Document:

EX-10.27

 Exhibit 10.27 
 WORKING CAPITAL LOAN AGREEMENT 
 by and between 

SOUTHERN HEALTH CORPORATION OF HOUSTON, INC., 
 a Georgia corporation (“Borrower”) 
 and 

STILLWATER NATIONAL BANK AND TRUST COMPANY (“Lender”) 

 TABLE OF CONTENTS 

 

											
	1.	  	  
	 LENDING AGREEMENT
	  	 	1	  
	2.	  	  
	 BORROWER’S NOTE
	  	 	1	  
		  	 	2.1  	  	  	 Amount
	  	 	1	  
		  	 	2.2  	  	  	 Interest
	  	 	2	  
		  	 	2.3  	  	  	 Maturity
	  	 	2	  
		  	 	2.4  	  	  	 Payments
	  	 	2	  
		  	 	2.5  	  	  	 Borrowing Base
	  	 	2	  
		  	 	2.6  	  	  	 Revolving Loan
	  	 	3	  
		  	 	2.7  	  	  	 Borrowing Base Certificate
	  	 	3	  
		  	 	2.8  	  	  	 Advances
	  	 	3	  
		  	 	2.9  	  	  	 Loan Balancing
	  	 	4	  
	3.	  	  
	 RECOURSE
	  	 	4	  
	4.	  	  
	 COLLATERAL SECURITY
	  	 	5	  
		  	 	4.1  	  	  	 Deed of Trust
	  	 	5	  
		  	 	4.2  	  	  	 Assignment of Rents
	  	 	5	  
		  	 	4.3  	  	  	 Security Interest
	  	 	5	  
		  	 	4.4  	  	  	 Stock Pledge Agreement
	  	 	6	  
	5.	  	  
	 GUARANTIES
	  	 	6	  
	6.	  	  
	 REPRESENTATIONS AND WARRANTIES
	  	 	6	  
		  	 	6.1  	  	  	 Borrower’s Existence
	  	 	6	  
		  	 	6.2  	  	  	 Litigation
	  	 	6	  
		  	 	6.3  	  	  	 No Default
	  	 	6	  
		  	 	6.4  	  	  	 Ownership
	  	 	6	  
		  	 	6.5  	  	  	 Financial Statements
	  	 	7	  
		  	 	6.6  	  	  	 Full Disclosure
	  	 	7	  
		  	 	6.7  	  	  	 Survival of Representations and Warranties
	  	 	7	  
	7.	  	  
	 CONDITIONS PRECEDENT TO LOAN
	  	 	7	  
		  	 	7.1  	  	  	 Loan Documents
	  	 	7	  
		  	 	7.2  	  	  	 Authority
	  	 	8	  
		  	 	7.3  	  	  	 Organization
	  	 	8	  
		  	 	7.4  	  	  	 Good Standing
	  	 	8	  
		  	 	7.5  	  	  	 Compliance with Governmental Regulations
	  	 	8	  
		  	 	7.6  	  	  	 Financial Statements
	  	 	8	  
		  	 	7.7  	  	  	 Tax Returns
	  	 	9	  
		  	 	7.8  	  	  	 Opinion of Borrower’s Counsel
	  	 	9	  
		  	 	7.9  	  	  	 Licenses
	  	 	9	  
		  	 	7.10	  	  	 No Prior Liens
	  	 	9	  
		  	 	7.11	  	  	 Insurance
	  	 	9	  
		  	 	7.12	  	  	 Releases
	  	 	9	  
		  	 	7.13	  	  	 Chatham Subordination
	  	 	9	  
	8.	  	  
	 INSURANCE
	  	 	9	  
		  	 	8.1  	  	  	 Special Perils Insurance
	  	 	9	  
		  	 	8.2  	  	  	 Flood Insurance
	  	 	10	  
		  	 	8.3  	  	  	 Boiler and Machinery Insurance
	  	 	10	  
		  	 	8.4  	  	  	 Builder’s Risk Insurance
	  	 	10	  
		  	 	8.5  	  	  	 Business Interruption Insurance
	  	 	11	  
		  	 	8.6  	  	  	 Liability Insurance
	  	 	11	  
		  	 	8.7  	  	  	 Statutory Employees Insurance
	  	 	12	  
		  	 	8.8  	  	  	 Fidelity Bonds
	  	 	12	  
		  	 	8.9  	  	  	 Medical Malpractice Insurance
	  	 	12	  
		  	 	8.10	  	  	 Documentation
	  	 	12	  
		  	 	8.11	  	  	 Policy Requirements
	  	 	13	  
		  	 	8.12	  	  	 Blanket Coverage
	  	 	13	  
		  	 	8.13	  	  	 Protection of Lender’s Interest
	  	 	13	  
		  	 	8.14	  	  	 Lender’s Rights; No Liability
	  	 	14	  

  
 ii 

											
	  9.	  	  
	 ACCOUNT COLLECTIONS
	  	 	15	  
	10.	  	  
	 COVENANTS
	  	 	15	  
		  	 	10.1  	  	  	 Performance of Obligations
	  	 	15	  
		  	 	10.2  	  	  	 Information
	  	 	15	  
		  	 	10.3  	  	  	 Guarantor Financial Statements
	  	 	16	  
		  	 	10.4  	  	  	 Tax Returns
	  	 	16	  
		  	 	10.5  	  	  	 Accounts Receivable Reports
	  	 	17	  
		  	 	10.6  	  	  	 Financial Covenants
	  	 	17	  
		  	 	10.7  	  	  	 Financial Ratios Compliance Certificate
	  	 	19	  
		  	 	10.8  	  	  	 Litigation
	  	 	19	  
		  	 	10.9  	  	  	 [Intentionally Omitted]
	  	 	19	  
		  	 	10.10	  	  	 No Liens
	  	 	19	  
		  	 	10.11	  	  	 Use of Loan Proceeds
	  	 	19	  
		  	 	10.12	  	  	 Estoppel Certificates
	  	 	19	  
		  	 	10.13	  	  	 Payment of Taxes
	  	 	19	  
		  	 	10.14	  	  	 Books and Records
	  	 	19	  
		  	 	10.15	  	  	 Lender’s Access
	  	 	20	  
		  	 	10.16	  	  	 [Intentionally Omitted]
	  	 	20	  
		  	 	10.17	  	  	 No Merger
	  	 	20	  
		  	 	10.18	  	  	 No Sale
	  	 	21	  
		  	 	10.19	  	  	 Business Restrictions
	  	 	21	  
		  	 	10.20	  	  	 [Intentionally Omitted]
	  	 	21	  
		  	 	10.21	  	  	 Other Information
	  	 	21	  
		  	 	10.22	  	  	 Inspections
	  	 	21	  
		  	 	10.23	  	  	 Contingent Liabilities
	  	 	21	  
		  	 	10.24	  	  	 Other Agreements
	  	 	21	  
		  	 	10.25	  	  	 Additional Documents
	  	 	21	  
		  	 	10.26	  	  	 Other Indebtedness
	  	 	22	  
		  	 	10.27	  	  	 Bank Accounts
	  	 	22	  
		  	 	10.28	  	  	 Management Fees
	  	 	22	  
		  	 	10.29	  	  	 Intercompany Loans; Dividends
	  	 	22	  
		  	 	10.30	  	  	 Equal Employment Opportunity
	  	 	23	  
		  	 	10.31	  	  	 Current Ratio
	  	 	23	  
	11.	  	  
	 COVENANT ADJUSTMENT
	  	 	23	  
	12.	  	  
	 ANTI-MONEY LAUNDERING AND INTERNATIONAL TRADE CONTROLS
	  	 	23	  
		  	 	12.1  	  	  	 Compliance with International Trade Control Laws and OFAC Regulations
	  	 	23	  
		  	 	12.2  	  	  	 Borrower’s Funds
	  	 	24	  
	13.	  	  
	 DEFAULT
	  	 	25	  
		  	 	13.1  	  	  	 Nonpayment of Notes
	  	 	25	  
		  	 	13.2  	  	  	 Mortgage Loan Agreement Default
	  	 	25	  
		  	 	13.3  	  	  	 Chatham Credit Agreement Default
	  	 	25	  
		  	 	13.4  	  	  	 Other Nonpayment
	  	 	25	  
		  	 	13.5  	  	  	 Breach of Covenants
	  	 	25	  
		  	 	13.6  	  	  	 Creation of Liens
	  	 	25	  
		  	 	13.7  	  	  	 Change of Ownership
	  	 	26	  
		  	 	13.8  	  	  	 Liquidation or Disposition of Assets
	  	 	26	  
		  	 	13.9  	  	  	 Judgment
	  	 	26	  
		  	 	13.10	  	  	 Casualty Loss; Condemnation
	  	 	26	  
		  	 	13.11	  	  	 [Intentionally Omitted]
	  	 	26	  
		  	 	13.12	  	  	 [Intentionally Omitted]
	  	 	26	  
		  	 	13.13	  	  	 Bankruptcy
	  	 	26	  
		  	 	13.14	  	  	 Termination of Existence
	  	 	27	  
		  	 	13.15	  	  	 Governmental Requirements
	  	 	27	  
		  	 	13.16	  	  	 Representations
	  	 	27	  
		  	 	13.17	  	  	 Loan Documents
	  	 	27	  
		  	 	13.18	  	  	 Revocation of Authorization
	  	 	27	  
		  	 	13.19	  	  	 Loss of Licenses
	  	 	27	  

  
 iii

											
	14.	  	  
	 REMEDIES
	  	 	28	  
		  	 	14.1  	  	  	 Acceleration of Note
	  	 	28	  
		  	 	14.2  	  	  	 Selective Enforcement
	  	 	28	  
		  	 	14.3  	  	  	 Cumulative Remedies
	  	 	28	  
		  	 	14.4  	  	  	 Deposits; Setoff
	  	 	28	  
		  	 	14.5  	  	  	 Appointment of Receiver
	  	 	28	  
	15.	  	  
	 MISCELLANEOUS
	  	 	29	  
		  	 	15.1  	  	  	 [Intentionally Omitted]
	  	 	29	  
		  	 	15.2  	  	  	 Expenses
	  	 	29	  
		  	 	15.3  	  	  	 Notices
	  	 	29	  
		  	 	15.4  	  	  	 Amendment and Waiver
	  	 	30	  
		  	 	15.5  	  	  	 Non-Waiver; Cumulative Remedies
	  	 	30	  
		  	 	15.6  	  	  	 Applicable Law
	  	 	30	  
		  	 	15.7  	  	  	 Descriptive Headings
	  	 	31	  
		  	 	15.8  	  	  	 Integrated Agreement
	  	 	31	  
		  	 	15.9  	  	  	 Time of Essence
	  	 	31	  
		  	 	15.10	  	  	 Binding Effect
	  	 	31	  
		  	 	15.11	  	  	 Third Party Beneficiary
	  	 	31	  
		  	 	15.12	  	  	 Right to Defend
	  	 	31	  
		  	 	15.13	  	  	 Participation
	  	 	31	  
		  	 	15.14	  	  	 Disclosure of Information; Confidentiality
	  	 	31	  
		  	 	15.15	  	  	 Accuracy of Information
	  	 	32	  
		  	 	15.16	  	  	 Maximum Legal Rate of Interest
	  	 	32	  
		  	 	15.17	  	  	 No Responsibility of Lender
	  	 	33	  
		  	 	15.18	  	  	 No Leasing or Drilling
	  	 	33	  
		  	 	15.19	  	  	 Notice of Title Protection
	  	 	33	  
		  	 	15.20	  	  	 Jurisdiction and Venue
	  	 	33	  
		  	 	15.21	  	  	 Counterparts
	  	 	33	  
		  	 	15.22	  	  	 Defined Terms
	  	 	33	  

  
 iv 

 WORKING CAPITAL LOAN AGREEMENT 

THIS WORKING CAPITAL LOAN AGREEMENT (the “Loan Agreement”) is entered into effective this 5th day of July,
2012, (the “Effective Date”), by and between SOUTHERN HEALTH CORPORATION OF HOUSTON, INC., a Georgia corporation (“Borrower”) and STILLWATER NATIONAL BANK AND TRUST COMPANY (“Lender”). 

RECITALS 
 WHEREAS, Borrower has requested that Lender extend certain credit and related financial accommodations including a loan of up to $1,000,000.00 for working capital and similar general corporate purposes
evidenced by a revolving promissory note of even date herewith; 
 WHEREAS, Lender has agreed to accommodate the
request from Borrower for the loan subject to the provisions of this Loan Agreement including the receipt of certain guaranties; and 
 WHEREAS, SunLink Healthcare, LLC, a Georgia limited liability company (“Healthcare”), and SunLink Health Systems, Inc., an Ohio corporation (“SunLink”), are each willing to separately
guarantee 100% of the indebtedness and obligations of Borrower to Lender pursuant to their respective guaranties of even date herewith; and 
 WHEREAS, concurrently herewith Lender is also extending certain credit to Borrower pursuant to a separate Mortgage Loan Agreement for a loan of up to $9,975,000.00 in connection with mortgage refinancing
and construction on real property owned by Borrower; and 
 NOW THEREFORE, in consideration of the mutual
covenants, conditions and agreements set forth herein, and other good and valuable consideration, the receipt and adequacy of which the parties hereto acknowledge, Borrower and Lender hereby agree as follows: 

1. LENDING AGREEMENT. Subject to the terms and conditions hereinafter set forth, Lender agrees to lend to Borrower, and
Borrower agrees to borrow from Lender the sum of up to ONE MILLION DOLLARS ($1,000,000.00) (the “Loan Commitment”), to be used by Borrower solely for the purposes of (a) refinancing certain existing indebtedness owing by Borrower,
(b) providing working capital purposes in connection with Borrower’s operation of its hospital, nursing home, clinic and medical office businesses on the Property (defined below), and (c) paying all fees and expenses required to be
paid by Borrower hereunder. 
 2. BORROWER’S NOTE. Borrower will execute and deliver to Lender a revolving
promissory note of even date herewith in form and substance and payable on terms approved by Lender (the “Working Capital Note”) having the following terms: 
  

	 	2.1.	 Amount. The principal face amount will be ONE MILLION DOLLARS ($1,000,000.00). 

	 	2.2.	 Interest. The Working Capital Note will bear interest at the interest rate equal to the greater of (a) six percent (6.0%) per
annum; or (b) the Prime Rate plus one and one half percent (1.5%) per annum, which rate will be prospectively adjusted on September 30, 2012 and on the last day of every third month thereafter to reflect any change in the Prime Rate
as in effect on such date (the “Interest Rate”). “Prime Rate” means the Prime Rate as published in the “Money Rates” Section of the Wall Street Journal, which rate is not necessarily the lowest rate of interest
charged by Lender. All interest on the Working Capital Note shall be calculated for the actual number of days elapsed at a per diem charge based on a year consisting of 360 days. 

 

	 	2.3.	 Maturity. The entire unpaid principal balance plus all accrued interest owing on the Working Capital Note shall be due and payable on
July 5, 2014 (the “Maturity Date”). 

  

	 	2.4.	 Payments. Commencing August 1, 2012 and on the 1st day of each month thereafter, monthly payments of interest only will be payable on
the Working Capital Note at the Interest Rate. By instruction to the Lender, Borrower may authorize Lender to make an advance to pay interest on the date due. 

 

	 	2.5.	 Borrowing Base. The unpaid principal balance of the Working Capital Note will not at any time exceed the lesser of (i) the Borrowing
Base or (ii) $1,000,000.00. For purposes of this Loan Agreement, the term “Borrowing Base” will mean eighty percent (80%) of Eligible Accounts Receivable. The term “Account” will have the same meaning as such term is
defined in the Uniform Commercial Code of the State of Oklahoma and will also include billed and unbilled Accounts. The term “Eligible Accounts Receivable” will mean all Accounts, except those Accounts (the “Ineligible Accounts”)
which meet any of the following criteria at the time the Account comes into existence or prior to the date on which the Account is collected in full, (less the estimated contractual allowances resulting from reductions imposed by insurance companies
and government payors as determined by Borrower and approved by Lender): (a) an Account which is more than one hundred twenty (120) days past due from the invoice date, provided that the aggregate amount of all Accounts which are more than
ninety (90) days past due from the invoice date will be capped at $100,000.00 and all Accounts which exceed this aggregate amount will be deemed Ineligible Accounts; (b) Accounts of Account debtors disapproved by Lender, as reasonably
determined by Lender; (c) private pay Accounts; (d) an Account which does not arise from a bona fide performance of services by Borrower; (e) any portion of an Account which is subject to or with respect to which Borrower has received
notice of any claim, counterclaim, set-off, allowance or adjustment by the Account debtor, including without implied limitation, any claim, counterclaim, set-off, allowance or adjustment based on any violation of or failure to comply with any
applicable federal or state law; (f) an Account which is subject to any attachment, levy, garnishment or other judicial process or subject to any assignment, claim, lien or security interest of any character; (g) an Account which does not
arise in the ordinary course of Borrower’s business; (h) an Account for which Borrower or Lender has received notice of bankruptcy, receivership, conservatorship, insolvency or material adverse change in the financial condition of the
Account debtor; 

  
 2 

	 	2.6.	 Revolving Loan. Borrower will be entitled to advance, repay and readvance funds under the Working Capital Note from time to time subject to
the satisfaction of the conditions set forth in Section 7 hereof and the subsections thereunder, provided that the unpaid principal balance of the Working Capital Note will not at any time exceed the lesser of (i) the Borrowing Base or
(ii) $1,000,000.00. Lender will not be obligated to make any advances under the Working Capital Note unless Lender has been provided with such written documentation as Lender may reasonably require to evidence that the loan proceeds thereunder
are to be used solely for the purpose set forth at Section 1 hereof. 

  

	 	2.7.	 Borrowing Base Certificate. Certificates in form satisfactory to Lender, along with an accounts receivable aging report will be provided to
Lender by Borrower on or before the 20th day of each month
as of the last day of the immediately preceding month, and at such other times as may be required by Lender, which certificates shall show the computation of the Borrowing Base and be signed by an authorized representative of Borrower (the
“Borrowing Base Certificate”). 

  

	 	2.8.	 Advances. Subject to Section 7 hereof, advances under the Working Capital Note will be made by Lender from time to time on the
request of Borrower subject to the following limitations: 

  

	 	2.8.1.	 Advance Procedure. To obtain advances under the Working Capital Note, the Borrower will notify the Lender of the total amount of the
requested advance, and will provide to the Lender a Borrowing Base Certificate, together with such additional documents and information as Lender reasonably may request with respect to the Advance. Any request by Borrower for an advance hereunder
shall be in writing, or by telephone and in writing, and, unless waived by Lender, must be given so as to be received by Lender not later than noon (Oklahoma City time) on the requested advance Date. Each request for an advance hereunder shall be
irrevocable and shall be deemed a representation by Borrower as of the date thereof and after giving effect to the requested advance the applicable conditions specified in Section 7 have been and will be satisfied, except for those
conditions waived in writing by Lender with respect to such request. Each request for an advance hereunder shall specify (i) the requested advance date and (ii) the amount to be advanced. Lender may rely on any telephone request by a
Senior Officer of Borrower or by Senior Officer of SunLink as agent for the Borrower for an Advance hereunder which it believes in good faith to be genuine (provided that Borrower or SunLink as agent for Borrower shall also be required to
promptly confirm to Lender each telephone request in writing); and Borrower hereby waives the right to dispute Lender’s record of the terms of such telephone request. “Senior Officer” means as to Borrower its Chief Executive Officer,

  
 3 

	 	 
President, or Chief Financial Officer, and as to SunLink its Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, Controller or any Executive Vice President.
Borrower shall provide the Lender with a certificate as to the current names of such Senior Officers and any other person(s) who are authorized on behalf of Borrower to represent the Borrower in connection with a request for funds under the Working
Capital Note. 

  

	 	2.8.2.	 Disbursement. On Borrower’s satisfaction of the requirements and conditions contained in this Loan Agreement, Lender will make available
to Borrower the amount of the advance requested by remittance to the Operating Account or such other deposit account designated by Borrower from time to time in writing to Lender, not later than 4:00 p.m. (Atlanta, Georgia time) on the requested
advance date. 

  

	 	2.8.3.	 Records. Lender shall enter in its ledgers and records the amount of the advances made or distributed by Lender and the repayments made by
Borrower thereon. All entries shall be made in accordance with customary accounting practices of Lender as in effect from time to time. The outstanding balance, as recorded on the most recent printout or other written statement of Lender shall,
absent manifest error, be presumptive evidence of the amounts due and owing to Lender by Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower’s duty to pay the Loan.
Lender is authorized by Borrower to enter on a schedule attached to the Working Capital Note, as appropriate, a record of the advances and repayments; provided, however that the failure by Lender to make any such entry or any error in making
such entry shall not limit or otherwise affect the obligation of Borrower hereunder and on the Working Capital Note, and, in all events, the principal amount owing by Borrower in respect of the Working Capital Note shall be the aggregate amount of
all advances made by Lender less all payments of principal thereof made by Borrower. 

  

	 	2.8.4.	 Termination of Advances. The Lender will have no obligation to make any advances under the Working Capital Note if a Default has occurred
hereunder or under any of the Loan Documents. 

  

	 	2.9.	 Loan Balancing. Borrower agrees that the unpaid principal balance of the Working Capital Note will not at any time exceed the lesser of
(i) the Borrowing Base; or (ii) $1,000,000.00. If the unpaid principal balance of the Working Capital Note at any time exceeds such amounts as described above, Borrower agrees to make a principal payment in the amount necessary to reduce
the unpaid principal balance of the Working Capital Note to comply with the terms of this Section 2.9, within five (5) days after Lender’s request therefor. 

3. RECOURSE. The Loan Commitment will be full recourse to Borrower under the Working Capital Note, and full recourse to
SunLink and Healthcare under their guaranties. 

  
 4 

 4. COLLATERAL SECURITY. The performance of all covenants and agreements
contained in this Loan Agreement and in the other documents executed or delivered as a part of this transaction and the payment of the Working Capital Note and all renewals, amendments and modifications thereof, all interest thereon and expenses of
collection thereof shall be secured by the following: 
  

	 	4.1.	 Deed of Trust. Borrower shall grant Lender a second priority lien covering Borrower’s real property described at Exhibit “A”
hereto together with all buildings, fixtures and improvements now or hereafter located thereon (collectively, the “Property”) to be evidenced by a deed of trust in form and substance approved by Lender (the “Deed of Trust”). The
lien covering the Property will be subordinate only to the lien granted by Borrower to Lender in the same collateral to secure the Mortgage Note. 

  

	 	4.2.	 Assignment of Rents. Borrower shall grant Lender a second priority security interest in all of Borrower’s leases and rents with respect
to the Property pursuant to the terms of an assignment of leases and rents covering the Property in form and substance approved by Lender (the “Assignment of Rents”). The lien covering the leases and rents will be subordinate only to the
lien granted by Borrower to Lender in the same collateral to secure the Mortgage Note. 

  

	 	4.3.	 Security Interest. Borrower shall grant Lender (i) a first priority security interest covering all of Borrower’s accounts, deposit
accounts including but not limited to Account No. xxxxxx (the “Medicare Account”), and Account No. xxxxxx (the “Operating Account”), both maintained by Borrower with Lender, (all such accounts collectively, the “Deposit
Accounts”) excluding Borrower’s Account No. xxxxxx (the “Construction Escrow Account”) which shall be subject to a second priority security interest, (ii) a first priority security interest in Borrower’s accounts
receivable, government and non-government health care accounts receivable, including but not limited to health-care-insurance receivables, contract rights and inventory, whether now owned or hereafter acquired, and all proceeds, products, rents,
profits, and income therefrom (collectively, the “Receivables”); (iii) a first priority security interest covering all of Borrower’s goods, chattels, revenue, income, certificates of title, medical supplies, and equipment
(collectively, the “Goods”) and (iv) a second priority security interest covering all of Borrower’s medical equipment, furniture, hospital beds, kitchen equipment and supplies, computer equipment, computer hardware, computer
software, computer software licenses, general intangibles, and all other tangible personal property, whether now owned or hereafter acquired, and all proceeds, products, rents, profits and income from the sale therefrom (the “Equipment”).
The Deposit Accounts, the Receivables, the Goods and the Equipment are collectively referred to herein as the “Borrower’s Personal Property”). The security interests granted shall be evidenced by one or more security agreements in
form and substance approved by Lender (the “Security Agreement”). The lien covering the Equipment and the Construction Escrow Account will be subordinate only to the lien granted by Borrower to Lender in the same collateral to secure the
Mortgage Note. 

  
 5 

	 	4.4.	 Stock Pledge Agreement. In support of the unlimited guaranty to be delivered by Healthcare, Healthcare shall pledge 100% of the stock and
ownership interests in Borrower to Lender, to be evidenced by a Stock Pledge Agreement in form and substance approved by Lender (the “Stock Pledge Agreement”) and in connection therewith Healthcare shall deliver to Lender all original
stock certificates (the “Stock Certificates”) together with a stock power endorsed in blank (the “Stock Power”). 

 5. GUARANTIES. SunLink and Healthcare shall each guarantee payment of all indebtedness evidenced by the Working Capital Note, to be evidenced by guaranty agreements in form and substance
approved by Lender (respectively, the “SunLink Guaranty” and the “Healthcare Guaranty”). SunLink and Healthcare are sometimes referred to hereafter together as the “Guarantors”. 

6. REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants that: 

 

	 	6.1.	 Borrower’s Existence. Borrower is, and will continue to be a corporation, duly incorporated and validly existing under the laws of the
State of Georgia; Borrower has adequate power, authority and legal right to own and hold the Property; Borrower is or will be, in all material respects, duly authorized, qualified and licensed under all applicable laws, regulations, ordinances and
orders of public authorities which in any such case is material to the ability of Borrower to carry on its business in the development, construction, equipping, operating and leasing of the Property; Borrower has adequate authority, power and legal
right to enter into and carry out the provisions of this Loan Agreement and other documents contemplated herein and to consummate the transactions contemplated hereby. 

 

	 	6.2.	 Litigation. All litigation in which Borrower is involved is set forth on Schedule “6.2” hereto. There is no action, suit,
proceeding or investigation pending or threatened against Borrower, or any of the owners of Borrower, which would reasonably be expected to materially adversely affect Borrower, the Property or any of Borrower’s Personal Property or materially
impair the ability of Borrower to carry on its business substantially as now conducted or contemplated or result in any substantial liability above applicable deductibles not adequately covered by insurance. 

 

	 	6.3.	 No Default. The making and performance by Borrower of this Loan Agreement or the documents to be executed in connection herewith will not
violate any material provision or constitute a material default under any indenture, agreement or instrument to which Borrower, the Property or any material portion of Borrower’s Personal Property is bound or affected.

  

	 	6.4.	 Ownership. Borrower owns good marketable fee title to the Property, and Borrower has good title to Borrower’s Personal Property and,
upon completion of construction and/or installation and payment therefor, all of its other properties and assets, real or personal, tangible or intangible, which are or 

  
 6 

	 	 
are to be constructed, owned, installed, or used in connection with any of the Property, and none of such properties or assets is or will be subject to any mortgage, deed of trust, pledge,
security interest, encumbrance, lien or charge of any kind excluding only “Permitted Encumbrances” as set forth at Schedule “6.4” hereto. 

 

	 	6.5.	 Financial Statements. Except as set forth on Schedule “6.5A” hereto, Borrower’s and Guarantors’ financial statements
heretofore delivered to Lender (“Historical Financial Statements”) are true and correct in all material respects, have been prepared in accordance with United States generally accepted accounting principles consistently applied (except in
the case of unaudited financial statements, subject to the absence of financial footnotes and to normal and recurring year-end adjustments that are not likely to be material in amount) (“GAAP”), and present in accordance with GAAP the
financial condition reflected therein as of the times and for the respective periods referred to therein. For purposes of this Section 6.5, “Historical Financial Statements” means those financial statements set forth on Schedule 6.5B.

  

	 	6.6.	 Full Disclosure. Neither this Loan Agreement nor any statements or documents of Borrower referred to herein or delivered by Borrower pursuant
to this Loan Agreement contains any untrue statement of a material fact. 

  

	 	6.7.	 Survival of Representations and Warranties. All covenants, representations and warranties made herein and under all documents executed
pursuant hereto shall survive the making of the loans hereunder and the delivery of the Working Capital Note and other instruments executed in connection therewith until complete repayment of the Working Capital Note and all renewals and
modifications thereof. Each request by Borrower for an advance hereunder shall constitute an affirmation that the foregoing representations and warranties remain true and correct as of the date of such request, or if given as of a specific date, as
of such date unless otherwise disclosed, except with respect to financial statements superseded by subsequent reporting to Lender. 

 7. CONDITIONS PRECEDENT TO LOAN. As soon as all of the conditions set forth at Sections 7.1 through 7.12 hereof have been satisfied, and so long as no Default has occurred hereunder, Lender
will advance the entire Loan Commitment from time to time, subject to the terms of this Loan Agreement, to be used solely for the purposes set forth in Section 1 hereof. 

 

	 	7.1.	 Loan Documents. This Loan Agreement, the Working Capital Note, the Deed of Trust, the Assignment of Rents, the Security Agreement, the Stock
Pledge Agreement, the Stock Certificates, the Stock Power, the Account Collection Agreement, the SunLink Guaranty, the Healthcare Guaranty, and all other documents executed pursuant thereto or in connection therewith as might be required by Lender
(all of the foregoing are referred to herein as the “Loan Documents”) shall have been duly authorized, executed and delivered to Lender. 

  
 7 

	 	7.2.	 Authority. A certificate of the Secretary or Assistant Secretary of Borrower, SunLink and Healthcare (or other appropriate officer, including
in the case of Healthcare, its sole member) dated as of the Effective Date and certifying to the following: 

  

	 	7.2.1.	 A true and correct copy of the corporate (or other) resolutions of such the applicable entity authorizing the execution, delivery and performance of
the Loan Documents to which such entity is a party contemplated hereby and thereby; 

  

	 	7.2.2.	 The incumbency, names, titles and signatures of the officers of such entity authorized to execute the Loan Documents to which such entity is a
party. 

  

	 	7.3.	 Organization. A certificate of the Secretary or Assistant Secretary of Borrower, SunLink and Healthcare (or other appropriate officer,
including in the case of Healthcare, its sole member) dated as of the Effective Date and certifying to the following: 

  

	 	7.3.1.	 A true and correct copy of the Articles of Incorporation or Certificate of Incorporation or Organization (or the equivalent) of each such entity
with all amendments thereto, certified by the appropriate governmental official of the jurisdiction of incorporation or organization as of a date not more than thirty (30) days prior to the Effective Date; and 

 

	 	7.3.2.	 A true and correct copy of the bylaws (or other constitutive documents such as a limited liability company operating agreement) for the applicable
entity. 

  

	 	7.4.	 Good Standing. A certificate of good standing for each of Borrower, SunLink and Healthcare in the jurisdiction of its incorporation or
organization and, in the case of Borrower, its good standing as a foreign corporation in the State of Mississippi, in each case certified by the appropriate governmental officials as of a date not more than thirty (30) days prior to the
Effective Date. 

  

	 	7.5.	 Compliance with Governmental Regulations. Evidence to the satisfaction of Lender shall have been made available to Lender that (i) the
Property complies in all material respects with all applicable zoning, subdivision, environmental, air quality, flood hazard, fire safety, planning, building and other governmental laws, ordinances, codes, regulations or private use restrictions to
the extent any failure to do so would materially adversely affect the ability of Borrower to carry on its business substantially as presently conducted; (ii) Borrower holds all material licenses and permits required by law for Borrower to
operate Borrower’s hospital, nursing home and medical office businesses on the Property. 

  

	 	7.6.	 Financial Statements. The financial statements of Borrower, SunLink and Healthcare as of the end of the most recent quarter shall have been
delivered to Lender. 

  
 8 

	 	7.7.	 Tax returns. The filed federal income tax returns for the fiscal year ended June 30, 2011 for Borrower, SunLink and Healthcare shall
have been delivered to and approved by Lender. 

  

	 	7.8.	 Opinion of Borrower’s Counsel. An opinion from Borrower’s counsel in form and substance satisfactory to Lender shall have been
delivered to Lender as to the due existence and good standing of Borrower, SunLink and Healthcare, and the due authorization of the execution and delivery of the Loan Documents, as applicable, by Borrower, SunLink and Healthcare.

  

	 	7.9.	 Licenses. Borrower shall have provided Lender with copies of all material licenses and permits required by law for Borrower to operate Trace
Regional Hospital, Floy Dyer Manor Nursing Home, and the existing medical office businesses on the Property. 

  

	 	7.10.	 No Prior Liens. Lender shall have been provided with written documentation satisfactory to Lender that no liens, other than those in favor of
Lender and those included as Permitted Encumbrances, have been filed against the Property or Borrower’s Personal Property. 

  

	 	7.11.	 Insurance. Borrower shall have obtained all of the insurance as required by and in accordance with Section 8 hereof.

  

	 	7.12.	 Releases. Borrower shall have provided documentation satisfactory to Lender evidencing the complete release of Borrower from all personal
liability owing under any other lending agreement, indebtedness or similar obligation owing to any party other than Lender in each case for money borrowed except in connection with Permitted Indebtedness (defined below).

  

	 	7.13.	 Chatham Subordination. Chatham Credit Management III, LLC, as agent (“Chatham”) with respect to the Amended and Restated Credit
Agreement dated August 1, 2008 (as amended, restated or otherwise modified from time to time, the “Chatham Credit Agreement”) shall have delivered to Lender a subordination agreement in form and substance reasonably approved by Lender
and Chatham. For the purpose of determining compliance with the provisions of Section 10.6 below, the subordinated indebtedness to Chatham under the Chatham Credit Agreement shall be disregarded. 

8. INSURANCE. Borrower shall obtain and maintain during the time stated below the following insurance policies and comply
with the following obligations (those policies and obligations, collectively, the “Required Insurance”). 
  

	 	8.1.	 Special Perils Insurance. Borrower shall obtain and maintain at all times property insurance against all risks of loss to the Property
customarily covered by “All Risk” or “Special Perils Form” policies as available in the insurance market (the “Special Perils Insurance”). Any Special Perils Insurance policy shall contain a coinsurance waiver and
replacement cost value endorsement without reduction for depreciation. Special Perils Insurance shall cover at least the following perils: 

  
 9 

	 	8.1.1.	 Building collapse, fire, flood, impact of vehicles and aircraft, lightning, malicious mischief, mudslide, subsidence, vandalism, water damage, and
windstorm; and 

  

	 	8.1.2.	 Such other insurable perils as, under good insurance practices, other commercial property owners from time to time insure against for property and
buildings similar to the Property in height, location, nature, type of construction, and use; and 

  

	 	8.1.3.	 The additional expense of demolition and increased cost of construction including increased cost from any changes in laws on restoration (which may
be subject to a sub-limit for demolition and increased cost of construction of up to $10,000,000); and 

  

	 	8.1.4.	 At least one hundred percent (100%) of the replacement value of all buildings and improvements now or hereafter located on the Property (which
may be subject to a “margin clause” of up to 115% limiting coverage for each item (building, personal property, etc.) of the value reported on the statement of value as provided by Borrower to the insurer); and

  

	 	8.1.5.	 All tenant improvements and betterments that any of the leases on the Property require Borrower to insure (the “Insured Leasehold
Property”). 

  

	 	8.2.	 Flood Insurance. If any buildings or improvements located on the Property are located in an area designated as “flood prone” or a
“special flood hazard area” under the regulations for the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, 42 U.S.C. §4001 et seq., Borrower shall obtain and maintain at all times at least the
maximum coverage for the Property available under the federal flood insurance plan which may be subject to a “flood blanket” sublimit of up to (i) $25,000,000 with respect to Trace Regional Hospital and (ii) $10,000,000 with
respect to other locations. 

  

	 	8.3.	 Boiler and Machinery Insurance. Borrower shall obtain and maintain at all times comprehensive boiler and machinery insurance covering all
mechanical and electrical equipment against physical damage, rent loss, extra expense, and expediting expense on the Property and the Insured Leasehold Property (the “Boiler and Machinery Insurance”). The Boiler and Machinery Insurance
shall be on a replacement cost value basis, and, for each accident, shall cover at least the greater of: (a) Fifteen percent (15%) of full replacement cost of the buildings and improvements now or hereafter located on the Property; or
(b) $500,000.00. 

  

	 	8.4.	 Builder’s Risk Insurance. Borrower shall obtain and maintain during construction of the MOB builder’s risk insurance for the full
completed insurable value of the MOB written on a “completed value” 

  
 10 

	 	 
Form (100 percent non-reporting) or its equivalent and including an endorsement granting permission to occupy (the “Builder’s Risk Insurance”). The “MOB” is the medical
office building as defined in the Mortgage Loan Agreement, the construction of which will be funded by the Mortgage Loan. Builder’s Risk Insurance shall cover: 

 

	 	8.4.1.	 The same perils that Special Perils Insurance must cover with whatever limits and coverage extensions Lender requires, unless Borrower’s
Special Perils Insurance already includes that coverage; and 

  

	 	8.4.2.	 Loss of materials, equipment, machinery, and supplies whether on-site, in transit, or stored offsite, or of any temporary structure, hoist,
sidewalk, retaining wall, or underground property; and 

  

	 	8.4.3.	 Soft costs, plans, specifications, blueprints, and models to the extent of $850,000.00; and 

 

	 	8.4.4.	 Demolition and increased cost of construction, including increased costs arising from changes in laws at the time of restoration and coverage for
operation of building laws, all subject to a sublimit satisfactory to Lender; and 

  

	 	8.4.5.	 Business interruption (delayed opening) on an actual loss sustained basis and otherwise in compliance with Business Interruption Insurance
requirements. 

  

	 	8.5.	 Business Interruption Insurance. As an extension to Special Perils Insurance, Flood Insurance, and Boiler and Machinery Insurance, Borrower
shall obtain and maintain business interruption insurance on an “actual loss sustained” basis (“Business Interruption Insurance”). Borrower shall obtain and maintain Business Interruption Insurance equal to at least
$10,000,000.00. If a Default shall have occurred and then be continuing, after receipt of any Business Interruption Insurance proceeds, Lender will be entitled to apply any such proceeds to indebtedness then owing by Borrower to Lender under this
Loan Agreement or the Mortgage Loan Agreement and within three (3) Business Days therewith will deposit any excess proceeds into Borrower’s Operating Account. For purposes of this Loan Agreement, “Business Day” means any day
other than (i) a Saturday or Sunday or (ii) a day on which federally chartered banking institutions are not required to be open. 

  

	 	8.6.	 Liability Insurance. 

  

	 	8.6.1.	 Borrower shall obtain and maintain the following insurance for personal injury, bodily injury, death, accident, and property damages (collectively,
the “Liability Insurance”); 

  

	 	(a)	 Public liability insurance, including commercial general liability insurance; 

  
 11 

	 	(b)	 Owned (if any), hired, and non-owned automobile liability insurance; and 

 

	 	(c)	 Umbrella liability insurance. 

  

	 	8.6.2.	 Liability Insurance shall provide coverage of at least one million dollars ($1,000,000.00) per occurrence and two million dollars ($2,000,000.00) in
annual aggregate. If any Liability Insurance also covers other location(s) with a shared aggregate limit, the minimum Liability Insurance shall be increased by two million dollars ($2,000,000.00). 

 

	 	8.6.3.	 Liability Insurance shall include coverage for liability arising from premises and operations, elevators, escalators, independent contractors,
contractual liability (including liability assumed under any contracts and leases), and products and completed operations. Borrower will use commercially reasonable efforts to cause all Liability Insurance to name Lender as an “Additional
Insured” by endorsement. 

  

	 	8.7.	 Statutory Employees’ Insurance. Borrower shall obtain and maintain workers’ compensation and disability insurance as required by
law (“Statutory Employees’ Insurance”). 

  

	 	8.8.	 Fidelity Bonds. Borrower shall obtain fidelity bonds or employee dishonesty coverage for each employee of Borrower who has or will have
access to any of Borrower’s funds satisfactory to Lender. 

  

	 	8.9.	 Medical Malpractice Insurance. Borrower shall obtain and maintain or cause to be maintained medical malpractice insurance for each medical
professional employed by Borrower and Borrower shall use commercially reasonable efforts to require medical malpractice insurance to be maintained by each medical professional not employed by it working on the Property. 

 

	 	8.10.	 Documentation. Borrower shall provide to Lender the following documentation: 

 

	 	8.10.1.	 For Special Perils Insurance, Flood Insurance, and Boiler and Machinery Insurance, and Business Interruption Insurance (collectively, “Property
Insurance”), Borrower shall cause Lender to be named as “Lender Loss Payee” or “Mortgagee” on a standard noncontributory mortgagee endorsement (or its equivalent) naming Lender or its designee as the party to receive
insurance proceeds. 

  

	 	8.10.2.	 Borrower shall provide such additional evidence of Lender’s interest under any Required Insurance as Lender shall reasonably require from time
to time, including the following (the “Evidence of Insurance”): 

  
 12 

	 	(a)	 An ACORD 28 certificate of insurance for all Property Insurance and Builder’s Risk Insurance; and 

 

	 	(b)	 A certificate of insurance evidencing Borrower’s Liability Insurance; and to the extent Borrower can cause the following by commercially
reasonable efforts, such certificate will evidence Lender as an additional insured and otherwise reasonably evidence compliance with the Liability Insurance requirements of the Loan Documents. 

 

	 	8.10.3.	 Borrower shall deliver to Lender, promptly upon issuance and in all events within ten (10) days of Borrower’s receipt of the applicable
policy, copies of the insurance policies for all Required Insurance, and will use commercially reasonable efforts to obtain a representation by the carrier or its authorized representative that such copy is true and correct. Prior to any policy
expiration, Borrower shall deliver evidence of renewal in compliance with the Loan Documents. 

  

	 	8.11.	 Policy Requirements. 

  

	 	8.11.1.	 Borrower shall obtain all Required Insurance from domestic carrier(s) authorized to do business in the State of Mississippi and reasonably
satisfactory to Lender with: (a) A claims paying ability of not less than “A” (or the equivalent) by S&P and one other rating agency satisfactory to Lender; and (b) “A:X” or better financial strength rating by AM
Best. A change in carrier’s rating under clause (a) or clause (b) shall not constitute a Default so long as Borrower undertakes commercially reasonable efforts to obtain substitute coverage from a carrier rated under clause
(a) or clause (b) as promptly as is commercially practicable, taking into account the remaining policy periods and the cost of such substitute coverage. 

 

	 	8.12.	 Blanket Coverage. Borrower may provide any Required Insurance under a blanket policy or policies covering the Property and other property and
assets, provided that: 

  

	 	8.12.1.	 The blanket policy otherwise meets all requirements for Required Insurance, and, except in the case of Liability Insurance, specifies how much
coverage, and which sublimits, apply exclusively to the Property; and 

  

	 	8.12.2.	 The amount allocated to the Property equals or exceeds the Required Insurance. 

 

	 	8.13.	 Protection of Lender’s Interest. 

  

	 	8.13.1.	 Borrower shall cause its insurance carrier to agree: 

 

	 	(a)	 to provide Lender 30 days written notice (10 days prior written notice for nonpayment of premium) prior to any cancellation, termination or
nonrenewal of the required insurance; 

  
 13 

	 	(b)	 to allow Lender to pay premiums to continue the policy upon notice of cancellation for nonpayment. 

 

	 	8.13.2.	 Every Property Insurance policy shall by its terms remain valid and insure Lender’s interest regardless of any: 

 

	 	(a)	 Named insured’s act, failure to act, negligence, or violation of warranties, declarations, or conditions; 

 

	 	(b)	 Occupancy of use of the Property for purposes more hazardous than those permitted; or 

 

	 	(c)	 Exercise of any Lender’s remedies. 

 If Lender reasonably deems itself insecure, on Lender’s request, Borrower will be required to make monthly deposits for insurance premiums equal to one-twelfth (1/12) of the annual charges as
estimated by Lender to accumulate with Lender sufficient funds to pay the insurance premiums thirty (30) days prior to their due date, such deposits to be held by Lender without interest. 

 

	 	8.14.	 Lender’s Rights; No Liability. 

  

	 	8.14.1.	 Borrower irrevocably authorizes Lender, at any time, to communicate directly with Borrower’s insurance carrier(s), broker(s), and tenant(s)
about any Required Insurance. 

  

	 	8.14.2.	 Any determination or request that Lender makes about any Required Insurance shall impose no obligation or liability on Lender. Borrower shall not
rely on any such determination or request (or its absence) as an implied or express representation about the adequacy of Borrower’s insurance. Borrower acknowledges that any such determination or request would be made solely for Lender’s
own benefit and not for Borrower. Borrower retains sole responsibility for the adequacy and prudence of its insurance program. 

  

	 	8.14.3.	 If at any time Lender has not received satisfactory written evidence that Borrower maintains and has paid for all Required Insurance, then without
limiting Lender’s remedies, Lender may (but shall have absolutely no obligation to) force place any Required Insurance or take such other actions as Lender shall deem appropriate to protect its interests. Prior to force placing insurance,
Lender shall give notice to Borrower. Lender’s costs of doing so shall constitute loans to Borrower, all of which Borrower agrees will be secured by the Loan Documents. 

  
 14 

 9. ACCOUNT COLLECTIONS. Pursuant to the Account Collections Agreement,
Borrower will instruct all of Borrower’s account debtors that (a) the point of remittance for payments remitted by any non-electronic means shall be [Borrower to designate address]; (b) the point of remittance for electronic payments
remitted by non-Medicare account debtors shall be the Operating Account; and (c) the point of remittance for all electronically transmitted payments on accounts and accounts receivable of Borrower payable from any state or the federal
government or any subdivision or agency thereof, including but not limited to Medicare and Medicaid payments (the “Medicare Electronic Payments”) shall be the Medicare Account. Borrower will not, without the prior written consent of
Lender, revoke or alter the instructions until such time as all of the indebtedness owing by Borrower to Lender has been paid in full. Without limiting the foregoing, any payments received by Borrower other than as set forth above will be deposited
or transferred within five (5) Business Days into the Operating Account. Payments received by Lender will be processed in accordance with the terms and conditions of the Account Collections Agreement. Borrower authorizes and directs Lender to
sweep all funds from the Medicare Account to the Operating Account on a daily basis, and in the absence of a Default, such funds in the Operating Account may be used by Borrower, all in accordance with the terms of the Account Collections Agreement.
Lender agrees that Lender will not have a right of set off with respect to the Medicare Account. 
 10. COVENANTS.
Until payment in full of the Working Capital Note and all renewals and modifications thereof, and performance of all obligations owing to Lender under this Loan Agreement and the instruments executed pursuant hereto, unless Lender shall otherwise
consent in writing, Borrower covenants and agrees as follows: 
  

	 	10.1.	 Performance of Obligations. Borrower will promptly and punctually perform all of the obligations hereunder and under the Loan Documents, and
under all other instruments executed or delivered pursuant thereto. 

  

	 	10.2.	 Information. Borrower will promptly furnish to Lender all reasonably requested information concerning the Property, the progress of the
construction of the MOB and, the financial status of Borrower and updated budgets and disbursement schedules relating to the MOB. For each fiscal quarter, Borrower will provide Lender with a quarterly financial statement of Borrower (signed by an
officer of Borrower charged with such responsibility) as having been prepared in accordance with GAAP within forty-five (45) days after the end of the fiscal quarter. For each fiscal year, Borrower will provide Lender with an annual financial
statement of Borrower within one hundred five (105) days after the close of the fiscal year, certified by an officer charged with such responsibility as having been prepared in accordance with GAAP. If the date on which quarterly or annual
financial statements would be due is not a Business Day, the date shall be extended to the next Business Day. The annual financial statements may be unaudited if Borrower is included within the consolidating statements of SunLink’s audited
annual financial statement. Borrower will provide Lender with such other financial reports as may be reasonably required by Lender. All financial statements will consist of at least a balance sheet, income statement, and statement of cash flow.
Financial reports which are not financial statements shall be prepared in such form as are customarily utilized by management, including, if applicable, in accordance with GAAP or in such other form as may be reasonably required by Lender.

  
 15 

	 	10.3.	 Guarantor Financial Statements. For each fiscal quarter, Borrower will cause SunLink and Healthcare to provide Lender with unaudited
quarterly financial statements within forty-five (45) days after the end of the fiscal quarter. For each fiscal year, Borrower will cause SunLink and Healthcare to provide Lender with audited annual financial statements within one hundred five
(105) days after the end of the fiscal year. If the date on which quarterly or annual SunLink or Healthcare financial statements would be due is not a Business Day, the date shall be extended to the next Business Day. Healthcare’s annual
financial statements may be unaudited if Healthcare is included within the consolidating statements of SunLink’s audited annual financial statements. All such financial statements will consist of at least a balance sheet, income statement and
statement of cash flows. SunLink’s financial statements will also include a statement of shareholders equity. All financial statements will be certified by an officer charged with such responsibility as having been prepared in accordance with
GAAP. Borrower will cause SunLink and Healthcare to provide Lender with such other financial reports of SunLink and Healthcare as reasonably may be required by Lender. With respect to financial reports of SunLink or Healthcare that are not financial
statements, such reports shall be prepared in such form as are customarily utilized by management, including, if applicable, in accordance with GAAP or in such other form as may be reasonably required by Lender. As to SunLink, SunLink’s
quarterly report on Form 10-Q and annual report on Form 10-K as required to be filed with the United States Securities and Exchange Commission shall be satisfactory as to form for SunLink Financial Statements and the filing thereof with the SEC via
the EDGAR system shall constitute the provision thereof to Lender. 

  

	 	10.4.	 Tax Returns. Borrower will cause to be provided to Lender copies of annual filed federal tax returns for Borrower, SunLink and Healthcare (or
any consolidated return with respect to one or more of them) for each year on or before the Submission Deadline. “Submission Deadline” is defined as the date which is fifteen (15) days after the Filing Deadline. “Filing
Deadline” is defined as the deadline for the filing of such tax returns established by the Internal Revenue Code (the “IRC”) for Borrower (or SunLink so long as Borrower is part of a SunLink consolidated group) for the immediately
preceding calendar year. If Borrower (or SunLink so long as Borrower is part of a SunLink consolidated group) (i) timely files an application for an extension of the Filing Deadline with the Internal Revenue Service (“IRS”);
(ii) timely pays any estimated tax liability and satisfies any other requirements established by the IRC in order to qualify for an extension of the Filing Deadline; and (iii) provides Lender with a copy of such filed application for an
extension of the Filing Deadline, evidence of the payment of any estimated tax liability, and documentation satisfactory to Lender evidencing compliance with any other requirements of the IRC on or before the Submission Deadline, Borrower (or
SunLink so long as Borrower is part of a SunLink consolidated group) will thereafter provide Lender with a copy of the filed tax return on or before the date which is 

  
 16 

	 	 
fifteen (15) days after the extended Filing Deadline. Borrower hereby represents, warrants, covenants and affirms to Lender that all tax returns now or hereafter provided by Borrower,
SunLink and Healthcare to Lender are and will be true and correct copies of the original tax returns filed with the IRS. The delivery by Borrower, SunLink and Healthcare of each tax return to Lender shall constitute a reaffirmation that such tax
return is a true and correct copy of the original tax return filed with the IRS. 

  

	 	10.5.	 Accounts Receivable Reports. Commencing on July 20, 2012 and on the 20th day of each month thereafter, so long as Borrower has a security interest in the Receivables, Borrower will provide
Lender with a monthly accounts receivable report for Borrower for the immediately preceding calendar month. 

  

	 	10.6.	 Financial Covenants. 

  

	 	10.6.1.	 Debt Service Coverage Ratio. Borrower will maintain a Debt Service Coverage Ratio of at least 2.85 to 1.00 during the term of the Working
Capital Note and all renewals and modifications thereof. The ratio will be tested quarterly commencing with the fiscal quarter ending September 30, 2012 and subsequently as of the last day of every third month thereafter. “Debt Service
Coverage Ratio” means (i) Borrower’s net earnings, plus interest expense, plus depreciation expense, plus amortization expense, plus income tax expense, less incentive payments received by Borrower pursuant to the Health Information
Technology for Economic and Clinical Act of 2009, 42 U.S.C. § 1395ww(n), 42 C.F.R. § 495.104, et seq., 75 FED. REG. 44314, (“EHR Payments”), all for the immediately preceding one (1) fiscal quarter, divided by
(ii) Borrower’s scheduled principal payments on term debt, plus scheduled capital lease payments, for the succeeding one (1) fiscal quarter plus interest expense for the immediately preceding one (1) fiscal quarter. The number of
fiscal quarters used in each component of the ratio shall increase by one (1) for each subsequent testing period, up to a maximum of four (4) fiscal quarters, at which time the Debt Service Coverage Ratio shall thereafter be tested on a
four quarter basis. 

  

	 	10.6.2.	 Fixed Charge Coverage Ratio. Borrower will maintain a Fixed Charge Coverage Ratio of at least 1.25 to 1.00 during the term of the Working
Capital Note and all renewals and modifications thereof. The ratio will be tested quarterly commencing with the fiscal quarter ending September 30, 2012 and subsequently as of the last day of every third month thereafter. The term “Fixed
Charge Coverage Ratio” means (i) Borrower’s net earnings, plus interest expense, plus depreciation expense, plus amortization expense, plus income tax expense, less EHR payments, all for the immediately preceding one (1) fiscal
quarter, divided by (ii) Borrower’s scheduled principal payments on term debt and scheduled capital lease payments for the succeeding one (1) fiscal quarter, plus interest expense, plus distributions to Healthcare and Net Intercompany
Funding (excluding distributions and intercompany funding from EHR Payments), all for the preceding one (1)

  
 17 

	 	 
fiscal quarter. The number of fiscal quarters used in each component of the ratio shall increase by one (1) for each subsequent testing period, up to a maximum of four (4) fiscal
quarters at which time the Fixed Charge Coverage Ratio shall thereafter be tested on a four fiscal quarter basis. “Net Intercompany Funding” means (x) the change in receivable from Affiliate during the test period less (y) the
change in payables to Affiliate (excluding changes in Ordinary Affiliate Indebtedness) during the test period. 

  

	 	10.6.3.	 Liquidity. “Days Cash on Hand” means (i) Borrower’s unrestricted cash assets reported on Borrower’s balance sheet
plus the balance available to be advanced to Borrower under the Working Capital Note as of the test date divided by (ii) Borrower’s operating expenses, excluding depreciation and bad debt expense, for the immediately preceding four
(4) quarters divided by 365. Liquidity will be tested quarterly commencing with the fiscal quarter ending September 30, 2012 and subsequently as of the last day of every third month thereafter. For the test dates listed below, Borrower
must have a minimum Days Cash on Hand as indicated below: 

  

					
	 Test Dates
	  	Minimum
Days
Cash On
Hand	 
	 9/30/12
	  	 	10	  
	 12/31/12
	  	 	15	  
	 3/31/13 and thereafter
	  	 	20	  

  

	 	10.6.4.	 Funded Debt to EBITDA Ratio. “Funded Debt to EBITDA Ratio” means (i) the aggregate outstanding balances of all capital leases
and all interest-bearing and non-interest-bearing notes payable, as of the test date divided by (ii) Borrower’s net earnings, plus interest expense, plus depreciation expense, plus amortization expense, plus income tax expense, less EHR
payments, all for the immediately preceding four (4) quarters,. The ratio will be tested quarterly commencing with the fiscal quarter ending September 30, 2012 and subsequently as of the last day of every third month thereafter. For the
test dates listed below, the Funded Debt to EBITDA Ratio shall not exceed the maximum indicated: 

  

			
	 Test Dates
	  	Maximum
Funded
Debt to
EBITDA
Ratio
	 9/30/12 – 3/31/17
	  	3.5 to 1
	 6/30/17 – 3/31/22
	  	3.25 to 1
	 6/30/22 and thereafter
	  	3.0 to 1

  
 18 

	 	10.7.	 Financial Ratios Compliance Certificate. Borrower will provide Lender with a Compliance Certificate in the form attached hereto as Schedule
“10.7” (a “Financial Ratios Compliance Certificate”) together with all other documentation as requested by Lender commencing November 15, 2012 and on the fifteenth
(15th) day of every third month thereafter reflecting
Borrower’s computation of the Debt Service Coverage Ratio, the Fixed Charge Coverage Ratio, the number of Days Cash on Hand, and the Funded Debt to EBITDA Ratio (the “Financial Covenants”) for the immediately preceding applicable
periods. 

  

	 	10.8.	 Litigation. Borrower will promptly furnish to Lender written notice of any litigation: in which Borrower is involved which may reasonably be
expected to materially adversely affect (i) the ability of Borrower to perform its obligations under the Loan Documents or (ii) the Property or which relates to construction of the MOB. 

 

	 	10.9.	 [Intentionally Omitted.]. 

  

	 	10.10.	 No Liens. Borrower shall not create, assume or suffer to exist any mortgage, deed of trust, pledge, lien, charge, encumbrance, or security
interest on any of the Property or any of Borrower’s Personal Property, excluding only encumbrances in favor of Lender and Permitted Encumbrances. 

 

	 	10.11.	 Use of Loan Proceeds. Borrower shall not permit any funds advanced to Borrower under this Loan Agreement to be used for any purpose other
than those purposes described in Section 1. 

  

	 	10.12.	 Estoppel Certificates. On request by Lender, either verbally or in writing, Borrower shall furnish promptly a written statement or affidavit,
in such form as shall be satisfactory to Lender, stating the unpaid balance of the Working Capital Note and that there are no known offsets or defenses against full payment of the Working Capital Note, or if there are such offsets and defenses,
specifying the same. 

  

	 	10.13.	 Payment of Taxes. All taxes, assessments and governmental charges or levies imposed on Borrower or on Borrower’s assets, income or
profits will be paid prior to the date on which penalties attach thereto unless being contested in good faith and by appropriate procedures. If Lender reasonably deems itself insecure, on Lender’s request, Borrower will be required to make
monthly deposits for real estate taxes, assessments and similar charges equal to one-twelfth (12) of the annual charges estimated by Lender or accumulate authorized funds with Lender to pay such impositions thirty (30) days prior to their
due dates, such deposits to be held by Lender in a non-interest bearing account. 

  

	 	10.14.	 Books and Records. Borrower will keep and maintain adequate and proper books and records of accounts in regard to Borrower’s hospital,
nursing home, medical office and related businesses located on the Property, which books and records shall be sufficient in all material respects to allow the preparation of the Financial Statements in accordance with GAAP.

  
 19 

	 	10.15.	 Lender’s Access. Borrower shall permit any person designated by Lender, including but not limited to Lender’s Inspector, to, in the
absence of a Default, upon 48 hours prior written notice (which may be given by e-mail), and during normal business hours (i) visit and inspect any of the properties, books and financial records of Borrower, (ii) enter upon the Property,
including the MOB during and after construction, including to inspect the construction progress of the MOB and all materials to be used in the construction of the MOB and to examine the current Plans and Specifications; (iii) examine and to
make copies of the books of accounts and other financial records of Borrower, and (iv) discuss the affairs, finances and accounts of Borrower with, and to be advised as to the same by, its officers. Such inspections may occur no more often than
once per fiscal quarter so long as no Default exists, provided, however, that during construction of the MOB, Lender’s Inspector may conduct such inspections with respect to construction of the MOB at such times and intervals and with such
notice as Lender or Lender’s Inspector reasonably deems appropriate. Lender (or its designee) may conduct audits, at Lender’s cost and expense, of Borrower’s books of account, records or other papers relating to the collateral no more
frequently than once each quarter unless a Default exists. Each inspection, visit, audit, examination, or reproduction of books and records or extracts thereof shall be subject to and conducted in accordance with applicable law, including all
healthcare rules and regulations, including but not limited to the Health Insurance Portability and Accountability Act (“HIPAA”) and confidentiality of patient information. Without limiting the foregoing, the aforementioned limitations on
the frequency of and payments of costs and expenses associated with visits, inspections and/or audits and any notice requirements shall cease to be applicable when any Default exists and shall not constitute a limitation on or a waiver of the rights
of the USDA under applicable law. 

  

	 	10.16.	 [Intentionally Omitted.]. 

  

	 	10.17.	 No Merger. Borrower will not merge into or with or consolidate with any corporation, partnership, limited liability company, or other legal
entity other than a merger or consolidation (i) as to which Lender shall have been given prior written notice, (ii) in which an Affiliate of SunLink is merged into or with or consolidated with Borrower where Borrower is the survivor and
immediately thereafter and after giving effect thereto Borrower is in compliance with Section 10.6, and (iii) no Default shall have occurred and then be continuing. For purposes of this Loan Agreement, “Affiliate” with respect to
Borrower means (i) SunLink, Healthcare and any entity controlled directly or indirectly by SunLink or Healthcare; (ii) any entity controlled directly or indirectly by Borrower; (iii) any entity that directly, or indirectly through one
or more intermediaries, subsequently controls Borrower (a “Controlling Person”); or (iv) any entity which is controlled by or is under common control with a Controlling Person. As used herein, the term “control” of an entity
means the possession, directly or indirectly, of the power: (A) to vote 50% or more of the voting securities of such entity (on a fully diluted basis) having ordinary power to vote in the election of the governing body of such entity or
(B) to direct or cause the direction of the management or policies of an entity, whether through the ownership of voting securities, by contract, or otherwise. 

  
 20 

	 	10.18.	 No Sale. Borrower will not sell, lease or convey all or any portion of the Property, or all or any portion of Borrower’s Personal
Property, without the advance written consent of the Bank (such consent not to be unreasonably withheld or delayed); provided, however, that no advance written consent shall be necessary if no Default then exists or if such sale, lease or conveyance
consists of (i) the sale of inventory in the ordinary course of business, (ii) the transfer or sale of equipment in connection with the replacement of such equipment with new equipment of a similar type and value, or (iii) leases made
in the ordinary course of business, including but not limited to leases of the MOB or portions thereof; it being expressly anticipated that Borrower may in the future lease certain portions of the improvements situated on the Property including the
MOB to third parties, in which instance Borrower shall provide copies of such leases to Lender. 

  

	 	10.19.	 Business Restrictions. Borrower will not engage in any business other than the ownership and operation of hospital, nursing home, clinic and
medical offices located on the Property and the provision of services related thereto and activities ancillary thereto. 

  

	 	10.20.	 [Intentionally Omitted.]. 

  

	 	10.21.	 Other Information. Borrower agrees to furnish to Lender such other information concerning the business activities of Borrower, the Property
and Borrower’s Personal Property as Lender might reasonably request. 

  

	 	10.22.	 Inspections. Subject to applicable law, including all healthcare rules and regulations, including but not limited to HIPAA and
confidentiality of patient information, Borrower will provide Lender with the results of all inspections of the Property or hospital or nursing home operations, conducted by any local, state or federal regulatory, licensing or safety agency or
entity. Such results will be provided to Lender within ten (10) days after the end of each calendar quarter. 

  

	 	10.23.	 Contingent Liabilities. Contingent Liabilities. Except with respect to Permitted Contingent Liabilities as set forth in Schedule
“10.23” hereto (“Permitted Contingent Liabilities”), Borrower will not assume, guarantee, endorse or otherwise become contingently liable for the obligation of any other person, firm or corporation. 

 

	 	10.24.	 Other Agreements. Borrower will not enter into any agreement or do any act which reasonably would be expected to cause Borrower to be unable
to comply with the terms of the Loan Documents. 

  

	 	10.25.	 Additional Documents. Borrower agrees to execute and deliver any documents which are necessary in the reasonable judgment of Lender to
obtain, maintain and perfect the liens and security interests intended to be created by the Loan Documents or, at Lender’s expense, to enable Lender to comply with any federal or state law otherwise applicable to Lender.

  
 21 

	 	10.26.	 Other Indebtedness. Except for the indebtedness identified in Schedule “10.26A” hereto (the “Permitted Indebtedness”),
Borrower will not incur any other indebtedness for money borrowed, capital lease obligations or obligations for the deferred purchase of property to any party other than Lender, except in the ordinary course of Borrower’s business, without the
prior written consent of Lender. Except for indebtedness identified on Schedule “10.26B” hereto (“Ordinary Affiliate Indebtedness”), indebtedness or liabilities to affiliates of Borrower, including charges of insurance,
accounting and other shared costs, shall not be considered to be in the ordinary course of Borrower’s business. So long as no Default has occurred and is continuing, Borrower may also make intercompany periodic cash management transfers to and
from Affiliates if such transfers are properly accounted for in determining distributions and Net Intercompany Funding for the purposes of Section 10.6 above. 

 

	 	10.27.	 Bank Accounts. So long as any indebtedness is owing by Borrower to Lender, Borrower will maintain with Lender all of Borrower’s bank
accounts, including without limitation the Operating Account, and the Medicare Account; provided, however, that Borrower may maintain (i) a local bank account(s) in Houston, Mississippi into which checks, cash payments and negotiable
instruments may be deposited which will be swept weekly into one of Borrower’s bank accounts with Lender and (ii) the Medicare Account may be maintained at Borrower’s current bank until authorization to change such account to Lender
is obtained from Medicare. 

  

	 	10.28.	 Management Fees. Borrower shall pay no fees for management or similar services to any party, including but not limited to SunLink,
Healthcare, or any other affiliate, parent or subsidiary of Borrower except for management fees set forth on Schedule “10.28” hereto (“Permitted Affiliate Management Fees”). After the occurrence and during the continuance of a
Default, Borrower will not pay any Permitted Affiliate Management Fees provided that this section shall not prohibit Borrower from paying Ordinary Affiliate Indebtedness. 

 

	 	10.29.	 Intercompany Loans; Dividends. Borrower will not make any distributions, loans or advances of any kind to any party or make or declare any
dividend during the term of the Working Capital Note and all renewals and modifications thereof except that Borrower may: (i) make intercompany loans to SunLink and/or Healthcare so long as after making any such loan and giving effect thereto
Borrower is otherwise in compliance with Section 10.6 above; (ii) declare and pay cash dividends if: (x) at the date of declaration no Default shall have occurred and be continuing and the net amount of dividends declared and made for
the period from July 1, 2012 and ending on the computation date in question shall not exceed eighty percent (80%) of the net income of Borrower for the period from July 1, 2012 to such computation date (minus the case of a deficit,
the net deficit of Borrower for such period); (y) Borrower shall have had positive net income after taxes for the fiscal year preceding the year in which any 

  
 22 

	 	 
such dividend is proposed to be declared or paid; and (z) after giving effect to the declaration and payment of any such dividend, Borrower shall be in compliance with Section 10.6
above; (iii) pay or make distributions for Permitted Affiliate Management Fees; (iv) pay or make distributions for Ordinary Affiliate Indebtedness; and (v) pay or make distributions for Permitted Contingent Liabilities.

  

	 	10.30.	 Equal Employment Opportunity. All construction contracts relating to the Property will comply with Executive Order 11246 entitled “Equal
Employment Opportunity” as amended and as supplemented by applicable Department of Labor regulations, debarment requirements of 7 CFR part 3017, and the Copeland Anti-Kickback Act (18 U.S.C. §874). 

 

	 	10.31.	 Current Ratio. Commencing September 30, 2012 and tested as of the last day of every third month thereafter, Borrower will maintain a
Current Ratio of at least 1.00 to 1.00 during the term of the Working Capital Note and all renewals and modifications thereof. “Current Ratio” means the current assets of Borrower divided by the current liabilities of Borrower computed in
accordance with GAAP. 

 11. COVENANT ADJUSTMENT. Notwithstanding anything set forth in
Section 10 above, the covenants set forth therein shall at no time be more restrictive than those set forth in Section 10 of the Mortgage Loan Agreement. 
 12. ANTI-MONEY LAUNDERING AND INTERNATIONAL TRADE CONTROLS. 
  

	 	12.1.	 Compliance with International Trade Control Laws and OFAC Regulations. Borrower represents, warrants and covenants to Lender that:

  

	 	12.1.1.	 Borrower is not now nor shall Borrower be at any time until after the Working Capital Note, and all renewals and modifications thereof, is fully
repaid a person with whom a U.S. person, including a financial institution, is prohibited from transacting business of the type contemplated by this Loan Agreement, whether such prohibition arises under U.S. law, regulation, executive orders or
lists published by the Office of Foreign Assets Control (“OFAC”) of the Department of the Treasury of the United States of America (including those executive orders and lists published by OFAC with respect to Specially Designated Nationals
and Blocked Persons) or otherwise; 

  

	 	12.1.2.	 None of Borrower, Healthcare, SunLink, any person after the Effective Date who owns a direct interest in Borrower or any person after the Effective
Date who controls any person who owns a direct or indirect interest in Borrower is now or shall be at any time until after the Working Capital Note, and all renewals and modifications thereof, is fully repaid a person with whom a U.S. person,
including a financial institution, is prohibited from transacting 

  
 23 

	 	 
business of the type contemplated by this Loan Agreement, whether such prohibition arises under U.S. law, regulation, executive orders or lists published by the OFAC (including those executive
orders and lists published by OFAC with respect to Specially Designated Nationals and Blocked Persons) or otherwise. 

  

	 	12.2.	 Borrower’s Funds. Borrower represents, warrants and covenants to Lender that: 

 

	 	12.2.1.	 Borrower has taken, and shall continue to take until after the Working Capital Note, and all renewals and modifications thereof, is fully repaid,
such measures as are required by applicable law to verify that the funds invested in Borrower are derived (a) from transactions that do not violate U.S. law nor, to the extent such funds originate outside the United States, do not violate the
applicable laws of the jurisdiction in which they originated; and (b) from permissible sources under U.S. law and to the extent such funds originate outside the United States, under the laws of the jurisdiction in which they originated;

  

	 	12.2.2.	 None of Borrower, Healthcare, SunLink, any person after the Effective Date who owns a direct interest in Borrower, or any person after the Effective
Date who controls any person who owns a direct or indirect interest in Borrower, or, to Borrower’s knowledge, any person providing funds to Borrower (a) is under investigation by any governmental authority for, or has been charged with, or
convicted of, money laundering, drug trafficking, terrorist-related activities, any crimes which in the United States would be predicate crimes to money laundering, or any violation of any state or federal anti-money laundering laws; (b) has
been assessed civil or criminal penalties under any state or federal anti-money laundering laws; and (c) has had any of its/his/her funds seized or forfeited in any action under any state or federal anti-money laundering laws;

  

	 	12.2.3.	 Borrower shall make payments on the loan evidenced by the Loan Documents using funds invested in Borrower, donations and pledges, grants, operating
revenues or insurance proceeds unless otherwise agreed to by Lender; 

  
 24 

	 	12.2.4.	 As of the Effective Date and at all times during the term of the Working Capital Note and all renewals and modifications thereof, all operating
revenues are and will be derived from lawful business activities of Borrower or Borrower’s tenants or other permissible sources under U.S. law; and 

 

	 	12.2.5.	 On the Maturity Date, Borrower will take all necessary steps to verify that funds used to repay the Working Capital Note in full (whether in
connection with a refinancing, asset sale or otherwise) are from sources permissible under U.S. law and to the extent such funds originate outside the United States, permissible under the applicable laws of the jurisdiction in which they originated.

 13. DEFAULT. Each of the following shall constitute a default hereunder and under each of the Loan Documents
(“Default”): 
  

	 	13.1.	 Nonpayment of Notes. Failure to make payment when due of any interest on or principal of the Working Capital Note or the Mortgage Note, or
any renewals or modifications thereof and such failure shall continue for a period of three (3) Business Days or more after the date due; or 

  

	 	13.2.	 Mortgage Loan Agreement Default. The occurrence and continuance of any Default (as defined therein) under that certain Mortgage Loan
Agreement (as defined therein) of even date herewith signed by Borrower and Lender in connection with the Mortgage Note; or 

  

	 	13.3.	 Chatham Credit Agreement Default. The occurrence of any “Event of Default” (as defined therein) under the Chatham Credit Agreement
which shall have occurred and then be continuing.; or 

  

	 	13.4.	 Other Nonpayment. Failure to make payment when due of any other amount payable under the terms of this Loan Agreement or any of the Loan
Documents within five (5) Business Days of the receipt of written demand therefor from Lender (unless the same or amount thereof is being contested in good faith by Borrower); or 

 

	 	13.5.	 Breach of Covenants. Breach by Borrower in the performance or observance of any covenant made under this Loan Agreement or any of the Loan
Documents, or under the terms of any other instrument delivered to Lender in connection with this Loan Agreement, provided that with respect to any such covenants which are non-monetary in nature, Borrower will have thirty (30) days following
receipt of written notice from Lender to Borrower to cure the breach of such covenant before such occurrence will constitute a Default hereunder; or 

  

	 	13.6.	 Creation of Liens. The creation or enforcement of any lien, deed of trust, pledge, security interest, encumbrances or other lien (including a
lien of attachment, judgment or execution) securing a charge or obligation affecting any or all of the Property or all or any of Borrower’s Personal Property, excepting Permitted Encumbrances which continues more than thirty (30) days
following receipt of written notice from Lender; or 

  
 25 

	 	13.7.	 Change of Ownership. Except as permitted in Section 10.18, the assignment, sale, transfer, encumbrance or conveyance of all or any
portion of the Property not otherwise permitted by the Loan Documents without the prior written consent of Lender, or if the ownership of the Property becomes vested in a person or entity other than Borrower without the prior written consent of
Lender, or if there is a change in control of Borrower from Guarantor or any other wholly-owned subsidiary of SunLink which shall guarantee the obligations of Borrower under the Loan Agreement without Lender’s prior written consent; or

  

	 	13.8.	 Liquidation or Disposition of Assets. The liquidation or dissolution of Borrower or Borrower entering into any partnership, joint venture,
syndicate, pool, operating agreement, or other combination with respect to all of the operations of Borrower’s hospital or nursing home whether in a single transaction or a series of related transactions or the assets or properties of Borrower
substantially as an entirety, or except in the ordinary course of business (including with respect to the disposition of used or obsolete Equipment), the conveyance, sale, assignment or lease of any material part of the assets or business of
Borrower, except in all such cases as otherwise provided by this Loan Agreement (including Sections 10.17 and 10.18), without the prior written consent of Lender; or 

 

	 	13.9.	 Judgment. Entry by any court of final, non-appealable judgment (and the expiration of all appeals) against Borrower and not covered by
insurance in excess of $100,000.00, or an attachment of any property of Borrower which is not discharged to the reasonable satisfaction of Lender within sixty (60) days thereof; or 

 

	 	13.10.	 Casualty Loss; Condemnation. Substantial damage or destruction by casualty or taking by rights of eminent domain of all or any substantial
portion of the Property so as to materially and adversely affect Borrower’s ability to perform Borrower’s obligations hereunder; or 

  

	 	13.11.	 [Intentionally Omitted.]. 

  

	 	13.12.	 [Intentionally Omitted.]. 

  

	 	13.13.	 Bankruptcy. The occurrence of any of the following: (i) the institution of bankruptcy reorganization, liquidation or receivership
proceedings by or against Borrower, SunLink or Healthcare or any parent of Borrower, or any controlled affiliate or subsidiary of Borrower which are not dismissed within sixty (60) days after the filing thereof, or (ii) the making of any
assignment for the benefit of creditors by or against Borrower, SunLink or Healthcare or any parent of Borrower, or any controlled affiliate or subsidiary of Borrower, or (iii) if Borrower, SunLink or Healthcare or any parent of Borrower, or

  
 26 

	 	 
any controlled affiliate or subsidiary of Borrower becomes insolvent, or (iv) any admission by Borrower, SunLink or Healthcare or any parent of Borrower, or any controlled affiliate or
subsidiary of Borrower of its or their inability to pay debts as such debts mature; or 

  

	 	13.14.	 Termination of Existence. Borrower ceases to be a validly existing Georgia corporation; or 

 

	 	13.15.	 Governmental Requirements. The issuance of any order, decree or judgment pursuant to any judicial or administrative proceeding declaring that
the Property, the MOB, the construction of the MOB, or the operation of the Property (including the MOB) is in material violation of any federal, state or local law, ordinance, rule or regulation which in any such case would materially adversely
affect Borrower’s business; or 

  

	 	13.16.	 Representations. Any representation, warranty, statement, certificate, schedule or report made or furnished to Lender by Borrower proves to
be false or erroneous in any material respect at the time of the making thereof, and Borrower fails to take or cause to be taken corrective measures with respect to such representations or warranties satisfactory to Lender within thirty
(30) days after written notice by Lender, and such corrective measures are not completed to Lender’s satisfaction within sixty (60) days after such written notice is given; or 

 

	 	13.17.	 Loan Documents. Any of the Loan Documents cease to be valid, legally binding or enforceable which renders such documents inadequate for the
realization of the material benefits intended to be provided thereby; or 

  

	 	13.18.	 Revocation of Authorization. (i) The revocation by Borrower of any of the authorizations contained in the Account Collection Agreement
to sweep daily all funds contained in the Medicare Account into the Operating Account; or (ii) the revocation or modification of any authorization or instruction to any of Borrower’s account debtors in a manner inconsistent with the
Account Collection Agreement (Lender agrees that it must honor any such revocation by Borrower described in this Section 13.18 notwithstanding the fact that any such revocation constitutes a Default hereunder); or 

 

	 	13.19.	 Loss of Licenses. The suspension or termination of any of Borrower’s licenses or permits which are required by law and which suspension
or termination would materially adversely affect Borrower’s ability to operate Borrower’s hospital, nursing home, medical offices and related businesses on the Property substantially as presently conducted; or 

  
 27 

 14. REMEDIES. On the occurrence of a Default, as defined in Section 13 of this Loan
Agreement, Lender may, at its option: 
  

	 	14.1.	 Acceleration of Note. Terminate making advances under the Working Capital Note, and the Loan Documents, and declare the Working Capital Note
or any renewals or modifications thereof to be immediately due and payable whereupon the Working Capital Note or any renewals or modifications thereof shall become forthwith due and payable without presentment, demand, protest or notice of any kind,
and Lender shall be entitled to proceed simultaneously or selectively and successively to enforce its rights under the Working Capital Note, the Deed of Trust, this Loan Agreement, and any or all of the Loan Documents, and any of the instruments
executed pursuant to the terms thereof, or in connection therewith to evidence or secure the obligations of Borrower, and all renewals and modifications thereof. Nothing contained herein shall limit Lender’s rights and remedies available under
applicable law. 

  

	 	14.2.	 Selective Enforcement. In the event Lender shall elect to selectively and successively enforce its rights under any of the Loan Documents,
such action shall not be deemed a waiver or discharge of any other lien, encumbrance or security instrument securing payment of the Working Capital Note until such time as Lender shall have been paid in full all sums advanced under the Working
Capital Note. The foreclosure of any lien provided pursuant to the terms of the Loan Documents without the simultaneous foreclosure of all such liens shall not merge the liens granted which are not foreclosed with any interest that Lender might
obtain as a result of such selective and successive foreclosure. 

  

	 	14.3.	 Cumulative Remedies. The rights and remedies of Lender provided by the Loan Documents are cumulative and no right or remedy will be exclusive
of any other or of any other right or remedy which Lender might otherwise have by virtue of the occurrence of a Default and the exercise of any right or remedy by Lender will not impair Lender’s standing to exercise any other right or remedy.

  

	 	14.4.	 Deposits; Setoff. Regardless of the adequacy of Borrower’s Personal Property, any deposits or other sums credited by or due from Lender
to Borrower under this Loan Agreement or the Mortgage Loan Agreement , will at all times constitute collateral security for all obligations of Borrower to Lender under this Loan Agreement or the Mortgage Loan Agreement, and, except with respect to
funds in the Medicare Account, which Lender agrees are not subject to set off, may be set off against any and all liabilities, direct or indirect, absolute or contingent, now existing or hereafter arising, of Borrower to Lender under this Loan
Agreement or the Mortgage Agreement. The rights granted by this paragraph will be in addition to the rights of Lender under any statutory bankers’ lien. 

 

	 	14.5.	 Appointment of Receiver. Lender will be entitled to obtain a court appointed receiver for the Property without notice to Borrower, SunLink or
Healthcare, which notice is hereby waived. 

  
 28 

 15. MISCELLANEOUS. It is further agreed as follows: 

 

	 	15.1.	 [Intentionally Omitted]. 

  

	 	15.2.	 Expenses. Whether or not advances under this Loan Agreement are actually made, Borrower agrees to pay all fees, expenses and charges in
respect to the loan contemplated by this Loan Agreement and the Loan Documents, including, without limiting the generality thereof, the following: 

  

	 	15.2.1.	 the reasonable fees and out of pocket expenses of legal counsel employed by Lender in connection with the negotiation and preparation of the Loan
Documents and the closing of this loan; 

  

	 	15.2.2.	 all expenses incidental to obtaining a second priority Mississippi Deed of Trust on the Property, abstracting costs, title examination fees, title
insurance premiums, mortgage taxes, documentary stamp taxes, and closing costs; 

  

	 	15.2.3.	 survey costs, appraisal costs and costs for environmental reports, soil reports, and structural design reports; 

 

	 	15.2.4.	 recording and filing fees and notary fees; 

  

	 	15.2.5.	 other reasonable fees and expenses involved in the closing of this loan; 

 

	 	15.2.6.	 In addition to the legal fees described at Section 15.2.1, all attorneys’ fees and expenses payable by Lender which are incidental to
(a) the enforcement or defense after the occurrence and during the continuance of a Default of any or all of the Loan Documents and any instrument executed pursuant thereto; (b) the negotiation and preparation of any renewals or
modifications to any of the Loan Documents requested by Borrower, SunLink or Healthcare ; and (c) rendering any advice to Lender related to the Loan Documents, and any transactions contemplated thereby or related to the enforcement or defense
thereof after the occurrence and during the continuance of a Default; and 

  

	 	15.3.	 Notices. Any notices or other communications required or permitted hereunder shall be sufficiently given if delivered personally, by next day
courier service or sent by confirming facsimile transmission or by registered or certified mail, postage prepaid, return receipt requested and addressed as listed below or to such other address as the party concerned may substitute by written notice
to the other. All notices shall be deemed received on the date of personal delivery or courier delivery, the date of confirmation of receipt of a facsimile transmission, or within three days (excluding Saturdays, Sundays and holidays recognized in
the United States) after being mailed: 

  
 29 

	 	To  Borrower:	 Southern Health Corporation of Houston, Inc. 

	 	    	 900 Circle 75 Parkway 

	 	    	 Atlanta, GA 30339 

	 	    	 Attn: Mark Stockslager 

  

	 	With a copy to:	 Smith, Gambrell & Russell, LLP 

	 	    	 1230 Peachtree Street, NE 

	 	    	 Suite 3100, Promenade Two 

	 	    	 Atlanta, GA 30309 

	 	    	 Attn: Howard E. Turner, Esq. 

  

	 	To Lender:	 Stillwater National Bank and Trust Company 

	 	    	 6301 Waterford Boulevard, Suite 101 

	 	    	 Oklahoma City, OK 73118 

	 	    	 Attn: Chief Credit Officer 

  

	 	With a copy to:	 Bryan J. Wells and Jared D. Giddens 

	 	    	 Conner & Winters, LLP 

	 	    	 One Leadership Square 

	 	    	 211 N. Robinson, Suite 1700 

	 	    	 Oklahoma City, OK 73102 

	 	    	 Fax No.: (405) 232-2695 

  

	 	15.4.	 Amendment and Waiver. This Loan Agreement and the Loan Documents may not be amended or modified in any way, except by an instrument in
writing executed by all of the parties thereto; provided, however, Lender may, in writing: (i) extend the time for performance of any of the obligations of Borrower; (ii) waive any breach or Default by Borrower; and (iii) waive the
satisfaction of any condition that is precedent to the performance of Lender’s obligations under this Loan Agreement. In the event of a waiver of a breach or Default by Lender, such specific breach or Default shall be deemed to have been cured
and not continuing, but no such waiver shall extend to the reoccurrence of the same breach or Default or any subsequent or other breach or Default or impair any consequence of such subsequent or other breach or Default. 

 

	 	15.5.	 Non-Waiver; Cumulative Remedies. No failure on the part of Lender to exercise and no delay in exercising any right hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise by Lender of any right hereunder preclude any other or further right of exercise thereof. The remedies herein provided are cumulative and not alternative. 

 

	 	15.6.	 Applicable Law. This Loan Agreement, all of the Loan Documents and all other documents executed pursuant thereto and in connection therewith
to evidence or secure the loans contemplated hereby shall be deemed to be a contract made under the laws of the State of Oklahoma, except the Deed of Trust and Assignment of Rents which shall be governed by Mississippi law respectively. Nothing in
this Loan Agreement shall be construed to constitute Lender as a joint venturer with Borrower or to constitute a partnership among any of such parties. 

  
 30 

	 	15.7.	 Descriptive Headings. The descriptive headings of the sections and paragraphs of this Loan Agreement are for convenience only and shall not
be used in the construction of the terms hereof. 

  

	 	15.8.	 Integrated Agreement. This Loan Agreement, all of the Loan Documents and the other loan documents executed pursuant hereto or in connection
herewith constitute the entire agreement between the parties hereto, and there are no agreements, understandings, warranties or representations between the parties other than those set forth in such documents. 

 

	 	15.9.	 Time of Essence. Time is of the essence of this Loan Agreement. 

 

	 	15.10.	 Binding Effect. This Loan Agreement shall be binding on and inure to the benefit of the parties hereto and their respective successors,
personal representatives, legal representatives and assigns. 

  

	 	15.11.	 Third Party Beneficiary. Nothing in this Loan Agreement, express or implied, is intended to confer on any person, other than the parties
hereto and their respective successors and assigns, any rights or remedies under or by reason of this Loan Agreement. 

  

	 	15.12.	 Right to Defend. Lender shall have the right, but not the obligation, at Borrower’s expense, to commence, to appear in or to defend any
action or proceeding (initiated by a third party against Borrower) excluding any insured medical malpractice suit or claim, purporting to affect the rights or duties of the parties hereunder and in connection therewith pay out of the funds of the
loan all necessary expenses, including fees of counsel, if Borrower fails to so commence, appear in or defend any such action or proceedings with counsel reasonably satisfactory to Lender. 

 

	 	15.13.	 Participation. Lender is authorized to sell participation interests in the loan evidenced by this Agreement to other financial institutions;
and Borrower agrees that subject to the terms of the agreements of participation, each holder of a participation interest will be entitled to rely on the terms of the loan documents executed in connection herewith as if such holder had been named as
an original party to the loan documents. Borrower hereby ratifies and authorizes the delivery by Lender either before or after closing of any and all financial and other information regarding Borrower, together with copies of the Loan Documents, to
any potential or actual participant. 

  

	 	15.14.	 Disclosure of Information; Confidentiality. Lender agrees to hold any confidential information that it may receive from Borrower, Guarantor
or SunLink pursuant to this Loan Agreement in confidence, except for disclosure: (a) on a confidential basis 

  
 31 

	 	 
to legal counsel, independent public accountants and other professional advisors of Lender; (b) to regulatory officials having jurisdiction over Lender; (c) as required by applicable
law or legal process (provided that, in the event Lender is so required to disclose such confidential information, Lender shall promptly notify Borrower, so that Borrower, Guarantor or SunLink or any of them may seek a protective order or other
appropriate remedy) or in connection with any legal proceeding between Lender and Borrower, Guarantor, SunLink or any of them; and (d) to another financial institution in connection with a disposition or proposed disposition to that financial
institution of all or part of Lender’s interests hereunder or a participation interest in the Loan, provided that such disclosure is made subject to an appropriate confidentiality agreement on terms substantially similar to this Section. For
purposes of the foregoing, “confidential information” shall mean all information respecting Borrower, Guarantor, SunLink, or any of them, other than (i) information previously filed by Borrower, Guarantor or SunLink with any
governmental authority and available to the public, and (ii) information previously published in any public medium from a source other than, directly or indirectly, Lender. Use of information by counsel in enforcement proceedings after Default
shall not constitute a prohibited disclosure of information under this section. 

  

	 	15.15.	 Accuracy of Information. This Loan Agreement has been entered into by Lender based upon the information, data and representations furnished
by Borrower to Lender, and Lender’s obligation to close and fund the loan is subject to the continued accuracy of all matters submitted to Lender herewith. By acceptance hereof, Borrower warrants to Lender that all such information, data and
representations heretofore and hereafter furnished to Lender are true and correct in all material respects and there is contained therein no untrue statement of a material fact and this warranty shall be true at the time the Loan is closed and shall
survive closing. There shall be no material change at the time the Working Capital Loan is closed of the income and expenses of the Property, the financial condition of Borrower and all other features of the transaction shall be in all material
respects as represented by Borrower to Lender. 

  

	 	15.16.	 Maximum Legal Rate of Interest. Notwithstanding any other provisions of this Loan Agreement or any of the Loan Documents to the contrary, the
total interest charges incurred by Borrower pursuant to the Working Capital Note shall not exceed the maximum legal rate of interest under Oklahoma law. If the holder of the Working Capital Note shall ever be entitled to receive, collect or apply,
as interest on the loans, any amount in excess of the maximum legal rate of interest permitted to be charged by applicable law, and, in the event any holder of the Working Capital Note ever receives, collects or applies, as interest, any such
excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Working Capital Note, and if the principal balance is paid in full, any remaining excess shall be forthwith paid to
Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds the highest lawful rate, Borrower and Lender shall, to the maximum extent permitted, under applicable law: (a) characterize any
non-principal payment as an expense, fee or premium rather than as interest; (b) exclude voluntary prepayments and the effects thereof; (c) “spread” the total amount of interest on the Working Capital Note throughout the entire
term of the Working Capital Note so that the interest rate is uniform throughout the entire term of the Working Capital Note. 

  
 32 

	 	15.17.	 No Responsibility of Lender. Notwithstanding any term or provision of the Loan Documents, Lender shall not have any obligation or
responsibility for the management, conduct or operation of the business and affairs of Borrower. No provision hereof or of any of the other Loan Documents shall be construed or interpreted to create any relationship between Borrower and Lender other
than that of debtor and creditor. 

  

	 	15.18.	 No Leasing or Drilling. Borrower shall not, without the prior written consent of Lender, permit any drilling or exploration for or
extraction, removal or production of any mineral, natural element, compound or substance from the surface or subsurface of the Property regardless of the depth thereof or the method of mining or extraction thereof and agree to defend, indemnify,
save and hold Lender, its officers, agents, servants, employees, successors and assigns harmless from any and all claims, liabilities, losses or expenses which may be incurred by Lender, and any and all other expenses or losses, either direct or
consequential, which are attributable, or alleged in any way to be attributable, to the development and exploitation of mineral rights in, on or around the Property by Borrower or any other party. 

 

	 	15.19.	 Notice of Title Protection. Lender is obtaining its own title protection in this transaction, and Borrower should seek competent advice as to
whether Borrower should obtain any additional title protection to protect Borrower. 

  

	 	15.20.	 Jurisdiction and Venue. Borrower hereby submits to the jurisdiction of any state or federal court located in Oklahoma County, Oklahoma, or
Chickasaw County, Mississippi, as elected by Lender or required by applicable state law, in connection with any action or proceeding commenced for the collection, enforcement, or defense of this Loan Agreement, the Working Capital Note, the Deed of
Trust, or any of the other Loan Documents, and hereby waives all objections to venue or any objections based on the theory of non-convenient forum in connection therewith. 

 

	 	15.21.	 Counterparts. This Loan Agreement may be executed in two or more counterparts, each of which will be an original instrument, but all of which
taken together will constitute one agreement. 

  

	 	15.22.	 Defined Terms. Capitalized terms defined herein shall have the same meaning in the Loan Documents unless otherwise defined therein. Certain
defined terms are located in the Sections identified below: 

  

			
	Term	  	Section
	 Affiliate
	  	10.17
	 Assignment of Rents
	  	4.2

  
 33 

			
	 Borrower
	  	1st Paragraph
	 Borrower’s Personal Property
	  	4.3
	 Business Day
	  	8.5
	 Current Ratio
	  	10.31
	 Deed of Trust
	  	4.1
	 Default
	  	13
	 EHR Payments
	  	10.6.1
	 Event of Default
	  	13.3
	 Filing Deadline
	  	10.4
	 Financial Covenants
	  	10.7
	 Financial Ratios Compliance Certificate
	  	10.7
	 Funded Debt to EBITDA Ratio
	  	10.6.4
	 GAAP
	  	6.5
	 Guarantors
	  	5
	 Healthcare
	  	Recitals
	 Healthcare Guaranty
	  	5
	 HIPAA
	  	10.15
	 Historical Financial Statements
	  	6.5
	 Interest Rate
	  	2.2
	 IRC
	  	10.4
	 IRS
	  	10.4
	 Lender
	  	1st Paragraph
	 Lender’s Inspector
	  	10.15
	 Loan Agreement
	  	1st Paragraph
	 Loan Commitment
	  	1
	 Loan Documents
	  	7.1
	 Maturity Date
	  	2.3
	 MOB
	  	1
	 Net Intercompany Funding
	  	10.6.2
	 OFAC
	  	12.1.1
	 Ordinary Affiliate Indebtedness
	  	10.26
	 Permitted Contingent Liabilities
	  	10.23
	 Permitted Indebtedness
	  	10.26
	 Prime Rate
	  	2.2
	 Property
	  	4.1
	 Stock Certificates
	  	4.4
	 Stock Pledge Agreement
	  	4.4
	 Stock Power
	  	4.4
	 Submission Deadline
	  	10.4
	 SunLink
	  	Recitals
	 SunLink Guaranty
	  	5

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed as of the
day and year first above written. 

  
 34 

 
			
	SOUTHERN HEALTH CORPORATION OF HOUSTON, INC., a Georgia corporation
		
	By:	 	 
		 	 MARK J. STOCKSLAGER, Assistant Treasurer

	
	(“Borrower”)

  
  

			
	STILLWATER NATIONAL BANK AND TRUST COMPANY
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	(“Lender”)

  
 35EX-10.1

 Exhibit 10.1 
 FORM OF FIRST AMENDED AND RESTATED ADVISORY AGREEMENT 
 BETWEEN

 JONES LANG LASALLE INCOME PROPERTY TRUST, INC. 

AND 

LASALLE INVESTMENT MANAGEMENT, INC. 

 TABLE OF CONTENTS 

 

							
	 1.
	  	Definitions	  	 	1	  
	 2.
	  	Appointment	  	 	6	  
	 3.
	  	Duties of the Advisor	  	 	6	  
	 4.
	  	Authority of Advisor	  	 	9	  
	 5.
	  	Sub-Advisors	  	 	10	  
	 6.
	  	Bank Accounts	  	 	10	  
	 7.
	  	Records; Access	  	 	10	  
	 8.
	  	Limitations on Activities	  	 	10	  
	 9.
	  	Relationship with Directors	  	 	11	  
	 10.
	  	Advisory Fee	  	 	11	  
	 11.
	  	Expenses	  	 	12	  
	 12.
	  	Other Services	  	 	14	  
	 13.
	  	Reimbursement to the Advisor	  	 	14	  
	 14.
	  	Other Activities of the Advisor	  	 	14	  
	 15.
	  	Relationship of the Parties	  	 	15	  
	 17.
	  	Term of Agreement	  	 	15	  
	 18.
	  	Termination by the Parties	  	 	15	  
	 19.
	  	Assignment to an Affiliate	  	 	15	  
	 20.
	  	Payments to and Duties of Advisor Upon Termination	  	 	16	  
	 21.
	  	Indemnification by the Company	  	 	16	  
	 22.
	  	Indemnification by Advisor	  	 	16	  
	 23.
	  	Non-Solicitation	  	 	16	  
	 24.
	  	Miscellaneous	  	 	17	  

  
 i 

 FORM OF FIRST AMENDED AND RESTATED ADVISORY AGREEMENT 

THIS FIRST AMENDED AND RESTATED ADVISORY AGREEMENT (this “Agreement”), dated as of [__], 2012 and effective on the
Effective Date, is by and between Jones Lang LaSalle Income Property Trust, Inc., formerly Excelsior LaSalle Property Fund, Inc., a Maryland corporation (the “Company”), and LaSalle Investment Management, Inc., a Maryland
corporation (the “Advisor” and together with the Company, the “Parties”). Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below. 

W I T N E S S E T H 
 WHEREAS, the Company, the Advisor and U.S. Trust Company, N.A., entered into that certain Investment Advisory Agreement (the “Investment Advisory Agreement”) dated December 23, 2004,
as amended on September 15, 2005 and assigned by U.S. Trust Company, N.A. to UST Advisers, Inc., a predecessor to Bank of America Capital Advisors LLC (the “Prior Manager”), pursuant to which the Advisor provides certain
investment advisory services to the Fund; 
 WHEREAS, the Company and the Prior Manager entered into that certain Amended and
Restated Management Agreement dated June 19, 2007, as amended on December 4, 2009 (the “Management Agreement”), pursuant to which the Prior Manager managed the day-to-day activities of the Fund; 

WHEREAS, pursuant to that certain Assignment and Amendment Agreement dated November 14, 2011 by and among the Company, the Advisor
and the Prior Manager (the “Assignment and Amendment Agreement”), the Prior Manager assigned to the Advisor, and the Advisor assumed, all of the Prior Manager’s duties, obligations, liabilities and rights under the Investment
Advisory Agreement and the Management Agreement; and 
 WHEREAS, in contemplation of a public offering of two new classes of
shares of the Company’s common stock at prices that will fluctuate from day-to-day and, on any given day, will be based on the net asset value of the class of shares being offered, the Parties now desire to amend and restate the Investment
Advisory Agreement and the Management Agreement pursuant to the terms hereof. 
 NOW, THEREFORE, in consideration of the
foregoing and of the mutual covenants and agreements contained herein, the Parties agree as follows: 
 1. DEFINITIONS. As
used in this Agreement, the following terms have the definitions hereinafter indicated: 
 Acquisition Expenses.
Any and all expenses incurred by the Company, the Advisor, or any of their Affiliates in connection with the selection, acquisition, origination, making or development of any Investments, whether or not acquired, including, without limitation, legal
fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of performing due diligence. 

Advisor. LaSalle Investment Management, Inc., a Maryland corporation, any successor advisor to the Company or any Person to
which LaSalle Investment Management, Inc. or any successor advisor subcontracts substantially all of its functions. Notwithstanding the foregoing, a Person hired or retained by LaSalle Investment Management, Inc. to perform sub-advisory or property
management and related services for the Company that is not hired or retained to perform substantially all of the functions of LaSalle Investment Management, Inc. with respect to the Company shall not be deemed to be an Advisor. 

  
 - 1 -

 Advisory Fee. The fee payable to the Advisor pursuant to Section 10.

 Affiliate or Affiliated. With respect to any Person, (i) any Person directly or indirectly owning,
controlling or holding, with the power to vote, 10.0% or more of the outstanding voting securities of such other Person; (ii) any Person 10.0% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held,
with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other
Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Affiliated Director. A Director who is also a director, manager, officer or employee of the Advisor or an Affiliate of the
Advisor or any corporate parent of an Affiliate. 
 Annual Total Return. As further described in Section 10,
the investment return provided to Stockholders, which shall be calculated independently for the Class A Shares, the Class E Shares and the Class M Shares, and shall be equal to, for all such Shares outstanding during the calendar year (or such
other applicable period), (i) Distributions declared and accrued per Class A Share, Class E Share or Class M Share over the calendar year (or such other applicable period) plus (ii) any change in Class A NAV per Class A
Share, Class E NAV per Class E Share or Class M NAV per Class M Share over the calendar year (or such other applicable period). 

Articles of Incorporation. The Articles of Incorporation of the Company, as amended from time to time. 

Average Invested Assets. For a specified period, the average of the aggregate book value of the assets of the Company
invested, directly or indirectly, in Investments before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period. 

Board. The board of directors of the Company, as of any particular time. 

Business Day. Any day on which the New York Stock Exchange is open for unrestricted trading. 

Bylaws. The bylaws of the Company, as the same are in effect from time to time. 

Cause. With respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or willful or
negligent breach of fiduciary duty by the Advisor in connection with performing its duties hereunder. 
 Class A
NAV. The portion of the NAV allocable to Class A Shares, calculated pursuant to the Valuation Guidelines. 

Class A Shares. Shares of the Company’s $0.01 par value common stock that have been designated as Class A.

 Class A Stockholders. The registered holders of the Class A Shares. 

Class E NAV. The portion of the NAV allocable to Class E Shares, calculated pursuant to the Valuation Guidelines; provided,
however, that until the Registration Statement is declared effective by the Securities and Exchange Commission, the Class E NAV will be calculated in accordance with past practices and will not be calculated on a daily basis. 

  
 - 2 -

 Class E Shares. Shares of the Company’s $0.01 par value common stock that
have been designated as Class E; provided, however, that until the Registration Statement is declared effective by the Securities and Exchange Commission, the Class E Shares shall mean the issued, unclassified shares of the Company’s $0.01 par
value common stock. 
 Class E Stockholders. The registered holders of the Class E Shares. 

Class M NAV. The portion of the NAV allocable to Class M Shares, calculated pursuant to the Valuation Guidelines.

 Class M Shares. Shares of the Company’s $0.01 par value common stock that have been designated as Class M.

 Class M Stockholders. The registered holders of the Class M Shares. 

Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any
provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

Company. Company shall have the meaning set forth in the preamble of this Agreement. 

Dealer Manager. LaSalle Investment Management Distributors, LLC, or such other Person or entity selected by the Board to
act as the dealer manager for the Offering. 
 Dealer Manager Fee. The dealer manager fee payable to the Dealer
Manager as described in the Prospectus. 
 Director. A member of the Board. 

Distribution Fee. The distribution fee payable to the Dealer Manager with respect to the Class A Shares and
reallowable to Participating Broker-Dealers with respect to Class A Shares sold by them as described in the Prospectus. 

Distributions. Any distributions of money or other property by the Company to owners of Shares, including distributions
that may constitute a return of capital for federal income tax purposes. 
 Effective Date. The date the
Registration Statement is declared effective by the Securities and Exchange Commission. 
 Excess Amount. Excess
Amount shall have the meaning set forth in Section 13. 
 Expense Year. Expense Year shall have the meaning
set forth in Section 13. 
 Fixed Component. The non-variable component of the Advisory Fee as described in
Section 10(b). 
 GAAP. Generally accepted accounting principles as in effect in the United States of America
from time to time. 
 Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the
Company through all Offerings, without deduction for Selling Commissions, volume discounts, any due diligence 

  
 - 3 -

 
expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds from the sale of Class A Shares, the purchase price of any Class A Share for
which reduced Selling Commissions are paid to the Dealer Manager or a Participating Broker-Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of the offering price per Class A Share pursuant to the
Prospectus for such Offering without reduction. 
 Indemnitee. Indemnitee and Indemnitees shall have the meaning
set forth in Section 20 herein. 
 Independent Director. Independent Director shall have the meaning set
forth in the Articles of Incorporation. 
 Independent Valuation Advisor. A firm that is (i) engaged to a
substantial degree in the business of conducting appraisals on commercial real estate properties, (ii) not Affiliated with the Advisor and (iii) engaged by the Company with the approval of the Board to appraise the Real Properties pursuant
to the Valuation Guidelines. 
 Investment Company Act. The Investment Company Act of 1940, as amended.

 Investment Guidelines. The investment guidelines adopted by the Board, as amended from time to time, pursuant
to which the Advisor has discretion to acquire and dispose of Investments for the Company without the prior approval of the Board. 
 Investments. Any investments by the Company in Real Property and Real Estate Related Assets. 
 Joint Ventures. The joint venture or partnership arrangements (including in the form of limited liability companies) in which the Company or any of its subsidiaries is a co-venturer, general
partner, limited partner or otherwise which are established to acquire Real Properties. 
 Loans. Any indebtedness
or obligations in respect of borrowed money or evidenced by bonds, notes, debentures, deeds of trust, letters of credit or similar instruments, including mortgages and mezzanine loans. 

NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts published by the North American
Securities Administrators Association on May 7, 2007, as may be amended from time to time. 
 NAV. The
Company’s net asset value, calculated pursuant to the Valuation Guidelines; provided, however, that until the Registration Statement is declared effective by the Securities and Exchange Commission, the NAV will be calculated in accordance with
past practices and will not be calculated on a daily basis. 
 Net Income. For any period, the Company’s
total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s
assets. 
 Offering. The public offering of Shares pursuant to a Prospectus. 

Organizational and Offering Expenses. All expenses incurred by or on behalf of the Company in connection with and in
preparing the Company for registration of, and subsequently offering and distributing to the public, its Shares, whether incurred before or after the date of this Agreement, which may include but are not limited to: total underwriting and brokerage
discounts and commissions including 

  
 - 4 -

 
fees of the underwriters’ attorneys; expenses for printing, engraving and mailing; salaries of employees while engaged in sales activity; telephone and other telecommunications costs; all
advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings); charges of transfer agents, registrars, trustees, escrow holders, depositories and experts; and fees, expenses and taxes related to the
filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees and expenses. 
 Participating Broker-Dealers. Broker-dealers who are members of Financial Industry Regulatory Authority, Inc., or that are exempt from broker-dealer registration, and who, in either case,
have executed participating broker-dealer or other agreements with the Dealer Manager to sell Shares in an Offering. 

Performance Component. The variable component of the Advisory Fee as described in Section 10(b). 

Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity.

 Primary Offering. The portion of an Offering other than the Shares offered pursuant to the Company’s
distribution reinvestment plan. 
 Priority Return Percentage. Priority Return Percentage has the meaning set
forth in Section 10(c). 
 Prospectus. A “Prospectus” under Section 2(10) of the Securities
Act, including a preliminary Prospectus, an offering circular as described in Rule 253 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for
the purpose of offering and selling securities to the public in the Offering. 
 Real Estate Related Assets. Any
investments, directly or indirectly, by the Company in interests in real property of whatever nature, including, but not limited to (i) mortgage, mezzanine, bridge and other loans on Real Property, (ii) equity securities or interests in
corporations, limited liability companies, partnerships and other joint ventures having an equity interest in real property, real estate investment trusts, ground leases, tenant-in-common interests, participating mortgages, convertible mortgages or
other debt instruments convertible into equity interests in real property by the terms thereof, options to purchase real estate, real property purchase-an-leaseback transactions and other transactions and investments with respect to real estate, and
(iii) debt securities such as collateralized mortgage backed securities, commercial mortgages and other debt securities. 

Real Property. Real property owned from time to time by the Company or a subsidiary thereof, either directly or through
Joint Ventures, which consists of (i) land only, (ii) land, including the buildings located thereon, (iii) buildings only or (iv) such investments the Board and the Advisor mutually designate as Real Property to the extent such
investments could be classified as Real Property. 
 Registration Statement. The registration statement on Form
S-11, as may be amended from time to time, of the Company filed with the Securities and Exchange Commission related to the registration of the Shares for the Company’s initial Offering. 

REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or as may be amended.

  
 - 5 -

 Related Party. With respect to any Person, any other Person whose ownership of
Shares would be attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)). 
 Securities Act. The Securities Act of 1933, as amended. 

Selling Commission. That percentage of Gross Proceeds from the sale of Class A Shares in the Primary Offering payable
to the Dealer Manager and reallowable to Participating Broker-Dealers with respect to Class A Shares sold by them as described in the Prospectus. 
 Shares. The Class A Shares, Class E Shares and Class M Shares. 

Stockholders. The Class A Stockholders, Class E Stockholders and Class M Stockholders. 

Sub-Advisor. Sub-Advisor and Sub-Advisors shall have the meaning set forth in Section 5. 

Termination Date. The date of termination of this Agreement or expiration of this Agreement in the event this Agreement is
not renewed for an additional term. 
 Total Operating Expenses. All costs and expenses paid or incurred by the
Company, as determined under GAAP, that are in any way related to the operation of the Company or its business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal,
audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer and registration of securities, (ii) interest
payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) acquisition fees and Acquisition Expenses,
(vii) real estate commissions on the sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including the costs
of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be
treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not
be treated as part of Total Operating Expenses for purposes hereof. 
 2%/25% Guidelines. 2%/25% Guidelines shall
have the meaning set forth in Section 13. 
 Valuation Guidelines. The valuation guidelines adopted by the
Board, as amended from time to time. 
 2. APPOINTMENT. The Company hereby appoints the Advisor to serve as its advisor
on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3. DUTIES OF THE
ADVISOR. The Advisor undertakes to use its commercially reasonable efforts to manage the day-to-day operations of the Company’s business, present to the Company potential investment opportunities, and provide the Company with a continuing
and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. In performance of this undertaking, subject to the supervision of the Board and
consistent with the provisions of the Articles of Incorporation and Bylaws, the Advisor shall, either directly or indirectly by engaging an Affiliate or a third party: 

  
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 (a) serve as the Company’s investment and financial advisor and provide research and
economic and statistical data in connection with the Company’s Investments and investment policies; 
 (b) provide the daily
management for the Company and perform and supervise the various administrative functions reasonably necessary for the management of the Company, including the collection of revenues and the payment of the Company’s debts and obligations;
maintenance of appropriate computer services to perform such administrative functions; maintaining the Company’s books and records; and organizing meetings of the Board; 
 (c) recommend to the Company the proper allocation of the Company’s Investments between (i) Real Property, (ii) Real Estate Related Assets, and (iii) cash and cash equivalents and
other short-term investments; 
 (d) consult with the officers and Directors of the Company and assist the Directors in the
formulation and implementation of the Company’s financial, investment, valuation and other policies; 
 (e) subject to the
provisions of Section 4 hereof, (i) to the extent within the Advisor’s authority as set forth in the Investment Guidelines, identify, analyze and complete acquisitions and dispositions of Investments; (ii) to the extent outside
the Advisor’s authority as set forth in the Investment Guidelines, identify, analyze and recommend acquisitions and dispositions of Investments to the Board and complete such transactions on behalf of the Company in accordance with the
direction of the Board; (iii) structure and negotiate the terms and conditions of transactions pursuant to which acquisitions and dispositions of Investments will be made; (iv) arrange for financing and refinancing and make other changes
in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, Investments; (v) enter into leases and service contracts for Investments and, to the extent necessary, perform all other
operational functions for the maintenance and administration of such Investments; (vi) actively oversee and manage Investments for purposes of meeting the Company’s investment objectives; (vii) select Joint Venture partners, structure
corresponding agreements and oversee and monitor these relationships; (viii) oversee Affiliated and non-Affiliated property managers who perform services for the Company; (ix) oversee Affiliated and non-Affiliated Persons with whom the
Advisor contracts to perform certain of the services required to be performed under this Agreement; and (x) manage accounting and other record-keeping functions for the Company; 

(f) arrange and secure on behalf of the Company with banks or lenders for Loans to be made to the Company, but in no event in such a way
so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company;

 (g) monitor the operating performance of the Investments and provide periodic reports with respect thereto to the Board,
including comparative information with respect to such operating performance and budgeted or projected operating results; 
 (h)
from time to time, or at any time reasonably requested by the Directors, make reports to the Directors of its performance of services to the Company under this Agreement, including reports with respect to potential conflicts of interest involving
the Advisor or any of its Affiliates; 
 (i) calculate, at the end of each Business Day, the Class A NAV, Class E NAV and
Class M NAV as provided in the Valuation Guidelines, and in connection therewith, obtain appraisals performed by an Independent Valuation Advisor concerning the value of the Real Properties; 

  
 - 7 -

 (j) deliver to, or maintain for a period of time in accordance with the Investment Advisers
Act of 1940, as amended and the rules and regulation promulgated thereunder, on behalf of, the Company copies of all appraisals obtained in connection with the investments in any Real Property; 

(k) provide the Company with all necessary cash management services; 

(l) arrange, negotiate, coordinate and manage operations of any Joint Venture interests held by the Company and conduct all matters with
any Joint Venture partners; 
 (m) communicate on the Company’s behalf with the respective holders of any of the
Company’s equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies and to maintain effective relations with such holders, and related thereto provide copy writing, creative
management, project management and print production management; 
 (n) evaluate and recommend to the Board hedging strategies and
modifications thereto in effect and cause the Company to engage in overall hedging strategies consistent with the Company’s status as a REIT and with the Company’s investment policies approved by the Board; 

(o) advise the Company regarding the maintenance of the Company’s exemption from the Investment Company Act and monitor compliance
with the requirements for maintaining an exemption from such Act; 
 (p) advise the Company regarding the maintenance of the
Company’s status as a REIT and monitor compliance with the various REIT qualification tests and other rules set out in the Code and the regulations promulgated thereunder; 
 (q) invest or reinvest any money of the Company (including investing in short-term investments pending investment in long-term Investments, payment of fees, costs and expenses, or payments of
distributions to the Stockholders), and advise the Company as to the Company’s respective capital structure and capital raising; 
 (r) investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but
not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks,
builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons
acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including, but not limited to, entering into contracts in the name of the Company with any of the foregoing; 

(s) cause the Company to retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting
procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the REIT provisions of the Code and to conduct compliance reviews thereto, as required; 

(t) cause the Company to qualify to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses;

 (u) assist the Company in maintaining the registration of the Shares under federal and state securities laws and complying
with all federal, state and local regulatory requirements applicable to the 

  
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Company in respect of the Offering and the Company’s business activities (including the Sarbanes-Oxley Act of 2002, as amended), including preparing or causing to be prepared all supplements
to the Prospectus, post-effective amendments to the registration statement for any Offering and financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the
Securities Act and the Securities Exchange Act of 1934, as amended; 
 (v) take all necessary actions to enable the Company to
make required tax filings and reports, including soliciting Stockholders for required information to the extent provided by the REIT provisions of the Code; 
 (w) handle and resolve all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company may be involved or to which the
Company may be subject, arising out of the Company’s day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Board; 
 (x) use commercially reasonable efforts to cause expenses incurred by or on behalf of the Company to be reasonable or customary and within any budgeted parameters or expense guidelines set by the Board
from time to time; 
 (y) supervise one or more Independent Valuation Advisors and, if and when necessary, recommend to the Board
its replacement; 
 (z) assist the Dealer Manager administratively with the selection process, implementation and training of
Participating Broker-Dealers and facilitate the ongoing due diligence review of the Company and the Offering conducted by Participating Broker-Dealers; 
 (aa) establish and manage ongoing operational and administrative processes for the Company, including engaging and negotiating contract terms with and supervising the performance by vendors of transfer
agent services, call center and investor relations services, distribution payment processing, stockholder tax reporting, proxy voting, information technology requirements and reporting to Participating Broker-Dealers; 

(bb) develop marketing materials for the Company and the Offering; 

(cc) assist in permissible public relations activities relating to the Company, including but not limited to the (i) development and
administration of press releases, (ii) media relations, (iii) media coverage and by-lined articles, and (iv) subject to principal approval of the Dealer Manager and regulatory approvals, if required, the development and maintenance of a Company
website to provide access for investors to financial reporting, financial advisor access to sales materials, and general information relating to the Company, such as filings with the Securities and Exchange Commission and informational
presentations; 
 (dd) assist in the administration of the Company’s distribution reinvestment plan, Share transfers, Share
redemptions and all exception requests; 
 (ee) arrange for the provision of data and customary information resources to
interested parties such as custodians, trust departments, third-party reporting services and registered investment advisor platforms; 
 (ff) provide and administer all back office administrative services that may be required for the day-to-day operations of the Company; 

(gg) perform such other services as may be required from time to time for the management and other activities relating to the
Company’s respective business and assets as the Board shall reasonably request or the Advisor shall deem appropriate under the particular circumstances; and 
 (hh) use commercially reasonable efforts to cause the Company to comply with all applicable laws. 
 4. AUTHORITY OF ADVISOR. 
 (a) Pursuant to the terms of this Agreement
(including the restrictions included in this Section 4 and in Section 8), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board (by virtue of its approval of this Agreement and
authorization of the execution hereof by the officers of the Company) hereby delegates to the Advisor the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments,
instruments or other documents and to do any and all things that, in the judgment of the Advisor, may be necessary or advisable in connection with the Advisor’s duties described in Section 3, including the making of any Investment that
fits within the Company’s investment objectives, strategy and guidelines, policies and limitations as described in the Company’s Prospectus and within the discretionary limits and authority as granted to the Advisor from time to time by
the Board. 
 (b) Notwithstanding the foregoing, any investment in an Investment that does not fit within the Investment
Guidelines will require the prior approval of the Board or any duly authorized committee of the Board, as the case may be. 
 (c)
If a transaction requires approval by the Directors, the Advisor will deliver to the Directors all documents and other information required by them to properly evaluate the proposed transaction. 

  
 - 9 -

 (d) The prior approval of a majority of the Independent Directors not otherwise interested
in the transaction and a majority of the Directors not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. 

(e) The Board may, at any time upon the giving of notice to the Advisor, amend the Investment Guidelines or modify or revoke the authority
set forth in this Section 4; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to
the date of receipt by the Advisor of such notification. 
 5. SUB-ADVISORS. The Advisor is hereby authorized to enter
into one or more sub-advisory agreements with other investment advisors, including any Affiliate of the Advisor (each, a “Sub-Advisor”), pursuant to which the Advisor may obtain the services of the Sub-Advisor(s) to assist the
Advisor in fulfilling any of its responsibilities set forth under Sections 3(e) and 3(g) hereunder, subject to the oversight of the Advisor and the Board. 
 (a) The Advisor and not the Company shall be responsible for any compensation payable to any Sub-Advisor. Notwithstanding the foregoing, the Company shall reimburse the Advisor for any expenses properly
incurred by the Sub-Advisor, to the extent such expenses would be reimbursable if incurred by the Advisor pursuant to the terms of Section 11 hereof, in order for the Advisor to timely reimburse the Sub-Advisor for such out-of-pocket costs.

 (b) Any sub-advisory agreement entered into by the Advisor shall be in accordance with the requirements of the Articles of
Incorporation and other applicable federal and state law. 
 6. BANK ACCOUNTS. The Advisor
may establish and maintain one or more bank accounts in the name of the Company and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, under such terms and
conditions as the Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Directors and to the
auditors of the Company, as applicable.  
 7. RECORDS; ACCESS. The Advisor shall maintain appropriate
records of all its activities hereunder and make such records available for inspection by the Directors and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall
at all reasonable times have access to the books and records of the Company. 
 8. LIMITATIONS ON ACTIVITIES. Anything
else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the
Company to regulation under the Investment Company Act, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company or its Shares, or otherwise not be permitted by the
Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Directors, in which case the Advisor shall notify promptly the Directors of the Advisor’s judgment of the potential impact of such action and
shall refrain from taking such action until it receives further clarification or instructions from the Directors. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Directors so given.
Notwithstanding the foregoing, the Advisor, its directors, officers, employees and members, and partners, directors, officers, members and stockholders of the Advisor’s Affiliates shall not be liable to the Company or to the Directors or
Stockholders for any act or omission by the Advisor, its directors, officers, employees, or members, and partners, directors, officers, members or stockholders of the Advisor’s Affiliates taken or omitted to be taken in the performance of their
duties under this Agreement except as provided in Section 21 of this Agreement. 

  
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 9. RELATIONSHIP WITH DIRECTORS. Subject to Section 8 of this Agreement and to
restrictions advisable with respect to the qualification of the Company as a REIT, directors, managers, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parent of an Affiliate, may serve as a Director or officer
of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer other than
(a) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors or (b) as otherwise approved by the Board, including a majority of the Independent Directors, and no such Director shall be deemed
an Independent Director for purposes of satisfying the Director independence requirement set forth in the Articles of Incorporation. For so long as this Agreement is in effect, the Advisor shall have the right to nominate, subject to the approval of
such nomination by the Board, three Affiliated Directors to the slate of Directors to be voted on by the stockholders at the Company’s annual meeting of stockholders; provided, however, that such number of director nominees shall be reduced as
necessary by a number that will result in a majority of the Directors being Independent Directors. Furthermore, the Board shall consult with the Advisor in connection with (i) its selection of each Independent Director for nomination to the
slate of Directors to be voted on at the annual meeting of stockholders, and (ii) filling any vacancies created by the removal, resignation, retirement or death of any Director. 

10. ADVISORY FEE. 
 (a) The Advisor is not entitled to acquisition, disposition or financing fees. 
 (b) The Advisor shall receive the Advisory Fee as compensation for services rendered hereunder. The Advisory Fee will be comprised of two separate components: (1) a fixed component in an amount equal
to 1/365th of 1.25% of NAV for each day (the
“Fixed Component”); and (2) a performance component (the “Performance Component”) that is paid annually and calculated based on the Annual Total Return allocable to each class of shares of the Company’s
common stock. 
 (c) The Performance Component will not be paid with respect to the Class A Shares, the Class E Shares or
the Class M Shares, each of which is evaluated independently when calculating the Performance Component, for any calendar year in which the Annual Total Return allocable to the applicable class expressed as a percentage is less than or equal to 7.0%
(the “Priority Return Percentage”). For each class, the dollar amount of the Performance Component will equal 10.0% of the difference between (i) the Annual Total Return allocable to Class A Shares, Class E Shares or Class
M Shares, as applicable, and (ii) the amount required to provide Class A Stockholders, Class E Stockholders or Class M Stockholders, as applicable, an Annual Total Return equal to the Priority Return Percentage. In the event
Class A NAV per share, Class E NAV per share or Class M NAV per share decreases below $10.00 on any day during the measurement period, subject to adjustment pursuant to any stock dividend, stock split, recapitalization, or other similar change
in the capital structure of the Company, any subsequent increase in such NAV per share to $10.00 (or such other adjusted number) shall not be included in the calculation of the Performance Component with respect to that class. If the Performance
Component is payable with respect to Class A Shares, Class E Shares or Class M Shares pursuant to this Section 10(c), the Advisor will be entitled to such payment even in the event that the Annual Total Return to Class A Stockholders,
Class E Stockholders or Class M Stockholders, as applicable (or any particular Stockholder), expressed as a percentage on a cumulative basis over any longer or shorter period has been less than the Priority Return Percentage. The Advisor shall not
be obligated to return any portion of any Advisory Fee paid based on the Company’s subsequent performance. The Performance Component may be earned in a given period for one or more of the Company’s classes of common stock. 

  
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 (d) The Advisor shall, on a daily basis, (i) accrue a liability reserve account equal
to the amount due for both the Fixed Component and the Performance Component, such accrual to be reflected in the NAV per share calculations for such day; and (ii) calculate the Annual Total Return allocable to Class A Shares, Class E
Shares and Class M Shares, prorated as of the end of such day and, based on such calculation, adjust the balance of liability reserve accrual to reflect the estimated amount due on account of the Performance Component. 

(e) The Advisory Fee will accrue daily and is payable in cash. The Fixed Component is payable monthly in arrears (after the close of
business and NAV calculations for the last Business Day for such month). The Performance Component is payable promptly after the audited financial statements for each calendar year become available, provided that if this Agreement or its term
expires without renewal prior to December 31 of any calendar year, then the Performance Component for such partial year shall be payable promptly after the Company files its unaudited financial statements on Form 10-Q for the quarter that
includes the Termination Date. The Performance Component shall be payable for each calendar year in which this Agreement is in effect, even if the Agreement is in effect for less than a full calendar year. In the event this Agreement is terminated
or its term expires without renewal, the Advisory Fee will be calculated and due and payable after the calculation of NAV on the Termination Date. If the Advisory Fee is payable with respect to any partial calendar month or calendar year, the Fixed
Component will be prorated based on the number of days elapsed during any partial calendar month and the Performance Component will be prorated based on the number of days elapsed during and Annual Total Return achieved for the period of such
partial calendar year. 
 (f) In the event the Company commences a liquidation of its Investments during any calendar year, the
Company will pay the Advisor the fixed component of the Advisory Fee from the proceeds of the liquidation and the performance component of the Advisory Fee will be calculated at the end of the liquidation period prior to the distribution of the
liquidation proceeds to the Stockholders. 
 11. EXPENSES. 

(a) As required by the NASAA REIT Guidelines, the cumulative Selling Commissions, Dealer Manager Fees, Distribution Fees and
Organizational and Offering Expenses paid by the Company will not exceed 15.0% of Gross Proceeds from the sale of Shares in the Primary Offering. 
 (b) In addition to the compensation paid to the Advisor pursuant to Section 10 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor
in connection with the services it provides to the Company pursuant to this Agreement, including, but not limited to: 
 (i) Organizational and Offering Expenses; provided that within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent the
Organizational and Offering Expenses, Selling Commissions, Dealer Manager Fees and Distribution Fees borne by the Company exceed 15.0% of the Gross Proceeds raised in the completed Offering; 

(ii) Acquisition Expenses incurred in connection with the selection and acquisition of Investments, including such
expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, subject to limitations set forth in the Articles of Incorporation; 

  
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 (iii) the actual cost of goods and services used by the Company and obtained
from entities not affiliated with the Advisor; 
 (iv) interest and other costs for borrowed money, including
discounts, points and other similar fees; 
 (v) taxes and assessments on income of the Company or Investments,
taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or income; 
 (vi) costs associated with insurance required in connection with the business of the Company or by the Board; 
 (vii) expenses of managing, improving, developing, operating and selling Investments, whether payable to an Affiliate of the Company or a non-affiliated Person; 

(viii) all expenses in connection with payments to the Directors for attending meetings of the Board and Stockholders;

 (ix) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the
Company to the Stockholders; 
 (x) expenses of organizing, redomesticating, merging, liquidating or dissolving
the Company or of amending the Articles of Incorporation or the Bylaws; 
 (xi) expenses incurred in connection
with the formation, organization and continuation of any corporation, partnership, joint venture or other entity through which the Company’s investments are made or in which any such entity invests; 

(xii) expenses of providing services for and maintaining communications with Stockholders, including the cost of updating
offering materials and the preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

(xiii) expenses of all litigation or regulatory proceedings or investigations instituted or threatened against the
Company; 
 (xiv) administrative service expenses, including but not limited to personnel and related employment
costs incurred by the Advisor or its Affiliates in performing the services described in Section 3 hereof, including but not limited to reasonable salaries, bonuses and wages, benefits and overhead of all individuals whose primary job function
relates to the Company’s business, provided that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives a separate fee and
provided further that in the event that personnel costs are reimbursed for individuals who serve as executive officers of the Company, the Advisor shall cause the Company to include disclosures of the amount of such costs in its next quarterly or
annual report filed with the Securities and Exchange Commission; 
 (xv) audit, accounting and legal fees and
other fees or expenses for professional services relating to the operations of the Company; 

  
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 (xvi) fees or expenses of third parties for services provided to the
Company, including, but not limited to, the services of third party property managers, leasing or brokerage agents, project managers, real estate and mortgage brokers, and architectural, engineering or other consultants or third party service
providers engaged by the Advisor to assist it in performing its duties and responsibilities set forth under Section 3 hereof (except for any compensation payable to any Sub-Advisor pursuant to Section 5 hereof); and 

(xvii) all such fees incurred at the request, or on behalf of, the Board, the Independent Directors or any committee of
the Board. 
 (c) Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Section 11 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company and the calculation of the Advisory Fee during each quarter, and shall deliver such statement to the Company within
forty-five (45) days after the end of each quarter. 
 (d) Organizational and Offering Expenses incurred by the Advisor
prior to the Effective Date shall be reimbursed by the Company to the Advisor over 36 months. 
 12. OTHER SERVICES.
Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are
agreed by the Advisor and the Independent Directors, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 

13. REIMBURSEMENT TO THE ADVISOR. Commencing with the fourth fiscal quarter following the effective date of the initial Offering,
the Company shall not reimburse the Advisor at the end of any fiscal quarter for Total Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceeded (the “Excess Amount”)
the greater of 2.0% of Average Invested Assets or 25.0% of Net Income (the “2%/25% Guidelines”) for such 12-month period unless the Independent Directors determine that such excess was justified, based on unusual and nonrecurring
factors that the Independent Directors deem sufficient. If the Independent Directors do not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Independent
Directors determine such excess was justified, then, within sixty (60) days after the end of any fiscal quarter of the Company for which total reimbursed Total Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor,
at the direction of the Independent Directors, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current
Report on Form 8-K with the Securities and Exchange Commission within sixty (60) days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining that such excess were justified. The
Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computations shall be determined in accordance with GAAP applied on a consistent basis. 

14. OTHER ACTIVITIES OF THE ADVISOR. 
 (a) Relationship. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the
rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer,
member, partner, employee, or stockholder of the Advisor or its Affiliates to 

  
 - 14 -

 
engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such
services. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is
contemplated that the Company may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor may be engaged to provide advice
and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. 
 (b) Time
Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an
appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide
services to Persons other than the Company or any of its Affiliates. 
 (c) Investment Opportunities. The Advisor
shall use its commercially reasonable efforts to present to the Company a number of potential investment opportunities appropriate for the portfolio of the Company consistent with the investment policies and objectives of the Company, but neither
the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity is of a character that, if presented to the Company, could be taken by the Company. In
the event an investment opportunity is located, the allocation procedure set forth in the Prospectus shall govern the allocation of the opportunity among the Company, on the one hand, and other clients of the Advisor, on the other hand; provided any
changes to the procedure shall be presented in advance and approved by the Board, including a majority of the Independent Directors. 
 15. RELATIONSHIP OF THE PARTIES. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or
joint venturers or impose any liability as such on either of them. 
 16. TERM OF AGREEMENT. This Agreement shall
continue in force for a period of one year from the Effective Date, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Directors to evaluate the performance of the Advisor
annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
 17.
TERMINATION BY THE PARTIES. This Agreement may be terminated (i) immediately by the Company for Cause or upon the bankruptcy of the Advisor or upon a material breach of this Agreement by the Advisor; provided, that such material breach is
not capable of being cured or has not been cured within sixty (60) days after the giving of notice thereof by the Company to the Advisor; (ii) upon sixty (60) days’ written notice without Cause or penalty by a majority vote of
the Independent Directors; or (iii) upon sixty (60) days’ written notice by the Advisor. The provisions of Sections 19 through 22 survive termination of this Agreement. 

18. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate with the prior written consent of
the Company, it being agreed that such consent shall not unreasonably be withheld or delayed by the Company. The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the consent of the
Company. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation, limited partnership or other organization which is

  
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a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner
as the Company is bound by this Agreement. 
 19. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 

(a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be
entitled to receive from the Company within thirty (30) days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement,
subject to the 2%/25% Guidelines to the extent applicable. 
 (b) The Advisor shall promptly upon termination: 

(i) pay over to the Company all money collected and held for the account of the Company pursuant to this Agreement, after
deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii)
deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 

(iii) deliver to the Board all assets, including all Investments, and documents of the Company then in the custody of the
Advisor; and 
 (iv) cooperate with the Company to provide an orderly management transition. 

20. INDEMNIFICATION BY THE COMPANY. The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their
respective officers, directors, partners and employees (the “Indemnitees,” and each an “Indemnitee”), from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related
expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the
laws of the State of Maryland, the Articles of Incorporation or the provisions of Section II.G of the NASAA REIT Guidelines. 
 21. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company from contract or other liability, claims, damages, taxes or losses and related expenses including
attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful misconduct, gross
negligence or reckless disregard of its duties; provided, however, that the Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Advisor. 

22. NON-SOLICITATION. During the period commencing on the Effective Date and ending one year following the Termination Date, the
Company shall not, without the Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage any person to leave the employment or other service of the Advisor or its Affiliates, or (ii) hire, on behalf of the
Company or any other person or entity, any person who has left the employment within the one year period following the termination of that person’s employment the Advisor or its Affiliates. During the period commencing on the date hereof
through and ending one year following the Termination Date, the Company will not, whether for its own 

  
 - 16 -

 
account or for the account of any other Person, intentionally interfere with the relationship of the Advisor or its Affiliates with, or endeavor to entice away from the Advisor or its Affiliates,
any person who during the term of the Agreement is, or during the preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or its Affiliates. 

23. MISCELLANEOUS. 
 (a) Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other
communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or overnight carrier or by registered or certified mail to the addresses
set forth herein: 
  

			
		
	 To the Company:
	  	 Jones Lang LaSalle Income Property Trust, Inc.
 200 East Randolph Drive
 Chicago, Illinois 60601

Attention: Chief Executive Officer

		
		  	 with a simultaneous copy to:
  

Alston & Bird LLP
 1201 W. Peachtree
St.
 Atlanta, Georgia 30309
 Attention:
Rosemarie A. Thurston

		
	 To the Advisor:
	  	 LaSalle Investment Management, Inc.
 200 E. Randolph Drive
 Chicago, Illinois 60601

Attention: Chief Executive Officer
  

with a simultaneous copy to:
  
 LaSalle Investment Management, Inc.
 200 E. Randolph Drive

Chicago, Illinois 60601
 Attention: General
Counsel

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Section 23. 
 (b) Modification. This Agreement shall not be changed, modified, terminated,
or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 
 (c) Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the
fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 (d) Governing
Law; Exclusive Jurisdiction; Jury Trial. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Maryland without regard to the conflicts-of-law principles that would require the
application of any other law. The parties hereby 

  
 - 17 -

 
irrevocably submit to the exclusive jurisdiction of the courts of the Illinois and the Federal courts of the United States of America located in Chicago, Illinois for purposes of any suit, action
or other proceeding arising from this Agreement, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not subject thereto or that such action,
suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts. Each of the parties hereby consent to
and grant any such court jurisdiction over the person of such parties and over the subject matter of any such dispute. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (e) Entire Agreement. This Agreement contains the
entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any
nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

(f) Indulgences, Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power
or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or
privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it
is in writing and is signed by the party asserted to have granted such waiver. 
 (g) Gender. Words used herein
regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

(h) Titles Not to Affect Interpretation. The titles of Sections and Subsections contained in this Agreement are for
convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 (i) Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears
thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected
hereon as the signatories. 
 [Signatures on following page.] 

  
 - 18 -

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

			
	Jones Lang LaSalle Income Property Trust, Inc.
		
	By:  	 	 
		 	Name:
		 	Title:

  

			
	LaSalle Investment Management, Inc.
		
	By:  	 	 
		 	Name:
		 	Title:

  
 - 19 -

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