Document:

Mezzanine Guaranty Agreement

 EXHIBIT 10.9 
 MEZZANINE GUARANTY AGREEMENT 
 THIS MEZZANINE GUARANTY
AGREEMENT (the “Guaranty”) is executed as of February 3, 2012 by TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation, having an address at 1900 Main Street, Suite 700, Irvine, California 92614
(“Guarantor”), for the benefit of JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179
(“Lender”). 
 W I T N E S S E T H
: 
 WHEREAS, pursuant to that certain Mezzanine Promissory Note, dated of even date herewith, executed by TNP SRT
Woodland West Holdings, LLC, a Delaware limited liability company (“Borrower”), and payable to the order of Lender in the original principal amount of One Million Three Hundred Thousand and No/100 Dollars ($1,300,000.00) (together
with all renewals, modifications, increases and extensions thereof, the “Note”), Borrower has become indebted, and may from time to time be further indebted, to Lender with respect to a loan (“Loan”) which is
secured by the Mezzanine Pledge and Security Agreement dated as of the date hereof, made by Borrower to Lender (together with all renewals, modifications, increases and extensions thereof, the “Security Instrument”), and further
evidenced, secured or governed by other instruments and documents executed in connection with the Loan (together with the Note and the Security Instrument, the “Loan Documents”); and 

WHEREAS, Lender is not willing to make the Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally guarantees
payment and performance to Lender of the Guaranteed Obligations (as herein defined); and 
 WHEREAS, Borrower owns 100% of the
outstanding limited liability company membership interests in TNP SRT Woodland West, LLC, a Delaware limited liability company (“Pledged Entity”). Pledged Entity has executed on or about the date hereof a certain loan agreement,
promissory note, deed of trust and other documents, each in favor of Lender (the “Mortgage Loan Documents”), evidencing a mortgage loan in the amount of $10,200,000.00 (the “Mortgage Loan”). All capitalized terms
not defined herein shall have the meanings ascribed to them in the Loan Agreement between Lender and Pledged Entity dated as of the date hereof (the “Loan Agreement”). 

WHEREAS, Guarantor is the owner of a direct or indirect interest in Borrower, and Guarantor will directly benefit from Lender’s
making the Loan to Borrower. 

 NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower, and to extend such
additional credit as Lender may from time to time agree to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

 ARTICLE 1 - NATURE AND SCOPE OF GUARANTY 
 Section 1.1 Guaranty of Obligation. Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and assigns the payment of the Guaranteed Obligations as and when
the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 Section 1.2 Definition of Guaranteed Obligations. As used herein, the term “Guaranteed
Obligations” means the full and prompt payment to Lender of the principal and interest, and all other sums that become due under the terms of the Note and the performance of all obligations thereunder, without deduction by reason of any
set-off, defense, or counterclaim, and irrespective of any invalidity thereof, the unenforceability thereof, or the insufficiency, invalidity, or unenforceability of any security therefor. 

Section 1.3 Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and not a guaranty
of collection. This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by Guarantor and after (if Guarantor is a natural person)
Guarantor’s death (in which event this Guaranty shall be binding upon Guarantor’s estate and Guarantor’s legal representatives and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or
reduced shall not release or discharge the obligation of Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced by Lender and any subsequent holder of the Note and shall not be discharged by the assignment or
negotiation of all or part of the Note. 
 Section 1.4 Guaranteed Obligations Not Reduced by Offset. The Guaranteed
Obligations and the liabilities and obligations of Guarantor to Lender hereunder, shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Borrower, or any other party, against Lender or
against payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 

Section 1.5 Payment By Guarantor. If all or any part of the Guaranteed Obligations shall not be punctually paid when due,
whether at demand, maturity, acceleration or otherwise, Guarantor shall, immediately upon demand by Lender, and without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of
acceleration of the maturity, or any other notice whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender at Lender’s address as set forth herein. Such demand(s) may be made at any
time coincident with or after the time for payment of all or part of the Guaranteed Obligations, and may be made from time to time with respect to the same or different items of Guaranteed Obligations. Such demand shall be deemed made, given and
received in accordance with the notice provisions hereof. 
 Section 1.6 No Duty To Pursue Others. It shall not be
necessary for Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce the obligations of Guarantor hereunder, first to (i) institute suit or exhaust its remedies against Borrower or others
liable on the Loan or the Guaranteed Obligations or any other person, 

  
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(ii) enforce Lender’s rights against any Collateral which shall ever have been given to secure the Loan, (iii) enforce Lender’s rights against any other guarantors of the
Guaranteed Obligations, (iv) join Borrower or any others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (v) exhaust any remedies available to Lender against any Collateral which shall ever have been
given to secure the Loan, or (vi) resort to any other means of obtaining payment of the Guaranteed Obligations. Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.

 Section 1.7 Waivers. Guarantor agrees to the provisions of the Loan Documents, and hereby waives notice of:
(i) any loans or advances made by Lender to Borrower, (ii) acceptance of this Guaranty, (iii) any amendment or extension of the Note, the Security Instrument or of any other Loan Documents, (iv) the execution and delivery by
Borrower and Lender of any other loan or credit agreement or of Borrower’s execution and delivery of any promissory notes or other documents arising under the Loan Documents or in connection with the Collateral (as defined in the Security
Instrument), (v) the occurrence of any breach by Borrower or an Event of Default, (vi) Lender’s transfer or disposition of the Guaranteed Obligations, or any part thereof, (vii) sale or foreclosure (or posting or advertising for
sale or foreclosure) of any Collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment or default by Borrower, or (ix) any other action at any time taken or omitted by Lender, and, generally, all demands and notices of
every kind in connection with this Guaranty, the Loan Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations and the obligations hereby guaranteed. 

Section 1.8 Payment of Expenses. In the event that Guarantor should breach or fail to timely perform any provisions of this
Guaranty, Guarantor shall, immediately upon demand by Lender, pay Lender all costs and expenses (including court costs and attorneys’ fees) incurred by Lender in the enforcement hereof or the preservation of Lender’s rights hereunder. The
covenant contained in this Section shall survive the payment and performance of the Guaranteed Obligations. 
 Section 1.9
Effect of Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief law, or any judgment, order or decision thereunder, Lender must rescind or restore any payment, or any part
thereof, received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect, and this Guaranty shall remain in
full force and effect. It is the intention of Borrower and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance.

 Section 1.10 Waiver of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary
contained in this Guaranty, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating
the Guarantor to the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower or any other party liable for payment of any or all of the Guaranteed Obligations for any
payment made by Guarantor under or in connection with this Guaranty or otherwise. 

  
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 Section 1.11 Borrower. The term “Borrower” as used
herein shall include any new or successor corporation, association, partnership (general or limited), limited liability company, joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale,
transfer, devise, gift or bequest of Borrower or any interest in Borrower. 
 ARTICLE 2 - EVENTS AND CIRCUMSTANCES NOT
REDUCING 
 OR DISCHARGING GUARANTOR’S OBLIGATIONS 

Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s obligations under this Guaranty shall not
be released, diminished, impaired, reduced or adversely affected by any of the following, and waives any common law, equitable, statutory or other rights (including without limitation rights to notice) which Guarantor might otherwise have as a
result of or in connection with any of the following: 
 Section 2.1 Modifications. Any renewal, extension,
increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the Note, the Security Instrument, the other Loan Documents, or any other document, instrument, contract or understanding between Borrower and
Lender, or any other parties, pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantor of any such action. 
 Section 2.2 Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower or any Guarantor. 

Section 2.3 Condition of Borrower or Guarantor. The insolvency, bankruptcy, arrangement, adjustment, composition,
liquidation, disability, dissolution or lack of power of Borrower, Guarantor or any other party at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of Borrower or Guarantor, or any sale, lease or
transfer of any or all of the assets of Borrower or Guarantor, or any changes in the shareholders, partners or members of Borrower or Guarantor; or any reorganization of Borrower or Guarantor. 

Section 2.4 Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any part of the
Guaranteed Obligations, or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including without limitation the fact that (i) the Guaranteed Obligations, or any part thereof, exceeds the
amount permitted by law, (ii) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii) the officers or representatives executing the Note, the Security Instrument or the other Loan Documents or otherwise
creating the Guaranteed Obligations acted in excess of their authority, (iv) the Guaranteed Obligations violate applicable usury laws, (v) Borrower has valid defenses, claims or offsets (whether at law, in equity or by agreement) which
render the Guaranteed Obligations wholly or partially uncollectible from Borrower, (vi) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing
part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii) the Note, the Security Instrument
or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other person be found not liable on the
Guaranteed Obligations or any part thereof for any reason. 

  
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 Section 2.5 Release of Obligors. Any full or partial release of the liability of
Borrower on the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any other person or entity now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or
assure the payment of the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full without assistance or support of any other
party, and Guarantor has not been induced to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other parties will be liable to pay or perform the Guaranteed Obligations, or that Lender will look to
other parties to pay or perform the Guaranteed Obligations. 
 Section 2.6 Other Collateral. The taking or accepting
of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the Guaranteed Obligations. 
 Section 2.7 Release of Collateral Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or
unjustifiable impairment) of any Collateral, property or security at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations. 

Section 2.8 Care and Diligence. The failure of Lender or any other party to exercise diligence or reasonable care in the
preservation, protection, enforcement, sale or other handling or treatment of all or any part of such Collateral, property or security, including but not limited to any neglect, delay, omission, failure or refusal of Lender (i) to take or
prosecute any action for the collection of any of the Guaranteed Obligations or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any security therefor, or
(iii) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations. 
 Section 2.9 Unenforceability. The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security for the repayment of the
Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by Guarantor that Guarantor is not
entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectability or value of any of the Collateral for the Guaranteed Obligations. 

Section 2.10 Offset. The Note, the Security Instrument, the Guaranteed Obligations and the liabilities and obligations of the
Guarantor to Lender hereunder shall not be reduced, discharged or released because of or by reason of any existing or future right of offset, claim or defense of Borrower against Lender, or any other party, or against payment of the Guaranteed
Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 

  
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 Section 2.11 Merger. The reorganization, merger or consolidation of Borrower
into or with any other entity. 
 Section 2.12 Preference. Any payment by Borrower to Lender is held to constitute a
preference under bankruptcy laws, or for any reason Lender is required to refund such payment or pay such amount to Borrower or someone else. 
 Section 2.13 Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations, or the security and collateral
therefor, whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it is the unambiguous and unequivocal intention of
Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or
particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations. 
 ARTICLE 3 - REPRESENTATIONS AND WARRANTIES 
 To induce Lender to enter into
the Loan Documents and extend credit to Borrower, Guarantor represents and warrants to Lender as follows: 
 Section 3.1
Benefit. Guarantor is an affiliate of Borrower, is the owner of a direct or indirect interest in Borrower, and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed
Obligations. 
 Section 3.2 Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed
books and records regarding, the financial condition of Borrower and is familiar with the value of any and all Collateral intended to be created as security for the payment of the Note or Guaranteed Obligations; however, Guarantor is not relying on
such financial condition or the Collateral as an inducement to enter into this Guaranty. 
 Section 3.3 No
Representation By Lender. Neither Lender nor any other party has made any representation, warranty or statement to Guarantor in order to induce the Guarantor to execute this Guaranty. 

Section 3.4 Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the
contingent obligation evidenced hereby, Guarantor is, and will be, solvent, and has and will have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and has and will have property and
assets sufficient to satisfy and repay its obligations and liabilities. 
 Section 3.5 Legality. The execution,
delivery and performance by Guarantor of this Guaranty and the consummation of the transactions contemplated hereunder do not, and will 

  
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not, contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is subject or constitute a default (or an event which with notice or lapse of time or both would
constitute a default) under, or result in the breach of, any indenture, mortgage, deed of trust, charge, lien, or any contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor. This Guaranty is a
legal and binding obligation of Guarantor and is enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights. 

Section 3.6 Litigation. There are no actions, suits or proceedings at law or in equity by or before any Governmental
Authority or other agency now pending or threatened against or affecting Guarantor. 
 Section 3.7 Survival. All
representations and warranties made by Guarantor herein shall survive the execution hereof. 
 ARTICLE 4 - SUBORDINATION OF
CERTAIN INDEBTEDNESS 
 Section 4.1 Subordination of All Guarantor Claims. As used herein, the term
“Guarantor Claims” shall mean all debts and liabilities of Borrower to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations of Borrower thereon be direct, contingent,
primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such debts or
liabilities may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include without limitation all rights and claims of Guarantor
against Borrower (arising as a result of subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed Obligations. Upon the occurrence of an Event of Default or the occurrence of an event which would, with
the giving of notice or the passage of time, or both, constitute an Event of Default, Guarantor shall not receive or collect, directly or indirectly, from Borrower or any other party any amount upon the Guarantor Claims. 

Section 4.2 Claims in Bankruptcy. In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s
relief, or other insolvency proceedings involving Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee or other court
custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for application against the Guaranteed Obligations, any such dividend or
payment which is otherwise payable to Guarantor, and which, as between Borrower and Guarantor, shall constitute a credit against the Guarantor Claims, then upon payment to Lender in full of the Guaranteed Obligations, Guarantor shall become
subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion of the
Guaranteed Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims. 

  
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 Section 4.3 Payments Held in Trust. In the event that, notwithstanding anything
to the contrary in this Guaranty, Guarantor should receive any funds, payment, claim or distribution which is prohibited by this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims or
distributions so received, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims or distributions so received except to pay them promptly to Lender, and Guarantor covenants promptly to pay the same to
Lender. 
 Section 4.4 Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens,
charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s
assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor shall not
(i) exercise or enforce any creditor’s right it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the
commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on
assets of Borrower held by Guarantor. 
 ARTICLE 5 - MISCELLANEOUS 

Section 5.1 Waiver. No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. The rights of Lender hereunder shall be in addition to all other rights provided by law.
No modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand
given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. 
 Section 5.2 Notices. Any notice, demand, statement, request or consent made hereunder shall be in writing and shall be deemed to be received by the addressee (a) on the third day
following the day such notice is deposited with the United States Postal Service first class certified mail, return receipt requested, addressed to the address, as set forth below, of the party to whom such notice is to be given, or to such other
address as either party shall in like manner designate in writing. The addresses of the parties hereto are as follows: 
  

			
	If to Guarantor:	  	 TNP Strategic Retail Trust, Inc.

1900 Main Street, Suite 700
 Irvine, California
92614
 Attention: James Wolford

Facsimile No.: (949) 252-0212

  
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	With a copy to:	  	Kaplan Voekler Cunningham Frank, PLC
		  	7 East 2nd Street
		  	Richmond, Virginia 23218-2470
		  	Attention: Thomas G. Voekler
		  	Facsimile No.: (804) 525-1794
		
	If to Lender:	  	JPMorgan Chase Bank, National Association
		  	383 Madison Avenue
		  	New York, New York 10179
		  	Attention: Joseph E. Geoghan
		  	Facsimile No.: (212) 834-6029
		
	with a copy to:	  	JPMorgan Chase Bank, National Association
		  	383 Madison Avenue
		  	New York, New York 10179
		  	Attention: Nancy Alto
		  	Facsimile No.: (212) 623-4779
		
	with an additional copy to:	  	Katten Muchin Rosenman LLP
		  	550 South Tryon Street, Ste. 2900
		  	Charlotte, North Carolina 28202-4213
		  	Attention: Daniel S. Huffenus, Esq.
		  	Facsimile No.: (704) 344-3056

 Section 5.3 Governing Law. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY AT LENDER’S OPTION BE INSTITUTED IN
ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON
CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR AND HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. GUARANTOR DOES HEREBY DESIGNATE AND APPOINT: 

Corporation Service Company 
 1180 Avenue of the Americas, Suite 210 
 New York, New York 10036 

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO 

  
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GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. 

Section 5.4 Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under
present or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this
Guaranty, and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of
this Guaranty, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. 

Section 5.5 Amendments. This Guaranty may be amended only by an instrument in writing executed by the party or an authorized
representative of the party against whom such amendment is sought to be enforced. 
 Section 5.6 Parties Bound;
Assignment; Joint and Several. This Guaranty shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns and legal representatives; provided, however, that Guarantor may not, without the prior
written consent of Lender, assign any of its rights, powers, duties or obligations hereunder. If Guarantor consists of more than one person or party, the obligations and liabilities of each such person or party shall be joint and several.

 Section 5.7 Headings. Section headings are for convenience of reference only and shall in no way affect the
interpretation of this Guaranty. 
 Section 5.8 Recitals. The recital and introductory paragraphs hereof are a part
hereof, form a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein. 
 Section 5.9 Counterparts. To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be necessary that the signature of, or
on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making proof of this Guaranty to
produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing the legal
effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. 
 Section 5.10 Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by endorsement or otherwise, other than under this Guaranty, such liability
shall not be in any manner impaired or affected hereby and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor. The exercise by Lender of any right or remedy hereunder or under
any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy. 

  
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 Section 5.11 Other Defined Terms. Any capitalized term utilized herein shall
have the meaning as specified in the Security Instrument, unless such term is otherwise specifically defined herein. 

Section 5.12 Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO
GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY
GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER. 

Section 5.13 Waiver of Right To Trial By Jury. GUARANTOR HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF
RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, SECURITY INSTRUMENT, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER
ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR. 
 Section 5.14 Cooperation. Guarantor acknowledges that Lender and its successors and assigns may (i) sell this Guaranty, the Note and other Loan Documents to one or more investors as a
whole loan, (ii) participate the Loan secured by this Guaranty to one or more investors, (iii) deposit this Guaranty, the Note and other Loan Documents with a trust, which trust may sell certificates to investors evidencing an ownership
interest in the trust assets, or (iv) otherwise sell the Loan or interest therein to investors (the transactions referred to in clauses (i) through (iv) are hereinafter each referred to as “Secondary Market
Transaction”). Guarantor shall cooperate with Lender in effecting any such Secondary Market Transaction and shall cooperate to implement all customary and reasonable requirements imposed by any Rating Agency or potential investor involved
in any Secondary Market Transaction. Guarantor shall provide such information and documents relating to Guarantor as Lender may reasonably request in connection with such Secondary Market Transaction. In addition, Guarantor shall make available to
Lender all information concerning its business and operations that Lender may 

  
 11 

 
reasonably request. Lender shall be permitted to share all such information with the investment banking firms (or other potential investors), Rating Agencies, accounting firms, law firms and
other third-party advisory firms involved with the Loan and the Loan Documents or the applicable Secondary Market Transaction. It is understood that the information provided by Guarantor to Lender may ultimately be incorporated into the offering
documents for the Secondary Market Transaction and thus various investors may also see some or all of the information. Lender and all of the aforesaid third-party advisors and professional firms shall be entitled to rely on the information supplied
by, or on behalf of, Guarantor in the form as provided by Guarantor. Lender may publicize the existence of the Loan in connection with its marketing for a Secondary Market Transaction or otherwise as part of its business development. 

Section 5.15 Reinstatement in Certain Circumstances. If at any time any payment of the principal of or interest under the
Note or any other amount payable by Borrower under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, the Guarantor’s obligations hereunder with
respect to such payment shall be reinstated as though such payment has been due but not made at such time. 
 [NO FURTHER TEXT ON
THIS PAGE] 

  
 12 

 EXECUTED as of the day and year first above written. 

 

					
	GUARANTOR:
	
	TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation
		
	By:	 	 /s/ James Wolford

		 	Name:	 	James Wolford
		 	Title:	 	CFO, Treasurer and Secretary

  
 Signature Page –
Mezzanine GuarantyProperty and Asset Management Agreement

 EXHIBIT 10.10 
 PROPERTY AND ASSET MANAGEMENT AGREEMENT 
 THIS PROPERTY AND ASSET
MANAGEMENT AGREEMENT (this “Agreement”) is made as of this 2nd day of February, 2012 (the “Effective Date”), by and between TNP SRT Woodland West, LLC, a Delaware limited liability company, its successors and assigns (the
“Company”) and TNP Property Manager, LLC, a Delaware limited liability company (the “Property Manager”). 
 Recitals 
 WHEREAS, Company owns that certain real property commonly known
as the Woodland West Shopping Center located at 2613-2833 Park Row and 1112-1206 Bowen Road, Arlington, Texas and as further described in Exhibit “A” attached hereto and incorporated herein (the “Property”); and

 WHEREAS, Company desires to engage, and the Property Manager desires to be engaged, to supervise, manage, lease, operate and
maintain the Property on the terms and conditions set forth in this Agreement. 
 Agreement 

NOW, THEREFORE, in consideration of the mutual promises and obligations set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Commencement and
Termination Dates. This Agreement shall commence on the Effective Date and shall terminate on the earlier to occur of: (i) the sale of the Property or any portion thereof (in which event only as to such portion of the Property sold);
(ii) the termination of this Agreement pursuant to Section 15 below; or (iii) December 31, 2032 (the “Term”). 
 2. Authority of Property Manager. Subject to the approval of Company where required hereunder, Property Manager shall have the power and authority to act on behalf of the Company with respect to
the duties conferred upon Property Manager hereunder. The power and authority granted by Company to Property Manager hereunder shall include the power and authority to execute, acknowledge, and swear to the execution, acknowledgment of and the
filing of, documents involving the ownership, financing, management and operation of the Property which are consistent with this Agreement, and any and all such other documents as may be necessary to implement the management powers of Property
Manager set forth in this Agreement. If Company shall now or hereafter be comprised of more than one person or entity, any approval of Company required hereunder shall be deemed granted upon the affirmative consenting vote of persons or entities
holding more than fifty percent (50%) of the interest in the Property. 
 3. Status of the Property Manager. The
Company and the Property Manager do not intend to form a joint venture, partnership or similar relationship. Instead, the parties intend that the Property Manager shall act solely in the capacity of an independent contractor for the Company. Nothing
in this Agreement shall cause the Property Manager and the 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 expressly provided in
this Agreement. 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 business of, the Property. 

4. Property Manager’s Responsibilities 
 4.1 Management. Property Manager shall manage, operate and maintain the Property in a diligent, professional and commercially reasonable manner, subject to the terms and provisions of this
Agreement; provided, however, that Company shall make available to the Property Manager such sums as are reasonably necessary to pay the costs thereof. Property Manager may implement such procedures with respect to the Property as Property Manager
may deem advisable for the more efficient and economically sound management, operation and maintenance thereof. 

 4.2 Employees and Third Party Contractors. At all times during the Term, Property
Manager shall employ, directly or through third party contractors (e.g., employing a local property management and/or leasing company), a sufficient number of capable employees and/or third party contractors to enable Property Manager to
properly, adequately, safely and economically manage, operate and maintain the Property. All matters pertaining to the supervision of such employees and/or third party contractors shall be the responsibility of Property Manager. All salaries and
benefits of employees who perform work in connection with the Property shall be consistent with the Budget (as hereinafter defined). 
 4.3 Compliance with Laws, Loan Documents and Other Matters. 
 4.3.1
Property Manager shall use commercially reasonable efforts to comply with any applicable Loan Documents (as hereinafter defined) and governmental requirements relative to the performance of its duties hereunder. Expenses incurred to remedy any
violations of laws or to comply with the Loan Documents shall be drawn from the Operating Account (as hereinafter defined); provided, however, that Property Manager shall not be obligated to expend funds to remedy any such violations if sufficient
funds are not available in the Operating Account or if Company does not provide sufficient additional funds to do so. 
 4.3.2
Promptly after receipt, Property Manager shall furnish to Company copies of any notices of violation of any governmental requirement, orders issued by any governmental entity and any notices of default from the Lender (as hereinafter defined).

 5. Budgets and Operating Plan. 

5.1 Property Manager shall prepare and submit to Company a capital and operating budget on a monthly, generally
accepted accounting principles in the United States (“GAAP”) basis for the management, operation and maintenance of the Property for each calendar year (each, a “Budget”). The Budget for the initial calendar year shall be
prepared by manager and submitted to Company within thirty days of the date of this Agreement and such initial Budget shall be reasonably acceptable to Lender as hereinafter defined. On or prior to December 15th of the calendar year prior to all subsequent Budget years, or as
soon as possible thereafter, Property Manager shall deliver to Company for approval a proposed Budget for the following calendar year. Company shall have fifteen (15) days after receipt of the same to approve or disapprove the proposed Budget
(the “Budget Review Period”), and shall notify Property Manager of its approval or disapproval of the proposed Budget within the Budget Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with
specificity such that Property Manager may endeavor to address those grounds in a revised, proposed Budget to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of the Budget within the Budget Review
Period, Company shall be deemed to have approved of the Budget. In the event a portion of any proposed Budget is disapproved, Property Manager may proceed under the proposed Budget for items that are not so disapproved and may take any actions
permitted hereunder with respect to such items. In the event that any disapproved Budget items are operational expenditures, as opposed to capital expenditures, Property Manager shall be entitled to operate the Property using the prior year’s
Budget for such items plus 5% until approval is obtained. Property Manager shall provide Company with such information regarding the Budget as may be, from time to time, reasonably requested by the Company. Property Manager shall charge all expenses
to the proper account as specified in the approved Budget, provided that Property Manager may reallocate savings from one line item to other line items. 
 5.2 At any time during the calendar year to which any particular Budget applies and prior to making any expenditure which is not within an approved Budget, Property Manager may submit a proposed revision
to such Budget to the Company for its approval consistent with the terms set forth above. Notwithstanding anything to the contrary in this Agreement, Property Manager shall not be required to submit a proposed Budget revision to Company for approval
if any such expenditure is (a) less than 10% of the total Budget; or (b) is, in Property Manager’s reasonable judgment, required to avoid personal injury, significant property damage, a default under any Loan Documents, a violation of
applicable law or the suspension of a service (collectively, “Permitted Expenditures”). 

  
 2 

 5.3 On or prior to December 15th of the calendar year prior to all subsequent Budget years, or as
soon as possible thereafter, Property Manager shall submit to the Company, for information 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 the Company at any time. 

6. Leasing. 
 6.1 Company hereby approves (i) all leases of any portion of the Property (collectively, and together with any amendments thereto, assignments thereof and guaranties thereto pertaining, the
“Leases”) in effect as of the Effective Date. 
 6.2 Property Manager shall use commercially reasonable efforts to
lease all vacant, leasable space in the Property and to renew Lease agreements in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases and Lease renewals and to take all actions
as may be necessary or desirable, in Property Manager’s reasonable discretion, on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter defined), and shall not
lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion, obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information for the
duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing,
Property Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant. 
 6.3
Property Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”). Company shall have five (5) business days after receipt of the Proposed Lease Transaction to
approve or disapprove the Proposed Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval
shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction to be thereafter submitted to Company. If Company fails to notify Property
Manager of its disapproval of any Proposed Lease Transaction within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction. 
 6.4 Property Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each, a “Tenant,” and collectively, the
“Tenants”); (b) to retain existing Tenants in the Property and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by the Tenants with the terms and conditions
of their respective Leases; (d) to consider and record Tenant service requests in systematic fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a material adverse effect
on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants. 

6.5 Except as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the
Property to itself or to any of its affiliates or subsidiaries. 
 6.6 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. 

6.7 Property Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined),
Subordination and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices, estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial
in nature. 

  
 3 

 6.8 Property Manager shall coordinate and facilitate all tenant improvements contemplated
by the Leases (collectively, “Tenant Improvements”) in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the Property Manager shall follow the bidding requirements
specified in Section 7.2. 
 7. Collection of Rents and Other Income. Unless otherwise required by any Loan
Documents, Property Manager shall bill all Tenants for, when appropriate, and shall use commercially reasonable efforts to collect, all rent and other charges due and payable from all Tenants. Property Manager shall have the authority to use all
commercially reasonable methods to collect such rent and other charges due, including, without limitation, pursuing litigation against any Tenant. Property Manager shall deposit all monies so collected in the Operating Account. 

7.1 Repairs and Maintenance. Property Manager shall use commercially reasonable efforts to maintain and repair the buildings,
appurtenances and grounds of the Property, other than areas which are the responsibility of Tenants, and to take precautions against fire at, vandalism of, burglary of and trespass to the Property. Such maintenance and repair obligations shall
include, without limitation, janitorial services, painting, decorating, electrical, plumbing, carpentry, masonry, elevators and such other routine repairs as are necessary or reasonably appropriate in the course of maintenance of the Property.

 7.2 Capital Expenditures. Property Manager may make any capital expenditure within any Budget approved by the Company.
All other capital expenditures, other than Permitted Expenditures, shall be subject to submittal of a revised Budget to Company for approval in accordance with the terms of this Agreement. Unless Company specifically waives such requirements,
Property Manager shall award any contract for a capital improvement exceeding $100,000 in cost on the basis of competitive bidding, selected from a minimum of two (2) written bids. Property Manager shall accept the bid of the lowest bidder
determined by Property Manager, in its sole discretion, to be responsible, qualified and capable of completing such capital improvements on a reasonable schedule and as bid. 
 7.3 Service Contracts. Property Manager may enter into or renew any contract with any unrelated third party for cleaning, maintaining, repairing or servicing the Property or any portion thereof
(including, but not limited to, contracts for fuel oil, security or other protection, or extermination, janitorial, landscaping, architectural or engineering services) (collectively, the “Service Contracts”) contemplated by the Budget and
consistent with the Operating Plan. Each such Service Contract shall (a) be in the name of Company or in the name of Property Manager as agent for the Company; (b) be assignable to the nominee of the Company; and (c) be for a term not
to exceed one (1) year, unless the circumstances require otherwise, in the sole discretion of Property Manager. Unless Company specifically waives such requirements, all Service Contracts for amounts in excess of $100,000 per year shall be
subject to the bidding requirements specified in Section 7.2 above. If this Agreement expires or is terminated pursuant to Section 15 below, Property Manager shall assign to Company or the nominee of Company all, to the extent assignable,
of Property Manager’s interest, if any, in and to the Service Contracts. 
 7.4 Supplies and Equipment. Property
Manager may purchase, provide and pay for out of the Operating Account (so long as contemplated by the Budget or deemed to be a Permitted Expenditure) all needed janitorial and maintenance supplies, tools and equipment, restroom and toilet supplies,
light bulbs, paints and similar supplies necessary for the management, operation and maintenance of the Property (collectively, the “Supplies and Equipment”). Such Supplies and Equipment shall be the property of Company, shall be delivered
to and stored at the Property and shall be used only in connection with the management, operation, and maintenance of the Property. Property Manager shall use commercially reasonable efforts to purchase all goods, supplies or services at the lowest
cost reasonably available from reputable sources in the metropolitan area where the Property is located. 
 7.5 Taxes.
Property Manager shall obtain and verify bills for real estate and personal property taxes, general and special real property assessments and other like charges relating to the Property (collectively “Taxes”). If requested by Company,
Property Manager will cooperate with Company to challenge the Taxes and the assessed valuation of the Property. To the extent contemplated by the Budget, Property Manager shall pay, within the time required to obtain discounts, from the Operating
Account or funds provided by the Company, all Taxes. 

  
 4 

 7.6 Construction Management. Property Manager shall be responsible for coordinating
and facilitating the planning and the performance of all construction including, without limitation, all maintenance, repairs, capital improvements, common area refurbishments and Tenant Improvements required to be constructed by Company after the
Effective Date (collectively, “Construction Projects”), regardless of whether or not any of the Construction Projects arises out of a Lease executed prior to the Effective Date. Such coordination and facilitation services shall include,
for example and not by any way of limitation, retaining architects, engineers or other consultants, assisting in the development of repair, capital improvement or Tenant space plans, cost estimating, advising Company with respect to the need for a
general contractor, construction manager or other consultant, posting of appropriate notices of non-responsibility, providing notices of construction to affected Tenants and mitigating the effects of construction on such Tenants, and providing
contractors, vendors and other Construction Property related personnel with access to the Property, parking and staging areas, necessary utilities and services. Property Manager shall be responsible for conducting meetings as deemed reasonably
necessary by Property Manager, with the architect, contractor and consultants for all Construction Projects. Property Manager will also prepare a written report to Company as deemed reasonably necessary regarding the progress of each Construction
Property in a format to be approved by the Company. 
 7.7 Limitation. Notwithstanding anything to the contrary contained
herein, Property Manager shall only provide services to Tenants which are customary to the management of similar properties in that geographic area of the Property and shall provide no other services to the Tenants on behalf of the Company.

 8. Basic Insurance. 
 8.1 Insurance. 
 8.1.1 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 that might arise out of the
management, operation or maintenance of the Property, as contemplated by the Operating Plan and any Loan Documents. Property Manager shall not be required to maintain earthquake, flood or windstorm insurance unless expressly directed to do so by a
specific written notice from Company or as required by any Loan Documents, but may do so in Property Manager’s reasonable discretion. 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. In the event Property Manager receives insurance proceeds for the Property, the Property Manager will take any required actions as set forth in any Loan Documents affecting the Property.
In the event that the Property Manager receives insurance proceeds that are not governed by the terms of any Loan Documents affecting the Property, the Property Manager, in its reasonable discretion, will either (a) use such proceeds to
replace, repair or refurbish the Property or (b) distribute such proceeds to Company, as directed by Company. Any insurance proceeds distributed to Company will be distributed subject to the fees owed to Property Manager pursuant to this
Agreement. Property Manager shall 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. 

8.1.2 Property Manager shall investigate and, as soon as is reasonably practicable thereafter, submit a written report describing the
same to Company and the insurance carrier, if applicable, together with 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, Property Manager shall not be required to give such notice to Company if the amount of such claims, damage or destruction, as reasonably estimated by the Property Manager, does not exceed $100,000 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 $100,000 without the prior approval of the Company. 
 8.2 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 such contractor’s or subcontractor’s expense, in the
following minimum amounts: (a) worker’s compensation - statutory amount; (b) employer’s liability (if required under applicable law) - $500,000 (minimum); and (c) comprehensive general

  
 5 

 
liability insurance, including comprehensive auto liability insurance covering the use of all owned, non-owned and hired automobiles, with bodily injury and property damage limits of $1,000,000
per occurrence and $2,000,000 in the aggregate. Property Manager shall obtain and keep on file a certificate of insurance that shows that each contractor and subcontractor is so insured. Property Manager may waive such requirements in its reasonable
discretion. 
 8.3 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. Property Manager may waive such requirement in its
reasonable discretion. 
 9. Financial Reporting And Record Keeping. 

9.1 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. Such books and records shall contain a separate accounting of all items of income and expenses. Company agrees to provide Property Manager with 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 the Property Manager’s office at the address as set forth in Section 18, or at the office of any local
property manager or leasing company to whom Property Manager may have subcontracted its duties hereunder or at the Property. Property Manager shall bear losses arising from the fraud or gross negligence of Property Manager or any of its employees or
agents relating to the books and records required to be maintained in accordance with this Section. 
 9.2 Financial
Reports. On or about the 45th day following the end of each calendar quarter, Property Manager shall furnish to the Company a report of all significant transactions occurring during such prior quarter, including, without limitation, a cash flow
statement, a current rent roll and an update on the status of the Property. Within a reasonable time after (i) the close of a calendar year and (ii) the expiration or termination of this Agreement, Property Manager also shall deliver to
Company an operating statement, a cash flow statement, a balance sheet for the Property and such other financial information as Property Manager, in its discretion, prepares. The financial statements and reports shall be prepared on a generally
accepted accounting principles in the United States (“GAAP”) basis (unless the Loan Documents specify otherwise) and in compliance with all reporting requirements relating to the operations of the Property and required under then
applicable Loan Documents. 
 9.3 Supporting Documentation. Property Manager shall maintain and make available at
Property Manager’s office at the address set forth in Section 18, or at the office of any local property manager or leasing company to whom Property Manager may have subcontracted its duties hereunder or at the Property, copies of the
following: (a) all bank statements and bank reconciliations; (b) detailed cash receipts and disbursement records; (c) rent roll of tenants; and (d) paid invoices (or copies thereof); Property Manager shall deliver a copy of the
documents described above to Company upon written request. 
 9.4 Tax Information. Property Manager shall provide Company
with sufficient information so that the Company can prepare its income tax returns. 
 10. Right to Audit. Company and
its representatives may examine all books, records and files maintained for Company by Property Manager. Company may perform any audit or investigations relating to the Property Manager’s activities regarding the Property at Property
Manager’s office at the address as set forth in Section 18, or at the office of any local property manager or leasing company to whom Property Manager may have subcontracted its duties hereunder or at the Property. 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 thereafter. Property Manager shall
inform Company in writing of the action taken to correct any audit discrepancies. 

  
 6 

 11. Bank Accounts. 

11.1 Operating Account. To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property
Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the
benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and
withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each
month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each
account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment
of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company. 

11.2 Security Deposit Account. If applicable law or a Lender requires a segregated account of Tenant security deposits, Property
Manager will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any Tenant in the ordinary course of business in accordance with the terms of the applicable Lease. 

11.3 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 11.1 and 11.2 without the approval of Company. Additionally, representatives of Property Manager shall have access to and may draw upon any funds escrowed or held in reserve for capital
expenditures, without the approval of the Company, provided that the requirements of Section 7.2 and any additional Lender requirements with respect to such amounts are satisfied. Company may not withdraw funds from such accounts without the
Property Manager’s prior written consent, except (a) following the Property Manager’s default, and then after expiration of all applicable notice and cure periods or (b) the expiration or earlier termination of this Agreement.

 12. Payments of Expenses. 
 12.1 Eligible Costs. In accordance with the Budget and the terms of this Agreement, Property Manager shall pay all expenses of the management, operation, maintenance of the Property directly from
the Operating Account or shall be reimbursed by the Company, including without limitation the following: (a) the 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 the Property Manager’s gross negligence or willful misconduct; (b) the actual and reasonable
cost of making all repairs, decorations and alterations if such cost is not the result of the Property Manager’s gross negligence or willful misconduct; (c) cost incurred by Property Manager in connection with all Service Contracts,
including costs under any agreement with the Property Manager; (d) the cost of collection or attempted collection of delinquent rents collected by a collection agency or attorney; (e) legal fees of attorneys; (f) the cost of capital
expenditures subject to the restrictions in Section 7.2; (g) the cost of printed checks for each account required by the Property and Company; (h) the cost of utilities; (i) the cost of advertising; (j) the cost of printed
forms and supplies required for use at the Property; (k) the costs of Property Manager’s compensation set forth in Section 14; (l) the cost of Tenant Improvements; (m) any third-party leasing commissions for services
provided in leasing the Property; (n) any third-party construction management fees for services provided in supervising any construction or repair in or about the Property; (o) any third-party selling commissions for the sale, exchange, or
transfer of the Property or any portion thereof; (p) debt service; (q) the cost of insurance; (r) reimbursement of the Property Manager’s out-of-pocket costs and expenses to the extent not prohibited by Section 7;
(s) the cost of general accounting and reporting services within the reasonable scope of Property Manager’s responsibility to Company; (t) the cost of the Supplies and Equipment and forms, papers, ledgers and other supplies and
equipment (including computer equipment) used in the Property Manager’s office at any location; (u) cost of electronic data processing equipment, including personal computers located at the Property Manager’s office at the Property
for preparation of reports, information and returns to be prepared by the Property Manager under the terms of this Agreement; (v) cost of electronic data processing provided by computer service companies for preparation of reports, information
and returns to be prepared by the Property Manager under the terms of this Agreement; (w) all non-overhead out of pocket expenses of the Property Manager. 

  
 7 

 12.2 Operating Account Deficiency. If there are not sufficient funds in the Operating
Account to make any payment referenced in Section 7, Property Manager shall notify Company, if possible, at least ten (10) days prior to any delinquency so that the 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. In no event shall Property Manager be required to expend any of its own funds for the operation or maintenance of the Property; provided, however, that should
Property Manager do so, Property Manager shall be entitled to reimbursement from Company within thirty (30) days after such advance. 
 13. Property Manager’s Costs Not to Be Reimbursed. 
 13.1
Non-reimbursable Costs. The following expenses or costs incurred by or on behalf of the Property Manager in connection with its duties hereunder shall be at the sole cost and expense of the Property Manager and shall not be reimbursed by the
Company: (a) costs attributable to losses arising from gross negligence, willful misconduct or fraud on the part of the Property Manager or its associates or employees; and (b) cost of insurance purchased by the Property Manager for its
own account. 
 13.2 Litigation. The Property Manager will be responsible for, and hold the Company harmless from, all
costs relating to disputes with employees for worker’s compensation (to the extent not covered by insurance), discrimination or wrongful termination, including legal fees and other expenses. 

14 Compensation. 
 14.1 Property Management Fee. For its services in managing the day-to-day operations of the Property in accordance with the terms of this Agreement, Company shall pay to Property Manager an annual
property management fee (the “Property Management Fee”) equal to 4.0% of the Gross Revenue (as hereinafter defined). The Property Management Fee shall be prorated for any partial year and shall be payable in equal monthly installments, in
advance. The Property Management Fee shall be payable on the first day of each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination of this Agreement, the parties will
prorate the Property Management Fee on a daily basis to the effective date of such expiration or termination. Notwithstanding the foregoing and in addition thereto, upon a sale of the Property, Company shall pay to Property Manager an amount equal
to one monthly installment of the Property Management Fee as compensation for work to be performed in connection with the sale and/or completion of managing matters relating to each Tenant. For purposes of this Agreement, the term “Gross
Revenue” shall mean all gross collections from the operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease buy-out payments, reimbursements by Tenants for common area
expenses, operating expenses and taxes and similar pass-through obligations paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit of the Tenants until such deposits
or interest are included in the taxable income of the Company; (ii) advance rents (but not lease buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done for a
particular Tenant; (iv) proceeds from the sale or other disposition of all or any portion of the Property; (v) insurance proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of
insurance proceeds for repairs over the actual costs of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital contributions made by the Company; (viii) proceeds from capital, financing and any other
transactions not in the ordinary course of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards arising out of takings by eminent domain and discounts and dividends on
insurance policies; and (xi) rental concessions not paid by third parties. 
 14.2 Incentive Fee. In the
event that Manager assists with the planning and coordinating of the construction of tenant-paid finish out or improvements, Manager shall be paid an amount equal to one percent (1%) of the cost of such improvements. 

14.3 [Intentionally Deleted.] 

  
 8 

 14.4 [Intentionally Deleted] 

14.5 [Intentionally Deleted] 
 14.6 [Intentionally Deleted] 
 14.7 Notwithstanding anything to the
contrary in this Agreement, Property Manager shall have the right to designate another entity to receive any of the amounts to which Property Manager is entitled under this Agreement. 

15. Termination. 
 15.1 Termination by Company. Company shall have the right to terminate this Agreement for any reason or no reason. 
 15.2 Termination by Property Manager. 
 15.2.1 The Property Manager shall
have the right to terminate this Agreement “for cause”, provided that (i) the Company is in default in the performance of any of their obligations hereunder, and such default remains uncured for thirty (30) days following the
Property Manager’s giving of written notice of such default to the Company or (ii) any governmental law, regulation, or ruling requires the Property Manager to so terminate this Agreement. 

15.2.2 In addition to the termination rights in Section 15.2.1 above, Property Manager shall have the right to terminate this
Agreement for any reason or no reason upon sixty (60) days written notice to Company. 
 16. Final Accounting.
Within forty-five (45) days after the expiration or earlier termination of this Agreement for any reason, Property Manager shall: (a) deliver to the Company a final accounting, setting forth the balance of income and expenses on the
Property as of the date of expiration or termination; (b) transfer to any account indicated by the Company any balance or monies of the Company or Tenant security deposits held by the Property Manager with respect to the Property (or transfer
the accounts in which such sums are held as instructed by the Company); and (c) deliver to any subsequent property manager or other agent indicated by the Company all materials and supplies, keys, books and records, Service Contracts, Leases,
receipts for deposits, unpaid bills and other papers or documents in Property Manager’s possession that pertain to the Property. For a period of forty-five (45) days after such expiration or termination for any reason other than
Company’s default, Property Manager shall (x) 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; (y) cooperate with Company in notifying all Tenants of the expiration and termination of this Agreement; and (z) shall use commercially
reasonable efforts to cooperate with Company to accomplish an orderly transfer of the operation and management of the Property to a party designated by the Company, and Company shall pay to Property Manager its prorated share of the Property
Management Fee for such services through the conclusion of such forty-five (45) day period. On or prior to the expiration or earlier termination of this Agreement, Property Manager shall, at its cost and expense, remove all signs wherever
located indicating that it is the property manager for the Property and shall replace and repair any damage resulting from such removal. Neither the expiration nor the termination of this Agreement shall release either party from liability for
failure to perform any of the duties or obligations as expressed herein or required hereunder to be performed by such party for the period before the termination. 
 17. Conflicts. The Property Manager shall not deal with or engage, or purchase goods or services from, any subsidiary or affiliated company of the Property Manager in connection with the management
of the Property for amounts above market rates. 

  
 9 

 18. Notices. Any notice to be given or other document or payment to be delivered by
any party to any other party hereunder shall be addressed to the party for whom intended, as follows: 
 To the Property Manager
at: 
 TNP Property Manager, LLC 
 c/o Thompson National Properties, LLC 
 1900 Main Street,
7th Floor 

Irvine, California 92614 
 Attn: Property Management 
 To the Company at: 

TNP SRT Woodland West, LLC 
 c/o TNP Strategic Retail Trust, Inc. 
 1900 Main Street,
7th Floor 

Irvine, California 92614 
 Attn: Asset Management 
 Any party hereto may from time to time, by written notice to the other,
designate a different address which shall be substituted for the one above specified. Unless otherwise specifically provided for herein, all notices, payments, demands or other communications given hereunder shall be in writing and shall be deemed
to have been duly given and received (i) upon personal delivery or refusal thereof; (ii) upon confirmation of transmission via facsimile from the sender’s facsimile machine; or (iii) the immediately succeeding business day after
deposit with Federal Express or other similar overnight delivery system. 
 19. Miscellaneous. 

19.1 Assignment.  
 19.1.1 By Property Manager. 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. Notwithstanding the foregoing, without Company’s prior written consent and in Property Manager’s sole discretion, Property Manager shall be permitted to (a) assign this Agreement to an affiliate, including, but not limited
to, a partially-owned or wholly-owned subsidiary of Property Manager; and (b) assign, subcontract or delegate the day-to-day management responsibilities, leasing services and/or disposition services to one or more local property managers or
leasing companies, so long as Property Manager continues to supervise the overall management of the Property. Property Manager may lease space within the Property to any such local property manager or leasing company. 

19.1.2 By Company. Company may assign its rights under this Agreement to a party or parties acquiring
Company’s interest in the Property (whether one or more, “Successor Company”). Successor Company shall take such interest subject to this Agreement, and Company and Successor Company shall execute an agreement whereby (i) Company
assigns to Successor Company all of its right, title and interest in and to this Agreement; and (ii) Successor Company assumes, and agrees to perform faithfully and to be bound by, all of the terms, covenants, conditions, provisions and
agreements of this Agreement with respect to the interest to be transferred. Upon execution of such assignment and assumption agreement, the assigning Company shall be relieved of all liability accruing after the effective date of the assignment and
assumption agreement, and, without further action by Property Manager or Successor Company, Successor Company shall become a party to this Agreement and shall be treated as “Company” for all purposes hereunder as to its respective
percentage interest in the Property. 

  
 10 

 19.2 Gender. Each gender shall include each other gender. The singular shall include
the plural and vice-versa. 
 19.3 Amendments. Any purported amendments to or modifications of this Agreement shall not
be effective unless approved by both of the parties in writing. 
 19.4 Attorneys’ Fees. With regard to 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. 
 19.5 Governing Law. This
Agreement shall be governed by and construed in accordance with the internal laws of the state in which the Property is located without regard to any choice of law rules. 
 19.7 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. 

19.8 Time is of the Essence. Time is of the essence of each and every provision of this Agreement. 

19.9 Indemnification by Property Manager. Property Manager shall indemnify, defend and hold Company and its shareholders,
officers, directors, members, partners 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 where it is determined by final judicial determination that such loss, cost or expense was the result of the acts or omissions of Property Manager which arise out of the gross negligence, willful
misconduct or fraud of Property Manager, its agents or employees or Property Manager’s breach of this Agreement. If any person or entity makes a claim or institutes a suit against the Company on a matter for which the Company claims the benefit
of the foregoing indemnification, then (a) the Company shall give the Property Manager prompt notice thereof in writing; (b) the Property Manager may defend such claim or action by counsel of its own choosing provided such counsel is
reasonably satisfactory to the Company; and (c) neither the Company nor the Property Manager shall settle any claim without the other’s written consent. 
 19.10 Indemnification by the Company. Company shall indemnify, defend and hold Property Manager, Thompson National Properties, LLC, and their shareholders, members, partners, officers, directors,
managers and employees (each, an “Indemnified Party”) 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 Indemnified Party (i) by reason of the operation, management, and maintenance of the Property and the performance by the Property Manager of the Property Manager’s obligations under this
Agreement, including with respect to any injury, illness or death to any person or damage to any property from any cause whatsoever occurring in or upon or in any other way relating to the Property, except those instances which arise from the
Property Manager’s gross negligence or fraud, (ii) for any failure on the part of the Company to comply with any of the covenants, terms, conditions, representations, warranties or indemnities of the Company contained in this Agreement;
(iii) in connection with, related to, or arising directly or indirectly from any liabilities, duties, obligations, actions or omissions of any party operating, leasing or managing the Property prior to the Effective Date, including without
limitation liabilities or claims arising in connection with any prior property manager’s business and its leasing and operation of the Property. If any person or entity makes a claim or institutes a suit against Indemnified Party on matter for
which Indemnified Party claims the benefit of the foregoing indemnification, then (a) the Indemnified Party 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 the Indemnified Party; (c) neither Indemnified Party 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 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. 

  
 11 

 19.11 Complete Agreement. This Agreement shall supersede and take the place of any
and all previous agreements entered into and discussions between the parties with respect to the Property, and this Agreement contains the entire agreement of the parties with respect to the matters herein contained. 

19.12 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, then (a) the application of such provisions to any party or circumstances other than those as to which it is determined to be
invalid or unenforceable shall not be affected thereby; and (b) the balance of this Agreement shall be valid and shall be enforced to the fullest extent permitted by law. 
 19.13 No Waiver. The failure by either 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. 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. 
 19.14 Binding Effect. This Agreement shall be binding and inure to the benefit of the parties
and their respective heirs, successors and assigns. 
 19.15 Enforcement of the Property Manager’s Rights. In any
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 thereof. 
 19.16
Counterparts. This Agreement may be executed in several counterparts, and all so executed shall constitute one Agreement, binding on all of the parties hereto, notwithstanding that all of the parties are not a signatory to the same
counterpart. 
 19.17 Binding Arbitration. Any dispute, claim or controversy arising out of or related to this Agreement,
the breach hereof, the termination, enforcement, interpretation or validity hereof, including the determination of the scope or applicability of this Agreement to arbitrate, shall be determined by arbitration in the county in which the Property is
located. The arbitration shall be administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures. Judgment on the award may be entered in any court having jurisdiction. The arbitrator shall, in the award, allocate all of the costs
of the arbitration (and the mediation, if applicable), including the fees of the arbitrator and the reasonable attorneys’ fees of the prevailing party, against the party who did not prevail. Notwithstanding the foregoing, upon the mutual
agreement of the parties, the parties may submit any such dispute, claim or controversy to non-binding mediation prior to the commencement of arbitration. 
 BY EXECUTING THIS AGREEMENT YOU ARE AGREEING TO HAVE CERTAIN DISPUTES DECIDED BY NEUTRAL ARBITRATION AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE SUCH DISPUTES LITIGATED IN A COURT OR JURY
TRIAL. BY EXECUTING THIS AGREEMENT YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL. IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED TO ARBITRATE. YOUR AGREEMENT TO THIS ARBITRATION
PROVISION IS VOLUNTARY. 
 19.18 Equitable Relief. Each party to this Agreement acknowledges and agrees that remedies at
law for a breach or threatened breach of any of the provisions of this Agreement may be inadequate and, in recognition of this fact, each party to this Agreement agrees that in addition to any remedies at law (including, without limitation,
damages), equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy shall be available in the event of a breach or threatened breach of this Agreement.

  
 12 

 20. Special Lender Provisions. 

20.1 Company hereby grants to Property Manager, on behalf of Company, the power and authority to interface and communicate with, and
Property Manager shall have responsibility for interfacing and communicating with, the holder of any deed of trust or mortgage now or hereafter encumbering the Property (whether one or more, and together with any successors or assigns, the
“Lender”) securing any loan to Company (whether one or more, the “Loan”). With respect to interactions with the Lender, Property Manager shall (a) make all day-to-day business decisions customarily decided by a property
manager; and (b) perform all services customarily performed by a property manager, including, without limitation, (i) designating changes in address; (ii) receiving any and all notices including, without limitation, default notices;
(ii) requesting waivers of provisions in any documents executed by Company in conjunction with the Loan (collectively, the “Loan Documents”) and negotiating conditions to any such requested waivers; (iii) depositing rents or
other revenues in any lockbox account maintained under such Loan Documents; (iv) receiving into the Operating Account all disbursements made out of any such lockbox to Company for the payment of operating expenses of the Property or otherwise
to be made to or to the account of Company as such borrower under the Loan; and (v) requesting and receiving any amounts out of any reserve accounts or escrow accounts maintained by Lender on account of repairs, capital improvements, tenant
improvements, leasing commissions, taxes and insurance proceeds or otherwise. Property Manager is expressly empowered and authorized to make disbursement requests from, and to receive draws or disbursements from, all reserve accounts and to receive
disbursements from any lockboxes established under the Loan Documents. Company and any Successor Company by its execution or assumption hereof acknowledges and confirms the authorization hereby expressly given to the Lender to confer with Property
Manager on all matters arising under the Loan Documents insofar as they relate to the management and operation of the Property and the obligations of Company to the Lender in connection therewith. Lender may rely upon the provisions of this
Section 20.1, and the actions of the Property Manager taken pursuant thereto, without further inquiry, and Company shall be bound by any such action Property Manager may take; provided, however, that nothing set forth herein shall excuse the
Property Manager from obtaining the consent of the Company if required hereunder. 
 20.2 Notwithstanding any of the provisions
of this Agreement, no power or authority granted by Company to Property Manager in this Agreement shall empower Property Manager to transfer or sell the Property or any portion thereof. 

20.3 Company and Property Manager hereby acknowledge and agree that their rights and remedies provided for anywhere in this Agreement,
including, without limitation, all rights of indemnity or defense provided for above, and any and all fees payable hereunder, are subject and subordinate, as to payment and in all other respects, to the Loan and the Loan Documents; provided,
however, that nothing set forth herein shall prohibit the current payment of amounts due under this Agreement. In addition, Property Manager hereby irrevocably agrees to stand still and not to enforce any of its legal rights or remedies hereunder,
at law or in equity, including, without limitation, by bringing any legal action or proceeding (including, without limitation, any involuntary bankruptcy proceeding) or by prosecuting any claim in any foreclosure proceeding or other legal action or
proceeding commenced by the Lender, until the Loan has been paid in full. Company and the Property Manager each agrees that all applicable statutes of limitation shall be tolled during any such stand still period. Company and the Property Manager
hereby irrevocably assign to the Lender, during the term of the Loan, its right to vote in any bankruptcy or similar proceeding of Company or Property Manager. 
 20.4 Property Manager shall provide to the Lender all reports and other information required to be provided to Lender pursuant to the terms of the Loan Documents. All reporting covenants contained in the
Loan Documents, while constituting the obligation of Company thereunder, shall be performed by Property Manager on behalf of Company. 
 20.5 Notwithstanding any provision contained herein to the contrary, in the event that the Lender or its successors or assigns becomes the title owner of the property through foreclosure or deed in lieu
of foreclosure, Lender may terminate this Agreement with or without cause upon providing Property Manager with not less than thirty (30) days notice of its intent to so terminate this Agreement. In the event that Lender terminates this

  
 13 

 
Agreement in accordance with the provisions of this Section 20.5 Lender shall not pay any termination fee or any other fees to Property Manager other than compensating Property Manager for
the services it rendered on behalf of Lender pursuant to this Agreement up to the date of termination. 

[Signatures to Follow on Next Page.] 

  
 14 

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

									
	PROPERTY MANAGER:
	
	 TNP PROPERTY MANAGER, LLC
 a Delaware limited liability company

		
	By:	 	 THOMPSON NATIONAL PROPERTIES, LLC
 a Delaware limited liability company

		 	Its: Sole Member
			
		 	By:	 	 /s/ James Wolford

		 	Name:	 	James Wolford
		 	Title	 	CFO
	
	COMPANY:
	
	 TNP SRT WOODLAND WEST, LLC,
 a Delaware limited liability company

		
	By:	 	TNP SRT Woodland West Holdings, LLC, a
		 	Delaware limited liability company
		 	Its Sole Member
			
		 	By:	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership
		 		 	its Sole Member
				
		 		 	By:	 	TNP Strategic Retail Trust, Inc., a
		 		 		 	Maryland corporation
		 		 		 	Its General Partner
					
		 		 		 	By:	 	 /s/ James Wolford

		 		 		 	Name:	 	James Wolford
		 		 		 	Title:	 	CFO

  
 15 

 EXHIBIT A 
 LEGAL PROPERTY DESCRIPTION 
 TRACT 1: FEE SIMPLE 

Lots 3-R-5A, and Lot 5-R-A1, of Woodlands West Shopping center, an addition to the City of Arlington, Tarrant County, Texas, according to the plat thereof
recorded in Cabinet A, Slide 3671, Plat Records, Tarrant County, Texas. 
 TRACT 2: EASEMENT ESTATE 

Lot 3-R-3 of Revision Lot 3, Woodlands West Shopping Center, an addition to the City of Arlington, Tarrant County, Texas, according to the plat thereof
recorded in Volume 388-118, Page 14, Plat Records, Tarrant County, Texas. 
 TRACT 3: EASEMENT ESTATE 

Lot 3-R-4 of Woodlands West Shopping Center, an addition to the City of Arlington, Tarrant County, Texas, according to the plat thereof recorded in
Cabinet A, Slide 2857, Plat Records, Tarrant County, Texas.

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