Document:

EX-10.3

MANAGEMENT AGREEMENT

This MANAGEMENT AGREEMENT (the “Agreement”) is dated as of December 18, 2007 between
G&E Healthcare REIT/Duke Chesterfield Rehab, LLC, a Delaware limited liability company
(“Company”), and Triple Net Properties Realty, Inc., a California corporation
(“Property Manager”).

Company owns certain real property and improvements located at 14561 N. Outer Forty Road and
14754 Conway Road, Chesterfield, County of St. Louis, State of Missouri, commonly known St. John’s
Mercy Rehabilitation Hospital, as more particularly described in Exhibit “A” attached
hereto and incorporated herein (together the “Property”).

A portion of the Property is (i) currently leased pursuant to that certain St. John’s Mercy
Rehabilitation Hospital Lease Agreement dated May 1, 2006 by and between St. John’s Mercy
Rehabilitation, LLC, a Missouri limited liability company (“Tenant”) and the Company (as
landlord pursuant to an assignment from Duke), together with all associated amendments,
modifications, extensions or supplements thereto and as may be amended (the “Lease”), and
(ii) vacant land known as the “Wooded Area”. Company desires to engage Property Manager to manage,
lease, operate, and maintain the Property.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

1. COMMENCEMENT AND TERMINATION DATES; AUTHORITY OF

COMPANY.

1.1 Commencement and Termination. Property Manager’s duties and
responsibilities under this Agreement shall begin on the date Company acquires the Property (the
“Start Date”) and shall terminate on the earlier of (i) the sale of the Property or any
portion thereof, but only as to such portion of the Property sold, (ii) termination as provided in
Section 10.1, or (iii) December 31, 2030.

1.2 Approval of Company. Whenever in this Agreement the consent or
approval of Company is required or otherwise requested, Company shall have fifteen (15) days after
the date on which the request for consent or approval is submitted to it by Property Manager in
which to approve or disapprove of the matter in writing (unless a longer or shorter period for
response is expressly provided for herein). If Company does not disapprove of the matter within
such fifteen (15) day period (or such longer or shorter period expressly provided for herein), the
matter shall be deemed to have been approved.

1.3 Member Rights. The Company is a Delaware limited liability company, the
only members in which are Grubb & Ellis Healthcare REIT Holdings, L.P., a Delaware limited
partnership (“Managing Member”) and BD St. Louis Development, LLC, an Indiana limited
liability company (“Duke”). Property Manager acknowledges that as an affiliate of Managing
Member, Property Manager has knowledge of the requirements under the Limited Liability Company
Agreement of the Company dated on or about the date hereof (as may be amended from time to time,
the “Operating Agreement”) for obtaining the consent or approval of the Executive Committee
(as defined in the Operating Agreement) with regard to Major Decisions (as defined in the Operating
Agreement) and all other actions requiring Executive Committee approval in accordance with the
Operating Agreement (and that Property Manager will not act at the direction of Managing Member in
any matter that is a Major Decision or subject to Executive Committee approval without obtaining
the written approval of the Executive Committee). Further, in accordance with Section 4.8(b) of
the Operating Agreement, Property Manager agrees that Duke may act alone on behalf of the Company
in exercising remedies of the Company under this Agreement.

2. PROPERTY MANAGER’S RESPONSIBILITIES.

2.1 Status of Property Manager. Company and Property Manager do not intend
to form a joint venture, partnership or similar relationship. Instead, the parties intend that
Property Manager shall act solely in the capacity of an independent contractor for Company. Nothing
in this Agreement shall cause Property Manager and Company to be joint venturers or partners of
each other, and neither shall have the power to bind or obligate the other party by virtue of this
Agreement, except as otherwise expressly stated herein with respect to the powers of Property
Manager. Nothing in this Agreement shall deprive or otherwise affect the right of either party to
own, invest in, manage, or operate, or to conduct business activities which compete with, the
Property.

2.2 Management. To the extent required pursuant to the to the terms of the
Lease and subject to Section 1.3 of this Agreement, Property Manager shall manage, operate and
maintain the Property in an efficient, economic, and satisfactory manner and shall manage the
performance of everything reasonably necessary for the proper operation of the Property for the
tenants thereof, subject to (a) applicable governmental requirements, and (b) the terms and
provisions of this Agreement. At the expense of Company, Property Manager shall keep the Property
clean and in good repair, shall order and supervise the completion of such repairs as may be
required and shall generally do and perform, or cause to be done or performed, all things necessary
or required for the proper and efficient management, operation, and maintenance of the Property,
provided Company, in a manner reasonably satisfactory to Property Manager, makes available to
Property Manager sufficient sums to pay the costs thereof. Property Manager shall perform all
services in a diligent and professional manner.

2.3 Employees/Independent Contractors of Property Manager. Property Manager
or an affiliate shall employ, directly or through third-party contractors (for example, an employee
leasing company or on-site property manager), at all times, a sufficient number of capable
employees and/or independent contractors to enable Property Manager to manage, operate and maintain
the Property in a manner that is proper, adequate, safe and economical in accordance with Company’s
obligations under the Lease. All matters pertaining to the supervision of such employees shall be
the responsibility of Property Manager. All salaries and benefits and positions of employees who
perform work in connection with the Property shall be consistent with the Budget (as defined in
Section 2.5).

2.4 Compliance with Laws, Mortgages and Other Matters.

(a) Property Manager shall use reasonable efforts to comply with all applicable
governmental requirements, including by way of illustration, but not limitation, the Board of Fire
Underwriters or other similar body, relative to the performance of if its duties hereunder, and
cause the Property to comply with all applicable governmental laws, ordinances, rules, regulations,
and requirements. Property Manager shall implement such procedures with respect to the Property as
Property Manager may deem advisable for the more efficient and economic management and operation
thereof. Property Manager shall pay from the Operating Account (defined in Section 6.1) expenses
incurred to remedy violations of laws with respect to the Property, to the extent not paid by
Tenant. Property Manager shall not be obligated to remedy such violations of law if sufficient
funds are not available in the Operating Account or if Company does not provide sufficient
additional funds to do so, unless such violations of law arise out of the gross negligence or
willful misconduct of Property Manager.

(b) Property Manager shall furnish to Company, promptly after receipt, any notice of
violation of any governmental requirement or order issued by any governmental entity, any Board of
Fire Underwriters or other similar body against the Property, any notice of default from the holder
of any mortgage or deed of trust encumbering the Property, or any notice of termination or
cancellation of any insurance policy.

2.5 Budgets and Operating Plan.

(a) Property Manager shall prepare and submit to Company, upon written request, an
initial capital and operating budget (“Budget”) for the promotion, operation, leasing
(including leasing parameters for the Property), repair, maintenance and improvement of the
Property for the first full calendar year of ownership on or before November 30th of the calendar
year in which the Property was acquired. The Budget shall be on a monthly, generally accepted
accounting principles in the United States (“GAAP”), basis. Property Manager shall also
deliver a Budget for each subsequent calendar year on or about November 30th of the calendar year
before the budget year. The Budget shall be approved by Company. Company shall be deemed to have
approved the Budget unless the Company provides written notice to Property Manager indicating
specific objection to certain Budget items within fifteen (15) days from receipt of the Budget. In
the event Company disagrees with any item in the Budget, the Property Manager may proceed under the
terms of the previous year’s Budget and may take any action with respect to items not approved for
Emergency Expenditures (as defined in Section 2.5.2) until such time as the new Budget is approved.
Property Manager shall provide Company with such information regarding the Budget as may be, from
time to time, reasonably requested by Company. Property Manager may at any time submit a revised
Budget to Company.

(b) Property Manager shall charge all expenses to the proper account as specified in
the Budget, provided that Property Manager may reallocate savings from one line item to other line
items, so long as not more than five percent (5%) of the amount of any line item is reallocated in
any calendar year. Property Manager shall submit a revised Budget to Company prior to making any
expenditure not within the Budget unless the expenditure is (a) less than Five Thousand Dollars
($5,000), or (b) in the Property Manager’s reasonable judgment, required to avoid personal injury,
significant property damage, a default under any loan encumbering the Property, a violation of
applicable law or the suspension of a service (collectively, “Emergency Expenditures”).

(c) During each year, Property Manager shall inform Company of any material
increases in costs and expenses not foreseen and not included in the Budget within a reasonable
time after Property Manager learns of such changes.

(d) Together with the submission of the Budget, Property Manager shall submit each
year to Company, for informational purposes only, an operating plan for the general operation of
the Property, including a proposed list of improvements to the Property, general insurance plan,
marketing plan and plan for the general operation and maintenance of the Property (the
“Operating Plan”). Property Manager may submit a revised Operating Plan to Company at any
time.

2.6 Leasing.

(a) Property Manager shall not enter into any leases or modifications to the Lease
without consent of the Company, which consent shall be subject to the terms of the Operating
Agreement.

(b) Notwithstanding anything to the contrary contained herein, Property Manager
shall only provide those services to Tenant and others as required by the Lease (if any), and shall
provide no unusual or non-customary services to Tenant or any other parties on behalf of Company.

(c) Property Manager shall not, without the prior written approval of Company, give
free rental or discounts or rental concessions to any employees, officers or shareholders of
Property Manager or anyone related to such employees, officers or shareholders, unless such
discounts or concessions are in lieu of salaries or other benefits to which they would be
contractually entitled. Property Manager shall not lease any space in the Property to itself or to
any of its affiliates or subsidiaries, except as provided in the Operating Plan, without the prior
written consent of Company.

(d) Property Manager and Company agree that there shall be no discrimination against
or segregation of any person or group of persons on account of age, race, color, religion, creed,
handicap, sex or national origin in the leasing of the Property, nor shall Company or Property
Manager permit any such practice or practices of discrimination or segregation with respect to the
selection, location, number or occupancy of tenants.

(e) Property Manager shall not enter into any contracts or agreements to design or
construct tenant improvements unless approved in writing by the Company.

2.7 Collection of Rents and Other Income. Property Manager shall bill
Tenant and shall use its commercially reasonable efforts to collect all rent and other charges due
and payable from any tenant or from others for services provided in connection with the Property.
Property Manager shall deposit all monies so collected in the Operating Account.

2.8 Repairs and Maintenance. Property Manager shall not perform any
maintenance of the buildings, appurtenances and grounds of the Property, unless required by the
Lease or approved in writing by the Company.

2.9 Capital Expenditures. Property Manager may make any capital expenditure
within any Budget approved by Company without any further consent, provided that Property Manager
follows the bid procedures prescribed below. All other capital expenditures other than for an
Emergency Expenditure shall be subject to submittal of a revised Budget to Company. Unless Company
specifically waives such requirements, or approves a particular contract, Property Manager shall
award any contract for a capital improvement exceeding $25,000 in cost on the basis of competitive
bidding, solicited from a minimum of two (2) written bids. Property Manager shall accept the bid
of the lowest bidder determined by Property Manager to be responsible, qualified and capable of
completing such improvements on a reasonable schedule.

2.10 Service Contracts, Supplies and Equipment.

(a) Property Manager may enter into or renew any customary contract for cleaning,
maintenance, repairing or servicing the Property or any of the constituent parts of the Property
(including contracts for fuel oil, security or other protection, extermination, landscaping,
architects or engineering services) contemplated by the Budget and/or the Operating Plan with any
unrelated third party without the consent of Company. Each such service contract shall (a) be in
the name of Company, with the Property Manager executing such contract as agent for Company only if
the Company, as landlord, is required to provide such service in accordance with the Lease, (b) be
assignable to the transferee of Company, and (c) be for a term not to exceed one (1) year. Unless
Company specifically waives such requirements or approve a particular contract, all service
contracts for amounts in excess of $25,000 per year shall be subject to bid under the procedure
specified in Section 2.9.

(b) If this Agreement terminates pursuant to Section 10, Property Manager, at the
option of Company, shall assign to the nominee of Company all of Property Manager’s interest in any
service agreements pertaining to the Property, which are in the name of Property Manager or to
which it is party.

(c) At the expense of Company, Property Manager shall purchase, provide, and pay for
all needed janitorial and maintenance supplies, tools and equipment, restroom and toilet supplies,
light bulbs, paints, and similar supplies necessary to the efficient and economical operation and
maintenance of the Property to the extent required by the Lease. All such supplies, tools, and
equipment generally shall be delivered to and stored in the Property and shall be used only in
connection with the management, operation, and maintenance of the Property.

(d) Property Manager shall use reasonable efforts to purchase all goods, supplies or
services at the lowest cost (with sufficient quality) reasonably available from reputable sources
in the metropolitan area where the Property is located. In making any contract or purchase
hereunder, Property Manager shall use reasonable efforts to obtain favorable discounts for Company
and all discounts, rebates or commissions under any contract or purchase order made hereunder shall
inure to the benefit of Company. Property Manager shall make payments under any such contract or
purchase order to enable Company to take advantage of any such discount if Company provides
sufficient funds therefor.

2.11 Taxes and Mortgages. Property Manager shall manage invoices and
payment of real estate and personal property taxes, general and special real property assessments
and other like charges (collectively “Taxes”) which are, or may become, liens against the
Property in accordance with the terms of the Lease.

2.12 Tenant Relations; Compliance. Property Manager will use reasonable
efforts to develop and maintain good relations with the tenants in the Property, including the
Tenant. At all times during the term hereof, Property Manager shall use its reasonable efforts to
retain existing tenants in the Property and, after completion of the initial leasing activity for
new tenants, to retain such tenants. Property Manager shall use its reasonable efforts to secure
compliance by the Tenant with the terms and conditions of the Lease.

2.13 Miscellaneous Duties. Property Manager shall (a) maintain at Property
Manager’s office address as set forth in Section 12.1 and readily accessible to Company, orderly
files containing rent records, insurance policies, leases and subleases, correspondence, receipted
bills and vouchers, bank statements, canceled checks, deposit slips, debit and credit memos, and
all other documents and papers pertaining to the Property or the operation thereof; (b) provide
information about the Property necessary for the preparation and filing by Company of its tax
returns required by any governmental authority, including annual statements, identifying all
expenses paid and income received by Company; (c) consider and record tenant service requests in
systematic fashion showing the action taken with respect to each, and thoroughly investigate and
report to Company in a timely fashion with appropriate recommendations all complaints of a nature
which might have a material adverse effect on the Property or the Budget; (d) supervise the moving
in and out of tenants and subtenants; arrange, to the extent possible, the dates thereof to
minimize disturbance to the operation of the Property and inconvenience to other tenants or
subtenants; and render an inspection report, an assessment for damages and a recommendation on the
disposition of any deposit held as security for the performance by the tenant under its lease with
respect to each premises vacated; (e) check all bills received for the services, work and supplies
ordered in connection with maintaining and operating the Property and, except as otherwise provided
in this Agreement, pay such bills when due and payable; and (f) not knowingly permit the use of the
Property for any purpose that might void any policy of insurance held by Company or which might
render any loss thereunder uncollectible. All such records are the property of Company and will be
delivered to Company upon request.

2.14 Anticipated Improvements. Company is aware that the Property
may require certain capital improvements in the future. Property Manager shall make or manage all
such capital improvements in accordance with the terms of the Lease.

3. INSURANCE.

3.1 Insurance.

(a) To the extent required pursuant to the Lease, Property Manager, at Company’s expense,
will obtain and keep in force adequate insurance against physical damage (such as fire with
extended coverage endorsement, boiler and machinery) and against liability for loss, damage or
injury to property or persons which might arise out of the occupancy, management, operation or
maintenance of the Property, as contemplated by the Operating Plan to the extent available at
commercially reasonable rates. Such insurance shall be obtained for Company, with Company as named
insured. Property Manager shall not obtain earthquake or flood insurance unless expressly directed
to do so by a specific written notice from Company. Property Manager shall be a named insured on
all property damage insurance and an additional insured on all liability insurance maintained with
respect to the Property.

(b) As part of the Operating Plan, Property Manager shall advise Company in writing
and make recommendations with respect to the proper insurance coverage for the Property, taking
into account the insurance requirements set forth in any mortgage on the Property, shall furnish
such information as Company may reasonably request to obtain insurance coverage and shall
reasonably aid and cooperate with respect to such insurance and any loss thereunder. Company
acknowledges that Property Manager is not a licensed insurance agent or insurance expert.
Accordingly, Property Manager shall be entitled to rely on the advice of a reputable insurance
broker or consultant regarding the proper insurance for the Property.

(c) Property Manager shall investigate and submit, as soon as reasonably possible, a
written report to the insurance carrier and Company as to all accidents, claims for damage relating
to the ownership, operation and maintenance of the Property, any damage to or destruction of the
Property and the estimated costs of repair thereof, and prepare and file with the insurance company
in a timely manner required reports in connection therewith. Notwithstanding the foregoing, but
subject to the terms of the Mortgage Loan Documents (as defined below), Property Manager shall not
be required to give such notice to Company if the amount of the claims, damage or destruction, as
reasonably estimated by Property Manager, does not exceed $5,000 for any one occurrence. Property
Manager shall settle all claims against insurance companies arising out of any policies, including
the execution of proofs of loss, the adjustment of losses, signing and collection of receipts and
collection of money, except that Property Manager shall not settle claims in excess of $5,000
without submitting prior notice to Company.

For purposes of this Agreement, “Mortgage Loan Documents” shall mean all documents and
instruments evidencing, securing or in any manner relating to the mortgage loan to be provided to
Company secured by the Property, as such loan may be varied, extended, supplemented, consolidated,
amended or restated from time to time.

3.2 Additional Insurance. Any insurance obtained by Property Manager for
its own account, and not for the benefit of Company, or the Property, shall be at Property
Manager’s own expense.

3.3 Contractor’s and Subcontractor’s Insurance. Property Manager shall
require all contractors and subcontractors entering upon the Property to perform services to have
insurance coverage at the contractor’s or subcontractor’s expense, in the following minimum
amounts: (a) worker’s compensation—statutory amount; (b) employer’s liability (if
required)—$500,000; and (c) comprehensive general liability insurance, including comprehensive auto
liability insurance covering the use of all owned and hired automobiles, with bodily injury and
property damage limits of $1,000,000 per occurrence. Property Manager may waive such requirements
in its reasonable discretion. Property Manager shall obtain and keep on file a certificate of
insurance which shows that each contractor and subcontractor is so insured.

3.4 Waiver of Subrogation. To the extent available at commercially
reasonable rates, all property damage insurance policies required hereunder shall contain language
whereby the insurance carrier thereunder waives any right of subrogation it may have with respect
to Company or Property Manager.

4. FINANCIAL REPORTING AND RECORD KEEPING.

4.1 Books of Accounts. Property Manager shall maintain adequate and
separate books and records for the Property with the entries supported by sufficient documentation
to ascertain their accuracy with respect to the Property. Such books and records shall contain a
separate accounting of all items of income and all items of expenses for Company. Company agrees
to provide to Property Manager any financial or other information reasonably requested by Property
Manager to carry out its services hereunder. Property Manager shall maintain such books and
records at Property Manager’s office set forth in Section 12.1. Property Manager shall ensure such
control over accounting and financial transactions as is reasonably necessary to protect Company’s
assets from theft, error or fraudulent activity by Property Manager’s employees. Property Manager
shall indemnify, defend and hold harmless Company from any losses arising from such instances,
including, without limitation, the following: (a) theft of assets by Property Manager’s employees,
principals, or officers; (b) overpayment or duplicate payment of invoices arising from either fraud
or gross negligence, unless credit is subsequently received by Company; (c) overpayment of labor
costs arising from either fraud or gross negligence, unless credit is subsequently received by
Company; and (d) overpayment resulting from payment from suppliers to Property Manager’s employees
or associates arising from the purchase of goods or services for the Property.

4.2 Financial Reports. On or about the fifteenth (15th) day of each month,
Property Manager shall furnish to Company an income statement for the prior month. Property
Manager shall also deliver to Company on or about the fifteenth (15th) day after (a) the close of a
calendar year and (b) the termination of this Agreement, a balance sheet and income statement for
the Property. The income statement, the balance sheet, and all other financial statements and
reports shall be prepared on a GAAP basis.

4.3 Supporting Documentation. As additional support to the monthly
financial statements, unless otherwise directed by Company, and at the expense of Company, Property
Manager shall maintain and make available at Property Manager’s office, as set forth in Section
12.1, copies of the following: (a) all bank statements, bank deposit slips, bank debit and credit
memos, canceled checks, and bank reconciliations; (b) detailed cash receipts and disbursement
records; (c) detailed trial balance for receivables and payables and billed and unbilled revenue
items; (d) rent roll of tenants; (e) paid invoices (or copies thereof); (f) summaries of adjusting
journal entries as part of the annual accounting process; (g) supporting documentation for payroll,
payroll taxes and employee benefits; (h) appropriate details of accrued expenses and property
records; (i) information regarding the operation of the Property necessary for preparation by
Company of its tax returns; and (j) market study of competition (quarterly only). In addition,
Property Manager shall deliver to Company with the monthly financial statement copies of the
documents described in (a) (statements and reconciliations only), (b), (c), (d), and (h) above.

5. RIGHT TO AUDIT.

Company and their representatives may examine all books, records and files maintained for
Company by Property Manager. Company may perform any audit or investigations relating to Property
Manager’s activities at any office of Property Manager if such audit or investigation relates to
Property Manager’s activities for Company. Should Company discover defects in internal control or
errors in record keeping, Property Manager shall undertake with all appropriate diligence to
correct such discrepancies either upon discovery or within a reasonable period of time. Property
Manager shall inform Company in writing of the action taken to correct any audit discrepancies.

6. BANK ACCOUNTS.

6.1 Bank Account. Property Manager shall establish and maintain, in
reputable banks or financial institutions designated by Property Manager, separate bank accounts in
trust for, or in the name of, Company (the “Bank Accounts”). All moneys collected from, or
in connection with, the Property shall be deposited in the Bank Accounts.

6.2 Operating Account. Property Manager shall be permitted to deposit and
make withdrawals from a master Bank Account (such master account together with and any interest
earned thereon, shall hereinafter be referred to as the “Operating Account”). Company
shall maintain the Operating Account so that an amount at least as great as the budgeted expenses
for such month is in Operating Account as of the first of each month. Property Manager shall pay
from the Operating Account, on behalf of Company, operating expenses, based on their undivided
interests in the Property, the operating expenses of the Property and any other payments relating
to the Property as required by this Agreement. If more than one bank account is necessary to
operate the Property, each account shall have a unique name.

6.3 Security Deposit Account. If the Company holds any security deposits
under the Lease and if applicable law requires a segregated account of security deposits, Property
Manager will open, on behalf of Company, a separate account at a reputable bank or other financial
institution. Property Manager shall maintain such account in accordance with applicable law.
Property Manager shall use the account only to maintain security deposits on behalf of Company.
Property Manager shall inform the bank or financial institution to hold the funds in trust for
Company. Property Manager shall maintain detailed records of all security deposits deposited, and
allow Company or its designees access to such records. Property Manager may return such deposits
to any tenant in the ordinary course of business in accordance with the terms of the applicable
lease and applicable law. If interest is earned on any interest-bearing accounts, Company shall be
entitled to the interest, if allowed by law.

6.4 Access to Account. As authorized by signature cards, representatives of
Property Manager shall have access to and may draw upon all funds in the accounts described in
Sections 6.1, 6.2 and 6.3 without the approval of Company.

7. PAYMENTS OF EXPENSES.

7.1 Costs Eligible for Payment from Operating Account. Property Manager
shall pay all expenses of the operation, maintenance and repair of the Property contemplated by the
Budget directly from the Operating Account, subject to the conditions set forth in Sections 1.3 and
2.5, including the following: (a) costs of the gross salary and wages or proportional shares
thereof, payroll taxes, worker’s compensation insurance, and all other benefits of employees
required to manage, operate and maintain the Property properly, adequately, safely and
economically, subject to this Agreement, provided that Property Manager shall not pay such
employees in advance; (b) cost to correct the violation of any governmental requirement relating to
the leasing, use, repair and maintenance of the Property, or relating to the rules, regulations or
orders of the local Board of Fire Underwriters or other similar body, if such cost is not the
result of Property Manager’s gross negligence or willful misconduct; (c) actual and reasonable cost
of making all repairs, decorations and alterations if such cost is not the result of Property
Manager’s gross negligence or willful misconduct; (d) cost incurred by Property Manager in
connection with all service agreements; (e) cost of collection of delinquent rents collected by a
collection agency or attorney; (f) legal fees of attorneys; (g) cost of capital expenditures
subject to the restrictions in Section 2.9 and in this Section; (h) cost of printed checks for each
account required for the Property and Company; (i) cost of utilities; (j) cost of advertising; (k)
cost of printed forms and supplies required for use at the Property; (l) management compensation
set forth in Section 9; (m) cost of tenant improvements to the Property; (n) broker’s commissions;
(o) debt service; (p) cost of utilities, services, contractors and insurance; (q) reimbursement of
Property Manager’s out-of-pocket costs and expenses to the extent not prohibited by Section 8
below; (r) cost of forms, papers, ledgers, and other supplies and equipment used in connection with
the Property for the preparation of reports, information and returns to be prepared by Property
Manager under the terms of this Agreement; (s) all expenses of Property Manager’s on-site office;
(t) all other costs directly related to the Property, including, but not limited to, communication
costs (telephone, postage, etc.), computer rentals or time, supplies (paper, envelopes, business
forms, checks, payroll forms and record cards, forms for governmental reports, etc.), printing,
insurance, fidelity bonds, taxes and license fees, and general office expenses allocable to the
Property; and (u) cost of routine travel by Property Manager’s employees or associates to and from
Property. All other amounts not directly related to the Property or Company shall be payable solely
by Property Manager, and shall not be paid out of the Operating Account or reimbursed by Company.

7.2 Operating Account Deficiency. If there are not sufficient funds in the
Operating Account to make any such payment, Property Manager shall notify Company, if possible, at
least ten (10) days prior to any delinquency so that Company has an opportunity to deposit
sufficient funds in the Operating Account to allow for such payment prior to the imposition of any
penalty or late charge. No later than the twentieth (20th) day of each month, Property Manager
shall remit to Company all unexpended funds for the prior month, except for a reserve for
contingencies reflected in the Budget which shall remain in the Operating Account in the amount
equal to the expenses budgeted for the month in which the remittance is to be made.

8. PROPERTY MANAGER’S COSTS NOT TO BE REIMBURSED.

8.1 Non-reimbursable Costs. The following expenses or costs incurred by or
on behalf of Property Manager in connection with the management and leasing of the Property shall
be at the sole cost and expense of Property Manager and shall not be reimbursed by Company: (a)
cost attributable to losses arising from gross negligence or fraud on the part of Property Manager,
Property Manager’s associates or employees; (b) cost of insurance purchased by Property Manager for
its own account; (c) Property Manager’s cost of overhead, salaries and other items except as
expressly provided in Section 7.1; (d) any cost or expenses not approved by the Executive Committee
in accordance with Section 1.3 of this Agreement; and (e) any cost or expense that Tenant pays
directly in accordance with the terms of the Lease.

8.2 Litigation. Property Manager will be responsible for and hold Company
harmless from, all fees, costs, expenses, and damages relating to disputes with Property Manager’s
employees for worker’s compensation (to the extent not covered by insurance), discrimination or
wrongful termination, including legal fees and other expenses.

9. COMPENSATION.

Company shall pay the fees set forth below. The fees described in this Section 9 shall be
paid only to the extent of free cash flow generated by the Property after payment of operating
expenses at the Property and such fees shall accrue.

9.1 Oversight Fee. Property Manager, or an affiliate, shall receive, for
its services in managing the Property in accordance with the terms of this Agreement, a monthly
oversight fee (the “Oversight Fee”) equal to one percent (1%) of Net Rent (defined below)
applicable to the period beginning after the Start Date. The Oversight Fee shall be in
addition to out-of-pocket and on-site personnel costs that are reimbursable pursuant to Section 7,
and the other fees provided in this Agreement. “Net Rent” shall mean the Base Rent (as defined in
the Lease). The Oversight Fee shall be payable monthly in arrears, following calculation thereof,
upon submission of a monthly statement from the Operating Account or from other funds timely
provided by Company. Upon termination of this Agreement, the parties will prorate the Oversight
Fee on a daily basis to the effective date of such cancellation or termination.

9.2 Leasing Commissions. Property Manager or an Affiliate shall receive,
for its services in leasing the Property in accordance with the terms of this Agreement, including
initial lease executions and renewals, a leasing commission (the “Leasing Commission”) in
an amount not to exceed the fee customarily charged in arm’s length transactions by others
rendering similar services in the same geographic area for similar properties, as determined by a
survey of brokers and agents in such area. The Leasing Commission is generally expected to range
from three percent (3%) to eight percent (8%) of the gross revenues generated during the initial
term of the lease. Any leasing fees due outside leasing agents or brokers, including those
representing any tenant, will be paid by the Property Manager from these commissions. The value of
the lease shall be calculated by totaling the minimum monthly rent (or similar rent) for the term
of the lease. The term of the lease shall not exceed five (5) years for purposes of the foregoing
computation and shall be exclusive of option periods. If another broker represents the tenant,
then Property Manager may cooperate with that broker on terms and conditions acceptable to Property
Manager. Notwithstanding the foregoing, the Property Manager shall not be entitled to any Leasing
Commission in connection with the Lease or any modifications, expansions, or extensions thereto.

10. TERMINATION.

10.1 Termination by Company. Company shall have the right to terminate this
Agreement, at any time, whether for cause or not for cause, upon sixty (60) days prior written
notice to Property Manager. Company shall have the right to terminate this Agreement for Cause
upon thirty (30) days notice to Property Manager. For purposes of this Agreement, termination of
the Property Manager “for cause” shall mean termination due to (a) the fraud, criminal conduct,
willful misconduct, gross negligence or a material breach of this Agreement by Property Manager,
provided that (i) Property Manager does not cure any such material breach within thirty (30) days
of receiving notice of such material breach from Company, or (ii) such material breach is not of a
nature that can be remedied within such period; or (b) termination of the Advisory Agreement, dated
as of September 20, 2006, by and among NNN Healthcare/Office REIT, Inc., NNN Healthcare/Office REIT
Holdings, L.P., NNN Healthcare/Office REIT Advisor, LLC and Triple Net Properties, LLC.

10.2 Termination by Property Manager. Property Manager shall have the right
to terminate this Agreement at any time, for any reason, upon sixty (60) days prior written notice
to Company. Property Manager shall have the right to terminate this Agreement upon thirty (30)
days notice to Company in the event Company is in default in the performance of any of its
obligations hereunder, provided that such default remains uncured for thirty (30) days following
Property Manager’s giving of written notice of such default to Company.

10.3 Termination On Sale. This Agreement shall automatically terminate upon
the sale of the entire Property, including without limitation, a sale of the Property by the
Company to Duke.

10.4 Final Accounting. Within thirty (30) days after termination of this
Agreement for any reason, Property Manager shall deliver to Company, the following: (a) a final
accounting, setting forth the balance of income and expenses on the Property as of the date of
termination; (b) any balance or monies of Company or tenant security deposits held by Property
Manager with respect to the Property; and (c) all materials and supplies, keys, books and records,
contracts, leases, receipts for deposits, unpaid bills and other papers or documents which pertain
to the Property. For a period of thirty (30) days after such expiration or cancellation for any
reason other than Company’s default, Property Manager shall be available, through its senior
executives familiar with the Property, to consult with and advise Company or any person or entity
succeeding to Company as owner of the Property or such other person or persons selected by Company
regarding the operation and maintenance of the Property. In addition, Property Manager shall
cooperate with Company in notifying all tenants of the Property of the expiration and termination
of this Agreement, and shall use reasonable efforts to cooperate with Company to accomplish an
orderly transfer of the operation and management of the Property to a party designated by Company.
Property Manager shall receive its monthly Oversight Fee for such services. Property Manager
shall, at its cost and expense, promptly remove all signs wherever located indicating that it is
the Property Manager and replace and repair any damage resulting therefrom. Termination of this
Agreement shall not release either party from liability for failure to perform any of the duties or
obligations as expressed herein and required to be performed by such party for the period prior to
the termination.

11. CONFLICTS.

Property Manager shall not deal with or engage, or purchase goods or services from, any
subsidiary or affiliated company of Property Manager in connection with the management of the
Property for amounts above market rates.

12. NOTICES.

12.1 Notices. All notices, demands, consents, approvals, reports and other
communications provided for in this Agreement shall be in writing and shall be given to Company or
Property Manager at the address set forth below or at such other address as they may specify
hereafter in writing:

	 	 	 	 	 
	COMPANY:
	 	G&E Healthcare REIT/Duke Chesterfield Rehab, LLC
	 
	 	c/o NNN Healthcare Office Company, Inc.
	 
	 	1551 N. Tustin Avenue, Suite 300
	 
	 	Santa Ana, California  92705
	With a copy to:
	 	Duke Realty Limited Partnership
	 
	 	Attn:  Jason Sturman
	 
	 	600 E 96th Street, Suite 100
	 
	 	Indianapolis, IN 46240
	 
	 	Fax:  (317) 808-6794
	PROPERTY MANAGER:
	 	Triple Net Properties Realty, Inc.
	 
	 	1551 N. Tustin Avenue, Suite 300
	 
	 	Santa Ana, CA  92705
	 
	 	Attn:  Jeff Hanson, President

Such notice or other communication may be delivered by a recognized overnight delivery service
providing a receipt, facsimile transmission or mailed by United States registered or certified
mail, return receipt requested, postage prepaid if deposited in a United States Post Office or
depository for the receipt of mail regularly maintained by the post office. Notices sent by
overnight courier shall be deemed given one (1) business day after mailing; notices sent by
registered or certified mail shall be deemed given two (2) business days after mailing; and notices
sent by facsimile transmission shall be deemed given as of the date sent (if sent prior to 5:00
p.m. PST and if receipt has been acknowledged by the operator of the receiving machine).

13. MISCELLANEOUS.

13.1 Assignment. Property Manager may not assign this Agreement without the
prior written consent of Company, which consent may be withheld in Company’s sole and absolute
discretion.

13.2 Gender. Each gender shall include each other gender. The singular
shall include the plural and vice-versa.

13.3 Amendments. Except as otherwise provided, each amendment, addition or
deletion to this Agreement shall not be effective unless approved by the parties in writing.

13.4 Attorneys’ Fees. In any action or proceeding between Property Manager
and Company arising from or relating to this Agreement or the enforcement or interpretation hereof,
the party prevailing in such action or proceeding shall be entitled to recover from the other party
all of its reasonable attorneys’ fees and other costs and expenses of the action or proceeding.

13.5 Governing Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Missouri without regard to any choice of law
rules.

13.6 Headings. All headings are only for convenience and ease of reference
and are irrelevant to the construction or interpretation of any provision of this Agreement.

13.7 Representations. Property Manager represents and warrants that it is
or shall be prior to entering into any transaction fully qualified and licensed, to the extent
required by law, to manage and lease real estate and perform all obligations assumed by Property
Manager hereunder. Property Manager shall use reasonable efforts to comply with all such laws now
or hereafter in effect.

13.8 Indemnification by Property Manager. Property Manager shall indemnify,
defend and hold Company and its shareholders, officers, directors, and employees harmless from any
and all claims, demands, causes of action, losses, damages, fines, penalties, liabilities, costs
and expenses, including reasonable attorneys’ fees and court costs, sustained or incurred by or
asserted against Company by reason of the acts of Property Manager which are not reimbursed by
insurance and which arise out of (a) the gross negligence or fraud of Property Manager, its agents
or employees, or (b) Property Manager’s breach of this Agreement. If any person or entity makes a
claim or institutes a suit against Company on a matter for which Company claims the benefit of the
foregoing indemnification, then (a) Company shall give Property Manager prompt notice thereof in
writing; (b) Property Manager may defend such claim or action by counsel of its own choosing
provided such counsel is reasonably satisfactory to Company; and (c) neither Company nor Property
Manager shall settle any claim without the other’s written consent.

13.9 Indemnification by Company. Company shall indemnify and hold harmless
Property Manager and its affiliates, including their respective officers, directors, partners and
employees, from all liability, claims, damages or losses arising in the performance of their duties
hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such
liability, claims, damages or losses and related expenses are not fully reimbursed by insurance,
provided that Company shall not indemnify and hold harmless Property Manager or its affiliates
unless:

	 	(i)	 	Property Manager or its affiliates have determined, in
good faith, that the course of conduct which caused the loss or
liability was in the best interests of Company;

	 	(ii)	 	Property Manager or its affiliates were acting on
behalf of or performing services for Company;

	 	(iii)	 	such liability or loss was not the result of
negligence or misconduct by Property Manager or its affiliates;
and

	 	(iv)	 	such indemnification or agreement to hold harmless is
recoverable only out of Company’s net assets and not from the
stockholders of NNN Healthcare/Office Company, Inc.

The obligation of Company to indemnify or hold harmless Property Manager and its affiliates shall
also be subject to any limitations imposed by Maryland law. If any person or entity makes a claim
or institutes a suit against Property Manager on any matter for which Property Manager claims the
benefit of the foregoing indemnification, then (a) Property Manager shall give Company prompt
notice thereof in writing; (b) Company may defend such claim or action by counsel of its own
choosing provided such counsel is reasonably satisfactory to Property Manager; (c) neither Property
Manager nor Company shall settle any claim without the other’s written consent; and (d) this
subsection shall not be so construed as to release Company or the Property Manager from any
liability to the other for a breach of any of the covenants agreed to be performed under the terms
of this Agreement.

13.10 Complete Agreement. This Agreement shall supersede and take the place
of any and all previous agreements entered into between the parties with respect to the Property.

13.11 Severability. If any provisions of this Agreement or application to
any party or circumstances shall be determined by any court of competent jurisdiction to be invalid
and unenforceable to any extent, the remainder of this Agreement, where the application of such
provisions or circumstances other than those as to which it is determined to be invalid or
unenforceable shall not be affected thereby, and each provision hereof shall be valid and shall be
enforced to the fullest extent permitted by law.

13.12 No Waiver. The failure by any party to insist upon the strict
performance of, or to seek remedy of, any one of the terms or conditions of this Agreement or to
exercise any right, remedy, or election set forth herein or permitted by law shall not constitute
or be construed as a waiver or relinquishment for the future of such term, condition, right, remedy
or election, but such item shall continue and remain in full force and effect. All rights or
remedies of the parties specified in this Agreement and all other rights or remedies that they may
have at law, in equity or otherwise shall be distinct, separate and cumulative rights or remedies,
and no one of them, whether exercised or not, shall be deemed to be in exclusion of any other right
or remedy of the parties.

13.13 Binding Effect. This Agreement shall be binding and inure to the
benefit of the parties and their respective successors and assigns.

13.14 Enforcement of Property Manager’s Rights. In the enforcement of its
rights under this Agreement, Property Manager shall not seek or obtain a money judgment or any
other right or remedy against any shareholders or disclosed or undisclosed principals of Company,
Property Manager shall enforce its rights and remedies solely against the estate of Company in the
Property or the proceeds of any sale of all or any portion of Company’s interest therein.

[Signatures On Next Page]

1

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

	 
	G&E HEALTHCARE REIT/DUKE CHESTERFIELD REHAB, LLC, a Delaware limited liability

company

By: Grubb & Ellis Healthcare REIT Holdings, L.P., a Delaware limited

partnership,

its Managing Member

By: Grubb & Ellis Healthcare REIT, Inc.,

a Maryland corporation,

its General Partner

By: /s/ Shannon K S Johnson

Name:

	Title:

	TRIPLE NET PROPERTIES REALTY, INC.,

a California corporation

By: /s/ Richard Hutton

Name: Richard Hutton

Title: Executive Vice President

2EX-10.4

PROMISSORY NOTE

$22,000,000.00 December 20, 2007

1. Agreement to Pay. FOR VALUE RECEIVED, G&E HEALTHCARE REIT CHESTERFIELD REHAB
HOSPITAL, LLC, a Delaware limited liability company (“Borrower”) hereby promises to pay to the
order of NATIONAL CITY BANK, a national banking association, its successors and assigns, whose
address is 120 S. Central, 9th Floor, Clayton, Missouri 63105 (“Lender”), the principal sum of
Twenty-Two Million and 00/100 Dollars ($22,000,000.00) (“Loan”), at the place and in the manner
hereinafter provided, together with interest thereon at the rate or rates described below, and any
and all other amounts which may be due and payable hereunder from time to time.

2. Interest Rate.

2.1 Interest Prior to Default.

(a) Interest shall accrue on the outstanding principal balance of this Note
from the date hereof through December 30, 2010, (“Maturity Date”) at a fluctuating
rate of interest equal to the Libor Rate plus 1.65% per annum (“Applicable Margin”)
(the Libor Rate plus the Applicable Margin shall be referred to herein as the “Loan
Rate”). The Applicable Margin shall be subject to increase from 1.65% to 1.75%
pursuant to the terms and conditions set forth in Section 21 of the Grubb & Ellis
Healthcare REIT, Inc. Limited Guaranty of Payment of even date herewith.

(b) LIBOR Flex Rate. Designation of a LIBOR Rate is subject to the following
requirements:

(i) The LIBOR Rate shall fluctuate daily in accordance with changes to
the LIBOR Rate.

(ii) “LIBOR Rate” means the interest rate determined by the following
formula, rounded upward to the nearest 1/100 of one percent (all amounts in
the calculation will be determined by Lender as of the first day of the
interest period):

	 	 	 
	LIBOR =

	 	London Inter-Bank Offered Rate
	
 
	 	 
	
 
	 	(1.00 – Reserve Percentage)

Where,

(1) “London Inter-Bank Offered Rate” initially means the rate
per annum based on a 360-day year equal to the offered rate for
deposits in U.S. dollars for a one-month period and for amounts
comparable to the then-outstanding principal balance of this Loan are
offered in the London Interbank Eurodollar market at 11:00 a.m.
(London time) two Business Days prior to the day as to which the rate
applies (or three Business Days prior to the day as to which the rate
applies if banks in London, England were not open and dealing in
offshore United States dollars on such second preceding Business
Day), as such interest rate is referenced and reported by the British
Bankers Association in the Bridge Financial Telerate system “Page
3750” report (or if not so published, Lender, in its sole discretion,
shall designate another daily financial or governmental publication
of national circulation to determine such rate).

(2) “Reserve Percentage” means the total of the maximum reserve
percentages for determining the reserves to be maintained by member
banks of the Federal Reserve System for Eurocurrency Liabilities, as
defined in Federal Reserve Board Regulation D, rounded upward to the
nearest 1/100 of one percent. The percentage will be expressed as a
decimal, and will include, but not be limited to, marginal,
emergency, supplemental, special, and other reserve percentages.

(iii) Lender is not obligated to accept a deposit in the inter-bank
market in order to charge interest at the LIBOR Rate.

(iv) In addition, Borrower shall be responsible for paying any costs
(“Additional Costs”) actually incurred by Lender as a direct result of any
change in Lender’s cost of complying with any law, rule, regulation or other
requirement imposed, interpreted or enforced by any federal, state or other
governmental or monetary authority which is applicable to assets held by or
deposits or accounts with or credits extended by Lender and which causes
Lender to incur costs or increases the effective cost to Lender of lending
to Borrower at the LIBOR Rate.

2.2 Late Charges. If payment (other than the final payment of all principal and
interest due hereunder on the Maturity Date as more specifically set forth in Section 3.2 herein
below) is ten (10) days or more late, Borrower will be charged a late payment fee of five percent
(5%) of the unpaid portion of the regularly scheduled payment. Borrower will pay a fee to Lender
of Fifteen Dollars ($15.00) if Borrower makes a payment on this Note and the check or preauthorized
charge with which Borrower pays is later dishonored.

2.3 Interest After Default. Interest at a rate of five percent (5%) over Lender’s
Corporate Market Rate (defined below), as published by Lender from time to time, (hereinafter
referred to as the “Default Rate”) shall be payable on the entire principal balance owing from and,
after the Maturity Date or following the occurrence and during the continuance of any Event of
Default, whether upon failure to pay this Note, upon acceleration, upon final maturity or
otherwise. For purposes of this Note, “Corporate Market Rate” shall mean the floating per annum
rate of interest that at any time, and from time to time, shall be most recently announced by
Lender as its corporate rate, which is not intended to be the Lender’s lowest or most favorable
rate of interest at any one time. Each change in Default Rate shall take effect on the effective
date of any change in the Corporate Market Rate. The Lender shall not be obligated to give notice
of any change in the Corporate Market Rate. Following the occurrence and during the continuance of
an Event of Default, at its option Lender may add any unpaid accrued interest, costs and fees to
principal and such sum will bear interest at the Default Rate, but in no event at an effective
interest rate on this Note which exceeds the rate permitted by law. In addition, Lender shall have
the right, without acceleration of the indebtedness, to collect interest at the Default Rate on any
payment due hereunder (including without limitation late charges and fees for legal counsel) which
is not received by Lender on or before the date on which such payment originally was due. Interest
at the Default Rate shall be immediately due and payable from the due date specified herein and
shall accrue until all Events of Default have been fully cured or full payment is received, as
applicable; provided that no Default Rate interest shall be due on any sum paid within the grace
period applicable thereto, if any.

2.4 Interest Calculation. Interest on this Note shall be calculated on the basis of a
360-day year and the actual number of days elapsed in any portion of a month in which interest is
due.

3. Payment Terms.

3.1 Periodic Interest Payments. Borrower shall pay this Note in monthly payments
equaling from time to time the then accrued interest on the unpaid principal balance. Borrower’s
first interest only payment is due      , 2008, and all subsequent payments are due
on the same day of each month thereafter through and including the Maturity Date. Borrower will
pay Lender at Lender’s address shown above or at such other place as Lender may designate in
writing. If any payment due on this Note or if any payment to be debited from Borrower’s
designated account on a scheduled due date is payable and scheduled on a weekend or legal bank
holiday in the State of Missouri, the payment will be due and will be debited on the next
non-weekend/holiday business day, the amount of payment, in such case, to include all interest
accrued to the date of such actual payment, and such payment shall be deemed to have been made on a
timely basis. No principal amount repaid may be reborrowed. All amounts due under this Note shall
be payable without set-off, counterclaim or any other deduction whatsoever.

3.2 Payment on Maturity Date. The unpaid principal balance of this Note, if not
sooner paid or declared to be due in accordance with the terms hereof, together with all accrued
and unpaid interest thereon and any other amounts due and payable hereunder or under any other Loan
Document (as hereinafter defined), shall be due and payable in full on the Maturity Date.

3.3 Application of Payments. Unless an Event of Default shall have occurred and be
continuing, all payments and prepayments on account of the indebtedness evidenced by this Note
shall be applied as follows: (a) first, to fees, expenses, costs and other similar amounts then due
and payable to Lender, if any, including, without limitation late charges due hereunder,
(b) second, to accrued and unpaid interest on the principal balance of this Note; (c) third, to
the payment of principal, if any, due in the month in which the payment or prepayment is made,
(d) fourth, to any escrows, impounds or other amounts which may then be due and payable under the
Loan Documents (as hereinafter defined), (e) fifth, to any other amounts then due Lender hereunder
or under any of the Loan Documents, and (f) last, to the unpaid principal balance of this Note in
the inverse order of maturity. Any prepayment on account of the indebtedness evidenced by this
Note shall not extend or postpone the due date or reduce the amount of any subsequent monthly
payment of principal and interest due hereunder. Following the occurrence and during the
continuance of an Event of Default, payments may be applied by Lender to amounts owed hereunder and
under the Loan Documents in such order as Lender shall determine, in its sole discretion.

3.4 Method of Payments. All payments of principal and interest hereunder shall be
paid by automatic debit, wire transfer, check or in coin or currency which, at the time or times of
payment, is the legal tender for public and private debts in the United States of America and shall
be made at such place as Lender or the legal holder or holders of this Note may from time to time
appoint in the payment invoice or otherwise in writing. Payment made by check shall be deemed paid
on the date Lender receives such check; provided, however, that if such check is subsequently
returned to Lender unpaid due to insufficient funds or otherwise, the payment shall not be deemed
to have been made and shall continue to bear interest until collected. Notwithstanding the
foregoing, the final payment due under this Note must be made by wire transfer or other final
funds. If requested by Borrower, Interest, principal payments and any fees and expenses owed
Lender from time to time will be deducted by Lender automatically on the due date from Borrower’s
account with Lender, as designated in writing by Borrower. Borrower will maintain sufficient funds
in the account on the dates Lender enters debits authorized by this Note. If there are
insufficient funds in the account on the date Lender enters any debit authorized by this Note, the
debit will be reversed. Borrower may terminate this direct debt arrangement at any time by sending
written notice to Lender at the address specified above.

3.5 Prepayment. This Note may be prepaid, either in whole or in part, without penalty
or premium, at any time and from time to time upon ten (10) days prior notice to Lender.

4. Extension of Maturity Date. Borrower has two options to extend the Maturity Date,
each of which is for a one-year period (“Extension Options”) upon the same terms and conditions and
subject to the same Loan Rate as set forth herein, provided that Borrower’s right to exercise each
Extension Option shall be exercisable upon satisfaction of and subject to the following terms and
conditions: (1) No Event of Default shall have occurred and be continuing at the time of the
exercise of any Extension Option; (2) Borrower must deliver written notice of Borrower’s election
to exercise an Extension Option within the 90-day period preceding the 30th day prior to
each Maturity Date; (3) Borrower must pay Lender an extension fee equal to twelve one-hundredths of
the outstanding principal balance of the Loan at the time that Borrower exercises an Extension
Option; (4) Borrower may not exercise its second Extension Option hereunder unless Borrower
exercised its first Extension Option hereunder; (5) during the first Extension Option period,
monthly payments of principal shall be due (in addition to monthly interest payments as set forth
herein) in an amount equal to the outstanding principal balance of this Loan on the Maturity Date
applicable prior to the exercise of the first Extension Option divided by three hundred (300); and
(6) during the second Extension Option, monthly payments of principal shall be due (in addition to
monthly interest payments as set forth herein) in an amount equal to the outstanding principal
balance of this Loan on the Maturity Date applicable prior to the exercise of the second Extension
Option divided by two hundred eighty-eight (288).

5. Security. This Note is secured by a Deed of Trust, Security Agreement, Assignment
of Leases and Rents and Fixture Filing (“Deed of Trust”) of even date herewith made by Borrower to
Lender creating a first mortgage lien on certain real property (“Premises”) legally described in
Exhibit A attached to the Deed of Trust, an Assignment of Rents and Leases (“Assignment”) of even
date herewith from Borrower to Lender, a Guaranty of Payment of even date herewith from Grubb &
Ellis Healthcare REIT, Inc., a Guaranty of Payment of even date herewith from Duke Realty Limited
Partnership (each Guaranty of Payment is referred to as a “Guaranty” and collectively referred to
as “Guarantees”) (hereinafter the entities executing Guarantees are collectively referred to as
“Guarantors”) to Lender and an Environmental Indemnity Agreement (“Indemnity Agreement”) of even
date herewith from Borrower and Guarantors to Lender, (the Note, the Deed of Trust, the Assignment,
the Guarantees, the Indemnity Agreement and any other document now or hereafter given to evidence
or secure payment of this Note or delivered to induce Lender to disburse the proceeds of the Loan,
as such documents may hereafter be amended, restated or replaced from time to time, are hereinafter
collectively referred to as the “Loan Documents”). Reference is hereby made to the Loan Documents
(which are incorporated herein by reference as fully and with the same effect as if set forth
herein at length) for a statement of the covenants and agreements contained therein, a statement of
the rights, remedies, and security afforded thereby, and all matters therein contained.

6. Events of Default. The occurrence of any one or more of the following events shall
constitute an “Event of Default” under this Note:

6.1 the failure by Borrower to pay (i) any installment of principal or interest payable
pursuant to this Note within ten (10) days after the date when due, or (ii) any other amount
payable to Lender under this Note, the Deed of Trust or any of the other Loan Documents within
twenty (20) days after the date when any such payment is due in accordance with the terms hereof or
thereof; or

6.2 the occurrence of any “Event of Default” under any Loan Documents.

7. Remedies. At the election of the holder hereof, and without notice, the principal
balance remaining unpaid under this Note, and all unpaid interest accrued thereon and any other
amounts due hereunder, shall be and become immediately due and payable in full upon the occurrence
of any Event of Default until such Event of Default shall be cured or waived. Failure to exercise
this option shall not constitute a waiver of the right to exercise same in the event of any
subsequent Event of Default. No holder hereof shall, by any act of omission or commission, be
deemed to waive any of its rights, remedies or powers hereunder or otherwise unless such waiver is
in writing and signed by the holder hereof, and then only to the extent specifically set forth
therein. The rights, remedies and powers of the holder hereof, as provided in this Note, the Deed
of Trust and in all of the other Loan Documents are cumulative and concurrent, and may be pursued
singly, successively or together against Borrower, the Guarantors hereof, the Premises and any
other security given at any time to secure the repayment hereof, all at the sole discretion of the
holder hereof. If any suit or action is instituted or attorneys are employed to collect this Note
or any part hereof, Borrower promises and agrees to pay all costs of collection, including
reasonable attorneys’ fees and court costs.

8. Covenants and Waivers. Borrower and all others who now or may at any time become
liable for all or any part of the obligations evidenced hereby, expressly agree hereby to be
jointly and severally bound, and jointly and severally: (i) waive and renounce any and all
homestead, redemption and exemption rights and the benefit of all valuation and appraisement
privileges against the indebtedness evidenced by this Note or by any extension or renewal hereof;
(ii) waive presentment and demand for payment, notices of nonpayment and of dishonor, protest of
dishonor, and notice of protest; (iii) except as expressly provided in the Loan Documents, waive
any and all notices in connection with the delivery and acceptance hereof and all other notices in
connection with the performance, default, or enforcement of the payment hereof or hereunder;
(iv) waive any and all lack of diligence and delays in the enforcement of the payment hereof;
(v) agree that the liability of each Borrower, guarantor, endorser or obligor shall be
unconditional and without regard to the liability of any other person or entity for the payment
hereof, and shall not in any manner be affected by any indulgence or forbearance granted or
consented to by Lender to any of them with respect hereto; (vi) consent to any and all extensions
of time, renewals, waivers, or modifications that may be granted by Lender with respect to the
payment or other provisions hereof, and to the release of any security at any time given for the
payment hereof, or any part thereof, with or without substitution, and to the release of any person
or entity liable for the payment hereof; and (vii) consent to the addition of any and all other
makers, endorsers, guarantors, and other obligors for the payment hereof, and to the acceptance of
any and all other security for the payment hereof, and agree that the addition of any such makers,
endorsers, guarantors or other obligors, or security shall not affect the liability of Borrower,
any guarantor and all others now liable for all or any part of the obligations evidenced hereby.
This provision is a material inducement for Lender making the Loan to Borrower.

9. Other General Agreements.

9.1 Business Purpose Loan. Borrower agrees that the Loan evidenced by this Note is an
exempted transaction under the Truth In Lending Act, 15 U.S.C., Section 1601, et seq.

9.2 Time. Time is of the essence hereof.

9.3 Governing Law. This Note is governed and controlled as to validity, enforcement,
interpretation, construction, effect and in all other respects by the statutes, laws and decisions
of the State of Missouri. This Note may not be changed or amended orally but only by an instrument
in writing signed by the party against whom enforcement of the change or amendment is sought.

9.4 No Joint Venture. Lender shall not be construed for any purpose to be a partner,
joint venturer, agent or associate of Borrower or of any lessee, operator, concessionaire or
licensee of Borrower in the conduct of its business, and by the execution of this Note, Borrower
agrees to indemnify, defend, and hold Lender harmless from and against any and all damages, costs,
expenses and liability that may be incurred by Lender as a result of a claim that Lender is such
partner, joint venturer, agent or associate.

9.5 Joint and Several Obligations. If this Note is executed by more than one party,
the obligations and liabilities of each Borrower under this Note shall be joint and several and
shall be binding upon and enforceable against each Borrower and their respective successors and
assigns. This Note shall inure to the benefit of and may be enforced by Lender and its successors
and assigns.

9.6 Severable Loan Provisions. If any provision of this Note is deemed to be invalid
by reason of the operation of law, or by reason of the interpretation placed thereon by any
administrative agency or any court, Borrower and Lender shall negotiate an equitable adjustment in
the provisions of the same in order to effect, to the maximum extent permitted by law, the purpose
of this and the validity and enforceability of the remaining provisions, or portions or
applications thereof, shall not be affected thereby and shall remain in full force and effect.

9.7 Interest Limitation. If the interest provisions herein or in any of the Loan
Documents shall result, at any time during the Loan, in an effective rate of interest which, for
any month, exceeds the limit of usury or other laws applicable to the Loan, all sums in excess of
those lawfully collectible as interest of the period in question shall, without further agreement
or notice between or by any party hereto, be applied upon principal immediately upon receipt of
such monies by Lender, with the same force and effect as though the payer has specifically
designated such extra sums to be so applied to principal and Lender had agreed to accept such extra
payment(s) as a premium-free prepayment. Notwithstanding the foregoing, however, Lender may at any
time and from time to time elect by notice in writing to Borrower to reduce or limit the collection
to such sums which, when added to the said first-stated interest, shall not result in any payments
toward principal in accordance with the requirements of the preceding sentence. In no event shall
any agreed to or actual exaction as consideration for this Loan transcend the limits imposed or
provided by the law applicable to this transaction or the makers hereof in the jurisdiction in
which the Premises are located for the use or detention of money or for forbearance in seeking its
collection.

9.8 Assignability. Lender may at any time assign its rights in this Note and the Loan
Documents, or any part thereof and transfer its rights in any or all of the collateral to another
bank or financial institution, and Lender thereafter shall be relieved from all liability with
respect to such collateral accruing from and after such assignment or transfer. In addition,
Lender may at any time sell one or more participations in the Note. Borrower may not assign its
interest in this Note, or any other agreement with Lender or any portion thereof, either
voluntarily or by operation of law, without the prior written consent of Lender.

10. Notices. All notices required under this Note will be in writing and will be
transmitted in the manner and to the addresses or facsimile numbers required by the Loan Agreement,
or to such other addresses or facsimile numbers as Lender and Borrower may specify from time to
time in writing.

11. CONSENT TO JURISDICTION. SUBJECT ONLY TO THE EXCEPTION IN THE NEXT SENTENCE,
BORROWER AND LENDER HEREBY AGREE TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE EASTERN
DISTRICT OF MISSOURI AND THE STATE COURTS OF MISSOURI LOCATED IN ST. LOUIS COUNTY, MISSOURI AND
WAIVE ANY OBJECTION BASED ON VENUE OR FORUM NON CONVENIENS WITH RESPECT TO ANY ACTION INSTITUTED
THEREIN, AND AGREE THAT ANY DISPUTE CONCERNING THE RELATIONSHIP BETWEEN LENDER AND BORROWER OR THE
CONDUCT OF ANY OF THEM IN CONNECTION WITH THIS NOTE OR OTHERWISE SHALL BE HEARD ONLY IN THE COURTS
DESCRIBED ABOVE. NOTWITHSTANDING THE FOREGOING: (1) LENDER SHALL HAVE THE RIGHT TO BRING ANY ACTION
OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN ANY COURTS OF ANY OTHER JURISDICTION LENDER DEEMS
NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL, OR OTHER SECURITY FOR THE LOAN
OBLIGATIONS, AND (2) BORROWER ACKNOWLEDGES THAT ANY APPEALS FROM THE COURTS DESCRIBED IN THE
IMMEDIATELY PRECEDING SENTENCE MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE THOSE JURISDICTIONS.

12. WAIVER OF JURY TRIAL. BORROWER AND LENDER (BY ACCEPTANCE OF THIS NOTE), HAVING BEEN
REPRESENTED BY COUNSEL, EACH KNOWINGLY AND VOLUNTARILY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY
ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (a) UNDER THIS NOTE OR ANY RELATED AGREEMENT
OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE
DELIVERED IN CONNECTION WITH THIS NOTE OR (b) ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN
CONNECTION WITH THIS NOTE, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING WILL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY. 

13. Customer Identification — USA Patriot Act Notice; OFAC and Bank Secrecy Act.
The Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56, signed into law October 26, 2001) (the “Act”), and the Lender’s
policies and practices, the Lender is required to obtain, verify and record certain information and
documentation that identifies the Borrower, which information includes the name and address of the
Borrower and such other information that will allow the Lender to identify the Borrower in
accordance with the Act. In addition, the Borrower shall (a) ensure that no person who owns a
controlling interest in or otherwise controls the Borrower or any subsidiary of the Borrower is or
shall be listed on the Specially Designated Nationals and Blocked Person List or other similar
lists maintained by the Office of Foreign Assets Control (“OFAC”), the Department of the Treasury
or included in any Executive Orders, (b) not use or permit the use of the proceeds of the Loan to
violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive
Order relating thereto, and (c) comply, and cause any of its subsidiaries to comply, with all
applicable Bank Secrecy Act (“BSA”) laws and regulations, as amended.

14. Expenses and Indemnification. The Borrower shall pay all costs and expenses
reasonably incurred by the Lender in connection with the preparation of this Note and the Loan
Documents, including, without limitation, reasonable attorneys’ fees and time charges of attorneys
who may be employees of the Lender or any affiliate or parent corporation of the Lender. The
Borrower shall pay any and all stamp and other taxes, UCC search fees, filing fees and other costs
and expenses reasonably incurred in connection with the execution and delivery of this Note and the
other instruments and documents to be delivered hereunder, and agrees to save the Lender harmless
from and against any and all liabilities with respect to or resulting from any delay in paying or
omission to pay such costs and expenses. The Borrower hereby authorizes the Bank to charge any
account of the Borrower with the Bank for all sums due under this section. The Borrower also
agrees to defend (with counsel satisfactory to the Lender), protect, indemnify and hold harmless
the Lender, any parent corporation, affiliated corporation or subsidiary of the Lender, and each of
their respective officers, directors, employees, attorneys and agents (each, an “Indemnified
Party”) from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, claims, costs, expenses and distributions of any kind or nature
(including, without limitation, the disbursements and the reasonable fees of counsel for each
Indemnified Party thereto, which shall also include, without limitation, reasonable attorneys’ fees
and time charges of attorneys who may be employees of the Lender or any parent or affiliated
corporation of the Lender, but excluding punitive damages or other exemplary damages, diminution in
value, lost profits or lost opportunity costs), which may be imposed on, incurred by, or asserted
against, any Indemnified Party (whether direct, indirect or consequential and whether based on any
federal, state or local laws or regulations, including, without limitation, securities,
environmental laws and commercial laws and regulations, under common law or in equity, or based on
contract or otherwise) in any manner relating to or arising out of this Note or any of the Loan
Documents, or any act, event or transaction related or attendant thereto, the preparation,
execution and delivery of this Note and the Loan Documents, the making or issuance and management
of the Loan, the use or intended use of the proceeds of the Loan and the enforcement of the
Lender’s rights and remedies under this Note, the Loan Documents, any other instruments and
documents delivered hereunder or thereunder, or under any other agreement between the Borrower and
the Lender; provided, however, that the Borrower shall not have any obligation hereunder to any
Indemnified Party with respect to matters caused by or resulting from the willful misconduct, gross
negligence, bad faith or illegal acts of such Indemnified Party. To the extent that the
undertaking to indemnify set forth in the preceding sentence may be unenforceable because it
violates any law or public policy, the Borrower shall satisfy such undertaking to the maximum
extent permitted by applicable law. Any liability, obligation, loss, damage, penalty, cost or
expense covered by this indemnity shall be paid to such Indemnified Party on demand, and failing
prompt payment, together with interest thereon at the Default Rate from the date incurred by such
Indemnified Party until paid by the Borrower, shall be added to the obligations of the Borrower
evidenced by this Note and secured by the collateral securing this Note. This indemnity is not
intended to excuse the Lender from performing hereunder. The provisions of this section shall
survive the closing of the Loan, the satisfaction and payment of this Note and any cancellation of
the Loan Documents. The Borrower shall also pay, and hold the Lender harmless from, any and all
claims of any brokers, finders or agents claiming a right to any fees in connection with arranging
the Loan. The Lender hereby represents that it has not employed a broker or other finder in
connection with the Loan. The Borrower represents and warrants that no brokerage commissions or
finder’s fees are to be paid in connection with the Loan.

15. STATUTE OF FRAUDS CLAUSE. Oral agreements or commitments to loan money, extend
credit or to forbear from enforcing repayment of a debt including promises to extend or renew such
debt are not enforceable, regardless of the legal theory upon which it is based that is in any way
related to the credit agreement. To protect you (borrower(s)) and us (creditor) from
misunderstanding or disappointment, any agreements we reach covering such matters are contained in
this writing, which is the complete and exclusive statement of the agreement between us, except as
we may later agree in writing to modify it.

As used in this section, “creditor” refers to “Lender” and “other writing” refers to the “Loan
Documents.”

[Signatures on Following Pages]

1

IN WITNESS WHEREOF, Borrower has executed and delivered this Note as of the day and year first
written above.

BORROWER:

G&E HEALTHCARE REIT CHESTERFIELD REHAB HOSPITAL, LLC, a
Delaware limited liability company

	 	 	 
	By: /s/ Andrea R. Biller

	 	

	Print Name: Andrea R. Biller, Executive Vice President

	Title:

	 	Authorized Signatory

See attached

2

ACKNOWLEDGMENT

	 	 	 	 	 
	STATE OF CALIFORNIA
	 	 	)	 
	 
	 	)  SS.

COUNTY OF ORANGE)

On December 14, 2007 before me, P.C. Han, Notary Public, personally appeared Andrea R. Biller,
personally known to me to be the person whose name is subscribed to the within instrument and
acknowledged to me that she executed the same her authorized capacity, and that by her signature on
the instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.

	 	 	 
	WITNESS my hand and official seal.

/s/ PC Han

(Signature of Notary)

(SEAL)

	 	

[P.C. Han

Commission # 1753200

Notary Public — California

Orange County

My Comm. Expires Jun 25, 2011]

My Commission Expires:

June 25, 2011

3

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