Document:

Amended and Restated Limited Partnership Agreement

 Exhibit 10.1 
  
 AMENDED AND RESTATED 
 LIMITED LIABILITY LIMITED PARTNERSHIP AGREEMENT 
  
 OF 
  
 CNL INCOME GW
PARTNERSHIP, LLLP 
  
 Dated: As of October 11, 2005

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE 1 FORMATION AND AMENDMENT	  	1
	     Section 1.1
	  	Organization	  	1
	     Section 1.2
	  	Agreement; Effect of Inconsistencies with Act	  	2
	     Section 1.3
	  	Name	  	2
	     Section 1.4
	  	Effective Date	  	2
	     Section 1.5
	  	Term	  	2
	     Section 1.6
	  	Certificate of Limited Partnership; Statement of Qualification	  	2
	     Section 1.7
	  	Registered Agent and Office	  	2
	     Section 1.8
	  	Principal Place of Business	  	3
	     Section 1.9
	  	Foreign Qualifications	  	3
	     Section 1.10
	  	Partner’s Qualifications	  	3
		
	ARTICLE 2 DEFINITIONS	  	3
	     Section 2.1
	  	General Interpretive Principles	  	3
	     Section 2.2
	  	Defined Terms	  	4
		
	ARTICLE 3 BUSINESS, PURPOSES AND POWERS	  	15
	     Section 3.1
	  	Business and Purposes	  	15
	     Section 3.2
	  	Powers	  	15
	     Section 3.3
	  	Limitations on Scope of Business	  	17
	     Section 3.4
	  	Separate Existence	  	17
		
	ARTICLE 4 PARTNERS, CAPITAL CONTRIBUTIONS AND FINANCING	  	21
	     Section 4.1
	  	Identity of Partners and Percentage Interests	  	21
	     Section 4.2
	  	Initial Capital Contributions and Related Distributions	  	21
	     Section 4.3
	  	Additional Capital Contributions	  	23
	     Section 4.4
	  	Capital Accounts	  	24
	     Section 4.5
	  	Return of Capital Contributions	  	25
	     Section 4.6
	  	No Third Party Beneficiary Rights	  	25
	     Section 4.7
	  	Earn Out Provisions	  	25
	     Section 4.8
	  	First Mortgage Loan; Distribution of Proceeds	  	26
		
	ARTICLE 5 ALLOCATIONS AND DISTRIBUTIONS	  	27
	     Section 5.1
	  	Distributions	  	27
	     Section 5.2
	  	Determination of Items of Income, Gain, Deduction and Loss	  	29
	     Section 5.3
	  	General Allocation of Profit and Loss	  	30
	     Section 5.4
	  	Income Tax Elections	  	30
	     Section 5.5
	  	Income Tax Allocations	  	30
	     Section 5.6
	  	Transfers During Fiscal Year	  	30
	     Section 5.7
	  	Allocations Regarding Contributed Property	  	31
	     Section 5.8
	  	Tax Matters Partner	  	31

  

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	    Section 5.9	  	Election to be Taxed as Partnership	  	32
	    Section 5.10	  	Assignees Treated as Partners	  	32
	    Section 5.11	  	Regulatory Compliance	  	32
	    Section 5.12	  	Allocations and Distributions to CNL Partners	  	32
		
	 ARTICLE 6 RIGHTS AND DUTIES OF PARTNERS
	  	32
	    Section 6.1	  	Management	  	32
	    Section 6.2	  	Liability of Partners	  	32
	    Section 6.3	  	Indemnification	  	33
	    Section 6.4	  	Major Decisions	  	33
	    Section 6.5	  	General Partner Compensation	  	35
	    Section 6.6	  	Signing of Documents	  	35
	    Section 6.7	  	Right to Rely on Authority of General Partner	  	36
	    Section 6.8	  	Outside Activities	  	36
	    Section 6.9	  	Limitations on Powers of Partners	  	37
	    Section 6.10	  	Prohibition Against Partition; Distribution in Kind	  	37
	    Section 6.11	  	Hotel Manager	  	37
	    Section 6.12	  	License Agreements	  	37
		
	ARTICLE 7 BOOKS OF ACCOUNT AND REPORTS; ACCESS TO RECORDS	  	38
	    Section 7.1	  	Books and Records	  	38
	    Section 7.2	  	Banking	  	38
	    Section 7.3	  	Reports to Partners	  	38
	    Section 7.4	  	Accountants	  	38
		
	ARTICLE 8 TRANSFERS OF PARTNERSHIP INTERESTS AND ECONOMIC RIGHTS	  	39
	    Section 8.1	  	Partner’s or Assignee’s Right to Transfer	  	39
	    Section 8.2	  	Conditions of Transfer	  	39
	    Section 8.3	  	Partners’ Rights of First Offer and First Refusal	  	39
	    Section 8.4	  	Transfer as Security	  	41
	    Section 8.5	  	Non-Complying Transfers Void	  	41
	    Section 8.6	  	CNL LP Buy-Out Right	  	41
	    Section 8.7	  	GW LP Put Right	  	42
	    Section 8.8	  	Appraisal Procedure	  	42
	    Section 8.9	  	Sale by CNL Partners	  	44
	    Section 8.10	  	Tag Along Right	  	44
	    Section 8.11	  	Affiliated Partners	  	45
		
	ARTICLE 9 ADMISSION OF ASSIGNEES	  	45
	    Section 9.1	  	Rights of Assignees	  	45
	    Section 9.2	  	Admission of Assignee as a Partner	  	45
	    Section 9.3	  	Admission of Permitted Transferee as Partner	  	45
		
	ARTICLE 10 DEFAULT AND REMEDIES	  	46
	    Section 10.1	  	Events of Default	  	46
	    Section 10.2	  	Adjustment of Percentage Interests	  	47

  

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	    Section 10.3	  	 Deemed Priority Loan
	  	47
	    Section 10.4	  	 Dells Attraction Addition Default
	  	48
	    Section 10.5	  	 Remedies
	  	48
		
	ARTICLE 11 (INTENTIONALLY DELETED)	  	48
		
	ARTICLE 12 SALE OF PROPERTY	  	48
	    Section 12.1	  	 Partner’s Right to Make Proposed Offer or to Obtain Third Party Offer.
	  	48
	    Section 12.2	  	 Responding Partner’s Option to Purchase
	  	49
	    Section 12.3	  	 Sale of Hotel Property
	  	49
	    Section 12.4	  	 Exceptions
	  	50
	    Section 12.5	  	 Bona Fide Third Party Offer
	  	50
	    Section 12.6	  	 Cash Price
	  	50
		
	ARTICLE 13 DISSOLUTION OF PARTNERSHIP	  	50
	    Section 13.1	  	 Events Causing Dissolution
	  	50
	    Section 13.2	  	 Winding Up
	  	51
	    Section 13.3	  	 Application of Assets in Winding Up
	  	51
	    Section 13.4	  	 Negative Capital Accounts
	  	51
	    Section 13.5	  	 Termination
	  	51
		
	ARTICLE 14 MISCELLANEOUS PROVISIONS	  	52
	    Section 14.1	  	 Notices
	  	52
	    Section 14.2	  	 Integration
	  	53
	    Section 14.3	  	 Governing Law
	  	54
	    Section 14.4	  	 Binding Effect
	  	54
	    Section 14.5	  	 Jurisdiction and Venue
	  	54
	    Section 14.6	  	 Jury Trial Waiver
	  	54
	    Section 14.7	  	 Counterparts
	  	54
	    Section 14.8	  	 Incorporation of Recitals
	  	54

  

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 CNL INCOME GW PARTNERSHIP, LLLP 
 AMENDED AND RESTATED 
 LIMITED LIABILITY LIMITED PARTNERSHIP AGREEMENT

  
 THIS AMENDED AND RESTATED LIMITED LIABILITY LIMITED
PARTNERSHIP AGREEMENT (this “Agreement”) is made and entered into as of October 11, 2005 (the “Effective Date”), by and among (i) CNL INCOME GW GP, LLC, a Delaware limited liability company (“CNL
GP” or “General Partner”), (ii) CNL INCOME PARTNERS, LP, a Delaware limited partnership (“CNL LP”), and (iii) GREAT BEAR LODGE OF WISCONSIN DELLS, LLC, a Delaware limited liability
company (“GW LP”). 
  
 RECITALS

  
 A. CNL LP, GW LP, Great Bear Lodge of Sandusky, LLC, a
Delaware limited liability company that is an Affiliate of GW LP (“Wolf Sandusky”), and Great Wolf Resorts, Inc., a Delaware corporation that is an Affiliate of GW LP (“Great Wolf Resorts”), entered into that
certain Venture Formation and Contribution Agreement dated as of October 3, 2005 (the “Formation Agreement”), which provides for, among other things, the formation of a limited liability limited partnership in Delaware to be known
as CNL Income GW Partnership, LLLP (the “Partnership”) and the execution of this Agreement. 
  
 B. Pursuant to the Formation Agreement, the Partnership was formed by its original general partner, Wolf Sandusky, and its original limited partners, GW
LP and Wolf Sandusky. 
  
 C. Pursuant to the Formation Agreement
and as of the Effective Date, (i) CNL GP has acquired the entire general partner partnership interest in the Partnership of Wolf Sandusky, and (ii) CNL LP has acquired the entire limited partner partnership interest in the Partnership of Wolf
Sandusky and a portion of the limited partner partnership interest in the Partnership of GW LP. 
  
 D. In connection with the transactions contemplated in the Formation Agreement, the parties hereto desire to enter into this Agreement for the purpose of
setting forth in writing the terms and provisions of their agreements as to the Partnership. 
  
 NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, CNL
GP, CNL LP and GW LP agree as follows: 
  
 ARTICLE 1

 FORMATION AND AMENDMENT 
  
 Section 1.1 Organization. The Partnership was organized as a Delaware limited liability limited partnership pursuant to the Act. 

 Section 1.2 Agreement; Effect of Inconsistencies with Act. The Partners agree to the terms
and conditions of this Agreement, as it may from time to time be amended, supplemented or restated according to its terms. The Partners intend that this Agreement, the Formation Agreement, the Development Agreement, and any other agreements to be
entered into pursuant to the Formation Agreement, shall be the sole source of the agreement among the parties, and, except to the extent a provision of this Agreement expressly incorporates federal income tax rules by reference to sections of the
Code or Regulations or is expressly prohibited or ineffective under the Act, this Agreement shall govern, even when inconsistent with, or different than, the provisions of the Act or any other law. To the extent any provision of this Agreement is
prohibited or ineffective under the Act, this Agreement shall be considered amended to the smallest degree possible in order to make such provision effective under the Act. If the Act is subsequently amended or interpreted in such a way as to
validate a provision of this Agreement that was formerly invalid, such provision shall be considered to be valid from the effective date of such interpretation or amendment. Each Partner shall be entitled to rely on the provisions of this Agreement,
and no Partner shall be liable to the Partnership or to any other Partner for any action or refusal to act taken in good faith reliance on this Agreement. The Partners and the Partnership agree that the duties and obligations imposed on the Partners
as such shall be those set forth in this Agreement, which is intended to govern the relationship among the Partnership and the Partners, notwithstanding any provision of the Act or common law to the contrary. 
  
 Section 1.3 Name. The name of the Partnership shall be
“CNL Income GW Partnership, LLLP” and such name shall be used at all times in connection with the conduct of the Partnership’s business. 
  
 Section 1.4 Effective Date. This Agreement shall become effective as of the date set forth in the first paragraph on page 1 of this
Agreement. 
  
 Section 1.5 Term. The Partnership
shall have perpetual existence and shall continue until the Partnership is dissolved and its affairs wound up in accordance with this Agreement and the Act. 
  
 Section 1.6 Certificate of Limited Partnership; Statement of Qualification. On October 7, 2005, a Certificate of Limited Partnership for the
Partnership was filed with the Secretary of State pursuant to the Act. On that date, a Statement of Qualification for the Partnership was also filed with the Secretary of State pursuant to the Act qualifying the Partnership as a limited liability
limited partnership under the Act. On the Effective Date, a Certificate of Amendment to the Certificate of Limited Partnership was filed with the Secretary of State pursuant to the Act to reflect the change in the general partner of the Partnership
described in the Recitals above. The General Partner shall take all other actions deemed by it to be necessary or appropriate from time to time to comply with all applicable requirements for the operation and, when appropriate, termination of the
Partnership as a limited liability limited partnership under the Act. 
  
 Section 1.7 Registered Agent and Office. The Partnership’s registered agent for service of process and registered office in the State of Delaware shall be that Person and location reflected in the Certificate. The General
Partner may, from time to time, change the registered 

  

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agent or office through appropriate filings with the Secretary of State. If the registered agent ceases to act as such for any reason or the registered
office shall change, the General Partner shall promptly designate a replacement registered agent or file a notice of change of address, as the case may be. 
  
 Section 1.8 Principal Place of Business. The Partnership’s principal place of business shall be located at c/o CNL Income Properties,
Inc., CNL Center at City Commons, 450 South Orange Avenue, Orlando, Florida 32801-3336. The General Partner may change the location of the Partnership’s principal place of business from time to time; provided that the General Partner shall
provide notice of such change to each of the Limited Partners. The General Partner shall make any filing and take any other action required by applicable law in connection with the change and shall give notice to all Partners of the new location of
the Partnership’s principal place of business promptly after the change becomes effective. The General Partner may establish and maintain additional places of business for the Partnership. 
  
 Section 1.9 Foreign Qualifications. The Partnership shall
qualify to do business as a foreign limited partnership in each jurisdiction in which the nature of its business requires such qualification. The General Partner may select any Person permitted by applicable law to act as registered agent for the
Partnership in each jurisdiction in which it is qualified to do business, and may replace any such Person from time to time. 
  
 Section 1.10 Partner’s Qualifications. Each Partner shall maintain its respective existence and good standing under the laws of its
state of formation, and its qualification to do business in such jurisdictions where such qualifications are required. 
  
 ARTICLE 2 
 DEFINITIONS

  
 Section 2.1 General Interpretive Principles.
For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular,
and the use of any gender herein shall be deemed to include the other genders; (ii) accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; (iii) references in this Agreement to “Articles,”
“Sections,” “subsections,” “paragraphs” and other subdivisions without reference to a document are to designated Articles, Sections, subsections, paragraphs and other subdivisions of this Agreement; (iv) a reference to
a subsection without further reference to a Section is a reference to such subsection as contained in the same Section in which the reference appears, and this rule shall also apply to paragraphs and other subdivisions; (v) the words
“hereto,” “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular provision; (vi) the word “including” means “including,
but not limited to”; (vii) the words “not including” mean “excluding only”; (viii) the headings in this Agreement are for convenience only and are not intended to describe, interpret, define, or limit the scope, extent, or
intent of any of the provisions of this Agreement; and (ix) all Schedules and Exhibits to this Agreement are incorporated herein by this reference thereto as if fully set forth herein, and all references herein to this Agreement shall be deemed to
include all such incorporated Schedules and Exhibits. 
  

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 Section 2.2 Defined Terms. As used in this Agreement, the following terms shall have the
following respective meanings (unless otherwise expressly provided herein): 
  
 Act: The Delaware Revised Uniform Limited Partnership Act in its present form or as amended from time to time. 
  
 Additional Capital Contributions: The additional Capital Contributions required to be made by the Partners pursuant to Section 4.3.

  
 Adjusted Basis: The basis for determining gain or loss
for federal income tax purposes from the sale or other disposition of property, as defined in Section 1011 of the Code. 
  
 Adjusted Capital Account Balance: With respect to any Partner, at any given time, the Capital Account balance of such Partner after taking into
account all adjustments to such Capital Account required to be made pursuant to Section 4.4 and after crediting to such Capital Account any amount which such Partner is obligated to restore or is deemed to be obligated to restore pursuant to
the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5). 
  
 Adjusted Capital Account Deficit. With respect to any Partner, the deficit balance, if any, in such Partner’s Capital Account as of the end of the relevant fiscal year, after giving effect to the following
adjustments: 
  
 (a) credit to such Capital Account any amount
which such Partner is obligated to restore or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 
  
 (b) debit to such Capital Account the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

  
 The foregoing definition of Adjusted Capital Account Deficit
is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
  
 Affiliate: As to any Person, any other Person controlling, controlled by or under common control with such Person. For the purposes of this
definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of a Person, whether through ownership of voting securities or a partnership or
membership interest, by contract or otherwise. 
  
 Agreement: This Limited Liability Limited Partnership Agreement in its present form or as amended, supplemented or restated from time to time. 
  

Appraisal Date: As defined in Section 8.8. 
  
 Assignee: A Person to whom a Partnership Interest is Transferred and who is not admitted to the Partnership as a Partner. 
  

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 Bank Accounts: As defined in Section 7.2. 
  
 Bankruptcy Law: As defined in Section 10.1(e). 
  
 Bona Fide Third Party Offer: As defined in Section 12.5.

  
 Business Day: Any day other than a Saturday, a Sunday
or a day on which national banks in the State of Florida or the State of Wisconsin are not open for business or are authorized by law to close. 
  
 Buy-Out Notice: As defined in Section 8.6. 
  
 Capital Account: The capital account of a Partner maintained in accordance with Section 4.4. 
  
 Capital Contribution: Any property (including money) from time to time
contributed by a Partner to the Partnership or deemed contributed by a Partner to the Partnership, including, but not limited to, pursuant to Section 4.2, Section 4.3, Section 4.7, Section 10.2 or Section 10.4.

  
 Capital Proceeds: The cash proceeds received by the
Partnership or the Subsidiaries from a Capital Transaction (excluding the proceeds of rental or business interruption insurance) which are not used by the Partnership or the Subsidiaries to pay for the costs and expenses incurred in connection with
the Capital Transaction, including, in the case of casualty or condemnation, the costs and expenses of collecting the insurance proceeds or the condemnation award, as the case may be, and are not placed in any reserve established for working
capital, maintenance, repairs, replacements, capital improvements, contingent or unforeseen liabilities or obligations or to meet anticipated expenses during such period; all as are reasonably necessary in the efficient conduct of the
Partnership’s business or as are required by the Hotel Management Agreements. Capital Proceeds shall include all payments of principal of, and interest on, any promissory note or other obligation received by the Partnership or the Subsidiaries
in connection with a Capital Transaction and shall be increased by any reduction of reserves previously established out of Capital Proceeds. 
  
 Capital Transaction: A transaction in which the Partnership or any of the Subsidiaries, (i) borrows money (ii) sells, exchanges or otherwise
disposes of all or any part of its property, including a sale or other disposition pursuant to a condemnation but excluding sales of miscellaneous items of property such as used equipment and retail sales in the ordinary course of business, or (iii)
receives the proceeds of property damage insurance, or any other transaction that, in accordance with GAAP, is considered capital in nature. 
  
 Carrying Value: Carrying Value means, with respect to any asset, the Adjusted Basis of the asset, except as follows: 
  
 (i) the initial Carrying Value of an asset contributed by a
Partner to the Partnership after the Effective Date shall be the gross fair market value of the asset, as agreed to (A) in Section 4.2(a) as to the Initial Contributed Property and (B) by the General Partner and GW LP at the time the asset is
contributed with respect to any other assets; 
  

 5 

 (ii) the Carrying Values of the Partnership’s and the Subsidiaries’ assets
shall be adjusted to equal their respective gross fair market values, as reasonably determined by the General Partner, as of the following times: (a) the acquisition of an additional interest in the Partnership by any new or existing Assignee or
Partner in exchange for more than a de minimis Capital Contribution; (b) the distribution by the Partnership to a Partner or an Assignee of more than a de minimis amount of property as consideration for all or part of a
Partnership Interest or an Assignee’s Economic Rights; and (c) the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); but adjustments pursuant to clauses (a) and (b) above shall be made only if the
General Partner reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 
  
 (iii) the Carrying Value of an asset of the Partnership distributed to a Partner shall be adjusted to equal
the gross fair market value of the asset on the date of distribution as reasonably determined by the General Partner; and 
  
 (iv) the Carrying Values of the Partnership’s and the Subsidiaries’ assets shall be increased (or decreased) to reflect any
adjustments to the Adjusted Basis of those assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that those adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section
1.704-l(b)(2)(iv)(m) and Section 5.2(h); but the Carrying Values shall not be adjusted pursuant to this clause (iv) to the extent the General Partner reasonably determines that an adjustment pursuant to clause (ii) above is necessary or
appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (iv). 
  
 If the Carrying Value of an asset is determined or adjusted pursuant to clauses (i), (ii) or (iv), such Carrying Value shall thereafter be adjusted by the Depreciation
taken into account with respect to the asset for purposes of computing profit or loss hereunder. 
  
 Certificate: The Certificate of Limited Partnership of the Partnership filed with the Secretary of State, as amended from time to time in
accordance with the Act. 
  
 CNL GP: As defined in the
Preamble. 
  
 CNL Partner(s): CNL GP and CNL LP,
individually or collectively as the context requires. Unless otherwise provided herein, any distributions or allocations that are made to “the CNL Partners” shall be made between the CNL Partners in the same ratio that the Percentage
Interest of each CNL Partner bears to the Percentage Interests of all CNL Partners. 
  
 CNL Preferred Distribution: A non-cumulative and non-compounded return commencing as of the Effective Date equal to eleven percent (11.00%) for each twelve (12) month period following the Effective Date through
the term of this Agreement on the Unreturned Capital of the CNL Partners outstanding from time to time. 
  

 6 

 Code: The Internal Revenue Code of 1986, as in effect and hereafter amended. 
  
 Competitor: A Person (other than Great Wolf Resorts or an Affiliate of
Great Wolf Resorts) that operates, or owns and operates, at least three (3) themed resorts or lodges or ten (10) non-themed resorts or lodges which each include an indoor water park that is at least thirty thousand (30,000) square feet in size
consisting of at least six (6) separately identifiable Water Amenities, but excluding any Person that, at the time in question, already owns or operates a Great Wolf Lodge, a Blue Harbor Resort or any other resort or lodge under a brand which is
owned by Great Wolf Resorts or any of its Affiliates. 
  
 Competing Facility: A resort or lodge that is not owned or operated by Great Wolf Resorts or any of its Affiliates and that includes an indoor water park that is at least thirty thousand (30,000) square feet in size.

  
 Contributed Property: All property (other than cash)
contributed to the Partnership as a Capital Contribution. 
  
 Contributing Partner: Any Partner who contributes property (other than cash) to the Partnership as a Capital Contribution. 
  
 Defaulting Partner: A Partner or Partners with respect to which an Event of Default has occurred and is continuing. 
  
 Dells Attraction Addition: As defined in the Formation Agreement.

  
 Dells Owner: CNL Income GW WI-DEL, LP, a Delaware
limited partnership that will own the Dells Hotel Property and is a wholly-owned subsidiary of the Partnership. 
  
 Dells Hotel Property: The Dells Hotel, as such term is defined in the Formation Agreement. 
  
 Dells Hotel Tenant Entity: CNL Income GW WI-DEL Tenant, LP, a Delaware
limited partnership. 
  
 Depreciation: For each Fiscal
Year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such Fiscal Year, except that if the Carrying Value of an asset differs from its Adjusted Basis on the Effective Date or
at the beginning of a subsequent Fiscal Year, Depreciation shall be determined in a manner permitted by the Regulations promulgated under Section 704(c). To the extent consistent with such Regulations, Depreciation shall be an amount which bears the
same ratio to the beginning Carrying Value as the federal income tax depreciation, amortization or other cost recovery deduction for the Fiscal Year (or part thereof) bears to such beginning Adjusted Basis. 
  
 Development Agreement: As defined in the Formation Agreement.

  

 7 

 Distribution: A transfer of property (including cash) by the Partnership to a Partner or an
Assignee on account of a Partnership Interest or Economic Rights, respectively, pursuant to Section 5.1 or Section 13.3. 
  
 Documents: As defined in Section 6.6. 
  
 Earn Out Amount: The 2007 Dells Earn Out Amount, the 2007 Sandusky Earn Out Amount, the 2008 Dells Earn Out Amount or the 2008 Sandusky Earn Out
Amount, as the case may be. 
  
 Economic Rights: With
respect to an Assignee, the Assignee’s rights to receive allocations of items of income, gain, deduction and loss and Distributions. 
  
 Effective Date: As defined in the first paragraph of this Agreement above. 
  
 Emergency Costs: Costs and expenses required to (a) correct a condition that if not corrected would endanger
imminently the preservation or safety of a Hotel Property or the safety of tenants, guests or other persons at or using a Hotel Property, (b) avoid the imminent suspension of any necessary service in or to a Hotel Property, or (c) prevent any of the
Partners or any Subsidiary from being subjected imminently to criminal or substantial civil penalties or damage. 
  
 Event of Default: As defined in Section 10.1. 
  
 Fair Market Value: As defined in Section 8.8. 
  
 First Mortgage Loan: The loan or loans to the Partnership and/or the Hotel Entities that the parties intend for the
Partnership to obtain as soon as possible after the Effective Date, which loan or loans will be secured in whole or in part by a first priority mortgage of the Dells Hotel Property and the Sandusky Hotel Property. 
  
 First Offer: As defined in Section 8.3(e). 

 
 Fiscal Quarter: Each calendar quarter in each Fiscal Year.

  
 Fiscal Year: The calendar year. 
  
 Formation Agreement: As defined in the Recitals above. 
  
 GAAP: Generally accepted accounting principles as applied in the
United States of America. 
  
 General Partner: CNL Income
GW GP, LLC, a Delaware limited liability company, or any successor general partner. 
  
 Great Wolf Resorts: As defined in the Recitals above. 
  
 GW LP: As defined in the Recitals above. 
  

 8 

 GW LP Buy-Out Price: The amount GW LP would be entitled to receive under this Agreement if, on the
date of the calculation thereof, the Hotel Properties and other non-cash assets of the Partnership and its Subsidiaries were all sold for their fair market value, determined in accordance with Section 8.8, the Partnership was dissolved, and
the proceeds from such sale (after giving effect to the payment of all of the debts and liabilities of the Partnership and Subsidiaries and all contributions, distributions and allocations that would be made hereunder for all fiscal periods through
such date) were distributed to the Partners in accordance with Section 13.3. 
  
 GW Manager: Great Lakes Services, LLC, a Delaware limited liability company. 
  
 GW Management Agreement: Each of the hotel management agreements in effect as of the Effective Date (or thereafter entered into in accordance with
the Formation Agreement) between each of the Tenants and the GW Manager, in its present form or as amended, supplemented or restated from time to time. 
  
 GW Preferred Distribution: A non-cumulative and non-compounded return commencing as of the Effective Date equal to eleven percent (11.00%) for each
twelve (12) month period following the Effective Date through the term of this Agreement on the Unreturned Capital of GW LP outstanding from time to time. 
  
 Hotel Entities: Collectively, the Dells Owner and the Sandusky Owner and any other Subsidiary that is formed by the Partnership to acquire any
additional hotel property. 
  
 Hotel Entity General
Partners: With respect to the Dells Owner, CNL Income GW WI-DEL GP, LLC, a Delaware limited liability company, and with respect to the Sandusky Owner, CNL Income GW Sandusky GP, LLC, a Delaware limited liability company, and with respect to any
other Hotel Entity, the entity that is the general partner thereof. 
  
 Hotel Manager: GW Manager, or, in the case of the termination of either of the GW Management Agreements, any other Hotel Manager selected by the General Partner to manage the Hotel Property as to which the applicable GW Management
Agreement was terminated. 
  
 Hotel Management
Agreement(s): Each GW Management Agreement, dated as of the date of this Agreement, between the Dells Hotel Tenant Entity and the Hotel Manager or between the Sandusky Hotel Tenant Entity and the Hotel Manager, as the case may be, or any similar
management agreement between either of the Tenants and a Hotel Manager arising after a Management Agreements Termination Date. 
  
 Hotel(s): The (i) 309-room hotel and recreational facilities known as the “Great Wolf Lodge-Wisconsin Dells” located in Lake Delton,
Wisconsin, and (ii) the 271-room hotel and recreational facilities known as the “Great Wolf Lodge-Sandusky” located in Sandusky, Ohio, and (iii) any other hotel property acquired by the Partnership or any of its Subsidiaries. 

 
 Hotel Property: Any one of the Hotel Properties. 
  

 9 

 Hotel Properties: At any given time, the hotel properties acquired and owned by the Partnership
and its Subsidiaries, including, but not limited to, the Dells Hotel Property and the Sandusky Hotel Property. 
  
 Independent Manager: A duly appointed member of the board of managers of the SPE General Partner, who may not have been at the time of such
individual’s appointment, and may not have been at any time, and shall not be at any time during such individual’s appointment (i) a member, manager, officer, director, employee, attorney or counsel of the SPE General Partner or any of its
respective members, subsidiaries or Affiliates (with the exceptions of serving as an Independent Manager or independent director of the SPE General Partner or another so-called Special Purpose Entity other than an Excluded Entity, as defined below),
(ii) a customer of, or supplier to, or service provider (including a provider of professional services) to, the SPE General Partner or any of its respective members, subsidiaries or Affiliates (other than consumer transactions, such as hotel guest
or senior living facility stays, in the ordinary course of business), (iii) a Person controlling or under common control with any such member, supplier or customer, or (iv) a member of the immediate family of any such member, director, officer,
employee, supplier or customer or a member of the immediate family of any Person in (i), (ii) and (iii). As used herein, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of
management and policies of a Person, whether through ownership of voting securities or a partnership or membership interest, by contract or otherwise. The term “Excluded Entity” means each of CNL Income GW WI-DEL GP, LLC, a Delaware
limited liability company, CNL Income GW WI-DEL, LP, a Delaware limited partnership, CNL Income GW Sandusky GP, LLC, a Delaware limited liability company, CNL Income GW Sandusky, LP, a Delaware limited partnership, CNL Income GW Corp., a Delaware
corporation, CNL Income GW WI-DEL Tenant, LP, a Delaware limited partnership, and CNL Income GW Sandusky Tenant, LP, a Delaware limited partnership. 
  
 Initial Contributed Property: The Dells Hotel Property and related personal property contributed to the Partnership and the Sandusky Hotel Property
and related personal property contributed to the Partnership. 
  
 Initial Contributed Property Value: The sum of the agreed upon fair market values of the Dells Hotel Property and related personal property contributed to the Partnership and the Sandusky Hotel Property and related personal property
contributed to the Partnership as set forth in Section 4.2(a). 
  
 Lender: A commercial or savings bank, savings and loan association, public or privately-held fund engaged in real estate and/or corporate lending, pension fund, insurance company, endowment fund or trust, real estate investment
trust, government agency, or quasi-governmental agency, such as a board, bureau, authority or department of any federal, state or local government, any corporation established by or for the benefit of any federal, state or local governmental agency
or authority, any asset manager or investment advisor acting on behalf of any such entity, or any entity composed of one or more of the foregoing. 
  
 License Agreements: Those certain license agreements to be entered into as of the Effective Date pursuant to the Formation Agreement by and between
Great Lakes Services, 
  

 10 

 
LLC, a Delaware limited liability company that is an Affiliate of GW LP, and the applicable Tenant for each of the Hotels for the purpose of licensing to
such Tenant the right to use the name “Great Wolf Lodge” and any other intangible property licensed by Wolf in connection with the operation of the Hotels. 
  
 Limited Partners: Each of CNL LP and GW LP and any other Person who becomes a limited partner of the Partnership.

  
 Loan: Any loan made by a Lender to the Partnership or
any of the Subsidiaries. 
  
 Loan Document: Any one of the
Loan Documents. 
  
 Loan Documents: All loan documents
evidencing a Loan including, without limitation, a loan agreement and any other document, certificate, agreement or instrument necessary or incidental to the execution, delivery or performance thereof, including all amendments, supplements,
restatements, modifications and refinancings thereof and thereto. 
  
 Major Decisions: As defined in Section 6.4. 
  
 Management Agreements Termination Date: The date upon which all Hotel Management Agreements between GW Manager and any Tenant have terminated by their terms or otherwise. 
  
 Management Rights: The rights, if any, of a Partner to participate in the management of the Partnership, including
the rights to receive information, to inspect and audit the books and records and to vote on, consent to, or approve actions of the Partnership. 
  
 Mortgage: Any mortgage, deed of trust, or similar security document encumbering any or all of the Hotel Properties. 
  
 Necessary Expenditures: (a) all Emergency Costs, and (b) all
other expenditures whether or not of a recurring nature that are necessary for the Partnership, or any Subsidiary to preserve, operate, maintain, improve or protect any of the Hotel Properties, including payment of any amounts due under the Hotel
Management Agreements, debt service or other payments required to be made by the Partnership as part of a Loan, if any, insurance payments, real estate tax payments, utility costs, repair and maintenance costs, costs of compliance with federal,
state and local laws, codes, rules or regulations, and any other operating expenses or capital expenses. 
  
 Net Cash Flow: For any specified period, an amount equal to the sum of (a) all cash revenues received by the Partnership during such period
from any source (including proceeds of rental or business interruption insurance, but excluding funds received as Capital Contributions or Capital Proceeds), and (b) amounts set aside as reserves during earlier periods where, and to the extent,
such reserves are no longer reasonably necessary in the efficient conduct of the Partnership’s business or are required by the Hotel Management Agreements, reduced by the sum of (i) any amounts contributed by the Partnership to a
Subsidiary to satisfy any shortfall in Net Cash Flow, as determined on a Subsidiary by Subsidiary basis, (ii) cash expenditures by the Partnership during such period for real estate taxes, management fees and other costs and expenses in
connection with the normal conduct of the Partnership’s businesses, (iii) all 

  

 11 

 
payments by the Partnership during such period of principal of and interest on any Loan, and other obligations of the Partnership for borrowed money,
including loans made by a Partner, (iv) all cash expenditures by the Partnership during such period for the acquisition of property, for construction period interest and taxes and for loan fees, whether or not capitalized, and for capital
improvements and/or replacements, and (v) such reserves as are established for working capital, maintenance, repairs, replacements, capital improvements, contingent or unforeseen liabilities or obligations and to meet anticipated expenses
during such period as are reasonably necessary in the efficient conduct of the Partnership’s business or as are required by the Hotel Management Agreements, but only to the extent the payments and expenditures described in clauses
(iii) and (iv) are not made from funds received as advances under any Loan or from any Capital Contributions or Capital Proceeds or from cash reserves of the Partnership which were established during, and deducted in determining Net Cash
Flow for, any earlier period and the reserves described in clause (v) are not established from funds received as Capital Contributions or Capital Proceeds. Net Cash Flow shall include distributions and receipts from Subsidiaries. 
  
 NOI: With respect to each of the Dells Hotel Property and the Sandusky
Hotel Property, has the meaning given to such term in the Hotel Management Agreement for such Hotel Property. 
  
 Nondefaulting Partner: A Partner or Partners other than a Defaulting Partner. 
  
 Nonrecourse Deductions: As defined in Regulations Section 1.704-2(b)(1). 
  
 Notices: As defined in Section 14.1. 
  
 Offeree: As defined in Section 8.3(a). 
  
 Offeror: As defined in Section 8.3(a). 
  
 Offered Interest: As defined in Section 8.3(a).

  
 Offering Notice: As defined in Section 8.3(a)

  
 Operating Lease: A lease between a Hotel Entity
that owns a Hotel Property and the Tenant that leases such Hotel Property from such Hotel Entity, including, but not limited to, that certain (i) Lease Agreement, dated as of the date of this Agreement, between the Dells Owner, as landlord, and
the Dells Hotel Tenant Entity, as tenant, and (ii) Lease Agreement, dated as of the date of this Agreement, between the Sandusky Owner, as landlord, and the Sandusky Hotel Tenant Entity, as tenant, each as amended or replaced from time to time.

  
 Partner Minimum Gain: “Partner nonrecourse debt
minimum gain” as defined in Regulations Section 1.704-2(i)(2). 
  
 Partner Nonrecourse Debt: As defined in Regulations Section 1.704-2(b)(4). 
  
 Partner Nonrecourse Deductions. As defined in Regulations Section 1.704-2(i)(l). 
  

 12 

 Partners: The Limited Partners and the General Partner. 
  
 Partnership: The limited liability limited partnership formed pursuant
to this Agreement, and any successor limited liability limited partnership which continues the business of CNL Income GW Partnership, LLLP, and is a reformation or reconstitution of CNL Income GW Partnership, LLLP. 
  
 Partnership Interest: With respect to a Partner, the Partner’s
entire ownership interest in the Partnership, including the Partner’s rights to receive allocations of items of income, gain, deduction and credit and Distributions. 
  
 Percentage Interest: The percentage interest from time to time of each Partner in the Partnership, as such percentage
interest may be adjusted from time to time pursuant to any provision of this Agreement that provides for such adjustment. 
  
 Partnership Minimum Gain. As defined in Regulations Section 1.704-2(d). 
  
 Permitted Transferee: An Affiliate of a Partner. 
  
 Person: An individual, corporation, trust, association, unincorporated association, estate, partnership, joint
venture, limited partnership, limited liability company or other legal entity, including a governmental entity. 
  
 Prime Rate: The prime rate of interest (or its equivalent) as published from time to time in the Money Rates column of The Wall Street
Journal or any successor newspaper (or, if The Wall Street Journal and all successor newspapers cease publication, another nationally recognized newspaper mutually selected by the General Partner and GW LP), said prime rate to change from
time to time as and when the change is published. 
  
 Proposing
Partner: As defined in Section 12.1. 
  
 Rating
Agency: As defined in Section 3.4(f). 
  
 Rating Agency Condition: As defined in Section 3.4(f). 
  
 Regulations: The permanent and temporary regulations, and all amendments, modifications and supplements thereof, from time to time promulgated by the Secretary of the Treasury under the Code. 
  
 Sandusky Hotel Property: The Sandusky Hotel, as such term is defined
in the Formation Agreement. 
  
 Sandusky Hotel Tenant
Entity: CNL Income GW Sandusky Tenant, LP, a Delaware limited partnership. 
  
 Sandusky Owner: CNL Income GW Sandusky, LP, a Delaware limited partnership that will own the Sandusky Hotel Property and is a wholly-owned subsidiary of the Partnership. 
  

 13 

 Secretary of State: The Secretary of State of the State of Delaware. 
  
 SPE General Partner: The sole general partner of the
Partnership, which shall at all times (i) be a Delaware limited liability company or a Delaware corporation, (ii) maintain the separateness covenants of Section 3.4, below and (iii) have at least two (2) Independent
Managers, who will be elected by a majority of such SPE General Partner’s members holding a majority of the equity interests of the SPE General Partner. To the fullest extent permitted by law, including Section 18-1101(c) of the Delaware
Limited Liability Company Act and the Act, the Independent Managers will consider only the interest of the Partnership, including its respective creditors, in acting or otherwise voting on matters referred to in Section 3.4 or when
acting on behalf of the Partnership. No resignation or removal of an Independent Manager, and no appointment of a successor Independent Manager, will be effective until such successor will have accepted his or her appointment as an Independent
Manager by written instrument. In the event of a vacancy in the position of an Independent Manager, the member of the SPE General Partner will, as soon as practicable, elect or designate a successor Independent Manager. All right, power and
authority of the Independent Managers will be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in the SPE General Partner’s limited liability company agreement. Except as provided in the
second sentence of this definition above, in exercising the rights and performing the duties under the SPE General Partner’s limited liability company agreement, any Independent Manager will have a fiduciary duty of loyalty and care similar to
that of a director of a business corporation organized under the General Corporation Law of the State of Delaware. No Independent Manager will at any time serve as trustee in bankruptcy for an affiliate of the SPE General Partner or the Partnership.

  
 Subsidiaries: The Hotel Entities, the Hotel Entity
General Partners and any other entity wholly owned, directly or indirectly, by the Partnership. 
  
 Tenant(s): The Dells Hotel Tenant Entity and the Sandusky Hotel Tenant Entity, individually or collectively as the context requires, and any other
Affiliate of the Partnership that is formed to be a tenant of any additional hotel property acquired by a Hotel Entity. 
  
 Third Party Offer: As defined in Section 8.3(e). 
  
 Transfer and Transferred: (a) an assignment, pledge, encumbrance or other transfer in any manner of a
Partner’s Partnership Interest or an Assignee’s Economic Interest, (b) any transfer of direct or indirect legal and/or beneficial interests (whether partnership interests, stock, limited liability company membership interests or
otherwise) in a Partner or an Assignee or in any owner or owners of a Partner or an Assignee, whether occurring in one or a series of transactions, that results in the transfer of fifty percent (50%) or more of the direct or indirect ownership
interests or voting power in a Partner or Assignee, or (c) any change in the actual or effective voting control of a Partner or Assignee or an owner of such Partner or Assignee, but excluding in all cases any transfer of publicly traded stock
and any public offering of equity ownership interests in a Partner or an Assignee by its parent company or other owner of such Partner or Assignee, or entity that itself or through its ownership of legal or beneficial interests in one or more other
entities holds legal or beneficial interests or voting power in such an owner. As used in this definition, the term “owner” means (i) the holder of legal or beneficial interests or 

  

 14 

 
voting power in a Partner or Assignee and (ii) the holder of direct or indirect legal or beneficial interests or voting power in an owner (as defined in
clause (i) above); and the term “direct or indirect” shall mean the holder of a legal or beneficial interest or voting power in a Partner or an Assignee or an owner directly by a Person or indirectly through such Person’s
ownership of legal or beneficial interests or voting power in an owner (as defined above) or in an entity that itself, or through its ownership of interests or voting power in one or more other entities, holds legal or beneficial interests or voting
power in an owner. Notwithstanding the foregoing, the merger or consolidation of any owner with any other Person shall not constitute the transfer of a Partner’s Partnership Interest or the transfer of an Assignee’s Economic Interest under
this definition or for any other purpose under this Agreement unless the principal purpose of such merger or consolidation is to avoid the restrictions on transfers of Partnership Interests or Economic Interests set forth in this Agreement.

  
 Unreturned Capital: With respect to each Partner, as of
any date, an amount (but not less than zero) equal to the excess of (i) the aggregate amount of such Partner’s Capital Contributions before such date, over (ii) the aggregate amount of Capital Proceeds distributed to such Partner
before such date pursuant to Section 5.1(b)(i), the amount of the proceeds of the First Mortgage Loan distributed to such Partner pursuant to Section 4.8, and, in the case of GW LP, the amounts distributed to GW LP pursuant
to Section 4.2. 
  
 Water Amenities: Large,
water-based attractions commonly located in commercial water amusement parks, indoor or outdoor, including water slides, “lazy river” inner tube rides, and wave pools, but specifically excluding indoor and outdoor pools and related
amenities (e.g. diving boards, water basketball equipment, water volleyball equipment, and personal flotation devices) commonly developed and operated by major hotel or motel chains, or the franchisees of same. 
  
 Wolf Sandusky: As defined in the Recitals above. 
  
 ARTICLE 3 
 BUSINESS, PURPOSES AND POWERS 
  
 Section 3.1 Business and Purposes. The sole business of the Partnership shall be and the purposes of the Partnership shall be limited to (i) owning, holding and disposing of ownership interests (as
a partner, member or shareholder, as applicable) in the Subsidiaries and (ii) carrying on all activities reasonably related thereto (but not including the acquisition of additional property or other material assets not related to the ownership
and management of ownership interests in the Subsidiaries). The business and purpose of each of the Subsidiaries is (i) to own, hold, develop, construct, lease, operate, manage, maintain, improve, repair, sell, finance and refinance the Hotels,
directly or through one or more agents, for the production of income; and (ii) to carry on any and all activities, directly or indirectly, incidental or related thereto. The Partnership may acquire additional hotel properties (other than the
Dells Hotel Property and the Sandusky Hotel Property) as may be approved by CNL LP and GW LP. 
  
 Section 3.2 Powers. Except as otherwise provided in this Section 3.2, the Partnership shall have all powers of a limited liability limited partnership under the Act and the power to do

  

 15 

 
all things necessary or convenient to operate its business and accomplish its purposes as described in Section 3.1, including the following:

  
 (a) to hold, operate, manage and exercise rights with respect
to all property owned by the Partnership, including the ownership interest in the Subsidiaries; 
  
 (b) to sell, transfer, assign, convey, lease, encumber or otherwise dispose of or deal with all or any part of the property of the Partnership;

  
 (c) to incur expenses and to enter into and carry out
contracts, agreements and guaranties necessary to accomplish the business and purposes of the Partnership; 
  
 (d) to raise and provide such funds as may be necessary to further the business and purposes of the Partnership and to borrow money, incur liabilities and
issue promissory notes and other evidences of indebtedness, and to secure the same by security interest or other lien on all or any part of the property of the Partnership; 
  
 (e) to employ or retain, on behalf of the Partnership, such Persons as the Partners deem advisable in the operation and
management of the business of the Partnership, including such accountants, attorneys and consultants as the General Partner deems appropriate, on such reasonable terms and at such reasonable compensation as the General Partner shall determine;

  
 (f) to collect, receive and deposit all sums due or to become
due to the Partnership; 
  
 (g) to hire and appoint agents and
employees of the Partnership, to define their duties and to establish their compensation; 
  
 (h) to pay any and all taxes, charges and assessments that may be levied, assessed or imposed upon any property of the Partnership; 
  
 (i) to demand, sue for, collect, recover and receive all goods, claims, debts, moneys, interest and demands whatsoever now
due or that may hereafter become due or belong to the Partnership, including the right to institute any action, suit, or other legal proceedings for the recovery of any property, or any part or parts thereof, to the possession of which the
Partnership may be entitled, and to make, execute and deliver receipts, releases and other discharges therefore under seal or otherwise; 
  
 (j) to make, execute, endorse, accept, collect and deliver any and all bills of exchange, checks, drafts and notes of the Partnership; 
  
 (k) to defend, settle, adjust, compound, submit to arbitration and compromise
all actions suits, accounts, reckonings, claims and demands whatsoever that now are or hereafter shall be pending between the Partnership and any Person (other than disputes between or among Partners), at law or in equity, in such manner and in all
respects as the General Partner shall 

  

 16 

 
deem fit, subject to the approval of CNL LP and GW LP to the extent specifically provided in Section 6.4; 
  
 (l) to secure and maintain insurance against liability and property damage
with respect to the activities of the Partnership; 
  
 (m) to
cause the Subsidiaries to take any of the actions described in Section 3.2(a) through Section 3.2(l), inclusive; and 
  
 (n) to do and perform all acts and things necessary, appropriate, proper, advisable, incidental to, or convenient for, the furtherance and accomplishment
of the business and purposes of the Partnership and the Subsidiaries set forth in Section 3.1. 
  
 Section 3.3 Limitations on Scope of Business . Except for the authority expressly granted to the General Partner in this Agreement, no
Partner, attorney-in-fact, employee or other agent of the Partnership shall have any authority to bind or act for the Partnership or any other Partner in the carrying on of their respective businesses or activities. 
  
 Section 3.4 Separate Existence 
  
 (a) Notwithstanding anything to the contrary contained herein or in any other
document governing the formation, management or operation of the Partnership, for so long as any Loan remains outstanding, in the event of any conflict or inconsistency between the provisions contained in this Section 3.4 and the other
provisions of this Agreement, the provisions contained in this Section 3.4 shall control and govern. 
  
 (b) The Partnership does not and shall not: 
  
 (1) engage in any business or activity other than as set forth in Section 3.1 hereof; 
  
 (2) acquire or own any assets other than (A) its
interests in the Hotel Entities, the Hotel Entity General Partners and the Hotel Properties, and (B) as expressly permitted by the Loan Documents; 
  
 (3) except as otherwise permitted under the Loan Documents, merge into or consolidate with any Person, or, to the fullest extent permitted
by law, dissolve, terminate, liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets or change its legal structure, without the prior written consent of Lender and, after a securitization, if any,
written confirmation from each of the applicable Rating Agencies that the same shall not result in the qualification, withdrawal or downgrade of the initial, or if higher then current, ratings issued in connection with a securitization; 

 
 (4) fail to observe all organizational and partnership
governance formalities, or fail to preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the applicable legal requirements of the jurisdiction of its organization or formation, or amend,
modify, terminate or fail to comply with the provisions of its organizational documents; 
  

 17 

 (5) except as otherwise permitted under the Loan Documents, own any subsidiary, or make
any investment in, any Person, without the prior written consent of Lender and, after a securitization, if any, written confirmation from each of the applicable Rating Agencies that the same shall not result in the qualification, withdrawal or
downgrade of the initial, or if higher then current, ratings issued in connection with a securitization; 
  
 (6) except as otherwise permitted under the Loan Documents, commingle its funds or assets with the funds or assets of any other Person;

  
 (7) without the prior written consent of the
Lender, incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (A) pursuant to the Loan or as permitted or contemplated by the Loan Documents, (B) trade and operational indebtedness
incurred in the ordinary course of business with trade creditors (including obligations in respect of alterations, replacements and capital improvements permitted under the Loan Documents), to the extent permitted in the Loan Documents, and/or
(C) financing leases and purchase money indebtedness incurred in the ordinary course of business relating to personal property on commercially reasonable terms and conditions, to the extent permitted in the Loan Documents; 
  
 (8) fail to maintain its records, books of account, bank
accounts, financial statements, accounting records and other entity documents as official records and separate and apart from those of any other Person; except that the Partnership’s financial position, assets, liabilities, net worth and
operating results may be included in the consolidated financial statements of an Affiliate; provided that the Partnership is properly reflected and treated as a separate legal entity in such consolidated financial statements; 
  
 (9) enter into any contract or agreement with any general
partner, member, shareholder, principal, guarantor of the obligations of the Partnership, or any Affiliate of the foregoing, except upon terms and conditions that are intrinsically fair and commercially reasonable; 
  
 (10) maintain its assets in such a manner that it will be
costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person; 
  
 (11) except as otherwise expressly permitted by the Loan Documents, assume, guaranty or become obligated for the debts of any other Person
(other than any commercially reasonable guaranty of any Affiliate-lessee’s obligations under any management agreement, license agreement or related agreement consented to by Lender), hold itself out to be responsible for the debts of any other
Person, or otherwise pledge its assets for the benefit of any other Person or hold out its credit as being available to satisfy the obligations of any other Person; 
  

 18 

 (12) except as otherwise permitted under the Loan Documents, make any loans or advances
to any Person or hold evidence of indebtedness issued by any other Person without the prior written consent of Lender and, after a securitization, if any, written confirmation from each of the applicable Rating Agencies that the same shall not
result in the qualification, withdrawal or downgrade of the initial, or if higher then current, ratings issued in connection with a securitization; 
  
 (13) fail to file either its own tax returns or, if applicable, a consolidated federal income tax return, as required by applicable Legal
Requirements; 
  
 (14) fail either to hold itself
out to the public as a legal entity separate and distinct from any other Person (and not as a division or part of any other Person) or to conduct its business solely in its own name or fail to correct any known misunderstanding regarding its
separate identity; 
  
 (15) fail to maintain
adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; 
  
 (16) notwithstanding any provision of this Agreement or provision of law that otherwise empowers the
Partnership or any Person on behalf of the Partnership, without the unanimous written consent of all of its partners, and the written consent of 100% of the directors or managers, as applicable, of the SPE General Partner, including, without
limitation, each Independent Manager, (A) file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any Creditors Rights Laws, (B) seek or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator, custodian or other similar official, (C) take any action that might cause such entity to become insolvent or otherwise seek any relief under any laws relating to the relief of debts or the protection of
creditors generally, or (D) make an assignment for the benefit of creditors; 
  
 (17) fail to establish and maintain an office through which its business shall be conducted separate and apart from that of any of its
Affiliates, or fail to fairly and reasonably allocate shared expenses (including, without limitation, shared office space and services performed by an employee of an Affiliate) among the Persons sharing such expenses, or fail to use separate
stationery, invoices and checks. The stationery, invoices and checks utilized to collect its funds or pay its expenses shall bear its own name and shall not bear the name of any other entity unless such entity is clearly designated as being the
other entity agent; 
  
 (18) fail to remain
solvent or pay its own liabilities (including, without limitation, salaries of its own employees, if any) only from its own funds; 
  

 19 

 (19) acquire obligations or securities of its partners, members, shareholders or other
Affiliates, as applicable, or have its obligations guaranteed by any Affiliate, except as contemplated by the Loan Documents; 
  
 (20) violate or cause to be violated the assumptions made with respect to the Partnership and its principals in any opinion letter
pertaining to substantive consolidation delivered to Lender in connection with the Loan; 
  
 (21) fail to hold its assets in its own name; 
  
 (22) fail to cause the Limited Partner, the General Partner and all other representatives of the Partnership to act at all times, with
respect to the Partnership, consistently and in the best interest of the Partnership; or 
  
 (23) fail to maintain a sufficient number of employees in light of its contemplated business operations. 
  
 (c) The SPE General Partner (i) will not engage in any business or
activity other than as set forth in its limited liability company agreement, (ii) will not acquire or own any assets other than its equity interest in Partnership and as permitted in the Loan Documents; (iii) will not incur any debt,
secured or unsecured, direct or contingent (including guaranteeing any obligation), except as permitted by the Loan Documents; and (iv) will at all times have two (2) Independent Managers. Prior to the withdrawal of any SPE General Partner
from the Partnership, the Partnership shall immediately appoint a new general partner whose articles of formation (or other applicable formation and entity documentation) are substantially similar to those of such SPE General Partner and, if an
opinion letter pertaining to substantive consolidation was required at closing, deliver a new opinion letter acceptable to Lender and the Rating Agencies with respect to the new SPE General Partner and its equity owners. 
  
 (d) The Partnership shall not allow direct or indirect transfers of ownership
interests in or control rights over the Partnership or the Property that would violate the provisions of any Loan Document. 
  
 (e) The Partnership’s obligation hereunder, if any, to indemnify its directors and officers, partners, or members or managers, as applicable, is
hereby fully subordinated to each of the Loan and the Loan Documents, and no indemnity payment from funds of the Partnership (as distinct from funds from other sources, such as insurance) of any indemnity hereunder, if any, shall be payable from
amounts allocable to any other Person pursuant to the Loan Documents. 
  
 (f) The Partnership shall not, without the prior written consent of the Lender, issue any additional partnership interests of the Partnership other than its initial issuance of partnership interests issued on or prior to the date hereof.

  
 This Section 3.4 may not be modified, altered,
supplemented or amended unless the Rating Agency Condition is satisfied and all Partners have consented thereto, upon unanimous approval of all directors or managers of SPE General Partner, including all 

  

 20 

 
Independent Managers. As used herein, the term “Rating Agency Condition” shall mean (i) with respect to any action taken at any time
before the Loan has been sold or assigned to a securitization trust, that the Lender has consented in writing to such action, and (ii) with respect to any action taken at any time after such Loan has been sold or assigned to a securitization
trust, that (A) the Lender has consented in writing to such action, and (B) each Rating Agency (defined below) shall have been given ten (10) days prior notice thereof and that each of the Rating Agencies shall have notified the
Lender in writing that such action will not result in a downgrade, reduction or withdrawal of the then current rating by such Rating Agency of any of securities issued by such securitization trust. As used herein, the term “Rating
Agency” shall mean each of Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc., Moody’s Investors Service, Inc. and Fitch, Inc., or any other nationally-recognized statistical rating agency
which has been approved by the Lender. 
  
 ARTICLE 4

 PARTNERS, CAPITAL CONTRIBUTIONS AND FINANCING 
  
 Section 4.1 Identity of Partners and Percentage Interests. 
  
 (a) Partners. As of the date hereof, the Partners of the Partnership
shall be CNL GP, CNL LP, and GW LP. 
  
 (b) Percentage
Interests. Subject to adjustment as provided in this Agreement, the Percentage Interests of the Partners shall be as follows: 
  

				
	 Partner

	 	Percentage Interest

	 
	 CNL GP
	 	.01	%
	 CNL LP
	 	61.13	%
	 GW LP
	 	38.86	%

  
 Section 4.2
Initial Capital Contributions and Related Distributions. 
  
 (a) GW LP has, in accordance with the terms of the Formation Agreement, contributed the Dells Hotel Property and certain related personal property to the Partnership by transferring title thereto to the Dells Owner (and in connection
therewith the Partnership was deemed to contribute all of such property to the Dells Owner). GW LP has also, in accordance with the terms of the Formation Agreement, caused Sandusky Dells to contribute the Sandusky Hotel Property and certain related
personal property to the Partnership by transferring title thereto to the Sandusky Owner (and in connection therewith the Partnership was deemed to contribute all such property to the Sandusky Owner). The Partners agree that the Dells Hotel Property
and the related personal property contributed therewith to the Partnership and the Dells Owner has a fair market value of $55,333,454, and that the Sandusky Hotel Property and the related personal property contributed therewith to the 

  

 21 

 
Partnership and the Sandusky Owner has a fair market value of $50,098,690. The Partners further agree that because the Partnership was a “disregarded
entity” for federal income tax purposes prior to the Effective Date, for federal income tax purposes (i) the CNL Partners will be deemed to have purchased a portion of the Initial Contributed Property from Great Wolf Resorts (which indirectly
owns 100% of GW LP and Wolf Sandusky), and (ii) Great Wolf Resorts and the CNL Partners will be deemed to have jointly contributed the Initial Contributed Property to the Partnership. 
  
 (b) The Partners agree that as a result of the deemed purchase of a portion of the Initial Contributed Property by the CNL
Partners and the deemed contribution of the Initial Contributed Property to the Partnership by Great Wolf Resorts and the CNL Partners as described in Section 4.2(a) above, (i) GW LP (in its capacity as a Partner and because Great Wolf Resorts
indirectly owns 100% of GW LP) will have an initial Capital Account balance equal to the Initial Contributed Property Value less the amount paid by the CNL Partners to GW LP and Wolf Sandusky for the Initial Contributed Property pursuant to the
terms of the Formation Agreement, and (ii) the CNL Partners will have an aggregate initial Capital Account balance equal to the amount paid by them to GW LP and Wolf Sandusky for the Initial Contributed Property pursuant to the terms of the
Formation Agreement. 
  
 (c) GW LP and the CNL Partners each have
paid for a portion of the closing costs in connection with the contribution of the Dells Hotel Property and the Sandusky Hotel Property to the Partnership in accordance with the terms of the Formation Agreement as described in Section 4.2(a)
above. The amount of such closing costs paid for by GW LP as of the Closing was $512,581 and will be deemed to be a Capital Contribution by GW LP to the Partnership. The amount of such closing costs paid for by the CNL Partners as of the Closing was
$806,464 and will be deemed to be a Capital Contribution by the CNL Partners to the Partnership. Any further such closing costs paid for by a Partner after the Closing will also be deemed to be a Capital Contribution to the Partnership. 

 
 (d) If the Partnership does not borrow the First Mortgage Loan on or
before the date that is four (4) months after the Effective Date and distribute the proceeds thereof in accordance with Section 4.8 such that GW LP’s Adjusted Capital Account Balance immediately after such distribution, determined,
solely for this purpose, by excluding the deemed Capital Contributions described in Section 4.2(c) above and any other adjustments that have been made pursuant to the provisions of Section 4.4 or Section 5.3, is not more than
thirty percent (30%) of the sum of the Initial Contributed Property Value and the closing costs funded by GW LP as set forth in Section 4.2(c), then CNL LP shall, in one or more transactions, on or before the date that is four (4) months
after the Effective Date, make Capital Contributions in cash in an aggregate amount such that, after the last of such Capital Contributions is made, Wolf Sandusky and GW LP shall have received from the CNL Partners pursuant to the terms of the
Formation Agreement (as described in Section 4.2(b) above), pursuant to Section 4.8 and pursuant to this Section 4.2(d) an aggregate amount equal to seventy percent (70%) of the sum of the Initial Contributed Property Value and
the closing costs funded by GW LP as set forth in Section 4.2(c). Any 
  

 22 

 
Capital Contributions made by CNL LP pursuant to this Section 4.2(d) shall be paid directly to GW LP (provided all such amounts shall be treated as if
contributed to the Partnership, and immediately distributed by the Partnership to GW LP for purposes of determining each of the Partner’s respective Unreturned Capital). Upon the occurrence of each such Capital Contribution and payment thereof
to GW LP, (i) the Percentage Interest of CNL LP will be increased so that it is equal to a fraction, the numerator of which will be the sum of the amount paid by the CNL Partners to the original partners of the Partnership pursuant to the Formation
Agreement as described in Section 4.2(b) above and the aggregate amount of the Capital Contributions made by CNL LP pursuant to this Section 4.2(d) as of the date of such increase, and the denominator of which shall be the Initial
Contributed Property Value plus the closing costs funded by GW LP as set forth in Section 4.2(c) (the “Resulting CNL Percentage”), and (ii) the Percentage Interest of GW LP will be decreased so that it will be equal to the result
obtained by subtracting the Resulting CNL Percentage from one hundred percent (100%). 
  
 (e) Notwithstanding the respective Capital Contributions made or to be made by each of the CNL Partners, CNL GP will at all times own a .01% Percentage Interest and CNL LP will own the remaining Percentage Interest of
the CNL Partners. Further, any Capital Contributions made by CNL LP hereunder shall be deemed to have been made by the CNL Partners pro rata in proportion to their respective Percentage Interests. 
  
 (f) The Partners agree that each contribution and related distribution
described in Section 4.2(d) above shall be treated as a purchase of Partnership Interests by CNL LP, and acknowledge that it is the intention of the Partners to make an election to adjust the basis of the Partnership’s assets (and the
basis of the assets of each of the Subsidiaries) pursuant to Section 754 of the Code (a “754 Election”) with respect to the initial tax year of the Partnership that will be deemed to begin upon the Effective Date and each subsequent tax
year of the Partnership thereafter. 
  
 Section 4.3 Additional
Capital Contributions. 
  
 (a) Partners’ Obligations
To Make Additional Capital Contributions. From time to time, the Partners may be required to make Additional Capital Contributions to the Partnership to fund (i) Necessary Expenditures, and (ii) such other funding requirements for the
Partnership or one or more of the Subsidiaries (to the extent that the Capital Contributions, the revenues from the Hotel Properties and the reserves previously established by the Partnership and the proceeds of any Loan, if any, as applicable, will
not be sufficient to satisfy such funding requirements). The Partners shall contribute such required Additional Capital Contributions pursuant to Section 4.3(b) pro rata in proportion to their respective Percentage Interests in cash or other
immediately available funds. 
  
 (b) Procedure For Additional
Capital Contributions. If at any time or from time to time Additional Capital Contributions (as determined pursuant to Section 4.3(a)) are required, the General Partner shall deliver to each Partner a notice requesting such
Additional Capital Contributions (a “Capital Call Notice”). The Capital Call Notice shall specify the date (the “Due Date”) on or before which such funds are required by the Partnership, which shall be at least (i)
five (5) Business Days after receipt of the Capital Call Notice, for Emergency Costs 
  

 23 

 
and (ii) fifteen (15) Business Days after receipt of the Capital Call Notice, for all other funds, unless a shorter time is reasonably designated by the
General Partner. Each Partner shall, on or before the Due Date, pay to the Partnership in cash or current funds such Partner’s proportionate share of the amount specified in the Capital Call. For purposes of Section 10.1(a), a Partner
shall be in default if the Partner does not make the payment required by the written call on the Due Date. 
  
 Section 4.4 Capital Accounts. 
  
 (a) A separate capital account (each a “Capital Account”) shall be maintained for each Partner in accordance with the rules of Regulations
Section 1.704–1(b)(2)(iv), and this Section 4.4 shall be interpreted and applied in a manner consistent therewith. Whenever the Partnership would be permitted to adjust the Capital Accounts of the Partners pursuant to Regulations Section
1.704–1(b)(2)(iv)(f) to reflect revaluations of Partnership property, the Partnership may so adjust the Capital Accounts of the Partners. In the event that the Capital Accounts of the Partners are adjusted pursuant to Regulations Section
1.704–1(b)(2)(iv)(f) to reflect revaluations of Partnership property, (i) the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Section 1.704–1(b)(2)(iv)(g) for allocations of depreciation, depletion,
amortization and gain or loss, as computed for book purposes, with respect to such property, (ii) the Partners’ distributive shares of depreciation, depletion, amortization and gain or loss, as computed for tax purposes, with respect to such
property shall be determined so as to take account of the variation between the adjusted tax basis and book value of such property in the same manner as under Code Section 704(c), and (iii) the amount of upward and/or downward adjustments to the
book value of the Partnership property shall be treated as income, gain, deduction and/or loss for purposes of applying the allocation provisions of Article 5. In the event that Code Section 704(c) applies to any Partnership property, the
Capital Accounts of the Partners shall be adjusted in accordance with Regulations Section 1.704–1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain and loss, as computed for book purposes, with respect to
such property. 
  
 (b) If all or a portion of a Partner’s
Partnership Interest is Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the Transferred Partnership Interest; and 
  
 (c) In determining the amount of any liability for purposes of this
Section 4.4(c), Section 752(c) of the Code and any other applicable provisions of the Code and Regulations shall be taken into account. 
  
 This Section 4.4 and other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations
Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner, with the advice of the Partnership’s independent certified public accountants, reasonably determines that it is
prudent to modify the manner in which the Capital Accounts, or any charges or credits thereto (including charges or credits relating to liabilities which are secured by contributions or distributed property or which are assumed by the Partnership or
by Partners), are computed in order to comply with such Regulations, the General Partner may make such 

  

 24 

 
modification, provided that it is not likely to have a material adverse effect on the amounts distributed to any Person pursuant to the applicable provisions
of this Agreement upon the dissolution of the Partnership. The General Partner also shall make any adjustments that may be necessary or appropriate to maintain equality between the Capital Accounts of the Partners and the amount of capital reflected
on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q). 
  
 Section 4.5 Return of Capital Contributions. No Partner or Assignee shall be entitled to demand the return of the Partner’s Capital
Account or Capital Contribution at any particular time, except upon the dissolution of the Partnership subject to the terms of this Agreement. No Partner or Assignee shall be entitled at any time to demand or receive property other than cash. Unless
otherwise provided by law, no Partner or Assignee shall be personally liable for the return or repayment of all or any part of any other Partner’s Capital Account or Capital Contribution, it being expressly agreed that any such return of
capital pursuant to this Agreement shall be made solely from the assets (which shall not include any right of contribution from a Partner or Assignee) of the Partnership. 
  
 Section 4.6 No Third Party Beneficiary Rights.The provisions of this Article 4 are not intended to be
for the benefit of any creditor or any other Person (other than a Partner in its capacity as such) to whom any debts, liabilities or obligations are owed by (or who otherwise has any claim against) the Partnership or any of the Partners; and no such
creditor or other Person shall obtain any right under any of such provisions or shall by reason of any of such provisions make any claim in respect of any debt, liability or obligation (or otherwise) against the Partnership nor any of the Partners.
Nothing in this Section shall impair or affect any security or pledge agreement granted to a lender by the Subsidiaries, the Partnership or any of the Partners. 
  

Section 4.7 Earn Out Provisions. Upon the satisfaction of the conditions set forth in the following provisions of this Section
4.7, CNL LP will be obligated to make certain payments to GW LP in connection with the deemed revaluation of certain property of the Partnership as described below and the Partners agree that it is their intent that the effect of any such deemed
revaluation and related payment on the Capital Accounts of the Partners will be governed by the provisions of Section 4.7(f) below: 
  
 (a) If the NOI of the Dells Hotel Property for the 2007 Fiscal Year exceeds $5,700,000, then, for purposes of this Agreement, the “2007 Dells Earn
Out Amount” will be an amount equal to such excess multiplied by ten (10), and CNL LP shall pay to GW LP an amount equal to the 2007 Dells Earn Out Amount multiplied by the aggregate Percentage Interests of the CNL Partners. 
  
 (b) If the NOI of the Sandusky Hotel Property for the 2007 Fiscal Year
exceeds $5,600,000, then, for purposes of this Agreement, the “2007 Sandusky Earn Out Amount” will be equal to such excess multiplied by ten (10), and CNL LP shall pay to GW LP an amount equal to the 2007 Sandusky Earn Out Amount
multiplied by the aggregate Percentage Interests of the CNL Partners. 
  

 25 

 (c) If the NOI of the Dells Hotel Property for the 2008 Fiscal Year exceeds $5,700,000, then, for
purposes of this Agreement, the “2008 Dells Earn Out Amount” will be an amount equal to the excess multiplied by ten (10), and CNL LP shall pay to GW LP an amount equal to the 2008 Dells Earn Out Amount less the 2007 Dells Earn Out Amount
multiplied by the aggregate Percentage Interests of the CNL Partners. 
  
 (d) If the NOI of the Sandusky Hotel Property for the 2008 Fiscal Year exceeds $5,600,000, then, for purposes of this Agreement, the “2008 Sandusky Earn Out Amount” will be equal to the excess multiplied by ten (10), and CNL LP
shall pay to GW LP an amount equal to the 2008 Sandusky Earn Out Amount less the 2007 Sandusky Earn Out Amount multiplied by the aggregate Percentage Interests of the CNL Partners. 
  
 (e) Notwithstanding the foregoing provisions of this Section 4.7, neither the 2007 Dells Earn Out Amount nor the sum
of the 2007 Dells Earn Out Amount and the 2008 Dells Earn Out Amount may exceed $3,000,000. Similarly, neither the 2007 Sandusky Earn Out Amount nor the sum of the 2007 Sandusky Earn Out Amount and the 2008 Sandusky Earn Out Amount may exceed
$3,000,000. For example, if the 2007 Dells Earn Out Amount, as calculated pursuant to Section 4.8(a), is $3,500,000, then the 2007 Dells Earn Out Amount will be limited to $3,000,000 and there shall be no 2008 Dells Earn Out Amount, and if
the 2007 Dells Earn Out Amount, as calculated pursuant to Section 4.8(a) above, is $2,500,000, then the 2008 Dells Earn Out Amount will be limited to $500,000. 
  
 (f) In the event of any payment made by CNL LP to GW LP pursuant to the foregoing terms of this Section 4.7, the
Dells Hotel Property (in the event of a payment on account of the 2007 Dells Earn Out Amount or the 2008 Dells Earn Out Amount) or the Sandusky Hotel Property (in the event of a payment on account of the 2007 Sandusky Earn Out Amount or the 2008
Sandusky Earn Out Amount) shall be deemed revalued as of the Effective Date by increasing the value thereof by the amount of the applicable Earn Out Amount and each of the Partners shall be deemed to have contributed to the Partnership, in
connection with the contribution of such Hotel Property and as of the Effective Date, additional value represented by the Earn Out Amount pro rata in proportion to their respective Percentage Interests as of the date of such payment; provided,
however, that such deemed contributions shall not be taken into account for purposes of (i) determining the Partners’ respective Unreturned Capital prior to the date such payment is made, or (ii) applying the provisions of Section 4.2,
Section 4.4, Section 4.8 or Section 5.3 prior to the date such payment is made. 
  
 (g) In the event that the “Adjusted EBITDA” of Great Wolf Resorts for the third quarter of 2005 beginning on July 1, 2005 and ending on
September 30, 2005 is less than Nineteen Million One Hundred Thousand and No/100 Dollars ($19,100,000.00), the foregoing provisions of this Section 4.7 shall be null and void and of no force or effect. For purposes hereof, “Adjusted
EBITDA” means net income plus (a) interest expense, net, (b) income taxes, (c) depreciation and amortization, (d) non-cash employee compensation, (e) costs associated with early extinguishment of debt, and (f) pre-opening costs of resorts under
development. 
  
 Section 4.8 First Mortgage Loan;
Distribution of Proceeds. The Partners agree that the Partnership shall use reasonable commercial efforts to borrow the First Mortgage Loan as 

  

 26 

 
soon as possible after the Effective Date. The Partners agree that the First Mortgage Loan will be subject to the approval of CNL LP and GW LP pursuant to
Section 6.4. The Partners intend that the original principal balance of the First Mortgage Loan will be an amount equal to fifty-five percent (55%) of the Initial Contributed Property Value and they agree that it shall not exceed such amount.
Upon the closing of the First Mortgage Loan, the Partnership shall, as a partial return of the Unreturned Capital of the Partners, distribute the proceeds of the First Mortgage Loan to the Partners such that, after such distribution, the balance of
GW LP’s Capital Account is thirty percent (30%) of the sum of the Capital Account balances of all of the Partners and the Capital Account balances of the CNL Partners are, in the aggregate, equal to seventy percent (70%) of the sum of the
Capital Account balances of all of the Partners. Upon the distribution of such proceeds of the First Mortgage Loan in accordance with this Section 4.8, the Percentage Interest of GW LP shall thereupon automatically become thirty percent (30%)
and the aggregate Percentage Interests of the CNL Partners will thereupon automatically become seventy percent (70%) if they are not already such percentages. 
  

ARTICLE 5 
 ALLOCATIONS AND
DISTRIBUTIONS 
  
 Section 5.1 Distributions.

  
 (a) Net Cash Flow. 
  
 (i) Until the aggregate Percentage Interests of the CNL
Partners equal seventy percent (70%), the Partnership shall, quarterly within forty-five (45) days after the end of each Fiscal Quarter, distribute Net Cash Flow among the Partners pro rata in proportion to their respective Percentage Interests,
and, if and as long as the aggregate Percentage Interests of the CNL Partners equal or exceed seventy percent (70%), the Partnership shall, quarterly within forty-five (45) days after the end of each Fiscal Quarter, distribute Net Cash Flow among
the Partners in accordance with the following order of priority: 
  
 (A) First, to the CNL Partners, pro rata in proportion to their respective Percentage Interests, to pay the CNL Preferred Distribution; 
  
 (B) Second, to GW LP to pay the GW Preferred Distribution; and 
  
 (C) Thereafter, among the Partners, pro rata in proportion
to their respective Percentage Interests. 
  
 (ii) Notwithstanding the foregoing provisions of this Section 5.1, in the event that neither GW Manager nor any other Affiliate of GW LP is managing any Hotel Property and a Hotel Manager which is not an Affiliate of GW LP is
managing such Hotel Property (the “Threshold Condition”), then, in any Fiscal Year in which the Threshold Condition is satisfied, if the rent required to be paid pursuant to the provisions of Section 3.1 of the Operating Lease with respect
to such Hotel Property for such Fiscal 

  

 27 

 
Year is not at least equal to the rent required to be paid with respect to such Hotel Property under such Section 3.1 during the first full Fiscal Year
beginning after the Effective Date, distributions of Net Cash Flow properly allocable to such Hotel Property (as determined by the General Partner in its reasonable discretion), shall be made solely pursuant to the provisions of Section
5.1(a)(i)(C), and only that portion of each Partners’ respective Unreturned Capital properly allocable to a Hotel Property with respect to which the Threshold Condition is not satisfied shall be treated as Unreturned Capital for purposes of
Section 5.1(a)(i). For purposes of this Section 5.1(a)(ii), each Partner’s Unreturned Capital with respect to any Fiscal Year (including any reductions in such Unreturned Capital made pursuant to the terms of this Agreement during
such Fiscal Year) will be allocated among the Hotel Properties pro rata in proportion to the respective Capital Contributions made by such Partner with respect to each of the Hotel Properties. 
  
 (iii) The General Partner shall reasonably adjust the Net
Cash Flow distributed within forty-five (45) days after the end of the last Fiscal Quarter of each Fiscal Year (and to the extent necessary the Partners agree to make appropriate adjustments among themselves, which adjustments shall be reflected in
future distributions under this Article 5 to the extent appropriate) to ensure that the amount distributable to each of the Partners for the entire Fiscal Year is equal to the amounts each of the Partners would have received under Section
5.1(a) if the Net Cash Flow was determined for the entire Fiscal Year and was distributed in a single disbursement as of December 31 of each Fiscal Year (such adjustments, for example, shall take into account any increased distributions a
Partner receives as a result of receiving distributions quarterly instead of annually). 
  
 (b) Capital Proceeds. Capital Proceeds (including Capital Proceeds distributed to the Partners in winding up the Partnership) remaining after the payment of any debts and liabilities of the Partnership and the
Subsidiaries (through a capital contribution to the Subsidiaries) due and payable at such time and the establishment of any reserves which the General Partner reasonably determines to be necessary to provide for any contingent or unforeseen
liabilities or obligations of the Partnership or of the Subsidiaries, (provided that at such time as the General Partner determines to be advisable, the balance of the reserves remaining after the payment of such contingencies shall be deemed
Capital Proceeds available for distribution) shall be distributed in accordance with the following order of priority: 
  
 (i) First, to the Partners, pro rata in proportion to the respective amounts of their Unreturned Capital, until the Unreturned Capital of
each of the Partners is returned in full; and 
  
 (ii) Thereafter, among the Partners, pro rata in proportion to their respective Percentage Interests. 
  
 Notwithstanding the foregoing provisions of this Section 5.1(b), upon the closing of the First Mortgage Loan, the proceeds thereof shall be
distributed to the Partners in accordance with Section 4.8 above. 
  

 28 

 (c) Compliance with Law. Notwithstanding any provision to the contrary contained in this
Agreement, no distribution shall be made to a Partner or a successor-in-interest to a Partner hereunder if such distribution would not comply with the requirements of the Act or other applicable law. 
  
 Section 5.2 Determination of Items of Income, Gain, Deduction and
Loss. For purposes of this Agreement, the profit or loss of the Partnership for each Fiscal Year shall be the net income or net loss of the Partnership for such Fiscal Year as determined for Federal income tax purposes, and the items of income,
gain, deduction and loss which comprise such profit or loss shall be computed with the following adjustments: 
  
 (a) without regard to any adjustment to basis pursuant to Section 743 of the Code (except as provided in Section 5.2(h)); 
  
 (b) by including the net gain (after expenses) or net loss (after expenses)
realized or incurred by the Partnership in a Capital Transaction determined on the basis of the Carrying Value of the property which is the subject of the sale or other disposition; 
  
 (c) by taking into account, in lieu of depreciation and amortization with respect to property of the Partnership as
determined for federal income tax purposes, the Depreciation with respect to such property; 
  
 (d) by including as an item of gross income any tax-exempt income received by the Partnership; 
  
 (e) by treating as a deductible expense any expenditure of the Partnership described in Section 705(a)(2)(B) of the Code; 
  
 (f) by excluding any item of income, gain, loss or deduction which is
required to be specially allocated to a Contributing Partner pursuant to Section 704(c) of the Code and the Regulations thereunder; 
  
 (g) in the event the Carrying Value of an asset of the Partnership is adjusted pursuant to clauses (ii) or (iii) of the definition thereof, the amount of
such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing profit or loss hereunder; and 
  
 (h) to the extent an adjustment to the Adjusted Basis of any asset of the Partnership pursuant to Sections 734(b) or 743(b) of the Code is required by
Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in complete liquidation of a Partner’s Partnership Interest, the amount of such adjustment shall be
treated as an item of gain (if the adjustment increases the Adjusted Basis of the asset) or loss (if the adjustment decreases the Adjusted Basis of the asset) from the disposition of the asset and shall be taken into account for purposes of
computing profit or loss hereunder. 
  

 29 

 Section 5.3 General Allocation of Profit and Loss. 
  
 All items of income, gain, loss and deduction as determined for book
purposes shall be allocated among the Partners and credited or debited to their respective Capital Accounts in accordance with Regulations Section 1.704-1(b)(2)(iv), so as to ensure to the maximum extent possible (i) that such allocations satisfy
the economic effect equivalence test of Regulations Section 1.704-1(b)(2)(ii)(i) (as provided hereinafter) and (ii) that all allocations of items that cannot have economic effect (including credits and nonrecourse deductions) are allocated to
the Partners in accordance with their respective Percentage Interests as determined at such time. To the extent possible, items that can have economic effect shall be allocated in such a manner that the balance of each Partner’s Capital Account
at the end of any taxable year (increased by the sum of (a) such Partner’s “share of partnership minimum gain” as defined in Regulations Section 1.704-2(g)(1) and (b) such Partner’s share of “partner nonrecourse debt minimum
gain” as defined in Regulations Section 1.704-2(i)(5)) would be positive to the extent of the amount of cash that such Partner would receive (or would be negative to the extent of the amount of cash that such Partner would be required to
contribute to the Partnership) if the Partnership sold all of its property for an amount of cash equal to the book value (as determined pursuant to Regulations Section 1.704-1(b)(2)(iv)) of such property (reduced, but not below zero, by the amount
of nonrecourse debt to which such property is subject) and all of the cash of the Partnership remaining after payment of all liabilities (other than nonrecourse liabilities) of the Partnership were distributed in liquidation immediately following
the end of such taxable year in accordance with Section 5.1(b). 
  
 Section 5.4 Income Tax Elections. In the event of a Transfer (or deemed Transfer), of all or part of a Partnership Interest (or of the interest of a partner or member in a partnership or limited liability company which is a
Partner), the General Partner shall make the election described in Section 754 of the Code. 
  
 Section 5.5 Income Tax Allocations. 
  
 (a) For purposes of Sections 702 and 704 of the Code, or the corresponding sections of any future Federal internal revenue law, or any similar tax law of any state or other jurisdiction, the Partnership’s
profits, gains and losses for Federal income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof, shall be allocated among the Partners, to the extent possible, in the same proportions as the
corresponding “book” items are allocated pursuant to Section 5.3. 
  
 (b) If any portion of the profit from a Capital Transaction allocated among the Partners pursuant to Section 5.3 is characterized as ordinary income under the recapture provisions of the Code, each
Partner’s distributive share of taxable gain from the sale of the property that gave rise to such profit (to the extent possible) shall include a proportionate share of the recapture income equal to that Partner’s share of prior cumulative
depreciation deductions with respect to the property that give rise to the recapture income. 
  
 Section 5.6 Transfers During Fiscal Year. In the event of the Transfer of all or any part of a Partnership Interest (in accordance with the provisions of this Agreement) at any time 
  

 30 

 
other than the end of a Fiscal Year, the share of profit or loss, and items of income, gain, loss and deduction shall be allocated between the transferor and
the transferee by treating the Partnership’s books as closing on the date of the sale. If during any Fiscal Year the Percentage Interests of the Partners are adjusted pursuant to any provision of this Agreement that provides for such
adjustment, the share of profit or loss of the Partnership for such Fiscal Year which is to be allocated among the Partners in proportion to their Percentage Interests shall be allocated among the Partners in the same manner as provided in this
Section 5.6 in the case of a Transfer of a Partnership Interest. 
  
 Section 5.7 Allocations Regarding Contributed Property. 
  
 (a) Each item of taxable income, gain, loss or deduction attributable to (i) any Contributed Property, and (ii) any other property of the Partnership the Carrying Value of which has been adjusted pursuant to clauses
(ii) or (iii) of the definition of Carrying Value, shall be allocated among the Partners in accordance with Section 704(c) of the Code, using such method permitted by Section 704(c) of the Code and the Regulations thereunder as may be selected by
the written agreement of the Partners, on the advice of the Partnership’s independent certified public accountants, so as to take into account the variation, at the time of contribution or adjustment to Carrying Value, between the Adjusted
Basis and the Carrying Value of such property, as required by Regulations Section 1.704-1(b)(4)(i) and Section 1.704-3 (and absent such written agreement the Partnership shall use the so-called “traditional method” with respect to such
property). 
  
 (b) Any portion of such items not allocated in
accordance with Section 5.6(a) shall be allocated in accordance with the other provisions of this Article 5. 
  
 Section 5.8 Tax Matters Partner. The General Partner shall be the “tax matters partner” of the Partnership pursuant to Section
6231(a)(7) of the Code (the “Tax Matters Partner”). The Tax Matters Partner shall be authorized and required to represent the Partnership (at the expense of the Partnership) in connection with all examinations of the affairs of the
Partnership by any federal, state or local tax authorities, including any resulting administrative and judicial proceedings, and to expend funds of the Partnership for professional services and costs associated therewith. The Tax Matters Partner
shall take all actions necessary to preserve the rights of the Partners with respect to audits and shall provide all Partners with notices of all such proceedings and other information as required by law. The Tax Matters Partner shall obtain the
prior written consent of each Partner before settling, compromising or otherwise altering the defense of any proceeding before the Internal Revenue Service if such Partner or any of its constituent partners or Partners could be affected thereby. The
Tax Matters Partner shall keep the Partners timely informed of its activities under this Section 5.8. The Tax Matters Partner may prepare and file protests or other appropriate responses to such audits affecting the Partnership. The Tax
Matters Partner shall select counsel to represent the Partnership in connection with any audit conducted by the Internal Revenue Service or by any state or local authority. All costs incurred in connection with the foregoing activities, including
legal and accounting costs, shall be borne by the Partnership. Any additional expenses with respect to judicial review of adverse determinations in connection with any such tax audits or the defense of any Partner against any claim asserted by the
Internal Revenue Service or state or local tax 
  

 31 

 
authority of additional tax liability arising out of the Partner’s ownership of its Partnership Interest shall only be incurred by the Partner(s) who
have authorized the Tax Matters Partner, in writing, to proceed with such judicial review or defense. Each Partner agrees to reasonably cooperate with the Tax Matters Partner and to do or refrain from doing any or all things reasonably required by
the Tax Matters Partner in connection with the conduct of all such proceedings. 
  
 Section 5.9 Election to be Taxed as Partnership. The Partnership shall be treated as a partnership for federal income tax purposes. The Partners agree to be bound by the provisions of this Article
5 in reporting their shares of Partnership income and loss for income tax purposes. 
  
 Section 5.10 Assignees Treated as Partners. For all purposes of this Article 5, but for no other purpose, an Assignee of a Partnership Interest shall be treated as a Partner and each reference in
this Article 5 to the Partners shall be deemed to include Assignees. 
  
 Section 5.11 Regulatory Compliance. Notwithstanding any other provisions of this Agreement, no allocation of profit or loss (or item thereof) will be made to a Partner if the allocation would not have
“economic effect” under Regulations Section 1.704-1(b)(2)(ii) or otherwise would not be in accordance with the Partner’s Partnership Interest in accordance with and within the meaning of Regulations Section 1.704-1(b)(3) or
1.704-1(b)(4)(iv). 
  
 Section 5.12 Allocations and
Distributions to CNL Partners. Unless otherwise provided herein, any distributions or allocations that are made to the CNL Partners shall be made between the CNL Partners in the same ratio that the Percentage Interest of each CNL Partner bears
to the Percentage Interests of all CNL Partners. 
  
 ARTICLE 6

 RIGHTS AND DUTIES OF PARTNERS 
  
 Section 6.1 Management. Subject to the provisions of Section 6.4 and any other provisions of this Agreement that specifically
restrict the General Partner’s authority, the business and affairs of the Partnership shall be managed under the direction of the General Partner, who may exercise all powers of the Partnership and perform or authorize the performance of all
lawful acts which are not by the Act or this Agreement directed or required to be exercised or performed by the Partners. The General Partner shall also be responsible for the implementation of Major Decisions approved by the Partners. All acts of
the General Partner within the scope of its authority shall bind the Partnership. The General Partner shall be CNL GP; provided that CNL GP may be replaced as the General Partner by an affirmative vote of all of the Limited Partners or as otherwise
specifically provided herein. The parties agree that the General Partner shall at all times have the sole right and authority to exercise any right of the Partnership or any Tenant to terminate GW Manager or any other Affiliate of GW LP pursuant to
the terms of any Hotel Management Agreement and without the consent of GW LP. 
  
 Section 6.2 Liability of Partners. Except as otherwise specifically provided in this Agreement, including Section 4.2 and Section 4.3, no Partner shall be obligated to make Capital
Contributions to the Partnership. No Limited Partner shall have any personal liability with 
  

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respect to the liabilities or obligations of the Partnership. The failure of the Partnership to observe any formalities or requirements relating to the
exercise of its powers or the management of its business or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Partners for liabilities or obligations of the Partnership. 
  
 Section 6.3 Indemnification. To the fullest extent permitted by
the laws of the State of Delaware, each of the General Partner, CNL LP and GW LP shall be entitled to indemnity from the Partnership and the Subsidiaries for any act performed by it within the scope of the authority (if any) conferred on it by this
Agreement, including without limitation any liability arising out of any guaranties or indemnities provided by any such party or its Affiliate in connection with financing which has been approved by the Partnership, except for acts of fraud, gross
negligence, breach of fiduciary duty or willful misconduct. 
  
 Section 6.4 Major Decisions. Notwithstanding anything in this Agreement to the contrary, none of the following decisions involving the conduct of the business and affairs of the Partnership or any Subsidiary (the
“Major Decisions”) shall be made unless approved in writing by CNL LP and GW LP: 
  
 (a) subject to Article 12, selling, leasing or otherwise disposing of, or granting a Mortgage on, all or any substantial part of the Hotel
Properties or the Subsidiaries, including the granting of options and rights of first refusal; 
  
 (b) creating, incurring, assuming, refinancing, extending, modifying or otherwise becoming liable with respect to any obligation for borrowed money (including guarantees of the indebtedness or other obligations of any
Person or of any Subsidiary or Affiliate of the Partnership), including by the issuance of any bonds, debentures, notes or other evidences of indebtedness in any transaction or series of transactions or prepaying any such obligation for borrowed
money; 
  
 (c) acquiring any real property, whether improved or
unimproved, or any interest therein, directly or indirectly, other than the Dells Hotel Property and the Sandusky Hotel Property; 
  
 (d) entering into, or amending in any material respect, or terminating, any of the Operating Leases; 
  
 (e) amending this Agreement, amending the partnership agreement or other
organizational or governance document of any Subsidiary or amending in any material respect, or waiving any material rights in, or terminating, any agreement the entering into of which was a Major Decision; 
  
 (f) assigning the property of the Partnership or a Subsidiary in trust for
creditors; 
  
 (g) confessing a judgment against the Partnership
or a Subsidiary or its or their assets, or any portion thereof, 
  

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 (h) lending money to, or guaranteeing the debts or other obligations of, or acting as a surety for, a
Partner or any other Person; 
  
 (i) except for entering into, and
making payments required under, a GW Management Agreement, the Development Agreement, a License Agreement, and agreements permitted to be entered into or amended by a GW Manager, entering into, or amending, a contract between the Partnership or a
Subsidiary, and a Partner or an Affiliate of a Partner or paying fees or other compensation to a Partner or an Affiliate of a Partner other than fees and other compensation payable to a GW Manager or its Affiliates under a GW Management Agreement or
any agreement permitted to be entered into or amended by a GW Manager thereunder; 
  
 (j) causing the Partnership or any Subsidiary to amend, terminate, or request, grant or be granted a waiver under, any of the documents executed with respect to any Loan; 
  
 (k) changing the name of the Partnership or a Subsidiary; 
  
 (l) establishing reserves for the Partnership or a Subsidiary to the extent
not required by the Hotel Management Agreements or any Loan Document; 
  
 (m) except as otherwise provided in Article 13, dissolving, liquidating and winding-up the affairs of the Partnership or a Subsidiary; 
  
 (n) merging or consolidating the Partnership or a Subsidiary with or into any other partnership, a limited liability company, a corporation or any other
entity; 
  
 (o) commencing, settling or dismissing litigation, or
administrative or other governmental proceedings, by or against the Partnership or a Subsidiary (other than proceedings against a Partner to enforce the Partner’s obligations under this Agreement), the outcome of which could have a material
adverse effect on the business or operations of the Partnership or a Subsidiary or the Hotel Properties or which are for damages in excess of $250,000; 
  
 (p) redeeming the Partnership Interest of any Partner, admitting any new Partner (except as otherwise provided herein) or creating a new class of
Partners; 
  
 (q) approving all federal and state income tax
returns for the Partnership and authorizing the filing thereof; 
  
 (r) causing the Partnership or the Subsidiaries to take any of the actions described in Section 10.1(e); 
  
 (s) entering into any joint venture with any Person; 
  
 (t) creating, granting, extending or modifying any easements or other encumbrances on the Property; 
  

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 (u) determining whether and to what extent to restore or rebuild any of the improvements on the Property
in the event of a casualty or condemnation, unless such decision may be made by the Subsidiary that owns the applicable Hotel Property, or the Tenant that occupies such Hotel Property, pursuant to the terms of the applicable Management Agreement;

  
 (v) any substantial capital project which would be classified
as a “Major Lodge Building Expenditure” under any of the Hotel Management Agreements; 
  
 (w) seeking approval from the applicable governmental authority of a variance from or change in the zoning classification of a Hotel Property; 

 
 (x) issuing press releases or other public communications regarding the
Property, the Partnership or any of the Subsidiaries or Tenants; 
  
 (y) at any time that the GW Manager or any other Affiliate of GW LP is not managing any of the Hotels, approving any budget for the finances of such Hotel; and 
  
 (z) prosecuting (including settling) any insurance claim which is in excess of $250,000 or any eminent domain proceeding.

  
 If there shall at any time be a violation or an attempt to
violate any of the provisions of this Section 6.4 and any rights hereby granted, then any Partner shall, in addition to all rights and remedies at law or in equity, be entitled to a decree or order restraining such violation; it being hereby
expressly acknowledged and agreed that damages at law will be an inadequate remedy for a breach or violation of the provisions set forth in this Section 6.4. 
  
 Notwithstanding the foregoing provisions of this Section 6.4, to the extent that, with respect to a particular Hotel
Property, any action or decision relating to any matter that is within the scope of the foregoing Major Decisions is specifically addressed by the terms of the Hotel Management Agreement for such Hotel Property and the GW Manager or another
Affiliate of GW LP is the Hotel Manager for such Hotel Property, then the terms of such Hotel Management Agreement shall control with respect to such action or decision and CNL LP and GW LP will not have any approval rights under this Section
6.4 with respect thereto. 
  
 Section 6.5 General
Partner Compensation. The General Partner shall not be compensated, as such, for its services as General Partner. However, the General Partner shall be reimbursed by the Partnership for all reasonable out-of-pocket expenses paid or incurred by
it in the performance of its duties under this Agreement. 
  
 Section 6.6 Signing of Documents. The General Partner is authorized, in the name and on behalf of the Partnership, to sign and deliver all contracts, agreements, leases, notes, mortgages and other documents and instruments
(each a “Document” and collectively, “Documents”) which are necessary, appropriate or convenient for the conduct of the Partnership’s day-to-day business and the furtherance of its purposes or which are
necessary, appropriate or convenient to carry out Major Decisions approved by the Partners pursuant to Section 6.4. 
  

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 Section 6.7 Right to Rely on Authority of General Partner. No Person dealing with the
General Partner shall be required to determine the authority of the General Partner to make any undertaking on behalf of the Partnership, or to determine any fact or circumstance bearing upon the existence of the authority of the General Partner.
Every Document executed by the General Partner shall be conclusive evidence in favor of every Person relying thereon or claiming thereunder that: 
  
 (a) at the time of the execution or delivery of the Document, the Partnership was in existence and this Agreement was in full force and effect;

  
 (b) the Document was duly approved by the General Partner or
the Partners in accordance with this Agreement and is binding upon the Partnership; and 
  
 (c) the General Partner was duly authorized and empowered to execute and deliver the Document for and on behalf of the Partnership. 
  
 Section 6.8 Outside Activities. 
  
 (a) Each Partner and any Person who is an Affiliate of a Partner may engage or hold interests in other business ventures of
every kind and description for the Partner’s or the Affiliate’s own account, whether or not such business ventures are in direct or indirect competition with the business of the Partnership and whether or not the Partnership has any
interest therein. Neither the Partnership nor any of the Partners shall have any rights by virtue of this Agreement in such independent business ventures or to the income or profits derived therefrom. 
  
 (b) Notwithstanding the foregoing provisions of this Section 6.8,
neither the CNL Partners nor any of their Affiliates may purchase an interest in a Competing Facility which is located within one hundred (100) miles of any of the Hotel Properties unless GW LP is given an opportunity to participate in such purchase
by owning a percentage ownership interest, either (at the sole option of the CNL Partners) directly in such interest in a Competing Facility or indirectly through the purchasing entity, equal to the Percentage Interest that it then owns in the
Partnership. The CNL Partners will provide notice to GW LP of any such proposed purchase and, in order to participate, GW LP must provide notice of its election to participate to the CNL Partners within fifteen (15) Business Days after its receipt
of the notice from the CNL Partners. 
  
 (c) If GW LP timely
elects to participate in the purchase of an interest in a Competing Facility pursuant to Section 6.8(b), then it shall either (at the sole option of the CNL Partners) (i) provide its proportionate share of any equity required to purchase such
interest as a cotenant, or (ii) shall agree, along with the other owners of the purchasing entity of such interest, to make capital contributions to such purchasing entity pro rata with the other owners thereof in proportion to their respective
ownership percentages to fund any equity required for such purchase. In either case, GW LP shall fully cooperate in all reasonable respects with the CNL Partners and/or their Affiliate(s) and the seller with respect to such purchase, shall not act
or fail to act so as to unreasonably delay such purchase, and if GW LP breaches any of the covenants set forth in this sentence and such breach is not cured within five (5) Business Days after notice 
  

 36 

 
thereof is provided by the CNL Partners to GW LP, then GW LP will no longer have the right to participate in such purchase transaction. If GW LP will
participate in such purchase as an owner of the purchasing entity, then the owners of the purchasing entity shall enter into an agreement with terms that are substantially similar to this Agreement, except to the extent the terms of this Agreement
are specific to this particular deal. 
  
 (d) If GW LP does not
timely elect to participate in the purchase of an interest in a Competing Facility pursuant to Section 6.8(b) or if GW LP and the CNL Partners and/or any of their Affiliates cannot agree in good faith as to any of the terms of GW LP’s
participation in such purchase, then the CNL Partners and/or their Affiliates may purchase the interest that is the subject of such purchase without the participation of GW LP. 
  
 Section 6.9 Limitations on Powers of Partners. Except as expressly authorized by this Agreement, no Partner
shall, directly or indirectly, (i) resign, retire or withdraw from the Partnership, (ii) dissolve, terminate or liquidate the Partnership, (iii) petition a court for the dissolution, termination or liquidation of the Partnership, or (iv) cause any
property of the Partnership to be subject to the authority of any court, trustee or receiver (including suits for partition and bankruptcy, insolvency and similar proceedings). 
  
 Section 6.10 Prohibition Against Partition; Distribution in Kind. Each Partner irrevocably waives any and all
rights the Partner may have to maintain an action for partition with respect to any property of the Partnership or any right to take any other action that otherwise might be available to such Partner for the purpose of severing such Partner’s
interest in the assets held by the Partnership from the interest of the other Partners. A Partner, regardless of the nature of its contribution, has no right to demand and receive any distribution from the Partnership in any form other than cash.

  
 Section 6.11 Hotel Manager. Nothing contained in
this Agreement shall have the effect of limiting or restricting the Hotel Manager’s right to manage and operate the Hotels in accordance with the Hotel Management Agreements. Any and all decisions or actions to be made or taken by the
Partnership or any Subsidiary with respect to, or arising under, the Hotel Management Agreements (in accordance with the terms of those agreements) shall be vested solely and exclusively with the General Partner and no prior approval of GW LP or any
of the Limited Partners will be necessary prior to making such decisions and/or actions unless specifically required pursuant to the terms of Section 6.4 or any of the other terms of this Agreement. In furtherance of the foregoing, GW LP
expressly acknowledges and agrees that (a) the General Partner has and owes no fiduciary obligation to GW Manager in its role as the Hotel Manager in making any such decisions or taking any such actions, including the termination of any Hotel
Management Agreement and in making such decisions and taking such actions, the General Partner may act in the best interests of the Partnership without regard to the interests of the GW Manager. 
  
 Section 6.12 License Agreements. Each of the Tenants will enter
into a License Agreement and the term of each such License Agreement shall be coterminous with the term of the applicable Hotel Management Agreement by and between the GW Manager and the Tenant of the applicable Hotel Property. Unless otherwise
agreed in writing by the Partners, the terms of each License Agreement will be substantially similar to the terms of the form of License Agreement attached to the Formation Agreement as an exhibit thereto. 
  

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 ARTICLE 7 
 BOOKS OF ACCOUNT AND REPORTS; ACCESS TO RECORDS 
  
 Section 7.1 Books and Records. The General Partner shall keep, or cause to be kept, at the principal place of business of the Partnership (or at such other place of business or office as the General
Partner may reasonably designate) true and correct books of account, in which shall be entered fully and accurately each and every transaction of the Partnership. Each Partner or such Partner’s designated agent shall have access at reasonable
times on Business Days at the Partnership’s office to the Partnership’s books of account and all other information concerning the Partnership required by the Act to be made available to Partners, and may make copies thereof at such
Partner’s expense. A Partner must give the Partnership notice of its desire to exercise rights under the preceding sentence at least three Business Days in advance. The Partnership’s books shall be kept on the accrual method of accounting
in accordance with GAAP, consistently applied, and for a fiscal period which is the Fiscal Year. 
  
 Section 7.2 Banking. All funds of the Partnership shall be deposited in its name in such commercial bank or invested in such
federally-insured savings and loan account or accounts, in such U.S. Treasury obligations, or in such bank certificates of deposit, as the General Partner may determine (the “Bank Accounts”). All withdrawals from any such Bank
Account shall be made upon a check or order signed by any individual designated by the General Partner from time to time; but the General Partner may restrict the amounts that can be withdrawn by any such individual. All such withdrawn funds shall
only be used for Partnership purposes as provided in this Agreement and in accordance with the terms hereof. 
  
 Section 7.3 Reports to Partners. The General Partner shall cause the Partnership to prepare and deliver to each Partner the following
financial reports with respect to the Partnership and the Subsidiaries: (i) within 45 days after the end of each Fiscal Quarter, unaudited consolidated monthly financial statements for such Fiscal Quarter, including a balance sheet, an income
statement and statement of cash flows, (ii) concurrently with the delivery to the holder of a Mortgage encumbering the Hotel Property, a copy of all financial statements and other reports delivered by the Partnership to such holder, and (iii) within
90 days after the end of each Fiscal Year, audited financial statements certified by an independent public accountant, including a balance sheet, an income statement and statement of cash flows, and the information necessary to enable the Partner to
complete such Partner’s federal and state income tax returns for such Fiscal Year. Notwithstanding the foregoing, the General Partner shall be entitled to rely upon, and incorporate into such statements, the financial statements and reports
prepared by Hotel Manager under the Hotel Management Agreements. 
  
 Section 7.4 Accountants. The General Partner shall cause the Partnership to retain a firm of independent certified public accountants to prepare and file the Partnership’s, the Subsidiaries’ and the Tenants’
federal and state income tax returns and to provide other outside accounting services from time to time required by the Partnership and the Subsidiaries. 
  

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 ARTICLE 8 
 TRANSFERS OF PARTNERSHIP INTERESTS AND ECONOMIC RIGHTS 
  
 Section 8.1 Partner’s or Assignee’s Right to Transfer. A Partner may Transfer all or a part of the Partner’s Partnership Interest and an Assignee may Transfer all or a part of the
Assignee’s Economic Rights, but only if the Partner or the Assignee complies with the provisions of Section 8.2. 
  
 Section 8.2 Conditions of Transfer. Except as otherwise provided in Section 8.4, no Partnership Interest or Economic Rights shall be
Transferred: 
  
 (a) if the Transfer is prohibited by, or would
cause a default under, any Mortgage encumbering the Hotel Property, under any loan agreement or guaranty to which the Partnership or the Subsidiaries is a party or under any of the Hotel Management Agreements; 
  
 (b) in the case of a Transfer to a Person who is not a Partner or a Permitted
Transferee, unless the Partnership receives an opinion of counsel satisfactory to the other Partners that such Transfer is exempt from the registration requirements of any applicable federal or state securities laws; 
  
 (c) in the case of a Transfer to a Person who is not a Partner, unless the
Partnership receives from the Person to whom the Partnership Interest or the Economic Rights are Transferred, such Person’s taxpayer or employer identification number and any other information reasonably requested by the General Partner; and

  
 (d) in the case of a Transfer to a Person who is not a Partner
or a Permitted Transferee, unless (i) the Partner or the Assignee desiring to make the Transfer provides to the other Partners a First Offer (as defined in Section 8.3(e)) or obtains a Third Party Offer (as defined in Section 8.3(e))
for the purchase of all (but not less than all) of such Partner’s or Assignee’s Partnership Interest or Economic Rights, as the case may be, and offers to sell the Partnership Interest or the Economic Rights that are the subject of the
First Offer or Third Party Offer to the other Partners pursuant to Section 8.3, and (ii) the other Partners do not exercise the option to purchase such Partnership Interest or the Economic Rights within the time and in the manner required by
Section 8.3. 
  
 (e) Notwithstanding any of the other terms
of this Agreement to the contrary, the CNL Partners may not Transfer any portion of their Partnership Interests or Economic Rights to a Competitor without the prior written consent of GW LP. 
  
 Section 8.3 Partners’ Rights of First Offer and First
Refusal. 
  
 (a) A Transfer of a Partnership Interest by a
Partner or Economic Rights by an Assignee permitted by Section 8.2(d) shall not be made without first giving to the other Partners (in the case of a Transfer) a notice (the “Offering Notice”) in which the Partner or the
Assignee (hereinafter referred to as the “Offeror”) irrevocably offers to sell to the Partner(s) to whom the Offering Notice is given (the “Offeree”), the Offeror’s entire Partnership Interest or Economic
Rights (hereinafter referred to as the “Offered Interest”) on the terms and conditions set forth in 

  

 39 

 
this Section 8.3. The Offering Notice shall be accompanied by a copy of the First Offer or a true, correct and complete copy of the Third Party Offer.
In the case of a Third Party Offer, the giving of an Offering Notice shall constitute a representation and warranty by the Offeror to the Offeree that the Third Party Offer is bona fide in all respects. 
  
 (b) For a period of 30 days after receipt of the Offering Notice, the Offeree
may exercise its option to purchase the Offered Interest for the same purchase price and on the same terms set forth in the First Offer or Third Party Offer by providing notice of such exercise to the Offeror within such 30-day period. 

 
 (c) If the Offeree exercises its option under Section 8.3(a) within
the 30-day period specified in Section 8.3(b), then the closing of the Offeree’s purchase of the Offered Interest shall take place at a time and on a date specified by the Offeree by notice to the Offeror, which date shall not be more
than one hundred twenty (120) days after the Offeree’s receipt of the Offering Notice. At the closing, the Offeror shall execute and deliver such instruments of assignment of the Offered Interest as the Offeree shall reasonably request and the
Offeree shall pay the purchase price for the Offered Interest in accordance with the terms of the First Offer or the Third Party Offer, as the case may be. 
  
 (d) If, within the 30-day period referred to in Section 8.3(b), the Offeree does not give notice to the Offeror of the exercise of its option to
purchase the entire Offered Interest, the Offeror shall be free to Transfer the Offered Interest to any Person in the case of a First Offer or to the Person who made the Third Party Offer, in the case of a Third Party Offer, but the Transfer must be
consummated within 120 days after the expiration of the 30-day period referred to in Section 8.3(b) strictly in accordance with the terms of the First Offer or Third Party Offer, as applicable (provided, however, that the Transfer may be for
a higher price and/or on less favorable terms to the buyer than the price or the terms specified in the First Offer). If the Transfer of the Offered Interest is not consummated within 120 days after the expiration of the 30-day period referred to in
Section 8.3(b), the Offeror may not thereafter Transfer all or any part of its Partnership Interest or Economic Rights to the same Person who made the Third Party Offer (if applicable) or to any other Person without first delivering another
Offering Notice and complying with the provisions of this Section 8.3. If a Partner’s Partnership Interest is, or an Assignee’s Economic Rights are, Transferred to a Person who is not a Permitted Transferee, the transferee shall be
an Assignee but shall not become a Partner unless admitted as such pursuant to the provisions of Section 9.2(i) and (ii). 
  
 (e) For purposes of this Section 8.3, the term “First Offer,” means a written offer to sell a Partner’s entire
Partnership Interest or all the Assignee’s Economic Rights, as the case may be, for a specified price payable in cash. For the purposes of this Section 8.3, the term “Third Party Offer” shall mean a written offer to
purchase a Partner’s entire Partnership Interest or an Assignee’s entire Economic Rights, as the case may be, open for acceptance for at least thirty (30) days, for a specified price from a financially responsible Person, identified
therein by name and address, who is financially capable of complying with the terms of the Third Party Offer and who is unrelated, directly or indirectly, to the Partner or the Assignee, or any Affiliate thereof, and which does not contain terms or
conditions which the Offeree, for reasons other than its financial condition, are not reasonably capable of performing, such as payment in a specific 
  

 40 

 
form of property (such as corporate stock or a unique or specific item or class of property) not readily available to the Offeree or for which no recognized
or adequate public market exists. The Person who makes the Third Party Offer shall be deemed to be “unrelated” if, but only if, it is not an Affiliate of the Partner or the Assignee and there is no arrangement of any kind whereby the
Partner or the Assignee, directly or indirectly, will be financially interested in the ownership of the Hotel Property, or any interest therein, after the sale of the Partnership Interest or the Economic Rights (other than rights arising under any
Hotel Management Agreement). If the Person making the Third Party Offer is a corporation, limited liability company or partnership, all shareholders, members or partners owning more than ten percent (10%) of its stock, membership interests or
partnership interests shall be identified. 
  
 Section 8.4
Transfer as Security. A Partner or an Assignee may, without complying with the provisions of Section 8.2 or Section 8.3, Transfer all or a part of the Partner’s Partnership Interest or the Assignee’s Economic Rights to
the Lender as security for a debt, but any Transfer of such Partnership Interest or Economic Rights by the Lender incident to the enforcement of its rights or remedies under the documents evidencing or securing the loan (other than a Transfer to the
Lender or an Affiliate thereof) must comply with the provisions of Section 8.2 and Section 8.3. 
  
 Section 8.5 Non-Complying Transfers Void. Any attempted Transfer of all or any part of a Partner’s Partnership Interest or an
Assignee’s Economic Rights that does not comply with the provisions of Section 8.2 or Section 8.4 shall be null and void and of no legal effect. 
  
 Section 8.6 CNL LP Buy-Out Right. CNL LP will have the right to purchase the entire Partnership Interest of GW
LP for an amount equal to the GW LP Buy-Out Price upon the occurrence of either of the following: (i) the occurrence of deadlock such that the Limited Partners are unable to agree upon a Major Decision, or (ii) the occurrence of the Management
Agreements Termination Date. To exercise such right, CNL LP must, within thirty (30) days after the occurrence of the event giving CNL LP such right, give notice of such exercise to GW LP (“Buy-Out Notice”). In the event CNL LP
provides a Buy-Out Notice, GW LP shall be obligated to sell its Partnership Interest to CNL LP or any other Person designated by CNL LP (in either case, hereinafter referred to in this Section 8.6 as the “Designated
Purchaser”) and the Designated Purchaser shall be obligated to purchase such Partnership Interest, and (i) the closing of such purchase and sale shall occur at the principal office of the Partnership on or before one hundred twenty (120)
days following the Appraisal Date on a date and at a time specified by the Designated Purchaser by notice to GW LP, (ii) any decisions to be made by the Partnership in connection with such sale to the Designated Purchaser (that is, decisions to be
made on behalf of the Partnership in dealing with the Designated Purchaser) shall be made by the General Partner acting alone, (iii) the purchase price shall be paid in immediately available funds, and (iv) GW LP and the Designated Purchaser shall
execute such documents as may be reasonably requested by each other to effect the transfer of GW LP’s Partnership Interest to the Designated Purchaser. For purposes of this Section 8.6, the GW LP Buy-Out Price will be calculated as of
the date that CNL LP gives the Buy-Out Notice. 
  
 The purchase of
GW LP’s Partnership Interest by the Designated Purchaser will be subject to all Partnership liabilities which shall be specifically assumed by the Designated 

  

 41 

 
Purchaser unless the same are non–recourse to GW LP (in which case the Designated Purchaser takes subject to such liability). The Designated Purchaser
shall use commercially reasonable efforts to arrange for the release of GW LP and/or any Affiliates of GW LP from the primary liability (as opposed to continuing liabilities, such as environmental liabilities, which cannot be released) to any
institutional lenders having outstanding loans to the Partnership (including the cancellation and return of all guarantees, letters of credit, and other security or assurances posted or made by GW LP or any Affiliates of GW LP); provided, however,
that if the Designated Purchaser is unable to arrange for such a release, then it shall indemnify GW LP as to said liabilities from and after the closing of the purchase under this Section 8.6. 
  
 Section 8.7 GW LP Put Right. If the last of the GW Management
Agreements that is in effect is terminated as a result of a breach or default by either party thereto or as a result of any failure to meet the financial performance test set forth in such agreement, then GW LP will have the right to require CNL LP
or any other Person designated by CNL LP (in either case, hereinafter referred to in this Section 8.7 as the “Designated Purchaser”) to purchase the entire Partnership Interest of GW LP for an amount equal to the GW LP
Buy-Out Price. To exercise such right, GW LP must, within thirty (30) days after the occurrence of the event giving GW LP such right, give notice of such exercise to CNL LP (“Put Notice”). In the event GW LP provides a Put Notice,
GW LP shall be obligated to sell its Partnership Interest to the Designated Purchaser and the Designated Purchaser shall be obligated to purchase such Partnership Interest, and (i) the closing of such purchase and sale shall occur at the principal
office of the Partnership on or before one hundred twenty (120) days following the Appraisal Date on a date and at a time specified by the Designated Purchaser by notice to GW LP, (ii) any decisions to be made by the Partnership in connection with
such sale to the Designated Purchaser (that is, decisions to be made on behalf of the Partnership in dealing with the Designated Purchaser) shall be made by the General Partner acting alone, (iii) the purchase price shall be paid in immediately
available funds, and (iv) GW LP and the Designated Purchaser shall execute such documents as may be reasonably requested by each other to effect the transfer of GW LP’s Partnership Interest to the Designated Purchaser. For purposes of this
Section 8.7, the GW LP Buy-Out Price will be calculated as of the date that GW LP gives the Put Notice. 
  
 The purchase of GW LP’s Partnership Interest by the Designated Purchaser will be subject to all Partnership liabilities which shall be specifically
assumed by the Designated Purchaser unless the same are non–recourse to GW LP (in which case the Designated Purchaser takes subject to such liability). The Designated Purchaser shall use commercially reasonable efforts to arrange for the
release of GW LP and/or any Affiliates of GW LP from the primary liability (as opposed to continuing liabilities, such as environmental liabilities, which cannot be released) to any institutional lenders having outstanding loans to the Partnership
(including the cancellation and return of all guarantees, letters of credit, and other security or assurances posted or made by GW LP or any Affiliates of GW LP); provided, however, that if the Designated Purchaser is unable to arrange for such a
release, then it shall indemnify GW LP as to said liabilities from and after the closing of the purchase under this Section 8.7. 
  
 Section 8.8 Appraisal Procedure. Whenever the fair market value of the Hotel Properties and the other non-cash assets of the Partnership and
its Subsidiaries (the “Fair Market Value”) is to be determined for purposes of this Agreement, such fair market value shall be 

  

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determined by appraisal in the following manner: (i) all appraisers shall be members of the Appraisal Institute or any organization successor thereto; (ii)
CNL LP shall promptly appoint an appraiser and give notice of the appointment to GW LP; (iii) within fifteen (15) days after receipt of CNL LP’s notice, GW LP shall appoint a second appraiser; (iv) if GW LP fails to appoint a second appraiser
within fifteen (15) days after receipt of CNL LP’s notice of the appointment of the first appraiser, the first appraiser shall proceed to make his/her appraisal of the Hotel Properties and other non-cash assets of the Partnership and its
Subsidiaries and the Fair Market Value shall be the amount determined by the first appraiser; (v) each appraiser shall make an independent written appraisal; and (vi) the expenses of the first two appraisals shall be borne by the Partner selecting
the appraiser and the expense of any third appraisal shall be divided equally between CNL LP and GW LP. If the first two (2) appraisers so appointed agree on the Fair Market Value, the Fair Market Value shall be the amount determined by them. If the
two appraisers so appointed do not agree on the Fair Market Value, but if the difference between the Fair Market Value determined by each appraiser is not more than five percent (5%) of the lower of the two appraisals, the Fair Market Value shall be
an amount equal to the quotient obtained by dividing the sum of the fair market values determined by each appraiser by two (2). If the two (2) appraisers so appointed do not agree on the Fair Market Value, and if the difference between the Fair
Market Value determined by each appraiser is more than five percent (5%) of the lower of the two appraisals, the two appraisers shall jointly appoint a third appraiser. If the appraisers so appointed are unable, within forty-five (45) days after the
appointment of the second appraiser, either to agree on the Fair Market Value (or to disagree on such value with a difference of five percent or less), or to agree on the appointment of a third appraiser, they shall give notice of such failure to
agree to CNL LP and GW LP, and, if such Partners fail to agree upon the selection of a third appraiser within fifteen (15) days after the appraisers appointed by the Partners give such notice, then within twenty (20) days thereafter any Partner upon
notice to the other Partners may request such appointment by the then-President of the Appraisal Institute (or any organization successor thereto), or in his/her failure to act, may apply for such appointment to the United States District Court for
the jurisdiction in which the principal place of business of the Partnership is located. If a third appraiser is appointed, he/she shall make his/her determination of the Fair Market Value within thirty (30) days after his/her appointment and the
Fair Market Value shall be the Fair Market Value determined by whichever of the first two appraisers is (in the opinion of the third appraiser) closest in amount to the Fair Market Value as determined by the third appraiser. The third appraiser
shall not make an independent appraisal of the Fair Market Value, but the third appraiser’s function shall be solely to determine which of the appraisals made by the first two appraisers most closely represents such fair market value. Each
appraiser appointed pursuant to this Section 8.8 shall be a disinterested person of nationally recognized competence who has had a minimum of ten (10) years experience in appraising full service hotels. Each appraiser shall determine the Fair
Market Value, as a whole, on the basis of all relevant factors affecting such fair market value. The party appointing each appraiser shall be obligated, promptly after receipt of the valuation report prepared by the appraiser appointed by such
party, to deliver a copy of such valuation report to the other party or parties in the manner provided elsewhere in this Agreement for the giving of notices. If a third appraiser is appointed, the third appraiser shall be directed, at the time of
his or her appointment, to promptly deliver copies of his or her determination of which of the first two (2) appraisals most closely represents the Fair Market Value to all parties in the manner provided elsewhere in 
  

 43 

 
this Agreement for the giving of notices. The “Appraisal Date” shall be the earliest to occur of (i) the date of the first appraiser’s
appraisal report, if GW LP fails to appoint a second appraiser within the time required by this Section 8.8, (ii) the date on which the first appraiser and the second appraiser sign a joint report in which they agree on the Fair Market Value,
(iii) the later of the date of the first appraiser’s appraisal report or the second appraiser’s appraisal report, if the first two appraisers do not agree on the Fair Market Value, but the difference between them is less than five percent
of the lower of their two appraisals, or (iv) the date of the third appraiser’s determination of which of the first two (2) appraisals most closely represents the Fair Market Value 
  
 Section 8.9 Sale by CNL Partners. In connection with any sale by the CNL Partners of their entire Partnership
Interests to a Person who is not a Partner or a Permitted Transferee in accordance with the foregoing terms of this Article 8 (hereinafter referred to in this Section 8.9 as the “Third Party Purchaser”), the CNL
Partners may send a notice to GW LP setting forth the identity of the Third Party Purchaser and the terms of such sale and requesting that GW LP sell its entire Partnership Interest to the Third Party Purchaser (the “Third Party Sale
Notice”). Within fifteen (15) days after GW LP’s receipt of the Third Party Sale Notice, it must elect to either agree to such request or to object to such request; provided, that if it does not timely send such notice it will be
deemed to have agreed to such request. If GW LP agrees to such request or is deemed to have agreed to such request, then it shall be obligated to sell its entire Partnership Interest to the Third Party Purchaser upon the same terms as the CNL
Partners sell their entire Partnership Interests to the Third Party Purchaser; provided, however, that the purchase price to be received by GW LP for its Partnership Interests will be equal to the aggregate purchase price to be received by the CNL
Partners for their Partnership Interests multiplied by a fraction, the numerator of which will be the Percentage Interest of GW LP and the denominator of which will be the aggregate Percentage Interests of the CNL Partners. If GW LP timely sends
notice to the CNL Partners that it objects to such request, then the CNL Partners will have the right to either sell their entire Partnership Interests to the Third Party Purchaser without GW LP participating in such sale or require that GW LP
purchase the entire Partnership Interests of the CNL Partners for the same purchase price and upon the same other terms offered by the Third Party Purchaser. To exercise such right, the CNL Partners must send notice of such exercise to GW LP within
thirty (30) days after GW LP’s receipt of the Third Party Sale Notice. In connection with any purchase of the Partnership Interest of GW LP pursuant to this Section 8.9, GW LP agrees that it shall fully cooperate in all reasonable
respects with the CNL Partners and the Third Party Purchaser with respect to such purchase, it shall use good faith commercially reasonable efforts to effect such purchase in accordance with the terms agreed to by the CNL Partners and the Third
Party Purchaser, and it shall not act or fail to act so as to unreasonably delay the purchase of Partnership Interests under this Section 8.9. If GW LP breaches the terms of this Section 8.9 and such breach is not cured within five (5)
Business Days after notice thereof is provided by the CNL Partners to GW LP, then GW LP will no longer have any rights under this Section 8.9 with respect to the subject purchase and sale transaction. 
  
 Section 8.10 Tag Along Right. In connection with any sale by
the CNL Partners of their entire Partnership Interests to a Person who is not a Partner or a Permitted Transferee in accordance with the foregoing terms of this Article 8 (hereinafter referred to in this Section 8.10 as the
“Third Party Purchaser”), GW LP may require that the Third Party Purchaser also acquire 

  

 44 

 
the entire Partnership Interest of GW LP upon the same terms as the CNL Partners are selling to the Third Party Purchaser; provided, however, that the
purchase price to be received by GW LP for its Partnership Interest will be equal to the aggregate purchase price to be received by the CNL Partners for their Partnership Interests multiplied by a fraction, the numerator of which will be the
Percentage Interest of GW LP and the denominator of which will be the aggregate Percentage Interests of the CNL Partners; provided further, however, that the right of GW LP under this Section 8.10 will not apply if GW LP has objected to a
request made by the CNL Partners to participate in the subject purchase and sale transaction pursuant to Section 8.9. In connection with any purchase of the Partnership Interest of GW LP pursuant to this Section 8.10, GW LP agrees that
it shall fully cooperate in all reasonable respects with the CNL Partners and the Third Party Purchaser with respect to such purchase, it shall use good faith commercially reasonable efforts to effect such purchase in accordance with the terms
agreed to by the CNL Partners and the Third Party Purchaser, and it shall not act or fail to act so as to unreasonably delay the purchase of Partnership Interests under this Section 8.10. If GW LP breaches the terms of this Section
8.10 and such breach is not cured within five (5) Business Days after notice thereof is provided by the CNL Partners to GW LP, then GW LP will no longer have any rights under this Section 8.10 with respect to the subject purchase and sale
transaction. 
  
 Section 8.11 Affiliated Partners.
For purposes of this Article 8, the term “GW LP” will include GW LP and any Permitted Transferees of GW LP and the terms “CNL LP” and “CNL Partners” will include CNL GP, CNL LP and any Permitted Transferees of
CNL GP or CNL LP. 
  
 ARTICLE 9 
 ADMISSION OF ASSIGNEES 
  
 Section 9.1 Rights of Assignees. The Assignee of a Partnership Interest has no Management Rights and, unless the Assignee is a Permitted
Transferee, no right to become a Partner. The Assignee’s only rights are the Economic Rights allocable to the Transferred Partnership Interest. 
  
 Section 9.2 Admission of Assignee as a Partner. An Assignee shall be admitted as a Partner with all rights of the Partner who initially
Transferred the Partnership Interest to the Assignee, but only if (i) the Partner who initially Transferred the Partnership Interest so provides in the instrument of Transfer, (ii) the Assignee agrees in writing to be bound by the provisions of this
Agreement and (iii) the Partners consent in writing to the admission of the Assignee as a Partner. Each Partner shall have the right to give or withhold its consent to the admission of the Assignee as a Partner in such Partner’s sole and
absolute discretion. An Assignee who is admitted as a Partner shall have all the rights and powers and be subject to all the restrictions and liabilities of the Partner who originally Transferred the Partnership Interest. The admission of the
Assignee as a Partner, without more, shall not release the Partner who originally Transferred the Partnership Interest from any liability to the Partnership that exists before such admission. 
  
 Section 9.3 Admission of Permitted Transferee as Partner. A
Permitted Transferee to whom a Partnership Interest is Transferred shall be admitted as a Partner, without the necessity of obtaining the written consent of the other Partners, only if the conditions described in clauses (i) and (ii) of Section
9.2 are satisfied. Any costs of any such Transfer that are incurred by the Partnership shall be paid by the Permitted Transferee or its transferor. 
  

 45 

 ARTICLE 10 
 DEFAULT AND REMEDIES 
  
 Section 10.1 Events of Default. Each of the following events shall be deemed to be, and is referred to in this Agreement as, an “Event of Default”: 
  
 (a) (i) a default (within the meaning of Section 4.3(b)) by a Partner
in paying the Partner’s proportionate share of an Additional Capital Contribution to the Partnership on the Due Date which continues for more than ten (10) days after the General Partner or, if the General Partner is in default, any Partner
other than the General Partner (the “Other Partner”) gives a notice to the Partner specifying the default, or (ii) a default by CNL LP with respect to its obligation to make any Capital Contributions or other payments pursuant to
Section 4.2(d) or Section 4.7; 
  
 (b) a default by
a Partner in performing or observing any of the provisions of this Agreement (other than those referred to in Section 10.1(a) above and Section 10.1(c) and Section 10.1(d) below) which is not remedied by the Partner (i) within
fifteen (15) days after the General Partner or the Other Partner gives a notice to the Partner specifying the default, or (ii) in the case of a default which cannot with due diligence and in good faith be cured within fifteen (15) days, within such
additional period, if any, as may be reasonably required by the Partner to cure the default with due diligence and in good faith provided that the Partner commences the curing of the same within the fifteen (15) day period (it being intended that,
in connection with any default which is not susceptible of being cured with due diligence and in good faith within fifteen (15) days, the time within which the Partner is required to cure the default shall be extended for such additional period as
may be reasonably necessary to cure the default with due diligence and in good faith but in no event shall such additional period exceed 90 days); 
  
 (c) Transfer by a Partner of the Partner’s Partnership Interest in a manner not permitted by Article 8; 
  
 (d) (INTENTIONALLY DELETED); and 
  
 (e) the taking of any of the following actions by a Partner pursuant to or
within the meaning of Title 11, Federal Bankruptcy Code (11 U.S.C.A.) or any similar federal or state law for the relief of debtors (“Bankruptcy Law”): 
  
 (i) commencing a voluntary case; 
  
 (ii) consenting to the entry of an order for relief against the Partner in an involuntary case; 

 
 (iii) consenting to the appointment of a receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy Law (a “Custodian”) of the Partner or for all or substantially all of the Partner’s property; 
  

 46 

 (iv) making a general assignment for the benefit of the Partner’s creditors; or

  
 (v) the entry by a court of competent
jurisdiction of an order or decree under any Bankruptcy Law that: 
  
 (vi) is for relief against a Partner in an involuntary case, which order or decree remains unstayed and in effect for 90 days, 
  

(vii) appoints a Custodian of the Partner for all or substantially all of its property, which order or decree remains unstayed and in
effect for 90 days, or 
  
 (viii) orders the
liquidation of the Partner (if the Partner is not an individual), which order or decree remains unstayed and in effect for 90 days. 
  
 Section 10.2 Adjustment of Percentage Interests. If an Event of Default described in Section 10.1(a) occurs, any Nondefaulting
Partner shall have the option, but without imposing on it the obligation, to contribute the share of the Additional Capital Contribution which the Defaulting Partner was obligated, but failed, to contribute (the “Defaulting Partner’s
Share”) (and if more than one Nondefaulting Partner exercises such option, or any other right or option under this Article 10, such option or right shall be exercised by each Nondefaulting Partners, pro rata in accordance with their
respective Percentage Interests, or in such other manner as they may determine, and the term “Nondefaulting Partner” as used in this Article 10 shall mean the aggregate of such Nondefaulting Partners who exercise such option
or right). To exercise the option, the Nondefaulting Partner must give notice of such exercise to the Defaulting Partner within sixty (60) days after the occurrence of the Event of Default. If the Nondefaulting Partner contributes the Defaulting
Partner’s Share (as well as the Nondefaulting Partner’s own share of the applicable Additional Capital Contributions), then the Percentage Interests of the Defaulting Partner and the Nondefaulting Partner shall be adjusted as follows:

  
 (a) the Percentage Interest of the Nondefaulting Partner
shall be increased by the percentage that corresponds to a fraction, the numerator of which will be equal to two hundred percent (200%) of the Defaulting Partner’s Share and the denominator of which will be equal to the aggregate balance of the
Partner’s Capital Accounts as of the date upon which the Nondefaulting Partner contributed the Defaulting Partner’s Share, and, if there is more than one Partner comprising the Nondefaulting Partner, then such increase shall be allocated
to such Partners pro rata in accordance with the amount of the Defaulting Partner’s Share contributed by each such Partner; and 
  
 (b) the Percentage Interest of the Defaulting Partner shall be decreased by the percentage by which the Nondefaulting Partner’s Percentage Interest
is increased pursuant to Section 10.2(a) above. 
  
 Section 10.3 Deemed Priority Loan. If there is a default under Section 4.2(d) and such default has not been cured on or before the date that is ten (10) days after CNL LP receives written notice of such default (the
“Priority Loan Date”), then GW LP shall be deemed to have 
  

 47 

 
made a loan to the Partnership in an amount equal to the difference between seventy percent (70%) and the Percentage Interest of the CNL Partners on the
Priority Loan Date multiplied by the Initial Contributed Property Value (the “Deemed Priority Loan”). The Deemed Priority Loan will be deemed to accrue interest at a deemed simple interest rate of thirteen percent (13%) per annum
and the Deemed Priority Loan and any accrued and unpaid deemed interest thereon will be paid to GW LP as a distribution of Net Cash Flow or Capital Proceeds before any other distributions of Net Cash Flow or Capital Proceeds are made to the Partners
pursuant to Section 5.1. Notwithstanding the characterization of the Deemed Priority Loan as a loan pursuant to the foregoing provisions of this Section 10.3, all distributions made to GW LP pursuant to this Section 10.3,
whether on account of the Deemed Priority Loan or deemed interest thereon, shall be treated as distributions made by the Partnership to GW LP on account of its ownership interest in the Partnership and shall reduce GW LP’s Capital Account
balance in accordance with Section 4.4 above. Notwithstanding any other terms of this Agreement to the contrary, the provisions of this Section 10.3 set forth the sole remedy of GW LP with respect to a default under Section
4.2(d). 
  
 Section 10.4 Dells Attraction Addition
Default. If there is a default under Section 13(a) of the Formation Agreement or under the Development Agreement and CNL LP funds any costs and/or expenses relating to the Dells Attraction Addition as a result of such default by making a Capital
Contribution to the Partnership (which it may do without the consent of any other Partner), then the Percentage Interest of CNL LP shall be increased by the percentage that corresponds to a fraction, the numerator of which will be equal to two
hundred percent (200%) of the Capital Contribution so made by CNL LP and the denominator of which will be equal to the aggregate Capital Account balances of the Partners as of the date upon which CNL LP makes such Capital Contributions, and the
Percentage Interest of GW LP shall be decreased by the percentage by which CNL LP’s Percentage Interest is increased pursuant to this Section 10.4. 
  

Section 10.5 Remedies. In addition to the rights of the Nondefaulting Partner set forth above in this Article 10, the Nondefaulting
Partner shall have all rights at law or in equity against the Defaulting Partner with respect to any Event of Default by the Defaulting Partner. Furthermore, during the continuance of an Event of Default, the right of the Defaulting Partner to
approve or disapprove Major Decisions shall be suspended. 
  
 ARTICLE 11 
 (INTENTIONALLY DELETED) 
  
 ARTICLE 12 
 SALE OF PROPERTY 
  
 Section 12.1
Partner’s Right to Make Proposed Offer or to Obtain Third Party Offer. If, at any time on or after the third anniversary of the Effective Date, either GW LP or CNL LP (the “Proposing Partner”) desires to cause any of the
Subsidiaries to sell any of the Hotel Properties, the Proposing Partner shall have the right, except as otherwise provided in Section 12.4 and subject to any restrictions on sale imposed on the Partnership and the Subsidiaries by the terms of
any Mortgage encumbering such Hotel Property or the Hotel Management Agreement applicable to such Hotel Property, to deliver to the other Partner (the “Responding Partner”) either: 
  

 48 

 (a) a proposed offer (the “Proposed Offer”) containing (i) the minimum purchase price
(the “Minimum Price”) for the Hotel Property which the Proposing Partner would be willing to cause the Partnership to accept in connection with a sale of the Hotel Property to an unrelated third party for cash (within the meaning of
Section 12.6), subject to the Hotel Management Agreement and easements, covenants, conditions and other matters affecting title and all leases with tenants (other than the Operating Lease applicable to such Hotel Property) and (ii) any and
all other terms and conditions of such proposed Transfer (the “Terms”); or 
  
 (b) a Bona Fide Third Party Offer (as defined in Section 12.5) providing for the purchase of the Hotel Property for cash (within the meaning of Section 12.6), subject to the Hotel Management Agreement
and easements, covenants, conditions and other matters affecting title and all leases with tenants (other than the Operating Lease applicable to such Hotel Property). The delivery of a Bona Fide Third Party Offer by the Proposing Partner shall
constitute a representation and warranty by the Proposing Partner to the Responding Partner that the Bona Fide Third Party Offer is bona fide in all respects. 
  

Section 12.2 Responding Partner’s Option to Purchase. For a period of forty-five (45) days after receipt of the Proposed Offer or
the Bona Fide Third Party Offer, as the case may be, the Responding Partner (the “Purchaser”) shall have the option to purchase the particular Hotel Property (i) for an amount equal to the Minimum Price and on the Terms in the case
of a Proposed Offer or (ii) in accordance with the terms of the Bona Fide Third Party Offer in the case of a Bona Fide Third Party Offer. The option must be exercised by the Responding Partner by giving notice of exercise of the option to the
Proposing Partner within the forty-five (45)-day period. If the Responding Partner exercises the option, the closing of the purchase of the Hotel Property shall be in accordance with the Terms or the Bona Fide Third Party Offer, as applicable, and
shall take place within one hundred twenty (120) days after the date upon which the Proposed Offer or the Bona Fide Third Party Offer is received by the Responding Partner. 
  
 Section 12.3 Sale of Hotel Property. If the Responding Partner does not exercise the option to purchase the
Hotel Property within forty-five (45) days after receipt of the Proposed Offer or the Bona Fide Third Party Offer, as the case may be, or if the Responding Partner timely exercises the option but the Purchaser thereafter defaults in consummating the
purchase of the Hotel Property, the Proposing Partner shall have the right at any time within the one hundred eighty (180) day period beginning on the date of expiration of the option (or the date of the Purchaser’ default, if applicable),
without the necessity of obtaining the consent or approval of the Responding Partner (or any other Partner), to cause the applicable Subsidiary to sell the Hotel Property for a purchase price payable in cash (within the meaning of Section
12.6) equal to or greater than the Minimum Price or the purchase price of the Hotel Property payable under the Bona Fide Third Party Offer, as the case may be (or, if the Responding Partner exercises the option but the Purchaser thereafter
defaults in purchasing the Hotel Property, for a purchase price payable in cash equal to or greater than ninety-five percent (95%) of the Minimum Price or the purchase price of the Hotel Property payable under the Bona Fide Third Party Offer, as the
case may be). If the Proposing Partner fails, within the one hundred eighty (180) day period, to cause 
  

 49 

 
the Partnership to consummate a sale of the Hotel Property which complies with this Section 12.3, the provisions of this Article 12 shall apply
with respect to any future desire on the part of the Proposing Partner to cause the Partnership to sell the Hotel Property. Any sale of the Hotel Property to a Person other than the Responding Partner as a result of a Proposed Offer shall be in
accordance with the Terms or terms that are less favorable to the buyer than the Terms. 
  
 Section 12.4 Exceptions. No Partner may (i) deliver a Proposed Offer or a Bona Fide Third Party Offer after it or another Partner has delivered a Bona Fide Third Party Offer until the Responding
Partner’s option under Section 12.2 has expired without being exercised and the Proposing Partner’s right to cause a sale of the Hotel Property pursuant to Section 12.3 has expired, or (ii) deliver a Bona Fide Third Party
Offer after it has delivered a Proposed Offer until the Responding Partner’s option under Section 12.2 has expired without being exercised and the Proposing Partner’s right to cause a sale of the Hotel Property pursuant to
Section 12.3 has expired. If, after the Responding Partner elects to purchase a Hotel Property pursuant to Section 12.2, the Responding Partner defaults in making the purchase, the Responding Partner shall not be permitted to deliver a
Proposed Offer or a Bona Fide Third Party Offer to the Proposing Partner for a period of twelve (12) months following the date of the default. 
  
 Section 12.5 Bona Fide Third Party Offer. For purposes of this Article 12, the term “Bona Fide Third Party Offer”
shall mean a written offer to purchase a Hotel Property for a specified price from a financially responsible Person, identified therein by name and address, who reasonably appears capable of complying with the terms of the Bona Fide Third Party
Offer and who is unrelated, directly or indirectly, to the Proposing Partner, and which does not contain terms or conditions which the Responding Partner, for reasons other than its financial condition, is not reasonably capable of performing, such
as payment in a specific form of property (such as corporate stock or a unique or specific item or class of property) not readily available to the Responding Partner or for which no recognized or adequate public market exists. The Person who makes
the Bona Fide Third Party Offer shall be deemed to be “unrelated” only if it is not an Affiliate of the Proposing Partner and there is no arrangement of any kind whereby the Proposing Partner, directly or indirectly, will be financially
interested in the ownership of the Hotel Property, or any interest therein, after the subject transaction, (other than rights arising under any Hotel Management Agreement). 
  
 Section 12.6 Cash Price. For all purposes of this Article 12, the purchase price of the Hotel Property
shall be deemed to be payable in cash if the purchase price is payable in part by assuming, or taking title to the Hotel Property subject to, all or any of the existing Mortgages (and paying any loan assumption fees) and the balance is payable in
cash. 
  
 ARTICLE 13 
 DISSOLUTION OF PARTNERSHIP 
  
 Section 13.1 Events Causing Dissolution. The Partnership shall be dissolved and its affairs wound up upon the occurrence of any of the
following events: 
  
 (a) the sale, exchange, or other
disposition by the Partnership of all or substantially all of its assets; provided, however, that if, in connection with such sale or other 
  

 50 

 
disposition, the Partnership receives a promissory note or notes evidencing all or a part of the purchase price of such property, the Partnership shall not
be dissolved until such promissory note(s) is (are) satisfied, sold or otherwise disposed of; 
  
 (b) the sale, exchange, or other disposition by all of the Subsidiaries of all or substantially all of their assets; provided, however, that if, in connection with such sale or other disposition, the
Subsidiaries receives a promissory note or notes evidencing all or a part of the purchase price of such property, the Partnership shall not be dissolved until such promissory note(s) is (are) satisfied, sold or otherwise disposed of; or 

 
 (c) the consent in writing by the Partners, acting unanimously, that the
Partnership shall be dissolved. 
  
 The Partnership shall not be
dissolved by the death, resignation, withdrawal, bankruptcy or dissolution of a Partner and the Partnership’s business shall continue pursuant to Section 17-801 of the Act. In the event of the withdrawal of the General Partner, within ninety
(90) days after such withdrawal, the Limited Partners shall appoint, effective as of the date of the withdrawal, a replacement general partner or general partners for the Partnership by the affirmative vote of the Limited Partners owning at least
fifty-one percent (51%) of the total Percentage Interests of the Limited Partners. 
  
 Section 13.2 Winding Up. If the Partnership is dissolved, the General Partner shall proceed with dispatch and without any unnecessary delay to sell or otherwise liquidate all property of the Partnership
and the Subsidiaries. Any act or event (including the passage of time) causing a dissolution of the Partnership shall in no way affect the validity of, or shorten the term of, any lease, contract or other obligation entered into by or on behalf of
the Partnership. The full rights, powers and authorities of the General Partner shall continue so long as appropriate and necessary to complete the process of winding up the business and affairs of the Partnership. 
  
 Section 13.3 Application of Assets in Winding Up. In winding up
the Partnership, after paying or making provision for payment of all of its liabilities and making any and all allocations of items of income, gain, loss, deduction and credit required hereunder, the remaining net proceeds and liquid assets shall be
distributed among the Partners in the manner specified in Section 5.1(b). 
  
 Section 13.4 Negative Capital Accounts. No Partner shall be obligated to restore to any extent the negative balance in its Capital Account, whether on liquidation of the Partnership or otherwise.

  
 Section 13.5 Termination. The Partnership shall
terminate, except for the purpose of suits, other proceedings, and appropriate action as provided in the Act, when all of its property shall have been disposed of and the net proceeds and liquid assets, after satisfaction of liabilities to
Partnership creditors, shall have been distributed among the Partners. The General Partner shall have authority to distribute any Partnership property discovered after dissolution, convey real estate, and take such other action as may be necessary
on behalf of and in the name of the Partnership. 
  

 51 

 ARTICLE 14 
 MISCELLANEOUS PROVISIONS 
  
 Section 14.1 Notices 
  
 (a) Each notice,
request, demand, consent, approval or other communication (hereafter in this Section 14.1 referred to collectively as “Notices” and referred to singly as a “Notice”) which any party is required or permitted
to give to the other party pursuant to this Agreement shall be in writing and shall be deemed to have been duly and sufficiently given if (i) personally delivered with proof of delivery thereof, (ii) sent by FedEx (or other similar nationally
recognized overnight courier) designating early morning delivery, or (iii) sent by United States registered or certified mail, return receipt requested, postage prepaid, at a post office regularly maintained by the United States Postal Service. All
notices given pursuant to this Section 14.1(a) shall be deemed to have been given (i) if delivered by hand, on the date of delivery or on the date delivery was refused by the addressee, or (ii) if delivered by United States mail or by overnight
courier, on the date of delivery as established by the return receipt or courier service confirmation (or the date on which the return receipt or courier service confirms that acceptance of delivery was refused by the addressee). 
  
 (b) All Notices shall be addressed to the parties at the following addresses:

  
 if to either of the CNL Partners: 
  
 c/o CNL Income Properties, Inc. 
 CNL Center at City Commons 
 450 South
Orange Avenue 
 Orlando, Florida 32801-3336 
 Attention: Ms. Tammie A. Quinlan 
 Chief Financial Officer 
  
 With copies to: 
  
 c/o CNL Income Properties, Inc. 
 CNL Center at City Commons 
 450 South
Orange Avenue 
 Orlando, Florida 32801-3336 
 Attention: Amy Sinelli, Esquire 
 Corporate Counsel 
  
 and 
  
 Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 
 215 North Eola Drive 
 Orlando, Florida
32801 
 Attention: William T. Dymond, Esquire 
  
  
  

 52 

 if to GW LP: 
  
 Great Wolf Resorts, Inc. 
 122 W. Washington
Avenue, 
 Madison, Wisconsin 53703 
 Attention: Mr. Hernan R. Martinez 
 President - Development Division 
  
 with copies to: 
  
 Great Wolf Resorts, Inc. 
 122 W. Washington
Avenue, 
 Madison, Wisconsin 53703 
 Attention: Michael Schroeder, Esquire 
 General Counsel 
  
 and 
  
 Heller Ehrman LLP 
 Times Square Tower

 7 Times Square 
 New York,
New York 10036 
 Attention: Bruce D. Saber, Esquire 
  

Any party may, by Notice given pursuant to this Section 14.1, change the Person or Persons and/or address or addresses, or designate an additional Person or
Persons or an additional address or addresses, for its Notices, but Notice of a change of address shall only be effective upon actual receipt. Each party agrees that it will not refuse or reject delivery of any Notice given hereunder, that it will
acknowledge, in writing, receipt of the same upon request by the other party and that any Notice rejected or refused by it shall be deemed for all purposes of this Agreement to have been received by the rejecting party on the date so refused or
rejected, as conclusively established by the records of the U.S. Postal Service or the courier service. 
  
 (c) All Notices that are required or permitted to be given under this Agreement may be given by the parties hereto or by their respective counsel, who are
hereby authorized to do so on the parties’ behalf. 
  
 Section 14.2 Integration. This Agreement, the Formation Agreement, the Development Agreement, and any other agreements to be entered into pursuant to the Formation Agreement, set forth all (and is intended by all parties
hereto to be an integration of all) of the promises, agreements, conditions, understandings, warranties and representations among the parties hereto with respect to the Partnership, the Partnership business and the property of the Partnership, and
there are no promises, agreements, conditions, understanding, warranties, or representations, oral or written, express or implied, among them other than as set forth herein or in the Formation Agreement. 
  

 53 

 Section 14.3 Governing Law. It is the intention of the parties that all questions with
respect to the construction of this Agreement and the rights and liabilities of the parties hereto shall be determined in accordance with the laws of the State of Delaware. 
  
 Section 14.4 Binding Effect. This Agreement shall be binding upon, and inure to the benefit of, the parties
hereto and their respective spouses, heirs, executors, administrators, personal and legal representatives, successors and assigns. 
  
 Section 14.5 Jurisdiction and Venue. Jurisdiction of and venue for any action or proceeding arising out of or connected with this Agreement
shall lie exclusively in the state courts of competent jurisdiction of the State of Delaware. Each party expressly waives all other jurisdiction and venue and agrees that it shall be subject personally to the jurisdiction of the agreed-upon
court(s). 
  
 Section 14.6 Jury Trial Waiver. EACH
PARTNER HEREBY WAIVES SUCH PARTNER’S RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS AGREEMENT AND THE BUSINESS RELATIONSHIP THAT IS BEING ESTABLISHED. THIS WAIVER IS KNOWINGLY,
INTENTIONALLY AND VOLUNTARILY MADE BY EACH PARTNER. EACH PARTNER ACKNOWLEDGES THAT NO PERSON HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR HAS TAKEN ANY ACTIONS WHICH IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. EACH
PARTNER ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTNER HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT AND EACH PARTNER WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR
RELATED FUTURE DEALINGS. EACH PARTNER FURTHER ACKNOWLEDGES THAT EACH HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER. 
  
 Section 14.7 Counterparts. This Agreement may be executed in
any number of counterparts, each of which shall be deemed an original and all of which shall together constitute one and the same instrument. A facsimile, telecopy or other reproduction of this Agreement may be executed by the parties (in
counterparts or otherwise). Signatures received through facsimile transmission shall bind the party whose signature is so received as if such signature were an original. At the request of any party, the parties hereto agree to execute an original of
this Agreement as well as any facsimile, telecopy or other reproduction. 
  
 Section 14.8 Incorporation of Recitals. The recitals set forth above are incorporated and made a part of this Agreement as if fully set forth herein. 
  

 54 

 IN WITNESS WHEREOF, the undersigned parties have signed this Amended and Restated Limited
Liability Limited Partnership Agreement of CNL Income GW Partnership, LLLP as of the day and year first above written. 
  

									
	 	 	 	 	GENERAL PARTNER:
		
	 Signed, Sealed and Delivered
 In The Presence
of:
	 	 CNL INCOME GW GP, LLC,
 a Delaware
limited liability company,

			
	  

	 	 By:
	 	 /s/ Tammie A. Quinlan

	Name:	 	  

	 	 	 	 Tammie A. Quinlan
 Executive Vice
President

	  
  

	 	 	 	 	 	 
	Name:	 	  

	 	 	 	 	 	 
		
	 	 	LIMITED PARTNERS:
	 	 	 	 	 CNL INCOME PARTNERS, LP,
 a Delaware
limited partnership

				
	 	 	 	 	 By:
	 	 CNL Income GP Corp., a
 Delaware corporation,
Sole
 General Partner

				
	  

	 	 	 	By:	 	 /s/ Tammie A. Quinlan

	Name:	 	  

	 	 	 	 	 	 Tammie A. Quinlan
 Executive Vice
President

	  
  

	 	 	 	 	 	 
	Name:	 	  

	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
		
	 	 	 GREAT BEAR LODGE OF WISCONSIN DELLS, LLC,
 a Delaware limited liability company

	  

	 	 
	Name:	 	  

	 	By:	 	 /s/ Hernan R. Martinez

	  
  

	 	 	 	 Hernan R. Martinez
 Vice
President

	Name:	 	  

	 	 	 	 

  

 55Development Agreement for Wisconsin Dells Addition

 Exhibit 10.2 
  
 DEVELOPMENT AGREEMENT FOR 
 WISCONSIN DELLS ADDITION 
  
 THIS AGREEMENT is made and entered into as of this 11 day of October, 2005 (the “Effective Date”) by and between CNL INCOME GW WI-DEL, LP, a Delaware limited partnership (the
“Owner”), and GREAT BEAR LODGE OF WISCONSIN DELLS, LLC, a Delaware limited liability company (the “Developer”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Developer, Great Bear Lodge of Sandusky, LLC, a Delaware limited Liability company, Great Wolf Resorts, Inc., a Delaware corporation
(“Wolf”), and CNL Income Partners, LP, a Delaware limited partnership (“CNL”), entered into that certain Venture Formation and Contribution Agreement dated October 3, 2005 (the “Formation
Agreement”) which contemplates, among other things, the formation of Owner and the transfer by Developer to Owner of title to the real property more particularly described on Exhibit “A” attached hereto and all
fixtures, buildings, structures, parking areas, and other improvements presently located thereon, including, without limitation, a three hundred nine (309) room hotel, an approximately thirty-eight thousand (38,000) square foot indoor
water-park component, an approximately ten thousand (10,000) square foot outdoor water-park component and all restaurant, bar, gift shop, casual dining and spa facilities located thereon (the “Improvements”), all located
in Sauk County, Wisconsin, and commonly referred to as the “Great Wolf Lodge-Wisconsin Dells” (hereinafter referred to as the “Property”); and 
  
 WHEREAS, simultaneously with the execution of this Agreement, the Property has been contributed to Owner pursuant to the
Formation Agreement; and 
  
 WHEREAS, simultaneously with the
execution of this Agreement, the Wolf Partner (as defined in the Formation Agreement), an affiliate of Developer, has sold all of the general and certain of the limited partnership interests in Owner to an affiliate of CNL; and 
  
 WHEREAS, prior to the contribution of the Property to Owner and the sale of
all of the general and certain of the limited partnership interests by Wolf Partner, Developer commenced development of an approximately 35,000 square foot addition to the indoor water-park component of the Improvements which addition includes a
wave pool and other amenities and features (the “Project”); and 
  
 WHEREAS, the value allocated to the Property pursuant to the Formation Agreement and the sums of money simultaneously distributed to Wolf Partner pursuant to the Partnership Agreement (as such term is defined in the
Formation Agreement) were based upon the value of the Property upon the satisfactory completion of the development of the Project; and 
  
 WHEREAS, Developer has received a direct benefit from the transactions contemplated by the Formation Agreement including, without limitation, the sale of
the general and limited partnership interests to CNL; and 
  
 WHEREAS, the execution of this Agreement by Developer constitutes consideration to CNL for CNL entering into and consummating the transactions contemplated by the Formation Agreement including, without limitation, the purchase of the
general and limited partnership interests from Wolf Partner, without which consideration CNL would not have entered into and consummated the transactions contemplated by the Formation Agreement; and 
  

 1 

 WHEREAS, the parties to the Formation Agreement have established as of the date hereof an escrow account
(the “Construction Account”) in which an amount equal to one hundred twenty percent (120%) of the budgeted cost of the remaining construction of the Project has been escrowed to be disbursed pursuant to this Agreement;
and 
  
 WHEREAS, Developer has agreed to complete development of
the Project; and 
  
 WHEREAS, Owner and Developer desire to
enter into this Agreement to ensure the timely and complete development of the Project and the funding of the same. 
  
 NOW THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Recitals. The foregoing recitals are true and correct, and are incorporated herein by this reference. 
  
 2. Definitions. 
  
 a. The term “Budget” shall mean that certain budget for the construction of the Project attached hereto as Exhibit
“B”. 
  
 b. The term
“Closing” shall mean the date Owner acquired title to the Property pursuant to the Formation Agreement. 
  
 c. The term “Collateral Assignment” shall mean the collateral assignment of all Working Drawings, Permits, Warranties,
construction contracts and all other documents relating to the development and construction of the Project executed by Developer in favor of Owner of even date herewith a copy of which is attached hereto as Exhibit “C”.

  
 d. The term “Completed” or
“Completion” of the Project shall mean completion of construction of the Project materially in accordance with the Working Drawings (except for Punchlist Items, as defined herein) and the issuance of a Certificate of
Occupancy for the Project. 
  
 e. The term
“Construction Contract” shall mean the general contract between Developer and the general contractor attached hereto as Exhibit “D”. 
  
 f. The term “Cost Overruns” shall mean any construction costs in excess of the amounts set forth on
the Budget for such line item and any unbudgeted cost of completing construction of the Project, excluding the contingency line items. 
  
 g. The term “Cost Savings” shall mean any savings realized because the actual cost of construction of any line item on the Budget
is less than the amount set forth on the Budget for such line item, excluding the contingency line items. 
  
 h. The term “Final Plan” shall have the meaning ascribed to it in Section 5(a)(i) hereof. 
  
 i. The term “General Contractor” shall mean Kraemer
Brothers LLC. 
  

 2 

 j. The term “Legal Requirements” shall mean all applicable zoning, subdivision,
land use, building construction, landmark, occupational health and safety, environmental and pollution control laws, statutes, codes, ordinances, and regulations. 
  
 k. The term “Major Subcontract(s)” shall mean a contract between Developer and a contractor or
between the General Contractor and a subcontractor for the construction of the Project which has a face value of at least $50,000. 
  
 l. The term “Net Cost Overruns” shall mean the amount by which aggregate Cost Overruns exceed aggregate Costs Savings. 

 
 m. The term “Permits” shall mean a building permit
and all other permits required by any governmental agency having jurisdiction over the Property, authorizing the construction of the Project. 
  
 n. The term “Project Plan” shall mean collectively the Budget, the Final Plan, the Working Drawings and the Project Schedule, all
as defined herein. 
  
 o. The term “Project
Schedule” shall mean that certain development schedule for the Completion of the Project, proposed draw request schedules and the expected dates of completion, which schedule is attached hereto as Exhibit “E”.

  
 p. The term “Punchlist Items” shall
mean only minor details of construction or decoration which remain to be done which do not unreasonably prevent the use of the Project for its intended purpose. 
  

q. The term “Warranties” shall mean any and all warranties or guarantees provided by any contractor, supplier, or manufacturer
in connection with the development and construction of the Project, including without limitation, any warranties or guarantees (i) contained in the Construction Contract; (ii) warranting or guaranteeing workmanship on the Project;
(iii) associated with any roof(s) on the Project, or (iv) warranting or guaranteeing any equipment, fixtures, or appliances supplied or incorporated to the Project. 
  
 r. The term “Working Drawings” shall mean all working construction plans, specifications and
drawings required for the construction of the Project. 
  
 3.
Appointment. Owner hereby appoints and employs Developer as an independent contractor for the development of the Project in accordance with the Project Plan. Developer hereby accepts such appointment and employment and shall perform
and fully discharge all of its duties, responsibilities and obligations set forth herein diligently, promptly and in full compliance with the provisions hereof. It is expressly understood and agreed by the parties hereto that the Developer shall
deliver the Project to Owner substantially in accordance with the Project Plan. Developer may not incur debt or liabilities on Owner’s behalf. Developer hereby accepts such appointment and employment and shall perform and fully discharge all of
its duties, responsibilities and obligations set forth herein diligently, promptly and in full compliance with the provisions hereof. Developer hereby acknowledges the collateral assignment to Owner of all Working Drawings, Permits, Warranties,
construction contracts and all other documents associated with or useful in the construction of the Project pursuant to the Collateral Assignment, to which Developer or any affiliate of Developer is a party or of which Developer or any affiliate of
Developer is a beneficiary, and which is assignable and in the event that any such contracts are not assignable without the counter-party’s consent, Developer shall obtain such consent. 
  

 3 

 4. Term. The term of this Agreement shall commence on the Effective Date and shall, unless
sooner terminated as herein provided, terminate upon Completion. 
  
 5. Scope of Developer’s Work. Developer shall develop and construct the Project in accordance with the Project Plan. In that regard, Developer’s duties, obligations and responsibilities shall include, but not be
limited to the following services for Owner in connection with the development and construction of the Project. 
  
 a. Project Plan. 
  
 (i) Developer has caused the final site plan attached hereto as Exhibit “F” (the “Final Plan”) to be
prepared for the Project. Based upon the Final Plan, Developer has engaged engineers and other professionals to perform site investigations in order to determine the physical and legal feasibility of the development of the Project. Such
investigations have been completed in a satisfactory manner and construction of the Project has commenced. Prior to execution of this Agreement, Developer has delivered to the Owner the Project Plan, and a summary of the findings of the
investigation completed through such date. 
  
 b. Due
Diligence. Prior to the date hereof or simultaneously herewith, Developer has coordinated and delivered to Owner all material due diligence materials it obtained on and in connection with the Project. 
  
 c. Construction of the Project. The parties to this Agreement agree
and acknowledge that the Working Drawings are not final as of the date hereof. Developer shall promptly commence and diligently pursue to completion the construction of the Project substantially in accordance with the Working Drawings as of the date
of this Agreement, which Working Drawings shall not be materially changed without the consent of Owner (other than to finalize the Working Drawings in a manner consistent with the Working Drawings as of the date hereof and to implement the Working
Drawings as so finalized), which consent may be withheld by Owner in its reasonable discretion, and with all applicable ordinances and statutes and in accordance with all Legal Requirements. 
  
 d. Contracts and Agreements. Developer shall (i) execute all
contracts and agreements with architects, the General Contractor, the surveyor and engineers, (ii) act as the Project representative with respect to any such contract; (iii) provide a complete, fully executed original counterpart of each
such contract entered into prior to the date hereof to Owner; and (iv) provide a complete, fully executed original counterpart of each such contract entered into as of or after the date hereof to Owner prior to the commencement of work or
delivery of materials pursuant to such contract. Developer shall provide Owner with a copy of an executed Major Subcontract within ten (10) days of full execution. 
  
 e. Construction. Developer shall promptly commence and diligently pursue to Completion the construction of the
Project substantially in accordance with the Project Plan and this Agreement. 
  
 f. Payments. Developer shall receive, review and approve requests for payment from contractors, consultants and other vendors of the Project prior to submittal of an advance request to Owner. 
  
 6. Authority of Developer; Designated Personnel. Owner hereby
grants Developer the power and authority to perform the services required to be performed by Developer hereunder, and Developer agrees to perform same, in a manner consistent with the prevailing standard for developers of similar projects.

  

 4 

 7. Inspections. The Owner shall have the right, during the construction of the Project, to
inspect it at any reasonable time and to reject and require to be replaced any materials or workmanship that do not substantially comply with the Working Drawings. It is agreed that all inspection services rendered by Owner’s officers or agents
shall be rendered solely for the protection and benefit of the Owner. The Owner, its officers, or agents, shall not be liable for the failure of any dealer, contractor, craftsman or laborer to deliver the goods or perform the services to be
delivered or performed by them. If Owner so desires, Owner may or Owner may engage a third party Inspecting Engineer (the “Inspecting Engineer”) to: (i) review and approve any changes to the Working Drawings,
(ii) perform a construction cost analysis for the Owner, (iii) determine whether Developer has obtained the appropriate regulatory approvals, (iv) inspect and approve all construction, (v) approve all requests for disbursements,
and (vi) conduct monthly inspections of the work on the Project. All costs incurred in connection with the services of Inspecting Engineer shall be paid for by the Owner. 
  
 8. Supervising Architect. At all times there shall be a supervising architect employed to supervise the
construction of the Project. At the request of the Developer, Owner has approved Architectural Design Consultants, Inc. as the supervising architect (the “Supervising Architect”). Upon completion of the Project the
Supervising Architect must issue a final certificate of completion certifying that the Project has been completed substantially in accordance with the Working Drawings, and that such Working Drawings comply with the Legal Requirements in all
material respects. 
  
 9. Completion Date. Developer
shall use all reasonable and diligent efforts to cause the Project to be Completed on or before March 31, 2006, and shall in any event cause the Project to be Completed on or before May 31, 2006, subject to delays caused by Force Majeure
(the “Completion Date”), however, even in the event of delays cause by Force Majeure, no later than September 30, 2006. In the event that the Project is not Completed on or before March 31, 2006, all liquidated
damages due and payable to Developer or any of its Affiliates by the General Contractor or any other contractor shall be promptly collected by Developer and delivered to Owner upon receipt thereof. For the purposes hereof, the term “Force
Majeure” shall mean delays caused by reason of strikes, casualties, failure of utilities, riots, insurrection or Acts of God, beyond the reasonable control of a party. 
  
 10. Use and Disbursement of Funds. 
  
 a. Use of Funds. The Developer agrees that the proceeds disbursed to it hereunder are to be used solely for and in
connection with the Project including the payment of material bills, labor and other uses and purposes all as contemplated pursuant to the Budget, or as otherwise approved by Owner. 
  
 b. Calculation of Advance. Advances shall consist of (a) the amounts payable by Developer pursuant to the
Construction Contract and all other construction contracts, and (b) all other sums shown in the Budget, payable by or on behalf of Developer in connection with the Project. The aggregate amount of the advances will be the total of sums actually
paid or incurred by Developer for each of the cost line items specified in the Budget, but in no event will the advances exceed the total of all sums allocated to such cost line items in the Budget. Notwithstanding anything herein to the contrary,
Owner in its sole discretion shall have the right, but shall not be obligated, to authorize any advance, in whole or in part, before it becomes due and to authorize the increase, decrease, reallocation or reapplication of the amount of the funds to
be disbursed for each item set forth in the Budget, provided, however, that no such approval shall be required in connection with reallocating funds from the 

  

 5 

 
contingency line items in the Budget to any other line item. To the extent that the value of the executed contract with the General Contractor exceeds the
amount set forth in the line item in the Budget for such contract, funds shall be reallocated from the contingency line items in the budget to the line item for the contract with the General Contractor. Upon such reallocation, the remaining balance
escrowed in connection with the contingency line items in excess of One Hundred Thousand and No/100 Dollars ($100,000.00) shall be released from escrow and paid to Developer; provided, however, that such release shall be conditioned upon the funds
escrowed in connection with the line item in the Budget for the contract with the General Contractor being equal to one hundred twenty percent (120%) of the line item in the Budget for such contract. Owner shall not be obligated to authorize
advances for construction costs more than the lesser of (a) the sum of (i) the cost of the work or materials incorporated into the Project, (ii) the costs of any deposits paid in connection with work or materials to be incorporated
into the Project, and (iii) the cost of any materials purchased but not yet incorporated into the Project, provided however, that all such materials must, to the extent practical, be stored on-site at the Project, and to the extent not
practical, must be under the control of Developer and stored off-site in a lien-free manner at a secure facility to which Owner shall be granted access upon its request, or (b) the sum of (i) the percentage of the work in place multiplied
by the estimated total cost of the construction of the Project, as determined from time to time by Owner or Owner’s Inspecting Engineer, (ii) the costs of any deposits paid in connection with work or materials to be incorporated into the
Project, and (iii) the cost of any materials purchased but not yet incorporated into the Project (subject to the limitations set forth in clause (a) above), all less the amount by which such estimated total cost exceeds the Budget and less
the aggregate amount of advances theretofore made, all as approved for payment by Owner. 
  
 c. Method of Disbursement. 
  
 (i) Upon request from Developer, made no more frequently than once per month, Owner shall advance to Developer from the Construction Account costs and expenses in accordance with the Budget, including all necessary governmental applicant
and permitting fees. Each such request to Owner shall be accompanied by a copy of the invoice or other reasonably satisfactory evidence of the expense and shall be on the draw request form attached hereto as Exhibit “G” and
shall be signed by the General Contractor or other applicable contractor and approved by the Developer. The Owner will disburse one hundred percent (100%) of the amount due based on the status of completion of the Project. In addition, upon the
request of Developer in accordance with the requirements of this subparagraph, Owner shall disburse that portion of the funds contained in the Construction Account which relate to work on the Project completed but exceed the amounts previously paid
for such work at three (3) intervals: (i) at such time as the Project is twenty-five percent (25%) Complete; (ii) at such time as the Project is fifty percent (50%) Complete; and (iii) at such time as the Project is
seventy-five (75%) Complete all as reasonably determined by Owner or Owner’s Inspecting Engineer; all so that (x) as of first such payment, the Construction Account shall contain one hundred twenty percent (120%) of the budgeted
cost to complete the remaining seventy-five percent (75%) of the Project, (y) as of second such payment, the Construction Account shall contain one hundred twenty percent (120%) of the budgeted cost to Complete the remaining fifty
percent (50%) of the Project; and (z) as of third such payment, the Construction Account shall contain Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00). Notwithstanding anything to the contrary herein, in no event prior to the
final disbursement contemplated by Section 10(e) below shall the funds held in the Construction Account be less than Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00). Owner shall be given a minimum of fifteen (15) days notice
prior to the time funds are to be advanced in order to allow time for inspection. Owner shall make payment directly to Developer by single payee check within fifteen (15) days after Developer’s request to Owner and delivery by Developer to
Owner of the items set forth in Subsection 10.d. below. 
  

 6 

 (ii) Owner shall have no obligation to fund Net Cost Overruns, but instead, Developer shall be obligated
to absorb, incur and pay any and all Net Cost Overruns. 
  
 (iii)
The balance of the Construction Account, if any, regardless of the cost of Completion of the Project, shall be disbursed to Developer upon Completion of construction and the satisfaction of all requirements of Subsection 10.e. below. 
  
 d. All Disbursements. The following shall be conditions precedent to
all disbursements: 
  
 (i) The Developer shall not be in default
in the performance of the terms and provisions of this Agreement. 
  
 (ii) Requests for disbursements shall be accompanied by: 
  
 (1) A certificate by the Developer that all bills for labor, materials and services then incurred and payable in connection with the Project have been paid or will be paid from the advance being requested, except
those being disputed by Developer and for which arrangements reasonably satisfactory to Owner ensuring that no liens or claims will result against the Property have been made or which have been bonded off. 
  
 (2) Certificate signed by the Developer, and the
Supervising Architect, certifying that the construction of the Project to date has been performed substantially in accordance with the Working Drawings. 
  
 (3) An updated title examination report showing any new documents of record which affect Owner’s title to the Property. All costs in
connection with said endorsement shall be a Project cost. 
  
 (4) A Lien Waiver and Release from General Contractor and all Major Subcontractors, subcontractors and suppliers who have worked on the Project. 
  
 e. Final Cost Disbursement. The final cost disbursement shall be made upon: (i) Completion of the Project
substantially in accordance with the Working Drawings; (ii) Owner receiving a Final Lien Waiver and Release of Lien from the General Contractor and all contractors, subcontractors and suppliers who worked on the Project in a form reasonably
acceptable to Owner and Developer in accordance with the construction lien law of the state of Wisconsin; (iii) written certification signed by the Developer, and Supervising Architect that the Project and all improvements thereon have been
completed substantially in accordance with the Working Drawings, (iv) Owner receiving from Developer a title insurance endorsement changing the effective date of Owner’s title insurance policy to the date of Completion of the Project
(provided that such endorsement does not require the payment of significant premiums); and (v) Owner receiving from Developer an ALTA As-Built Survey which meets the reasonable requirements of Owner; (vi) upon Owner receiving a copy of an
unconditional Certificate of Occupancy for the Project issued by the appropriate governmental authority; and (vii) Developer executing an assignment unconditionally assigning all of Developer’s right, title and interest in and to the
Project Plan, the Construction Contract, the Major Subcontract(s), the Permits, the Warranties and all other contracts or documents relating to the development and construction of the Project to Owner as of the date of Completion of the Project, to
the extent assignable; provided, however, that Developer shall not be obligated to assign or cause the assignment of the contract with the Supervising Architect; and 

  

 7 

 
provided, further, however, that Developer shall remain as Owner’s agent for the purpose of enforcing any of the rights of Developer and or Owner under
all such documents assigned, and that upon request by Developer, Owner shall confirm in writing that Developer is so appointed as Owner’s agent for these purposes and, at Developer’s request and expense, use reasonable efforts to enforce
its rights under such assigned instruments. If any punchlist items remain at the time of final disbursement hereunder, Owner shall make said final disbursement to Developer subject to a hold back in the amount of two hundred percent (200%) of
the estimated cost to complete the punchlist items, in Owner’s reasonable opinion ( the “Punchlist Escrow”). Should Developer fail to complete the punchlist items within ninety (90) days after the disbursement by
Owner under this Subsection, then Owner may exercise reasonable self-help rights upon written notice to Developer of Owner’s intent to do so and may subtract the costs of the same from the Punchlist Escrow. The Punchlist Escrow, if any, shall
be disbursed by Owner to Developer upon completion of all punchlist items. This subparagraph (e) shall survive Completion. 
  
 11. Use of Funds. 
  
 a. Trust Fund. Developer covenants that it will receive all advances hereunder as a trust fund to be used to pay the cost of the Project, or other
costs expressly approved in writing by Owner, before using any part of same for any other purpose, but nothing herein shall impose upon the Owner any obligation to see to the proper application of such advance by the Developer. 
  
 b. Evidence of Payment. Developer shall furnish to Owner, whenever
reasonably requested to do so, reasonably satisfactory evidence showing that all monies theretofore advanced or paid by Owner on account of the Project have actually been paid or applied by the Developer to the payment of the cost of constructing
the Project, or such other costs as are contemplated in the Budget, and until such evidence is produced, at the option of the Owner, Owner shall have the right to withhold all sums for which no such evidence is produced from the next disbursement.

  
 c. Default. The Owner shall not be obligated to
authorize any disbursements hereunder while any material default exists under the terms of this Agreement; provided, however, that Owner shall make such disbursements if such default has not continued beyond applicable notice and grace periods, if
any, and if Developer is endeavoring to cure such default. 
  
 12.
Developer’s Insurance Requirements. 
  
 a.
Developer’s Insurance During Construction. Prior to the Effective Date, Developer shall have purchased from and shall maintain throughout the term of this Agreement, or, with respect to item (iv) below, shall have caused the
Construction Contractor to maintain throughout the term of this Agreement, with a company or companies lawfully authorized to do business in the jurisdiction in which the Project is located such insurance as will protect Developer and Owner from
claims set forth below which may arise out of or result from Developer’s operations under this Agreement, and for which Developer or Owner may be legally liable, as follows: 
  
 (i) General Liability: Commercial General Liability with minimum limits of $1,000,000 Per Occurrence; General
Aggregate-$2,000,000; Products/Completed Operations Aggregate—$2,000,000; Fire Damage (Any one fire)-$50,000. Limits shall be on a per project & per location aggregate basis and shall name Owner and Lender (if required by contract) as
additional insured. 
  
 (ii) Automobile Liability: Minimum
limits of $1,000,000 combined single limit providing coverage for owned/non-owned autos/hired. 
  

 8 

 (iii) Excess Liability: Umbrella form with minimum limits of $10,000,000 Each Occurrence; and
$10,000,000 Aggregate which shall be excess over the General Liability, Employers Liability and Automobile Liability. 
  
 (iv) Statutory Worker’s Compensation and Employers’ Liability: Minimum limits of Each accident $500,000; Disease-Policy Limit $500,000;
Disease-Each Employee-$500,000. 
  
 b. General
Contractor’s Insurance During Construction. In addition to the foregoing, Developer shall cause the General Contractor to maintain insurance on the Project during construction of the Project as follows: 
  
 (i) Builder’s Risk Insurance (in completed value, non-reporting form)
in an amount not less than the actual replacement value of the improvements exclusive of excavating and not less than one hundred percent (100%) of the contract sum, as may be increased from time to time. 
  
 (ii) Automobile Liability insurance with minimum limits of $1,000,000
combined single limit providing coverage for owned/non-owned autos/hired. 
  
 (iii) Statutory Worker’s Compensation and Employers’ Liability: Minimum limits of Each accident $500,000; Disease-Policy Limit $500,000; Disease-Each Employee-$500,000. 
  
 (iv) Commercial General Liability with minimum limits of $1,000,000 Per
Occurrence; General Aggregate - $2,000,000; Products/Completed Operations Aggregate - $2,000,000; Insurance shall be maintained for a minimum period of one (1) year after final payment; Fire Damage (Any one fire) -$50,000; Med. Expense (Any one
person)-$5,000. Limits shall be on a per project aggregate basis and shall name Owner, Developer and Lender (if required by required by contract) as additional insured. 
  
 (v) Excess Liability: Umbrella form with minimum limits of $10,000,000 Each Occurrence; and $10,000,000 Aggregate
which shall be excess over the General Liability, Employers Liability and Automobile Liability. 
  
 13. General Insurance Requirements. All insurance to be carried by Owner hereunder shall be carried with an insurance company with a
rating of at least A-/VII by A.M. Best or such higher rating required by any institutional lender whose loan is secured by a mortgage on the Property or an assignment of the partnership interests of Owner, and if carried by the Construction
Contractor, then with a rating reasonably satisfactory to Owner and/or such institutional lender. Owner shall be identified as an additional insured party on all policies of liability insurance to be carried hereunder. Owner shall be delivered an
evidence of property insurance certificate ACORD Form 27 and an certificate of insurance ACORD Form 25 both identifying Owner as an additional insured regarding the liability policy, and shall bear endorsements to the effect that all additional
insureds shall be notified not less than thirty (30) days in advance of any termination, expiration, modification or cancellation thereof, and that the insurer has waived the right of recovery from such additional insured. All coverages shall
be provided on an occurrence basis and shall be maintained without interruption from the date of commencement of operations under this Agreement until Completion. Owner and Developer each hereby release the other from liability, and shall cause
their respective insurers to waive any rights of subrogation against the other, for all claims, loss, damages and expenses to the extent covered by insurance for any reason including the other party’s negligence but excluding willful
misconduct. 
  

 9 

 14. Developer Indemnification. Developer shall indemnify, defend, save, pay, insure
and hold Owner, its employees and agents, harmless with respect to any and all suits, claims and liabilities of every kind, nature and description arising out of (i) the construction and development of the Project; (ii) that certain
Development Agreement by and between Developer and the Village of Lake Delton, a municipal corporation, dated December 13, 2004; (iii) acts performed by Developer which are outside of the scope of Developer’s authority under this
Agreement; or (iv) failure to complete the development and construction of the Project in compliance with the terms hereof; provided, however, that such indemnity shall not apply to suits, claims, or liabilities to the extent arising out of
Owner’s negligence or willful misconduct. Such indemnity shall include all reasonable costs and expenses incurred by such indemnitee arising from any such suit, claim or liability, including all reasonable attorneys’ fees. The obligations
of this section shall survive for two (2) years after the earliest to occur of the expiration or termination of this Agreement and Completion. 
  
 15. Assignment. Developer shall not assign its interest in this Agreement without the prior written consent of Owner, which consent may be
granted or withheld in the sole and absolute discretion of Owner. The sale of, assignment of or transfer of any membership interest in Developer or of the beneficial ownership interest in Developer, other than to a wholly-owned subsidiary of Great
Wolf Resorts, Inc., shall be considered an assignment hereunder and such sale, assignment or transfer shall not be made without the prior written consent of Owner, which consent may be granted or withheld in the sole and absolute discretion of
Owner. Any attempt by Developer to assign or transfer this Agreement, except in accordance herewith, shall be a default hereunder and shall be null and void and of no force or effect. Notwithstanding the foregoing, Owner’s consent shall not be
required in connection with any assignment of this Agreement to a party in conjunction with the simultaneous sale by Developer to such party of one hundred percent (100%) of Developer’s partnership interests in CNL Income GW Partnership,
LLLP. 
  
 16. Default and Remedies.

  
 a. Owner shall be in “default” hereunder if and
only if one of the following events shall occur: 
  
 (i) If
Owner shall fail to release from the Construction Account any amount due hereunder when required and such failure shall continue for fifteen (15) days after notice in writing of such failure. 
  
 (ii) If Owner shall materially breach any other material term or covenant of
or fail to materially perform any of its other material obligations under this Agreement and the breach or failure shall continue for a thirty-day period after notice in writing of such failure or if such failure cannot be cured with thirty
(30) days, Owner shall not be in default hereunder so long as it commences cure within such thirty (30) day period and diligently pursues its completion thereafter to completion. 
  
 b. Developer shall be in “default” hereunder if and only if one of
the following events shall occur: 
  
 (i) If Developer shall
fail to pay any amount due hereunder and such failure shall continue for fifteen (15) days after notice in writing of such failure. 
  

 10 

 (ii) If Developer shall be in default beyond any applicable grace or cure periods under any term or
covenant of or fail to perform any of its other obligations under the Construction Contract or any Major Subcontract. 
  
 (iii) If any lien is placed against the property in connection with the construction and development of the Project and such lien is not removed of
recorded (by bonding or otherwise) within thirty (30) days of Wolf receiving notice of the filing of such lien 
  
 (iv) If Developer shall materially breach any other material term or covenant of or fail to materially perform any of its other obligations under this
Agreement and the breach or failure shall continue for a thirty-day period after notice in writing of such failure or if such failure cannot be cured with thirty (30) days, Developer shall not be in default hereunder so long as it commences
cure within such thirty (30) day period and diligently pursues its completion thereafter to completion. 
  
 (v) If Developer shall file in any court, pursuant to any statute of either the United States or of any state, a petition in bankruptcy or insolvency, or
for reorganization or arrangement, or for the appointment of a receiver or trustee of all or any portion of the party’s property, or if Developer shall make a general assignment for the benefit of its creditors or petitions for or enters into
an arrangement with its creditors. 
  
 (vi) If there shall be
filed against Developer in any courts pursuant to any statute of the United States or of any state, a petition in bankruptcy or insolvency, or for reorganization, or for the appointment of a receiver or trustee of all or a portion of such
party’s property, which is not stayed or discharged within sixty (60) days. 
  
 (vii) If Developer’s interest in the Budget, the Construction Contract, the Major Subcontract(s), any other contract relating to the construction or development of the Project, the Working Drawings, the Project
Plan or anything else materially related to the Project shall be seized under any levy, execution, attachment or other process of court. 
  
 c. Should Developer default hereunder, in addition to all rights and remedies available at law or equity including an action for damages, Owner shall have
the right to (i) seek specific performance, (ii) exercise self-help rights to cure such default and be reimbursed for all costs incurred in connection therewith from the Construction Account, (iii) exercise its rights under the
Collateral Assignment and be reimbursed for all costs reasonably incurred in connection therewith from the Construction Account, and/or (iv) terminate this Agreement and retain all amounts in the Construction Account without prejudice to
Owner’s right to seek damages available at law (“Termination For Cause”). In the event that Owner elects to exercise its right of Termination For Cause, such termination shall be effective when Owner has delivered to
Developer a notice of termination. Nothing herein shall or shall be deemed to restrict any remedies that may be available to any party to the Formation Agreement pursuant thereto or pursuant to any agreement entered into pursuant thereto. The
parties hereto acknowledge and agree that any remedies provided hereunder are in addition to, and not in lieu of, such remedies. 
  
 d. Should Owner default hereunder, in addition to all rights and remedies available at law or equity including an action for damages, Developer shall have
the right to (i) seek specific performance, (ii) terminate this Agreement For Cause and/or (iii) bring an action for damages. In the event that Developer elects to exercise its right of Termination For Cause, such termination shall be
effective when Developer has delivered to Owner a notice of termination. 
  

 11 

 e. Should Owner default in making any payment due hereunder, and such default shall continue beyond the
applicable notice and cure period set forth above, interest shall accrue on such payments and shall be due and payable to Developer at the lower of (1) the prime rate of interest on commercial loans made in the United States, as announced by
Bank of America, N.A. or its successor from time to time, plus 4.0% per annum (such rate to be adjusted with each change in such prime rate), or (2) the highest rate permitted under applicable law. 
  
 17. Joint Venture. This Agreement shall not be deemed to create
a joint venture between Owner and Developer for the purpose of the development or construction of the Project, or any other matters contemplated hereunder. 
  
 18. No Agency. DEVELOPER IS AN INDEPENDENT CONTRACTOR OF OWNER AND IS NOT AN AGENT OF OWNER. DEVELOPER HAS NO POWER OR AUTHORITY TO BIND
OWNER IN ANY MANNER OR FASHION OR TO ANY EXTENT AND AGREES TO SAVE, DEFEND, INDEMNIFY AND INSURE AND HOLD OWNER HARMLESS FROM AND AGAINST ANY AND ALL CLAIMS, DAMAGES, LOSS, COST AND EXPENSE (INCLUDING REASONABLE ATTORNEY FEES) SUFFERED OR INCURRED
BY OWNER BASED UPON THE PURPORTED AGENCY OF DEVELOPER OR ANY OTHER THEORY UPON WHICH A THIRD PARTY SEEKS TO HOLD OWNER RESPONSIBLE FOR ACTS OR OMISSIONS OF DEVELOPER. 
  

			
	                         (Initials)	  	                         (Initials)

  
 19.
Notices. All notices required or permitted by this Agreement shall be in writing and shall be hand delivered or sent by a nationally recognized overnight courier (such as FedEx) or by facsimile transmission, addressed as follows:

  

			
	If to Developer:	 	Great Bear Lodge of Wisconsin Dells, LLC
	 	 	122 W. Washington Avenue,
	 	 	Madison, WI 53703
	 	 	Attention: Mr. Hernan Martinez
	Fax:	 	608/661-4701
		
	With a copy at the same time to:	 	 
		
	 	 	Great Wolf Resorts
	 	 	122 W. Washington Avenue – 10th Floor
	 	 	Madison, Wisconsin 53703
	 	 	Attention: Michael J. Schroeder, Esq.
	 	 	Fax: 608/251-6800
		
	If to Owner:	 	CNL Income GW WI-Del, LP
	 	 	CNL Center at City Commons
	 	 	450 South Orange Avenue
	 	 	Orlando, Florida 32801-3336
	 	 	Attention: Ms. Tammie Quinlan,
	 	 	Fax: 407/540-2544

  

 12 

			
	With a copy at the same time to:	 	 
		
	 	 	CNL Income Properties, Inc.
	 	 	CNL Center at City Commons,
	 	 	450 South Orange Avenue
	 	 	Orlando, Florida 32801-3336
	 	 	Attention: Ms. Amy Sinelli, Esq.,
	 	 	Corporate Counsel
	 	 	Fax: 407/540-2544
		
	With a copy at the same time to:	 	 
		
	 	 	Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
	 	 	215 North Eola Drive
	 	 	Orlando, Florida 32801
	 	 	Attention: William T. Dymond, Esq.
	 	 	Fax: 407/843-4444

  
 or to such other
address as shall, from time to time, be supplied in writing by such party. Any such notice shall be deemed given upon receipt by the addressees if hand delivered or sent by overnight courier (or attempted delivery is refused by the intended
recipient thereof), or if sent by facsimile transmission on the day given provided that the party making such delivery receives an electronic confirmation setting forth the proper phone number receiving such facsimile transmission and that the
entire transmission has been properly received by the addressee without communication error. 
  
 20. Entire Agreement. The making, execution and delivery of this Agreement by the parties hereto have been induced by no representations, statements, warranties or agreements other than those expressed
herein. This Agreement embodies the entire understanding of the parties hereto with respect to the subject matter hereof, and there are no other written or oral agreements in effect between the parties hereto relating to the subject matter hereof.
This Agreement or any part thereof may only be amended or modified by an agreement in writing by both of the parties hereto. 
  
 21. Severability. If any provision of this Agreement is ultimately determined to be invalid or unenforceable, such provision shall be deemed
limited by construction in scope and effect to the minimum extent necessary to render the same valid and enforceable, and, in the event no such limiting construction is possible, such invalid or unenforceable provision shall be deemed severed from
the Agreement without affecting the validity of any other provision hereof if the essential provisions of this Agreement for each party remain valid, binding and enforceable. 
  
 22. Binding Effect. Except as provided hereinabove, this Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors and assigns. 
  
 23. Waiver. A waiver of any provision hereof or any default hereunder by either party shall be effective only in writing. A waiver of one provision shall not constitute a waiver of any other provision
hereof, and a waiver of default shall not apply to any other default whether occurring simultaneously or at a later date. 
  
 24. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which if
taken together shall constitute one and the same Agreement. 
  

 13 

 25. Governing Law. The laws of Wisconsin shall govern the validity, performance and
enforcement of the Agreement. 
  
 26. Headings. The
headings of these several paragraphs contained herein are for convenience only and do not define, limit or affect the contents of such paragraphs. 
  
 27. Authorization. Each of the parties represents that this Agreement has been duly executed by a partner or officer authorized to bind such
party and that this Agreement constitutes the valid, binding and enforceable obligation of such party. 
  
 28. Attorney’s Fees. Any party to this Agreement who is the substantially prevailing party in any legal proceeding against any other
party brought under or in connection with this Agreement or the subject matter hereof, shall be additionally entitled to recover court costs and reasonable attorney fees, and all other litigation expenses, including deposition costs, travel and
expert witness fees from the substantially nonprevailing party. 
  
 29. Construction. The parties acknowledge that each party and its counsel have reviewed this Agreement and the parties hereby agree that the normal rule of construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of this Agreement or any addendums or exhibits hereto. 
  
 30. Waiver of Trial By Jury. The Developer and the Owner knowingly, voluntarily and intentionally waive the right either may have to a trial
by jury in respect of any litigation based hereon, or arising out of, under or in connection with this Agreement and any agreement contemplated to be executed in conjunction herewith, or any course of conduct, course of dealing, statements (whether
verbal or written) or actions of either party. 
  
 31. Force
Majeure. If the performance by Owner or Developer of any of its obligations hereunder (the “Obligation”) is delayed by reason of a Force Majeure Event, as defined herein, the period for the commencement or completion
thereof shall be extended for a period equal to such delay. A “Force Majeure Event” shall mean an act of God, strike, labor dispute, boycott, riot, insurrection, war, catastrophe, act of the public enemy, or catastrophic
weather event directly affecting the Project or the ability of the party responsible for performance hereunder to so perform. 
  
 32. Termination. This Agreement and the parties’ obligations hereunder shall terminate upon Completion except for such provisions as
are expressly stated to survive. 
  
 (Remainder of Page
Intentionally Left Blank) 
  

 14 

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

			
	OWNER:
	
	CNL INCOME GW WI-DEL, LP,
	a Delaware limited partnership
		
	By:	 	CNL INCOME GW WI-DEL GP, LLC,
	 	 	 a Delaware limited liability company,

	 	 	 its General Partner

		
	By:	 	 /s/ Tammie A. Quinlan

	Name:	 	 Tammie A. Quinlan

	Title:	 	 Executive Vice President

	
	DEVELOPER:
	
	 GREAT BEAR LODGE OF WISCONSIN DELLS, LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Hernan R. Martinez

	Name:	 	 Hernan R. Martinez

	Title:	 	 Vice President

  

 15 

 EXHIBIT A TO DEVELOPMENT AGREEMENT 
  
 LEGAL DESCRIPTION 
  

 16 

 EXHIBIT B TO DEVELOPMENT AGREEMENT 
  
 CONSTRUCTION BUDGET 
  

 17 

 EXHIBIT C TO DEVELOPMENT AGREEMENT 
  
 COLLATERAL ASSIGNMENT OF 
 CONSTRUCTION CONTRACTS, PERMITS, LICENSES, 
 WARRANTIES, PLANS, DRAWINGS, 
 AGREEMENTS OF SALE AND DEPOSITS 
  
 THIS COLLATERAL ASSIGNMENT is made this 11 day of October, 2005 by
GREAT BEAR LODGE OF WISCONSIN DELLS, LLC, a Delaware limited liability company (“Assignor”) in favor of CNL INCOME GW WI-DEL, LP, a Delaware limited partnership (“Assignee”). 
  
 BACKGROUND 
  
 Assignor and Assignee have entered into that certain Development Agreement of
even date herewith (the “Development Agreement”) for the development and disposition of certain property located in Sauk County, Wisconsin, more particularly described on Exhibit “A” attached hereto and made a part
hereof (“Land”). 
  
 Assignee has required and
Assignor has agreed to assign to Assignee all right, title and interest in all construction contracts, permits, licenses, warranties, plans, drawings, agreements related to the development of the Project (as such term is defined in the Development
Agreement). 
  
 AGREEMENT 
  
 NOW, THEREFORE, for better securing of Assignor’s performance
under the Development Agreement and other good and valuable considerations paid to Assignor, the receipt of which is hereby acknowledged, Assignor does hereby assign, grant, bargain and convey to Assignee all of Assignor’s right, title and
interest in and to the following, to the extent assignable: 
  
 1.
All of the contracts and subcontracts now or hereafter existing with respect to the development and construction of the Project, together with all payment and performance bonds securing the obligations thereof including specifically and without
limitation those described on Exhibit “B” attached hereto and by this reference incorporated herein and including specifically and without limitation all rights in any and all insurance proceeds. 
  
 2. All building permits, plats, surveys, architectural plans and
specifications, shop drawings, governmental approvals, licenses, permits, agreements with any utility companies (together with any deposits, impact fees, reservation fees, allocation fees, prepaid fees and charges paid thereon), and all other
consents, approvals and rights which it may now or hereafter own with respect to or in connection with the development or construction of the Project. 
  
 3. All warranties and guaranties now or hereafter given covering any furniture, equipment, machinery, building supplies and materials, appliances,
fixtures and other property now or hereafter constructed or incorporated as part of the Project, including, without limitation, air conditioning, heating and other appliances and equipment. 
  

 18 

 TO HAVE AND TO HOLD the same unto the Assignee, its successors and assigns for the purpose of
further and collaterally securing Assignor’s performance and observance of all of the covenants and obligations of the Assignor under the Development Agreement, and any other documents collateral thereto. 
  
 This Assignment is delivered and accepted upon the following terms and
conditions: 
  
 1. Without the prior written consent of the
Assignee in each instance, or as expressly permitted in the Development Agreement, the Assignor will not further sell, transfer, encumber or assign any of the above items, nor amend, modify or waive any of the provisions thereof. 
  
 2. This Assignment shall be in full force and effect as of the date hereof
but so long as no event of default has occurred under the terms of the Development Agreement, the Assignor shall have a license to exercise the rights granted to Assignor under the Development Agreement. 
  
 3. Immediately upon the occurrence of any event of default under the terms of
the Development Agreement, the license granted above shall cease and in such event the Assignee is hereby expressly and irrevocably authorized and entitled to exercise all of the rights of the Assignor to receive all of the benefits accruing to the
Assignor under the above items. 
  
 4. Nothing contained herein
shall obligate or be construed to obligate the Assignee to perform or observe any of the covenants or obligations contained in the above items. 
  
 5. The Assignor hereby agrees to save, insure, pay, defend, indemnify and hold the Assignee harmless from and against any and all claims, demands,
liability, loss, cost, damage and expense, including reasonable attorneys’ fees, which the Assignee may or shall incur under the above items or by reason of this Assignment, by reason of any action taken by the Assignee hereunder, or by reason
of any alleged undertaking on the Assignee’s part to perform or observe any of the covenants or obligations contained in the above items. 
  
 6. No delay by the Assignee in exercising any of its rights or remedies hereunder for any period of time, or at any time or times, shall be deemed to
constitute a waiver or to preclude the exercise of any such rights or remedies. The rights and remedies of the Assignee hereunder are cumulative and are not in lieu of but are in addition to any other rights and remedies which the Assignee shall
have under or by virtue of the Development Agreement, and any other document collateral thereto, or as otherwise provided by law and may be exercised from time to time as often as such exercise is deemed expedient. 
  
 7. The Assignor agrees to execute and deliver to the Assignee, at any time or
times during which this Assignment is in effect, such further instruments as the Assignee may reasonably deem useful to make effective this Assignment and the various covenants, obligations and agreements of the Assignor contained herein.

  
 8. No change, amendment, modification, cancellation or
discharge hereof, or of any part hereof, shall be valid unless the Assignee shall have consented thereto in writing. 
  
 9. The terms, covenants and conditions contained herein shall be binding upon the Assignor, its successors and assigns and shall inure to the benefit of
the parties, its successors and assigns and all subsequent owners of the Land. 
  

 19 

 This Assignment is a security agreement under the Uniform Commercial Code for the purpose of creating a
lien on the personal property described herein. 
  
 This
Assignment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 Assignor has duly executed this Assignment on the day and year first above written. 
  

			
	ASSIGNOR:
	
	GREAT BEAR LODGE OF WISCONSIN DELLS, LLC, a Delaware limited liability company
		
	 By:
	 	 /s/ Hernan R. Martinez

	 Name:
	 	 Hernan R. Martinez

	 Title:
	 	 Vice President

	
	ASSIGNEE:
	
	CNL INCOME GW WI-DEL, LP,
	a Delaware limited partnership
		
	 By:
	 	 CNL INCOME GW WI-DEL GP, LLC,

	 	 	 a Delaware limited liability company,

	 	 	 its General Partner

		
	 By:
	 	 /s/ Tammie A. Quinlan

	 Name:
	 	 Tammie A. Quinlan

	 Title:
	 	 Executive Vice President

  

 20 

 EXHIBIT “A” 
 TO COLLATERAL ASSIGNMENT 
  
 DESCRIPTION OF PROPERTY 
  

 21 

 EXHIBIT D TO DEVELOPMENT AGREEMENT 
  
 CONSTRUCTION CONTRACT 
  
 1. Abbreviated Standard Form of Agreement between Owner and Architect (B151)
dated as of May 25, 2005 between Great Wolf Resorts, Inc. and Architectural Design Consultants, Inc., as amended by Amendment to the Professional Services Agreement (G606) dated as of August 4, 2005 and by letter agreement dated as of
August 9, 2005. 
  
 2. Standard form of Agreement between
Owner and Contractor (A101) dated as of June 24, 2005 between Great Bear Lodge of Wisconsin Dells, LLC and Kraemer Brothers, LLC 
  
 3. Standard Form of Agreement between Owner and Design/Builder (A191) dated as of July 6, 2005 between Great Wolf Lodge of Wisconsin Dells, LLC and
Neuman Pools, Inc. 
  
 4. Standard Form of Agreement between Owner
and Design-Builder (A141) dated as of September 26, 2005 between The Great Lakes Companies, Inc. (to whose interest Great Lakes Services, LLC succeeded to by merger) and Weber Group Inc. 
  
 5. Great Wolf Lodge Childrens Activity Pool Interactive Wetscape Purchase
Agreement dated as of May 27, 2005 between Great Bear Lodge of Wisconsin Dells, LLC and Funtraptions, Inc. 
  
 6. Commercial Insurance Policy issued by Travelers Property Casualty Company of America (issue date 8/16/05) 
  

 22 

 EXHIBIT E TO DEVELOPMENT AGREEMENT 
  
 PROJECT SCHEDULE 
  

 23 

 EXHIBIT F TO DEVELOPMENT AGREEMENT 
  
 FINAL PLAN 
  

 24 

 EXHIBIT G TO DEVELOPMENT AGREEMENT 
  
 FORM OF DRAW REQUEST 
  
 [Requests shall be on the form attached hereto, with such modifications as may
be required to comport with the requirements of the Development Agreement.] 
  

 25

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