Document:

Exhibit 10.8

 

ARTICLE 1

 

	  	 

 (Space above for recorder’s use
only)

Loan No. 70004520

 

WATERMARK PINEBROOK OWNER, LLC,

a Delaware limited liability company

(Mortgagor)

 

to

 

GENERAL ELECTRIC CAPITAL CORPORATION

(Mortgagee)

 

	 	 	 

 

OPEN END MORTGAGE, ASSIGNMENT OF LEASES
AND RENTS,

SECURITY AGREEMENT AND FIXTURE FILING

 

	 	 	 

 

Dated as of December 27, 2013

 

Property Location: Milford, Miami Township,
Ohio

 

Prepared by, and after Recording

Return to:

 

Loren Kessler Higgins, Esq.

Winston & Strawn LLP

101 California Street, 39th Floor

San Francisco, California 94111

 

    	 

    	 

    

 

OPEN END MORTGAGE, ASSIGNMENT OF LEASES
AND RENTS, SECURITY

AGREEMENT AND FIXTURE FILING

 

This Open End Mortgage,
Assignment of Leases and Rents, Security Agreement and Fixture Filing (this “Mortgage”),
dated as of December 27, 2013, is made by WATERMARK PINEBROOK OWNER,
LLC, a Delaware limited liability company, whose organizational number is 5436181 (“Mortgagor”),
whose address for notice hereunder is 2020 W. Rudasill Road, 2nd Floor, Tucson, Arizona 85704, Attention: Carl Mittendorff,
for the benefit of GENERAL ELECTRIC CAPITAL CORPORATION,
a Delaware corporation, in its capacity as administrative agent for the Lenders under the hereinafter described Loan Agreement
(in such capacity, together with its successors and assigns, “Mortgagee”),
for the benefit of Lenders, whose address for notice 500 West Monroe Street, Chicago, Illinois 50551, Attention” Jeffrey
M. Muchmore, Loan No. 70004520.

 

ARTICLE 2

DEFINITIONS

 

Section 2.1           Definitions.   
As used herein, the following terms shall have the following meanings:

 

“Indebtedness”:
The sum of all principal, interest and all other amounts due under or secured by the Loan Documents.

 

“Lenders”
means the Persons from time to time signatory to the Loan Agreement as “Lenders”.

 

“Loan”:
that certain loan, in the principal amount of up to $10,500,000, made to the Mortgagor by Lenders and evidenced and secured by
the Loan Documents.

 

“Loan Agreement”
that certain Loan Agreement, dated as of even date herewith, among Mortgagor, Mortgagee, and the Lenders.

 

“Loan
Documents”:   
 The (a) Loan Agreement, (b) one or more promissory notes (the “Notes”)
executed by Mortgage in favor of each Lender, which collectively evidence the Loan, (c) this Mortgage, (d) the Business Associate
Agreement executed by Mortgagee and Mortgagor, (e) all other documents now or hereafter executed by Mortgagor, to evidence or secure
the payment of all or any portion of the Indebtedness or the performance of all or any portion of the Obligations, and (f) all
modifications, restatements, extensions, renewals and replacements of the foregoing; provided however, in no event shall the term
“Loan Documents” include that certain Hazardous Materials Indemnity Agreement dated the date hereof in favor of Mortgagee.

 

“Mortgaged
Property”:   
 (a) the real property described in Exhibit
A, together with any greater estate therein as hereafter may be acquired by Mortgagor (the “Land”),
(b) all buildings,

 

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structures and other improvements,
now or at any time situated, placed or constructed upon the Land (the “Improvements”),
(c) all materials, supplies, equipment, apparatus and other items of personal property now owned or hereafter acquired by Mortgagor
and now or hereafter attached to, installed in or used in connection with any of the Improvements or the Land, and water, gas,
electrical, storm and sanitary sewer facilities and all other utilities whether or not situated in easements (the “Fixtures”),
(d) all right, title and interest of Mortgagor in and to all goods, accounts, general intangibles, investment property, instruments,
letters of credit, letter-of-credit rights, deposit accounts, documents, chattel paper and all other personal property of any kind
or character, including such items of personal property as presently or hereafter defined in the UCC, now owned or hereafter acquired
by Mortgagor and now or hereafter affixed to, placed upon, used in connection with, arising from or otherwise related to the Land
and Improvements or which may be used in or relating to the planning, development, financing or operation of the Mortgaged Property,
including, without limitation, furniture, furnishings, equipment, machinery, money, insurance proceeds, accounts, contract rights,
software, trademarks, goodwill, promissory notes, electronic and tangible chattel paper, payment intangibles, documents, trade
names, licenses and/or franchise agreements, rights of Mortgagor under leases of Fixtures or other personal property or equipment,
inventory, all refundable, returnable or reimbursable fees, deposits or other funds or evidences of credit or indebtedness deposited
by or on behalf of Mortgagor with any governmental authorities, boards, corporations, providers of utility services, public or
private, including specifically, but without limitation, all refundable, returnable or reimbursable tap fees, utility deposits,
commitment fees and development costs, and commercial tort claims arising from the development, construction, use, occupancy, operation,
maintenance, enjoyment, acquisition or ownership of the Mortgaged Property (exclusive of any of the foregoing owned by tenants
of space in the Improvements who are not Affiliates of Mortgagor) (collectively, the “Personalty”),
(e) all reserves, escrows or impounds required under the Loan Agreement and all deposit accounts (including accounts holding security
deposits) maintained by Mortgagor with respect to the Mortgaged Property, (f) all of Mortgagor’s right, title and interest
in and to all plans, specifications, shop drawings and other technical descriptions prepared for construction, repair or alteration
of the Improvements, and all amendments and modifications thereof (the “Plans”),
(g) all leases, subleases, licenses, concessions, occupancy agreements, rental contracts, or other agreements (written or oral)
now or hereafter existing relating to the use or occupancy of all or any part of the Mortgaged Property, together with all guarantees,
letters of credit and other credit support, modifications, extensions and renewals thereof (whether before or after the filing
by or against Mortgagor of any petition of relief under 11 U.S.C. § 101 et seq., as same may be amended from
time to time (the “Bankruptcy Code”))
and all related security and other deposits (the “Leases”)
and all of Mortgagor’s claims and rights (the “Bankruptcy
Claims”) to the payment of damages arising from any rejection by a lessee of any Lease under the Bankruptcy
Code, (h) all of the rents, revenues, liquidated damages payable upon default under the Leases, issues, income, proceeds, profits,
and all other payments of any kind under the Leases for using, leasing, licensing, possessing, operating from, residing in, selling
or otherwise enjoying the Mortgaged Property whether paid or accruing before or after the filing by or against Mortgagor of any
petition for relief under the Bankruptcy Code (the “Rents”),
(i) all of

 

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Mortgagor’s right,
title and interest in and to all other agreements, such as construction contracts, architects’ agreements, engineers’
contracts, utility contracts, maintenance agreements, franchise agreements, service contracts, permits, licenses, certificates
and entitlements in any way relating to the development, construction, use, occupancy, operation, maintenance, enjoyment, acquisition
or ownership of the Mortgaged Property (the “Property
Agreements”), (j) all rights, privileges, tenements, hereditaments, rights-of-way, easements, appendages and
appurtenances appertaining to the foregoing, and all right, title and interest, if any, of Mortgagor in and to any streets, ways,
alleys, strips or gores of land adjoining the Land or any part thereof, (k) all accessions, replacements and substitutions for
any of the foregoing and all proceeds thereof, (l) all insurance policies (regardless of whether required by Mortgagee), unearned
premiums therefor and proceeds from such policies covering any of the above property now or hereafter acquired by Mortgagor, (m)
all of Mortgagor’s right, title and interest in and to all mineral, water, oil and gas rights now or hereafter acquired and
relating to all or any part of the Mortgaged Property, (n) all of Mortgagor’s right, title and interest in and to all tradenames,
trademarks, service marks, logos, copyrights, goodwill, books and records and all other general intangibles relating to or used
in connection with the operation of the Mortgaged Property; and (o) all of Mortgagor’s right, title and interest in and to
any awards, remunerations, reimbursements, settlements or compensation heretofore made or hereafter to be made by any governmental
authority pertaining to the Land, Improvements, Fixtures or Personalty. As used in this Mortgage, the term “Mortgaged Property”
shall mean all or, where the context permits or requires, any portion of the above or any interest therein.

 

“Obligations”:   

All of the agreements, covenants, conditions, warranties, representations and other obligations (other than to repay the Indebtedness)
made or undertaken by Mortgagor or any other person or entity to Mortgagee or others as set forth in the Loan Documents, including,
without limitation, the obligations under any Secured Hedge Agreements.

 

“Permitted
Encumbrances”:   
 The outstanding liens, easements, restrictions, security interests and other exceptions to
title set forth in the policy of title insurance insuring the lien of this Mortgage, together with the liens and security interests
in favor of Mortgagee created by the Loan Documents, none of which, individually or in the aggregate, materially interfere with
the benefits of the security intended to be provided by this Mortgage, materially and adversely affect the value of the Mortgaged
Property, impair the use or operations of the Mortgaged Property or impair Mortgagor’s ability to pay its obligations in
a timely manner.

 

“State”:   

The State of Ohio.

 

“UCC”:   

The Uniform Commercial Code of the State in effect from time to time or, if the creation, perfection and enforcement of any security
interest herein granted is governed by the laws of a state other than the State, then, as to the matter in question, the Uniform
Commercial Code in effect in that state from time to time.

 

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Section 2.2           Other
Terms.   
 Capitalized terms not otherwise defined herein shall have
the meaning set forth in the Loan Agreement.

 

ARTICLE 3

GRANT

 

Section 3.1           Grant.   

To secure the full and timely payment of the Indebtedness and the full and timely performance of the Obligations, Mortgagor hereby
irrevocably MORTGAGES, GRANTS, BARGAINS, SELLS, CONVEYS, ALIENS, ENFEOFFS, ASSIGNS, RELEASES AND CONFIRMS to Mortgagee, its heirs,
successors, successors-in-title and assigns, for the benefit of the Lenders, all of its right, title and interest in and to the
Mortgaged Property, subject, however, to the Permitted Encumbrances; TO HAVE AND TO HOLD the Mortgaged Property to Mortgagee, its
successors and assigns, and Mortgagor does hereby bind itself, its successors and assigns to WARRANT AND FOREVER DEFEND the title
to the Mortgaged Property unto Mortgagee, for the benefit of the Lenders.

 

ARTICLE 4

WARRANTIES, REPRESENTATIONS
AND COVENANTS

 

Mortgagor warrants, represents
and covenants to Mortgagee as follows:

 

Section 4.1           Title
to Mortgaged Property and Lien of this Instrument.   
 Mortgagor owns the Mortgaged Property free and clear of any liens, claims
or interests, except the Permitted Encumbrances. This Mortgage creates valid, enforceable first priority liens and security interests
against the Mortgaged Property. Mortgagor warrants that Mortgagor has good, marketable and insurable title to the Mortgaged Property
and has the full power, authority and right to execute, deliver and perform its obligations under this Mortgage.

 

Section 4.2           First
Lien Status.    Mortgagor shall preserve and protect the first lien and security interest status of this Mortgage and the
other Loan Documents. Subject to Mortgagor’s contest rights set forth in Section 12.14 of the Loan Agreement, if any lien
or security interest other than the Permitted Encumbrances is asserted against the Mortgaged Property, Mortgagor shall promptly,
and at its expense, (a) give Mortgagee a detailed written notice of such lien or security interest (including origin, amount and
other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or, in Mortgagee’s
discretion, provide a bond or other security satisfactory to Mortgagee for the payment of such claim.

 

Section 4.3           Payment
and Performance.    Mortgagor shall pay the Indebtedness when due under the Loan Documents and shall perform the Obligations
in full when they are required to be performed.

 

Section 4.4           Replacement
of Fixtures and Personalty.    Mortgagor shall not, without the prior
written consent of Mortgagee, permit any of the Fixtures or Personalty to be 

 

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removed at any time from
the Land or Improvements, unless the removed item is removed temporarily for maintenance and repair or, if removed permanently,
is obsolete and is replaced by an article of equal or better suitability and value, owned by Mortgagor subject to the liens and
security interests of this Mortgage and the other Loan Documents, and free and clear of any other lien or security interest except
such as may be first approved in writing by Mortgagee.

 

Section 4.5           Maintenance
of Rights of Way, Easements and Licenses.    Mortgagor shall maintain all rights of way, easements, grants, privileges, licenses,
certificates, permits, entitlements and franchises necessary for the use of the Mortgaged Property and, subject to the terms and
conditions of the Loan Agreement, will not, without the prior consent of Mortgagee, consent to any public restriction (including
any zoning ordinance) or private restriction as to the use of the Mortgaged Property. Mortgagor shall comply with all restrictive
covenants affecting the Mortgaged Property, and all zoning ordinances and other public or private restrictions as to the use of
the Mortgaged Property.

 

Section 4.6           Inspection.
   Subject to the terms and conditions of the Loan Agreement, Mortgagor shall permit Mortgagee, and Mortgagee’s agents, representatives
and employees, upon reasonable prior notice to Mortgagor, to inspect the Mortgaged Property and conduct such environmental and
engineering studies as Mortgagee may require, provided that such inspections and studies shall not materially interfere with the
use and operation of the Mortgaged Property.

 

Section 4.7           Other
Covenants.    All of the covenants in (a) the Loan Agreement, (b) the Notes and (c) any of the other Loan Documents are incorporated
herein by reference and are made a part of this Mortgage to the same extent and with the same force as if fully set forth herein
and, together with covenants in this Article 3, shall be covenants running with the land. The covenants set forth in the Loan Agreement
include, among other provisions: (a) the obligation to pay when due all taxes on the Mortgaged Property or assessed against Mortgagee
with respect to the Loan, (b) the right of Mortgagee to inspect the Mortgaged Property, (c) the obligation to keep the Mortgaged
Property insured as Mortgagee may require, (d) the obligation to comply with all legal requirements (including environmental laws),
maintain the Mortgaged Property in good condition, and promptly repair any damage or casualty, and (e) except as otherwise permitted
under the Loan Agreement, the obligation of Mortgagor to obtain Mortgagee’s consent prior to entering into, modifying or
taking other actions with respect to Leases.

 

Section 4.8           Condemnation
Awards and Insurance Proceeds.

 

(a)     
Condemnation Awards.    Mortgagor assigns all awards and compensation for any condemnation or other taking, or any
purchase in lieu thereof, to Mortgagee and authorizes Mortgagee to collect and receive such awards and compensation and to give
proper receipts and acquittances therefor, subject to the terms of the Loan Agreement.

 

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(b)       Insurance
Proceeds.    Subject to the terms and provisions of the Loan Agreement, Mortgagor assigns to Mortgagee all proceeds
of any insurance policies insuring against loss or damage to the Mortgaged Property. Mortgagor authorizes Mortgagee to collect
and receive such proceeds and authorizes and directs the issuer of each of such insurance policies to make payment for all such
losses directly to Mortgagee, instead of to Mortgagor and Mortgagee jointly.

 

Section 4.9           Transfer
or Encumbrance of Mortgaged Property.

 

(a)       No
Transfer.    Mortgagor shall not permit or suffer any Transfer to occur, unless specifically permitted by Section 8.1 of the
Loan Agreement or unless Mortgagee shall consent thereto in writing.

 

(b)      Transfer
Defined.    As used in this Section 3.9, “Transfer”
shall have the meaning given to the term “Sale or Pledge” in the Loan Agreement.

 

ARTICLE 5

DEFAULT AND FORECLOSURE

 

Section 5.1           Remedies.
  If an Event of Default (as defined in the Loan Agreement) exists, Mortgagee may, at Mortgagee’s election, exercise any or
all of the following rights, remedies and recourses:

 

(a)      Acceleration.
   Declare the Indebtedness to be immediately due and payable, without further notice, presentment, protest, notice of intent to accelerate,
notice of acceleration, demand or action of any nature whatsoever (each of which hereby is expressly waived by Mortgagor), whereupon
the same shall become immediately due and payable.

 

(b)      Entry
on Mortgaged Property.    Enter the Mortgaged Property and take exclusive possession thereof and of all books, records
and accounts relating thereto. If Mortgagor remains in possession of the Mortgaged Property after an Event of Default and without
Mortgagee’s prior written consent, Mortgagee may invoke any legal remedies to dispossess Mortgagor.

 

(c)      Operation
of Mortgaged Property.    Hold, lease, develop, manage, operate or otherwise use the Mortgaged Property upon such terms
and conditions as Mortgagee may deem reasonable under the circumstances (making such repairs, alterations, additions and improvements
and taking other actions, from time to time, as Mortgagee deems necessary or desirable), and apply all Rents and other amounts
collected by Mortgagee in connection therewith in accordance with the provisions of Section 4.7.

 

(d)      Foreclosure
and Sale.    Institute proceedings for the complete foreclosure of this Mortgage, in which case the Mortgaged Property
may be sold for cash or credit in one or more parcels. At any such sale by virtue of any judicial proceedings or any other legal
right, remedy

 

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or recourse, the title to
and right of possession of any such property shall pass to the purchaser thereof, and to the fullest extent permitted by law, Mortgagor
shall be completely and irrevocably divested of all of its right, title, interest, claim and demand whatsoever, either at law or
in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against Mortgagor, and
against all other persons claiming or to claim the property sold or any part thereof, by, through or under Mortgagor. Mortgagee
may be a purchaser at such sale and if Mortgagee is the highest bidder, may credit the portion of the purchase price that would
be distributed to Mortgagee against the Indebtedness in lieu of paying cash.

 

(e)      Receiver.
   Make application to a court of competent jurisdiction for, and obtain from such court as a matter of strict right and without notice
to Mortgagor or regard to the adequacy of the Mortgaged Property for the repayment of the Indebtedness, the appointment of a receiver
of the Mortgaged Property, and Mortgagor irrevocably consents to such appointment. Any such receiver shall have all the usual powers
and duties of receivers in similar cases, including the full power to rent, maintain and otherwise operate the Mortgaged Property
upon such terms as may be approved by the court.

 

(f)      UCC.
   Exercise any and all rights and remedies granted to a secured party upon default under the UCC, including, without limiting the
generality of the foregoing: (i) the right to take possession of the personal property or any part thereof, and to take such other
measures as Mortgagee may deem necessary for the care, protection and preservation of the personal property, and (ii) request Mortgagor
at its expense to assemble the personal property and make it available to Mortgagee at a convenient place acceptable to Mortgagee.
Any notice of sale, disposition or other intended action by Mortgagee with respect to the personal property sent to Mortgagor in
accordance with the provisions hereof at least five (5) days prior to such action, shall constitute commercially reasonable notice
to Mortgagor.

 

(g)      Other.
   Exercise all other rights, remedies and recourses granted under the Loan Documents or otherwise available at law or in equity (including
an action for specific performance of any covenant contained in the Loan Documents, or a judgment on the Notes either before, during
or after any proceeding to enforce this Mortgage).

 

Section 5.2           Separate
Sales.    The Mortgaged Property may be sold in one or more parcels and in such manner and order as Mortgagee in its sole
discretion, may elect; the right of sale arising out of any Event of Default shall not be exhausted by any one or more sales.

 

Section 5.3           Remedies
Cumulative, Concurrent and Nonexclusive.    Mortgagee shall have all rights, remedies and recourses granted in the Loan Documents
and available at law or equity (including the UCC), which rights (a) shall be cumulative and concurrent, (b) may be pursued separately,
successively or concurrently against Mortgagor or others obligated under the Notes and the other Loan Documents, or against the
Mortgaged Property, or against any one or more of them, at the sole discretion of Mortgagee, (c) may be exercised as often as occasion
therefor shall arise, and the exercise or failure to exercise any of

 

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them shall not be construed
as a waiver or release thereof or of any other right, remedy or recourse, and (d) are intended to be, and shall be, nonexclusive.
No action by Mortgagee in the enforcement of any rights, remedies or recourses under the Loan Documents or otherwise at law or
equity shall be deemed to cure any Event of Default.

 

Section 5.4           Release
of and Resort to Collateral.    Mortgagee may release, regardless of consideration and without the necessity for any notice
to a consent by the holder of any subordinate lien on the Mortgaged Property, any part of the Mortgaged Property without, as to
the remainder, in any way impairing, affecting, subordinating or releasing the lien or security interests created in or evidenced
by the Loan Documents or their stature as a first and prior lien and security interest in and to the Mortgaged Property. For payment
of the Indebtedness, Mortgagee may resort to any other security in such order and manner as Mortgagee may elect.

 

Section 5.5           Waiver
of Redemption, Notice and Marshalling of Assets.    To the fullest extent permitted by law, Mortgagor hereby irrevocably and
unconditionally waives and releases (a) all benefit that might accrue to Mortgagor by virtue of any present or future statute of
limitations or law or judicial decision exempting the Mortgaged Property from attachment, levy or sale on execution or providing
for any appraisement, valuation, stay of execution, exemption from civil process, redemption or extension of time for payment,
(b) all notices of any Event of Default or of Mortgagee’s election to exercise or its actual exercise of any right, remedy
or recourse provided for under the Loan Documents, and (c) any right to a marshalling of assets or a sale in inverse order of alienation.

 

Section 5.6           Discontinuance
of Proceedings.    If Mortgagee shall have proceeded to invoke any right, remedy or recourse permitted under the Loan Documents
and shall thereafter elect to discontinue or abandon it for any reason, Mortgagee shall have the unqualified right to do so and,
in such an event, Mortgagor and Mortgagee shall be restored to their former positions with respect to the Indebtedness, the Obligations,
the Loan Documents, the Mortgaged Property and otherwise, and the rights, remedies, recourses and powers of Mortgagee shall continue
as if the right, remedy or recourse had never been invoked, but no such discontinuance or abandonment shall waive any Event of
Default which may then exist or the right of Mortgagee thereafter to exercise any right, remedy or recourse under the Loan Documents
for such Event of Default.

 

Section 5.7           Application
of Proceeds.    The proceeds of any sale of the Mortgaged Property, shall be applied by Beneficiary or Trustee in the following
order unless otherwise required by applicable law:

 

(a)      to
the payment of the reasonable costs and expenses of taking possession of the Mortgaged Property, including, without limitation
(i) receiver’s fees and expenses, (ii) court costs, (iii) reasonable attorneys’ and accountants’ fees and expenses,
(iv) costs of advertisement and (v) insurance premiums;

 

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(b)      to
the payment of all amounts (including interest), other than the unpaid principal balance of the Notes and accrued but unpaid interest,
which may be due to Mortgagee under the Loan Documents;

 

(c)      to
the payment of the Indebtedness and performance of the Obligations in such manner and order of preference as Mortgagee in its sole
discretion may determine; and

 

(d)      the
balance, if any, to the payment of the persons legally entitled thereto.

 

Section 5.8           Occupancy
After Foreclosure.    The purchaser at any foreclosure sale pursuant to Section 4.1(d) shall become the legal owner of the
Mortgaged Property. All occupants of the Mortgaged Property shall, at the option of such purchaser, become tenants of the purchaser
at the foreclosure sale and shall deliver possession thereof immediately to the purchaser upon demand. It shall not be necessary
for the purchaser at said sale to bring any action for possession of the Mortgaged Property other than the statutory action of
forcible detainer in any justice court having jurisdiction over the Mortgaged Property.

 

Section 5.9           Additional
Advances and Disbursements; Costs of Enforcement.

 

(a)      If
Mortgagor has failed to perform its obligations under any provision of any Loan Document, Mortgagee shall have the right but not
the obligation to perform or caused to be performed such obligation of Mortgagor. All sums advanced and expenses incurred at any
time by Mortgagee under this Section 4.9, or otherwise under this Mortgage or any of the other Loan Documents or applicable law,
shall bear interest from the date that such sum is advanced or expense incurred, to and including the date of reimbursement, computed
at the Default Rate (as defined in the Loan Agreement), and all such sums, together with interest thereon, shall be secured by
this Mortgage.

 

(b)      Mortgagor
shall pay all expenses (including reasonable attorneys’ fees and expenses) of or incidental to the perfection and enforcement
of this Mortgage and the other Loan Documents, or the enforcement, compromise or settlement of the Indebtedness or any claim under
this Mortgage and the other Loan Documents, and for the curing thereof, or for defending or asserting the rights and claims of
Mortgagee in respect thereof, by litigation or otherwise.

 

Section 5.10    No
Mortgagee in Possession.    Neither the enforcement of any of the remedies under this Article 4, the assignment of the Rents
and Leases under Article 5, the security interests under Article 6, nor any other remedies afforded to Mortgagee under the Loan
Documents, at law or in equity shall cause Mortgagee to be deemed or construed to be a mortgagee in possession of the Mortgaged
Property, to obligate Mortgagee to lease the Mortgaged Property or attempt to do so, or to take any action, incur any expense,
or perform or discharge any obligation, duty or liability whatsoever under any of the Leases or otherwise.

 

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Section 5.11    Actions
and Proceedings. Mortgagee has the right to appear in and defend any action or proceeding brought with respect to the Mortgaged
Property and to bring any action or proceeding, in the name and on behalf of Mortgagor, which Mortgagee, in its discretion, decides
should be brought to protect its interest in the Mortgaged Property.

 

ARTICLE 6

ASSIGNMENT OF LEASES AND RENTS

 

Section 6.1           Assignment.
   Mortgagor acknowledges and confirms that it has executed and delivered to Mortgagee an Assignment of Leases
and Rents of even date (as amended, restated, supplemented, modified, extended, renewed or replaced from time to time, the “Assignment
of Leases and Rents”), intending that such instrument create a present, absolute assignment to Mortgagee of the
Leases and Rents. Without limiting the intended benefits or the remedies provided under the Assignment of Leases and Rents, Mortgagor
hereby assigns to Mortgagee, as further security for the Indebtedness and the Obligations, the Leases and Rents. While any Event
of Default exists, Mortgagee shall be entitled to exercise any or all of the remedies provided in the Assignment of Leases and
Rents and in Article 4 hereof, including, without limitation, the right to have a receiver appointed. If any conflict or inconsistency
exists between the assignment of the Rents and the Leases in this Mortgage and the absolute assignment of the Rents and the Leases
in the Assignment of Leases and Rents, the terms of the Assignment of Leases and Rents shall control.

 

Section 6.2           No
Merger of Estates.   So long as any part of the Indebtedness and the Obligations secured hereby remain unpaid and undischarged,
the fee and leasehold estates to the Mortgaged Property shall not merge, but shall remain separate and distinct, notwithstanding
the union of such estates either in Mortgagor, Mortgagee, any lessee or any third party by purchase or otherwise.

 

ARTICLE 7

SECURITY AGREEMENT

 

Section 7.1           Security
Interest.    This Mortgage constitutes a “Security Agreement” on personal property within the meaning of the UCC
and other applicable law and with respect to the Personalty, Fixtures, Plans, Leases, Rents and Property Agreements. To this end,
Mortgagor grants to Mortgagee, a first and prior security interest in the Personalty, Fixtures, Plans, Leases, Rents and Property
Agreements and all other Mortgaged Property which is personal property to secure the payment of the Indebtedness and performance
of the Obligations, and agrees that Mortgagee shall have all the rights and remedies of a secured party under the UCC with respect
to such property. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Personalty, Fixtures,
Plans, Leases, Rents and Property Agreements sent to Mortgagor at least five (5) days prior to any action under the UCC shall constitute
reasonable notice to Mortgagor.

 

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Section 7.2           Further
Assurances.    Mortgagor shall execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such further
assurances as Mortgagee may, from time to time, reasonably consider necessary to create, perfect and preserve Mortgagee’s
security interest hereunder and Mortgagee may cause such assurances to be recorded and filed, at such times and places as may be
required or permitted by law to so create, perfect and preserve such security interest. Mortgagor’s state of organization
is the State of Delaware, and its chief executive office is in the State of Arizona at the address set forth in the first paragraph
of this Mortgage. Mortgagor authorizes Mortgagee to file financing statements without the signature of Mortgagor thereon.

 

Section 7.3           Fixture
Filing.    This Mortgage shall also constitute a “fixture filing” for the purposes of the UCC against all of the
Mortgaged Property which is or is to become fixtures. Information concerning the security interest herein granted may be obtained
at the addresses of Debtor (Mortgagor) and Secured Party (Mortgagee) as set forth in the first paragraph of this Mortgage.

 

ARTICLE 8

MISCELLANEOUS

 

Section 8.1           Limitation
on Interest.    It is the intention of the parties hereto to conform strictly to applicable usury laws. Accordingly, all agreements
between Mortgagor and Mortgagee with respect to the Loan are hereby expressly limited so that in no event, whether by reason of
acceleration of maturity or otherwise, shall the amount paid or agreed to be paid to Mortgagee or charged by Mortgagee for the
use, forbearance or detention of the money to be lent hereunder or otherwise, exceed the maximum amount allowed by law. If the
Loan would be usurious under applicable law (including the laws of the state where the Mortgaged Property is located and the laws
of the United States of America), then, notwithstanding anything to the contrary in the Loan Documents: (a) the aggregate of all
consideration which constitutes interest under applicable law that is contracted for, taken, reserved, charged or received under
the Loan Documents shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess
shall be credited on the Indebtedness; and (b) if maturity is accelerated by reason of an election by Mortgagee, or in the event
of any prepayment, then any consideration which constitutes interest may never include more than the maximum amount allowed by
applicable law. In such case, excess interest, if any, provided for in the Loan Documents or otherwise, to the extent permitted
by applicable law, shall be amortized, prorated, allocated and spread from the date of advance until payment in full so that the
actual rate of interest is uniform through the term hereof. If such amortization, proration, allocation and spreading is not permitted
under applicable law, then such excess interest shall be canceled automatically as of the date of such acceleration or prepayment
and, if theretofore paid, shall be credited on the Indebtedness. The Loan Documents are contracts made under and shall be construed
in accordance with and governed by the laws of the State, except that if at any time the laws of the United States of America permit
Mortgagee to contract for, take, reserve, charge or receive a higher rate of interest than is allowed by the laws of the State
(whether such federal

 

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laws directly so provide
or refer to the law of any state), then such federal laws shall to such extent govern as to the rate of interest which Mortgagee
may contract for, take, reserve, charge or receive under the Loan Documents.

 

Section 8.2           Notices.
  Any notice required or permitted to be given under this Mortgage shall be (a) in writing, (b) sent in the manner set forth in the
Loan Agreement, and (c) effective in accordance with the terms of the Loan Agreement.

 

Section 8.3           Covenants
Running with the Land.    All Obligations contained in this Mortgage are intended by Mortgagor and Mortgagee to be, and shall
be construed as, covenants running with the Mortgaged Property. As used herein, “Mortgagor” shall refer to the party
named in the first paragraph of this Mortgage and to any subsequent owner of all or any portion of the Mortgaged Property (without
in any way implying that Mortgagee has or will consent to any such conveyance or transfer of the Mortgaged Property). All persons
or entities who may have or acquire an interest in the Mortgaged Property shall be deemed to have notice of, and be bound by, the
terms of the Loan Agreement and the other Loan Documents; however, no such party shall be entitled to any rights thereunder without
the prior written consent of Mortgagee.

 

Section 8.4           Attorney-in-Fact.
   Mortgagor hereby irrevocably appoints Mortgagee and its successors and assigns, as its attorney-in-fact, which agency is coupled
with an interest, (a) to execute and/or record any notices of completion, cessation of labor or any other notices that Mortgagee
deems appropriate to protect Mortgagee’s interest, if Mortgagor shall fail to do so within ten (10) days after written request
by Mortgagee, (b) upon the issuance of a deed pursuant to the foreclosure of this Mortgage or the delivery of a deed in lieu of
foreclosure, to execute all instruments of assignment, conveyance or further assurance with respect to the Leases, Rents, Personalty,
Fixtures, Plans and Property Agreements in favor of the grantee of any such deed and as may be necessary or desirable for such
purpose, (c) to prepare, execute and file or record financing statements, continuation statements, applications for registration
and like papers necessary to create, perfect or preserve Mortgagee’s security interests and rights in or to any of the collateral,
and (d) while any Event of Default exists, to perform any obligation of Mortgagor hereunder; however: (i) Mortgagee shall not under
any circumstances be obligated to perform any obligation of Mortgagor; (ii) any sums advanced by Mortgagee in such performance
shall be added to and included in the Indebtedness and shall bear interest at the Default Rate; (iii) Mortgagee as such attorney-in-fact
shall only be accountable for such funds as are actually received by Mortgagee; and (iv) Mortgagee shall not be liable to Mortgagor
or any other person or entity for any failure to take any action which it is empowered to take under this Section.

 

Section 8.5           Successors
and Assigns.    This Mortgage shall be binding upon and inure to the benefit of Mortgagee and Mortgagor and their respective
successors and assigns. Mortgagor shall not, without the prior written consent of Mortgagee, assign any rights, duties or obligations
hereunder.

 

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Section 8.6           No
Waiver.    Any failure by Mortgagee to insist upon strict performance of any of the terms, provisions or conditions of the
Loan Documents shall not be deemed to be a waiver of same, and Mortgagee shall have the right at any time to insist upon strict
performance of all of such terms, provisions and conditions.

 

Section 8.7           Subrogation.
   To the extent proceeds of the Notes have been used to extinguish, extend or renew any indebtedness against the Mortgaged Property,
then Mortgagee shall be subrogated to all of the rights, liens and interests existing against the Mortgaged Property and held by
the holder of such indebtedness and such former rights, liens and interests, if any, are not waived, but are continued in full
force and effect in favor of Mortgagee.

 

Section 8.8           Loan
Agreement.   If any conflict or inconsistency exists between this Mortgage and the Loan Agreement, the Loan Agreement shall
govern.

 

Section 8.9           Release.
Upon payment in full of the Indebtedness and performance in full of the Obligations, Mortgagee, at Mortgagor’s expense, shall
release the liens and security interests created by this Mortgage.

 

Section 8.10    Waiver
of Stay, Moratorium and Similar Rights.    Mortgagor agrees, to the full extent that it may lawfully do so, that it will not
at any time insist upon or plead or in any way take advantage of any appraisement, valuation, stay, marshalling of assets, extension,
redemption or moratorium law now or hereafter in force and effect so as to prevent or hinder the enforcement of the provisions
of this Mortgage or the indebtedness secured hereby, or any agreement between Mortgagor and Mortgagee or any rights or remedies
of Mortgagee.

 

Section 8.11    Limitation
on Liability.   Mortgagor’s liability hereunder is subject to the limitation on liability provisions of Article 13
of the Loan Agreement.

 

Section 8.12    Obligations
of Mortgagor, Joint and Several.   If more than one person or entity has executed this Mortgage as “Mortgagor,”
the obligations of all such persons or entities hereunder shall be joint and several.

 

Section 8.13    Governing
Law.   The provisions of Section 12.28 (Governing Law) of the Loan Agreement are incorporated herein by reference as though
fully set forth herein.

 

Section 8.14    Venue.
   Mortgagor hereby consents to the jurisdiction of any state or federal court located within the County of Cook, State of Illinois
and irrevocably agrees that, subject to Mortgagee's election, all actions or proceedings arising out of or relating to this Mortgage
or the other loan documents shall be litigated in such courts; provided, however, that actions or proceedings relating to the foreclosure
or other enforcement of the lien of this Mortgage shall be litigated in the state courts located within the County of Clermont,
State of Ohio. Mortgagor expressly submits and consents to the jurisdiction of the aforesaid courts and waives any defense of forum
non conveniens. Mortgagor hereby waives personal service of any and all process and agrees that all such service of process may
be made upon Mortgagor by

 

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certified or registered mail,
return receipt requested, addressed to Mortgagor, at the address set forth in this Mortgage and service so made shall be deemed
complete ten (10) days after the same has been posted.

 

Section 8.15    Headings.
  The Article, Section and Subsection titles hereof are inserted for convenience of reference only and shall in no way alter, modify
or define, or be used in construing, the text of such Articles, Sections or Subsections.

 

Section 8.16    Entire
Agreement.   This Mortgage and the other Loan Documents and the Environmental Indemnity Agreement embody the entire agreement
and understanding between Mortgagee and Mortgagor and supersede all prior agreements and understandings between such parties relating
to the subject matter hereof and thereof. Accordingly, the Loan Documents and the Environmental Indemnity Agreement may not be
contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements
between the parties.

 

Section 8.17    Counterparts.
  This Mortgage may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall constitute
one document.

 

Section 8.18    No
Oral Change.   This Mortgage, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of Mortgagor or Mortgagee, but only by an agreement in writing
signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination
is sought.

 

Section 8.19    Inapplicable
Provisions.    If any term, covenant or condition of this Mortgage is held to be invalid, illegal or unenforceable in any
respect, this Mortgage shall be construed without such provision.

 

ARTICLE 9

SPECIAL STATE PROVISIONS

 

Section 9.1    Principles
of Construction.    In the event of any inconsistencies between the terms and conditions of this Article 8 and the terms and
conditions of this Mortgage, the terms and conditions of this Article 8 shall control and be binding.

 

Section 9.2      Priority
of Mortgage Lien.   Mortgagee is authorized to do all matters permitted and sanctioned by Ohio Revised Code §1311.14,
as now existing or hereafter amended.

 

Section 9.3      Exculpation.

 

(i)
     The parties hereto agree that the Mortgagee shall be afforded all of the rights, privileges,
protections, indemnities and immunities afforded to the Administrative

 

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Agent under the Credit
Agreement in connection with its execution of this Mortgage and the performance of its duties hereunder.

 

(ii)
     There shall be no recourse hereunder to any constituent entity or individual or any member,
shareholder, principal, affiliate or partner of Mortgagor, direct or indirect, no any director, officer, employee, agent or representative
of any of them.

 

Section 9.4      Fixture
Filing.    Mortgagor agrees that Mortgagee may file this Mortgage, or a reproduction thereof, in the real estate records or
other appropriate index, as, and this Mortgage shall be deemed to be, a financing statement filed as a fixture filing in accordance
with Ohio Revised Code §1309.502. Mortgagor warrants that Mortgagor’s name, identity and address are as set forth herein.
The mailing address of the Mortgagee from which information may be obtained concerning the security interest created herein is
also set forth herein. This information hereof is provided in order that this Mortgage shall comply with the requirements of the
Uniform Commercial Code as enacted in the State for instruments to be filed as financing statements. In accordance with Ohio Revised
Code §1309.515, this Mortgage shall remain effective as a fixture filing until this Mortgage is released or satisfied of record
or its effectiveness otherwise terminates as to the Mortgaged Property.

 

Section 9.5     Future
Advances.    Mortgagor and Mortgagee intend that this Mortgage shall secure the unpaid balance of Loan advances made by the
holder hereof after this Mortgage is delivered to the County Recorder for record to the fullest extent and with the highest priority
contemplated by Section 5301.232 of the Ohio Revised Code. The maximum amount of all Loan advances, in the aggregate and exclusive
of interest accrued thereon and protective advances made as contemplated by the Protective Advances provisions of Section 8.6 of
this Mortgage, which may be outstanding at any time, is $10,500,000.00. If and to the extent applicable, Mortgagor hereby waives
any right it may have under Section 5301.232(C) of the Ohio Revised Code.

 

Section 8.6     Protective
Advances.   In addition to securing payment of the indebtedness and performance of the Mortgagor’s obligations under
the Loan Documents, this Mortgage secures the payment of any and all amounts advanced by Mortgagee with respect to the Mortgaged
Property for the payment of taxes, assessments, insurance premiums or costs incurred for the protection of the Mortgaged Property,
as contemplated by Section 5301.233 of the Ohio Revised Code

 

Section 8.7     Mortgagee’s
Attorneys’ Fees.    With respect to any agreement by Mortgagor in this Mortgage or in any other Loan Document to pay
Mortgagee’s attorneys’ fees and disbursements incurred in connection with the Loan, Mortgagor agrees that each Loan
Document is a “contract of indebtedness” and that the attorneys’ fees and disbursements referenced are those
which are a reasonable amount, all as contemplated by Ohio Revised Code Section 1301.21, as such Section may hereafter be amended.
Mortgagor further agrees that the indebtedness incurred in connection with the Loan is not incurred for purposes that are primarily

 

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personal, family or household and confirms
that the total amount owed on the contract of indebtedness exceeds One Hundred Thousand and No/100 Dollars ($100,000.00).

 

Section 8.8     Defeasance.
   If the Mortgagor pays or causes to be paid, and performs or causes to be performed, the Obligations, then this Mortgage and the
estate hereby created shall cease and become void, and Mortgagee shall release and discharge this mortgage at the reasonable cost
and expense of Mortgagor.

 

[Signature Page Blank]

 

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EXECUTED as of the date
first above written.

 

	 	WATERMARK PINEBROOK OWNER, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ David Barnes	 
	 	Name:  David Barnes
	 	Title:  Authorized Signatory

 

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[Pinebrook – Milford, OH]Exhitbit
10.9

 

CONTRIBUTION
AGREEMENT

 

THIS CONTRIBUTION AGREEMENT
(this “Agreement”) is made and entered into as of December 27, 2013, by and between NorthStar Healthcare Income
Operating Partnership, LP, a Delaware limited partnership having an address c/o NorthStar Realty Healthcare, 2 Bethesda Metro Center,
Suite 1300, Bethesda, Maryland 20814 (“NorthStar Reimbursement Party”), David Freshwater, an individual (“DF
Guarantor”), The Diana and David Freshwater Living Trust U/D/T dated January 20, 2004 (“DF Trust Guarantor”),
David Barnes, an individual (“DB Guarantor”), and The Barnes Family Revocable Trust U/D/T dated November 15,
2007 (“DB Trust Guarantor”, and together with DF Guarantor, DF Trust Guarantor, and DB Guarantor “TFG
Guarantor”), each having an address c/o The Freshwater Group, Inc., 2020 West Rudasill Road, Tucson, Arizona 85704.

 

W
I T N
E S S
E T H

 

WHEREAS, TFG Guarantor,
directly or indirectly, owns a limited liability company interest in Watermark Aqua Investments, LLC, a Delaware limited liability
company (“TFG Member”);

 

WHEREAS, NorthStar
Reimbursement Party, directly or indirectly, owns a limited liability company interest in Aqua Property NT-HCI, LLC, a Delaware
limited liability company (“NorthStar Member”);

 

WHEREAS, each of TFG
Member and NorthStar Member directly owns a limited liability company interest in Watermark Aqua Owner, LLC, a Delaware limited
liability company (the “Company”) and each is a party to that certain Limited Liability Company Agreement of
the Company, dated as of the date hereof (as it may be amended or restated from time to time, the “LLC Agreement”);

 

WHEREAS, the Company
directly or indirectly owns 100% of the membership interests in subsidiaries which wholly own the Properties (the “Property
Owners”);

 

WHEREAS, pursuant to
Section 12.02 of the LLC Agreement, TFG Member and NorthStar Member have agreed to cause TFG Guarantor and NorthStar Reimbursement
Party, respectively, to share liability under certain guaranties and indemnities made in favor of lenders (collectively, “Lender”)
providing financing that is secured directly or indirectly by one or more Properties (the “Loan”);

 

WHEREAS, (a) TFG Guarantor,
as an owner of an interest in TFG Member, will derive substantial benefit from the Loan and (b) NorthStar Reimbursement Party,
as an owner of an interest in NorthStar Member, will derive substantial benefit from the Loan;

 

WHEREAS, in connection
with the consummation of the Loan, (a) as of the date of execution of this Agreement, TFG Guarantor has entered into the recourse
documents listed on Exhibit A attached hereto, and (b) after the date of execution of this Agreement, TFG Guarantor
may enter into additional recourse documents, in either case guaranteeing certain obligations of the Company, the Property Owners,
or the Property Owners’ direct or indirect owners (as such

 

    	 

    	 

    

 

documents may be amended
from time to time in accordance with the terms of this Agreement, each, a “Guaranty”, and collectively, the
“Guaranties”); and

 

WHEREAS, except as
otherwise herein provided, TFG Guarantor and NorthStar Reimbursement Party desire to assure that at all times amounts paid by the
parties under the Guaranties reflect the allocation of the underlying liabilities between TFG Member, on the one hand, and NorthStar
Member, on the other hand, under the LLC Agreement in accordance with their respective Percentage Interests.

 

NOW, THEREFORE, in
consideration of the execution and delivery of the Guaranties, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.             Payment
of Amounts under the Guaranties.

 

(a)          Subject
to the terms of the balance of this Section 1, if TFG Guarantor pays any amount owed under a Guaranty (a “Guaranty
Payment”) to the guaranteed or indemnified party under such Guaranty (“Guarantied Party”), then, except
as set forth in Sections 1(b) and 1(c), NorthStar Reimbursement Party shall, within fifteen (15) days after
demand therefor, which such demand shall be accompanied by evidence of amounts paid by TFG Guarantor under such Guaranty, reimburse
to TFG Guarantor a percentage of such Guaranty Payment equal to NorthStar Member’s Percentage Interest in the Company and
the provisions of Section 2 shall apply.

 

(b)          Notwithstanding
anything to the contrary contained in this Agreement, no payment shall be required to be made by NorthStar Reimbursement Party
under Section 1(a) with respect to any Guaranty Payment to the extent such liability is caused by or otherwise attributable
to actions or wrongful omissions of TFG Guarantor, TFG Member or any of their Affiliates (the “TFG Parties”),
including, without limitation (i) any default under a Guaranty that is personal to the TFG Parties (such as a default under net
worth or liquidity covenants of the TFG Parties), or (ii) the fraud, gross negligence or willful misconduct of, or material breach
under the LLC Agreement, a Guaranty, or under the applicable loan documents by a TFG Party, unless NorthStar Member, NorthStar
Reimbursement Party or any of their Affiliates (the “NorthStar Parties”) specifically and in writing approved
or authorized such action or omission giving rise to liability (the events or circumstances described above are collectively referred
to herein as “TFG Guarantor Sole Liability Acts”). Guaranty Payments arising from the TFG Guarantor Sole Liability
Acts shall be paid solely by the TFG Guarantor without any right of reimbursement or compensation from the NorthStar Parties by
means of a right of subrogation, indemnification, or otherwise, and without any Capital Account credit accorded TFG Member on account
of any such Guaranty Payment and without such Guaranty Payment constituting a Capital Contribution. Notwithstanding anything contained
in this Section 1 to the contrary, no TFG Party shall be deemed to have caused any event or circumstance giving rise
to a Guaranty Payment under any Guaranty solely by reason of (A) the mere existence of environmental liability at the Property
or (B) in the case of any Guaranty Payment for so-called “loss” or “indemnity” recourse liability items
(as opposed to so-called full “springing recourse” items), the fact that such Guaranty Payment was caused by the an
action or omission of a Property level employee of any Manager that is an Affiliate of the TFG Member if the hiring and supervision
of

 

    	2

    	 

    

 

such employee by the
TFG Parties did not constitute gross negligence or willful misconduct (it being understood, however, that the foregoing shall not
limit the responsibility of TFG Guarantor hereunder for events and circumstances that are caused by or are otherwise attributable
to a TFG Guarantor Sole Liability Act not caused by an employee pursuant to the provision above).

 

(c)          Notwithstanding
anything to the contrary contained in this Agreement, NorthStar Reimbursement Party shall reimburse TFG Guarantor in full for any
Guaranty Payment made by TFG Guarantor to the extent such liability is caused by or otherwise attributable to actions or wrongful
omissions of the NorthStar Parties, including, without limitation (i) a default under a Guaranty that is personal to a NorthStar
Party such as a default under net worth or liquidity covenants of the NorthStar Parties, or (ii) the fraud, gross negligence or
willful misconduct of, or material breach under the LLC Agreement or under the applicable loan documents by a NorthStar Party,
unless a TFG Party specifically and in writing approved or authorized such action or omission giving rise to liability (the events
or circumstances described above are collectively referred to herein as “NorthStar Reimbursement Party Sole Liability
Acts”). Guaranty Payments arising from NorthStar Reimbursement Party Sole Liability Acts shall be paid solely by the
NorthStar Reimbursement Party and/or its Affiliates without any right of reimbursement or compensation from any TFG Party by means
of a right of subrogation, indemnification, or otherwise, and without any Capital Account credit accorded NorthStar Member on account
of any such Guaranty Payment and without such Guaranty Payment constituting a Capital Contribution. Notwithstanding anything contained
in this Section 1 to the contrary, no NorthStar Party shall be deemed to have caused any event or circumstance giving
rise to a Guaranty Payment under any Guaranty solely by reason of (A) the mere existence of environmental liability at the Property
or (B) the fact that the NorthStar Member has been vested with the power and authority described in Section 7.01(a) of the LLC
Agreement or solely by reason of the performance by the NorthStar Member of its obligations pursuant to Section 7.01(a) thereunder
(it being understood, however, that the foregoing shall not limit the responsibility of NorthStar Reimbursement Party hereunder
for events and circumstances that are caused by or are otherwise attributable to a NorthStar Reimbursement Party Sole Liability
Act).

 

(d)          TFG
Guarantor shall provide NorthStar Reimbursement Party notice of any action or proceeding brought by TFG Guarantor or any Affiliate
contesting the validity of any Guaranty, but failure to deliver any such notice shall not affect the liabilities or obligations
of the parties hereunder.

 

2.          TFG/NorthStar
Proportionate Guaranty Amounts.   The following provisions shall apply in respect of any Guaranty Payments to which the provisions
of Section 1(a) apply (and not such Guaranty Payments caused or otherwise attributable to TFG Guarantor Sole Liability Acts or
NorthStar Reimbursement Party Sole Liability Acts) (“TFG/NorthStar Proportionate Guaranty Amounts”):

 

(a)          Upon
payment by NorthStar Reimbursement Party of amounts due in respect of TFG/NorthStar Proportionate Guaranty Amounts, the payments
made by or on behalf of TFG Guarantor and NorthStar Reimbursement Party shall be deemed Capital Contributions under the LLC Agreement
by each of TFG Guarantor’s and NorthStar Reimbursement Party’s affiliated Members equal to their respective shares
of such Guaranty Payment.

 

    	3

    	 

    

 

(b)          If
NorthStar Reimbursement Party shall fail to make any payment due in respect of TFG/NorthStar Proportionate Guaranty Amounts in
full within fifteen (15) days after demand therefor, then (A) TFG Member shall be deemed a Contributing Member with respect to
the Guaranty Payment made by it under the Guaranty, and (B) NorthStar Member shall be deemed a Non-Contributing Member in respect
of the payments failed to be made by it in respect of the TFG/NorthStar Proportionate Guaranty Amount, and the provisions of Section
5.02(c) of the LLC Agreement shall apply in respect thereof.

 

(c)          If
NorthStar Reimbursement Party makes a payment to TFG Guarantor in satisfaction of a claim for failure to fund its portion of TFG/NorthStar
Proportionate Guaranty Amounts, (i) if the TFG Member is deemed to have made a Priority Contribution resulting from the failure
of the NorthStar Reimbursement Party to fund, such payment shall be deemed applied in reduction of the Priority Contribution made
by TFG Member in respect thereof (A) first, in respect of accrued and unpaid return on such Priority Contribution as provided in
Section 5.02(c)(iv) of the LLC Agreement, until all accrued and unpaid return is paid in full, and (B) second, as a repayment of
all unreturned principal of such Priority Contribution, until all unreturned principal is paid in full, and (ii) if the TFG Member
is deemed to have made an additional Capital Contribution resulting from the failure of the NorthStar Reimbursement Party to fund,
such payment shall be deemed to reduce the amount of such additional Capital Contribution (and the corresponding modification to
the Percentage Interests of the Members on a proportionate basis with respect to the initial modification of the Percentage Interests
of the Members compared to the amount of the deemed additional Capital Contribution).

 

3.          Payments
for NorthStar Reimbursement Party Sole Liability Acts.   If NorthStar Reimbursement Party makes a payment under this Agreement
to TFG Guarantor in satisfaction of a claim for failure to fund a Guaranty Payment caused by or otherwise attributable to an NorthStar
Reimbursement Party Sole Liability Act, such payment shall be deemed solely a reimbursement to the TFG Guarantor in connection
therewith, and neither the Guaranty Payment made by TFG Guarantor nor the reimbursement of such Guaranty Payment by the NorthStar
Reimbursement Party shall be deemed Capital Contributions or be subject to the provisions of Section 5.02(c) of the LLC Agreement
as provided in Section 2(b) and (c) above.

 

4.          Obligations
Unconditional.    (a)    NorthStar Reimbursement Party’s obligations under this Agreement shall be paid and complied with strictly
in accordance with the terms hereof, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction
affecting any of the Guaranties or affecting any of the rights of either TFG Guarantor or NorthStar Reimbursement Party with respect
thereto. To the fullest extent permitted by applicable law, the liability of NorthStar Reimbursement Party hereunder shall not
be impaired, abated, deferred, diminished, modified, released, terminated or discharged, in whole or in part, or otherwise affected,
by any event, condition, occurrence, circumstance, proceeding, action or failure to act, with or without notice to, or the knowledge
or consent of, NorthStar Reimbursement Party, including, without limitation:

 

(i)          any
amendment, modification or extension of any of the Guaranties or any of the other documents evidencing or securing the Loan made
with NorthStar Reimbursement Party’s consent; it being understood that no party hereto shall modify or amend, or waive any
provision of, the Guaranties without the prior consent of

 

    	4

    	 

    

 

NorthStar Reimbursement
Party, which consent shall not be unreasonably withheld, conditioned or delayed if such modification, amendment or waiver shall
not impose greater liability on NorthStar Reimbursement Party;

 

(ii)         any
extensions of time for performance, whether in whole or in part, of any obligation given prior to or after default under any of
the Guaranties;

 

(iii)        any
foreclosure, conveyance (by deed-in-lieu of foreclosure or otherwise), assignment, exchange, surrender or release, in whole or
in part, of any collateral which may be held by a Guarantied Party at any time for or under any of the Guaranties;

 

(iv)        any
other guaranty, indemnity or other agreement now or hereafter executed by TFG Guarantor, NorthStar Reimbursement Party, or any
other person and any payment thereunder;

 

(v)         any
waiver of or assertion or enforcement or failure or refusal to assert or enforce, in whole or in part, any payment of any obligation,
claim, cause of action, right or remedy which a Guarantied Party may, at any time, have under any Guaranty or with respect to any
guaranty or any collateral which may be held by a Guarantied Party at any time for or with respect to the Guaranties or with respect
to TFG Guarantor or NorthStar Reimbursement Party;

 

(vi)        subject
to Section 4(a)(i) above, any act or thing or omission or delay to do any act or thing which may in any manner or to any
extent vary the risk of TFG Guarantor or NorthStar Reimbursement Party or which would otherwise operate as a discharge of TFG Guarantor
or NorthStar Reimbursement Party as a matter of law;

 

(vii)       the
release of any indemnitor or guarantor for the payment of any obligation, whether by operation of law or otherwise (except by reason
of the payment in full of such party’s obligations under this Agreement);

 

(viii)      the
failure to give NorthStar Reimbursement Party any notice whatsoever except as expressly provided under this Agreement or the LLC
Agreement;

 

(ix)         any
right, power or privilege that a Guarantied Party may now or hereafter have against TFG Guarantor or any other person, entity or
collateral;

 

(x)          any
assignment, conveyance, merger or other transfer, voluntary or involuntary (whether by operation of law or otherwise) of all or
any part of a Guarantied Party’s interests in or rights under the Guaranties;

 

(xi)         any
assignment, conveyance, merger or other transfer, voluntary or involuntary (whether by operation or law or otherwise) of all or
part of the interest or rights of TFG Guarantor or NorthStar Reimbursement Party or their affiliates under the Guaranties or the
LLC Agreement;

 

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(xii)        exculpatory
provisions, if any, in any of the Guaranties limiting, waiving or releasing recourse against any person;

 

(xiii)       any
accuracy or inaccuracy of any representations or warranties made by any person in any Guaranties or the LLC Agreement; or

 

(xiv)      any
recovery by a Guarantied Party as a result of the exercise of a Guarantied Party’s rights or remedies under any of the Guaranties,

 

it being the intent of TFG Guarantor and
NorthStar Reimbursement Party that the obligations and liabilities of NorthStar Reimbursement Party hereunder are absolute and
unconditional under any and all circumstances and that until the obligations of NorthStar Reimbursement Party are fully and finally
performed, the obligations and liabilities of NorthStar Reimbursement Party hereunder shall not be discharged or released, in whole
or in part, by any act or occurrence that might, but for the provisions of this Agreement, be deemed a legal or equitable discharge
or release of NorthStar Reimbursement Party.

 

(b)          This
Agreement is separate, distinct and in addition to any liability or obligations that NorthStar Reimbursement Party may have under
any other document to TFG Guarantor, and no other document shall act to reduce or set-off any liability of NorthStar Reimbursement
Party hereunder; provided, that (i) any Capital Contribution made by NorthStar Member to allow the Company to make a payment
with respect to any obligation guaranteed by TFG Guarantor and NorthStar Reimbursement Party under the Guaranties (to the extent
such payment is made or such amount is provided to the TFG Guarantor and, in each case, which shall be treated for purposes of
this Agreement as a direct Guaranty Payment by NorthStar Reimbursement Party), and (ii) any amounts applied under Section 5.02(c)
of the LLC Agreement to the repayment of amounts arising with respect to obligations of NorthStar Reimbursement Party under Section
2 of this Agreement (to the extent such amounts are provided to the TFG Guarantor), shall each act to reduce and set-off the liability
of NorthStar Reimbursement Party hereunder therefor. For the avoidance of doubt, subject to the preceding sentence, TFG Guarantor
and TFG Member may exercise both the rights and remedies set forth in (i) this Agreement and in (ii) Section 5.02(c) of the LLC
Agreement in respect of any Guaranty Payment made by TFG Guarantor hereunder, other than in respect of any Guaranty Payment made
with respect to TFG Guarantor Sole Liability Acts, in excess of TFG Guarantor’s Percentage Interest, provided, however,
that in connection with the foregoing, in no event shall TFG Guarantor or TFG Member be permitted to collect from NorthStar Reimbursement
Party or NorthStar Member, as applicable, amounts under both this Agreement and the LLC Agreement that would constitute duplicative
remedies.

 

(c)          Neither
NorthStar Reimbursement Party’s obligation to make payment in accordance with this Agreement nor any remedy for the enforcement
thereof shall be impaired, modified, changed, stayed, released or limited in any manner by any impairment, modification, change,
release, limitation or stay of the liability of NorthStar Reimbursement Party or its estate in bankruptcy or any remedy for the
enforcement thereof, resulting from the operation of any present or future provision of the U.S. Bankruptcy Code or any bankruptcy,
insolvency or similar laws of any foreign jurisdiction or other statute or from the decision of any court interpreting any of the
same, and NorthStar Reimbursement Party shall be obligated under this Agreement as if

 

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no such impairment, stay,
modification, change, release or limitation had occurred. If any Guarantied Party or TFG Guarantor shall be obligated by reason
of any bankruptcy, insolvency or other legal proceeding to pay or repay to NorthStar Reimbursement Party, or to any trustee, receiver
or other representative, any amounts previously paid, this Agreement shall be continued or reinstated to take into account the
amount of such payment or repayment.

 

5.          Waiver.
  NorthStar Reimbursement Party hereby waives (a) presentment, demand, protest, notice of protest, notice of dishonor and notice
of non-payment, non-performance or non-observance, (b) the right to require any party to proceed against any collateral or other
security now or hereafter held by such party or to pursue any other remedy available to such party, (c) the benefit of or right
to assert any statute of limitations affecting liability hereunder or the enforcement thereof to the extent permitted by law, and
(d) any defense which may arise by reason of (i) the incapacity, lack of authority, death or disability of, or revocation hereof
by, any person or persons, (ii) the failure of any party to file or enforce any claim against the estate (in probate, bankruptcy
or any other proceedings) of NorthStar Reimbursement Party or any other person or persons or (iii) the absence, impairment or loss
of any right of reimbursement or subrogation or other right or remedy of NorthStar Reimbursement Party against any other person,
or against any security resulting from the exercise or election of any remedy or remedies.

 

6.          Remedies
Cumulative.    Except as set forth in Section 4(b), all rights and remedies afforded to a party by reason of this Agreement
are separate and cumulative remedies, and shall be in addition to all other rights and remedies existing at law or in equity or
otherwise, including, without limitation, the rights and remedies set forth in Section 5.02(c) of the LLC Agreement. No one of
such remedies, whether or not exercised by a party, shall be deemed to exclude the exercise of any other remedy or remedies available,
and the exercise or non-exercise thereof shall in no way limit or prejudice any other legal or equitable remedies which a party
may have.

 

7.          Defined
Terms.    Capitalized terms used herein but not defined shall have the respective meanings given to such terms in the LLC Agreement.

 

8.          Binding
Agreement.   Subject to the provisions of Section 11 below, this Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and each such party’s respective heirs, devisees, executors, administrators, legal representatives,
successors and permitted assigns.

 

9.          Amendment.
  This Agreement shall not be amended, altered, or modified except by an instrument in writing duly executed by the parties hereto.

 

10.         No
Waiver.   Neither the waiver by any of the parties hereto of a breach of or a default under any of the provisions of this Agreement,
nor the failure of any of the parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise
any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature,
or as a waiver of any of such provisions, rights or privileges hereunder.

 

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11.         Assignment.
   This Agreement shall not be assigned by any party without the prior written consent of all of the parties hereto, and any purported
assignment in contravention of the foregoing shall be null and void.

 

12.         Limitation
on Benefits of this Agreement.    It is the explicit intention of the parties hereto that no person or entity other than the parties
hereto is or shall be entitled to bring any action to enforce any provision of this Agreement against any of the parties hereto,
and that the covenants and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable
only by, the parties hereto or their respective successors and assigns as permitted hereunder.

 

13.         Entire
Agreement.    This Agreement (including the Exhibits hereto), together with the LLC Agreement, constitutes the entire agreement
between the parties hereto (or, with respect to rights under the LLC Agreement, the TFG Member and the NorthStar Member) with respect
to the subject matter hereof, and it supersedes all prior oral or written agreements, commitments or understandings with respect
to the matters provided for herein. In addition, this Agreement supersedes and replaces to the fullest extent permitted by applicable
law any right of contribution or subrogation with respect to the subject matter hereof that any party hereto may have at law or
in equity, by statute or otherwise.

 

14.         Counterparts.
   To facilitate execution, this Agreement may be executed in as many counterparts as may be required. It shall not be necessary that
the signature of or on behalf of each party appears on each counterpart, but it shall be sufficient that the signature of or on
behalf of each party appears on one or more of the counterparts. The exchange of counterparts of this Agreement among the parties
by means of facsimile transmission or by electronic email transmission (including via .pdf files) which shall contain authentic
reproductions shall constitute a valid exchange of this Agreement and shall be binding upon the parties hereto. All counterparts
shall collectively constitute a single agreement.

 

15.         Notices.
  All notices, demands, requests, or other communications which may be or are required to be given, served, delivered, or sent by
any party to any other party pursuant to this Agreement shall be in writing and shall be (a) mailed by first-class, registered
or certified mail, return receipt requested, postage prepaid, (b) sent by nationally recognized overnight courier, (c) delivered
by hand delivery (including delivery by nationally recognized courier), or (d) sent by emailed Adobe® portable document format
(.pdf) document (with a copy contemporaneously delivered by one of the other permitted methods of delivery), addressed as follows:

 

	If to TFG Guarantor:
	 
	c/o The Freshwater Group, Inc.
	2020 West Rudasill Road
	Tucson, Arizona 85704
	Attention:  David Freshwater
	Email: david@thefreshwatergroup.com

 

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	with a copy to:
	 
	Cox, Castle & Nicholson LLP
	2049 Century Park East, 28th Floor
	Los Angeles, CA 90067
	Attention:  Kevin S. Kinigstein
	Email:  kkinigstein@coxcastle.com
	 
	If to NorthStar Reimbursement Party:
	 
	c/o NorthStar Realty Healthcare
	2 Bethesda Metro Center, Suite 1300
	Bethesda, Maryland 20814
	Attention:  Doug Bath
	Email:  dbath@nrfc.com
	 
	with a copy to:
	 
	NorthStar Realty Finance
	399 Park Avenue
	New York, New York 10022
	Attention:  Ronald J. Lieberman
	Email:  rlieberman@nrfc.com
	 
	and a copy to:
	 
	Fried, Frank, Harris, Shriver & Jacobson LLP
	One New York Plaza
	New York, New York 10004
	Attention:  Harry R. Silvera, Esq.
	Email:  harry.silvera@friedfrank.com

 

Each party may designate
by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served, delivered
or sent. Each notice, demand, request, or communication which shall be mailed, sent, delivered or transmitted in the manner described
above shall be deemed, given, served or delivered at such time as it is received by the addressee upon presentation (or, if received
on a day that is not a Business Day or after 5:00 p.m. on a Business Day, on the next succeeding Business Day) or at such times
as delivery is attempted in the case of any change in address as to which notice was not given to the other party as required hereunder
or in the case of a refusal to accept delivery.

 

16.         Governing
Law.   This Agreement and the rights and obligations of the parties hereunder shall be governed by and interpreted, construed
and enforced in accordance with the laws of the State of New York, without giving effect to the conflicts of laws principles thereof.
This choice of law is made pursuant to New York General Obligation Law § 5-1401.

 

17.         Choice
of Forum.   Each party hereto hereby irrevocably and unconditionally (a) submits itself and its property, solely for the purposes
of any legal action or proceeding relating to this Agreement or for recognition and enforcement of any judgment in respect thereof,
to the exclusive jurisdiction of the Supreme Court of the State of New York, New York County, the

 

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courts of the United
States of America for the Southern District of New York, and appellate courts thereof (collectively, the “New York Courts”),
(b) consents to the bringing of any such action or proceeding exclusively in a New York Court, and agrees not to plead or otherwise
assert an inconvenient forum, (c) agrees to service upon it or him of any and all process in any such action or proceeding at the
applicable address set forth in Section 15, (d) agrees that nothing herein shall affect the right to effect service of process
in any other manner permitted by law, and (e) agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. The parties hereto agree
that any legal action or proceeding relating to this Agreement shall be brought in the New York Courts only; provided, that
if any party breaches or seeks to resist any term, covenant or condition set forth in this Section 17 the other parties
shall not be bound by the limitations of this sentence with respect to such party’s breaching or seeking to resist any term,
covenant or condition of this Section 17.

 

18.         Exculpation.
  No direct or indirect partner, shareholder, member, manager, owner, officer, director, trustee, agent, advisor, or employee in
or of any party hereto (each, a “Nonrecourse Party”) shall be personally liable in any manner or to any extent
under or in connection with this Agreement, no party shall sue or otherwise seek to enforce any personal obligation against any
Nonrecourse Party in any action or proceeding to enforce any of the provisions of this Agreement, and no party shall have any recourse
to any assets of a Nonrecourse Party under this Agreement. The limitation of liability provided in this Section 18 is in
addition to, and not in limitation of, any limitation on liability applicable to a Nonrecourse Party provided by law or by this
Agreement or any other contract, agreement or instrument.

 

19.         Payments.  
All amounts due hereunder shall be paid in U.S. dollars, and if not paid when due shall, solely with respect to any amounts due
as a result of NorthStar Reimbursement Party Sole Liability Acts under Section 1(c) above, bear interest at the Default
Rate. The parties hereto acknowledge that the foregoing shall not apply with respect to TFG/NorthStar Proportionate Guaranty Amounts
(for which the failure to pay is addressed in Section 5.02(c) of the LLC Agreement)..

 

20.         Attorneys’
Fees.   In the event of any litigation between the parties hereto to enforce or interpret any provision or right hereunder, the
unsuccessful party to such litigation covenants and agrees to pay the successful party all costs and expenses reasonably incurred,
including, without limitation, reasonable attorneys’ fees and disbursements, it being understood and agreed that the determination
of the “successful party” shall be included in the matters which are the subject of such litigation.

 

21.         Waiver
of Jury Trial.   EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY
ANY OF THE PARTIES AGAINST THE OTHER IN CONNECTION WITH ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS
AGREEMENT, THE RELATIONSHIP OF THE PARTIES UNDER THIS AGREEMENT OR ANY CLAIM OF INJURY OR DAMAGE RELATING TO ANY OF THE FOREGOING,
OR THE ENFORCEMENT OF ANY REMEDY UNDER ANY STATUTE WITH RESPECT THERETO.

 

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22.         Termination.  
This Agreement shall survive the removal of the TFG Member as the Administrative Member and the release of TFG Guarantor as a Guarantor
(or provision to TFG Guarantor of a Release Indemnity), but solely with respect to events occurring during the period prior to
the applicable Removal Date. This Agreement shall automatically terminate upon the repayment in full of the Loans, provided that
NorthStar Reimbursement Party has performed all of its obligations hereunder and no amounts are due and owing hereunder by NorthStar
Reimbursement Party in respect of any Guaranty Payments or any other amounts.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

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

 

	 	TFG GUARANTOR:
	 	 
	 	DF GUARANTOR:
	 	 
	 	  /s/ David J. Freshwater
	 	David J. Freshwater, an individual
	 	 
	 	DF TRUST GUARANTOR:
	 	 
	 	THE DIANA AND DAVID FRESHWATER LIVING TRUST
	 	 
	 	  /s/ David J. Freshwater
	 	David J. Freshwater, Co-Trustee of The Diana And David Freshwater Living Trust
	 	 
	 	DB GUARANTOR:
	 	 
	 	  /s/ David N. Barnes
	 	David Barnes, an individual
	 	 
	 	DB TRUST GUARANTOR:
	 	 
	 	THE BARNES FAMILY REVOCABLE TRUST
	 	 
	 	  /s/ David N. Barnes
	 	David N. Barnes, Co-Trustee of The Barnes Family Revocable Trust

 

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	 	NORTHSTAR REIMBURSEMENT PARTY:
	 	 
	 	NorthStar Healthcare Income Operating Partnership, LP, a Delaware limited partnership
	 	 
	 	By:	NorthStar Healthcare Income, Inc., a Maryland corporation, its general partner
	 	 	 
	 	 	By:	/s/ Daniel R. Gilbert
	 	 	 	Name:  Daniel R. Gilbert
	 	 	 	Title:   Chief Executive Officer

 

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