Document:

EX-10.2

PROMISSORY NOTE

$14,500,000.00 September 27, 2007

NNN HEALTHCARE/OFFICE REIT MARKET EXCHANGE, LLC

c/o Triple Net Properties, LLC

1551 N. Tustin Avenue, Suite 300

Santa Ana, California 92705

WACHOVIA FINANCIAL SERVICES, INC.

Real Estate Financial Services

General Banking Group

Mail Code: CA 6233

15750 Alton Parkway

Irvine, California 92618

Borrower promises to pay to the order of Lender, in lawful money of the United States of America,
at its office indicated above or wherever else Lender may specify, the sum of Fourteen Million Five
Hundred Thousand and No/100 Dollars ($14,500,000.00) or such sum as may be advanced and outstanding
from time to time, with interest on the unpaid principal balance at the rate and on the terms
provided in this Promissory Note (including all renewals, extensions or modifications hereof, this
"Note”).

LOAN AGREEMENT. This Note is subject to the provisions of that certain Loan Agreement between
Lender and Borrower of even date herewith (the “Loan Agreement”), as modified from time to time.
Terms not otherwise defined herein shall be as defined in the Loan Agreement.

USE OF PROCEEDS. Borrower shall use the proceeds of the loan(s) evidenced by this Note for the
commercial purposes of Borrower, as follows: refinancing and operation of the Project in accordance
with the Loan Agreement.

SECURITY. Borrower has granted Lender a security interest in the collateral described in the Loan
Documents, including, but not limited to, real and personal property collateral described in that
certain Open-End Mortgage, Assignment, Security Agreement and Fixture Filing of even date herewith.

MATURITY OF THE LOAN: The outstanding principal balance of the Loan, together with all unpaid
accrued interest thereon (not otherwise paid when due), and all other amounts payable by Borrower
with respect to this Note or pursuant to the terms of any other Loan Documents (not otherwise paid
when due), shall be due and payable in full on September 30, 2010 (the “Maturity Date”), subject to
possible extensions as set forth in Section 2.4 of the Loan Agreement.

INTEREST RATE. Interest Period. Interest Rate Options. Interest shall accrue on the unpaid
principal balance of the Loan from the date of the disbursement thereof at a rate per annum equal
to the LIBOR Rate (as defined below) or the Prime Rate (as defined below), as selected by Borrower
in accordance herewith (each, an “Interest Rate”). Interest shall be payable in arrears and shall
be due on the first day of each calendar month and on the Maturity Date and on the date the
outstanding principal amount of the Note is repaid in full. There shall be no more than one
Interest Rate for the Loan in effect at any time. When the Prime Rate is selected for the Loan, it
shall be adjusted from time to time, effective as of the date of each change in Lender’s Prime Rate
and the Prime Rate shall continue to apply until another Interest Rate option is selected for the
Loan pursuant to the subparagraph entitled “Notice and Manner of Borrowing and Rate Conversion”.
When the LIBOR Rate is selected for the Loan, such rate shall apply for the Loan until another
Interest Rate option is selected for the Loan pursuant to the subparagraph entitled “Notice and
Manner of Borrowing and Rate Conversion.” Notice and Manner of Borrowing and Rate Conversion.
Borrower shall give Lender irrevocable telephonic notice of each proposed rate conversion not later
than 11:00 a.m. local time at the office of Lender first shown above (a) on the same business day
as each rate conversion to the Prime Rate and (b) at least 2 business days before each proposed
rate conversion to the LIBOR Rate. Each such notice shall specify (i) the date of such rate
conversion, which shall be a business day and (ii) the Interest Rate selected by Borrower. Notices
received after 11:00 a.m. local time at the office of Bank first shown above shall be deemed
received on the next business day. Rate after Default. Upon the occurrence and during the
continuance of an Event of Default, at the option of Lender, the outstanding principal balance of
the Loan (and, to the extent permitted by applicable law, all accrued interest thereon) shall bear
interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 4%
plus the greater of the LIBOR Rate or the Prime Rate (the “Default Rate”). The application
of the Default Rate shall not be interpreted or deemed to extend any cure period set forth in the
Loan Documents or otherwise to limit any of Lender’s remedies under this Note or any of the other
Loan Documents. Computation of Interest. Interest on all Advances shall be computed on the basis
of a 360-day year for the actual number of days in the applicable period (“Actual/360
Computation”). The Actual/360 Computation determines the annual effective interest yield by taking
the stated (nominal) rate for a year’s period and then dividing said rate by 360 to determine the
daily periodic rate to be applied for each day in the applicable period. Application of the
Actual/360 Computation produces an annualized effective rate exceeding the nominal rate. If any
payment of interest under the Note would otherwise be due on a day which is not a Business Day, the
payment instead shall be due on the next succeeding Business Day and such extension of time shall
be included in computing the interest due in respect of said payment. Each determination of an
Interest Rate by Lender pursuant to any provision of this Note shall be conclusive and binding on
Lender and Borrower in the absence of manifest error. No Deductions. All payments of principal or
interest under this Note shall be made without deduction of any present and future taxes, levies,
imposts, deductions, charges or withholdings, which amounts shall be owed and paid by Borrower.
Borrower will pay the amounts necessary such that the gross amount of the principal and interest
received by Lender is not less than that required by this Note. As used herein, “LIBOR Rate”
means, for any day, the rate per annum determined on the basis of the offered rate for deposits in
U.S. dollars having a maturity of one month which appears on the Reuters Screen LIBOR01 page as of
11:00 a.m. (London time) on such day, or if such day is not a London Banking Day, then on the
immediately preceding London Banking Day, plus 1.35% per annum; provided that, if no such
offered rates appear on such page, the applicable “LIBOR Rate” shall instead be the arithmetic
average (rounded upward, if necessary, to the next higher 1/100th of 1%) of rates quoted by not
less than two (2) major lenders in New York City, selected by Lender, at approximately 10:00 a.m.,
New York City time, on such day, for deposits in U.S. dollars offered by leading European banks
having a maturity of one month in a amount comparable to the outstanding principal amount of the
Loan, plus 1.35% per annum; provided, further, that if on any day Lender is unable to
determine the LIBOR Rate in the foregoing manner, the LIBOR Rate for such day shall be the rate per
annum equal to the Prime Rate for such day. The LIBOR Rate and the Prime Rate are floating rates
which may change daily. As used herein, “Prime Rate” means that rate announced by Lender from time
to time as its prime rate and is one of several interest rate bases used by Lender; Lender lends at
rates both above and below the Prime Rate, and Borrower acknowledges that the Prime Rate is not
represented or intended to be the lowest or most favorable rate of interest offered by Lender. As
used herein, “London Banking Day” means a day on which dealings in dollar deposits are conducted by
and between banks in the London interbank eurodollar market.

PREPAYMENT. Upon not less than thirty (30) days’ prior written notice to Lender, Borrower may
prepay the Loan, in whole or in part (provided Lender shall have no obligations to readvance any
repaid principal), without prepayment premium (but subject to any costs set forth in any Swap
Contract should Lender in its sole discretion elect to terminate any such Swap Contract provided by
Lender or its Affiliate upon any such prepayment).

APPLICATION OF PAYMENTS. Monies received by Lender from any source for application toward payment
of the Obligations shall be applied in the following order: (i) late charges; (ii) impound payments
for taxes and insurance required pursuant to the Loan Documents, if any, (iii) interest and
(iv) principal. If an Event of Default occurs, monies may be applied to the Obligations in any
manner or order deemed appropriate by Lender.

If any payment received by Lender under this Note or other Loan Documents is rescinded, avoided or
for any reason returned by Lender because of any adverse claim or threatened action, the returned
payment shall remain payable as an obligation of all persons liable under this Note or other Loan
Documents as though such payment had not been made.

DEFINITIONS. Loan Documents. The term “Loan Documents”, shall have the meaning provided in the
Loan Agreement. Obligations. The term “Obligations”, as used in this Note and the other Loan
Documents, refers to any and all indebtedness and other obligations under this Note, all other
obligations under any other Loan Document(s), and all obligations under any Swap Contracts entered
into in connection with the Loan between Borrower and Lender (or its Affiliate) whenever executed.
Certain Other Terms. All terms that are used but not otherwise defined in any of the Loan
Documents shall have the definitions provided in the Uniform Commercial Code.

LATE CHARGE. If any payments are not timely made, Borrower shall also pay to Lender a late charge
equal to 4% of each payment past due for 15 or more days (other than the final repayment of the
principal of the Loan at maturity).

Acceptance by Lender of any late payment without an accompanying late charge shall not be deemed a
waiver of Lender’s right to collect such late charge or to collect a late charge for any subsequent
late payment received.

ATTORNEYS’ FEES AND OTHER COLLECTION COSTS. Borrower shall pay all of Lender’s reasonable expenses
incurred to enforce or collect any of the Obligations including, without limitation, arbitration,
paralegals’, attorneys’ and experts’ fees and expenses, whether incurred without the commencement
of a suit, in any trial, arbitration, or administrative proceeding, or in any appellate or
Bankruptcy proceeding.

USURY. If at any time the effective Interest Rate under this Note would, but for this paragraph,
exceed the maximum lawful rate, the effective Interest Rate under this Note shall be the maximum
lawful rate, and any amount received by Lender in excess of such rate shall be applied to principal
and then to fees and expenses, or, if no such amounts are owing, returned to Borrower.

EVENT OF DEFAULT. The occurrence of any of the following will be deemed to be an event of default
(“Event of Default”) hereunder: (i) Failure of Borrower to pay any amounts due pursuant to this
Note or the Loan Documents (including, without limitation, principal, interest, fees, or other
amounts) within ten (10) days after the date such amount is due; or (ii) the occurrence of any
other Event of Default under the Loan Agreement, or any of the other Loan Documents (including any
amendment, modification or extension thereof) which is not cured within any applicable cure period
(if any) set forth therein.

REMEDIES UPON DEFAULT. Upon the occurrence and during the continuance of an Event of Default, at
the option of Lender, the entire balance of principal of this Note, together with all accrued
interest thereon, shall, without demand or notice, immediately become due and payable and so long
as such Event of Default continues, the entire balance of principal together with all accrued
interest shall bear interest at the Default Rate. Upon the occurrence and during the continuance
of an Event of Default, Lender may exercise any and all rights and remedies it may have under the
Loan Documents, and under applicable law and in equity. No delay or omission on the part of the
holder hereof in exercising any right under this Note or under any of the other Loan Documents will
operate as a waiver of such right.

FINANCIAL AND OTHER INFORMATION. Borrower shall timely deliver to Lender the information required
under Section 10.8 of the Loan Agreement. Such information shall be true, complete, and accurate
in all material respects.

WAIVERS AND AMENDMENTS. No waivers, amendments or modifications of this Note and other Loan
Documents shall be valid unless in writing and signed by an officer of Lender. No waiver by Lender
of any Event of Default shall operate as a waiver of any other Event of Default or the same Event
of Default on a future occasion. Neither the failure nor any delay on the part of Lender in
exercising any right, power, or remedy under this Note and other Loan Documents shall operate as a
waiver thereof, nor shall a single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or remedy.

Each Borrower or any person liable under this Note waives presentment, protest, notice of dishonor,
demand for payment, notice of intention to accelerate maturity, notice of acceleration of maturity,
notice of sale and all other notices of any kind. Further, each agrees that Lender may extend,
modify or renew this Note or make a novation of the loan evidenced by this Note for any period, and
grant any releases, compromises or indulgences with respect to any collateral securing this Note,
or with respect to any other Borrower or any other person liable under this Note or other Loan
Documents, all without notice to or consent of each Borrower or each person who may be liable under
this Note or any other Loan Document and without affecting the liability of Borrower or any person
who may be liable under this Note or any other Loan Document.

MISCELLANEOUS PROVISIONS. Assignment. This Note and the other Loan Documents shall inure to the
benefit of and be binding upon the parties and their respective heirs, legal representatives,
successors and assigns. Lender’s interests in and rights under this Note and the other Loan
Documents are freely assignable, in whole or in part, by Lender. In addition, nothing in this Note
or any of the other Loan Documents shall prohibit Lender from pledging or assigning this Note or
any of the other Loan Documents or any interest therein to any Federal Reserve Lender. Borrower
shall not assign its rights and interest hereunder without the prior written consent of Lender, and
any attempt by Borrower to assign without Lender’s prior written consent is null and void. Any
assignment shall not release Borrower from the Obligations. Applicable Law; Conflict Between
Documents. This Note and, unless otherwise provided in any other Loan Document, the other Loan
Documents shall be governed by and construed under the laws of the State of Ohio without regard to
that state’s conflict of laws principles. Notwithstanding Section 12.4 of the Loan Agreement, if
the terms of this Note should conflict with the terms of any loan agreement or any commitment
letter that survives closing, the terms of this Note shall control. Jurisdiction. Borrower
irrevocably agrees to non-exclusive personal jurisdiction in the State of Ohio and the state named
in Lender’s address on the first page hereof. Severability. If any provision of this Note or of
the other Loan Documents shall be prohibited or invalid under applicable law, such provision shall
be ineffective but only to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Note or other such document.
Notices. Any notices to be given under this Note shall be given in accordance with the terms of
Section 12.2 of the Loan Agreement. Plural; Captions. All references in the Loan Documents to
Borrower, guarantor, person, document or other nouns of reference mean both the singular and plural
form, as the case may be, and the term “person” shall mean any individual, person or entity. The
captions contained in the Loan Documents are inserted for convenience only and shall not affect the
meaning or interpretation of the Loan Documents. Advances. Lender may, in its sole discretion,
make other advances to or on behalf of Borrower which shall be deemed to be advances under this
Note, even though the stated principal amount of this Note may be exceeded as a result thereof.
Posting of Payments. All payments received at the office of Lender first shown above after
1:00 p.m. local time in Charlotte, North Carolina shall be deemed received at the opening of the
next banking day. Fees and Taxes. Borrower shall promptly pay all documentary, intangible
recordation and/or similar taxes on this transaction (excluding all excess profits taxes, franchise
taxes, capital stock taxes, federal and state income taxes, and other taxes to the extent
applicable to Lender’s general or net income) whether assessed at closing or arising from time to
time.

WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS NOTE AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION.

1

IN WITNESS WHEREOF, Borrower, on the day and year first above written, has caused this Note
to be executed under seal.

PLACE OF EXECUTION AND DELIVERY. Borrower hereby certifies that this Note and the Loan Documents
were executed in the State of California and delivered to Lender in the State of Ohio.

	 	 	 
	BORROWER:

	 	NNN HEALTHCARE/OFFICE REIT MARKET EXCHANGE, LLC,

a Delaware limited liability company

By: /s/ Shannon K S Johnson

Name: Shannon K S Johnson

Title: Authorized Signatory

2EX-10.3

REPAYMENT GUARANTY

THIS REPAYMENT GUARANTY (this “Guaranty”) is made as of September 27, 2007, by NNN
HEALTHCARE/OFFICE REIT, INC., a Maryland corporation (“Guarantor”) in favor of WACHOVIA
FINANCIAL SERVICES, INC., a North Carolina corporation (“Lender”).

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

2. In order to induce Lender to extend to Borrower a loan (whether acting on behalf of itself
or any estate created by the commencement of a case under Title 11 United States Code or any
successor statute thereto (the “Bankruptcy Code”) or any other insolvency, bankruptcy,
reorganization or liquidation proceeding, or by any trustee under the Bankruptcy Code, liquidator,
sequestrator or receiver of Borrower or Borrower’s property or similar Person duly appointed
pursuant to any law generally governing any insolvency, bankruptcy, reorganization, liquidation,
receivership or like proceeding) in the sum of $14,500,000.00 (the “Loan”), evidenced by a
secured promissory note (“Note”), in the aggregate principal amount of $14,500,000.00, each
now or hereafter executed by Borrower and payable to the order of Lender, Guarantor hereby
unconditionally and irrevocably guarantees to Lender and to its successors, endorsees and/or
assigns, the full and prompt payment of (a) the principal sum of the Note in accordance with its
terms when due, by acceleration or otherwise, together with all interest accrued thereon, when due
under the terms of the Note, and any and all other sums of money that become owing by Borrower to
Lender under the Note, Loan Agreement or any other “Loan Document” as such term is defined in the
Loan Agreement (which Note, Loan Agreement and other “Loan Documents” are also collectively
referred to herein as the “Loan Documents”) and (b) any and all sums owing under any “Swap
Contract” as such term is defined in the Loan Agreement (“Swap Contract”). The obligations
guaranteed pursuant to this Section 2 are hereinafter referred to as the “Guaranteed
Obligations.”

Notwithstanding the foregoing, Guarantor’s obligations hereunder shall in no event exceed an
amount equal to $3,625,000.00 of the principal amount of the Loan outstanding on the date the Notes
become due and payable in full, whether at maturity or by acceleration or otherwise (the
"Guaranteed Principal Amount”), plus 100% of (a) all interest owing on the Loan;
(b) attorneys’ fees and collection costs and all other sums other than principal owing on the Loan;
and (c) any deficiency, loss or damage actually suffered by Lender because of: (1) Borrower’s
commission of a criminal act; (2) the failure to comply with provisions of the Loan Documents
prohibiting the sale, transfer or encumbrance of the Project; (3) the misapplication by Borrower of
any funds derived from the Project, including security deposits, insurance proceeds, condemnation
awards, rental income or other income arising with respect to the Project; (4) Borrower’s
commission of waste; (5) Borrower’s removal of collateral from the Project without replacement,
(6) Borrower’s violation of law; (7) failure to pay real property taxes, assessments or other
charges which would create liens on any portion of the Project; (8) losses, expense or liability
relating to the presence of hazardous or toxic materials on the Project; (9) the fraud or
intentional misrepresentation by Borrower made in or in connection with the Loan Documents or the
Loan; (10) Borrower’s voluntary filing of any proceeding for relief under any federal or state
bankruptcy, insolvency or receivership laws or any assignment for the benefit of creditors made by
Borrower not dismissed within 180 days; (11) any involuntary filing against Borrower of any
proceeding for relief under any federal or state bankruptcy, insolvency or receivership laws or any
assignment for the benefit of creditors, but only if such involuntary filing was made by Borrower
or an Affiliate of Borrower, or at the instigation or in collusion or acquiescence with Borrower or
an Affiliate of Borrower; (12) Borrower’s interference with Lender’s enforcement proceedings (other
than in good faith by reason of a legitimate defense); (13) Borrower’s failure to maintain required
insurance; (14) Borrower’s collection of rent more than one month in advance; (15) any amount owing
to Lender under indemnity provisions that relate to liabilities to third parties resulting from
acts or omissions of Borrower, contractors or such other third parties with whom Borrower has
dealt, and/or from the ownership, occupancy or use of the Project; (16) any amounts necessary to
ensure lien-free completion of any tenant improvements which Borrower is obligated to construct
under any leases; or (17) any Adverse Survey Matters; provided, however, clause (17) shall be
deemed deleted once Borrower takes such corrective measures as Lender reasonably requires
(including, if required by Lender, obtaining endorsements to the Title Insurance Policy) to
eliminate, insure over or otherwise correct the Adverse Survey Matters. Guarantor’s obligations
shall not be affected, impaired, lessened or released by loans, credits or other financial
accommodations now existing or hereafter advanced by Lender to Borrower in excess of the Guaranteed
Principal Amount. In no event shall the Guaranteed Principal Amount be reduced as a result of (a)
Lender’s foreclosure or acceptance of a deed in lieu of foreclosure with respect to any collateral
securing the Loan, or (b) Guarantor’s payment of the Loan or any portion thereof prior to the date
when the entire Loan becomes due and payable in full, whether at maturity or by acceleration or
otherwise. The agreement of Lender to the foregoing limitation on Guarantor’s liability shall in
no way be deemed to limit or restrict the right of Lender to apply any sums paid by Guarantor to
any portion of the Loan.

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

3.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

11. Guarantor represents and warrants to Lender as follows:

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

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

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

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

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

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

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

17. Guarantor represents and warrants to Lender as follows:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[Signatures on Following Page]

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

	 
	“Guarantor”

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

By: /s/ Shannon K.S. Johnson

Name: Shannon K.S. Johnson

Title: Chief Financial Officer

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