Document:

Second Amended and Restated Limited Liability

 Exhibit 10.82 

 
  

SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 CHT GCI PARTNERS I, LLC 

THE INTERESTS OF THE MEMBERS ISSUED UNDER THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES
LAWS OF ANY STATE OR THE DISTRICT OF COLUMBIA. NO RESALE OR TRANSFER OF AN INTEREST BY A MEMBER IS PERMITTED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT AND ANY APPLICABLE FEDERAL OR STATE SECURITIES LAWS, AND ANY VIOLATION OF SUCH
PROVISIONS COULD EXPOSE THE SELLING OR TRANSFERRING MEMBER AND THE COMPANY TO LIABILITY. 
  
 Dated as of April 2, 2013 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE 1 DEFINITIONS	  	 	1	  
	 1.1
	  	Definitions	  	 	1	  
	 1.2
	  	General Interpretive Principles.	  	 	15	  
		
	ARTICLE 2 THE COMPANY AND ITS BUSINESS	  	 	16	  
	 2.1
	  	Company Name	  	 	16	  
	 2.2
	  	Term	  	 	16	  
	 2.3
	  	Filing of Certificate and Amendments	  	 	16	  
	 2.4
	  	Business; Scope of Members’ Authority.	  	 	16	  
	 2.5
	  	Principal Office; Registered Agent	  	 	16	  
	 2.6
	  	Authorized Persons	  	 	17	  
	 2.7
	  	Representations by Members	  	 	17	  
	 2.8
	  	Organization Expenses	  	 	17	  
	 2.9
	  	Securities Laws Restrictions	  	 	17	  
		
	ARTICLE 3 MANAGEMENT OF COMPANY BUSINESS	  	 	17	  
	 3.1
	  	Appointment of Managing Member	  	 	17	  
	 3.2
	  	Duties of Managing Member	  	 	18	  
	 3.3
	  	Bank Accounts	  	 	19	  
	 3.4
	  	Reimbursement for Costs and Expenses	  	 	19	  
	 3.5
	  	Major Decisions	  	 	19	  
	 3.6
	  	Facilities Manager	  	 	19	  
	 3.7
	  	Future Development Opportunities	  	 	19	  
		
	ARTICLE 4 RIGHTS AND DUTIES OF MEMBERS	  	 	20	  
	 4.1
	  	Members Shall Not Have Power to Bind Company	  	 	20	  
	 4.2
	  	Other Activities of the Members.	  	 	21	  
	 4.3
	  	Indemnification.	  	 	21	  
	 4.4
	  	Dealing with Members	  	 	22	  
	 4.5
	  	Use of Company Assets	  	 	22	  
	 4.6
	  	Designation of Tax Matters Member	  	 	23	  
	 4.7
	  	OFAC; Not Foreign Person; Not Prohibited Person	  	 	23	  
		
	ARTICLE 5 BOOKS AND RECORDS; REPORTS	  	 	23	  
	 5.1
	  	Books and Records	  	 	23	  
	 5.2
	  	Availability of Books and Records; Return of Books and Records	  	 	24	  
	 5.3
	  	Reports and Statements	  	 	24	  
	 5.4
	  	Accounting Expenses	  	 	25	  
	 5.5
	  	Budgets	  	 	25	  
		
	ARTICLE 6 CAPITAL CONTRIBUTIONS, LOANS AND LIABILITIES	  	 	25	  
	 6.1
	  	Initial Capital Contributions of the Members	  	 	25	  
	 6.2
	  	GCI Excess Equity Amount	  	 	26	  

  
 i 

							
	 6.3
	  	Capital Calls	  	 	26	  
	 6.4
	  	Reimbursements.	  	 	27	  
	 6.5
	  	Remedies for Failure to Fund Capital Contributions.	  	 	27	  
	 6.6
	  	Capital of the Company	  	 	28	  
	 6.7
	  	Limited Liability of Members	  	 	28	  
	 6.8
	  	Refinancing.	  	 	29	  
		
	ARTICLE 7 CAPITAL ACCOUNTS, PROFITS AND LOSSES AND ALLOCATIONS	  	 	29	  
	 7.1
	  	Capital Accounts.	  	 	29	  
	 7.2
	  	General Allocation Rules	  	 	30	  
	 7.3
	  	Special Allocations	  	 	31	  
	 7.4
	  	Income Tax Elections	  	 	34	  
	 7.5
	  	Income Tax Allocations.	  	 	34	  
	 7.6
	  	Transfers During Fiscal Year	  	 	35	  
	 7.7
	  	Election to be Taxed as Association	  	 	35	  
	 7.8
	  	Assignees Treated as Members	  	 	35	  
		
	ARTICLE 8 DISTRIBUTIONS OF NET OPERATING CASH FLOW AND CAPITAL PROCEEDS	  	 	35	  
	 8.1
	  	Distributions of Net Operating Cash Flow	  	 	35	  
	 8.2
	  	Distribution of Capital Proceeds	  	 	36	  
	 8.3
	  	Distribution Calculations	  	 	36	  
	 8.4
	  	Repayment of Member Loans, Reconciliation Amounts and Other Payments.	  	 	37	  
	 8.5
	  	Liquidation	  	 	37	  
	 8.6
	  	GCI Excess Equity Amount	  	 	37	  
		
	ARTICLE 9 DISPOSITION OF INTERESTS	  	 	38	  
	 9.1
	  	Limitations on Assignments of Interests by Members	  	 	38	  
	 9.2
	  	Assignment Binding on Company	  	 	38	  
	 9.3
	  	Substituted Members.	  	 	39	  
	 9.4
	  	Acceptance of Prior Acts	  	 	39	  
	 9.5
	  	Permitted Transfers.	  	 	39	  
		
	 ARTICLE 10 DISSOLUTION OF THE COMPANY; WINDING UP AND DISTRIBUTION OF
ASSETS
	  	 	40	  
	 10.1
	  	Dissolution.	  	 	40	  
	 10.2
	  	Winding Up.	  	 	41	  
	 10.3
	  	Distribution of Assets	  	 	42	  
		
	ARTICLE 11 AMENDMENTS	  	 	42	  
	 11.1
	  	Amendments	  	 	42	  
	 11.2
	  	Additional Members	  	 	42	  
	 11.3
	  	Documentation	  	 	42	  
		
	ARTICLE 12 BUY-SELL; RIGHT OF FIRST OFFER	  	 	42	  
	 12.1
	  	Buy Sell.	  	 	42	  
	 12.2
	  	Right of First Offer.	  	 	43	  

  
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	 12.3
	  	Closing.	  	 	45	  
	 12.4
	  	Release from Guaranties	  	 	46	  
	 12.5
	  	Enforcement	  	 	47	  
	 12.6
	  	Refinancing	  	 	47	  
		
	ARTICLE 13 MISCELLANEOUS	  	 	47	  
	 13.1
	  	Further Assurances	  	 	47	  
	 13.2
	  	Notices.	  	 	47	  
	 13.3
	  	Headings and Captions	  	 	49	  
	 13.4
	  	Variance of Pronouns	  	 	49	  
	 13.5
	  	Counterparts	  	 	49	  
	 13.6
	  	Governing Law; Litigation, Jurisdiction and Waiver of Jury Trial.	  	 	49	  
	 13.7
	  	Arbitration.	  	 	50	  
	 13.8
	  	Partition	  	 	51	  
	 13.9
	  	Invalidity	  	 	52	  
	 13.10
	  	Successors and Assigns	  	 	52	  
	 13.11
	  	Entire Agreement	  	 	52	  
	 13.12
	  	Waivers	  	 	52	  
	 13.13
	  	No Brokers	  	 	52	  
	 13.14
	  	Confidentiality	  	 	52	  
	 13.15
	  	No Third Party Beneficiaries	  	 	53	  
	 13.16
	  	Power of Attorney	  	 	53	  
	 13.17
	  	Invalidity	  	 	53	  
	 13.18
	  	Construction of Documents	  	 	53	  

  

			
	Schedule 1.1	    	List of Facilities
	Schedule 3.5	    	Major Decisions
	Schedule 3.7	    	Future Development Opportunities; Definition of Operating Margin
	Schedule 6.1	    	Initial Capital Contributions; Percentage Interests of the Members
	Exhibit A	    	Annual Budget
	Exhibit B	    	Indemnification and Contribution Agreement

  
 iii

 THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
(this “Agreement”) of CHT GCI PARTNERS I, LLC, a Delaware limited liability company (the “Company”) is entered into effective as of April 2, 2013 (the “Amendment Date”), by and among CHT
WINDSOR MANOR AL HOLDING, LLC, a Delaware limited liability company (“CHP”), and GCI DEVELOPMENT, LLC, an Iowa limited liability company (“GCI”). 

RECITALS 
 WHEREAS, the Company was formed by GCI, as the sole member, pursuant to a Limited Liability Company Agreement dated as of July 25, 2012, as amended by an Amended and Restated Limited Liability
Agreement effective as of August 31, 2012 between CHP and GCI (together, the “Original Agreement”) by filing a Certificate of Formation with the Secretary of State of the State of Delaware on July 25, 2012. 

WHEREAS, pursuant to, and as set forth in, the Transfer Agreement (as hereinafter defined), (i) CHP has acquired
seventy-five percent (75%) of the limited liability company interests in the Company, (ii) the Company has acquired certain assets of the Facilities listed on Schedule 1.1 of this Agreement as of August 31, 2012 (the
“Initial Closing Date”) and (iii) the Company has acquired certain assets of the Facilities listed on Schedule 1.1 of this Agreement as of the Amendment Date. 

WHEREAS, the parties desire to enter into this Agreement to amend and restate the Original Agreement to (i) reflect,
among other things, the acquisition of certain assets of the Facilities acquired as of the Amendment Date, (ii) set forth and agree upon their respective rights, duties and responsibilities with respect to the management and affairs of the
Company, and (iii) to memorialize certain other agreements between them with respect to the Company and their interests therein. 
 NOW, THEREFORE, in order to carry out their intent as expressed above and in consideration of the mutual agreements hereinafter contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby amend and restate the Original Agreement in its entirety as follows: 
 ARTICLE 1 
 DEFINITIONS 

1.1     Definitions. As used in this Agreement, the following terms shall have the meanings
set forth below, which meanings shall be applicable equally to the singular and plural of the terms defined: 

“AAA” shall have the meaning set forth in Section 13.7(a). 

“Acceptance Notice” shall have the meaning set forth in Section 12.2(a). 

“Act” shall mean the Delaware Limited Liability Company Act (6 Del. C. §18-101 et seq.), as
amended from time to time. 

  
 1 

 “Adjusted Basis” shall mean the basis for determining gain
or loss for federal income tax purposes from the sale or other disposition of property, as defined in Section 1011 of the Code. 
 “Adjusted Capital Account Deficit” shall mean, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the relevant Fiscal Year,
after giving effect to the following adjustments: 
 (a)      Credit to such
Capital Account any amounts which such Member is obligated to restore or is deemed to be obligated to restore pursuant to Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(b)      Debit to such Capital Account the items described in Sections
1.704-1(b)(2)(ii)(d)(4) (reasonably expected adjustments for depletion allowances), 1.704-1(b)(2)(ii)(d)(5) (certain other reasonably expected allocations of loss or deduction), and 1.704-1(b)(2)(ii)(d)(6) (reasonably expected distributions) of the
Regulations. 
 The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the
provisions of Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 
 “Affiliate” means a Person, which controls, is controlled by, or is under common control with another Person. For the purposes of this definition, “control” means the power to
direct the management and policies of a Person, directly or indirectly, whether through the ownership of voting securities or other beneficial interest, by contract or otherwise; and the terms “controlling” and “controlled” have
the meanings correlative to the foregoing. A Person shall not be deemed to be under common “control” with another Person solely based on the fact that one or more Person(s) serve as a director of both Persons. 

“Affiliate Guaranties” or “Affiliate Guaranty” means a customary indemnity or carve-out
guaranty, (or guaranties) or similar limited recourse undertakings (that may spring into full recourse in certain limited carve-out events) made by CHP Guarantor and/or GCI Guarantor for the benefit of a Lender relating to a Refinancing (including,
without limitation, with respect to each Facility (a) a recourse liabilities guaranty made by CHP Guarantor and GCI Guarantor for the benefit of the Lender, dated as of the date hereof; and (b) an environmental and/or ERISA indemnity
agreement, as applicable, made by CHP Guarantor, GCI Guarantor and the applicable Facility Entity and Operating Lessee for the benefit of Lender, dated as of the date hereof) or under any future refinancing approved by all the Members pursuant to
Section 3.5 of this Agreement. 
 “Agreement” shall mean this Amended and Restated
Limited Liability Company Agreement of the Company, as it may hereafter be amended or modified from time to time. 
 “Annual Budget” shall have the meaning set forth in the Management Agreement/ or means the budget with respect to the Facilities approved by the Members as of the Effective Date and each
year thereafter in accordance with Section 5.5. 
 “Appointed Arbitrator” shall have the
meaning set forth in Section 13.7(b). 

  
 2 

 “Arbitration Notice” shall have the meaning set forth in
Section 13.7(b). 
 “Arbitration Proceeding” shall have the meaning set forth in
Section 13.7(a). 
 “Assignee” shall mean a Person to whom an Interest has been
transferred in accordance with this Agreement and who has not been admitted as a Member. 

“Bankruptcy” shall mean, with respect to the affected party, (a) the entry of an order for relief
under the Bankruptcy Code, (b) the admission by such party of its inability to pay its debts as they mature, (c) the making by it of an assignment for the benefit of creditors, (d) the filing by it of a petition in bankruptcy or a
petition for relief under the Bankruptcy Code or any other applicable federal or state bankruptcy or insolvency statute or any similar law, (e) the application by such party for the appointment of a receiver for the assets of such party,
(f) the filing of an involuntary Bankruptcy petition against it that is not dismissed for 60 or more days, or (g) the imposition of a judicial or statutory lien on all or a substantial part of its assets. With respect to a Member, this
definition of Bankruptcy supersedes the definition of Bankruptcy set forth in Sections 18-101(1) and 18-304 of the Act. 
 “Bankruptcy Code” shall mean Title 11 of the United States Code, as amended from time to time. 
 “Business Day” shall mean any day other than (a) a Saturday or Sunday and (b) a day on which federally insured depositary institutions in the State of New York are authorized or
obligated by law, governmental decree or executive order to be closed. 
 “Buy-Sell Notice”
shall have the meaning set forth in Section 12.1(a). 
 “Buy-Sell Price” shall have the
meaning set forth in Section 12.1(a). 
 “Capital Account” when used in respect of any
Member shall mean the Capital Account maintained for such Member in accordance with Section 7.1, as said Capital Account may be increased or decreased from time to time pursuant to the terms of Section 7.1. 

“Capital Call” shall mean any written notice given to the Members pursuant to Article 6, in accordance
with the requirements of Section 13.2, requesting a Capital Contribution that is required to be made by the Members pursuant to said Article 6. 
 “Capital Contribution” when used with respect to any Member, shall mean (i) the initial Capital Contribution of such Member as set forth on Schedule 6.1 attached hereto, and
(ii) any additional capital contributed to the Company by such Member (and, for clarification, shall not include any consideration paid by a Member to another Member for its Interest). 

“Capital Proceeds” shall mean funds of the Company arising from a Capital Transaction, net of the
actual costs incurred by the Company with third parties in consummating the Capital Transaction. 

“Capital Transaction” shall mean any of the following: (a) a sale, exchange, transfer, assignment
or other disposition of all or a portion of a direct or indirect interest (i.e., 

  
 3 

 
equity in a Subsidiary) in any Company Asset other than (i) tangible personal property that is not sold or transferred in connection with the sale or transfer of real property or (ii) a
leasehold interest in real property that is otherwise sold or transferred in the ordinary course of business; (b) any condemnation or deeding in lieu of condemnation of all or a portion of any Company Asset used for restoration of the Facility;
(c) any financing or refinancing of any Company Asset; (d) the receipt of proceeds due to any fire or other casualty to any Company Asset; and (e) any other transaction involving a Company Asset, the proceeds of which, in accordance
with GAAP, are considered to be capital in nature. For purposes of distributions under Section 8.2, net proceeds from a Capital Transaction shall only include those distributions to be made to the Members under this Agreement after any third
party payments relating to the Capital Transaction have been made. 
 “Carrying Value” shall
mean, with respect to any asset, the Adjusted Basis of the asset, except as follows: 

(a)      the initial Carrying Value of an asset contributed by a Member to the Company
shall be the gross fair market value of the asset, as determined and agreed upon by the Members at the time the asset is contributed; 
 (b)      The Carrying Values of the Company’s assets shall be adjusted to equal their respective gross fair market values, as determined by the Managing Member as of the
following times: (i) the acquisition of an additional interest in the Company by any new or existing Assignee or Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member or an
Assignee of more than a de minimis amount of property as consideration for all or part of a Member’s Interest or an Assignee’s economic rights; and (iii) the liquidation of the Company within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); but adjustments pursuant to clauses (i) and (ii) above shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic
interests of the Members in the Company; 
 (c)      The Carrying Value of an
asset of the Company distributed to a Member shall be adjusted to equal the gross fair market value of the asset on the date of distribution as determined by the Managing Member; and 

(d)      The Carrying Values of the Company’s assets shall be increased (or
decreased) to reflect any adjustments to the Adjusted Basis of those assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that those adjustments are taken into account in determining Capital Accounts pursuant to
Regulations Section 1.704-l(b)(2)(iv)(m); but the Carrying Values shall not be adjusted pursuant to this clause (d) to the extent the Managing Member determines that an adjustment pursuant to clause (b) above is necessary or
appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (d). 
 If the Carrying Value of an asset is determined or adjusted pursuant to clauses (a), (b) or (d), such Carrying Value shall thereafter be adjusted by the Depreciation taken into account with respect
to the asset for purposes of computing Profit and Loss. 

  
 4 

 “Certificate of Formation” shall mean the Certificate of
Formation of the Company filed with the Secretary of State of the State of Delaware on July 25, 2012, as the same may hereafter be amended and/or restated from time to time. 

“CHP” shall have the meaning set forth in the preamble of this Agreement, and shall include any of its
assignees or transferees to the extent permitted in this Agreement, but only so long as any such Person continues in its capacity as a Member in the Company. 
 “CHP Guarantor” shall mean CHP REIT or another Affiliate of CHP acceptable to the Lender. 
 “CHP Operating Partnership” means CHP Partners, LP, a Delaware limited partnership. 
 “CHP Person” shall mean CHP or an Affiliate of CHP. 
 “CHP Recourse Claim” shall mean a Claim made under an Affiliate Guaranty to the extent resulting from gross negligence, willful misconduct or fraud of CHP or any Affiliate of CHP.

 “CHP REIT” shall mean CNL Healthcare Properties, Inc., a Maryland corporation. 

“Claim” shall mean any claim or demand for payment made by a Lender to a CHP Guarantor or GCI Guarantor
under any of the Affiliate Guaranties. 
 “Closing Date” shall have the meaning set forth in
Section 12.3(a). 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time
to time, or any corresponding provision(s) of succeeding law. 
 “Company” shall have the
meaning set forth in the preamble of this Agreement. 
 “Company Assets” shall mean all right,
title and interest of the Company in and to all or any portion of the assets of the Company and any property acquired in exchange therefor or in connection therewith. 

“Company Minimum Gain” shall have the same meaning as the term “partnership minimum gain” set
forth in Sections 1.704-2(b)(2) and 1.704-2(d) of the Regulations. 
 “Company Year” shall
mean a twelve (12) month period starting on the first day of the month immediately following the month in which the Effective Date occurs or each anniversary thereof and ending on the day immediately preceding the following twelve
(12) month period. 
 “Confidential Information” shall have the meaning set forth in
Section 13.14. 
 “Contributing Member” shall have the meaning set forth in
Section 6.5. 

  
 5 

 “Costs” shall have the meaning set forth in
Section 4.3(a). 
 “CPI” shall have the meaning set forth for such term in a Management
Agreement. 
 “Depreciation” shall mean, for each Fiscal Year, an amount equal to the
depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such Fiscal Year, except that if the Carrying Value of an asset differs from its Adjusted Basis at the beginning of the Fiscal Year, Depreciation
shall be an amount which bears the same ratio to the beginning Carrying Value as the federal income tax depreciation, amortization or other cost recovery deduction for the Fiscal Year bears to such beginning Adjusted Basis; but if the Adjusted Basis
of an asset at the beginning of a Fiscal Year is zero, Depreciation shall be determined with reference to the beginning Carrying Value using any reasonable method selected by the Tax Matters Member. 

“Effective Date” shall mean (i) the Initial Closing Date with respect to the Company’s
Facilities listed as the Pool One Closing (as defined in the Transfer Agreement) and (ii) the Amendment Date with respect to the Company’s Facilities listed as the Pool Two Closing (as defined in the Transfer Agreement). 

“11% Cumulative Return” means, (i) for CHP, as of any date, the amount, if any, that would be
required to be distributed on such date so that the aggregate distributions to CHP pursuant to Section 8.1(a), Section 8.1(c), Section 8.2(a) and Section 8.2(c) provide a cumulative, annually compounded return of 11% per
annum on CHP’s Capital Contributions to the Company, and (ii) for GCI, as of any date, the amount, if any, that would be required to be distributed on such date so that the aggregate distributions to GCI pursuant to Section 8.1(b),
Section 8.1(c), Section 8.2(b) and Section 8.2(c) provide a cumulative, annually compounded return of 11% per annum on GCI’s Capital Contributions to the Company. Such amount will be calculated on the basis of the actual
number of days elapsed from and including the date on which each Capital Contribution is accepted by the Company to and including the dates that distributions constituting a return of such Capital Contributions were made. 

“EO13224” shall have the meaning set forth in Section 4.7. 

“Facilities” shall mean, collectively, the assisted living facilities listed on Schedule 1.1

 “Facility” shall mean each assisted living facility listed on Schedule 1.1 and shall
include all real property, including, without limitation, the Improvements and related personal property comprising each such Facility and owned by a Facility Entity. 

“Facility Documents” shall mean, with respect to a particular Facility, (a) a Management
Agreement, (b) the Manager Pooling Agreement, (c) an Operating Lease and (d) all other agreements relating to the Facility. 
 “Facility Entities” shall mean, collectively, every Subsidiary which owns a fee interests in a Facility. 

  
 6 

 “Facility Entity” shall mean each Subsidiary which owns
the fee interest in a Facility, including, without limitation, any Subsidiary formed by the Company pursuant to this Agreement or the Transfer Agreement for the purpose of acquiring, owning, developing, financing, constructing, operating and/or
selling a Facility. 
 “Facility Manager” shall mean Provision Living, LLC, a Missouri limited
liability company, or any successor manager under a Management Agreement. 
 “FFE Reserve”
shall have the meaning set forth in the Management Agreements. 
 “Financing” shall mean
(i) the new mortgage indebtedness secured by the Pool One Closing (as defined in the Transfer Agreement) Facilities issued on or about the Initial Closing Date, as evidenced by the Loan Agreement and certain additional loan documents made by
the respective Facility Entities and Operating Lessees of the Facilities with respect to such financing as of the Initial Closing Date, and (ii) the existing mortgage indebtedness secured by the Pool Two Closing Facilities (as defined in the
Transfer Agreement) assumed on or about the Amendment Date, as evidenced by the Loan Assumption Agreement and certain additional loan documents made by the respective Facility Entities and Operating Lessees of the Facilities with respect to such
financing as of the Amendment Date. The Financing is sometimes referred to herein as the “Refinancing.” 
 “Fiscal Year” shall mean the fiscal year of this Company, which shall be the calendar year; provided that the first Fiscal Year of the Term shall commence on the Effective Date and shall
end on the last day of the calendar year in which the Effective Date occurs and the last Fiscal Year of the Term shall end on the last day of the Term and shall commence on the first day of the calendar year in which such last day occurs.

 “GAAP” shall mean generally accepted accounting principles in the United States of America.

 “GCI” shall have the meaning set forth in the preamble of this Agreement, and shall include
any of its assignees or transferees to the extent permitted in this Agreement, but only so long as any such Person continues in its capacity as a Member in the Company. 

“GCI Contributed Assets” shall mean certain assets of the Facilities contributed by GCI to the Company
pursuant to, and as set forth in, the Transfer Agreement. 
 “GCI Additional Excess Equity
Amount” shall mean the amount by which the value of the GCI Contributed Assets as set forth in Schedule R-H of the Transfer Agreement with respect to the Company’s Facilities less any closing prorations and less GCI’s 25% of
Shared Expenses (as defined in the Transfer Agreement) for the Pool Two Closing (as defined in the Transfer Agreement) exceeds GCI’s Capital Account credit set forth in Section 6.1(d). 

“GCI Initial Excess Equity Amount” shall mean the amount by which the value of the GCI Contributed
Assets as set forth in Schedule R-H of the Transfer Agreement, less any closing prorations and less GCI’s 25% of Shared Expenses (as defined in the Transfer Agreement) for the Pool One Closing (as defined in the Transfer Agreement) exceeds
GCI’s Capital Account credit as set forth in Section 6.1(b). 

  
 7 

 “GCI Guarantor” shall mean Green Companies or another
Affiliate of GCI acceptable to the Lender. 
 “GCI Person” shall mean GCI or an Affiliate of
GCI. 
 “GCI Recourse Claim” shall mean a Claim made under an Affiliate Guaranty to the extent
resulting from the gross negligence, willful misconduct or fraud of a GCI Guarantor or any Affiliate of a GCI Guarantor. 
 “Green Companies” shall mean Green Companies, Inc., an Iowa corporation. 
 “HUD” shall mean the Federal Housing Administration, an organizational unit of the United States Department of Housing and Urban Development. 

“Improvements” shall mean all structures and buildings located on the Properties. 

“Independent Accountant” shall mean an accounting firm jointly agreed upon by the Members. The Members
hereby acknowledge that they shall give preference to one of the following accounting firms as the Independent Accountant: Ernst & Young, PricewaterhouseCoopers, KPMG, or Deloitte Touche. 

“Indemnified Person” shall have the meaning set forth in Section 4.3(a). 

“Initial Arbitrator” shall have the meaning set forth in Section 13.7(b). 

“Interest” shall mean the entire limited liability company interest of a Member in the Company at any
particular time, including, without limitation, the right of such Member to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the obligations of such Member to comply with all the terms and
provisions of this Agreement. For purposes of clarity, the Interest of CHP shall include CHP’s rights and obligations as Managing Member hereunder. 
 “Internal Rate of Return” shall mean, the internal rate of return calculated by using a “XIRR” function using exact dates for all contributions and disbursements made by or to
the Members. Any payments received from a Non-Contributing Member to repay a Member Loan shall not be included in the internal rate of return calculation. 
 “IRS” shall mean the Internal Revenue Service and any successor agency or entity thereto. 
 “Lender” shall mean (i) with respect to the Pool One Closing Facilities, KeyBank, National Association, a national banking association, or the lender under any future refinancing,
and (ii) with respect to the Pool Two Closing Facilities, Wells Fargo bank, National Association, a national banking association, as insured by HUD, or the lender under any future refinancing. 

“Lien” shall mean any mortgage, deed of trust, deed to secure debt, lien (statutory or other), pledge,
hypothecation, assignment, preference, priority, security interest, or any other encumbrance or charge on or affecting real or personal property, or any portion thereof, or any 

  
 8 

 
interest therein (including, without limitation, any conditional sale or other title retention agreement, any sale-leaseback, any financing lease having a similar economic effect to any of the
foregoing, the filing of any financing statement or other similar instrument under the UCC or any comparable law of any jurisdiction, domestic or foreign, and mechanics’, materialmen’s and any other similar lien or encumbrance).

 “Liquidity Event” means any merger, reorganization, business combination, share exchange,
acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the equity shares of a Member in one or more related transactions, or other similar transaction involving a Member pursuant to which
Member’s stockholders receive for their equity shares, as full or partial consideration, cash, listed or non-listed equity securities or combination thereof, or a sale of all or substantially all of the assets of a Member. 

“Loan Agreement” shall mean that certain loan agreement, dated as of the Initial Closing Date, among
the applicable Facility Entities, the applicable Operating Lessees and the applicable Lender, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Loan Assumption Agreement” shall mean, collectively, those certain Assignments and Assumptions of Loan
Documents, each dated as of the Amendment Date, between the applicable Facility Entities and the applicable Lender, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Loan Documents” shall mean the documents evidencing a Financing, and any future refinancing thereof.

 “Major Decisions” shall have the meaning set forth in Section 3.5. 

“Management Agreement” shall mean with respect to each Facility, a Management Services Agreement among
the Facility Manager and the applicable Operating Lessee, each such Management Agreement having been executed or to be executed in connection with the management of a Facility, as it may hereafter be amended or modified from time to time.

 “Manager Pooling Agreement” shall mean that certain Pooling Agreement by and among all of
the Operating Lessees and the Facility Manager for the pooled management of the Facilities, dated as of the Effective Date, as it may hereafter be amended or modified from time to time. 

“Managing Member” shall mean CHP. 

“Mandatory Capital Contribution” shall have the meaning set forth in Section 6.3. 

“Material Contract” shall mean any contract, lease, license or other agreement pursuant to which
either: (a) the Company is obligated to pay or expend more than $50,000 in any Fiscal Year or (b) a Member or an Affiliate of a Member is a party. 

  
 9 

 “Member” shall mean each of CHP (in its capacity as
Managing Member and otherwise) and GCI, and any Substituted Member who is admitted as a member of the Company after the Initial Closing Date. 
 “Member Loan” shall have the meaning set forth in Section 6.5. 
 “Member Loan Rate” shall mean five percent (5%) per annum, compounded annually. 
 “Member Minimum Gain” shall mean the amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated
as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

“Member Nonrecourse Debt” shall have the same meaning as the term “partner nonrecourse debt”
set forth in Regulations Section 1.704-2(b)(4). 
 “Member Nonrecourse Deductions” shall
have the same meaning as “partner nonrecourse deductions” set forth in Regulations Section 1.704-2(i)(1) and (2). The amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt for a Fiscal Year equals the
excess, if any, of the net increase, if any, in the amount of Member Minimum Gain attributable to such Member Nonrecourse Debt during that Fiscal Year over the aggregate amount of any distributions during that Fiscal Year to the Member that bears
the economic risk of loss for such Member Nonrecourse Debt to the extent such distributions are from the proceeds of such Member Nonrecourse Debt and are allocable to an increase in Member Minimum Gain attributable to such Member Nonrecourse Debt,
determined according to the provisions of Regulations Section 1.704-2(i)(2). 
 “Net Operating
Cash Flow” for any month or Fiscal Year, shall mean the excess, if any, of (a) the sum of (i) the amount of all cash receipts of the Company during such month or Fiscal Year from whatever source plus (ii) any working
capital or any reserves in the form of cash of the Company existing at the start of such month or Fiscal Year less (b) the sum of (i) all cash amounts paid or payable (without duplication) in that period on account of any expense
incurred in connection with the Company’s business plus (ii) any cash reserves the Managing Member determines may be required for the working capital, capital expenditures and future needs of the Company or any Facility Entity. Net
Operating Cash Flow shall exclude Capital Proceeds. 
 “Non-Contributing Member” shall have
the meaning set forth in Section 6.5. 
 “Non-Discretionary Items” shall mean
(i) real estate taxes, (ii) insurance premiums, (iii) regular payments of debt service and any reserve amounts due under the Refinancing or any future refinancing thereof (but excluding the principal amount of such indebtedness at the
maturity date of such Refinancing, as the same may be accelerated), (iv) amounts necessary to pay judgments or liens against (a) the Company, (b) any of the Company Assets, (c) any of the Subsidiaries or (d) any
Subsidiary’s assets (including, without limitation, the Properties), and which, in each case, have been finally adjudicated, (v) any amounts required to be withheld pursuant to Section 1446 of the Code (or similar provisions of state
or local law), 

  
 10 

 
(vi) amounts currently due and payable, or to become due and payable within thirty (30) days, under any leases, service contracts or other agreements or contractual obligations (to the
extent not entered into in violation of this Agreement) to which the Company or any of the Subsidiaries is a party or obligor, whether or not the same are categorized for accounting purposes as ordinary operating expenses or capital improvements,
and (vii) other amounts that are required to be paid in the event of an emergency. 
 “Nonrecourse
Deductions” shall have the meaning set forth in Regulations Section 1.704-2(b)(1). The amount of Nonrecourse Deductions for a Fiscal Year equals the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain
during that Fiscal Year over the aggregate amount of any distributions during that Fiscal Year of proceeds of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined according to the provisions of
Section 1.704-2(c) of the Regulations. 
 “Nonrecourse Liability” shall have the meaning
set forth in Sections 1.704-2(b)(3) and 1.752-1(a)(2) of the Regulations. 
 “Non-Transferor
Member” shall have the meaning set forth in Section 12.2(a). 
 “Objection
Notice” shall have the meaning set forth in Section 13.7(b). 
 “OFAC”
shall have the meaning set forth in Section 4.7. 
 “Offer Amount” shall have the meaning
set forth in Section 12.1(a). 
 “Offeree” shall have the meaning set forth in
Section 12.1(a). 
 “Offeror” shall have the meaning set forth in Section 12.1(a).

 “Operating Lease” shall mean, with respect to each Facility, that certain Lease Agreement
by and between a Facility Entity and an Operating Lessee. 
 “Operating Lessee” shall mean
each of the following Subsidiaries of the Company: Vinton IA Assisted Living Tenant, LLC; Webster City IA Assisted Living Tenant, LLC; Nevada IA Assisted Living Tenant, LLC; Grinnell IA Assisted Living Tenant, LLC; and Indianola IA Assisted Living
Tenant, LLC. 
 “Operating Lessees” shall mean Vinton IA Assisted Living Tenant, LLC; Webster
City IA Assisted Living Tenant, LLC; Nevada IA Assisted Living Tenant, LLC; Grinnell IA Assisted Living Tenant, LLC; and Indianola IA Assisted Living Tenant, LLC, collectively. 

“Organizational Document” shall mean, with respect to any Person: (a) in the case of a
corporation, such Person’s certificate of incorporation and by-laws, and any shareholder agreement, voting trust or similar arrangement applicable to any of such Person’s authorized shares of capital stock; (b) in the case of a
partnership, such Person’s certificate of limited partnership, partnership agreement, voting trusts, statement of qualification or similar arrangements applicable to any of its partnership interests; (c) in the case of a limited liability
company, such Person’s certificate of formation or articles of organization, limited liability 

  
 11 

 
company operating agreement or other document affecting the rights of holders of limited liability company interests; or (d) in the case of any other legal entity, such Person’s
organizational documents and all other documents affecting the rights of holders of equity interests in such Person. 
 “Partially Adjusted Capital Account” shall mean, with respect to any Member for any Fiscal Year, the Capital Account balance of such Member at the beginning of such period, adjusted as
set forth in the definition of Capital Account for all contributions and distributions during such period and all special allocations pursuant to Section 7.3 with respect to such period but before giving effect to any allocation with respect to
such period pursuant to Section 7.2. 
 “Percentage Interest” shall mean, with respect to
any Member, the percentage interest listed for each Member in Schedule 6.1, as the same may be adjusted pursuant to the terms of this Agreement. 
 “Person” shall mean any individual, partnership, corporation, limited liability company, trust or other legal entity. 

“Prohibited Person” shall have the meaning set forth in Section 4.7. 

“Profits and Losses” shall mean, for each Fiscal Year or other period, an amount equal to the
Company’s taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a)
      Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses shall be added to such taxable income or loss; 

(b)       Any expenditures of the Company described in Code Section 705(a)(2)(B) or
treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable income or loss; 

(c)       In the event the Carrying Value of any Company Asset is adjusted pursuant to
subparagraph (b) or subparagraph (c) of the definition of Carrying Value herein, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Profits or Losses;

 (d)       Gain or loss resulting from any disposition of a Company Asset with
respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Carrying Value of the asset disposed of, notwithstanding that the adjusted tax basis of such asset differs from its Carrying Value;

 (e)       In lieu of the depreciation, amortization and other cost recovery
deductions taken into account in computing such taxable income or loss, there shall be taken into 

  
 12 

 
account Depreciation for such Fiscal Year or other period, computed in accordance with the terms of this Agreement; and 

(f)       Notwithstanding any other provision of this Agreement, any items which are
specially allocated pursuant to Section 7.3 shall not be taken into account in computing Profits or Losses. In addition, any items which are specially allocated pursuant to Sections 7.2(a) or 7.2(b) shall not be taken into account in computing
Profits and Losses for purposes of Section 7.2(c). 
 “Property” shall mean the real
property owned by any Facility Entity and upon which a Facility has been constructed. 
 “Proposed
Budget” shall have the meaning set forth in Section 5.5. 
 “Purchaser” shall
have the meaning set forth in Section 12.3(a). 
 “Regulations” shall mean the permanent
and temporary regulations, and all amendments, modifications and supplements thereof, from time to time promulgated by the Department of the Treasury under the Code. 

“Rejection Notice” shall have the meaning set forth in Section 12.2(a). 

“Reply Notice” shall have the meaning set forth in Section 12.1(b). 

“Resident Agreement Documents” means the resident agreements with respect to the residents of the
Facilities approved by the Members as of the Effective Date. 
 “ROFO Amount” shall have the
meaning set forth in Section 12.2(a). 
 “ROFO Closing Date” shall have the meaning set
forth in Section 12.3(a). 
 “ROFO Recipient” shall have the meaning set forth in
Section 12.3(a). 
 “Secondary Arbitrator” shall have the meaning set forth in
Section 13.7(b). 
 “Secondary Objection Notice” shall have the meaning set forth in
Section 13.7(b). 
 “Seller” shall have the meaning set forth in Section 12.3(a).

 “Selling Amount” shall have the meaning set forth in Section 12.1(a). 

“Subsidiary” shall mean any entity in which the Company holds any ownership interests, whether directly
or indirectly through one or more Persons. 
 “Substituted Member” shall mean any Person
admitted to the Company as a Member pursuant to the provisions of Section 9.3. 
 “Target Capital
Account” shall mean, with respect to any Member for any Fiscal Year or other period, an amount (which may be either a positive or negative balance) equal to (a)

  
 13 

 
the hypothetical distribution (if any) such Member would receive if all Company Assets, including cash, were sold for cash equal to their Carrying Values (taking into account any adjustments to
Carrying Values for such period), all Company liabilities were satisfied in cash according to their terms (limited, with respect to each Nonrecourse Liability of the Company, to the Carrying Values of the assets securing such liability), and the net
proceeds of such sale to the Company (after satisfaction of said liabilities) were distributed in full pursuant to Section 10.3 on the last day of such period, minus (b) the sum of (i) such Member’s share of Company Minimum Gain
and Member Minimum Gain immediately prior to such deemed sale, plus (ii) the amount, if any, which such Member is obligated to contribute to the capital of the Company pursuant to the terms of this Agreement as of the last day of such period
(but only to the extent such capital contribution obligation has not been taken into account in determining such Member’s share of Member Minimum Gain). 
 “Tax Matters Member” shall mean the Managing Member. 
 “Term” shall have the meaning set forth in Section 2.2. 
 “Third Party Costs and Expenses” shall mean, with respect to each Claim made against a GCI Guarantor or a CHP Guarantor, as applicable, the reasonable third party costs and expenses
actually incurred by a GCI Guarantor or a CHP Guarantor, as applicable, in connection with such Claim, including, without limitation, reasonable costs and expenses (including legal fees and expenses) of settlement discussions, litigation,
arbitration, mediation or other proceedings relating to the Claim. 
 “Total Capital
Contribution” shall mean, with respect to any Member, the Initial Capital Contributions and all additional Capital Contributions made by such Member. 
 “Transfer” shall mean, with respect to a specified interest, any transfer, sale, pledge, hypothecation, encumbrance, assignment or other disposition of any sort, voluntary or involuntary,
whether by operation of law or otherwise, of all or any portion of such interest, or any agreement or arrangement to do any of the foregoing. 
 “Transfer Agreement” means that certain Transfer Agreement dated as of August 31, 2012 between GCI and CHP Operating Partnership, as the same may be amended. 

“Transfer Expenses” mean any customary transaction expenses in connection with a sale of the
Facilities, including, without limitation, brokerage commissions, transfer taxes, loan prepayment fees and other costs, to the extent the same are saved in the proposed Transfer between the Members; such expenses to be reasonably determined by an
independent accountant of the Company in a manner consistent with then customary market practices for properties similar to the Facilities and to be allocated equitably among the Members in accordance with their Percentage Interests. 

“Transfer Notice” shall have the meaning set forth in Section 12.2(a). 

“Transfer Price” shall have the meaning set forth in Section 12.2(a). 

“Transfer Price Notice” shall have the meaning set forth in Section 12.2(a). 

  
 14 

 “Transferor Member” shall have the meaning set forth in
Section 12.2(a). 
 “UCC” shall mean the Uniform Commercial Code as in effect in the
State of Delaware, as amended from time to time, or any corresponding provision(s) of succeeding law. 

“Venue” shall have the meaning set forth in Section 13.7(a). 

1.2       General Interpretive Principles. 

(a)       All references to sections, schedules and exhibits are to sections, schedules
and exhibits in or to this Agreement unless otherwise specified. 
 (b)
      Unless otherwise specified, the words hereof, herein and hereunder and words of similar import will refer to this Agreement as a whole and not to any particular provision of this Agreement. 

(c)       If the context requires, the use of any gender will also refer to any other
gender, and the use of either number will also refer to the other number. The word including is not exclusive; if exclusion is intended, the word comprising is used instead. The word or will be construed to mean and/or unless the context clearly
prohibits that construction. 
 (d)       All terms that are defined by the UCC
have the same meanings assigned to them by the UCC, unless (and to the extent) they are varied by this Agreement. 
 (e)       All accounting terms not specifically defined have the meanings determined by reference to GAAP. 

(f)       Unless the context prevents this construction, a reference to a Facility will be
construed to refer to all or any portion of the Facility. 
 (g)      The term
mortgage shall mean a mortgage, deed of trust, deed to secure debt or similar instrument, as applicable, and mortgagee means the secured party under a mortgage. 

(h)       The term deemed means conclusively presumed. The absence of a conclusive
presumption does not mean that a particular circumstance does not exist or that a particular condition is not satisfied; it just means that there is no conclusive presumption. 

(i)       The term presumed means presumed subject to rebuttal and the burden of proof is
on the Person seeking to rebut the fact presumed. 
 (j)       All yields and
interest rates will be calculated on a the basis of a 360-day year. 

(k)      Any consent required by a Member that is described in this Agreement as not to be
unreasonably withheld shall mean that such consent shall not be unreasonably withheld, conditioned or delayed. 

  
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 ARTICLE 2 
 THE COMPANY AND ITS BUSINESS 

2.1       Company Name.   The business of the Company shall be conducted
under the name of “CHT GCI PARTNERS I, LLC” in the State of Delaware and under such name or such assumed names as the Managing Member deems necessary or appropriate to comply with the requirements of any other jurisdiction in which the
Company may be required to qualify. 
 2.2       Term.   The term
of the Company shall have commenced on the date of the filing of the Certificate of Formation with the State of Delaware and shall continue in full force and effect until it is dissolved and its affairs wound up in accordance with the terms of this
Agreement and the applicable provisions of the Act. (“Term”). 

2.3       Filing of Certificate and Amendments.   The Certificate of
Formation was filed with the Secretary of State of the State of Delaware. The Managing Member hereby agrees to cause the execution and filing of any required amendments to the Certificate of Formation and shall do all other acts requisite for the
constitution of the Company as a limited liability company pursuant to the laws of the State of Delaware or any other applicable law. 
 2.4       Business; Scope of Members’ Authority. 
  (a)       The Company is formed for the purpose of (i) directly or through Subsidiaries, engaging in the acquisition, ownership, development, financing,
construction, management and sale of senior living facilities and/or assisted living facilities throughout the United States, and (ii) transacting any and all lawful business that is incident, necessary or appropriate to accomplish the
foregoing. 
  (b)       Except as otherwise expressly and specifically
provided in this Agreement, no Member shall have the authority to bind, to act for, or to assume any obligation or responsibility on behalf of, the Company or any other Member. Neither the Company nor any Member shall, by virtue of executing this
Agreement, be responsible or liable for any indebtedness or obligation of any other Member incurred or arising either before or after the Effective Date of this Agreement, except, as to the Company, as to those joint responsibilities, liabilities,
indebtedness, or obligations expressly assumed by the Company as of the Effective Date or incurred after the Effective Date pursuant to and as limited by the terms of this Agreement. 

2.5       Principal Office; Registered Agent.   The principal office of
the Company shall initially be at the offices of CHP at c/o CNL Healthcare Properties, Inc., 450 South Orange Avenue, Orlando, Florida 32801 or such other place as the Members may from time to time determine. The registered agent and the registered
address, respectively, of the Company shall be National Registered Agents, Inc. at c/o National Registered Agents, Inc., 160 Greentree Drive, Suite 101, Dover, Delaware 19904. The Managing Member may elect to change the Company’s registered
agent and the Company’s registered and principal offices by complying with the relevant requirements of the Act. 

  
 16 

 2.6       Authorized
Persons.   The Person who executed, delivered and filed the Certificate of Formation with the Office of the Delaware Secretary of State is an authorized person within the meaning of the Act, and upon the filing of the Certificate of
Formation with the Office of the Delaware Secretary of State, his or her powers as an authorized person ceased. The Managing Member is hereby designated as an “authorized person” within the meaning of the Act. Any one of such authorized
persons is hereby authorized to execute, deliver and file any other certificates or documents (and any amendments and/or restatements thereof) on behalf of the Company. The existence of the Company as a separate legal entity shall continue until
cancellation of the Certificate of Formation as provided in the Act. 
 2.7      
Representations by Members.   Each Member represents, warrants, covenants and acknowledges that (a) it is a corporation, limited liability company or limited partnership duly organized or formed and is in good standing in the
jurisdiction in which it has been organized or formed, (b) it has the power and authority to authorize the execution, delivery and performance of this Agreement, (c) it has been duly authorized and is otherwise duly qualified to purchase
and hold its Interest and to execute and deliver this Agreement and all other instruments executed and delivered on behalf of it in connection with the acquisition of its Interest, (d) the person or persons executing and delivering this
Agreement on behalf of a Member are duly authorized to do so, (e) the consummation of such transactions will not result in a breach or violation of, or a default under, its charter or bylaws, if such Member is a corporation, or its certificate
of limited partnership or its partnership agreement, if such Member is a partnership, or its operating agreement if such Member is a limited liability company, or any existing agreement by which it or any of its assets are bound, and (f) this
Agreement is a valid and binding agreement on the part of such Member enforceable in accordance with its terms against such Member, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of
general application affecting the rights and remedies of creditors and general principles of equity. 

2.8       Organization Expenses.   Each Member shall bear the costs of its
own legal counsel and other professional advisors in connection with the negotiation of this Agreement. All out-of-pocket expenses that have been incurred by or on behalf of the Company by a CHP Person or a GCI Person on or prior to the Effective
Date shall be expenses of the Company; provided, that, the Members acknowledge that certain expenses incurred prior to the Effective Date shall be governed in accordance with the Transfer Agreement. 

2.9       Securities Laws Restrictions.   The Interests have not been
registered under the Securities Act of 1933, as amended, or under the securities laws of the State of Delaware or any other jurisdiction. Consequently, the Interests may not be sold, Transferred, assigned, pledged, hypothecated or otherwise disposed
of, except in accordance with the provisions of such laws and this Agreement. 
 ARTICLE 3 

MANAGEMENT OF COMPANY BUSINESS 
  

3.1       Appointment of Managing Member.   CHP will be the initial
Managing Member of the Company with the rights and responsibilities set forth in this Agreement. The rights of the 

  
 17 

 
Managing Member may not be assigned to any other Person whether voluntarily or by operation of law. The duties of the Managing Member may not be delegated to any other Person whether voluntarily
or by operation of law. Nothing in the preceding sentence is intended to prohibit or restrict the Managing Member from engaging a CHP Person, a GCI Person, facility managers, accountants, lawyers and other professional and independent service
providers for the purpose of performing services for the Company. 
 3.2      
Duties of Managing Member.   Subject to obtaining the unanimous consent of the Members to all Major Decisions as set forth in Section 3.5, the Managing Member will have the authority and the duty to manage the Company
and implement the purposes of the Company in accordance with the terms of this Agreement acting in a prompt and businesslike manner, and exercising such care and skill as a prudent owner with sophistication and experience in owning, operating and
managing facilities similar to the Facilities would exercise in dealing with its own facility. The Managing Member will devote such time to the Company and its business as is reasonably necessary to conduct the operations of the Company and to carry
out the Managing Member’s responsibilities. Subject to Section 3.5, the Managing Member shall have the following rights and authority to act on behalf of the Company: 

(a)       To execute any contracts on behalf of the Company. 

(b)       To form Subsidiaries, including, without limitation, the Facility Entities and
Operating Lessees. 
 (c)       To collect revenues generated by the Company and
to pay all expenses of the Company as permitted under this Agreement. 
 (d)
      To establish, maintain and draw upon checking, savings and other accounts in the name of the Company as provided in Section 3.3. 

(e)       To make any tax elections to be made by the Company. 

(f)       To use a trade name in the operation of the Company. 

(g)       To enter into, or cause its Subsidiaries to enter into, all Facility Documents.

 (h)       To take all actions reasonably necessary to cause the Facility
Manager to maintain in full force and effect all licenses, permits, approvals and insurance required for the construction, operation and maintenance of the Facilities. 

(i)       To take all other actions reasonably necessary to implement the purposes of the
Company. 
 (j)       To do any and all of the foregoing upon such terms and
conditions as the Managing Member in its reasonable discretion determines to be necessary, desirable or appropriate. 

  
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 The Managing Member may delegate any of the above responsibilities and
obligations to any other Member of the Company upon reasonable advance notice, provided that such Member agrees to such delegation. 
 3.3       Bank Accounts.   The Company will maintain separate bank accounts in such banks as the Managing Member may designate exclusively for the deposit
and disbursement of the funds of the Company. All funds of the Company shall be promptly deposited in such accounts. The Managing Member from time to time shall authorize signatories for such accounts. 

3.4       Reimbursement for Costs and Expenses.   Subject to the terms of
the Annual Budget, the Managing Member will fix the amounts, if any, which the Company will reimburse each Member for any costs and expenses incurred by such Member on behalf and for the benefit of the Company; provided, however, that except as
otherwise provided herein or in any separately-executed agreement relating to the business and operation of the Company, no overhead or general administrative expenses of any Person other than the Company itself shall be allocated to the operation
of the Company. The Managing Member in its capacity as Managing Member and not in its capacity as a Member shall not be entitled to any fee or compensation for performing its duties and obligations under this Agreement. 

3.5       Major Decisions.   All of the actions listed on Schedule
3.5 (“Major Decisions”), shall require the written approval of all Members, which approval shall be in the sole discretion of each Member. If a dispute or deadlock arises with respect to a Major Decision, the Members shall
attempt to resolve such dispute during a sixty (60) day meet, confer and cooling off period (the “Cooling Off Period”), upon the expiration of which without resolution the Members shall submit the Major Decision to arbitration
in accordance with the provisions of Section 13.7. Either party may initiate arbitration. Any Member may propose a Major Decision by sending written notice in accordance with Section 13.2 together with sufficient information to enable the
receiving Member to consider the terms of the Major Decision being proposed requesting the approval of such Major Decision; if a Member fails to respond to such request after five (5) Business Days from receipt of the notice (or such longer
time as expressly provided for in the notice), the proposing Member shall send another written notice (designated as “Second Notice”) to the other Member and if such Member fails to respond to such second request after five
(5) Business Days from receipt of the notice (or such longer time as expressly provided for in the notice), such Member will be deemed to have approved the Major Decision set forth in such notice. If CHP approves, or is deemed to approve, a
Major Decision proposed by GCI pursuant to this Section 3.5, CHP, in its capacity as Managing Member, shall be obligated to carry out the action that constitutes such Major Decision. 

3.6       Facilities Manager.   The Company will engage Provision Living,
LLC as the Facility Manager of the Facilities, pursuant to Management Agreements approved by the Members. The Facility Manager shall at all times be an “eligible independent contractor” as such term is defined in the Code. At such time, if
any, as Provision Living, LLC does not qualify as an “eligible independent contractor” within the meaning of the Code, the Members shall engage a new Facility Manager. 

3.7       Future Development Opportunities.   The Members intend to cause
the Company to develop and own additional assisted living facilities (“Windsor Manor Communities”). So 

  
 19 

 
long as the Facility Manager is in good standing with no uncured defaults under the Management Agreements, the Company will use commercially reasonable efforts to engage Provision Living, LLC as
the Facility Manager of these future Windsor Manor Communities after the Company acquires the properties. The Company shall also be obligated to use the services of HR Green Company, Inc. at its then current standard billing rates for any design,
engineering, architectural or related professional services needed for the Windsor Manor Communities or for any renovations, remodeling or expansion of any existing Facility; provided, however, that such rates shall be consistent with market rates
for the applicable area and all agreements contain commercially reasonable terms. The purchase price for any future Windsor Manor Communities shall include, but not be limited to, the cost of time (at standard billing rates) and materials of land
acquisition, design, and construction, plus a twelve percent (12%) research and development fee to be paid to GCI and shall be memorialized in a separate agreement approved by the Members prior to commencement of land acquisition activities for
a future Windsor Manor Community. GCI shall be responsible for the research and study related to the establishment of future Windsor Manor Communities. The decision to proceed with the development of any future Windsor Manor Community shall be made
jointly by both CHP and GCI. CHP and GCI each agree that neither the Company, GCI, CHP nor their Affiliates shall have any obligation to develop and own additional properties in the future, including without limitation, future Windsor Manor
Communities. However, if both CHP and GCI agree that the Company will develop a new Windsor Manor Community, then GCI will be able to rely on a written commitment from the Company that the Company will purchase the subject property upon achieving
eighty percent (80%) occupancy and twenty five percent (25.0%) operating margin, as defined in Schedule 3.7, for one month. Notwithstanding anything contained herein to the contrary, it is agreed that GCI shall have no obligation to
develop Windsor Manor Communities exclusively for the Company and shall be free to develop, build and operate other Windsor Manor Communities or other assisted living facilities for any other party without having any obligation to offer such
opportunities to the Company or CHP for development or purchase. 
 ARTICLE 4 

RIGHTS AND DUTIES OF MEMBERS 
 4.1       Members Shall Not Have Power to Bind Company.   Except as set forth in Section 3.2 in its capacity as Managing Member (if applicable), no
Member, acting solely in its capacity as a Member, shall transact business for the Company nor shall any Member, acting solely in its capacity as a Member, have the power or authority to sign, act for or bind the Company. 

  
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 4.2       Other Activities of the
Members. 
  (a)       Each of the Members acknowledges that the Members
will continue to pursue their separate business opportunities outside of the Company and the Facilities. Each Member is free to pursue all such activities and may engage in or possess an interest in any other business venture or ventures of any
nature and description and in any vicinity whatsoever, independently or with others, including, without limitation, the ownership, development, financing, leasing, operation, management, syndication, brokerage, subdivision or sale of real property,
senior living facilities and related services, and/or assisted living services and related services, and neither the Company nor any other Member shall have any rights in and to such independent ventures or to income or profits derived therefrom.

  (b)       Each Member may engage or invest in any other activity or
venture or possess any interest therein independently or with others. None of the Members, the Company or any other Person employed by, related to or in any way affiliated with any Member or the Company shall have any duty or obligation to disclose
or offer to the Company or the other Members, or obtain for the benefit of the Company or the other Members, any other activity or venture or interest not made with respect to the Company or any Facility. None of the Company, the Members, the
creditors of the Company or any other Person having any interest in the Company shall have any claim, right or cause of action against any Member or any other Person employed by, related to or in any way affiliated with, any Member (i) by
reason of any direct or indirect investment or other participation, whether active or passive, in any such activity or venture or interest therein, or (ii) any right to any such activity or venture or interest therein or the income or profits
derived therefrom. 
 4.3       Indemnification. 

 (a)       In the event that the Members (including the Managing Member), or any of
their direct or indirect partners, directors, officers, stockholders, members, employees, incorporators, agents, affiliates or controlling Persons (an “Indemnified Person”), become involved, in any capacity, in any threatened,
pending or completed action, proceeding or investigation, in connection with any matter arising out of or relating to the Company’s business or affairs, the Company will periodically reimburse such Indemnified Person for its reasonable legal
and other expenses (including, without limitation, the cost of any investigation and preparation) incurred in connection therewith, provided that such Indemnified Person shall promptly repay to the Company the amount of any such reimbursed expenses
paid to it if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by the Company in connection with such action, proceeding or investigation as provided in the exception contained in the next succeeding
sentence. To the fullest extent permitted by law, the Company also will defend, indemnify and hold harmless an Indemnified Person against any losses, claims, damages, liabilities, obligations, penalties, actions, judgments, suits, proceedings,
costs, expenses and disbursements of any kind or nature whatsoever, including, without limitation, reasonable attorney’s fees and costs (collectively, “Costs”) to which such an Indemnified Person may become subject in
connection with any matter arising out of or in connection with the Company’s business or affairs, except to the extent that any such Costs result solely from the gross negligence, fraud, or willful misconduct of such Indemnified Person. If for
any reason (other than the gross negligence, fraud, or willful misconduct of such Indemnified 

  
 21 

 
Person) the foregoing indemnification is unavailable to such Indemnified Person, or insufficient to hold it harmless, then the Company shall contribute to the amount paid or payable by such
Indemnified Person as a result of such Costs in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand and such Indemnified Person on the other hand but also the relative fault of the
Company and such Indemnified Person, as well as any relevant equitable considerations. The reimbursement, indemnity and contribution obligations of the Company under this Section 4.3 shall be in addition to any liability which the Company may
otherwise have to any Indemnified Person and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Company and any Indemnified Person. The reimbursement, indemnity and contribution
obligations of the Company under this Section 4.3 shall be limited to the Company Assets, and no Member shall have any personal liability on account thereof. The foregoing provisions shall survive any termination of this Agreement. 

(b)      To the fullest extent permitted by law, each Member shall defend and indemnify
the Company and the other Members against, and shall hold it and them harmless from, any Costs as and when incurred by the Company or the other Members in connection with or resulting from such indemnifying Member’s gross negligence, fraud, or
willful misconduct. 
 (c)      In addition to and not in limitation of any other
indemnification obligations set forth in this Agreement, each Member shall indemnify the other with respect to: (i) any representations and warranties made in the Loan Documents by a Member thereunder which are made based upon the knowledge of
such Member thereunder; or (ii) any absolute representations and warranties made in the Loan Documents by a Member thereunder of which such Member has knowledge to be incorrect and, in each of the foregoing, (i) and (ii), that (A) are
untrue but not known to the indemnified Member at the closing of the Refinancing to be untrue, (B) cannot be cured within the cure period allowed in the Loan Documents with commercially reasonable efforts, and (C) result in an event of
default or other liability to the Member being indemnified. As used in this Section 4.3(c), the term “knowledge” and “known” shall mean, (x) with respect to GCI, the current, actual (not constructive, imputed or
implied) knowledge, after due inquiry, of Steven R. Heyer, Michelle Byard, Mike Daniel and Scott L. Smith, and (y) with respect to CHP, the current, actual (not constructive, imputed or implied) knowledge, after due inquiry, of Stephen H.
Mauldin and Joseph T. Johnson. 
 4.4      Dealing with
Members.  Subject to compliance with Section 3.5, the fact that a Member, an Affiliate of a Member, or any officer, director, employee, member, partner, consultant or agent of a Member or an Affiliate, is directly or indirectly
interested in or connected with any Person employed by the Company to render or perform a service, or from or to whom the Company may buy or sell any property or have other business dealings, shall not prohibit a Member from employing such Person or
from dealing with him or it on customary terms and at competitive rates of compensation, and neither the Company, nor any of the other Members shall have any right in or to any income or profits derived therefrom by reason of this Agreement.

 4.5      Use of Company Assets.  No Member shall make use of
the Company Assets or any other funds or property of the Company, or assign its rights to specific Company property, other than for the business or benefit of the Company. 

  
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 4.6      Designation of Tax Matters
Member.  The Tax Matters Member shall act as the “tax matters member” of the Company as provided in the regulations pursuant to Section 6231 of the Code. Each Member hereby approves of such designation and agrees to
execute, certify, acknowledge, deliver, swear to, file and record at the appropriate public offices such documents as may be deemed necessary or appropriate to evidence such approval. To the extent and in the manner provided by applicable Code
sections and regulations thereunder, the Tax Matters Member (a) shall furnish the name, address, profits interest and taxpayer identification number of each Member to the IRS and each Member shall provide such information to the Tax Matters
Member upon request and (b) shall inform each Member of administrative or judicial proceedings for the adjustment of Company items required to be taken into account by a Member for income tax purposes. Each Member hereby reserves all rights
under applicable law, including, without limitation, the right to retain independent counsel of its choice at its expense (which counsel shall receive the full cooperation of the Tax Matters Member). 

4.7      OFAC; Not Foreign Person; Not Prohibited Person.  No Member is a
“foreign person” within the meaning of Section 1445(f)(3) of the Code. Each Member represents and warrants that it is not or will not be an entity or person (a) that is listed in the Annex to, or is otherwise subject to the
provisions of Executive Order 13224 issued on September 24, 2001 (“EO13224”), (b) whose name appears on the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) most current
list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including, without limitation, the OFAC website, http:www.treas.gov/ofac/t11sdn.pdf), (c) who commits,
threatens to commit or supports “terrorism”, as that term is defined in EO13224, or (d) who is otherwise affiliated with any entity or person listed above (any and all parties or persons described in clauses [a] – [c] above are
referred to as a “Prohibited Person”). Each Member represents, warrants and covenants that it will not (e) knowingly conduct any business, nor engage in any transaction or dealing, with any Prohibited Person, including, without
limitation, knowingly making or receiving any contribution of funds, goods, or services, to or for the benefit of a Prohibited Person in violation of applicable laws, or knowingly selling or otherwise Transferring an interest in itself to any
Prohibited Person or (f) knowingly engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in EO13224. The Members agree to
deliver (from time to time) to the Managing Member any such certification or other evidence as may be reasonably requested by the Managing Member, confirming that (g) no Member is a Prohibited Person and (h) no Member has knowingly engaged
in any business, transaction or dealings with a Prohibited Person, including, without limitation, knowingly making or receiving any contribution of funds, goods, or services, to or for the benefit of a Prohibited Person in violation of applicable
laws. 
 ARTICLE 5 
 BOOKS AND RECORDS; REPORTS 

5.1      Books and Records.  At all times during the continuance of the
Company, the Managing Member, or such other Member as the Managing Member designates in accordance with the last sentence of Section 3.2, shall (a) keep or cause to be kept true and complete books and records, including corporate and
governance documents, of the Company and its Subsidiaries in which shall be entered each transaction of the Company and its Subsidiaries and 

  
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(b) maintain and keep in good order the Organizational Documents of the Company and its Subsidiaries and monitor corporate housekeeping issues relating to the Company and its Subsidiaries. Such
books and records shall be kept on the basis of the Fiscal Year in accordance with the accrual method of accounting, and shall reflect all transactions of the Company in accordance with GAAP. 

5.2      Availability of Books and Records; Return of Books and
Records.  All of the books and records referred to in Section 4.1 (which shall include an executed copy of this Agreement, the Certificate of Formation, and any amendments thereto) shall at all times be maintained at the principal
office of the Company or such other location as the Managing Member shall reasonably approve (which other location, upon such approval, shall be communicated to all of the Members), and shall be open to the inspection and examination of the Members
or their representatives during reasonable business hours upon reasonable prior notice to the Managing Member. 

5.3      Reports and Statements.  Subject to the terms of
Section 3.5, the Managing Member, or such other Member as the Managing Member designates in accordance with the last sentence of Section 3.2, shall be responsible for determining the need for independent accountants, selecting the
Company’s independent accountants, if any, and for preparing or overseeing the Company’s independent accountants in the preparation of all federal, state and local tax returns required to be filed. The Managing Member shall, or, in the
Managing Member’s sole discretion, such other Member as the Managing Member designates, shall cause the accountants to deliver to the Members completed IRS Schedules K-1 promptly upon receipt from the independent accountants. Each Member shall
notify the other Members upon receipt of any notice of tax examination of the Company by federal, state or local authorities. The Managing Member shall, or in the Managing Member’s sole discretion, such other Member as the Managing Member
designates shall deliver to the Company: (a) not later than the fifteenth (15th) day of each month monthly consolidated balance sheets and income statements for the Company prepared in accordance with GAAP; (b) not later than the
fifteenth (15th) day of each month, trial balances for the preceding month and year-to-date for: (i) the Company and each Subsidiary; (ii) each “Taxable REIT Subsidiary” (as defined by the Code) owned by the Company
or any Subsidiary, (iii) each entity owned by any “Taxable REIT Subsidiary” that is owned by the Company or any Subsidiary, and (iv) each of the Facility Entities owned by the Company or any Subsidiary; (c) not later than
fifteen (15) days after the end of each quarter, information (including detailed depreciation and basis information) in a format reasonably requested by CHP to be used by CHP, or a consultant engaged by CHP, to compute the earnings and profits
of the Company; (d) not later than sixty (60) days after the end of each Company Year, annual consolidated balance sheets and income statements for the Company prepared in accordance with GAAP; (e) not later than March 20th following the end of each Company Year, annual audited consolidated
financial statements for the Company prepared in accordance with GAAP, provided, however, that the Managing Member (or such other Member as the Managing Member designates) shall use its best efforts to deliver such annual audited consolidated
financial statements by March 15th following the end
of each Company Year; and (f) all documentation and calculations necessary for the Company’s independent accountants to prepare the Company’s federal tax return and K-1’s on or before June 30th of each year. In addition to, and not in limitation of the
foregoing, the Managing Member shall, or in the Managing Member’s sole discretion, such other Member as the Managing Member designates shall have 

  
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the responsibility to monitor and manage the Company’s debt compliance, cash management functions and annual independent audit. The Managing Member shall be responsible for determining,
pursuant to and as required under Section 3.1(a) of each Operating Lease, whether any Excess Rent (as defined in each Operating Lease) shall be deemed not to accrue or otherwise be payable as rent under any Operating Lease, which determination
shall be subject to the approval of the other Members. 
 5.4      Accounting
Expenses.  All out-of-pocket expenses payable to Persons that are retained in accordance with the terms of this Agreement in connection with the keeping of the books and records of the Company and the preparation of audited or
unaudited financial statements and federal, state and local tax and information returns required to implement the provisions of this Agreement or required by any governmental authority with jurisdiction over the Company shall be borne by the Company
as an ordinary expense of its business; provided, however, that any financial or other reporting or responsibility required of the Company because a Member is an Affiliate of a public company shall be borne by such Member. 

5.5      Budgets.  Attached hereto as Exhibit A is the Annual
Budget for the current fiscal year. In each subsequent fiscal year, the Managing Member shall deliver to the other Members promptly upon receipt from the Facility Manager, a draft annual operations budget for the next fiscal year for each Facility
(the “Proposed Budgets”). The Proposed Budget shall be considered by the Members and a final annual operations budget shall be approved based on the Proposed Budget which shall become an Annual Budget in accordance with the
requirements of the Management Agreement for such Facility. If there is a delay in the finalization of a new Annual Budget, or if the Proposed Budget is not approved as aforesaid, the Company shall require the Facility Manager to operate the
Facility pursuant to the Annual Budget for the prior fiscal year for the Facility adjusted by any increase in the CPI from the prior calendar year. The Managing Member shall use commercially reasonable efforts to adhere to the Annual Budgets, it is
understood, however, that the Annual Budgets are only projections by the Managing Member of estimated results and that various circumstances such as, but not limited to, the cost of labor, material, services and supplies, casualty, operation of law,
or economic and market conditions may make achievement of the Annual Budgets impracticable or not obtainable. 
 ARTICLE 6

 CAPITAL CONTRIBUTIONS, LOANS 
 AND LIABILITIES 

6.1      Initial Capital Contributions of the Members.  The initial
Capital Contributions of the Members are set forth on Schedule 6.1 attached to this Agreement, made as follows: 
 (a)      CHP has contributed as of the Initial Closing Date Four Million Nine Hundred Forty-Nine Thousand Four Hundred Twenty-Three and 25/100 Dollars ($4,949,423.25) in cash
to the Company, of which the Company has used (i) Four Million Four Hundred Four Hundred Forty-Eight Thousand Seven Hundred Fourteen and 71/100 Dollars ($4,432,707.52) to make a distribution to GCI (the “GCI Initial Excess Equity
Amount,” (ii) a portion of, together with certain proceeds from the Financing, to repay the mortgage financing that encumbered the Facilities immediately prior to the Financing, and (iii) a portion of to pay for other closing
costs; 

  
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 (b)      GCI has contributed as of the
Initial Closing Date the GCI Contributed Assets to the Company as set forth in Schedule R-H of the Transfer Agreement for the Pool One Closing (as defined in the Transfer Agreement) located in Iowa for which GCI shall receive a Capital Account
credit of One Million Six Hundred Forty-Nine Thousand Eight Hundred Seven and 75/100 Dollars ($1,649,807.75); 

(c)      CHP has contributed as of the Amendment Date Four Million Eight Hundred
Fifty-Seven Thousand Nine Hundred Eighty-Five and 35/100 Dollars ($4,857,985.35) in cash to the Company, of which the Company has used (i) Three Million Nine Hundred Eight-Eight Thousand Seven Hundred Forty-Four and 01/100 Dollars
($3,988,744.01) to make a distribution to GCI (the “GCI Additional Excess Equity Amount”), and (ii) a portion of to pay for other closing costs; and 

(d)      GCI has contributed as of the Amendment Date the GCI Contributed Assets to the
Company as set forth in Schedule R-H of the Transfer Agreement for the Pool Two Closing (as defined in the Transfer Agreement) for which GCI shall receive a Capital Account credit of One Million Six Hundred Nineteen Thousand Three Hundred
Twenty-Eight and 55/100 Dollars ($1,619,328.55). 
 6.2      GCI Excess Equity
Amount. The GCI Initial Excess Equity Amount shall be distributed by the Company to GCI on the Initial Closing Date. The GCI Additional Excess Equity Amount shall be distributed by the Company to GCI on the Amendment Date. The GCI Initial Excess
Equity Amount and the GCI Additional Excess Equity Amount may be referred to collectively as the “GCI Excess Equity Amount”. 
 6.3      Capital Calls. Any Member may, at any time or times, request all Members to make a Capital Contribution upon the giving of a Capital Call, and all Members
hereby agree to make additional Capital Contributions to the Company for the purpose of curing an event of default or a default which with the passage of time will ripen into an event of default or will give rise to the exercise of a remedy by a
Lender under the Refinancing or any future refinancing approved by all the Members pursuant to Section 3.5 of this Agreement (other than the repayment of the principal amount of the Refinancing or any future refinancing approved by all
the Members pursuant to Section 3.5 of this Agreement at the maturity of the Refinancing or any future refinancing approved by all the Members pursuant to Section 3.5 of this Agreement, as the same may be accelerated), or for
the purpose of funding Non-Discretionary Items (such Capital Contributions, the “Mandatory Capital Contributions”). All additional Capital Contributions other than the Mandatory Capital Contributions shall be a Major Decision
subject to the mutual agreement of the Members in accordance with Section 3.5 hereof. Upon a Capital Call, provided such Capital Call is with respect to a Mandatory Capital Contribution or an additional Capital Contribution agreed upon
by the Members in accordance with Section 3.5, each Member shall contribute as a Capital Contribution such Member’s pro rata portion of the aggregate amount specified in the Capital Call based on such Member’s Percentage
Interest set forth on Schedule 6.1 hereto, other than payments for costs and expenses to be paid by a Member pursuant to Section 4.3(b). The Capital Calls shall be given no less than ten (10) Business Days in advance of the date the
Capital Contribution specified in such Capital Call is to be made. The Members acknowledge and agree that funds from Capital Contributions will be distributed to the Facility Entities and Operating Lessees for the purposes set forth in this
Section 6.3. 

  
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 6.4      Reimbursements. 

(a)      Except as provided in Sections 6.4(b) below, the Company shall reimburse each GCI
Guarantor and CHP Guarantor, as applicable, for (i) all amounts paid by a GCI Guarantor or CHP Guarantor in respect of a Claim made by a Lender under an Affiliate Guaranty and (ii) Third Party Costs and Expenses incurred by a GCI Guarantor
or CHP Guarantor in respect of the Claim. The Company shall make such reimbursement from time to time, within fifteen (15) days after receipt of a demand from a GCI Guarantor or CHP Guarantor, as applicable, together with reasonable
documentation substantiating the amount of the request. The Managing Member shall notify the Members of the amount of funds required to pay the demand from the GCI Guarantor or CHP Guarantor, as applicable, and shall provide the Members with
reasonable documentation substantiating the amount of the request, and each Member’s required contribution amount. The Members shall fund the amount called for within ten (10) Business Days after notice is given. 

(b)      The Company shall have no reimbursement obligation with respect to a GCI Recourse
Claim or CHP Recourse Claim. 
 (c)      Notwithstanding the foregoing,
(a) CHP shall reimburse each GCI Guarantor for one hundred percent (100%) of (i) all amounts paid by a GCI Guarantor in respect of a CHP Recourse Claim made by a Lender under an Affiliate Guaranty and (ii) Third Party Costs and
Expenses incurred by a GCI Guarantor in respect of a CHP Recourse Claim and (b) GCI shall reimburse each CHP Guarantor for one hundred percent (100%) of (i) all amounts paid by a CHP Guarantor in respect of a GCI Recourse Claim made
by a Lender under an Affiliate Guaranty and (ii) Third Party Costs and Expenses incurred by a CHP Guarantor in respect of a GCI Recourse Claim. CHP and GCI shall make such reimbursement from time to time, within ten (10) Business Days
after demand from the GCI Guarantor or CHP Guarantor, as applicable, together with reasonable documentation substantiating the amount of the request. 
 6.5      Remedies for Failure to Fund Capital Contributions. 
 (a)      If any Member shall fail to timely make a Capital Contribution required pursuant to Section 6.3 in the amount and within the time period specified in the
Capital Call notice (such Member is hereinafter referred to as a “Non-Contributing Member”), the Managing Member shall give written notice in accordance with the requirements of Section 13.2 of such failure to all other Members
and any other Member or Members may fund all or part of such Capital Contribution on behalf of such Non-Contributing Member (each such funding Member is hereinafter referred to as a “Contributing Member”). Any amounts funded by a
Contributing Member on behalf of a Non-Contributing Member shall be made directly to the Company but shall be treated as (a) a recourse demand loan made by the Contributing Member to the Non-Contributing Member (the “Member
Loan”), bearing interest at the lower of (i) the rate of return to which the Contributing Member is entitled pursuant to Section 8.1 at the time such Member Loan is made, plus the Member Loan Rate, and (ii) the maximum rate
permitted by applicable law, followed by (b) a capital contribution by such Non-Contributing Member to the Company. If and to the extent permitted under the terms of the Loan Documents, the Member Loan will be secured by a UCC security interest
in the Non-Contributing Member’s Interest (which the Non-Contributing Member hereby grants) and any transferee of the Non-Contributing Member’s 

  
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Interest will take that Interest subject to the lien. In addition, the lien of such UCC security interest shall be superior-in-interest to the lien of any pledge or other encumbrance granted by
the Non-Contributing Member with respect to its Interest pursuant to and in accordance with Section 9.5 hereof. The Member Loan (to the extent of unpaid principal and interest) shall be payable within thirty (30) days after written demand
by the Contributing Member and shall be repaid (x) directly by the Company on behalf of the Non-Contributing Member to the Contributing Member from Net Operating Cash Flow or Capital Proceeds otherwise distributable to the Non-Contributing
Member as further provided in Section 8.4, and (y) to the extent outstanding, upon any Transfer of any part of the Non-Contributing Member’s Interest. Any Net Operating Cash Flow or Capital Proceeds used to repay the Member Loan shall
be applied first to interest and then to principal. The Member Loan may, at the election of the Contributing Member, be evidenced by a promissory note, and the Contributing Member is hereby granted an irrevocable power of attorney, coupled with an
interest, to execute and deliver that promissory note on behalf and in the name of the Non-Contributing Member. The failure of a Contributing Member or Non-Contributing Member to execute the promissory note will not invalidate or otherwise affect
the enforceability of, or amounts owing under, any Member Loan. 

(b)      Notwithstanding anything in Section 6.5(a) to the contrary, if the terms of
the Loan Documents prohibit treating all or any portion of a Capital Contribution contributed by a Contributing Member on behalf of a Non-Contributing Member as a Member Loan, and any Member shall fail to timely make a Capital Contribution required
pursuant to Section 6.3 in the amount and within the time period specified in the Capital Call notice, the Managing Member shall give written notice in accordance with the requirements of Section 13.2 of such failure to all other Members
and any other Member or Members may fund all or part of such Capital Contribution on behalf of such Non-Contributing Member as a Capital Contribution to the Company. Any amounts funded by the Contributing Member on behalf of a Non-Contributing
Member shall be made directly to the Company (and shall not be treated as a Member Loan). In such an event, (X) the Capital Account of such Contributing Member shall be increased by two (2) times the aggregate amount of all Capital
Contributions funded by such Contributing Member on behalf of itself and on behalf of the Non-Contributing Member with respect to the Capital Call in question, and (Y) the Contributing Member’s Percentage Interest shall be increased and
the Non-Contributing Member’s Percentage Interest shall be reduced each proportionately based on such increase of the Contributing Member’s Capital Account. 

6.6      Capital of the Company. The capital of the Company shall be the sum of the
Members’ Capital Contributions. Except as otherwise provided in this Agreement, no Member shall be entitled to withdraw or receive any interest on, or return of, all or any part of its Capital Contribution or to receive Company Assets in return
for its Capital Contribution. 
 6.7      Limited Liability of Members. No
Member shall be bound by, or be personally liable for, the expenses, liabilities, indebtedness or obligations of the Company. The liability of each Member shall be limited solely to the amount of its Capital Contribution; provided, however,
after a Member has received a distribution from the Company, such Member may be liable to the Company for the amount of the distribution but only to the extent required by this Agreement or by the Act. Nothing in this Agreement shall be construed to
create liability of any Member in excess of the amount of its Capital Contribution except for gross negligence, fraud, or willful misconduct by the Managing Member in its capacity as the Managing Member. 

  
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 6.8      Refinancing. 

(a)     Non-Recourse; Carve-out Guaranties The Refinancing is, or will be, secured by the
Pool One Closing (as defined in the Transfer Agreement) Facilities and is, or will be, non-recourse to the Company and to the Members, except as otherwise expressly set forth in the documents evidencing such Refinancing, provided that a GCI
Guarantor and a CHP Guarantor will be jointly and severally responsible for certain obligations as set forth in any Affiliate Guaranties. GCI and CHP shall cause GCI Guarantor and CHP Guarantor, respectively, to the extent required by the Lender, to
issue any Affiliate Guarantees, in forms acceptable to GCI and CHP in their sole discretion. CHP, GCI and the Company and the CHP Guarantor and GCI Guarantor have entered into an Indemnification and Contribution Agreement on the Initial Closing Date
in the form attached hereto as Exhibit B. 
 ARTICLE 7 

CAPITAL ACCOUNTS, PROFITS 
 AND LOSSES AND ALLOCATIONS 
 7.1      Capital
Accounts. 
 (a)     The Capital Accounts of GCI and CHP established hereunder are set
forth on Schedule 6.1 which reflects the initial Capital Contribution and the additional Capital Contribution. 
 (b)     A separate Capital Account shall be maintained for each Member in accordance with the rules of Treasury Regulations Section 1.704-1(b)(2)(iv), and this Section 7.1
shall be interpreted and applied in a manner consistent therewith. Whenever the Company would be permitted to adjust the Capital Accounts of the Members pursuant to Treasury Regulation 1.704-1(b)(2)(iv)(f) to reflect revaluations of the Company, the
Company may so adjust the Capital Accounts of the Members. In the event that the Capital Accounts of the Members are adjusted pursuant to Treasury Regulation 1.704-1(b)(2)(iv)(f) to reflect revaluations of any of the Company’s assets or
property, (i) the Capital Accounts of the Members shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain or loss, as computed for book
purposes, with respect to such assets or property, (ii) the Member’s distributive shares of depreciation, depletion, amortization and gain or loss, as computed for tax purposes, with respect to such assets or property shall be determined
so as to take account of the variation between the adjusted tax basis and the book value of such assets or property in the same manner as under IRC Section 704(c), and (iii) the amount of upward and/or downward adjustments to the book
value of the Company property shall be treated as income, gain, deduction and/or loss for purposes of applying the allocation provisions of this Section. In the event that Code Section 704(c) applies to any Company property, the Capital
Accounts of the Members shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain and loss, as computed for book purposes with respect to such
Company property. 

  
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  (c)     Each Member’s Capital Account
shall be maintained in accordance with the following provisions: 
 (i)     Each
Member’s Capital Account shall be credited with the amounts of such Member’s Capital Contributions, such Member’s distributive share of Profits and any items in the nature of income or gain which are specially allocated to the Member
pursuant to this Article 7, and the amount of any liabilities of the Company assumed by such Member or which are secured by any property distributed by the Company to such Member; 

(ii)     Each Member’s Capital Account shall be charged with the amounts of cash and the
Carrying Value of any property distributed by the Company to such Member pursuant to any provision of this Agreement, such Member’s distributive share of Losses and any items in the nature of expenses or losses which are specially allocated to
the Member pursuant to this Article 7, and the amount of any liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company. 

(iii)     If all or a portion of a Member’s Interest is Transferred in accordance with the
terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the Transferred Interest; and 
 (iv)     In determining the amount of any liability for purposes of this Section 7.1(b), Section 752(c) of the Code and any other applicable provisions of the Code and
Regulations shall be taken into account. 
 This Section 7.1(b) and other provisions of this Agreement
relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations. If the Managing Member determines that it is prudent
to modify the manner in which the Capital Accounts, or any charges or credits thereto (including charges or credits relating to liabilities which are secured by contributions or distributed property or which are assumed by the Company or by
Members), are computed in order to comply with such Regulations, the Managing Member may make such modification, but only if it is not likely to have a material effect on the amounts to be distributed to any Member pursuant to Section 8.1,
Section 8.2 or Section 10.3 upon the dissolution of the Company. The Managing Member also shall (c) make any adjustments that may be necessary or appropriate to maintain equality between the Capital Accounts of the Members and the
amount of capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q), and (d) make any appropriate modifications in the event unanticipated events might
otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b). 

7.2     General Allocation Rules. After giving effect to the special allocations set forth in
Section 7.3, all Profits and Losses (and to the extent necessary, as set forth in clauses (a), (b) and (c) of this Section 7.2, items of gross income, gain, expense and loss) of the Company shall be allocated to the Members as
follows: 
  (a)     If the Company has Profits for any Fiscal Year (determined prior
to giving effect to this clause (a)), each Member whose Partially Adjusted Capital Account is greater than 

  
 30 

 
its Target Capital Account shall be allocated, proportionately, items of Company expense or loss for such Fiscal Year equal to the difference between its Partially Adjusted Capital Account and
Target Capital Account. If the Company has insufficient items of expense or loss for such Fiscal Year to satisfy the previous sentence with respect to all such Members, the available items of expense or loss shall be allocated among such Members in
proportion to such differences. 
 (b)     If the Company has Losses for any Fiscal Year
(determined prior to giving effect to this clause (b)), each Member whose Partially Adjusted Capital Account is less than its Target Capital Account shall be allocated, proportionately, items of Company gain or income for such Fiscal Year equal to
the difference between its Partially Adjusted Capital Account and Target Capital Account. If the Company has insufficient items of income or gain for such Fiscal Year to satisfy the previous sentence with respect to all such Members, the available
items of income or gain shall be allocated among such Members in proportion to such differences. 

(c)     Any remaining Profits or Losses (as computed after giving effect to clauses (a) and
(b) of this Section 7.2) shall be allocated among the Members so as to reduce, proportionately, the differences between their respective Partially Adjusted Capital Accounts and Target Capital Accounts for the period under consideration. To
the extent possible, each Member shall be allocated a pro rata share of all Company items allocated pursuant to this clause (c). No portion of such Profits, if any, shall be allocated to a Member whose Partially Adjusted Capital Account for the
period under consideration is greater than its Target Capital Account for such period; and no portion of such Losses, if any, shall be allocated to a Member whose Target Capital Account for the period under consideration is greater than its
Partially Adjusted Capital Account for such period. 
 7.3      Special
Allocations.    The following special allocations shall be made in the following order and priority: 
 (a)     Company Minimum Gain Charge-back.  Notwithstanding any other provision of this Article 7, if there is a net decrease in Company Minimum Gain during any Company
Fiscal Year, each Member shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in
accordance with Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be
determined in accordance with Sections 1.704-2(f)(6) and 1.704-2(j)(2) of the Regulations. This Section 7.3(a) is intended to comply with the minimum gain charge-back requirement in Section 1.704-2(f) of the Regulations and shall be
interpreted consistently therewith. 
 (b)     Member Minimum Gain
Charge-Back.    Notwithstanding any other provision of this Article 7 except Section 7.3(a), if there is a net decrease in Member Minimum Gain attributable to a Member Nonrecourse Debt during any Company Fiscal Year,
each Member who has a share of the Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such year
(and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member Minimum Gain attributable 

  
 31 

 
to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective
amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Sections 1.704-2(i)(4) and 1.704-2(j)(2) of the Regulations. This Section 7.3(b) is intended to comply with
the minimum gain charge-back requirement in Section 1.705-2(i)(4) of the Regulations and shall be interpreted consistently therewith. 
 (c)     Qualified Income Offset.  In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in the Regulations
Section 1.704-1(b)(2)(ii)(d)(4) (adjustments for depletion), 1.704-1(b)(2)(ii)(d)(5) (other loss or deduction), or 1.704-1(b)(2)(ii)(d)(6) (reasonably expected distributions), items of Company income and gain shall be specially allocated to
each such Member in any amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as quickly as possible, provided that an allocation pursuant to this
Section 7.3(c) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article 7 have been tentatively made as if this Section 7.3(c) were not
in the Agreement. 
 (d)     Gross Income Allocation.  In the event any
Member has a deficit Capital Account at the end of any Company Fiscal Year which is in excess of the sum of (i) the amount such Member is obligated to restore pursuant to any provision of this Agreement and (ii) the amount such Member is
deemed to be obligated to restore pursuant to Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible, provided that an
allocation pursuant to this Section 7.3(d) shall be made only if and to the extent that such Member would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article 7 have been tentatively made
as if this Section 7.3(d) and Section 7.3(c) were not in the Agreement. 

(e)     Nonrecourse Deductions.  Nonrecourse Deductions for any Fiscal Year shall
be allocated between the Members in proportion to their respective Percentage Interests. 

(f)     Member Nonrecourse Deductions.  Any Member Nonrecourse Deductions for any
Fiscal Year or other period shall be specially allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Regulations
Section 1.704-2(i)(1). 
 (g)     Code Section 754
Adjustments.  To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) or 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in
determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss
shall be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Regulations. 

  
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 (h)       Reversal of Regulatory
Allocations. 
 (i)      The “Regulatory Allocations”
consist of the “Basic Regulatory Allocations,” as defined in Section 7.3(h)(ii), the “Nonrecourse Regulatory Allocations,” as defined in Section 7.3(h)(iii), and the “Member Nonrecourse Regulatory
Allocations,” as defined in Section 7.3(h)(iv). 
 (ii)     The “Basic
Regulatory Allocations” consist of allocations pursuant to Section 7.3(c), 7.3(d) and 7.3(g). Notwithstanding any other provision of this Agreement, other than the Regulatory Allocations, the Basic Regulatory Allocations shall be taken
into account in allocating items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of such allocations of other items and the Basic Regulatory Allocations to each Member shall be equal to the net
amount that would have been allocated to each such Member if the Basic Regulatory Allocations had not occurred. For purposes of applying the foregoing sentence, allocations pursuant to this Section 7.3(h)(ii) shall only be made with respect to
allocations pursuant to Section 7.3(g) to the extent the Managing Member reasonably determines that such allocations will otherwise be inconsistent with the economic agreement among the parties to this Agreement. 

(iii)    The “Nonrecourse Regulatory Allocations” consist of all allocations pursuant to
Sections 7.3(a) and 7.3(e). Notwithstanding any other provision of this Agreement, other than the Regulatory Allocations, the Nonrecourse Regulatory Allocations shall be taken into account in allocating items of income, gain, loss and deduction
among the Members so that, to the extent possible, the net amount of such allocations of other items and the Nonrecourse Regulatory Allocations to each Member shall be equal to the net amount that would have been allocated to each such Member if the
Nonrecourse Regulatory Allocations had not occurred. For purposes of applying the foregoing sentence, (A) no allocations pursuant to this Section 7.3(h)(iii) shall be made prior to the Company Fiscal Year during which there is a net
decrease in Company Minimum Gain, and (B) allocations pursuant to this Section 7.3(h)(iii) shall be deferred with respect to allocations pursuant to Section 7.3(e) to the extent the Managing Member reasonably determines that such
allocations are likely to be offset by subsequent allocations pursuant to Section 7.3(a). 

(iv)    The “Member Nonrecourse Regulatory Allocations” consist of all allocations
pursuant to Section 7.3(b) and 7.3(f). Notwithstanding any other provision of this Agreement, other than the Regulatory Allocations, the Member Nonrecourse Regulatory Allocations shall be taken into account in allocating items of income, gain,
loss and deduction among the Members so that, to the extent possible, the net amount of such allocations of other items and the Member Nonrecourse Regulatory Allocations to each Member shall be equal to the net amount that would have been allocated
to each such Member if the Member Nonrecourse Regulatory Allocations had not occurred. For purposes of applying the foregoing sentence, (A) no allocations pursuant to this Section 7.3(h)(iv) shall be made with respect to allocations
pursuant to Section 7.3(f) relating to a particular Member Nonrecourse Debt prior to the Company Fiscal Year during which there is a net decrease in Member Minimum Gain attributable to such Member Nonrecourse Debt, and then only to the extent
necessary to avoid any potential economic distortions caused by such net decrease in Member Minimum Gain, and (B) allocations pursuant to this Section 7.3(h)(iv) shall be deferred with respect to allocations

  
 33 

 
pursuant to Section 7.3(f) relating to a particular Member Nonrecourse Debt to the extent the Managing Member reasonably determined that such allocations are likely to be offset by
subsequent allocations pursuant to Section 7.3(b). 
  (v)      The Managing
Member shall have reasonable discretion, with respect to each Company Fiscal Year, to (A) apply the provisions of Sections 7.3(h)(ii), 7.3(h)(iii) and 7.3(h)(iv) in whatever order is likely to minimize the economic distortions that might
otherwise result from the Regulatory Allocations, and (B) divide all allocations pursuant to Sections 7.3(h)(ii), 7.3(h)(iii) and 7.3(h)(iv) among the Members in a manner that is likely to minimize such economic distortions. 

7.4    Income Tax Elections.    In the event of a Transfer of all or part
of a Member’s Interest (or of the interest of a partner in a partnership which is a Member) because of death or sale, the Company shall, if requested by the transferee, make the election described in Section 754 of the Code. 

7.5    Income Tax Allocations. 

(a)      Except as otherwise provided in Section 7.5(c), for purposes of Sections 702 and
704 of the Code, or the corresponding sections of any future Federal internal revenue law, or any similar tax law of any state or other jurisdiction, the Company’s profits, gains and losses for Federal income tax purposes, and each item of
income, gain, loss or deduction entering into the computation thereof, shall be allocated among the Members in the same proportions as the corresponding “book” items are allocated pursuant to this Section. 

(b)     If any portion of the Profit from a Capital Transaction allocated among the Members pursuant
to Section 7.5(a) is characterized as ordinary income under the recapture provisions of the Code or is subject to a different rate of tax under the Code, each Member’s distributive share of taxable gain from the sale of the property that
gave rise to such Profit (to the extent possible) shall include a proportionate share of the recapture income or income that is subject to a different rate of tax equal to that Member’s share of prior cumulative depreciation deductions with
respect to the property that give rise to the recapture income or the income that is subject to a different rate of tax except to the extent otherwise required by Regulations Sections 1.1245-1(e) and 1.1250-1(f). 

(c)     Each item of taxable income, gain, loss or deduction attributable to (i) any property
(other than cash) contributed by a Member to the Company, and (ii) any other property of the Company the Carrying Value of which has been adjusted pursuant to clause (iii) of the definition of Carrying Value, shall be allocated among the
Members in accordance with Section 704(c) of the Code, using such method permitted by Section 704(c) of the Code and the Regulations thereunder as may be selected by the Managing Member, with the approval of GCI, so as to take into account
the variation, at the time of contribution or adjustment to Carrying Value, between the Adjusted Basis and the Carrying Value of such property, as required by Regulations Section 1.704-1(b)(4)(i) and Section 1.704-3. 

(d)    Solely for purposes of determining a Member’s proportionate share of the “excess
nonrecourse liabilities” of the Company within the meaning of Regulations Section 

  
 34 

 
1.752-3(a)(3), the Members’ interests in Company profits shall be in proportion to their respective Percentage Interests. 

(e)     To the extent permitted by Sections 1.704-2(h)(3) and 1.704-2(i)(6) of the Regulations, the
Members shall endeavor to treat distributions of Net Operating Cash Flow or Capital Proceeds as having been made from the proceeds of a Nonrecourse Liability or a Member Nonrecourse Debt only to the extent that such distributions would cause or
increase an Adjusted Capital Account Deficit for any Member. 
 7.6     Transfers During
Fiscal Year.  In the event of the Transfer of all or any part of a Member’s Interest (in accordance with the provisions of this Agreement) at any time other than the end of a Fiscal Year, the share of Profit or Loss (in respect of
the Interest so Transferred) shall be allocated between the transferor and the transferee in the same ratio as the number of days in the Fiscal Year before and after such Transfer. The prior sentence shall not apply to Profit or Loss from Capital
Transactions or to other extraordinary nonrecurring items. Such amounts shall be allocated between the transferor and transferee based on the date of closing of the sale or on the date the gain is realized or the loss incurred, as the case may be.

 7.7     Election to be Taxed as Association.  The Company shall be
treated as a partnership for federal income tax purposes. No Member or Managing Member shall cause the Company to elect to be treated other than as a partnership for federal income tax purposes in accordance with Regulations
Section 301.7701-3(c), unless such election is approved in writing by all Members. If at any time the Company has just one Member, it shall be disregarded as a separate entity for federal, state and local tax purposes. The Managing Member, in
the Managing Member’s reasonable discretion, shall have the authority to elect to treat any subsidiary of the Company that is a corporation as a “Taxable REIT Subsidiary”. 

7.8     Assignees Treated as Members.  For all purposes of this Article 7, but for
no other purpose, an Assignee shall be treated as a Member and each reference in this Article 7 to the Members shall be deemed to include Assignees. 
 ARTICLE 8 
 DISTRIBUTIONS OF NET OPERATING CASH FLOW 

AND CAPITAL PROCEEDS 
 8.1     Distributions of Net Operating Cash Flow.  Net Operating Cash Flow distributed shall be reasonably adjusted within 30 days after the end of the last calendar
quarter of each Company Year (and to the extent necessary the Members agree to make appropriate adjustments among themselves) to ensure that the amount distributable to each of the Members for the entire Company Year is equal to the amounts each of
the Members would have received under Section 8.1 if the Net Operating Cash Flow was determined for the entire Company Year and was distributed in a single disbursement as of the end of each Company Year (such adjustments, for example, shall
take into account any increased yield a Member receives as a result of receiving distributions quarterly instead of annually). Distributions of Net Operating Cash Flow shall be made to the Members within thirty (30) days after the close of each
calendar quarter (unless (x) such distribution is not in compliance with law or (y) such distribution would result in a breach 

  
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of any covenants or undertakings provided by the Company (including covenants or undertakings provided for third party financing) or would, in the opinion of the Members, acting reasonably, be
likely to do so during the following twelve (12) months), in the following order of priority: 

(a)     First, to CHP, until CHP has received an 11% Cumulative Return, compounded annually, on
CHP’s Total Capital Contribution; 
 (b)     Second, to GCI, until GCI has received an
11% Cumulative Return, compounded annually, on GCI’s Total Capital Contribution; and 

(c)     Thereafter, the balance, if any, 75% to CHP and 25% to GCI. 

8.2     Distribution of Capital Proceeds. Capital Proceeds shall be distributed promptly after
a Capital Transaction (unless (x) such distribution is not in compliance with law or (y) such distribution would result in a breach of any covenants or undertakings provided by the Company (including covenants or undertakings provided for
third party financing) or would, in the opinion of the Members, acting reasonably, be likely to do so during the following twelve (12) months) in the following order of priority: 

(a)     First, to CHP, until CHP has received an 11% Internal Rate of Return, compounded annually,
on CHP’s Total Capital Contribution after taking into account all amounts previously distributed to CHP; 

(b)     Second, to GCI, until GCI has received an 11% Internal Rate of Return, compounded annually,
on GCI’s Total Capital Contribution after taking into account all amounts previously distributed to GCI; and 
 (c)     Thereafter, the balance, if any, 60% to CHP and 40% to GCI. 
 8.3     Distribution Calculations. In applying the terms of Section 8.1 and Section 8.2, (a) references to relative Percentage Interests or relative Capital
Contributions will be those in effect at the time of the distribution, (b) until a particular priority has been satisfied in full, no amounts will be distributable under any junior priority, and (c) all amounts distributable under a
particular priority will be prorated among the Members in the manner specified within that priority, and the method of proration applied to each dollar distributable in that priority will be the same until that priority is satisfied in full.

  
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 8.4    Repayment of Member Loans, Reconciliation
Amounts and Other Payments. 
 (a)     Notwithstanding anything to the contrary in
Section 8.1 and Section 8.2, if as a result of a Member Loan, any Member becomes a Non-Contributing Member, then any distributions that would otherwise be payable to the Non-Contributing Member pursuant to Section 8.1 or
Section 8.2 will instead be paid to the Contributing Member or Members, first to pay any accrued interest and then to pay the principal amount thereof until such Member Loan (including any accrued and unpaid interest) is repaid in full and such
amounts will not be deemed to have passed through the distribution waterfalls set forth in Section 8.1 and Section 8.2. If there are two or more Contributing Members with respect to the Member Loan to a Non-Contributing Member,
distributions under Section 8.1 or Section 8.2 will be made pro rata to each Contributing Member in proportion to the relative principal amount of Member Loans (including accrued and unpaid interest) that each Contributing Member
has outstanding as a percentage of total outstanding Member Loans made to the Non-Contributing Member by all Contributing Members. Any distributions paid to a Contributing Member(s) pursuant to this Section 8.4(a) in respect of a Member Loan
will, for tax allocation and all other purposes of this Agreement, be treated as if they had been distributed to the Non-Contributing Member, not the Contributing Member or Members. 

(b)     If any amount that is to be paid by a Member pursuant to Section 4.3(b) has not been
paid by a Member, any distributions that would otherwise be payable to the Member will instead be used first to pay the payment of any such indemnification reconciliation amount owed by a Member to the Company that has not been paid pursuant to
Section 4.3(b) and such amounts will not be deemed to have passed through the distribution waterfalls set forth in Section 8.1 and Section 8.2. 
 8.5    Liquidation.    Subject to the terms of Sections 8.2(a) and (b), in the event of the sale or other disposition of all or substantially all of the
Company Assets, the Company shall be dissolved and the proceeds of such sale or other disposition shall be distributed in liquidation as provided in Article 10, except that to the extent that the Company receives a purchase money note or notes in
exchange for all or a portion of such assets, the Company shall continue until such purchase money note or notes have been paid in full. 
 8.6    GCI Excess Equity Amount.    Notwithstanding anything to the contrary contained herein, the Members acknowledge and agree that GCI is entitled to
receive (i) the GCI Initial Excess Equity Amount, which amount was distributed by the Company to GCI from CHP’s initial Capital Contribution immediately following the Company’s receipt of CHP’s initial Capital Contribution and
(ii) the GCI Additional Excess Equity Amount, which amount was distributed by the Company to GCI from CHP’s additional Capital Contribution immediately following the Company’s receipt of CHP’s additional Capital Contribution.

  
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 ARTICLE 9 
 DISPOSITION OF INTERESTS 

9.1       Limitations on Assignments of Interests by Members.   Except as
set forth in this Article 9 and other than (i) Transfers by GCI or CHP to their respective Affiliates, (ii) transfers of a minority equity interest in CHP to CNL Lifestyle Properties, Inc., a Maryland corporation, (iii) Transfers
between GCI and CHP, or (iv) pledges of, or security or similar interests in the Interests as may be required by the Lenders to the Company, which in each case shall be subject to the terms and conditions of the Refinancing, no Member shall
have the right to Transfer all or any portion of its Interest without the consent of the other Members in their sole discretion and the consent of Lenders and assumption of any Recourse Debt by such transferee. Notwithstanding anything to the
contrary herein, in no event may a Member Transfer all or any portion of its Interest unless all necessary consents and approvals are received from the applicable governmental authority with respect to the licensure of the Facilities. Any transfer
tax or similar tax imposed on GCI or CHP relating to a transaction pursuant to Article 9 will be paid or caused to be paid by that Member (and the Member will indemnify the Company for any such transfer tax or similar tax). 

9.2       Assignment Binding on Company.   No Transfer of all or any part
of the Interest of a Member permitted to be made under this Agreement shall be binding upon the Company unless and until a duplicate original of such assignment or instrument of transfer, duly executed and acknowledged by the assignor or transferor,
has been delivered to the Company, and such instrument evidences (i) the written acceptance by the assignee of all of the terms and provisions of this Agreement and (ii) the assignee’s representation that such assignment was made in
accordance with all applicable laws and regulations. In addition, a Person to whom a Transfer may be made pursuant to this Article 9, may also be required, in the discretion of the Members, and as a condition precedent to its becoming a transferee,
to make certain representations, warranties and covenants including, without limitation, representations as to its net worth, sophistication and investment intent. 

  
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	 	9.3	Substituted Members. 

 (a)      Members who assign all their Interests pursuant to an assignment or assignments permitted under this Agreement shall cease to be Members of the Company except that
unless and until a Substituted Member is admitted in its stead, the assigning Member shall not cease to be a Member of the Company under the Act and shall retain the rights and powers of a Member under the Act and pursuant to this Agreement,
provided that such assigning Member may, prior to the admission of a Substituted Member, assign its economic interest in its Interest, to the extent otherwise permitted under this Article 9. Any Person who is an assignee of any portion of the
Interest of a Member and who has satisfied the requirements of Section 9.1 and Section 9.2 shall become a Substituted Member only when (i) the Managing Member has entered such assignee as a Member on the books and records of the
Company, which the Managing Member is hereby directed to do upon satisfaction of such requirements, and (ii) such assignee shall have paid all reasonable legal fees and filing costs in connection with the substitution as a Member. 

(b)      Any Person who is an assignee of any of the Interest of a Member but who does not
become a Substituted Member and desires to make a further assignment of any such Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Member desiring to make an assignment of its
Interest. 
 9.4    Acceptance of Prior Acts. Any Person who becomes a Member, by
becoming a Member, accepts, ratifies and agrees to be bound by all actions duly taken pursuant to the terms and provisions of this Agreement by the Company prior to the date it became a Member and, without limiting the generality of the foregoing,
specifically ratifies and approves all agreements and other instruments as may have been executed and delivered on behalf of the Company prior to said date and which are in force and effect on said date. 

 

	 	9.5	Permitted Transfers. 

 (a)      Notwithstanding anything to the contrary herein, subject to the terms and conditions of the Refinancing, the following Transfers shall be deemed “Permitted
Transfers” and shall not require the consent of the other Member. 

 (i)      Any Member may pledge its Interest to a commercial lender in connection
with a financing for the benefit of such Member or its Affiliates (other than the Refinancing); provided that any such pledge would not contravene the terms and conditions of the Loan Documents; and provided further however, that the definitive loan
documentation with such lender, shall provide that: (i) such lender acknowledges and agrees that such pledge, and the lien and security interest created thereby, shall be subject and subordinate to any lien and security interest on such
Member’s Interest (whether then existing or thereafter created) which secures a Member Loan made to such Member, and such lender shall covenant and agree to duly execute and deliver such documents that may be reasonably requested by the
Contributing Member to evidence such subordination, and (ii) such lender shall provide a copy to both Members hereunder of any notice with respect to such lender’s intent to realize upon the pledged Interest after an event of default under
such financing, and the Member which is not subject to the financing shall have the same period as provided to the defaulting Member under the applicable 

  
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loan documents to remedy or cause to be remedied the defaults specified in such notice (to the extent such defaults are capable of being remedied by such Member). All sums expended by a Member to
cure the loan defaults of a defaulting Member under this Section 9.5(a)(i) shall be treated as a Member Loan hereunder. In the event the applicable defaults are not so cured and the lender realizes upon the defaulting Member’s Interest,
such realization shall be a permitted Transfer hereunder. Each Member acknowledges and agrees that the Company shall not be required to bear any costs or expenses in connection with a financing of the type described in this Section 9.5(a)(i)
(including, without limitation, any fees, costs or expenses payable to any Lender on account of such financing), and all such costs and expenses shall be borne solely by the Member to whom (or to the Affiliate of whom) such financing is made. In no
event shall any such costs or expenses incurred by a Member pursuant to and in accordance with the immediately prior sentence entitle such Member to a Capital Account credit hereunder. 

(ii)      GCI and its successors and assigns may sell all or any portion of its Interest
subject to the right of first offer in favor of CHP, on the terms set forth in Section 12.2 hereof; provided however, that with respect to the voting rights of any third party purchaser of a portion of the GCI Interest, such rights will be
exercised by GCI on behalf of such purchaser as if GCI retained 100% of its Interest. 

(iii)     CHP and its successors and assigns may sell all or any portion of its Interest
subject to the right of first offer in favor of GCI, on the terms set forth in Section 12.2 hereof; provided however, that with respect to the voting rights of any third party purchaser of a portion of the CHP Interest, such rights will be
exercised by CHP on behalf of such purchaser as if CHP retained 100% of its Interest. 

(iv)     CHP and its successors and assigns may, subject to the right of first offer in favor
of GCI on the terms set forth in Section 12.2 hereof, assign or sell all or a portion of its Interest to a REIT sponsored by CNL Financial Group, Inc., a Florida corporation, or its Affiliates. 

(b)     Indirect Transfers of a Member’s Interest shall be subject to the restrictions set
forth in Section 9.1, provided, however, that notwithstanding anything else contained in this agreement, any Member may sell its Interest without receiving the prior written consent of the other Member in connection with a Liquidity Event.

 ARTICLE 10 
 DISSOLUTION OF THE COMPANY; 
 WINDING UP AND DISTRIBUTION OF ASSETS

  

	 	10.1	Dissolution. 

 (a)     The Company shall be dissolved and its affairs shall be wound up only upon the first to occur of the following: 

(i)      the entry of a decree of judicial dissolution under Section 18-802 of the
Act; 

  
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 (ii)      the termination of the legal
existence of the last remaining Member of the Company or the occurrence of any other event which terminates the continued membership of the last remaining Member of the Company in the Company unless the business of the Company is continued in a
manner permitted by this Agreement or the Act. Upon the occurrence of any event that causes the last remaining Member of the Company to cease to be a Member of the Company, to the fullest extent permitted by law, the personal representative of such
Member is hereby authorized and directed to, and shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of such Member in the Company, agree in writing (A) to continue the Company and
(B) to the admission of the personal representative or its nominee or designee, as the case may be, as a Substituted Member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last
remaining Member of the Company in the Company; 
 (iii)     a Capital Transaction
effecting the sale, exchange, transfer, assignment or other disposition, directly or indirectly, of all of the Facilities and receipt of the final payment of any installment obligation received as a result of any such Capital Transaction;

 (iv)     the written direction of all of the Members; or 

(v)      the later of (A) the thirtieth (30th) anniversary of the Effective Date and (B) the date on
which the term of the last Management Agreement expires, including any renewals thereof. 

(b)       No Member shall have the right to (i) withdraw or resign as a Member
of the Company, (ii) redeem, or otherwise require redemption of, its Interest or any part thereof or (iii) to the fullest extent permitted by law, dissolve itself voluntarily. 

(c)       Notwithstanding any other provision of this Agreement, the Bankruptcy of
any of the Members shall not cause said Member to cease to be a Member of the Company and upon the occurrence of such an event, the business of the Company shall continue without dissolution. To the fullest extent permitted by law, the Company shall
not be dissolved or terminated solely by reason of the Bankruptcy, removal, withdrawal, dissolution or admission of any Member. 
 10.2    Winding Up. 

(a)       In the event of the dissolution of the Company pursuant to
Section 10.1(a), the Managing Member may wind up the Company’s affairs. 

(b)       Upon dissolution of the Company and until the filing of a certificate of
cancellation of the Certificate of Formation as provided in the Act, the Managing Member or a liquidating trustee, as the case may be, may, in the name of, and for and on behalf of, the Company, prosecute and defend suits, whether civil, criminal or
administrative, gradually settle and close the Company’s business, dispose of and convey the Company’s Asset’s and property, discharge or make reasonable provision for the Company’s liabilities, and distribute to the Members in
accordance with Section 10.3 any remaining assets of the Company, all without affecting the liability of Members and without imposing liability on any liquidating trustee. 

  
 41 

 (c)        Upon the completion of
winding up of the Company, the Managing Member or liquidating trustee, as the case may be, shall file a certificate of cancellation of the Certificate of Formation in the Office of the Secretary of State of the State of Delaware as provided in the
Act. The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate as provided in the Act. 
 10.3    Distribution of Assets.    Upon the winding up of the Company, the Company Assets shall be distributed in the following priority: 

(a)        to the satisfaction of debts and liabilities of the Company owed to
creditors (whether by payment or the making of reasonable provision for payment thereof), in order of priority as provided by law, other than debts and liabilities owed to Members, including, without limitation, Member Loans, including to the
payment of expenses of the liquidation and to the setting up of any reserves that the Managing Member or the liquidating trustee, as the case may be, shall determine are reasonably necessary for any contingent, conditional or non-matured liabilities
or obligations of the Company or the Members; 
 (b)        to the
satisfaction of debts and liabilities of the Company owed to Members; and 

(c)        to the Members in accordance with provisions of Section 8.2(a),
Section 8.2(b), and Section 8.2(c) as if such distribution was a distribution of Capital Proceeds. 
 ARTICLE 11

 AMENDMENTS 
 11.1    Amendments.    This Agreement may only be modified, altered, supplemented or amended pursuant to a written agreement executed and delivered by all of
the Members. 
 11.2    Additional Members.    Notwithstanding
Section 11.1, if this Agreement shall be amended as a result of adding or substituting a Member, the amendment to this Agreement shall be signed by all of the Members and by the Person to be added or substituted and by the assigning Member, if
any. 
 11.3    Documentation.    In making any amendments, the
Managing Member shall prepare and file for recordation such documents and certificates as shall be required to be prepared and filed. 
 ARTICLE 12 
 BUY-SELL; RIGHT OF FIRST OFFER 

12.1    Buy Sell. 

(a)        With the consent of Lender, at any time from and after two
(2) years from the Effective Date, either Member (the “Offeror”) may give to the other Member (the “Offeree”) a written notice in accordance with the requirements of Section 13.2 (a “Buy-Sell
Notice”) 

  
 42 

 
stating the Offeror’s determination of the price for the assets of the Company if the Company was sold to a third party purchaser for fair market value, as determined by a qualified
independent real estate appraiser with an MAI designation, selected by the Offeror (without application of any lack of marketability or minority interest discounts), free and clear of all liabilities, (the “Buy-Sell Price”), and
stating that the Offeror will either (i) pay to the Offeree in exchange for all the Offeree’s Interest an amount (the “Offer Amount”) equal to the cash amount that the Offeree would have received in respect of the
Offeree’s Interest pursuant to Section 8.2, net of the Transfer Expenses, in the event of a Capital Transaction of the type described in Section 10.1(a) above on the date of delivery of the Buy-Sell Notice for a sales price equal to
the Buy-Sell Price or (ii) sell all the Offeror’s Interest to the Offeree in exchange for an amount (the “Selling Amount”) equal to the cash amount Offeror would have received pursuant to Section 8.2, net of the
Transfer Expenses, in the event of a Capital Transaction of the type described in Section 10.1(a) above on the date of delivery of the Buy-Sell Notice for a sales price equal to the Buy-Sell Price. The Offer Amount and Selling Amount shall be
calculated by an Independent Accountant acting on behalf of the Company within three (3) Business Days of the issuance of the Buy-Sell Notice, and such accountant shall notify both the Offeror and Offeree of such amounts in writing upon such
calculation. 
 (b)      The Offeree shall have a period of thirty (30) days
after its receipt of the Buy-Sell Notice within which to give the Offeror written notice in accordance with the requirements of Section 13.2 (the “Reply Notice”) whether the Offeree shall (i) sell its Interest to the
Offeror for the Offer Amount or (ii) buy the Offeror’s Interest for the Selling Amount. In the event that the Reply Notice is not so given prior to the expiration of the thirty (30) day period, the Offeree shall be deemed to have
accepted the offer to sell its entire Interest to the Offeror for the Offer Amount. Within ten (10) Business Days after the receipt or deemed receipt of the Reply Notice, the purchaser of the Interest shall deliver a ten percent (10%) cash
deposit to the selling party. 
 (c)      Closing of the Transfer of the
Offeror’s or Offeree’s Interest in accordance with the Offeree’s election will take place within one hundred twenty (120) days after receipt or deemed receipt by the Offeror of the Reply Notice, unless the selling and the
purchasing party mutually agree to an earlier closing date. At the closing, the selling Member shall transfer its Interest free and clear of all Liens in consideration of its receipt by wire transfer of the purchase price on the terms and conditions
set forth in Section 12.3 below. Should either Member default in its obligation to close when it is obligated to do so, (i) the defaulting purchasing party shall forfeit the deposit, (ii) the defaulting Member shall have no further
ability to invoke the provisions of this Section 12.1 and (iii) the non-defaulting Member (A) shall have the right to buy the defaulting Member’s Interest for a Buy-Sell Price that shall be reduced by ten percent (10%), which
right shall continue for a period of thirty (30) days following the default of the defaulting purchasing party and (B) shall be entitled to specific performance of such obligation. If the non-defaulting Member exercises the right set forth
in the foregoing clause (iii), the closing of the purchase of the defaulting Member’s Interest shall occur subject to and in accordance with the provisions of Section 12.3. 

12.2     Right of First Offer. 

  
 43 

 (a)      Subject to the terms and conditions
of Article 9 of this Agreement and notwithstanding anything to the contrary contained herein, if, at any time, (i) GCI intends to sell all or a portion of its Interest pursuant to Section 9.5(a)(ii), or (ii) CHP intends to sell all or
a portion of its Interest pursuant to Section 9.5(a)(iii), such Member (the “Transferor Member”) shall give a notice (“Transfer Notice”) to the other Member (the “Non-Transferor Member”) that
the Transferor Member intends to Transfer such portion of its Interest to a third party and, upon receipt of such Transfer Notice the Non-Transferor Member shall determine a price for the assets of the Company if the Company was sold to a third
party purchaser for fair market value, free and clear of all liabilities (the “Transfer Price”). Within ten (10) Business Days of receipt of the Transfer Notice, the Non-Transferor Member shall notify the Transferor Member as
to its determination of the Transfer Price (the “Transfer Price Notice”). Upon receipt of such Notice, the Transferor Member shall either accept or reject the Transfer Price. If the Transfer Price is accepted, the Transferor Member
shall so notify the Non-Transferor Member (“Acceptance Notice”) and within three (3) Business Days of acceptance, the Independent Accountant acting on behalf of the Company shall determine the cash amount (the “ROFO
Amount”) that the Transferor Member would have received in respect of such portion of the Transferor Member’s Interest pursuant to Section 8.2, net of the Transfer Expenses, in the event of a Capital Transaction of the type
described in Section 10.1(a) above on the date of delivery of the Transfer Notice for a sales price equal to the Transfer Price, and shall notify the Transferor Member and Non-Transferor Member of the same. Upon delivery and acceptance of the
ROFO Amount, the Non-Transferor Member shall purchase the Transferor Member’s Interest in accordance with the provisions of Section 12.3 of this Agreement. If the Transfer Price is rejected, the Transferor Member shall so notify the
Non-Transferor Member (“Rejection Notice”) and the Transferor Member shall be free to sell its Interest to any third party in accordance with Section 12.2(b) of this Agreement. The failure of a Transferor Member to deliver
either an Acceptance Notice or a Rejection Notice within such period of time shall be deemed to be the delivery by such Non-Transferor Member of a Rejection Notice. If the Non-Transferor Member fails to deliver a Transfer Price Notice within the
time period set forth herein, the Transferor Member shall be free to sell its Interest to any third party pursuant to the terms and conditions set forth in Section 11.2(b) below. 

(b)      Subject to the restrictions of Section 9.1, the Transferor Member shall at
all times be free to negotiate with any prospective third party purchasers of its Interest and, if no Acceptance Notice has been timely delivered to any Non-Transferor Member, the Transferor Member may sell all or a portion of its Interest to a bona
fide third-party purchaser (the “Third Party Purchaser”) for an amount that is at least ninety five percent (95%) of the ROFO Amount and upon other material terms no more favorable to such Third Party Purchaser than were the
material terms offered by the Non-Transferor Member, provided that (i) such purchase price is payable in immediately available funds, (ii) the Transferor Member and the Third Party Purchaser enter into a contract of sale not later than
ninety (90) days after the date the Rejection Notices were delivered or deemed delivered and (iii) the Transferor Member and the Third Party Purchaser close the Transfer at any time within one hundred twenty (120) days after the date
the Rejection Notices were delivered or deemed delivered, on the terms and conditions set forth in Section 12.3 below. In such case, the Third Party Purchaser shall become a Member hereunder; provided however, that with respect to the voting
rights of the Third Party Purchaser, if less than 100% percent of the Interest of a Member is transferred to a Third Party Purchaser, such rights 

  
 44 

 
will be exercised by the Transferor Member on behalf of the Third Party Purchaser as if the Transferor Member retained 100% of its Interest. 

12.3    Closing. 
 (a)      At the closing on (i) the date of the closing of the purchase by the Non-Transferor Member or the Third Party Purchaser, (as applicable, the “ROFO
Recipient”), of the Transferor Member’s Interests which is the subject of a the right of first offer in accordance with Section 12.2 above (the “ROFO Closing Date”), or (ii) the Buy/Sell Closing Date in
accordance with Section 12.1 above, (as the case may be, the “Closing Date”) the Transferor Member (on the ROFO Closing Date), or Buy/Sell Seller (on the Buy/Sell Closing Date), respectively, (as the case may be, the
“Seller”), shall execute and deliver to the ROFO Recipient, or Buy/Sell Purchaser, respectively (as the case may be, the “Purchaser”), an assignment of the Seller’s Interest (or with respect to the ROFO Closing
Date, such portion of such Seller’s Interest which is subject to the assignment) (which assignment shall warrant Seller’s ownership of the Interest being sold to be free and clear of all liens and other encumbrances) and such other
instruments as the Purchaser may reasonably require, to give it good and lien free title to all of the Seller’s right, title and interest in the Company, subject to the terms of this Agreement. If the Purchaser has elected to have the Seller
convey the Seller’s Interest to a designee or nominee of the Purchaser, the Company shall thereafter continue. In such event, the Purchaser and the Company shall indemnify the Seller against claims and liabilities of the Company arising after
the date of such conveyance. 
 (b)      On the Closing Date, if the Purchaser is
the remaining Member, then the Purchaser shall, at its option, either (i) obtain a full release of the Seller (or a partial release in the event the Seller continues to be a Member after the Closing Date in connection with the sale of a partial
Interest to the Third Party Purchaser) from all liability, direct or contingent, by all holders of all Company and/or Subsidiary debts, obligations or claims against the Seller for which the Seller is or may be personally liable with respect to the
period from and after the Closing Date, except for any debts, obligations or claims which are fully insured by a public liability insurer(s) reasonably acceptable to the Seller; or (ii) cause all such debts, obligations or claims to be paid in
full on the Closing Date. 
 (c)      In the event of a contemplated transfer to
take place pursuant to Section 12.1 or Section 12.2 of this Agreement, the Seller shall be entitled to receive distributions of available cash for the period ending at 11:59 p.m. of the day immediately preceding the Closing Date. All
provisions allocating profits, losses, gains, deductions and credits for tax purposes shall remain in effect through the Closing Date. 
 (d)      The Managing Member is hereby authorized to execute and deliver all documents, instruments and agreements deemed necessary or desirable by the Managing Member in its
reasonable discretion to consummate the sale of the applicable Interest on the terms required by this Agreement to a Third Party Purchaser. If any Member is required to execute any such documents, instruments or agreements, such Member shall execute
the same upon the request of the Managing Member so long as the same are on terms and conditions which are reasonable and customary and do not increase the liability of such Member in such Member’s reasonable discretion. 

  
 45 

 (e)      If a Facility or Facilities are
damaged by fire or other casualty or if any Person possessing the right of eminent domain shall give notice of an intention to take or acquire any part of a Facility or the underlying Property of such Facilities, and such notice is given between the
date of election or deemed election by the Purchaser, and the Closing Date (if any), the following shall apply: 
 (i)        If the Facility or Facilities are not substantially damaged (which shall be deemed to mean damage, the repair of which is reasonably estimated to cost no
greater than $500,000.00, in the aggregate, with respect to all Facilities), then the Purchaser (if any) shall be required to complete the transaction and the insurance proceeds or the relevant part thereof shall be retained by the Company and the
Seller (if any) shall not be entitled to any portion thereof and shall credit Purchaser for Seller’s pro rata share (based on the Seller’s Percentage Interest immediately prior to the Closing Date) of any deductible. 

(ii)       If the Facility or Facilities are substantially damaged (which shall mean
a casualty the repair of which is reasonably estimated to cost more than $500,000.00, in the aggregate, with respect to all Facilities), or if a taking of a Facility or Facilities worth at least $500,000.00, in the aggregate, with respect to all
Facilities, shall occur, then the Purchaser shall have the option to either (a) accept the Facilities in an “as is” condition in which event any insurance or condemnation proceeds, settlements and awards or the relevant part thereof
shall be retained by the Company and the Seller shall not be entitled to any portion thereof and shall credit Purchaser for Seller’s pro rata share (based on the Seller’s Percentage Interest immediately prior to the Closing Date) of any
deductible, or (b) cancel the purchase. 
 (iii)      From and after the
determination of the Closing Date, but prior to such Closing Date, provided that the purchase has not been canceled by the Purchaser pursuant to Section 12.3(e)(ii), the Company shall not settle any claim relating to a casualty that damages the
Facilities or a taking or acquisition of the Facilities without the prior consent of the Purchaser. 

(iv)       In the event that the purchase is canceled by the Purchaser pursuant to
the above provisions, this Agreement shall remain in effect and continue to be binding on the parties and either Member shall thereafter have the right to continue to exercise its respective rights under Section 12.1 and Section 12.2
above. 
 12.4    Release from Guaranties. As a condition to the buyout of a Member
pursuant to the foregoing Sections 12.1 and 12.2, such Member and all of its Affiliates shall be released from the obligation to guarantee any of the obligations of the Company or any of its Subsidiaries or Affiliates under any financing. If either
Member is the purchasing party, the purchasing Member shall, at its expense, secure the release from all lenders (without releasing any claim the Company may have against the applicable guarantor) of outstanding Affiliate Guaranties executed by the
applicable GCI Guarantor or CHP Guarantor or their respective Affiliates (other than obligations accrued prior to the transfer under any customary recourse carve-out guarantees) and, to the extent required, obtain the consent of all lenders to the
buy-out of such Member (or cause the applicable loans to be repaid at closing). 

  
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 12.5    Enforcement.  It is expressly
agreed that the remedy at law for breach of the obligations of the Members set forth in this Article XII is inadequate in view of (a) the complexities and uncertainties in measuring the actual damage to be sustained by reason of the
failure of a Member to comply fully with such obligations, and (b) the uniqueness of the Company’s business and the Member’s relationships. Accordingly, each of such obligations shall be, and is hereby expressly made, enforceable by a
specific performance. 
 12.6    Refinancing.  The terms and provisions of
this Article XII shall be subject to the terms and conditions of the Refinancing. 
 ARTICLE 13 

MISCELLANEOUS 
 13.1    Further Assurances.    Each party to this Agreement agrees to execute, acknowledge, deliver, file and record such further certificates, amendments,
instruments and documents, and to do all such other acts and things, as may be required by law or as, in the reasonable judgment of the Managing Member, may be necessary or advisable to carry out the intent and purpose of this Agreement so long as
such acts and things do not increase the obligations or diminish the rights of any of the Members. 

13.2    Notices. 

(a)      Any and all notices, including any demands, consents, approvals, offers,
elections and other communications required or permitted under this Agreement shall be deemed adequately given if in writing, addressed to the recipient of the notice at the addresses set forth below (or to such other addresses as the parties may
specify by due notice to the others parties) and if delivered either (a) in hand, in which case it will be deemed delivered on the date of delivery or on the date delivery was refused by the addressee, (b) by United States mail, postage
prepaid, registered or certified, with return receipt requested, in which case it will be deemed delivered on the date of delivery as established by the return receipt (or the date on which the return receipt confirms that acceptance of delivery was
refused by the addressee), (c) by Federal Express or similar expedited commercial carrier, with all freight charges prepaid, in which case it will be deemed delivered on the date of delivery as established by the courier service confirmation
(or the date on which the courier service confirms that acceptance of delivery was refused by the addressee), or (d) by facsimile transmission with a hard copy to follow by any of the other methods above, in which case it will be deemed
delivered on the day and at the time indicated in the sender’s automatic acknowledgment. If a notice is sent to a party, then copies of such notice under this Section shall also be sent by the same delivery method to the copy recipients.
Whenever under this Agreement a notice is required to be delivered on a day which is not a Business Day or is required to be delivered on or before a specific day which is not a Business Day, the day of required delivery shall automatically be
extended to the next Business Day. All such notices shall be addressed as follows: 

  
 47 

			
	 To CHP or the Managing

Member:
	  	 c/o CNL Healthcare Properties, Inc.
 CNL Center at City Commons
 450 South Orange Ave.

Orlando, Florida 32801
 Attn.: Joseph T. Johnson,
SVP and CFO and
 Holly J. Greer, SVP and General Counsel
 Telecopy No.:   407-540- 2544
 Telephone No.: 407-540-7618 (Johnson)

407-540-7546 (Greer)

		
	With a copy to:	  	 Lowndes, Drosdick, Doster, Kantor & Reed, PA
 215 North Eola Drive
 Orlando, Florida 32801

Attn.: Peter L. Lopez, Esq.
 Telecopy No.:
407-843-4444
 Telephone No.: 407-418-6277

		
	To GCI:	  	 c/o GCI Development, LLC

8710 Earhart Lane SW
 Cedar Rapids, Iowa
52404
 Attn: Steven R. Heyer
 Telecopy
No.: 319-841-4012
 Telephone No.: 319-360-0046

		
	With a copy to:	  	 c/o GCI Development, LLC

420 N. Front Street, Suite 100
 McHenry, IL
60050
 Attn: Scott Smith, Esquire

Telecopy No.: 815-385-0988
 Telephone No.:
815-739-7117

 (b)      Notices, demands, requests, consents, approvals,
offers, elections and other communications given by an attorney named above on behalf of its client and sent to the other party to this Agreement in the manner set forth in this Section shall have the same effect as if given by a party to this
Agreement. Notwithstanding anything to the contrary contained in this Agreement, it is understood that notices to each party’s outside counsel shall be given as a courtesy only and failure to provide such notice shall not in any way affect or
diminish the validity of the notice given to any party under this Agreement. By notice given as provided in this Section, the parties to this Agreement and their respective successors and assigns shall have the right from time to time and at any
time during the Term to change their respective addresses effective five (5) Business Days after the date of receipt by the other parties of such notice and each party shall have the right to specify as its address any other address within the
United States of America. 

  
 48 

 13.3     Headings and Captions.   All
headings and captions contained in this Agreement and the table of contents hereto are inserted for convenience only and shall not be deemed a part of this Agreement. 

13.4     Variance of Pronouns.   All pronouns and all variations thereof shall be
deemed to refer to the masculine, feminine or neuter, singular or plural, as the identity of the person or entity may require. 
 13.5     Counterparts.   This Agreement may be executed in two or more counterparts, each of which shall constitute an original and all of which, when taken together,
shall constitute one Agreement. The submission of a signature page transmitted by facsimile (or similar electronic transmission facility) shall be considered as an “original” signature page for purposes of this Agreement so long as the
original signature page is thereafter transmitted by mail or by other delivery service and the original signature page is substituted for the facsimile signature page in the original and duplicate originals of this Agreement. 

13.6    Governing Law; Litigation, Jurisdiction and Waiver of Jury Trial. 

(a)     This Agreement will be governed by, and construed in accordance with, the laws of the State
of Delaware without regard to conflict of laws principles, except to the extent that any legal interpretation involves a real estate issue and relates to the Facilities in which case Iowa law shall govern the interpretation of such matter.

 (b)     For the purposes of any suit, action or proceeding involving this Agreement, the
parties each hereby expressly and irrevocably submits to the jurisdiction of all federal and state courts sitting in the State of Iowa and the State of Florida which courts shall have jurisdiction over any such suit, action or proceeding commenced
by any party. The parties consent to service of process, wherever made, by certified mail return receipt requested, personal service or any other method permitted by applicable law and the rules of the applicable court. In furtherance of such
agreement, the parties agree, upon the request of any party, to discontinue (or agree to the discontinuance of) any such suit, action or proceeding pending in any other jurisdiction. 

(c)     Each party hereby irrevocably waives any objection that either party may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any federal or state court sitting in the State of Iowa or the State of Florida and hereby further irrevocably waives any claim
that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(d)     If for any reason, the state and federal courts sitting in the State of Iowa or the State of
Florida refuse to exercise jurisdiction over the proceeding or any party, then litigation as permitted herein may be brought in any court of competent jurisdiction in the United States of America. 

(e)     EACH PARTY HEREBY WAIVES, IRREVOCABLY AND UNCONDITIONALLY, TRIAL BY JURY IN ANY ACTION
BROUGHT ON, UNDER OR BY VIRTUE OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR ANY OF THE DOCUMENTS EXECUTED IN CONNECTION HEREWITH, THE FACILITIES, OR ANY 

  
 49 

 
CLAIMS, DEFENSES, RIGHTS OF SET-OFF OR OTHER ACTIONS PERTAINING HERETO OR TO ANY OF THE FOREGOING. 
 13.7     Arbitration. 
  (a)
      Any dispute with respect to the matters described in Sections 3.5 and 5.5 under this Agreement for which arbitration in accordance with Section 13.7 is expressly provided shall be determined by binding
arbitration proceeding (the “Arbitration Proceeding”) administered by the American Arbitration Association (“AAA”) under its Commercial Arbitration Rules and Expedited Procedures, in effect at the time of the demand
for arbitration, provided, however, that to the extent any provision of this Section modifies, adds to, or is inconsistent with any provisions of those rules and procedures, the provisions of this Section shall control. Arbitration will be conducted
before a single arbitrator in Orlando, FL or Cedar Rapids, Iowa (the “Venue”). The parties hereby acknowledge and agree that the party which did not initiate the Arbitration Proceeding shall have the right to elect the Venue in its
sole discretion, which shall be binding on both parties. The choice of law provisions set forth in Section 13.6 shall apply in any such Arbitration Proceeding. Any dispute, disagreement, or controversy arising out of or relating to this
Agreement for which arbitration is not expressly provided as the means of resolution may be resolved by litigation as provided in Section 13.6 or by other lawful means. 

 (b)      The party desiring arbitration shall provide written notice in accordance with
the requirements of Section 13.2 to the other party (the “Arbitration Notice”) indicating (i) the matter in controversy and (ii) the name, contact information and professional resume of the proposed arbitrator meeting
the requirements for a qualified and independent arbitrator set forth in Section 13.7(c) (“Initial Arbitrator”) to arbitrate such matter in controversy. If the party receiving the Arbitration Notice rejects the Initial
Arbitrator set forth in the Arbitration Notice it shall object by written notice in accordance with the requirements of Section 13.2 (“Objection Notice”) delivered to the other party within seven (7) Business Days of the
receipt of the Arbitration Notice. The Objection Notice shall contain the name, contact information and professional resume of a different arbitrator meeting the requirements for a qualified and independent arbitrator set forth in
Section 13.7(c) (“Secondary Arbitrator”) to arbitrate the matter in controversy set forth in the Arbitration Notice. If the party receiving the Objection Notice rejects the Secondary Arbitrator, it shall object in writing
(“Secondary Objection Notice”) to the other party within seven (7) Business Days after the receipt of the Objection Notice. If neither the Initial Arbitrator nor the Secondary Arbitrator is accepted by the parties, the party
which delivered the Arbitration Notice shall instruct the Initial Arbitrator and the Secondary Arbitrator to agree, within five (5) Business Days after receipt of the Secondary Objection Notice, upon an arbitrator (“Appointed
Arbitrator”) meeting the requirements for a qualified and independent arbitrator set forth in Section 13.7(c). If they agree upon an Appointed Arbitrator who is prepared to act as the Appointed Arbitrator, the Initial Arbitrator and
Secondary Arbitrator shall deliver written notice of the name, contact information and professional resume of the Appointed Arbitrator to each party simultaneously. The appointment of the Appointed Arbitrator shall be a final decision, which shall
not be subject to objection by either party, unless either party to this Agreement within five (5) Business Days after such selection of an Appointed Arbitrator, gives written notice in accordance with the requirements of Section 13.2 of
this Agreement to the other party, in writing, that such Appointed Arbitrator fails to meet the requirements for a qualified and 

  
 50 

 
independent arbitrator set forth in Section 13.7(c) and provides specific information in such written notice as to the reasons why such failure exists. 

(c)     In the event the Initial Arbitrator and the Secondary Arbitrator cannot agree on an
Appointed Arbitrator or if such appointed Arbitrator is unwilling to act as the Appointed Arbitrator or if either party objects to the Appointed Arbitrator within five (5) Business Days after the selection of such Appointed Arbitrator, as
permitted in this Section 13.7, then either party may petition the AAA (or any successor body of similar function) to appoint an arbitrator within five (5) Business Days of such petition using the following criteria: such arbitrator shall
be (i) with respect to physical property matters, a licensed professional engineer or registered architect having at least ten (10) years’ experience in the design or construction of assisted living facilities similar to the
Facilities, (ii) with respect to financial matters, a partner in a “Big Four Accounting Firm” with at least ten (10) years’ experience with the type of matter in dispute, (iii) with respect to property management
issues, an individual who shall have had at least ten (10) years’ experience managing similar assisted living facilities in the market place for the matter in dispute and (iv) be neutral and shall have had no prior notice, information
or discussions concerning such controversy and shall not be employed by or associated with either party or any Affiliate of either of them, or any of their respective agents or affiliates at such time or for the previous ten (10) years. If the
dispute involves more than one type of matter, then the Appointed Arbitrator may be (v) an individual with expertise in any one of the types of matters in dispute, or (vi) a retired judge. 

(d)      The Arbitration Proceedings shall commence fifteen (15) Business Days after
the engagement or appointment of the appropriate arbitrator pursuant to this Section 13.7. The arbitrator shall make a determination within ten (10) Business Days after conclusion of the Arbitration Proceeding. 

(e)      The costs and expenses of an Arbitration Proceeding including the administrative
fees and costs, expert fees and the arbitrator’s fees and costs, shall be shared equally by CHP and GCI, and each party shall bear its own counsel, expert, administrative fees and other professional fees and expenses with respect to such
Arbitration Proceeding; provided, however, that the Appointed Arbitrator may (but shall not be required to), in the exercise of his/her best judgment, assess one party for a part or all of the costs of the other party, including, without limitation,
the costs of the Arbitration Proceeding. 
 (f)      Any arbitrator’s final
decision and award shall be in writing, shall be binding on the parties and shall be non-appealable, and counterpart copies thereof shall be delivered to both parties. A judgment or order based upon such award may be entered in any court of
competent jurisdiction. All actions necessary to implement the decision of the arbitrator shall be undertaken as soon as possible, but in no event later than three (3) Business Days after the rendering of such decision. 

13.8     Partition. The Members hereby agree that no Member nor any successor-in-interest
to any Member shall have the right to have the property of the Company partitioned, or to file a complaint or institute any proceeding at law or in equity to have the property of the Company partitioned, and each Member, on behalf of himself, his
successors, representatives, heirs and assigns, hereby waives any such right. 

  
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 13.9     Invalidity. Every provision of this
Agreement is intended to be severable. The invalidity and unenforceability of any particular provision of this Agreement in any jurisdiction shall not affect the other provisions of this Agreement, and this Agreement shall be construed in all
respects as if such invalid or unenforceable provision were omitted. 
 13.10   Successors and
Assigns. This Agreement shall be binding upon the parties hereto and their respective successors, executors, administrators, legal representatives, heirs and legal assigns and shall inure to the benefit of the parties hereto and, except as
otherwise provided in this Agreement, their respective successors, executors, administrators, legal representatives, heirs and legal assigns. 
 13.11   Entire Agreement. This Agreement supersedes all prior agreements among the parties with respect to the subject matter of this Agreement and contains the entire Agreement among the
parties with respect to such subject matter. 
 13.12   Waivers. No waiver of any provision of
this Agreement by any party hereto shall be deemed a waiver by any other party nor shall any such waiver by any party be deemed a continuing waiver of any matter by such party. No amendment, modification, supplement, discharge or waiver of this
Agreement shall require the consent of any Person not a party to this Agreement. 
 13.13   No
Brokers.  Except as disclosed in the Disclosure Statement to the Transfer Agreement, each of the Members hereto represents and warrants to each other that there are no brokerage commissions or finders’ fees (or any basis therefor)
resulting from any action taken by such Member or any Person acting or purporting to act on their behalf upon entering into this Agreement. Each Member agrees to defend, indemnify and hold harmless each other Member for all costs, damages or other
expenses, including, without limitation, reasonable attorneys’ fees and expenses, arising out of any misrepresentation made in this Section 13.13. 
 13.14   Confidentiality.  Each Member agrees not to disclose or permit the disclosure of any of the terms of this Agreement or of any other confidential, non-public or
proprietary information relating to the Company Assets or business (collectively, “Confidential Information”), provided that such disclosure may be made (a) to any Affiliate or other Person who is a partner, member,
officer, director or employee of such Member or Affiliate or counsel to or financial advisors or accountants of such Member solely for their use on behalf of such Member and on a need-to-know basis, provided that such Persons are notified of the
Member’s confidentiality obligations pursuant to this Agreement, (b) with the consent of the other Members, (c) if required by governmental law, rule or regulation, in which event the disclosing party shall, unless prohibited by law,
immediately notify the other of the terms and circumstances of the disclosure, and cooperate with any efforts to prevent or limit disclosure, (d) subject to the next paragraph, pursuant to a subpoena or order issued by a court, arbitrator or
governmental body, agency or official or (e) to any lender providing financing to the Company. 
 In the
event that a Member shall receive a request to disclose any Confidential Information under a subpoena or order such Member shall (x) promptly notify the other Members thereof, (y) consult with the other Members on the advisability of
taking steps to resist or narrow such request and (z) if disclosure is required or deemed advisable, cooperate with any 

  
 52 

 
of the other Members in any attempt it may make to obtain an order or other assurance that confidential treatment will be accorded the Confidential Information that is disclosed. 

13.15   No Third Party Beneficiaries. This Agreement is not intended and shall not be construed as
granting any rights, benefits or privileges to any Person not a party to this Agreement or an Indemnified Person. 
 13.16   Power of Attorney. Subject to Section 3.5, each of the undersigned does hereby constitute and appoint Managing Member as its true and lawful representative and
attorney-in-fact, in its name, place, and stead to make, execute, sign, and file any amendment to the Certificate of Formation of the Company required because of an amendment to this Agreement or in order to effectuate any change in the membership
of the Company, and all such other instruments, documents, and certificates which may from time to time be required by the laws of the United States of America, the State of Delaware, or any other state in which the Company shall determine to do
business, or any political subdivision or agency thereof, to effectuate, implement, and continue the valid and subsisting existence of the Company, or in connection with any state tax filings of the Company. The power of attorney granted hereby is
coupled with an interest and shall (a) continue in full force and effect notwithstanding the subsequent death, incapacity, dissolution, termination, or Bankruptcy of the Member granting the same or the Transfer of all or any portion of such
Member’s Interest, and (b) extend to such Member’s successors, assigns, and legal representatives. 
 13.17   Invalidity.  The provisions of this Section 13.17 were negotiated in good faith by the parties to this Agreement, and the parties agree that such provisions are
reasonable and are not more restrictive than necessary to protect the legitimate interests of the parties hereto. It is the intention of the parties to this Agreement that if any of the restrictions or covenants contained herein is held to be for a
length of time that is not permitted by applicable law, or is any way construed to be too broad or to any extent invalid, such provision shall not be construed to be null, void and of no effect, but to the extent such provision would be valid or
enforceable under applicable law, a court of competent jurisdiction shall construe and interpret or reform such provision to provide for a restriction or covenant having the maximum time period and other provisions (not greater than those contained
herein) as shall be valid and enforceable under applicable law. 
 13.18   Construction of
Documents.  The parties acknowledge that they were represented by separate and independent counsel in connection with the review, negotiation and drafting of this Agreement and that this Agreement shall not be subject to the principle
of construing its meaning against the drafter. 
 [SIGNATURE PAGES FOLLOW] 

  
 53 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby,
have duly executed this Second Amended and Restated Limited Liability Company Agreement effective as of the Amendment Date. 
  

			
	MEMBERS:
	
	 GCI DEVELOPMENT, LLC,
 an Iowa limited liability company

		
	By:	 	   /s/ Steven Heyer

		 	Name: Steven Heyer
		 	Title: President
	
	 CHT WINDSOR MANOR AL HOLDING,
 LLC, a Delaware limited liability company

		
	By:	 	   /s/ Holly J. Greer

		 	Name: Holly J. Greer
		 	Title: Senior Vice President

  
 1 

 Schedule 1.1 
 Facilities 
 [Intentionally Omitted] 

  
 1 

 Schedule 3.5 
 Major Decisions 

(a)      Any sale, mortgage, financing or refinancing (or material amendment of any
document evidencing any of the foregoing) of any: (i) material Company Assets, (ii) Facility, (iii) Facility Entity, (iv) any Subsidiary, or (v) any interest in any material Company Asset, (vi) any material interest in
any Facility, Facility Entity, any Subsidiary, or (vii) any lease of any Facility not permitted under the Management Agreements; however, the Managing Member may make incidental sales, exchanges, conveyances, of personal property at a Facility
which may be disposed of or replaced due to wear and tear or obsolescence or otherwise in the ordinary course of business, subject to the provisions of Article 9 (Disposition of Interests) of this Agreement. 

(b)      Invest in or acquire any real property, or any direct or indirect beneficial
ownership interest therein by the Company or any Subsidiary. 
 (c)      Make any
expenditure or incur any obligation by or for any Facility Entity which is not provided for in an Annual Budget or otherwise permitted to be incurred under the applicable Facility Documents of a Facility other than increased insurance costs, taxes,
utility costs and debt service payments; however, if actions are needed to satisfy any Emergency Requirements with respect to any Facility, the Managing Member may make such expenditures as may be necessary to alleviate such situation even if such
expenditures are not provided for, or exceed the amount provided for, in an Annual Budget or the FFE Reserve, and the Managing Member shall promptly notify the other Members of the event giving rise to such repairs and the actions taken with respect
thereto. 
 (d)      File any petition or consent to the filing of any petition
that would subject the Company, any Facility Entity or other Subsidiary to a Bankruptcy, or make any assignment for the benefit of creditors by the Company, any Facility Entity or other Subsidiary. 

(e)      Approve all Proposed Budgets and finalize Annual Budgets, capital budgets and FFE
Reserve. 
 (f)      Approve Material Contracts unless such agreements have been
approved as part of the Annual Budget. 
 (g)      Dissolve, liquidate or
otherwise terminate the Company or any Subsidiary, except pursuant to the provisions of Article 10 of this Agreement. 
 (h)      Engage and terminate the Facility Manager and enter into, materially extend, materially amend or terminate a Management Agreement. 

(i)      Change the status of the Company or Subsidiaries as a partnership for federal,
state or local income tax purposes. 
 (j)      Renew, refinance, discharge or
otherwise modify an existing loan with respect to a Facility, or obtain, incur, renew, refinance, discharge or otherwise modify any other financing, and entering into, or amending any loan document in connection with any such financing. 

  
 1 

 (k)      Merge or consolidate the Company or
any of its Subsidiaries with or into another entity or forming any new Subsidiary. 

(l)      Reconstitute the Company prior to the termination thereof following any
dissolution of the Company. 
 (m)      Take any other actions on behalf of the
Company that are outside of the scope of authority granted to the Managing Member pursuant to this Agreement. 

(n)      Change the purpose of the Company or the Subsidiaries as set forth in this
Agreement. 
 (o)      Request any additional Capital Contributions (other than
Mandatory Capital Contributions). 
 (p)      With respect to any redevelopment,
renovation or capital improvement of a Facility, including with respect to a casualty or condemnation, (a) approve the plans and specifications and material modifications thereto, (b) select the contractors and consultants,
(c) approve the form and substance of the contracts with such contractors and consultants and (d) approve of any modification of, or change order under, any such contracts. 

(q)      Institute, settle or make any other material decision with respect to any lawsuit,
claim, counterclaim or other legal proceeding by or against the Company, any Facility or any Subsidiary, including, without limitation, confessing a judgment against the Company or any Subsidiary, accepting the settlement, compromise or payment of
any claim asserted against the Company or any Subsidiary or any of their respective property and assets, or asserted by the Company or any Subsidiary in respect of the foregoing. 

(r)      Change the name of the Company or any Subsidiary or otherwise modify the
Organizational Documents of any Subsidiary. 
 (s)      Issue any guaranties or
indemnities by the Company or any Subsidiary of obligations of any Person whether or not in connection with the operation, improvement, management and maintenance of the Facilities. 

(t)      Settle any dispute with respect to tax certiorari proceedings with respect to a
Facility. 
 (u)      Make any decisions with respect to legal or tax matters
which matters could have a material adverse effect upon the Company, any of its Subsidiaries, the Facilities or GCI, including, without limitation, any change to any allocation of profit and loss. 

(v)      Exchange or subdivide, or grant any option with respect to, all or any portion of
the Facilities, and acquire any option with respect to the purchase of any real property or granting or relocating any easements benefiting the Facilities, boundary line adjustments, road rights-of-way and other similar dispositions of non-leasehold
interests in the Facilities. 
 (w)      Set a level of reserves to be maintained
by the Company or any Subsidiary. 

  
 2 

 (x)      Select an accounting firm other than
the so called “big four” accounting firms as the Company’s independent certified public accountants; removing or replacing the Company’s independent certified public accountants unless such removed firm is replaced by any other
of the so called “big four” accounting firms; make any accounting decisions for the Company or any Subsidiary in contradiction of the advice provided by the Company’s approved independent certified public accountants, and approving
any financial statements within the agreed time period. 
 (y)      (i) Reduce the
insurance and fidelity bond coverages carried by the Company or any Subsidiary with respect to the Company or any Subsidiary and their respective assets, including, without limitation, the Facilities, below the greater of (x) the minimum
coverages required by any loan documents and (y) the coverages in effect as of the date hereof, and (ii) increasing the deductible with respect to any insurance coverages to more than a specified threshold amount. At any time that CHP
intends to increase the insurance and/or fidelity bond coverages, GCI may require replacement insurance and fidelity bond coverages to the extent that (a) such replacement insurance and fidelity bond coverages are available from an insurance
company satisfactory to CHP and any lender at a lower premium than the premium for the insurance or fidelity bond coverages in effect as of the date that CHP intends to increase such coverages, (b) the deductible with respect to any such
replacement coverages shall not exceed the deductible for the coverages that CHP intends to obtain and (c) the extent of the coverages provided by such replacement shall be equal to no less than the greater of (1) the coverages required by
loan documents, and (2) the coverages in effect as of the date that CHP intends to increase such coverages. 
 (z)      Select any third-party consultants, including, without limitation, environmental consultants, attorneys or other professionals, to be employed or commissioned by the
Company or any Subsidiary or on behalf of the Company or any Subsidiary, and the termination of any such third party, in each case to the extent related to any redevelopment, renovation or capital improvement of the Facilities. 

(aa)      Make cash or other property distributions to the Members (other than as expressly
required or permitted under the terms of this Agreement and/or pursuant to an Annual Budget). 

(bb)      Make any decision with respect to any environmental matters affecting the
Facilities. 
 (cc)      Make or agree to any changes to the zoning of the
Facilities; and approve the terms and provisions of any restrictive covenants or easement agreements affecting the Facilities or any portion thereof. 
 (dd)      Approve the issuance of additional membership interests or admission to the Company or any Subsidiary of a successor or an additional member unless otherwise
permitted to be admitted pursuant to this Agreement. 
 (ee)      Make any change
or modification to, or waive any provision of, the Operating Leases. 

  
 3 

 (ff)      In the event of a termination of the
Facility Manager in accordance with the Management Agreements, hire a new manager. 

(gg)    Approve entering into, or the material modification of, any agreement or transaction between
the Company or any subsidiary of the Company and any Member or Affiliate of a Member. 

(hh)    Any amendment to this Operating Agreement. 

(ii)      Approve entering into any Capital Transaction. 

(jj)      Approval and filing of any state or federal tax return. 

(kk)    The exercise or making of any elections with respect to the tax treatment of any item of
income or expense, such approval not to be unreasonably withheld, conditioned or delayed. 

(ll)      Any compensation or fee paid or payable to the Managing Member in its capacity as
Managing Member. 
 (mm)  Approve any payment by the Company or Subsidiary to an Indemnified Person or
a Covered Person pursuant to Section 4.3(a) of this Agreement or Section 18 of the Organizational Document for a Subsidiary, respectively. 

  
 4 

 Schedule 3.7 
 Future Development Opportunities; Definition of Operating Margin 
  

	 	Example:	 Representing a typical Windsor Manor Community stabilized property with tax abatement. Depreciation and amortization are not included in the
operating margin calculation. 

  
  

					
	 Total Income
	  	 $	 1,795,000  	  
		
	 General Expenses
	  	 $	(930,000)  	  
	 Insurance (PL/GL/Property)
	  	 $	(83,000)  	  
	 Real Estate Taxes (accrued)
	  	 $	(5,000)  	  
		  	  
	  
	 
		  	 $	777,000  	  
	 Operating Margin
	  	 	43%    	  
		
	 Management Fees (5%)
	  	 $	(89,750)  	  
	 CapEx Reserves ($350/unit)
	  	 $	(14,000)  	  
		  	  
	  
	 
	 NOI
	  	 $	673,250  	  

  
 Note: All
calculations and financial statements used to prepare the calculations shall be based upon GAAP. 
 Note:
“Real Estate Taxes” above shall include only taxes imposed on land and shall not include any taxes assessed on buildings and other improvements. 

  
 1 

 Schedule 6.1 
 Percentage Interests of the Members 
 [Intentionally Omitted] 

  
 1 

 Exhibit A 
 Annual Budget 
 [Intentionally Omitted] 

  
 1 

 Exhibit B 
 Indemnification and Contribution Agreement 
 [Intentionally Omitted]Agreement of Sale and Purchase dated April 3, 2013

 Exhibit 10.83 
 AGREEMENT OF SALE AND PURCHASE 
  
 JEFFERSON EQUITY PARTNERS, LLC, 
 a Tennessee limited liability company,

 OAK HILL PARTNERS, LLC, 
 a Tennessee limited liability company, 
 KNOXVILLE EQUITY PARTNERS, LLC,

 a Tennessee limited liability company, 
 and 
 EMORY DEVELOPMENT PARTNERS, LLC, 

a Tennessee limited liability company, 
 collectively, as the Sellers 
 and 

CHP PARTNERS, LP, 
 a Delaware limited partnership 
 as the Purchaser 

April 3, 2013 

 TABLE OF CONTENTS 

 

					
	ARTICLE I. Definitions	  	1
		
	ARTICLE II. Agreement to Sell and Purchase	  	9
	 2.1
	 	 Agreement to Sell and Purchase
	  	9
	 2.2
	 	 All or None Sale
	  	10
		
	ARTICLE III. Purchase Price and Earnest Money	  	10
	 3.1
	 	 Payment of Purchase Price
	  	10
	 3.2
	 	 Earnest Money
	  	10
	 3.3
	 	 Allocation of Purchase Price and Earnest Money
	  	10
		
	ARTICLE IV. Items to be Furnished to Purchaser by Seller	  	10
	 4.1
	 	 Due Diligence Materials
	  	10
	 4.2
	 	 Due Diligence Review
	  	12
	 4.3
	 	 Service Contracts
	  	13
		
	ARTICLE V. TITLE AND SURVEY REVIEW	  	13
	 5.1
	 	 Title Commitment and Survey
	  	13
	 5.2
	 	 Permitted Exceptions
	  	13
	 5.3
	 	 Title Review and Cure.
	  	14
	 5.4
	 	 Delivery of Title Policy at Closing
	  	14
		
	ARTICLE VI. Representations, Warranties, Covenants and Agreements	  	15
	 6.1
	 	 Representations and Warranties of Sellers
	  	15
	 6.2
	 	 Covenants and Agreements of Sellers
	  	19
	 6.3
	 	 Representations, Warranties and Covenants of Purchaser
	  	20
	 6.4
	 	 Disclaimer
	  	21
		
	ARTICLE VII. Conditions to the Sellers’ and Purchaser’s Obligations	  	22
	 7.1
	 	 Conditions to the Purchaser’s Obligations
	  	22
	 7.2
	 	 Failure of Conditions to Purchaser’s Obligations
	  	24
	 7.3
	 	 Condition to the Sellers’ Obligations
	  	25
	 7.4
	 	 Failure of Conditions to Sellers’ Obligations
	  	25
	 7.5
	 	 Casualty.
	  	26
		
	ARTICLE VIII. Provisions with Respect to the Closing	  	27
	 8.1
	 	 The Closing
	  	27
	 8.2
	 	 Sellers’ Closing Obligations
	  	27
	 8.3
	 	 Purchaser’s Closing Obligations
	  	28
		
	ARTICLE IX. Expenses of Closing	  	29
	 9.1
	 	 Taxes
	  	29
	 9.2
	 	 Rents.
	  	29
	 9.3
	 	 Security Deposits and Credit Enhancements
	  	30

  
 i 

					
	 9.4
	 	 Leasing Costs
	  	30
	 9.5
	 	 Closing Costs.
	  	30
	 9.6
	 	 Commissions/Broker’s Fees
	  	31
	 9.7
	 	 Utilities; Operating Expenses.
	  	32
		
	ARTICLE X. Default and Remedies	  	32
	 10.1
	 	 Sellers’ Default; Purchaser’s Remedies.
	  	32
	 10.2
	 	 Purchaser’s Default; Sellers’ Remedies.
	  	33
		
	ARTICLE XI. ESCROW OF EARNEST MONEY	  	34
	 11.1
	 	 Investment of Earnest Money
	  	34
	 11.2
	 	 Payment at Closing
	  	34
	 11.3
	 	 Payment on Demand
	  	34
	 11.4
	 	 Exculpation of Title Company
	  	34
	 11.5
	 	 Stakeholder
	  	34
	 11.6
	 	 Receipt
	  	35
		
	ARTICLE XII. Miscellaneous	  	35
	 12.1
	 	 Survival
	  	35
	 12.2
	 	 Right of Assignment
	  	35
	 12.3
	 	 Notices
	  	35
	 12.4
	 	 Entire Agreement; Modifications
	  	36
	 12.5
	 	 Applicable Law
	  	37
	 12.6
	 	 Captions
	  	37
	 12.7
	 	 Binding Effect
	  	37
	 12.8
	 	 Execution in Counterparts
	  	37
	 12.9
	 	 Time is of the Essence
	  	37
	 12.10
	 	 Waiver of Conditions
	  	37
	 12.11
	 	 Severability
	  	38
	 12.12
	 	 No Recording
	  	38
	 12.13
	 	 Attorneys’ Fees
	  	38
	 12.14
	 	 Independent Consideration
	  	38
	 12.15
	 	 Third-Party Beneficiaries
	  	38
	 12.16
	 	 Confidentiality
	  	38
	 12.17
	 	 Public Announcement
	  	38
	 12.18
	 	 Exclusive Forum
	  	39
	 12.19
	 	 1031 Exchange
	  	39
	 12.20
	 	 Suite 230
	  	39
		
	ARTICLE XIII. INDEMNIFICATION AND RELEASE	  	40
	 13.1
	 	 Indemnification by Seller
	  	40
	 13.2
	 	 Indemnification by Purchaser
	  	40
	 13.3
	 	 Indemnification Procedure.
	  	40
	 13.4
	 	 Guarantor Guaranty
	  	41
	 13.5
	 	 Exclusive Remedy for Indemnification Loss
	  	42

  
 ii 

 AGREEMENT OF SALE AND PURCHASE 

THIS AGREEMENT OF SALE AND PURCHASE (this “Agreement”) is made and entered into by and
between JEFFERSON EQUITY PARTNERS, LLC, a Tennessee limited liability company (“JEP”), OAK HILL PARTNERS, LLC, a Tennessee limited liability company (“OHP”), KNOXVILLE EQUITY PARTNERS,
LLC, a Tennessee limited liability company (“KEP”), and EMORY DEVELOPMENT PARTNERS, LLC, a Tennessee limited liability company, (“EDP”; JEP, OHP, KEP and EDP being each referred to as a
“Seller” and collectively as the “Sellers”), and CHP PARTNERS, LP a Delaware limited partnership (“Purchaser”). Sellers and Purchaser are sometimes collectively referred
to herein as the “Parties”. 
 RECITALS: 

A.            Each Seller is the owner of a Property
comprising the Portfolio (as hereinafter defined). 

B.            The Sellers desire to sell the Portfolio to
Purchaser, and Purchaser desires to purchase the Portfolio from Sellers on the terms and conditions contained in this Agreement. 
 NOW, THEREFORE, in consideration of the sum of One Hundred Dollars ($100.00) (“Independent Consideration”), the mutual covenants and agreements contained herein and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 

ARTICLE I. 

DEFINITIONS 
 In addition to any other terms defined in the body of this Agreement, as used herein (including any Exhibits attached hereto), the following terms shall have the meanings indicated in this Article I:

 “Affiliate” of any specified Person means any other Person Controlling, Controlled by
or under common Control with such specified Person. 
 “Assignment of Base Lease” shall
mean an Assignment of Ground [Air Rights] Lease, Service in the form attached as Exhibit F hereto, and sufficient to assign all of the right, title, and interest of EDP, JEP and KEP in its corresponding Base Lease to Purchaser.

 “Assignment of Leases and Service Contracts” shall mean an Assignment of Leases and
Service Contracts in the form attached as Exhibit E hereto, and sufficient to assign all of each Seller’s right, title, and interest in the Leases to Purchaser, and to assign all of each Seller’s right, title, and interest in
the Service Contracts to Purchaser. 

  
 1 

 “Base Lease” or “Base
Leases” shall mean the OHP Air Rights Lease, the KEP Ground Lease and the EDP Ground Lease, individually and collectively. 
 “Base Lease Landlord” or means the landlord or lessor under each Base Lease. 
 “Bill of Sale” shall mean a Bill of Sale and Assignment in the form attached as Exhibit B hereto, and sufficient to transfer the Personal Property of each Seller to
Purchaser. 
 “Brinkman” shall mean N.T. Brinkman, Inc., a Virginia corporation.

 “Brokerage Agreement” means an agreement with a licensed real estate broker
representing a Seller or a Tenant which entitles such broker to the payment of a commission in connection with a Lease. 
 “Buildings” shall mean the JEP Building, the KEP Building, the EDP Building and the OHP Building, collectively. 

“Business Day(s)” shall mean calendar days other than Saturdays, Sundays and legal holidays.

 “Cherokee” shall mean Cherokee Health Systems, a Tennessee nonprofit corporation.

 “Closing” shall mean the consummation of the Transaction as provided for herein.

 “Closing Date” shall mean the actual day on which the Transaction is closed with the
transfer of title to the Properties to Purchaser and the Purchase Price paid to Seller. 
 “Closing
Statement” shall have the meaning ascribed to such term in Section 8.2 below. 

“Control” (and terms correlative thereto) when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise. 

“Deed” shall mean a special warranty deed executed by JEP, as grantor, in favor of Purchaser (or
its permitted assignee) as grantee, conveying the JEP Units to Purchaser, subject to the Permitted Exceptions. 

“Disclosure Schedule” shall mean the schedule of exceptions to representations made herein by
Sellers, which is attached as Exhibit J. 
 “Due Diligence Materials” shall have
the meaning ascribed to such term in Section 4.1 hereof. 
 “Due Diligence
Period” shall mean that period of time beginning on the Effective Date and ending at 5:00 pm, Eastern Time, on the date which is thirty (30) days after the Effective Date (and subject to extension as described in
Section 4.1 below). 

  
 2 

 “Earnest Money” shall mean the sum of Two Million
Dollars ($2,000,000.00). 
 “EDP Building” shall mean the medical office building
commonly referred to as Medical Plaza B, located on the EDP Land and having an address of 7557B Dannaher Drive, Powell, Tennessee 37849. 
 “EDP Ground Lease” shall mean the Ground Lease Agreement by and between SMH and EDP dated as of December 12, 2007, as amended, pursuant to which EDP has leased the EDP Land
from SMH. 
 “EDP Land” shall mean the real property described on Exhibit A
hereto. 
 “EDP Leases” shall mean the Leases of spaces in the EDP Building. 

“EDP Personal Property” shall mean the Personal Property owned by EDP. 

“EDP Property” shall mean, collectively, (a) EDP’s interest in the EDP Ground Lease,
(b) the EDP Building, together with all appurtenant interests, including the EDP Leases, and (c) the EDP Personal Property. 
 “EDP Quit Claim Deed” shall mean a quit claim deed executed by EDP, as grantor, in favor of Purchaser (or its permitted assignee) as grantee, conveying the EDP Building, together
with all appurtenant interests, to Purchaser. 
 “Effective Date” shall mean the date on
which a fully executed counter-part original or copy of this Agreement is delivered to and receipted by the Title Company. 
 “Engineering Documents” shall mean all site plans, soil and substrata studies, architectural drawings, as-built plans and specifications, engineering plans and studies, floor
plans, landscape plans, and other plans and studies, if any, that relate to a Building which are currently in the possession of a Seller. 
 “Exception Documents” shall mean true, correct and legible copies of each document listed as an exception to title on a Title Commitment. 

“Fixtures” shall mean all permanently affixed equipment, machinery, fixtures, and other items of
real property, including all components thereof, now and hereafter located in, on or used in connection with, and permanently affixed to or incorporated into a Building, including, without limitation, all furnaces, boilers, heaters, electrical
equipment, heating, plumbing, lighting, ventilating, refrigerating, incineration, air and water pollution control, waste disposal, air-cooling and air-conditioning systems and apparatus, sprinkler systems and fire and theft protection equipment, and
built-in vacuum, cable transmission, oxygen and similar systems, all of which, to the greatest extent permitted by law, are hereby deemed by the parties hereto to constitute real estate, together with all replacements, modifications, alterations and
additions thereto; provided, that “Fixtures” shall not include any equipment, machinery or other property located in a Building which is owned by Tenants. 

  
 3 

 “Guarantor” shall mean Brinkman. 

“Hazardous Materials” shall mean any substance, including without limitation asbestos or any
substance containing asbestos, deemed hazardous under any Hazardous Materials Law, the group of organic compounds known as polychlorinated biphenyls, flammable explosives, radioactive materials, infectious wastes, biomedical and medical wastes,
chemicals known to cause cancer or reproductive toxicity, pollutants, effluents, contaminants, emissions or related materials and any items included in the definition of hazardous or toxic wastes, materials or substances under any Hazardous
Materials Law. 
 “Hazardous Materials Law” shall mean any local, state or federal law
relating to environmental conditions and industrial hygiene, including, without limitation, the Resource Conservation and Recovery Act of 1976 (“RCRA”), the Comprehensive Environmental Response, Compensation and Liability Act of 1980
(“CERCLA”), as amended by the Superfund Amendments and Reauthorization Act of 1986 (“SARA”), the Hazardous Materials Transportation Act, the Federal Water Pollution Control Act, the Clean Air Act, the Clean Water Act, the Toxic
Substances Control Act, the Safe Drinking Water Act, and all similar federal, state and local environmental statutes, ordinances and the regulations, orders, or decrees now or hereafter promulgated thereunder. 

“HMA” shall mean Health Management Associates, Inc., a Delaware corporation. 

“Indemnification Loss” means, with respect to any Indemnitee, any liability, including, without
limitation, reasonable attorneys’ fees and expenses and court costs, incurred by such Indemnitee as a result of the act, omission or occurrence in question. 

“Independent Consideration” has the meaning set forth in the preamble. 

“Intangible Property” means all Permits and other intangible property or any interest therein now
or on the Closing Date owned or held by a Seller in connection with a Building, or with the use thereof, including trade names, water rights and reservations, zoning rights, business licenses and warranties (including those relating to construction
or fabrication) related to a Building, or any part thereof; provided, however, “Intangible Property” shall not include the general corporate trademarks, service marks, logos or insignia or books and records of a Seller, and
accounts receivable. 
 “Jefferson Master Deed” means the Master Deed between JEP and
Jefferson Owners Association, dated November 27, 2000, of record in Book 110, page 119, Register’s Office for Jefferson County, Tennessee, pursuant to which the JEP Building was converted into a condominium regime. 

“Jefferson Owner’s Association” means Jefferson Medical Commons Association, Inc., a
Tennessee nonprofit corporation. 
 “JEP Building” shall mean the medical office
building commonly referred to as Jefferson Medical Commons located on the JEP Land and having an address of 120 Hospital Drive, Jefferson City, Tennessee 37760. 

  
 4 

 “JEP Ground Lease” shall mean the Ground Lease by
and between JMH and JEP dated as of February 3, 2000, as amended, pursuant to which JEP has leased the JEP Land from JMH. The tract of land of which the JEP Land is a part was transferred by JMH to Jefferson City and Jefferson County, Tennessee
(the “Municipalities”) and the interest of JMH in the JEP Ground Lease was assigned by JMP to the Municipalities. The JEP Ground Lease was assigned by JEP to Jefferson Owner’s Association. 

“JEP Land” shall mean the real property described on Exhibit A hereto. 

“JEP Leases” shall mean the Leases of JEP Units. 

“JEP Personal Property” shall mean the Personal Property owned by JEP. 

“JEP Property” shall mean, collectively, (a) the JEP Units, together with all appurtenant
interests, including the JEP Leases, and (b) the JEP Personal Property. 
 “JEP
Units” shall mean the condominium units in the JEP Building owned by JEP, being all units in the JEP Building other than Units110, 130, 250 and 260. 

“JMH” shall mean Jefferson Memorial Hospital, Inc., a Tennessee nonprofit corporation.

 “KEP Building” shall mean the medical office building commonly referred to as Medical
Plaza A, located on the KEP Land and having an address of 7557A Dannaher Drive, Powell, Tennessee 37849. 

“KEP Ground Lease” shall mean the Ground Lease Agreement by and between SMH and KEP dated as of
April 13, 2004, as amended, pursuant to which KEP has leased the KEP Land from SMH. 
 “KEP
Land” shall mean the real property described on Exhibit A hereto. 
 “KEP
Leases” shall mean the Leases of spaces in the KEP Building. 
 “KEP Personal
Property” shall mean the Personal Property owned by KEP. 
 “KEP Property”
shall mean, collectively, (a) KEP’s interest in the KEP Ground Lease, (b) the KEP Building, together with all appurtenant interests, including the KEP Leases, and (c) the KEP Personal Property. 

“KEP Quit Claim Deed” shall mean a quit claim deed executed by KEP, as grantor, in favor of
Purchaser (or its permitted assignee) as grantee, conveying the KEP Building, together with all appurtenant interests, to Purchaser. 
 “Land” means the EDP Land, the JEP Land, the KEP Land and the OHP Land, collectively. 

  
 5 

 “Laws” means all federal, state and local laws,
moratoria, initiatives, referenda, ordinances, rules, regulations, standards, orders and other governmental requirements, including, without limitation, those relating to the environment, zoning, land use, planning, health and safety, disabled or
handicapped persons. 
 “Lease” or “Leases” shall mean each
lease or rental agreement or all leases and other rental agreements, if any, (written or verbal, now or hereafter in effect) through which a Seller, or any prior owner of a Building has granted a possessory interest in and to any space in such
Building, and all security deposits or credit enhancements, if any, held in connection therewith. All Leases are listed on Schedule 5.1 hereto. 
 “Management Agreement” means an agreement between Purchaser and Brinkman (or an Affiliate designated by Brinkman) in the form of Exhibit G pursuant to which Brinkman (or
Brinkman’s designated Affiliate) is engaged to manage each Building for a term of five (5) years following the Closing. 
 “Material Tenant Lease Default” shall be deemed to exist (A) (i) if one or more Tenants is in breach and has not cured the monetary terms of their Leases, (ii) if
one or more Tenants is in breach and has not cured any non-monetary terms of their Leases after notice of such breach and such failure to cure has extended beyond any applicable cure period; (iii) if one or more Tenants files a petition in
bankruptcy or take or consent to any other action seeking any such judicial decree or are the subject of an involuntary petition in bankruptcy which involuntary petition is not vacated prior to Closing, (iv) if one or more Tenants are permitted
to terminate or cancel their Leases as a result of a default by a Seller thereunder or as a result of any occurrence or event that the Lease expressly states will allow the Tenant to terminate or cancel its Lease (excluding, however, early
termination, buy-out and similar lease provisions), such as an extended interruption of services, and/or (v) if one or more Leases of space are the subject of litigation regarding a default or an alleged default under said Leases or one or more
Tenants sends a demand letter to a Seller regarding a claimed material default by such Seller under such Lease(s), and (B) if such Lease or Leases encompassed by clauses (i), (ii), (iii), and/or (iv) in (A) above in this definition
cover more than ten percent (10%) of the rentable space in the Building. 
 “MHP”
shall mean Mercy Health Partners, Inc., successor by merger to St. Mary’s Health System, Inc. (“SMH”), a Tennessee nonprofit corporation. 
 “Non-Solicitation Agreement” shall mean the non-solicitation agreement between Sellers, Brinkman and Purchaser in the form of Exhibit I attached hereto. 

“OHP Air Parcel” shall mean the air parcel leased by OHP pursuant to the OHP Air Rights Lease,
within which the OHP Building has been constructed, which is described on Exhibit A hereto. 

“OHP Air Rights Lease” shall mean the Air Rights Lease by and between SMH and JEP dated as of
March 27, 2003, as amended, pursuant to which OHP has leased the OHP Air Parcel from SMH. JEP subsequently assigned the OHP Air Rights Lease to Healthcare Equity Partners, LLC, which later assigned the OHP Air Rights Lease to OHP. 

  
 6 

 “OHP Building” shall mean the medical office
building commonly referred to as the C-Wing Annex, located within the OHP Air Parcel and having an address of 900 East Oak Hill Avenue, Knoxville, Tennessee 37917. 

“OHP Land” shall mean the real property underlying the OHP Air Parcel, described on
Exhibit A hereto. 
 “OHP Leases” shall mean the Leases of spaces in the OHP
Building. 
 “OHP Personal Property” shall mean the Personal Property owned by OHP.

 “OHP Property” shall mean, collectively, (a) OHP’s interest in the OHP Air
Rights Lease, (b) the OHP Building, together with all appurtenant interests, including the OHP Leases, and (c) the OHP Personal Property. 
 “OHP Quit Claim Deed” shall mean a quit claim deed executed by OHP, as grantor, in favor of Purchaser (or its permitted assignee) as grantee, conveying the OHP Building, together
with all appurtenant interests, to Purchaser. 
 “Operating Expense Pass-Throughs” has
the meaning assigned to such term in Section 8.7. 
 “Permits” shall mean all
permits, licenses, approvals, entitlements and other governmental, quasi-governmental and non-governmental authorizations including, without limitation, certificates of occupancy, required in connection with the ownership, construction of tenant
improvements, use, operation or maintenance of the Building and, to the extent held by Seller, in connection with the construction of the Building. As used herein, “quasi-governmental” shall include the providers of all utility services to
the Land or the Building. 
 “Permitted Exceptions” shall have the meaning ascribed to
such term in Section 5.2. 
 “Person” means any individual, corporation,
limited liability company, partnership, joint venture, estate, trust, unincorporated association, or any other entity, any governmental authority, and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Personal Property” shall mean, collectively, the Intangible Property, Warranties, Engineering
Documents, and Tangible Personal Property. 
 “Portfolio” shall mean, collectively, the
JEP Units, the OHP Property, the KEP Property and the EDP Property. 
 “Property Financial
Documents” shall mean the historical statements and other financial information listed in Section 4.1 below. 
 “Property” and “Properties” means the JEP Units, the OHP Property, the KEP Property and the EDP Property, individually and collectively. 

  
 7 

 “Proration Period” has the meaning assigned to such
term in Section 9.1. 
 “Purchase Price” shall mean Fifty-Four Million Five Hundred
Thousand Dollars ($54,500,000.00), inclusive of the Earnest Money, and which shall be adjusted or reduced at Closing pursuant Article VIII of this Agreement. 

“Purchaser’s Indemnitees” means Purchaser and its Affiliates, and each of their respective
shareholders, members, partners, trustees, beneficiaries, directors, officers and employees, and the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 

“Quit Claim Deeds” shall mean, collectively, the EDP Quit Claim Deed, KEP Quit Claim Deed, and
the OHP Quit Claim Deed. 
 “Rent Roll” shall mean a list compiled by each Seller
setting forth each Lease together with the following information with respect to each of the Leases: (i) the premises covered, (ii) the date of the Lease and all amendments and modifications thereto, (iii) the name of the Tenant,
(iv) the term, (v) the rents and other charges payable thereunder, (vi) expense stops, and (vii) the nature and amount of any security in respect of each Lease. 

“ROFO Agreement” shall mean the right of first offer agreement between Sellers, Brinkman and
Purchaser in the form of Exhibit H attached hereto. 
 “Sellers’ Actual
Knowledge” shall mean the conscious awareness of facts or information, without investigation, by Norman T. Brinkman or Benjamin W. Ochs. 
 “Sellers’ Broker” shall mean Newmark Grubb Knight Frank, LLC. 
 “Sellers’ Indemnitees” means Sellers and their Affiliates, and each of their respective shareholders, members, partners, trustees, beneficiaries, directors, officers and
employees, and the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 

“Service Contracts” shall mean all service contracts or other agreements or instruments affecting
all or a portion of a Building (other than the Leases, the Permits, and all matters of record affecting any portion of such Building), a complete list of which is attached hereto as Exhibit C. 

“SMH” shall mean St. Mary’s Health System, Inc., a Tennessee nonprofit corporation.

 “Suite 230” shall mean condominium unit 230 in the JEP Building. 

“Survey” shall mean an ALTA/ASCM Land Survey of each parcel of Land procured by Purchaser.

 “Tangible Personal Property” shall mean all furnishings, equipment, tools, machinery,
appliances and all other tangible personal property owned by each Seller and located on or about 

  
 8 

 
a Building or used in connection with the operation thereof, a description of which shall be attached as Exhibit B to the Bill of Sale. 

“Tenant” shall mean the lessees or tenants under the Leases. 

“Tenant Estoppel Certificate” shall have the meaning ascribed to such term in
Section 7.1(b) below. 
 “Termination Notice” shall have the meaning
ascribed to such term in Section 4.2 below. 
 “Third-Party Claim” means,
with respect to the Person in question, any claim, demand, lawsuit, arbitration or other legal or administrative action or proceeding against the Person in question by any other Person which is not an Affiliate of the Person in question. 

“Title Affidavit” shall have the meaning ascribed to such term in Section 5.2 below.

 “Title Commitment” shall mean a current commitment for title insurance
(a) issued by the Title Company, (b) in the amount of the Purchase Price, and (c) showing Purchaser or its designee as the proposed insured, pursuant to the terms of which the Title Company shall commit to issue the Title Policy to
Purchaser in accordance with the provisions of this Agreement, and reflecting all matters which would be listed as exceptions to coverage on the Title Policy. 
 “Title Company” shall mean First American Title Insurance Company, National Commercial Services Division, 420 South Orange Avenue, Suite 250, Orlando, Florida 32801, Attention:
Michael Moore. 
 “Title Policy” shall mean a title policy or policies issued by the
Title Company in accordance with the Title Commitment, subject only to the Permitted Exceptions, insuring Purchaser’s leasehold estate in the Land and Building, with liability in the amount of the Purchase Price, dated as of the Closing Date.

 “Transaction” shall mean the purchase and sale transaction contemplated by this
Agreement. 
 “Warranties” shall mean all warranties, representations and similar
agreements running to the benefit of Sellers and pertaining to the Property. 
 ARTICLE II. 

AGREEMENT TO SELL AND PURCHASE 

2.1      Agreement to Sell and Purchase.    On the
Closing Date, Sellers shall, in consideration for the Purchase Price and in accordance with the terms of this Agreement, sell and deliver to Purchaser all of Sellers’ rights, title and interest in and to the Portfolio, and Purchaser shall
purchase the same. 

  
 9 

 2.2      All or None
Sale.    Sellers and Purchaser acknowledge and agree that the Transaction must close with respect to all Properties in the Portfolio or none at all, unless the parties, in their sole and absolute discretion, mutually
agree to eliminate one or more Properties from the Portfolio. 
 ARTICLE III. 

PURCHASE PRICE AND EARNEST MONEY 

3.1      Payment of Purchase Price.    The Purchase Price
shall be paid by Purchaser at the Closing via wire transfer in United States currency to the Title Company to be held in escrow for the benefit of Seller, subject to any credits, adjustments, and pro-rations as described in Article VIII
below. 
 3.2      Earnest Money.    Within two
(2) Business Days following the Effective Date, Purchaser shall deliver the Earnest Money to the Title Company. The disposition of the Earnest Money shall be governed by the terms of this Agreement. 

3.3      Allocation of Purchase Price and Earnest
Money.    The Purchase Price and Earnest Money shall be allocated among the Portfolio in the manner specified in Schedule 3.3, and with respect to each Property, shall be allocated between real and personal property in
the manner determined by Purchaser. 
 ARTICLE IV. 
 ITEMS TO BE FURNISHED TO PURCHASER BY SELLER 

4.1      Due Diligence Materials.    Sellers shall
provide Purchaser with the following items (to the extent they are in Sellers’ possession or control) on or before three (3) Business Days after the Effective Date, which may be provided in whole or in part by electronic media: 

  (a)        True, correct, complete and legible copies
of all Leases and all executed guaranties, letters of credit or other credit enhancements, and commencement letters delivered or held thereunder together with any material correspondence relating to any uncured defaults under any of the Leases or
any other matter which has not been fully resolved; 

  (b)        Operating statements for each Building for
the fiscal years ending December 31, 2010 through December 31, 2012, and for the two months ended February 28, 2013, or for so many of such years during which each Seller owned such Building, if less; 

  (c)        True, correct, complete and legible copies
of all Service Contracts; 

  (d)        current and historical capital budgets for
the previous three-year period; 

  (e)        A Rent Roll, together with a Delinquency
Report (herein so called) effective as of the date such report is generated, showing the rents or other charges in 

  
 10 

 
arrears or prepaid under the Leases, if any, and the period for which any such rents and other charges are in arrears or have been prepaid; 

  (f)        A copy of each Seller’s latest title
policy in respect of the Property; 
   (g)       A
copy of each Seller’s latest survey in respect of the Property; 

  (h)       A copy of each Seller’s latest Phase I
Environmental Assessment in respect of the Property; 

  (i)        True, correct, complete and legible copies
of all Warranties, Permits, and Engineering Documents (the Engineering Documents shall be made available to Purchaser at each Building); 
   (j)        True, correct, complete, and legible copies of tax statements or assessments for all real property taxes assessed against each Property for
the current and the two (2) prior calendar years; 

  (k)       True, correct, complete, and legible copies of
operating expense recovery schedules for 2011, 2012, and year to date 2013; 

  (l)        A breakdown of the personnel employed in
managing each Building, or if a Building is managed by a third party manager, a copy of the management agreement 
   (m)      A complete, itemized and detailed inventory of the Tangible Personal Property; 

  (n)       True, correct, complete, and legible copies of
any and all pleadings with respect to any pending litigation and claim files for any claims made or threatened, the outcome of which might have an adverse effect on a Building or the use and operation of a Building. [Seller has shared with Purchaser
information related to past litigation with Montecito Medical and the Parties hereby agree the matter shall not be applicable to the use and operation of the Property, nor have an adverse effect on the Property]; and 

  (o)      True, correct, complete, and legible copies of any and
all contracts or agreements regarding brokerage or leasing commissions or other compensation to be paid to any Person with respect to, or on account of, the Leases (the “Brokerage Agreements”). 

The foregoing are collectively referred to in this Agreement as the “Due Diligence Materials”.

 In the event Sellers fail to deliver the Due Diligence Materials or any material portion thereof to Purchaser on or prior to
five (5) Business Days after the Effective Date, and provided that Purchaser promptly notifies Sellers of Sellers’ failure to deliver such materials, the Due Diligence Period shall automatically be extended on a day-for-day basis by the
number of days which elapse between the Effective Date and the date upon which Purchaser receives the last of 

  
 11 

 
the Due Diligence Materials. If a particular Due Diligence Material item is not in the possession or control of any applicable Seller, it will affirmatively state so, and such statement shall
constitute “delivery” as required by the foregoing sentence. 

4.2      Due Diligence Review.    During the Due
Diligence Period, Purchaser shall be entitled to review the Due Diligence Materials, and to examine, inspect and investigate each Property to determine whether they are acceptable to Purchaser. Sellers shall grant Purchaser and those acting by,
through, or under Purchaser full and complete access to the books and records of Sellers with respect to the Property, and, provided the Closing occurs, permit Purchaser to retain copies of such books and records. Purchaser, its officers and
employees, and those acting by, through, and under Purchaser (collectively, the “Purchaser Parties”), shall be entitled to (i) access to the books and records of Sellers with respect to each Property, (ii) make all
inspections or investigations desired by Purchaser with respect to each Property and shall have complete physical access thereto (including without limitation, access to the roofs and ceilings of each Building) and (iii) interview Tenants of
each Building; provided, (1) the Purchaser Parties shall schedule any visits to, and inspections of, each Property at least two (2) calendar days in advance with Seller, (2) such access shall not unreasonably interfere with any
Tenant’s operations at such Property, and (3) representatives of Sellers shall be provided with the opportunity to accompany any Purchaser Party while at such Property. Purchaser shall also be permitted to meet with the Tenants of Suites
110, 130, 250 and 260 at the JEP Building and with representatives of HMA. 
 If Purchaser takes, or causes to
be taken, any sample from a Property in connection with the foregoing, Purchaser shall provide to Sellers a portion of such sample being tested to allow Seller, if it so chooses, to perform its own testing. Purchaser shall promptly deliver to
Sellers copies of all reports relating to any testing or other inspection of a Property performed by or on behalf of Purchaser so long as (i) Sellers reimburse Purchaser for its out of pocket costs and expenses of copying and delivering any
such reports, (ii) delivery of such reports to Sellers are not prohibited (or does not create liability for Purchaser) under the terms of such reports or under the contracts or agreements for preparation of the same, (iii) Sellers execute
and/or provide any additional documentation required by the authors of such reports in order to allow Sellers’ reliance thereon, and Sellers pay the costs associated therewith, and (iv) Sellers acknowledge and agree in writing for the
benefit of Purchaser that they will keep such reports confidential (to the extent required by the reports or the contracts or agreements for preparation of such reports) and that Purchaser has no obligation or liability for the accuracy or
inaccuracy of any information contained therein; provided, however, that neither Sellers nor Purchaser make any representation or warranty of any kind as to such reports, testing or inspection and/or the results therein. Purchaser
hereby indemnifies and agrees to defend and hold Sellers harmless from any loss, cost, damage or expense, including reasonable attorneys’ fees and expenses, arising from any property damage or any injury to or death of any persons, or claims
and actions for damages suffered or incurred by Tenants, arising out of any entry on a Property by any Purchaser Party, which indemnity obligation shall survive the termination of this Agreement. Purchaser shall immediately pay or cause to be
removed any liens filed against any Property as a result of the Due Diligence Review by Purchaser. 

  
 12 

 If Purchaser shall, for any reason or no reason, in Purchaser’s sole
discretion, disapprove or be dissatisfied with any aspect of such information, or a Property, then Purchaser shall be entitled to terminate this Agreement by delivering a “Termination Notice” (herein so called) to Sellers at
or before 5:00 p.m. Eastern Time on the last day of the Due Diligence Period. If Purchaser elects to terminate this Agreement, Purchaser shall return all due diligence materials obtained from Sellers and copies thereof to Seller, or, in the
alternative, Purchaser may deliver a certificate to Sellers stating that all such due diligence materials have been destroyed. If Purchaser’s written termination is timely made, then the Earnest Money shall be immediately returned to Purchaser
and thereafter neither Party shall have any further obligations or liabilities to the other hereunder except for those that expressly survive termination of this Agreement. If Purchaser fails to timely deliver the Termination Notice, then, except as
otherwise provided herein, the Earnest Money shall thereafter be non-refundable, but shall be credited to the Purchase Price at Closing, and Purchaser’s right to terminate this Agreement pursuant to this Section 4.2 shall be of no
further force or effect. 
 Purchaser understands and agrees that the Due Diligence Materials and all
information obtained pursuant to such Due Diligence Materials shall be kept in confidence and shall not be revealed to outside parties other than (i) to the extent such information is otherwise available in the public domain, (ii) to
Purchaser’s agents, representatives, lenders, investors, principals and Affiliates, or (iii) as otherwise required by law. 
 4.3      Service Contracts.    Sellers will assign to Purchaser at Closing those Service Contracts listed on Exhibit C hereto
except to the extent that Purchaser rejects any such Service Contracts by way of written notice delivered to Sellers by Purchaser prior to the expiration of the Due Diligence Period. At Closing, Purchaser shall assume all obligations under all
Service Contracts other than those so rejected by Purchaser and shall indemnify Sellers with respect to all liabilities and obligations accruing thereunder from and after the Closing Date. Sellers shall indemnify Purchaser with respect to all
liabilities and obligations accruing prior to the Closing Date under all Service Contracts other than those so rejected by Purchaser, and shall retain all liability for any Service Contracts which Purchaser rejects. Purchaser shall indemnify Sellers
with respect to all liabilities and obligations accruing from and after the Closing Date under all Service Contracts assumed by Purchaser. 
 ARTICLE V. 
 TITLE AND SURVEY REVIEW 

5.1      Title Commitment and Survey.    Purchaser
shall order the Title Commitment and Survey for each Property not later than five (5) days following the Effective Date and shall furnish Seller with a copy of each promptly following receipt. 

5.2      Permitted Exceptions.    Except as hereinafter
provided, the term “Permitted Exceptions” shall mean: (a) the matters which become Permitted Exceptions pursuant to Section 5.3 below; (b) Laws existing with respect to each Property; (c) real estate taxes
and assessments for the current and future years, which are not yet due and payable with respect to a Property or any portion thereof; (d) the Leases and (e) the Base Leases. The term “Permitted Exceptions” shall expressly not
include any deed of trust, judgment, mechanic’s, materialman’s 

  
 13 

 
or other liens, or any of the so-called “standard exceptions” or “pre-printed” exceptions which are subject to deletion by the Title Company upon receipt of a standard
owner’s affidavit, which each Seller shall provide at Closing (the “Title Affidavit”). Without limiting the foregoing, the Title Affidavit shall be in such a form so as to, among other things, cause the Title Company to
omit from the Title Policy all exceptions for unfiled mechanic’s, materialmen’s or similar liens and to provide “gap” coverage insuring the period from the effective date of the Title Commitment through the date and time of
recording of the Deed and the Assignments of Base Leases. 
 5.3      Title
Review and Cure. 

   (a)            Seller will
cooperate with Purchaser in curing any objections Purchaser may have to title to the Properties, but Seller shall not be obligated to incur any liability or expense in connection therewith except as provided in this Agreement. Seller shall have no
obligation to cure title objections except liens of an ascertainable amount, which liens Seller shall cause to be released at or prior to the Closing. Seller agrees to remove any exceptions or encumbrances to title which are created by, under or
through Seller after the date of this Agreement, except for liens consented to, authorized or approved by Purchaser. Purchaser may terminate this Agreement and receive a refund of the Earnest Money if the Title Company revises the Title Commitment
after the expiration of the Due Diligence Period to add or modify exceptions or to delete or modify the conditions to obtaining any endorsement requested by Purchaser during the Due Diligence Period, if such additions, modifications or deletions are
not acceptable to Purchaser, have not been consented to, authorized or approved by Purchaser or are not removed by the Closing Date. In the event that any such additions, modifications or deletions were caused by or through any Seller, and Purchaser
so terminates this Agreement, Sellers shall reimburse Purchaser for all reasonable out-of-pocket expenses incurred by Purchaser in connection with the Transaction, not to exceed Four Hundred Thousand and No/100 Dollars ($400,000.00) in the
aggregate. 

   (b)            On or before
the last day of the Due Diligence Period, Purchaser shall notify Seller of any other objections to the title to the Properties which Purchaser may have. Failure to notify Seller of such objection shall be deemed an approval of any matter pertaining
to title to the Properties disclosed by the Title Commitment or the Survey and such matter shall become a Permitted Exception. Seller may elect to not cure any such objections and shall give written notice to Purchaser within five (5) Business
Days of its receipt of Purchaser’s objections of its decision, whereupon Purchaser may waive such objection[s] and close or may terminate this Agreement, which election shall be made within ten (10) days following receipt of such notice
from Seller. If Seller fails to timely give such notice, Seller shall be deemed to have elected to cure the objection[s]. 
 5.4      Delivery of Title Policy at Closing.    At the Closing, as a condition to Purchaser’s obligation to close, the Title
Company shall deliver the Title Policy to the Purchaser. The Title Policy may be delivered after the Closing if at the Closing the Title Company issues a currently effective, duly-executed “marked-up” Title Commitment acceptable to
Purchaser in all respects 

  
 14 

 
and irrevocably commits in writing to issue the Title Policy in the form of the “marked-up” Title Commitment promptly after the Closing Date. 

ARTICLE VI. 

REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS

 6.1      Representations and Warranties of
Sellers.    Each Seller represents and warrants to Purchaser as follows (subject to the exceptions stated in the Disclosure Schedule): 

  (a)      It has good, indefeasible, and insurable leasehold
title in the real property included in the Property and owns the remainder of its respective Property free and clear of any other interests other than (i) those that will be terminated as of Closing, (ii) those disclosed in title insurance
policies provided to Purchaser and (iii) the rights of Tenants under Leases. 

  (b)      Such Seller has not entered into, and such Seller does
not know of, any other agreements or understandings (whether oral or written) with respect to its respective Property or any portion thereof that will be binding upon Purchaser after Closing, other than those delivered pursuant to
Section 4.1 above, the Leases listed on Schedule 6.1 hereto and conversations previously reviewed and ongoing with Purchaser related to Suites 110, 130, 250 and 260 at Jefferson Medical Commons, Tots & Teens Suite
130 Renovation and Expansion in North Knoxville Medical Center Plaza A, Select Specialty LTAC’s interest in leasing the middle floor of North Knoxville Medical Center Plaza B and HMA’s planning for a two physician office with attached
Endoscopy ASC in the Ground Floor of Plaza B. Each Seller has provided Purchaser with true, correct and complete copies of all of the Due Diligence Materials in its possession or reasonably available to Seller. 

  (c)      As of the Effective Date, there are no Brokerage
Agreements in effect, except for the Brokerage Agreement between the Sellers and Sellers’ Broker. 
   (d)      The Sellers have not heretofore received any written notice of, and to each Seller’s Actual Knowledge there is no, existing or contemplated
condemnation, eminent domain, assessment or similar proceeding or charge affecting its Property or any portion thereof. Except as shown in the Due Diligence Materials, Sellers have not received any written notice of a proposed increase in the
assessed valuation of the Property. 
   (e)      Each
Seller has the authority to execute and enter into this Agreement, and shall have, as of Closing, full right, power and authority to consummate the Transaction. The execution by each Seller of this Agreement and the consummation by each Seller of
the Transaction does not, and at the Closing will not, result in any breach of any of the terms or provisions of or constitute a default or a condition which upon the giving of notice or passage of time or both would ripen into a default under any
indenture, agreement, instrument or obligation to which such Seller is a party. 

  (f)       To each Seller’s Actual Knowledge, no work
has been performed or is in progress at its Property, and no materials will have been delivered to its Property that 

  
 15 

 
might provide the basis for a mechanic’s, materialmen’s or other lien against its Property or any portion thereof, or unpaid amounts due from such Seller for such work and material
shall have been paid to Purchaser’s satisfaction at Closing. 

  (g)      Sellers have not received written notice of any, and
to each Seller’s Actual Knowledge there are no, actions, suits or proceedings pending or threatened against or affecting its Property or any portion thereof, the Leases or relating to or arising out of the ownership or operation of its
Property, or by any federal, state, county or municipal department, commission, board, bureau or agency or other governmental instrumentality, other than those disclosed to Purchaser pursuant to Section 4.1. 

  (h)      To each Seller’s Actual Knowledge, no Hazardous
Materials have been discharged or disposed of on, under or at its Property in violation of any Hazardous Materials Law, and there are no violations of any Hazardous Materials Law at its Property. 

  (i)       To each Seller’s Actual Knowledge, its
Property is free of violations of Laws; and the Building and its use complies with all Laws. 

  (j)       The Property Financial Documents were prepared
in the normal course of each Seller’s operation and are those used in the day-to-day operation of its Property and, to each Seller’s Actual Knowledge, are true, complete and accurate in all material respects. 

  (k)      Each Seller is a “United States person” (as
defined in Section 7701(a)(30)(B) or (C) of the Internal Revenue Code of 1986, as amended (the “Code”) for the purposes of the provisions of Section 1445(a) of the Code. 

  (l)       Neither (i) any assets of any Seller, nor
(ii) any funds to be used by any Seller with respect to the Transaction, are, or at the Closing will be, pursuant to ERISA or the Code, considered for any purpose of ERISA or Section 4975 of the Code to be assets of a Plan. No Seller is
executing this Agreement or will be performing its obligations or exercising its rights or remedies under the Agreement on behalf of or for the benefit of any Plan. Neither the execution or delivery of this Agreement by any Seller, nor the
performance by any Seller of its obligations or the exercise of its rights or remedies under this Agreement, nor any transaction contemplated under this Agreement, is or will be a “prohibited transaction” within the meaning of
Section 406 of ERISA or Section 4975 of the Code. For the purposes hereof the following terms shall have the following meanings: “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended
(and any successor statute and any applicable regulations or guidance promulgated thereunder); and “Plan” shall mean a “plan” as that term is defined in Section 3(3) of ERISA or Section 4975 of the Code.

   (m)     Neither any Seller nor any of their officers or
members shall transfer the proceeds obtained as a result of this Agreement to any Person listed on the Office of Foreign Assets Control list as “Terrorists” and “Specially Designated Nationals and

  
 16 

 
Blocked Persons”, or otherwise be in violation of the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001. 

  (n)      No Seller has received or given any written notice of
any material violation of any provision of any instrument recorded in the land records with respect to any portion of the Property which has not been cured or dismissed, nor to Sellers’ Actual Knowledge does there exist any such material
violation. 
   (o)      No Seller is insolvent within
the meaning of Title 11 of the United States Code, as amended (the “Bankruptcy Code”), and each Seller is able to repay its debts as they become due. No Seller has filed or taken any action to file a voluntary petition, case
or proceeding under any section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state thereof, relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of its
debts and no such petition, case or proceeding has been filed against any Seller which has not been dismissed, vacated or stayed on appeal and no Seller has been adjudicated as a bankrupt or insolvent or consented to, nor filed an answer admitting
or failing reasonably to contest an allegation of bankruptcy or insolvency. No Seller has sought, or consented to or acquiesced in, the appointment of any receiver, trustee, liquidator or other custodian of it or a material part of its assets, and
no Seller has made or taken any action to make a general assignment for the benefit of creditors or an arrangement, attachment or execution has been levied and no tax lien or other governmental or similar lien has been filed, against it or a
material part of its properties, which has not been duly and fully discharged prior to the date hereof. 
   (p)      To Sellers’ Actual Knowledge: (i) no Tenant is insolvent within the meaning of Bankruptcy Code, and each Tenant is able to repay its debts as
they become due; (ii) no Tenant has filed or taken any action to file a voluntary petition, case or proceeding under any section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state thereof,
relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of its debts and no such petition, case or proceeding has been filed against any Tenant which has not been dismissed, vacated or stayed on appeal and Tenant
has not been adjudicated as a bankrupt or insolvent or consented to, nor filed an answer admitting or failing reasonably to contest an allegation of bankruptcy or insolvency; and (iii) no Tenant has sought, or consented to or acquiesced in, the
appointment of any receiver, trustee, liquidator or other custodian of it or a material part of its assets, and no Tenant has made or taken any action to make a general assignment for the benefit of creditors or an arrangement, attachment or
execution has been levied and no tax lien or other governmental or similar lien has been filed, against it or a material part of its properties, which has not been duly and fully discharged prior to the date hereof. 

  (q)      Other than with respect to the rights of first refusal
contemplated by Section 7.1(h), there are no options or other agreements of any kind, whereby any Person other than Purchaser will have acquired or will have any right to acquire title or interest to all or any portion of the Property,
and to Sellers; Actual Knowledge there are no 

  
 17 

 
purchase contracts, options or other agreements of any kind, whereby any Person will have acquired or will have any right to acquire title or interest to all or any portion of the Property.

   (r)      Sellers have provided to Purchaser true,
correct and complete copies of the Leases. No other material agreement, whether written or oral, exists with respect to the Leases or the occupancy of the Property, other than what has been delivered to Purchaser. No Seller has given or received any
written notice of any breach or default under any Lease which has not been cured. To Sellers’ Actual Knowledge, no Tenant is entitled to any rebates, rent concessions, free rent periods, credits, set-offs, rent reductions, take-back or
take-over obligations or any other concessions granted under any Lease. No Tenant has asserted, nor to Sellers’ Actual Knowledge does any Tenant have a right to, any defense, set-off or counterclaim in respect of its obligations under any
Lease. No rents due from any Tenant under any Lease are presently assigned, hypothecated or encumbered by any Seller, other than in connection with any mortgage currently encumbering the Property, which shall be satisfied in connection with the
Closing. No rent under any Lease has been prepaid (except for rental for the current month). No Tenant has notified any Seller in writing, or otherwise, of its intent to terminate any Lease prior to expiration of the term of such Lease. Neither any
Seller, nor to Sellers’ Actual Knowledge any Tenant, is in breach or default under any obligation thereunder. 
   (s)      Attached hereto as Schedule 6.1(s) is a true and complete copy of the Permits that to Sellers’ Actual Knowledge are necessary for the
ownership and operation of the Property. Seller has provided true and complete copies of the Permits on Schedule 6.1(s) that are in Sellers’ possession or control and as indicated on Schedule 6.1(s). No Seller has received any
written notice from any Person of (i) any violation, suspension, revocation or non-renewal of any such Permits that has not been cured or dismissed, or (ii) any failure by any Seller to obtain any Permits that are necessary for or relate
to the ownership and/or operation of the Property that has not been cured or dismissed. 

  (t)      Attached hereto as Schedule 6.1(t) is a true and
complete summary of the reconciliations for operating expenses, taxes and all other “pass-through” charges for 2012 to all Tenants entitled to receive such reconciliations under the Leases. Sellers shall pay such amounts due to any Tenant
as a result of such reconciliations prior to Closing and shall use commercially reasonable efforts to collect any such amount which they are due to receive prior to Closing. To the extent any Seller is unable to collect any such amount which they
are due to receive prior to Closing, Sellers shall be entitled to continue its collection efforts from and after Closing; provided, however, that Sellers shall have no right to file any eviction actions or undertake any other actions that would
impact any Lease from and after the Closing. 
 To the extent circumstances first arise after the Effective Date but before
Closing which would render one or more of the above representations and warranties no longer materially true and correct, Sellers shall promptly (but no later than at Closing) deliver written notice to Purchaser of such changed circumstances. If
Purchaser obtains actual knowledge prior to Closing that any representation or warranty of a Seller contained in this Agreement is no longer true and correct in 

  
 18 

 
all material respects, then Purchaser shall give Seller written notice of such changed circumstances. Seller shall have ten (10) days following the delivery (by Seller) or receipt (from
Purchaser) of such notice to cause the representation or warranty to be materially true and correct. If Seller does not or cannot cause such representation or warranty to be materially true and correct, then Purchaser may as its sole remedy on
account of such false representation or warranty elect to (i) accept the Portfolio regardless of such change, and consummate the purchase and sale of the Portfolio, or (ii) terminate this Agreement by giving Sellers written notice thereof
within ten (10) Business Days after Purchaser’s receipt of such Seller’s notice or obtaining actual knowledge of any such change. The Closing Date shall be postponed, if necessary, to afford Purchaser the benefit of the full ten
(10) Business Day period. If Sellers have not received any such notice of termination from Purchaser within the ten (10) Business Day period, Purchaser shall be deemed to have elected option (i). If this Agreement is terminated in
accordance with this Section, the Earnest Money shall be refunded to Purchaser and in the event that the direct and proximate cause of the circumstance or circumstances that result in a warranty or representation becoming materially untrue is the
action or failure to act by a Seller, then in such event only, such Seller shall be deemed to be in default of this Agreement and Purchaser shall be entitled to invoke the remedies set forth in Section 10.1 below and neither Party shall
have any further duty or obligation hereunder except for those that expressly survive termination of this Agreement. If Purchaser elects option (i), then such representations and warranties shall be deemed to have been amended or modified to reflect
Purchaser’s actual knowledge (as defined above). 
 The foregoing representations and warranties are made
by each Seller individually and relate only to the Property owned by such Seller. No Seller makes any representations or warranties with respect to any other Seller or the Property owned by any other Seller. 

6.2      Covenants and Agreements of Sellers.   Each Seller
covenants and agrees with Purchaser, from the Effective Date until the Closing or earlier termination of this Agreement: 
   (a)      Seller shall: (i) operate its Property in the ordinary course of business consistent with past practices; (ii) enter into no new written
agreements or understanding with respect to its Property other than new Leases (which are subject to Section 6.2(b) below) (A) prior to the expiration of the Due Diligence Period except as shall be approved in writing by Purchaser,
reasonable approval not to be withheld, and except for ordinary and necessary service contracts with respect to its Property which are terminable by Purchaser without penalty upon not more than thirty (30) days written notice and copies of
which are sent to Purchaser before they are executed by such Seller, or (B) after the expiration of the Due Diligence Period; and (iii) fully maintain its Property in at least as good condition and repair as existed on the Effective Date,
ordinary wear and tear, casualty and condemnation excepted. 

  (b)      Up to the date that is three (3) Business Days
prior to the expiration of the Due Diligence Period (the “Lease Consent Date”), any Seller may enter into new Leases without the necessity of Purchaser’s consent but shall (i) promptly provide Purchaser with a copy of letters of
intent or term sheets for all prospective Tenants and (ii) provide 

  
 19 

 
copies of such new Leases immediately upon execution thereof. After the Lease Consent Date, Purchaser’s written consent shall be required for all new Leases. 

  (c)      Each Seller shall cause to be maintained in full force
property insurance upon the Building and Tangible Personal Property and general liability insurance with respect to damage or injury to persons or property occurring on or relating to operation of its Property in at least such amounts as are
maintained by such Seller on the Effective Date. 

  (d)      Each Seller shall pay when due all bills and expenses
of the Property. 
   (e)      No Seller shall, without
the prior written consent of Purchaser, create or voluntarily permit to be created any liens (which are not paid, bonded or otherwise satisfied to Purchaser’s reasonable satisfaction) or easements affecting any portion of the Property or the
uses thereof. 
   (f)      Each Seller, at no material
out of pocket cost to such Seller, shall assist Purchaser in conducting and completing, no later than seventy-four (74) days following the Closing Date, an audit of property-level financials for the Property as specified by Rule 3-14 of
Regulation S-X of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, provided such audit shall be at the sole cost and expense of Purchaser. In connection therewith, each Seller agrees to obtain and provide
to the auditors any and all data and financial information in the possession of such Seller which is necessary or required by the auditors in connection with their preparation and completion of the foregoing audit, which additional data and
financial information shall be true, correct and complete in all material respects to Seller’s Actual Knowledge. The rights and obligations of Seller and Purchaser under this Section 6.2(f) shall survive the Closing. 

The foregoing covenants are made by each Seller individually and relate only to the Property owned by such Seller. No
Seller makes any covenants that are binding upon any other Seller or the Property owned by any other Seller. 

6.3      Representations, Warranties and Covenants of
Purchaser.      Purchaser represents and warrants to Seller, or covenants with Seller, as applicable, that: 

  (a)      Purchaser has duly and validly authorized and executed
this Agreement, and has full right, power and authority to enter into this Agreement and, subject to obtaining approval of Purchaser’s board of directors (which approval shall be obtained, if at all, prior to the expiration of the Due Diligence
Period), to consummate the Transaction, and the joinder of no Person will be necessary to purchase the Property at Closing. 
   (b)      The execution by Purchaser of this Agreement and the consummation by Purchaser or its assigns of the Transaction do not, and at the Closing will not,
result in any breach of any of the terms or provisions of or constitute a default or a condition 

  
 20 

 
which upon the giving of notice or passage of time or both would ripen into a default under any indenture, agreement, instrument or obligation to which Purchaser is a party. 

  (c)      All funds to be used by Purchaser as payment of the
Purchase Price at Closing are from sources operating under, and in compliance with, all federal, state and local statutes and regulations and are free of all liens and claims of lien. Neither Purchaser nor any of its Affiliates is, nor will they
become, a Person with whom United States Persons are restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s
Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support
Terrorism), or other governmental action, and is not and will not engage in any dealings or transactions or be otherwise associated with such Persons. 

  (d)      Purchaser shall be responsible for the payment of
commissions with respect to Brokerage Agreements attributable to Leases executed after the Effective Date. The provisions of this Section 6.3(d) shall become effective only at Closing and shall survive the Closing. 

  (e)      Purchaser will engage Brinkman or an Affiliate
designated by Brinkman to manage each of the Buildings for a term of at least five (5) years following the Closing or as terminated sooner as provided therein. Purchaser and Brinkman (or its Affiliate) will enter into a Management Agreement
with respect to each Building at Closing. Purchaser hereby covenants that for at least five years following the Closing and during the time Brinkman manages the Buildings, the only fees charged for the management, accounting and operation of the
Buildings to the Tenants will be those charged by and paid to Brinkman as further defined in the Management Agreement. 
 6.4      Disclaimer.     NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, IT IS UNDERSTOOD AND AGREED THAT THE PORTFOLIO IS
BEING SOLD AND CONVEYED HEREUNDER “AS IS WHERE IS” WITH ANY AND ALL FAULTS AND LATENT AND PATENT DEFECTS WITHOUT ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY BY SELLERS EXCEPT AS EXPRESSLY SET FORTH HEREIN AND IN THE DOCUMENTS
EXECUTED BY SELLERS AT CLOSING. EXCEPT AS EXPRESSLY SET FORTH HEREIN AND IN THE DOCUMENTS EXECUTED BY SELLERS AT CLOSING, ALL REPRESENTATIONS AND WARRANTIES MADE BY SELLERS HEREIN SHALL SURVIVE FOR A PERIOD OF ONE (1) YEAR AFTER THE CLOSING AND
THE CONVEYANCE OF THE PROPERTY TO PURCHASER. SELLERS HAVE NOT MADE AND DO NOT HEREBY MAKE AND HEREBY SPECIFICALLY DISCLAIM (EXCEPT AS EXPRESSLY SET FORTH HEREIN AND IN THE DOCUMENTS EXECUTED BY SELLERS AT CLOSING) ANY REPRESENTATIONS OR WARRANTIES
OF ANY KIND OR CHARACTER WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE PORTFOLIO, ITS CONDITION (INCLUDING WITHOUT LIMITATION ANY REPRESENTATION OR WARRANTY REGARDING QUALITY OF CONSTRUCTION, STATE OF REPAIR, WORKMANSHIP,

  
 21 

 
MERCHANTABILITY, SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE), ITS COMPLIANCE WITH ENVIRONMENTAL LAWS OR OTHER LAWS, AVAILABILITY OF ACCESS, INGRESS OR EGRESS, INCOME TO BE DERIVED
THEREFROM OR EXPENSES TO BE INCURRED WITH RESPECT THERETO, THE OBLIGATIONS, RESPONSIBILITIES OR LIABILITIES OF THE OWNER THEREOF, THE SELLER DELIVERY ITEMS, OR ANY OTHER MATTER OR THING RELATING TO OR AFFECTING THE PORTFOLIO, AND SELLERS HEREBY
DISCLAIM AND RENOUNCE ANY OTHER REPRESENTATION OR WARRANTY. PURCHASER, BY ITS ACCEPTANCE OF THE DEED AT CLOSING, ACKNOWLEDGES AND AGREES THAT PURCHASER IS PURCHASING THE PORTFOLIO WITHOUT RELYING (EXCEPT FOR PURCHASER’S RELIANCE ON
SELLERS’ REPRESENTATIONS AND WARRANTIES AS EXPRESSLY SET FORTH HEREIN AND IN THE DOCUMENTS EXECUTED BY SELLERS AT CLOSING) UPON ANY SUCH REPRESENTATION, WARRANTY, STATEMENT OR OTHER ASSERTION, ORAL OR WRITTEN, MADE BY SELLERS OR ANY
REPRESENTATIVE OF SELLERS OR ANY OTHER PERSON ACTING OR PURPORTING TO ACT FOR OR ON BEHALF OF SELLERS WITH RESPECT TO THE PORTFOLIO BUT RATHER IS RELYING UPON ITS OWN EXAMINATION AND INSPECTION OF THE PROPERTIES. PURCHASER REPRESENTS THAT IT IS A
KNOWLEDGEABLE BUYER OF REAL ESTATE AND THAT IT IS RELYING ON ITS OWN EXPERTISE AND THAT OF ITS CONSULTANTS IN PURCHASING THE PROPERTIES. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT THE PROVISIONS OF THIS PARAGRAPH WERE A MATERIAL FACTOR IN THE
DETERMINATION OF THE PURCHASE PRICE FOR THE PROPERTIES. SELLERS AND PURCHASER HEREBY AGREE THAT, NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, THIS SECTION 6.4 SHALL SURVIVE THE CLOSING OR ANY RESCISSION,
CANCELLATION, OR TERMINATION OF THIS AGREEMENT. 
  

					
		 	 /s/ TBB
	 	
		 	        INITIALED BY PURCHASER        	 	

 ARTICLE VII. 
 CONDITIONS TO THE SELLERS’ AND PURCHASER’S OBLIGATIONS 

7.1      Conditions to the Purchaser’s
Obligations.    The obligation of Purchaser to purchase the Portfolio from Sellers is subject to the satisfaction of each of the following conditions within the time periods set forth in each condition, or, if no such
time period is set forth, at or prior to the Closing: 

  (a)      The representations and warranties of Sellers set
forth in this Agreement must be true, complete and correct in all material respects at Closing, or shall be deemed modified as provided in Section 6.1 above. In the event of an occurrence after the Effective Date which results in a
material breach of a warranty or representation which was true and accurate as of the Effective Date, Sellers shall have until Closing to cure such breach, provided further that if additional time is needed to effect such cure, Closing

  
 22 

 
shall be extended by not more than ten (10) Business Days to permit Sellers to effect such cure. 

  (b)      Sellers shall have delivered to Purchaser at least ten
(10) Business Days prior to the Closing Date, either substantially in the form attached hereto as Exhibit D or in such other form as may be prescribed in any relevant Lease, estoppel certificates (the “Tenant
Estoppels”) for 80% of all Leases for tenant spaces in each Building, calculated by the number of Tenant Leases without regard to square footage, pursuant to which each such tenant shall certify as of a date within thirty (30) days
of the Closing Date all of the matters set forth on the Exhibit D or on the form prescribed in the relevant Lease, as the case may be. In the event that, despite a Seller’s commercially reasonable efforts, such Seller has not obtained
all of the Tenant Estoppels by the above stated time, such Seller may elect and Purchaser agrees to accept an Estoppel Certificate executed by such Seller certifying to the matters set forth in Exhibit D, provided a Seller may not substitute
its estoppel for that of a Tenant for more than 20% of the Leases in a Building. Sellers shall use commercially reasonable efforts to obtain estoppels in connection with each of the Leases. 

  (c)      Each Seller must have timely delivered, performed,
observed and complied with, all of the material items, instruments, documents, covenants, agreements and conditions required by this Agreement to be delivered, performed, observed and complied with by it. 

  (d)      The Title Company must remain committed to issue the
Title Policy in the form of the Title Commitment as it existed as of the expiration of the Due Diligence Period or as otherwise modified with the approval of Purchaser, reasonable approval not to be withheld, or, in the alternative, Purchaser shall
have received a fully “marked up” Title Commitment signed by an authorized officer of the Title Company, showing Purchaser as the owner of the Properties, subject only to the Permitted Exceptions and irrevocably obligating the Title
Company to issue the Title Policy after Closing in the form of such fully “marked up” Title Commitment. 
   (e)      No “material part” of any Property shall have been condemned or be under threat of condemnation. For the purposes of this
Section 7.1(e), a “material part” of a Property shall be deemed to be any portion of a Building or any portion of any other real property which provides access to a Building. 

  (f)       [Intentionally Omitted.] 

  (g)      Prior to the Closing, no Material Tenant Lease
Defaults shall have occurred. 
   (h)      Each Base
Lease Landlord shall have waived or have failed to timely exercise its right of first refusal to acquire the corresponding Property. 
   (i)       No event shall have occurred following the Effective Date and prior to the Closing Date which would result in a violation of any Hazardous
Materials Law. 

  
 23 

   (j)      No
litigation or other court action shall have been commenced seeking to obtain an injunction or other relief from such court to enjoin the consummation of the Transaction, and no preliminary or permanent injunction or other order, decree or ruling
shall have been issued by a court of competent jurisdiction or by any governmental authority, would make illegal or invalid or otherwise prevent the consummation of the Transaction. 

  (k)     No Laws shall have been enacted that would make illegal or
invalid or otherwise prevent the consummation of the Transaction. 

  (l)      Sellers shall use commercially reasonable good faith
efforts to deliver to Purchaser at least ten (10) Business Days prior to the Closing Date estoppel certificates (the “MHP Estoppels”) executed by MHP, or its applicable successors and/or assigns, in a form to be agreed
to by Purchaser and Sellers during the Due Diligence Period, certifying if true, that the JEP Ground Lease, KEP Ground Lease, OHP Air Rights Lease, and the EDP Ground Lease are unmodified and in full force and effect (or if there have been
modifications, that the same are in full force and effect as modified and stating the modifications), that no party to such are in default thereunder, the date to which the rental and other charges have been paid in advance, that MHP is neither a
debtor in bankruptcy nor insolvent within the meaning of Title 11 of the U.S. Code or similar insolvency laws, and such other matters reasonably requested by Purchaser. It is intended that any such statement delivered pursuant to this
Section 7.1(l) may be relied upon by Purchaser, Title Company, and any prospective leasehold mortgagee. 
   (m)     Sellers shall use commercially reasonable good faith efforts to deliver to Purchaser at least ten (10) Business Days prior to the Closing Date an estoppel
certificate (the “Association Estoppel”) executed by Jefferson Owner’s Association, in a form to be agreed to by Purchaser and Sellers during the Due Diligence Period, certifying if true, that the JEP Ground Lease is unmodified and in
full force and effect (or if there have been modifications, that the same are in full force and effect as modified and stating the modifications), that no party to such is in default thereunder, the date to which the rental and other charges have
been paid in advance, that Jefferson Owner’s Association is neither a debtor in bankruptcy nor insolvent within the meaning of Title 11 of the U.S. Code or similar insolvency laws, and such other matters reasonably requested by Purchaser. It is
intended that any such statement delivered pursuant to this Section 7.1(m) may be relied upon by Purchaser, Title Company, and any prospective leasehold mortgagee. 

7.2      Failure of Conditions to Purchaser’s
Obligations.  Subject to the provisions set forth in Section 7.1, in the event any one or more of the conditions to Purchaser’s obligations are not satisfied in whole or in part prior to the Closing, and provided
such event is not waived by Purchaser as contemplated by this Agreement, Purchaser shall give Seller notice of failure. Seller shall have a period of ten (10) days in which to cause such failure to be cured. If Seller is not able to cure such
failure within such ten (10) day period, then Purchaser, at Purchaser’s option, shall be entitled to: (a) terminate this Agreement by giving immediate written notice thereof to Sellers on or prior to the Closing Date, upon which
Purchaser shall receive a prompt 

  
 24 

 
refund of the Earnest Money, and, if the closing condition that is not satisfied is a closing condition set forth in Section 7.1(a), Section 7.1 (b), Section 7.1 (c), 7.1(h) or if
the closing condition that is not satisfied is the closing condition set forth in Section 7(g) and the satisfaction of such closing condition in Section 7(g) was within the discretion or control of any Seller, Sellers shall reimburse
Purchaser for all reasonable out-of-pocket expenses incurred by Purchaser in connection with the Transaction, not to exceed Four Hundred Thousand and No/100 Dollars ($400,000.00) in the aggregate, and thereafter the Parties shall have no further
obligations or liabilities hereunder other than those that expressly survive termination of this Agreement, or (b) waive the unsatisfied conditions and proceed to Closing without any reduction in the Purchase Price or other remedy. 

7.3      Condition to the Sellers’
Obligations.    The obligation of Sellers to sell the Portfolio is subject to the satisfaction, at all times prior to and as of the Closing, of each of the following: 

  (a)      All of the representations and warranties of Purchaser
set forth in this Agreement must be true, complete and accurate in all material respects. 

  (b)      Purchaser must have timely delivered, performed,
observed and complied with, all of the items, instruments, documents, covenants, agreements and conditions required by this Agreement to be delivered, performed, observed, and complied with by it. 

  (c)      Each Base Lease Landlord shall have waived or have
failed to timely exercise its right of first refusal to acquire the corresponding Property. 

  (d)      No litigation or other court action shall have been
commenced seeking to obtain an injunction or other relief from such court to enjoin the consummation of the Transaction, and no preliminary or permanent injunction or other order, decree or ruling shall have been issued by a court of competent
jurisdiction or by any governmental authority, would make illegal or invalid or otherwise prevent the consummation of the Transaction. 
   (e)      No Laws shall have been enacted that would make illegal or invalid or otherwise prevent the consummation of the Transaction. 

7.4      Failure of Conditions to Sellers’
Obligations.  Subject to the provisions set forth in Section 7.3, in the event any one or more of the conditions to Sellers’ obligations are not satisfied in whole or in part prior to the Closing, and provided such
event is not waived by Seller as contemplated by this Agreement, Seller shall give Purchaser notice of failure. Purchaser shall have a period of ten (10) days in which to cause such failure to be cured. If Purchaser is not able to cure such
failure within such ten (10) day period, Sellers, at Sellers’ option, shall be entitled to: (a) terminate this Agreement by giving immediate written notice thereof to Purchaser on or prior to the Closing Date, upon which Purchaser
shall receive a prompt refund of the Earnest Money (unless such the closing condition that is not satisfied is a closing condition set forth in Section 7.3(a) or Section 7.3 (b), and the satisfaction of such closing condition in
Section 7.3(a) 

  
 25 

 
or Section 7.3(b) was within the discretion or control of Purchaser, in which event Sellers shall be entitled to proceed in accordance with Section 10.2(b)), and thereafter the
Parties shall have no further obligations or liabilities hereunder other than those that expressly survive termination of this Agreement, or (b) waive the unsatisfied conditions and proceed to Closing without any reduction in the Purchase Price
or other remedy. In the event that Sellers terminate this Agreement as contemplated above as a result of the fact that the condition set forth in Section 7.3(c) is not satisfied, Sellers shall reimburse Purchaser for all reasonable
out-of-pocket expenses incurred by Purchaser in connection with the Transaction, not to exceed Four Hundred Thousand and No/100 Dollars ($400,000.00) in the aggregate. 

7.5      Casualty. 

  (a)      In the event that all or any substantial portion of a
Building shall be damaged or destroyed by fire or other casualty prior to Closing, Purchaser may terminate this Agreement by written notice thereof to the Sellers within ten (10) days after Purchaser is notified of the casualty. Upon
termination of this Agreement as provided in this Section 7.5(a), the Earnest Money shall be returned to Purchaser and all rights, duties and obligations of the parties under this Agreement shall thereafter cease and be of no further
force or effect except for those that expressly survive termination of this Agreement. If Purchaser does not terminate this Agreement as aforesaid, then the parties shall proceed to close the transaction contemplated herein pursuant to the terms
hereof, in which event (i) Purchaser shall have the right to receive all insurance proceeds with respect to such casualty with respect to the Property (except for proceeds previously used to repair such Building to the extent that immediate
repairs are reasonably necessary), (ii) such Seller shall deliver to Purchaser at the Closing all insurance proceeds received by such Seller attributable to its Building from such casualty (except for proceeds previously used to repair the
Building to the extent that immediate repairs are reasonably necessary) and assign to Purchaser (and obtain written consent to such assignment from the applicable insurance company) all of such Seller’s right, title and interest in and to any
claims which such Seller may have under the insurance policies covering its Building, and (iii) the Purchase Price shall be reduced by an amount equal to the positive difference between (x) the total costs and expenses to repair all damage
arising from such casualty, and (y) the total insurance proceeds delivered to Purchaser as aforesaid under such insurance policies with respect to such casualty loss. In the event less than a substantial portion of a Building shall be damaged
or destroyed by fire or other casualty after the Due Diligence Period but prior to Closing, then the parties shall proceed in accordance with the third sentence in this Section 7.5(a) and Purchaser agrees to waive its right to terminate
this Agreement as a result of such damage or distribution. 

  (b)      For the purposes of Section 7.5(a), a
“substantial portion” of the Property shall be deemed to be any portion of the Property with either a fair market value or replacement cost equal to or greater than One Million and No/100 Dollars ($1,000,000.00). 

  
 26 

 ARTICLE VIII. 
 PROVISIONS WITH RESPECT TO THE CLOSING 

8.1      The Closing.    The consummation of the
transactions contemplated by this Agreement (the “Closing”) shall occur on a date mutually agreed to by the Parties, but in no event shall such date be prior to July 1, 2013 or later than July 12, 2013. In the event
that the Parties cannot mutually agree upon a date for Closing, the Closing shall occur on July 12, 2013. The Closing shall be held at a place and time mutually agreeable to Sellers and Purchaser. 

8.2      Sellers’ Closing Obligations.    At the
Closing, each Seller shall execute, acknowledge (where applicable) and deliver to the Title Company for recording and/or delivery to Purchaser, the following: 

  (a)      the Deed [JEP only]; 

  (b)      the Quit Claim Deeds [only EDP, KEP, and OHP, as
applicable] 
   (c)      an Assignment of the Base
Lease [excluding JEP]; 
   (d)      an Assignment of
Leases and Service Contracts, together with the written consent of such third parties as may be required in the event of an assignment under the terms of the Leases and Service Contracts; 

  (e)      A certificate of non-foreign status; 

  (f)       a Bill of Sale; 

  (g)      a Title Affidavit; 

  (h)      a Management Agreement for each Building; 

  (i)       the Non-Solicitation Agreement; 

  (j)       the ROFO Agreement; 

  (k)      a closing statement itemizing the Purchase Price and
all adjustments thereto as provided herein (the “Closing Statement”); 

  (l)       duplicates of keys, combinations, codes and
security information to all locks on the Property in the possession of such Seller (such items to be delivered to Purchaser at the Property); 
   (m)     evidence of the existence, organization and authority of each Seller and of the authority of the persons executing documents on behalf of such Seller
reasonably satisfactory to Purchaser and the Title Company; 

  
 27 

   (n)      copies of
the written termination notices sent by each Seller terminating each of the Service Contracts which Purchaser elected not to assume as of a date not later than thirty (30) days after the Closing Date; 

  (o)      all documents and instruments to be assigned and/or
delivered under Section 9.3 hereof; 

  (p)      executed originals of each Lease; and 

  (q)      such other instruments or documents as are necessary
or reasonably required by Purchaser or the Title Company to consummate the Transaction; provided, however, that no such additional instrument or document may expand any obligation, covenant, representation or warranty of a Seller or
result in any new or additional obligation, covenant, representation or warranty of a Seller under this Agreement beyond those expressly set forth in this Agreement. 

8.3      Purchaser’s Closing Obligations.   At the
Closing, Purchaser shall execute, acknowledge (where applicable) and deliver to the Title Company for delivery to each Seller: 
   (a)      a Closing Statement; 
   (b)      a Ground [Air Rights] Lease Assignment; 
   (c)      an Assignment of Leases and Service Contracts; 
   (d)      a Management Agreement for each Building; 
   (e)      the Non-Solicitation Agreement; 
   (f)      the ROFO Agreement; 
   (g)      wired funds for the benefit of Sellers (subject to any portion to be held in escrow as provided in Section 9.3 hereof) representing the cash portion
of Purchase Price due in accordance with Section 3.1 and other applicable provisions herein; 
   (h)      evidence of the existence, organization and authority of Sellers and of the authority of the persons executing documents on behalf of Sellers reasonably
satisfactory to Purchaser and the Title Company; and 

  (i)       such other instruments or documents as are
necessary or reasonably required by Sellers or the Title Company to consummate the transaction contemplated hereby; provided, however, that no such additional instrument or document may expand any obligation, covenant, representation
or warranty of Purchaser or result in any new or additional obligation, covenant, representation or warranty of Purchaser under this Agreement beyond those expressly set forth in this Agreement. 

  
 28 

 ARTICLE IX. 
 EXPENSES OF CLOSING 
 9.1      Taxes.  Real property taxes and personal property taxes shall be prorated for the year in which the Closing occurs, with each Seller to be
responsible for all taxes in respect of prior years and the portion of the current year up to 11:59 p.m. on the day prior to the Closing Date. Each Seller shall pay in full all special assessments against its Property to the Closing Date, whether
any or all installments of such assessments are matured or unmatured. In connection with the proration of real property taxes, personal property taxes or installments of assessments, such proration shall be based upon the assessed valuation and tax
rate figures for the year in which the Closing occurs to the extent the same are available; provided, that in the event that actual figures (whether for the assessed value of a Property or for the tax rate) for the year of Closing are not
available at the Closing Date, the proration shall be made using figures from the preceding year for the figures which are unavailable for the year of Closing, and such item shall be reapportioned and prorated, and the proper party reimbursed, as
soon as practicable after the Closing Date, which obligation shall survive the Closing for a period (the “Proration Period”) of one (1) year after the Closing Date. 

9.2      Rents. 

  (a)      Rents due under Leases, as well as any pre-paid rents,
shall be prorated as of the Closing Date, with Purchaser entitled to a credit for the rents applicable to the Closing Date and thereafter. 
   (b)      If on the Closing Date any Tenant is in arrears in the payment of any rent under any Lease (the “Delinquent Rent”) payable by it,
any Delinquent Rent received by Purchaser and the respective Seller from such Tenant after the Closing shall be applied to amounts due and payable by such Tenant during the following periods in the following order of priority: (A) first, to the
period of time on or after the Closing Date, and (B) second, to the period of time before the Closing Date. If Delinquent Rent or any portion thereof received by a Seller or Purchaser after the Closing are due and payable to the other party by
reason of this allocation, the appropriate sum, less a proportionate share of any reasonable attorneys’ fees and costs and expenses expended in connection with the collection thereof, shall be promptly paid to the other party. The provisions of
this Section 9.2(b) shall survive the Closing. 

  (c)      After the Closing, each Seller shall continue to have
the right, in its own name, to demand payment of and to collect Delinquent Rent owed to such Seller by any Tenant, which right shall include, without limitation, the right to continue or commence legal actions or proceedings against any Tenant.
Purchaser agrees to reasonably cooperate with such Seller in connection with any reasonable efforts by such Seller to collect such Delinquent Rent; provided, that Purchaser shall not be obligated to declare a default under any Lease,
institute any legal action against any Tenant or exercise any other remedies under the Leases in connection therewith. The provisions of this Section 9.2(c) shall survive the Closing. 

  
 29 

 9.3      Security Deposits and Credit
Enhancements.   Purchaser shall receive a credit against the Purchase Price for any cash security deposits held by a Seller under the Leases. All letters of credit, guarantees, or other credit enhancements will be assigned by
Sellers to Purchaser at Closing (and all original counterparts of such letters of credit, guaranties and other instruments shall be delivered to Purchaser) all pursuant to the requirements of any such instruments (and the issuer of any such letters
of credit shall have executed and delivered to Purchaser any documents necessary to consent to and/or complete such assignments), or, if not assignable, Sellers will have them reissued in Purchaser’s name and delivered to Purchaser at Closing.
Sellers shall pay the costs and expenses of any such assignments or reissuances. The obligations of Sellers under this Section 8.3 shall survive the Closing. 

9.4      Leasing Costs.   Purchaser shall assume Sellers’
obligation to pay any tenant improvement costs and the cost of completing landlord improvement obligations remaining unpaid or unsatisfied under the Leases (subject to the credit to be provided under Section 9.7 hereof), and similar
costs and expenses which arise and are due and payable following the Effective Date. A true, correct and complete schedule of all such obligations is set forth on Schedule 9.4(i) attached hereto. Each Seller shall remain solely responsible
for any such costs payable prior to the Effective Date. Each Seller shall remain solely responsible for the tenant improvement costs and the cost of completing landlord’s improvement obligations remaining unpaid or unsatisfied under the Leases
as of Closing to the extent not credited to Purchaser at the Closing under Section 9.7, and such Seller’s obligation to pay same when due shall be a continuing obligation of such Seller which shall survive the Closing
notwithstanding anything to the contrary contained herein. Purchaser shall assume each Seller’s obligation to pay any leasing commissions under the Leases or any Brokerage Agreements due and arising from any renewals, expansions or extensions
of a Lease and which are set forth in such Leases or Brokerage Agreements (or of which Purchaser is given notice thereof at least three (3) Business Days prior to the end of the Due Diligence Period)(a true, correct and complete schedule of
which is set forth on Schedule 9.4(ii) attached hereto), and such Seller shall pay by a credit to Purchaser at the Closing an amount determined in accordance with Section 9.7 hereof for any leasing commissions due under the Leases
or any Brokerage Agreements arising from the execution and/or the initial term of any Leases; provided, however, each Seller shall remain solely responsible for such leasing commissions due under the Leases or any Brokerage Agreements
arising from the execution and/or the initial term of any Leases to the extent not credited to Purchaser at the Closing, and such Seller’s obligation to pay same when due shall be a continuing obligation of such Seller which shall survive the
Closing notwithstanding anything to the contrary contained herein. 

9.5      Closing Costs. 

  (a)      Sellers shall pay: 

    (i)       one-half (1/2) of all
recording fees and transfer taxes due upon recording of the Deeds, Quit Claim Deeds, and the Base Lease Assignments; 
     (ii)      one-half (1/2) of the escrow closing fees and charges of the Title Company; and 

  
 30 

  (iii)     Sellers’
legal, accounting and other professional fees and expenses, and the cost of all certificates, instruments, documents and papers required to be delivered, or to cause to be delivered, by Sellers hereunder. 

(b)     Purchaser shall pay: 

 (i)       one-half (1/2) of all recording fees and
transfer taxes due upon recording of the Deeds, Quit Claim Deeds, and the Base Lease Assignments; 
  (ii)      one-half (1/2) of the escrow closing fees and charges of the Title Company; 

 (iii)     all title examination fees, the costs of the Title Commitment
and premiums for the Title Policy including endorsements; 

 (iv)     any costs incurred with respect to its inspection of the
Properties; 
  (v)      the costs of the Surveys; and

  (vi)     Purchaser’s legal, accounting and other
professional fees and expenses and the cost of all certificates, instruments, documents and papers required to be delivered, or to cause to be delivered, by Purchaser hereunder. 

All other costs and expenses shall be paid by the party for whose benefit such costs or expenses are incurred.

 9.6    Commissions/Broker’s Fees.   Each Seller
covenants and represents that it has not dealt with any real estate or other broker, finder, agent or other Person with respect to the Transaction, who may be entitled to any commission or fee related to same, other than Sellers’ Broker and
agrees to indemnify, defend and hold Purchaser harmless from any costs and expenses (including, without any limitation, reasonable attorneys’ fees), if any, which Purchaser may incur as a result of (a) Sellers’ breach of the foregoing
representation and warranty, or (b) any claim by any real estate or other broker, finder, agent or other Person claiming by, through, or under Seller. Sellers shall pay Sellers’ Broker at Closing, all compensation to which it may be
entitled in connection with the Transaction pursuant to a separate agreement. Purchaser covenants and represents that it has not dealt with any real estate or other broker, finder, agent or other Person with respect to the Transaction other than
Sellers’ Broker, who may be entitled to any commission or fee related to same; and agrees to indemnify, defend and hold Sellers harmless from any costs and expenses (including, without any limitation, reasonable attorneys’ fees), if any,
which Sellers may incur as a result of (a) Purchaser’s breach of the foregoing representation and warranty, or (b) any claim by any real estate or other broker, finder, agent or other Person claiming by, through, or under Purchaser.
The provisions of this Section 9.6 shall survive the Closing. 

  
 31 

 9.7     Utilities; Operating
Expenses. 
  (a)      Electric, water, sewer, gas,
fuel, waste collection and removal and other utility expenses and all amounts payable under Service Contracts and other operating expenses relating to a Property shall be prorated as of 11:59 p.m. on the day preceding the Closing Date. To the extent
possible, Sellers and Purchaser shall request the utility companies to read the meters as of the date preceding the Closing Date, and each Seller shall be responsible for all charges incurred through the day preceding the Closing Date. If bills for
the applicable period are unavailable, the amounts of such charges will be estimated based upon the latest known bills, and it shall be assumed that all charges were incurred uniformly during the billing period in which the Closing occurs, and such
item shall be reapportioned and prorated, and the proper party reimbursed, as soon as practicable after the Closing Date, which obligation shall survive during the Proration Period. All prepaid deposits or letters of credit for utilities shall be
refunded or returned to the appropriate Seller by the utility companies, and it shall be Purchaser’s responsibility to make any utility deposits required for service. 

 (b)      Each Seller, as landlord under the Leases, is currently
collecting from its Tenants under all or some of the Leases, additional rent to cover taxes (including, without limitation, real property taxes, personal property taxes and franchise or margin taxes), insurance, utilities, maintenance and other
operating costs and expenses (collectively, “Operating Expense Pass-Throughs”) incurred by such Seller in connection with the ownership, operation, maintenance and management of its Property. Upon Purchaser’s
reconciliation of the Operating Expense Pass-Throughs for the year in which Closing occurs, the parties shall make an adjusting payment between themselves so that, with respect to any amounts recovered from Tenants, or if applicable, refunded to
Tenants, with respect to Operating Expense Pass-Throughs, (i) each Seller receives from Purchaser any such amount recovered by Purchaser from Tenants with respect to under-collections of Operating Expense Pass-Throughs by such Seller relating
to the portion of the year of Closing that occurs prior to the Closing Date, and (ii) Purchaser receives from each Seller any such amounts to be paid to Tenants by Purchaser with respect to over-collections of Operating Expense Pass-Throughs by
such Seller relating to the portion of the year of Closing that occurs prior to the Closing Date. If any Seller collected estimated prepayments of Operating Expense Pass-Throughs attributable to any period after Closing, such Seller shall pay or
credit such amounts to Purchaser at Closing. The provisions of this Section 9.7 shall survive during the Proration Period. 
 ARTICLE X. 
 DEFAULT AND
REMEDIES 
 10.1   Sellers’ Default; Purchaser’s
Remedies. 
  (a)      Sellers’
Default.     All Sellers shall be in default hereunder if the representations or warranties of any Seller in this Agreement shall be not correct in any material respect when made or if any Seller shall fail to meet,
comply with, or perform any material covenant, agreement or obligation on its part required within the time limits 

  
 32 

 
and in the manner required in this Agreement and shall fail to cure same within ten (10) Business Days after receipt of written notice from Purchaser (unless such failure shall be a failure
to consummate the Transaction on the date of Closing, for which there shall be no notice or cure rights). 
 (b)      Purchaser’s Remedies. In the event Sellers shall be in default hereunder after the expiration of the applicable cure period, then Purchaser may, at
Purchaser’s sole option, either: 

   (i)         terminate this Agreement by
written notice delivered to Sellers, in which case the Earnest Money shall be returned to Purchaser by the Title Company, Sellers shall reimburse Purchaser for all reasonable out-of-pocket expenses incurred by Purchaser in connection with the
Transaction, not to exceed Four Hundred Thousand and No/100 Dollars ($400,000.00) in the aggregate, and this Agreement shall be of no further force or effect, except for the provisions which by their terms survive the termination of this Agreement;
or 
  (ii)        enforce specific performance of
this Agreement against Sellers, in which case it shall be entitled to recovery from Sellers its reasonable costs and attorney’s fees in connection therewith. 

10.2    Purchaser’s Default; Sellers’ Remedies. 

(a)       Purchaser’s Default.  Purchaser shall
be in default hereunder if any of its representations or warranties in this Agreement shall be not correct in any material respect when made or if it shall fail to meet, comply with, or perform any material covenant, agreement or obligation on its
part required within the time limits and in the manner required in this Agreement and shall fail to cure same within ten (10) Business Days after written notice from Sellers (unless such failure shall be a failure to consummate the Transaction
on the date of Closing, for which there shall be no notice or cure rights). 

(b)       Sellers’ Remedy.  In the event
Purchaser shall be in default hereunder after the expiration of the applicable cure period as provided in this Agreement, Sellers shall be entitled, as their sole and exclusive remedy, to terminate this Agreement and receive payment of the Earnest
Money from the Title Company as full liquidated damages, and thereafter Purchaser shall have no further obligations or liability hereunder. The parties hereto hereby acknowledge that it is impossible to more precisely estimate the specific damage to
be suffered by Sellers, and the parties hereto expressly acknowledge and intend that this provision shall be a provision for the retention of Earnest Money and not as a penalty. Sellers expressly waive (i) any right to specific performance of
this Agreement, and (ii) the defense of lack of mutuality of remedies. 

  
 33 

 ARTICLE XI. 
 ESCROW OF EARNEST MONEY 

11.1    Investment of Earnest Money.  Title Company shall invest the Earnest
Money in such accounts, commercial paper, U.S. government securities, certificates of deposit, repurchase agreements, or other instruments, as Purchaser shall from time to time direct or approve, provided that Title Company shall not be required to
deposit or invest the Earnest Money in any institution other than Title Company’s normal banking institution in Santa Ana, California. Title Company shall promptly advise Seller and Purchaser of the investment of the Earnest Money. 

11.2    Payment at Closing.  Title Company shall deliver the Earnest Money
to, or upon the instructions of, Seller at Closing. 
 11.3    Payment on
Demand.  Upon receipt of any written certification from Purchaser claiming the Earnest Money prior to the expiration of the Due Diligence Period, Title Company shall promptly disburse the Earnest Money to Purchaser without any
obligation to provide notice to, or obtain the consent of, Sellers. Except as set forth in the preceding sentence, upon receipt of any written certification from Seller or Purchaser claiming the Earnest Money pursuant to the provisions of this
Agreement, Title Company shall promptly forward a copy thereof to the other such party (i.e., Purchaser or Seller, whichever did not claim the Earnest Money pursuant to such notice) and, unless such other party within ten (10) days thereafter
notifies Title Company of any objection to such requested disbursement of the Earnest Money, Title Company shall disburse the Earnest Money to the party demanding the same and shall thereupon be released and discharged from any further duty or
obligation hereunder. 
 11.4    Exculpation of Title Company.  It
is agreed that the duties of Title Company are herein specifically provided and are purely ministerial in nature, and that Title Company shall incur no liability whatsoever except for its willful misconduct or gross negligence, so long as Title
Company is acting in good faith. Seller and Purchaser do each hereby release Title Company from any liability for any error of judgment or for any act done or omitted to be done by Title Company in the good faith performance of its duties hereunder
and do each hereby indemnify Title Company against, and agree to hold, save, and defend Title Company harmless from, any costs, liabilities, and expenses incurred by Title Company in serving as Title Company hereunder and in faithfully discharging
its duties and obligations hereunder. 
 11.5    Stakeholder.  Title
Company is acting as a stakeholder only with respect to the Earnest Money. If there is any dispute as to whether Title Company is obligated to deliver the Earnest Money or as to whom the Earnest Money is to be delivered, Title Company may refuse to
make any delivery and may continue to hold the Earnest Money until receipt by Title Company of an authorization in writing, signed by Seller and Purchaser, directing the disposition of the Earnest Money, or, in the absence of such written
authorization, a final determination of the rights of the parties in an appropriate judicial proceeding. If such written authorization is not given, or a proceeding for such determination is not begun, within thirty (30) days of notice to Title
Company of such dispute, Title Company may bring an appropriate action or proceeding for leave to deposit the Earnest Money in a court of competent jurisdiction pending such 

  
 34 

 
determination. Title Company shall be reimbursed for all costs and expenses of such action or proceeding including, without limitation, reasonable attorneys’ fees and disbursements, by the
party determined not to be entitled to the Earnest Money. Upon making delivery of the Earnest Money in any of the manners herein provided, Title Company shall have no further liability or obligation hereunder. 

11.6     Receipt.   Title Company has executed this Agreement in
order to confirm that Title Company has received the Earnest Money by wire transfer from the Purchaser and will hold the Earnest Money in accordance with the provisions hereof. 
 ARTICLE XII. 
 MISCELLANEOUS 

12.1     Survival.    All of the representations, warranties,
covenants, agreements and indemnities of Sellers and Purchaser contained in this Agreement shall be deemed independent of one another and shall survive the Closing for a period of one hundred eighty (180) days and shall not be deemed to merge
upon the acceptance of the Deed or Assignments of Base Leases by Purchaser during that time period. 

12.2     Right of Assignment.  Without the prior consent of Sellers,
Purchaser may assign all of its rights and obligations under this Agreement to an Affiliate of Purchaser, provided that the original Purchaser shall continue to remain liable in such case for the obligations of the “Purchaser” hereunder.
Notwithstanding the foregoing, this Agreement may not be assigned by Purchaser to any Person in which Montecito Medical Investment Company or any of its Affiliates has any equity ownership position. 

12.3     Notices.  All notices, requests and other communications under
this Agreement shall be in writing and shall be either (a) delivered in person, (b) sent by certified mail, return receipt requested, (c) delivered by a nationally recognized overnight delivery service or (d) sent by facsimile
transmission and addressed as follows: 
  

			
	 If to Seller:
	  	 [Name of Seller]

		  	 c/o N.T. Brinkman, Inc.

		  	 PMB 344

		  	 977 Seminole Trail

		  	 Charlottesville, VA 22901-2824

		  	 Attention: Ben Ochs

		  	 Telephone: (434) 293-8004

		  	 Telefax No.: (434) 293-6256

  
 35 

			
	 with a copy to:
	  	 Baker, Donelson, Bearman, Caldwell & Berkowitz

		  	 Baker Donelson Center

		  	 211 Commerce Street, Suite 800

		  	 Nashville, TN 37201

		  	 Attention: Kenneth P. Ezell, Jr.

		  	 Telephone: (615) 726-5721

		  	 Telefax No.: (615) 744-5721

		
	 If to Purchaser:
	  	 CHP Partners, LP

		  	 c/o CNL Financial Group, Inc.

		  	 450 South Orange Avenue, Suite 1200

		  	 Orlando, Florida 32801

		  	 Attention: Holly Greer, Esquire

		  	 Telephone: (407) 540-7546

		  	 Telefax No.: (407) 540-2544

		
	 with a copy to:
	  	 Lowndes, Drosdick, Doster, Kantor & Reed, P.A.

		  	 215 North Eola Drive

		  	 Orlando, Florida 32801

		  	 Attention: William T. Dymond, Jr., Esquire

		  	 Telephone: (407) 843-4600

		  	 Telefax No.: (407) 843-4444

		
	 If to Title Company:  
	  	 First American Title Insurance Company

		  	 National Commercial Services Division

		  	 420 South Orange Avenue, Suite 250

		  	 Orlando, Florida 32801

		  	 Attention: Michael Moore

		  	 Telephone: (407) 244-0007

		  	 Telefax No.: (888) 216-9921

 or at such other address or facsimile number, and to the attention of such other person, as the
parties shall give notice as herein provided. A notice, request and other communication shall be deemed to be duly delivered and received (1) if delivered in person or by a nationally recognized overnight delivery service, when left at the
address of the recipient, and (2) if sent by facsimile, upon receipt by the sender of an acknowledgment or transmission report generated by the machine from which the facsimile was sent indicating that the facsimile was sent in its entirety to
the recipient’s facsimile number; provided that if a notice, request or other communication is received on a day which is not a Business Day, or after 5:00 P.M. Eastern Time on any Business Day, at the addressee’s location, such notice or
communication shall be deemed to be duly received by the recipient at 9:00 a.m. on the first Business Day thereafter. 
 12.4     Entire Agreement; Modifications.    This Agreement embodies and constitutes the entire understanding between the parties with respect to
the Transaction, and all prior or contemporaneous agreements, understandings, representations and statements (oral or written) are of no force or effect. Neither this Agreement nor any provision hereof may be waived, 

  
 36 

 
modified, amended, discharged or terminated except by an instrument in writing signed by the Party against whom the enforcement of such waiver, modification, amendment, discharge or termination
is sought, and then only to the extent set forth in such instrument. This Agreement, although initially drawn by one of the Parties hereto, shall not be construed for or against either party as a result thereof in any dispute pertaining to this
Agreement or the Transaction, but this Agreement shall be interpreted in accordance with language hereof in an effort to reach the result intended thereby. 
 12.5     Applicable Law.   THIS AGREEMENT AND THE TRANSACTION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TENNESSEE
WITHOUT REGARD TO SUCH STATE’S CONFLICT OF LAW PRINCIPLES. 

12.6     Captions.     The captions in this Agreement are
inserted for convenience of reference only and in no way define, describe, or limit the scope or intent of this Agreement or any of the provisions hereof. 
 12.7     Binding Effect.   This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, legal representatives, successors, and assigns; provided, however, the delivery of the Agreement by one party shall not be binding upon either until both parties have fully executed same. 

12.8     Execution in Counterparts.  This Agreement may be executed in
two or more counterparts, either electronically or manually, and manually-executed counterparts may be delivered in faxed or scanned electronic form, each of which (whether originally executed or such a faxed or scanned electronic document) shall be
deemed an original, and all of which together shall constitute one and the same instrument. In making proof of this Agreement, it shall not be necessary to produce or account for more than one counterpart hereof signed by each of the Parties.

 12.9     Time is of the Essence.  With respect to all
provisions of this Agreement, time is of the essence. However, if the last date of any period which is set out in any provision of this Agreement falls on a day which is not a Business Day, then, in such event, the time of such period shall end on
the next day which is a Business Day. 
 12.10   Waiver of
Conditions.  Any Party may at any time or times, at its election, waive any of the conditions to its obligations hereunder, but, except as otherwise provided in Sections 7.2 and 7.4, any such waiver shall be effective
only if contained in a writing signed by such Party. No waiver by a Party of any breach of this Agreement or of any warranty or representation hereunder by the other Party shall be deemed to be a waiver of any other breach or of warranty or
representation by such other Party (whether preceding or succeeding and whether or not of the same or similar nature), and, except as otherwise provided in Sections 7.2 and 7.4, no acceptance of payment or performance by a Party after
any breach by the other Party shall be deemed to be a waiver of any breach of this Agreement or of any representation or warranty hereunder by such other Party, whether or not the first Party knows of such breach at the time it accepts such payment
or performance. No failure or delay by a Party to exercise any 

  
 37 

 
right it may have by reason of the default of the other Party shall operate as a waiver of default or modification of this Agreement or shall prevent the exercise of any right by the first Party
while the other Party continues to be so in default. 

12.11   Severability.  In the event any term or provision of this Agreement be
determined by appropriate judicial authority to be illegal or otherwise invalid, such provision shall be given its nearest legal meaning or be construed as deleted as such authority determines, and the remainder of this Agreement shall be construed
to be in full force and effect. 
 12.12  No Recording.    Neither
party shall record this Agreement or any short form, memorandum or notice thereof in any public or governmental office. 
 12.13  Attorneys’ Fees.    In the event of any litigation between the Parties under this Agreement, the prevailing party, in addition to those damages and
other awards given such party therein, shall be entitled to reasonable attorneys’ fees and court costs at all trial and appellate levels. 
 12.14  Independent Consideration.     Sellers hereby acknowledges the receipt of the Independent Consideration, which amount the Parties bargained for and
agreed to as consideration for Purchaser’s exclusive right to inspect and purchase the Property and for Sellers’ execution, delivery and performance of this Agreement. The Independent Consideration is in addition to and independent of any
other consideration or payment provided for in this Agreement, is nonrefundable, and it is fully earned and shall be retained by Sellers notwithstanding any other provisions of this Agreement. 

12.15  Third-Party Beneficiaries.     This Agreement is not intended to and
shall not inure to the benefit of any third-party. 

12.16  Confidentiality.    Neither party hereto shall make public disclosure
with respect to this transaction or this Agreement (and the terms hereof) before Closing except: (i) as may be required by Laws or any applicable governmental authorities, or (ii) to such lenders, attorneys, accountants, brokers, partners,
directors, officers, employees, agents, and representatives of either party or of either party’s advisors who have a reasonable need to know such information for the purpose of evaluating and consummating the transaction and/or advising either
party, including, without limitation, with respect to the financing of the transaction; and to present or prospective sources of financing. 
 12.17  Public Announcement.      No Party shall have the right to make a public announcement or disclosure regarding the transactions described in
this Agreement without the prior approval of the other Party. Seller and Purchaser shall approve the timing, form and substance of any such public announcement or disclosure, which approval shall not be unreasonably withheld, conditioned or delayed,
except if a Party is required to make a public announcement or disclosure under applicable law, in which case no such approval by the other Party shall be required. 

  
 38 

 12.18  Exclusive Forum.  The parties agree
that the state and federal courts sitting in Knox County, State of Tennessee, and the appropriate appellate courts shall have exclusive jurisdiction for the resolution of any and all disputes arising under or relating to this Agreement or the
documents executed and delivered pursuant to this Agreement. 
 12.19  1031
Exchange.    All of the entities comprising Sellers and Purchaser may consummate the sale of the Property as part of a so called like kind exchange (the “Exchange”) pursuant to §1031 of the Internal Revenue
Code of 1986, as amended, provided that (i) all costs, fees, and expenses attendant to the Exchange shall be the sole responsibility of the party consummating the Exchange; (ii) the Closing shall not be delayed or affected by reason for
the Exchange nor shall the consummation or accomplishment of the Exchange be a condition precedent or condition subsequent to Sellers’ obligations and covenants under this Agreement; and (iii) neither Purchaser nor Sellers or any entity
comprising Sellers shall be required to acquire or hold title to any real property other than the Property for purposes of consummating the Exchange. Neither Purchaser nor Sellers nor any entity comprising Sellers shall, by this Agreement or
acquiescence to an Exchange, (1) have its rights under this Agreement, including (without limitation) those that survive Closing, affected or diminished in any manner, or (2) be responsible for compliance with or be deemed to have
warranted to the other party that the Exchange in fact complies with §1031 of the Internal Revenue Code of 1986, as amended. 
 12.20  Suite 230.  The Parties agree and acknowledge that as of the Effective Date, JEP does not own Suite 230, but rather has only a contractual right to purchase Suite
230 and that the Parties intend that JEP shall acquire fee title to Suite 230 prior to Closing. Accordingly, the Parties agree and acknowledge that none of the representations made by JEP in Section 6.1 of this Agreement shall be effective with
respect to Suite 230 as of the Effective Date. If JEP acquires fee title to Suite 230 prior to the Closing Date and delivers a certificate to Purchaser making the same representations with respect to Suite 230 that the Sellers have made in
Section 6.1 with respect to the Portfolio (the “JEP Closing Certificate”), then, subject to Purchaser’s rights as set forth elsewhere in this Agreement, Purchaser shall be obligated to take title to Suite 230. In the event that
JEP does not own Suite 230 as of the Closing Date or is not willing to deliver the JEP Closing Certificate, each of Sellers and Purchaser shall have the right to terminate this Agreement with respect to Suite 230 only (but not with respect to the
remainder of the Portfolio), in which event the Purchase Price shall be reduced by the amount of Three Hundred Fifty Thousand and No/100 dollars ($350,000.00) and the Parties rights with respect to the remainder of the Portfolio shall be unaffected.
JEP shall be obligated to deliver a JEP Closing Certificate unless JEP has a bona fide, good faith belief that any representation set forth in Section 6.1 is untrue. While the representations contained herein are not to be deemed to apply to
Suite 230 prior to the date on which JEP acquires title to Suite 230, in the event that Purchaser discovers any state of facts which would make any representation from any Seller untrue were such representation to be applicable to Suite 230, then
Purchaser shall have the right to terminate this Agreement with respect to Suite 230 only (but not with respect to the remainder of the Portfolio), in which event the Purchase Price shall be reduced by the amount of Three Hundred Fifty Thousand and
No/100 dollars ($350,000.00) and the Parties rights with respect to the remainder of the Portfolio shall be unaffected. At all times prior to Closing, JEP shall reasonably cooperate with Purchaser in Purchaser’s due diligence investigations
with respect to Suite 230, and shall use commercially reasonable efforts to cause Cherokee to reasonably 

  
 39 

 
cooperate with Purchaser in Purchaser’s due diligence investigations with respect to Suite 230. To the extent that JEP obtains Seller’s Actual Knowledge of any material fact or
condition relating to Suite 230 which would (i) make any representation untrue were such representation applicable to Suite 230, or (ii) the existence of which JEP could reasonably anticipate would impact Purchaser’s desire to acquire
title to Suite 230, JEP shall promptly disclose such fact or condition to Purchaser in writing. 
 ARTICLE XIII.

 INDEMNIFICATION AND RELEASE 

13.1    Indemnification by Seller.  Subject to the limitations set forth in
this Article 13 and any other express provision of this Agreement, Sellers shall indemnify, save, insure, pay, defend and hold harmless Purchaser’s Indemnitees from and against any Indemnification Loss incurred by any Purchaser’s
Indemnitee to the extent resulting from (i) any breach of any representation or warranty of any Seller in this Agreement, (ii) any breach by any Seller of any of its covenants or obligation under this Agreement, and (iii) any
liabilities retained by any Seller pursuant hereto. 
 13.2    Indemnification by
Purchaser.  Subject to the limitations set forth in this Article 13, Purchaser shall indemnify, defend and hold harmless Seller’s Indemnitees from and against any Indemnification Loss incurred by Seller’s Indemnitee the
extent resulting from (i) any breach of any representation or warranty of Purchaser in this Agreement, (ii) any breach by Purchaser of any of its covenants or obligations under this Agreement, and (iii) any liabilities assumed by
Purchaser pursuant hereto. 
 13.3    Indemnification
Procedure.  Notice of Indemnification Claim.  If any of Seller’s Indemnitees or Purchaser’s Indemnitees (as the case may be) (each, an “Indemnitee”) is entitled to defense or
indemnification under any other provision in this Agreement (each, an “Indemnification Claim”), the Party required to provide defense indemnification to such Indemnitee (the “Indemnitor”) shall not be
obligated to defend, indemnify and hold harmless such Indemnitee unless and until such Indemnitee provides written notice to such Indemnitor promptly after such Indemnitee has actual knowledge of any facts or circumstances on which such
Indemnification Claim is based or a Third-Party Claim is made on which such Indemnification Claim is based, describing in reasonable detail such facts and circumstances or Third-Party Claim with respect to such Indemnification Claim. 

  (b)        Resolution of Indemnification Claim Not
Involving Third-Party Claim.  If the Indemnification Claim does not involve a Third-Party Claim and is disputed by the Indemnitor, the dispute shall be resolved by litigation or other means of alternative dispute resolution as the
Parties may agree in writing. 

  (c)        Resolution of Indemnification Claim
Involving Third-Party Claim.  If the Indemnification Claim involves a Third-Party Claim, the Indemnitor shall have the right (but not the obligation) to assume the defense of such Third-Party Claim, at its cost and expense, and shall
use good faith efforts consistent with prudent business judgment to defend such Third-Party Claim, provided that (i) the counsel for the Indemnitor who shall 

  
 40 

 
conduct the defense of the Third-Party Claim shall be reasonably satisfactory to the Indemnitee (unless selected by Indemnitor’s insurance company, in which case Indemnitee shall have no
such approval rights), (ii) the Indemnitee, at its cost and expense, may participate in, but shall not control, the defense of such Third-Party Claim, and (iii) the Indemnitor shall not enter into any settlement or other agreement which
requires any performance by the Indemnitee, other than the payment of money which shall be paid by the Indemnitor. The Indemnitee shall cooperate in good faith with Indemnitor’s defense of the Third-Party Claim and shall not enter into any
settlement agreement or consent to any judgment with respect to the Third-Party Claim, without the Indemnitor’s prior written consent. If the Indemnitor elects not to assume the defense of such Third-Party Claim, the Indemnitee shall have the
right to retain the defense of such Third-Party Claim and shall use good faith efforts consistent with prudent business judgment to defend such Third-Party Claim in an effective and cost-efficient manner. 

  (d)        Accrual of Indemnification
Obligation.  Notwithstanding anything to the contrary in this Agreement, the Indemnitee shall have no right to indemnification against the Indemnitor for any Indemnification Claim which (i) does not involve a Third-Party Claim but
is disputed by Indemnitor until such time as such dispute is resolved by written agreement or by a final, non-appealable order of court of competent jurisdiction or (ii) which involves a Third-Party Claim until such time as such Third-Party
Claim is concluded, including any appeals with respect thereto in the case of a claim in litigation. 
   (e)        Limitations on Indemnification Obligation.    Notwithstanding anything herein to the contrary, (a) Seller
shall have no indemnification obligation with respect to any Indemnification Claim unless the amount of such Indemnification Claim, individually or when taken together with all other Indemnification Claims, is at least equal to One Hundred Thousand
and No/100 Dollars ($100,000) (the “Indemnity Floor”), and (b) Seller shall not be obligated to incur costs in excess of Two Million and No/100 Dollars ($2,000,000.00) in performing its obligations under this Article
XIIIARTICLE XIII. For the avoidance of doubt, if the aggregate amount of Indemnification Claims exceeds the Indemnity Floor, the Indemnitor shall indemnify the Indemnitee for the entire amount of such Indemnification Claims (up to the Indemnity
Cap). Notwithstanding anything herein contained to the contrary, in no event shall an Indemnitor have any indemnification obligation if (y) prior to Closing, the Indemnitee had actual knowledge of the facts upon which any Indemnification Claim
is based, or (z) such facts are set forth in the Disclosure Schedule attached hereto. 

13.4    Guarantor Guaranty.    Guarantor is an
Affiliate of Sellers and, as a result thereof, Guarantor receives a direct financial benefit from the Transaction. In consideration of the foregoing benefit, the Purchase Price and other good and valuable consideration paid to Sellers at Closing
pursuant to this Agreement and as a further inducement for Purchaser to enter into this Agreement, Guarantor, hereby absolutely, unconditionally and irrevocably guarantees, subject to the terms herein, and for a period of one hundred eighty
(180) days following the Closing Date, the full and timely performance of the indemnification obligations, covenants and conditions of Sellers pursuant to this Article 13. The provisions of this Section 13.4 shall expressly survive
the Closing. 

  
 41 

 13.5    Exclusive Remedy for Indemnification
Loss.  Except for claims based on fraud, gross negligence, or willful misconduct, for which the Purchaser shall have the right to pursue all remedies available at law or equity, the indemnification provisions in this
ARTICLE XIII shall be the sole and exclusive remedy of any Indemnitee with respect to any claim for Indemnification Loss arising from or in connection with this Agreement. 

(Signatures on the following pages) 

  
 42 

 EXECUTED on the date set forth below to be effective as of the Effective
Date. 
  

							
	 PURCHASER:

	
	CHP PARTNERS, LP, a Delaware limited partnership
	
	By:      CHP GP, LLC, a Delaware limited liability company., its general partner
	
	By:      CNL Healthcare Properties, Inc., a Maryland corporation, its sole member
				
		 	By:	 	      /s/ Tracey B. Bracco
	 	

 
							
		 	Name:	 	  Tracey B. Bracco
	 	

 
							
		 	Title:	 	    Vice President
	 	

 
							
		 	Date: 	 	  April 3, 2013
	 	

 
							
		 	Purchaser’s Tax Identification Number:

 
							
		 	            272963394	 	

 EXECUTED on the date set forth below to be effective as of the Effective
Date. 
  

					
	SELLERS:
	
	 JEFFERSON EQUITY PARTNERS, LLC, a Tennessee limited liability company,

			
	By:	 	 /s/ Norman T. Brinkman
	 	
	Title:	 	 Managing Member
	 	
	Date:	 	 April 3, 2013
	 	

 
					
	Tax ID:	 	   62-1800032
	 	

 
					
	
	 KNOXVILLE EQUITY PARTNERS, LLC, a Tennessee limited liability company,

			
	By:	 	 /s/ Norman T. Brinkman
	 	
	Title:	 	 Managing Member
	 	
	Date:	 	 April 3, 2013
	 	

 
					
	Tax ID:	 	   20-0937239
	 	

 
					
	
	 EMORY DEVELOPMENT PARTNERS, LLC, a Tennessee limited liability company,

			
	By:	 	 /s/ Norman T. Brinkman
	 	
	Title:	 	 Managing Member
	 	
	Date:	 	 April 3, 2013
	 	

 
					
	Tax ID:	 	   20-4539540
	 	

 
					
	
	 OAK HILL PARTNERS, LLC, a Tennessee limited liability company,

			
	By:	 	 /s/ Norman T. Brinkman
	 	
	Title:	 	 Managing Member
	 	
	Date:	 	 April 3, 2013
	 	

 
					
	Tax ID:	 	   80-0740960
	 	

 N.T. Brinkman, Inc., joins in the execution of this Agreement for the purpose of agreeing to
be bound by the provisions that are specifically applicable to Brinkman herein, and for no other purpose. 
  

					
	 BRINKMAN:

	
	N.T. BRINKMAN, INC., a Virginia corporation
			
	 By:
	 	 /s/ Norman T. Brinkman
	 	
		 	 Norman T. Brinkman, President
	 	
	 Date:
	 	 April 3, 2013
	 	

 The Title Company joins herein for the purpose of agreeing to serve as the
escrow agent pursuant to the provisions of Article XI herein and subject to the remaining provisions of this Agreement. 
  

			
	FIRST AMERICAN TITLE INSURANCE COMPANY, a corporation
		
	 By:
	 	 /s/ John S.
Elzeer

 
			
	 Name:
	 	 John S.
Elzeer

 
			
	 Title:
	 	  VP & NCS FL Ops
Mngr

 
			
	 Date:
	 	     April 3, 2013

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