Document:

Subordination Agreement

 Exhibit 10.12 
 SUBORDINATION AGREEMENT 
 As of December 17, 2010 

KeyBank National Association, as Agent 
 225
Franklin Street, 18th Floor 
 Boston, MA 02110 
 Attention: Christopher T. Neil 
 Ladies and Gentlemen: 

Each of the undersigned (each a “Creditor”, and collectively, “Creditors”), is a
creditor of TNP SRT Secured Holdings, LLC, TNP SRT Moreno Marketplace, LLC or TNP SRT San Jacinto, LLC, each a Delaware limited liability company (collectively, “Borrower”) and one or more Creditors is or may become a creditor of
one or more Creditors and desires that KeyBank National Association and other lenders (hereinafter collectively referred to as “Lenders”) extend financial accommodations to Borrower as Borrower may request and as Agent and Lenders
may deem proper, as more particularly described in that certain Revolving Credit Agreement of even date herewith among the Borrower, certain affiliates of Borrower, KeyBank National Association, as agent for Lenders (“Agent”) and
Lenders (as amended, restated and/or modified from time to time, the “Credit Agreement”). At the present time, Borrower is indebted to Creditors pursuant to the agreements described on Exhibit A attached hereto (as may be
amended from time to time in accordance with the Credit Agreement, the “Subordinate Agreements”) plus accrued interest, if any, thereon. For the purpose of inducing Agent and Lenders to grant, continue or renew such financial
accommodations, and in consideration thereof, each Creditor agrees as follows: 
 1. Any and all claims of a
Creditor against Borrower or any other Creditor, now or hereafter existing, are, and shall be at all times, subject and subordinate to any and all claims, now or hereafter existing which Agent and Lenders may have against Borrower and Creditors
(including any claim by Agent and Lenders for interest accruing after any assignment for the benefit of creditors by Borrower or any Creditor or the institution by or against Borrower or any Creditor, of any proceedings under the Bankruptcy Code, or
any claim by Agent or Lenders for any such interest which would have accrued in the absence of such assignment or the institution of such proceedings). Notwithstanding anything set forth in this Subordination Agreement to the contrary, (a) so
long as no Event of Default exists under the Credit Agreement, the Borrower may pay amounts due to a Creditor pursuant to the Subordinate Agreements; (b) the subordination set forth in this Section 1 shall be limited to all management and
advisory fees contemplated in the Subordinate Agreements in excess of 3% of gross revenues; and (c) TNP Property Manager, LLC is not made a party to the Credit Agreement solely by executing this Subordination Agreement. The provisions of this
Subordination Agreement shall not apply to fees payable to a Sub-Manager by any Creditor. 
 2. Each Creditor
agrees not to sue upon, or to collect, or to receive payment of the principal or interest of any claim or claims now or hereafter existing which a Creditor may hold 

 
against Borrower or another Creditor, and not to sell, assign, transfer, pledge, hypothecate, or encumber such claim or claims except subject expressly to this Agreement and as otherwise
permitted by the Credit Agreement, and not to enforce or apply any security now or hereafter existing therefor, nor to file or join in any petition to commence any proceeding under the Bankruptcy Code, nor to take any lien or security on any of
Borrower’s or any Creditor’s property, real or personal, so long as any claim of Agent or Lenders against Borrower or any Creditor shall exist. 
 3. In case of any assignment for the benefit of creditors by Borrower or any Creditor or in case any proceedings under the Bankruptcy Code are instituted by or against Borrower or any Creditor, or in case
of the appointment of any receiver for Borrower’s or any Creditor’s business or assets, or in case of any dissolution or winding up of the affairs of Borrower: (a) Borrower or any Creditor and any assignee, trustee in bankruptcy,
receiver, debtor in possession or other person or persons in charge are hereby directed to pay to Agent (on behalf of Lenders) the full amount of Lenders’ claims against Borrower or any Creditor, (including interest to the date of payment)
before making any payment of principal or interest to a Creditor, and insofar as may be necessary for that purpose, each Creditor hereby assigns and transfers to Agent all security or the proceeds thereof, and all rights to any payments, dividends
or other distributions, and (b) each Creditor hereby irrevocably constitutes and appoints Agent its true and lawful attorney to act in its name and stead: (i) to file the appropriate claim or claims on behalf of a Creditor if such Creditor
does not do so prior to 30 days before the expiration of the time to file claims in such proceeding and if Agent elects at its sole discretion to file such claim or claims and (ii) to accept or reject any plan of reorganization or arrangement
on behalf of a Creditor, and to otherwise vote a Creditor’s claim in respect of any indebtedness now or hereafter owing from Borrower or any Creditor to a Creditor in any manner Agent deems appropriate for its own benefit and protection and the
benefit and protection of the Lenders. 
 4. Agent is hereby authorized by each Creditor to: (a) renew,
compromise, extend, accelerate or otherwise change the time of payment, or any other terms, of any existing or future claim of Agent and Lenders against Borrower and each Creditor, (b) increase or decrease the rate of interest payable thereon
or any part thereof, (c) exchange, enforce, waive or release any security therefor, (d) apply such security and direct the order or manner of sale thereof in such manner as Agent may at its discretion determine, (e) release Borrower,
a Creditor or any guarantor of any indebtedness of Borrower from liability, and (f) make optional future advances to Borrower or any Creditor, all without notice to any Creditor and without affecting the subordination provided by this
Agreement. 
 5. On request of Agent, each Creditor shall mark any promissory note or other evidence of any
existing or future indebtedness of Borrower or any Creditor to any Creditor with a conspicuous legend which reads substantially as follows: 
 “THIS PROMISSORY NOTE IS SUBORDINATED TO ANY PRESENT OR FUTURE INDEBTEDNESS OWING FROM THE MAKER TO KEYBANK NATIONAL ASSOCIATION, AS AGENT AND A LENDER, AND OTHER LENDERS UNDER A REVOLVING CREDIT
AGREEMENT DATED AS OF DECEMBER 17, 2010 AND THEIR ASSIGNS, AND MAY BE ENFORCED ONLY IN ACCORDANCE WITH THAT CERTAIN SUBORDINATION AGREEMENT DATED AS OF DECEMBER 17, 

  
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2010 WITH KEYBANK NATIONAL ASSOCIATION, AS AGENT.” 

6. In the event that any payment or any cash or noncash distribution is made to a Creditor in violation of the terms of
this Agreement, such Creditor shall receive same in trust for the benefit of Agent, and shall forthwith remit it to Agent in the form in which it was received, together with such endorsements or documents as may be necessary to effectively negotiate
or transfer same to Agent. 
 7. Until all such claims of Agent and Lenders against Borrower or any Creditor,
now or hereafter existing, shall be paid in full or unless Agent shall give its prior written consent, no gift or loan shall be made by Borrower or any Creditor to another Creditor, except as otherwise permitted in the Credit Agreement. 

8. For violation of this Agreement which is not willful and which continues for a period in excess of five
(5) Business Days after actual knowledge thereof by a Creditor or receipt of written notice thereof from Agent, each Creditor shall be liable for all actual losses and damages sustained by reason of such breach, and if any such violation
remains uncured, Agent may, at its option, accelerate the maturity of any of its existing or future claims against Borrower. 
 9. This Agreement shall be binding upon the heirs, successors and assigns of each Creditor, Borrower, Lenders and Agent. This Agreement and any existing or future claim of Agent and Lenders against
Borrower may be assigned by Agent and Lenders, in whole or in part, without notice to any Creditor or Borrower. 

10. Notwithstanding the provisions of Section 2, no Creditor shall receive any prepayment of amounts due
under the Subordinate Agreements without the prior written consent of Agent. 
 (Signatures on next page) 

  
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 Each Creditor executed this Agreement intending to create an instrument
executed under seal. 
  

							
	 TNP PROPERTY MANAGER, LLC, a Delaware

limited liability company

		
	 By:
	 	 Thompson National Properties, LLC, a Delaware

limited liability company, its Manager

			
		 	 By:
	 	 /s/ Anthony W. Thompson

		 		 		 	 Print Name: Anthony W. Thompson

		 		 		 	 Title: CEO

	
	 TNP STRATEGIC RETAIL ADVISOR, LLC, a
 Delaware limited liability company

		
	 By:
	 	 Thompson National Properties, LLC, a Delaware

limited liability company, its Manager

			
		 	 By:
	 	 /s/ Anthony W. Thompson

		 		 		 	 Print Name: Anthony W. Thompson

		 		 		 	 Title: CEO

 Acceptance of Subordination Agreement by Borrower 

The undersigned, being the Borrower named in the foregoing Subordination Agreement, hereby accepts and consents thereto and agrees to be
bound by all the provisions thereof and to recognize all priorities and other rights granted thereby to KeyBank National Association, its successors and assigns, and to perform in accordance therewith. 

Borrower executed this Agreement as of the date set forth above, intending to create an instrument executed under seal. 

 

							
	TNP SRT SECURED HOLDINGS, LLC, a Delaware limited liability company
		
	By:	 	 TNP Strategic Retail Operating Partnership, L.P., its sole member

			
		 	By:	 	 TNP Strategic Retail Trust, Inc., its general partner

			
		 	By:	 	 /s/ Christopher Cameron

		 		 	Name: Christopher Cameron
		 		 	Title: CFO- SRT, REIT
	
	TNP SRT MORENO MARKETPLACE, LLC, a Delaware limited liability company
		
	By:	 	 TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its sole member

			
		 	By:	 	 TNP Strategic Retail Operating Partnership, L.P., a Delaware limited partnership, its sole member

				
		 		 	By:	 	TNP Strategic Retail Trust, Inc., its general partner
			
		 	By:	 	 /s/ Christopher Cameron

		 		 	Name: Christopher Cameron
		 		 	Title: CFO- SRT, REIT

									
	TNP SRT SAN JACINTO, LLC, a Delaware limited liability company
		
	By:	 	 TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member

			
		 	By:	 	 TNP Strategic Retail Operating Partnership, L.P., a Delaware limited partnership, its Sole Member

				
		 		 	By:	 	 TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner

				
		 		 	By:	 	 /s/ Christopher Cameron

		 		 		 	Name: Christopher Cameron
		 		 		 	Title: CFO- SRT, REIT

  
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 EXHIBIT A 
 Schedule of Debt 
  

			
	 Creditor
	  	 Description of Agreements Related to

Indebtedness

	TNP Property Manager, LLC	  	 Property and Asset Management Agreement dated November 19, 2009, by and between TNP Property Manager, LLC, and TNP SRT Moreno
Marketplace, LLC
  
 Property and Asset Management Agreement dated August 11,
2010, by and between TNP Property Manager, LLC, and TNP SRT San Jacinto, LLC

		
	TNP Strategic Retail Advisor, LLC	  	Amended and Restated Advisory Agreement by and between TNP Strategic Trust, Inc., TNP Strategic Retail Operating Partnership, LP, and TNP Strategic Retail Advisor, LLC dated as of
July 26, 2010Reimbursement and Fee Agreement

 Exhibit 10.13 
 REIMBURSEMENT AGREEMENT 
 THIS REIMBURSEMENT
AGREEMENT dated as of December 17, 2010 (this “Agreement”) by and among TNP SRT SECURED HOLDINGS, LLC a Delaware limited liability company, TNP SRT SAN JACINTO, LLC, a Delaware limited liability company, and
TNP SRT MORENO MARKETPLACE, LLC, a Delaware limited liability company (collectively, the “Borrower”) and ANTHONY W. THOMPSON, an individual (the “Guarantor”). 

WHEREAS, the Borrower is refinancing the existing revolving credit facility from KeyBank National Association (the
“Lender”) and increasing the amount of the credit facility to a maximum amount of $35,000,000 pursuant to that certain Revolving Credit Agreement dated as of the date hereof (as the same may be amended, modified or supplemented from
time to time, the “Credit Agreement”) by and among the Borrower and the Lender. 

WHEREAS, as a condition precedent to the extension of the financial accommodations provided under the Credit
Agreement, the Lender has required the Guarantor to execute a certain Guaranty (the “Guaranty”) dated on or about the date hereof in favor of the Lender pursuant to which the Guarantor has guaranteed a portion of the obligations of
the Borrower under the Credit Agreement; and 
 WHEREAS, the parties hereto desire to formally evidence
the obligation of the Borrower to reimburse the Guarantor for any payment made by the Guarantor under the Guaranty. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
by the parties, the parties hereto agree as follows: 
 Section 1. Definitions. The following
terms shall have the meanings set forth below for the purposes of this Agreement: 
 “Other
Taxes” means any stamp or documentary taxes or any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this
Agreement. 
 “Taxes” shall mean present or future taxes, levies, imposts, deductions, charges
or withholdings, and all liabilities with respect thereto. 
 Section 2. Reimbursement.

 (a) In the event the Guarantor makes any payment to the Lender pursuant to, or in respect of, the
Guaranty, the Borrower shall, within two business days after the Borrower 

 
receives notice from the Guarantor that the Guarantor has made such payment, reimburse the Guarantor in an amount equal to the amount so paid by the Guarantor under the Guaranty. 

(b) In the event the Borrower fails to pay any amount hereunder when due, such amount shall bear interest at a rate per
annum equal to the one-month London interbank offered rate published from time to time by the Wall Street Journal plus 1.50% and such amount, together with such interest, shall be payable on demand. 

(c) The obligation to pay the foregoing amounts shall be (i) absolute and unconditional and shall not be subject to
any offset or counterclaim of any kind whatsoever and (ii) shall be due and payable notwithstanding (A) any lack of validity or enforceability of the documents and instruments evidencing the Credit Agreement, the Guaranty or any other
agreement or instrument relating thereto; (B) any change, restructuring or termination of the organizational structure or existence of the Borrower; (C) any acts of any governmental or quasi-governmental authority or regulatory body
affecting the Borrower, including, but not limited to, any economic, political, regulatory or other events or any failure of any governmental or quasi-governmental authority or regulatory body to permit the Borrower to comply with the terms of this
Agreement; or (D) any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Borrower. 
 (d) (i) All payments by the Borrower under this Agreement shall be made free and clear of, and without deduction or withholding for, any and all Taxes. 

(ii) In addition, the Borrower shall pay any Other Taxes due in the present or future. 

(iii) The Borrower shall indemnify and hold harmless the Guarantor for the full amount of Taxes or Other Taxes paid by
the Guarantor and any liability (including penalties, interest, additions to tax and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. Payment under this indemnification
shall be made within five days from the date the Guarantor makes written demand therefor. 
 (iv) If the
Borrower is required by law to deduct or withhold any Taxes or Other Taxes from or in respect of any sum payable hereunder, then: 
 (1) the sum payable shall be increased as necessary so that after making all required deductions or withholdings, the Guarantor receives an amount equal to the sum it would have received had no such
deductions or withholdings been made; and 
 (2) the Borrower shall make such deductions or
withholdings and pay the full amount deducted to the relevant taxation or other authority in accordance with applicable law. 

  
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 (v) Within 30 days after the date of any payment by the Borrower of Taxes or
Other Taxes, the Borrower shall furnish to the Guarantor the original or a certified copy of a receipt evidencing payment thereof, or other evidence of payment satisfactory to the Guarantor. 

(e) Simultaneously with the delivery by the Borrower to the Lender of its annual and quarterly financial statements, the
Borrower shall deliver a copy of same to the Guarantor. Within thirty days after receipt by the Borrower of any notices, correspondence or other communications from the Lender, the Borrower shall provide true and correct copies of such
correspondence to the Guarantor. 
 Section 3. Representations. The Borrower further
represents to the Guarantor that: 
 (a) Authorization. The Borrower has the right and power, and has
taken all necessary action to authorize it to execute, deliver and perform this Agreement in accordance with its terms. This Agreement has been duly executed and delivered by a duly authorized officer of the Borrower, and this Agreement is a legal,
valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting generally the enforcement of
creditors’ rights. 
 (b) Compliance of Documents with Laws, etc. The execution and delivery of this
Agreement and the Credit Agreement do not and will not, by the passage of time, the giving of notice or otherwise: (i) require any government approval or violate any applicable law relating to the Borrower; or (ii) conflict with, result in
a breach of or constitute a default under, the organizational documents or by-laws of the Borrower, or any indenture, agreement or other instrument to which the Borrower is a party or by which it or any of its properties may be bound. 

Section 4. Benefits. This Agreement shall be binding upon, and shall inure to the benefit of, the
parties hereto and their respective successors and assigns (including any subsequent obligor under the Guaranty). The Guarantor may assign its rights and remedies hereunder (including the right to receive monies hereunder) to any person or entity
without the consent of the Borrower; provided, however, that the Guarantor shall promptly notify the Borrower of any such assignment by the Guarantor of this Agreement. The Borrower may not assign or transfer all or any part of this Agreement
or its obligations hereunder without the prior written consent of the Guarantor. 
 Section 5.
Governing Law/Jurisdiction. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE. 
 (b) THE BORROWER HEREBY SUBMITS TO THE NONEXCLUSIVE
JURISDICTION AND VENUE OF THE FEDERAL DISTRICT COURT OF THE DISTRICT OF DELAWARE OR ANY STATE COURT LOCATED DELAWARE IN CONNECTION WITH ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS

  
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AGREEMENT. TO THE EXTENT THAT THE BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY (SOVEREIGN OR OTHERWISE) FROM JURISDICTION OF ANY COURT OR FROM LEGAL PROCESS (WHETHER THROUGH SERVICE OF
NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, IT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SUCH IMMUNITY IN RESPECT OF ITS
OBLIGATIONS HEREUNDER. 
 (c) EACH OF THE BORROWER AND THE GUARANTOR WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 Section 6.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 

Section 7. Notices. Notices to the Borrower shall be delivered to the address of the Borrower set
forth below the signature line therefor via fax, hand delivery or overnight courier. All such notices shall be effective: (i) if faxed, upon transmittal thereof (and a fax confirmation answer-back shall be deemed conclusive evidence of such
delivery), (ii) if hand delivered, when so delivered and (iii) if via courier, upon receipt by the Guarantor of confirmation of delivery from the courier. 
 [Signatures on Next Page] 

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

											
	 TNP SRT SECURED HOLDINGS, LLC, a
 Delaware limited liability company

		
	By:	 	 TNP Strategic Retail Operating Partnership,
 L.P., its sole member

			
		 	By:	 	 TNP Strategic Retail Trust, Inc., its
 general partner

				
		 		 	By:	 	 /s/ Christopher S. Cameron

		 		 	Print Name:	 	 Christopher S. Cameron

		 		 	Title: CFO-SRT REIT
	
	 TNP SRT MORENO MARKETPLACE, LLC, a
 Delaware limited liability company

		
	By:	 	 TNP Strategic Retail Operating Partnership,
 L.P., its sole member

			
		 	By:	 	 TNP Strategic Retail Trust, Inc., its
 general partner

				
		 		 	By:	 	 /s/ Christopher S. Cameron

		 		 	Print Name:	 	 Christopher S. Cameron

		 		 	Title: CFO-SRT REIT
	
	 TNP SRT SAN JACINTO, LLC, a Delaware
 limited liability company

		
	By:	 	 TNP Strategic Retail Operating Partnership,
 L.P., its sole member

			
		 	By:	 	 TNP Strategic Retail Trust, Inc., its
 general partner

				
		 		 	By:	 	 /s/ Christopher S. Cameron

		 		 	Print Name:	 	 Christopher S. Cameron

		 		 	Title: CFO-SRT REIT

 [Signature Page to Anthony Thompson Reimbursement Agreement] 

 

			
		 	 Address for Notices:
 c/o TNP SRT Secured Holdings, LLC
 1900 Main Street

Suite 700

Irvine, California 92614
 Fax (949) 252-0212

		
		 	ANTHONY W. THOMPSON
		
		 	 /s/ Anthony W. Thompson

		
		 	 Address for Notices:

		
		 	 1900 Main Street

		 	 Suite 700

		 	 Irvine, California 92614

		 	 Fax (949) 252-0212

 [Signature Page to Anthony Thompson Reimbursement Agreement]

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