower. The obligations
of Guarantor under this Guaranty shall not be altered, limited or affected by any case, voluntary
or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or
arrangement of Borrower or by any defense which Borrower may have by reason of the order, decree or
decision of any court or administrative body resulting from any such case. Lender shall have the
sole right to accept or reject any plan on behalf of Guarantor proposed in such case and to take
any other action which Guarantor would be entitled to take, including, without limitation, the
decision to file or not file a claim. Guarantor acknowledges and agrees that any interest on the
Guaranteed Obligations which accrues after the commencement of any such proceeding (or, if interest
on any portion of the Guaranteed Obligations ceases to accrue by operation of law by reason of the
commencement of said proceeding, such interest as would have accrued on any such portion of the
Guaranteed Obligations if said proceedings had not been commenced) will be included in the
Guaranteed Obligations because it is the intention of the parties that the Guaranteed Obligations
should be determined without regard to any rule or law or order which may relieve Borrower of any
portion of such Guaranteed Obligations. Guarantor hereby permits any trustee in bankruptcy,
receiver, debtor in possession, assignee for the benefit of creditors or similar Person to pay
Lender, or allow the claim of Lender in respect of, any such interest accruing after the date on
which such proceeding is commenced. Guarantor hereby assigns to Lender Guarantor’s right to
receive any payments from any trustee in bankruptcy, receiver, debtor in possession, assignee for
the benefit of creditors or similar Person by way of dividend, adequate protection payment or
otherwise. If all or any portion of the Guaranteed Obligations are paid or performed by Borrower,
the obligations of Guarantor hereunder shall continue and remain in full force and effect in the
event that all or any part of such payment(s) or performance(s) is avoided or recovered directly or
indirectly from Lender as a preference, fraudulent transfer or otherwise in such case irrespective
of payment in full of all obligations under the Loan Documents and Swap Contracts.

9. (a) Guarantor represents and warrants that any financial statements, tax returns or other
documents of Guarantor heretofore delivered to Lender are true and correct in all material
respects. Such statements were prepared in accordance with generally accepted accounting
principles, consistently applied and fairly present the financial position of Guarantor as of the
date thereof. Guarantor further represents and warrants that no material adverse change has
occurred in Guarantor’s financial position since the date of such statements.

(b) Guarantor covenants and agrees to provide Lender with any and all financial information
required by Lender pursuant to the Loan Agreement. Guarantor further covenants and agrees to
immediately notify Lender of any material adverse change in Guarantor’s financial status.

10. All notices, requests and demands to be made hereunder to the parties hereto must be in
writing and given as provided in the notice provisions of the Loan Agreement (at the addresses set
forth below).

	 	 	 	 	 
	To Lender:
	 	Wachovia Financial Services, Inc.
	 
	 	Real Estate Financial Services
	 
	 	Mail Code: CA 6233
	 
	 	15750 Alton Parkway
	 
	 	Irvine, CA 92618
	 
	 	Attn:  Anne McNeil
	 
	 	Telephone: (949) 754-7034
	 
	 	Facsimile: (949) 754-4814
	To Guarantor:
	 	NNN Healthcare/Office REIT, Inc.
	 
	 	c/o Triple Net Properties, LLC
	 
	 	1551 N. Tustin Avenue, Suite 300
	 
	 	Santa Ana, California  92705
	 
	 	Attn:  Shannon Johnson
	 
	 	Telephone: (714) 667-8252
	 
	 	Facsimile: (714) 918-9138
	With a copy to:
	 	Cox, Castle & Nicholson LLP
	 
	 	2049 Century Park East, 28th Floor
	 
	 	Los Angeles, California 90067
	 
	 	Attention:  Kevin Kinigstein, Esq.
	 
	 	Telephone: (310) 284-2191
	 
	 	Facsimile: (310) 277-7889

11. Guarantor represents and warrants to Lender as follows:

(a) No consent of any other Person, including, without limitation, any creditors of Guarantor,
and no license, permit, approval or authorization of, exemption by, notice or report to, or
registration, filing or declaration with, any governmental authority is required by Guarantor in
connection with this Guaranty or the execution, delivery, performance, validity or enforceability
of this Guaranty and all obligations required hereunder. This Guaranty has been duly executed and
delivered by Guarantor, and constitutes the legally valid and binding obligation of Guarantor
enforceable against Guarantor in accordance with its terms.

(b) The execution, delivery and performance of this Guaranty will not violate any provision of
any existing law or regulation binding on Guarantor, or any order, judgment, award or decree of any
court, arbitrator or governmental authority binding on Guarantor, or of any mortgage, indenture,
lease, contract or other agreement, instrument or undertaking to which Guarantor is a party or by
which Guarantor or any of its assets may be bound, and will not result in, or require, the creation
or imposition of any lien on any of Guarantor’s property, assets or revenues pursuant to the
provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or
undertaking.

12. Guarantor’s performance of a portion, but not all, of the Guaranteed Obligations will in
no way limit, affect, modify or abridge Guarantor’s liability for that portion of the Guaranteed
Obligations that is not performed. Without in any way limiting the generality of the foregoing, in
the event that Lender is awarded a judgment in any suit brought to enforce Guarantor’s covenant to
perform a portion of the Guaranteed Obligation, such judgment will in no way be deemed to release
Guarantor from its covenant to perform any portion of the Guaranteed Obligation which is not the
subject of such suit.

13. Guarantor covenants and agrees to provide the financial information required for Guarantor
in Section 10.8 of the Loan Agreement.

14. Guarantor shall at all times maintain a combined net worth of at least Seventy-Five
Million Dollars ($75,000,000). As used herein, “net worth” shall mean an amount equal to the gross
fair market value of all of the applicable Guarantor’s assets (excluding any value for goodwill,
trademarks, patents, copyrights and other similar intangible items), less an amount equal to all of
such Guarantor’s liabilities (including guaranties and other contingent liabilities), all as
reasonably determined by Lender.

15. Guarantor shall at all times maintain combined unencumbered liquid assets equal to at
least Five Million Dollars ($5,000,000). “Liquid assets” means the following assets of Guarantor:
(i) Cash; (ii) certificates of deposit or time deposits with terms of six (6) months or less; (iii)
A–1/P–1 commercial paper with a term of three (3) months or less; (iv) U.S. treasury bills and
other obligations of the federal government, all with terms of six (6) months or less; (v) readily
marketable securities (excluding “margin stock” (within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System), restricted stock and stock subject to the provisions of
Rule 144 of the Securities and Exchange Commission); (vi) bankers’ acceptances issued for terms of
six (6) months or less by financial institutions; (vii) repurchase agreements with terms of six (6)
months or less covering U.S. government securities; (viii) unfunded capital commitments in
Guarantor; and (ix) the undrawn amounts under credit lines available for disbursement to Guarantor.

16. This Guaranty is solely for the benefit of Lender and is not intended to nor may it be
deemed to be for the benefit of any third party, including Borrower.

17. Guarantor represents and warrants to Lender as follows:

(a) Guarantor is a corporation duly formed, validly existing and in good standing under the
laws of the State of Maryland, has the power to own its assets and to transact the business in
which it is now engaged and is in good standing under the laws of each jurisdiction where its
ownership or lease of property or the conduct of its business requires such qualification.

(b) Guarantor has the power, authority and legal right to execute, deliver and perform this
Guaranty and all obligations required hereunder and has taken all necessary action to authorize its
execution, delivery and performance of this Guaranty and all obligations required hereunder. The
execution, delivery and performance of this Guaranty will not violate any of the formation or
governing documents of Guarantor or of any laws pursuant to which Guarantor has been formed.

18. Guarantor hereby grants Lender a security interest in any personal property of Borrower in
which Guarantor hereafter acquires any right, title or interest. Guarantor agrees that such
security interest is additional security for the obligations hereby guaranteed. Such security
interest is superior to any right of Guarantor in such personal property until all sums due under
the Notes or other Loan Documents and Swap Contracts have been repaid in full and all Guaranteed
Obligations have been fully satisfied.

19. Lender may assign this Guaranty with any Loan Document or Swap Contracts, without in any
way affecting Guarantor’s liability hereunder. Any married person executing this Guaranty agrees
that recourse may be had against community property and separate property for the satisfaction of
all obligations hereby guaranteed. This Guaranty shall be binding upon Guarantor, Guarantor’s
heirs, representatives, administrators, executors, successors and assigns and shall inure to the
benefit of and shall be enforceable by Lender, and their successors, endorsees and assigns. As
used herein, the singular includes the plural, and the masculine includes the feminine and neuter
and vice versa, if the context so requires.

20. In the event of any dispute or litigation regarding the enforcement or validity of this
Guaranty, Guarantor shall be obligated to pay all charges, costs and expenses (including, without
limitation, reasonable attorneys’ fees) incurred by Lender, whether or not any action or proceeding
is commenced regarding such dispute and whether or not such litigation is prosecuted to judgment.

21. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF
THE STATE OF INDIANA.

22. To the maximum extent permitted by law, Guarantor and Lender hereby voluntarily, knowingly
and intentionally WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY in any legal action or proceeding
arising under or in connection with this Guaranty or any other Loan Document or Swap Contract or
concerning the Guaranteed Obligations and/or any collateral therefor or pertaining to any
transaction related to or contemplated in any Loan Document or Swap Contract, regardless of whether
such action or proceeding concerns any contractual or tortious or other claim. Guarantor
acknowledges that this waiver of jury trial is a material inducement to Lender in extending credit
to Borrower, that Lender would not have extended such credit without this jury trial waiver, and
that Guarantor has been represented by an attorney or has had an opportunity to consult with an
attorney regarding this Guaranty and understands the legal effect of this jury trial waiver.

23. Guarantor hereby submits to the jurisdiction of the state and federal courts in the State
of Indiana and State of California for purposes of any action arising from or growing out of this
Guaranty, and further agrees that the venue of any such action may be laid in Orange County,
California, or Howard County, Indiana, and that (in addition to any other method provided by law
for service of process) service of process in any such action may be made on Guarantor by the
delivery of the process to Shannon Johnson, whose present address is c/o Triple Net Properties,
LLC, 1551 N. Tustin Avenue, Suite 300, Santa Ana, California 92705, whom Guarantor hereby appoints
as Guarantor’s agent for service of process. Nothing contained in this Guaranty, however, shall be
deemed to constitute, or to imply the existence of, any agreement by Lender to bring any such
action only in said courts or to restrict in any way any of Lender’s remedies or rights to enforce
the terms of this Guaranty as, when and where Lender shall deem appropriate, in its sole
discretion.

24. No provision of this Guaranty may be changed, waived, revoked or amended without Lender’s
prior written consent. Every provision of this Guaranty is intended to be severable. If any term
or provision hereof is declared to be illegal or invalid for any reason whatsoever by a court of
competent jurisdiction, such illegality or invalidity will not affect the balance of the terms and
provisions hereof, which terms and provisions will remain binding and enforceable.

25. This Guaranty may be executed in any number of counterparts each of which shall be deemed
an original and all of which shall constitute one and the same guaranty with the same effect as if
all parties had signed the same signature page. Any signature page of this Guaranty may be
detached from any counterpart of this Guaranty and reattached to any other counterpart of this
Guaranty identical in form hereto but having attached to it one or more additional signature pages.

26. No failure or delay on the part of Lender to exercise any power, right or privilege under
this Guaranty will impair any such power, right or privilege, or be construed to be a waiver of any
default or an acquiescence therein, nor will any single or partial exercise of such power, right or
privilege preclude other or further exercise thereof or of any other right, power or privilege.

27. This Guaranty embodies the entire agreement among the parties hereto with respect to the
matters set forth herein, and supersedes all prior agreements among the parties with respect to the
matters set forth herein. No course of prior dealing among the parties, no usage of trade, and no
parol or extrinsic evidence of any nature may be used to supplement, modify or vary any of the
terms hereof. There are no conditions to the full effectiveness of this Guaranty.

28. This Guaranty is in addition to all other guaranties of Guarantor and any other guarantors
of Borrower’s obligations to Lender.

29. GUARANTOR ACKNOWLEDGES THAT GUARANTOR HAS BEEN AFFORDED THE OPPORTUNITY TO READ THIS
DOCUMENT CAREFULLY AND TO REVIEW IT WITH AN ATTORNEY OF GUARANTOR’S CHOICE BEFORE SIGNING IT.
GUARANTOR ACKNOWLEDGES HAVING READ AND UNDERSTOOD THE MEANING AND EFFECT OF THIS DOCUMENT BEFORE
SIGNING IT.

30. When two or more persons or entities have executed this Guaranty, unless the context
clearly indicates otherwise, all references herein to “Guarantor” shall mean the guarantors
hereunder or either or any of them. All of the obligations and liabilities of said guarantors
under this Guaranty (and the obligations of other guarantors under any similar or other guaranties
of part or all of the Guaranteed Obligations) shall be joint and several. Suit may be brought
against said guarantors, jointly and severally, or against any one or more of them (even if less
than all), without impairing the rights of Lender against the other or others of said guarantors;
and Lender may settle with any one or more of said guarantors for such sums or sum as it may see
fit and/or Lender may release any of said guarantors from all further liability to Lender for such
indebtedness without impairing the right of Lender to demand and collect the balance of such
indebtedness from the other or others of said guarantors not so released; but it is agreed among
said guarantors themselves, however, that such settlement and release shall in no way impair the
rights of said guarantors as among themselves.

[Signatures on Following Page]

1

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

	 
	“Guarantor”

NNN HEALTHCARE/OFFICE REIT, INC., a Maryland corporation

By: /s/ Shannon K S Johnson

Name: Shannon K S Johnson

Title: Chief Financial Officer

2

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