Document:

Master Property Management and Leasing Agmt

 EXHIBIT 10.4 
 MASTER PROPERTY MANAGEMENT AND LEASING AGREEMENT 
 THIS MASTER PROPERTY MANAGEMENT AND
LEASING AGREEMENT (this “Agreement”) is made and entered into as of the 7th day of April, 2009, by and between CNL Macquarie Global Income Trust, Inc., a Maryland corporation and CNL Macquarie Income, LP, a Delaware limited partnership
(collectively, “Company”), the various subsidiaries of the Company set forth on the Joinder(s) attached hereto (individually or collectively or both as the context requires, the Company and each such subsidiary, only with respect to the
property owned by it, “Owner”) and CNL Macquarie Global Income Managers, LLC, a Delaware limited liability company (“Manager”). 
 W I T N E S S E T H: 
 WHEREAS, Owner owns
the Properties (as defined below); and 
 WHEREAS, Owner intends to employ Manager to manage and coordinate the leasing of
certain of the Properties to be acquired by Owner; and 
 WHEREAS, Owner and Manager are entering into this Agreement to
establish the terms and conditions for such services. 
 NOW, THEREFORE, in consideration of the mutual covenants herein, the
parties agree as follows: 
 I.        DEFINITIONS 
 Except as otherwise specified or as the context may otherwise require, the following terms have the respective meanings set forth below
for all purposes of this Agreement: 
 1.A.    “Account” shall have the meaning ascribed
to it in Section 2.C.9 herein. 
 1.B.    “Affiliate” means, with respect to any
Person: (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, 50% or more of the outstanding voting securities of such other Person; (ii) any Person 50% 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 trustee or
general partner of such other Person; and (v) any legal entity for which such Person acts as a trustee or general partner. Notwithstanding the foregoing, Macquarie Real Estate Advisory Services LLC and its Affiliates and CFG VII, Inc. and its
Affiliates shall not be deemed Affiliates of each other. 
 1.C.    “Annual Business Plan”
shall have the meaning ascribed to it in Section 2.E.3 herein. 
 1.D    “BOMA”
shall have the meaning ascribed to it in Section 8.I.2 herein. 
 1.E.    “Cause”
means (i) with respect to the termination of this Agreement by a party, a material breach of this Agreement of any nature whatsoever by the other party, which breach is 

 
not cured within thirty (30) days after notice is given to the breaching party specifying the nature of the alleged breach, and which breach relates to
all or substantially all of the Properties, and (ii) with respect to the removal of a given Property from Schedule I hereto by a party, a material breach of this Agreement of any nature whatsoever by the other party, which breach is not cured
within thirty (30) days after notice is given to the breaching party specifying the nature of the alleged breach, and which breach relates specifically to such Property. 
 1.F.    “Change of Control” means a “CNL Change of Control” or an “MRE Change of Control”. 
 1.G.    “CNL Change of Control” means the occurrence of either of the following events with respect
to CNL: (i) James Seneff Entities, in the aggregate, own, directly or indirectly, less than fifty-one percent (51%) of the equity interests in CNL, or (ii) James Seneff Entities, in the aggregate, do not possess the power, through
voting interests, proxy, voting trusts or other similar instruments, to direct the management of CNL. For purposes of the immediately preceding sentence, “CNL” means CFG VII, Inc., a Florida corporation, and “James
Seneff Entities” means, collectively, James M. Seneff, Jr., his spouse, siblings, parents, nephews, nieces, cousins, or any children or other descendants or the spouses of any of the foregoing, of James Seneff, whether individually or
through any trust, family limited partnership or other entity in which any such individuals possess the entire beneficial or equity interest. Notwithstanding anything to the contrary, the death of James M. Seneff, Jr. or his spouse will not be a
“CNL Change of Control”. 
 1.H.    “Company” shall have the meaning ascribed
to it in the preamble of this Agreement. 
 1.I.    “Confidential Information” shall
have the meaning ascribed to it in Section 8.P herein. 
 1.J.    “Controlling
Agreements” shall have the meaning ascribed to it in Section 2.C.11 herein. 
 1.K.    “Documents and Forms” shall have the meaning ascribed to it in Section 2.E.2 herein. 
 1.L.    “Eligible Severance Payment” shall have the meaning ascribed to it in Section 3.C herein. 
 1.M.    “Embargoed Person” shall have the meaning ascribed to it in Section 7.A.13 herein. 
 1.N.    “Gross Revenues” means all amounts actually collected as rents (except for rents paid under
any vacant master lease space) or other charges for the use and occupancy of Properties including but not limited to parking income to the extent Manager’s responsibilities include a parking facility, after hours HVAC reimbursements and other
direct tenant charges, on a cash basis, but shall exclude: parking revenues to the extent a parking facility is managed by a third party; any payments by tenants for amortization of lease improvements over building standard, determined by Owner;
security deposits and reductions in security deposits as a result 

  

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of damage from tenant misuse of or damage to property; rebates, discounts or other credits received by Manager incident to purchases, contracts or other
arrangements entered into pursuant to this Agreement for the account of Owner, which items shall accrue solely to the benefit of Owner; abated rent; sales tax; lease termination/buyout settlement amounts; environmental reimbursements; property tax
refunds; miscellaneous income taxable to Owner; interest and other investment income of Owner and proceeds received by Owner for a sale, exchange, condemnation, eminent domain taking, casualty or other disposition of assets of Owner. 
 1.O.    “Improvements” means all buildings, structures and equipment from time to time located on
Properties and all parking and common areas located on Properties. 
 1.P.    “Key
Personnel” shall have the meaning ascribed to it in Section 2.C.5(d) herein. 
 1.Q.    “Lease” or “Leases” means, unless the context otherwise requires, any lease, ground lease, master lease or sublease made by Owner as landlord or by its predecessor relating to a
Property or portions thereof. 
 1.R.    “Leasing Activities Agreement” shall have the
meaning ascribed to it in Section 2.C.1(f) herein. 
 1.S.    “Lender” and
“Lenders” shall have the meaning ascribed to it in Section 2.C.1(e) herein. 
 1.T.    “List” shall have the meaning ascribed to it in Section 7.A.13 herein. 
 1.U.    “Losses” shall have the meaning ascribed to it in Section 5.D.1 herein. 
 1.V.    “Manager” shall have the meaning ascribed to it in the preamble of this Agreement. 
 1.W.    “Management Fee” means the fee payable to Manager for its services hereunder. 
 1.X.    “Manager Indemnified Parties” shall have the meaning ascribed to it in Section 2.E.4 herein. 
 1.Y.    “Manager’s Employees” shall have the meaning ascribed to it in Section 2.C.5(a)(2) herein. 
 1.Z.    “Minimum Management Fee” shall have the meaning ascribed to it in Section 4.A herein.

 1.AA    “MRE Change of Control” means the occurrence of any of the following events
with respect to MRE: (i) Macquarie Group Entities, in the aggregate, own, directly or indirectly, less than fifty-one percent (51%) of the equity interests in MRE, (ii) Macquarie Group Entities, in the aggregate, do not possess the
power, through voting interests, proxy, voting trusts or other similar instruments, to direct the management of MRE, (iii) the acquisition (in a single transaction or in multiple transactions occurring within any twelve-month period) by any
Person, or by any Persons acting as a group (other than Macquarie Group Limited or any Affiliate of 

  

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Macquarie Group Limited), of beneficial ownership of 35% or more of the combined voting power, or 35% or more of the total fair market value, of Macquarie
Group Limited’s then outstanding stock, (iv) the consummation of (A) any merger or consolidation of, with or into Macquarie Group Limited where stockholders of Macquarie Group Limited immediately prior to the merger or consolidation
do not immediately thereafter hold more than fifty percent (50%) of the combined voting power of the surviving company’s then outstanding securities, (B) a liquidation or dissolution of Macquarie Group Limited, or (C) a sale of
all or substantially all of Macquarie Group Limited’s assets, or (v) a majority of members of Macquarie Group Limited’s board of directors is replaced during any twelve-month period by directors whose appointment or election is not
endorsed by a majority of the members of the Macquarie Group Limited’s board of directors prior to the date of the appointment or election. For purposes of the immediately preceding sentence, “MRE” means Macquarie Real
Estate Advisory Services LLC, a Delaware limited liability company, and “Macquarie Group Entities” means, collectively, Macquarie Group Limited and any successor by merger or consolidation thereto. 
 1.BB.    “OFAC” shall have the meaning ascribed to it in Section 2.C.14 herein. 
 1.CC.    “Owner” shall have the meaning ascribed to it in the preamble of this Agreement.

 1.DD.    “Owner Indemnified Parties” shall have the meaning ascribed to it in
Section 5.D.2 herein. 
 1.EE.    “Owner’s Representative” shall have the
meaning ascribed to it in Section 8.S herein. 
 1.FF.    “Owner’s Share of Eligible
Severance Payments” shall have the meaning ascribed to it in Section 3.C herein. 
 1.GG.    “Person” means an individual, corporation, association, business trust, estate, trust, partnership, limited liability company or other legal entity. 
 1.HH.    “Prohibited Person” shall have the meaning ascribed to it in Section 7.A.14 herein.

 1.II.       “Properties” means all tracts (including all buildings and
other improvements and property of Owner located thereon) as yet unspecified but to be acquired by Owner and other entities controlled by the Company, specified in writing by Owner to be managed by Manager, and included on Schedule I hereto, as
amended from time to time in accordance with Section 2.A or Section 6.D herein, containing improvements or on which Owner will construct improvements. 
 1.JJ.       “Property Financings” shall have the meaning ascribed to it in Section 8.O herein. 
 1.KK.    “Property Management Representative” shall have the meaning ascribed to it in
Section 2.C.5(d) herein. 
  

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 1.LL.      “Reimbursable Staff Member”
shall have the meaning ascribed to it in Section 3.C herein. 
 1.MM.    “Submanager” means any Affiliate of Manager to whom Manager has assigned or subcontracted all or part of its duties hereunder pursuant to Section 8.C(1). 
 1.NN.    “Reporting Requirements” shall have the meaning ascribed to it in Section 2.E.2
herein. 
 1.OO.    “Updated Requirements” shall have the meaning ascribed to it in
Section 2.E.2(a) herein. 
 II.        APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED 

 2.A.    Appointment of Manager. Owner hereby appoints Manager as the exclusive managing agent
and tenant coordinating agent of the Properties, and Manager hereby accepts such appointment on the terms and conditions hereinafter set forth. Owner hereby authorizes Manager to exercise such powers with respect to the Properties as may be
necessary for the performance of Manager’s obligations under the terms of this Agreement provided, however, Manager shall have no right or authority to commit or otherwise obligate or bind Owner in any manner whatsoever, except to the extent
specifically provided herein. From time to time during the term of this Agreement, whenever Owner or any other entity controlled by the Company shall acquire a tract containing improvements or on which Owner or such entity will construct
improvements, Owner shall be required to amend Schedule I hereto, effective on the date of such acquisition, to include such tract as a “Property” for purposes of this Agreement. 
 2.B.      General Duties. Manager shall manage, operate, maintain and lease the Properties in
accordance with the generally accepted standards for the type of property being managed in the area in accordance with all applicable loan requirements, subject, however to the management rights and responsibilities reserved or allocated to any
tenant under the leases for the respective Properties. Manager shall make available to Owner the full benefit of the judgment, experience and advice of the members of Manager’s organization and staff with respect to the policies to be pursued
by Owner relating to the management, operation, maintenance and leasing of the Properties. In addition, Manager shall provide executive oversight over all of Owner’s Properties, coordinate addressing matters that arise from Owner holding
Properties in multiple jurisdictions around the world, and provide certain accounting and tax support not provided by any submanager acting pursuant to Section 8.C. 
 2.C.    Specific Duties. Manager’s duties include the following: 
 1.        Lease Obligations. Manager shall be Owner’s exclusive leasing agent for the Properties, and shall, to the extent permitted by applicable law and subject to
this Agreement, perform all leasing functions relating to the Properties. Manager shall be paid for such leasing activities in conformity with this Agreement, which amounts shall be in addition to the compensation otherwise payable to Manager
hereunder. Without limiting the generality of the foregoing, Manager’s leasing function includes the following: 
  

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 (a)        Manager shall use commercially
reasonable efforts to lease all space in the Properties which is now vacant, becomes vacant or is projected to become vacant during the term of this Agreement, subject to the limitations imposed by any Annual Business Plan approved by Owner, and
Manager’s responsibilities shall include lease negotiation coordination, tenant improvement coordination, governmental liaison, opening activities, tenant liaison, facilitating tenant move-in and similar activities. Manager may, in its sole
discretion, engage the services of other outside cooperating real estate consultants and brokers to lease space in the Properties on behalf of Owner and who shall be paid by Owner such commissions as may be included in the Annual Business Plan
approved by Owner or are otherwise established by Owner and Manager from time to time. Manager shall, so far as possible, procure references from prospective tenants, investigate such references and use its best judgment in the selection of
prospective tenants. Where appropriate, upon the occurrence of a vacancy or a projected vacancy, Manager will prepare and disseminate adequate rental listings. After a vacancy is listed, Manager will cooperate with brokers in an effort to aid in
successfully filling the vacancy. Manager shall establish procedures to ensure that ample time is available to renew existing leases or obtain new tenants in an effort to minimize vacancies and loss of income. 
 (b)        Owner shall refer all inquiries concerning the rental of space in the Property to
Manager. All negotiations with prospective tenants shall be conducted by Manager or under its direction. All leases for the Properties shall be prepared by Manager in the name of Owner and shall be in accordance with such leasing guidelines as Owner
and Manager shall agree upon from time to time. Manager shall secure Owner’s prior written approval before finalizing any lease for a Property that is not in compliance with the leasing plan set forth in the Annual Business Plan. All leases for
Properties shall be presented to and executed by Owner. Manager shall duly and punctually comply with all the obligations of Owner under all leases with tenants of space in the Property, but solely on behalf of Owner and at Owner’s expense.

 (c)        Manager shall prepare all advertising and promotional materials for
the Properties, which materials shall be used only after Owner’s approval and shall comply with all applicable laws, ordinances and regulations. The costs of all advertising and promotional materials shall be at Owner’s sole cost and
expense and shall either be in accordance with an approved operating budget or otherwise approved by Owner in writing. 
 (d)        Rental rates for space in the Properties shall be established by Owner. Manager shall, promptly following the execution of this Agreement and from time to time thereafter, provide general
market information and general office space rental rate surveys and make recommendations to Owner with respect to rental rates. 
  

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 (e)        Manager shall assist Owner, as
requested, in obtaining any approvals of proposed leases for the Properties, the tenants and the terms thereof which may be required from the Properties’ lenders, including senior financing, mezzanine level financing or preferred equity (each,
a “Lender” and collectively, “Lenders”) in accordance with the terms of the applicable loan documents. 
 (f)        Notwithstanding anything in this Section 2.C.1 to the contrary, the parties acknowledge and agree that Manager may not be licensed to act as a real estate broker in the state(s) in
which the Properties are located and that, in such a case, Manager shall either: (a) subcontract the leasing activities described herein to a licensed real estate broker qualified (by years of experience, number of employees, number and type of
properties under management and standing in the marketplace) to manage properties of like kind in the vicinity of the Properties; or (b) if Owner elects to enter into a separate agreement with a leasing agent, Manager shall cause the leasing
activities described herein to be performed by Owner’s leasing agent by acting as Owner’s agent to enforce all of Owner’s rights and fulfill Owner’s duties under the separate agreement between Owner and Owner’s leasing agent
(the “Leasing Activities Agreement”), with the exception of the obligation to pay Owner’s leasing agent the commissions payable pursuant to the Leasing Activities Agreement (which shall remain Owner’s responsibility).
Notwithstanding anything in this Section 2.C.1 to the contrary, if Owner elects to enter into a Leasing Activities Agreement with a real estate broker licensed in the state in which the Properties are located and remains obligated to pay the
commissions due thereunder, then Manager shall not be paid for the leasing activities described in Section 4.B below. 
 2.        Maintenance. Manager’s duties and supervision in this respect shall include, without limitation, cleaning of the interior and the exterior of the Improvements and the public
common areas on the Properties and the making and supervision of repair, alterations, and decoration of the Improvements, subject to and in strict compliance with this Agreement and the Leases. Non-budgeted expenses for any individual item of work
which are not reimbursed by a tenant shall not exceed the sum of [$5,000] unless specifically authorized in advance by Owner, provided that emergency repairs which are immediately necessary for the preservation or safety of the Properties, for the
safety of occupants or other persons, or required to avoid the suspension of any necessary service of the Properties may be made by Manager without prior approval of Owner if, under the circumstances, Owner cannot be conveniently notified before the
required emergency repairs must be done. 
 3.        Intentionally Omitted.

 4.        Notice of Violations. Manager shall forward to Owner promptly
upon receipt all notices of violation or other notices from any governmental authority, 

  

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board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as appropriate. 
 5.        Personnel. Subject to Section 8.C below, Manager shall employ at all times
a sufficient number of capable employees to properly, safely and economically manage, operate and maintain the Properties. Manager shall fully comply with all applicable laws and regulations and agreements having to do with worker’s
compensation, social security, unemployment insurance, hours of labor, wages, working conditions under Manager’s control and other employer-employee related subjects. All matters pertaining to the employment, supervision, compensation,
promotion and discharge of such employees are the responsibility of Manager. 
 (a)        Employees of Manager: 
 (1)    Manager, as an independent contractor, has the authority to control and direct the management and operation of the Properties in accordance with the terms hereof. 
 (2)    All persons employed in connection with the management and operation of the Properties
(“Manager’s Employees”) shall be employees of Manager or such consultants, independent contractor or contractors as may be retained by Manager and not employees of Owner. 
 (b)        It shall be the responsibility of Manager to properly train the members of its
property team and cause the appropriate team members to become familiar with the terms of this Agreement, key tenant lease provisions and vendor/contractor contract terms. 
 (c)        Schedule of Employees: Manager shall provide Owner with a schedule of employees annually. This schedule shall include the names of employees,
job title, and time allocated to the Properties. Manager agrees to identify in the annual operating budget for approval by Owner, all employees’ salaries that are directly charged to the Properties. When such employee terminates his employment
with Manager, or the employee’s employment is otherwise terminated, a new employee must be identified by notification in writing to Owner by Manager as a replacement. When it is necessary to replace employees working at the Properties, Manager
shall notify Owner, in advance, of the reasons for the replacement and the qualifications for the replacement personnel and Owner shall have the right to approve any such replacement personnel. 
 (d)        Key Personnel: This agreement is made with the understanding that Owner and Manager
have identified the key personnel (“Key Personnel”) set forth in Appendix A attached hereto, including the employee who will be responsible for the direct management of each Property (the “Property Management
Representative”). Owner has a right 

  

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to approve any Key Personnel change. Appendix A shall be updated jointly by Owner and Manager, each acting reasonably and in good faith, upon any
modification of Schedule I to add or remove a Property pursuant to this Agreement. 
 6.        Utilities and Supplies. Manager shall, on behalf of Owner, enter into or renew contracts for electricity, gas, steam, landscaping, fuel, oil, maintenance and other services as are
customarily furnished or rendered in connection with the operation of similar rental property in the area, or as it, in its reasonable judgment, shall deem prudent, provided that Manager shall submit to Owner for its approval such contracts for
items of expense which are not contemplated in the Annual Business Plan. Further, at the time of execution of any service contract, the cost of the services to be provided under such contract shall be comparable with general prevailing market
conditions, as to each of the Properties. Unless Owner notifies Manager of its disapproval of any such contract within ten (10) days of the Owner’s receipt of a copy of such written contract, Owner shall be deemed to have approved such
contract. Manager shall also purchase all supplies which Manager deems necessary to maintain and operate the Properties, provided that no such purchase which is outside the ordinary course of business or which is of a nature not reimbursed by
tenants shall be made by Manager without the prior written consent of Owner. 
 7.        Expenses. Manager shall analyze all bills received for services, work and supplies in connection with maintaining and operating the Properties, pay all such bills from the Account (as
defined below), and, if requested by Owner, pay, when due, utility and water charges, sewer rent and assessments, and any other amount payable in respect to the Properties from the Account. All bills shall be paid by Manager within the time required
to obtain discounts, if any. Owner may from time to time request that Manager forward certain bills to Owner promptly after receipt, and Manager shall comply with any such request. It is understood that the payment of real property taxes,
assessments and insurance premiums will be paid out of the Account (as hereinafter defined) by Manager at the direction of Owner. All expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances, however
designed). 
 8.        Monies Collected. Manager shall, in accordance with
any applicable loan requirements or other Controlling Agreement, use diligent efforts to collect all rent and other monies from tenants of the Properties and any sums otherwise due the Properties with respect to Owner in the ordinary course of
business including, but not limited to, tenants’ payments for real estate taxes, insurance, damages and repairs, and common area maintenance, and shall deposit such monies in the Account (as defined below). In collecting such monies, Manager
shall inform Owner’s tenants that all remittances are to be in the form of a check, wire transfer, money order, automatic payments or other forms approved by Owner. Owner authorizes Manager to request, demand and collect all such rent and other
monies due and, at Owner’s request, to institute legal proceedings in the name of Owner and at Owner’s expense for the collection thereof and for the dispossession of any 

  

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tenant in default under its Lease. Manager shall not compromise with any tenant or waive Owner’s rights under any Lease without Owner’s prior
written consent. Nothing in this Agreement shall be construed as a guarantee of payment or collection by Manager of rent or other monies due from tenants of the Properties. 
 9.        Bank Account. Manager shall, in accordance with any applicable loan requirements or other Controlling Agreement, establish and maintain a
separate checking account or accounts (collectively, the “Account”) for funds relating to the Properties. Manager shall cooperate with Owner and all lenders with respect to any lock box or cash management agreements established by Owner or
any lender. All monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by
this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. The Account shall be maintained, and monies shall be deposited
therein and withdrawn therefrom, in accordance with the following: 
 (a)        All
sums received from rents and other income from the Properties shall be promptly deposited by Manager in the Account. Manager shall have the right to designate two or more persons who shall be authorized to draw against the Account, but only for
purposes authorized by this Agreement. 
 (b)        All sums due to Manager
hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by Manager from the Account. 
 (c)        All sums necessary to pay the operational expenses of the Properties, including real
estate taxes and insurance premiums, as set forth in Section 2.C.7. 
 (d)        By the 20th day of each month, except as otherwise directed by Owner, Manager shall forward to Owner net operating proceeds from the preceding month, retaining at all times, however, a
reasonable reserve for the subsequent month’s cash requirements. 
 10.     Tenant
Complaints. Manager shall maintain business-like relations with the tenants of the Properties and use commercially reasonable efforts to resolve any tenant complaint or to cooperate with Owner in so doing. 
 11.     Controlling Agreements. Manager has received copies of (and will be provided with copies of
future) applicable articles of incorporation, agreements of limited partnership, joint venture agreements, operating agreements, loan agreements, deeds of trust or mortgages, each as may be amended from time to 

  

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time, of Owner (the “Controlling Agreements”) and is and will be familiar with the terms thereof. Manager shall use reasonable care to avoid any
act or omission that, in the performance of its duties hereunder, shall in any way conflict with the terms of the Controlling Agreements. 
 12.     Signs. The Manager shall place and remove, or cause to be placed and removed, leasing signs upon the Properties as the Manager deems appropriate, subject, however, to the terms
and conditions of the Leases, to any applicable ordinances, regulations and covenants or restrictions and Owner’s approval of the size and general appearance of such signs. 
 13.     Other Services. Manager shall recommend from time to time to Owner such procedures with respect
to the Properties as Manager may deem advisable for the most efficient and economic management services which normally are performed in connection with the operation of first-class office and commercial buildings or other buildings, as applicable,
and perform all services normally provided to similar premises, without additional charges to Owner. 
 14.     Office of Foreign Assets Control, Department of the Treasury (“OFAC”): 
 (a)        Manager hereby acknowledges and agrees that it will be performing OFAC searches/checks on each potential tenant (including renewals) that may be leasing space in the Properties. Manager is
required to keep verification of the OFAC check in the tenant file. Manager also agrees that a tenant shall not be permitted to sublet its space to a new tenant without Manager performing an OFAC search/check on the potential sublessee. 

(b)        Manager hereby acknowledges and agrees that it will be performing OFAC (defined
below) searches/checks on each potential vendor (including renewals) that may be performing work in or around the Properties. Manager is required to keep verification of the OFAC check in the vendor file. 
 (c)        OFAC searches/checks may be done online using the Bridger Insight Free Name Check web
site at the following link: www.bridgerinsight.choicepoint.com, or any of the other free name check services that may also be available on the web. 
 (d)        All leases, lease renewals and contracts including all construction contracts, purchase orders and service agreements and renewals thereof shall
include OFAC language. 
 15.     Compliance with Laws: Manager shall, in the performance of
its services hereunder, comply with all federal, state, municipal or other governmental laws, ordinances, rules or regulations affecting the Properties. 
  

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 (a)        Manager shall also be responsible for
complying with REIT testing for disallowed income subject to U.S. REIT standards. Examples of disallowed income include, but are not limited to: leasing fees, management fees, a disallowed service provided to a tenant without charge as a condition
of the lease, amenities that would normally attract a charge but are provided for free, etc. The last two examples of disallowed income are where there is a service provided for no charge, but, the income is deemed to exist as a component of rental
income. From Manager’s perspective, REIT testing for disallowed income is based upon regulatory requirements. The process involves ensuring timely completion of testing and undertaking an annual survey regarding the property’s income.

 (b)        Manager shall not in performance of its services hereunder violate,
and shall comply in all respects with the terms of, any ground lease, space lease, mortgage, deed of trust or other security instrument binding on or affecting any of the Properties. If Manager identifies a conflict between the terms of any such
document and the terms of this Agreement, Manager shall not take any action except to notify Owner and await Owner’s written instructions. 
 16.     Manager’s Cooperation with Sale of the Properties: Manager agrees to facilitate, in any and all manner, and cooperate with Owner’s listing agent for the sale of the
Properties. Such cooperation and assistance shall be considered a normal function of the property management duties agreed to under the terms of this Agreement. 
 2.D.    Approval of Leases, Contracts, Etc. In fulfilling its duties to Owner, Manager hereby is authorized to negotiate, on behalf of Owner, leases for any Properties,
and to negotiate and enter into any other leases, contracts or agreements on behalf of Owner in the ordinary course of the management, operation, maintenance and leasing of each Property, subject to the requirement that Owner execute all leases for
Properties in accordance with Section 2.C.1(b), the limitations set forth above in Section 2.C, any leasing and property management guidelines established by Owner, and the Annual Business Plan set forth in Section 2.E.3 below;
provided, however that Manager shall not enter into any lease, contract or agreement on behalf of Owner that would cause a material deviation from the Annual Business Plan. Owner hereby appoints Manager as Owner’s authorized agent for the
purposes of executing, as the agent of Owner, all such leases, contracts and agreements. Manager is required to clearly identify itself as Owner’s agent and to inform all third parties with whom Manager is dealing that Manager is acting solely
as Owner’s agent with respect to the Properties and is not itself the owner of the Properties. Manager is further required to correct any known misunderstanding with respect to the ownership of the Properties. In addition, Owner agrees to
(a) specifically assume in writing all obligations of Owner under all such leases, contracts and agreements entered into by Manager as the agent of Owner upon termination of this Agreement, and (b) indemnify, protect, defend, save and hold
harmless Manager and all of the other Manager Indemnified Parties of and from any and all Losses (as defined in Section 5.D below) that may be imposed on any or all of them in connection with or relating to the obligations of Owner under any
such leases, contracts or 

  

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agreements following the termination of this Agreement. If Manager subcontracts any of the obligations required of Manager hereunder, Manager shall
cause the subcontract to include provisions which require the subcontractor (a) to a thirty (30) day termination for convenience clause, (b) to clearly identify itself as Owner’s agent and to inform all third parties with whom
subcontractor is dealing that it is acting solely as Owner’s agent with respect to the Properties and is not itself the owner of the Properties and (c) to correct any known misunderstanding with respect to the ownership of the Properties;
provided, however that Manager shall not enter into an agreement delegating its day to day property management obligations or functions hereunder without Owner’s prior written consent. 
 2.E.    Accounting, Records and Reports. 
 1.        Records. Manager shall maintain all office records and books of account and
shall record therein, and keep copies of, each invoice received from services, work and supplies ordered in connection with the maintenance and operation of the Properties and Manager’s record retention policy. Such records shall be maintained
on a double entry basis. Owner and persons designated by Owner shall at all reasonable time have access to and the right to audit and make independent examinations of such records, books and accounts and all vouchers, files and all other material
pertaining to the Properties and this Agreement, all of which Manager agrees to keep safe, available and separate from any records not pertaining to the Properties, at a place recommended by Manager and approved by Owner. 
 2.        Monthly Reports. The financial reporting responsibilities of Manager are set
forth in Appendices B, C and D attached hereto (the “Reporting Requirements”). Manager acknowledges and agrees that it has had the opportunity to review the contents of the Reporting Requirements prior to executing
this Agreement, and agrees to comply with and be bound by the terms thereof and to compile and submit all reports in the format required by Owner in accordance with its established Documents and Forms (“Documents and Forms”) which will be
provided to Manager within ten (10) days. Manager acknowledges and agrees that the Documents and Forms and Reporting Requirements are proprietary to Owner, and Manager agrees that Manager, its employees, agents or representatives shall not
disseminate, release or use the Reporting Requirements for any purpose other than the performance of Manager’s obligations hereunder. 
 (a)        Updates/Additions: The Reporting Requirements may be updated from time to time as deemed necessary by Owner, both to change or delete existing provisions and to add
new provisions. In the event of modifications or updates to the policies, procedures, forms or information contained in Reporting Requirements Owner shall provide written notification (“Update Notice”) of modifications to the Reporting
Requirements (the “Updated Requirements”) to Manager via e-mail to Manager’s designated Property Management Representative (defined below). Within five (5) business days of receipt of such Update Notice, Manager shall inform
Owner in writing via e-mail whether any such 

  

 13 

 
Updated Requirements constitute a Material Updated Requirement (as defined below). If Manager informs Owner that the Updated Requirements are not Material
Updated Requirements, then Owner will use reasonable efforts to provide a courtesy e-mail copy of the notice to all other employees of Manager for which Manager has supplied valid e-mail addresses, but failure to notify any of Manager’s
personnel other than the Property Management Representative shall not affect the validity of the notice. Any Updated Requirements shall become effective upon the latter of: (1) the date specified in the e-mail notice, or (2) the sixth
business day after receipt of the Update Notice by the Property Management Representative and Manager has not provided Owner with notice that any Updated Requirements are Material Updated Requirements. 
 (b)        If Manager has informed Owner that any update/addition is a Material Updated
Requirement in accordance with subsection (a) above, the Owner and Manager agree to negotiate in good faith the amount of reimbursement of additional costs that Owner shall pay Manager to implement and provide the Material Updated
Requirement(s). As used in this Agreement, a “Material Updated Requirement” means additional requirements in the aggregate that increase the time of non-Reimbursable Staff Members on an individual Property by more than eight (8) hours
per month. 
 (c)        In addition, Appendices B, C and/or D shall be
updated jointly by Owner and Manager, each acting reasonably and in good faith, upon any modification of Schedule I to add or remove a Property pursuant to this Agreement, but only if Owner or Manager requests such an update with respect to such
Property based on its attributes. Any updates pursuant to this subsection (c) shall be subject to the provisions in subsection (b) above, except that the addition of a Property to Schedule I shall not be treated as a Material Updated
Requirement unless there are requirements unique to such Property that, in the aggregate, increase the time of non-Reimbursable Staff Members on an individual Property by more than eight (8) hours per month. 
 3.        Budgets and Leasing Plans. No later than ninety (90) days before each
calendar year end, Manager shall prepare and submit to Owner for its approval an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each Property for the calendar year
immediately following such submission. The Annual Business Plan shall be in the form approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its
approval an updated Annual Business Plan incorporating such changes as shall be necessary to reflect cost over-runs and the like during such period. If Owner disapproves any such Annual Business Plan, Manager shall submit a revised Annual Business
Plan, as applicable, within twenty (20) days of receipt of the notice of disapproval, and Owner shall have twenty (20) days to provide notice to 

  

 14 

 
Manager if it disapproves of any such revised Annual Business Plan. In the event that an operating budget has not been approved prior to each
December 31, the operating budget for the prior twelve month period shall govern to the extent of any unapproved items. In the event a capital budget has not been approved by Owner prior to each December 31, Manager shall not make any
capital or extraordinary expenditures for the Properties (other than in the event of an emergency) without the prior written consent of Owner. 
 Manager shall use reasonable diligence and employ commercially reasonable efforts to ensure that the actual costs of maintaining and operating the Properties shall not exceed the budgeted amount in total or in any one
accounting category. All expenses must be charged to the proper account on either the operating budget or capital budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an
accounting category. Manager agrees to use commercially reasonable efforts to inform Owner, promptly after they become known to Manager, or any material increases in costs and expenses that were not foreseen during the budget preparation period, and
were, therefore, not reflected in the operating budget or capital budget. 
 4.        Legal Requirements. Manager shall execute and file when due all forms, reports, and returns required by law relating to the employment of its personnel. Manager shall be responsible
for notifying Owner in the event it receives notice that any Improvement on a Property or any equipment therein does not comply with the requirements of any statute, ordinance, law or regulation of any governmental body, public authority or official
thereof having or claiming to have jurisdiction thereover. Manager shall promptly forward to Owner any complaints, warnings, notices or summonses received by it relating to such matters. Owner represents that, to the best of its knowledge, each of
its Properties and any equipment thereon will, upon acquisition by Owner, comply with all such requirements. Owner authorizes Manager to disclose the ownership of each Property by Owner to any such officials. Owner agrees to indemnify, protect,
defend, save and hold harmless Manager and its member(s), partner(s), stockholder(s), officers, directors, employees, managers, successors and assigns including, but not limited to, any Submanager (collectively, the “Manager Indemnified
Parties”) of and from any and all Losses (as defined in Section 5.D.1 hereof) that may be imposed on any or all of them by reason of the failure of Owner to correct any past, present or future violation or alleged violation of any and all
past, present or future laws, ordinances, statutes, or regulations of any public authority or official thereof, having or claiming to have jurisdiction thereover, of which it has actual notice. 
 5.        Tax Returns. Except for applicable requirements relating to reporting sales tax
and leases of tangible property, the preparation of which shall be the responsibility of Manager, Manager shall have no responsibility for the preparation of any federal, state or local tax reports or returns on behalf of Owner, but Manager shall
provide such information as shall be reasonably requested by Owner to assist Owner’s preparation of such tax reports and returns. 
  

 15 

 6.        Sarbanes-Oxley Compliance.
Manager shall maintain procedures for accounting and reporting necessary for the Company to comply with the Sarbanes-Oxley Act, Public Law No. 107-204, and the rules and regulations promulgated thereunder. 
 III.        EXPENSES 
 3.A.    Owner’s Expenses. Except as otherwise specifically provided, all reasonable and customary costs and expenses incurred hereunder by Manager in
fulfilling its duties to Owner shall be the responsibility of Owner to the extent included in the Annual Business Plan described in Section 2.E.3 above or as otherwise agreed by Owner. Such costs and expenses may include wages, salaries and
other employee-related expenses of Manager or a third party, including an Affiliate, and all legal, travel and other out-of-pocket expenses which are directly related to the management of specific Properties, to the extent permitted by the Statement
of Policy Regarding Real Estate Investment Trusts adopted by the North American Securities Administrators Association, Inc. All costs and expenses for which Owner is responsible under this Agreement shall be paid by, or reimbursed to, Manager out of
the Account. In the event the Account does not contain sufficient funds to pay all such costs and expenses, Owner shall fund all sums necessary to meet such unpaid costs and expenses within thirty (30) days of receipt of notice from Manager and
an itemization of such unpaid costs and expenses. Nothing in this Agreement shall obligate Manager to advance its own funds on behalf of Owner.  
 3.B.    Manager’s Expenses. Manager shall, out of its own funds, pay all of its general, overhead and administrative expenses (including those for off-site employees or offices not
located within the Properties) except as set forth in a budget submitted by Manager and approved by Owner pursuant to Section 2.E.3 above or as otherwise specifically approved in advance by Owner. 
 3.C.    Manager’s Cost to Be Reimbursed. After payment by Manager, Manager may be reimbursed out of the
Account for costs of the gross salary and wages or pro rata share thereof, federal and state unemployment taxes, social security taxes, group medical and health insurance premiums, worker’s compensation insurance, Owner’s Share of Eligible
Severance Payments (as defined below) and other benefits or burdens of Manager’s employees required to properly, adequately, safely and economically manage, operate and maintain the Properties in accordance with this Agreement, provided that
such employees have been identified by position and enumerated in an approved budget. As used herein: (1) an “Eligible Severance Payment” shall mean any severance payment made by Manager to any Reimbursable Staff Member (as defined
below) in connection with the termination of such Reimbursable Staff Member’s employment that resulted either from Owner’s termination of this Agreement, the sale of an individual property, or Owner’s request that such Reimbursable
Staff Member no longer be an on-site employee of Manager at the Property (unless such request was made for cause); (2) a “Reimbursable Staff Member” shall mean any employee of the Manager who, prior to the termination of such
employee’s employment, worked as an employee of the Manager at the Property; and (3) the “Owner’s Share of Eligible Severance Payments” shall mean one hundred percent (100%) of all Eligible Severance Payments that are
allocable to the Property, based on each such terminated Reimbursable Staff Member’s tenure working for Manager relative to the time such Reimbursable Staff Member worked as an on-site employee of Manager at the 

  

 16 

 
Property. In no event shall Manager be reimbursed by Owner for costs attributable to losses arising from negligence or fraud on the part of Manager or
Manager’s employees. 
 IV.        MANAGER’S COMPENSATION 
 4.A.    Management Fee. Commencing on the date hereof, Owner shall pay Manager a property management fee in an
amount equal to, unless otherwise agreed, the greater of (i) four and one half percent (4.5%) of Gross Revenues (the “Management Fee”) on a monthly basis from the rental income received from the Properties over the term of this
Agreement, provided, however, that subject to the approval of the Company’s independent directors, the Management Fee may be increased with respect to the management of any Property located outside of the United States, and (ii) in the
event a Property has less than fifty percent (50%) of its leaseable space leased to one or more tenants then an amount equal to four and one half percent (4.5%) of a monthly threshold amount as shall be agreed upon by Owner and Manager and
set forth on Schedule I attached hereto (the “Minimum Management Fee”), which shall be completed, or updated, as applicable, when a Joinder is executed by an Owner. Such Minimum Management Fee shall apply until such time as the leaseable
space of the Property is at least fifty percent (50%) leased. Manager’s compensation under this Section 4.A shall apply to all Leases, including renewals, extensions or expansions of Leases. The Management Fee may include the
reimbursement of the specified cost incurred by Manager of engaging another person or entity to perform Manager’s responsibilities hereunder, provided, however, that Manager shall be responsible for payment to such third parties. Nothing herein
shall prevent Manager from entering fee-splitting arrangements with third parties with respect to the Management Fee. 
 4.B.    Leasing Fee. In addition to the compensation paid to Manager under Section 4.A above, Manager shall be entitled to receive a separate fee for the Leases of new tenants and renewals of Leases
with existing tenants in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in
such area, as specifically described on Appendix E. Appendix E shall be updated jointly by Owner and Manager, each acting reasonably and in good faith, upon any modification of Schedule I to add or remove a Property pursuant to this
Agreement. 
 4.C.    [Project Management Fee. In addition to the compensation paid to
Manager under Section 4.A above, Owner shall pay to Manager, with respect to any tenant or capital improvements, a separate fee in an amount equal to five percent (5%) of all hard and soft costs and expenses actually paid or incurred in
connection with the construction and installation of such improvements. As to each project, the fee shall be due and payable upon completion.] 
 4.D.    Audit Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an overpayment or underpayment of Management Fee, Owner or Manager shall
promptly pay to the other party the amount of such overpayment or underpayment, as the case may be. If such audit discloses an overpayment of Management Fee for any fiscal year of the greater of 2% or $5,000 than the correct Management Fee for such
fiscal year, Manager shall bear the cost of such audit. 
  

 17 

 V.        INSURANCE AND INDEMNIFICATION 
 5.A.      Insurance to be Carried. Manager during the term of this Agreement shall keep in force at
its expense the following insurance: 
  

	 	(a)	 Commercial general liability insurance for claims of bodily injury and property damage due to the management, operation and maintenance of the Properties. Such
insurance shall have a combined single limit of not less than Ten Million Dollars ($10,000,000) each occurrence/aggregate. Owner should be named as additional insured. 

  

	 	(b)	 Workers’ Compensation insurance in accordance with statutory law and employers’ liability insurance with a limit of not less than One Million Dollars
($1,000,000) per accident, One Million Dollars ($1,000,000) disease policy limit, and One Million Dollars ($1,000,000) disease limit each employee. 

  

	 	(c)	 Business auto liability coverage insuring bodily injury and property damage with a combined single limit of not less than One Million Dollars ($1,000,000) per
accident for owned, non-owned and hired vehicles. 

  

	 	(d)	 A fidelity bond with a corporate surety or employee dishonesty/crime insurance covering all employees who handle or are responsible for the rents and revenues
from each of the Properties or for the payment of expenses from Owner’s account. The fidelity bond shall be in the amount not less then Five Million Dollars ($5,000,000) with a maximum deductible of Two Hundred Fifty Thousand Dollars
($250,000). The bond shall include a loss payable endorsement in favor of Owner. 

  

	 	(e)	 Professional Liability coverage with limits not less then Five Million Dollars ($5,000,000) per incident and Five Million Dollars ($5,000,000) annual aggregate
covering real estate management operations and leasing operations when applicable. 

  

	 	(f)	 To the extent carried by other property managers in the same market, any other insurance reasonably required by Owner, or required by law.

 The policies required to be maintained by Manager shall be with companies rated A- or
better by Standard & Poors or A- to very good by the A.M. Best Company. Insurers shall be licensed to do business in the state in which the Property are located and domiciled in the USA. Certificates of insurance shall be delivered to Owner
prior to the Commencement Date of the Agreement and not less than annually thereafter at least ten (10) days prior to the expiration date of the old policy. Each policy of insurance shall provide notification to Owner at least thirty
(30) days prior to any cancellation or modification to reduce the insurance coverage. 
 5.B.      Cooperation with Insurers. Manager shall cooperate with and provide reasonable access to the Properties to representatives of insurance companies and insurance 

  

 18 

 
brokers or agents with respect to insurance which is in effect or for which application has been made. Manager shall use its best efforts to comply with all
requirements of insurers. 
 5.C.    Accidents and Claims. Manager shall promptly investigate and
shall report in detail to Owner all accidents, claims for damage relating to the Properties, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall prepare for
approval by Owner all reports required by an insurance company in connection with any such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly and any report not so given within five (5) days after the
occurrence of any such accident, claim, damage or destruction shall be noted in the monthly report delivered to Owner pursuant to Section 2.E.2 herein. Manager is authorized to settle any claim against an insurance company not exceeding $5,000
arising out of any policy and, in connection with such claim, to execute proofs of loss and adjustments of loss and to collect and receipt for loss proceeds. If a claim against an insurance company exceeds $5,000, Manager shall take no action
specified in the immediately preceding sentence with respect thereto without the prior approval of Owner. 
 5.D.    Indemnification. 
 1.        General. Owner shall indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties from and against any and all claims, causes of action,
demands, suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney’s fees and expenses, of every kind and nature whatsoever (collectively, “Losses”), that may be imposed on or incurred by Manager by reason of
the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of Owner; provided, however, that such indemnification and exculpation shall not extend to any such Losses arising
out of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees; provided, further, that such
indemnification and exculpation shall be limited to the extent that Manager recovers insurance proceeds with respect to such matter. 
 2.        Property Damage, Etc. Owner agrees to indemnify, defend, protect, save and hold harmless Manager and all of the other Manager Indemnified Parties from any and
all Losses in connection with or in any way related to each Property and from liability for damage to each Property and injuries to or death of any person whomsoever, and damage to property; provided, however, that such indemnification and
exculpation shall not extend to any such Losses arising out of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its
agents, servants, or employees; provided, further, that such indemnification and exculpation shall be limited to the extent that Manager recovers insurance proceeds with respect to such matter. Manager shall not be liable for any error of judgment
or for any mistake of fact or law, or for anything that it may do or refrain from doing, except in cases of willful misconduct, 

  

 19 

 
negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction). Manager agrees to indemnify, defend, protect,
save and hold harmless Owner and its members, partners, stockholders, officers, directors, employees, managers, successors and assigns (collectively, the “Owner Indemnified Parties”) from any and all Losses arising out of any injury or
damage to any person or property whatsoever for which Manager is responsible occurring in, on, or about the Properties, including, without limitation, the Improvements, when such injury or damage shall be caused by the willful misconduct, negligence
and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees, except to the extent that any Owner Indemnified Party recovers
insurance proceeds with respect to such matter. 
 3.        Environmental
Matters. Owner hereby warrants and represents to Manager that to the best of Owner’s knowledge none of the Properties have previously been or are presently being used to treat, deposit, store, dispose of or place any hazardous substance
that may subject Manager to liability or claims under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. Section 9607), as amended, or any other statute, law, rule, regulation or ordinance regarding the
treatment, storage or disposition of any hazardous substance. Furthermore, Owner shall indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties from any and all Losses involving, concerning or in
any way related to any past, current or future claims regarding the treatment, deposit, storage, disposal or placement by any party other than Manager of hazardous substances on or about the Properties. 
 4.        Indemnification Procedure. If a claim, action, or proceeding by a third-party
(a “Claim”) is made against Owner, an Owner Indemnified Party, Manager, or a Manager Indemnified Party (the “Indemnified Party”) for which the Indemnified Party intends to seek indemnity under this Section 5.D, the
Indemnified Party shall promptly notify the party against whom indemnification is sought (the “Indemnitor”) in writing of such Claim, setting forth a description of such Claim in reasonable detail (the “Indemnification Notice”);
provided, however, that failure to give such Indemnification Notice shall not relieve the Indemnitor of its obligations hereunder, except to the extent the Indemnitor has been prejudiced by such failure. The Indemnitor shall have thirty
(30) days after receipt of the Indemnification Notice to undertake, conduct and assume control, through counsel of its own choosing reasonably satisfactory to the Indemnified Party, and at its own expense, of the settlement or defense of such
Claim, so long as the Indemnitor notified the Indemnified Party of such defense in writing within thirty (30) days after the Indemnified Party has given notice of the third-party Claim and the Indemnitor conducts the defense of the third-party
Claim actively and diligently, and the Indemnified Party shall cooperate fully in connection therewith; provided, however, that the Indemnified Party may participate in such settlement or defense through counsel chosen by such Indemnified Party and
paid at its own expense; and, provided, further, that the Indemnified Party shall pay the 

  

 20 

 
fees and disbursements of such separate counsel unless (a) the employment of such separate counsel has been specifically authorized in writing by the
Indemnitor, (b) the Indemnitor has failed to assume the defense of such third party Claim within thirty (30) days after receipt of the Indemnification Notice with counsel reasonably satisfactory to such Indemnified Party, or (c) the
named parties to the proceeding in which such Claim has been asserted include both the Indemnitor and such Indemnified Party and, in the reasonable opinion of counsel to such Indemnified Party, there exists one or more defenses that may be available
to the Indemnified Party that are in conflict with those available to the Indemnitor. The Indemnified Party shall not pay or settle any such Claim without the written consent of the Indemnitor, which consent shall not be unreasonably withheld. If
the Indemnitor has received the Indemnified Party’s Indemnification Notice and does not notify the Indemnified Party in writing within thirty (30) days after receipt of such notice that it elects to undertake the defense thereof, the
Indemnified Party shall have the right to undertake, at Indemnitor’s cost, risk and expense, the defense, compromise or settlement of the Claim, but shall not thereby waive any right to indemnity therefor pursuant to this Agreement. The parties
hereto agree to cooperate fully with each other in connection with the defense, negotiation or settlement of any such third-party Claim. Notwithstanding anything in this Section 5.D to the contrary, the Indemnitor shall not, except with the
written consent of the Indemnified Party (which such consent shall not be unreasonably withheld), enter into any settlement that (y) does not include as an unconditional term thereof the giving by the person or persons asserting such Claim of
an unconditional release of the Indemnified Party from liability with respect to such Claim, or (z) involves non-monetary relief or remedy that is binding upon the Indemnified Party, including any restrictions on the Indemnified Party’s
ability to operate or compete. 
 5.        Limitations. Notwithstanding
anything to the contrary in this Agreement, any indemnification and exculpation by Owner under this Agreement is subject to any limitations imposed under Owner’s Articles of Incorporation or any amendments thereto. 
 VI.        TERM 
 6.A.    Term. This Agreement shall commence on the date first above written and shall continue until terminated in accordance with the earlier to occur of the
following: 
 1.        Six years from the date of the commencement of the term
hereof. However, this Agreement will be automatically extended for successive six (6) year periods after the end of the initial term unless Owner or Manager gives at least ninety (90) days prior written notice of its intention to terminate
the Agreement; 
 2.        Immediately upon written notice by one party to the
other party upon the occurrence of any of the following: 
  

 21 

 (a)        A decree or order is rendered by a
court having jurisdiction: (i) adjudging the other party as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for the other party under the federal
bankruptcy laws or any similar applicable law or practice; or (ii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the other party or a substantial part of the property of the other party, or for the
winding up or liquidation of its affairs; 
 (b)        The other party:
(i) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent; (ii) consents to the filing of a bankruptcy proceeding against it; (iii) files a petition or answer or consent seeking reorganization, readjustment,
arrangement, composition or relief under any similar applicable law or practice; (iv) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or
for a substantial part of its property; (v) makes an assignment for the benefit of creditors; (vi) is unable to or admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of
the first party; or (vii) takes corporate or other action in furtherance of any of the aforesaid purposes; or 
 (c)        The party providing such notice having Cause (after the expiration of the relevant cure period); or 
 3.        Mutual consent of the parties to terminate this Agreement. 
 Upon termination, the obligations of the parties hereto shall cease, provided that Manager and Owner shall comply with the provisions hereof applicable in the event of termination and Manager shall be entitled to
receive all compensation which may be due to Manager hereunder up to the date of such termination, and provided, further, that if this Agreement terminates pursuant to clause 2 above, the parties shall have such other remedies as may be available at
law or in equity. 
 6.B.    Manager’s Obligations After Termination. Upon the termination of
this Agreement, Manager shall have the following duties: 
 1.        Manager shall
deliver to Owner, or its designee, all transferable or assignable books and records with respect to the Properties. 
 2.        Manager shall transfer or assign to Owner, or its designee, all transferable or assignable service contracts and personal property relating to or used in the operation and maintenance of the
Properties, except personal property paid for and owned by Manager. Manager shall also, for a period of sixty (60) days immediately following the date of such termination, make itself available to consult with and advise Owner, or its designee,
regarding the operation, maintenance and leasing of the Properties. 
  

 22 

 3.        Manager shall render to Owner an
accounting of all funds of Owner in its possession and shall deliver to Owner a statement of Management Fees claimed to be due Manager and shall cause funds of Owner held by Manager relating to the Properties to be paid to Owner or its designee.

 4.        All provisions of this Agreement that require Manager to have
insurance, or to protect, defend, save, hold harmless and indemnify or to reimburse Owner shall survive any expiration or termination of this Agreement and, if Owner is or becomes involved in any claim, proceeding or litigation by reason of having
been Owner, such provisions shall apply as if this Agreement were still in effect. 
 Manager shall furnish all such information and take all
such action as Owner shall require to effectuate an orderly and systematic termination of Manager’s duties and activities under this Agreement. Manager hereby grants a limited power of attorney to Owner to endorse any checks received in
connection with the Properties and hereby assigns to Owner effective upon the date of such termination any and all rights Manager may have in and to the Properties’ records. 
 6.C.    Owner’s Obligations Upon Termination. Owner shall pay or reimburse Manager for any sums of money
due it under the Management Agreement for services and expenses prior to termination of this Agreement. All provisions of this Agreement that require Owner to have insured, or to protect, defend, save, hold harmless and indemnify or to reimburse
Manager shall survive any expiration or termination of this Agreement and, if Manager is or becomes involved in any claim, proceeding or litigation by reason of having been Manager of Owner, such provisions shall apply as if this Agreement were
still in effect. The parties understand and agree that Manager may withhold funds for sixty (60) days after the end of the month in which this Agreement is terminated to pay costs and expenses previously incurred but not yet invoiced and to
close accounts. Should the funds withheld be insufficient to meet the obligations of Manager to pay costs and expenses previously incurred, Owner will, upon demand, advance sufficient funds to Manager to ensure fulfillment of Manager’s
obligation to do so, within ten (10) days of receipt of notice and an itemization of such unpaid costs and expenses. 
 6.D.    Removal of Properties from Schedule I. From time to time during the term of this Agreement, Owner shall have the right to amend Schedule I hereto by removing a given Property (each, a “Removable
Property”) from such Schedule I if and only if: 
 1.        Owner shall sell,
transfer, or convey title to such Removable Property to a bona fide, non-Affiliate; provided; however; that Owner shall give at least thirty (30) days prior written notice of its intention to remove such Removable Property from
Schedule I pursuant to this clause (1); or 
 2.        Owner has Cause (after the
expiration of the relevant cure period) relating specifically to such Removable Property. 
 In addition, from time to time during the term
of this Agreement, Manager shall have the right to amend Schedule I hereto by removing a given Property from such Schedule I if and only if 

  

 23 

 
Manager has Cause (after the expiration of the relevant cure period) relating specifically to such Property. 
 VII.        COVENANTS AND WARRANTIES 
 7.A. Manager covenants and warrants that: 
 1.        Manager is qualified to manage the Properties and perform the services assumed hereunder has, and will have at the relevant time the resources, capacity, expertise and
ability in terms of equipment, software, know-how and personnel to provide the services in the manner required under this Agreement; 
 2.        Manager has all rights necessary (including licenses) to provide the services it is obligated to provide under this Agreement; 
 3.        all reporting and invoicing for services will be compatible with and integrate with
Owner’s systems as communicated between the parties; 
 4.        Manager shall
require any Third Party Sub-Managers to implement, at their own cost and expense, appropriate internal controls including an SAS 70 audit or similar internal audit report; 
 5.        Manager’s use of any software (other than its own software) or equipment relating to the services provided under this Agreement will not
infringe the intellectual property rights of any other person; 
 6.        Manager
will supply the services promptly, diligently and professionally, in accordance with the highest professional standards and practices; 
 7.        the services will be fit for the purposes and meet the criteria set out in the Reporting Requirements; 
 8.        Manager will: 
 (a)        efficiently use the resources or services necessary to provide the services;

 (b)        perform the services in the most cost-effective manner consistent with
the required level of quality and performance; 
 9.        Manager’s signing,
delivery and performance of this Agreement will not constitute: 
 (a)        a
violation of any judgment, order or decree; 
 (b)        a material default under
any material contract by which it or any of its assets are bound; or 
  

 24 

 (c)        an event that would, with notice or
lapse of time, or both, constitute such a default; 
 10.     Manager has the requisite power and
authority to enter into this Agreement and to carry out the obligations contemplated by this Agreement; 
 11.     Manager represents that it is and will continue to be an Equal Opportunity Employer; 
 12.     Manager represents and warrants that (a) Manager and each person or entity owning an interest in Manager is (i) not currently identified on the Specially Designated Nationals and Blocked Persons
List and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the “List”), and (ii) not a person or entity with whom a citizen of the United States is
prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (b) none of the funds or other assets of Manager
constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), (c) no Embargoed Person has any interest of any nature whatsoever in Manager (whether directly or indirectly),
(d) none of the funds of Manager have been derived from any unlawful activity with the result that the investment in Manager is prohibited by law or that the Agreement is in violation of law, and (e) Manager has implemented procedures, and
will consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times. The term “Embargoed Person” means any person, entity or government subject to trade restrictions under
U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the
result that the investment in Manager is prohibited by law or Manager is in violation of law; and 
 13.     Manager covenants and agrees (a) to comply with all requirements of law relating to money laundering, anti-terrorism, trade embargos and economic sanctions, now or hereafter in effect, (b) to
immediately notify Owner in writing if any of the representations, warranties or covenants set forth in this paragraph or the preceding paragraph are no longer true or have been breached or if Manager has a reasonable basis to believe that they may
no longer be true or have been breached, (c) not to use funds from any “Prohibited Person” (as such term is defined in the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit,
Threaten to Commit, or Support Terrorism) to make any payment due to Owner under the Agreement and (d) at the request of Owner, to provide such information as may be requested by Owner to determine Manager’s compliance with the terms
hereof. Manager hereby acknowledges and agrees that Manager’s inclusion on the List at any time during the term of the Agreement shall be a material default of the Agreement, and this Agreement shall automatically terminate. Notwithstanding
anything 

  

 25 

 
herein to the contrary, Manager shall take commercially reasonable efforts not to permit the Property or any portion thereof to be used or occupied by any
person or entity on the List or by any Embargoed Person (on a permanent, temporary or transient basis), and any such use or occupancy of the Property by any such person or entity shall be a material default of the Agreement. 
 VIII.        MISCELLANEOUS 
 8.A.    Notices. All notices, approvals, consents and other communications hereunder shall be in writing, and, except when receipt is required to start the
running of a period of time, shall be deemed given and received when delivered in person or on the second (2nd) business day after its mailing by either party by registered or certified United States mail, postage prepaid and return receipt
requested, to the other party, at the addresses set forth after their respective name below or at such different addresses as either party shall have theretofore advised the other party in writing in accordance with this Section 8.A.

  

			
	 Owner:
	    	 CNL Macquarie Global Income Trust, Inc.
 Attention: Chief Financial Officer
 CNL Center at City Commons
 450 South Orange Avenue
 Orlando, Florida
32801
  
 With a copy to:
  
 Macquarie Capital Funds Inc.
 RE: CNL Macquarie Global Income Trust, Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606

		
	 Manager:
	    	 CNL Macquarie Global Income Managers, LLC
 c/o CNL Macquarie Global Income Advisors, LLC
 CNL Center at City Commons
 450 South Orange Avenue
 Orlando, Florida
32801
  
 With a copy to:
  
 Macquarie Capital Funds Inc.
 Re: CNL Macquarie Global Income Trust, Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606

 8.B.    Governing Law; Venue. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware, and any action brought to enforce the agreements made hereunder or any action which arises out of the relationship created hereunder shall be brought exclusively in the
federal or state courts for Orange County, Florida. 
  

 26 

 8.C.    Assignment; Subcontracting. Manager may not assign
this Agreement either directly or indirectly or enter into any Change of Control transaction or arrangement without the prior written consent of Owner. Notwithstanding the foregoing, Manager may, without the consent of Owner, (1) assign or
delegate partially or in full its duties and rights under this Agreement and the fees and compensation related thereto to a duly qualified and licensed Affiliate of Manager; or (2) subcontract with a duly qualified and licensed third-party to
perform all or some of Manager’s duties and responsibilities under this Agreement as to one or more specific Properties. Manager shall promptly notify Owner in writing of any such permitted assignment, delegation or subcontract. 
 8.D.    No Waiver. The failure of either party to seek redress for violation or to insist upon the strict
performance of any covenant or condition of this Agreement, shall not constitute a waiver thereof for the future. 
 8.E.    Amendments. This Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment is sought. 
 8.F.    Headings. The headings of the various subdivisions of this Agreement are for reference only and shall
not define or limit any of the terms or provisions hereof. 
 8.G.    Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed 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 parties reflected thereon as the signatories. 
 8.H.    Entire Agreement. This Agreement contains the entire understanding and all agreements between Owner and Manager respecting the management of the Properties.
There are no representations, agreements, arrangements or understandings, oral or written, between Owner and Manager relating to the management of the Properties that are not fully expressed herein. 
 8.I.    Dispute Resolution. 
 1.        Disputes Notice. If a dispute or difference arises between
Manager and Owner in respect of any fact, matter or thing arising out of, or in any way in connection with this Agreement, either party may give the other a written notice giving particulars of the dispute or difference. 
 2.        Expert Determination. If the dispute is not resolved within
fourteen (14) days after a notice is given under Section 8.I.1 above, the dispute maybe submitted, by the party raising it, to an expert determination, by an industry expert agreed by the parties, or, if no agreement is reached within
twenty one (21) days of the notice under Section 8.I.1 above, appointed by the President of Building Owner’s and Manager’s Association “BOMA”, or if it no longer exists such organization which most closely fulfils the
functions which were carried out by BOMA. If an expert appointed under this Section 8.I.2: becomes unavailable prior to giving his or her determination; or otherwise 

  

 27 

 
does not give his or her determination within the time required by Section 8.I.3; this Section 8.I.2 will reapply. 
 3.        Procedure for Determination. The expert will: act as an expert
and not as an arbitrator; proceed in any manner he or she thinks fit; conduct any investigation which he or she considers necessary to resolve the dispute or difference; examine such documents, and interview such persons, as he or she may require;
have regard to any submissions of the parties but ignore all directions of the parties; make such directions for the conduct of the determination as he or she considers necessary; and give his or her determination within twenty seven (27) days
of the referral of the dispute or such other time agreed between the parties and need not give reasons for his or her determination. 
 4.        Agreement. The parties must enter into an agreement with the expert containing such terms as are reasonably required by the expert, including: 
 (a)    a release of any liability which the expert may otherwise incur for any act or omission, other than actual
fraud, during the course of the determination of the dispute; and 
 (b)    a term that each party will
pay one-half of the expert’s costs. 
 5.        Determination of Expert. The determination of the expert: must be in writing; and will be final and binding upon the parties. 
 6.        Continuation of Works. Despite the existence of a dispute or
difference between the parties Manager must: continue to provide the services; and otherwise comply with its obligations under the Agreement. 
 8.J.    Activities of Manager. The obligations of Manager pursuant to the terms and provisions of this Agreement shall not be construed to preclude Manager from engaging in other activities
or business ventures, whether or not such other activities or ventures are in competition with the Properties or the business of Owner. 
 8.K.    Independent Contractor. Manager and Owner shall not be construed as joint venturers or owners of each other pursuant to this Agreement, and neither shall have the power to bind or
obligate the other except as set forth herein. In all respects, the status of Manager to Owner under this Agreement is that of an independent contractor. It is expressly understood and agreed that payments hereunder shall be payments by Owner to
Manager as an independent contractor and not as an employee, partner or joint venture of Owner. 
 8.L.    No Third-Party Rights. Nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement any legal or equitable right, remedy or claim under
or with respect to this Agreement or any provision of this Agreement, except for (a) such rights as shall inure to a successor or permitted assignee pursuant to Section 8.C herein, (b) such rights as the Manager Indemnified Parties
shall have pursuant to Sections 2.D, 2.E, and 5.D herein, and (c) such rights as the Owner Indemnified Parties shall have pursuant to Section 5.D herein. 
  

 28 

 8.M.    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.

 8.N.    Interpretation. This Agreement shall be deemed to have been drafted jointly by the
parties, and therefore no provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised, or imposed such provision. 
 8.O.    Subordination. This Agreement, and any and all rights of Manager hereunder, are and shall be
subject and subordinate to any financing (whether senior financing, mezzanine level financing, or preferred equity) respecting the Properties (or any portion thereof) (collectively, the “Property Financings”), and any Leases with
respect to the Properties or any portion thereof, and all renewals, extensions, modifications, consolidations and replacements thereof, and to each and every advance made or hereafter to be made under any such Property Financings or Leases. This
section shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, Manager shall promptly execute, acknowledge and deliver any instrument that Owner, the landlord under any of the
Leases or the holder of any such Property Financings or the trustee or beneficiary of any deed of trust or any of their respective successors in interest may reasonably request to evidence such subordination. At any time and from time to time, upon
not less than ten (10) business days prior notice from Manager or Owner, the certifying party shall furnish to the requesting party, or a designee thereof, an estoppel certifying that this Agreement is unmodified and in full force and effect
(or that this Agreement is in full force and effect as modified and setting forth the modifications), the date to which Manager has been paid hereunder, that to the knowledge of the certifying party, no default or an event of default has occurred
and is continuing or, if a default or an event of default shall exist, specifying in reasonable detail the nature thereof and the steps being taken to remedy the same, and such additional information as the requesting party may reasonably request.
Any subordination or estoppel furnished pursuant to this Section 8.O may be relied upon by Owner, and its affiliates, Lenders, and any prospective landlord or lender of the Property or any portion thereof. Manager shall not unreasonably
withhold its consent to any amendment to this Agreement reasonably required by such lender or lessor, provided that such amendment does not (i) increase Manager’s financial obligations hereunder, or (ii) have a material adverse effect
upon Manager’s rights hereunder, or (iii) materially increase Manager’s non-economic obligations hereunder. 
 8.P.    Confidential Information. Any and all books, records and information (regardless of the form of disclosure or the medium used to store or represent it) which Manager first becomes aware through disclosure
by Owner to Manager or otherwise through Manager’s involvement with Owner and its business operations (the “Confidential Information”) are and shall remain the property of Owner but shall be made available to Manager for its use and
knowledge in assuming the duties and responsibilities of Manager under this Agreement. Manager covenants with Owner that it: will maintain the Confidential Information in strict confidence; will only use the Confidential Information for the purpose
of carrying out its obligations under this Agreement; and will not disclose, or permit to be disclosed the 

  

 29 

 
Confidential Information to any person without the prior written consent of Owner except as required by law. 
 8.Q.    Penalties for Non-performance. In the event that Manager fails to comply with the terms outlined in
this Agreement or in the Reporting Requirements, Owner may seek any remedy allowed at law or in equity. Any fee, late charge or penalty due to a third party and incurred from Manager’s non-performance, shall be paid by Manager. 
 8.R.    Owner’s Representative. Owner may, by written notice to Manager, delegate all or any portion of
its authority hereunder to a designated representative of Owner (“Owner’s Representative”). All decisions made by Owner’s Representative shall be binding on Owner until Manager has received written notice of Owner’s
termination of such delegation. Owner hereby designates CNL Macquarie Global Income Advisors, LLC, a Delaware limited liability company, as the initial Owner’s Representative with respect to all of Owner’s authority hereunder. 

[Remainder of Page Intentionally Left Blank – Signature Pages Follow] 
  

 30 

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

					
	CNL MACQUARIE GLOBAL INCOME TRUST, INC.
		
	By:	 	 /s/ Mark D. Mullen

	Name:	 	   Mark D. Mullen

	Title:	 	   Senior Vice President

	
	CNL MACQUARIE INCOME, LP
		
	By:	 	 CNL Macquarie Income GP, LLC, its general partner

		
	By:	 	 CNL Macquarie Global Income Trust, Inc., its managing member

			
		 	By:	 	 /s/ Mark D. Mullen

		 	Name:	 	  Mark D. Mullen
		 	Title:	 	  Senior Vice President
	
	CNL MACQUARIE GLOBAL INCOME MANAGERS, LLC
		
	By:	 	 CNL Macquarie Global Income Advisors, LLC, its manager

			
		 	By:	 	 /s/ Curtis B. McWilliams

		 	Name:	 	  Curtis B. McWilliams
		 	Title:	 	  President

  

 31 

 JOINDER 
 [to be executed by each Property owner concurrent with the addition of the Property owner’s 
 name to
Schedule I] 
 The undersigned,
                                         
                   , a
                                        ,
as of this              day of
                                        ,
200    , hereby joins in the execution of the Master Property Management and Leasing Agreement dated
                                        ,
2009, to bind itself by all of the terms and conditions thereof. 
  

							
	 [
	 	  
	 	 ]
	 	

					
			
	 By:
	 	  
	 	

					
	 Name:
	 	  
	 	

					
	 Title:
	 	  
	 	

 SCHEDULE I 
 PROPERTIES TO BE MANAGED BY MANAGER 

 APPENDIX A 
 SCHEDULE OF KEY EMPLOYEES 

 APPENDIX B 
 GENERAL MONTHLY PROPERTY MANAGEMENT REPORTING 
 Monthly Report Timeline 
 All reports are due by the end of the 1st day of the
following month. Reports can be attached directly into the property management system. In the case when a designated day does not fall on a business day, the activity is to occur on the next business day of the month with each subsequent day moved
back the respective amount of days. 
 Cash activity is to be cut off in the property management on the 20th of the month to facilitate meeting final reporting deadlines per the following schedule (listed in Central time): 
 Post all open cash batches by noon on the 20th of each month 
 After the next month’s tenant charges have been charged to the tenants, print the monthly
statements and send out to the tenants by 2:00 pm on the 20th of each month 
 Calculate the monthly management fee and print final monthly check run by 3:00 pm on the 20th
of each month 
 Owner to close A/R and A/P modules by 5:00 pm on the 20th of each month 
 Before month-end reports to be attached
to property management system by end of the second business day following the 20th of each month 
 Manager company locked out of current month journal entries at 12:01 am on the fifth business day following the 20th of each month 
 After month-end
reports to be attached to property management system by end of day first day of the new month 
 Monthly Property Management Report 
 The Monthly Property Management Report is a narrative report summarizing the period’s activity for the property. The Monthly Property Management
Report is due by the end of the 7th of each month and is to include all monthly operating activity through the end of the calendar month. The
following format should be used and include information based on the standard templates which can be found in the Standard Monthly Property Management Report Package document: 
 Table of contents 
  

	 	I.	 Income & Expense Summary with material variance commentary 

  

 B-1 

 II.     Accounts Receivables – over 60 days and over
$10,000 per tenant with actions/recommendations (if in collection, refer to Litigation Report) 
  

	 	III.	 Occupancy & Activity Summary 

  

	 	IV.	 Rollover Schedule – 12 to 18 months 

  

	 	V.	 Marketing Efforts 

 VI.    Major Capital & Tenant Improvements (see Extraordinary Expenditure Report for detail – add commentary to explain variance) 
  

	 	VII.	 Facilities Maintenance Update (Major repairs/preventative maintenance projects) 

  

	 	VIII.	 General Property Management & Administrative Initiatives and Issues 

  

	 	IX.	 Major Litigation Issues and Updates (Litigation Report) 

  

	 	X.	 Insurance and Real Estate Tax Issues 

  

	 	XI.	 Ownership Issues 

 Appendix: 
  

	 	-	 Extraordinary Expenditure Report 

  

	 	-	 Detailed Capital Expense Report 

  

	 	-	 Major Repairs Report 

  

	 	-	 Management Fee Calculation Reconciliation 

  

	 	-	 Excess Cash Distribution Statement 

  

	 	-	 Leasing Activity Report 

  

	 	-	 Square Footage Reconciliation Report 

  

	 	-	 Aged Delinquencies 

  

	 	-	 Detailed Variance Analysis 

  

	 	-	 Disbursements Report 

  

	 	-	 24-Month Rollover Schedule 

  

	 	-	 Letters of Credit – Upcoming Expirations 

  

 B-2 

 For detail/information regarding the monthly financial reporting requirements, review the information in
Appendix C. 
  

 B-3 

 APPENDIX C 
 MONTHLY FINANCIAL REPORTING REQUIREMENTS 
 Instructions: 
 Submit the following monthly documents in a report entitled Monthly Financial Reports in the order they are listed below no later than the 2nd business day of the following calendar month-end, unless otherwise identified, as a PDF file in the “Property” section within the property
management system. 
  
  
 Budget to Actual Variance Analysis: 
 The Budget to Actual Variance Analysis should
include thorough explanations for all actual income and expense account balances which vary from the month-to-month budget by 10% or from the year-to-date budget by 5% AND which exceeds the maximum allowable dollar variance amount of $5,000.
The variance analysis should be completed according to Owner’s chart of accounts. 
  
  
 Trial Balances: 
 The Property Manager must provide trial balances, in Owner’s chart of accounts, providing monthly activity in addition to the applicable YTD
balances for each reporting entity. 
  
  
 Balance Sheet: 
 The Balance Sheet contains
the year-to-date balances for all assets, liabilities and equity for an individual property. 
  
  
 Income Statement: 
 The Income Statement Summary contains both actual and budgeted income and actual and budgeted expense information at the major account levels for both
the current month and year-to-date. 
  
  
  

 C-1 

 Bank Statement & Account Reconciliation: 
 The current month’s operating bank statement and account reconciliation for the operating accounts must be included in the monthly reporting
package. Bank statements will end on the 20th of each month. Each bank account must have its own reconciliation. 
  
  
 Fixed Asset Additions: 
 Detail of fixed asset additions from the prior month will be reviewed for tax
purposes. 
  
  
 Profit & Loss Statements: 
 PNL statement actual vs. budget detail should be
compared on a monthly and year-to-date basis. 
  
  
 Tenant Income Detail: 
 The Tenant Income
Detail shows the beginning accounts receivable balance, current month’s charges, amounts collected by type of income, and the ending accounts receivable balance. The end-of-month balance column should show any prepaid or delinquent accounts.
The ending balance for the month should always be carried forward to the following month’s report as the beginning balance. Please total all columns by account category at the end of the report. If necessary, provide a reconciliation of this
report to the general ledger account balances. 
  
  
 Aged Accounts Receivable Report: 
 The Aged
Accounts Receivable Report includes all delinquent receivables categorized by number of days past due. This should be reconciled to the end-of-month balance on the Tenant Income Detail. Balances should not include security deposits. The report
should include comments regarding attempts to collect and should include commentary for any balances greater than $50,000 that are also 60 days aged and all balances that are 90 days aged. 
  
  
 Doubtful Accounts: 
 In the event a reserve for doubtful accounts is established to fairly state the
collection probability of receivables, a schedule is required which reconciles the reserve balance to the general ledger and provides tenant level detail and applicable comments. 
  
  
  

 C-2 

 Write-off Request Form: 
 The Write-off Request Form verifies action was recommended by the Property Manager and Owner’s asset manager (“Asset Manager”) to write-off accounts receivable amounts. A copy of the signed form should
be submitted with the monthly accounting package when applicable. All write-off requests require Owner Board approval. 
  
  
 Free Rent and Rental Abatements: 
 A schedule of all free rent or rental abatement activity should be included in the monthly accounting package. The accounting treatment and economics for
such activity should be clearly explained. 
  
  
 Schedule of Deferred Rent Concessions: 
 Property Manager will calculate and provide supporting schedules for applicable FASB 13 adjustments on a lease-by-lease basis. Such adjustments will be included in the general ledger activity in accordance with US GAAP. Property Managers
operating in Owner Yardi environment may not be subject to this requirement. Please confirm with your controller. 
  
  
 Check Register: 
 The check register contains a detail of all checks written for property expenditures during the current month. 
  
  
 Expense Detail: 
 The Expense Detail shows the expenses paid during the month by expense account.

  
  
 Accounts Payable: 
 The Accounts Payable report represents invoices that have been
received and recorded, but checks have not been issued. If necessary, please provide a reconciliation of this report to the general ledger account balances. 
  
  
  

 C-3 

 Accrual Schedules: 
 Accrual schedules must be submitted in the monthly accounting package detailing the accrual entries made to the general ledger in the current month. 
  
  
 Capitalization Policy: 
 Owner’s policy is to capitalize all lease commissions in excess of $1,000 and
for lease terms of greater than one year. Additionally, any single expenditure for a capital asset which equals or exceeds $5,000 should be capitalized. Any capital expenditure, regardless of amount, relating to a project where total project costs
equal or exceed $5,000, should also be capitalized. Please pay close attention to the definition of a capital asset in the capitalization policy. 
  
  
 Capital Expense: 
 All types of capital expenditures shall be recorded on a schedule and submitted with the Monthly Financial Reports package. The “Capital
Expenditures” form within the Accounting section of the Documents and Forms shows an example of how building improvements and tenant improvements should be listed. Record in detail the monthly expenditures by project or tenant, as applicable.
The estimated project cost should agree with the amount budgeted or the amount per the lease proposal. Construction in progress accounts should be used for long-term construction projects until complete to reduce the potential of calculating
depreciation on accrued capital or incomplete projects. The total paid per month should agree with the monthly accounting report. Copies of invoices should accompany the capital schedules for all entries made to these accounts. Please note on the
schedule the month in which a project is completed. A project is considered complete when the improvement is first put in a state of readiness and is available for a specifically assigned function. Refer to the Capitalization Policy section above
for further explanation on what can be capitalized. 
  
  
 Lease Commission: 
 An example of recording
lease commissions on a monthly basis can be found in the “Capital Expenditures” form within the Accounting section in the Documents and Forms. This form details expenses during the month that were charged to account Capitalized
Lease Commissions and/or account Non-capitalized Lease Commissions. Copies of invoices should accompany the schedule for any entry to the lease commission capital account. Refer to the Capitalization Policy section above to determine whether a lease
commission should be capitalized. 
  
  
  

 C-4 

 Security Deposits: 
 All security deposit moneys will be kept by Owner in an account in the state in which the property is located. Due to differences in state laws, special consideration will be made for properties in states with
specific requirements. If you have questions, consult with your accountant and we will consult with appropriate parties in such instances. A list of security deposits, by tenant, will be required. Include a memo with the monthly accounting report
summarizing the monthly activity of security deposits for the property (i.e., amounts received by tenant, amounts applied to income or outstanding receivable balances due to move outs, etc.). 
  
  
 General Ledger: 
 Submit a General Ledger generated by the property management system providing all detail
activity and posted entries for the applicable reporting period. 
  
  

Invoices: 
 Send copies of all invoices
for lease commissions, tenant improvements and capital improvements. Owner will calculate all depreciation and amortization expense, thus the need for copies of the supporting documentation for audit purposes. 
  
  
 Accounting Period: 
 The accounting period cut-off day is the 20th of each month. The monthly management report and supporting detail should be submitted to the property management system as an attachment in the Property section no later than the 2
nd business day of the following month. 
  
  
 Actuals Application: 
 All monthly income and expenses must be entered into the property management system by Manager no later than the 2nd business day of the following month. 
  
  
  

 C-5 

 Reforecast: 
 Due to the importance of projecting future operating results, a reforecast of the remaining future periods will be required on a monthly basis. This reforecast will include year-to-date actual information as well as
original budget and revised projections. Comments relating to % and revised assumptions as also required. 
  
  
 Distributable Cash: 
 The Property Manager must provide a monthly calculation of excess cash available at the property indicating the cash available for distribution to Owner.
The projection should include the existing cash balance at the end of the period and applicable adjustments for accounts payable, accrued expenses, including real estate tax accrual and non-cash accruals, less a reasonable working capital reserve.
Future excess cash projections may also be required. 
  
  
 Consolidated Accounting: 
 The Manager will
be responsible for consolidation of the property information in a form and format acceptable to the Asset Manager. 
  
  
 Standard Templates: 
 The Property Management Company must provide monthly information via standardized templates required by Owner, such as Capital Expenditures, Budget to
Actual Variance Analysis and Excess Cash Distribution. The templates can be found in the Accounting section in the Documents and Forms. 
  

 C-6 

 APPENDIX D 
 ANNUAL REPORTING REQUIREMENTS 
 Annual Budgets: 
 Annual budgets are used to monitor the performance of Owner’s real estate properties. The budgeting process begins every fall when Owner sends
detailed information outlining budget reporting deadlines to help guide you through the budgeting process. 
 Key points: 
 Questions regarding the annual budgets should be directed to your accountant. 
 Budgets shall contain estimated monthly cash flows, a list and explanation of assumptions used in arriving at projected leasing activity
and rates, expenses and capital expenditures. 
 Budgets must be prepared on an accrual basis. 
  
  
 Estimate of Deferred Maintenance & Capital Expenditure: 
 Manager shall, for each calendar year,
prepare and submit to Owner a proposed Capital Budget in a format approved by Owner for releasing expenses and the replacement, repair and maintenance of equipment or improvements of a capital nature on or about the Property. Refer to the
“General Requirements” and “Construction Guidelines and Procedures” sections of the Operating Guidelines for more details. 
  
  
 Operating Expense Reimbursement Reconciliations:

 Manager shall, for each calendar, year prepare and submit to Owner a schedule of operating expense reimbursement reconciliations for
review. 
  
  
 1099-MISC Reporting: 
 Manager will continue to be responsible for reporting 1099
information to the Internal Revenue Service. Please determine the impact if utilizing the Yardi environment administered by Owner. If vendor history is detailed in two property management systems, information should be combined for 1099 reporting,
if applicable. 
  
  

 APPENDIX E 
  
 LEASING FEEService Agmt

 EXHIBIT 10.5 
 SERVICE AGREEMENT 
 THIS SERVICE AGREEMENT (“Agreement”) is dated and
effective as of this 7th day of April 2009 (the “Effective Date”), by and between CNL Capital Markets Corp. (“CCM” or “Servicer”), a wholly owned subsidiary of CNL Financial Group, Inc., CNL Macquarie Global Income
Trust, Inc. (“Customer”), and CNL Macquarie Global Income Advisors, LLC (the “Advisor”). 
 WITNESSETH 

WHEREAS, Customer intends to offer securities through a public offering pursuant to a registration statement on Form S-11 and related
prospectus (collectively, the “Registration Statement”) under the Securities Act of 1933 and intends to have a class of securities registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934, or the
Customer may offer securities pursuant to an exemption from registration under the Securities Act of 1933; and 
 WHEREAS,
Customer desires to retain CCM to act as an agent on its behalf to provide services set forth herein. 
 NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants and agreements herein made, the parties do hereby agree as follows: 
  

	I.	 Appointment and Services of CCM 

 A.        Customer hereby appoints CCM to act as an agent on its behalf, to negotiate and execute a Transfer Agency and Service Agreement (the “Master Agreement”) with
a duly registered transfer agent, to negotiate and execute the FAN Services Agreement with DST Systems, Inc., (the “DST Agreement”) and to perform such other services set forth in Exhibit A attached hereto, as amended from time to time
(the “Services”), for and on behalf of Customer upon and subject to the terms and conditions of this Agreement. The Customer also acknowledges and accepts the terms and fees associated with any services agreement (other than the Master
Agreement which requires prior Customer approval) CCM negotiates and executes on behalf of the Customer. CCM hereby accepts the appointment as agent and agrees to perform the Services in accordance with the terms and conditions hereinafter set
forth. Customer acknowledges that CCM is not a registered transfer agent under 17A(c) of the Securities Exchange Act of 1934 and is not acting as a fiduciary or in the capacity of a transfer agent in connection with performing the Services for
Customer. 
 B.        Changes to Exhibit A shall be effective upon CCM, Customer and
the Advisor (collectively, the “Parties”) agreeing in writing to an amended Exhibit A, setting forth the new or revised Services to be provided to Customer by CCM. Such amended Exhibit A shall be signed by an authorized representative of
each of CCM, Customer and the Advisor and appended to this Agreement as Amended Exhibit A. 
 C.        CCM shall undertake the Services pursuant to Customer’s policies and procedures applicable to such Services. The personnel provided by Servicer to perform the Services shall have the
appropriate technical and other skills to enable them to perform their duties hereunder. 

 D.        CCM shall, with the approval of
Customer, determine the levels and priorities for the Services set forth in Exhibit A and CCM shall use due diligence in performing those Services within a reasonable time. Unless the Parties agree otherwise, CCM will utilize the same standard of
care in performing the Services for or on behalf of Customer hereunder as would be reasonable and customary for the industry if such Services were performed for a third-party. CCM shall not be liable for damages, loss of data, delays, errors, claims
or losses by reason of circumstances beyond its reasonable control, except as described herein. 
 E.        In the event an investor, broker-dealer or financial advisor contacts CCM’s customer service division regarding any of the issues set forth in Exhibit B attached hereto, CCM’s
customer service representatives shall refer such investor, broker-dealer or financial advisor to an officer of the Advisor for the resolution of such issue(s). 
 F.        Customer hereby agrees that CCM shall have full discretion to engage subcontractors and third-party service providers to perform, and assist CCM
with the performance of, any and all of its obligations under this Agreement. 
 G.        It is intended that CCM be deemed an independent service provider and that no employment relationship shall be created between Customer on the one hand and CCM or CCM’s employees,
agents or subcontractors on the other hand. 
 H.        Nothing in this Agreement
shall in any way be deemed to restrict the right of CCM to perform services for any other person or entity, and the performance of such services for others will not be deemed to violate or give rise to any duty or obligation to Customer or any
investor not specifically undertaken by CCM hereunder. 
  

	II.	 Responsibilities of Customer 

 A.        Customer agrees to use reasonable efforts to provide CCM (1) advance written notice in the event that there are any administrative changes to Customer’s
governing documents or business practices which changes would have an impact on the Services provided pursuant to this Agreement, including changes to Customer’s dividend reinvestment plan, automatic purchase plan, redemption plan, commissions
and fees (including discounts) paid on sales of shares, share price, investor suitability standards, the states where shares are offered, distribution rates or declaration and payable dates, introduction of new securities offerings, and changes in
business practices pertaining to certification of shares, book entry, electronic delivery of information to stockholders, and (2) prompt notice of Customer’s filing of a Registration Statement with the Securities and Exchange Commission,
and amendments thereto, that affect the Services provided by CCM pursuant to this Agreement. 
 B.        Customer agrees to use reasonably diligent efforts to ensure that Customer abides by all applicable provisions of Customer’s governing instruments, as the same may be amended.

  

	III.	 Pricing 

 A.        Initial Pricing 
 In consideration of Servicer’s
agreement to provide the Services, Customer agrees to pay Servicer according to the fee schedule set forth on Exhibit C, attached hereto, as it may be 

  

 - 2 - 

 
amended from time to time pursuant to Section II. B. of this Agreement. Additionally, Customer agrees to pay any fees due under the DST Agreement, the Master
Agreement and any other agreements for Services as provided in Section I. A. to the extent such additional fees have received prior approval of Customer. 
 B.        Subsequent Pricing 
 On the first
anniversary of the Effective Date of this Agreement and each year thereafter, the fee schedule set forth on Exhibit C shall be subject to review by Customer, CCM and the Advisor and shall be adjusted upon the approval of Customer’s board of
directors, including a majority of its independent directors, CCM and the Advisor. Changes to the fee schedule shall be effective upon such approval in writing and an amendment to Exhibit C shall be attached as Amended Exhibit C to this Agreement.
Notwithstanding the foregoing, each succeeding year following the first anniversary of the Effective Date of this Agreement, the fee schedule shall be adjusted at a minimum to an amount equal to the current fees paid by Customer for the Services
increased by the percentage increase for the twelve-month period of the previous calendar year of the CPI-W (defined below), or, in the event that publication of such index is terminated, any successor or substitute index, appropriately adjusted,
reasonably acceptable to the Parties. As used herein, “CPI-W” shall mean the Consumer Price Index for Urban Wage Earners and Clerical Workers for Boston-Brockton-Nashua, MA-NH-ME-CT, (Base Period: 1982-84 = 100), as published by the United
States Department of Labor, Bureau of Labor Statistics. 
  

	IV.	 Maintenance and Inspection of Records 

 Servicer shall maintain accurate and complete books, accounts and records of its operations necessary for purposes of this Agreement, including those needed to support the amounts of fees set forth on all invoices.
Customer shall have the right to examine the applicable portion of such books, accounts and records at any reasonable time or times for the sole purpose of verifying the payments required to be made by it hereunder. 
  

	V.	 Confidentiality of Records 

 As used herein, “Customer Data” means all information and facts owned by the Customer or collected on behalf of the Customer, including, without limitation, any technical, business or investor information,
in any form, format or medium (including, without limitation, all interrelated, unique data items or records in one or more computer files). Servicer (and its nominees or subcontractors or third-party service providers) shall keep confidential any
Customer Data it receives, maintains, processes or otherwise accesses while providing services and will use such Customer Data solely for performing its obligations under this Agreement. Servicer will not release Customer Data except as may be
required by applicable law or with the consent of Customer. 
 Customer will provide Servicer with such information as
Servicer may reasonably require in order to comply with its duties under this Agreement. Servicer will maintain such reports and records as Customer may reasonably require and for such length of time as set forth by Customer’s record retention
policies. 
  

 - 3 - 

 All records, data files, material, reports and other data received pursuant to this
Agreement are the property of Customer, are confidential and will be delivered upon Customer’s demand to Customer at Customer’s expense. 
 Notwithstanding anything to the contrary in this Agreement, Servicer may disclose this Agreement and any amendments, terminations and renewals thereof to third party due diligence firms and their broker-dealer clients
as Servicer deems appropriate to facilitate the review of Customer’s offerings in connection with the sale thereof or as may be required by applicable laws, rules and regulations. 
  

	VI.	 Limitation of Liability; Indemnification 

  

	 	A.	 Limitation of Liability of CCM 

 1.        CCM shall not be liable to Customer and/or the Advisor for any Losses (as defined in Section VI. B.) or action taken or omitted or for any loss or injury resulting
from its (or its nominees or subcontractors) actions or its (or its nominees’, subcontractors’ or third-party service providers’) performance or lack of performance of their respective duties hereunder in the absence of gross
negligence or willful misconduct on their respective part. In no event shall CCM be liable to Customer, the Advisor, any investor, or any third party (i) for acting in accordance with Customer instructions or instructions from any entity
reasonably believed by CCM to be an agent of Customer; (ii) for special, consequential or punitive damages; (iii) for the acts or omissions of its correspondents, designees, agents, subagents; (iv) any Losses (as defined in Section
VI. B.) due to forces beyond the reasonable control of CCM, including, without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software or hardware) services; or (v) for any violation or alleged violation of any federal securities law or any “blue sky” or state securities law. 
 With respect to any and all Losses howsoever arising from or in connection with this Agreement or the performance of CCM’s (or its
nominees’, subcontractors’ or third-party service providers’) duties hereunder, the enforcement of this Agreement and disputes between the Parties hereto or otherwise related to CCM’s performance hereunder, CCM’s sole
responsibility and aggregate liability to Customer and/or the Advisor shall not exceed the amount of fees paid by Customer to CCM (exclusive of costs and expenses incurred by CCM) pursuant to Section III of this Agreement. 
 2.        Notwithstanding any provisions of this Agreement to the contrary, CCM shall be under
no duty or obligation to inquire into, and shall not be liable for: 
  

	 	i.	 The legality of the issue, sale or transfer of any securities, the sufficiency of the amount to be received in connection therewith, or the authority of Customer
to request such issuance, sale or transfer; 

  

	 	ii.	 The legality of the purchase of any securities, the sufficiency of the amount to be paid in connection therewith, or the authority of Customer to request such
purchase; 

  

 - 4 - 

	 	iii.	 The legality of the declaration of any dividend by Customer, or the legality of the issue of any securities in payment of any stock dividend; or

  

	 	iv.	 The legality of any recapitalization or readjustment of the securities. 

  

	 	B.	 Indemnity 

 1.        Customer shall indemnify CCM (and its nominees or subcontractors) and hold them harmless from and against any and all claims, losses, liabilities, damages or expenses (including
attorneys’ fees and expenses) (collectively referred to herein as “Losses”) howsoever arising from or in connection with this Agreement or the performance of their duties hereunder, the enforcement of this Agreement and disputes
between the Parties hereto or otherwise related to CCM’s performance hereunder, provided, however, that (i) CCM has determined, in good faith, that the course of conduct which caused the Losses was in the best interest of Customer,
(ii) CCM was acting on behalf of or performing the Services for Customer, and (iii) such Losses were not the result of CCM’s (or its nominees or subcontractors) negligence or misconduct. Any indemnification of CCM may be made only out
of the net assets of Customer and not from the stockholders of Customer. 
 2.        Subject to the limitation of liability set forth in Section VI. A. 1. above, CCM shall indemnify Customer and hold it harmless from Losses arising out of or attributed to any action or
failure or omission to act by CCM (and its nominees or subcontractors or third-party service providers) as a result of CCM’s lack of good faith, gross negligence or willful misconduct. 
  

	 	C.	 Third Party Information 

 CCM shall have no responsibility for the accuracy of any information that has been provided by or obtained from third parties. 
  

	 	D.	 Trustee or Fiduciary 

 Nothing contained herein shall cause CCM to be deemed a trustee or fiduciary for or on behalf of Customer, any investor, or any other person. The Services provided by CCM hereunder are in addition to the services
provided by CCM under any other agreement between the Parties. 
  

	 	E.	 Disclosure of Information 

 CCM is authorized to disclose information concerning Customer and investors to its affiliates and to providers of services as may be necessary in connection with the administration of or performance of this Agreement
and to its regulators, its internal and external auditors, accountants and counsel, and to any other person or entity when advised by counsel that it may be liable for a failure to do so. In such event, notice will be given to Customer
simultaneously with such disclosure. 
  

 - 5 - 

	VII.	 Representations and Warranties 

 A.          CCM hereby represents and warrants during the full term of this Agreement, that: 
 1.        It is duly organized and validly existing under the laws of Florida with full power and authority to conduct its business. 
 2.        It has the power and authority to enter into and perform this Agreement; and the
execution and delivery of this Agreement by CCM has been duly and validly authorized by all necessary action. This Agreement constitutes the valid and binding agreement of CCM, enforceable against it in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights generally and by general
equitable principles. CCM is not in violation of its articles of incorporation or bylaws or in default under any agreement or instrument the effect of which violation or default would be material to CCM. None of: (i) the execution and delivery
by CCM of this Agreement; (ii) the consummation by CCM of any of the transactions herein or therein contemplated; and (iii) the compliance by CCM with the provisions hereof or thereof, does or will conflict with or result in a breach of
any term or provision of the articles of incorporation or bylaws of CCM or conflict with, result in a breach, violation or acceleration of, or constitute a default under, the terms of any agreement or instrument to which CCM is a party or by which
it is bound or, to the knowledge of CCM, any statute, order or regulation applicable to CCM of any court, regulatory body, administrative agency or governmental body having jurisdiction over CCM. CCM is not a party to, bound by or in breach or
violation of any agreement or instrument or, to the knowledge of CCM, subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it that
materially and adversely affects, or may in the future materially and adversely affect: (i) the ability of CCM to perform its obligations under this Agreement; or (ii) the business, operations, financial conditions, properties or assets of
CCM. 
 3.        There are no actions or proceedings against, or investigations of,
CCM pending or, to the knowledge of CCM, threatened, before any court, arbitrator, administrative agency or other tribunal: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement; or (iii) that might materially and adversely affect the performance by CCM of its obligations under, or the validity or enforceability of, this Agreement. 
 4.        It will, during the full term of this Agreement, abide by all applicable provisions of
its governing instruments, as the same may be amended. 
 B.          Customer hereby represents and warrants during the full term of this Agreement, that: 
 1.        It is duly organized and validly existing under the laws of Maryland with full power and authority to conduct its business. 
 2.        It has the power and authority to enter into and perform this Agreement; and the
execution and delivery of this Agreement by Customer has been duly and validly authorized by all necessary action. This Agreement constitutes the valid and binding agreement 

  

 - 6 - 

 
of Customer, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights generally and by general equitable principles. Customer is not in violation of its articles
of incorporation or bylaws or in default under any agreement or instrument the effect of which violation or default would be material to Customer. None of: (i) the execution and delivery by Customer of this Agreement; (ii) the consummation
by Customer of any of the transactions herein or therein contemplated; and (iii) the compliance by Customer with the provisions hereof or thereof, does or will conflict with or result in a breach of any term or provision of the articles of
incorporation or bylaws of Customer or conflict with, result in a breach, violation or acceleration of, or constitute a default under, the terms of any agreement or instrument to which Customer is a party or by which it is bound or, to the knowledge
of Customer, any statute, order or regulation applicable to Customer of any court, regulatory body, administrative agency or governmental body having jurisdiction over Customer. Customer is not a party to, bound by or in breach or violation of any
agreement or instrument or, to the knowledge of Customer, subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it that materially and
adversely affects, or may in the future materially and adversely affect: (i) the ability of Customer to perform its obligations under this Agreement; or (ii) the business, operations, financial conditions, properties or assets of Customer.

 3.        There are no actions or proceedings against, or investigations of,
Customer pending or, to the knowledge of Customer, threatened, before any court, arbitrator, administrative agency or other tribunal: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement; or (iii) that might materially and adversely affect the performance by Customer of its obligations under, or the validity or enforceability of, this Agreement. 
 4.        Customer will use its best efforts to prevent it from being classified as an
“investment company” or under the control of an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended. 
 C.          The Advisor hereby represents and warrants during the full term of this Agreement, that: 
 1.        It is duly organized and validly existing under the laws of Delaware with full power
and authority to conduct its business. 
 2.        It has the power and authority
to enter into and perform this Agreement; and the execution and delivery of this Agreement by the Advisor has been duly and validly authorized by all necessary action. This Agreement constitutes the valid and binding agreement of the Advisor,
enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the
enforcement of creditors’ rights generally and by general equitable principles. The Advisor is not in violation of its certificate of formation or operating agreement or in default under any agreement or instrument the effect of which violation
or default would be material to the Advisor. None of: (i) the execution and delivery by the Advisor of this Agreement; (ii) the consummation by the Advisor 

  

 - 7 - 

 
of any of the transactions herein or therein contemplated; and (iii) the compliance by the Advisor with the provisions hereof or thereof, does or will
conflict with or result in a breach of any term or provision of the certificate of formation or operating agreement of the Advisor or conflict with, result in a breach, violation or acceleration of, or constitute a default under, the terms of any
agreement or instrument to which the Advisor is a party or by which it is bound or, to the knowledge of the Advisor, any statute, order or regulation applicable to the Advisor of any court, regulatory body, administrative agency or governmental body
having jurisdiction over the Advisor. The Advisor is not a party to, bound by or in breach or violation of any agreement or instrument or, to the knowledge of the Advisor, subject to or in violation of any statute, order or regulation of any court,
regulatory body, administrative agency or governmental body having jurisdiction over it that materially and adversely affects, or may in the future materially and adversely affect: (i) the ability of the Advisor to perform its obligations under
this Agreement; or (ii) the business, operations, financial conditions, properties or assets of the Advisor. 
 3.        There are no actions or proceedings against, or investigations of, the Advisor pending or, to the knowledge of the Advisor, threatened, before any court, arbitrator, administrative agency or
other tribunal: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement; or (iii) that might materially and adversely affect the performance by
the Advisor of its obligations under, or the validity or enforceability of, this Agreement. 
 4.        It will, during the full term of this Agreement, abide by all applicable provisions of its governing instruments, as the same may be amended. 
  

	VIII.	 Termination 

 A.          The initial term of this Agreement shall be five (5) years commencing on the date hereof unless terminated earlier as follows: 
 1.        By either Servicer, Customer or Advisor, after having given the other parties at least
90 days advance written notice of its intent to terminate, except in the event of a company liquidation which shall require 180 days advance written notice; or 
 2.        In the event that Servicer shall fail to perform material services hereunder and such failure may result in a material adverse effect on
Customer’s business, Customer may terminate this Agreement immediately on written notice to Servicer. 
 B.          In the event that this Agreement is terminated, regardless of the reason for such termination, Servicer agrees to cooperate with Customer to provide for an orderly transfer of
functions to the successor service provider. 
 C.          In the event
that this Agreement is terminated due to a liquidation of either CCM or Customer, partial services and pricing will extend through October of the year following the year in which the liquidation of either party took place. The services performed and
fees assessed between the time of liquidation of either Customer or CCM and that final October date are detailed in Exhibit D. In the event another party becomes a successor in interest to Customer, that party shall pay the Servicer for any services
performed in Exhibit D until the successor in interest has commenced performing the functions described in Exhibit D. 
  

 - 8 - 

	IX.	 Survival of Terms 

 The provisions of the last sentence of Section I. D., and Sections V and VI shall survive any termination of this Agreement. 
  

	X.	 Notices 

 Unless otherwise provided herein, all notices or other communications under this Agreement must be in writing and signed by an authorized officer (or such other persons as a party shall specify in written notice to the other parties).

 All such notices shall be deemed given and received when delivered by hand or facsimile transmission, or placed in the
mails addressed to the other parties, first class registered mail, at the parties’ addresses set forth on the signature page hereof. 
  

	XI.	 No Waiver of Non-Compliance 

 No failure of any party hereto to exercise any power or right granted hereunder or to insist upon strict compliance by a party of any obligation hereunder, and no custom or practice of any party with regard to the
terms of performance hereof, shall constitute a waiver of the rights of such party to demand full and exact compliance with the terms of this Agreement. 
  

	XII.	 Assignment 

 Except for the assignment by CCM (i) to a successor corporation upon the merger or consolidation of CCM, (ii) to an affiliate of CCM, or (iii) upon the sale of all or substantially all of CCM’s business of providing
services similar to the Services, this Agreement shall not be assigned by any party hereto without the prior written consent of the other parties hereto. 
  

	XIII.	 Successors; Governing Law 

 This Agreement shall be binding upon the successors and permitted assigns of the Parties hereto and shall be governed by the laws of the State of Florida. 
  

	XIV.	 Severability 

 In the event any provision of this Agreement shall for any reason be held to be invalid, illegal or unenforceable, the remaining provisions of this Agreement shall be unimpaired and the invalid, illegal or unenforceable provision shall be
replaced by a mutually acceptable provision, which, being valid, legal and enforceable, comes closest to the intention of the Parties. 
  

 - 9 - 

	XV.	 Use of CCM’s Name 

 Customer shall obtain the prior written consent of CCM for any reference to CCM or to services to be furnished by CCM in any communication or document; provided that CCM shall have no responsibility or liability for
the content of any such communication or document. 
  

	XVI.	 Headings 

 The section and paragraph headings contained herein are for convenience and reference only and are not intended to define or limit the scope of any provision of this Agreement. 
  

	XVII.	 Counterparts 

 This Agreement may be signed in multiple counterparts, in which event such counterparts when taken together shall constitute an entire agreement. 
  

	XVIII.	 Amendment; Entire Agreement 

 No modification, amendment, supplement to or waiver of this Agreement or any of its provisions shall be binding upon Servicer, Customer or Advisor unless made in writing and duly signed by authorized officers of each
of Servicer, Customer and Advisor. This Agreement contains the entire understanding between the Parties and all prior or contemporaneous correspondence, conversations or memoranda are merged in, replaced by and without effect on this Agreement.

 Signatures on next page 
  

 - 10 - 

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first
written above. 
  

							
	 CNL Capital Markets Corp.
	 	 CNL Macquarie Global Income Trust, Inc.

		
	 By: /s/ Jeffrey
Shafer                                        
     
	 	By: /s/ Mark D.
Mullen                                        

			
	 Name: Jeffrey Shafer
	 	 Name:
	 	 Mark D. Mullen

			
	 Title: President
	 	 Title:
	 	 Senior Vice President

				
	 Address:
	 	 CNL Center at City Commons
	 	 Address:
	 	 CNL Center at City Commons

		 	 450 South Orange Avenue
	 		 	 450 South Orange Avenue

		 	 Orlando, Florida 32801
	 		 	 Orlando, Florida 32801

			
		 		 	 CNL Macquarie Global Income Advisors, LLC

			
		 		 	By: /s/ Mark D.
Mullen                                        

				
		 		 	 Name:
	 	 Mark D. Mullen

				
		 		 	 Title:
	 	 Senior Vice President

				
		 		 	 Address:
	 	 CNL Center at City Commons

		 		 		 	 450 S. Orange Avenue

		 		 		 	 Orlando, Florida 32801

  

 - 11 - 

 EXHIBIT A 
 The Services Provided by CCM 
  

	—	 	 Answer and resolve all incoming administrative calls from Broker/Dealers and Financial Advisors 

	—	 	 Negotiate and set up Interactive Voice Response strategy & call flows 

	—	 	 Respond to incoming phone calls, e-mails, faxes and mail correspondence relating to administrative services 

	—	 	 Transfer Agent facilitation, liaison & oversight 

	 	¡	 	 Contract, pricing and Service Level Agreement negotiation and oversight of transfer agents, technology vendors, telephone vendors, printers, statement companies,
DTCC, custodians, etc. 

	 	¡	 	 Investor-custodian calls oversight 

	 	¡	 	 Distributions processing oversight 

	 	¡	 	 Commissions processing oversight 

	 	¡	 	 Rescissions processing oversight 

	 	¡	 	 Redemptions processing oversight, if applicable 

	 	¡	 	 Deposits processing oversight 

	 	¡	 	 Ownership transfer and secondary market oversight, if applicable (tracking trends, unusual activity, etc.) 

	 	¡	 	 Tax form generation oversight (printing, mailing, re-prints, electronic availability) 

	 	¡	 	 Vision, FAN Web (websites) and FAN Mail oversight & development (Financial Advisor and Investor transactional websites) 

	 	¡	 	 Statements coordination and oversight (distributions, confirmations, etc.) 

	 	¡	 	 Invoice reconciliation from various vendors (confirming that they are adhering to the contracted pricing and terms) 

	 	¡	 	 Oversight and approval of foreign investors 

	 	¡	 	 New product / subsequent offering set up as it pertains to systems, technologies, forms creation and updates, etc., including communication and/or facilitating
approval of these documents with the transfer agent 

	—	 	 Facilitate, but not undertake, Customer and Advisor oversight of: 

	 	¡	 	 Transfer agent compliance and regulatory issues (SEC, FINRA, OFAC, Privacy Acts, Electronic Transactions Act, NASAA) 

	 	¡	 	 Blue Sky matters (including communication and reporting to prevent blue sky violations) 

	—	 	 Internal & External Client Services Training: training on processes and procedures 

	—	 	 Outbound Research & Problem Resolution Calls (as it pertains to not-in-good-order (NIGO) issues) 

	—	 	 Responding to all escalated issues except the issues that are resolved by the Issuer/Advisor as described on Exhibit B attached hereto (as referred by Boston
Financial Data Services, Inc. (BFDS)) including but not limited to: 

	 	¡	 	 Investor, Broker/Dealer and Financial Advisor phone calls 

	 	¡	 	 New business and maintenance issues and cures 

	 	¡	 	 Lost shareholder / escheatment 

	 	¡	 	 TIN certifications / IRS B & C notices 

	—	 	 Vision and CNL Securities Corp. website log-in’s and trouble-shooting Custodian, Broker/Dealer, and Clearing Firm liaison & services – set up,
problem-resolution, reports, reconciliations, etc. 

	—	 	 Executive Management & Ad-hoc reports 

	—	 	 Investor & Financial Advisor communication generation and consultation 

	—	 	 Systems enhancement / development facilitation and consultation 

	—	 	 Development and maintenance of a data bridge for sales and tax reporting 

	—	 	 Negotiate and continue oversight of custodial accounts and /or escrow arrangements 

	—	 	 Marketing Distribution Center services (remitting materials to Financial Advisors or Conventions including prospectus packets, articles packets and promotional
items) 

	—	 	 Assistance and support of special events (liquidations, listing, etc.) 

 EXHIBIT B 
 Customer Service Escalations to Issuer and Officer of Named Advisor 
  

	•	 	 Redemptions of trusts due to death 

  

	•	 	 Legal requests 

  

	•	 	 Requests for shareholder lists 

  

	•	 	 Redemption requests when forms are received after the deadline 

  

	•	 	 Rescission requests 

  

	•	 	 Foreign investor approvals 

  

	•	 	 Questionable resales 

  

	•	 	 Some transfers requiring legal back up 

  

	•	 	 Redemptions due to disability 

 EXHIBIT C 
 Fee Schedule 
  

	—	 	 Initial charge of $4.57 per investor 

  

	—	 	 Annual charge of $19.20 per investor ($1.60 per month) 

 EXHIBIT D 
 Post-liquidation Services and Pricing 
 Termination: October 31, of the year following the year of the
liquidating event 
 Post-liquidation Event Services 

	 	¡	 	 (Pre and post-merger) Consultation and facilitation of migrating from a directly held investment to liquidation. 

	 	¡	 	 Check void and reissue requests 

	 	¡	 	 ACH issues 

	 	¡	 	 Processing returned mail - investors coded “lost” 

	 	¡	 	 Transfer of Escheatment file 

	 	¡	 	 Incoming paperwork including address changes, or other changes or inquires 

	 	¡	 	 Requests for Date of Death Values letters for occurrences prior to liquidation 

	 	¡	 	 Requests for transfer of asset; resolution of transfer issues 

	 	¡	 	 Requests for balance of shares at the time of the liquidating event 

	 	¡	 	 Requests for duplicate investor purchase and/or distribution statements 

	 	¡	 	 Requests for duplicate financial advisor distribution reports 

	 	¡	 	 Corrections for custodial issues. Required research and updating investor’s accounts. 

	 	¡	 	 Requests for Tax Information – explanation of tax consequences, duplicate 1099’s, tax basis questions/information 

	 	¡	 	 Requests for withholding issues; Tax Identification Number issues, 

	 	¡	 	 Ownership type disputes (impacts tax reporting) 

	 	¡	 	 Providing historical investor data (prior to event) - including ownership, distribution history, tax records, address information, registration, etc.

	 	¡	 	 Consultation regarding website 

	 	¡	 	 Field calls from Financial Advisors to assist investors with post-event questions. 

	 	1.	 Provide historical distribution information for investors. 

	 	2.	 Direct individuals to sources of information. 

	 	3.	 Walk through the transaction and provide information where gaps exist. 

 Pricing 

	 	¡	 	 All pass-though DST Systems, Inc./Boston Financial Data Services pricing will remain on schedule as of the date of the liquidating event through April 30 of
the year following the year of the liquidating event. 

	 	¡	 	 CCM pricing will remain on schedule as of the date of the liquidating event through the first 90 days past said event. 

	 	¡	 	 At 90 days pricing will be reduced to $             per investor (at a negotiated charge)
based on the investor count as of the date of the liquidating event.

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