Document:

June 24, 2013

 

 

 

Robert Kunkle

8601 Mirada Del Sol Drive Las Vegas, NV 89128

Robert,

 

It is my pleasure to extend the following offer of employment
on behalf of Riviera Hotel and Casino.

 

Title: General Manager

Reporting Relationship: The position will
report to John Groom, COO, Paragon Gaming

Term: The agreement will be in place for two (2) years beginning on date of execution.

 

Base Salary: Annual base of $200,000 and is
subject to deductions for taxes and other withholdings as required by law or the policies of the company.

 

Bonus Potential: Based on predetermined EBITDA and Customer
Service objectives you are eligible for a bonus equaling 30% of your base salary. The bonus plan for this year and beyond, should
such a plan exist, will be based on the formula determined by the company for that year.

 

Non-Compete Agreement: Our standard non-compete agreement
must be signed prior to starting.

 

Benefits: You will be able to participate
in the Company's benefit plans when eligible. The Company will reimburse you for COBRA for the period of time until you are eligible
for the Company's benefits

 

Vacation: You will be entitled to three weeks
vacation on an annual basis. Start Date: Your employment will begin on or about June 24th, 2013

 

Termination: In the event the Company terminates
without cause during the first 18 months of employment, you will be entitled to six months salary continuation. If termination
without cause occurs during the last six months. The amount of severance will decline proportionately until it reaches zero at
the end of the two year employment.

 

Employment with the Company is at-will and can be
terminated by either party at any time with or without cause and with or without notice.

 

In addition, Riviera Hotel and Casino supports a drug free workplace
and this offer is contingent upon your passing our mandatory drug screening. Drug tests results remain confidential and are used
for the purpose of determining employment eligibility. The Riviera Compliance Committee must issue its approval.

 

You acknowledge that this offer letter represents the entire
agreement between you and the Company and that no verbal or written agreements, promises or representations that are not specifically
stated in this offer, are or will be binding upon the Company.

 

Sincerely,

/s/John Groom

 

Accepted and agreed by:

/s/ Robert Kunkle

Robert KunkleEXHIBIT 10.7

 

ADVISORY AGREEMENT

AMONG

TNP STRATEGIC RETAIL TRUST, INC.,

TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, LP,

AND

SRT ADVISOR, LLC

 

 

    	 

    	 

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	Definitions	1
	 	 	 
	2.	Appointment	6
	 	 	 
	3.	Duties of the Advisor	6
	 	 	 
	4.	Authority of Advisor	9
	 	 	 
	5.	Bank Accounts	9
	 	 	 
	6.	Records, Access	9
	 	 	 
	7.	Limitations on Activities	10
	 	 	 
	8.	Relationship with Directors	10
	 	 	 
	9.	Fees	10
	 	 	 
	10.	Expenses	12
	 	 	 
	11.	Other Services	14
	 	 	 
	12.	Reimbursement to the Advisor	14
	 	 	 
	13.	Covenants of the Company and the Operating Partnership	14
	 	 	 
	14.	Investment Opportunities	14
	 	 	 
	15.	Representations and Warranties of the Company and the Operating Partnership	15
	 	 	 
	16.	Other Activities of the Advisor	15
	 	 	 
	17.	Term of Agreement	15
	 	 	 
	18.	Termination by The Parties	16
	 	 	 
	19.	Assignment to an Affiliate	16
	 	 	 
	20.	Payments to and Duties of Advisor Upon Termination	16
	 	 	 
	21.	Indemnification by the Company and the Operating Partnership	17
	 	 	 
	22.	Indemnification by Advisor	18
	 	 	 
	23.	Notices	18

 

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	24.	Modification	19
	 	 	 
	25.	Severability	19
	 	 	 
	26.	Construction	19
	 	 	 
	27.	Entire Agreement	19
	 	 	 
	28.	Indulgences, Not Waivers	19
	 	 	 
	29.	Gender	19
	 	 	 
	30.	Titles not to Affect Interpretation	19
	 	 	 
	31.	Execution in Counterparts	20

 

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ADVISORY AGREEMENT

 

THIS ADVISORY AGREEMENT (this “Agreement”),
dated as of August 10, 2013 (the “Effective Date”), is entered into by and among TNP Strategic Retail Trust,
Inc., a Maryland corporation (the “Company”), TNP Strategic Retail Operating Partnership, LP, a Delaware limited
partnership (the “Operating Partnership”), and SRT Advisor, LLC, a Delaware limited liability company (the “Advisor”).
Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below.

 

WITNESSETH

 

WHEREAS, the Company has elected to qualify
as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code;

 

WHEREAS, the Company is the general partner
of the Operating Partnership and intends to conduct all of its business and make all Investments through the Operating Partnership;

 

WHEREAS, the Amended and Restated Advisory
Agreement dated as of August 7, 2010 by and among the Company, the Operating Partnership and TNP Strategic Retail Advisor, LLC,
as amended (the “Prior Advisory Agreement”), has been terminated; and  

 

WHEREAS, the Company and the Operating Partnership
desire to retain the Advisor to provide certain advisory services in accordance with the terms of this Agreement and the Advisor
desires to perform such services.

 

NOW, THEREFORE, in consideration of the
foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

1.            Definitions.
  As used in this Agreement, the following terms have the definitions hereinafter indicated:

 

Acquisition Expenses. Any and
all expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates
in connection with the selection, evaluation, acquisition, origination, making or development of any Investments, whether or not
acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable
option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of performing due
diligence.

 

Acquisition Fees. Any and all
fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions
paid by or to any Affiliate of the Company, the Operating Partnership or the Advisor) in connection with the purchase, development
or construction of any Real Estate Asset or other Investment, including real estate commissions, selection fees, development fees,
construction fees, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be (i) Origination
Fees and (ii) development fees and construction fees paid to any Person not affiliated with the Advisor in connection with
the actual development and construction of a project.

 

    	 

    	 

    

 

Advisor. Advisor shall mean
SRT Advisor, LLC, a Delaware limited liability company, any successor advisor to the Company, the Operating Partnership or any
Person to which SRT Advisor, LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the
foregoing, a Person hired or retained by SRT Advisor, LLC to perform property management and related services for the Company or
the Operating Partnership that is not hired or retained to perform substantially all of the functions of SRT Advisor, LLC with
respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor.

 

Affiliate or Affiliated. With
respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent
(10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose
outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person;
(iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any
executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person
acts as an executive officer, director, trustee or general partner.

 

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

 

Asset Management Fee. The term
“Asset Management Fee” shall mean the fee payable to the Advisor pursuant to Section 9(e).

 

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

 

Board. The individuals holding
such office, as of any particular time, under the Articles of Incorporation, whether they be the Directors named therein or additional
or successor Directors.

 

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

 

Cause. With respect to the termination
of this Agreement, fraud, criminal conduct, misconduct or negligent breach of fiduciary duty by the Advisor, or a material breach
of this Agreement by the Advisor.

 

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

 

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Company. Company shall mean
TNP Strategic Retail Trust, Inc., a Maryland corporation.

 

Competitive Real
Estate Commission. The real estate or brokerage commission paid for the purchase or sale of a property which is reasonable,
customary and competitive in light of the size, type and location of such property.

 

Contract Sales Price. The total
consideration received by the Company for the sale of an Investment.

 

Dealer Manager Agreement. The
Dealer Manager Agreement, dated July 10, 2009, by and among the Company, the Operating Partnership and TNP Securities, LLC.

 

Director. A member of the Board
of Directors of the Company.

 

Disposition Fee. The term “Disposition
Fee” shall mean the fees payable to the Advisor pursuant to Section 9(d).

 

Distributions. Any distributions
of money or other property by the Company to Stockholders, including distributions that may constitute a return of capital for
federal income tax purposes.

 

Effective Date. Effective Date
shall have the meaning set forth in the preamble.

 

Excess Amount. Excess Amount
shall have the meaning set forth in Section 12.

 

Expense Year. Expense Year shall
have the meaning set forth in Section 12.

 

Financing Coordination Fee.
The term “Financing Coordination Fee” shall mean the fee payable to the Advisor pursuant to Section 9(i).

 

GAAP. Generally accepted accounting
principles as in effect in the United States of America from time to time.

 

Good Reason. Either, (i) any
failure to obtain a satisfactory agreement from any successor to the Company or the Operating Partnership to assume and agree to
perform the Company’s or the Operating Partnership’s obligations under this Agreement; or (ii) any material breach
of this Agreement of any nature whatsoever by the Company or the Operating Partnership.

 

Indemnitee. The terms “Indemnitee”
and “Indemnitees” shall have the meaning set forth in Section 21.

 

Independent Director. Independent
Director shall have the meaning set forth in the Articles of Incorporation.

 

Investments. Any investments
by the Company or the Operating Partnership in Real Estate Assets, Real Estate Related Loans or any other asset.

 

    	3

    	 

    

 

Joint Ventures. The joint venture
or partnership arrangements (other than with the Operating Partnership) in which the Company or any of its subsidiaries is a co-venturer
or general partner which are established to own Investments.

 

Listing. The listing of the
Shares on a national securities exchange or the receipt by the Stockholders of securities that are listed on a national securities
exchange in exchange for the Company’s common stock. Upon such Listing, the Shares shall be deemed “Listed.”

 

Loans. Any indebtedness or obligations
in respect of borrowed money or evidenced by bonds, notes, debentures, deeds of trust, letters of credit or similar instruments,
including mortgages and mezzanine loans.

 

NASAA REIT Guidelines. The Statement
of Policy Regarding Real Estate Investment Trusts as revised and adopted by the North American Securities Administrators Association
on May 7, 2007, as in effect on the date hereof.

 

Net Income. For any period,
the Company’s total revenues applicable to such period, less the total expenses applicable to such period other than additions
to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s
assets.

 

Operating Partnership. Operating
Partnership shall mean TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership.

 

Operating Partnership Agreement.
The Operating Partnership Agreement among the Company, the Advisor and TNP Strategic Retail OP Holdings, LLC.

 

OP Units. Units of limited partnership
interest in the Operating Partnership.

 

Origination Fees. The term “Origination
Fees” shall mean the fees payable to the Advisor pursuant to Section 9(b).

 

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

 

Prior Advisory Agreement.
The Amended and Restated Advisory Agreement dated as of August 7, 2010 by and among the Company, the Operating Partnership
and TNP Strategic Retail Advisor, LLC, as amended.

 

Private Placement. Any offering
of undivided tenant-in-common (TIC) interests in Real Property acquired by the Operating Partnership, whereby such TIC interests
may be eligible for “like kind exchange” pursuant to Section 1031 of the Code.  

 

Real Estate Assets. Any investment
by the Company or the Operating Partnership in unimproved and improved Real Property (including, without limitation, fee or leasehold
interests, options and leases) either directly or through a Joint Venture.

 

    	4

    	 

    

 

Real Estate Related Loans. Any
investments in, or origination of, mortgage loans and other types of real estate related debt financing, including, without limitation,
mezzanine loans, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold
interests and participations in such loans, by the Company or the Operating Partnership.

 

Real Property. Real property
owned from time to time by the Company or the Operating Partnership, either directly or through joint venture arrangements or other
partnerships, which consists of (i) land only, (ii) land, including the buildings located thereon, (iii) buildings only or (iv)
such investments the Board and the Advisor mutually designate as Real Property to the extent such investments could be classified
as Real Property.

 

REIT. A “real estate investment
trust” under Sections 856 through 860 of the Code.

 

Sale or Sales. Any transaction
or series of transactions whereby: (A) the Company or the Operating Partnership directly or indirectly (except as described
in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property
or portion thereof, including the lease of any Real Property consisting of a building only, and including any event with respect
to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company
or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants,
transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnership
in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described
in other subsections of this definition) in which the Company or the Operating Partnership as a co-venturer or partner sells, grants,
transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to
any Real Property which gives rise to insurance claims or condemnation awards; or (D) the Company or the Operating Partnership
directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its
interest in any Real Estate Related Loans or portion thereof (including with respect to any Real Estate Related Loan, all payments
thereunder or in satisfaction thereof other than regularly scheduled interest payments) and any event which gives rise to a significant
amount of insurance proceeds or similar awards; or (E) the Company or the Operating Partnership directly or indirectly (except
as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other
asset not previously described in this definition or any portion thereof, but not including any transaction or series of transactions
specified in clauses (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by
the Company in one or more assets within 180 days thereafter.

 

Shares. The shares of the Company’s
common stock, par value $0.01 per share.

 

Special OP Units. The separate
series of limited partnership interests of the Operating Partnership having the terms set forth on Annex A hereto issued
to the Advisor or one of its Affiliates in accordance with Section 9(g) as soon as practicable after the date hereof.

 

    	5

    	 

    

 

Stockholders. The
registered holders of the Shares.

 

Termination Date. The date of
termination of this Agreement.

 

Termination Event. The termination
or nonrenewal of this Agreement (i) in connection with a merger, sale of assets or transaction involving the Company pursuant to
which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Company
and the Operating Partnership other than for Cause.

 

Total Operating Expenses. All
costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the
Company or its business, including asset management fees and other fees paid to the Advisor, but excluding (i) the expenses
of raising capital such as legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and
other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing, (ii) interest
payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive
fees paid in compliance with the NASAA REIT Guidelines; (vi) Acquisition Fees, Origination Fees and Acquisition Expenses,
(vii) Disposition Fees on the Sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition,
management and ownership of real estate interests, mortgages or other property (including the costs of foreclosure, insurance premiums,
legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set
forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the
NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not
part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes
hereof.

 

2%/25% Guidelines. 2%/25% Guidelines
shall have the meaning set forth in Section 12.

 

2.          Appointment.
  The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set
forth in this Agreement, and the Advisor hereby accepts such appointment.

 

3.          Duties
of the Advisor.   As of the Effective Date, the Advisor undertakes to use its best efforts to present to the Company and the
Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent
with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. In performance
of this undertaking, subject to the supervision of the Board and consistent with the provisions of the Articles of Incorporation
and Bylaws of the Company and the Operating Partnership Agreement, the Advisor shall, either directly or by engaging an Affiliate:

 

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(a)          serve
as the Company’s and the Operating Partnership’s investment and financial advisor;

 

(b)          provide
the daily management for the Company and the Operating Partnership and perform and supervise the various administrative functions
reasonably necessary for the management of the Company and the Operating Partnership;

 

(c)          investigate,
select, and, on behalf of the Company and the Operating Partnership, engage and conduct business with such Persons as the Advisor
deems necessary to the proper performance of its obligations hereunder, including, but not limited to, consultants, accountants,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries,
custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management
companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing,
including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for
the performance of any of the foregoing services, including, but not limited to, entering into contracts in the name of the Company
and the Operating Partnership with any of the foregoing;

 

(d)          consult
with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s
financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments
consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken
by the Company or the Operating Partnership;

 

(e)          subject
to the provisions of Section 4 hereof, (i) participate in formulating an investment strategy and asset allocation framework,
(ii) locate, analyze and select potential Investments, (iii) structure and negotiate the terms and conditions of transactions
pursuant to which acquisitions and dispositions of Investments will be made; (iv) research, identify, review and recommend
acquisitions and dispositions of Investments to the Board and make Investments on behalf of the Company and the Operating Partnership
in compliance with the investment objectives and policies of the Company; (v) arrange for financing and refinancing and make
other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with,
Investments; (vi) enter into leases and service contracts for Real Estate Assets and, to the extent necessary, perform all
other operational functions for the maintenance and administration of such Real Estate Assets; (vii) actively oversee and
manage Investments for purposes of meeting the Company’s investment objectives; (viii) select Joint Venture partners,
structure corresponding agreements and oversee and monitor these relationships; (ix) oversee Affiliated and non-Affiliated
property managers who perform services for the Company or the Operating Partnership; (x) oversee Affiliated and non-Affiliated
Persons with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement; (xi) manage
accounting and other record-keeping functions for the Company and the Operating Partnership; and (xii) recommend various liquidity
events to the Board when appropriate;

 

(f)          upon
request, provide the Board with periodic reports regarding prospective investments;

 

    	7

    	 

    

 

(g)          make
investments in, and dispositions of, Investments within the discretionary limits and authority as granted by the Board;

 

(h)          negotiate
on behalf of the Company and the Operating Partnership with banks or lenders for Loans to be made to the Company and the Operating
Partnership, and negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers
or negotiate private sales of Shares or other equity investments in the Company or the Operating Partnership or obtain Loans for
the Company and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or
underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with
the foregoing shall be the responsibility of the Company or the Operating Partnership;

 

(i)          obtain
reports (which may, but are not required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value
of Investments or contemplated investments of the Company and the Operating Partnership;

 

(j)          from
time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to the
Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving
the Advisor or any of its Affiliates and reports relating to the aggregate amount of advisory and other fees and reimbursements
paid to the Advisor and its Affiliates by the Company;

 

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

 

(l)          do
all things necessary to assure its ability to render the services described in this Agreement;

 

(m)          deliver
to, or maintain on behalf of, the Company copies of all appraisals obtained in connection with the investments in any Real Estate
Assets as may be required to be obtained by the Board;

 

(n)          notify
the Board of all proposed material transactions before they are completed; and

 

(o)          effect
any private placement of OP Units, tenancy-in-common (TIC) or other interests in Investments as may be approved by the Board.

 

Notwithstanding the foregoing, the Advisor
may delegate any of the foregoing duties to any Person so long as the Advisor or any Affiliate remains responsible for the performance
of the duties set forth in this Section 3. For avoidance of doubt, the Advisor shall have no obligation to provide any guarantees
of indebtedness of the Company or the Operating Partnership.

 

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4.          Authority
of Advisor.

 

(a)          Pursuant
to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 7), and subject
to the continuing and exclusive authority of the Board over the management of the Company, the Board hereby delegates to the Advisor
the authority to perform the services described in Section 3.

 

(b)          Notwithstanding
the foregoing, any investment in Real Estate Assets, including any financing thereof, will require the prior approval of the Board,
any particular Directors specified by the Board or any committee of the Board, as the case may be.

 

(c)          If
a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents
and other information required by them to properly evaluate the proposed transaction.

 

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

 

(e)          The
Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4;
provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable
to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior to the date of receipt
by the Advisor of such notification.

 

5.          Bank
Accounts.   In consultation with the Company’s Board, the Advisor may establish and maintain one or more bank accounts
in the name of the Company and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse
from any such account or accounts, any money on behalf of the Company or the Operating Partnership, under such terms and conditions
as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from
time to time render appropriate accountings of such collections and payments to the Board and to the auditors of the Company.

 

6.          Records,
Access.   The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Directors and by counsel, auditors and authorized agents of the Company, at any time or from time to time during
normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating
Partnership.

 

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7.          Limitations
on Activities.   Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any
action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject
the Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation
or statement of policy of any governmental body or agency having jurisdiction over the Company or its Shares, or otherwise not
be permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Board, in
which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action
and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event,
the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Advisor acknowledges
that, pursuant to Section 8.3 of the Articles of Incorporation, Advisor has a fiduciary responsibility and duty to the Company
and to its stockholders. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and members, and the partners,
directors, officers, members and stockholders of the Advisor’s Affiliates shall not be liable to the Company or to the Directors
or Stockholders for any act or omission by the Advisor, its directors, officers, employees, or members, and the partners, directors,
officers, members or stockholders of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties
under this Agreement except as provided in Section 22 of this Agreement.

 

8.          Relationship
with Directors.   Subject to Section 7 of this Agreement and to restrictions advisable with respect to the qualification
of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parent
of an Affiliate, may serve as a Director and as officers of the Company, except that no director, officer or employee of the Advisor
or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving
as a Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of
the Board and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement
set forth in the Articles of Incorporation. Promptly following the execution of this Agreement, the Company shall use its commercially
reasonable efforts to cause two persons mutually acceptable to the Company and the Advisor to serve on the Board; provided that
the Company shall not be required to expand the size of the Board or to have fewer than a majority of Independent Directors.

 

9.          Fees.

 

(a)          Acquisition
Fees. The Advisor shall receive an Acquisition Fee payable by the Company as compensation for services rendered in connection
with the investigation, selection and acquisition (by purchase, investment or exchange) of Investments. The total Acquisition Fees
payable to the Advisor or its Affiliates shall equal 1.0% of the cost of all Investments, including Acquisition Expenses and any
debt attributed to such investments. With respect to investments in and origination of Real Estate Related Loans, the Company will
pay the Advisor an Origination Fee in lieu of the Acquisition Fee. With respect to the acquisition of Real Estate Assets through
a Joint Venture, the Acquisition Fee payable by the Company to the Advisor shall equal 1.0% of the Company’s allocable cost
of such Real Estate Assets, including Acquisition Expenses and any debt attributed to such Investments. The Advisor shall submit
an invoice to the Company following the closing or closings of each Investment, accompanied by a computation of the Acquisition
Fee. The Company shall pay the Acquisition Fee promptly following receipt of the invoice.

 

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(b)          Origination
Fees. As compensation for the investigation, selection, sourcing and acquisition or origination of Real Estate Related Loans,
the Company shall pay an Origination Fee to the Advisor for each such acquisition or origination equal to 1.0% of the amount funded
by the Company to acquire or originate the Real Estate Related Loan, including any Acquisition Expenses related to such investment
and any debt used to fund the acquisition or origination of the Real Estate Related Loan. The Company will not pay an Origination
Fee to the Advisor with respect to any transaction pursuant to which the Company is required to pay the Advisor an Acquisition
Fee. Notwithstanding anything herein to the contrary, the payment of Origination Fees by the Company shall be subject to the limitations
on Acquisition Fees contained in the Company’s Articles of Incorporation. The Advisor shall submit an invoice to the Company
following the closing or closings of each Real Estate Related Loan, accompanied by a computation of the Origination Fee. The Company
shall pay the Origination Fee to the Advisor promptly following receipt of the invoice.

 

(c)          Limitation
on Total Acquisition Fees, Origination Fees and Acquisition Expenses. Pursuant to the NASAA REIT Guidelines, the total of all
Acquisition Fees, Origination Fees and Acquisition Expenses payable in connection with any Investment shall not exceed 6.0% of
the “contract purchase price,” as defined in the Articles of Incorporation, of the Investment acquired.

 

(d)          Disposition
Fee. In connection with a Sale in which the Advisor or any Affiliate of the Advisor provides a substantial amount of services,
as determined by the Independent Directors, the Company shall pay to the Advisor or its Affiliate a Disposition Fee of up to 50.0%
of a Competitive Real Estate Commission, but not to exceed 3.0% of the Contract Sales Price. With respect to the Sale of Investments
held through a Joint Venture, the Disposition Fee payable by the Company to the Advisor shall be reduced to a percentage of the
Disposition Fee proportionate to the Company’s interest in such Joint Venture. Any Disposition Fee payable under this Section 9(d)
may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including
such Disposition Fee) paid to all Persons by the Company for the Sale of each Investment shall not exceed the lesser of the Competitive
Real Estate Commission or an amount equal to 6.0% of the Contract Sales Price.

 

(e)          Asset
Management Fee. The Advisor shall receive the Asset Management Fee as compensation for services rendered in connection with
the management of the Company’s assets. The Asset Management Fee shall be equal to a monthly fee of one-twelfth (1/12th)
of 0.6% of the higher of (i) aggregate cost on a GAAP basis (before non-cash reserves and depreciation) of all Investments
the Company owns, including any debt attributable to such Investments or (ii) the fair market value of Investments (before
non-cash reserves and deprecation) if following the date hereof the Board has authorized the estimate of a fair market value of
the Investments; provided, however, that the Asset Management Fee shall not be less than $250,000 in the aggregate
during any one (1) calendar year. With the exception of any portion of the Asset Management Fee related to the disposition of Investments,
which shall be payable at the time of such disposition and prorated based on the number of days such Investment was managed by
the Advisor before disposition, the Asset Management Fee shall be calculated as of the last business day of each month during the
term and of this Agreement payable in arrears on the first business day of each month.

 

(f)          Private
Placement Fee. The Operating Partnership shall reimburse the Advisor for all offering and marketing related expenses incurred
on the Company’s or the Operating Partnership’s behalf in connection with any Private Placement up to 2.0% of the gross
proceeds of such Private Placement.

 

    	11

    	 

    

 

(g)          Operating
Partnership Interests. The Company undertakes to use its commercially reasonable efforts to cause the Operating Partnership
to issue to the Advisor or one of its Affiliates Special OP Units in exchange for a capital contribution of $1,000, within 60 days
of the Effective Date. Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event or a Listing,
all of the Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms of the Operating Partnership
Agreement. Should the Company be unable to effect the issuance of the Special OP Units for any reason, including, without limitation,
as a result of the failure to receive any necessary approvals related to such issuance, the Company shall pay the Advisor an incentive
fee in cash pursuant to this Section 9(g) in an amount equal to the amount that the Advisor would have received had it been issued
the Special OP Units on the dates that such amount would have been paid pursuant to the terms of the Special OP Units.

 

(h)          Exclusion
of Certain Transactions. In the event the Company or the Operating Partnership shall propose to enter into any transaction
in which the Advisor, any Affiliate of the Advisor or any of the Advisor’s directors or officers has a direct or indirect
interest, then such transaction shall be approved by a majority of the members of the Board not otherwise interested in such transaction,
including a majority of the Independent Directors.

 

(i)          Financing
Coordination Fee. As compensation for providing services in connection with (i) any financing obtained, directly or indirectly,
by the Company or the Operating Partnership and used to acquire or originate Investments, (ii) any financing assumed, directly
or indirectly, by the Company or the Operating Partnership in connection with the acquisition of Investments, or (iii) the refinancing
of any financing obtained or assumed, directly or indirectly, by the Company or the Operating Partnership, the Company will pay
the Advisor a Financing Coordination Fee equal to 1.0% of the amount made available and/or outstanding under such financing or
refinancing. The Advisor may reallow some or all of the Financing Coordination Fee to reimburse third parties with whom the Advisor
may subcontract to procure such financing. The Advisor shall submit an invoice to the Company following the closing of any financing
obtained or assumed by the Company or the Operating Partnership, accompanied by a computation of the Financing Coordination Fee.
The Company shall pay the Financing Coordination Fee promptly following receipt of the invoice. 

 

(j)          Other
Fees. To the extent Advisor or any Affiliate receives any fees of the type listed in this Section 9 above from any subsidiary
of the Company for services rendered to such subsidiary, then such amounts shall be offset against any amounts due to Advisor hereunder
in relation to such services.

 

10.         Expenses.

 

(a)          In
addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the Company or the Operating Partnership shall
pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates in connection with
the services it provides to the Company and the Operating Partnership pursuant to this Agreement, including, but not limited to:

 

(i)          Acquisition
Expenses incurred in connection with the selection and acquisition of Investments subject to the aggregate 6.0% cap on Acquisition
Fees, Origination Fees and Acquisition Expenses set forth in Section 9(c);

 

    	12

    	 

    

 

(ii)         the
actual cost of goods and services used by the Company and obtained from entities not affiliated with the Advisor;

 

(iii)        interest
and other costs for borrowed money, including discounts, points and other similar fees;

 

(iv)        taxes
and assessments on income of the Company or Investments;

 

(v)         costs
associated with insurance required in connection with the business of the Company or by the Board;

 

(vi)        expenses
of managing and operating Investments owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated
Person;

 

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

 

(viii)      expenses
associated with a Listing, if applicable, or with the issuance and distribution of Shares, such as selling commissions and fees,
advertising expenses, taxes, legal and accounting fees, listing and registration fees, and other related expenses;

 

(ix)         expenses
connected with payments of Distributions;

 

(x)          expenses
of organizing, revising, amending, converting, modifying, or terminating the Company or any subsidiary thereof or the Articles
of Incorporation or governing documents of any subsidiary;

 

(xi)         expenses
of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other
Stockholder reports, proxy statements and other reports required by governmental entities;

 

(xii)        [intentionally
omitted]; and

 

(xiii)       audit,
accounting and legal fees.

 

For the avoidance of doubt, the Advisor
shall not be reimbursed for any of its personnel costs or other overhead costs except for customary reimbursements for personnel
costs under property management agreements entered into between the Operating Partnership and/or its Affiliates, on the one hand,
and the Advisor or its Affiliates, on the other hand.

 

(b)          Expenses
incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 10 shall
be reimbursed no less than monthly to the Advisor.

 

    	13

    	 

    

 

(c)          The
Advisor shall prepare a statement documenting the expenses of the Company and the Operating Partnership during each quarter, and
shall deliver such statement to the Company and the Operating Partnership within 45 days after the end of each quarter.

 

11.         Other
Services.   Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company
and the Operating Partnership other than set forth in Section 3, such services shall be separately compensated at such rates
and in such amounts as are agreed upon by the Advisor and the Board, including a majority of the Independent Directors, subject
to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of
this Agreement.

 

12.         Reimbursement
to the Advisor.   The Company shall not reimburse the Advisor at the end of any fiscal quarter in which Total Operating Expenses
for the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”)
the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year.
Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company or, at the option of the Company,
subtracted from the Total Operating Expenses reimbursed during the subsequent fiscal quarter. If there is an Excess Amount in
any Expense Year and the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors
which they deem sufficient, then the Excess Amount may be carried over and included in Total Operating Expenses in subsequent
Expense Years and reimbursed to the Advisor in one or more of such years, provided that there shall be sent to the Stockholders
a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining
that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board. The
Company hereby agrees that the following shall not be taken into account for purposes of calculating the Excess Amount: (a) amounts
(i) paid to TNP Strategic Retail Advisor, LLC or its Affiliates related to or in connection with the termination of the Prior
Advisory Agreement, the Dealer Manager Agreement or any property management agreements or other agreements with TNP Strategic
Retail Advisor, LLC or its Affiliates or (ii) incurred in connection with such terminations, including, without limitation, attorneys’
fees, litigation costs and expenses and amounts paid in settlement (but excluding costs associated with obtaining lender approvals
to any such termination and engagement of the Advisor or its Affiliates as a replacement under such agreements) and (b) Total
Operating Expenses incurred prior to the date of the execution of this Agreement. All figures used in the foregoing computation
shall be determined in accordance with GAAP applied on a consistent basis.

 

13.         Covenants
of the Company and the Operating Partnership.   Intentionally deleted.

 

14.         Investment
Opportunities.   In the event that the Advisor identifies an investment opportunity that meets the Company’s investment
criteria in an income-producing retail property, for which the Company has sufficient uninvested funds, the investment opportunity
will first be offered to the Company. With respect to potential non-retail property investments, in the event that an investment
opportunity becomes available that is suitable, under all of the factors considered by the Advisor for both the Company and one
or more other Affiliates of the Advisor and for which more than one of these entities has sufficient uninvested funds, then the
entity that has had the longest time elapse since it was offered an investment opportunity will first be offered such opportunity.
Unless the Board of Directors decides not to proceed with an investment opportunity presented to it, the investment opportunity
will not be presented to an Affiliate of the Advisor; provided, however, that any such investment opportunity shall not be required
to be presented to the Company during any period in which the Company does not have sufficient available funds, or a reasonable
opportunity of obtaining available funds, with which to make an investment. The Company shall not make any Investment unless the
Advisor has recommended the Investment to the Company.

 

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15.         Representations
and Warranties of the Company and the Operating Partnership.   The Company and the Operating Partnership, jointly and severally
represent and warrant to the Advisor as follows:

 

(a)          to
the best of the Company’s and the Operating Partnership’s knowledge, the Company and the Operating Partnership have
each taken all actions necessary to terminate the Prior Advisory Agreement, the Dealer Manager Agreement and all other non-property
management agreements with TNP Strategic Retail Advisor, LLC or its Affiliates, and, as of the date of this Agreement, such agreements
are of no further force or effect;

 

(b)          all
offerings of Shares for which any registration statement have been filed with the Securities and Exchange Commission or any state
securities administrator have been completed or otherwise terminated; and

 

(c)          the
Company has terminated its distribution reinvestment program.

 

16.         Other
Activities of the Advisor.   Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or
earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs)
and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement
limit or restrict the right of any director, officer, member, partner, employee, or stockholder of the Advisor or its Affiliates
to engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm,
individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in
which the Company is a participant, also render advice and service to each and every other participant therein, and earn fees
for rendering such advice and service. Specifically, it is contemplated that the Company may enter into joint ventures or other
similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements,
the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering
such advice and service.

 

17.         Term
of Agreement.   This Agreement shall continue in force for a period of twelve (12) months from the date of the Agreement, subject
to an unlimited number of successive twelve-month renewals upon mutual consent of the parties. It is the duty of the Independent
Directors to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for
a term of no more than twelve (12) months.

 

    	15

    	 

    

  

18.         Termination
by The Parties.  This Agreement may be terminated:

 

(a)          immediately
by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor;

 

(b)          upon
60 days written notice without Cause and without penalty by a majority of the Independent Directors of the Company; or

 

(c)          upon
60 days written notice with Good Reason by the Advisor.

 

The provisions of Sections 19 through 31
of this Agreement survive termination of this Agreement.

 

19.         Assignment
to an Affiliate.  This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Directors
(including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under
this Agreement to any Person without obtaining the approval of the Directors. This Agreement shall not be assigned by the Company
or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating
Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and
obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and
by the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by this Agreement.

 

20.         Payments
to and Duties of Advisor Upon Termination.

 

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

 

(b)          The
Advisor shall promptly upon termination:

 

(i)          pay
over to the Company and the Operating Partnership all money collected and held for the account of the Company and the Operating
Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it
is then entitled;

 

(ii)         deliver
to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by
it, covering the period following the date of the last accounting furnished to the Board;

 

(iii)        deliver
to the Board all assets, including all Investments, and documents of the Company and the Operating Partnership then in the custody
of the Advisor; and

 

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(iv)        cooperate
with the Company and the Operating Partnership to provide an orderly management transition.

 

21.         Indemnification
by the Company and the Operating Partnership.  The Company and the Operating Partnership shall indemnify and hold harmless
the Advisor and its Affiliates, including their respective directors (the “Indemnitees,” and each an “Indemnitee”),
from all liability, claims, damages or losses resulting or arising from, or related to (i) any facts or circumstances existing
on or prior to the date of the execution of this Agreement or the entry into this Agreement and (ii) the performance of the Advisor
duties and obligations hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability,
claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the extent that such indemnification
would not be inconsistent with the laws of the State of Maryland, the Articles of Incorporation or the provisions of Section II.G
of the NASAA REIT Guidelines. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification
of an Indemnitee for any loss or liability suffered by such Indemnitee pursuant to clause (ii) above, nor shall they provide that
an Indemnitee be held harmless for any loss or liability suffered by the Company and the Operating Partnership, unless all of
the following conditions are met:

 

(a)          the
Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interest
of the Company and the Operating Partnership;

 

(b)          the
Indemnitee was acting on behalf of, or performing services for, the Company or the Operating Partnership;

 

(c)          such
liability or loss was not the result of negligence or misconduct by the Indemnitee; and

 

(d)          such
indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders.

 

Notwithstanding the foregoing, an Indemnitee
shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities or expenses arising from or out
of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the following conditions are
met:

 

(a)          there
has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnitee;

 

(b)          such
claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or

 

(c)          a
court of competent jurisdiction approves a settlement of the claims against the 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 or the Operating Partnership were offered or sold as to indemnification for violation of securities
laws.

 

    	17

    	 

    

 

In addition, the advancement of the Company’s
or the Operating Partnership’s funds to an Indemnitee for legal expenses and other costs incurred as a result of any legal
action for which indemnification is being sought pursuant to clause (ii) above is permissible only if all of the following conditions
are satisfied:

 

(a)          the
legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the
Operating Partnership;

 

(b)          the
legal action is initiated by a third party who is not a Stockholder or the legal action is initiated by a Stockholder acting in
such Stockholder’s capacity as such and a court of competent jurisdiction specifically approves such advancement; and

 

(c)          the
Indemnitee undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal
rate of interest thereon, in cases in which such Indemnitee is found not to be entitled to indemnification.

 

22.         Indemnification
by Advisor.  The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from contract or other
liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability,
claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the
Advisor’s bad faith, fraud, misfeasance, intentional misconduct, negligence or reckless disregard of its duties; provided,
however, that the Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice
or recommendation given by the Advisor.

 

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

 

To the Company, the Operating Partnership
and the Board:

 

	 	TNP Strategic Retail Trust, Inc.
	 	4695 MacArthur Court, Suite 1100
	 	Newport Beach, CA 92660
	 	Telephone: 949.798.6207
	 	Attention:  Dee Balch, Chief Financial Officer, with

 a copy to Jeffrey Rogers, Chair of the Special

 Committee of the Board of Directors
	 	 

 

    	18

    	 

    

 

	To the Advisor:	SRT Advisor, LLC
	 	400 S. El Camino Real
	 	 
	 	Suite 1100
	 	San Mateo, California 94402
	 	Telephone: (650) 343-9300
	 	Facsimile: (650) 343-9690
	 	Attention:  President

 

Any party may at any time give notice in
writing to the other parties of a change in its address for the purposes of this Section 23.

 

24.         Modification. 
This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing
signed by the parties hereto, or their respective successors or assignees.

 

25.         Severability. 
The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered
invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable
in whole or in part.

 

26.         Construction.
The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Maryland.

 

27.         Entire
Agreement.  This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control
and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. This Agreement may not
be modified or amended other than by an agreement in writing.

 

28.         Indulgences,
Not Waivers.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of
any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or
privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

 

29.         Gender. 
Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

 

30.         Titles
not to Affect Interpretation.  The titles of Sections and Subsections contained in this Agreement are for convenience only,
and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.

 

    	19

    	 

    

  

31.         Execution
in Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.
This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures
of all of the parties reflected hereon as the signatories.

 

[Remainder of page intentionally left
blank]

 

    	20

    	 

    

 

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

 

	 	TNP Strategic Retail Trust, Inc.
	 	 	 
	 	By:	/s/ Jeffrey Rogers
	 	Name: Jeffrey Rogers
	 	Title: Director
	 	 	 
	 	TNP Strategic Retail Operating Partnership, LP
	 	 	 
	 	By:	 TNP Strategic Retail Trust, Inc.,
	 	 	its General Partner
	 	 	 
	 		By:	/s/ Jeffrey Rogers
	 	 	Name:  Jeffrey Rogers
	 	 	Title:  Director
	 	 	 
	 	SRT Advisor, LLC
	 	 	 
	 	By:	/s/ Andrew Batinovich
	 	Name: Andrew Batinovich
	 	Title: President and Chief Executive Officer

 

    	 

    	 

    

 

Annex A

 

Terms of Special OP Units

 

The terms of the Special OP Units, subject to the limitations
set forth in the Company’s charter, shall be identical to the terms of the Special OP Units issued to the Company’s
former Advisor, except that the cumulative, noncompounded pre-tax rate of return described in Section 5.2(b)(i) of the Operating
Partnership Agreement shall be 7.0% per annum instead of 10.0% per annum.

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