Document:

Forbearance and First Amendment to Loan Agreement

 Exhibit 10.11 
 FORBEARANCE AND FIRST AMENDMENT TO LOAN AGREEMENT 
 DOCUMENTARY
AND INTANGIBLE TAXES HAVE BEEN PAID ON AND IN CONNECTION WITH THE ORIGINAL LOAN DOCUMENTS DISCUSSED HEREIN. NO ADDITIONAL FUNDS ARE BEING ADVANCED PURSUANT TO THIS SETTLEMENT AGREEMENT, AND THEREFORE, NO ADDITIONAL DOCUMENTARY OR INTANGIBLE TAXES
ARE DUE IN CONNECTION HEREWITH. 
 THIS FORBEARANCE AND FIRST AMENDMENT TO LOAN AGREEMENT (the “Forbearance
Agreement”) is made and entered into as of the 22nd day of December, 2011 by and among Cornerstone Operating Partnership, LP, a Delaware limited partnership (“Lender”), Servant Investments, LLC, a Florida limited
liability company (“SI”), Servant Healthcare Investments, LLC a Florida limited liability company (“SHI”) SpringLake Healthcare Capital, LLC, a Florida limited liability company (“SpringLake”), and
John Mark Ramsey, Scott Larche, and Kevin Thomas each an individual residing in the State of Florida (collectively the “Principals”). Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in
the Loan Agreements (defined below). 
 RECITALS 
 The Loans 
 WHEREAS, SHI and Lender are parties to that certain Loan Agreement
dated as of May 19, 2008, and the various amendments thereto (as amended, the “SHI Loan Agreement”) pursuant to which Lender advanced credit on a secured basis to SHI (the “SHI Loan”) and which SHI Loan is
guaranteed by SI pursuant to the “Guaranty Agreement”; 
 WHEREAS, SI and Lender are parties to that certain Loan
Agreement dated as of May 19, 2008, and the various amendments thereto (as amended, the “SI Loan Agreement” and together with the SHI Loan Agreement, the “Loan Agreements”) pursuant to which Lender advanced
credit to SI (the “SI Loan” and together with the SHI Loan the “Loans”); 
 WHEREAS, the
outstanding balance due and owing under the Loans is $9,617,277.77, including principal, interest, fees, costs and any other amounts owing to Lender in connection with the Loans (the “Outstanding Amount”); 

Advisory Relationships 
 WHEREAS, Cornerstone Leveraged Realty Advisors, LLC (“CLRA”) currently serves as the advisor to Cornerstone Healthcare Plus REIT, Inc. (“CHP”)
pursuant to that certain advisory agreement initially executed as of September 12, 2007 by and between CLRA and CHP, and subsequently amended by that certain Omnibus Agreement dated July 29, 2011 (the
“Omnibus Agreement”) by and among Cornerstone Ventures, Inc. (“CVI”), CIP Leveraged Fund Advisors, LLC (“CLFA”), CLRA, SHI, Terry Roussel, individually (Terry Roussel together
with CVI, CLFA and the CLRA, “Cornerstone”), and CHP (the advisory agreement, as amended by the Omnibus Agreement, the “Advisory Agreement”).

 WHEREAS, SHI currently serves as the sub-advisor to CHP pursuant to that
certain sub-advisory agreement dated as of May 19, 2008 initially entered into by and between CLFA, CLRA and SHI, and subsequently amended and assigned by CLFA and CLRA to CHP pursuant to the Omnibus Agreement
(the sub-advisory agreement, as amended by the Omnibus Agreement, the “Sub-Advisory Agreement”); 
 WHEREAS,
SHI currently earns certain fees from CHP pursuant to the Sub-Advisory Agreement, which secure and are the principal source of payment for the SHI Loan; 
 WHEREAS, CHP has the right to terminate, or to decline to renew the term of, the Advisory Agreement and the Sub-Advisory Agreement, and has indicated its intention to do so in the near
future; 
 WHEREAS, upon CHP’s anticipated termination or non-renewal of the Advisory Agreement and Sub-Advisory
Agreement, CHP has indicated that it intends either (i) to convert to an internal management structure by hiring its own employees to perform the advisory and sub-advisory functions that are currently performed by
Cornerstone and SHI, or (ii) if the obligations represented by the SHI and SI Loans can be restructured so that SpringLake, an entity organized by the Principals, can be adequately capitalized, to retain SpringLake as the sole advisor
to CHP; 
 WHEREAS, SI has no active advisory relationships or other current sources of income with which to pay the SI Loan and
has been in default of its payment obligations since September, 2010. 
 Economic Terms of Settlement 

WHEREAS, Lender has agreed to satisfy and cancel the SI Loan as well as the SI Guaranty of the SHI Loan in their entirety and to amend
the SHI Loan by reducing the SHI Note to $1,000,000 and by further requiring SHI to amend its original security agreement set forth in the SHI Loan Agreement to provide additional collateral to Lender in consideration for Lender’s forbearance
upon the immediate payment of $1,500,000.00 (the “Payment” to be made jointly by SI and SHI; 
 WHEREAS, in
furtherance of the first amendment to the SHI Loan, SHI has delivered a secured promissory Note (as defined below) in the amount of $1,000,000 in favor of Lender as well as an amended Security Agreement (as defined below) in favor of Lender;

 WHEREAS, SHI through the amended Security Agreement has agreed to pledge all of its property (with certain exceptions) as
collateral security for the Note; 
 WHEREAS, the Principals have also agreed to pledge to Lender their respective rights to
receive distributions from SpringLake in excess of certain agreed upon amounts as additional collateral security for the Note; 

  
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 Release 
 WHEREAS, it is the intention of the parties to this Forbearance Agreement that in consideration of the Lender’s forbearance from exercising its rights and remedies under the Loan Agreements, and in
further consideration of the Payment, the Note, Security Agreement, and Hypothecation Agreement all of the disputes between and among Lender, SI, the Principals, and their respective affiliates, subsidiaries, successors and assigns be resolved,
dismissed and released in all respects, with the sole exception of their respective duties, responsibilities and obligations hereunder, and that mutual releases be executed. 
 AGREEMENT 
 NOW THEREFORE, in consideration of the mutual covenants and
agreements set forth herein, and other good and valuable consideration granted hereunder, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. SpringLake Agreement Approval. 
 (a) The effectiveness of this Agreement is contingent upon the approval and execution of a new, definitive advisory agreement (the “SpringLake Agreement”) between CHP and SpringLake.

 (b) The date upon which the SpringLake Agreement is executed shall be the “Effective Date.”

 2. Closing. The consummation of the transactions set forth herein (the “Closing”) will take place at
a mutually agreeable date and time not more than two (2) business days after the Effective Date (such date, the “Closing Date”). 
 3. Settlement Documents. At the Closing, the following provisions will take effect: 
 (a) SHI and SI shall jointly cause a payment of $1,500,000 in immediately available funds to be made to Lender in accordance with its wire instructions. 

(b) SHI will execute and deliver the secured replacement promissory Note attached hereto as Exhibit “A” (the
“Note”). 
 (c) The Principals will execute and deliver the Hypothecation Agreement attached
hereto as Exhibit “B”(the “Principals Hypothecation Agreement”). 
 (d) SHI will
execute and deliver the amended Security Agreement attached hereto as Exhibit “C” (the “Security Agreement”). The Note represents the Secured Obligations as that term is defined in the Principals Hypothecation Agreement.

 4. Mutual Releases. Except as otherwise stated herein, at the Closing, among other things, Lender, SI, SI’s
Affiliates (as hereinafter defined) and the Principals will mutually release 

  
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one another from all rights, claims and liabilities including, without limitation, those arising under the SI Loan Agreement, and the Guaranty Agreement that existed prior to the Effective Date,
but specifically excluding any rights, claims and liabilities arising under the Note, Security Agreement and Principals Hypothecation Agreement, pursuant to Mutual Releases in substantially the form attached hereto as Exhibit D (the
“Release” and together with this Forbearance Agreement, the Note, the Security Agreement, and the Principals Hypothecation Agreement the “Forbearance Documents”). 

5. Covenants. It is a material inducement to Lender entering into this Forbearance Agreement that SI, SHI, SpringLake and the
Principals agree as follows: 
 (a) So long as any amount is outstanding under the Note, the Principals will, so
long as CHP continues to be willing to use an external advisor controlled by the Principals, conduct the business of advising CHP solely through SpringLake provided that, the foregoing shall not prohibit the Principals from becoming employees of
CHP; 
 (b) So long as any amount is outstanding under the Note, SpringLake will not incur any indebtedness for
borrowed money without the prior written consent of Lender which consent may be withheld in its sole discretion unless such new indebtedness is limited exclusively to trade payables, equipment financing, and working capital indebtedness not to
exceed $25,000 (such permitted debt the “Permitted Indebtedness”); 
 (c) So long as any amount is
outstanding under the Note, SpringLake will not pledge or hypothecate any of its property, including without limitation, the fees and revenues earned by SpringLake under the SpringLake Agreement, to secure any obligation of any person other than
Permitted Indebtedness without the prior written consent of Lender, which consent may be withheld in its sole discretion; provided that, in the absence of an Event of Default, fifteen percent (15%) of the Profits Interest (as defined in the
Hypothecation Agreement) may be pledged without Lender’s consent. 
 (d) So long as any amount is
outstanding under the Note, the Principals will not pledge or hypothecate either their Membership Units or the Collateral (as defined in the Principals Hypothecation Agreement) without the prior written consent of Lender, which consent may be
withheld in its sole discretion. 
 (e) So long as any amount is outstanding under the Note, the Principals will
cause SpringLake to maintain an election to be treated as a partnership or s-corporation for tax purposes. 
 (f)
So long as any amount is outstanding under the Note, SHI will not incur any indebtedness for borrowed money, will not pledge or hypothecate any of its real or personal property to secure any obligation of any person and will not sell, assign, convey
or transfer any of its real or personal property to a third party without the prior written consent of Lender, which consent may be withheld in its sole discretion. 

  
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 (g) All reasonable professional fees, including without limitation,
Lender’s attorneys fees and costs, shall be paid in full at Closing or on such other date agreed to by Lender. 
 6.
Additional Settlement Amount. SI agrees that in the event it or any subsidiaries it forms on or after the Effective Date for the general purpose of an operating business, specifically excluding entities formed for the special purpose of
owning or investing directly in particular real estate assets, succeed in any substantial portion of their respective businesses (SI and any such subsidiary(ies) hereinafter collectively referred to as the “Additional Amount Obligors”) and
earn Adjusted Net Income, as defined below, in excess of $1,000,000.00 during the period beginning on January 1, 2012 and ending on December 31, 2013 (hereinafter referred to as the “Additional Amount Period”), it shall pay an
additional amount (the “Additional Amount”) in consideration of the Forbearance Agreement calculated as follows: 50% of the Adjusted Net Income (as hereinafter defined) of all Additional Amount Obligors in excess of $1,000,000.00 earned
during the Additional Amount Period; provided, however, that the Additional Amount shall not exceed $2,500,000.00. “Adjusted Net Income” shall mean the sum calculated as net income (as determined in accordance with GAAP) plus
(i) interest expenses, (ii) depreciation and amortization, (iii) the amount of any annual compensation above market rates including, without limitation, wages, salary or commissions, taking into account market annual increases made to
any person identified on Exhibit E hereto (which Exhibit cannot be altered, modified, or amended without Lender’s prior written consent) and that owns directly or indirectly an equity interest in any Additional Amount Obligor (other than
payments to any such Additional Amount Obligor made solely for tax obligations in an amount not exceeding 40% of the taxable income of such Additional Amount Obligor), and (iv) any other non-cash triggered expense; minus (x) any
cancellation of debt income, (y) payments any such Additional Amount Obligor made solely for tax obligations in an amount not exceeding 40% of the taxable income of such Additional Amount Obligor, and (z) any other non-cash triggered
revenue. SI shall on or prior to March 1 of each year commencing with March 1, 2012 provide a report consisting of the draft financial statements, certified by an officer of SI or the relevant Additional Amount Obligor, of all Additional
Amount Obligors and showing the calculation of the Additional Amount. The financial statements shall be audited by an independent auditing firm and provided within 30 days of the date of issuance of such audited financial statements. SI shall or
shall cause the relevant Additional Amount Obligor to pay the Additional Amount on or before the provision of each such audited financial report. SI or the Additional Amount Obligor shall have the right, but not the obligation, to pay an estimated
Additional Amount prior to December 31 of each year of the Additional Amount Period, and in such event, upon provision of that year’s audited financial reports, the Additional Amount Obligor(s) shall provide Lender with a true-up
calculation of the actual Additional Amount to the estimated Additional Amount, and, within 15 calendar days of the provision of such calculation, any shortage shall be paid to and any overage reimbursed by Lender. Lender, at its expense, shall have
the right to independently audit the books and records of any Additional Amount Obligor to confirm the calculation of the Additional Amount. 
 7. Representations and Warranties. 
 (a)
Authorization. Each party hereto represents to each other party hereto that it has the requisite power and authority to enter into and perform this Agreement, and that the execution and performance of this Forbearance Agreement does not
violate in any material respect any law applicable to it, or any indenture, agreement or undertaking to which such party is bound. 

  
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 (b) No Default. The execution and delivery of this Forbearance
Agreement, and the consummation of the transactions contemplated hereby by a party hereto do not and will not violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such party, or conflict with or constitute
a default under or result in the creation or imposition of any lien pursuant to the terms of any indenture, instrument or agreement to which such party is bound. 

(c) SI, and certain of its officers and directors represent and warrant to Lender that to the best of their knowledge and
belief, the balance sheet attached hereto as Exhibit F fairly represents the assets and liabilities of SI as of November 30, 2011. 
 (d) SHI, and certain of its officers and directors as well as the Principals represent and warrant to Lender that, to the best of their knowledge and belief, the balance sheet attached hereto as Exhibit G
fairly represents the assets and liabilities of SHI as of November 30, 2011. 
 (e) SI, SHI and their
Affiliates represent and warrant that, as of the date hereof, no known right of offset, defense, counterclaim, claim, causes of action or objection in favor of SI or SHI against Lender exists arising out of or with respect to the obligations arising
under the Loan Agreements, this Forbearance Agreement, or any of the other Forbearance Documents, (ii) any other documents evidencing, securing or in any way relating to the foregoing, or (iii) the administration or funding of the Loans.

 (f) SI, SHI and their respective affiliates, subsidiaries, successors and assigns (the “Affiliates”)
hereby represent and warrant that the payments made pursuant to this Forbearance Agreement will not be considered fraudulent transfers or voidable preferences as defined by either the United States Bankruptcy Code and/or applicable Florida Statutes,
and that the payments made hereunder are not made to hinder, delay or defraud their creditors. SI, SHI and their Affiliates do not intend, by executing and delivering this Forbearance Agreement or any other document contemplated by this Forbearance
Agreement, or by entering into any transaction referred to in this Forbearance Agreement, to hinder, delay or defraud any person or entity to whom SI, SHI and their Affiliates are or shall become indebted. SI, SHI and their Affiliates agree that to
the extent the Lender has received, or will receive, by virtue of this Forbearance Agreement, “transfers” or “preferences” as such terms are defined by the United States Bankruptcy Code, 11 U.S.C. § 101, et. seq. (the
“Bankruptcy Code”), Lender has given new value and reasonably equivalent value in exchange for such transfers. In addition, to the extent Lender has received or will receive, by virtue of this Forbearance Agreement, “transfers”
or “preferences”, it is hereby agreed that Lender will not have received more than it would if SI, SHI or their Affiliates were liquidated under Chapter 7 of the Bankruptcy Code. 

(g) Notwithstanding the provisions of the preceding paragraphs, in the event SI, SHI, or their Affiliates are deemed
liable for fraud or fraud in the inducement in connection with the negotiation and execution of this Forbearance Agreement, and in the event this Forbearance Agreement and any transfers made by SI, SHI, or the Affiliates to Lender

  
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hereunder are set aside or voided, as the case may be, in a bankruptcy or other insolvency proceeding, or any other payments or transfers made to Lender on account of the Loans or the Note are
avoided, set aside or are otherwise required to be disgorged, the obligations of SI, SHI and their Affiliates under the SI Loan Agreement and the SHI Loan Agreement shall be reinstated, or shall continue to be effective, as the case may be, and
shall remain fully enforceable pursuant to such documents and applicable law and shall further constitute the legal, valid, binding and enforceable obligations of SI, SHI, and their Affiliates to Lender. To the extent Lender is required by a
Bankruptcy Court to disgorge all or a portion of the payments made under this Forbearance Agreement, then Lender shall have allowed, non-dischargeable secured and unsecured claims against the estate for the amount disgorged plus any unpaid amounts
then due and owing under the Note. In the event SI, SHI, or any of their Affiliates become debtors under the Bankruptcy Code and this Forbearance Agreement is either reinstated or assumed as an executory contract pursuant to 11 U.S.C. § 365,
SI, SHI, and their Affiliates shall stipulate that Lender’s claims are valid, due and owing and therefore should be allowed in the amount then due and owing under the Note as of the petition date which balance shall include the amount, if any,
Lender is required to disgorge. In the event either or both the SI Loan Agreement and the SHI Loan Agreement are reinstated pursuant to paragraph 7(g) hereof, SpringLake and the Principals shall remain obligated to continue to make any and all
payments then due and owing to Lender under the Principals Hypothecation Agreement as if the Note and Forbearance Agreement were never set aside or voided by a final and non-appealable order or judgment entered by a court of competent jurisdiction
as the result of fraud or fraud in the inducement, or upon an adjudication that the settlement effectuated by this Forbearance Agreement constitutes a fraudulent transfer. The provisions of this section constitute a material inducement for Lender to
enter into and execute this Forbearance Agreement . 
 (h) In the event SI, SHI, or their Affiliates,
subsequently become, either voluntarily or involuntarily, debtors under any chapter of the Bankruptcy Code and this Forbearance Agreement is determined to be an executory contract as of the petition date, by the Bankruptcy Court or upon the
agreement of Lender, SI, SHI, and their Affiliates, then such debtor shall seek to assume this Forbearance Agreement pursuant to 11 U.S.C. § 365. 
 (i) Each party hereby represents and warrants to the other that this Forbearance Agreement, when executed and delivered, will be a valid and binding obligation, enforceable in accordance with its terms,
(subject to bankruptcy or similar insolvency statutes, rules or regulations affecting the enforcement of creditors rights and remedies) and that any and all necessary authorizations, consents and approvals to the execution and performance hereof
have been obtained. 
 8. Events of Default. An “Event of Default” shall exist if any one or more of the
following events (herein collectively called “Events of Default”) shall occur and be continuing with respect to this Forbearance Agreement: (a) SHI shall fail to pay when due any principal under the Note (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise), or any interest on the Note or any fee, expense or other payment required hereunder; (b) any representation or warranty made (or deemed made) by SI, SHI, SpringLake or the

  
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Principals under this Forbearance Agreement , or any of the other Forbearance Documents executed by it, or in any certificate or statement furnished or made to the Lender pursuant hereto or in
connection herewith shall prove to be untrue or inaccurate in any material respect at any time; (c) any default (other than those specifically otherwise set forth in this Section 8) shall occur in the performance of any of the other
covenants, conditions or agreements contained herein or in any of the other Forbearance Documents, and such default continues uncured to the satisfaction of the Lender (in its sole and absolute discretion) for a period of ten (10) Business Days
after the earlier of: (i) the breaching party’s knowledge of such event; or (ii) written notice thereof has been given by the Lender to the breaching party; (d) SHI, SI or their Affiliates (i) files a voluntary petition in
bankruptcy or is adjudicated bankrupt or insolvent or files any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future federal, state, or
other statute or law; (ii) seeks or consents to or acquiesces in the appointment of any trustee, receiver of all or any substantial part of the property of such party; (iii) or all or a substantial part of the assets of such party are
attached, seized, subjected to a writ or distress warrant or are levied upon unless the same is stayed, released or vacated within forty-five (45) days, or (iv) generally fails to pay, or admits in writing its refusal to pay debts as they
become due; (e) the commencement of an involuntary petition in bankruptcy against SHI, SI or their Affiliates or the institution against any such party of any reorganization, arrangement, composition, readjustment, dissolution, liquidation or
similar proceedings under any present or future federal, state or other statute or law, or the appointment of a receiver, trustee or similar officer for all or any substantial part of the property of any such party, which shall remain undismissed or
undischarged for a period of sixty (60) days; (f) SHI, SI, their Affiliates, SpringLake or any Principal shall (x) default (after expiration of any applicable grace period) in any payment of any indebtedness (other than the
indebtedness represented by the Loans) in the aggregate principal amount of $1,000,000.00 or more of such defaulting party or (y) default (after expiration of any applicable grace period) in the observance or performance of any agreement or
covenant relating to any indebtedness (other than the indebtedness represented by the Loans) in the aggregate principal amount of $1,000,000.00 or more of such defaulting party, or contained in any instrument or agreement evidencing, securing or
relating thereto, or any other event shall occur or condition exist, in each case the effect of which default or other event or condition is to cause the holder or holders of such indebtedness (or a trustee agent on behalf of such holder or holders)
to cause (determined without regard to whether any notice is required), any such indebtedness to become due prior to its stated maturity, and such default continues uncured to the satisfaction of the Lender (in its sole and absolute discretion) for
a period of ten (10) Business Days after written notice thereof has been given by the Lender to such party; or (g) any party (other than Lender) shall repudiate, or declare invalid or unenforceable its obligations under the documents to
which it is a party. 
 9. Remedies Upon Event of Default. 

(a) If an Event of Default shall have occurred and be continuing by SI, SHI, the Affiliates, SpringLake and/or the Principals, Lender may
exercise any and all rights or remedies available to it under the Forbearance Documents or under applicable law or equity, including without limitation: (1) accelerate the maturity of the Note and declare the prepayment amount thereof to be
immediately due and payable together with any other unpaid principal, accrued interest, attorney fees and costs and other amounts due and owing thereunder; (2) foreclose the security interests encumbering the collateral granted to Lender in the
Security Agreement 

  
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securing the Note (the “Collateral”); (3) cause SHI to promptly discontinue use of any Collateral and to surrender same to Lender; (4) with or without court order, enter upon
the premises where the Collateral is located and repossess and remove same, all without liability for damage to such premises or by reason of such entry or repossession, except for Lender’s gross negligence or willful misconduct;
(6) dispose of any Collateral in a public or private transaction, or hold or use, operate or keep idle any Collateral, free and clear of any rights or interests of SI, SHI, SpringLake or Pledgors therein; (7) without notice to SI, SHI,
SpringLake or Pledgors, apply or setoff against any Secured Obligations due and owing under the Note, all security deposits, advances, payments, fees, certificates of deposit, proceeds of letters of credit, securities or other additional collateral
in Lender’s possession or otherwise credited by or due from Lender to SI or SHI; or (8) pursue all other remedies provided under the UCC or other applicable law. In the event SI, SHI, SpringLake and/or John Mark Ramsey either commence a
voluntary insolvency proceeding, or are the subject of an involuntary insolvency proceeding that is not dismissed within 60 days after the filing of such petition, under the United States Bankruptcy Code, an assignment for the benefit of creditors,
or similar state insolvency statute, and the Note and Forbearance Agreement are set aside or avoided as part of a fraudulent or preferential transfer, and Lender is subsequently compelled to disgorge some or all of the payments made hereunder, then
the obligations of SI and SHI to Lender under the Loans shall be reinstated and shall become of full force and effect. Similarly, the Loans can both be fully reinstated if a court of competent jurisdiction determines by a final and non-appealable
order or judgment that any of the parties to this Forbearance Agreement perpetrated a fraud or fraud in the inducement upon Lender in connection with the negotiation and execution of this Forbearance Agreement. If: (i) an Event of Default shall
have occurred and be continuing by SI, SHI, or the Affiliates; (ii) a court of competent jurisdiction determines that a fraud or fraud in the inducement was perpetrated upon the Lender in connection with the negotiation and/or execution of the
Note and this Forbearance Agreement; or (iii) the Note and Forbearance Agreement are set aside or voided as a fraudulent or preferential transfer by a court of competent jurisdiction, SpringLake and the Principals shall continue to perform
their respective obligations under the Principals Hypothecation Agreement as if the Event of Default had not occurred, there had been no adjudication of fraud or fraud in the inducement by a court of competent jurisdiction, and/or the Note and
Forbearance Agreement had not been set aside or voided. 
 (b) Any payments received by Lender after an Event of Default,
including proceeds of any disposition of Collateral, shall be applied in the following order: (A) to all of Lender’s costs (including reasonable attorneys’ fees), charges and expenses incurred in taking, removing, holding, repairing
and selling or leasing the Collateral or enforcing the provisions hereof; (B) to the satisfaction of all outstanding Secured Obligations; and (C) the balance if any, shall be disbursed to SHI unless otherwise required by law. Lender shall
account to SHI for any surplus realized upon such sale or other disposition, and SHI shall remain liable for any deficiency with respect to the Secured Obligations. 
 10. No Further Amendments. The agreement of Lender to amend the SHI Loan Agreement and to enter into this Forbearance Agreement does not and shall not create any obligation of Lender to consider or
agree to extend further credit to any of the parties hereto, or to consider or agree to any further amendments to the SHI Loan Agreement. In the event Lender subsequently agrees to consider any further amendment to the Loan Agreements or the
Forbearance Documents, neither this First Amendment nor any other conduct of Lender shall be 

  
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of any force or effect on its consideration or decision with respect to any such requested amendment, and Lender shall not have any obligation whatsoever to consider or agree to further
amendments. 
 11. Notices. Any notice given under this Forbearance Agreement by any party shall be in writing and shall
be effective: (a) upon receipt when delivered personally; (b) upon confirmation of receipt when sent by facsimile; (c) one business day after depositing in the mail if delivered by recognized overnight courier (charges prepaid); or
(d) three business days after depositing in the mail if sent by first class mail, postage prepaid, addressed as set forth in Exhibit B to the Principals Hypothecation Agreement thereto, for the Lender or the Principals, or addressed as set
forth in Exhibit C to the Security Agreement, for SHI or SI, as applicable. Any party may alter the address to which notices are sent upon notice thereof to the other party. 
 12. Severability. Wherever possible, each provision of this Forbearance Agreement shall be interpreted in such a manner as to be effective and valid under applicable law. If any clause or provision
of this Forbearance Agreement is determined to be illegal, invalid or unenforceable under any present or future law by the final judgment of a court of competent jurisdiction, the remainder of this Forbearance Agreement shall not be affected
thereby, to the extent that the intent and purpose of this Forbearance Agreement can nonetheless be fulfilled in all material respects. It is the intention of the parties hereto that if any such provision is held to be illegal, invalid or
unenforceable, there shall be added, in lieu thereof, a provision as similar in terms to such provision as is possible which shall be legal, valid and enforceable. 
 13. Assignment; Successors and Assigns. No party may assign its rights or delegate its duties hereunder without the advance written consent of the other parties hereto, provided, however, that
Lender may assign its rights under the Forbearance Documents to an affiliate, subsidiary or a liquidating trust in its discretion. This Forbearance Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, successors, assignees, or transferees. 
 14. Entire Agreement and Amendment. This Forbearance Agreement and the
other Forbearance Documents contain the entire agreement among the parties hereto with respect to the matters addressed herein and supersede all other prior written or verbal agreements concerning the subject matter hereof. This Forbearance
Agreement may not be amended, modified, or changed in any respect except by an agreement in writing signed by the parties hereto. 
 15. Miscellaneous. Nothing contained in this Forbearance Agreement will be deemed to create a partnership or joint venture between or among all or any of Lender, SHI, SI, the Affiliates,
SpringLake, or the Principals. This Forbearance Agreement may be executed in counterparts, each of which shall be deemed an original document, but all of which shall constitute a single document. SI, SHI, the Affiliates, SpringLake, the Principals,
and Lender agree to take any further action as is necessary or desirable in the reasonable opinion of Lender to effectuate the provisions and spirit of this Forbearance Agreement. This Forbearance Agreement shall be interpreted under the laws of the
State of Florida without regard to conflicts-of-law principles. Venue for any disputes arising under this Forbearance Agreement shall be in Orange County, Florida. This Forbearance Agreement is solely between the parties hereto and

  
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no person not a party to this Forbearance Agreement shall have any rights or privileges hereunder. All parties hereto have contributed equally in the preparation of this Forbearance Agreement,
and therefore, this Forbearance Agreement shall not be construed more strongly against any party. Counsel for all parties have reviewed and advised their clients with respect to the terms and conditions of this Forbearance Agreement and the
parties’ respective rights and remedies, or alternatively, all parties hereto have been provided with an adequate opportunity to have counsel review this Forbearance Agreement. All parties have thoroughly and carefully read this Forbearance
Agreement and the releases contained herein, and have entered into this Forbearance Agreement freely and voluntarily, without duress or coercion of any kind, and as a well-reasoned exercise of their respective business judgments. All headings
contained in this Forbearance Agreement are for reference purposes only and are not intended to affect in any way the meaning or interpretation of this Forbearance Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 SIGNATURE PAGE TO FORBEARANCE AGREEMENT 

IN WITNESS WHEREOF, the parties hereto have executed this Forbearance Agreement on the dates written below. 

 

			
	CORNERSTONE OPERATING PARTNERSHIP, L.P.
		
	By:	 	 /s/ Dan Johnson

		 	        Dan Johnson
		 	        Authorized Agent

 
			
	SERVANT INVESTMENTS, LLC
		
	By:	 	 /s/ Martin E. Steinberger

		 	        Martin E. Steinberger, Co-CEO
		
	By:	 	 /s/ Robert W. Chapin

		 	        Robert W. Chapin, Co-CEO

 
			
	SERVANT HEALTHCARE INVESTMENTS, LLC by SERVANT INVESTMENTS, LLC as its Manager
		
	By:	 	 /s/ Robert W. Chapin

		 	Robert W. Chapin, Co-CEO
		
		 	 /s/ Robert W. Chapin

		 	Robert W. Chapin, Individually
		
		 	 /s/ Martin Steinberger

		 	Martin Steinberger, Individually
		
		 	 /s/ John Mark Ramsey

		 	John Mark Ramsey, Individually
	
	SPRINGLAKE HEALTHCARE CAPITAL, LLC.
		
	By:	 	 /s/ John Mark Ramsey

		 	John Mark Ramsey, Manager
		
		 	 /s/ John Mark Ramsey

		 	John Mark Ramsey, as Principal
		
		 	 /s/ Scott Larche

		 	Scott Larche, as Principal
		
		 	 /s/ Kevin Thomas

		 	Kevin Thomas, as PrincipalIndemnification Agreement

 Exhibit 10.12 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION
AGREEMENT is made and entered into this 29th day of
December, 2011 (“Agreement”), by and between Cornerstone Core Properties REIT, Inc., a Maryland corporation (the “Company”), and Sharon C. Kaiser (“Indemnitee”). 

WHEREAS, at the request of the Company, Indemnitee currently serves as a director or officer of the Company and may, therefore, be
subjected to claims, suits or proceedings arising as a result of his or her service; and 
 WHEREAS, as an inducement to
Indemnitee to continue to serve as such director or officer, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, subject to certain limitations set
forth herein; and 
 WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and
advance of expenses; 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and
Indemnitee do hereby covenant and agree as follows: 
 Section 1. Definitions. For purposes of this Agreement:

 (a) “Applicable Legal Rate” means a fixed rate of interest equal to the applicable federal rate for mid-term
debt instruments as of the day that it is determined that Indemnitee must repay any advanced expenses. 
 (b) “Change
in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar
item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation,
such a Change in Control shall be deemed to have occurred if after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Act) is or becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the Company’s then outstanding securities entitled to vote generally in the election of
directors without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation,
sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such
transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals (A) who were directors as of the Effective Date or
(B) whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least two-thirds of the directors then in office who were directors as of the Effective Date
or whose election for nomination for election was previously so approved. 

  
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 (c) “Corporate Status” means the status of a person as a present or former
director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request
of the Company, service by Indemnitee shall be deemed to be at the request of the Company if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise (i) of which a majority of the voting power or equity interest is owned directly or indirectly by the Company or (ii) the management of
which is controlled directly or indirectly by the Company. 
 (d) “Disinterested Director” means a director of
the Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee. 
 (e) “Effective Date” means the date of this Agreement. 

(f) “Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the
actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or
preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium for, security for and other
costs relating to any cost bond supersedeas bond or other appeal bond or its equivalent. 
 (g) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to
either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving
rise to a claim for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing,
would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
 (h) “Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal
therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the
institution of a Proceeding, such situation shall also be considered a Proceeding. 

  
 2 

 Section 2. Services by Indemnitee. Indemnitee will serve as a director or
officer of the Company. However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall not be deemed an employment contract between the
Company (or any other entity) and Indemnitee. 
 Section 3. Indemnification — General. Subject to the
limitations in Section 7, the Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) as otherwise permitted by Maryland law in effect on the Effective Date and as amended from time to
time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. Subject to the limitations in Section 7, the
rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General
Corporation Law (the “MGCL”). 
 Section 4. Rights to Indemnification. Subject to the limitations in
Section 7, if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement
and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established by clear and convincing evidence that (i) the act or omission of Indemnitee was
material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or
services or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 
 Section 5. Court-Ordered Indemnification. Subject to the limitations in Section 7(a) and (b), a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the
court shall require, may order indemnification of Indemnitee in the following circumstances: 
 (a) if such court
determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

 (b) if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the
relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c)
of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances
described in Section 2-418(c) of the MGCL shall be limited to Expenses. 
 Section 6. Indemnification for Expenses
of an Indemnitee Who is Wholly or Partly Successful. Subject to the limitations in Section 7, to the extent that Indemnitee was or is, by reason of his or her Corporate Status, made a party to (or otherwise becomes a participant in) any

  
 3 

 
Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, he or she shall be indemnified for all Expenses actually and reasonably incurred by him or her or on
his or her behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall
indemnify Indemnitee under this Section 6 for all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For
purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 7. Limitations on Indemnification. Notwithstanding any other provision of this Agreement (other than Section 5),
Indemnitee shall not be entitled to: 
 (a) indemnification for any loss or liability unless all of the following
conditions are met: (i) Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company; (ii) Indemnitee was acting on behalf of or performing services for the
Company; (iii) such loss or liability was not the result of negligence or misconduct, or, if Indemnitee is an independent director, gross negligence or willful misconduct; and (iv) such indemnification is recoverable only out of the
Company’s net assets and not from the Company’s stockholders, investors or stakeholders; 
 (b) indemnification
for any loss or liability arising from an alleged violation of federal or state securities laws unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged
material securities law violations as to Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to Indemnitee; or (iii) a court of competent jurisdiction approves a settlement
of the claims against Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange
Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws; 

(c) indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged to be liable to
the Company; 
 (d) indemnification hereunder if Indemnitee is adjudged to be liable on the basis that personal benefit was
improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in the Indemnitee’s Corporate Status; or 
 (e) indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then
only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board
of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. 

  
 4 

 Section 8. Advance of Expenses for an Indemnitee. If, by reason of
Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder and
except as set forth in the following sentence, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding within ten days after the receipt by the Company of a statement or statements requesting such
advance or advances from time to time, whether prior to or after final disposition of such Proceeding. The Company may not advance Expenses incurred by or on behalf of Indemnitee in connection with a Proceeding unless (a) such Proceeding is
initiated by a third party who is not a stockholder of the Company or, if such Proceeding is initiated by a stockholder of the Company acting in his or her capacity as such, a court of competent jurisdiction specifically approves such advancement,
and (b) such Proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company. The statement or statements requesting advance or advances shall reasonably evidence the Expenses incurred by
Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this
Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution
thereof, to reimburse the portion of any Expenses advanced to Indemnitee, together with the Applicable Legal Rate of interest thereon, relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established, by clear
and convincing evidence, that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved as described in Section 6 of this Agreement. To the extent that Expenses advanced to Indemnitee do not relate to
a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and
shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. 
 Section 9. Indemnification and Advance of Expenses as a Witness or Other Participant. Subject to the limitations in Section 7, to the extent that Indemnitee is or may be, by reason of
Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable
Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such
advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. 

Section 10. Procedure for Determination of Entitlement to Indemnification. 

(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such

  
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requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall,
promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. 
 (b) Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto
shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel
shall be selected by Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred,
(A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely of
one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably
withheld, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company.
If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect
to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred by
Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and
hold Indemnitee harmless therefrom. 
 (c) The Company shall pay the reasonable fees and expenses of Independent Counsel,
if one is appointed. 
 Section 11. Presumptions and Effect of Certain Proceedings. 

(a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making
such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the
burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. 

(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a
plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 

  
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 (c) The knowledge and/or actions, or failure to act, of any other director, officer,
employee or agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement. 
 Section 12. Remedies of Indemnitee. 
 (a) If (i) a
determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 or 9 of this Agreement,
(iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of
indemnification is not made pursuant to Section 6 or 9 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the
charter or Bylaws of the Company is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of
Maryland, or in any other court of competent jurisdiction, of his or her entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single
arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his or her rights under Section 6 of this
Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in
arbitration. 
 (b) In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall
be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case
may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final
determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in
any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that
the Company is bound by all of the provisions of this Agreement. 
 (c) If a determination shall have been made pursuant to
Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in 

  
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any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification. 
 (d) In the
event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce his or her rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be
entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him or her in such judicial adjudication or arbitration. If it shall be determined in such judicial
adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be
appropriately prorated. 
 (e) Interest shall be paid by the Company to Indemnitee at the maximum rate
allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the
date on which the Company was requested to advance Expenses in accordance with Section 8 or 9 of this Agreement or the 60 th day after the date on which the Company was requested to make the determination of entitlement to indemnification
under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company. 
 Section 13. Defense of the Underlying Proceeding. 

(a) Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint,
indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of
the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement
unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. 

(b) Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall
have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of
any such Proceeding under Section 13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into
any settlement or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release
shall be in form and substance reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under
Section 12 above. 

  
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 (c) Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to
which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that he or she may
have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company,
which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such
Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of
the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any
Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which
approval shall not be unreasonably withheld, at the expense of the Company (subject to Section 12(d)), to represent Indemnitee in connection with any such matter. 
 Section 14. Non-Exclusivity; Survival of Rights; Subrogation; Coordination of Payments. 
 (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under
applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. Unless consented to in writing by Indemnitee,
no amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to
such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder,
or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy. 
 (b) In the event
of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (c) The Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise. 

  
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 Section 15. Insurance. The Company will use its reasonable best efforts to
acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of his or her Corporate Status
and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of his or her Corporate Status. Without in any way limiting any other obligation under this
Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses
incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or
obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of the
Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. 
 Section 16. Reports to Stockholders, Investors and Stakeholders. To the extent required by the MGCL, the Company shall report in writing to its stockholders, investors or stakeholders the
payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of investors of the Company next following the
date of the payment of any such indemnification or advance of Expenses or prior to such meeting. 
 Section 17. Duration
of Agreement; Binding Effect. 
 (a) This Agreement shall continue until and terminate ten years after the date that
Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending or threatened in respect of which Indemnitee is granted rights of
indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto. 
 (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and
assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer,
employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise which such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other
legal representatives. 

  
 10 

 (c) The Company shall require and cause any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 
 (d) The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such
breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or
irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such
specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges
that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking. 

Section 18. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law;
(b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of
this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby. 
 Section 19. Identical Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom
enforceability is sought shall be sufficient to evidence the existence of this Agreement. 
 Section 20. Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

  
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 Section 21. Modification and Waiver. No supplement, modification or amendment of
this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor
shall such waiver constitute a continuing waiver. 
 Section 22. Notices. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery,
or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 
 (a) If to Indemnitee, to the address set forth on the signature page hereto. 

(b) If to the Company to: 
 Cornerstone Core Properties REIT, Inc. 
 1920 Main Street

 Suite 400 
 Irvine, California 92614 
 Attn:
    Chief Executive Officer 

              and Chief Financial Officer

 or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may
be. 
 Section 23. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the State of Maryland, without regard to its conflicts of laws rules. 
 [SIGNATURE PAGE FOLLOWS] 

  
 12 

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

					
	ATTEST:	 	CORNERSTONE CORE PROPERTIES REIT, INC.
			
		 	By:	 	 /s/ Terry G. Roussel

		 	(SEAL)
		 	Name: Terry G. Roussel
		 	Title:   CEO
		
	WITNESS:	 	INDEMNITEE
		
		 	 /s/ Sharon C. Kaiser

		 	SHARON C. KAISER
		
		 	Address:

  
 13 

 EXHIBIT A 
 AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED 
 To: The Board of Directors of Cornerstone
Core Properties REIT, Inc. 
 Re: Affirmation and Undertaking 
 Ladies and Gentlemen: 
 This Affirmation and Undertaking is
being provided pursuant to that certain Indemnification Agreement, dated the 29th day of December, 2011, by and between Cornerstone Core Properties REIT, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”),
pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”). 
 Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. 
 I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all times, insofar as I
was involved as a director or officer of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in
money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. 
 In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I
hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active
and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I
shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of interest thereon, relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

 IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this      day of
            , 20        . 
  

	
	
	  
 Name:

  
 14

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