Document:

R&H US Canadian Property Limited

 Exhibit 10.13 
  
 CNL Canadian Portfolio 
 Loan Number: 50-2819205 
 50-2819204 

  
 R&H US CANADIAN PROPERTY LIMITED, solely in its capacity as trustee of

 US CANADIAN PROPERTY TRUST ALPHA, US CANADIAN PROPERTY 
 ALPHA BLUE MOUNTAIN NOMINEE CORP., solely in its capacity as a registered title 
 holder, and US CANADIAN
PROPERTY ALPHA WHISTLER NOMINEE CORP., solely in 
 its capacity as a registered title holder, 
  
 collectively, as Borrowers 
  
 and 
  
 CONGRESS FINANCIAL CORPORATION (CANADA), 
  
 as Lender 
  

  
 LOAN AGREEMENT 
  

  
 Date: December 3, 2004 
  

  

  
 TABLE OF CONTENTS 

 

					
	 	 	 	  	Page

	 ARTICLE I DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	1
			
	 Section 1.1
	 	 Definitions
	  	1
	 Section 1.2
	 	 Principles of Construction
	  	12
		
	 ARTICLE II THE LOAN
	  	12
			
	 Section 2.1
	 	 Agreement to Lend and Borrow
	  	12
	 Section 2.2
	 	 Single Disbursement to Borrower
	  	12
	 Section 2.3
	 	 The Note
	  	13
	 Section 2.4
	 	 Use of Proceeds
	  	13
	 Section 2.5
	 	 Intentionally Omitted
	  	13
	 Section 2.6
	 	 Withholding Taxes
	  	13
	 Section 2.7
	 	 Change in Law
	  	15
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF BORROWERS
	  	15
			
	 Section 3.1
	 	 Organization; Special Purpose
	  	15
	 Section 3.2
	 	 Title
	  	16
	 Section 3.3
	 	 No Bankruptcy Filing
	  	16
	 Section 3.4
	 	 Full and Accurate Disclosure
	  	17
	 Section 3.5
	 	 Proceedings; Enforceability
	  	17
	 Section 3.6
	 	 No Conflicts
	  	17
	 Section 3.7
	 	 Intentionally Omitted
	  	18
	 Section 3.8
	 	 Taxes
	  	18
	 Section 3.9
	 	 Intentionally Omitted
	  	18
	 Section 3.10
	 	 Intentionally Omitted
	  	18
	 Section 3.11
	 	 Intentionally Omitted
	  	18
	 Section 3.12
	 	 Property Compliance
	  	18
	 Section 3.13
	 	 Utilities
	  	19
	 Section 3.14
	 	 Public Access
	  	19
	 Section 3.15
	 	 Litigation; Agreements
	  	19
	 Section 3.16
	 	 Physical Condition
	  	19
	 Section 3.17
	 	 Contracts
	  	19
	 Section 3.18
	 	 Leases
	  	20
	 Section 3.19
	 	 Intentionally Omitted
	  	20
	 Section 3.20
	 	 Management Agreement
	  	20
	 Section 3.21
	 	 Fraudulent Transfer
	  	21
	 Section 3.22
	 	 Intentionally Omitted
	  	21
	 Section 3.23
	 	 Condominium Documents
	  	21
	 Section 3.24
	 	 Master Leases
	  	21

  

 -i- 

					
	 Section 3.25
	 	 Head Leases
	  	22
	 Section 3.26
	 	 Survival
	  	22
		
	 ARTICLE IV COVENANTS OF BORROWERS
	  	22
			
	 Section 4.1
	 	 Defense of Title
	  	22
	 Section 4.2
	 	 Performance of Obligations
	  	23
	 Section 4.3
	 	 Insurance
	  	23
	 Section 4.4
	 	 Payment of Taxes
	  	26
	 Section 4.5
	 	 Casualty and Condemnation
	  	27
	 Section 4.6
	 	 Construction Liens
	  	30
	 Section 4.7
	 	 Permitted Subordinate Debt Options
	  	31
	 Section 4.8
	 	 Leases
	  	33
	 Section 4.9
	 	 Transfers; Further Encumbrances; Assumption of the Loan
	  	37
	 Section 4.10
	 	 Payment of Utilities, Assessments, Charges, Etc.
	  	42
	 Section 4.11
	 	 Access Privileges and Inspections
	  	42
	 Section 4.12
	 	 Waste; Alteration of Improvements
	  	42
	 Section 4.13
	 	 Zoning
	  	43
	 Section 4.14
	 	 Financial Statements and Books and Records
	  	43
	 Section 4.15
	 	 Further Assurances
	  	44
	 Section 4.16
	 	 Payment of Costs; Reimbursement to Lender
	  	45
	 Section 4.17
	 	 Intentionally Omitted
	  	46
	 Section 4.18
	 	 Condominium Provisions
	  	46
	 Section 4.19
	 	 Cash Management Agreement
	  	47
	 Section 4.20
	 	 Compliance with Laws
	  	48
	 Section 4.21
	 	 Additional Taxes
	  	48
	 Section 4.22
	 	 Secured Indebtedness
	  	49
	 Section 4.23
	 	 Intentionally Omitted
	  	49
	 Section 4.24
	 	 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL
	  	49
	 Section 4.25
	 	 Attomey-in-Fact Provisions
	  	50
	 Section 4.26
	 	 Management
	  	50
	 Section 4.27
	 	 Hazardous Waste and Other Substances
	  	51
	 Section 4.28
	 	 Indemnification; Subrogation
	  	56
	 Section 4.29
	 	 Covenants with Respect to Existence, Indebtedness, Operations, Fundamental Changes of Borrower
	  	57
	 Section 4.30
	 	 Intentionally Omitted
	  	60
	 Section 4.31
	 	 Anti-Money Laundering
	  	60
		
	 ARTICLE V RESERVES AND CASH MANAGEMENT
	  	61
			
	 Section 5.1
	 	 Reserves Generally
	  	61
	 Section 5.2
	 	 Payment Reserve
	  	62
	 Section 5.3
	 	 Impound Account
	  	63

  

 -ii- 

					
	 ARTICLE VI EVENTS OF DEFAULT
	  	64
			
	 Section 6.1
	 	 Events of Default
	  	64
		
	 ARTICLE VII REMEDIES
	  	66
			
	 Section 7.1
	 	 Remedies Available
	  	66
	 Section 7.2
	 	 Application of Proceeds
	  	68
	 Section 7.3
	 	 Notice to Account Debtors
	  	68
	 Section 7.4
	 	 Right to Cure
	  	68
	 Section 7.5
	 	 Cumulative Remedies
	  	69
	 Section 7.6
	 	 Payment of Expenses
	  	69
		
	 ARTICLE VIII MISCELLANEOUS TERMS AND CONDITIONS
	  	69
			
	 Section 8.1
	 	 Time of Essence
	  	69
	 Section 8.2
	 	 Release of Debenture
	  	69
	 Section 8.3
	 	 Certain Rights of Lender
	  	69
	 Section 8.4
	 	 Waiver of Certain Defenses
	  	70
	 Section 8.5
	 	 Notices
	  	70
	 Section 8.6
	 	 Successors and Assigns; Joint and Several Liability
	  	70
	 Section 8.7
	 	 Severability
	  	70
	 Section 8.8
	 	 Gender
	  	71
	 Section 8.9
	 	 Waiver; Discontinuance of Proceedings
	  	71
	 Section 8.10
	 	 Section Headings
	  	71
	 Section 8.11
	 	 GOVERNING LAW
	  	71
	 Section 8.12
	 	 Counting of Days
	  	72
	 Section 8.13
	 	 Relationship of the Parties
	  	72
	 Section 8.14
	 	 Application of the Proceeds of the Note
	  	72
	 Section 8.15
	 	 Unsecured Portion of Indebtedness
	  	72
	 Section 8.16
	 	 Events of Defaults Under Loan Documents
	  	72
	 Section 8.17
	 	 Interest After Sale
	  	72
	 Section 8.18
	 	 Inconsistency with Other Loan Documents
	  	73
	 Section 8.19
	 	 Cross Default; Cross Collateralization
	  	73
	 Section 8.20
	 	 Marshalling of Assets
	  	73
	 Section 8.21
	 	 Intentionally Omitted
	  	73
	 Section 8.22
	 	 Lender May File Proofs of Claim
	  	73
	 Section 8.23
	 	 Secondary Market
	  	74
	 Section 8.24
	 	 Dissemination of Information
	  	74
	 Section 8.25
	 	 No Representation
	  	74
	 Section 8.26
	 	 Counterparts
	  	74
	 Section 8.27
	 	 Personal Liability
	  	75
	 Section 8.28
	 	 Recording and Filing
	  	75
	 Section 8.29
	 	 Entire Agreement and Modifications
	  	75
	 Section 8.30
	 	 Maximum Interest
	  	75
	 Section 8.31
	 	 Currency Indemnity
	  	76

  

 -iii- 

					
	 Section 8.32
	 	 Intentionally Omitted
	  	76
	 Section 8.33
	 	 Protection of Trustee
	  	76
	 Section 8.34
	 	 Assignments and Participations
	  	76
	 Section 8.35
	 	 Capacity of Registered Title Holders
	  	77

  
 SCHEDULES 
  

			
	 Schedule 1
	  	 Allocated Loan Amount

	 Schedule 2
	  	 Condominium Documents

	 Schedule 3
	  	 Engineering Reports

	 Schedule 4
	  	 [Reserved]

	 Schedule 5
	  	 ITW Interim Leases

	 Schedule 6
	  	 Intrawest Leases

	 Schedule 7
	  	 Rent Roll

	 Schedule 8
	  	 [Reserved]

	 Schedule 9
	  	 Standard Form of Lease

  

 -iv- 

  
 LOAN AGREEMENT

  
 THIS LOAN AGREEMENT (this
“Agreement”) is made as of December 3, 2004 by and among R&H US CANADIAN PROPERTY LIMITED, a limited company incorporated under the Companies (Jersey) Law 1991, solely in its capacity as trustee of US CANADIAN PROPERTY TRUST
ALPHA, a trust formed under the laws of the Island of Jersey, as a borrower (the “Trust Borrower”), US CANADIAN PROPERTY ALPHA BLUE MOUNTAIN NOMINEE CORP., a corporation incorporated under the laws of the Province of British
Columbia, solely in its capacity as a registered title holder, as a borrower (the “Blue Mountain Borrower”), and US CANADIAN PROPERTY ALPHA WHISTLER NOMINEE CORP., a corporation incorporated under the laws of the Province of
British Columbia, solely in its capacity as a registered title holder, as a borrower (the “Whistler Borrower”; the Trust Borrower, the Blue Mountain Borrower and the Whistler Borrower are individually referred to as a
“Borrower” and collectively as the “Borrowers”), whose address is 450 S. Orange Avenue, Orlando, Florida 32801-3336, Attention: Chief Financial Officer and CONGRESS FINANCIAL CORPORATION (CANADA), a corporation
organized under the laws of the Province of Ontario (“Lender”), whose address is 141 Adelaide Street West, Suite 1500, Toronto, Ontario, M5H 3L9. 
  
 W I T N E S S E T H: 
  

WHEREAS, Borrowers desire to obtain the Loan from Lender; and 
  

WHEREAS, Lender is willing to make the Loan to Borrowers, subject to and in accordance with the conditions and terms of this Agreement and the other
Loan Documents. 
  
 NOW, THEREFORE, in consideration of the
covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, represent and warrant as follows: 
  
 ARTICLE I 
  
 DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
  
 Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly provided: 
  
 “Acceptable CNL Entity” shall mean CNL Income Properties,
Inc., or any Affiliate Controlled by CNL Income Properties, Inc. 
  
 “Acceptable Intrawest Entity” shall mean Intrawest Corporation or any Affiliate Controlled by Intrawest Corporation. 
  

 “Acceptable CNL Lender” and “Acceptable CNL Lenders” shall mean
individually or collectively, as the context may require, an Acceptable CNL Entity. 
  
 “Acceptable Intrawest Lender” and “Acceptable Intrawest Lenders” shall mean individually or collectively, as the context may require, an Acceptable Intrawest Entity. 
  
 “ACM’s” shall have the meaning set forth in Section
4.27(i). 
  
 “Affiliate” shall mean, as to
any Person, any other Person that, directly or indirectly, owns more than forty percent (40%) of (provided, however, that in the definitions of Acceptable CNL Entity and Acceptable Intrawest Entity, such percentage shall be fifty percent (50%)), is
in control of, is controlled by or is under common ownership or control with such Person or is a director or officer of such Person or of an Affiliate of such Person. 
  
 “Agreement” shall mean this Loan Agreement between Borrowers and Lender, as the same may be amended,
restated, consolidated or otherwise modified from time to time. 
  
 “Allocated Loan Amount” shall mean the portion of the Loan allocated to each Individual Property as set forth on Schedule 1 attached hereto. The Allocated Loan Amount of each Individual Property shall be reduced by
the principal amount that the Loan is prepaid pursuant to this Agreement in connection with a Condemnation or Casualty affecting such Individual Property. 
  
 “Approved Leasing Expenses” shall have the meaning set forth in Section 5.6. 
  
 “Assessments” shall have the meaning set forth in Section
5.3. 
  
 “Association Documents” shall mean
all by-laws, articles of incorporation, rules and/or regulations of every homeowner, resort or village association applicable to any Individual Property from time to time. 
  
 “Blue Mountain Debenture” shall mean that certain first priority Debenture dated as of the date hereof,
executed and delivered by Blue Mountain Borrower as security for the Loan and encumbering the Blue Mountain Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Blue Mountain Head Lease” shall mean that certain Master
Lease Agreement dated as of the date hereof by and between Intrawest, as landlord, and Head Lessee, as tenant, which Master Lease Agreement has been assigned by Intrawest to the Trust Borrower and assumed by the Trust Borrower, as landlord, and
which Master Lease Agreement affects the Blue Mountain Property. 
  
 “Blue Mountain Property” shall mean the “Property” as defined in the Blue Mountain Debenture. 
  
 “Borrower” and “Borrowers” shall mean collectively and individually, as the context may require, the Trust Borrower
(including the Trust), the Whistler Borrower and the Blue Mountain Borrower, together with their respective permitted successors and assigns. 
  

 - 2 - 

 “Borrower Party” and “Borrower Parties” shall mean collectively and
individually, as the context may require, the Borrowers, the Corporate Beneficiaries, the Trust Beneficiary and the Enforcers. 
  
 “Business Day” shall mean a weekday, Monday through Friday, except a legal holiday or a day on which banking institutions in Toronto,
Ontario are authorized by law to be closed. 
  
 “Buyer” shall have the meaning set forth in Section 4.9(b)(2). 
  
 “Cash Management Agreement” shall mean that certain Cash Management Agreement dated as of the date hereof among Head Lessee, Borrowers,
Property Manager, Lender and Cash Management Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Cash Management Bank” shall mean an Eligible Bank acting as the “agent” or “deposit bank” under the Cash Management
Agreement. On the date hereof, the Cash Management Bank is Congress Financial Corporation (Canada). 
  
 “Cash Trap Period” shall mean the period of time commencing upon the determination by Lender that a Trigger Event has occurred and
terminating on (a) as to a Default Trigger Event, the Payment Date next occurring after the cure of all existing Events of Default and (b) as to a DSCR Trigger Event, the Payment Date next occurring after the date upon which Lender determines that
the DSCR is 1.15:1.0 or greater as calculated pursuant to this Agreement on a trailing twelve (12) month basis (such calculation to be done by Lender at the end of each calendar quarter of each calendar year, commencing at the end of the first
calendar quarter in 2006). 
  
 “Closing Date”
shall mean the date of funding the Loan. 
  
 “Closing Date
Non-Consolidation Opinion” shall mean (i) that certain non-consolidation opinion letter dated the date hereof from Goodmans LLP and delivered in connection with the Loan and (ii) that certain non-consolidation opinion letter dated the date
hereof from Lowndes, Drosdick, Doster, Kantor and Reed. P. A. and delivered in connection with the Loan. 
  
 “CNL Affiliate” and “CNL Affiliates” shall have the meaning set forth in Section 33. 
  
 “Condominium” shall mean, with respect to the Blue Mountain
Property, those certain condominium regimes created pursuant to the Condominium Documents and, with respect to the Whistler Property, those certain strata regimes created pursuant to the Condominium Documents. 
  
 “Condominium Association” shall mean collectively the strata
or condominium corporation(s) or association(s) as well as all homeowner, resort and/or village associations applicable to the Individual Properties, or part thereof under the Condominium Documents and/or Association Documents for the Leased
Property, as the context may permit or require. 
  

 - 3 - 

 “Condominium Documents” shall mean (i) the Association Documents, (ii) the condominium
declarations, bylaws, articles of incorporation, rules, regulations, maps, condominium plans and strata plans, as applicable, governing those portions of the Individual Properties situated in condominium buildings, including any shared services
agreements and other agreements providing various easements and rights, including those for support, passage and utilities, and the sharing of certain costs of facilities and services used in common by the various components of the buildings and
(iii) those declarations, bylaws, articles of incorporation, rules, regulations, maps, condominium plans and strata plans, as applicable, governing those portions of the Individual Properties subject to any other association including village
associations or master association. 
  
 “Condominium
Law” shall mean have the meaning set forth in Section 3.21. 
  
 “Contracts” shall mean all contracts and agreements now or hereafter entered into covering any part of the Individual Properties or the Improvements and all revenue, income and other benefits thereof,
including, without limitation, management agreements, service contracts, maintenance contracts, equipment leases, personal property leases and any contracts or documents relating to construction on any part of, any Individual Properties or the
Improvements (including plans, drawings, surveys, tests, reports, bonds and governmental approvals) or to the management or operation of any part of any of the Individual Properties or the Improvements. 
  
 “Control” shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. 
  
 “Corporate Beneficiary” and “Corporate Beneficiaries” shall mean collectively and
individually, as the context may require, CNL Beneficiary Blue TRS Corp., a Delaware corporation and a beneficiary of the Trust, and CNL Beneficiary Whistler TRS Corp., a Delaware corporation and a beneficiary of the Trust. 
  
 “Debenture” and “Debentures” shall mean
collectively, and individually, as the context may require, the Blue Mountain Debenture and the Whistler Debenture. 
  
 “Debt” shall have the meaning given such term in the Debenture. 
  
 “Debt Service” shall mean the amount of interest and principal payments due and payable in accordance with
the Note during an applicable period. 
  
 “Default” shall have the meaning set forth in Section 4.5. 
  
 “Default Trigger Event” shall mean the occurrence of an Event of Default. 
  
 “Dollars” unless otherwise specifically set forth herein, shall mean Canadian dollars. 
  
 “DSCR” shall mean a ratio for the applicable period in
which: (a) the numerator is the Net Operating Income for such period and (b) the denominator is the aggregate Debt Service amount payable for such period plus, if any Permitted Subordinate Loan (other than any 

  

 - 4 - 

 
Permitted CNL Loans or Permitted Intrawest Loans) is outstanding, the amount of interest and principal payments due and payable in connection with such
Permitted Subordinate Loan for such period. 
  
 “DSCR
Trigger Event” shall mean the determination by Lender that, for the twelve (12) calendar month reporting period that ends nearest the date of calculation, the DSCR for the Individual Properties combined with respect to such period is less
than 1.15:1.0, as calculated pursuant to this Agreement on a trailing twelve (12) month basis. 
  
 “Eligible Bank” shall mean a bank that (i) satisfies the Rating Criteria and (ii) is a member institution of the Canada Deposit Insurance Corporation. 
  
 “Enforcer” and “Enforcers” shall mean
collectively and individually, as the context may require, CNL Beneficiary Blue, LLC, a Delaware limited liability company and the sole subsidiary of CNL Beneficiary Blue TRS Corp.; CNL Beneficiary Whistler, LLC, a Delaware limited liability company
and the sole subsidiary of the CNL Beneficial Whistler TRS Corp.; and CNL Retail Manager Corp., a Delaware corporation. 
  
 “Engineering Reports” shall mean those certain engineering reports listed on Schedule 3 attached hereto. 
  
 “Environmental Indemnity Agreement” shall have the meaning
set forth in Section 4.27(h). 
  
 “Environmental
Law” shall have the meaning set forth in Section 4.27(a). 
  
 “Excess Cash Flow” shall have the meaning set forth in the Standstill Agreements. 
  
 “Form W-8” shall have the meaning set forth in Section 2.6(a). 
  
 “GAAP” means Canadian generally accepted accounting principles applied on a consistent basis as modified
from time to time where appropriate. 
  
 “Gross-Up
Amount” shall have the meaning set forth in Section 2.6(b). 
  
 “Hazardous Substances” shall have the meaning set forth in Section 4.27(a). 
  
 “Head Lease” and “Head Leases” shall mean individually or collectively, as the context may require, the Blue Mountain
Head Lease and the Whistler Head Lease. 
  
 “Head
Lessee” shall mean CNL Income Canada Lessee Corp., a corporation incorporated under the laws of the Province of British Columbia. 
  
 “Impound Account” shall have the meaning set forth in Section 5.3. 
  
 “Improvements” shall have the meaning given such term in the Debenture. 
  

 - 5 - 

 “Indemnitor” shall mean any guarantor or indemnitor under any guaranty or indemnity
agreement executed in connection with the Loan, including, without limitation, the Indemnity and Guaranty Agreement and the Environmental Indemnity Agreement. The Indemnitor on the date hereof is CNL Income Properties, Inc. 
  
 “Indemnity and Guaranty Agreement” shall have the meaning
set forth in the Note. 
  
 “Independent Director”
shall mean a duly appointed member of the board of directors of an SPE Corporation or of a single member Delaware limited liability company or the trustee of a trust, in each case which is an SPE, who has not been at any time during the five (5)
years preceding his or her initial appointment, and shall not be at any time while serving as Independent Director any of the following: (a) a stockholder, trustee or director (other than in his or her capacity as an Independent Director), officer,
employee, partner or member of any Borrower, any SPE Equity Owner of any Borrower, any partner, shareholder or member of any SPE Equity Owner of any Borrower, or any affiliate of any of the foregoing; (b) a stockholder, director, officer, employee,
partner or member of any customer of, supplier or service provider (including professionals) to, or other person who derives more than 10% of its purchases, revenues, compensation or other financial remuneration from its activities with any
Borrower, any SPE Equity Owner of any Borrower, any partner, shareholder or member of any SPE Equity Owner of any Borrower, any affiliate of any of the foregoing, or any person or entity who otherwise is financially dependent upon an officer,
director or employee of any Borrower, any SPE Equity Owner of any Borrower, any partner or member of any SPE Equity Owner of any Borrower, or any family member (by blood or marriage) of any such officer, director, or employee or a business entity
owned or controlled by any of the foregoing; (c) a person or other entity controlling or under common control with any such stockholder, director, officer, employee, partner, member, customer, supplier or other person; or (d) a member of the
immediate family of any individual described in clause (a), (b)or (c) above. As used herein, the term “affiliate” shall mean: (1) any person or entity directly or indirectly owning, controlling or holding with power to
vote ten percent (10%) or more of the outstanding voting securities or interests of such other person or entity; (2) any person or entity ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled
or held with power to vote by such other person or entity; (3) any person or entity directly or indirectly controlling, controlled by or under common control with such other person or entity; (4) any officer, director or partner of such other person
or entity; (5) if such other person or entity is an officer, director or partner, any company for which such person or entity acts in any such capacity; and (6) any close relative or spouse of the specified person. 
  
 “Independent Trustee” shall have the meaning set forth in
Section 4.29(d). 
  
 “Individual
Properties” shall mean each of the Blue Mountain Property and the Whistler Property. 
  
 “Interest” shall have the meaning set forth in Section 8.30. 
  
 “Intrawest” shall mean Intrawest Corporation, a corporation continued under the Canada Business Corporations Act. 
  

 - 6 - 

 “Intrawest Entity” and “Intrawest Entities” shall have the meaning set
forth in Section 3.3. 
  
 “Intrawest
Lease” and “Intrawest Leases” shall mean, collectively or individually, as the context may require, those certain Lease Agreements between Head Lessee or the applicable Borrower described on Schedule 6 attached
hereto, pursuant to which Intrawest or an Affiliate of Intrawest leases a portion of each such Individual Property. 
  
 “Intrawest Tenant” shall mean any tenant under a Master Lease which is Intrawest or an Affiliate of Intrawest. 
  
 “Investors” shall have the meaning set forth in Section
8.24. 
  
 “ITA” shall have the meaning set
forth in section 2.6(a). 
  
 “ITW Interim Lease”
and “ITW Interim Leases” shall mean, collectively or individually, as the context may require, those certain Lease Agreements entered into by Head Lessee or the applicable Borrower described on Schedule 5 attached hereto,
pursuant to which Intrawest or an Affiliate of Intrawest leases a portion of each such Individual Property. 
  
 “Lead Based Paint” shall have the meaning set forth in Section 4.27(f). 
  
 “Lead Based Paint Report” shall have the meaning set forth
in Section 4.27(i). 
  
 “Lease” shall mean
any of the ITW Interim Leases, the Intrawest Leases, any other lease (including, without limitation, any oil, gas and mineral lease), license, concession and occupancy agreement of all or any part of the Individual Properties or the Improvements,
whether written or oral, now or hereafter entered into, and all amendments, modifications or other agreements relating thereto, and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and
observed by the Tenant thereunder. 
  
 “Lender”
shall mean Congress Financial Corporation (Canada), together with its successors and assigns. 
  
 “Loan” shall mean the loan in the original principal amount of Twenty-Six Million Six Hundred Thousand and No/100 Canadian Dollars ($26,600,000 (Canadian Dollars)) made by Lender to Borrowers pursuant
to this Agreement. 
  
 “Loan Documents” shall
mean, collectively, this Agreement, the Note, the Debentures, the Environmental Indemnity Agreement, the Indemnity and Guaranty Agreement and any other document pertaining to the Individual Properties as well as all other documents now or hereafter
executed and/or delivered in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Lockbox Account” and “Lockbox Accounts” shall have the meaning set forth in Section 4.19. 
  

 - 7 - 

 “Lockbox Agreement” and “Lockbox Agreements” shall mean individually or
collectively, as the context may require, those certain Blocked Account Agreements dated as of the date hereof among Head Lessee, Borrowers, Lender, Property Manager and Lockbox Bank, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time. 
  
 “Lockbox
Bank” shall mean an Eligible Bank acting as the “clearing bank” under the Lockbox Agreements. Lockbox Bank shall be The Bank of Nova Scotia for so long as The Bank of Nova Scotia is an Eligible Bank. 
  
 “Maintenance Program” shall have the meaning set forth in
Section 4.27(h). 
  
 “Major Assessments”
shall have the meaning set forth in Section 5.3. 
  
 “Management Agreement” shall have the meaning set forth in Section 3.20. 
  
 “Master Lease” and “Master Leases” shall mean collectively or individually, as the context may require, the ITW Interim
Leases and the Intrawest Leases. 
  
 “Net Capital
Proceeds” shall have the meaning set forth in the Standstill Agreements. 
  
 “Net Operating Income” shall mean, with respect to a prior twelve (12) month period, the amount obtained by subtracting Operating Expenses from Operating Income with respect to the properties.

  
 “No-Downgrade Confirmation” shall have the
meaning set forth in Section 4.5(a)(8). 
  
 “Nominee” and “Nominees” shall mean collectively, and individually, as the context may require, US Canadian Property Alpha Blue Mountain Nominee Corp. and US Canadian Property Alpha Whistler Nominee Corp.,
each a corporation incorporated under the laws of the Province of British Columbia, together with their respective successors and assigns. 
  
 “Non-Consolidation Opinion” shall have the meaning set forth in Section 3.1. 
  
 “Note” shall have the meaning set forth in Section
2.3. 
  
 “O&M Plan” shall have the
meaning set forth in Section 4.27(i). 
  
 “Operating Expenses” shall mean, with respect to any period of time, the total of all expenses actually paid or payable, computed in accordance with GAAP, of whatever kind relating to the operation, maintenance and
management of the Individual Properties, including without limitation, utilities, ordinary repairs and maintenance, insurance premiums, license fees, all Real Property Taxes, Personal Property Taxes, assessments, water rates or sewer rents, now or
hereafter levied or assessed or imposed against the Individual Properties or part thereof, the management fees paid under the Management Agreement, leasing commissions, legal costs and bad debt provisions, but specifically excluding depreciation and
amortization, income taxes, 

  

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Debt Service, any incentive management fees due under the Management Agreement, and any item of expense that in accordance with GAAP should be capitalized.

  
 “Operating Income” shall mean, with respect
to any period of time, all income, computed in accordance with GAAP, derived from the ownership and operation of the Individual Properties from whatever source, including, but not limited to, the rentals, percentage rent, additional rental and all
other revenues and payments from tenants including any payments received under the ITW Interim Leases, including without limitation, amounts paid for parking and the amounts in respect of Operating Expenses, Real Property Taxes and Personal Property
Taxes, utility charges, escalations, forfeited security deposits, license fees, parking fees, rent concessions or credits, and other required pass-throughs but excluding sales, use and occupancy or other taxes on receipts required to be accounted
for by the Borrowers to any governmental authority, refunds and uncollectible accounts, sales of furniture, fixtures and equipment, insurance proceeds (other than business interruption or other loss of income insurance), awards, unforfeited security
deposits, utility and other similar deposits, income from tenants not paying rent, income from tenants in bankruptcy (whose lease has not been affirmed), interest on credit accounts, service fees or charges and non-recurring or extraordinary income.

  
 “Participations” shall have the meaning set
forth in Section 8.24. 
  
 “Payment
Reserve” shall have the meaning set forth in Section 5.2(a). 
  
 “Permitted CNL Loan” and “Permitted CNL Loans” shall have the meaning set forth in Section 4.7(b). 
  
 “Permitted Encumbrances” shall have the meaning set forth in Section 3.2. 
  
 “Permitted Intrawest Loan” and “Permitted Intrawest
Loans” shall have the meaning set forth in Section 4.7(b). 
  
 “Permitted Junior Mortgage Loan” shall have the meaning set forth in Section 4.7(a). 
  
 “Permitted Mezzanine Borrower” shall mean any entity that owns a direct or indirect interest in the Corporate Beneficiaries and/or any
entity that owns a direct or indirect interest in the Trust Beneficiary, provided that in no event shall a Permitted Mezzanine Borrower be an SPE Party. 
  
 “Permitted Mezzanine Loan” shall have the meaning set forth in Section 4.7(a). 
  
 “Permitted Second Lender” shall mean an entity reasonably
acceptable to Lender and the Rating Agencies in all respects that is a real estate investment trust, bank, chartered bank, saving and loan association, investment bank, insurance company, trust company, commercial credit corporation, pension plan,
pension fund or pension advisory firm, mutual fund, government entity or plan which in each case (i) has total assets (in name or under management) in excess of $850,000,000 and (except with respect to a pension advisory firm or similar fiduciary)
capital/statutory surplus or shareholder’s equity of $325,000,000, and (ii) is regularly engaged in making or owning mezzanine and mortgage loans. 
  

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 “Permitted Subordinate Loan” shall have the meaning set forth in Section 4.7(a).

  
 “Person” shall mean any individual,
corporation, partnership, limited liability company, joint venture, custodian, estate, trust, unincorporated association, any other entity, any federal, provincial or municipal government or any bureau, department or agency thereof and any fiduciary
or nominee acting in such capacity on behalf of any of the foregoing. 
  
 “Personal Property Taxes” means all taxes, rates, duties, levies and assessments whatsoever, whether municipal, legislative or otherwise, which are from time to time levied, imposed or assessed against any personal property
at the Individual Properties (but excluding income or profits taxes upon the income of any Person to the extent that such taxes are not levied, imposed or assigned in lieu of taxes against any personal property at the Individual Properties).

  
 “Premises” shall have the meaning given such
term in the Debenture. 
  
 “Rating Agency” shall
have the meaning set forth in Section 8.24. 
  
 “Rating Criteria” with respect to any Person, shall mean that (i) the short-term unsecured debt obligations of such Person are rated at least “A-l” by S&P and, if rated by another Rating Agency, are rated in
an equivalent category by such other Rating Agency, if deposits are held by such Person for a period of less than 30 days, or (ii) the long term unsecured debt obligations of such Person are rated at least “AA-” by S&P and, if rated by
another Rating Agency, are rated in an equivalent category by such other Rating Agency, if deposits are held by such person for a period of 30 days or more. 
  
 “Real Property Taxes” means all taxes, rates, duties, levies and assessments whatsoever, whether municipal, legislative, parliamentary or
otherwise, which are from time to time levied, imposed or assessed against any land attributable to, and any buildings or other improvements in, the Individual Properties or any of its component parts or the operation thereof and including those
levied, imposed or assessed thereon for education, schools, utilities and local improvements or in respect of any occupancy or use thereof (but excluding taxes in respect of the income, capital or place of business of, or otherwise personal to, the
Borrowers) and including any applicable commercial concentration levies. 
  
 “Rent Roll” shall have the meaning set forth in Section 3.18. 
  
 “Rents and Profits” shall mean all rents, royalties, issues, profits, bonus money, revenue, income, rights and other benefits of the
Individual Properties or the Improvements, now or hereafter arising from the use or enjoyment of all or any portion thereof or from any present or future Lease or other agreement pertaining thereto or arising from any of the Leases or any of the
General Intangibles (as defined in the Debentures). 
  
 “Reserves” shall have the meaning set forth in Section 5.1(a). 
  
 “Sale” shall have the meaning set forth in Section 4.9(b). 
  
 “Secondary Market Transaction” shall have the meaning set forth in Section 8.23. 
  

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 “Securities” shall have the meaning set forth in Section 8.24. 
  
 “Securitization Vehicle” shall have the meaning set forth in
Section 2.6(a). 
  
 “Severed Loan
Documents” shall have the meaning set forth in Section 7.1(c). 
  
 “Significant Party” and “Significant Parties” shall mean collectively and individually, as the context may require, the SPE Parties and Indemnitor. 
  
 “SPE” or “Single Purpose Entity” shall have
the meaning set forth in Section 4.29. 
  
 “SPE
Corporation” shall have the meaning set forth in Section 4.29(a). 
  
 “SPE Delaware Trust” shall have the meaning set forth in Section 4.29(e). 
  
 “SPE Equity Owner” shall have the meaning set forth in Section 4.29. 
  
 “SPE Member” shall have the meaning set forth in Section 4.29(c). 
  
 “SPE Party” and “SPE Parties” shall mean
collectively and individually, as the context may require, the Borrower Parties and Head Lessee. 
  
 “SPE Trust” shall have the meaning set forth in Section 4.29(d). 
  
 “Standstill Agreements” shall mean (i) that certain Subordination and Standstill Agreement dated as of the
date hereof between Intrawest Resorts, Inc., and Lender, and (ii) that certain Subordination and Standstill Agreement dated as of the date hereof between CNL Income Partners, LP, and Lender, as each of the foregoing may be amended, restated,
supplemented or otherwise modified from time to time. 
  
 “Tax” or “Taxes” means all sales, goods and services, value-added, excise, income, capital and other taxes, assessments, levies, imposts, duties, fees, deductions or withholdings imposed, levied, collected,
withheld or assessed by or on behalf of the government of any jurisdiction or by any authority or agency therein or thereof as of the date of this Loan Agreement or at any time in the future, and all penalties, interest and other payments on or in
respect thereof. 
  
 “Tenant” shall mean each
tenant, lessee or licensee under any Lease. 
  
 “Toxic
Mold” shall have the meaning set forth in Section 4.27(a). 
  
 “Trigger Event” shall mean a Default Trigger Event and/or a DSCR Trigger Event. 
  
 “Trust” shall mean US Canadian Property Trust Alpha, a trust formed under the laws of the Island of Jersey. 
  

 - 11 - 

 “Trust Beneficiary” shall mean CNL Retail SPE Trust, a Delaware business trust, and a
beneficiary of the Trust. 
  
 “Trust Borrower”
shall mean R&H US Canadian Property Limited, a limited company incorporated under the Companies (Jersey) Law 1991, solely in its capacity as trustee of the Trust, together with its successors and assigns. 
  
 “Trustee” shall mean R&H US Canadian Property Limited, a
limited company incorporated under the Companies (Jersey) Law 1991, together with its successors and assigns. 
  
 “Whistler Debenture” shall mean that certain first priority Debenture dated as of the date hereof, executed and delivered by Whistler
Borrower as security for the Loan and encumbering the Whistler Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Whistler Head Lease” shall mean that certain Master Lease Agreement dated as of the date hereof among
Whistler Mountain Resort Limited Partnership, as landlord, and Head Lessee, as the tenant, which Master Lease Agreement has been assigned by Whistler Mountain Resort Limited Partnership to the Trust Borrower and assumed by the Trust Borrower as
landlord, and which Master Lease Agreement affects the Whistler Property. 
  
 “Whistler Property” shall mean the “Property” as defined in the Whistler Debenture. 
  
 “Withholding Taxes” shall have the meaning set forth in section 2.6(a). 
  
 Section 1.2 Principles of Construction. All references to sections and schedules are to sections and schedules in or
to this Agreement unless otherwise specified. Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 
  
 ARTICLE II 
  
 THE LOAN 
  
 Section 2.1 Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender shall
make the Loan to Borrowers and Borrowers shall accept the Loan from Lender on the Closing Date. 
  
 Section 2.2 Single Disbursement to Borrower. Borrowers shall receive only one borrowing hereunder in respect of the Loan and any amount borrowed
and repaid hereunder in respect of the Loan may not be reborrowed. 
  

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 Section 2.3 The Note. The Loan shall be evidenced by that certain Promissory Note of even date
herewith, in the stated principal amount of Twenty-Six Million, Six Hundred Thousand and No/100 Canadian Dollars ($26,600,000.00 (Canadian)) executed by Borrowers and payable to the order of Lender in evidence of the Loan (as the same may hereafter
be amended, supplemented, restated, increased, extended or consolidated from time to time, the “Note”) and shall be repaid in accordance with the terms of this Agreement and the Note. 
  
 Section 2.4 Use of Proceeds. Borrowers shall use proceeds of the Loan
to (i) purchase the Individual Properties, (ii) deposit the Reserves, (if any), (iii) pay costs and expenses incurred in connection with the closing of the Loan and the acquisition of the Individual Properties, as approved by Lender, (iv) fund any
working capital requirements of the Individual Properties, as approved by Lender and (v) retain the balance, if any. 
  
 Section 2.5 Intentionally Omitted. 
  
 Section 2.6 Withholding Taxes. 
  
 (a) Congress Financial Corporation (Canada) hereby represents and warrants that it is a corporation incorporated under the laws of the Province of
Ontario, Canada. Based upon and in reliance on the foregoing representation and warranty, Borrowers represent and warrant that as of the date hereof Borrowers are not required to withhold and remit any amount from any payments made to the Lender
under the Note or the other Loan Documents on account of any Taxes imposed or levied by or on behalf of the government of any jurisdiction or by any authority or agency therein or thereof (“Withholding Taxes”). Lender agrees that,
notwithstanding any provision in this Agreement or the other Loan Documents to the contrary (and provided no Event of Default exists and remains uncured), during the term of the Loan it shall not assign or transfer all or any portion of the Loan or
the Loan Documents to any Person that is not a resident of Canada for the purposes of Part XIII of the Income Tax Act (Canada), as amended from time to time (the “ITA”); provided, however, that in connection with a
securitization of the Loan, Lender may assign and/or transfer all or any portion of the Loan or the Loan Documents to any Person (a “Securitization Vehicle”) acting on behalf of any investors, participants or purchasers of all or
any portion of the Loan (any or all of which investors, participants or purchasers may not be resident in Canada for the purposes of Part XIII of the ITA). Prior to the first Monthly Payment Date hereunder, Congress Financial Corporation (Canada)
agrees to provide to Borrowers a United States Internal Revenue Service Form W-8BEN or W-8EXP, or other similar, applicable or successor exemption form, certificate or document prescribed by the United States Internal Revenue Service (a
“Form W-8”). In the event Lender assigns or transfers the Loan, Lender shall cause each assignee or transferee (i) if the assignment or transfer takes place at a time when no Event of Default exists and remains uncured, to certify
that such assignee or transferee is a resident of Canada for purposes of Part XIII of the ITA and that it will comply with any withholding obligations under the ITA with respect to payments made under the Note or the other Loan Documents to Lender
or to any person on behalf of whom Lender holds all or any part of the Note or other Loan Documents; provided, however, that if Lender assigns or transfers all or any portion of the Loan to a Securitization Vehicle, such Securitization Vehicle shall
only be required to make such certifications with respect to such Securitization Vehicle and such certifications shall not be required from any investors, participants or purchasers of all or any portion of the Loan; and (ii) 

  

 - 13 - 

 
to deliver to Borrowers in respect of each assignee or transferee properly treated as a holder of an interest in the Loan for the purpose of the Internal
Revenue Code a Form W-8; provided, however, that if Lender assigns or transfers all or any portion of the Loan to a Securitization Vehicle, Lender shall only be required to cause the Securitization Vehicle to deliver to Borrowers for the purpose of
the Internal Revenue Code a Form W-8 with respect to such Securitization Vehicle only, and Lender shall not be required to cause any investors, participants or purchasers of all or any portion of the Loan to deliver to Borrowers any Form W-8.

  
 (b) Any and all payments by or on behalf of the Borrowers
hereunder or under the other Loan Documents shall be made free and clear of and without deduction for any and all present or future Withholding Taxes (excluding, for greater certainty, Taxes imposed on or measured by the net income, profits, gains
or capital of Lender) unless such Taxes are required by law or the administration thereof to be deducted or withheld. If a Borrower shall be required by law to deduct any Withholding Taxes from or in respect of any sum payable hereunder or under any
other Loan Documents (excluding, for greater certainty, Taxes imposed on or measured by the net income, profits, gains or capital of Lender) (i) the sum payable hereunder shall be increased as much as shall be necessary so that after making all
required withholdings and deductions (including withholdings and deductions applicable to additional sums payable under this Section 2.6(b)), Lender shall receive an amount equal to the sum it would have received had no such withholdings or
deductions been made; (ii) the Borrowers shall make such deductions; and (iii) the Borrowers shall pay the full amount deducted to the relevant taxing or other authority in accordance with applicable law; provided that no increase shall be required
to be made under Section 2.6(b)(i) in respect of Withholding Taxes imposed under the ITA in respect of any amounts paid to or for the account of a person that is a non-resident of Canada for the purposes of Part XIII of the ITA and that acquired its
interest hereunder at a time when no Event of Default existed and remained uncured (any such increase to which the Lender is entitled to be referred to in Section 2.6 as the “Gross-Up Amount”). Within thirty (30) days after the date
of any payment of Withholding Taxes Borrowers shall furnish to Lender the original or a certified copy of a receipt evidencing payment thereof. 
  
 (c) Borrowers shall indemnify within ten (10) days of demand therefor Lender for the full amount of any Withholding Taxes with respect to which the Lender
would be entitled to a Gross-Up Amount paid or payable by Lender that have not been deducted, withheld, remitted or paid by Borrower as required by Section 2.6(b), and any liability (including Taxes, penalties, interest and expenses) arising
therefrom or with respect thereto. 
  
 (d) If Borrowers are
required to increase the amount of any payment to be made under this Loan Agreement pursuant to Section 2.6(b) or indemnify Lender pursuant to Section 2.6(c) and Lender has received or been granted a credit against, a deduction or remission
for, or a refund or a repayment of, Taxes, then, if and to the extent that such credit, deduction, remission, refund or repayment is in respect of or calculated with reference to the Taxes that gave rise to such increase or indemnity, Lender shall
pay to Borrowers such amount in respect of the after-tax value of such credit, deduction, remission, refund or repayment as is attributable to Lender’s actual use and benefit from such Taxes. 
  
 (e) The provisions of this Section 2.6 shall survive the termination of this
Loan Agreement and the repayment of all amounts owing under the Loan Agreement. 
  

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 Section 2.7 Change in Law 
  
 (a) If as a result of any change in or amendment to the laws (or to any rules or regulations promulgated thereunder) of the
United States of America or Canada or any political subdivision or taxing authority thereof or therein affecting taxation, or of the Income Tax Convention between the United States of America and Canada, or any change in the official application or
interpretation of such laws, treaties, regulations or rulings, Borrowers and Lender shall have determined, in the good faith opinion of a responsible officer of both of the Borrowers and Lender, that the Borrowers shall be required to withhold or
deduct any Taxes from or in respect of any sums payable under this Agreement or the other Loan Documents in accordance with Section 2.6(b) above, then the Borrowers shall have the right, at their option, at any time within one hundred eighty (180)
days beginning ninety (90) days prior to the first such required deduction, to prepay all (but not less than all) of the Loan, upon not less than thirty (30) nor more than sixty (60) days’ prior written notice of the date and the amount of such
prepayment to the Lender, at the principal amount thereof, together with accrued interest thereon to the date fixed for prepayment but without any Yield Maintenance Premium (as defined in the Note) or other prepayment fee, provided, however, that
this paragraph shall not relieve the Borrower to any extent of any obligation with respect to payments under this Agreement. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES OF BORROWERS 
  
 Borrowers, each for itself and its successors and assigns, do hereby represent, warrant and covenant to and with Lender, its successors and assigns, that:

  
 Section 3.1 Organization; Special Purpose. Each Nominee
has been duly incorporated and is validly existing and in good standing under the laws of the Province of British Columbia, with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise,
necessary to own its properties and to transact the business in which it is now engaged. The Trustee has been duly incorporated and is validly existing and in good standing under the laws of the Island of Jersey, with requisite power and authority,
and all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its properties and to transact the business in which it is now engaged. The Trust has been validly created and is existing under the laws of the Island
of Jersey. Each Corporate Beneficiary has been duly incorporated and is validly existing and in good standing under the laws of the State of Delaware, U.S. A, with requisite power and authority, and all rights, licenses, permits and authorizations,
governmental or otherwise, necessary to own its assets and to transact the business in which it is now engaged. Trust Beneficiary has been duly organized and is validly existing and in good standing under the laws of the State of Delaware, U.S.A,
with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its assets and to transact the business in which it is now engaged. Each Enforcer has been duly organized and is
validly existing and in good standing under the laws of the State of Delaware, U.S.A, with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its assets and to transact
the business in which it is now engaged. The Head Lessee has been duly incorporated and is validly existing and in good standing under the laws of the Province of British Columbia, 

  

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with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its properties and to
transact the business in which it is now engaged. Each SPE Party is duly qualified or licensed to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, assets, business
and operations. Each SPE Party possesses all franchises, patents, copyrights, trademarks, trade names, licenses and permits necessary for the conduct of its business substantially as now conducted. Each SPE Party is a Single-Purpose Entity in
compliance with the provisions of Section 4.29 hereof. All of the assumptions made in the Closing Date Non-Consolidation Opinion, and any subsequent non-consolidation opinions delivered in accordance with the terms and conditions of this
Agreement (the Closing Date Non-Consolidation Opinion and any subsequent non-consolidation opinions are collectively referred to as the “Non-Consolidation Opinion”), including, but not limited to, any exhibits attached thereto, are
true and correct in all respects. 
  
 Section 3.2 Title.
Each Nominee is the registered owner of, and the Trust Borrower is the beneficial owner of, good, marketable and indefeasible fee simple title to the Individual Property that it owns, subject only to those matters expressly set forth as exceptions
to or subordinate matters in the title insurance policies insuring the lien of the related Debenture delivered as of the date hereof which Lender has agreed to accept, excepting therefrom all preprinted and/or standard exceptions (such items being
the “Permitted Encumbrances”), and has full power and lawful authority to grant, bargain, sell, convey, assign, transfer, encumber and mortgage its interest in the Individual Property that it owns in the manner and form hereby done
or intended. Each Borrower will preserve its interest in and title to the Individual Property that it owns and will forever warrant and defend the same to Lender against any and all claims whatsoever and will forever warrant and defend the validity
and priority of the lien and security interest created herein against the claims of all persons and parties whomsoever, subject to the Permitted Encumbrances. There are no security agreements or financing statements affecting all or any portion of
any Individual Property other than (i) as disclosed in writing by Borrowers to Lender prior to the date hereof and (ii) the security agreements and financing statements created in favor of Lender. There are no claims for payment for work, labor or
materials affecting any of the Individual Properties which are or may become a lien prior to, or of equal priority with, the liens created by the Loan Documents. None of the Permitted Encumbrances, individually or in the aggregate, materially
interfere with the benefits of the security intended to be provided by the Debentures, materially and adversely affect the value of the Individual Properties, impair the use or operations of the Individual Properties or impair any Borrower’s
ability to pay its obligations in a timely manner. The foregoing warranty of title shall survive the foreclosure of any Debenture and shall inure to the benefit of and be enforceable by Lender in the event Lender acquires title to the related
Individual Property pursuant to any foreclosure. 
  
 Section 3.3
No Bankruptcy Filing. No bankruptcy, insolvency proceedings or liquidation of all or a substantial portion of any of the Individual Properties is pending or contemplated by (a) any Significant Party, or any trustee, general partner, manager,
sole member, managing member or majority owner (excluding a majority owner or principal of CNL Properties, Inc.) of any Significant Party (collectively, the “CNL Affiliates”, each a “CNL Affiliate”) or (b) by
Intrawest, Whistler Mountain Resort Limited Partnership or any Intrawest Tenant (collectively, the “Intrawest Entities”, each an “Intrawest Entity”), or any general partner, sole member, managing member or majority
owner (excluding a majority owner of Intrawest 

  

 - 16 - 

 
Corporation) of any Intrawest Entity, or, to the best knowledge of Borrowers, against any CNL Affiliate or any Intrawest Entity, or any general partner, sole
member, managing member or majority owner of any Intrawest Entity. No petition in bankruptcy has been filed against any CNL Affiliate or any Intrawest Entity, and none of the foregoing has ever made an assignment for the benefit of creditors or
taken advantage of any insolvency act for the benefit of debtors. 
  
 Section 3.4 Full and Accurate Disclosure. No statement of fact made by any of the Borrowers in any Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements
contained therein not misleading. There is no material fact presently known to any Borrower that has not been disclosed to Lender which adversely affects, or, as far as any Borrower can foresee, might adversely affect, the Individual Properties or
the business, operations or condition (financial or otherwise) of any of the CNL Affiliates or Intrawest Entities. All financial data, including the statements of cash flow and income and operating expense, that have been delivered to Lender in
respect of the CNL Affiliates or Intrawest Entities and the Individual Properties (i) is true, complete and correct in all material respects, (ii) accurately represents the financial condition of the CNL Affiliates or Intrawest Entities, as the case
may be, and the Individual Properties as of the date of such reports, and (iii) to the extent prepared by an independent certified public accounting firm, have been prepared in accordance with generally accepted accounting principals consistently
applied throughout the periods covered, except as disclosed therein. None of the SPE Parties have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments, unrealized or anticipated losses from any unfavorable
commitments or any liabilities or obligations not expressly permitted by this Agreement. Since the date of such financial statements, there has been no materially adverse change in the financial condition, operations or business of any CNL Affiliate
or Intrawest Entity or any of the Individual Properties from that set forth in said financial statements. 
  
 Section 3.5 Proceedings; Enforceability. The execution, delivery and performance of this Agreement, the Note and all of the other Loan Documents
has been duly authorized by all necessary action to be, and are, binding and enforceable against the Borrowers in accordance with the respective terms thereof and do not contravene, result in a breach of or constitute a default (nor upon the giving
of notice or the passage of time or both will the same constitute a default) under the partnership agreement, articles of incorporation, operating agreement, trust agreement, by-laws or other organizational documents of any Borrower or any contract
or agreement of any nature to which any Borrower is a party or by which any Borrower or any of its property may be bound and do not violate or contravene any law, order, decree, rule or regulation to which any Borrower is subject. The Loan Documents
are not subject to, and Borrowers have not asserted, any right of rescission, set-off, counterclaim or defense, including the defense of usury. 
  
 Section 3.6 No Conflicts. No Borrower is required to obtain any consent, approval or authorization from, or to file any declaration or statement
with, any governmental authority or agency in connection with or as a condition to the execution, delivery or performance of this Agreement, the Note or the other Loan Documents which has not been so obtained or filed. Borrowers have obtained or
made all necessary (i) consents, approvals and authorizations and registrations and filings of or with all governmental authorities or agencies and (ii) consents, approvals, waivers and notifications of partners, stockholders, members, 

  

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creditors, lessors, beneficiaries and other non-governmental persons and/or entities, in each case, which are required to be obtained or made by Borrowers in
connection with the execution and delivery of, and the performance by Borrowers of their respective obligations under, the Loan Documents. 
  
 Section 3.7 Intentionally Omitted. 
  
 Section 3.8 Taxes. Each Significant Party has filed all federal, state, provincial and local tax returns required to be filed as of the date hereof
and has paid or made adequate provision for the payment of all federal, state, provincial and local taxes, charges and assessments payable by any Significant Party and any general partner or managing member as of the date hereof. Each Significant
Party believe that their respective tax returns properly reflect the income and taxes of such Significant Party for the periods covered thereby, subject only to reasonable adjustments required by the Canada Revenue Agency or other applicable tax
authority upon audit. All of the Borrowers and the Individual Properties are free from any past due obligations for sales and payroll taxes. 
  
 Section 3.9 Intentionally Omitted. 
  
 Section 3.10 Intentionally Omitted. 
  
 Section 3.11 Intentionally Omitted. 
  
 Section 3.12 Property Compliance. Except as disclosed in the Engineering Reports or in any zoning letter delivered to Lender prior to the date
hereof, each of the Individual Properties and the Improvements and the current intended use thereof by the related Borrowers comply in all material respects with all applicable restrictive covenants, zoning ordinances, subdivision and building
codes, flood disaster laws, health and environmental laws and regulations and all other ordinances, orders or requirements issued by any provincial, federal or municipal authorities having or claiming jurisdiction over the Individual Property. In
the event that all or any part of the Improvements are destroyed or damaged, said Improvements can be legally reconstructed to their condition prior to such damage or destruction, and thereafter exist for the same use without violating any zoning or
other ordinances applicable thereto and without the necessity of obtaining any variances or special permits. No legal proceedings are pending or, to the knowledge of any Borrower, threatened with respect to the zoning of the Individual Properties.
To the extent that compliance with any zoning ordinances, planned unit development agreements, other land use regulations or any certifications, permits, licenses, approvals or requirements applicable to each Individual Property and required for the
legal use, occupancy or operation thereof, or any right to construct, use or operate any of the Individual Properties, is in any way dependent Borrower possessing rights in or to, or is dependant upon any restrictions against, any property other
than such Individual Property, Borrowers have obtained all such rights and restrictions over or in connection with such other property. All certifications, permits, licenses and approvals, including certificates of completion and occupancy permits
required for the legal use, occupancy and operation of each Individual Property have been obtained and are in full force and effect. 
  

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 Section 3.13 Utilities. All utility services necessary and sufficient for the full use, occupancy,
operation and disposition of the Individual Properties and the Improvements located thereon for their intended purposes are available to each Individual Property, including water, storm sewer, sanitary sewer, gas, electric, cable and telephone
facilities, through public rights-of-way or perpetual private easements approved by Lender. The Individual Properties are free from delinquent water charges, sewer rents, taxes and assessments. 
  
 Section 3.14 Public Access. All streets, roads, highways, bridges and
waterways necessary for access to and full use, occupancy, operation and disposition of the Individual Properties are and the Improvements located thereon have been completed, have been dedicated to and accepted by the appropriate municipal
authority and are open and available to the Individual Properties and the Improvements located thereon without further condition or cost to any Borrower. All curb cuts, driveways and traffic signals shown on the condominium or strata maps delivered
to Lender prior to the execution and delivery of this Agreement are existing and have been fully approved by the appropriate governmental authority. 
  
 Section 3.15 Litigation; Agreements. There are no judicial, administrative, mediation or arbitration actions, suits or proceedings pending or
threatened against or affecting any CNL Affiliate or Intrawest Entity (or, if any CNL Affiliate or Intrawest Entity is a partnership or a limited liability company, any of its general partners or members) or any Individual Properties which, if
adversely determined, would materially impair any Individual Properties’ or any CNL Affiliate’s or Intrawest Entity’s ability to perform the covenants or obligations required to be performed under the Loan Documents, the Head Lease or
the Master Leases, as applicable. None of CNL Affiliate or Intrawest Entity is a party to any agreement or instrument or subject to any restriction which might adversely affect any Individual Property, or any Borrowers’, Head Lessee’s,
Intrawest Tenant’s, Intrawest’s or Indemnitor’s business, properties, operations or condition, financial or otherwise. No Borrower is in default in any material respect in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in any Permitted Encumbrance or any other agreement or instrument to which it is a party or by which it or any Individual Property is bound. 
  
 Section 3.16 Physical Condition. As of the date of this Agreement, (a) the Individual Properties are free from
unrepaired damage caused by fire, flood, accident or other casualty, (b) no part of any Individual Property or the Improvements has been taken in condemnation, expropriation or like proceeding nor is any such proceeding pending or, to
Borrower’s knowledge and belief, threatened or contemplated, (c) except as may otherwise be disclosed in the Engineering Report, the Improvements are structurally sound, in good repair and free of defects in materials and workmanship and have
been constructed and installed in substantial compliance with the plans and specifications relating thereto, and (d) except as may otherwise be disclosed in the Engineering Report, all major building systems located within the Improvements,
including, without limitation, the heating and air conditioning systems and the electrical and plumbing systems, are in good working order and condition. 
  
 Section 3.17 Contracts. Borrowers have delivered to Lender true, correct and complete copies of all Contracts and all amendments thereto or
modifications thereof. Each Contract constitutes the legal, valid and binding obligation of the Borrower that is a party thereto and, to the best of such Borrower’s knowledge and belief, is enforceable against any other party 

  

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thereto. No default exists, or with the passing of time or the giving of notice or both would exist, under any Contract which would, in the aggregate, have a
material adverse effect on a Borrower or any Individual Property. No Contract provides any party with the right to obtain a lien or encumbrance upon the related Individual Property superior to the lien of the related Debenture or Debenture. All
Contracts affecting the Individual Properties have been entered into at arms-length in the ordinary course of the related Borrower’s business and provide for the payment of fees in amounts and upon terms comparable to existing market rates.

  
 Section 3.18 Leases. Borrowers have delivered (i) a
true, correct and complete schedule (the “Rent Roll”) of all Leases affecting each of the Individual Properties as of the date hereof, which Rent Roll is attached hereto as Schedule 7 and which accurately and completely sets
forth in all material respects for each such Lease, the following: the name of the Tenant, the Lease expiration date, extension and renewal provisions, the base rent payable, the security deposit held thereunder and any other material provisions of
such Lease and (ii) true, correct and complete copies of all Leases described in each Rent Roll. Each Lease constitutes the legal, valid and binding obligation of the related Borrower or the Head Lessee, as applicable, and, to the best of each
Borrower’s knowledge and belief, is enforceable against the Tenant thereunder. No default exists, or with the passing of time or the giving of notice or both would exist, under any Lease which would, in the aggregate, have a material adverse
effect on the Head Lessee, any Borrower or the Individual Properties. No Tenant under any Lease has, as of the date hereof, paid rent more than thirty (30) days in advance, and the rents under such Leases have not been waived, released, or otherwise
discharged or compromised except as set forth in any Tenant’s estoppel. All security deposits required under such Leases have been fully funded and are held by Borrower in a separate segregated account or as otherwise required by applicable
law. All work to be performed by a Borrower or the Head Lessee, as applicable, under the Leases has been substantially performed, all contributions to be made by a Borrower or the Head Lessee, as applicable, to the Tenants thereunder have been made
and all other conditions precedent to each such Tenant’s obligations thereunder have been satisfied except as set forth in any Tenant’s estoppel. Each Tenant under a Lease has entered into occupancy of the demised premises except as set
forth in any Tenant’s estoppel. To the best of Borrower’s knowledge and belief, each Tenant is free from bankruptcy, reorganization or arrangement proceedings or a general assignment for the benefit of creditors. No Lease provides any
party with the right to obtain a lien or encumbrance upon the subject Individual Properties superior to the lien of the related Debenture. 
  
 Section 3.19 Intentionally Omitted. 
  
 Section 3.20 Management Agreement. Each property management agreement relating to an Individual Property (individually and collectively, the
“Management Agreement”) is in full force and effect and to the best of each Borrower’s knowledge, there is no default, breach or violation existing thereunder by any party thereto beyond the expiration of applicable notice and
grace periods thereunder and no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a default, breach or violation by any party thereunder. The fee due
under each Management Agreement, and the terms and provisions of each Management Agreement, are subordinate to the related Debenture. 
  

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 Section 3.21 Fraudulent Transfer. No Borrower has entered into the Loan or any Loan Document with
the actual intent to hinder, delay, or defraud any creditor, and each Borrower has received reasonably equivalent value in exchange for its obligations under the Loan Documents. Giving effect to the transactions contemplated by the Loan Documents,
the fair saleable value of Borrowers’ assets exceed and will, immediately following the execution and delivery of the Loan Documents, exceed Borrowers’ total liabilities, including subordinated, unliquidated, disputed or contingent
liabilities, including the maximum amount of its contingent liabilities or its debts as such debts become absolute and matured. Borrowers’ assets do not and, immediately following the execution and delivery of the Loan Documents will not,
constitute unreasonably small capital to carry out their businesses as conducted or as proposed to be conducted. Borrowers do not intend to, and does not believe that they will, incur debts and liabilities (including contingent liabilities and other
commitments) beyond their ability to pay such debts as they mature (taking into account the timing and amounts to be payable on or in respect of obligations of Borrowers). 
  
 Section 3.22 Intentionally Omitted. 
  
 Section 3.23 Condominium Documents. Set forth on Schedule 2 attached hereto are all of the Condominium
Documents affecting the Individual Properties. The Condominium Documents are in full force and effect and, except as disclosed in the estoppels or the applicable condominium Act certificates delivered with respect thereto, there is no default,
breach or violation beyond the expiration of applicable notice and cure periods existing thereunder by any Borrower, or to the best of each Borrower’s knowledge, no other party is in material default thereunder beyond the expiration of
applicable notice and cure periods existing thereunder, and to the best of each Borrower’s knowledge, no event has occurred that, with the passage of time or the giving of notice, or both, would constitute a default, breach or violation by
Borrower thereunder. To the best of each Borrower’s knowledge, the Condominium Documents that affect the Individual Property that such Borrower owns are in full compliance with all applicable municipal, provincial and federal laws, rules and
regulations which effect the establishment and maintenance of condominiums or strata, as applicable, in the applicable provinces (collectively, the “Condominium Law”) relating to condominiums or strata. No assessments payable by any
Borrower under any Condominium Documents are past due as of the date hereof. 
  
 Section 3.24 Master Leases. 
  
 (a) ITW Interim Leases. Each of the ITW Interim Leases has a term of no less than ten (10) years from the date hereof (provided that such ITW Interim Lease may be terminated after four (4) years provided the conditions set forth in
Section 4.8(e) are satisfied), the Tenant under each ITW Interim Lease is either Intrawest or an Affiliate of Intrawest and the obligations of such Affiliate under the ITW Interim Lease is guaranteed by Intrawest pursuant to a lease indemnity
agreement in a form approved by Lender. 
  
 (b) Intrawest
Leases. Each of the Intrawest Leases has a remaining term of no less than fifteen (15) years from the date hereof and the Tenant under each Intrawest Lease is Intrawest or an Affiliate of Intrawest. 
  

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 Section 3.25 Head Leases. 
  
 (a) The Head Leases are subordinate to the Debentures and are terminable by Lender upon an Event of Default, a foreclosure
of the Debentures or a deed in lieu of foreclosure. In addition, the Head Leases may not be canceled, terminated, surrendered or amended without the prior written consent of Lender, which consent may be withheld in Lender’s sole and absolute
discretion. 
  
 (b) As of the date hereof, the Head Leases are in
full force and effect and no default has occurred under any of the Head Leases and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default under the terms of any of the Head Leases.

  
 (c) Under the terms of the Head Leases, any insurance and
condemnation proceeds will be applied in accordance with this Agreement. In addition, the Head Lessee has agreed to perform its obligations under the Head Lease in accordance with the terms and provisions of the Loan Documents and not to take any
actions which would result in a Default or Event of Default hereunder. 
  
 Section 3.26 Survival. All of the representations and warranties in this Article III and elsewhere in the Loan Documents are made as of the date hereof and (i) shall survive for so long as any portion of the Debt remains owing to
Lender and (ii) shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 
  
 ARTICLE IV 
  
 COVENANTS OF BORROWERS 
  
 For so long as the Debt or any part thereof remains unpaid, Borrowers covenant and agree as follows: 
  
 Section 4.1 Defense of Title. If, while any Debenture is in force, any of the Individual Properties or the interest of Lender therein shall be the
subject, directly or indirectly, of any action at law or in equity, or be attached directly or indirectly, or endangered, clouded or adversely affected in any manner, Borrowers, at Borrowers’ expense, shall take all necessary and proper steps
for the defense of said title or interest, including the employment of counsel approved by Lender, the prosecution or defense of litigation, and the compromise or discharge of claims made against said title or interest. Notwithstanding the
foregoing, in the event that Lender determines that Borrowers are not adequately performing their obligations under this Section, Lender may, without limiting or waiving any other rights or remedies of Lender hereunder, take such steps with respect
thereto as Lender shall deem necessary or proper and any and all costs and expenses incurred by Lender in connection therewith, together with interest thereon at the Default Interest Rate (as defined in the Note) from the date incurred by Lender
until actually paid by Borrowers, shall be immediately paid by Borrowers on demand and shall be secured by the Debentures and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. 
  

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 Section 4.2 Performance of Obligations. Borrowers shall pay when due the principal of, and the
interest on, the Debt in accordance with the terms of the Note. Borrowers shall also pay all charges, fees and other sums required to be paid by Borrowers as provided in the Loan Documents, in accordance with the terms of the Loan Documents, and
shall observe, perform and discharge all obligations, covenants and agreements to be observed, performed or discharged by Borrowers set forth in the Loan Documents in accordance with their terms. Further, Borrowers shall, and shall cause the Head
Lessee to, promptly and strictly perform and comply with all covenants, conditions, obligations and prohibitions required of Borrowers or Head Lessee in connection with any other document or instrument affecting title to any Individual Property, or
any part thereof, regardless of whether such document or instrument is superior or subordinate to the related Debenture. 
  
 Section 4.3 Insurance. Borrowers shall, at Borrowers’ expense, maintain, or cause to be maintained, in force and effect for the Borrowers and
with respect to each of the Individual Properties at all times while the Loan is outstanding the following insurance: 
  
 (a) Insurance against loss or damage to the Individual Property by fire, lightning, windstorm, tornado, flood (if requested by Lender), hail, riot and
civil commotion, vandalism, malicious mischief, burglary and theft and against loss and damage by such other, further and additional risks as may be now or hereafter embraced by an “all-risk” or “special causes of loss” type of
insurance policy. The amount of such insurance for each Individual Property shall be not less than one hundred percent (100%) of the full replacement cost (insurable value) of the Improvements at such Individual Property (as established by an MAI
appraisal), without reduction for depreciation. The determination of the replacement cost amount shall be adjusted annually to comply with the requirements of the insurer issuing such coverage or, at Lender’s election, by reference to such
indices, appraisals or information as Lender determines in its reasonable discretion in order to reflect increased value due to inflation. Absent such annual adjustment, each policy shall contain inflation guard coverage insuring that the policy
limit will be increased over time to reflect the effect of inflation. “Full replacement cost,” as used herein and elsewhere in this Section 4.3, means, with respect to the Improvements on each Individual Property, the cost of
replacing the Improvements without regard to deduction for depreciation, exclusive of the cost of excavations, foundations and footings below the lowest basement floor. Each Borrower shall also maintain insurance against loss or damage to furniture,
furnishings, fixtures, equipment and other items (whether personalty or fixtures) included at such Individual Property and owned by the related Borrower from time to time to the extent applicable. Each policy shall contain a replacement cost
endorsement and either an agreed amount endorsement (to avoid the operation of any co-insurance provisions) or a waiver of any co-insurance provisions, all subject to Lender’s approval. The maximum deductible for each Individual Property shall
be US$100,000.00. In addition, if insurance for terrorist acts becomes available in Canada on commercially reasonable terms and if it becomes the industry norm in Canada for lenders to require borrowers to obtain and maintain terrorism insurance in
connection with mortgage loans, then, upon written notice from Lender, Borrowers agree to obtain (within 30 days of such notice) and maintain during the remaining term of the Loan such terrorism insurance in amounts and from insurance companies
reasonable acceptable to Lender. 
  

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 (b) If the “all-risk” or “special causes of loss” policy required in subsection (a)
above excludes coverage for wind damage, the Borrowers shall maintain separate coverage for such risk. 
  
 (c) Ordinance and law insurance is required if the Individual Property is “non-conforming” with respect to any zoning requirements. Borrowers
shall maintain “Coverage A” against loss on value to the undamaged portion of the Improvements for the full replacement cost of the Improvements. Borrowers shall also maintain “Coverage B” against the cost of demolition in an
amount equal to ten percent (10%) of the total value of the Improvements and “Coverage C” against increased cost of reconstruction in an amount equal to twenty percent (20%) of the total value of the Improvements. The maximum deductible
for each Individual Property shall be US$100,000.00. 
  
 (d)
Commercial General Liability Insurance against claims for personal injury, bodily injury, death and property damage occurring on, in or about the Individual Properties or the Improvements in amounts not less than US$1,000,000.00 per occurrence and
US$2,000,000.00 in the aggregate plus umbrella coverage in an amount not less than US$25,000,000. Lender hereby retains the right to periodically review the amount of said liability insurance being maintained by Borrowers and to require an increase
in the amount of said liability insurance should Lender deem an increase to be reasonably prudent under then existing circumstances. The maximum deductible for each Individual Property shall be US$10,000.00. 
  
 (e) Boiler and machinery insurance is required if steam boilers or other
pressure-fired vessels are in operation at any Property. Minimum liability coverage per accident must equal the greater of the replacement cost (insurable value) of the Improvements housing such boiler or pressure-fired machinery or US$2,000,000.00.
If one or more large HVAC units is in operation at any Property, “Systems Breakdowns” coverage shall be required, as determined by Lender. Minimum liability coverage per accident must equal the value of such unit(s). If available, a
minimum of eighteen (18) months general business income coverage specifically relating to boiler and machinery damage shall be required. The maximum deductible for each Individual Property shall be US$50,000.00. Co-insurance is prohibited.

  
 (f) During the period of any construction, renovation or
alteration of the existing Improvements at an Individual Property which exceeds the lesser of ten percent (10%) of the principal amount of the Allocated Loan Amount for such Individual Property or US$500,000, at Lender’s request, a completed
value, “All Risk” Builder’s Risk form or “Course of Construction” insurance policy in non-reporting form, in an amount approved by Lender, may be required. During the period of any construction of any addition to the
existing Improvements at an Individual Property, a completed value, “All Risk” Builder’s Risk form or “Course of Construction” insurance policy in non-reporting form, in an amount approved by Lender, shall be required. The
maximum deductible for each Individual Property shall be US$100,000.00. 
  
 (g) When required by applicable law, ordinance or other regulation, Worker’s Compensation and Employer’s Liability Insurance covering all persons subject to the worker’s compensation laws of the province in which each
Individual Property is located. Additionally, if 

  

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a Borrower has direct employees, Hired and Non-Owned Auto Insurance is required in an amount equal to US$1,000,000 per occurrence. 
  
 (h) In addition to the specific risk coverages required herein, general
business income (loss of rents) insurance in amounts sufficient to compensate Borrower for all Rents and Profits or income at each Individual Property during a period of not less than twelve (12) months. The “actual loss” amount of
coverage shall be adjusted annually to reflect the greater of (i) estimated Rents and Profits or income payable at each Individual Property during the succeeding twelve (12) month period or (ii) the projected operating expenses, capital expenses and
debt service for the Individual Property as approved by Lender in its sole discretion. Additionally, Lender, in its sole discretion, may require an “Extended Period of Indemnity” endorsement for an additional six (6) months to allow for
re-leasing of the affected Individual Property. The maximum deductible for each Individual Property shall be US$100,000.00. 
  
 (i) Such other insurance on all or any of the Individual Properties or on any replacements or substitutions thereof or additions thereto as may from time
to time be required by Lender against other insurable hazards or casualties which at the time are commonly insured against in the case of property similarly situated including, without limitation, Sinkhole, Mine Subsidence and Environmental
insurance, due regard being given to the height and type of buildings, their construction, location, use and occupancy. 
  
 All such insurance shall (i) be with insurers fully licensed and authorized to do business in the province within which the Individual Property is located
and who have and maintain a rating of at least (A) A or higher from Standard & Poors and (B) A-X or higher from A.M. Best, (ii) contain the complete address of the Individual Property (or a complete legal description), (iii) be for a term of at
least one year, with premium prepaid, and (iv) be subject to the approval of Lender as to insurance companies, amounts, content, forms of policies, method by which premiums are paid and expiration dates, and (v) include a standard, non-contributory,
mortgagee clause naming EXACTLY: 
  
 Congress Financial
Corporation (Canada) 
 its Successors and Assigns ATIMA 
 c/o Congress Financial Corporation (Canada), as Servicer 
 141 Adelaide Street West, Suite 1500 

Toronto, Ontario M5H 3L9 
  
 (A) as an additional insured under all liability insurance policies, (B) as the first mortgagee on all property insurance policies and (C) as the loss
payee on all loss of rents or loss of business income insurance policies. 
  
 Borrowers shall, as of the date hereof, deliver to Lender evidence that said insurance policies have been prepaid as required above and certified copies of such insurance policies and original certificates of insurance signed by an
authorized agent of the applicable insurance companies evidencing such insurance satisfactory to Lender. Borrowers shall renew all such insurance and deliver to Lender certificates and policies evidencing such renewals at least thirty (30) days
before any such insurance shall expire. Borrowers further agree that each such insurance policy: (i) shall provide for at least thirty (30) days’ prior written notice to Lender prior to any policy 

  

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reduction or cancellation for any reason other than non-payment of premium and at least ten (10) days’ prior written notice to Lender prior to any
cancellation due to non-payment of premium; (ii) shall contain an endorsement or agreement by the insurer that any loss shall be payable to Lender in accordance with the terms of such policy notwithstanding any act or negligence of any Borrower
which might otherwise result in forfeiture of such insurance; (iii) shall waive all rights of subrogation against Lender; and (iv) may be in the form of a blanket policy provided that, in the event that any such coverage is provided in the
form of a blanket policy, each Borrower hereby acknowledges and agrees that failure to pay any portion of the premium therefor which is not allocable to the Individual Property or by any other action not relating to the Individual Property which
would otherwise permit the issuer thereof to cancel the coverage thereof, would require the Individual Property to be insured by a separate, single-property policy. The blanket policy must properly identify and fully protect each Individual Property
as if a separate policy were issued for 100% of Replacement Cost at the time of loss and otherwise meet all of Lender’s applicable insurance requirements set forth in this Section 4.3. The delivery to Lender of the insurance policies or
the certificates of insurance as provided above shall constitute an assignment of all proceeds payable under such insurance policies relating to each Individual Property by Borrowers to Lender as further security for the Debt. In the event of
foreclosure of any Debenture, or other transfer of title to any Individual Property in extinguishment in whole or in part of the Debt, all right, title and interest of the related Borrower or any other Borrower in and to all proceeds payable under
such policies then in force concerning such Individual Property shall thereupon vest in the purchaser at such foreclosure, or in Lender or other transferee in the event of such other transfer of title. Approval of any insurance by Lender shall not
be a representation of the solvency of any insurer or the sufficiency of any amount of insurance. In the event any Borrower fails to provide, maintain, keep in force or deliver and furnish to Lender the policies of insurance required by this
Agreement or evidence of their renewal as required herein, Lender may, but shall not be obligated to, procure such insurance and Borrowers shall pay all amounts advanced by Lender therefor, together with interest thereon at the Default Interest Rate
from and after the date advanced by Lender until actually repaid by Borrowers, promptly upon demand by Lender. Any amounts so advanced by Lender, together with interest thereon, shall be secured by the Debentures, Debentures and by all of the other
Loan Documents securing all or any part of the Debt. Lender shall not be responsible for nor incur any liability for the insolvency of the insurer or other failure of the insurer to perform, even though Lender has caused the insurance to be placed
with the insurer after failure of Borrowers to furnish such insurance. No Borrower shall obtain insurance for any Individual Property in addition to that required by Lender without the prior written consent of Lender which consent will not be
unreasonably withheld provided that (i) Lender is a named insured on such insurance, (ii) Lender receives complete copies of all policies evidencing such insurance, and (iii) such insurance complies with all of the applicable requirements set
forth herein. 
  
 Section 4.4 Payment of Taxes. Borrowers
shall pay or cause to be paid, except to the extent provision is actually made therefor pursuant to Section 5.3 hereof, all taxes and assessments which are or may become a lien on any Individual Property or which are assessed against or
imposed upon any Individual Property. Borrowers shall furnish Lender with receipts (or if receipts are not immediately available, with copies of canceled checks evidencing payment with receipts to follow promptly after they become available) showing
payment of such taxes and assessments at least fifteen (15) days prior to the applicable delinquency date therefor. Notwithstanding the foregoing, any Borrower may, in good faith, by appropriate proceedings and 

  

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upon notice to Lender, contest the validity, applicability or amount of any asserted tax or assessment so long as (a) such contest is diligently pursued, (b)
Lender determines, in its subjective opinion, that such contest suspends the obligation to pay the tax and that nonpayment of such tax or assessment will not result in the sale, loss, forfeiture or diminution of the related Individual Property or
any part thereof or any interest of Lender therein, and (c) prior to the earlier of the commencement of such contest or the delinquency date of the asserted tax or assessment, the Borrowers deposit in the Impound Account (as hereinafter defined) an
amount determined by Lender to be adequate to cover the payment of such tax or assessment and a reasonable additional sum to cover possible interest, costs and penalties; provided, however, that Borrowers shall promptly cause to be
paid any amount adjudged by a court of competent jurisdiction to be due, with all interest, costs and penalties thereon, promptly after such judgment becomes final; and provided further that in any event each such contest shall be
concluded and the taxes, assessments, interest, costs and penalties shall be paid prior to the date any writ or order is issued under which the related Individual Property may be sold, lost or forfeited. 
  
 Section 4.5 Casualty and Condemnation. Borrowers shall give Lender
prompt written notice of (i) the occurrence of any casualty affecting any Individual Property or any portion thereof, (ii) the institution of any proceedings for expropriation or for the condemnation of any Individual Property or any portion thereof
or (iii) any written notification threatening the institution of any proceedings for expropriation or for the condemnation of any Individual Property or any portion thereof or any written request to execute a deed in lieu of condemnation affecting
any Individual Property or any portion thereof. All insurance proceeds on the Individual Properties, and all causes of action, claims, compensation, awards and recoveries for any damage, condemnation or taking, or any deed in lieu of condemnation,
affecting all or any part of any Individual Property or for any damage or injury to it for any loss or diminution in value of any Individual Property, are hereby assigned to and shall be paid to Lender. To the extent permitted under the applicable
Condominium Documents, Lender may participate in any suits or proceedings relating to any such proceeds, causes of action, claims, compensation, awards or recoveries, and Lender is hereby authorized, in its own name or in the related Borrower’s
name, to adjust any loss covered by insurance or any condemnation claim or cause of action, and to settle or compromise any claim or cause of action in connection therewith, and the related Borrower shall from time to time deliver to Lender any
instruments required to permit such participation; provided, however, that, so long as no Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would
constitute an Event of Default (a “Default”), Lender shall not have the right to participate in the adjustment of any loss which is not in excess of the lesser of (i) five percent (5%) of the Allocated Loan Amount for the affected
Individual Property and (ii) $[1,000,000 (Canadian)]. Lender shall apply any sums received by it under this Section first to the payment of all of its costs and expenses (including, but not limited to, reasonable legal fees and disbursements)
incurred in obtaining those sums, and then, as follows: 
  
 (a) In
the event that a casualty or condemnation occurs at any Individual Property and either (i) the Condominium Documents (provided such Condominium Documents have priority over the applicable Debenture) with respect to such Individual Property require
that such Individual Property be repaired or restored, or (ii) fifteen percent (15%) or less, in the case of condemnation, or forty percent (40%) or less, in the case of casualty, of the fair market value 

  

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or net rentable square footage of the Improvements located on the affected Individual Property have been taken or destroyed, then if and so long as:

  
 (1) no Default or Event of Default has
occurred hereunder or under any of the other Loan Documents, and 
  
 (2) the affected Individual Property can, in Lender’s judgment, with diligent restoration or repair, be returned to a condition at least equal to the condition thereof that existed prior to the casualty or
partial taking causing the loss or damage within the earlier to occur of (A) nine (9) months after the receipt of insurance proceeds or condemnation awards by either of the related Borrower or Lender but in any event prior to the expiration or lapse
of rent loss or general business income necessary to satisfy current obligations of the Loan, and (B) six (6) months prior to the stated maturity date of the Note, and 
  
 (3) all necessary governmental approvals can be obtained to allow the rebuilding and reoccupancy of the
affected Individual Property as described in Section (a)(2) above, and 
  
 (4) there are sufficient sums available (through insurance proceeds or condemnation awards and contributions by Borrowers, the full amount
of which shall, at Lender’s option, have been deposited with Lender) for such restoration or repair (including, without limitation, for any costs and expenses of Lender to be incurred in administering said restoration or repair) and for payment
of principal and interest to become due and payable under the Note during such restoration or repair, and 
  
 (5) the economic feasibility of the Improvements at the affected Individual Property after such restoration or repair will be such that
income from their operation is reasonably anticipated to be sufficient to pay operating expenses of the affected Individual Property and debt service on the Debt in full with the same debt service coverage ratio considered by Lender in its
determination to make the loan secured hereby, and 
  
 (6) in the event that the insurance proceeds or condemnation awards received as a result of such casualty or partial taking exceed the lesser of (i) five percent (5%) of the Allocated Loan Amount for the affected Individual Property and
(ii) $1,000,000, Borrower shall have delivered to Lender, at Borrower’s sole cost and expense, an appraisal report in form and substance satisfactory to Lender appraising the value of the affected Individual Property as proposed to be restored
or repaired to be not less than the appraised value of the affected Individual Property considered by Lender in its determination to make the loan secured by the Debentures, and 
  
 (7) Borrower so elects by written notice delivered to Lender within five (5) days after settlement of the
aforesaid insurance or condemnation claim, and 
  
 (8) Each Rating Agency (as hereinafter defined) shall have confirmed in writing (a “No-Downgrade Confirmation”) that restoration will not result in a 

  

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qualification, downgrade or withdrawal of any ratings issued in connection with any Secondary Market Transaction (as hereinafter defined), 
  
 then, Lender shall, solely for the purposes of such restoration or repair
advance, or Borrower shall cause any trustee appointed by the applicable Condominium Association, if applicable, to advance, so much of the remainder of such sums as may be required for such restoration or repair, and any funds deposited by
Borrowers with Lender therefor, to the affected Borrower in the manner and upon such terms and conditions as would be required by a prudent interim construction lender, subject to the terms and provisions of the applicable Condominium Documents,
including, but not limited to, the prior approval by Lender of plans and specifications, contractors and form of construction contracts and the furnishing to Lender of permits, bonds, lien waivers, invoices, receipts and affidavits from contractors
and subcontractors, in form and substance satisfactory to Lender in its discretion, with any remainder being applied by Lender for payment of the Debt in whatever order Lender directs in its absolute sole discretion, or at the discretion of Lender,
the same may be paid, either in whole or in part, to, or for the benefit of, Borrowers for such purposes as Lender shall designate in its discretion. In the event that the Condominium Documents applicable to such Individual Property permit an
insurance trustee to hold and disburse the insurance proceeds for such restoration or repair, Borrower shall use its best efforts to cause the Condominium Association to deposit such insurance proceeds with Lender for the application of such
proceeds to the restoration and repair of the Individual Property. 
  
 (b) In all other cases, namely, in the event that (i) (A) the Condominium Documents applicable to such Individual Property do not require that the Individual Property be repaired or restored (or such Condominium Documents are subordinate to
the applicable Debenture) and (B) more than fifteen percent (15%), in the case of condemnation, or forty percent (40%), in the case of casualty, of the fair market value or net rentable square footage of the Improvements located on the affected
Individual Property have been taken or destroyed, or (ii) the related Borrower does not elect to restore or repair the affected Individual Property pursuant to clause (a) above or otherwise fails to meet the requirements of clause (a)
above, then, in any of such events, Borrower shall notify the applicable Condominium Association to pay to Lender all insurance proceeds applicable to the affected Individual Property and Lender shall elect, in Lender’s absolute discretion and
without regard to the adequacy of Lender’s security and upon obtaining consent of any Rating Agency, to do either of the following: (1) apply any sums received pursuant to this Section to the payment of the Debt in accordance with the following
paragraph, with any remainder being paid to Borrowers, or (2) notwithstanding that the affected Borrower may have elected not to restore or repair the affected Individual Property pursuant to the provisions of Section 4.5(a) above, require
the related Borrower to restore or repair the affected Individual Property in the manner and upon such terms and conditions as would be required by a prudent interim construction lender, including, but not limited to, the deposit by Borrowers with
Lender, within thirty (30) days after demand therefor, of any deficiency reasonably determined by Lender to be necessary in order to assure the availability of sufficient funds to pay for such restoration or repair, including Lender’s costs and
expenses to be incurred in connection therewith, and for payment of principal and interest to become due and payable under the Note during such restoration or repair, the prior approval by Lender of plans and specifications, contractors and form of
construction contracts and the furnishing to Lender of permits, bonds, lien waivers, invoices, receipts and affidavits from contractors and 

  

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subcontractors, in form and substance satisfactory to Lender in its discretion, and apply the remainder of such sums toward such restoration and repair, with
any balance thereafter remaining being applied by Lender for payment of the Debt in whatever order Lender directs in its absolute sole discretion, or at the discretion of Lender, the same may be paid, either in whole or in part, to, or for the
benefit of, Borrowers for such purposes as Lender shall designate in its discretion. The failure of Borrower to comply with the provisions of this paragraph shall be an immediate Event of Default. 
  
 Any reduction in the Debt resulting from Lender’s application of any sums received by it
hereunder shall take effect only when Lender actually receives such sums and elects to apply such sums to the Debt and, in any event, the unpaid portion of the Debt shall remain in full force and effect and Borrowers shall not be excused in the
payment thereof. Partial payments received by Lender, as described in the preceding sentence, shall be applied first to the final payment due under the Note and thereafter to installments due under the Note in the inverse order of their due date. If
an affected Borrower elects or Lender directs such Borrower to restore or repair the affected Individual Property after the occurrence of a casualty or partial taking of such Individual Property as provided above, such Borrower shall promptly and
diligently, at Borrowers’ sole cost and expense and regardless of whether the insurance proceeds or condemnation award, as appropriate, shall be sufficient for the purpose, restore, repair, replace and rebuild the affected Individual Property
as nearly as possible to its value, condition and character immediately prior to such casualty or partial taking in accordance with the foregoing provisions and Borrowers shall pay to Lender all costs and expenses of Lender incurred in administering
said rebuilding, restoration or repair, provided that Lender makes such proceeds or award available for such purpose; however, the foregoing proviso shall not affect Borrowers’ obligation to pay to Lender such costs and expenses if
Lender is acting as the insurance trustee pursuant to the Condominium Documents and such Condominium Documents do not permit such insurance trustee to make the insurance proceeds available to Borrowers for such purpose. Borrowers, as applicable,
agree to execute and deliver from time to time such further instruments as may be requested by Lender to confirm the foregoing assignment to Lender of any award, damage, insurance proceeds, payment or other compensation. Lender is hereby irrevocably
constituted and appointed the attorney-in-fact of each Borrower (which power of attorney shall be irrevocable so long as any portion of the Debt is outstanding, shall be deemed coupled with an interest, shall survive the voluntary or involuntary
dissolution of any Borrower and shall not be affected by any disability or incapacity suffered by Borrower subsequent to the date hereof), with full power of substitution, subject to the terms of this Section and subject to the terms of the
Condominium Documents applicable to such affected Individual Property, to settle for, collect and receive any such awards, damages, insurance proceeds, payments or other compensation from the parties or authorities making the same, to appear in and
prosecute any proceedings therefor and to give receipts and acquittances therefor. 
  
 Section 4.6 Construction Liens. Borrowers shall pay when due all claims and demands of mechanics, materialmen, laborers and others for any work performed or materials delivered for any of the Individual
Properties or the Improvements located thereon; provided, however, that, Borrowers shall have the right to contest in good faith any such claim or demand, so long as it does so diligently, by appropriate proceedings and without
prejudice to Lender and provided that neither the affected Individual Property nor any interest therein would be in any danger of sale, loss or forfeiture as a result of such proceeding or contest. In the event any 

  

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Borrower shall contest any such claim or demand, the related Borrower shall promptly notify Lender of such contest and thereafter shall, upon Lender’s
request, promptly provide a bond, cash deposit or other security satisfactory to Lender to protect Lender’s interest and security should the contest be unsuccessful. If the related Borrower shall fail to immediately discharge or provide
security against any such claim or demand as aforesaid, Lender may do so and any and all expenses incurred by Lender, together with interest thereon at the Default Interest Rate from the date incurred by Lender until actually paid by Borrowers,
shall be immediately paid by Borrowers on demand and shall be secured by the Debentures and by all of the other Loan Documents securing all or any part of the Debt. 
  
 Section 4.7 Permitted Subordinate Debt Options. 
  
 (a) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents at any time subsequent
to the earlier of (i) the occurrence of a Secondary Market Transaction including the Loan and (ii) the one (1) year anniversary of the date of this Agreement, Borrowers may elect upon thirty (30) days prior written notice to Lender, in addition to
any Permitted CNL Loans or Permitted Intrawest Loans, to (y) permit a Permitted Mezzanine Borrower at any time during the term of the Loan to obtain a mezzanine loan (the “Permitted Mezzanine Loan”) from a Permitted Second Lender
only and/or (z) obtain at any time during the term of the Loan, a subordinate mortgage loan secured by a subordinate lien on the Individual Properties, from a Permitted Second Lender (“Permitted Junior Mortgage Loan”; together with
the Permitted Mezzanine Loan, referred to as the “Permitted Subordinate Loan”), in either case without Lender’s consent, upon satisfaction of the following conditions precedent: (1) no Event of Default shall have occurred and
remain uncured; (2) the loan to value ratio, the numerator of which is the sum of (A) the Debt and (B) the principal amount of any and all Permitted Subordinate Loans, and the denominator of which is equal to the then combined current appraised
values of the Individual Properties (based on updated appraisals obtained by Borrowers at Borrowers’ sole cost and expense and reasonably acceptable to Lender), shall be no greater than seventy percent (70%) (as determined by Lender); (3) the
terms and conditions of the Permitted Subordinate Loan (and the related documentation) shall be satisfactory to a prudent lender acting reasonably and, if after a Secondary Market Transaction, Lender shall have received a No Downgrade Confirmation
with respect to such Permitted Subordinate Loan (and the related documentation); (4) if such Permitted Subordinate Loan is a Permitted Mezzanine Loan, the Permitted Mezzanine Loan shall be secured solely by (A) a pledge and security interest in the
shares in the Corporate Beneficiaries owned directly or indirectly by the Permitted Mezzanine Borrowers (but not in the direct interests of the Corporate Beneficiaries in the Trust) and/or the direct or indirect beneficial interests of the Permitted
Mezzanine Borrowers in the Trust Beneficiary (but not in the direct interests of the Trust Beneficiary in the Trust) and (B) such other property of the Permitted Mezzanine Borrower that does not constitute security for the Loan or any other
indebtedness or obligations of the Borrowers, and if such Permitted Subordinate Loan is a Permitted Junior Mortgage Loan, the Permitted Junior Mortgage Loan shall be secured solely by (A) a fully subordinated junior mortgage or deed of trust lien on
the Individual Properties and (B) such other property of the Borrowers provided that such security is subordinate to any interest of Lender therein; (5) the Permitted Mezzanine Loan shall be subordinate in all respects to the Loan and shall be
evidenced by loan documents which would be satisfactory to a prudent lender acting reasonably and the Rating Agencies; (6) Lender and Permitted Second Lender shall have executed an intercreditor agreement which shall be in form 

  

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and substance satisfactory to a prudent lender acting reasonably and the Rating Agencies and which shall include a commercially reasonable standstill
agreement from the Permitted Second Lender running to the benefit of Lender and its successors and assigns; (7) the DSCR calculated based on the aggregate outstanding principal amount of the Loan plus the Permitted Subordinate Loan shall equal or
exceed 1.15:1.0; (8) with respect to a Permitted Mezzanine Loan, the organizational documents of the Permitted Mezzanine Borrowers shall satisfy all then existing Rating Agency criteria for a special purpose bankruptcy remote entity and shall
otherwise be satisfactory to a prudent lender acting reasonably and the Rating Agencies; (9) if requested by Lender or as required by any Rating Agency, Borrowers shall execute and deliver any documents, instruments, agreements or opinions
(including, without limitation, a new or updated insolvency opinions and/or any other opinions customary in connection with such transactions) each of which shall be satisfactory to a prudent lender acting reasonably and the Rating Agencies; (10) if
requested by Lender or as required by any Rating Agency, Borrowers shall execute amendments to the Loan Documents, to reflect the existence of such Permitted Subordinate Loan, provided that any such amendments or agreements will not
materially alter the payment terms set forth in this Agreement or the other Loan Documents or materially and adversely affect Borrowers or impose additional material obligations or liabilities upon Borrowers; (11) such Permitted Subordinate Loan
shall not be cross-defaulted or cross-collateralized with any other properties or loans (other than the Individual Properties and this Loan); (12) if such Permitted Subordinate Loan is a variable rate loan, Borrower or the Permitted Mezzanine
Borrowers, as the case may be, shall have provided to the Permitted Second Lender an interest rate cap agreement provided by a counterparty acceptable to Lender with a strike price determined by Lender such that the DSCR calculated based on the
aggregate outstanding principal amount of the Loan plus the Permitted Subordinate Loan shall equal or exceed 1.15:1.0; (13) the term of the Permitted Subordinate Loan shall not extend beyond the maturity date of the Note; and (14) Borrowers shall
pay or cause the Permitted Mezzanine Borrowers (if applicable) to pay all reasonable out of pocket costs and expenses (including reasonable attorneys’ fees) actually incurred by Lender, Servicer and the Rating Agencies in connection with this
Section 4.7. 
  
 (b) Notwithstanding anything to the
contrary contained in this Agreement or the other Loan Documents, the Trust Borrower may obtain at any time during the term of the Loan, subordinate loans from an Acceptable CNL Lender (individually a “Permitted CNL Loan” and
collectively the “Permitted CNL Loans”) or an Acceptable Intrawest Lender (individually a “Permitted Intrawest Loan” and collectively the “Permitted Intrawest Loans”), in either case without
Lender’s consent, upon satisfaction of the following conditions precedent: (1) no Event of Default shall have occurred and remain uncured; (2) each such Permitted CNL Loan or Permitted Intrawest Loan shall be secured, if at all, solely by a
pledge and security interest in the direct or indirect interest of the shares in the Corporate Beneficiaries owned by the Permitted Mezzanine Borrowers (but not the direct interests of the Corporate Beneficiaries in the Trust) and/or the beneficial
interests of the Permitted Mezzanine Borrowers in the Trust Beneficiary (but not the direct interests of the Trust Beneficiary in the Trust); (3) the terms and conditions of all such Permitted CNL Loans or Permitted Intrawest Loans (and the related
documentation) shall include the following: at all times prior to the indefeasible payment and satisfaction in full of the Loan and all other obligations of the Borrowers under the Loan Documents (A) the lender of each such Permitted CNL Loan or
Permitted Intrawest Loan shall at all times during the term of the Loan be an Acceptable CNL Lender or an Acceptable Intrawest Lender, respectively, (B) 

  

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all payments made to the lender under each such Permitted CNL Loan or Permitted Intrawest Loan shall be made solely out of Excess Cash Flow or Net Capital
Proceeds from the Individual Properties, (C) each such Permitted CNL Loan or Permitted Intrawest Loan shall specifically state that they are fully subordinate to the Loan and the Loan Documents, (D) each such Permitted CNL Loan or Permitted
Intrawest Loan shall be non-recourse to the Trust Borrower, other than with respect to the Excess Cash Flow and Net Capital Proceeds, if applicable, and (E) the sole remedy available to the Acceptable CNL Lender or Acceptable Intrawest Lender shall
be a foreclosure of the pledge and security interest of the direct or indirect interest of the shares in the Corporate Beneficiaries owned by the Permitted Mezzanine Borrowers (but not the direct interests of the Corporate Beneficiaries in the
Trust) and/or the beneficial interests of the Permitted Mezzanine Borrowers in the Trust Beneficiary (but not the direct interests of the Trust Beneficiary in the Trust); and (3) Lender and the applicable Acceptable CNL Lenders and Acceptable
Intrawest Lenders shall have executed a subordination and standstill agreement in form and substance satisfactory to a prudent lender acting reasonably and the Rating Agencies. 
  
 Section 4.8 Leases. 
  
 (a) Borrowers covenant and agree that they shall not enter into, or permit Head Lessee to enter into, any Lease affecting the lesser of (x) ten percent
(10%) of the gross leaseable area of the Improvements at any Individual Property and (y) 4,000 square feet or more of the related Individual Property or having a term often (10) years or more without the prior written approval of Lender, which
approval shall not be unreasonably withheld. The request for approval of each such proposed new Lease shall be made to Lender in writing and shall state that, pursuant to the terms of this Agreement, failure to approve or disapprove such proposed
Lease within fifteen (15) Business Days is deemed approval and Borrowers shall furnish to Lender (and any loan servicer specified from time to time by Lender): (i) such biographical and financial information about the proposed Tenant as Lender may
require in conjunction with its review, (ii) a copy of the proposed form of Lease, and (iii) a summary of the material terms of such proposed Lease (including, without limitation, rental terms and the term of the proposed lease and any options). It
is acknowledged that Lender intends to include among its criteria for approval of any such proposed Lease the following: (i) such Lease shall be with a bona-fide arm’s-length Tenant; (ii) such Lease shall not contain any rental or other
concessions which are not then customary and reasonable for similar properties and Leases in the market area of the Individual Property for which such Lease approval is being requested; (iii) such Lease shall provide that the Tenant pays for its
expenses; (iv) the rental shall be at least at the market rate then prevailing for similar properties and leases in the market areas of the Individual Property for which such Lease approval is being requested; and (v) such Lease shall contain
subordination and attornment provisions in form and content acceptable to Lender. Failure of Lender to approve or disapprove any such proposed Lease within fifteen (15) Business Days after receipt of such written request and all the documents and
information required to be furnished to Lender with such request shall be deemed approval, provided that the written request for approval specifically mentioned the same. Upon the request of Borrowers, Lender shall enter into a Subordination,
Attornment and Non-Disturbance Agreement with any future Tenant on Lender’s then current form, subject to commercially reasonable negotiation. 
  
 (b) Lender hereby approves Borrowers’ form Lease attached hereto as Schedule 9. All Leases of space in the Improvements or at each Individual
Property shall be on 

  

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terms consistent with the terms for similar leases in the market area of the related Individual Property (taking into account the identity of the tenant, the
nature of the tenant’s business and the seasonal nature of the business at the Individual Property), shall provide for free rent only if the same is consistent with prevailing market conditions and shall provide for market rents then prevailing
in the market area of the related Individual Property. Such Leases shall also provide for security deposits in reasonable amounts consistent with prevailing market conditions. Borrowers shall also submit to Lender for Lender’s approval, which
approval shall not be unreasonably withheld, prior to the execution thereof, any proposed Lease of the Improvements or any portion thereof that differs materially and adversely from the aforementioned form Lease. Except for the Head Leases and the
ITW Interim Leases, no Borrower shall execute, and Borrowers shall not permit Head Lessee to execute, any Lease for all or a substantial portion of the Individual Property that it owns, except for an actual occupancy by the Tenant, lessee or
licensee thereunder, and shall at all times promptly and faithfully perform, or cause to be performed, all of the covenants, conditions and agreements contained in all Leases with respect to the Individual Property, now or hereafter existing, on the
part of the landlord, lessor or licensor thereunder to be kept and performed. Each Borrower shall furnish to Lender, within ten (10) days after a request by Lender to do so, but in any event by February 15th of each year, a current Rent Roll,
certified by Borrowers as being true and correct, containing the names of all Tenants with respect to the related Individual Property, the terms of their respective Leases, the spaces occupied and the rentals or fees payable thereunder and the
amount of each Tenant’s security deposit. Upon the request of Lender, Borrowers shall deliver to Lender a copy of each such Lease. No Borrower shall do or suffer to be done, and Borrowers shall not permit Head Lessee to do or suffer to be done,
any act, or omit to take any action, that might result in a default by the landlord, lessor or licensor under any such Lease or allow the Tenant thereunder to withhold payment of rent or cancel or terminate same and shall not further assign any such
Lease or any such Rents and Profits. Borrowers, at no cost or expense to Lender, shall enforce, and shall cause Head Lessee to enforce, short of termination, the performance and observance of each and every condition and covenant of each of the
Tenants under such Leases and no Borrower shall, and Borrower shall not permit Head Lessee to, anticipate, discount, release, waive, compromise or otherwise discharge any rent payable under any of the Leases affecting greater than the lesser of (x)
five percent (5%) of the gross leaseable area of the related Improvements that such Lease affects or (y) 2,500 square feet. Notwithstanding the foregoing, at any time and from time to time, Lender shall be entitled to, and each Borrower hereby
grants to Lender, and Borrowers have caused Head Lessee to grant to Lender, the right to undertake any and all action as may be required (in the sole discretion of Lender) to cure any default, or event which with the passage of time following any
notice and cure period shall constitute a default by a Borrower or the Head Lessee under such Leases. No Borrower shall, and Borrowers shall not permit the Head Lessee to, without the prior written consent of Lender, modify any of the Leases,
terminate or accept the surrender of any Leases, waive or release any other party from the performance or observance of any obligation or condition under such Leases except, with respect only to Leases (other than the Head Lease and any Master
Leases) affecting less than the lesser of (x) ten percent (10%) of the gross leaseable area of the related Improvements that such Lease affects and (y) 4,000 square feet and having a term often (10) years or less, in the normal course of business in
a manner which is consistent with sound and customary leasing and management practices for similar properties in the community in which the applicable Individual Property is located. With respect to the termination or surrender of any Lease (other
than the 

  

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Head Lease) affecting more than the lesser of (x) ten percent (10%) of the gross leaseable area of the related Improvements that such Lease affects and (y)
4,000 square feet or having a term greater than ten (10) years, Lender reserves the right to condition its consent to any termination or surrender of such Lease upon the payment to Lender of any lease termination or other payment due from the
applicable tenant in connection with such termination or surrender. Borrowers and Lender agree that all such sums paid to Lender shall be held by Lender as a tenant improvement and leasing commission reserve and shall be considered a
“Reserve” as described in Section 5.1 hereof and all such amounts shall be held, maintained, applied and disbursed in accordance with Lender’s standard procedures relating to similar reserves. No Borrower shall permit,
and Borrowers shall not permit Head Lessee to permit, the prepayment of any rents under any of the Leases for more than one (1) month prior to the due date thereof. 
  
 (c) Each Lease executed after the date hereof affecting any of the Individual Properties or the Improvements must provide,
in a manner approved by Lender (as the approved form lease does), that (i) the Tenant will recognize as its landlord, lessor or licensor, as applicable, and attorn to, any person succeeding to the interest of the Head Lessee upon the termination of
the Head Lease and (ii) the Tenant will recognize as its landlord, lessor or licensor, as applicable, and attorn to, any person succeeding to the interest of the Head Lessee or Borrowers, as applicable, upon any foreclosure of the applicable
Debenture or deed in lieu of foreclosure. Each such Lease shall also provide (as the approved form lease does) that, upon request of Lender or such other said successor-in-interest, the Tenant shall execute and deliver an instrument or instruments
confirming its attornment as provided for in this Section; provided, however, that neither Lender nor any successor-in-interest shall be bound by any payment of rent for more than one (1) month in advance, or any amendment or
modification of said Lease made without the express written consent of Lender or said successor-in-interest of the Borrower’s interest. 
  
 (d) Upon the occurrence of an Event of Default, whether before or after the whole principal sum secured hereby is declared to be immediately due or
whether before or after the institution of legal proceedings to foreclose any Debenture or sell pursuant to any power of sale, forthwith, upon demand of Lender, Borrowers shall surrender to Lender, and Lender shall be entitled to take actual
possession of, the Individual Properties or any part thereof personally, or by its agent or attorneys. In such event (i) at the option of Lender, the Head Lease shall terminate and (ii) Borrowers hereby give and grant to Lender, the right, power and
authority to make and enter into Leases with respect to any of the Individual Properties or portions thereof for such rents and for such periods of occupancy and upon conditions and provisions as Lender may deem desirable in its sole discretion, and
Borrowers expressly acknowledge and agree that the term of any such Lease may extend beyond the date of any foreclosure sale of the Individual Property, it being the intention of Borrowers that in such event Lender shall be deemed to be and shall be
the attorney-in-fact of Borrowers for the purpose of making and entering into Leases of parts or portions of the Individual Properties for the rents and upon the terms, conditions and provisions deemed desirable to Lender in its sole discretion and
with like effect as if such Leases had been made by a Borrower as the owner in fee simple of the Individual Property free and clear of any conditions or limitations established by the Debenture. The power and authority hereby given and granted by
Borrowers to Lender shall be deemed to be coupled with an interest, shall not be revocable by any Borrower so long as any portion of the Debt is outstanding, shall survive the voluntary or involuntary dissolution of any Borrower and shall not be
affected by any 

  

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disability or incapacity suffered by any Borrower subsequent to the date hereof. In connection with any action taken by Lender pursuant to this Section,
Lender shall not be liable for any loss sustained by any Borrower resulting from any failure to let an Individual Property, or any part thereof, or from any other act or omission of Lender in managing an Individual Property, nor shall Lender be
obligated to perform or discharge any obligation, duty or liability under any Lease covering an Individual Property or any part thereof or under or by reason of this instrument or the exercise of rights or remedies hereunder. Borrowers shall, and do
hereby, indemnify Lender for, and hold Lender harmless from, any and all claims, actions, demands, liabilities, loss or damage which may or might be incurred by Lender under any such Lease or under this Agreement or the Debentures or by the exercise
of rights or remedies hereunder or under any other Loan Document, and from any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged obligations or undertakings on its part to perform or discharge any of
the terms, covenants or agreements contained in any such Lease other than those finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence or willful misconduct of Lender. Should Lender incur any such
liability, the amount thereof, including, without limitation, costs, expenses and reasonable attorneys’ fees, together with interest thereon at the Default Interest Rate from the date incurred by Lender until actually paid by Borrowers, shall
be immediately due and payable to Lender by Borrowers on demand and shall be secured hereby and by all of the other Loan Documents securing all or any part of the Debt. Nothing in this Section shall impose on Lender any duty, obligation or
responsibility for the control, care, management or repair of any Individual Property, or for the carrying out of any of the terms and conditions of any such Lease, nor shall it operate to make Lender responsible or liable for any waste committed on
any Individual Property by the Tenants or by any other parties or for any dangerous or defective condition of any Individual Property, or for any negligence in the management, upkeep, repair or control of any Individual Property. Borrowers hereby
assent to, ratify and confirm any and all actions of Lender with respect to each Individual Property taken under this Section. 
  
 (e) Notwithstanding anything to the contrary set forth herein or the other Loan Documents, Borrowers shall not amend, modify, cancel, terminate or accept
a surrender of any Master Lease or any Head Lease, or waive or release any Tenant thereunder from the performance or observance of any obligation or condition under such Master Leases or any Head Lease, without the prior written consent of Lender,
which consent may be withheld in Lender’s sole discretion. In addition, Borrowers shall not permit Head Lessee to amend, modify, cancel, terminate or accept a surrender of any Master Lease, or waive or release any Tenant thereunder from the
performance or observance of any obligation or condition under such Master Leases, without the prior written consent of Lender, which consent may be withheld in Lender’s sole discretion. Each Intrawest Tenant shall agree to directly deposit all
payments of Rent into the Lockbox Account. At all times during the term of (i) each ITW Interim Lease, the Tenant under the ITW Interim Lease shall be Intrawest, or if such Tenant is not Intrawest, such Tenant shall be an Affiliate of Intrawest
acceptable to Lender and Intrawest shall have executed a lease indemnity agreement with respect to such ITW Interim Lease in a form approved by the Lender, and (ii) each Intrawest Lease, the Tenant under the Intrawest Lease shall be Intrawest or an
Affiliate of Intrawest. In addition, none of the ITW Interim Leases shall terminate during its 10 year term upon the leasing of the ITW Interim Lease space to any third party tenants and such ITW Interim Leases shall remain in full force and effect
for the entire 10 year term, provided, however, that an ITW Interim Lease may terminate at, or at any time after, the end of the 

  

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forty-eighth (48th)
month of the term of such ITW Interim Lease with respect to space leased to a third party tenant provided all of the following conditions are satisfied: (1) such third party tenant is acceptable to Lender in its reasonable discretion and such third
party tenant has executed a Lease approved by Lender, acting reasonably, which Lease shall provide for payment of base minimum rent equal to or greater than the rent set forth in the applicable ITW Interim Lease, reimbursements equal to or greater
than the reimbursements set forth in the applicable ITW Interim Lease, and a lease term of at least five (5) years, (2) such third party tenant is in occupancy of all of such applicable ITW Interim Lease space, (3) Borrowers, Intrawest or such third
party tenant provides to Lender evidence of a 12-month consecutive payment history with no defaults in the payment of rent or reimbursements, and (4) either (A) if the third party tenant has a percentage rent clause in its Lease, then Borrowers or
Intrawest must also provide evidence, acceptable to Lender, acting reasonably, that the tenant has an occupancy cost of 15% (base rent plus reimbursements divided by total store sales) or less for the prior 12-month period, or (B) if the third party
tenant does not have a percentage rent clause in its Lease, then Borrowers or Intrawest must provide evidence, acceptable to Lender, acting reasonably, that the tenant has a 24-month consecutive payment history with no defaults in the payment of
rent or reimbursements. If such conditions are not met at the end of such 48-month term for any ITW Interim Lease, such ITW Interim Lease shall not terminate and such ITW Interim Lease shall remain in full force and effect until such conditions are
met (provided, however, that the term of any ITW Interim Lease shall not be required to exceed ten (10) years). 
  
 Section 4.9 Transfers; Further Encumbrances; Assumption of the Loan. 
  
 (a) Borrowers acknowledge that Lender has relied upon the principals of each of the Significant Parties and their experience
in owning and operating each of the Individual Properties and properties similar to each of the Individual Properties in connection with the closing of the loan evidenced by the Note. Accordingly, except as specifically allowed hereinbelow in this
Section and notwithstanding anything to the contrary contained in Section 8.6 hereof, in the event that any Individual Property or any part thereof or any direct or indirect interest therein or in any Significant Party shall be sold,
conveyed, disposed of, alienated, hypothecated, leased (except to Tenants of space in the Improvements in accordance with the provisions of Section 4.8 hereof), assigned, pledged, mortgaged, further encumbered or otherwise transferred or any
Borrower shall be divested of its title to the Individual Property that it owns or any direct or indirect interest therein, in any manner or way, whether voluntarily or involuntarily, without the prior written consent of Lender and any Rating Agency
being first obtained, which consent may be withheld in Lender’s or any Rating Agency’s sole discretion, then the same shall constitute an Event of Default and Lender shall have the right, at its option, to declare any or all of the Debt,
irrespective of the maturity date specified in the Note, immediately due and payable and to otherwise exercise any of its other rights and remedies contained in Article VI hereof. Without limiting the conditions of Section 4.9(b)
below, Lender reserves the right to condition any consent required hereunder related to a proposed transferee of the entire interest in the Individual Properties or any direct or indirect interest in Borrower or in any Significant Party equal to or
greater than 50% upon payment of a transfer fee of not less than one quarter of one percent (0.25%) of the principal balance of the Note and all of Lender’s expenses incurred in connection with such transfer, the approval by Lender of the
proposed transferee, the proposed transferee’s continued compliance with the representations, warranties and covenants set forth herein, or such other conditions as Lender shall determine in its sole 

  

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discretion to be in the interest of Lender. A prohibited sale, conveyance, disposition, hypothecation, alienation, mortgage, encumbrance, assignment, lease,
pledge or transfer within the meaning of this Section 4.9(a) shall be deemed to include, among other things: (i) an installment sales agreement wherein any Borrower agrees to sell the Individual Property that it owns or any part thereof for a
price to be paid in installments; (ii) an agreement by any Borrower or the Head Lessee leasing all or a substantial part of the Individual Property that it owns for other than actual occupancy by a space tenant thereunder (except with respect to any
ITW Interim Lease) or a sale, assignment or other transfer of, or the grant of a security interest in, such Borrower’s right, title and interest in and to any Leases or any Rents and Profits; (iii) if any Significant Party is a corporation, the
voluntary or involuntary sale, conveyance or transfer of such corporation’s stock (or the stock of any corporation directly or indirectly controlling such corporation by operation of law or otherwise) or the creation or issuance of new stock,
in all instances in one or a series of transactions by which an aggregate of more than 49% of such corporation’s stock shall be vested in a party or parties who are not stockholders as of the date hereof or any change in the control of such
corporation; (iv) if any Significant Party is a limited or general partnership, joint venture or limited liability company, the change, removal, resignation or addition of a general partner, managing member, manager or joint venturer or the
transfer, assignment or pledge of any ownership interest of any general partner, managing member, manager or joint venturer in any Significant Party or the transfer, assignment or pledge of any ownership interest in any general partner, managing
member, manager or joint venturer (whether in the form of a beneficial or partnership interest or in the form of a power of direction, control or management, or otherwise); (v) if any Significant Party is a limited partnership or limited liability
company, the voluntary or involuntary sale, conveyance, transfer or pledge of any limited partnership interests or membership interests (or the limited partnership interests or membership interests of any limited partnership or limited liability
company directly or indirectly controlling such limited partnership or limited liability company by operation of law or otherwise) or the creation or issuance of new limited partnership interests or membership interests (whether in one or a series
of transactions), by which an aggregate of more than 49% of such limited partnership interests or membership interests are held by, or pledged to, parties who are not currently limited partners or members; or (vi) if any Significant Party is a trust
or the trustee of a trust, the voluntary or involuntary sale, conveyance, transfer or pledge of any beneficial interests or the creation of new beneficial interests by which an aggregate or more than 49% of such beneficial interests are held by, or
pledged to, parties who are not currently beneficiaries of such trust. Notwithstanding the foregoing, however, (A) a pledge by a Permitted Mezzanine Borrower to a Permitted Mezzanine Lender or an Acceptable CNL Lender or Acceptable Intrawest Lender,
or a grant of a lien on the Individual Properties to a Permitted Junior Mortgage Lender, as permitted pursuant to Section 4.7 hereof, shall be permitted without the consent of Lender, (B) a transfer to a Permitted Second Lender in connection
with the exercise of remedies by such Permitted Second Lender pursuant to the documents evidencing the Permitted Subordinate Loan shall be permitted without the consent of Lender unless such exercise of remedies is prohibited pursuant to the
agreement required to be executed and delivered by the Permitted Second Lender under Section 4.7(a)(6) hereof, (C) limited partnership interests and/or non-managing member interests in a Significant Party shall be freely transferable without
the consent of Lender so long as following such transfer, no more than 49% of the beneficial economic interest in any individual Borrower (whether directly or indirectly) has been transferred in the aggregate and the persons responsible for the
management and control of the 

  

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Individual Properties and such Significant Party as of the date hereof remain in legal, beneficial and actual control and management of such Individual
Property, (D) transfers of any direct or indirect interests in Head Lessee, any Nominee, Corporate Beneficiaries and the Trust Beneficiary shall be freely transferable to an Acceptable CNL Entity or an Acceptable Intrawest Entity, (E) any
involuntary transfer caused by the death of any general partner, shareholder, joint venturer, member or beneficial owner of a trust shall not be an Event of Default under this Agreement or the related Debenture so long as any affected Significant
Party is promptly reconstituted, if required, following such death and so long as those persons responsible for the control and management of the related Individual Property and such Significant Party remain unchanged as a result of such death or
any replacement management or controlling parties are approved by Lender which approval may be conditioned upon, among other things, receipt by Lender of a No Downgrade Confirmation from each Rating Agency, (F) gifts for estate planning purposes of
any individual’s interests in any Significant Party or in any Significant Party’s general partners, managing members or joint venturers to the spouse or any lineal descendant of such individual, or to a trust for the benefit of any one or
more of such individual, spouse or lineal descendant, shall not be an Event of Default under this Agreement or the related Debenture so long as such Significant Party is reconstituted promptly, if required, following such gift and so long as those
persons responsible for the control and management of the related Individual Property and such Significant Party remain unchanged following such gift or any replacement management or controlling parties are approved by Lender which approval may be
conditioned upon, among other things, receipt by Lender of a No Downgrade Confirmation from each Rating Agency, or (G) any easements or other similar agreements relating to the use or development of any Individual Property which, singly or in the
aggregate, do not materially adversely affect the value or use of any Individual Property or the Borrowers’ ability to repay the Loan. Notwithstanding any provision of this Agreement to the contrary, (i) no transfer shall be permitted pursuant
to the foregoing unless each SPE Party remains a Special Purpose Entity after such transfer, (ii) no person or entity may become an owner of a direct or indirect interest in any Significant Party if such transfer, singly or in the aggregate with all
other transfers and together with all other Affiliates of such person, causes such person and its Affiliates to own more than a forty-nine (49%) percent interest in and Significant Party or causes such person or its Affiliates to control any
Significant Party (and such person and its Affiliates, in the aggregate, did not own a direct or indirect interest exceeding forty-nine percent (49%) or did not control any Significant Party prior to such transfer), unless (x) Borrowers deliver to
Lender written notice of such transfer at least ten (10) Business days prior to such transfer and written evidence that such transfer complies with the provisions of this Section 4.9(a), (y) Borrowers deliver to Lender a substantive
non-consolidation opinion acceptable to Lender and the Rating Agencies and (z) with respect to any transfer other than the transfers permitted pursuant to subsection (D) above, Borrowers obtain Lender’s prior written consent in each instance
and prior to such transfer obtains a written statement from the applicable Rating Agency to the effect that the transfer of interest will not result in a downgrading, withdrawal or qualification of the respective ratings in effect immediately prior
to such transfer for any securities issued in connection with a Secondary Market Transaction (as hereinafter defined). 
  
 (b) Notwithstanding the foregoing provisions of this Section, Lender shall consent to one or more sales, conveyances or transfers of all of the Individual
Properties in a single transaction (hereinafter, a “Sale”) to any person or entity provided that, for each Sale, each of the following terms and conditions are satisfied: 
  
 (1) No Default and no Event of Default is then continuing
hereunder or under any of the other Loan Documents; 
  

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 (2) Borrowers give Lender written notice of the terms of such prospective Sale not less
than ninety (90) days before the date on which such Sale is scheduled to close and, concurrently therewith, gives Lender all such information concerning the proposed transferee of the Individual Properties (hereinafter, “Buyer”) as
Lender would require in evaluating an initial extension of credit to a borrower and pays to Lender a non-refundable application fee in the amount of $7,500. Lender shall have the right to approve or disapprove the proposed Buyer. In determining
whether to give or withhold its approval of the proposed Buyer, Lender shall consider the Buyer’s experience and track record in owning and operating facilities similar to the Individual Properties, the Buyer’s financial strength, the
Buyer’s general business standing and the Buyer’s relationships and experience with contractors, vendors, tenants, lenders and other business entities; provided, however, that, notwithstanding Lender’s agreement to
consider the foregoing factors in determining whether to give or withhold such approval, such approval shall be given or withheld based on what Lender determines to be commercially reasonable in Lender’s sole discretion and, if given, may be
given subject to such conditions as Lender may deem appropriate; 
  
 (3) Borrowers pay to Lender, concurrently with the closing of such Sale, a non-refundable assumption fee in an amount equal to all out-of-pocket costs and expenses, including, without limitation, reasonable
attorneys’ fees, incurred by Lender in connection with the Sale, plus an amount equal to one-quarter of one percent (0.25%) of the then outstanding principal balance of the Note; 
  
 (4) The Buyer assumes and agrees to pay the Debt subject to the provisions of Section 4.27 hereof
and, prior to or concurrently with the closing of such Sale, the Buyer executes, without any cost or expense to Lender, such documents and agreements as Lender shall reasonably require to evidence and effectuate said assumption and delivers such
legal opinions (including, without limitation, a non-consolidation opinion) customary in such transactions as Lender may require; 
  
 (5) A party associated with the Buyer approved by Lender in its sole discretion assumes the obligations of the current Indemnitor under
its guaranty or indemnity agreement and such party associated with the Buyer executes, without any cost or expense to Lender, a substitution agreement or a new guaranty or indemnity agreement in form and substance satisfactory to Lender and delivers
such legal opinions as Lender may require; 
  
 (6) Borrowers and the Buyer execute, without any cost or expense to Lender, new financing statements or financing statement amendments (and new financing statements as may be necessary) and any additional documents reasonably requested by
Lender; 
  
 (7) Borrowers deliver to Lender,
without any cost or expense to Lender, such replacement policy or endorsements to Lender’s title insurance policy, hazard insurance 

  

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policy endorsements or certificates and other similar materials as Lender may deem necessary at the time of the Sale, all in form and substance satisfactory
to Lender, including, without limitation, a replacement policy or an endorsement or endorsements to Lender’s title insurance policies insuring the lien of the Debentures, extending the effective date of such policy to the date of execution and
delivery (or, if later, of recording) of the assumption agreement referenced above in subparagraph (4) of this Section, with no additional exceptions added to such policy, and insuring that fee simple title to the Individual Properties is vested in
the Buyer; 
  
 (8) Borrowers and any current
Indemnitor execute and deliver to Lender, without any cost or expense to Lender, a release of Lender, its officers, directors, employees and agents, from all claims and liability relating to the transactions evidenced by the Loan Documents, through
and including the date of the closing of the Sale, which agreement shall be in form and substance satisfactory to Lender and shall be binding upon the Buyer and any new Indemnitor; 
  
 (9) Such Sale is not construed so as to relieve Borrowers of any liability under the Note or any of the
other Loan Documents for any acts or events occurring or obligations arising prior to or simultaneously with the closing of such Sale, whether or not same is discovered prior or subsequent to the closing of such Sale, and Borrowers execute, without
any cost or expense to Lender, such documents and agreements as Lender shall reasonably require to evidence and effectuate the ratification of said personal liability. Borrowers shall be released from and relieved of any liability under the Note or
any of the other Loan Documents for any acts or events occurring or obligations arising after the closing of such Sale which are not caused by or arising out of any acts or events occurring or obligations arising prior to or simultaneously with the
closing of such Sale; 
  
 (10) Such Sale is not
construed so as to relieve any current Indemnitor of its obligations under any guaranty or indemnity agreement for any acts or events occurring or obligations arising prior to or simultaneously with the closing of such Sale, and each such current
Indemnitor executes, without any cost or expense to Lender, such documents and agreements as Lender shall reasonably require to evidence and effectuate the ratification of each such guaranty and indemnity agreement. Each such current Indemnitor
shall be released from and relieved of any of its obligations under any guaranty or indemnity agreement executed in connection with the loan secured hereby for any acts or events occurring or obligations arising after the closing of such Sale which
are not caused by or arising out of any acts or events occurring or obligations arising prior to or simultaneously with the closing of such Sale; 
  
 (11) The Buyer shall furnish, if the Buyer is a corporation, partnership or other entity, all appropriate papers evidencing the
Buyer’s capacity and good standing, and the qualification of the signers to execute the assumption of the Debt, which papers shall include certified copies of all documents relating to the organization and formation of the Buyer and of the
entities, if any, which are partners of the Buyer. The Buyer and such constituent partners, members or shareholders of Buyer (as the case may be), as Lender shall require, shall be Single-Purpose Entities, whose formation documents shall be 

  

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approved by counsel to Lender. The two (2) individuals recommended by Borrower and approved by Lender shall serve as independent directors of the Buyer (if
the Buyer is a corporation) or the Buyer’s corporate general partner or as independent members or, in Lender’s discretion, as managers, of Buyer if the Buyer is a limited liability company. The consent of such independent parties shall be
required for, among other things, any merger, consolidation, dissolution, bankruptcy or insolvency of such independent party or of the Buyer; and 
  
 (12) Borrowers deliver to Lender a No-Downgrade Confirmation with respect to the proposed sale or, in the event the Secondary Market
Transaction has not yet occurred, Lender shall, in its sole discretion, have approved the Sale. 
  
 Section 4.10 Payment of Utilities, Assessments, Charges, Etc. Borrowers shall pay or cause to be paid when due all utility charges which are
incurred by Borrowers or which may become a charge or lien against any portion of any of the Individual Properties for gas, electricity, water and sewer services furnished to the Individual Properties and/or the Improvements and all other
assessments or charges of a similar nature, or assessments payable pursuant to any restrictive covenants, whether public or private, affecting the Individual Properties and/or the Improvements or any portion thereof, whether or not such assessments
or charges are or may become liens thereon. 
  
 Section 4.11
Access Privileges and Inspections. Lender and the agents, representatives and employees of Lender shall, subject to the rights of Tenants, have full and free access to the Individual Properties and the Improvements and any other location
where books and records concerning the Individual Properties are kept at all reasonable times and, except in the event of an emergency, upon not less than 24 hours prior notice (which notice may be telephonic) for the purposes of inspecting the
Individual Properties and of examining, copying and making extracts from the books and records of Borrowers relating to the Individual Properties. Borrowers shall lend assistance to all such agents, representatives and employees of Lender.

  
 Section 4.12 Waste; Alteration of Improvements.
Borrowers shall not commit, suffer or permit any waste on any of the Individual Properties nor take any actions that might invalidate any insurance carried on any of the Individual Properties. Each Borrower shall maintain the Individual Property
that it owns in good condition and repair. No part of the Improvements may be removed, demolished or materially altered, without the prior written consent of Lender. Without the prior written consent of Lender, no Borrower shall commence
construction of any improvements on any of the Individual Properties other than (a) improvements required for the maintenance or repair of such Individual Property, (b) any tenant improvements permitted under any Lease approved by Lender pursuant to
Section 4.8 or (c) tenant improvements under Leases that do not require Lender’s approval pursuant to Section 4.8 provided that such tenant improvements cost less than $50 per square foot for space that has not been
previously subject to a lease and $25 per square foot for space that has been previously subject to a lease, and, in any case, which do not affect the structural or exterior portions of the Improvements. Lender reserves the right to condition its
consent to any material alteration, removal, demolition or new construction on the following: (i) such conditions as would be required by a prudent interim construction lender, including, but not limited to, the prior 

  

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approval by Lender of plans and specifications, construction budgets, contractors and form of construction contracts and the furnishing to Lender of evidence
regarding funds, permits, approvals bonds, insurance, lien waivers, title endorsements, appraisals, surveys, certificates of occupancy, certificates regarding completion, invoices, receipts and affidavits from contractors and subcontractors, in form
and substance satisfactory to Lender in its discretion, (ii) the delivery of an opinion from counsel satisfactory to Lender in its discretion and in form and substance satisfactory to Lender in its discretion opining as to such matters as Lender may
reasonably require, including, without limitation, an opinion that such alteration, removal, demolition or new construction will not have an adverse effect on the status of any trust formed in connection with a Secondary Market Transaction, and
(iii) Borrowers’ agreement to pay all fees, costs and expenses incurred by Lender in granting such consent, including, without limitation, reasonable attorneys’ fees and expenses. 
  
 Section 4.13 Zoning. Without the prior written consent of Lender,
Borrowers shall not seek, make, suffer, consent to or acquiesce in any change in the zoning or conditions of use of any of the Individual Properties or the Improvements. Borrowers shall comply with and make all payments required under the provisions
of any covenants, conditions or restrictions affecting any of the Individual Properties or the Improvements. Borrowers shall comply with all existing and future requirements of all governmental authorities having jurisdiction over the Individual
Properties. Borrowers shall keep all licenses, permits, franchises and other approvals necessary for the operation of each of the Individual Properties in full force and effect. Each Borrower shall operate the Individual Property that it owns as a
retail shopping center associated with a ski resort for so long as any portion of the Debt is outstanding. If, under applicable zoning provisions, the use of all or any part of any of the Individual Properties or the Improvements is or becomes a
nonconforming use, the related Borrower shall not cause or permit such use to be discontinued or abandoned without the prior written consent of Lender. Further, without Lender’s prior written consent and except to the extent in existence as of
the date hereof, Borrowers shall not file or subject any part of any of the Individual Properties or the Improvements to any supplemental, amended or replacement declaration of condominium or cooperative or convert any part of the Individual
Properties or the Improvements to a condominium, co-operative or other form of multiple ownership and governance. 
  
 Section 4.14 Financial Statements and Books and Records. Each Borrower shall keep accurate books and records of account of the Individual Property
that it owns and its own financial affairs sufficient to permit the preparation of financial statements therefrom in accordance with generally accepted accounting principles. Lender and its duly authorized representatives shall have the right to
examine, copy and audit each Borrower’s records and books of account at all reasonable times. So long as the Loan is outstanding, each Borrower shall provide to Lender, in addition to any other financial statements required hereunder or under
any of the other Loan Documents, the following financial statements and information, all of which must be certified to Lender as being true and correct by the applicable Borrower or the person or entity to which they pertain, as applicable, and,
with respect to the financial statements and information set forth in subsection (d) hereof, audited by an independent certified public accountant, be prepared in accordance with generally accepted accounting principles consistently applied and be
in form and substance acceptable to Lender: 
  
 (a) copies of all
tax returns filed by such Borrower, within sixty (60) days after the date of filing; 
  

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 (b) monthly operating statements for the Individual Property that the Borrower owns, within thirty (30)
days after the end of each of the first (1st) twelve (12) calendar months following the date hereof; and 
  
 (c) quarterly operating statements for the Individual Property that the Borrower owns, within forty-five (45) days after the end of each March, June,
September and December commencing with the first (1st) of such months to occur following the first (1st) anniversary of the date hereof; 
  
 (d) annual balance sheets for the Individual Property that the Borrower owns and annual financial statements for such Borrower, each principal or general
partner in such Borrower, and each Indemnitor, within ninety (90) days after the end of each calendar year; 
  
 (e) such other information with respect to the Individual Property that the Borrower owns, such Borrower, the principals or general partners in such
Borrower, and each Indemnitor, which may be reasonably requested from time to time by Lender, within a reasonable time after the applicable request. 
  
 If any of the aforementioned materials are not furnished to Lender within the applicable time periods or Lender is dissatisfied with the form of any of the foregoing and
has notified the applicable Borrower of its dissatisfaction, in addition to any other rights and remedies of Lender contained herein and provided Lender has given such Borrower at least 30 days notice of such failure, (i) Borrowers shall pay to
Lender upon demand, at Lender’s option and in its sole discretion, an amount equal to $2,500 for each of the aforementioned materials that is not prepared in accordance with generally accepted accounting principles, and (ii) Lender shall have
the right, but not the obligation, to obtain the same by means of an audit by an independent certified public accountant selected by Lender, in which event Borrowers agree to pay, or to reimburse Lender for, any expense of such audit and further
agrees to provide all necessary information to said accountant and to otherwise cooperate in the making of such audit. 
  
 Section 4.15 Further Assurances. Borrowers shall, on the request of Lender and at the expense of Borrowers: (a) promptly correct any defect, error
or omission which may be discovered in the contents of this Agreement or in the contents of any of the other Loan Documents; (b) promptly execute, acknowledge, deliver and record or file such further instruments (including, without limitation,
further mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements and assignments of rents or leases) and promptly do such further acts as may be necessary, desirable or proper to carry out more
effectively the purposes of this Agreement and the other Loan Documents and to subject to the liens and security interests hereof and thereof any property intended by the terms hereof and thereof to be covered hereby and thereby, including
specifically, but without limitation, any renewals, additions, substitutions, replacements or appurtenances to any of the Individual Properties; (c) promptly execute, acknowledge, deliver, procure and record or file any document or instrument
(including specifically, without limitation, any financing statement) deemed advisable by Lender to protect, continue or perfect the liens or the security interests hereunder 

  

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against the rights or interests of third persons; and (d) promptly furnish to Lender, upon Lender’s request, a duly acknowledged written statement and
estoppel certificate addressed to such party or parties as directed by Lender and in form and substance supplied by Lender, setting forth all amounts due under the Note, stating whether any Default or Event of Default has occurred hereunder, stating
whether any offsets or defenses exist against the Debt and containing such other matters as Lender may reasonably require. 
  
 Section 4.16 Payment of Costs; Reimbursement to Lender. Borrowers shall pay all costs and expenses of every character reasonably incurred in
connection with the closing of the loan evidenced by the Note and this Agreement and secured by the Debentures, attributable or chargeable to Borrowers as the owners of the Individual Properties or otherwise attributable to any consent requested of
Lender or any Rating Agency under the terms hereof or any other Loan Document, including, without limitation, appraisal fees, recording fees, documentary, stamp, mortgage or intangible taxes, brokerage fees and commissions, title policy premiums and
title search fees, uniform commercial code/personal property security/tax lien/litigation search fees, escrow fees, consultants’ fees, No-Downgrade Confirmations and reasonable attorneys’ fees. If Borrowers default in any such payment,
which default is not cured within any applicable grace or cure period, Lender may pay the same and Borrowers shall reimburse Lender on demand for all such costs and expenses incurred or paid by Lender, together with such interest thereon at the
Default Interest Rate from and after the date of Lender’s making such payment until reimbursement thereof by Borrowers. Any such sums disbursed by Lender, together with such interest thereon, shall be additional indebtedness of Borrowers
secured by the Debentures and by all of the other Loan Documents securing all or any part of the Debt. Further, Borrowers shall promptly notify Lender in writing of any litigation or threatened litigation affecting any of the Individual Properties,
or any other demand or claim which, if enforced, could impair or threaten to impair Lender’s security under the Debentures. Without limiting or waiving any other rights and remedies of Lender hereunder and under the other Loan Documents, if
Borrowers fail to perform any of its covenants or agreements contained in this Agreement or in any of the other Loan Documents and such failure is not cured within any applicable grace or cure period, or if any action or proceeding of any kind
(including, but not limited to, any bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding) is commenced which might affect Lender’s interest in the Individual Properties or Lender’s right to enforce its
security, then Lender may, at its option, with or without notice to Borrowers, make any appearances, disburse any sums and take any actions as may be necessary or desirable to protect or enforce the security of the Debenture(s) or to remedy the
failure of Borrowers to perform its covenants and agreements (without, however, waiving any default of Borrowers). Borrowers agree to pay on demand all expenses of Lender incurred with respect to the foregoing (including, but not limited to,
reasonable fees and disbursements of counsel), together with interest thereon at the Default Interest Rate from and after the date on which Lender incurs such expenses until reimbursement thereof by Borrowers. Any such expenses so incurred by
Lender, together with interest thereon as provided above, shall be additional indebtedness of Borrowers secured by the Debentures and by all of the other Loan Documents securing all or any part of the Debt. The necessity for any such actions and of
the amounts to be paid shall be determined by Lender in its discretion. Lender is hereby empowered to enter and to authorize others to enter upon the Individual Properties or any part thereof for the purpose of performing or observing any such
defaulted term, covenant or condition without thereby becoming liable to any Borrower or any person in possession holding under any such Borrower. Borrowers hereby acknowledge and agree that the 

  

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remedies set forth in this Section 4.16 shall be exercisable by Lender, and any and all payments made or costs or expenses incurred by Lender in
connection therewith shall be secured by the Debentures and shall be, without demand, immediately repaid by Borrowers with interest thereon at the Default Interest Rate, notwithstanding the fact that such remedies were exercised and such payments
made and costs incurred by Lender after the filing by any or all Borrowers or the filing against any or all Borrowers pursuant to or within the meaning of the Bankruptcy and Insolvency Act (Canada), or after any similar action pursuant to any other
debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable to any Borrower, Lender, any Indemnitor, the Debt or any of the Loan Documents.
Borrowers hereby indemnify and hold Lender harmless from and against all loss, cost and expenses with respect to any Event of Default hereof, any liens (i.e., judgments, mechanics’ and materialmen’s liens, or otherwise), charges and
encumbrances filed against any Individual Property, and from any claims and demands for damages or injury, including claims for property damage, personal injury or wrongful death, arising out of or in connection with any accident or fire or other
casualty on any Individual Property or the Improvements or any nuisance made or suffered thereon, except those that are due to Lender’s gross negligence or willful misconduct as finally determined by a court of competent jurisdiction,
including, without limitation, in any case, reasonable attorneys’ fees, costs and expenses as aforesaid, whether at pretrial, trial or appellate level, and such indemnity shall survive payment in full of the Debt. This Section shall not be
construed to require Lender to incur any expenses, make any appearances or take any actions. 
  
 Section 4.17 Intentionally Omitted. 
  
 Section 4.18 Condominium Provisions. Each Borrower covenants and agrees, with regard to the Condominium and the Condominium Documents applicable to the Individual Property that such Borrower owns, that:

  
 (a) it shall comply in all material respects with the
Condominium Law; 
  
 (b) it will not, without the Lender’s
prior written consent (which consent shall not be unreasonably withheld or delayed), terminate, amend, modify or supplement, or consent to the termination, amendment, modification or supplementation of any of the Condominium Documents; provided,
however, from and after a Secondary Market Transaction, such consent of Lender shall be conditioned upon such Borrower delivering evidence in writing from the Rating Agencies to the effect that such termination, amendment, modification or
supplementation of the Condominium Documents will not result in a downgrade, withdrawal or qualification of the respective ratings then in effect for any Securities issued in connection with a Secondary Market Transaction; 
  
 (c) it will pay all assessments for common charges, taxes, insurance
premiums, repairs and maintenance, and all other expenses assessed against the condominium or strata units then owned by such Borrower pursuant to the Condominium Documents prior to delinquency, subject to any applicable grace periods; 

 
 (d) it will comply in all material respects with all of the terms,
covenants and conditions on such Borrower’s part to be complied with, pursuant to the Condominium 

  

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Documents and any rules and regulations that may be adopted for the Condominium, as the same shall be in force and effect from time to time; 
  
 (e) it will take all commercially reasonable actions as may be necessary from
time to time to preserve and maintain the Condominium in accordance with the Condominium Law; 
  
 (f) it will not, without the prior written consent of Lender, take (and hereby assigns to Lender any right it may have to take) any action to terminate the Condominium, withdraw the Condominium from the Condominium
Law, or cause a partition of any Condominium or a subdivision of any Condominium unit; 
  
 (g) it will not, without the Lender’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed, exercise any right it may have to vote for, (A) any additions or improvements to the
common elements of the Condominium, except as such additions or improvements are completed in accordance with this Agreement, (B) any borrowing on behalf of the Condominium, or (C) the expenditure of any insurance proceeds or condemnation awards for
the repair or restoration of the related improvements other than in accordance with this Agreement; 
  
 (h) to the extent Borrower is permitted by law to waive its rights, it will not vote to restore the Improvements upon a casualty without first obtaining
confirmation from the Rating Agencies that such vote in favor of restoration will not result in a downgrade, withdrawal or qualification of the respective ratings then in effect for any Securities issued in connection with a Secondary Market
Transaction; 
  
 (i) if Borrower controls the Condominium
Association, it will cause the association of each Condominium to maintain the insurance required under the Condominium Documents and if Borrower does not control the Condominium Association, it will use commercially reasonable efforts to cause the
association of each Condominium to maintain the insurance required under the Condominium Documents; and 
  
 (j) it will obtain as promptly as possible and furnish to Lender (i) any statement showing the allocation of expenses and any other assessments against
the owners, (ii) any statement issued to any Borrower calling for the payment of any expenses other than the regular monthly maintenance statements and (iii) any notice of default given to any Borrower with respect to the Condominium Documents.

  
 Section 4.19 Cash Management Agreement. Borrower hereby
agrees that it shall direct, or cause the Head Lessee to direct, all Tenants to pay all Rents directly to an account (individually a “Lockbox Account” and collectively the “Lockbox Accounts”) maintained by the
Lockbox Bank for each Individual Property. On each Business Day prior to a Cash Trap Event, and in accordance with the Lockbox Agreements, the Lockbox Bank shall sweep all funds out of the Lockbox Accounts and transfer such amounts to or as directed
by Borrowers. During any Cash Trap Period, all Rents shall be transferred by the Lockbox Bank to the Cash Management Bank to be applied as set forth in the Cash Management Agreement, and the escrows and Reserves required hereunder shall be funded as
provided therein. Borrowers shall pay all costs 

  

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and expenses of the servicer, any Lockbox Bank and any Cash Management Bank as required under the Lockbox Agreements and the Cash Management Agreement. Upon
the occurrence of an Event of Default, Lender may apply any sums then held pursuant to the Cash Management Agreement to the payment of the Debt in any order in its sole discretion. Until expended or applied, amounts held pursuant to the Cash
Management Agreement shall constitute additional security for the Debt. 
  
 Section 4.20 Compliance with Laws. Each Borrower shall at all times comply, and cause the Head Lessee to comply, in all material respects with all statutes, ordinances, regulations and other governmental or quasi-governmental
requirements and private covenants now or hereafter relating to the ownership, construction, use or operation of the Individual Property that it owns, including, but not limited to, those concerning employment and compensation of persons engaged in
operation and maintenance of the related Individual Property and any environmental or ecological requirements, even if such compliance shall require structural changes to such Individual Property; provided, however, that, each Borrower
may, upon providing Lender with security satisfactory to Lender, proceed diligently and in good faith to contest the validity or applicability of any such statute, ordinance, regulation or requirement so long as during such contest the Individual
Property that it owns shall not be subject to any lien, charge, fine or other liability and shall not be in danger of being forfeited, lost or closed. No Borrower shall use or occupy, or allow the use or occupancy of, the Individual Property that it
owns in any manner which violates any Lease of or any other agreement applicable to such Individual Property or any applicable law, rule, regulation or order or which constitutes a public or private nuisance or which makes void, voidable or
cancelable, or increases the premium of, any insurance then in force with respect thereto. 
  
 Section 4.21 Additional Taxes. In the event of the enactment after the date hereof of any law of the state in which an Individual Property is located or of any other governmental entity deducting from the value
of an Individual Property for the purpose of taxing any lien or security interest thereon, or imposing upon Lender the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by a Borrower, or
changing in any way the laws relating to the taxation of deeds of trust, mortgages or security agreements or debts secured by deeds of trust, mortgages or security agreements or the interest of the beneficiary, mortgagee or secured party in the
property covered thereby, or the manner of collection of such taxes, so as to adversely affect any Debenture or the Debt or Lender, then, and in any such event, Borrowers, upon demand by Lender, shall pay such taxes, assessments, charges or liens,
or reimburse Lender therefor; provided, however, that if (i) the foregoing results in a material tax increase or (ii) in the opinion of counsel for Lender (a) it might be unlawful to require Borrowers to make such payment, or (b) the
making of such payment might result in the imposition of interest beyond the maximum amount permitted by law, then and in either such event, Lender may elect, by notice in writing given to Borrowers, to declare all of the Debt to be and become due
and payable in full thirty (30) days from the giving of such notice, and, in connection with the payment of such Debt, no prepayment premium or fee shall be due unless, at the time of such payment, an Event of Default or a Default shall have
occurred, which Default or Event of Default is unrelated to the provisions of this Section 4.21, in which event any applicable prepayment premium or fee in accordance with the terms of the Note shall be due and payable. 
  

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 Section 4.22 Secured Indebtedness. It is understood and agreed that the Debentures and the Loan
Documents shall secure payment of not only the indebtedness evidenced by the Note but also any and all substitutions, replacements, renewals and extensions of the Note, any and all indebtedness and obligations arising pursuant to the terms hereof
and any and all indebtedness and obligations arising pursuant to the terms of any of the other Loan Documents, all of which indebtedness is equally secured with and has the same priority as any amounts advanced as of the date hereof. It is agreed
that any future advances made by Lender to or for the benefit of Borrowers from time to time under this Agreement or the other Loan Documents and whether or not such advances are obligatory or are made at the option of Lender, or otherwise, made for
any purpose, and all interest accruing thereon, shall be equally secured by the Debentures and the other Loan Documents and shall have the same priority as all amounts, if any, advanced as of the date hereof and shall be subject to all of the terms
and provisions of this Agreement, the Debentures and the other Loan Documents. 
  
 Section 4.23 Intentionally Omitted. 
  
 Section 4.24 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. 
  
 (a) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR ANY BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT LENDER’S OPTION BE
INSTITUTED IN ANY SUPERIOR COURT IN THE CITY OF TORONTO, PROVINCE OF ONTARIO AND EACH BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH
BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH BORROWER DOES HEREBY DESIGNATE AND APPOINT: 
  
 CSC NORTH AMERICA 
 C/O OGILVY RENAULT 
 45 O’CONNOR STREET 
 SUITE 1600 
 OTTAWA, ONTARIO KIP 1A4

 ATTENTION: GRANT A. JAMESON 
  
 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY COURT
IN TORONTO, ONTARIO AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF
PROCESS UPON SUCH BORROWER, IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE PROVINCE OF ONTARIO EACH BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY 

  

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CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN
TORONTO, ONTARIO (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN TORONTO, ONTARIO OR
IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
  
 (b) EACH
BORROWER, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED
UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THE DEBT OR ANY CONDUCT, ACT OR OMISSION OF LENDER OR ANY BORROWER, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED
WITH LENDER OR BORROWERS, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. 
  
 Section 4.25 Attornev-in-Fact Provisions. With respect to any provision of this Agreement or any other Loan Document whereby Borrowers grant to
Lender a power-of-attorney, provided no Default or Event of Default has occurred under this Agreement, Lender shall first give Borrowers written notice at least three (3) days prior to acting under such power, which notice shall demand that
Borrowers first take the proposed action within such period and advising Borrowers that if they fails to do so, Lender will so act under the power; provided, however, that, in the event that a Default or an Event of Default has
occurred, or if necessary to prevent imminent death, serious injury, damage, loss, forfeiture or diminution in value to any Individual Property or any surrounding property or to prevent any adverse affect on Lender’s interest in any Individual
Property, Lender may act immediately and without first giving such notice. In such event, Lender will give Borrowers notice of such action as soon thereafter as reasonably practical. 
  
 Section 4.26 Management. The management of each Individual Property shall be by either: (a) a Borrower or an
Affiliate of Borrowers approved by Lender for so long as the related Borrower or said Affiliate is managing the related Individual Property in a first class manner; or (b) a professional property management company approved by Lender. Such
management by an Affiliate of the Borrowers or a professional property management company shall be pursuant to a written agreement approved by Lender. In no event shall any manager be removed or replaced, or the terms of any Management Agreement
modified or amended, without the prior written consent of Lender which approval may be conditioned upon, among other things, receipt by Lender of a No-Downgrade Confirmation from each Rating Agency. After a default under any Management Agreement or
under any Consent and Agreement of Manger then in effect, which default has not been cured within any applicable grace or cure period and remains uncured, or following the occurrence of any DSCR Trigger Event and continuing until the Business Day
next occurring after the date upon which Lender determines that the DSCR is 

  

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1.15:1.0 or greater as calculated pursuant to this Agreement on a trailing twelve (12) month basis (such calculation to be done by Lender at the end of each
calendar quarter of each calendar year), Lender shall have the right to terminate, or to direct the applicable Borrower to terminate or cause the Head Lessee to terminate, such Management Agreement upon thirty (30) days’ notice and to retain,
or to direct such Borrower to retain, a new management agent approved by Lender which approval may be conditioned upon, among other things, receipt by Lender of a No-Downgrade Confirmation from each Rating Agency. All Rents and Profits generated by
or derived from each Individual Property shall first be utilized solely for current expenses directly attributable to the ownership and operation of such Individual Property, including, without limitation, current expenses relating to the related
Borrowers’ liabilities and obligations with respect to the related Debenture, this Agreement and the other Loan Documents, and none of the Rents and Profits generated by or derived from any Individual Property shall be diverted by any Borrower,
the Head Lessee or any manager and utilized for any other purposes unless all such current expenses attributable to the ownership and operation of the Individual Properties have been fully paid and satisfied. Lender hereby acknowledges and approves
Playground Real Estate Inc. and Playground Real Estate Ltd. as property manager of the applicable Individual Property for so long as Playground Real Estate Inc. and Playground Real Estate Ltd. remain Affiliates of Intrawest. In addition, Lender
hereby consents to the subcontract between Playground Real Estate Inc. and Trilogy Management Services Ltd. (“Trilogy”) pursuant to which Trilogy agrees to perform the management duties of Playground Real Estate Inc. at the Whistler
Property as required under the Management Agreement between Head Lessee and Playground Real Estate Inc., provided (i) Trilogy enters into an agreement acceptable to Lender whereby Trilogy subordinates all management fees payable to Trilogy to the
Loan and (ii) such subcontract shall terminate no later than June 30, 2005, and Trilogy shall have no further rights to manage the Whistler Property unless Lender agrees otherwise in its sole discretion. 
  
 Section 4.27 Hazardous Waste and Other Substances. 
  
 (a) Each Borrower hereby represents and warrants to Lender that, as of the
date hereof and except as set forth in any Environmental Report: (i) to the best of such Borrower’s knowledge, information and belief, none of such Borrower nor the Individual Property that it owns nor any Tenant at such Individual Property nor
the operations conducted thereon is in direct or indirect violation of or otherwise exposed to any liability under any municipal, provincial or federal law, rule or regulation or common law duty pertaining to human health, natural resources or the
environment, including, without limitation, the Canadian Environmental Protection Act, 1999; Canadian Environmental Assessment Act; Canadian Fisheries Act; Environmental Assessment Act (Ontario); Environmental Bill of Rights
(Ontario); Environmental Protection Act (Ontario), Water Resources Act (Ontario); Nutrient Management Act (Ontario); Safe Drinking Water Act (Ontario); Sustainable Water and Sewage Treatment Act
(Ontario); Workplace Safety and Insurance Act, 1997 (Ontario); Occupational Safety and Health Act (Ontario); Environmental Assessment Act (British Columbia); Environmental Management Act (British Columbia);
Water Act (British Columbia); Water Protection Act (British Columbia); Drinking Water Protection Act (British Columbia); Workers’ Compensation Act (British Columbia) and the Fish Protection Act (British
Columbia), regulations promulgated pursuant to said laws, all as amended from time to time (collectively, “Environmental Laws”) or otherwise exposed to any liability under any Environmental Law relating to or affecting such
Individual Property, whether or not used by or within the control of such Borrower; (ii) no hazardous, toxic 

  

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or harmful substances, wastes, materials, pollutants or contaminants (including, without limitation, asbestos or asbestos-containing materials, lead based
paint, Toxic Mold, polychlorinated biphenyls, petroleum or petroleum products or byproducts, flammable explosives, radioactive materials, infectious substances or raw materials which include hazardous constituents) or any other substances or
materials which are included under or regulated by Environmental Laws (collectively, “Hazardous Substances”) are located on, in or under or have been handled, generated, stored, processed or disposed of on or released or discharged
from any Individual Property (including underground contamination), except for those substances used by such Borrower or any Tenant in the ordinary course of their respective businesses and in compliance with all Environmental Laws and where such
Hazardous Substances could not reasonably be expected to give rise to liability under Environmental Laws; (iii) to the best of such Borrower’s knowledge, information and belief, radon is not present at the Individual Property that such Borrower
owns in excess or in violation of any applicable thresholds or standards or in amounts that require disclosure under applicable law to any tenant or occupant of or invitee to the Individual Property or to any governmental agency or the general
public; (iv) the Individual Property that each Borrower owns is not subject to any private or governmental lien or judicial or administrative notice or action arising under Environmental Laws; (v) there is no pending, nor, to such Borrower’s
knowledge, information or belief, threatened litigation arising under Environmental Laws affecting such Borrower or the Individual Property that it owns; (vi) there are no and have been no existing or closed underground storage tanks or other
underground storage receptacles for Hazardous Substances or landfills or dumps on the Individual Property that the representing Borrower owns; (vii) such Borrower has received no notice of, and to the best of such Borrower’s knowledge and
belief, there exists no investigation, action, proceeding or claim by any agency, authority or unit of government or by any third party which could result in any liability, penalty, sanction or judgment under any Environmental Laws with respect to
any condition, use or operation of the Individual Property that such Borrower owns, nor does such Borrower know of any basis for such an investigation, action, proceeding or claim; and (viii) such Borrower has not received notice of and, to the best
of such Borrower’s knowledge and belief, there has been no claim by any party that any use, operation or condition of the Individual Property that the representing Borrower owns has caused any nuisance or any other liability or adverse
condition on any other property, nor does such Borrower know of any basis for such an investigation, action, proceeding or claim. For the purposes hereof, “Toxic Mold” shall mean a quantity of any mold or fungus at the subject
Individual Property which is of a type (i) that might pose a significant risk to human health or the environment or (ii) that would negatively impact the value of the Individual Property. 
  
 (b) Except disclosed in any Environmental Report, no Borrower has received nor to the best of any Borrower’s knowledge,
information and belief has there been issued, any notice, notification, demand, request for information, citation, summons, or order in any way relating to any actual, alleged or potential violation or liability arising under Environmental Laws.

  
 (c) Each Borrower shall comply with all applicable
Environmental Laws. Each Borrower shall keep the Individual Property that it owns or cause the Individual Property that it owns to be kept free from Hazardous Substances (except those substances used by such Borrower or any Tenant in the ordinary
course of their respective businesses and except in compliance with all Environmental Laws and where such Hazardous Substances could not 

  

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reasonably be expected to give rise to liability under Environmental Laws) and in compliance with all Environmental Laws. No Borrower shall install or use
any underground storage tanks. Each Borrower shall expressly prohibit the use, generation, handling, storage, production, processing and disposal of Hazardous Substances by all Tenants at the Individual Property that it owns in quantities or
conditions that would violate or give rise to any obligation to take remedial or other action under any applicable Environmental Laws. Without limiting the generality of the foregoing, during the term of the Loan, no Borrower shall install in the
Improvements or permit to be installed in the Improvements that it owns any asbestos or asbestos-containing materials. 
  
 (d) Borrowers shall promptly notify Lender if any Borrower shall become aware of (i) the actual or potential existence of any Hazardous Substances on any
Individual Property other than those occurring in the ordinary course of a Borrower’s business and which do not violate, or would not otherwise give rise to liability under Environmental Laws, (ii) any direct or indirect violation of, or other
exposure to liability under, any Environmental Laws, (iii) any lien, action or notice affecting an Individual Property or a Borrower resulting from any violation or alleged violation of or liability or alleged liability under any Environmental Laws,
(iv) the institution of any investigation, inquiry or proceeding concerning any Borrower or any Individual Property pursuant to any Environmental Laws or otherwise relating to Hazardous Substances, or (v) the discovery of any occurrence, condition
or state of facts which would render any representation or warranty contained in this Agreement incorrect in any respect if made at the time of such discovery. Immediately upon receipt of same by any Borrower, such Borrower, shall deliver to Lender
copies of any and all requests for information, complaints, citations, summonses, orders, notices, reports or other communications, documents or instruments in any way relating to any actual, alleged or potential violation or liability of any nature
whatsoever arising under Environmental Laws and relating to any Individual Property or to any Borrower. Borrowers shall remedy or cause to be remedied in a timely manner (and in any event within the time period permitted by applicable Environmental
Laws) any violation of Environmental Laws or any condition that could give rise to liability under Environmental Laws. Without limiting the foregoing, Borrowers shall, promptly and regardless of the source of the contamination or threat to the
environment or human health, at its own expense, take all actions as shall be necessary or prudent, for the clean-up of any and all portions of the subject Individual Property or other affected property, including, without limitation, all
investigative, monitoring, removal, containment and remedial actions in accordance with all applicable Environmental Laws (and in all events in a manner satisfactory to Lender) and shall further pay or cause to be paid, at no expense to Lender, all
clean-up, administrative and enforcement costs of applicable governmental agencies which may be asserted against an Individual Property. In the event Borrowers fail to do so, Lender may, but shall not be obligated to, cause the subject Individual
Property or other affected property to be freed from any Hazardous Substances or otherwise brought into conformance with Environmental Laws and any and all costs and expenses incurred by Lender in connection therewith, together with interest thereon
at the Default Interest Rate from the date incurred by Lender until actually paid by Borrowers, shall be immediately paid by Borrowers on demand and shall be secured by the Debentures and by all of the other Loan Documents securing all or any part
of the Debt. Each Borrower hereby grants to Lender and its agents and employees access to the Individual Property that it owns and a license to remove any items deemed by Lender to be Hazardous Substances and to do all things Lender shall deem
necessary to bring such Individual Property into conformance with Environmental Laws. 
  

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 (e) Borrowers covenant and agree, collectively at Borrowers’ sole cost and expense, to indemnify,
defend (at trial and appellate levels, and with attorneys, consultants and experts acceptable to Lender), and hold Lender harmless from and against any and all liens, damages (including without limitation, punitive or exemplary damages), losses,
liabilities (including, without limitation, strict liability), obligations, settlement payments, penalties, fines, assessments, citations, directives, claims, litigation, demands, defenses, judgments, suits, proceedings, costs, disbursements or
expenses of any kind or of any nature whatsoever (including, without limitation, reasonable attorneys’, consultants’ and experts’ fees and disbursements actually incurred in investigating, defending, settling or prosecuting any claim,
litigation or proceeding) which may at any time be imposed upon, incurred by or asserted or awarded against Lender or any of the Individual Properties, and arising directly or indirectly from or out of: (i) any violation or alleged violation of, or
liability or alleged liability under, any Environmental Law; (ii) the presence, release or threat of release of or exposure to any Hazardous Substances or radon on, in, under or affecting all or any portion of any of the Individual Properties or any
surrounding areas, regardless of whether or not caused by or within the control of any Borrower; (iii) any transport, treatment, recycling, storage, disposal or arrangement therefor of Hazardous Substances whether on any of the Individual
Properties, originating from any of the Individual Properties, or otherwise associated with any Borrower or any operations conducted on any of the Individual Properties at any time; (iv) the failure by any Borrower to comply fully with the terms and
conditions of this Section 4.27; (v) the breach of any representation or warranty by any Borrower contained in this Section 4.27; or (vi) the enforcement of this Section 4.27, including, without limitation, the cost of
assessment, investigation, containment, removal and/or remediation of any and all Hazardous Substances from all or any portion of any of the Individual Properties or any surrounding areas, the cost of any actions taken in response to the presence,
release or threat of release of any Hazardous Substances on, in, under or affecting any portion of the Individual Property or any surrounding areas to prevent or minimize such release or threat of release so that it does not migrate or otherwise
cause or threaten danger to present or future public health, safety, welfare or the environment, and costs incurred to comply with Environmental Laws in connection with all or any portion of any of the Individual Properties or any surrounding areas.
The indemnity set forth in this Section 4.27 shall also include any diminution in the value of the security afforded by the Individual Properties or any future reduction in the sales price of any of the Individual Properties by reason of any
matter set forth in this Section 4.27. The foregoing indemnity shall specifically not include any such costs relating to Hazardous Substances which are initially placed on, in or under an Individual Property after foreclosure or other taking
of title to the applicable Individual Property by Lender or its successor or assigns. Lender’s rights under this Section shall survive payment in full of the Debt and shall be in addition to all other rights of Lender under this Agreement, the
Debentures, the Note and the other Loan Documents. 
  
 (f) Upon
Lender’s request, at any time after the occurrence of an Event of Default or at such other time as Lender has reasonable grounds to believe that Hazardous Substances are or have been released, stored or disposed of on any Individual Property in
violation of Environmental Laws or in such a manner as to subject Borrower or Lender to potential liability, or on property contiguous with any Individual Property in violation of Environmental Laws or in such a manner as to subject Borrower or
Lender to potential liability, or that any Individual Property may be in violation of the Environmental Laws, Borrowers shall perform or cause to be performed, at Borrowers’ sole cost and expense and in scope, form and 

  

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substance satisfactory to Lender, an inspection or audit of the subject Individual Property prepared by a hydrogeologist or environmental engineer or other
appropriate consultant approved by Lender indicating the presence or absence of Hazardous Substances on such Individual Property, the compliance or non-compliance status of such Individual Property and the operations conducted thereon with
applicable Environmental Laws, or an inspection or audit of the subject Individual Property prepared by an engineering or consulting firm approved by Lender indicating the presence or absence of friable asbestos or substances containing asbestos or
lead or substances containing lead or lead based paint (“Lead Based Paint”) on such Individual Property. If Borrowers fail to provide reports of such inspection or audit within thirty (30) days after such request, Lender may order
the same, and Borrowers hereby grant to Lender and its employees and agents access to the Individual Properties and an irrevocable license to undertake such inspection or audit. The cost of such inspection or audit, together with interest thereon at
the Default Interest Rate from the date incurred by Lender until actually paid by Borrowers, shall be immediately paid by Borrowers on demand and shall be secured by the Debentures and by all of the other Loan Documents securing all or any part of
the Debt. 
  
 (g) Reference is made to that certain Environmental
Indemnity Agreement of even date herewith by and among Borrowers and any other principal signatory named therein in favor of Lender (the “Environmental Indemnity Agreement”). The provisions of this Agreement and the Environmental
Indemnity Agreement shall be read together to maximize the coverage with respect to the subject matter thereof, as determined by Lender. 
  
 (h) If prior to the date hereof, it was determined that an Individual Property contains asbestos-containing materials (“ACM’s”), the
Borrower that owns any such Individual Property covenants and agrees to institute, within thirty (30) days after the date hereof, an operations and maintenance program (the “Maintenance Program”) designed by an environmental
consultant, satisfactory to Lender, with respect to ACM’s, consistent with “Asbestos on Construction Projects and in Buildings and Repair Operations, Reg. 838, amended by Reg. 510/92” for the Blue Mountain Property and
“Occupational Health and Safety Regulation, B.C. Reg. 296/97” for the Whistler Property and other relevant guidelines, and such Maintenance Program will hereafter continuously remain in effect until the Debt secured hereby is repaid in
full. In furtherance of the foregoing, the Borrower that owns any such ACM contaminated Individual Property shall inspect and maintain all ACM’s on a regular basis and ensure that all ACM’s shall be maintained in a condition that prevents
exposure of residents to ACM’s at all times. Without limiting the generality of the preceding sentence, Lender may require (i) periodic notices or reports to Lender in form, substance and at such intervals as Lender may specify, (ii) an
amendment to such operations and maintenance program to address changing circumstances, laws or other matters, (iii) at Borrowers’ sole expense, supplemental examination of the contaminated Individual Property by consultants specified by
Lender, and (iv) variation of the operations and maintenance program in response to the reports provided by any such consultants. 
  
 (i) If, prior to the date hereof, it was determined that an Individual Property contains Lead Based Paint, any Borrower that owns such contaminated
Individual Property had prepared an assessment report describing the location and condition of the Lead Based Paint (a “Lead Based Paint Report”). If, at any time hereafter, Lead Based Paint is suspected of being present on any
Individual Property, Borrowers agree, at their sole cost and expense and within 

  

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twenty (20) days thereafter, to cause to be prepared a Lead Based Paint Report prepared by an expert, and in form, scope and substance, acceptable to Lender.
Borrowers agree that if it has been, or if at any time hereafter it is, determined that an Individual Property contains Lead Based Paint, on or before thirty (30) days following (i) the date hereof, if such determination was made prior to the date
hereof or (ii) such determination, if such determination is hereafter made, as applicable, Borrowers shall, at their sole cost and expenses, develop and implement, and thereafter diligently and continuously carry out (or cause to be developed and
implemented and thereafter diligently and continually to be carried out), an operations, abatement and maintenance plan for the Lead Based Paint on the contaminated Individual Property, which plan shall be prepared by an expert, and be in form,
scope and substance, acceptable to Lender (together with any Lead Based Paint Report, the “O&M Plan”). (If an O&M Plan has been prepared for an Individual Property prior to the date hereof, the Borrower that owns such
Individual Property agrees to diligently and continually carry out (or cause to be carried out) the provisions thereof.) Compliance with the O&M Plan shall require or be deemed to require, without limitation, the proper preparation and
maintenance of all records, papers and forms required under the Environmental Laws. 
  
 Section 4.28 Indemnification; Subrogation. 
  
 (a) Borrowers shall indemnify, defend and hold Lender harmless against: (i) any and all claims for brokerage, leasing, finders or similar fees which may be made relating to any Individual Property or the Debt, and
(ii) any and all liability, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses (including Lender’s reasonable attorneys’ fees) of whatever kind or nature which may be asserted against, imposed on or
incurred by Lender in connection with the Debt, this Agreement, the other Loan Documents, the Individual Properties, or any part thereof, or the exercise by Lender of any rights or remedies granted to it under this Agreement, any Debenture or the
other Loan Documents; provided, however, that nothing herein shall be construed to obligate Borrowers to indemnify, defend and hold harmless Lender from and against any and all liabilities, obligations, losses, damages, penalties,
claims, actions, suits, costs and expenses enacted against, imposed on or incurred by Lender by reason of Lender’s willful misconduct or gross negligence. 
  

(b) If Lender is made a party defendant to any litigation or any claim is threatened or brought against Lender concerning the Debt, the Debentures,
this Agreement, the other Loan Documents, any Individual Property, or any part thereof, or any interest therein, or the construction, maintenance, operation or occupancy or use thereof, then Borrowers shall indemnify, defend and hold Lender harmless
from and against all liability by reason of said litigation or claims, including reasonable attorneys’ fees and expenses incurred by Lender in any such litigation or claim, whether or not any such litigation or claim is prosecuted to judgment.
If Lender commences an action against any Borrower to enforce any of the terms hereof or to prosecute any breach by any Borrower of any of the terms hereof or to recover any sum secured hereby, Borrowers shall pay to Lender its reasonable
attorneys’ fees and expenses. The right to such attorneys’ fees and expenses shall be deemed to have accrued on the commencement of such action, and shall be enforceable whether or not such action is prosecuted to judgment. If any Borrower
breaches any term of this Agreement, Lender may engage the services of an attorney or attorneys to protect its rights hereunder, and in the event of such engagement following any breach by a Borrower, Borrowers shall pay Lender reasonable
attorneys’ fees and 

  

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expenses incurred by Lender, whether or not an action is actually commenced against one or more Borrowers by reason of such breach. All references to
“attorneys” in this Subsection and elsewhere in this Agreement and the other Loan Documents shall include, without limitation, any attorney or law firm engaged by Lender, and all references to “fees and expenses” in this
Subsection and elsewhere in this Agreement and the other Loan Documents shall include, without limitation, any fees of such attorney or law firm, and any appellate counsel fees, if applicable. 
  
 (c) A waiver of subrogation shall be obtained by each Borrower from its
insurance carrier and, consequently, each Borrower waives any and all right to claim or recover against Lender, its officers, employees, agents and representatives, for loss of or damage to such Borrower, the Individual Property that it owns, such
Borrower’s property or the property of others under such Borrower’s control from any cause insured against or required to be insured against by the provisions of the related Debenture or this Agreement. 
  
 Section 4.29 Covenants with Respect to Existence, Indebtedness,
Operations, Fundamental Changes of Borrower. Each SPE Party and any trustee of any SPE Party, as applicable, shall (i) do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, and
franchises, (ii) continue to engage in the business presently conducted by it, (iii) obtain and maintain all licenses, and (iv) qualify to do business and remain in good standing under the laws of each jurisdiction, in each case as and to the extent
required for the ownership, maintenance, management and operation of, with respect to Borrowers, the Individual Property that it owns, and with respect to all other SPE Parties, any other property or assets that such SPE Party may own. Each Borrower
hereby represents, warrants and covenants as of the date hereof and until such time as the Debt is paid in full, that each SPE Party, is, and shall remain, a Single-Purpose Entity. Each Enforcer, Corporate Beneficiary and Trust Beneficiary of
Borrowers (each, an “SPE Equity Owner”), has complied, will at all times comply, and will cause such Borrower to comply, with each of the representations, warranties and covenants contained in this Section 4.29 as if such
representation, warranty or covenant was made directly by such SPE Equity Owner. A “Single-Purpose Entity” or “SPE” means a corporation, limited partnership, limited liability company or trust that: 
  
 (a) if a corporation, must have at least one Independent Director, and must
not take any action that, under the terms of any certificate or articles of incorporation, by-laws, or any voting trust agreement with respect to such entity’s common stock, requires the unanimous affirmative vote of 100% of the members of the
board of directors unless all of the directors, including, without limitation, the Independent Director, shall have participated in such vote (“SPE Corporation”); 
  
 (b) if a limited partnership, must have each general partner be an SPE Corporation; 
  
 (c) if a limited liability company, must have one managing member (the
“SPE Member”) and such managing member must be an SPE Corporation. Only the SPE Member may be designated as a manager under a Borrower’s operating agreement and pursuant to the law where such Borrower is organized. Any SPE may
be a single member Delaware limited liability 

  

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company without an SPE Corporation managing member so long as such SPE has at least one “special member” who shall serve as an Independent Director
of such SPE; 
  
 (d) if a trust (other than a Delaware business
trust), all of such trust’s beneficiaries shall be either an SPE Corporation or an SPE Delaware Trust, and such trust must have an Independent Director as its trustee (the “Independent Trustee”); provided, however, that the
Independent Trustee of the Trust shall be deemed to be the “Independent Trustee” as defined in such Trust’s Trust Deed (an “SPE Trust”); 
  
 (e) if a Delaware business trust, must have at least one Independent Trustee (an “SPE Delaware Trust”);

  
 (f) was and will be organized solely for the purpose of (i)
with respect to the nominee that owns only bare legal title to any of the Individual Properties, owning an interest in the related Individual Property, (ii) with respect to the beneficial owner of the Individual Properties, owning a beneficial
interest in the related Individual Property, (iii) with respect to the general partner of a limited partnership that owns an interest in the related Individual Property or another SPE, acting as a general partner of such limited partnership, (iv)
with respect to the managing member of a limited liability company that owns an interest in the related Individual Property or another SPE, acting as the managing member of such limited liability company, (v) with respect to the lessee under the
Head Leases, acting as the lessee under the Head Lease, (vi) with respect to a beneficiary of an SPE Trust, acting as a beneficiary of such SPE Trust, or (vii) with respect to the Enforcer, acting as enforcer of the Trust provisions; 
  
 (g) will not, nor will any trustee, beneficiary, limited or general partner,
member or shareholder thereof, as applicable, amend, modify or otherwise change its partnership certificate, partnership agreement, articles of incorporation, by-laws, operating agreement, articles of organization, trust agreement or other formation
agreement or document, as applicable, in any material term or manner, or in a manner which adversely affects such SPE Entity’s existence as a Single Purpose Entity; 
  
 (h) will not liquidate or dissolve (or suffer any liquidation or dissolution), or enter into any transaction of merger or
consolidation, or acquire by purchase or otherwise all or substantially all the business or assets of, or any stock or other evidence of beneficial ownership of any entity; 
  
 (i) will not, nor will any trustee, beneficiary, limited or general partner, member or shareholder thereof, as applicable,
violate the terms of its partnership certificate, partnership agreement, articles of incorporation, by-laws, operating agreement, articles of organization, trust agreement or other formation agreement or document, as applicable; 
  
 (j) except as set forth in the Loan Documents in connection with the Loan,
the Permitted Subordinate Loan and any Permitted CNL Loans or Permitted Intrawest Loans, has not and will not guarantee, pledge its assets for the benefit of, or otherwise become liable on or in connection with, any obligation of any other person or
entity; 
  
 (k) does not own and will not own any asset other than
(A) (i) with respect to the nominee that owns only bare legal title to any of the Individual Properties, bare legal title to 

  

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the related Individual Property, (ii) with respect to the beneficial owner of the Individual Properties, the beneficial interest in the related Individual
Property, (iii) with respect to a general partner of a limited partnership that owns an interest in the related Individual Property or another SPE, the general partnership interest in such limited partnership, (iv) with respect to a managing member
of a limited liability company that owns an interest in the related Individual Property or another SPE, the managing member interest in such limited liability company, (v) with respect to the lessee under the Head Leases, a leasehold interest in the
Individual Properties pursuant to the Head Lease, (vi) with respect to a beneficiary of an SPE Trust, a beneficiary interest in such SPE Trust, and (vii) with respect to each Enforcer, no assets; and (B) incidental personal property necessary with
respect to the ownership of such property, assets or interests, as applicable; 
  
 (l) is not engaged and will not engage, either directly or indirectly, in any business other than the ownership, management and operation of the property, assets or interests, as applicable, that it owns as of the
date hereof; 
  
 (m) will not enter into any contract or agreement
with any general partner, principal, Affiliate or member of any Borrower, as applicable, or any Affiliate of any general partner, principal or member of any Borrower, except upon terms and conditions that are intrinsically fair and on terms that
would not be less favorable than those that would be available on an arms-length basis with third parties other than an affiliate; 
  
 (n) has not incurred and will not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than, (i) with
respect to the Borrowers only (A) the Debt, (B) any Permitted Subordinate Loans in accordance with this Agreement, (C) any Permitted CNL Loans and any Permitted Intrawest Loans in accordance with this Agreement, and (D) for the Individual Property
that it owns, trade payables or accrued expenses incurred in the ordinary course of business of operating such Individual Property customarily satisfied within thirty (30) days and in an aggregate amount not to exceed one percent (1.0%) of the
Allocated Loan Amount for such Individual Property, and (ii) with respect to the Head Lessee only, the loans and advance permitted under and in accordance with subsection (o) below, and no other debt will be secured (senior, subordinate or pan
passu) by any Individual Property or any direct or indirect interests in Borrowers; 
  
 (o) has not made and will not make any loans or advances to any third party (including any affiliate) other than loans and advances made by Borrowers to Head Lessee in connection with inducements to Tenants, tenant
improvement costs and emergency repairs or other necessary expenditures provided that such loans and advances are made out of Excess Cash Flow and such loans or advances otherwise comply with subsection (m) above; 
  
 (p) is and will be solvent and pay its debts from its assets as the same
shall become due; 
  
 (q) has done or caused to be done and will
do all things necessary to preserve its existence, and will observe all formalities applicable to it; 
  
 (r) will conduct and operate its business in its own name and as presently conducted and operated; 
  

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 (s) will maintain financial statements, books and records and bank accounts separate from those of its
Affiliates, including, without limitation, its general partners or members, as applicable; 
  
 (t) will be, and at all times will hold itself out to the public as, a legal entity separate and distinct from any other entity (including, without limitation, any Affiliate, general partner, trustee, beneficiary or
member, as applicable, or any affiliate of any general partner, trustee, beneficiary or member of any Borrower and any other Person, as applicable) and will correct any known misunderstanding concerning its separate identity; 
  
 (u) will file its own tax returns on an individual basis; 
  
 (v) will maintain adequate capital for the normal obligations reasonably
foreseeable in a business of its size and character and in light of its contemplated business operations; 
  
 (w) will establish and maintain an office through which its business will be conducted separate and apart from those of its Affiliates or shall allocate
fairly and reasonably any overhead and expense for shared office space; 
  
 (x) except as provided in the Cash Management Agreement, will not commingle the funds and other assets of Borrowers or the other SPE Entities with those of any other general partner, member, trustee, beneficiary, affiliate, principal or any
other person; 
  
 (y) has and will maintain its assets in such a
manner that it is not costly or difficult to segregate, ascertain or identify its individual assets from those of any affiliate or any other person; 
  
 (z) except for a Borrower in connection with the Loan and as set forth in the Loan Documents, does not and will not hold itself out to be responsible for
the debts or obligations of any other person; 
  
 (aa) will pay
any liabilities out of its own funds, including salaries of its employees, not funds of any affiliate; and 
  
 (bb) will use stationery, invoices, and checks separate from its affiliates. 
  
 Section 4.30 Intentionally Omitted. 
  
 Section 4.31 Anti-Money Laundering. At all times throughout the term of the Loan, including after giving effect to
any transfers permitted pursuant to Section 4.9 hereof or otherwise pursuant to the Loan Documents, none of the funds of any Borrower or any Indemnitor, as applicable, that are used to repay the Loan shall be derived from any unlawful
activity, with the result that the investment in any Borrower or any Indemnitor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law. 
  

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 ARTICLE V 

 
 RESERVES AND CASH MANAGEMENT 
  
 Section 5.1 Reserves Generally. 
  
 (a) As additional security for the payment and performance by Borrowers of
all duties, responsibilities and obligations under the Note and the other Loan Documents, Borrowers hereby unconditionally and irrevocably assign, convey, pledge, mortgage, transfer, deliver, deposit, set over and confirm unto Lender, and hereby
grants to Lender a security interest in, (i) the Payment Reserve and the Impound Account, as applicable, and any other reserve or escrow account established pursuant to the terms hereof or of any other Loan Document (collectively, the
“Reserves”), (ii) the accounts into which the Reserves have been deposited, (iii) all insurance on said accounts, (iv) all accounts, contract rights and general intangibles or other rights and interests pertaining thereto, (v) all
sums now or hereafter therein or represented thereby, (vi) all replacements, substitutions or proceeds thereof, (vii) all instruments and documents now or hereafter evidencing the Reserves or such accounts, (viii) all powers, options, rights,
privileges and immunities pertaining to the Reserves (including the right to make withdrawals therefrom), and (ix) all proceeds of the foregoing. Borrowers hereby authorize and consent to the account into which the Reserves have been deposited being
held in Lender’s name or the name of any entity servicing the Note for Lender and hereby acknowledges and agrees that Lender, or at Lender’s election, such servicing agent, shall have exclusive control over said account. Notice of the
assignment and security interest granted to Lender herein may be delivered by Lender at any time to the financial institution wherein the Reserves have been established, and Lender, or such servicing entity, shall have possession of all passbooks or
other evidences of such accounts. Borrowers hereby assume all risk of loss with respect to amounts on deposit in the Reserves. Borrowers hereby knowingly, voluntarily and intentionally stipulate, acknowledge and agree that the advancement of the
funds from the Reserves as set forth herein is at Borrowers’ direction and is not the exercise by Lender of any right of set-off or other remedy upon a Default or an Event of Default. Borrowers hereby waive all right to withdraw funds from the
Reserves except as provided for in this Agreement. If an Event of Default shall occur hereunder or under any other of the Loan Documents Lender may, without notice or demand on Borrowers, at its option: (A) withdraw any or all of the funds
(including, without limitation, interest) then remaining in the Reserves and apply the same, after deducting all costs and expenses of safekeeping, collection and delivery (including, but not limited to, reasonable attorneys’ fees, costs and
expenses) to the Debt or any other obligations of Borrowers under the other Loan Documents in such manner as Lender shall deem appropriate in its sole discretion, and the excess, if any, shall be paid to Borrowers, (B) exercise any and all rights
and remedies of a secured party under any applicable personal property security legislation or Uniform Commercial Code, or (C) exercise any other remedies available at law or in equity. No such use or application of the funds contained in the
Reserves shall be deemed to cure any Default or Event of Default. 
  
 (b) The Reserves shall not, unless otherwise explicitly required by applicable law, be or be deemed to be escrow or trust funds, but, at Lender’s option and in Lender’s discretion, may either be held in a separate account or be
commingled by Lender with the general funds of Lender. The Reserves are solely for the protection of Lender and entail no 

  

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responsibility on Lender’s part beyond the payment of the respective items for which they are held following receipt of bills, invoices or statements
therefor in accordance with the terms hereof and beyond the allowing of due credit for the sums actually received. Upon assignment of this Agreement and the other Loan Documents by Lender, any funds in the Reserves shall be turned over to the
assignee and any responsibility of Lender, as assignor, with respect thereto shall terminate. If the funds in the applicable Reserve shall exceed the amount of payments actually applied by Lender for the purposes and items for which the applicable
Reserve is held, such excess may be credited by Lender on subsequent payments to be made hereunder or, at the option of Lender, refunded to Borrowers. If, however, the applicable Reserve shall not contain sufficient funds to pay the sums required by
the dates on which such sums are required to be on deposit in such account, Borrowers shall, within ten (10) days after receipt of written notice thereof, deposit with Lender the full amount of any such deficiency. If Borrowers shall fail to deposit
with Lender the full amount of such deficiency as provided above, Lender shall have the option, but not the obligation, to make such deposit, and all amounts so deposited by Lender, together with interest thereon at the Default Interest Rate from
the date so deposited by Lender until actually paid by Borrowers, shall be immediately paid by Borrowers on demand and shall be secured by the Debentures and by all of the other Loan Documents securing all or any part of the Debt. If there is an
Event of Default under this Agreement or the other Loan Documents, Lender may, but shall not be obligated to, apply at any time the balance then remaining in any or all of the Reserves against the Debt in whatever order Lender shall subjectively
determine. No such application of any or all of the Reserves shall be deemed to cure any Event of Default. Upon full payment of the Debt in accordance with its terms or at such earlier time as Lender may elect, the balance of any or all of the
Reserves then in Lender’s possession shall be paid over to Borrowers and no other party shall have any right or claim thereto. 
  
 Section 5.2 Payment Reserve. 
  
 (a) Contemporaneously with the execution hereof, Borrowers have established with Lender a reserve in the amount of the first (1st) payment of principal,
interest and deposits for any applicable reserves or escrow accounts required under the terms of this Agreement or the other Loan Documents as calculated by Lender (the “Payment Reserve”). Borrowers understand and agree that,
notwithstanding the establishment of the Payment Reserve as herein required, all of the proceeds of the Note have been, and shall be considered, fully disbursed and shall bear interest and be payable on the terms provided therein. No interest on
funds contained in the Payment Reserve shall be paid by Lender to Borrowers. 
  
 (b) For so long as no Event of Default has occurred hereunder or under any of the other Loan Documents, Lender shall, on the First Payment Date (as defined in the Note) under the Note, advance from the Payment Reserve
to itself the amount of the monthly installment due and payable by Borrowers under the Note on the First Payment Date and, to the extent a Cash Trap Period exists, shall also advance from the Payment Reserve into the Impound Account the amount of
any deposit for Assessments and insurance premiums and into any other reserve account the amount of any deposit in accordance with the terms of any other Loan Document required to be paid by Borrowers concurrently with such monthly installment
pursuant to the terms hereof and thereof. Provided no Default or Event of Default has occurred, after the scheduled disbursement from the Payment Reserve, any amounts then remaining in the Payment Reserve shall be paid to Borrowers. Nothing
contained herein, including, without 

  

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limitation, the existence of the Payment Reserve, shall release Borrowers of any obligation to make payments under the Note, this Agreement or the other Loan
Documents strictly in accordance with the terms hereof or thereof and, in this regard, without limiting the generality of the foregoing, should the amounts contained in the Payment Reserve not be sufficient to pay in full the monthly installments
and the Impound Account and any other applicable reserve account deposits referenced above in this subparagraph, Borrowers shall be responsible for paying such deficiency on the First Payment Date. 
  
 Section 5.3 Impound Account. Borrowers shall establish and maintain at
all times while any portion of the Debt remains outstanding an impound account (the “Impound Account”) with Lender for payment of real estate taxes, assessments (including, without limitation, assessments due to any
Condominium Association), maintenance charges, any other assessments or charges that may become liens or charges on the Individual Properties (collectively the “Assessments”, and any Assessments that have priority over the
Debentures shall be referred to herein as the “Major Assessments”), and insurance with respect to the Individual Properties as additional security for the Debt; provided, however, that, such deposits shall be required only to the
extent set forth in the remainder of this Section. At all times during the term of the Loan, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed,
deposits in an amount equal to one-twelfth (1/12) of the amount of the annual Assessments that will next become due and payable on the Individual Properties, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and
payable on insurance policies which Borrowers are required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage
of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said Assessments and insurance premiums before the same
become delinquent. Borrowers shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all Assessments and insurance premiums to
be paid, if any, from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound
Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any bill, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such
bill, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. No interest on funds contained in the Impound
Account, if any, shall be paid by Lender to Borrowers. Notwithstanding the foregoing, Borrower shall not be required to make such any such deposits with Lender to the extent (and only to the extent) that (i) all such Assessments and insurance
premiums are held in reserve by the Condominium Associations for each of the Individual Properties in an amount sufficient to pay such costs and expenses at least 30 days prior to the due date of such Assessments and insurance premiums and Borrowers
are timely making such payments to the Condominium Association, (ii) Lender has not received notice from the Condominium Association that (A) any of such reserves are no longer required or being held by the Condominium Association and (B) Borrower
is in default of its payment of any Assessments or insurance premiums required to be paid to the Condominium Association, and (iii) Lender receives a monthly accounting from the 

  

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Property Manager that such reserves are being paid by Borrowers on a monthly basis and notice from the Condominium Association that the Assessments and
insurance premiums have been paid prior to the date such amounts are due; provided, however, that the foregoing waiver of reserves shall not apply (i) to any Major Assessments or any Assessments that would be imposed upon Lender following a
foreclosure of the Debenture (unless Lender has the right to notice of a default in the payment of such Assessments and the right to cure such non-payment), and Borrower shall escrow with Lender an amount determined by Lender in its reasonable
discretion to pay such Assessments and (ii) during any Cash Trap Period. 
  
 ARTICLE VI 
  
 EVENTS OF DEFAULT 

 
 Section 6.1 Events of Default. The occurrence of any of the
following events shall be an Event of Default hereunder: 
  
 (a)
Borrowers fail to pay any money to Lender required hereunder at the time or within any applicable grace period set forth herein, or if no grace period is set forth herein, then within seven (7) days of the date such payment is due (except those
regarding payments to be made under the Note or to the Reserves, which failure is not subject to any grace or cure period). 
  
 (b) Borrowers fail to provide all insurance as required by Section 4.3 hereof or fails to perform any covenant, agreement, obligation, term or
condition set forth in Section 4.18(i), Section 4.28, Section 4.29 (excluding 4.29(i), (m), (o), (r), (s), (u), (w), (aa) or (bb)), and Section 4.31 hereof. 
  
 (c) Borrowers fail to perform any other covenant, agreement, obligation, term
or condition set forth herein, other than those otherwise described in this Section 6.1, and, to the extent such failure or default is susceptible of being cured, the continuance of such failure or default for thirty (30) days after written
notice thereof from Lender to Borrowers; 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 Borrowers commence to cure such
default promptly after receipt of notice thereof from Lender, 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. 
  
 (d) Any representation or warranty made herein, in or in connection with any application or commitment relating to the Loan evidenced by the Note, or in any of the other Loan Documents to Lender by Borrowers, by any CNL Affiliates, or by
any Indemnitor is determined by Lender to have been false or misleading in any material respect at the time made. 
  
 (e) There shall be a sale, conveyance, disposition, alienation, hypothecation, leasing, assignment, pledge, mortgage, granting of a security interest in
or other transfer or further encumbrancing of any Individual Property or any Significant Party, or any portion thereof or any interest therein, in violation of Section 4.9 hereof. 
  

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 (f) A default occurs under any of the other Loan Documents which has not been cured within any applicable
grace or cure period therein provided. 
  
 (g) Any Significant
Party becomes insolvent, or makes a transfer in fraud of creditors, or makes an assignment for the benefit of creditors, or files a petition in bankruptcy, or is voluntarily adjudicated insolvent or bankrupt or admits in writing the inability to pay
its debts as they mature, or petitions or applies to any tribunal for or consents to or fails to contest the appointment of a receiver, trustee, custodian or similar officer for any Significant Party, or for a substantial part of the assets of any
Significant Party, or commences any case, proceeding or other action under any bankruptcy, reorganization, arrangement, readjustment or debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect.

  
 (h) A petition is filed or any case, proceeding or other
action is commenced against any Significant Party, seeking to have an order for relief entered against it as debtor or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts or other relief under
any law relating to bankruptcy, insolvency, arrangement, reorganization, receivership or other debtor relief under any law or statute of any jurisdiction, whether now or hereafter in effect, or a court of competent jurisdiction enters an order for
relief against any Significant Party, as debtor, or an order, judgment or decree is entered appointing, with or without the consent of such Significant Party, a receiver, trustee, custodian or similar officer for such Significant Party, or for any
substantial part of any of the properties of any Significant Party, and if any such event shall occur, such petition, case, proceeding, action, order, judgment or decree is not dismissed within ninety (90) days after being commenced. 
  
 (i) Any Individual Property or any part thereof is taken on execution or
other process of law in any action against any Borrower. 
  
 (j)
Any Borrower abandons all or a portion of the Individual Property that it owns. 
  
 (k) The holder of any lien or security interest on any Individual Property (without implying the consent of Lender to the existence or creation of any such lien or security interest), whether superior or subordinate
to the related Debenture or any of the other Loan Documents, declares a default and such default is not cured within any applicable grace or cure period set forth in the applicable document or such holder institutes foreclosure or other proceedings
for the enforcement of its remedies thereunder. 
  
 (l) Any
Individual Property, or any part thereof, is subjected to waste or to removal, demolition or material alteration so that the value of such Individual Property is materially diminished thereby and Lender determines that it is not adequately protected
from any loss, damage or risk associated therewith. 
  
 (m) Any
dissolution, termination, partial or complete liquidation, merger or consolidation of any Significant Party. 
  
 (n) Any Borrower or Head Lessee defaults under the Condominium Documents beyond any applicable cure period that relate to the Individual Property that
such Borrower owns, unless such default is contested in accordance with this Agreement. 
  

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 (o) Any of the assumptions contained in any Closing Date Non-Consolidation Opinion delivered to Lender in
connection with the Loan, or in any other Non-Consolidation Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect. 
  
 (p) Indemnitor breaches in any material respect any covenant, warranty or representation contained in any guaranty or
indemnity agreement delivered to Lender in connection with the Loan which is not cured within any applicable notice and cure period provided therein. 
  
 (q) If any Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein in
contravention of the Loan Documents. 
  
 Upon the occurrence of an
Event of Default (other than an Event of Default described in clause (g) or (h) above) and at any time thereafter Lender may, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at
law or in equity, take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrowers and in and to the Individual Properties, including, without limitation, declaring the Debt to be
immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against any individual Borrower or any Individual Property or all of the Borrowers and Individual Properties,
including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in clause (g) or (h) above, the Debt and all other obligations of Borrowers hereunder and under the other Loan Documents
shall immediately and automatically become due and payable, without notice or demand, and Borrowers hereby expressly waive any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding.

  
 ARTICLE VII 
  
 REMEDIES 
  
 Section 7.1 Remedies Available. 
  
 (a) Upon the occurrence and during the continuance of an Event of Default, all or any one or more of the rights, powers,
privileges and other remedies available to Lender against Borrowers under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrowers or at law or in equity may be exercised by Lender at any time and from
time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan
Documents with respect to the Individual Properties. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Lender may
determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan 

  

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Documents. Without limiting the generality of the foregoing, if an Event of Default is continuing (i) Lender is not subject to any “one action” or
“election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Individual Properties and
all of the Debentures have been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full. 
  
 (b) Lender shall have the right from time to time to partially foreclose any or all Debentures in any manner and for any amounts secured by the Debentures
then due and payable as determined by Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrowers default beyond any applicable grace period in the payment of one or more scheduled payments of
principal and interest, Lender may foreclose one or more of the Debentures to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire outstanding principal balance of the Loan, Lender may foreclose one
or more of the Debentures to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Debentures as Lender may elect. Notwithstanding one or more partial foreclosures, the Individual Properties
shall remain subject to the Debentures to secure payment of sums secured by the Debentures and not previously recovered. 
  
 (c) Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages and other
security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrowers shall execute
and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance
reasonably satisfactory to Lender. Borrowers hereby absolutely and irrevocably appoint Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the
aforesaid severance, Borrowers ratifying all that its said attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) days after notice has been given to Borrowers by
Lender of Lender’s intent to exercise its rights under such power. Except as may be required in connection with a Secondary Market Transaction pursuant to Section 8.23 hereof, (i) Borrowers shall not be obligated to pay any costs or
expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents, and (ii) the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan
Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrowers only as of the Closing Date. 
  
 (d) Any amounts recovered from the Individual Properties or any other collateral for the Loan after an Event of Default may be applied by Lender toward
the payment of any interest and/or principal of the Loan and/or any other amounts due under the Loan Documents in such order, priority and proportions as Lender in its sole discretion shall determine. 
  

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 Section 7.2 Application of Proceeds. All the fullest extent permitted by law, the proceeds of any
sale under any Debenture shall be applied, to the extent funds are so available, to the following items in such order as Lender in its discretion may determine: 
  

(a) To payment of the reasonable costs, expenses and fees of taking possession of any Individual Property, and of holding, operating, maintaining,
using, leasing, repairing, improving, marketing and selling the same and of otherwise enforcing Lender’s rights and remedies hereunder and under the other Loan Documents, including, but not limited to, receivers’ fees, court costs,
attorneys’, accountants’, appraisers’, managers’ and other professional fees, title charges and transfer taxes. 
  
 (b) To payment of all sums expended by Lender under the terms of any of the Loan Documents and not yet repaid, together with interest on such sums at the
Default Interest Rate. 
  
 (c) To payment of the Debt and all
other obligations secured by the Debentures, including, without limitation, interest at the Default Interest Rate and, to the extent permitted by applicable law, any prepayment fee, charge or premium required to be paid under the Note in order to
prepay principal, in any order that Lender chooses in its sole discretion. 
  
 (d) The remainder, if any, of such funds shall be disbursed to Borrowers or to the person or persons legally entitled thereto. 
  

Section 7.3 Notice to Account Debtors. Lender may, at any time after an Event of Default, notify the account debtors and obligors of any
accounts, chattel paper, negotiable instruments or other evidences of indebtedness to Borrowers included in or related to the Individual Properties to pay Lender directly. Borrowers shall at any time or from time to time upon the request of Lender
provide to Lender a current list of all such account debtors and obligors and their addresses. 
  
 Section 7.4 Right to Cure. Lender may, but without any obligation to do so and without notice to or demand on Borrowers and without releasing Borrowers from any obligation hereunder or being deemed to have
cured any Event of Default hereunder, make, do or perform any obligation of Borrowers hereunder in such manner and to such extent as Lender may deem necessary. Lender is authorized to enter upon the Individual Properties for such purposes, or appear
in, defend, or bring any action or proceeding to protect its interest in the Individual Properties for such purposes, and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law), with interest as
provided in this Section 7.4, shall constitute a portion of the Debt and shall be due and payable to Lender upon demand. All such costs and expenses incurred by Lender in remedying such Event of Default or such failed payment or act or in
appearing in, defending, or bringing any action or proceeding shall bear interest at the Default Interest Rate, for the period after such cost or expense was incurred into the date of payment to Lender. All such costs and expenses incurred by Lender
together with interest thereon calculated at the Default Interest Rate shall be deemed to constitute a portion of the Debt and be secured by the liens, claims and security interests provided to Lender under the Loan Documents and shall be
immediately due and payable upon demand by Lender therefore. 
  

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 Section 7.5 Cumulative Remedies. All remedies contained in this Agreement and in the other Loan
Documents are cumulative and Lender shall also have all other remedies provided at law and in equity or in any other Loan Documents. Such remedies may be pursued separately, successively or concurrently at the sole subjective direction of Lender and
may be exercised in any order and as often as occasion therefor shall arise. No act of Lender shall be construed as an election to proceed under any particular provisions of this Agreement to the exclusion of any other provision of this Agreement or
as an election of remedies to the exclusion of any other remedy which may then or thereafter be available to Lender. No delay or failure by Lender to exercise any right or remedy under this Agreement shall be construed to be a waiver of that right
or remedy or of any Event of Default. Lender may exercise any one or more of its rights and remedies at its option without regard to the adequacy of its security. 
  
 Section 7.6 Payment of Expenses. Borrowers shall pay on demand all of Lender’s expenses incurred in any efforts
to enforce any terms of this Agreement and the other Loan Documents, whether or not any lawsuit is filed and whether or not foreclosure is commenced but not completed, including, but not limited to, reasonable legal fees and disbursements,
foreclosure costs and title charges, together with interest thereon from and after the date incurred by Lender until actually paid by Borrowers at the Default Interest Rate, and the same shall be secured by the Debentures and by all of the other
Loan Documents securing all or any part of the Debt. 
  
 ARTICLE
VIII 
  
 MISCELLANEOUS TERMS AND CONDITIONS 

 
 Section 8.1 Time of Essence. Time is of the essence with respect to
all provisions of this Agreement. 
  
 Section 8.2 Release of
Debenture. At such time the Debt has been repaid in full, then and in that event only, all rights under the Debentures, except for those provisions thereof which by their terms survive, shall terminate and the Individual Properties shall become
wholly clear of the liens, security interests, conveyances and assignments evidenced hereby and by the Debentures, which shall be promptly released of record by Lender in due form at Borrower’s cost. No release of the Debentures or the liens
thereof shall be valid unless executed by Lender. 
  
 Section 8.3
Certain Rights of Lender. Without affecting Borrowers’ liability for the payment of any of the Debt, Lender may from time to time and without notice to Borrowers: (a) release any person liable for the payment of the Debt, including,
without limitation, any individual Borrower; (b) extend or modify the terms of payment of the Debt; (c) accept additional real or personal property of any kind as security or alter, substitute or release any property securing the Debt; (d) recover
any part of one or more of the Individual Properties; (e) consent in writing to the making of any subdivision map or plat thereof; (f) join in granting any easement therein; or (g) join in any extension agreement of the Debentures, this Agreement or
any agreement subordinating the lien hereof. 
  

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 Section 8.4 Waiver of Certain Defenses. No action for the enforcement of the lien of the
Debentures, this Agreement or of any provision thereof or hereof shall be subject to any defense which would not be good and available to the party interposing the same in an action at law upon the Note or any of the other Loan Documents.

  
 Section 8.5 Notices. All notices, demands, requests or
other communications to be sent by one party to the other hereunder or required by law shall be in writing and shall be deemed to have been validly given or served by delivery of the same in person to the intended addressee, or by depositing the
same with Federal Express or another reputable private courier service for next Business Day delivery, or by depositing the same in the regular mail, postage prepaid, registered or certified mail, return receipt requested, in any event addressed to
the intended addressee at its address set forth on the first page of this Agreement, with, in the case of Lender, a copy to Wachovia Bank, National Association, 301 S. Tryon Street, PMB 35-123, Charlotte, North Carolina 28282 Attention: Commercial
Real Estate Finance, and, in the case of Borrower, a copy to 450 S. Orange Avenue, Orlando, Florida 32801-3336, Attention: General Counsel or at such other address as may be designated by such party as herein provided. All notices, demands and
requests shall be effective upon such personal delivery, or one (1) Business Day after being deposited with the private courier service, or five (5) Business Days after being deposited in the regular mail as required above. Rejection or other
refusal to accept or the inability to deliver because of changed address of which no notice was given as herein required shall be deemed to be receipt of the notice, demand or request sent. By giving to the other party hereto at least fifteen (15)
days’ prior written notice thereof in accordance with the provisions hereof, the parties hereto shall have the right from time to time to change their respective addresses and each shall have the right to specify as its address any other
address within Canada, the United States of America, or, in the case of the Trust Borrower, the Island of Jersey. 
  
 Section 8.6 Successors and Assigns; Joint and Several Liability. The terms, provisions, indemnities, covenants and conditions hereof shall be
binding upon Borrowers and the successors and assigns of Borrowers, including all successors in interest of Borrowers in and to all or any part of the Individual Properties, and shall inure to the benefit of Lender, its directors, officers,
shareholders, employees and agents and their respective successors and assigns and shall constitute covenants running with the land. All references in this Agreement to Borrower, Borrowers or Lender shall be deemed to include all such parties’
successors and assigns, and the term “Lender” as used herein shall also mean and refer to any lawful holder or owner, including pledgees and participants, of any of the Debt. If Borrower or Borrowers consists of more than one person
or entity, each is jointly and severally liable to perform the obligations of Borrowers hereunder and all representations, warranties, covenants and agreements made by Borrowers hereunder are joint and several. All references in this Agreement to
“related Borrower” shall be references to the Trust Borrower and the Nominee that owns the Individual Property which is subject to the terms of this Agreement and which is subject to the representation, warranty or covenant in which such
reference is made. 
  
 Section 8.7 Severability. A
determination that any provision of this Agreement is unenforceable or invalid shall not affect the enforceability or validity of any other provision, and any determination that the application of any provision of this Agreement to any person or
circumstance is illegal or unenforceable shall not affect the enforceability or validity of such provision as it may apply to any other persons or circumstances. 
  

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 Section 8.8 Gender. Within this Agreement, words of any gender shall be held and construed to
include any other gender, and words in the singular shall be held and construed to include the plural, and vice versa, unless the context otherwise requires. 
  
 Section 8.9 Waiver; Discontinuance of Proceedings. Lender may waive any single Event of Default by Borrowers hereunder without waiving any other
prior or subsequent Event of Default. Lender may remedy any Event of Default by Borrowers hereunder without waiving the Event of Default remedied. Neither the failure by Lender to exercise, nor the delay by Lender in exercising, any right, power or
remedy upon any Event of Default by Borrowers hereunder shall be construed as a waiver of such Event of Default or as a waiver of the right to exercise any such right, power or remedy at a later date. No single or partial exercise by Lender of any
right, power or remedy hereunder shall exhaust the same or shall preclude any other or further exercise thereof, and every such right, power or remedy hereunder may be exercised at any time and from time to time. No modification or waiver of any
provision hereof nor consent to any departure by Borrowers therefrom shall in any event be effective unless the same shall be in writing and signed by Lender, and then such waiver or consent shall be effective only in the specific instance and for
the specific purpose given. No notice to nor demand on Borrowers in any case shall of itself entitle Borrowers to any other or further notice or demand in similar or other circumstances. Acceptance by Lender of any payment in an amount less than the
amount then due on any of the Debt shall be deemed an acceptance on account only and shall not in any way affect the existence of an Event of Default. In case Lender shall have proceeded to invoke any right, remedy or recourse permitted hereunder or
under the other Loan Documents and shall thereafter elect to discontinue or abandon the same for any reason, Lender shall have the unqualified right to do so and, in such an event, Borrowers and Lender shall be restored to their former positions
with respect to the Debt, the Loan Documents, the Individual Properties and otherwise, and the rights, remedies, recourses and powers of Lender shall continue as if the same had never been invoked. 
  
 Section 8.10 Section Headings. The headings of the sections and
paragraphs of this Agreement are for convenience of reference only, are not to be considered a part hereof and shall not limit or otherwise affect any of the terms hereof. 
  
 Section 8.11 GOVERNING LAW. IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE PROVINCE OF ONTARIO APPLICABLE
TO CONTRACTS MADE AND PERFORMED IN THE PROVINCE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF CANADA, EXCEPT THAT AT ALL TIMES (I) THE PROVISIONS OF THIS AGREEMENT GOVERNING THE CREATION, PERFECTION, PRIORITY AND
ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO WITH RESPECT TO THE INDIVIDUAL PROPERTIES SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE OR PROVINCE IN WHICH THE APPLICABLE INDIVIDUAL PROPERTY AND
FIXTURES ARE LOCATED AND (II) WITH RESPECT TO THE LIENS AND SECURITY INTERESTS CREATED BY THIS 

  

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AGREEMENT IN PROPERTY COVERED BY PERSONAL PROPERTY SECURITY ACT (ONTARIO) (THE “PPSA”) (OTHER THAN ACCOUNTS), THE COMPARABLE LAW OF THE
JURISDICTION APPLICABLE IN ACCORDANCE WITH THE PPSA IN EFFECT IN THE PROVINCE WHERE THE APPLICABLE INDIVIDUAL PROPERTY IS LOCATED SHALL GOVERN THE PERFECTION, THE EFFECT OF PERFECTION OR NON-PERFECTION, AND THE PRIORITY THEREOF. TO THE FULLEST
EXTENT PERMITTED BY LAW, BORROWERS HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO EXCEPT AS SPECIFICALLY SET FORTH ABOVE. 
  
 Section 8.12 Counting of Days. The term “days” when used herein shall mean calendar days. If any time period ends on a Saturday, Sunday or holiday officially recognized by the state within
which the applicable Individual Property is located, the period shall be deemed to end on the next succeeding Business Day. 
  
 Section 8.13 Relationship of the Parties. The relationship between Borrowers and Lender is that of borrower and lender only and neither of those
parties is, nor shall it hold itself out to be, the agent, employee, joint venturer or partner of the other party. 
  
 Section 8.14 Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any
outstanding lien, security interest, charge or prior encumbrance against any Individual Property, such proceeds have been advanced by Lender at Borrowers’ request and Lender shall be subrogated to any and all rights, security interests and
liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released. 
  
 Section 8.15 Unsecured Portion of Indebtedness. If any part of the
Debt cannot be lawfully secured by the Debentures or if any part of any Individual Property cannot be lawfully subject to the lien and security interest of the related Debenture to the full extent of such indebtedness, then all payments made shall
be applied on said indebtedness first in discharge of that portion thereof which is not secured by a Debenture. 
  
 Section 8.16 Events of Defaults Under Loan Documents. An Event of Default hereunder which has not been cured within any applicable grace or cure
period shall be a default under each of the Debentures and each of the other Loan Documents. 
  
 Section 8.17 Interest After Sale. In the event the Individual Properties or any part thereof shall be sold upon foreclosure as provided hereunder, to the extent permitted by law, the sum for which the same
shall have been sold shall, for purposes of redemption (pursuant to the laws of the state in which the applicable Individual Property is located), bear interest at the Default Interest Rate. 
  

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 Section 8.18 Inconsistency with Other Loan Documents. In the event of any inconsistency between
the provisions hereof and the provisions in any of the other Loan Documents, it is intended that the provisions of the Note shall control over the provisions of this Agreement, and that the provisions of this Agreement shall control over the
provisions of the Debenture, the Environmental Indemnity Agreement and the other Loan Documents. 
  
 Section 8.19 Cross Default; Cross Collateralization. Borrowers acknowledge that Lender has made the Loan to Borrowers upon the security of their
collective interest in the Individual Properties and in reliance upon the aggregate of the Individual Properties taken together being of greater value as collateral security than the sum of the Individual Properties taken separately. Borrowers agree
that the Debentures are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Debentures shall constitute an Event of Default under each of the other Debentures which secure the Note;
(ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Debenture; and (iii) each Debenture shall constitute security for the Note as if a single blanket lien were placed on all of the Individual
Properties as security for the Note. 
  
 Section 8.20
Marshalling of Assets. To the fullest extent permitted by law, each Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of such Borrower, such Borrower’s partners and others with
interests in any Borrower, and of the Individual Properties, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Debentures, and agrees not to assert any right under any laws pertaining to the marshalling of
assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Individual
Properties for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Individual Properties in preference to every other claimant
whatsoever. In addition, each Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Debentures, any equitable right otherwise available to such Borrower which would require the separate sale of
the Individual Properties or require Lender to exhaust its remedies against any Individual Property or any combination of the Individual Properties before proceeding against any other Individual Property or combination of Individual Properties; and
further in the event of such foreclosure Borrowers do hereby expressly consent to and authorize, at the option of Lender, the foreclosure and sale either separately or together of any combination of the Individual Properties. 
  
 Section 8.21 Intentionally Omitted. 
  
 Section 8.22 Lender May File Proofs of Claim. In the case of any
receivership, insolvency, bankruptcy, reorganization, arrangement, adjustment, composition or other proceedings affecting any Borrower or the principals, general partners or managing members in any Borrower, or their respective creditors or
property, Lender, to the extent permitted by law, shall be entitled to file such proofs of claim and other documents as may be necessary or advisable in order to have the claims of Lender allowed in such proceedings for the entire Debt at the date
of the institution of such proceedings and for any additional amount which may become due and payable by Borrowers hereunder after such date. 
  

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 Section 8.23 Secondary Market. Lender may sell, transfer and deliver the Note and the Loan
Documents to one or more investors in the secondary mortgage market (a “Secondary Market Transaction”) provided such sale or transfer occurs in accordance with Section 2.6(a) hereof. In connection with such sale, Lender may retain
or assign responsibility for servicing the Loan evidenced by the Note or may delegate some or all of such responsibility and/or obligations to a servicer, including, but not limited to, any subservicer or master servicer, on behalf of the investors.
All references to Lender herein shall refer to and include, without limitation, any such servicer, to the extent applicable, and where the consent of Lender or such servicer is required hereunder, the consent of such servicer or Lender shall be
deemed the consent of both. The Borrowers shall not be responsible for the costs and expenses incurred by Lender in connection with any such Secondary Market Transactions (including any updated environmental or engineering reports or appraisals, or
the costs of preparing and negotiating any securitization or assignment documents); provided, however, that Borrower shall be responsible for the fees and expenses of its own lawyers in connection with Borrower’s review and negotiation of any
documents, agreements or securitization materials in connection with any such Secondary Market Transaction. 
  
 Section 8.24 Dissemination of Information. If Lender determines at any time to sell, transfer or assign the Note, the Debenture and the other Loan
Documents, and any or all servicing rights with respect thereto, or to grant participations therein (the “Participations”) or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in a rated
or unrated public offering or private placement (the “Securities”), Lender may forward to each purchaser, transferee, Lender, servicer, participant, investor, or their respective successors in such Participations and/or Securities
(collectively, the “Investors”) or any rating agency rating such Securities (each a “Rating Agency”), each prospective Investor and each of the foregoing’s respective counsel, all documents and information
which Lender now has or may hereafter acquire relating to the Debt, the CNL Affiliates, Intrawest or any Intrawest Tenant, and the Individual Properties, which shall have been furnished by any CNL Affiliate, Intrawest or any Intrawest Tenant, as
Lender determines necessary or desirable. 
  
 Section 8.25 No
Representation. By accepting delivery of any item required to be observed, performed or fulfilled or to be given to Lender pursuant to the Loan Documents, including, but not limited to, any officer’s certificate, balance sheet, statement of
profit and loss or other financial statement, survey, appraisal or insurance policy, Lender shall not be deemed to have warranted, consented to, or affirmed the sufficiency, legality, effectiveness or legal effect of the same, or of any term,
provision or condition thereof, and such acceptance of delivery thereof shall not be or constitute any warranty, consent or affirmation with respect thereto by Lender. 
  
 Section 8.26 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
effective only upon delivery and thereafter shall be deemed an original, and all of which shall be taken to be one and the same instrument, for the same effect as if all parties hereto had signed the same signature page. Any signature page of this
Agreement may be detached from any counterpart of this Agreement without impairing the legal effect of any signatures thereon and may be attached to another counterpart of this Agreement identical in form hereto but having attached to it one or more
additional signature pages. 
  

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 Section 8.27 Personal Liability. Notwithstanding anything to the contrary contained in this
Agreement, the liability of the Borrowers and their officers, directors, general partners, managers, members and principals for the Debt and for the performance of the other agreements, covenants and obligations contained herein and in the Loan
Documents shall be limited as set forth in the Note. 
  
 Section
8.28 Recording and Filing. Borrowers will cause the Loan Documents and all amendments and supplements thereto and substitutions therefor to be recorded, filed, rerecorded and re-filed in such manner and in such places as Lender shall
reasonably request, and will pay on demand all such recording, filing, re-recording and re-filing taxes, fees and other charges. Borrowers shall reimburse Lender, or its servicing agent, for the costs incurred in obtaining a tax service company to
verify the status of payment of taxes and assessments on the Individual Properties. In addition, the Borrowers hereby authorizes Lender to file any such financing statement or continuation statement in the United States without the signature of the
Borrowers to the extent permitted by law. 
  
 Section 8.29
Entire Agreement and Modifications. This Agreement and the other Loan Documents contain the entire agreements between the parties relating to the subject matter hereof and thereof and all prior agreements relative hereto and thereto which are
not contained herein or therein are terminated. This Agreement and the other Loan Documents may not be amended, revised, waived, discharged, released or terminated orally but only by a written instrument or instruments executed by the party against
which enforcement of the amendment, revision, waiver, discharge, release or termination is asserted. Any alleged amendment, revision, waiver, discharge, release or termination which is not so documented shall not be effective as to any party.

  
 Section 8.30 Maximum Interest. The provisions of this
Agreement and of all agreements between Borrowers and Lender, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of demand or
acceleration of the maturity of the Note or otherwise, shall the amount paid, or agreed to be paid (“Interest”) to Lender for the use, forbearance or retention of the money loaned under the Note exceed the maximum amount permissible
under applicable law. If, from any circumstance whatsoever, performance or fulfillment of any provision hereof or of any agreement between Borrowers and Lender shall, at the time performance or fulfillment of such provision shall be due, exceed the
limit for Interest prescribed by law or otherwise transcend the limit of validity prescribed by applicable law, then, ipso facto, the obligation to be performed or fulfilled shall be reduced to such limit, and if, from any circumstance
whatsoever, Lender shall ever receive anything of value deemed Interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive Interest shall be applied to the reduction of the principal balance owing under the
Note in the inverse order of its maturity (whether or not then due) or, at the option of Lender, be paid over to Borrower, and not to the payment of Interest. All Interest (including any amounts or payments deemed to be Interest) paid or agreed to
be paid to Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal balance of the Note so that the Interest thereon for such full period
will not exceed the maximum amount permitted by applicable law. This Section will control all agreements between Borrowers and Lender. Notwithstanding any other provision of 

  

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this Agreement, in no event shall the aggregate “interest” (as that term is defined in Section 347 of the Criminal Code (Canada)) exceed the
effective annual rate of interest on the “credit advanced” (as defined therein) lawfully permitted under Section 347 of the Criminal Code (Canada). The effective annual rate of interest shall be determined in accordance with
generally accepted actuarial practices and principles over the term of the applicable Loan, and in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Lender will be conclusive for the purposes of
such determination. 
  
 Section 8.31 Currency Indemnity.
If, for the purposes of obtaining judgment in any court in any jurisdiction with respect to this Agreement, it becomes necessary to convert into the currency of such jurisdiction (the “Judgment Currency”) any amount due under this
Agreement in any currency other than the Judgment Currency (the “Currency Due”), then conversion shall be made at the rate of exchange prevailing on the Business Day before the day on which judgment is given. For this purpose,
“rate of exchange” means the rate at which the Lender is able, on the relevant date, to purchase the Currency Due with the Judgment Currency in accordance with its normal practice. In the event that there is a change in the rate of
exchange prevailing between the Business Day before the day on which the judgment is given and the date of receipt by the Lender of the amount due, Borrowers will, on the date of receipt by the Lender, pay such additional amounts, if any, or be
entitled to receive reimbursement of such amount, if any, as may be necessary to ensure that the amount received by the Lender on such date is the amount in the Judgment Currency which when converted at the rate of exchange prevailing on the date of
receipt by the Lender is the amount then due under this Agreement in the Currency Due. If the amount of the Currency Due which the Lender is so able to purchase is less than the amount of the Currency Due originally due to it, Borrower shall
indemnify and save the Lender harmless from and against all loss or damage arising as a result of such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in this Agreement, shall
give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Lender from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in
respect of an amount due under this Agreement or under any judgment or order. 
  
 Section 8.32 Intentionally Omitted. 
  
 Section 8.33 Protection of Trustee. Notwithstanding anything express or implied in this Agreement to the contrary, the maximum liability of the Trustee under this Agreement (including, without limitation, any
liability for interest, costs, expenses and/or any other sums recoverable under this Agreement) shall not exceed the value of the property held in the US Canadian Property Trust Alpha from time to time and which is in the Trustee’s possession
or under its control as trustee of US Canadian Property Trust Alpha, PROVIDED THAT the foregoing limitation shall not apply to any breach of trust by, or fraudulent or criminal acts of, the Trustee. 
  
 Section 8.34 Assignments and Participations. 
  
 (a) Without in any way limiting any rights of Lender under this Agreement or
any other Loan Document but subject to the limitation set forth in Section 2.6(a) above, Lender, 

  

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at its sole cost and expense, may assign to one or more Persons all or a portion of its rights and obligations under this Agreement, the Note and the Loan.

  
 (b) Borrowers will maintain a book of registry in which it
will register by book entry, and register by book entry any transfer of, the rights to receive any payments under the Note and the name and address of each assignee Lender under this Agreement and the Note, and the principal amount of the Loan owing
to each such Lender pursuant to the terms hereof. Borrowers may treat each Lender whose name is recorded in the registry pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary or
any notation of ownership or other writing or any other note. The registry shall be available for inspection by any Lender at the Borrowers’ principal place of business, at any reasonable time and from time to time, upon reasonable prior
notice. 
  
 (c) Without in any way limiting any rights of Lender
under this Agreement or any other Loan Document, Lender may sell, at its sole cost and expense, participations to one or more Persons in or to all or a portion of its rights and obligations under the Note, this Agreement and the Loan;
provided, however, that (i) Lender’s obligations under the Note and this Agreement shall remain unchanged, (ii) Lender shall remain solely responsible to Borrower for the performance of such obligations, (iii) Lender shall remain
the holder of the Note for all purposes of the Note, the Loan and this Agreement and (iv) Borrower shall continue to deal solely and directly with Lender in connection with Lender’s rights and obligations under and in respect of this Loan
Agreement and the other Loan Documents. 
  
 (d) Without in any way
limiting any rights of Lender under this Agreement or any other Loan Document, Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 8.34, disclose to the assignee or
participant or proposed assignee or participant, as the case may be, any information relating to any CNL Affiliates, Intrawest or any Intrawest Tenant, or to any aspect of the Loan that has been furnished to the Lender by or on behalf of the
Borrower, CNL Affiliates Intrawest or any Intrawest Tenant. 
  
 Section 8.35 Capacity of Registered Title Holders. Notwithstanding anything contained herein to the contrary, each of the parties hereto acknowledges and agrees that the Blue Mountain Borrower is executing and delivering the Loan
Documents solely in its capacity as a registered titleholder of the Blue Mountain Property and the Whistler Borrower is executing and delivering the Loan Documents solely in its capacity as registered titleholder of the Whistler Property.

  
 [SIGNATURE PAGE IMMEDIATELY FOLLOWS] 
  

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 IN WITNESS WHEREOF, Borrowers and Lender have executed this Agreement on the day and year first written
above. 
  
  

					
	 BORROWERS:

	
	SIGNED FOR AND ON BEHALF OF
	
	 R&H US CANADIAN PROPERTY
 LIMITED,
 solely in its capacity as trustee of
 US CANADIAN PROPERTY TRUST ALPHA

		
	 By:
	 	 
	
	 /s/ Angus Spencer–Nairn

	Angus Spencer–Nairn
	Director
	
	 /s/ Francis Raffay

	Woodbourne Secretaries (jersey) Limited
	Director/Secretary
	
	 US CANADIAN PROPERTY ALPHA
 BLUE
MOUNTAIN NOMINEE CORP.

		
	 Per:
	 	 /s/ Thomas Guinn Huffsmith

	 	 	 Name:
	 	 Thomas Guinn Huffsmith

	 	 	 Title:
	 	 Senior Vice President

  

					
	US CANADIAN PROPERTY ALPHA WHISTLER NOMINEE CORP.
		
	 Per:
	 	 /s/ Thomas Guinn Huffsmith

	 	 	 Name:
	 	 Thomas Guinn Huffsmith

	 	 	 Title:
	 	 Senior Vice President

  

 Loan Agreement 

					
	 LENDER:

	
	 CONGRESS FINANCIAL 
 CORPORATION (CANADA)

		
	 Per:
	 	 /s/ Niall H. Hamilton

	 	 	 Name:
	 	 Niall H. Hamilton

	 	 	 Title:
	 	 Senior Vice President

	 	 	 	 	 Congress Financial Corporation (Canada)

  

 Loan AgreementMaster Lease dated as of 2/14/2005

  
 Exhibit 10.15 
  
 MASTER LEASE 
  
 DATED AS OF February 14, 2005 
  
 BY AND BETWEEN 
  
 WTC-Trade Mart, L.P., 
 a Delaware limited partnership 
  
 AS LANDLORD, 
  
 AND 
  
 Dallas Market Center Operating, L.P., 
 a Delaware limited partnership 
  
 AS TENANT 
  

  
 TABLE OF CONTENTS

  

					
	 Article 1 DEFINITIONS
	  	1
		
	 Article 2 LEASED PROPERTY AND TERM
	  	11
	 2.1
	  	 Leased Property
	  	11
	 2.2
	  	 Condition of Leased Property
	  	12
	 2.3
	  	 Term
	  	12
	 2.4
	  	 Renewal Term
	  	12
		
	 Article 3 RENT
	  	13
	 3.1
	  	 Rent
	  	13
	 3.2
	  	 Confirmation of Percentage Rent
	  	15
	 3.3
	  	 Additional Charges
	  	16
	 3.4
	  	 Late Payments
	  	17
	 3.5
	  	 Net Lease
	  	18
	 3.6
	  	 Landlord Payments
	  	19
		
	 Article 4 USE OF THE LEASED PROPERTY
	  	19
	 4.1
	  	 Permitted Use
	  	19
	 4.2
	  	 Compliance with Legal and Insurance Requirements
	  	20
	 4.3
	  	 Environmental Matters
	  	20
		
	 Article 5 MAINTENANCE AND REPAIRS
	  	21
	 5.1
	  	 Maintenance and Repair
	  	21
	 5.2
	  	 Tenant’s Personal Property
	  	24
	 5.3
	  	 Yield Up
	  	24
		
	 Article 6 IMPROVEMENTS
	  	25
	 6.1
	  	 Improvements to the Leased Property
	  	25
	 6.2
	  	 Salvage
	  	25
		
	 Article 7 LIENS
	  	25
		
	 Article 8 PERMITTED CONTESTS
	  	25
		
	 Article 9 INSURANCE
	  	26
	 9.1
	  	 Insurance
	  	26
	 9.2
	  	 Form of Policies
	  	28
	 9.3
	  	 Blanket Policies
	  	28
	 9.4
	  	 Endorsements
	  	29
	 9.5
	  	 Landlord’s Right to Obtain Coverage
	  	29
	 9.6
	  	 Insurance Costs and Expenses as Additional Charges
	  	29
		
	 Article 10 CASUALTY
	  	30
	 10.1
	  	 Insurance Proceeds
	  	30
	 10.2
	  	 Damage or Destruction
	  	30

  

 i 

					
	 10.3
	  	 Tenant’s Property
	  	31
	 10.4
	  	 Restoration of Tenant’s Property
	  	31
	 10.5
	  	 No Abatement of Rent
	  	31
	 10.6
	  	 Waiver
	  	32
		
	Article 11 CONDEMNATION	  	32
	 11.1
	  	 Total Condemnation
	  	32
	 11.2
	  	 Partial Condemnation
	  	32
	 11.3
	  	 Disbursement of Award
	  	32
	 11.4
	  	 Abatement of Rent
	  	33
	 11.5
	  	 Temporary Condemnation
	  	33
	 11.6
	  	 Allocation of Award
	  	33
		
	Article 12 DEFAULTS AND REMEDIES	  	33
	 12.1
	  	 Events of Default
	  	33
	 12.2
	  	 Remedy for Failure to Pay Rent
	  	35
	 12.3
	  	 Remedies for all Events of Default Other than Payment of Rent
	  	35
	 12.4
	  	 WAIVER OF JURY TRIAL
	  	35
	 12.5
	  	 Application of Funds
	  	35
	 12.6
	  	 Landlord’s Right to Cure Tenant’s Default
	  	36
	 12.7
	  	 Good Faith Dispute
	  	36
		
	Article 13 HOLDING OVER	  	36
		
	Article 14 LANDLORD’S NOTICE OBLIGATIONS; LANDLORD DEFAULT	  	36
	 14.1
	  	 Landlord Notice Obligation
	  	36
	 14.2
	  	 Landlord’s Default
	  	37
	 14.3
	  	 Special Remedies for Landlord Funding Default
	  	37
	 14.4
	  	 Special Remedy under Section 10.1 and 11.3
	  	37
		
	Article 15 TRANSFERS BY LANDLORD	  	38
		
	Article 16 SUBLETTING AND ASSIGNMENT	  	38
	 16.1
	  	 Subletting and Assignment
	  	38
	 16.2
	  	 Required Sublease Provisions
	  	39
	 16.3
	  	 Permitted Subleases and Assignments
	  	39
	 16.4
	  	 Security Deposit
	  	39
		
	Article 17 ESTOPPEL CERTIFICATES AND FINANCIAL STATEMENTS	  	40
	 17.1
	  	 Estoppel Certificates
	  	40
	 17.2
	  	 Financial Reporting
	  	40
	 17.3
	  	 Annual Budget
	  	41
		
	Article 18 LANDLORD’S RIGHT TO INSPECT	  	42
		
	Article 19 ALTERNATIVE DISPUTE RESOLUTION	  	42
	 19.1
	  	 Negotiation
	  	42
	 19.2
	  	 Arbitration
	  	42

  

 ii 

					
	Article 20 MORTGAGES	  	43
	 20.1
	  	 Landlord’s Mortgage
	  	43
	 20.2
	  	 Subordination of Lease
	  	43
	 20.3
	  	 Notices
	  	43
		
	Article 21 ADDITIONAL COVENANTS OF TENANT	  	44
	 21.1
	  	 Conduct of Business
	  	44
	 21.2
	  	 Maintenance of Accounts and Records
	  	44
	 21.3
	  	 Certain Debt Prohibited
	  	44
	 21.4
	  	 Special Purpose Entity Requirements
	  	45
	 21.5
	  	 Meeting with Landlord
	  	45
		
	Article 22 MISCELLANEOUS	  	45
	 22.1
	  	 Limitation on Payment of Rent
	  	45
	 22.2
	  	 No Waiver
	  	46
	 22.3
	  	 Remedies Cumulative
	  	46
	 22.4
	  	 Severability
	  	46
	 22.5
	  	 Acceptance of Surrender
	  	46
	 22.6
	  	 No Merger of Title
	  	46
	 22.7
	  	 Conveyance by Landlord
	  	46
	 22.8
	  	 Quiet Enjoyment
	  	47
	 22.9
	  	 Memorandum of Lease
	  	47
	 22.10
	  	 Notices
	  	47
	 22.11
	  	 Construction; Nonrecourse
	  	50
	 22.12
	  	 Counterparts; Headings
	  	50
	 22.13
	  	 Legal Requirements
	  	50
	 22.14
	  	 Right to Make Lease
	  	51
	 22.15
	  	 Disclosure of Information
	  	51
	 22.16
	  	 Software
	  	51
	 22.17
	  	 OFAC Representation
	  	52
	 22.18
	  	 Additional Provisions
	  	52

  

 iii 

  
 SCHEDULES 

 

					
	Schedule 2.1(a)	  	-	  	Descriptions of Ground Leases and Land
			
	Schedule 2.4	  	-	  	Rent Model
			
	Schedule 3.1(a)	  	-	  	Minimum Rent Schedule
			
	Schedule 3.1(c)(ii)	  	-	  	Revenues Computation
			
	Schedule 3.1(c)(iii)	  	-	  	List of Acceptable Accounting Firms
			
	Schedule 5.1.3	  	-	  	Form of Capex Budget
			
	Schedule 22.18	  	-	  	Mortgage Specific Provisions

  

 i 

 MASTER LEASE 
  
 THIS MASTER LEASE (the “Lease”) is entered into as of February 14, 2005 (the
“Commencement Date”), by and between WTC-Trade Mart, L.P., a Delaware limited partnership, as landlord (“Landlord”), and Dallas Market Center Operating, L.P., a Delaware limited partnership, as tenant
(“Tenant”). 
  
 RECITALS:

  
 A. Landlord owns or possesses a leasehold interest in and
to the Leased Property (such term and other capitalized terms used and not otherwise defined herein having the meanings ascribed to such terms in Article 1). 
  
 B. Landlord desires to lease or sublease (as the case may be) the Leased Property to Tenant and Tenant desires to lease or
sublease (as the case may be) the Leased Property from Landlord, all subject to and upon the terms and conditions set forth in the Lease; 
  
 AGREEMENTS: 
  
 In consideration of the mutual covenants herein contained and other good and valuable consideration, the mutual receipt and legal sufficiency of which are
hereby acknowledged, Landlord and Tenant agrees as follows: 
  
 ARTICLE 1 
 DEFINITIONS 
  
 For all purposes of this Lease, except as otherwise expressly provided or unless the context otherwise requires, (i) the terms defined in this Article
shall have the meanings assigned to them in this Article and include the plural as well as the singular, (ii) all accounting terms not otherwise defined herein shall have the meanings assigned to them in accordance with GAAP, (iii) all references in
this Lease to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Lease, and (iv) the words “herein,” “hereof,”
“hereunder” and other words of similar import refer to this Lease as a whole and not to any particular Article, Section or other subdivision. 
  
 “Accounting Period” shall mean each calendar month. 
  
 “Additional Charges” shall have the meaning given such term in Section 3.3. 
  
 “Affiliated Person” shall mean, with respect to any Person,
(a) in the case of any such Person which is a partnership, any partner in such partnership, (b) in the case of any such Person which is a limited liability company, any member of such company, (c) any other Person which is a Parent, a Subsidiary, or
a Subsidiary of a Parent with respect to such Person or to one or more of the Persons referred to in the preceding clauses (a) and (b), (d) any other Person who is an officer, director, trustee or employee of, or partner in, such Person or of any
Person referred to in the preceding clauses (a), (b) and (c) or of any Person referred to in the preceding clauses (a) through (d). 
  

 -1- 

 “Lease” shall mean this Lease, including all Schedules hereto, as it and they may be
amended from time to time as herein provided. 
  
 “Annual
Budget” shall mean the annual operating budget referred to in Section 17.3. 
  
 “Annual Capex Threshold” shall mean $2,852,040.00 for each Lease Year through 2006 and $3,803,200.00 for each Lease Year thereafter. 
  
 “Apparel Mart Garage Leases” shall have the meaning given such term in Schedule 2.1(a).

  
 “Approved Capex Budget” shall have the
meaning given to such term in Section 5.1.3. 
  
 “Artwork Lease” shall mean the Artwork Lease Agreement dated August 2, 2004 between Landlord as lessee and Crow Art Partnership, L.P., as lessor. 
  
 “Award” shall mean all compensation, sums or other value awarded, paid or received by virtue of a total or
partial Condemnation of the Leased Property (after deduction of all reasonable legal fees and other reasonable costs and expenses, including, without limitation, expert witness fees, incurred by Landlord, in connection with obtaining any such
award). 
  
 “Business Day” shall mean any day
other than Saturday, Sunday, or any other day on which banking institutions in the State of Texas are authorized by law or executive action to close. 
  
 “Calculation Period” shall have the meaning given to such term in Section 3.1(c)(i). 
  
 “Capex Budget” shall have the meaning given to such term in
Section 5.1.3. 
  
 “Capital
Expenditure” shall mean any expenditure with respect to the Leased Property treated as capital in nature in accordance with GAAP. 
  
 “Category” shall mean each budget category shown on the form of Capex Budget set forth in Schedule 5.1.3. 
  
 “Claims” shall have the meaning given to such term in
Article 8. 
  
 “CNL-DMC” shall mean
CNL Dallas Market Center, LP, a Delaware limited partnership. 
  
 “Code” shall mean the Internal Revenue Code of 1986 and, to the extent applicable, the Treasury Regulations promulgated thereunder, each as amended from time to time. 
  
 “Commencement Date” shall have the meaning given such term
in the introductory paragraph of this Lease. 
  
 “Condemnation” shall mean (a) the exercise of any power of condemnation with respect to the Leased Property, whether by legal proceedings or otherwise, by a Condemnor, (b) a voluntary sale or transfer of the Leased Property
by Landlord to any Condemnor, either under threat of condemnation or while legal proceedings for condemnation are pending, or (c) a taking 

  

 -2- 

 
or voluntary conveyance of all or part of the Leased Property, or any interest therein, or right accruing thereto or use thereof, as the result or in
settlement of any Condemnation or other eminent domain proceeding affecting the Leased Property, whether or not the same shall have actually been commenced. 
  
 “Condemnor” shall mean any public or quasi-public authority, or Person having the power of Condemnation. 
  
 “Controlling Interest” shall mean (a) as to a corporation,
the right to exercise, directly or indirectly, more than fifty percent (50%) of the voting rights attributable to the shares of the Entity (through ownership of such shares or by contract), and (b) as to an Entity not a corporation, the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of the Entity. 
  
 “Crow Parties” shall mean Trammell Crow, his lineal descendants, a trust or trusts established for the benefit of any such individuals or
a trust or trusts established for the spouses of any such individuals and any Entity in which any such Person owns a Controlling Interest. 
  
 “Cumulative Portion” shall mean a fraction having as its numerator the total number of Accounting Periods (including partial Accounting
Periods) that have elapsed prior to the Accounting Period in which the Percentage Rent is due, and having as its denominator the total number of Accounting Periods (including partial months) in the applicable Lease Year. 
  
 “Date of Taking” shall mean the date the Condemnor has the
right to possession of the Leased Property, or any portion thereof, in connection with a Condemnation. 
  
 “Default” shall mean any event or condition existing which with the giving of notice, lapse of time or both, would ripen into an Event of
Default. 
  
 “Default Rate” shall mean a rate per
annum equal to the lesser of (a) the maximum rate permitted by applicable law, or (b) twelve percent (12%) per annum. 
  
 “Entity” shall mean any corporation, general or limited partnership, limited liability company, limited liability partnership, stock
company or association, joint venture, association, company, trust, bank, trust company, land trust, business trust, cooperative, any government or agency or political subdivision thereof or any other entity. 
  
 “Environment” shall mean soil, surface waters, ground
waters, land, streams, sediments, surface or subsurface strata and ambient air. 
  
 “Environmental Notice” shall have the meaning given such term in Section 4.3. 
  
 “Environmental Obligation” shall have the meaning given such term in Section 4.3. 
  
 “Event of Default” shall have the meaning given such term in
Section 12.1. 
  
 “Excess Capex”
shall have the meaning given to such term in Section 5.1.4(b). 
  

 -3- 

 “Excess Capex Improvements” shall have the meaning given to such term in
Section5.1.4(b). 
  
 “Expiration Date” shall have the meaning given such term in Section 2.4. 
  
 “Fiscal Year” shall mean the fiscal year of Tenant, commencing on February 1 during each Lease Year and ending on January 31 of each
Lease Year; provided, however, if Tenant shall, for a bona fide business reason, change its Fiscal Year during the Term, appropriate adjustments, if any, shall be made with respect to the timing of certain accounting and reporting
requirements of this Lease; provided, further, that, in no event shall any such change or adjustment increase or reduce any monetary obligation under this Lease. 
  
 “Fixtures” shall have the meaning given such term in Section 2.1(d). 
  
 “GAAP” shall mean generally accepted accounting principles
consistently applied. 
  
 “Government Agencies”
shall mean any court, agency, authority, board (including, without limitation, environmental protection, planning and zoning), bureau, commission, department, office or instrumentality of any nature whatsoever of any governmental or
quasi-governmental unit of the United States or the State or any county or any political subdivision of any of the foregoing, whether now or hereafter in existence, having jurisdiction over Tenant or the Leased Property or any portion thereof or the
Project operated thereon. 
  
 “Ground Lease Rent”
shall mean the rent payable by the lessee pursuant to the ground leases described in Schedule 2.1(a). 
  
 “Hazardous Materials” shall mean petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and oil;
explosives, flammable materials; radioactive materials; polychlorinated biphenyls and compounds containing them; lead and lead-based paint; asbestos or asbestos-containing materials in any form that is or could become friable; underground or
above-ground storage tanks, whether empty or containing any substance; any substance the presence of which on the Leased Property is prohibited by any federal, state or local environmental authority; any substance that requires special handling
under any Legal Requirement; and any other material or substance now or in the future defined as a “hazardous substance,” “hazardous material”, “hazardous waste”, “toxic substance”, “toxic
pollutant”, “contaminant”, or “pollutant” within the meaning of any Legal Requirement. 
  
 “Impositions” shall mean collectively, all taxes (including, without limitation, all taxes imposed under the laws of the State, as such
laws may be amended from time to time, and all ad valorem, sales and use, single business, gross receipts, transaction privilege, rent or similar taxes as the same relate to or are imposed upon Landlord, Tenant or the business conducted upon the
Leased Property), assessments (including, without limitation, all assessments for public improvements or benefit, whether or not commenced or completed prior to the date hereof), water, sewer or other rents and charges, excises, tax levies, fees
(including, without limitation, license, permit, inspection, authorization and similar fees), and all other governmental charges, in each case whether general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character in
respect of the Leased Property or the business conducted thereon by Tenant (including all interest and penalties thereon due to any failure in payment by Tenant), which at 

  

 -4- 

 
any time prior to, during or in respect of the Term hereof may be assessed or imposed on or in respect of or be a lien upon (a) Landlord’s interest in
the Leased Property, (b) the Leased Property or any part thereof or any rent therefrom or any estate, right, title or interest therein (but excluding sales tax or any taxes imposed on any tenant under any Sublease), or (c) any occupancy, operation,
use or possession of, or sales from, or activity conducted on, or in connection with the Leased Property or the leasing or use of the Leased Property or any part thereof by Tenant; provided, however, that nothing contained herein shall
be construed to require Tenant to pay (i) any tax based on net income, net worth or capital imposed on Landlord, (ii) any net revenue tax of Landlord, (iii) any transfer fee or other tax imposed with respect to the sale, exchange or other
disposition by Landlord of the Leased Property or the proceeds thereof, (iv) any single business, gross receipts tax (from any source other than the rent received by Landlord from Tenant), or similar taxes as the same relate to or are imposed upon
Landlord, except to the extent that any tax, assessment, tax levy or charge that would otherwise be an Imposition under this definition which is in effect at any time during the Term hereof is totally or partially repealed, and a tax, assessment,
tax levy or charge set forth in clause (i) or (ii) preceding is levied, assessed or imposed expressly in lieu thereof, (v) any interest or penalties imposed on Landlord as a result of the failure of Landlord to file any return or report timely and
in the form prescribed by law or to pay any tax or imposition, except to the extent such failure is a result of a breach by Tenant of its obligations pursuant to Section 3.3, (vi) any Impositions imposed on Landlord that are a result
of Landlord not being considered a “United States person” as defined in Section 7701(a)(30) of the Code, (vii) any Impositions that are enacted or adopted after the date of this Lease by their express terms as a substitute for any tax that
would not have been payable by Tenant pursuant to the terms of this Lease or (viii) any Impositions imposed as a result of a breach of covenant or representation by Landlord in any agreement entered into by Landlord governing Landlord’s conduct
or operation or as a result of the negligence or willful misconduct of Landlord. 
  
 “Indebtedness” shall mean all obligations, contingent or otherwise, which in accordance with GAAP should be reflected on the obligor’s balance sheet as liabilities. 
  
 “Index” shall mean the Consumer Price Index for Urban Wage
Earners and Clerical Workers, All-Cities, All Items (November 1996 = 100), as published by the Bureau of Labor Statistics or, in the event publication thereof ceases, by reference to whatever index then published by the United States Department of
Labor at that time is most nearly comparable as a measure of general changes in price levels for urban areas, as reasonably determined by Landlord and Tenant. 
  

“Institutional Investor” shall have the meaning given such term in Section 9.1(h). 
  
 “Insurance Requirements” shall mean all terms of any
insurance policy required by this Lease and all requirements of the issuer of any such policy and all orders, rules and regulations and any other requirements of the National Board of Fire Underwriters (or any other body exercising similar
functions) binding upon Landlord, Tenant or the Leased Property. 
  
 “Insurance Retention” shall have the meaning given to such term in Section 9.6. 
  
 “Interest Rate” shall mean six and one-half percent (6.5%) per annum. 
  

 -5- 

 “Land” shall have the meaning given such term in Section 2.1(a).

  
 “Landlord” shall have the meaning given such
term in the preambles to this Lease and shall include its permitted successors and assigns. 
  
 “Landlord Default” shall have the meaning given such term in Section 14.2. 
  
 “Landlord Liens” shall mean liens on or against the Leased Property or any payment of Rent (a) which result from any act of, or any claim
against, Landlord or any owner (other than Tenant) of a direct or indirect interest in the Leased Property, or which result from any violation by Landlord of any terms of this Lease, or (b) which result from liens in favor of any taxing authority by
reason of any tax owed by Landlord or any fee owner of a direct or indirect interest in the Leased Property; provided, however, that Landlord Liens shall not include any lien resulting from any tax for which Tenant is obligated to pay
or indemnify Landlord against until such time as Tenant shall have already paid to or on behalf of Landlord the tax or the required indemnity with respect to the same. 
  
 “Landlord’s knowledge” shall have the meaning set forth in Section 14.1. 
  
 “Land Parcels” shall mean each tract of land described in
Schedule 3.1(b)(i). 
  
 “Leased
Improvements” shall have the meaning given such term in Section 2.1(b). 
  
 “Leased Intangible Property” shall mean all intangible property owned by Landlord and used with respect to the operation of the Project and the Leased Property. 
  
 “Leased Personal Property” shall have the meaning given such
term in Section 2.1(e). 
  
 “Leased
Property” shall have the meaning given such term in Section 2.1. 
  
 “Lease Quarter” shall mean, with respect to the first, second, third and fourth quarter of any Lease Year. 
  
 “Lease Year” shall mean any Fiscal Year during the Term and any partial Fiscal Year at the beginning or end of the Term. 
  
 “Legal Requirements” shall mean all federal, state, county,
municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions affecting the Leased Property or the maintenance, construction, alteration or operation thereof, whether now or hereafter
enacted or in existence, including, without limitation, (a) all applicable laws, statutes, regulations, rules, ordinances, codes, licenses, permits and orders, from time to time in existence, of all courts of competent jurisdiction and Government
Agencies, and all applicable judicial and administrative and regulatory decrees, judgments and orders, including common law rulings and determinations, relating to injury to, or the protection of, real or personal property or human health (except
those requirements which, by definition, are solely the responsibility of employers) or the Environment, including, without limitation, all valid and lawful requirements of courts and other Government Agencies pertaining to reporting, licensing,
permitting, investigation, remediation and removal of underground 

  

 -6- 

 
improvements (including, without limitation, treatment or storage tanks, or water, gas or oil wells), or emissions, discharges, releases or threatened
releases of Hazardous Materials, chemical substances, pesticides, petroleum or petroleum products, pollutants, contaminants or hazardous or toxic substances, materials or wastes whether solid, liquid or gaseous in nature, into the Environment, or
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, underground improvements (including, without limitation, treatment or storage tanks, or water, gas or oil wells),
or pollutants, contaminants or hazardous or toxic substances, materials or wastes, whether solid, liquid or gaseous in nature, (b) all permits, licenses, authorizations, certificates and regulations necessary to operate the Leased Property for its
Permitted Use, and (c) all covenants, agreements, declarations, restrictions and encumbrances contained in any instruments at any time in force affecting the Leased Property as of the date hereof, or to which Tenant has consented or required to be
granted pursuant to applicable laws, including those which may (i) require material repairs, modifications or alterations in or to the Leased Property or (ii) in any way materially and adversely affect the use and enjoyment thereof, but excluding
any requirements arising as a result of Landlord’s or any Affiliated Person of Landlord’s status as a real estate investment trust. 
  
 “Lien” shall mean any mortgage, security interest, pledge, collateral assignment, or other encumbrance, lien or charge of any kind, or
any transfer of property or assets for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors. 
  
 “Market Hall Lease” shall have the meaning given such term
in Schedule 2.1(a). 
  
 “ Minimum
Rent” shall mean, for each Lease Year, the amount set forth on Schedule 3.1(a), as the same may be adjusted pursuant to Section 3.1(b). 
  
 “Mortgage” shall have the meaning set forth in Section 20.1. 
  
 “Mortgagee” shall mean the holder of any first lien
Encumbrance. 
  
 “Notice” shall mean a notice
given in accordance with Section 22.10. 
  
 “Parking Agreement” 
  
 shall mean
individually and collectively, (i) that certain Parking Agreement dated as of the date of this Lease, between the Landlord and AM Campus, L.P., a Texas limited partnership, covering certain surface parking rights on land owned by AM Campus, L.P,
(ii) the parking rights granted to the Landlord pursuant to that certain Assignment of CMC Parking Rights dated as of the date of this Lease and (iii) parking rights granted to the Landlord that certain Option to Acquire Leasehold Estates [With
Grant of Easement] dated as of the date of this Lease. 
  
 “Parent” shall mean, with respect to any Person that is an entity, any Person which directly, or indirectly through one or more Subsidiaries or Affiliated Persons, (a) owns fifty-one percent (51%) or more of the voting or
beneficial interest in, or (b) otherwise has the right or power (whether by contract, through ownership of securities or otherwise) to control, such Person. 
  

 -7- 

 “Percentage Rent” shall mean, for any period of time during the Term, the amount (if
any) by which Revenues Computation for any such period of time exceeds Minimum Rent for such period of time. 
  
 “Percentage Rent Certificate” shall have the meaning given such term in Section 3.1(e). 
  
 “Permitted Encumbrances” shall mean all rights,
restrictions, and easements of record set forth on Schedule B to the applicable owner’s or leasehold title insurance policy issued to Landlord on the date hereof, plus any other such encumbrances as may have been consented to in writing by
Landlord from time to time. 
  
 “Permitted Use”
shall mean any use of the Leased Property permitted pursuant to Section 4.1.1. 
  
 “Person” shall mean any individual or Entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such Person where the context so admits. 
  
 “Policy” shall have the meaning given such term in
Section 9.2. 
  
 “Product
Standards” shall mean standard of repairs, replacements, alterations, restorations or renewals necessary to keep the physical condition of the Leased Property in a competitive, efficient and economical operating condition consistent with
the standards of other comparable wholesale trade marts in North America. 
  
 “Project” shall mean the buildings commonly known as the World Trade Center, the Trade Mart, Market Hall and the Apparel Mart Garage located on the Land and the rental of commercial general showrooms
and related offices and temporary trade shows in such buildings. 
  
 “Proprietary Information” shall mean (a) all computer software and accompanying documentation (including all future upgrades, enhancements, additions, substitutions and modifications thereof), other than that which is
commercially available, which are used by Tenant in connection with the property management system and all future electronic systems developed by Tenant or any Affiliated Person of Tenant for use in the Project, (b) all manuals, brochures and
directives used by Tenant at the Project regarding the procedures and techniques to be used in operating the Project, (c) customer lists, and (d) employee records which must remain confidential either under Legal Requirements or under reasonable
corporate policies of Tenant or any Affiliated Person as to Tenant. 
  
 “Renewal Period” shall have the meaning set forth in Section 2.4. 
  
 “Rent” for any Lease Year shall mean Minimum Rent plus the amount by which the Revenues Computation for such Lease Year exceeds the
amount of Minimum Rent paid during such Lease Year. 
  
 “Reserve” shall have the meaning given such term in Section 5.1.4(a). 
  
 “Revenues Computation” shall mean an amount equal to the sum of, for the applicable Calculation Period, (1) an amount equal to the First
Tier Total Sales Percentage of all Total Sales 

  

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up to (but not exceeding) the Cumulative Portion of the First Tier Total Sales Break Point, (2) an amount equal to the Second Tier Total Sales Percentage of
Total Sales in excess of the Cumulative Portion of the First Tier Total Sales Break Point not exceeding the Cumulative Portion of the Second Tier Total Sales Break Point, (3) an amount equal to the Third Tier Total Sales Percentage of Total Sales in
excess of the Cumulative Portion of the Second Tier Total Sales Break Point not exceeding the Cumulative Portion of the Third Tier Total Sales Break Point, (4) an amount equal to the Fourth Tier Total Sales Percentage of Total Sales in excess of the
Cumulative Portion of the Third Tier Total Sales Break Point not exceeding the Cumulative Portion of the Fourth Tier Total Sales Break Point, (5) an amount equal to the Fifth Tier Total Sales Percentage of all Total Sales up to (but not exceeding)
the Cumulative Portion of the Fourth Tier Total Sales Break Point, not exceeding the Cumulative Portion of the Fifth Tier Total Sales Break Point, (6) an amount equal to the Sixth Tier Total Sales Percentage of Total Sales in excess of the
Cumulative Portion of the Fifth Tier Total Sales Break Point not exceeding the Cumulative Portion of the Sixth Tier Total Sales Break Point, (7) an amount equal to the Seventh Tier Total Sales Percentage of Total Sales in excess of the Cumulative
Portion of the Sixth Tier Total Sales Break Point not exceeding the Cumulative Portion of the Seventh Tier Total Sales Break Point, and (8) an amount equal to the Eighth Tier Total Sales Percentage of Total Sales in excess of the Cumulative Portion
of the Seventh Tier Total Sales Break Point. 
  
 “Renewal
Term” shall have the meaning given such term in Section 2.4. 
  
 “SEC” shall mean the Securities and Exchange Commission. 
  
 “State” shall mean the State in which the Leased Property is located. 
  
 “Subleases” shall mean all leases, subleases, lettings, licenses, concessions or other agreements (whether
written or oral) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of the Land and the Leased Improvements, and every modification, amendment or other agreement relating to such leases,
subleases, or other agreements entered into in connection with such leases, subleases, or other agreements and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other
party thereto, heretofore or hereafter entered into. 
  
 “Subsidiary” shall mean, with respect to any Person, any Entity in which such Person directly, or indirectly through one or more Subsidiaries or Affiliated Persons, (a) owns fifty-one percent (51%) or more of the voting or
beneficial interest or (b) which such Person otherwise has the right or power to control (whether by contract, through ownership of securities or otherwise). 
  
 “Successor Landlord” shall have the meaning given such term in Section 20.2. 
  
 “Subordination Agreement” shall have the meaning given such
term in Schedule 22.18. 
  
 “Tenant” shall have the meaning given such term in the preamble to this Lease and shall include its permitted successors and assigns. 
  

“Tenant’s Personal Property” shall mean all tangible personal property of Tenant, if any, owned by Tenant on the date of this
Lease and all tangible personal property acquired by Tenant at its election and with its own funds on and after the date hereof and located at the Leased 

  

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Property or used in Tenant’s business at the Leased Property and all modifications, replacements, alterations and additions to such personal property
installed at the expense of Tenant; provided, however, the term Tenant’s Personal property shall expressly exclude any artwork or other property leased by Landlord pursuant to the Artwork Lease. 
  
 “Term” shall have the meaning given to such term in
Section 2.3. 
  
 “Total Sales”
shall mean, for the applicable period of time, all gross revenues and receipts of every kind derived by Tenant from operating or causing the operation of the Leased Property and parts thereof during such period of time, including, but not limited
to: income from both cash and credit transactions (after reasonable deductions for bad debts and discounts for prompt or cash payments and refunds) from temporary or permanent rental of space, stores, offices, meeting, exhibit or sales space of
every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires); income from vending machines and video machines; food and beverage sales; provided, however, that
Total Sales shall not include the following: federal, state or municipal excise, sales, occupancy, use or similar taxes collected directly from patrons or guests or included as part of the sales price of any goods or services; insurance proceeds
(other than proceeds of business interruption insurance); Award proceeds (other than for a temporary Condemnation); proceeds from the refinancing of any debt encumbering the Leased Property; any proceeds from any sale of the Leased Property or
proceeds from the disposition of furnishings, fixture and equipment no longer necessary for the operation of the Project (all of which shall be deposited in the Reserve); and interest which accrues on amounts deposited in the Reserve. 
  
 “TRIA” shall have the meaning given such term in
Section 9.1(i). 
  
 “Transfer”
shall have the meaning given such term in Article 15. 
  
 “Unsuitable for Its Permitted Use” shall mean a state or condition of the Project such that (a) following any damage or destruction involving the Project, the Project cannot be operated on a commercially practicable basis
for its Permitted Use and it cannot reasonably be expected to be restored to substantially the same condition as existed immediately before such damage or destruction, and as otherwise required by Section 10.2.4, within nine (9) months
following such damage or destruction or such shorter period of time as to which business interruption insurance is available to cover Rent and other costs related to the Leased Property following such damage or destruction, or (b) as the result of a
partial taking by Condemnation, the Project cannot be operated on a commercially and economically practicable basis for its Permitted Use in light of then existing circumstances. 
  
 “Work” shall have the meaning given such term in Section 10.2.4. 
  
 The terms “First Tier Total Sales Percentage”, “First Tier
Total Sales Break Point”, “Second Tier Total Sales Percentage”, “Second Tier Total Sales Break Point”, “Third Tier Total Sales Percentage”, “Third Tier
Total Sales Break Point”, “Fourth Tier Total Sales Percentage”, “Fourth Tier Total Sales Break Point” Fifth Tier Total Sales Percentage”, “Fifth Tier Total
Sales Break Point”, “Sixth Tier Total Sales Percentage”, “Sixth Tier Total Sales Break Point”, “Seventh Tier Total Sales Percentage”, “Seventh Tier Total
Sales 

  

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Break Point”, and “Eighth Tier Total Sales Percentage”, shall have the meanings indicated in Schedule
3.1(c)(ii) of this Lease. 
  
 ARTICLE 2 

LEASED PROPERTY AND TERM 
  
 2.1 Leased Property. Upon and subject to the terms and conditions hereinafter set forth, Landlord subleases and leases (as the case may be) to
Tenant and Tenant subleases and leases (as the case may be) from Landlord all of Landlord’s right, title and interest in and to all of the following (collectively, the “Leased Property”): 
  
 (a) all of the right, title and interest of the lessee under
and pursuant to those certain ground leases described in Schedule 2.1(a) (the “Ground Leasehold Interests”) covering the land described in Schedule 2.1(a) (the “Land”); 
  
 (b) the buildings commonly known as the World Trade Center,
the Trade Mart, Market Hall and Apparel Mart garage and other structures and improvements of every kind now or hereafter located on the Land, including, but not limited to, alleyways and connecting tunnels, sidewalks, utility pipes, conduits and
lines (on-site and off-site), parking areas and roadways appurtenant to such buildings and structures (collectively, the “Leased Improvements”); 
  
 (c) all easements, rights and appurtenances relating to the Land and the Leased Improvements, including but
not limited to all easements, rights and appurtenances granted pursuant to the Parking Agreement; 
  
 (d) all equipment, machinery, fixtures, and other items of property, now or hereafter permanently affixed to or incorporated into the
Leased Improvements, including, without limitation, all furnaces, boilers, heaters, electrical equipment, heating, plumbing, lighting, ventilating, refrigerating, incineration, air and water pollution control, waste disposal, air-cooling and
air-conditioning systems and apparatus, sprinkler systems and fire and theft protection equipment, all of which, to the maximum extent permitted by law, are hereby deemed by the parties hereto to constitute real estate, together with all
replacements, modifications, alterations and additions thereto, but specifically excluding all items included within the category of Tenant’s Personal Property (collectively, the “Fixtures”); and 
  
 (e) all machinery, equipment, furniture, furnishings,
moveable walls or partitions, computers or trade fixtures located on or in the Leased Improvements, and all modifications, replacements, alterations and additions to such property, except items, if any, included within the category of Fixtures, but
specifically excluding all of Tenant’s personal property (collectively, the “Leased Personal Property”). 
  
 The term Leased Personal Property shall not include any artwork or other property leased by Landlord pursuant to the Artwork Lease. Notwithstanding any provision herein
to the contrary, in the event that the Landlord no longer owns any interest under the Market Hall Lease, the Apparel Mart Garage Leases or the Parking Agreement then from and after the occurrence of any such event the Leased Property shall not
include any portion of the Land or Leased 

  

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Improvements subject to any such lease or any easement covered by the Parking Agreement, as the case may be, without the necessity of either party executing
any amendment to this Lease or other document or instrument: provided, however, either party upon the request of the other will execute whatever documents are reasonably requested by the other party in order to confirm that such
property is no longer covered by or otherwise subject to this Lease. 
  
 2.2 Condition of Leased Property. TENANT ACKNOWLEDGES RECEIPT AND DELIVERY OF POSSESSION OF THE LEASED PROPERTY AND TENANT ACCEPTS THE LEASED PROPERTY IN ITS “AS IS” CONDITION, SUBJECT TO THE RIGHTS OF PARTIES IN
POSSESSION, THE EXISTING STATE OF TITLE, INCLUDING ALL COVENANTS, CONDITIONS, RESTRICTIONS, RESERVATIONS, MINERAL LEASES, EASEMENTS AND OTHER MATTERS OF RECORD OR THAT ARE VISIBLE OR APPARENT ON THE LEASED PROPERTY, ALL APPLICABLE LEGAL
REQUIREMENTS, THE LIEN OF ANY FINANCING INSTRUMENTS, MORTGAGES AND DEEDS OF TRUST PERMITTED BY THE TERMS OF THIS AGREEMENT, AND SUCH OTHER MATTERS WHICH WOULD BE DISCLOSED BY AN INSPECTION OF THE LEASED PROPERTY AND THE RECORD TITLE THERETO OR BY AN
ACCURATE SURVEY THEREOF. TENANT REPRESENTS THAT IT HAS INSPECTED THE LEASED PROPERTY AND ALL OF THE FOREGOING AND HAS FOUND THE CONDITION THEREOF SATISFACTORY AND IS NOT RELYING ON ANY REPRESENTATION OR WARRANTY OF LANDLORD OR LANDLORD’S AGENTS
OR EMPLOYEES WITH RESPECT THERETO, EXCEPT AS EXPRESSLY SET FORTH HEREIN, AND TENANT WAIVES ANY CLAIM OR ACTION AGAINST LANDLORD IN RESPECT OF THE CONDITION OF THE LEASED PROPERTY. EXCEPT AS EXPRESSLY SET FORTH HEREIN, LANDLORD MAKES NO WARRANTY OR
REPRESENTATION, EXPRESS OR IMPLIED, IN RESPECT OF THE LEASED PROPERTY OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR OTHERWISE, AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP
THEREIN, LATENT OR PATENT, IT BEING AGREED THAT ALL SUCH RISKS ARE TO BE BORNE BY TENANT. To the maximum extent permitted by law, however, Landlord hereby assigns to Tenant all of Landlord’s rights to proceed against any predecessor in title,
contractors and materialmen for breaches of warranties or representations or for latent defects in the Leased Property. Landlord shall fully cooperate with Tenant in the prosecution of any such claims, in Landlord’s or Tenant’s name, all
at Tenant’s sole cost and expense. Tenant shall indemnify, defend, and hold harmless Landlord from and against any loss, cost, damage or liability (including reasonable attorneys’ fees) incurred by Landlord in connection with such
cooperation. 
  
 2.3 Term. The term of this Lease (the
“Term”) shall commence on the Commencement Date and shall expire on February 10, 2010 (the “Expiration Date”), unless extended pursuant to Section 2.4 or sooner terminated pursuant to the
provisions of this Lease or pursuant to the limited partnership agreement of CNL-DMC. 
  
 2.4 Renewal Term. This Lease shall automatically, and with no further action required by Tenant or Landlord, be renewed, for five (5) consecutive periods of five (5) years each (each a “Renewal
Term”) beginning on the date immediately following the Expiration Date or the last day of the applicable Renewal Period, as the case may be, unless Tenant and Landlord mutually agree in writing not to renew this Lease at least seven (7)
months prior to the 

  

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Expiration Date or the last day of the Renewal Period, as the case may be. Unless Landlord and Tenant agree in writing not to renew this Lease as aforesaid,
no later than six (6) months prior to the Expiration Date or the last day of the applicable Renewal Period, Landlord and Tenant shall negotiate in good faith modifications to Schedule 3.1(c)(ii) for the Renewal Term to adjust such Rent
to approximate, as closely as possible, the economic outcome of the Rent set forth in a certain rent model that is attached hereto as Schedule 2.4. The Renewal Term shall otherwise be upon the same terms and conditions as set forth
herein for the Term. 
  
 ARTICLE 3 
 RENT 
  
 3.1 Rent. Tenant shall pay to Landlord by wire transfer of immediately available federal funds or by other means acceptable to Landlord, in its
sole discretion, in lawful money of the United States of America which shall be legal tender for the payment of public and private debts, without notice, offset, abatement, demand or deduction (unless otherwise expressly provided in this Lease),
Rent during the Term as follows: 
  
 (a)
Minimum Rent. Tenant shall pay to Landlord an amount equal to Minimum Rent for each Lease Year during the Term, as set forth on Schedule 3.1(a). The Minimum Rent shall be payable in advance in equal monthly installments on the
Commencement Date and on or before the fifteenth (15th) day of each Accounting Period thereafter; provided,
however, that any installment of Minimum Rent shall be prorated as to any partial Lease Year or Accounting Period. 
  
 (b) Adjustments of Minimum Rent. Minimum Rent shall be adjusted as follows: 
  
 (i) Effective on the date that the Landlord or an Affiliate
designated by Landlord acquires fee simple title to any Land Parcel, the Minimum Rent shall be increased by an amount equal to the amount by which (a) the amount disbursed by the Landlord or such Affiliate to pay for the costs of acquiring fee
simple title to such Land Parcel times nine percent (9%) exceeds (b) the ground lease rental then payable with respect to such Land Parcel. 
  
 (ii) Effective on the date of each disbursement (A) to pay for the cost of any repairs, maintenance, renovations or replacements that
constitute Excess Capex or (B) to pay for items in the Approved Capex budget that, when added to all other disbursements to pay for items in the Approved Capex Budget, exceed the Annual Capex Threshold, the Minimum Rent shall be increased by an
amount equal to the product obtained by multiplying the amount so disbursed, times nine percent (9%). If any such disbursement is made during any Accounting Period on a day other than the first day of the month, Tenant shall pay to Landlord
on the first day of the immediately following month (in addition to the amount of Minimum Rent payable with respect to such Accounting Period, as adjusted pursuant to this paragraph (b)) the amount by which Minimum Rent for the preceding Accounting
Period, as adjusted for such disbursement on a per diem basis, exceeded the amount of Minimum Rent actually paid by Tenant for such preceding Accounting Period. 
  

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 (iii) Effective on the date of any disbursement to pay for the costs of any items with
respect to the Project which Landlord and Tenant agree shall be paid by Landlord, the Minimum Rent shall be increased by an amount equal to the product obtained by multiplying the amount so disbursed, times nine percent (9%). If any such
disbursement is made during any Accounting Period on a day other than the first day of the month, Tenant shall pay to Landlord on the first day of the immediately following month (in addition to the amount of Minimum Rent payable with respect to
such Accounting Period, as adjusted pursuant to this paragraph (iii)) the amount by which Minimum Rent for the preceding Accounting Period, as adjusted for such disbursement on a per diem basis, exceeded the amount of Minimum Rent actually paid by
Tenant for such preceding Accounting Period. 
  
 (c) Percentage Rent. 
  
 (i) In
addition to Minimum Rent, Tenant shall pay to Landlord Percentage Rent in arrears within twenty (20) days after the end of each Lease Quarter, beginning with the first Lease Quarter after the Commencement Date occurs and continuing with each Lease
Quarter thereafter and shall be calculated on cumulative basis; i.e., Percentage Rent shall only be payable if the cumulative Revenue Computation for all of the Lease Quarters that have elapsed in such Lease Year (the “Calculation
Period”) exceeds the sum of (a) the amount of Minimum Rent for such Calculation Period and (b) payments made in respect of Percentage Rent, if any, previously paid for any Lease Quarters included in such Calculation Period.
Notwithstanding any provision in Section 3.1(d) or any other provision herein to the contrary, with respect to Percentage Rent payable with respect to the first Fiscal Year of this Lease or any part thereof, revenues and receipts for
the month of February, 2005 shall be excluded from Total Sales for such Fiscal Year. 
  
 (ii) Landlord and Tenant expressly acknowledge and agree that (1) the threshold and percentages for establishing Percentage Rent (the
Revenues Computation) are set out on Schedule 3.1(c)(ii) to this Lease, and (2) the determination of Percentage Rent shall be made with respect to the remainder of the initial Term and separately with respect to Renewal Terms. An
Example of the rent computation is set forth in Schedule 3.1(c)(ii). 
  
 (iii) In addition, on or before May 1 of each Lease Year, Tenant shall deliver to Landlord a statement setting forth the Total Sales for
such preceding Lease Year, together with an audit of Total Sales for the preceding Lease Year, conducted by one of the firms of independent public accountants listed on Schedule 3.1(c)(iii). Landlord shall reimburse Tenant for the
reasonable cost of such audit. If the Rent for such preceding Lease Year as shown in the annual statement exceeds the amount previously paid with respect thereto by Tenant, Tenant shall pay such excess to Landlord at such time as the annual
statement is delivered, together with interest at the Interest Rate, which interest shall accrue from the accrual date specified below until the date that such certificate is required to be delivered (or, if sooner, the date Tenant pays such excess
to Landlord) and, thereafter, such interest shall accrue at the Default Rate, until the amount of such difference shall be paid or otherwise discharged. In the case of any underpayment of Rent by Tenant arising out of incorrect reporting on any
statement of Rent, the accrual 

  

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date therefor shall be the payment due date for the respective installment of Rent with respect to which the underpayment occurred. In the case of any
underpayment of Rent arising out of variation in Total Sales from Lease Quarter to Lease Quarter, the accrual date shall be the payment due date for the final installment of Rent for such preceding Lease Year. If the annual Rent for such preceding
Lease Year as shown in the annual statement is less than the amount previously paid with respect thereto by Tenant, Tenant shall be entitled to offset the amount of such difference against Rent next coming due under this Lease, such payment or
credit to be made together with interest at the Interest Rate, which interest shall accrue from the date of payment of Tenant until the date such offset is applied. If such offset cannot be made because the Term has expired prior to application in
full thereof, Landlord shall pay the unapplied balance of such offset to Tenant, together with interest at the Interest Rate, which interest shall accrue from the date of payment by Tenant until the date of payment by Landlord.

  
 (d) Partial Lease
Year. If the Term begins or ends in the middle of a Lease Year, then the number of Lease Quarters falling within the Term during such Lease Year shall constitute a separate Lease Year. In that event, the various Total Sales Break Points set
forth on Schedule 3.1(c)(ii) shall be adjusted to equal the Cumulative Portion of such Break Points for such separate Lease Year. 
  
 (e) Officer’s Certificate. Tenant shall deliver to Landlord a Certificate from the chief financial officer of Tenant (a
“Percentage Rent Certificate”) with each Percentage Rent payment setting forth the calculation of the Percentage Rent payment for the most recently completed Lease Quarter of each Lease Year during the Term and Percentage
Rent year to date through such recently completed Lease Quarter. Percentage Rent shall be subject to confirmation and adjustment, if applicable, as set forth in Section 3.2. 
  
 (f) Survival of Rent Obligation. The obligation to
pay Rent shall survive the expiration or earlier termination of the Term, and a final reconciliation, taking into account, among other relevant adjustments, any adjustments which are accrued after such expiration or termination date but which relate
to Rent accrued prior to such termination date, shall be made not later than sixty (60) days after such expiration or termination date in accordance with the provisions of Section 3.1(c)(iii). 
  
 3.2 Confirmation of Percentage Rent. Tenant shall utilize, or cause to
be utilized, an accounting system for the Leased Property in accordance with its usual and customary practices, and in accordance with GAAP that will accurately record all data necessary to compute Rent, and Tenant shall retain, for at least five
(5) years after the expiration of each Lease Year, reasonably adequate records conforming to such accounting system showing all data necessary to audit and compute Rent for the applicable Lease Year. Landlord shall have the right, for a period of
two (2) years following each Lease Year, from time to time, by its accountants or representatives, to audit such information and to examine all Tenant’s records (including supporting data and sales and excise tax returns) reasonably required to
complete Landlord’s audit and to verify Rent, subject to any prohibitions or limitations on disclosure of any such data under Legal Requirements. If any Landlord’s audit discloses a deficiency in the payment of Percentage Rent, and either
Tenant agrees with the results of Landlord’s audit or the matter is otherwise determined or compromised, Tenant shall forthwith pay to Landlord the amount of the 

  

 -15- 

 
deficiency, as finally agreed or determined, together with interest at the Interest Rate from the date when said payment should have been made to the date of
payment thereof. If any Landlord’s audit discloses a deficiency in the determination or reporting of Total Sales, which, as finally agreed or determined, exceeds three percent (3%), Tenant shall pay the costs of the audit. The obligations of
Tenant contained in this Section shall survive the expiration or earlier termination of this Lease. Any dispute as to the existence or amount of any deficiency in the payment of Percentage Rent as disclosed by Landlord’s audit shall, if not
otherwise settled by the parties, be submitted to arbitration, pursuant to the provisions of Section 19.2. 
  
 3.3 Additional Charges. Tenant shall pay to the appropriate parties and discharge as and when due and payable the following (collectively,
“Additional Charges”): 
  
 (a) Impositions. Subject to Article 8 relating to permitted contests, Tenant shall pay, or cause to be paid, all Impositions before any fine, penalty, interest or cost (other than any opportunity cost as a result of a
failure to take advantage of any discount for early payment) may be added for non-payment, such payments to be made directly to the taxing authorities where feasible, and Tenant shall promptly, upon request, furnish to Landlord copies of official
receipts or other reasonably satisfactory proof evidencing such payments. If any such Imposition may, at the option of the taxpayer, lawfully be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition),
Tenant may exercise the option to pay the same (and any accrued interest on the unpaid balance of such Imposition) in installments and, in such event, shall pay such installments during the Term as the same become due and before any fine, penalty,
premium, further interest or cost may be added thereto. Landlord, at its expense, shall, to the extent required or permitted by Applicable Law, prepare and file all tax returns and pay all taxes due in respect of Landlord’s net income, gross
receipts (from any source other than the Rent received by Landlord from Tenant), sales and use, ad valorem, franchise taxes and taxes on its capital stock, and Tenant, at its expense, shall, to the extent required or permitted by Legal Requirements,
prepare and file all other tax returns and reports in respect of any Imposition as may be required by Government Agencies. If any refund shall be due from any taxing authority in respect of any Imposition paid by Tenant, the same shall be paid over
to or retained by Tenant. Landlord and Tenant shall, upon request of the other, provide such data as is maintained by the party to whom the request is made with respect to the Leased Property as may be necessary to prepare any required returns and
reports. In the event Government Agencies classify any property covered by this Lease as personal property, Tenant shall file all personal property tax returns in such jurisdictions where it may legally so file. Each party shall, to the extent it
possesses the same, provide the other, upon request, with cost and depreciation records necessary for filing returns for any property so classified as personal property. Where Landlord is legally required to file personal property tax returns for
property covered by this Lease and/or gross receipts tax returns for Rent received by Landlord from Tenant, Landlord shall file the same with reasonable cooperation from Tenant. Landlord shall provide Tenant with copies of assessment notices in
sufficient time for Tenant to prepare a protest which Landlord shall file, at Tenant’s written request. All Impositions assessed against such personal property shall be (irrespective of whether Landlord or Tenant shall file the relevant return)
paid by Tenant not later than the last date on which the same may be made without interest or penalty. 
  

 -16- 

 Landlord shall give prompt Notice to Tenant of all Impositions payable by Tenant hereunder of which
Landlord at any time has knowledge; provided, however, that Landlord’s failure to give any such notice shall in no way diminish Tenant’s obligation hereunder to pay such Impositions (except that Landlord shall be responsible
for any interest or penalties incurred as a result of Landlord’s failure promptly to forward the same). 
  
 (b) Utility Charges. Tenant shall pay or cause to be paid all charges for electricity, power, gas, oil, water and other utilities
used in connection with the Leased Property. 
  
 (c) Insurance Premiums. Tenant shall pay or cause to be paid all premiums for the insurance coverage required to be maintained pursuant to Article 9. 
  
  
 (d) Artwork Lease.
Tenant shall pay or cause to paid all amounts payable by the lessee under the Artwork Lease. 
  
 (e) Reimbursement for Additional Charges. If Tenant pays or causes to be paid property taxes or similar or other Additional Charges
attributable to periods after the end of the Term, whether upon expiration or sooner termination of this Lease, Tenant may, within a reasonable time after the end of the Term, provide Notice to Landlord of its estimate of such amounts. Landlord
shall promptly reimburse Tenant for all payments of such taxes and other similar Additional Charges that are attributable to any period after the Term of this Lease. 
  
 (f) Obligations under the Parking Agreement. Tenant shall perform and pay all obligations of Landlord
under the Parking Agreement. 
  
 (g) Operating
Expenses. Tenant shall pay all other costs and expenses of operating the Leased Property. 
  
 3.4 Late Payments. If any installment of Minimum Rent, Percentage Rent or Additional Charges (but only as to those Additional Charges which are payable directly to Landlord) shall not be paid within ten (10)
days after its due date, Tenant shall pay Landlord, within five (5) days after Landlord’s written demand therefor, as Additional Charges, a late charge (to the extent permitted by law) computed at the Default Rate on the amount of such
installment, from the due date of such installment to the date of payment thereof. To the extent that Tenant pays any Additional Charges directly to Landlord or any Mortgagee pursuant to any requirement of this Lease, Tenant shall be relieved of its
obligation to pay such Additional Charges to the Entity to which they would otherwise be due and Landlord shall pay when due, or cause the applicable Mortgagee to pay when due, such Additional Charges to the Entity to which they are due. If any
payment due from Landlord to Tenant shall not be paid within ten (10) days after its due date, Landlord shall pay to Tenant, on demand, a late charge (to the extent permitted by law) computed at the Default Rate on the amount of such installment
from the due date of such installment to the date of payment thereof. 
  
 In the event of any failure by Tenant to pay any Additional Charges when due, unless contested pursuant to Article 8, Tenant shall promptly pay and discharge, as Additional Charges, every fine, penalty, interest and cost which
may be added for non-payment or late payment of 

  

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such items. Landlord shall have all legal, equitable and contractual rights, powers and remedies provided either in this Lease or by statute or otherwise in
the case of non-payment of the Additional Charges as in the case of non-payment of the Minimum Rent and Percentage Rent. 
  
 3.5 Net Lease. The Rent shall be absolutely net to Landlord so that this Lease shall yield to Landlord the full amount of the installments or
amounts of the Rent throughout the Term, subject to any other provisions of this Lease which expressly provide otherwise, including, without limitation, those provisions for adjustment, refunding or abatement of such Rent and for the funding of
Landlord’s obligations pursuant to Section 5.1.4. This Lease is a net lease and, except to the extent otherwise expressly specified in this Lease, it is agreed and intended that Rent payable hereunder by Tenant shall be
paid without notice, demand, counterclaim, setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction and that Tenant’s obligation to pay all such amounts, throughout the Term is absolute and
unconditional and except to the extent otherwise expressly specified in this Lease, the respective obligations and liabilities of Tenant and Landlord hereunder shall in no way be released, discharged or otherwise affected for any reason, including
without limitation: (a) any defect in the condition, merchantability, design, quality or fitness for use of the Leased Property or any part thereof, or the failure of the Leased Property to comply with all Legal Requirements, including any inability
to occupy or use the Leased Property by reason of such noncompliance; (b) any damage to, removal, abandonment, salvage, loss, condemnation, theft, scrapping or destruction of or any requisition or taking of the Leased Property or any part thereof,
or any environmental conditions on the Leased Property or any property in the vicinity of the Leased Property; (c) any restriction, prevention or curtailment of or interference with any use of the Leased Property or any part thereof including
eviction; (d) any defect in title to or rights to the Leased Property or any lien on such title or rights to the Leased Property; (e) any change, waiver, extension, indulgence or other action or omission or breach in respect of any obligation or
liability of or by any Person; (f) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceedings relating to Tenant or any other Person, or any action taken with respect to this Lease by any
trustee or receiver of Tenant or any other Person, or by any court, in any such proceeding; (g) any right or claim that Tenant has or might have against any Person, including without limitation Landlord (other than a monetary default) or any vendor,
manufacturer, contractor of or for the Leased Property; (h) any failure on the part of Landlord or any other Person to perform or comply with any of the terms of this Lease, or of any other agreement; (i) any invalidity, unenforceability, rejection
or disaffirmance of this Lease by operation of law or otherwise against or by Tenant or any provision hereof; (j) the impossibility of performance by Tenant or Landlord, or both; (k) any action by any court, administrative agency or other Government
Agencies; (l) any interference, interruption or cessation in the use, possession or quiet enjoyment of the Leased Property or otherwise; or (m) any other occurrence whatsoever, whether similar or dissimilar to the foregoing, whether foreseeable or
unforeseeable, and whether or not Tenant shall have notice or knowledge of any of the foregoing; provided, however, that the foregoing shall not apply or be construed to restrict Tenant’s rights in the event of any act or omission by Landlord
constituting negligence or willful misconduct. Except as specifically set forth in this Lease, this Lease shall be noncancellable by Tenant for any reason whatsoever and, except as expressly provided in this Lease, Tenant, to the extent now or
hereafter permitted by Legal Requirements, waives all rights now or hereafter conferred by statute or otherwise to quit, terminate or surrender this Lease or to any diminution, abatement or reduction of Rent payable hereunder. Except as specifically
set forth in this Lease, 

  

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under no circumstances or conditions shall Landlord be expected or required to make any payment of any kind hereunder or have any obligations with respect to
the use, possession, control, maintenance, alteration, rebuilding, replacing, repair, restoration or operation of all or any part of the Leased Property, so long as the Leased Property or any part thereof is subject to this Lease, and Tenant
expressly waives the right to perform any such action at the expense of Landlord pursuant to any law. 
  
 3.6 Landlord Payments. Notwithstanding the provisions of Section 3.5 above, Landlord is obligated to pay (i) Ground Lease Rent, (ii)
payments of principal and interest under the Mortgage, (iii) the amount necessary fund reserves for Capital Expenditures, (iv) all cost of Capital Expenditures contained in the Approved Capex Budget in excess of the amount in the reserves for
Capital Expenditures, and (v) overhead and normal operating expenses of CNL-DMC. 
  
 ARTICLE 4 
 USE OF THE LEASED PROPERTY 
  
 4.1 Permitted Use. 
  
 4.1.1 Permitted Use. Tenant shall, at all times
during the Term and at any other time that Tenant shall be in possession of the Leased Property, continuously use and operate the Leased Property for temporary trade shows, commercial general showroom and related office uses and other appurtenant
and related uses. Subject to Section 16.3, Tenant shall not use the Leased Property or any portion thereof for any other use without the prior written consent of Landlord. No use shall be made or permitted to be made of the Leased
Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering the Leased Property or any part thereof (unless another adequate policy is available), nor shall Tenant sell or, to the knowledge of
Tenant, otherwise provide or permit to be kept, used or sold in or about the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried
hereunder, or fire underwriter’s regulations. Tenant shall, at its sole cost, comply with all Insurance Requirements. Tenant shall not take or omit to take any action, the taking or omission of which materially impairs the value or the
usefulness of the Leased Property or any part thereof for its Permitted Use. 
  
 4.1.2 Necessary Approvals. Tenant shall proceed with all due diligence and exercise commercially reasonable efforts to obtain and maintain all approvals necessary to use and operate, for its Permitted Use, the
Leased Property and the Project under applicable law. Landlord shall cooperate with Tenant in this regard, including executing all applications and consents required to be signed by Landlord in order for Tenant to obtain and maintain such approvals.

  
 4.1.3 Lawful Use. Tenant shall not use
or suffer or permit the use of the Leased Property or Tenant’s Personal Property, if any, for any unlawful purpose. Tenant shall not commit or suffer to be committed any waste on the Leased Property, or in the Project, nor shall Tenant cause or
permit any unlawful nuisance thereon or therein. Tenant shall not suffer nor permit the Leased Property, or any portion thereof, to be used in such a manner as (a) 

  

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might reasonably impair Landlord’s title thereto or to any portion thereof, or (b) may reasonably allow a claim or claims for adverse usage or adverse
possession by the public, as such, or of implied dedication of the Leased Property or any portion thereof. 
  
 4.2 Compliance with Legal and Insurance Requirements. Subject to the provisions of Article 8, Tenant, at its sole expense, shall (a)
comply with Legal Requirements and Insurance Requirements in respect of the use, operation, maintenance, repair, alteration and restoration of the Leased Property, and (b) comply with all appropriate licenses, and other authorizations and agreements
required for any use of the Leased Property and Tenant’s Personal Property, if any, then being made and which are material to the operation of the Leased Property for the uses permitted by this Lease, and for the proper operation and
maintenance of the Leased Property or any part thereof, and (c) comply with all obligations and responsibilities of the “Borrower” under the Mortgage and any documents executed by the Borrower in connection therewith to the extent such
obligations and responsibilities relate to the Leased Property and the operations thereof (provided the covenant in this clause (c) does not apply to the payment of principal and interest on the indebtedness secured by the Mortgage). 
  
 4.3 Environmental Matters. If, at any time prior to the termination of
this Lease, Hazardous Materials (other than those maintained in accordance with Legal Requirements or that do not violate any Legal Requirement) are discovered on the Leased Property, subject to Tenant’s right to contest the same in accordance
with Article 8, Tenant shall, to the extent requested by Landlord, take all actions and incur any and all expenses, as may be reasonably necessary and as may be required by any Government Agency, (a) to clean up and remove from and
about the Leased Property all Hazardous Materials thereon, (b) to contain and prevent any further release or threat of release of Hazardous Materials on or about the Leased Property and (c) to use good faith efforts to eliminate any further release
or threat of release of Hazardous Materials on or about the Leased Property. Tenant shall promptly: (i) upon receipt of notice or knowledge, notify Landlord in writing of any material change in the nature or extent of Hazardous Materials at the
Leased Property; (ii) transmit to Landlord a copy of any Community Right to Know report which is required to be filed by Tenant with respect to the Leased Property pursuant to SARA Title III or any other Applicable Law; (iii) transmit to Landlord
copies of any citations, orders, notices or other governmental communications received by Tenant or its agents or representatives with respect thereto (collectively, “Environmental Notice”), which Environmental Notice
requires a written response or any action to be taken and/or if such Environmental Notice gives notice of and/or presents a material risk of any material violation of any Applicable Law and/or presents a material risk of any material cost, expense,
loss or damage (an “Environmental Obligation”); (iv) observe and comply with all Legal Requirements relating to the use, maintenance and disposal of Hazardous Materials and all orders or directives from any official, court or
agency of competent jurisdiction relating to the use or maintenance or requiring the removal, treatment, containment or other disposition thereof; and, (v) pay or otherwise dispose of any fine, charge or Imposition related thereto, unless Tenant
shall contest the same in good faith and by appropriate proceedings and the right to use and the value of the Leased Property is not materially and adversely affected thereby. Tenant’s liability and obligations pursuant to the terms of this
Section 4.3 are subject to Landlord’s compliance with its funding obligations under Section 5.1.4. 
  

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 ARTICLE 5 
 MAINTENANCE AND REPAIRS 
  
 5.1 Maintenance and Repair. 
  
 5.1.1 Tenant’s Obligations. Tenant shall, at its sole cost and expense (except as expressly provided in Section 5.1.2, keep the Leased Property and all private roadways, parking areas, landscaping, sidewalks and
curbs located thereon in good order and repair, reasonable wear and tear excepted, and shall promptly make all necessary and appropriate repairs and replacements thereto of every kind and nature, whether interior or exterior, structural or
nonstructural, ordinary or extraordinary, foreseen or unforeseen or arising by reason of a condition existing prior to the commencement of the Term. All repairs shall be made in a good, workmanlike manner, in accordance with all applicable federal,
state and local statutes, ordinances, by-laws, codes, rules and regulations relating to any such work. Tenant’s obligations under this Section 5.1.1 shall be limited in the event of any casualty or Condemnation as set forth in
Sections 10.2 and 11.2 and Tenant’s obligations with respect to Hazardous Materials are as set forth in Section 4.3. 
  
 5.1.2 Landlord’s Obligations. Landlord shall not, under any circumstances, be required to build
or rebuild any improvement on the Leased Property, or to make any repairs, replacements, alterations, restoration or renewals of any nature or description to the Leased Property, whether ordinary or extraordinary, structural or nonstructural,
foreseen or unforeseen, to maintain the Leased Property in any way, or, except to make the deposits provided for in Section 5.1.4, to make any expenditure whatsoever with respect thereto. Except as otherwise expressly provided in this
Lease, Tenant hereby waives, to the maximum extent permitted by law, the right to make repairs at the expense of Landlord pursuant to any law in effect on the date hereof or hereafter enacted. Landlord shall have the right to give, record and post,
as appropriate, notices of nonresponsibility under any mechanic’s lien laws now or hereafter existing 
  
 5.1.3 Capital Expenditures Budget. On or before thirty (30) days prior to the end of each Lease Year, Tenant shall prepare a budget
in the form of Schedule 5.1.3 (the “Capex Budget”) of Capital Expenditures anticipated during the ensuing Lease Year and shall submit such Capex Budget to Landlord for its approval. If Tenant does not receive
Notice of Landlord’s disapproval of the Capex Budget within twenty (20) Business Days after delivery of the Capex Budget to Landlord, then Landlord shall be deemed to have approved the Capex Budget. In the event Landlord disapproves the Capex
Budget, Landlord’s Notice shall identify disputed items on each line item within a Category. Items not identified as disputed in such Landlord’s Notice shall be deemed approved. In the event Landlord timely disapproves any Capex Budget or
any item within any Capex Budget, then, Tenant shall promptly revise the Capex Budget until Landlord approves the Capex Budget. The Capex Budget submitted by Tenant and as approved or deemed approved by Landlord is referred to herein as the
“Approved Capex Budget”. Upon the occurrence of any event that causes the Approved Capex Budget to be incorrect or inaccurate (because of, by way of example, a subsequent agreement of the partners of Landlord or any event
covered by Section 10.2 or 11.2 below), Tenant shall revise the Capex Budget and submit it to the Landlord for approval. A revised Capex Budget shall not become an Approved Capex Budget until approved by Landlord.

  

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 5.1.4 Funding of Capex Budget. 
  
 (a) Landlord shall establish an interest bearing reserve
account (the “Reserve”) in a bank designated by Landlord and reasonably approved by Tenant and shall deposit into the Reserve on a monthly basis an amount equal to one twelfth (1/12th) of the amount necessary to fully pay all costs contemplated in the Approved Capex Budget for the applicable Lease Year. With respect to the first and last
Lease Year of the Term, the monthly deposits into the Reserve shall be in equal amounts necessary to fully pay all costs contemplated in the Approved Capex Budget for the applicable partial Lease Year. All interest earned on the Reserve shall be
added to and remain a part of the Reserve. So long as no Event of Default has occurred and is continuing, Tenant shall be the only party entitled to withdraw funds from the Reserve. Subject to the terms and provisions of this Lease, all funds in the
Reserve, all interest earned thereon and all property purchased with funds from the Reserve shall be and remain the property of Landlord. Following expiration or earlier termination of this Lease and payment in full on all contracts entered into
prior to such expiration or termination for work to be done or furniture, furnishings, fixtures and equipment to be supplied in accordance with this Section 5.1.4 out of the Reserve, control over the Reserve shall be transferred from
Tenant to Landlord. 
  
 (b) If, at any time,
funds in the Reserve shall be insufficient or are reasonably projected by Tenant to be insufficient to pay for Capital Expenditures that are contained in any Approved Capex Budget or to pay for any other Capital Expenditures to the Leased Premises
that are necessary to (i) comply with the Product Standards, (ii) comply with or satisfy any Legal Requirements, (iii) pay for costs arising pursuant to Sections 10.2.3 or 11.2 or (iv) pay for costs related to Hazardous
Materials under Section 4.3 (except for costs related to Hazardous Materials resulting from Tenant’s gross negligence or willful misconduct, which costs shall be Tenant’s sole cost and expense) (such additional Capital
Expenditures described in (i) through (iv) of this Section are referred to herein as “Excess Capex”), Tenant may, at its election, give Landlord Notice thereof, which Notice shall set forth, in reasonable detail, the nature
of the required or permitted action (the “Excess Capex Improvements”) and the estimated Excess Capex relating thereto. In the alternative, Landlord may, at its election, give Tenant Notice of any desired Excess Capex
Improvements which Notice shall set forth, in reasonable detail, the nature of the Excess Capex Improvements and the estimated Excess Capex relating thereto. Landlord shall, within ten (10) Business Days after such Notice, or such later dates as
Tenant and Landlord may agree, disburse such Excess Capex to Tenant (or, if Tenant shall so elect, directly to any Person performing the required work). 
  
 (c) If Landlord or Tenant disputes whether any requested Capital Expenditures have been properly designated as Excess Capex, such party
shall give the other Notice of such dispute within such ten (10) Business Day period, and failure to give Notice of such dispute shall be deemed a waiver of any right to dispute or contest whether the requested Capital Expenditure constitutes an
Excess Capex. In the event that any dispute shall arise with respect to whether a requested Capital Expenditure constitutes Excess Capex, then, following the negotiation period specified in Section 19.1, either party may submit such
dispute for resolution by arbitrators in accordance 

  

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with the provisions of Section 19.2, and the arbitrators shall determine whether or not the requested Capital Expenditure constitutes Excess
Capex. If the arbitrators decide any such Capital Expenditure requested by Landlord is not Excess Capex, Landlord shall have the right to elect to disburse or not disburse funds to pay for the work contemplated in the applicable Notice. If Landlord
elects not to disburse funds for such work, Tenant shall be relieved of any obligation to carry out the applicable work. If the arbitrators determine that any Capital Expenditure that is the subject of Tenant’s Notice to Landlord constitutes
Excess Capex, Landlord shall disburse the Excess Capex. Excess Capex that is greater than the Annual Capex Threshold shall cause an adjustment to Minimum Rent pursuant to Section 3.1(b) based on the amount of the difference.

  
 5.1.5 Implementation of Capex Budget.
Tenant shall cause the work contemplated by the Approved Capex Budget to be performed in accordance with the Approved Capex Budget or as otherwise approved by Landlord and shall make expenditures from the Reserve as it deems necessary to pay the
costs of such work taking into consideration the timing and amounts of the scheduled deposits into the Reserve. So long as Capital Expenditures from the Reserve are made in accordance with the Approved Capex Budget, such expenditures shall not be
subject to Landlord’s approval; provided, however, Tenant may exceed the total amount budgeted in any Category of the Approved Capex Budget so long as the overage does not exceed: (i) the aggregate amount of the Approved Capex
Budget, or (ii) ten percent (10%) of any budget Category. Tenant shall have the right to submit amendments and supplements to the Approved Capex Budget from time to time if Tenant determines that, as a result of occurrences after the approval of the
Approved Capex Budget, the Approved Capex Budget is inaccurate or incorrect in any material respect. Landlord shall have the right to approve or disapprove the proposed amendments in accordance with the procedures set forth in Section
5.1.3 above, except that any dispute relating to whether proposed expenditures contemplated in such amendment constitute Excess Capex shall be decided in the manner provided in Section 5.1.4 above. 
  
 5.1.6 Mortgagee Requirements. If the terms of any
Mortgage requires that Landlord grant a security interest in or create another encumbrance on the Reserve, all or any part of the existing or future funds therein, or any general intangible in connection therewith, Landlord may grant such security
interest or create such other encumbrance as may be necessary to satisfy the requirements of such Mortgage provided that the instrument granting such security interest or creating such other encumbrance shall expressly provide that such security
interest or encumbrance is subject to the rights of Tenant with respect to the Reserve as set forth herein. The form and substance of such provision shall be subject to Tenant’s prior written approval, which approval shall not be unreasonably
withheld, delayed or conditioned. If Landlord is required by the terms of any Mortgage to make deposits into a reserve for Capital Expenditures, Landlord obligations under Section 5.1.4 above shall be satisfied by making the deposits
to Mortgagee in accordance with such requirements and the terms of this Section 5.1.6 shall be modified to the extent necessary to permit Landlord to comply with the requirements of the Mortgage. 
  
 5.1.7 Nonresponsibility of Landlord. All materialmen,
contractors, artisans, mechanics and laborers and other persons contracting with Tenant with respect to the Leased 

  

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Property, or any part thereof, are hereby charged with notice that liens on the Leased Property or on Landlord’s interest therein are expressly
prohibited and that they must look solely to Tenant to secure payment for any work done or material furnished by Tenant or for any other purpose during the term of this Lease. Nothing contained in this Lease shall be deemed or construed in any way
as constituting the consent or request of Landlord, express or implied, by inference or otherwise, to any contractor, subcontractor, laborer or materialmen for the performance of any labor or the furnishing of any materials for any alteration,
addition, improvement or repair to the Leased Property, or any part thereof, or as giving Tenant any right, power or authority to contract for or permit the rendering of any services or the furnishing of any materials that would give rise to the
filing of any lien against the Leased Property, or any part thereof, nor to subject Landlord’s estate in the Leased Property, or any part thereof, to liability under any mechanic’s lien law of the State in any way, it being expressly
understood Landlord’s estate shall not be subject to any such liability. 
  
 5.1.8 Limitation on Tenant’s Obligations. Tenant’s obligations under Section 5.1 shall be limited in the event of any casualty or Condemnation as set forth in Section 10.2
and Section 11.2 and Tenant’s obligations with respect to Hazardous Materials are as set forth in Section 4.3. 
  
 5.2 Tenant’s Personal Property. At the expiration or sooner termination of the Term, Landlord may, in its sole and absolute discretion, elect
either: (a) to give Tenant Notice that Tenant shall be required, within thirty (30) Business Days after such expiration or termination, to remove all of Tenant’s Personal Property from the Leased Property; or (b) to pay Tenant’s book value
of such Tenant’s Personal Property. Failure of Landlord to make such election shall be deemed an election to proceed in accordance with clause (b) preceding. 
  
 5.3 Yield Up. Upon the expiration or sooner termination of this Lease, (i) Tenant shall vacate and surrender the
Leased Property to Landlord in substantially the same condition in which the Leased Property was on the Commencement Date, except as repaired, replaced, rebuilt, restored, altered or added to as permitted or required by the provisions of this Lease,
reasonable wear and tear and Condemnation (and casualty damage, in the event that this Lease is terminated following a casualty in accordance with Article 10) excepted, and (ii) all Subleases, licenses, operating permits and other
governmental authorizations and all contracts entered into by Tenant, including contracts with governmental or quasi-governmental Entities which may be necessary for the use and operation of the Project as then operated, but excluding: (a) all
insurance contracts and multi-property contracts not limited in scope to the Leased Property, or this Lease; (b) all contracts and leases with Affiliated Persons; and (c) utility deposits (all of the foregoing being collectively referred to as the
“Assigned Agreements and Licenses”), shall be deemed to be automatically transferred, conveyed and assigned to Landlord. The foregoing assignment of the Assigned Agreements and Licenses shall be self-operative and effective
without the necessity of execution of any new assignment or other document on the part of Tenant or any party to any of such agreements or licenses or their respective heirs, legal representatives, successors or assigns. Tenant agrees, however, to
execute and deliver upon the request of Landlord, any instrument which in the reasonable judgment of Landlord may be necessary or appropriate to evidence such assignment. Landlord shall indemnify and hold Tenant harmless for all claims, costs and
expenses (including reasonable attorneys’ fees) arising from acts or omissions by Landlord under such contracts subsequent to the date of transfer 

  

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thereof to Landlord; and Tenant shall indemnify and hold Landlord harmless for all claims, costs and expenses (including reasonable attorney’s fees)
arising from acts or omission by Tenant under such contracts prior to the date of transfer thereof to Landlord. 
  
 ARTICLE 6 
 IMPROVEMENTS 
  
 6.1 Improvements to the Leased Property. Tenant shall not finance the
cost of any construction by the granting of a lien on or security interest in the Leased Property, or Tenant’s interest therein, without the prior written consent of Landlord, which consent may be withheld by Landlord in Landlord’s sole
discretion. Any such improvements shall, upon the expiration or sooner termination of this Lease, remain or pass to and become the property of Landlord, free and clear of all encumbrances other than Permitted Encumbrances. 
  
 6.2 Salvage. Other than Tenant’s Personal Property, all materials
which are scrapped or removed in connection with the making of repairs, alterations, improvements, renewals, replacements and additions pursuant to Article 5 shall be disposed of by Tenant and the net proceeds thereof, if any, shall be
deposited in the Reserve. 
  
 ARTICLE 7 
 LIENS 
  
 Subject to Article 8, Tenant shall not, directly or indirectly, create or allow to remain and shall promptly discharge, at its expense, any
lien, attachment, title retention agreement or claim upon the Leased Property or Tenant’s leasehold interest therein or any attachment, levy, claim or encumbrance in respect of the Rent, other than (a) Permitted Encumbrances, (b) restrictions,
liens and other encumbrances which are consented to in writing by Landlord, (c) liens for those taxes of Landlord which Tenant is not required to pay hereunder, (d) subleases permitted by Article 16, (e) liens for Impositions or for
sums resulting from noncompliance with Legal Requirements, so long as (i) the same are not yet due and payable, or (ii) are being contested in accordance with Article 8, (f) liens of mechanics, laborers, materialmen, suppliers or
vendors incurred in the ordinary course of business that are not yet due and payable (but will be paid in full by Tenant) or are for sums that are being contested in accordance with Article 8, (g) any Mortgages or other liens which are
the responsibility of Landlord pursuant to the provisions of Article 20, and (h) Landlord Liens. 
  
 ARTICLE 8 
 PERMITTED CONTESTS 
  
 Notwithstanding any provision herein to the contrary, Tenant shall have the
right to contest the amount or validity of any Imposition, Legal Requirement, Insurance Requirement, Environmental Obligation, or any other Additional Charge, lien, attachment, levy, encumbrance, charge or claim (collectively,
“Claims”) as to the Leased Property, by appropriate legal proceedings, conducted in good faith and with due diligence, provided that (a) the foregoing shall in no way be construed as relieving, modifying or extending
Tenant’s obligation to pay any Claims required hereunder to be paid by Tenant as finally determined, (b) such contest shall not cause Landlord or Tenant to be in default under any mortgage, deed of trust or other agreement 

  

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encumbering the Leased Property or any part thereof or any interest therein or result in a lien attaching to the Leased Property, unless such lien is fully
bonded or is otherwise secured to the reasonable satisfaction of Landlord, (c) no part of the Leased Property nor any Rent therefrom shall be in any immediate danger of sale, forfeiture, attachment or loss, and (d) Tenant hereby indemnifies and
holds harmless Landlord from and against any cost, claim, damage, penalty or reasonable expense, including reasonable attorneys’ fees, incurred by Landlord in connection therewith or as a result thereof. Landlord agrees to join in any such
proceedings if required legally to prosecute such contest, provided that Landlord shall not thereby be subjected to any liability therefor (including, without limitation, for the payment of any costs or expenses in connection therewith) unless
Tenant agrees to assume and indemnify Landlord with respect to the same. Tenant shall be entitled to any refund of any Claims and such charges and penalties or interest thereon which have been paid by Tenant or paid by Landlord to the extent that
Landlord has been reimbursed by Tenant. If Tenant shall fail (i) to pay or cause to be paid any Claims when finally determined, (ii) to provide reasonable security therefor, or (iii) to prosecute or cause to be prosecuted any such contest diligently
and in good faith, Landlord may, upon Notice to Tenant, pay such charges, together with interest and penalties due with respect thereto, and Tenant shall reimburse Landlord therefor, upon demand, as Additional Charges. 
  
 ARTICLE 9 
 INSURANCE 
  
 9.1 Insurance. Tenant shall obtain and maintain, or cause to be maintained, at all times insurance for Tenant and the Leased Property providing at least the following coverages: 
  
 (a) comprehensive “all risk” insurance on the
Leased Property (which shall include comprehensive boiler and machinery insurance), in each case: (A) providing $300,000,000.00 per occurrence; (B) containing an agreed amount endorsement with respect to the Leased Property or waiving all
co-insurance provisions; (C) providing for no deductible in excess of $100,000.00 for all such insurance coverage; and, (D) if any of the Leased Improvements or the use of the Leased Property shall at any time constitute legal non-conforming
structures or uses, providing coverage for contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements and containing an “Ordinance or Law Coverage” or “Enforcement”
endorsement. In addition, Tenant shall obtain: (y) if any portion of the Improvements is currently or at any time in the future located in a “special flood hazard area” designated by the Federal Emergency Management Agency, flood hazard
insurance in the amount of $50,000,000.00; and (z) earthquake insurance in amounts and in form and substance reasonably satisfactory to Landlord in the event the Leased Property is located in an area with a high degree of seismic risk, provided that
the insurance pursuant to clauses (y) and (z) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this subsection (a). 
  
 (b) Commercial General Liability insurance against claims for personal injury, bodily injury, death or
property damage occurring upon, in or about the Leased Property, with such insurance: (A) to be on the so-called “occurrence” form with a general aggregate limit of not less than $2,000,000 and a per occurrence limit of not less than
$1,000,000; (B) to continue at not less than the aforesaid limit until required to be 

  

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changed by Landlord in writing by reason of changed economic conditions making such protection inadequate as long as such coverage would be reasonably
requested by and acceptable to an Institutional Investor, to the extent that a policy meeting the foregoing requirements (x) would be obtained by a reasonable and prudent investor for a property of comparable size, mass, construction, type, location
and use as the Property, and (y) is generally available from two (2) or more insurers meeting the rating requirements set forth in Section 9.2; and, (C) to cover at least the following hazards: (1) premises and operations; (2) products
and completed operations; (3) independent contractors; (4) blanket contractual liability; and (5) contractual liability covering the Tenant’s indemnities contained in this Lease to the extent the same is available. 
  
 (c) Loss of rents insurance or business income insurance, as
applicable, (A) with loss payable to Landlord and its Mortgagee; (B) covering all risks required to be covered by the insurance provided for in subsection (a) above; and (C) which provides that after the physical loss to the Leased Property occurs,
the loss of rents or income, as applicable, will be insured until such rents or income, as applicable, either return to the same level that existed prior to the loss, or the expiration of eighteen (18) months, whichever first occurs, and
notwithstanding that the policy may expire prior to the end of such period; and (D) which contains an extended period of indemnity endorsement which provides that after the physical loss to the Leased Property has been repaired, the continued loss
of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the Leased Property is repaired or replaced and operations are resumed, whichever
first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such loss of rents or business income insurance, as applicable, shall be determined prior to the date hereof and at least once each year
thereafter based on Tenant’s reasonable estimate of permanent showroom revenue from the Leased Property for the succeeding period of coverage required above. 
  
 (d) At all times during which structural construction, repairs or alterations are being made with respect to
the Leased Property, and only if the Leased Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned
commercial general liability insurance policy; and (B) the insurance provided for in subsection (a) above written in a so-called Builder’s Risk Completed Value form (1) on a non-reporting basis, (2) against “all risks” insured against
pursuant to subsection (i) above, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving co-insurance provisions. 
  

(e) Workers’ compensation, to the extent required by applicable law of the State, and employer’s liability insurance, with
limits of not less than $1,000,000, in respect of any work or operations on or about the Property, or in connection with the Property or its operation (if applicable). 
  
 (f) Automobile liability including hired and non-owned liability in an amount not less than $1,000,000
combined single limit; and 
  

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 (g) Excess liability insurance in an amount not less than $50,000,000 per occurrence on
terms consistent with the commercial general liability insurance and automobile liability insurance required above. 
  
 (h) Upon sixty (60) days’ written notice, such other reasonable insurance and in such reasonable amounts as would be reasonably
requested by and acceptable to an Institutional Investor (as such term is hereinafter defined), to the extent that a policy meeting the foregoing requirements (x) would be obtained by a reasonable and prudent investor for a property of comparable
size, mass, construction, type, location and use as the Property and (y) is generally available from two (2) or more insurers meeting the rating requirements set forth in this Section 9.1 herein. As used herein,
“Institutional Investor” is defined as any bank, savings and loan association, trust company, insurance company, pension fund, credit union or real estate investment trust actively engaged in owning, acquiring and/or
financing major commercial real estate properties in the United States of America. 
  
 (i) With respect to the Policies required to be maintained pursuant to subsections (a) through (d) above, during any period of the term of
this Lease that the Terrorism Risk Insurance Act of 2002 (“TRIA”) is in effect, Tenant shall maintain coverage against all “certified acts of terrorism” as defined by TRIA and “non-certified acts of
terrorism”. For any acts of terrorism not defined by TRIA as “certified acts of terrorism” and during any period during the term of the Loan that TRIA is not in effect, Tenant shall use commercially reasonable efforts, consistent with
those of prudent owners of institutional quality commercial real estate to maintain insurance coverage against losses resulting from such acts. 
  
 9.2 Form of Policies. All insurance provided for in Section 9.1 shall be obtained under valid and enforceable policies (the
“Policy”), and to the extent specified in this Article 9 shall be subject to the reasonable approval of Landlord as to deductibles, loss payees and insureds. The Policies shall be issued by financially sound and
responsible insurance companies authorized to do business in the State and having a claims paying ability rating of “A” or better by at least two Rating Agencies, one of which must be S&P or such other rating agencies approved by
Landlord, and in the case of property damage, boiler and machinery, flood and earthquake insurance, shall contain a so-called New York standard non-contributing mortgagee clause in favor of Mortgagee providing that the loss thereunder shall be
payable to Mortgagee. The Policies described in this Section 9.2 shall designate Landlord and its successors and assigns as additional insureds, mortgagees and/or loss payee as deemed appropriate by Landlord. To the extent such
Policies are not available as of the Closing Date, upon Landlord’s request, Tenant shall deliver certified copies of all Policies to Landlord not later than thirty (30) days after the Closing Date. Not less than ten (10) days prior to the
expiration dates of the certificates of insurance of the Policies theretofore furnished to Landlord, certificates of insurance of the renewal Policies accompanied by evidence satisfactory to Landlord of payment of the premiums currently due shall be
delivered by Tenant to Landlord. 
  
 9.3 Blanket Policies.
Any blanket insurance Policy shall specifically allocate to the Property the amount of coverage from time to time required hereunder and shall otherwise 

  

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provide the same protection as would a separate Policy insuring only the Leased Property in compliance with the provisions of this Section 9.3.

  
 9.4 Endorsements. All Policies provided for in this
Article 9 shall contain clauses or endorsements to the effect that: 
  
 (a) no act or negligence of Tenant, or anyone acting for Tenant, or of any Tenant or other occupant, or failure to comply with the
provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as the Mortgagee is concerned; 
  
 (b) the Policies shall not be materially changed (other than
to increase the coverage provided thereby) or canceled without at least thirty (30) days’ prior written notice to Lender and any other party named therein as an additional insured; 
  
 (c) the issuers thereof shall give written notice to Landlord and its Mortgagee if the Policies have not
been renewed thirty (30) days prior to its expiration; and 
  
 (d) Landlord and its Mortgagee shall not be liable for any insurance premiums thereon or subject to any assessments thereunder. 
  

9.5 Landlord’s Right to Obtain Coverage. If at any time Landlord is not in receipt of written evidence that all insurance required
hereunder is in full force and effect, Landlord shall have the right, upon ten (10) days prior written notice to Tenant, to take such action as Landlord deems reasonably necessary to protect its interest in the Property, including, without
limitation, obtaining such insurance coverage as Landlord in its sole discretion deems appropriate. All premiums incurred by Landlord in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Tenant to
Landlord upon five (5) days written notice and, until paid shall bear interest at the Default Rate. 
  
 9.6 Insurance Costs and Expenses as Additional Charges. With respect to this Article 9, all insurance premiums, costs and other
expenses, including any Insurance Retention (as defined below), shall be treated as an Imposition payable by Tenant as Additional Charges. All charges under the blanket programs shall be allocated to the Project. Any losses and associated costs and
expenses, that are uninsured shall be treated as a cost of insurance and shall also be treated as an Imposition. “Insurance Retention” shall mean the insurance policy deductible; however, for any insurance obtained through the blanket
insurance programs, “Insurance Retention” shall mean the Project’s per occurrence limit for any loss or reserve as established for the Project, which limit shall be the same as is applied to other properties
participating in the blanket insurance programs, or such higher amount if mandated by the insurer for high hazard risks such as earthquake, flood and wind. 
  

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 ARTICLE 10 
 CASUALTY 
  
 10.1
Insurance Proceeds. Except as provided in the last clause of this sentence, all proceeds payable by reason of any loss or damage to the Leased Property, or any portion thereof, and insured under any property policy of insurance required by
Article 9 (other than the proceeds of any business interruption insurance, which shall be payable directly to Landlord and Tenant as their interests may appear) shall be paid directly to Landlord and all loss adjustments with respect
to property losses payable to Tenant shall require the prior written consent of Landlord. If Tenant is required to reconstruct or repair the Leased Property as provided herein, such proceeds shall be paid out to Tenant by Landlord from time to time
for the reasonable costs of reconstruction or repair of the Leased Property necessitated by such damage or destruction, subject to and in accordance with the provisions of Section 10.2.3. Any unexpended deductible amount and excess
proceeds of insurance remaining after the completion of the restoration shall be retained by Tenant or, if escrowed, paid to Tenant. In the event that the provisions of Section 10.2 are applicable, the insurance proceeds shall be
retained by the party entitled thereto pursuant to Section 10.2. All salvage resulting from any risk covered by insurance shall belong to Landlord, provided any rights to the same have been waived by the insurer. 
  
 10.2 Damage or Destruction. 
  
 10.2.1 Damage or Destruction of Leased Property. If,
during the Term, the Leased Property shall be totally or partially destroyed and the Project located thereon is thereby rendered Unsuitable for Its Permitted Use, Tenant may, by the giving of Notice thereof to Landlord, terminate this Lease,
whereupon, this Lease shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. 
  
 10.2.2 Partial Damage or Destruction. If, during the Term, the Leased Property shall be partially destroyed but the Project is not
rendered Unsuitable for Its Permitted Use, Tenant shall, subject to Section 10.2.3, promptly restore the Project as provided in Section 10.2.4. 
  
 10.2.3 Insufficient Insurance Proceeds. If the cost of the repair or restoration of the Leased
Property exceeds the sum of the deductible and the amount of insurance proceeds received by Landlord and Tenant pursuant to Article 9, Tenant shall give Landlord Notice thereof which notice shall set forth in reasonable detail the
nature of such deficiency and whether Tenant shall pay and assume the amount of such deficiency (Tenant having no obligation to do so, except that, if Tenant shall elect to make such funds available, the same shall become an irrevocable obligation
of Tenant pursuant to this Lease). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have the right (but not the obligation), exercisable at Landlord’s sole election by Notice to Tenant, given
within sixty (60) days after Tenant’s notice of the deficiency, to elect to make available for application to the cost of repair or restoration the amount of such deficiency; provided, however, in such event, upon any disbursement by Landlord
thereof, the Minimum Rent shall be adjusted as provided in Section 3.1(b)(i). In the event that neither Landlord nor Tenant shall elect to make such deficiency available for restoration, either Landlord or Tenant may terminate this
Lease by Notice to the other, whereupon, this Lease shall terminate as provided 

  

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in Section 10.2.1. It is expressly understood and agreed, however, that, notwithstanding anything in this Lease to the contrary, Tenant shall
be strictly liable and solely responsible for the amount of any deductible. 
  
 10.2.4 Repairs. In the event Tenant is required to restore the Leased Property pursuant to Section 10.2.2, Tenant shall commence promptly and continue diligently to perform the repair and
restoration of the Leased Property (hereinafter called the “Work”), so as to restore the Leased Property in compliance with all Legal Requirements and so that the Leased Property shall be, to the extent practicable,
substantially equivalent in value and general utility to its general utility and value immediately prior to such damage or destruction. Subject to the terms hereof, the Landlord shall be required to advance the insurance proceeds and any additional
amounts payable by Landlord pursuant to Section 10.2.3 to Tenant regularly during the repair and restoration period so as to permit payment for the cost of any such restoration and repair. Any such advances shall be made not more than
monthly within ten (10) Business Days after Tenant submits to Landlord a written requisition and substantiation therefor on AIA Forms G702 and G703 (or on such other form or forms as may be reasonably acceptable to Landlord). Landlord may, at its
option, require, prior to advancement of said insurance proceeds and other amounts by Landlord, (a) approval of plans and specifications by an architect satisfactory to Landlord (which approval shall not be unreasonably withheld or delayed), (b)
general contractors’ estimates, (c) architect’s certificates, (d) unconditional lien waivers of general contractors, if available, (e) evidence of approval by all governmental authorities and other regulatory bodies whose approval is
required, (f) deposit by Tenant of the applicable deductible amount with Landlord, and (g) such other terms as Landlord may reasonably require. Tenant’s obligation to restore the Leased Property pursuant to this Article 10 shall
be subject to the release of available insurance proceeds by Landlord or directly to Tenant and, in the event such proceeds are insufficient, Landlord electing to make such deficiency available therefor. 
  
 10.3 Tenant’s Property. All insurance proceeds payable by reason
of any loss of or damage to any of Tenant’s Personal Property shall be paid solely to Tenant and, to the extent necessary to repair or replace Tenant’s Personal Property in accordance with Section 10.4, Tenant shall hold such
proceeds in trust to pay the cost of repairing or replacing damaged Tenant’s Personal Property. 
  
 10.4 Restoration of Tenant’s Property. If Tenant is required to restore the Leased Property as hereinabove provided, Tenant shall either (a)
restore all alterations and improvements made by Tenant and Tenant’s Personal Property, or (b) replace such alterations and improvements and Tenant’s Personal Property with improvements or items of the same or better quality and utility in
the operation of the Leased Property. 
  
 10.5 No Abatement of
Rent. This Lease shall remain in full force and effect and Tenant’s obligation to make all payments of Rent and to pay all other charges as and when required under this Lease shall remain unabated during the Term notwithstanding any damage
involving the Leased Property (provided that Landlord shall credit against such payments any amounts paid to Landlord as a consequence of such damage under any business interruption insurance obtained by Tenant hereunder). The provisions of this
Article 10 shall be considered an express agreement governing any cause of damage or destruction to the Leased Property and, 

  

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to the maximum extent permitted by law, no local or State statute, laws, rules, regulation or ordinance in effect during the Term which provide for such a
contingency shall have any application in such case. 
  
 10.6
Waiver. Tenant hereby waives any statutory rights of termination which may arise by reason of any damage or destruction of the Leased Property. 
  
 ARTICLE 11 
 CONDEMNATION

  
 11.1 Total Condemnation. If either (a) the whole of
the Leased Property shall be taken by Condemnation or (b) a Condemnation of less than the whole of the Leased Property renders the Leased Property Unsuitable for Its Permitted Use, this Lease shall terminate and Tenant and Landlord shall seek the
Award for their interests in the Leased Property as provided in Section 11.6. 
  
 11.2 Partial Condemnation. In the event of a Condemnation of less than the whole of the Leased Property such that the Leased Property is not rendered Unsuitable for Its Permitted Use, Tenant shall, to the
extent of the Award and any additional amounts disbursed by Landlord as hereinafter provided, commence promptly and continue diligently to restore the untaken portion of the Leased Improvements so that such Leased Improvements shall constitute a
complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as the Leased Improvements existing immediately prior to such Condemnation, in full compliance with all Legal
Requirements, subject to the provisions of this Section 11.2. If the cost of the repair or restoration of the Leased Property exceeds the amount of the Award, Tenant shall give Landlord Notice thereof which notice shall set forth in
reasonable detail the nature of such deficiency and whether Tenant shall pay and assume the amount of such deficiency (Tenant having no obligation to do so, except that if Tenant shall elect to make such funds available, the same shall become an
irrevocable obligation of Tenant pursuant to this Lease). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have the right (but not the obligation), exercisable at Landlord’s sole election by
Notice to Tenant given within sixty (60) days after Tenant’s Notice of the deficiency, to elect to make available for application to the cost of repair or restoration the amount of such deficiency; in such event, following any disbursement by
Landlord thereof and upon completion of such repairs, the Minimum Rent shall be adjusted as provided in Section 3.1(b)(i). In the event that neither Landlord nor Tenant shall elect to make such deficiency available for restoration,
either Landlord or Tenant may terminate this Lease and the entire Award shall be retained by Landlord. 
  
 11.3 Disbursement of Award. Subject to the terms hereof, Tenant shall transfer any part of the Award received, together with severance and other
damages awarded for the taken Leased Improvements to Landlord for the purpose of funding the cost of the repair or restoration. Landlord may require, at its option, prior to advancement of such Award and other amounts, (a) approval of plans and
specifications by an architect satisfactory to Landlord (which approval shall not be unreasonably withheld or delayed), (b) general contractors’ estimates, (c) architect’s certificates, (d) unconditional lien waivers of general
contractors, if available, and (e) evidence of approval by all governmental authorities and other regulatory bodies whose approval is 

  

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required. Obligations under this Section 11.3 to disburse the Award and such other amounts shall be subject to (i) the collection thereof and
(ii) the release of such Award by the applicable Mortgagee. Tenant’s obligation to restore the Leased Property shall be subject to the availability of the Award to fund the cost of such repair or restoration upon its compliance with this
Section 11.3. 
  
 11.4 Abatement of Rent. In
the event of a partial condemnation pursuant to Section 11.2 of this Lease, Rent shall be proportionately abated as agreed upon by Tenant and Landlord, or if the Landlord and Tenant are unable to agree, as determined by arbitration
pursuant to this Lease. 
  
 11.5 Temporary Condemnation. In
the event of any temporary Condemnation of the Leased Property or Tenant’s interest therein, this Lease shall continue in full force and effect and Tenant shall continue to pay, in the manner and on the terms herein specified, the full amount
of the Rent. Tenant shall continue to perform and observe all of the other terms and conditions of this Lease on the part of the Tenant to be performed and observed. The entire amount of any Award made for such temporary Condemnation allocable to
the Term, whether paid by way of damages, rent or otherwise, shall be paid to Tenant. Tenant shall, promptly upon the termination of any such period of temporary Condemnation, at its sole cost and expense, restore the Leased Property to the
condition that existed immediately prior to such Condemnation, in full compliance with all Legal Requirements, unless such period of temporary Condemnation shall extend beyond the expiration of the Term, in which event Tenant shall not be required
to make such restoration. For purposes of this Section 11.5, a Condemnation shall be deemed to be temporary if the period of such Condemnation is not expected to, and does not, exceed twelve (12) months. 
  
 11.6 Allocation of Award. Except as provided in Section
11.5 and the second sentence of this Section 11.6, the total Award shall be solely the property of and payable to Landlord. Any portion of the Award made for the taking of Tenant’s leasehold interest in the Leased
Property, loss of business during the remainder of the Term, the taking of Tenant’s Personal Property, or Tenant’s removal and relocation expenses shall be the sole property of and payable to Tenant (subject to the provisions of
Section 11.2). In any Condemnation proceedings, Landlord and Tenant shall each seek its own Award in conformity herewith, at its own expense. 
  
 ARTICLE 12 
 DEFAULTS AND REMEDIES

  
 12.1 Events of Default. The occurrence of any one
or more of the following events shall constitute an “Event of Default” hereunder: 
  
 (a) should Tenant fail to make any payment of Minimum Rent or Percentage Rent within three (3) Business Days after Notice thereof, or fail
to make payment of any other Rent or any other sum (including, but not limited to, funding of the Reserve), payable hereunder when due and such failure shall continue for a period of ten (10) days after Notice thereof; or 
  

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 (b) should Tenant fail to maintain the insurance coverages required under Article
9 and such failure shall continue for three (3) Business Days after Notice thereof; or 
  
 (c) should Tenant default in the due observance or performance of any of the terms, covenants or agreements contained herein to be
performed or observed by it (other than as specified in clauses (a) and (b) above) and such default shall continue for a period of thirty (30) days after Notice thereof from Landlord to Tenant; provided, however, that if such default is susceptible
of cure but such cure cannot be accomplished with due diligence within such period of time and if, in addition, Tenant commences to cure or cause to be cured such default within fifteen (15) days after Notice thereof from Landlord and thereafter
prosecutes the curing of such default with all due diligence, such period of time shall be extended to such period of time (not to exceed sixty (60) days) as may be necessary to cure such default with all due diligence; or 
  
 (d) should Tenant generally not be paying its debts as they
become due or should Tenant make a general assignment for the benefit of creditors; or 
  
 (e) should any petition be filed by or against Tenant under the Federal bankruptcy laws, or should any other proceeding be instituted by
or against Tenant seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for Tenant or for any substantial part of the property of Tenant and such proceeding is not dismissed within ninety
(90) days after institution thereof, or should Tenant take any action to authorize any of the actions set forth above in this paragraph; or 
  
 (f) should Tenant cause or institute any proceeding for its dissolution or termination; or 
  
 (g) should an event of default occur and be continuing under
any mortgage or deed of trust which is secured by Tenant’s leasehold interest hereunder or should the mortgagee under any such mortgage accelerate the indebtedness secured thereby or commence a foreclosure action in connection with said
mortgage and such default shall continue for a period of thirty (30) days after notice thereof from Landlord to Tenant; provided, however, that if such default is susceptible of cure but such cure cannot be accomplished with due diligence within
such period of time and if, in addition, Tenant commences to cure or cause to be cured such default within fifteen (15) days after Notice thereof from Landlord and thereafter prosecutes the curing of such default with all due diligence, such period
of time shall be extended to such period of time as may be necessary to cure such default with all due diligence; or 
  
 (h) should the estate or interest of Tenant in the Leased Property or any part thereof be levied upon or attached in any proceeding and
the same shall not be vacated, discharged or fully bonded or otherwise secured to the reasonable satisfaction of Landlord within the later of (x) thirty (30) days after such attachment or levy, unless the 

  

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amount in dispute is less than $500,000 (as adjusted each year by increases in the Index), in which case Tenant shall give notice to Landlord of the dispute
but Tenant may defend in any suitable way, and (y) thirty (30) days after receipt by Tenant of Notice thereof from Landlord; it being understood and agreed that Tenant may commence a contest of such matter pursuant to Article 8 above
following such Notice from Landlord; 

  
 (i) Should a default or event of default occur under a Mortgage that is attributable to any act or omission of Tenant under this Lease (after taking into consideration any notice, grace or cure period provided for under such Mortgage).

  
 12.2 Remedy for Failure to Pay Rent. 
  
 Upon the occurrence of an Event of Default described in Section
12.1(a) above, or in the event Tenant commits fraud including embezzlement or misappropriation of the Landlord’s funds, unless within thirty (30) days after the discovery of any such embezzlement, fraud or misappropriation, Tenant
terminates any of its employees responsible therefor and reimburses the Landlord for any loss, cost or damage incurred as a result of any such acts, then, as its sole and exclusive remedies against Tenant, Landlord, may (i) terminate this Lease by
giving Notice thereof to Tenant and upon the expiration of the time fixed in such Notice, this Lease shall terminate and all rights of Tenant under this Lease shall cease and (ii) exercise any right or remedy at law or equity in order to recover all
Rent and other sums due and payable under this Lease up to and including the date of termination of this Lease. 
  
 12.3 Remedies for all Events of Default Other than Payment of Rent. Upon the occurrence of any of the Events of Default described in Section
12.1(b) through 12.1(h) above, Landlord shall not have the right to terminate this Lease or otherwise disturb Tenant’s right to possession of the Leased Property, but instead shall be entitled to pursue any and all other
remedies at law or in equity to which it may be entitled to pursue in accordance with all Legal Requirements. 
  
 12.4 WAIVER OF JURY TRIAL. LANDLORD AND TENANT HEREBY WAIVE, TO THE MAXIMUM EXTENT PERMITTED BY LEGAL REQUIREMENTS, TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER OR IN RESPECT OF ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE RELATIONSHIP OF LANDLORD AND TENANT HEREUNDER, TENANT’S
OCCUPANCY OF THE LEASED PROPERTY, AND/OR ANY CLAIM FOR INJURY OR DAMAGE. 
  
 12.5 Application of Funds. Any payments received by Landlord under any of the provisions of this Lease during the existence or continuance of any Event of Default (and any payment made to Landlord rather than
Tenant due to the existence of any Event of Default) shall be applied to Tenant’s current and past due obligations under Section 12.1(a) of this Lease, and any remaining sums in such order as Landlord may determine or as may be
prescribed by the laws of the State. 
  

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 12.6 Landlord’s Right to Cure Tenant’s Default. If an Event of Default shall have
occurred and be continuing, Landlord, after Notice to Tenant (which Notice shall not be required if Landlord shall reasonably determine immediate action is necessary to protect person or property), without waiving or releasing any obligation of
Tenant and without waiving or releasing any Event of Default, may (but shall not be obligated to), at any time thereafter, make such payment or perform such act for the account and at the expense of Tenant, and may, to the maximum extent permitted
by law, enter upon the Leased Property or any portion thereof for such purpose and take all such action thereon as, in Landlord’s sole and absolute discretion, may be necessary or appropriate therefor. No such entry shall be deemed an eviction
of Tenant. All reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees) incurred by Landlord in connection therewith, together with interest thereon (to the extent permitted by law) at the Default Rate from the
date such sums are paid by Landlord until repaid, shall be paid by Tenant to Landlord, on demand. 
  
 12.7 Good Faith Dispute. If Tenant shall in good faith dispute the occurrence of any Default and Tenant, before the expiration of the applicable
cure period, shall give Notice thereof to Landlord, setting forth, in reasonable detail, the basis therefor and, provided Tenant shall escrow disputed amounts, if any, pursuant to an escrow arrangement reasonably acceptable to Landlord and Tenant,
no Event of Default shall be deemed to have occurred; provided, however, that in the event of any eventual adverse determination, Tenant shall pay to Landlord interest on any disputed funds at the Interest Rate, from the date demand
for such funds was made by Landlord until the date of final adverse determination and, thereafter, at the Default Rate until paid. 
  
 ARTICLE 13 
 HOLDING OVER

  
 Any holding over by Tenant after the expiration or sooner
termination of this Lease shall be treated as a daily tenancy at sufferance at a rate equal to one and one-half (1.50) times the Rent and other charges herein provided (prorated on a daily basis). Tenant shall also pay to Landlord all damages
(direct or indirect) sustained by reason of any such holding over. Otherwise, such holding over shall be on the terms and conditions set forth in this Lease, to the extent applicable. Nothing contained herein shall constitute the consent, express or
implied, of Landlord to the holding over of Tenant after the expiration or earlier termination of this Lease. 
  
 ARTICLE 14 
 LANDLORD’S NOTICE OBLIGATIONS; LANDLORD DEFAULT

  
 14.1 Landlord Notice Obligation. Landlord shall
give prompt Notice to Tenant of any materially adverse matters affecting the Leased Property of which Landlord receives written notice or actual, conscious, present knowledge and, to the extent Tenant otherwise has no notice or actual knowledge
thereof, Landlord shall be liable for any liabilities, costs, damages or claims (including reasonable attorneys’ fees) arising from the failure to deliver such Notice to Tenant. Subject to Article 20, Landlord shall not enter into
or amend any agreement directly affecting the operation of Leased Property without Tenant’s prior written consent. As used in this Lease, “Landlord’s knowledge” or words of similar import shall mean the actual (and
not constructive or imputed), conscious, present knowledge, without independent investigation or inquiry of 

  

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Charles Muller or any subsequent officer or employee of Landlord, or any Affiliated Person as to Landlord, having direct oversight responsibility for the
transactions contemplated in this Lease. 
  
 14.2
Landlord’s Default. If Landlord shall default in the performance or observance of any of its covenants or obligations set forth in this Lease, and any such default shall continue for a period of ten (10) days after Notice thereof with
respect to monetary defaults, and thirty (30) days after Notice thereof with respect to non-monetary defaults, from Tenant to Landlord and any applicable Mortgagee, or such additional period as may be reasonably required to correct the same, Tenant
may declare the occurrence of a “Landlord Default” by giving Notice of such declaration to Landlord and to such Mortgagee. Thereafter, Tenant may (but shall have no obligation to) cure the same and, subject to the provisions
of the following paragraph, invoice Landlord for costs and expenses (including reasonable attorneys’ fees and court costs) incurred by Tenant in curing the same, together with interest thereon from the date Landlord receives Tenant’s
invoice, at the Default Rate. Except as otherwise expressly provided herein to the contrary, Tenant shall have no right to terminate this Lease for any default by Landlord hereunder and no right, for any such default, to offset or counterclaim
against any Rent or other charges due hereunder. 
  
 If Landlord
shall in good faith dispute the occurrence of any Landlord Default and Landlord, before the expiration of the applicable cure period, shall give Notice thereof to Tenant, setting forth, in reasonable detail, the basis therefor, no Landlord Default
shall be deemed to have occurred and Landlord shall have no obligation with respect thereto until final adverse determination thereof; provided, however, that in the event of any such adverse determination, Landlord shall pay to Tenant
interest on any disputed funds at the Interest Rate, from the date demand for such funds was made by Tenant until the date of final adverse determination and, thereafter, at the Default Rate until paid. Notwithstanding the foregoing, the provisions
of Section 14.3 shall control in the event of a default under Section 5.1.4. 
  
 14.3 Special Remedies for Landlord Funding Default. In the event of any Landlord Default arising under Section 5.1.4, and such Landlord Default is
not cured within thirty (30) days after Notice of such Landlord Default is given to Landlord by Tenant, Tenant shall have the right, in Tenant’s sole discretion, in addition to all other remedies of Tenant hereunder, to terminate this Lease by
giving Notice of termination of this Lease to Landlord, whereupon this Lease shall terminate on the date set forth in such Notice. 
  
 14.4 Special Remedy under Section 10.1 and 11.3. If Landlord or any Mortgagee shall fail to deposit insurance proceeds with an escrow agent as
required by Section 10.1 or if Landlord shall fail to deposit any Award as required by Section 11.3 with an escrow agent as required by Section 11.3, Tenant shall be entitled, in addition to all other
remedies of Tenant hereunder, to the remedy listed in Section 14.3, without the requirement of arbitration as described in Section 5.1.4. 
  

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 ARTICLE 15 

TRANSFERS BY LANDLORD 
  
 Landlord may, in its sole and absolute discretion, sell, assign, transfer, convey or otherwise dispose of (a “Transfer”) its
interest in the Leased Property, or any portion thereof or interest therein, directly or indirectly, to any Person without the consent of Tenant. 
  
 ARTICLE 16 
 SUBLETTING AND ASSIGNMENT

  
 16.1 Subletting and Assignment. 
  
 (a) Except as provided in Sections 16.3 and in
this Section 16.1, Tenant shall not, without Landlord’s prior written consent, assign, mortgage, pledge, hypothecate, encumber or otherwise transfer this Lease or sublease (which term shall be deemed to include the granting of
concessions, licenses and the like), all or any part of the Leased Property or suffer or permit this Lease or the leasehold estate created hereby or any other rights arising under this Lease to be assigned, transferred, mortgaged, pledged,
hypothecated or encumbered, in whole or in part, whether voluntarily, involuntarily or by operation of law, or permit the use or operation of the Leased Property by anyone other than Tenant, or the Leased Property to be offered or advertised for
assignment or subletting. 
  
 (b) Notwithstanding
any provision in this Lease to the contrary, Landlord’s consent shall not be required for (i) any sale, transfer, assignment or other conveyance by Tenant to a Subsidiary of Tenant or to another Entity in which Crow Parties own a Controlling
Interest or (ii) any sale, transfer, assignment or other conveyance of any direct or indirect equity interest in Tenant so long as Crow Parties continue to own a Controlling Interest in the Tenant. Tenant shall deliver notice of any such proposed
transfer to Landlord at least thirty (30) days prior to any such transfer and shall, within five (5) days following any request by Landlord, provide Landlord such information as may be reasonably necessary or appropriate in order for Landlord to
determine if such proposed transfer is consistent with the above provisions. 
  
 (c) If this Lease is assigned or if the Leased Property or any part thereof are sublet (or occupied by anybody other than Tenant) in violation of this Lease, Landlord may collect the rents from such assignee,
subtenant or occupant, as the case may be, and apply the net amount collected to the Rent then due and payable by Tenant, but no such collection shall be deemed a waiver of the provisions set forth in the first paragraph of this Section
16.1, the acceptance by Landlord of such assignee, subtenant or occupant, as the case may be, as a tenant, or a release of Tenant from the future performance by Tenant of its covenants, agreements or obligations contained in this Lease.

  
 Except as set forth in Section 16.1(b), no
subletting or assignment shall in any way impair the continuing primary liability of Tenant hereunder (unless Landlord and Tenant expressly otherwise agree that Tenant shall be released from all obligations hereunder), and no 

  

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consent to any subletting or assignment in a particular instance shall be deemed to be a waiver of the prohibition set forth in this Section
16.1. No assignment, subletting or occupancy shall affect any Permitted Use. 
  
 (d) 
  
 16.2 Required Sublease Provisions. Any Sublease of all or any portion of the Leased Property entered into on or after the date hereof shall be made
on Tenant’s standard form from time to time in effect. On or before twenty (20) days after the end of each Lease Quarter, Tenant shall deliver to Landlord, a copy of each such Sublease of permanent showroom space in excess of 2,000 square feet
of gross leasable space duly executed by Tenant and such subtenant in the preceding Lease Quarter and the first page and signature pages of all other Subleases of permanent showroom space duly executed by Tenant and subtenant in the preceding Lease
Quarter. 
  
 16.3 Permitted Subleases and Assignments.
Notwithstanding the foregoing, but subject to the provisions of any other express conditions or limitations set forth herein, Tenant may, without Landlord’s consent, and consistent with the Permitted Use, sublease space at the Leased Property
(including a removal or extension of an existing Sublease) in connection with the Permitted Use, provided any such proposed Sublease (i) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the
type and quality of the tenant) as of the date such Sublease is executed by Tenant (unless, in the case of a renewal Sublease, the rent payable during such renewal, or a formula or other method to compute such rent, is provided for in the original
Sublease), (ii) is an arm’s-length transaction with a bona fide, independent third party tenant, (iii) does not have a materially adverse effect on the value of the Property taken as a whole, (iv) is subject and subordinate to any first lien
Mortgage and the tenant thereunder agrees to attorn to Landlord and any Mortgagee, (v) does not contain any option, offer, right of first refusal, or other similar right to acquire all or any portion of the Leased Property, (vi) has a base term of
less than fifteen (15) years including options to renew, (vii) has no rent credits, free rents or concessions granted thereunder other than those offered in the ordinary course of Tenant’s business and consistent with the past business
practices of Tenant, and (viii) is written on Tenant’s standard form of lease. All proposed Subleases that cover permanent showroom space in excess of 2,000 square feet each and which do not satisfy the requirements set forth in this subsection
shall be subject to the prior approval of Landlord and its counsel, at Tenant’s expense; provided, however, Landlord’s consent shall be deemed granted if not disapproved by Landlord in writing within five (5) business days of
Landlord’s receipt of the proposed Lease in an envelope marked “LANDLORD’S RESPONSE IS REQUIRED WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE LEASE AGREEMENT” together with all other
information and documentation related thereto requested by Landlord. 
  
 16.4 Security Deposit. All security deposits and other amounts furnished by any sublessee or other occupant of any space in the Leased Property as security for their obligations under their Sublease shall be placed in a separate
interest bearing account in the name of Landlord. Tenant shall have the right to withdraw and disburse funds in such account in accordance with the terms of the applicable Sublease and Legal Requirements; provided, however, Landlord shall have the
right to terminate Tenant’s rights with respect to the account at 

  

 -39- 

 
any time an Event of Default shall have occurred and be continuing. As part of the consideration for the execution and delivery of this Lease by Landlord,,
Tenant assigns to Landlord its rights to receive rental and other sums due under any Sublease as security for Tenant’s obligation to pay Rent under this Lease. 
  
 ARTICLE 17 
 ESTOPPEL CERTIFICATES AND FINANCIAL STATEMENTS 
  
 17.1 Estoppel Certificates. At any time and from time to time, upon not less than ten (10) Business Days prior Notice by either party, the party receiving such Notice shall furnish to the other a certificate certifying that this
Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which the Rent has been paid, that to its knowledge no Default or an Event of Default by
the other party has occurred and is continuing or, if a Default or an Event of Default shall exist, specifying in reasonable detail the nature thereof, and the steps being taken to remedy the same, and such additional information as the requesting
party may reasonably request. If such additional information reasonably requires more than ten (10) Business Days to provide, the party furnishing such information shall be entitled to such additional period to respond to such request as may be
reasonably required under the circumstances. Any such certificate furnished pursuant to this Section 17.1 may be relied upon by the requesting party, its lenders and any prospective purchaser or mortgagee of the Leased Property or the
leasehold estate created hereby. 
  
 17.2 Financial
Reporting. 
  
 Tenant shall keep adequate books and records of
account in accordance with GAAP (to the extent applicable), or in accordance with other methods acceptable to Landlord in its reasonable discretion, consistently applied and Tenant shall furnish to Landlord: 
  
 (a) Monthly, quarterly and annual certified rent rolls
signed and dated by Tenant, in the form delivered to Landlord prior to the execution and delivery of this Lease, within twenty (20) days after the end of each Accounting Period, twenty (20) days after the end of each Lease Quarter or thirty (30)
days after the close of each Lease Year, as applicable; 
  
 (i) monthly, and in any event, quarterly and annual operating statements of the Leased Property, prepared and certified by Tenant on Tenant’s standard form (which standard form shall not be materially changed
from the form delivered to Landlord as of the date hereof), within twenty (20) days after the end of each Accounting Period, twenty (20) days after the end of each Lease Quarter or thirty (30) days after the close of each Lease Year, as applicable;
and 
  
 (ii) annual balance sheets, profit and
loss statements, statements of cash flows, and statements of change in financial position of Tenant, in the form delivered to Landlord as of the date hereof, prepared by and certified by Tenant, within one hundred twenty (120) days after the close
of each Lease Year. 
  

 -40- 

 (b) Tenant shall promptly furnish to Landlord: 
  
 (i) a lease activity report for the Leased Property in
Tenant’s standard form, and with any other information reasonably requested by Landlord, in reasonable detail and certified by Tenant to be true and complete, but no more frequently than quarterly; 
  
 (ii) no more than annually, an accounting of all security
deposits held in connection with any Sublease of any part of the Leased Property, including the name and identification number of the accounts in which such security deposits are held, the name and address of the financial institutions in which such
security deposits are held and the name of the Person to contact at such financial institution, along with any authority or release necessary for Landlord to obtain information regarding such accounts directly from such financial institutions; and

  
 (iii) no more than annually, a report of all
letters of credit provided by any tenant in connection with any Sublease of any part of the Leased Property, including the account numbers of such letters of credit, the names and addresses of the financial institutions that issued such letters of
credit and the names of the Persons to contact at such financial institutions, along with any authority or release necessary for Landlord to obtain information regarding such letters of credit directly from such financial institutions. 

 
 (c) Tenant shall furnish Landlord with such other
additional financial or management information (including state and federal tax returns) as may, from time to time, be reasonably required by Landlord in form and substance reasonably satisfactory to Landlord (including, without limitation, any
financial reports required to be delivered by any tenant or any guarantor of any Sublease pursuant to the terms of such Sublease), and shall furnish to Landlord and its agents convenient facilities during normal business hours at the office of
Tenant for the examination and audit of any such books and records. 
  
 (d) All items requiring the certification of Tenant shall, except where Tenant is an individual, require a certificate executed by the general partner, managing member, Chief Executive Officer, or Chief Financial
Officer of Tenant, as applicable (and the same rules shall apply to any sole shareholder, general partner or managing member which is not an individual). 
  
 17.3 Annual Budget. Tenant shall furnish to Landlord, not less than seventy-five (75) days after the commencement of any Lease Year, an Annual
Budget setting forth projected income and costs and expenses projected to be incurred by Tenant in managing, leasing, maintaining and operating the Project during the then current Lease Year. Upon request of Landlord, Tenant shall meet with Landlord
to review and discuss Landlord’s comments to the Annual Budget; provided, however, Tenant shall not be required to implement any such changes or otherwise amend the Annual Budget. 
  

 -41- 

 ARTICLE 18 
 LANDLORD’S RIGHT TO INSPECT 
  
 Tenant shall permit Landlord and its authorized representatives to inspect the Leased Property at reasonable times of the day upon not less than twenty-four (24) hours’ Notice, and to make such repairs as Landlord is permitted or
required to make pursuant to the terms of this Lease, provided that any inspection or repair by Landlord or its representatives will not unreasonably interfere with Tenant’s use and operation of the Leased Property and further provided that in
the event of an emergency, as determined by Landlord in its reasonable discretion, prior Notice shall not be necessary. 
  
 ARTICLE 19 
 ALTERNATIVE DISPUTE
RESOLUTION 
  
 19.1 Negotiation. Any and all disputes
or disagreements arising out of or relating to (i) the confirmation of Percentage Rent pursuant to Section 3.2 or (ii) the determination of Excess Capex pursuant to Section 5.1.4(c) shall be resolved through negotiations
or, at the election of either party, if the dispute is not so resolved within 30 days after Notice from either party commencing such negotiations, through binding arbitration conducted in accordance with Section 19.2. 
  
 19.2 Arbitration. The party electing shall give Notice to that effect
to the other party and shall in such Notice appoint an individual as arbitrator on its behalf. Within fifteen (15) days after such Notice, the other party, by Notice to the initiating party, shall appoint a second individual as arbitrator on its
behalf. The arbitrators thus appointed shall appoint a third individual, and such three arbitrators shall as promptly as possible determine such dispute; provided, however, that: 
  
 (a) if the second arbitrator shall not have been appointed
as aforesaid, the first arbitrator shall proceed to determine such dispute and if the two (2) arbitrators appointed by the parties shall be unable to agree, within fifteen (15) days after the appointment of the second arbitrator, upon the
appointment of a third arbitrator, they shall give written Notice to the parties of such failure to agree, and, if the parties fail to agree upon the selection of a third arbitrator within fifteen (15) days after the arbitrators appointed by the
parties give Notice as aforesaid, then either of the parties upon Notice to the other party may request such appointment by the then Chief Judge of the United States District Court for the Northern District of Texas, or in such Judge’s absence,
refusal, failure or inability to act, may apply for a court appointment of such third arbitrator. 
  
 (b) Each arbitrator shall be a fit and impartial nationally recognized consulting firm with at least ten years’ experience in
consulting with owners, operators and lenders, in the operation of properties similar to the Project. 
  
 (c) The arbitration shall be conducted in Dallas, Texas and, to the extent consistent with this Section 19.2, in accordance
with the rules of the American Arbitration Association. The arbitrators shall render their decision upon the concurrence 

  

 -42- 

 
of at least two of their number, within 30 days after the appointment of the third arbitrator (or, if only one arbitrator, pursuant to Section 19.2(a), then
by such arbitrator within 45 days of his or her appointment). Such decision and award shall be in writing and shall be final, binding and enforceable against the parties and shall be non-appealable, and counterpart copies thereof shall be delivered
to each of the parties. In rendering such decision and award, the arbitrators shall not add to, subtract from or otherwise modify the provisions of this Lease. Judgment may be had on the decision and award of the arbitrator(s) so rendered in any
court of competent jurisdiction. 
  
 (d) Each
party shall pay the fees and expenses of the one of the two original arbitrators appointed by or for such party, and the fees and expenses of the third arbitrator (or the one arbitrator, if only one arbitrator is appointed pursuant to Section
19.2(a)) and all other expenses of the arbitration (other than the fees and disbursements of attorneys or witnesses for each party) shall be borne by the parties equally. 
  
 ARTICLE 20 
 MORTGAGES 
  
 20.1 Landlord’s
Mortgage. Without the consent of Tenant, Landlord may, from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement (“Mortgage”) upon the Leased
Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. 
  
 20.2 Subordination of Lease. This Lease as the same may hereafter be modified, amended or extended, and all of Tenant’s right, title and
interest in and to the Leased Property, and all rights and privileges of Tenant to the Leased Property are hereby and shall at all times be subject and subordinate to the any first lien Mortgage and all liens and security interests securing payment
of any such Mortgage. Upon Notice from Landlord, Tenant shall execute and deliver an agreement, in form and substance reasonably satisfactory to Landlord and Tenant, subordinating this Lease to any first lien Mortgage. If any holder of an first lien
Mortgage or the nominee or designee of any such holder or any successful purchaser at any foreclosure of such Mortgage, shall succeed to the rights of Landlord under this Lease (any such person, “Successor Landlord”), the
Successor Landlord shall not have any liability under the Lease prior to the date Successor Landlord shall succeed to the interest of “Landlord” under this Lease, nor any liability for claims, offsets or defenses which Tenant might have
had against the Landlord prior to the date Successor Landlord shall have succeeded to the interest of “Landlord” under this Lease. Landlord and Tenant hereby agree that upon conveyance of title to the Leased Property, to the Successor
Landlord, Tenant shall attorn to the Successor Landlord and shall continue to perform all of Tenant’s obligations with respect to the Leased Property in accordance with the terms of this Lease. Notwithstanding the foregoing, the Tenant shall be
under no obligation to so attorn unless the Successor Landlord, within twenty (20) days after the date of foreclosure, assumes all of the obligations of the “Landlord” under the Lease which arise from and after the date of foreclosure,
pursuant to a written assumption agreement which shall be delivered to Tenant. 
  
 20.3 Notices. Subsequent to the receipt by Tenant of Notice from Landlord as to the identity of any first lien Mortgage (which Notice shall be accompanied by a copy of the applicable mortgage or lease), no
notice from Tenant to Landlord as to the Leased Property shall 

  

 -43- 

 
be effective unless and until a copy of the same is given to such first lien Mortgage at the address set forth in the above described Notice, and the curing
of any of Landlord’s defaults by the holder of such Mortgage shall be treated as performance by Landlord. 
  
 ARTICLE 21 
 ADDITIONAL COVENANTS OF TENANT 
  
 21.1 Conduct of Business. Tenant shall do or cause to be done all
things necessary to preserve, renew and keep in full force and effect and in good standing its existence and its rights and licenses necessary to conduct business. 
  
 21.2 Maintenance of Accounts and Records. Tenant shall keep true records and books of account of Tenant in which
full, true and correct entries will be made of dealings and transactions in relation to the business and affairs of Tenant and the Project. Provided Landlord shall give to Tenant at least ten (10) Business Days written notice of Landlord’s
desire to audit such accounts and records, Landlord, at its expense, shall have the right to audit such accounts and records during normal business hours. Not more than one (1) such audit shall be conducted within any twelve (12) month period.

  
 21.3 Certain Debt Prohibited. Tenant shall not incur
any Indebtedness except the following: 
  
 (a)
Indebtedness of Tenant to Landlord under this Lease; 
  
 (b) Indebtedness of Tenant in respect of loans, the proceeds of which are used to pay amounts owed under this Lease and which are by their terms expressly subordinate to the payment and performance of Tenant’s obligations under this
Lease; 
  
 (c) Indebtedness of Tenant for
Impositions, to the extent that payment thereof shall not at the time be required to be made in accordance with the provisions of Article 8; 
  
 (d) Indebtedness of Tenant in respect of judgments or awards (i) which have been in force for less than the applicable appeal period and
in respect of which execution thereof shall have been stayed pending such appeal or review, or (ii) which are fully covered by insurance payable to Tenant, or (iii) which are for an amount not in excess of $750,000 in the aggregate at any one time
outstanding and (x) which have been in force for not longer than the applicable appeal period, so long as execution is not levied thereunder or (y) in respect of which an appeal or proceedings for review shall at the time be prosecuted in good faith
in accordance with the provisions of Article 8, and in respect of which execution thereof shall have been stayed pending such appeal or review; 
  

(e) Unsecured borrowings of Tenant from its Affiliated Persons which are by their terms expressly subordinate to the payment and
performance of Tenant’s obligations under this Lease; and 
  

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 (f) Indebtedness for purchase money financing and other indebtedness incurred in the
ordinary course of Tenant’s business, including the leasing of personal property. 
  
 21.4 Special Purpose Entity Requirements. Following any transfer described in Section 16.1(b), Tenant shall comply with the following: 
  
 (a) Tenant will be a special purpose entity, either a
corporation, a limited partnership, or a limited liability company whose purpose will be limited to leasing and operating the Leased Property. 
  
 (b) Tenant’s organizational documents shall limit the ability to incur any Indebtedness except as permitted by Section
21.3. 
  
 (c) Tenant’s
organizational documents will provide that the favorable vote of an independent director shall be required for the following matters: (i) filing, or consenting to the filing of, a bankruptcy or insolvency petition or otherwise instituting insolvency
proceedings; (ii) dissolution, liquidation, consolidation, merger or sale of all or substantially all of its controlling assets; (iii) engaging in any unrelated business activities; and (iv) amending its organizational documents in a way that would
change any of the requirements provided herein. 
  
 (d) Tenant shall observe and maintain its business and affairs separate and independent of the business and affairs of any Affiliated Person of Tenant, including without limitation: (i) maintaining books and records separate from any
Affiliated Person of Tenant; (ii) maintaining its accounts separate from any Affiliated Person of Tenant; (iii) not co-mingling its assets with those of any Affiliated Person of Tenant; (iv) conducting its own business in its own name; (v) not
guaranteeing, or becoming obliged for, debts for any other Person or holding out its credit as being available to satisfy the obligations of any other Person (except to the extent of indemnities and other obligations, if any, arising under any
credit arrangements for the Leased Property or arising in the ordinary course of its business); and (vi) using separate stationery, invoices and checks. 
  
 21.5 Meeting with Landlord. Upon at least two Business Days advance notice from Landlord, Tenant shall meet with Landlord to discuss such matters
as Landlord may desire relating to the conditions and operation of the Leased Premises and the performance of Tenant’s obligations hereunder. Provided that Landlord gives Tenant advance notice of the particular matters that it desires to
discuss, Tenant shall require those Persons best able to address such matters to attend the applicable meeting (subject to their reasonable availability). 
  
 ARTICLE 22 
 MISCELLANEOUS

  
 22.1 Limitation on Payment of Rent. All agreements
between Landlord and Tenant herein are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of Rent, or otherwise, shall the Rent or any other amounts payable to Landlord under this Lease exceed
the maximum permissible under Legal Requirements, the benefit of which may be asserted by Tenant as a defense, and if, from any circumstance 

  

 -45- 

 
whatsoever, fulfillment of any provision of this Lease, at the time performance of such provision shall be due, shall involve transcending the limit of
validity prescribed by law, or if from any circumstances Landlord should ever receive as fulfillment of such provision such an excessive amount, then, ipso facto, the amount which would be excessive shall be applied to the reduction of
the installment(s) of Minimum Rent next due and not to the payment of such excessive amount. This provision shall control every other provision of this Lease and any other agreements between Landlord and Tenant. 
  
 22.2 No Waiver. No failure by Landlord or Tenant to insist upon the
strict performance of any term hereof or to exercise any right, power or remedy consequent upon a breach thereof, and no acceptance of full or partial payment of Rent during the continuance of any such breach, shall constitute a waiver of any such
breach or of any such term. To the maximum extent permitted by law, no waiver of any breach shall affect or alter this Lease, which shall continue in full force and effect with respect to any other then existing or subsequent breach. 
  
 22.3 Remedies Cumulative. To the maximum extent permitted by law, each
legal, equitable or contractual right, power and remedy of Landlord or Tenant, now or hereafter provided either in this Lease or by statute or otherwise, shall be cumulative and concurrent and shall be in addition to every other right, power and
remedy and the exercise or beginning of the exercise by Landlord or Tenant (as applicable) of any one or more of such rights, powers and remedies shall not preclude the simultaneous or subsequent exercise by Landlord of any or all of such other
rights, powers and remedies. 
  
 22.4 Severability. Any
clause, sentence, paragraph, section or provision of this Lease held by a court of competent jurisdiction to be invalid, illegal or ineffective shall not impair, invalidate or nullify the remainder of this Lease, but rather the effect thereof shall
be confined to the clause, sentence, paragraph, section or provision so held to be invalid, illegal or ineffective, and this Lease shall be construed as if such invalid, illegal or ineffective provisions had never been contained therein. 

 
 22.5 Acceptance of Surrender. No surrender to Landlord of this
Lease or of the Leased Property or any part thereof, or of any interest therein, shall be valid or effective unless agreed to and accepted in writing by Landlord and no act by Landlord or any representative or agent of Landlord, other than such a
written acceptance by Landlord, shall constitute an acceptance of any such surrender. 
  
 22.6 No Merger of Title. It is expressly acknowledged and agreed that it is the intent of the parties that there shall be no merger of this Lease or of the leasehold estate created hereby by reason of the fact
that the same Person may acquire, own or hold, directly or indirectly this Lease or the leasehold estate created hereby and the fee estate or ground landlord’s interest in the Leased Property. 
  
 22.7 Conveyance by Landlord. If Landlord or any successor owner of all
or any portion of the Leased Property shall convey all or any portion of the Leased Property in accordance with the terms of this Lease (specifically including Article 15) other than as security for a debt, and the grantee or
transferee of such of the Leased Property shall expressly assume all 

  

 -46- 

 
obligations of Landlord hereunder arising or accruing from and after the date of such conveyance or transfer, Landlord or such successor owner, as the case
may be, shall thereupon be released from all future liabilities and obligations of Landlord under this Lease with respect to such of the Leased Property arising or accruing from and after the date of such conveyance or other transfer and all such
future liabilities and obligations shall thereupon be binding upon the new owner. 
  
 22.8 Quiet Enjoyment. Provided that no Event of Default shall have occurred and be continuing, Tenant shall peaceably and quietly have, hold and enjoy the Leased Property for the Term, free of hindrance or
molestation by Landlord or anyone claiming by, through or under Landlord, but subject to (a) any Mortgage permitted under Article 20 or otherwise permitted to be created by Landlord hereunder, (b) all Permitted Encumbrances, (c) liens
as to obligations of Landlord that are either not yet due or which are being contested in good faith and by proper proceedings, provided the same do not materially interfere with Tenant’s ability to operate the Project and (d) liens that have
been consented to in writing by Tenant. Except as otherwise provided in this Lease, no failure by Landlord to comply with the foregoing covenant shall give Tenant the right to cancel or terminate this Lease or abate, reduce or make a deduction from
or offset against the Rent or any other sum payable under this Lease, or to fail to perform any other obligation of Tenant hereunder. 
  
 22.9 Memorandum of Lease. Neither Landlord nor Tenant shall record this Lease. However, Landlord and Tenant shall promptly, upon the request of the
other, enter into a short form memorandum of this Lease, in form suitable for recording under the laws of the State, and all options contained herein, shall be made. The parties shall share equally all costs and expenses of recording such
memorandum. 
  
 22.10 Notices. 
  
 (a) Any and all notices, demands, consents, approvals,
offers, elections and other communications required or permitted under this Lease shall be deemed adequately given if in writing and the same shall be delivered either in hand, by telecopier with written acknowledgment of receipt, or by mail or
Federal Express or similar expedited commercial carrier, addressed to the recipient of the notice, postpaid and registered or certified with return receipt requested (if by mail), or with all freight charges prepaid (if by Federal Express or similar
carrier). 
  
 (b) All notices required or
permitted to be sent hereunder shall be deemed to have been given for all purposes of this Lease upon the date of acknowledged receipt, in the case of a notice by telecopier, and, in all other cases, upon the date of receipt or refusal, except that
whenever under this Lease a notice is either received on a day which is not a Business Day or is required to be delivered on or before a specific day which is not a Business Day, the day of receipt or required delivery shall automatically be
extended to the next Business Day. 
  

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 All such notices shall be addressed, 
  
 if to Landlord to: 
  
 WTC-Trade Mart, L.P. 
 2100 Stemmons Freeway,
5th Floor 
 Dallas, Texas 75207 
 Attention: Mitzi Tally 
 Facsimile No.: (214) 655-7628 
  
 And 
  
 CNL Dallas Market Center, L.P. 
 c/o CNL Income Properties, Inc. 
 CNL Center
at City Commons 
 450 South Orange Avenue 
 Orlando, FL 32801-3336 
 Attn: Charles A. Muller, Chief Operating Officer 
 Telecopier No. (407) 540-2544 
  
 And 
  
 CNL Dallas Market Center, L.P. 
 c/o CNL
Income Properties, Inc. 
 CNL Center at City Commons 
 450 South Orange Avenue 
 Orlando, FL 32801-3336 
 Attn: Tammie A. Quinlan 
 Telecopier No. (407)
650-1066 
  
 And 
  
 CNL Dallas Market Center, L.P. 
 c/o CNL Income Properties, Inc. 
 CNL Center
at City Commons 
 450 South Orange Avenue 
 Orlando, Florida 32801-3336 
 Attn: Amy Sinelli, Vice President 
 and Corporate Counsel 
  

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 with a copy to: 
  

Greenberg Traurig, LLP 
 600 Three Galleria
Tower 
 13155 Noel Road 
 Dallas,
TX 75240 
 Attn: Ralph G. Santos, Esq. 
 Telecopier No. (972) 419-1251 
  
 if to Tenant to:

  
 Dallas Market Center Operating, L.P. 
 2100 Stemmons Freeway, 5th Floor 
 Dallas, Texas 75207 
 Attn: Mitzi Tally 
 Telecopier No. (214) 655-7628 
  
 With a copy to: 
  
 Crow Holdings 
 2100 McKinney Avenue, Suite 700 
 Dallas,
Texas 75201 
 Attn: M. Kevin Bryant 
 Telecopier: (214) 661-8044 
  
 And 
  
 Crow Holdings 
 2100 McKinney Avenue, Suite 700 
 Dallas,
Texas 75201 
 Attn: Gina A. Norris 
 Telecopier: (214) 661-8044 
  
 And 
  
 Stephen C. Johnson, PC 
 2100 McKinney Avenue, Suite 700 
 Dallas,
Texas 75201 
 Attn: Stephen C. Johnson 
 Telecopier: (214) 661-8213 
  
 By notice given as herein
provided, the parties hereto and their respective successors and assigns shall have the right from time to time and at any time during the term of this Lease to change their respective addresses effective upon receipt by the other parties of such
notice and each shall have the right to specify as its address any other address within the United States of America. 
  

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 22.11 Construction; Nonrecourse. Anything contained in this Lease to the contrary notwithstanding,
all claims against, and liabilities of, Tenant or Landlord arising prior to any date of termination or expiration of this Lease with respect to the Leased Property shall survive the expiration or sooner termination of this Lease (including without
limitation, any monetary, repair and indemnification obligations); provided, however, that each party shall be required to give the other Notice of any such surviving and unsatisfied obligations within one year after the expiration or sooner
termination of this Lease. Neither this Lease nor any provision hereof may be changed, waived, discharged or terminated except by an instrument in writing signed by all the parties thereto. All the terms and provisions of this Lease shall be binding
upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. Each term or provision of this Lease to be performed by Tenant shall be construed as an independent covenant and condition. Time is of the
essence with respect to the exercise of any rights of Tenant or Landlord under this Lease. Nothing contained in this Lease shall be construed to create or impose any liabilities or obligations and no such liabilities or obligations shall be imposed
on any of the shareholders, beneficial owners, direct or indirect, officers, directors, trustees, employees or agents of Landlord or Tenant for the payment or performance of the obligations or liabilities of Landlord or Tenant hereunder. Further, in
the event Landlord shall be in default under this Lease, and if as a consequence of such default, Tenant shall recover a money judgment against Landlord, such judgment shall be subject to the rights of any Mortgagee, and in any event satisfied only
out of the proceeds of sale received upon execution of such judgment against the right, title and interest of Landlord in the Leased Property. 
  
 22.12 Counterparts; Headings. This Lease may be executed in two or more counterparts, each of which shall constitute an original, but which, when
taken together, shall constitute but one instrument and shall become effective as of the date hereof when copies hereof, which, when taken together, bear the signatures of each of the parties hereto shall have been signed. Headings in this Lease are
for purposes of reference only and shall not limit or affect the meaning of the provisions hereof. 
  
 22.13 Legal Requirements. This Lease shall be interpreted, construed, applied and enforced in accordance with the laws of the State applicable to
contracts between residents of the State which are to be performed entirely within the State, regardless of (a) where this Lease is executed or delivered; or (b) where any payment or other performance required by this Lease is made or required to be
made; or (c) where any breach of any provision of this Lease occurs, or any cause of action otherwise accrues; or (d) where any action or other proceeding is instituted or pending; or (e) the nationality, citizenship, domicile, principal place of
business, or jurisdiction of organization or domestication of any party; or (f) whether the laws of the forum jurisdiction otherwise would apply the laws of a jurisdiction other than the State; or (g) any combination of the foregoing. 
  
 To the maximum extent permitted by applicable law, any action to enforce,
arising out of, or relating in any way to, any of the provisions of this Lease may be brought and prosecuted in such court or courts located in the State as is provided by law; and the parties consent to the jurisdiction of said court or courts
located in the State and to service of process by registered mail, return receipt requested, or by any other manner provided by law. 
  

 -50- 

 22.14 Right to Make Lease. Each party warrants, with respect to itself, that neither the execution
of this Lease, nor the consummation of any transaction contemplated hereby, shall violate any provision of any law, or any judgment, writ, injunction, order or decree of any court or governmental authority having jurisdiction over it; nor result in
or constitute a breach or default under any indenture, contract, other commitment or restriction to which it is a party or by which it is bound; nor require any consent, vote or approval which has not been given or taken, or at the time of the
transaction involved shall not have been given or taken. Each party covenants that it has and will continue to have throughout the term of this Lease and any extensions thereof, the full right to enter into this Lease and perform its obligations
hereunder. 
  
 22.15 Disclosure of Information. Any
Proprietary Information obtained by Landlord with respect to Tenant pursuant to the provisions of this Lease shall be treated as confidential, except that such information may be used, subject to confidentiality safeguards mutually acceptable to
Landlord and Tenant, in any litigation between the parties and except further that, Landlord may disclose such information to its prospective lenders, provided that Landlord shall direct and obtain the agreement of such lenders to maintain such
information as confidential. 
  
 The parties hereto agree that the
matters set forth in this Lease and any revenue, expense, net profit, and occupancy information provided by Tenant are strictly confidential and each party will make every effort to ensure that the information is not disclosed to any Person that is
not an Affiliated Person as to any party (including the press) without the prior written consent of the other party, except as may be required by law and as may be reasonably necessary to obtain licenses, permits and other public approvals necessary
for the refurbishment or operation of the Project, or, subject to the restrictions of this Section 22.15 relative to the contents of any Prospectus, in connection with a Landlord financing, a sale of the Project, or a sale of a
controlling interest in Tenant. 
  
 No reference to Tenant or any
of its Affiliated Persons will be made in any prospectus, private placement memorandum, offering circular or offering documentation related thereto (collectively, the “Prospectus”), issued by Landlord or any of its Affiliated
Persons, which is designed to interest potential investors in the Project, unless Tenant has previously received and approved a copy of all such references. No Prospectus shall include rate and occupancy data or revenue, expense or net profit
information pertaining to the Project. Regardless of whether Tenant so receives a copy of the Prospectus, neither Tenant nor its Affiliated Persons will be deemed a sponsor of the offering described in the Prospectus, nor will it have any
responsibility for the Prospectus, and the Prospectus will so state. Unless Tenant agrees in advance, the Prospectus will not include any trademark, symbols, logos or designs of Tenant or any of its Affiliated Persons. Landlord shall indemnify,
defend and hold Tenant harmless from and against all loss, costs, liability and damage (including reasonable attorneys’ fees and expenses, and all cost of litigation) arising out of any Prospectus or the offering described therein; and this
obligation of Landlord shall survive termination of this Lease. 
  
 The obligations of Tenant and Landlord contained in this Section 22.15 shall survive the expiration or earlier termination of this Lease. 
  

22.16 Software. Any computer software (including upgrades and replacements) at the Project owned by Tenant or any of its Affiliated Persons, or
the licensor of any of them is 

  

 -51- 

 
proprietary to Tenant or any of its Affiliated Persons, or the licensor of any of them, and shall in all events remain the exclusive property of Tenant or
any of its Affiliated Persons or the licensor of any of them, as the case may be, and nothing contained in this Lease shall confer on Landlord the right to use any of such software. Tenant shall have the right to remove from the Project without
compensation to Landlord any computer software (including upgrades and replacements), including, without limitation, the system software, owned by Tenant or any of its Affiliated Persons or the licensor of any of them. 
  
 22.17 OFAC Representation. Tenant represents and warrants to Landlord
that Tenant is currently in compliance with and shall at all times during the Term (including any extension thereof) remain in compliance with the regulations of the OFAC of the Department of the Treasury (including those named on OFAC’s
Specialty Designated and Blocked Persons List) and any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism), or
other governmental action relating thereto. 
  
 22.18
Additional Provisions. Notwithstanding any provision in this Lease to the contrary, to the extent of any conflict between the terms and provisions of Schedule 22.18 and any other provision of this Lease, the terms of
Schedule 22.18 shall prevail. 
  
 [SIGNATURE PAGES
INTENTIONALLY ON NEXT PAGE] 
  

 -52- 

 IN WITNESS WHEREOF, the parties have executed this Lease as a sealed instrument as of the date
above first written. 
  

							
	LANDLORD:
	
	 WTC-TRADE MART, L.P.,
 a Delaware limited partnership

		
	By:	 	WTC-TRADE MART GP, L.L.C.,
a Delaware limited liability company,
its general partner
			
	 	 	By:	 	CNL Dallas Market Center GP, LLC,
a Delaware limited liability company
its manager
				
	 	 	 	 	By:	 	 /s/ Charles A. Muller

	 	 	 	 	 	 	 Charles A. Muller,

	 	 	 	 	 	 	Chief Operating Officer and
Manager

  

 SIGNATURE PAGE 

							
	TENANT:
	
	 DALLAS MARKET CENTER OPERATING, L.P.,
 a Delaware limited partnership

		
	By:	 	DMC Operating GP, L.L.C.,
a Delaware limited liability company,
its general partner
			
	 	 	By:	 	Crow Family, Inc.,
a Texas corporation,
its manager
				
	 	 	 	 	By:	 	 /s/ Gina A. Norris

	 	 	 	 	 	 	 Gina A. Norris

	 	 	 	 	 	 	Vice President

  

 SIGNATURE PAGE 

  
 SCHEDULE 2.1(a)

  
 GROUND LEASES AND LAND 
  
 Ground Leasehold Interests: 
  
 1. Leasehold Estate as created in Indenture of Lease by and between Industrial Properties
Corporation, as Lessor, and S. H. M. Realty Company, a Texas corporation, as Lessee, dated November 9, 1956, filed June 27, 1957, recorded in Volume 4730, Page 155, Deed Records, Dallas County, Texas, as assigned by Southwestern Furniture Mart
Company, a Texas corporation (successor to S. H. M. Realty Company by change of name) to Market Hall Company, a Texas corporation by instrument dated April 25, 1968, filed May 29, 1968, recorded in Volume 68108, Page 177, Deed Records, Dallas
County, Texas, as amended by instrument by and between Industrial Properties Corporation and Dallas Market Center Company, a Texas corporation (successor to Market Hall Company, a Texas corporation, by change of name as disclosed by Certificate of
Amendment of Articles of Incorporation filed May 29, 1968, recorded in Volume 68108, Page 189, Deed Records, Dallas County, Texas), dated December 22, 1972, filed December 29, 1972, recorded in Volume 73001, Page 1610, Deed Records, Dallas County,
Texas, as assigned by Dallas Market Center Company, a Texas corporation to Dallas Market Center Company, a partnership, by instrument dated December 29, 1972, filed December 29, 1972, recorded in Volume 73001, Page 2260, Deed Records, Dallas County,
Texas; as amended by instrument by and between Industrial Properties Corporation and Dallas Market Center Company, dated March 12, 1987, filed March 17, 1987, recorded in Volume 87051, Page 0003, Deed Records, Dallas County, Texas; and affected by
Third Amendment to Lease dated March 29, 1996 and recorded in Volume 96067, Page 4412, Deed Records, Dallas County, Texas; and affected by Fourth Amendment to Lease dated December 23, 1997 and recorded in Volume 98019, Page 3508, Deed Records,
Dallas County, Texas; Assigned to WTC-Trade Mart, L.P., a Delaware limited partnership by Assignment and Assumption of Ground Leasehold Estates and Conveyance of Improvements dated August 2, 2004, filed for record August 2, 2004 and recorded in
Volume 2004147, Page 00178, Deed Records, Dallas County, Texas, as to Tract IA. (GL1A) 
  
 2. Leasehold Estate as created in Indenture of Lease by and between Industrial Properties Corporation, as Lessor, and Trade Mart Realty Company, a Texas corporation, as Lessee, dated June 10, 1958, filed August 8, 1958, recorded in Volume
4943, Page 35, Deed Records, Dallas County, Texas, as amended by instrument by and between Industrial Properties Corporation and Trade Mart Realty Company dated June 15, 1959, filed June 26, 1959, recorded in Volume 5150, Page 3, Deed Records,
Dallas County, Texas, as amended by instrument dated February 16, 1966, by and between Industrial Properties Corporation and Trade Mart Company formerly Trade Mart Realty Company as disclosed by instrument dated December 21, 1972, filed December 29,
1972, recorded in Volume 73001, Page 1547, Deed Records, Dallas County, Texas, as assigned by Trade Mart Company, a Texas corporation, to Southwestern Furniture Mart Company, a Texas corporation, by instrument dated April 25, 1968, filed of record
on May 29, 1968, recorded in Volume 68108, Page 170, Deed Records, Dallas County, Texas, as assigned by Southwestern Furniture Mart Company to Market Hall Company, a Texas corporation, by instrument dated April 25, 1968, filed May 29, 1968, recorded
in Volume 68108, Page 177, Deed Records, Dallas County, Texas, as amended by instrument by and between Industrial Properties Corporation and Dallas Market Center Company, a corporation (successor to Market Hall Company by name change as disclosed by
Certificate of Amendment of Articles of Incorporation filed May 29, 1968, recorded in Volume 68108, Page 189, 

  

					
	 	 	1	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

 
Deed Records, Dallas County, Texas) dated December 22, 1972, filed December 29, 1972, recorded in Volume 73001, Page 1586, Deed Records, Dallas County,
Texas, as assigned by Dallas Market Center Company, a Texas corporation to Dallas Market Center Company, a partnership, by instrument dated December 29, 1972, filed December 29, 1972, recorded in Volume 73001, Page 2260, Deed Records, Dallas County,
Texas; and affected by Amendment to Lease dated March 29, 1996 and recorded in Volume 96067, Page 4433, Deed Records, Dallas County, Texas; Assigned to WTC-Trade Mart, L.P., a Delaware limited partnership by Assignment and Assumption of Ground
Leasehold Estates and Conveyance of Improvements dated August 2, 2004, filed for record August 2, 2004 and recorded in Volume 2004147, Page 00178, Deed Records, Dallas County, Texas, as to Tract VI. (GL3) 
  
 3. Leasehold Estate as created by Indenture of Lease by and between Industrial Properties
Corporation, as Lessor, and Trade Mart Company, a Texas corporation, as Lessee, dated March 1, 1967, filed April 17, 1967, recorded in Volume 67076, Page 695, Deed Records, Dallas County, Texas, as assigned by Trade Mart Company to Southwestern
Furniture Mart Company, a Texas corporation, by instrument dated April 25, 1968, filed May 29, 1968, recorded in Volume 68108, Page 170, Deed Records, Dallas County, Texas, as assigned by Southwestern Furniture Mart Company to Market Hall Company, a
Texas corporation, by instrument dated April 25, 1968, filed May 29, 1968, recorded in Volume 68108, Page 177, Deed Records, Dallas County, Texas, as amended by instrument by and between Industrial Properties Corporation and Dallas Market Center
Company, a corporation (successor to Market Hall Company by name change as disclosed by Certificate of Amendment of Articles of Incorporation filed May 29, 1968, recorded in Volume 68108, Page 189, Deed Records, Dallas County, Texas), dated December
22, 1972, filed December 29, 1972, recorded in Volume 73001, Page 1602, Deed Records, Dallas County, Texas, as assigned by Dallas Market Center Company, a Texas corporation, to Dallas Market Center Company, a partnership, by instrument dated
December 29, 1972, filed December 29, 1972, recorded in Volume 73001, Page 2260, Deed Records, Dallas County, Texas; and affected by Amendment to Lease dated March 29, 1996 and recorded in Volume 96067, Page 4443, Deed Records, Dallas County, Texas;
Assigned to WTC-Trade Mart, L.P., a Delaware limited partnership by Assignment and Assumption of Ground Leasehold Estates and Conveyance of Improvements dated August 2, 2004, filed for record August 2, 2004 and recorded in Volume 2004147, Page
00178, Deed Records, Dallas County, Texas, as to Tract VII. (GL4) 
  
 4. Leasehold
Estate as created in Indenture of Lease by and between Industrial Properties Corporation, as Lessor, and Southwestern Furniture Mart Company, a Texas corporation, as Lessee, dated March 1, 1967, filed April 17, 1967, recorded in Volume 67076, Page
690, Deed Records, Dallas County, Texas, as assigned by Southwestern Furniture Mart Company to Market Hall Company, a Texas corporation by instrument dated April 25, 1968, filed May 29, 1968, recorded in Volume 68108, Page 177, Deed Records, Dallas
County, Texas, as amended by instrument by and between Industrial Properties Corporation and Dallas Market Center Company, a Texas corporation (successor to Market Hall Company by name change as disclosed by Certificate of Amendment of Articles of
Incorporation filed on May 29, 1968, recorded in Volume 68108, Page 189, Deed Records, Dallas County, Texas), dated December 22, 1972, filed December 29, 1972, recorded in Volume 73001, Page 1594, Deed Records, Dallas County, Texas, as assigned by
Dallas Market Center Company, a Texas corporation, to Dallas Market Center Company, a partnership, by instrument dated December 29, 1972, filed December 29, 1972, recorded in Volume 73001, Page 2260, Deed Records, Dallas County, Texas; as amended by
instrument by and between Industrial 

  

					
	 	 	2	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

 
Properties Corporation and Dallas Market Center Company, dated March 12, 1987, filed March 17, 1987, and recorded in Volume 87051, Page 0012, Deed Records,
Dallas County, Texas; and affected by Amendment to Lease dated March 29, 1996 and recorded in Volume 96067, Page 4423, Deed Records, Dallas County, Texas; Assigned to WTC-Trade Mart, L.P., a Delaware limited partnership by Assignment and Assumption
of Ground Leasehold Estates and Conveyance of Improvements dated August 2, 2004, filed for record August 2, 2004 and recorded in Volume 2004147, Page 00178, Deed Records, Dallas County, Texas, as to Tract VIIIA. (GL2) 
  
 5. Leasehold Estate created by Lease between Industrial Properties Corporation, as Lessor,
and Market Hall Company, as Lessee (the “Market Hall Lease”), as evidenced by instrument filed July 22, 1963, recorded in Volume 111, Page 1941, Deed Records, Dallas County, Texas; Market Hall Company became Dallas Market
Center Company by Certificate of Amendment filed May 29, 1968, recorded in Volume 68108, Page 189, Deed Records, Dallas County, Texas; Assigned to Dallas Market Center Company, a partnership by instrument filed December 29, 1972, recorded in Volume
73001, Page 2260, Deed Records, Dallas County, Texas; Amendment filed March 22, 1973, recorded in Volume 73058, Page 657, Deed Records, Dallas County, Texas; Second Amendment filed May 28, 1981, recorded in Volume 81104, Page 1804, Deed Records,
Dallas County, Texas; Amendment filed April 4, 1996, recorded in Volume 96067, Page 4453, Deed Records, Dallas County, Texas; Assigned to WTC-Trade Mart, L.P., a Delaware limited partnership by Assignment and Assumption of Ground Leasehold Estates
and Conveyance of Improvements dated August 2, 2004, filed for record August 2, 2004 and recorded in Volume 2004147, Page 00178, Deed Records, Dallas County, Texas as to Tract GL5A. (GL5A) 
  
 6. Leasehold Estate created by Indenture of Lease by and between Industrial Properties
Corporation, as Lessor, and Apparel Mart Company, as Lessee, dated April 15, 1971, filed December 14, 1972, recorded in Volume 72242, Page 985, Deed Records, Dallas County, Texas; as amended by instrument by and between Industrial Properties
Corporation and Apparel Mart Company dated December 22, 1972, filed December 29, 1972, recorded in Volume 73001, Page 2260, Deed Records, Dallas County, Texas, as assigned by Apparel Mart Company to Dallas Market Center Company, a partnership, by
instrument recorded in Volume 73058, Page 665, Deed Records, Dallas County, Texas; and as amended by Amendment To Lease by and between Industrial Properties Corporation, a Texas corporation, and Dallas Market Center Company, Ltd., a Texas limited
partnership, dated March 29, 1996, filed April 4, 1996, recorded in Volume 96067, Page 4473, Deed Records, Dallas County, Texas. As affected by instrument filed January 10, 1980, recorded in Volume 80008, Page 433, Deed Records, Dallas County,
Texas; Assigned to WTC-Trade Mart, L.P., a Delaware limited partnership by Assignment and Assumption of Ground Leasehold Estates and Conveyance of Improvements dated August 2, 2004, filed for record August 2, 2004 and recorded in Volume 2004147,
Page 00178, Deed Records, Dallas County, Texas, as to Tract GL7. (GL7) 
  
 7.
Leasehold Estate created by Indenture of Lease by and between Industrial Properties Corporation, as Lessor, and Apparel Mart Company, as Lessee, dated April 15, 1971, filed December 14, 1972, recorded in Volume 72242, Page 980 Deed Records, Dallas
County, Texas; as amended by instrument by and between Industrial Properties Corporation and Apparel Mart Company dated December 22, 1972, filed December 29, 1972, recorded in Volume 73001, Page 1578, Deed Records, Dallas County, Texas, as assigned
by Apparel Mart Company the Dallas Market Center Company, a partnership, by instrument dated December 29, 1972, filed December 29, 1972, recorded in Volume 73001, Page 2249, Deed Records, Dallas County, Texas, as corrected 

  

					
	 	 	3	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

 
by instruments filed July 9, 1973, recorded in Volume 73134, Page 482, Deed Records, Dallas County, Texas; and as amended by Amendment to Lease by and
between Industrial Properties Corporation, a Texas corporation, and Dallas Market Center Company, Ltd., a Texas limited partnership, dated March 29, 1996, filed April 4, 1996, recorded in Volume 96067, Page 4483, Deed Records, Dallas County, Texas.
As affected by instrument filed January 10, 1980, recorded in Volume 80008, Page 427, Deed Records, Dallas County, Texas; Assigned to WTC-Trade Mart, L.P., a Delaware limited partnership by Assignment and Assumption of Ground Leasehold Estates and
Conveyance of Improvements dated August 2, 2004, filed for record August 2, 2004 and recorded in Volume 2004147, Page 00178, Deed Records, Dallas County, Texas, as to Tract GL8 (the leases described in numbered paragraphs 6 and 7 of this
Schedule 2.1(a) are collectively called the “Apparel Mart Leases”. (GL8) 
  

					
	 	 	4	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

  
 Description of Land: 
  
 Tract 1A – Remainder Tract (GL1A) 
  
 BEING A 9.641 ACRE TRACT OF LAND OUT OF THE TRINITY INDUSTRIAL DISTRICT, SITUATED IN THE
JAMES A. SYLVESTER SURVEY, ABSTRACT NO. 1383 AND THE C. G. COLE SURVEY, ABSTRACT NO. 270, DALLAS COUNTY, TEXAS AND A PORTION OF THAT CERTAIN 967,656 SQUARE FOOT TRACT OF LAND, KNOWN AS TRACT IA AND DESCRIBED IN A TEXAS DEED OF TRUST AND MORTGAGE
FROM DALLAS MARKET CENTER TO JOHN E. BROMBERG AS RECORDED IN VOLUME 87051, PAGE 0111 OF THE DEED RECORDS OF DALLAS COUNTY, TEXAS, SAID 9.641 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 
  
 BEGINNING AT A 1/2 INCH IRON ROD FOUND FOR THE SOUTHWEST CORNER OF THE HEREIN DESCRIBED TRACT
IA, BEING THE SOUTHEAST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT VI IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE, AND BEING IN THE NORTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 35 EAST, KNOWN AS U.S. HIGHWAY 77 AND STEMMONS
FREEWAY, A VARIABLE WIDTH RIGHT-OF-WAY; 
  
 THENCE N 09°21§03§ E,
LEAVING THE NORTHERLY RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY 35 EAST, ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT VI AND THE HEREIN DESCRIBED TRACT IA, A DISTANCE OF 868.26 FEET TO A 5/8§ IRON ROD CAPPED “CARTER &
BURGESS” SET FOR THE NORTHWEST CORNER OF THE HEREIN DESCRIBED TRACT IA, BEING THE NORTHEAST CORNER OF SAID TRACT VI, ALSO BEING THE SOUTHEAST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT VII IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND
MORTGAGE, SAID IRON ROD ALSO BEING THE SOUTHWEST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT VIIIA IN SAID TEXAS DEED OF TRUST AND MORTGAGE, FROM WHICH AN “X” CUT IN CONCRETE FOUND BEARS N 04°15§ W, A DISTANCE OF 1.2 FEET;

  
 THENCE ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT VIIIA AND THE HEREIN
DESCRIBED TRACT IA, THE FOLLOWING COURSES: 
  
 S
79°53§34§ E, A DISTANCE OF 661.33 FEET TO AN “X” CUT FOUND; 
  
 SOUTHEASTERLY, ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 1508.95 FEET, A DELTA ANGLE OF 10°52§42§, A LONG CHORD THAT BEARS S 74°27§50§ E A DISTANCE OF 286.06 FEET, AN ARC DISTANCE OF
286.49 FEET TO A PK NAIL FOUND; 
  
 SOUTHEASTERLY, ALONG A CURVE
TO THE RIGHT HAVING A RADIUS OF 154.40 FEET, A DELTA ANGLE OF 44°52§19§, A LONG CHORD THAT BEARS S 46°34 ́59 ́ E A DISTANCE OF 117.85 FEET, AN ARC DISTANCE OF 120.92 FEET TO A 1/2 INCH IRON ROD FOUND FOR THE SOUTHEAST
CORNER OF SAID TRACT VIIIA, BEING THE NORTHWESTERLY CORNER OF A TRACT OF LAND DESCRIBED AS THE SECOND EASEMENT TRACT IN SAID TEXAS DEED OF TRUST AND MORTGAGE, SAID IRON ROD ALSO BEING THE NORTHEAST 

  

					
	 	 	5	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

 
CORNER OF A TRACT OF LAND DESCRIBED AS THE FIRST EASEMENT TRACT IN SAID TEXAS DEED OF TRUST AND MORTGAGE; 
  
 THENCE ALONG AND WITH THE COMMON LINE BETWEEN THE SAID FIRST EASEMENT TRACT AND THE HEREIN
DESCRIBED TRACT IA, THE FOLLOWING COURSES: 
  
 S
65°59 ́04 ́ W, A DISTANCE OF 11.32 FEET TO AN “X” CUT IN CONCRETE FOUND FOR THE NORTHWEST CORNER OF THE SAID FIRST EASEMENT TRACT, BEING AN EL CORNER OF SAID TRACT IA; 
  
 S 09°20 ́15 ́ W, A DISTANCE OF 103.35 FEET TO A PK NAIL SET
FOR CORNER; 
  
 THENCE LEAVING THE WESTERLY LINE OF SAID FIRST EASEMENT TRACT,
OVER AND ACROSS SAID TRACT IA, THE FOLLOWING COURSES: 
  
 N
80°39 ́00 ́ W, AT A DISTANCE OF 141 FEET PASSING THE EASTERLY CORNER OF A BUILDING KNOWN AS THE HOME FURNISHING MART, AND CONTINUING ALONG AND WITH THE NORTHERLY FACE OF SAID BUILDING, A TOTAL DISTANCE OF 736.96 FEET TO A POINT IN THE
COMMON WALL BETWEEN THE HOME FURNISHING MART BUILDING AND THE BUILDING KNOWN AS THE WORLD TRADE CENTER; 
  
 THENCE S 09°20 ́23 ́ W, ALONG AND WITH THE COMMON WALL BETWEEN THE HOME FURNISHING MART BUILDING AND THE WORLD TRACT CENTER BUILDING, A DISTANCE OF 352.77 FEET TO THE SOUTHWEST CORNER OF SAID HOME
FURNISHING MART BUILDING; 
  
 THENCE S 80°39 ́37 ́ E, ALONG AND WITH
THE SOUTHERLY FACE OF THE HOME FURNISHING MART BUILDING, A DISTANCE OF 53.10 FEET TO THE NORTHEASTERLY CORNER OF AN ELECTRIC SUBSTATION BUILDING; 
  
 THENCE S 08°34 ́34 ́ W, ALONG AND WITH THE EASTERLY FACE OF SAID ELECTRIC SUBSTATION BUILDING, A DISTANCE OF 25.54 FEET TO THE SOUTHEASTERLY CORNER OF SAID
BUILDING; 
  
 THENCE N 81°54 ́40 ́ W, ALONG AND WITH THE SOUTH FACE
OF SAID ELECTRIC SUBSTATION BUILDING, A DISTANCE OF 9.76 FEET TO A 5/8 ́ IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER; 
  
 THENCE S 10°40 ́06 ́ W, A DISTANCE OF 308.37 FEET TO A 5/8 ́ IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER, BEING IN THE NORTHERLY
RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY 35 EAST; 
  
 THENCE NORTHWESTERLY,
ALONG AND WITH THE NORTHERLY RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY 35 EAST, BEING COMMON WITH THE SOUTH LINE OF SAID TRACT IA, AND ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 3289.04 FEET, A DELTA ANGLE OF 05°50 ́35 ́, A LONG
CHORD THAT BEARS N 74°52 ́54 ́ W A DISTANCE OF 335.27 FEET, AN ARC DISTANCE OF 335.41 FEET TO THE POINT OF BEGINNING, AND CONTAINING 9.641 ACRES (419,964 SQUARE FEET) OF LAND, MORE OR LESS. 
  

					
	 	 	6	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

  
 Tract VI (GL3) 
  
 BEING A 19.763 ACRE TRACT OF LAND OUT OF THE TRINITY INDUSTRIAL DISTRICT, SITUATED IN THE
JAMES A. SYLVESTER SURVEY, ABSTRACT NO. 1383 AND THE C. G. COLE SURVEY, ABSTRACT NO. 270, DALLAS COUNTY, TEXAS AND BEING CERTAIN 860,993 SQUARE FOOT TRACT OF LAND, KNOWN AS TRACT VI AND DESCRIBED IN A TEXAS DEED OF TRUST AND MORTGAGE FROM DALLAS
MARKET CENTER TO JOHN E. BROMBERG AS RECORDED IN VOLUME 87051, PAGE 0111 OF THE DEED RECORDS OF DALLAS COUNTY, TEXAS, SAID 19.763 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 
  
 BEGINNING AT A 1/2 ́ IRON FOUND FOR THE SOUTHEASTERLY CORNER OF A CORNER CLIP AT THE
INTERSECTION OF THE EASTERLY RIGHT-OF-WAY LINE OF MARKET CENTER BOULEVARD, (A 100 FOOT RIGHT-OF-WAY FORMERLY KNOWN AS INDUSTRIAL BOULEVARD) AND THE NORTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 35 EAST, KNOWN AS U.S. HIGHWAY 77 AND STEMMONS
FREEWAY, A VARIABLE WIDTH RIGHT-OF-WAY, BEING THE MOST SOUTHERLY SOUTHWEST CORNER OF THE HEREIN DESCRIBED TRACT; 
  
 THENCE LEAVING THE NORTHERLY RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY 35 EAST, ALONG AND WITH THE EASTERLY RIGHT-OF-WAY LINE OF SAID MARKET CENTER BOULEVARD, BEING A
COMMON LINE WITH THE SOUTHWESTERLY LINE OF SAID TRACT VI, THE FOLLOWING COURSES: 
  
 N 53°34 ́38 ́ W, A DISTANCE OF 26.52 FEET TO AN “X” CUT IN CONCRETE FOUND FOR CORNER, FROM WHICH A 1/2 INCH IRON ROD FOUND BEARS N 65°42 ́10 ́ W, A DISTANCE OF 2.52 FEET;

  
 N 25°43 ́03 ́ W, A DISTANCE OF 90.00 FEET TO A
1/2 ́ IRON ROD FOUND FOR CORNER; 
  
 N
28°58 ́10 ́ W, A DISTANCE OF 149.83 FEET TO A 1/2 ́ IRON ROD FOUND FOR CORNER; 
  
 N 25°42 ́40 ́ W, A DISTANCE OF 505.52 FEET TO A 5/8 ́ IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER, FROM WHICH A 1/2
INCH IRON ROD FOUND BEARS S 69°30 ́W, A DISTANCE OF 0.8 FEET; 
  
 NORTHWESTERLY, ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 1960.08 FEET, A DELTA ANGLE OF 11°53 ́59 ́, A LONG CHORD THAT BEARS N 31°39 ́41 ́ W A DISTANCE OF 406.36 FEET, AN ARC DISTANCE OF 407.09 FEET TO A 5/8
INCH IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER; 
  
 N 37°36 ́40 ́ W, A DISTANCE OF 111.35 FEET TO A 5/8 ́ IRON ROD CAPPED “CARTER & BURGESS” SET FOR THE NORTHWEST CORNER OF THE HEREIN DESCRIBED TRACT VI, BEING THE SOUTHWEST CORNER OF A TRACT OF LAND DESCRIBED
AS TRACT VII IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE; 
  

					
	 	 	7	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

 THENCE ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT VII AND THE HEREIN DESCRIBED TRACT VI, THE FOLLOWING COURSES:

  
 SOUTHEASTERLY, ALONG A CURVE TO THE LEFT HAVING A RADIUS OF
11623.39 FEET, A DELTA ANGLE OF 01°43’11”, A LONG CHORD THAT BEARS S 74°38’26” E A DISTANCE OF 348.84 FEET, AN ARC DISTANCE OF 348.85 FEET TO A 5/8” IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER;

  
 SOUTHEASTERLY, ALONG A CURVE TO THE LEFT HAVING A RADIUS OF
120.00 FEET, A DELTA ANGLE OF 51°32’56”, A LONG CHORD THAT BEARS S 50°11’21” E A DISTANCE OF 104.36 FEET, AN ARC DISTANCE OF 107.96 FEET TO A 5/8” IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER;

  
 SOUTHEASTERLY, ALONG A CURVE TO THE LEFT HAVING A RADIUS OF
11668.39 FEET, A DELTA ANGLE OF 03°53’38”, A LONG CHORD THAT BEARS S 77°54’38” E A DISTANCE OF 792.85 FEET, AN ARC DISTANCE OF 793.00 FEET TO A 5/8” IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER,
FROM WHICH A 1/2” IRONROD FOUND BEARS N 08°30’ W, A DISTANCE OF 1.0 FEET; 
  
 S 79°53’34” E, A DISTANCE OF 182.31 FEET TO A 5/8” IRON ROD CAPPED “CARTER & BURGESS” SET FOR THE NORTHEAST CORNER OF THE HEREIN DESCRIBED TRACT, BEING THE SOUTHEAST CORNER OF SAID
TRACT VII, SAID IRON ROD ALSO BEING THE SOUTHWEST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT VIIIA IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE, SAID CORNER ALSO BEING THE NORTHWEST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT IA OF SAID
TEXAS DEED OF TRUST AND MORTGAGE, FROM WHICH AN “X” CUT IN CONCRETE FOUND BEARS N 04°15’ W, A DISTANCE OF 1.2 FEET; 
  
 THENCE S 09 DEGREES 21’ 63” W, ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT IA AND THE HEREIN DESCRIBED TRACT VI, A DISTANCE OF 868.26 FEET TO A 1/2
INCH IRON ROD FOUND FOR THE SOUTHEAST CORNER OF SAID TRACT VI, BEING THE SOUTHWEST CORNER OF SAID TRACT IA, AND BEING IN THE NORTHERLY RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY 35 EAST; 
  
 THENCE ALONG AND WITH THE NORTHERLY RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY 35 EAST,
BEING A COMMON LINE WITH THE SOUTHERLY LINE OF THE HEREIN DESCRIBED TRACT IA, THE FOLLOWING COURSES: 
  
 NORTHWESTERLY, ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 3289.04 FEET, A DELTA ANGLE OF 03°38’02”, A LONG CHORD THAT BEARS N
79°37’12” W A DISTANCE OF 208.56 FEET, AN ARC DISTANCE OF 208.60 FEET TO A 1/2 INCH IRON ROD FOUND FOR CORNER; 
  

					
	 	 	8	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

 N 81°26 ́13 ́ W, A DISTANCE OF 395.94 FEET TO THE POINT OF BEGINNING, AND CONTAINING 19.763
ACRES (860,879 SQUARE FEET) OF LAND, MORE OR LESS. 
  

					
	 	 	9	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

  
 Tract VII (GL4) 
  
 BEING A 1.784 ACRE TRACT OF LAND OUT OF THE TRINITY INDUSTRIAL DISTRICT, SITUATED IN THE
JAMES A. SYLVESTER SURVEY, ABSTRACT NO. 1383 AND THE C. G. COLE SURVEY, ABSTRACT NO. 270, DALLAS COUNTY, TEXAS AND A PORTION OF THAT CERTAIN 78,168 SQUARE FOOT TRACT OF LAND, KNOWN AS TRACT VII AND DESCRIBED IN A TEXAS DEED OF TRUST AND MORTGAGE
FROM DALLAS MARKET CENTER TO JOHN E. BROMBERG AS RECORDED IN VOLUME 87051, PAGE 0111 OF THE DEED RECORDS OF DALLAS COUNTY, TEXAS, SAID 1.784 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 
  
 COMMENCING AT A 1/2 INCH IRON ROD FOUND FOR THE SOUTHWEST CORNER OF A TRACT OF LAND DESCRIBED
AS TRACT IA IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE, BEING THE SOUTHEAST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT VI IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE, AND BEING IN THE NORTHERLY RIGHT-OF-WAY LINE OF
INTERSTATE HIGHWAY 35 EAST, KNOWN AS U.S. HIGHWAY 77 AND STEMMONS FREEWAY, A VARIABLE WIDTH RIGHT-OF-WAY; 
  
 THENCE N 09°21 ́03 ́ E, LEAVING THE NORTHERLY RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY 35 EAST, ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT VI AND SAID TRACT IA, A DISTANCE OF 868.26 FEET TO A
5/8 ́ IRON ROD CAPPED “CARTER & BURGESS” SET FOR THE POINT OF BEGINNING AND THE SOUTHEAST CORNER OF THE HEREIN DESCRIBED TRACT VII, BEING THE NORTHWEST CORNER OF SAID TRACT IA AND THE NORTHEAST CORNER OF SAID TRACT VI, SAID
IRON ROD ALSO BEING THE SOUTHWEST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT VIIIA IN SAID TEXAS DEED OF TRUST AND MORTGAGE, FROM WHICH AN “X” CUT IN CONCRETE FOUND BEARS N 04°15 ́ W, A DISTANCE OF 1.2 FEET; 
  
 THENCE ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT VI AND THE HEREIN DESCRIBED TRACT
VII, THE FOLLOWING COURSES: 
  
 N 79°53 ́34 ́ W, A
DISTANCE OF 182.31 FEET TO A 5/8 ́ IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER, FROM WHICH A 1/2 INCH IRON ROD FOUND BEARS N 08°30 ́ W, A DISTANCE OF 1.0 FEET; 
  
 NORTHWESTERLY, ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 11668.39 FEET,
A DELTA ANGLE OF 03°53 ́38 ́, A LONG CHORD THAT BEARS N 77°54 ́38 ́ W A DISTANCE OF 792.85 FEET, AN ARC DISTANCE OF 793.00 FEET TO A 5/8 INCH IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER; 
  
 NORTHWESTERLY, ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 120.00 FEET, A
DELTA ANGLE OF 51°32 ́56 ́, A LONG CHORD THAT BEARS N 50°11 ́21 ́ W A DISTANCE OF 104.36 FEET, AN ARC DISTANCE OF 107.96 FEET TO A 5/8 INCH IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER; 

  

					
	 	 	10	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

 
NORTHWESTERLY, ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 11623.39 FEET, A DELTA ANGLE OF 01°43 ́11 ́, A LONG CHORD THAT BEARS N
74°38 ́26 ́ W A DISTANCE OF 348.84 FEET, AN ARC DISTANCE OF 348.85 FEET TO A 5/8 INCH IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER, BEING THE NORTH-WESTERLY CORNER OF SAID TRACT VI, BEING THE SOUTHWEST CORNER OF SAID
TRACT VII, BEING IN THE NORTHEASTERLY RIGHT-OF-WAY LINE OF MARKET CENTER BOULEVARD, A 100 FOOT R.O.W FORMERLY KNOWN AS INDUSTRIAL BOULEVARD; 
  
 THENCE N 37°36 ́40 ́ W, ALONG AND WITH THE NORTHEASTERLY RIGHT-OF-WAY LINE OF SAID MARKET CENTER BOULEVARD, BEING COMMON WITH THE WESTERLY LINE OF THE
HEREIN DESCRIBED TRACT VII, A DISTANCE OF 36.18 FEET TO A 5/8 ́ IRON ROD CAPPED “CARTER & BURGESS” SET FOR THE NORTHWEST CORNER OF SAID TRACT VII, BEING ON THE SOUTHERLY RIGHT-OF- WAY LINE OF THE FORMER CHICAGO ROCK ISLAND
RAILROAD RIGHT-OF-WAY CONVEYED TO THE CITY OF DALLAS AND THE CITY OF FORT WORTH IN DEED RECORDED IN VOLUME 84017, PAGE 4116 OF THE DEED RECORDS OF DALLAS COUNTY, TEXAS; 
  
 THENCE LEAVING THE EASTERLY RIGHT-OF-WAY LINE OF SAID MARKET CENTER BOULEVARD, ALONG AND WITH THE SOUTH RIGHT-OF-WAY LINE OF THE SAID
RAILROAD RIGHT-OF-WAY LINE, BEING COMMON WITH NORTHERLY LINE OF THE HEREIN DESCRIBED TRACT VII, THE FOLLOWING COURSES: 
  
 SOUTHEASTERLY, ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 11601.39 FEET, A DELTA ANGLE OF 06°13 ́16 ́, A LONG CHORD THAT BEARS S
76°46 ́35 ́ E A DISTANCE OF 1259.03 FEET, AN ARC DISTANCE OF 1259.65 FEET TO A 5/8 INCH IRON ROD CAPPED “CARTER & BURGESS” SET FOR CORNER; 
  
 S 79°53 ́13 ́ E, A DISTANCE OF 181.42 FEET TO AN “X” CUT IN CONCRETE FOUND FOR THE NORTHEAST CORNER
OF SAID TRACT VII, BEING THE NORTHWESTERLY CORNER OF SAID TRACT VIIIA; 
  
 THENCE
S 09°21 ́03 ́ W, ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT VIIIA AND THE HEREIN DESCRIBED TRACT VII, A DISTANCE OF 66.95 FEET TO THE POINT OF BEGINNING, AND CONTAINING 1.784 ACRES (77,715 SQUARE FEET) OF LAND, MORE OR LESS.

  

					
	 	 	11	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

  
 Tract VIIIA (GL2) 
  
 BEING A 1.784 ACRE TRACT OF LAND OUT OF THE TRINITY INDUSTRIAL DISTRICT, SITUATED IN THE
JAMES A. SYLVESTER SURVEY, ABSTRACT NO. 1383, DALLAS COUNTY, TEXAS AND BEING THAT CERTAIN 77,932 SQUARE FOOT TRACT OF LAND, KNOWN AS TRACT VIIIA AND DESCRIBED IN A TEXAS DEED OF TRUST AND MORTGAGE FROM DALLAS MARKET CENTER TO JOHN E. BROMBERG AS
RECORDED IN VOLUME 87051, PAGE 0111 OF THE DEED RECORDS OF DALLAS COUNTY, TEXAS, SAID 1.784 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 
  
 COMMENCING AT A 1/2 INCH IRON ROD FOUND FOR THE SOUTHWEST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT IA IN THE AFOREMENTIONED TEXAS DEED
OF TRUST AND MORTGAGE, BEING THE SOUTHEAST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT VI IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE, AND BEING IN THE NORTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 35 EAST, KNOWN AS U.S. HIGHWAY 77
AND STEMMONS FREEWAY, A VARIABLE WIDTH RIGHT-OF-WAY; 
  
 THENCE N
09°21 ́03 ́ E, LEAVING THE NORTHERLY RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY 35 EAST, ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT VI AND SAID TRACT IA, A DISTANCE OF 868.26 FEET TO A 5/8 ́ IRON ROD CAPPED “CARTER
& BURGESS” SET FOR THE POINT OF BEGINNING AND THE SOUTHEAST CORNER OF THE HEREIN DESCRIBED TRACT VIIIA, BEING THE NORTHWEST CORNER OF SAID TRACT IA AND THE NORTHEAST CORNER OF SAID TRACT VI, SAID IRON ROD ALSO BEING THE SOUTHEAST CORNER OF
A TRACT OF LAND DESCRIBED AS TRACT VII IN SAID TEXAS DEED OF TRUST AND MORTGAGE, FROM WHICH AN “X” CUT IN CONCRETE FOUND BEARS N 04°15’ W, A DISTANCE OF 1.2 FEET; 
  
 THENCE N 09°21 ́03 ́ E, ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT VII AND THE HEREIN DESCRIBED VIIIA, A DISTANCE OF
66.95 FEET TO “X” CUT IN CONCRETE FOUND FOR THE NORTHEAST CORNER OF SAID TRACT VII, BEING THE NORTHWEST CORNER OF SAID TRACT VIIIA, BEING ON THE SOUTHERLY RIGHT-OF-WAY LINE OF THE FORMER CHICAGO ROCK ISLAND RAILROAD RIGHT-OF-WAY CONVEYED
TO THE CITY OF DALLAS AND THE CITY OF FORT WORTH IN DEED RECORDED IN VOLUME 84017, PAGE 4116 OF THE DEED RECORDS OF DALLAS COUNTY, TEXAS; 
  
 THENCE ALONG AND WITH THE SOUTH LINE OF SAID RAILROAD R.O.W., BEING COMMON WITH THE NORTH LINE OF SAID TRACT VIIIA, THE FOLLOWING COURSES: 
  
 S 79°53 ́13 ́ E, A DISTANCE OF 661.58 FEET TO AN “X”
CUT IN CONCRETE SET FOR CORNER; 
  

					
	 	 	12	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

 SOUTHEASTERLY, ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 1575.95 FEET, A DELTA ANGLE OF
18°26’32", A LONG CHORD THAT BEARS S 70°39'57" E A DISTANCE OF 505.07 FEET, AN ARC DISTANCE OF 507.26 FEET TO A 5/8 INCH IRON ROD CAPPED “CARTER & BURGESS” SET FOR THE MOST EASTERLY CORNER OF THE HEREIN DESCRIBED TRACT
VIIIA, BEING THE NORTHEASTERLY CORNER OF A TRACT OF LAND DESCRIBED AS THE SECOND EASEMENT TRACT AS DESCRIBED IN SAID TEXAS DEED OF TRUST AND MORTGAGE; 
  
 THENCE S 65°59'04" W, ALONG AND WITH THE COMMON LINE BETWEEN THE SAID SECOND EASEMENT TRACT AND THE HEREIN DESCRIBED TRACT VIIIA, A DISTANCE OF 138.48 FEET TO A 1/2
INCH IRON ROD FOUND FOR A SOUTHEASTERLY CORNER OF SAID TRACT VIIIA, BEING THE NORTHWESTERLY CORNER OF SAID SECOND EASEMENT TRACT, SAID IRON ROD ALSO BEING THE NORTHEAST CORNER OF A TRACT OF LAND DESCRIBED AS THE FIRST EASEMENT TRACT IN THE
AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE, SAID IRON ROD ALSO BEING THE MOST EASTERLY NORTHEAST CORNER OF SAID TRACT IA; 
  
 THENCE ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT IA AND THE HEREIN DESCRIBED TRACT VIIIA, THE FOLLOWING COURSES: 
  
 NORTHWESTERLY, ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 154.40 FEET, A
DELTA ANGLE OF 44°52'19", A LONG CHORD THAT BEARS N 46°34'59” W A DISTANCE OF 117.85 FEET, AN ARC DISTANCE OF 120.92 FEET TO A PK NAIL FOUND; 
  
 NORTHWESTERLY, ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 1508.95 FEET, A DELTA ANGLE OF 10°52'42", A LONG CHORD THAT BEARS N 74°27'50” W A
DISTANCE OF 286.06 FEET, AN ARC DISTANCE OF 286.49 FEET TO AN “X” CUT FOUND; 
  
 N 79°53'34" W, A DISTANCE OF 661.33 FEET TO THE POINT OF BEGINNING, AND CONTAINING 1.786 ACRES (77,817 SQUARE FEET) OF LAND, MORE OR LESS. 
  

					
	 	 	13	 	 
			
	 SCHEDULE 2.1(A)– GROUND LEASES AND
LAND
	 	 	 	 

 Tract X (GL5A) 
  
 BEING A 10.336 ACRE TRACT OF LAND OUT OF THE TRINITY INDUSTRIAL DISTRICT, SITUATED IN THE R. W. WOODRUFF SURVEY, ABSTRACT NO. 1565 AND THE C. G. COLE SURVEY, ABSTRACT NO.
270, DALLAS COUNTY, TEXAS AND BEING THAT CERTAIN 450,051 SQUARE FOOT TRACT OF LAND, KNOWN AS TRACT X AND DESCRIBED IN A TEXAS DEED OF TRUST AND MORTGAGE FROM DALLAS MARKET CENTER TO JOHN E. BROMBERG AS RECORDED IN VOLUME 87051, PAGE 0111 OF THE DEED
RECORDS OF DALLAS COUNTY, TEXAS, SAID 10.336 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 
  
 BEGINNING AT A 5/8" IRON ROD CAPPED “CARTER & BURGESS” SET FOR THE SOUTHWESTERLY CORNER OF A CORNER CLIP AT THE INTERSECTION OF THE WESTERLY RIGHT-OF-WAY
LINE OF MARKET CENTER BOULEVARD, (A 100 FOOT RIGHT-OF-WAY FORMERLY KNOWN AS INDUSTRIAL BOULEVARD) AND THE NORTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 35 EAST, KNOWN AS U.S. HIGHWAY 77 AND STEMMONS FREEWAY, A VARIABLE WIDTH RIGHT-OF-WAY, BEING
THE MOST SOUTHERLY SOUTHEAST CORNER OF THE HEREIN DESCRIBED TRACT; 
  
 THENCE
ALONG AND WITH THE NORTHERLY RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY 35 EAST, BEING COMMON WITH THE SOUTHERLY LINE OF THE SAID TRACT X, THE FOLLOWING COURSES: 
  
 N 81°25'29" W, A DISTANCE OF 515.03 FEET TO A 5/8 INCH IRON ROD CAPPED “CARTER & BURGESS” SET; 

 
 NORTHWESTERLY, ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 2276.83
FEET, A DELTA ANGLE OF 13°20'30", A LONG CHORD THAT BEARS N 74°45'14" W A DISTANCE OF 528.98 FEET, AN ARC DISTANCE OF 530.17 FEET TO A 1/2 INCH IRON ROD FOUND; 
  
 N 68°04'59" W, A DISTANCE OF 76.71 FEET TO A 1/2 INCH IRON ROD FOUND FOR THE SOUTHWEST CORNER OF THE HEREIN DESCRIBED
TRACT, BEING THE MOST SOUTHERLY SOUTHEAST CORNER OF A 113,941 SQUARE FOOT TRACT OF LAND KNOWN AS TRACT IX AS DESCRIBED IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE; 
  
 THENCE ALONG AND WITH THE COMMON LINE BETWEEN SAID TRACT IX AND THE HEREIN DESCRIBED TRACT (TRACT X), THE FOLLOWING COURSES: 
  
 N 29°53'50" E, A DISTANCE OF 352.91 FEET TO A 1/2 INCH IRON FOUND;

  
 NORTHEASTERLY, ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF
207.70 FEET, A DELTA ANGLE OF 75°06'02", A LONG CHORD THAT BEARS N 67°26'51" E A DISTANCE OF 253.17 FEET, AN ARC DISTANCE OF 272.24 FEET TO A POINT FOR CORNER; 
  

					
	 	 	15	 	 
			
	 SCHEDULE 2.1(A)–GROUND LEASES AND
LAND
	 	 	 	 

 S 75°00'08" E, A DISTANCE OF 485.07 FEET TO A 5/8 INCH IRON ROD CAPPED “CARTER &
BURGESS” SET FOR THE NORTHEAST CORNER OF HEREIN DESCRIBED TRACT (TRACT X), BEING THE MOST EASTERLY SOUTHEAST CORNER OF SAID TRACT IX, AND BEING IN THE SOUTHWESTERLY RIGHT-OF-WAY LINE OF SAID MARKET CENTER BOULEVARD; 
  
 THENCE ALONG AND WITH THE SOUTHWESTERLY RIGHT-OF-WAY LINE OF SAID MARKET CENTER BOULEVARD,
BEING COMMON WITH THE EASTERLY LINE OF SAID TRACT X, THE FOLLOWING COURSES: 
  
 S 25°42'40" E, A DISTANCE OF 324.67 FEET TO A 1/2 INCH IRON ROD FOUND; 
  
 S 23°25'07" E, A DISTANCE OF 225.00 FEET TO A 1/2 INCH IRON ROD FOUND; 
  
 S 37°34'31" W, A DISTANCE OF 29.09 FEET TO THE POINT OF BEGINNING, AND CONTAINING 10.336 ACRES (450,247 SQUARE FEET) OF
LAND, MORE OR LESS. 
  

					
	 	 	16	 	 
			
	 SCHEDULE 2.1(A)–GROUND LEASES AND
LAND
	 	 	 	 

 Tract XI (GL7) 
  
 BEING A 6.989 ACRE TRACT OF LAND OUT OF THE TRINITY INDUSTRIAL DISTRICT, SITUATED IN THE R. W. WOODRUFF SURVEY, ABSTRACT NO. 1565 AND THE G. G. COLE SURVEY, ABSTRACT NO.
270, DALLAS COUNTY, TEXAS AND BEING THAT CERTAIN 304,324 SQUARE FOOT TRACT OF LAND, KNOWN AS TRACT XI AND DESCRIBED IN A TEXAS DEED OF TRUST AND MORTGAGE FROM DALLAS MARKET CENTER TO JOHN E. BROMBERG AS RECORDED IN VOLUME 87051, PAGE 0111 OF THE
DEED RECORDS OF DALLAS COUNTY, TEXAS. THE BASIS OF BEARING IS THE RIGHT-OF-WAY OF MARKET CENTER BLVD., CALLED N 25°42'40" W - TRINITY INDUSTRIAL DISTRICT INSTALLMENT NO. 13, VOL 23, PG. 165 M.R.D.C.T. SAID 6.989 ACRE TRACT BEING MORE
PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 
  
 COMMENCING AT A 1/2
INCH IRON ROD FOUND FOR THE SOUTHWEST CORNER OF A TRACT OF LAND DESCRIBED IN DEED TO THE WYNDHAM AT DMC (HEREAFTER REFERRED TO AS THE STOUFFER TRACT) AS RECORDED IN VOLUME 85067, PAGE 2840 OF THE DEED RECORDS OF DALLAS COUNTY, TEXAS, BEING THE
SOUTHEAST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT II IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE, SAID IRON ROD BEING ON THE NORTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 35 EAST, KNOWN AS U.S. HIGHWAY 77 AND STEMMONS FREEWAY, A
VARIABLE WIDTH RIGHT-OF-WAY; 
  
 THENCE N 29°53'50" E, ALONG AND WITH THE LINE
COMMON TO THE STOUFFER TRACT AND SAID TRACT II, A DISTANCE OF 649.43 FEET TO A 1/2 IRON ROD FOUND FOR THE NORTHEAST CORNER OF SAID TRACT II, BEING THE NORTHWEST CORNER OF THE STOUFFER TRACT, ALSO BEING THE EAST CORNER OF A TRACT OF LAND DESCRIBED AS
TRACT V IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE, SAID IRON ROD ALSO BEING THE POINT OF BEGINNING OF THE HEREIN DESCRIBED TRACT (TRACT XI), 
  

THENCE N 29°53'50" E, ALONG AND WITH THE LINE COMMON WITH SAID TRACT V AND THE HEREIN DESCRIBED TRACT (TRACT XI), A DISTANCE OF 350.12 FEET TO 5/8" IRON PIPE FOUND
FOR THE NORTHEAST CORNER OF SAID TRACT V, BEING THE NORTHWEST CORNER OF THE HEREIN DESCRIBED TRACT XI, SAID IRON PIPE BEING ON THE SOUTHERLY RIGHT-OF-WAY LINE OF THE FORMER CHICAGO ROCK ISLAND RAILROAD RIGHT-OF-WAY CONVEYED TO THE CITY OF DALLAS AND
THE CITY OF FORT WORTH IN DEED RECORDED IN VOLUME 84017, PAGE 4116 OF THE DEED RECORDS OF DALLAS COUNTY, TEXAS; 
  
 THENCE S 71°50'26" E, ALONG AND WITH THE SAID SOUTH RAILROAD RIGHT-OF-WAY LINE, BEING COMMON WITH THE NORTH LINE OF THE HEREIN DESCRIBED TRACT XI, A DISTANCE OF
453.42 FEET TO A 5/8 INCH IRON ROD CAPPED CARTER & BURGESS SET FOR THE NORTHEAST CORNER OF THE HEREIN DESCRIBED TRACT FROM WHICH A 1/2 IRON ROD FOUND BEARS S 55°30' W A DISTANCE OF 0.6 FEET, SAID IRON ROD BEING IN THE SOUTHWESTERLY
RIGHT-OF-WAY LINE OF 

  

					
	 	 	17	 	 
			
	 SCHEDULE 2.1(A)–GROUND LEASES AND
LAND
	 	 	 	 

 
MARKET CENTER BOULEVARD (A 100 FOOT WIDE RIGHT-OF-WAY FORMERLY KNOWN AS INDUSTRIAL BOULEVARD); 
  
 THENCE ALONG AND WITH SOUTHWESTERLY RIGHT-OF-WAY LINE OF SAID MARKET CENTER BOULEVARD, BEING A COMMON LINE WITH THE NORTHEASTERLY LINE OF
THE HEREIN DESCRIBED TRACT XI, THE FOLLOWING COURSES: 
  
 S
37°36'40" E, A DISTANCE OF 283.26 FEET TO A 5/8 INCH IRON ROD CAPPED “CARTER & BURGESS” SET; 
  
 SOUTHEASTELRY, ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 1860.08 FEET, A DELTA ANGLE OF 10°53'42", A LONG CHORD THAT BEARS S 32°09'58" E A
DISTANCE OF 353.17 FEET, AN ARC DISTANCE OF 353.70 FEET TO A 5/8 INCH IRON ROD CAPPED “CARTER & BURGESS” SET FOR THE SOUTHEASTERLY CORNER OF THE HEREIN DESCRIBED TRACT XI, BEING THE NORTHEAST CORNER OF A TRACT OF LAND DESCRIBED AS
TRACT IX IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE; 
  
 THENCE N
75°00'08" W, LEAVING THE SOUTHWESTERLY RIGHT-OF-WAY LINE OF SAID MARKET CENTER BOULEVARD, ALONG AND WITH THE LINE COMMON WITH SAID TRACT IX AND THE HEREIN DESCRIBED TRACT XI, A DISTANCE OF 398.67 FEET TO A PK NAIL FOUND FOR THE MOST EASTERLY
CORNER OF THE 
  
 STOUFFER TRACT; 
  
 THENCE LEAVING THE NORTH LINE OF SAID TRACT IX, ALONG AND WITH THE LINE COMMON WITH THE
STOUFFER TRACT AND THE HEREIN DESCRIBED TRACT XI, THE FOLLOWING COURSES: 
  
 N 75°00'08" W, A DISTANCE OF 220.26 FEET TO A RAILROAD SPIKE FOUND; 
  
 NORTHWESTERLY, ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 279.44 FEET, A DELTA ANGLE OF 14°53'58", A LONG CHORD THAT BEARS N 67°33'09" W A
DISTANCE OF 72.46 FEET, AN ARC DISTANCE OF 72.67 FEET TO A 1/2" IRON ROD FOUND; 
  
 N 60°06'10" W, A DISTANCE OF 347.70 FEET TO THE POINT OF BEGINNING, AND CONTAINING 6.989 ACRES (304,439 SQUARE FEET) OF LAND, MORE OR LESS. 
  

					
	 	 	18	 	 
			
	 SCHEDULE 2.1(A)–GROUND LEASES AND
LAND
	 	 	 	 

 Tract V (GL8) 
  
 BEING A 3.090 ACRE TRACT OF LAND OUT OF THE TRINITY INDUSTRIAL DISTRICT, SITUATED IN THE R. W. WOODRUFF SURVEY, ABSTRACT NO. 1565, DALLAS COUNTY, TEXAS AND BEING THAT
CERTAIN 134,734 SQUARE FOOT TRACT OF LAND, KNOWN AS TRACT V AND DESCRIBED IN A TEXAS DEED OF TRUST AND MORTGAGE FROM DALLAS MARKET CENTER TO JOHN E. BROMBERG AS RECORDED IN VOLUME 87051, PAGE 0111 OF THE DEED RECORDS OF DALLAS COUNTY, TEXAS. THE
BASIS OF BEARING IS THE RIGHT-OF-WAY OF MARKET CENTER BLVD., CALLED N 25°42'40" W – TRINITY INDUSTRIAL DISTRICT INSTALLMENT NO. 13, VOL 23, PG. 165 M.R.D.C.T. SAID 3.090 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS
FOLLOWS: 
  
 COMMENCING AT A 1/2 INCH IRON ROD FOUND FOR THE SOUTHWEST CORNER OF A
TRACT OF LAND DESCRIBED IN DEED TO THE WYNDHAM AT DMC (HEREAFTER REFERRED TO AS THE STOUFFER TRACT) AS RECORDED IN VOLUME 85067, PAGE 2840 OF THE DEED RECORDS OF DALLAS COUNTY, TEXAS, BEING THE SOUTHEAST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT
II IN THE AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE, SAID IRON ROD BEING ON THE NORTHERLY RIGHT-OF-WAY LINE OF INTERSTATE HIGHWAY 35 EAST, KNOWN AS U.S. HIGHWAY 77 AND STEMMONS FREEWAY, A VARIABLE WIDTH RIGHT-OF-WAY; 
  
 THENCE N 29°53'50" E, ALONG AND WITH THE LINE COMMON TO THE STOUFFER TRACT AND THE SAID
TRACT II, A DISTANCE OF 649.43 FEET TO A 1/2 INCH IRON ROD FOUND FOR THE NORTHEAST CORNER OF SAID TRACT II, BEING THE NORTHWEST CORNER OF THE STOUFFER TRACT, ALSO BEING THE SOUTHWEST CORNER OF A TRACT OF LAND DESCRIBED AS TRACT XI IN THE
AFOREMENTIONED TEXAS DEED OF TRUST AND MORTGAGE, SAID IRON ROD ALSO BEING THE POINT OF BEGINNING OF THE HEREIN DESCRIBED TRACT (TRACT V), 
  
 THENCE ALONG AND WITH THE LINE COMMON WITH TRACT II AND THE HEREIN DESCRIBED TRACT (TRACT V), THE FOLLOWING COURSES: 
  
 N 60°03'43" W, A DISTANCE OF 158.32 FEET TO A RAILROAD SPIKE FOUND;

  
 NORTHWESTERLY, ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF
279.44 FEET, A DELTA ANGLE OF 33°43'10", A LONG CHORD THAT BEARS N 43°13'12" W A DISTANCE OF 162.09 FEET, AN ARC DISTANCE OF 164.45 FEET TO A RAILROAD SPIKE FOUND; 
  
 N 26°21'37" W, A DISTANCE OF 195.83 FEET TO AN “X” CUT IN CONCRETE SET FOR CORNER; 
  
 NORTHWESTERLY, ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 296.44 FEET, A
DELTA ANGLE OF 17°33'47", A LONG CHORD THAT BEARS N 35°08'31" W A DISTANCE OF 90.51 FEET, AN ARC DISTANCE OF 90.87 FEET TO 

  

					
	 	 	19	 	 
			
	 SCHEDULE 2.1(A)–GROUND LEASES AND
LAND
	 	 	 	 

 
AN “X” CUT IN CONCRETE SET FOR CORNER, BEING THE MOST EASTERLY CORNER OF A TRACT OF LAND DESCRIBED AS TRACT IV IN THE AFOREMENTIONED TEXAS DEED OF
TRUST AND MORTGAGE; 
  
 THENCE N 43°56'19" W, LEAVING THE NORTH LINE OF SAID
TRACT II, AND CONTINUING ALONG AND WITH THE LINE COMMON WITH SAID TRACT IV AND THE HEREIN DESCRIBED TRACT (TRACT V), A DISTANCE OF 120.94 FEET TO A 1/2 INCH IRON ROD FOUND FOR THE MOST WESTERLY CORNER OF THE HEREIN DESCRIBED TRACT, BEING THE MOST
EASTERLY NORTHEAST CORNER OF SAID TRACT IV, AND BEING ON THE SOUTHERLY RIGHT-OF-WAY LINE OF THE FORMER CHICAGO ROCK ISLAND RAILROAD RIGHT-OF-WAY CONVEYED TO THE CITY OF DALLAS AND THE CITY OF FORT WORTH IN DEED RECORDED IN VOLUME 84017, PAGE 4116 OF
THE DEED RECORDS OF DALLAS COUNTY, TEXAS; 
  
 THENCE ALONG AND WITH THE SAID SOUTH
RAILROAD RIGHT-OF-WAY LINE, BEING COMMON WITH THE NORTH LINE OF THE HEREIN DESCRIBED TRACT (TRACT V): 
  
 S 69°28'33" E, A DISTANCE OF 423.81 FEET TO A 5/8 INCH IRON ROD CAPPED “CARTER & BURGESS” SET; 
  
 S 71°50'26" E, A DISTANCE OF 261.81 FEET TO A 5/8 INCH IRON PIPE FOUND
FOR THE NORTHEAST CORNER OF THE HEREIN DESCRIBED TRACT, BEING THE NORTHWEST CORNER OF SAID TRACT XI; 
  
 THENCE S 29°53'50" W, ALONG AND WITH THE LINE COMMON TO SAID TRACT XI AND THE HEREIN DESCRIBED TRACT (TRACT V), A DISTANCE OF 350.12 FEET THE POINT OF BEGINNING, AND CONTAINING 3.090 ACRES (134,621 SQUARE FEET) OF
LAND, MORE OR LESS. 
  

					
	 	 	20	 	 
			
	 SCHEDULE 2.1(A)–GROUND LEASES AND
LAND
	 	 	 	 

 Schedule 3.1(a) 
 Minimum Rent Schedule 
  

									
	 Fiscal Year
Ending 2006

	  	Fiscal Year
Ending 2007

	  	Fiscal Year
Ending 2008

	  	Fiscal Year
Ending 2009

	  	Fiscal Year
Ending 2010

	 $20,716,700.00
	  	$20,722,000.00	  	$21,678,400.00	  	$21,684,000.00	  	$21,689,000.00

  
 If the Term commences after February
1, 2005, the Minimum Rent for Fiscal Year Ending 2006 shall be prorated accordingly. 
  

					
	 	 	 	 	 
			
	 SCHEDULE 3.1(a) – MINIMUM RENT SCHEDULE
	 	 	 	 

  
 SCHEDULE 3.1(c)(ii)

  
 REVENUES COMPUTATION 
  

			
	“First Tier Total Sales Break Point” means $64,000,000.	 	“Fifth Tier Total Sales Break Point” means $72,000,000.
		
	“First Tier Total Sales Percentage” means 38.%.	 	“Fifth Tier Total Sales Percentage” means 40%.
		
	“Second Tier Total Sales Break Point” means $66,000,000.	 	“Sixth Tier Total Sales Break Point” means $74,000,000.
		
	“Second Tier Total Sales Percentage” means 35%.	 	“Sixth Tier Total Sales Percentage” means 40%.
		
	“Third Tier Total Sales Break Point” means $68,000,000.	 	“Seventh Tier Total Sales Break Point” means $76,000,000.
		
	“Third Tier Total Sales Percentage” means 31%.	 	“Seventh Tier Total Sales Percentage” means 40%.
		
	“Fourth Tier Total Sales Break Point” means $70,000,000.	 	“Eighth Tier Total Sales Percentage” means 36%.
		
	“Fourth Tier Total Sales Percentage” means 35%.	 	“Fifth Tier Total Sales Break Point” means $72,000,000.

  
 If the Term commences after February
1, 2005, the First Tier Total Sales Break Point shall be prorated accordingly 
  

					
	 	 	1	 	 
			
	 SCHEDULE 3.1(c)(ii) – REVENUES COMPUTATION
	 	 	 	 

 Schedule 3.1c(ii) 
 Revenues Computation Example [$ in Thousands] 
  

						
	 Total Sales
	  	$76,500.0	  	 	 
	 First Tier Total Sales Break Point
	  	$0 - $64,000	  	 	 
	 First Tier Total Sales Percentage
	  	38.00%	  	 	 
	 	  	 	  	
	

	 First Tier Rent - $64,000 * 38.00%
	  	 	  	$	24,320.0
	 	  	 	  	
	

	 Second Tier Total Sales Break Point
	  	$64,000 - $66,000	  	 	 
	 Second Tier Total Sales Percentage
	  	35.00%	  	 	 
	 	  	 	  	
	

	 Second Tier Rent - $2,000 * 35.00%
	  	 	  	$	700.0
	 	  	 	  	
	

	 Third Tier Total Sales Break Point
	  	$66,000 - $68,000	  	 	 
	 Third Tier Total Sales Percentage
	  	31.00%	  	 	 
	 	  	 	  	
	

	 Third Tier Rent - $2,000 * 31.00%
	  	 	  	$	620.0
	 	  	 	  	
	

	 Fourth Tier Total Sales Break Point
	  	$68,000 - $70,000	  	 	 
	 Fourth Tier Total Sales Percentage
	  	35.00%	  	 	 
	 	  	 	  	
	

	 Fourth Tier Rent - $2,000 * 35.00%
	  	 	  	$	700.0
	 	  	 	  	
	

	 Fifth Tier Total Sales Break Point
	  	$70,000 - $72,000	  	 	 
	 Fifth Tier Total Sales Percentage
	  	40.00%	  	 	 
	 	  	 	  	
	

	 Fifth Tier Rent - $2,000 * 40.00%
	  	 	  	$	800.0
	 	  	 	  	
	

	 Sixth Tier Total Sales Break Point
	  	$72,000 - $74,000	  	 	 
	 Sixth Tier Total Sales Percentage
	  	40.00%	  	 	 
	 	  	 	  	
	

	 Sixth Tier Rent - $2,000 * 40.00%
	  	 	  	$	800.0
	 	  	 	  	
	

	 Seventh Tier Total Sales Break Point
	  	$74,000 - $76,000	  	 	 
	 Seventh Tier Total Sales Percentage
	  	40.00%	  	 	 
	 	  	 	  	
	

	 Seventh Tier Rent - $2,000 * 40.00%
	  	 	  	$	800.0
	 	  	 	  	
	

	 Eighth Tier Total Sales Break Point
	  	$76,000 or greater	  	 	 
	 Eighth Tier Total Sales Percentage
	  	36.00%	  	 	 
	 	  	 	  	
	

	 Eighth Tier Rent - $500 * 36.00%
	  	 	  	$	180.0
	 	  	 	  	
	

	 Total Rent - based on $76,500 in Total Sales
	  	 	  	$	28,920.0
	 	  	 	  	
	

	 Base Rent
	  	 	  	$	20,711.6
	 Percentage Rent - based on $76,500 in Total Sales
	  	 	  	$	8,208.4
	 Total Rent - based on $76,500 in Total Sales
	  	 	  	$	28,920.0

  

					
	 	 	2	 	 
			
	 SCHEDULE 3.1(c)(ii) – REVENUES COMPUTATION
	 	 	 	 

  
 SCHEDULE 3.1(c)(iii)

  
 LIST OF ACCEPTABLE ACCOUNTING FIRMS 
  

	1.	PricewaterhouseCoopers, LLP, New York 

  

	2.	Ernst & Young, LLP, New York 

  

	3.	KPMG LLP, New York 

  

	4.	Deloitte & Touche LLP, New York 

  

	5.	Grant Thornton, LLP, Chicago 

  

	6.	BDO Seidman LLP, Chicago 

  

	7.	RSM McGladrey, Inc., Minneapolis 

  

	8.	BKD, LLP, Springfield, Missouri 

  

	9.	Travis, Wolff & Co. LLP, Dallas (Moore Stephens International Limited) 

  

					
	 	 	 	 	 
			
	 SCHEDULE 3.1(c)(iii) – LIST OF ACCOUNTING
FIRMS
	 	 	 	 

  
 SCHEDULE 5.1.3

  
 FORM OF CAPEX BUDGET 
  

				
	 Property & Plant
	  	$	                    
	 Technology
	  	$	                    
	 Furniture & Equipment
	  	$	                    
	 Operating Business Project
	  	$	                    
	 TOTAL
	  	$	                    

  

					
	 	 	 	 	 
			
	 SCHEDULE 5.1.3 – FORM OF CAPEX BUDGET
	 	 	 	 

  
 SCHEDULE 22.18

  
 MORTGAGE SPECIFIC PROVISIONS 
  
 Landlord and Tenant agree that so long as the First Mortgage Loan is
outstanding, the following agreements between Landlord and Tenant shall be in full force and effect: 
  
 1. As required by the Loan Agreement, Total Sales will be deposited in the Lockbox Account and the Cash Management Account. Upon the release from time to
time to Landlord of funds in the Cash Management Account, Landlord shall within one (1) business day after receipt of such funds pay the aggregate amount of such funds to Tenant by wire transfer of immediately available federal funds or by other
means acceptable to Tenant in its sole discretion. All amounts in the Cash Management Account applied by the lender under the First Mortgage Loan in payment of the regularly scheduled monthly payments due on the First Mortgage Loan shall be credited
against the Minimum Rent due under this Lease, and Tenant’s obligations under this Lease, including, but not limited to the obligation to pay Minimum Rent (after the application of all credits to Minimum Rent as provided above) and all
Percentage Rent shall be reduced dollar for dollar to the extent that Tenant has not received for any Accounting Period an amount equal to Total Sales for such Accounting Period, less amount equal to Rent for such Accounting Period. 
  
 2. The Tenant’s right to contest under Article 8 shall be
consistent with the terms and provisions of the Loan Agreement. 
  
 3. All insurance proceeds with respect to the Leased Property shall be paid and disbursed in accordance with the Loan Agreement. 
  
 4. Any Award with respect to the Leased Property shall be paid and disbursed in accordance with the Loan Agreement. 
  
 5. Tenant shall furnish to Landlord such other financial and other
information Landlord shall reasonably require to be in order for Landlord to comply with the terms and provisions of the Loan Agreement. 
  
 6. Notwithstanding anything contained in Section 5.1.6 of the Lease to the contrary, Landlord and Tenant hereby acknowledge and agree that
Section 9.02 of the Loan Agreement shall control with respect to Landlord’s and Tenant’s obligations with respect to funding a reserve for Capital Expenditures.3 
  
 7. Notwithstanding anything contained in Article 9 of this Lease to the contrary, Tenant shall furnish
Landlord with such insurance as shall be necessary for Landlord to comply with the terms and provisions of the Loan Agreement. 
  
 8. Notwithstanding anything contained in this Article 16 to the contrary, Tenant shall not be permitted to assign its rights under this
Agreement without the express written consent of Lender which consent may be withheld in Lender’s sole and absolute discretion, and all subleasing of the Leased Property by Tenant shall be done in strict accordance with the terms of the Loan
Agreement. 
  

					
	 SCHEDULE 22.18 – MORTGAGE SPECIFIC
PROVISIONS

 9. Tenant acknowledges and agrees that its rights and obligations under this Lease are expressly made
subject to the terms of that certain Master Lease Subordination Agreement of even date herewith, executed by Tenant and Landlord in favor of Lender (the “Subordination Agreement”). To the extent there are any conflicts between the terms of
this Agreement and the terms of the Subordination Agreement, the terms of the Subordination Agreement shall control. Tenant agrees to perform and abide by the special purpose entity covenants contained in the Subordination Agreement for so long as
the First Mortgage Loan is outstanding. 
  
 As used in this
Schedule 22.18, the capitalized terms not otherwise defined in this Lease shall have the meanings set forth below: 
  
 “Cash Management Agreement” shall have the meaning given such term in the Loan Agreement. 
  
 “First Mortgage Loan” shall mean that certain first mortgage
loan in the aggregate amount of $143,000,000 provided for in the Loan Agreement, which loan is secured by a first mortgage lien on the Leased Property and which loan has been assigned by Bank of America, N.A. to, and is currently owned and held by,
Lender, 
  
 “Lender” shall mean LaSalle Bank
National Association, as Trustee under that certain Pooling and Servicing Agreement dated as of October 1, 2004 for the Certificateholders of Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass-Through Certificates, Series
2004-4.” 
  
 “Loan Agreement” shall mean
that certain loan agreement dated August 2, 2004, by and between Bank of America, N.A., as lender and Landlord, as Borrower, as the same may be now or hereafter amended. 
  
 “Lockbox Agreement” shall have the meaning given such term in the Loan Agreement. 
  

					
	 SCHEDULE 22.18 – MORTGAGE SPECIFIC
PROVISIONS

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