Document:

Exhibit 10.2

 

 

 

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

SGO RETAIL ACQUISITIONS VENTURE, LLC

 

Dated as of March 9, 2015

 

THE LIMITED LIABILITY COMPANY INTERESTS REPRESENTED
BY THIS LIMITED LIABILITY COMPANY AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE DELAWARE SECURITIES ACT, OR OTHER SIMILAR FEDERAL
OR STATE STATUTES OR AGENCIES IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION AS PROVIDED IN THOSE STATUTES. THE SALE, ASSIGNMENT,
TRANSFER, EXCHANGE, MORTGAGE, PLEDGE OR OTHER DISPOSITION OF ANY LIMITED LIABILITY COMPANY INTEREST IS RESTRICTED IN ACCORDANCE
WITH THE PROVISIONS OF THIS LIMITED LIABILITY COMPANY AGREEMENT, AND THE EFFECTIVENESS OF ANY SUCH SALE OR OTHER DISPOSITION MAY
BE CONDITIONED UPON, AMONG OTHER THINGS, RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL
THAT SUCH SALE OR OTHER DISPOSITION CAN BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, THE DELAWARE
SECURITIES ACT AND OTHER APPLICABLE FEDERAL OR STATE STATUTES. BY ACQUIRING THE LIMITED LIABILITY COMPANY INTERESTS REPRESENTED
BY THIS LIMITED LIABILITY COMPANY AGREEMENT, EACH MEMBER REPRESENTS THAT IT WILL NOT SELL OR OTHERWISE DISPOSE OF ITS LIMITED LIABILITY
COMPANY INTERESTS WITHOUT REGISTRATION OR OTHER COMPLIANCE WITH THE AFORESAID STATUTES AND RULES AND REGULATIONS THEREUNDER AND
THE TERMS AND PROVISIONS OF THIS LIMITED LIABILITY COMPANY AGREEMENT.

 

    	 

    	 

    

  

Table
of Contents

	 	 	 	Page
	 	 	 	 
	ARTICLE I	 	DEFINED TERMS	1
	 	 	 	 
	1.01	 	Defined Terms	1
	 	 	 	 
	1.02	 	Other Defined Terms	13
	 	 	 	 
	ARTICLE II	 	ORGANIZATION	13
	 	 	 	 
	2.01	 	FORMATION	13
	 	 	 	 
	2.02	 	Name and Principal Place of Business	14
	 	 	 	 
	2.03	 	Term	14
	 	 	 	 
	2.04	 	Registered Agent and Registered Office	14
	 	 	 	 
	2.05	 	Purpose	14
	 	 	 	 
	2.06	 	Company Property	15
	 	 	 	 
	ARTICLE III	 	MEMBERS	15
	 	 	 	 
	3.01	 	Members	15
	 	 	 	 
	3.02	 	Limitation On Liability	16
	 	 	 	 
	3.03	 	Waiver of Other Rights	16
	 	 	 	 
	3.04	 	No Certificated Interests	16
	 	 	 	 
	3.05	 	No State Law Partnership	16
	 	 	 	 
	ARTICLE IV	 	CAPITAL	16
	 	 	 	 
	4.01	 	Initial Capital Contributions	16
	 	 	 	 
	4.02	 	Additional Capital Contributions	18
	 	 	 	 
	4.03	 	Capital Accounts	21
	 	 	 	 
	4.04	 	No Further Capital Contributions	22
	 	 	 	 
	4.05	 	Loans	22
	 	 	 	 
	ARTICLE V	 	INTERESTS IN THE COMPANY	23
	 	 	 	 
	5.01	 	Percentage Interest	23
	 	 	 	 
	5.02	 	Return of Capital	23
	 	 	 	 
	5.03	 	Ownership	23
	 	 	 	 
	5.04	 	Waiver of Partition; Nature of Interests in the Company	23
	 	 	 	 
	ARTICLE VI	 	ALLOCATIONS AND DISTRIBUTIONS	24
	 	 	 	 
	6.01	 	Allocations	24

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Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	6.02	 	Allocations and Compliance with Section 704(b)	24
	 	 	 	 
	6.03	 	Distributions and Payments	26
	 	 	 	 
	6.04	 	Special Payments and Distributions	27
	 	 	 	 
	6.05	 	Distributions in Liquidation	28
	 	 	 	 
	6.06	 	Tax Matters	29
	 	 	 	 
	6.07	 	Tax Matters Partner	29
	 	 	 	 
	6.08	 	Allocations for Income Tax Purposes	29
	 	 	 	 
	ARTICLE VII	 	MANAGEMENT	30
	 	 	 	 
	7.01	 	Management	30
	 	 	 	 
	7.02	 	GAP Consultant	35
	 	 	 	 
	7.03	 	Duties of managing member	35
	 	 	 	 
	7.04	 	Services and Fees	40
	 	 	 	 
	7.05	 	Duties and Conflicts	41
	 	 	 	 
	7.06	 	Company Expenses	45
	 	 	 	 
	ARTICLE VIII	 	BOOKS AND RECORDS	45
	 	 	 	 
	8.01	 	Books and Records	45
	 	 	 	 
	8.02	 	Accounting and Fiscal Year	46
	 	 	 	 
	8.03	 	Reports	46
	 	 	 	 
	8.04	 	The Company Accountant	48
	 	 	 	 
	8.05	 	Reserves	48
	 	 	 	 
	8.06	 	The Budget and Operating Plan	48
	 	 	 	 
	8.07	 	Accounts	49
	 	 	 	 
	ARTICLE IX	 	TRANSFER OF INTERESTS	49
	 	 	 	 
	9.01	 	No Transfer	49
	 	 	 	 
	9.02	 	Permitted Transfers	49
	 	 	 	 
	9.03	 	Transferees	50
	 	 	 	 
	9.04	 	Section 754 Election	50
	 	 	 	 
	9.05	 	INTENTIONALLY OMITTED	51
	 	 	 	 
	9.06	 	GAP’s Right to Force Sale	51

 

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Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	ARTICLE X	 	EXCULPATION AND INDEMNIFICATION	53
	 	 	 	 
	10.01	 	Exculpation	53
	 	 	 	 
	10.02	 	Indemnification	54
	 	 	 	 
	ARTICLE XI	 	DISSOLUTION AND TERMINATION	55
	 	 	 	 
	11.01	 	Dissolution	55
	 	 	 	 
	11.02	 	Termination	56
	 	 	 	 
	11.03	 	Liquidating Member	57
	 	 	 	 
	11.04	 	Claims of the Members	57
	 	 	 	 
	ARTICLE XII	 	DEFAULT BY MEMBER	57
	 	 	 	 
	12.01	 	Events of Default	57
	 	 	 	 
	12.02	 	Effect of Event of Default	57
	 	 	 	 
	ARTICLE XIII	 	REPRESENTATIONS, WARRANTIES AND COVENANTS	58
	 	 	 	 
	13.01	 	Representations and Warranties of the Members	58
	 	 	 	 
	ARTICLE XIV	 	MISCELLANEOUS	65
	 	 	 	 
	14.01	 	Further Assurances	65
	 	 	 	 
	14.02	 	Notices	65
	 	 	 	 
	14.03	 	Governing Law	66
	 	 	 	 
	14.04	 	Attorney Fees	66
	 	 	 	 
	14.05	 	Captions	66
	 	 	 	 
	14.06	 	Pronouns	66
	 	 	 	 
	14.07	 	Successors and Assigns	66
	 	 	 	 
	14.08	 	Extension Not a Waiver	66
	 	 	 	 
	14.09	 	Creditors Not Benefited	67
	 	 	 	 
	14.10	 	Recalculation of Interest	67
	 	 	 	 
	14.11	 	Severability	67
	 	 	 	 
	14.12	 	Entire Agreement	67
	 	 	 	 
	14.13	 	Publicity	68
	 	 	 	 
	14.14	 	Counterparts	68
	 	 	 	 
	14.15	 	Confidentiality	68

 

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Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	14.16	 	Venue	
        69

        

	 	 	 	 
	14.17	 	Waiver of Jury Trial	69
	 	 	 	 
	14.18	 	Attorney Representation	69
	 	 	 	 
	14.19	 	Cooperation	69

 

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LIMITED LIABILITY
COMPANY AGREEMENT

OF

SGO RETAIL ACQUISITIONS VENTURE, LLC

 

This LIMITED LIABILITY
COMPANY AGREEMENT (as may be amended, modified, supplemented or restated from time to time, this “Agreement”)
of SGO RETAIL ACQUISITIONS VENTURE, LLC, a Delaware limited liability company, is made and entered into as of March 9, 2015
(the “Effective Date”), by and between GROCERY RETAIL GRAND AVENUE PARTNERS, LLC, a Delaware limited liability
company (“GAP”), GLB SGO, LLC, a Delaware limited liability company (“Operating Member”)
and SRT SGO, LLC a Delaware limited liability company (“SRT”).

 

WHEREAS, the Company (as
hereinafter defined) was formed pursuant to a Certificate of Formation dated as of January 28, 2015 and filed with the Secretary
of State of Delaware on January 28, 2015 (the “Certificate of Formation”);

 

WHEREAS, pursuant to the
terms of the Purchase Agreement (as hereinafter defined), the Company has contracted to acquire the Initial Company Property.

 

WHEREAS, GAP, SRT and Operating
Member desire to enter into this Agreement to, among other things, allocate rights and obligations with respect to the acquisition,
management and ownership of the Initial Company Property.

 

NOW, THEREFORE, the parties
hereto hereby agree as follows:

 

ARTICLE
I

DEFINED TERMS

 

1.01        Defined
Terms

 

As used in this Agreement,
the following terms have the meanings set forth below:

 

“Additional Capital
Contributions” has the meaning set forth in Section 4.02(a).

 

“Adjusted Capital
Account” means, with respect to any Member for any taxable year or other period, the balance in such Member’s Capital
Account as of the end of such year or other period, after giving effect to the following adjustments:

 

(a)         Credit
to such Capital Account any amounts that such Member is obligated to restore or is deemed obligated to restore as described in
the penultimate sentence of Treasury Regulation Section 1.704-2(g)(1) and in Treasury Regulation Section 1.704-2(i);
and

 

(b)         Debit
to such Capital Account the items described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5)
and (6).

 

    	 

    	 

    

  

“Adjusted Capital
Account Deficit” means, with respect to any Member for any taxable year or other period, the deficit balance, if any,
in such Member’s Adjusted Capital Account as of the end of such year or other period.

 

“Affiliated”
or “Affiliate” means, with respect to any Person, (i) any Person who directly or indirectly through one or more
intermediaries controls, is controlled by, or is under common control with such Person, (ii) any Person who is an Immediate Family
Member of such Person or (iii) any Person in which such Person or one or more of the Immediate Family Members of such Person has
a ten percent (10%) or more direct or indirect beneficial interest (whether an initial, residual or contingent interest) or as
to which such Person, directly or indirectly, serves as a managing member, general partner, trustee or in a similar fiduciary or
management capacity.

 

“Agreement”
has the meaning set forth in the introductory paragraph hereof.

 

“Bankruptcy”
means the occurrence of any of the following events with respect to a particular Person: (a) the filing by such Person of an application
for, or a consent to, the appointment of a trustee for such Person’s assets; (b) the filing by such Person of a voluntary
petition in bankruptcy or the filing of a pleading in any court of record admitting in writing its inability to pay its debts as
they come due; (c) the making by such Person of a general assignment for the benefit of creditors; (d) the filing by such
Person of an answer admitting the material allegations of, or its consenting to or defaulting in answering, a bankruptcy petition
filed against it in any bankruptcy proceeding; or (e) the entry of an order, judgment, or decree by any court of competent jurisdiction
adjudicating such Person a bankrupt or appointing a trustee of its assets, and such order, judgment, or decree continues unstayed
and in effect for a period of one hundred twenty (120) days.

 

“Book Basis”
means, with respect to any asset of the Company, the adjusted basis of such asset for federal income tax purposes; provided,
however, that (a) if any asset is contributed to the Company, the initial Book Basis of such asset shall equal its fair
market value on the date of contribution, and (b) the Book Basis of all Company Property shall be adjusted to equal their
respective gross fair market values, as determined by GAP, as of the following times: (i) the acquisition of an additional
Interest by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution
by the Company to a Member of more than a de minimis amount of property as consideration for an Interest; (iii) in
connection with the liquidation of the Company within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g);
and (iv) any other instance in which such adjustment is permitted under Treasury Regulation Section 1.704-1(b)(2)(iv); provided,
however, that adjustments pursuant to clauses (i), (ii) and (iv) above shall be made only if GAP determines that such adjustments
are necessary or appropriate to reflect the relative economic interests of the Members in the Company. The Book Basis of all assets
of the Company shall be adjusted thereafter by depreciation as provided in Treasury Regulation Section 1.704-1(b)(2)(iv)(g)
and any other adjustment to the basis of such assets other than depreciation or amortization.

 

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“Budget”
means the budget covering the Company’s anticipated operations (i) approved by GAP in accordance with the terms of this Agreement
and (ii) in effect pursuant to Section 8.06.

 

“Business Day”
means any day other than Saturday, Sunday, any day that is a legal holiday in the State of California or New York, or any other
day on which banking institutions in California or New York are authorized to close. For the avoidance of doubt, any reference
to “day(s)” (and not “Business Days”) in this Agreement shall mean calendar days.

 

“Capital Account”
means the separate account maintained for each Member under Section 4.03.

 

“Capital Contribution”
means, with respect to any Member, all Initial Capital Contributions and Additional Capital Contributions made by such Member to
the Company pursuant to this Agreement; provided, however, that any amount returned by a Member pursuant to the proviso in Section
4.02(a), the proviso in Section 4.05 or Section 6.03 shall be treated as a contribution of capital to the Company
(but not as a Capital Contribution for purposes hereof) and shall be treated as if such returned amount was not previously distributed
to such Member.

 

“Certificate of
Formation” has the meaning set forth in the Recitals.

 

“Change in Control”
means the occurrence of any transfer following which the Key Person, together with the Immediate Family Members of the Key Person,
ceases to own at least fifty percent (50%) of the beneficial ownership interests of Operating Member or have the ability to direct
or cause the direction of the management policies of Operating Member through ownership of voting securities or beneficial interests,
by contract or otherwise.

 

“Close Associate”
is a person who is widely and publicly known to maintain an unusually close relationship with a Senior Foreign Political Figure,
and includes a Person who is in a position to conduct substantial United States and non-United States financial transactions on
behalf of the Senior Foreign Political Figure.

 

“Closing Date”
means the day of the “Closing” under the Purchase Agreement.

 

“Code”
means the Internal Revenue Code of 1986, as amended. All references herein to sections of the Code shall include any corresponding
provision or provisions of succeeding law.

 

“Company”
means the limited liability company formed and governed by the terms of this Agreement.

 

“Company Accountant”
has the meaning set forth in Section 8.04.

 

    	-3-

    	 

    

  

“Company Management
Services” means (a) the services performed by Managing Member as provided for herein, pursuant to this Agreement, or
Property Manager as provided for in the Property Management Agreement, pursuant to the Property Management Agreement, and all actions
in the day-to-day management of the Company provided under the Budget and Operating Plan and (b) all other services reasonably
requested from time to time by GAP, and reasonably agreed to by Managing Member, consistent with other services customarily provided
by managing members or managers as part of their ordinary compensation in comparable circumstances. Managing Member may retain
the Property Manager, as defined herein, or another person or entity approved by GAP, to perform the Company Management Services
for the Company; provided, however, that Managing Member shall cause said Property Manager to perform Company Management
Services and shall remain responsible for performing Company Management Services if Property Manager fails to do so.

 

“Company Minimum
Gain” means “partnership minimum gain” as defined in Treasury Regulation Section 1.704-2(d).

 

“Company Property”
means any asset or other property (real, personal or mixed) owned by or leased to the Company or any Property Company, which shall
consist of the Initial Company Property, and other property acquired by the Company or any Property Company pursuant to the terms
hereof.

 

“Competitive Area”
has the meaning set forth in Section 7.05(c).

 

“Competitive Opportunity”
has the meaning set forth in Section 7.05(c).

 

“Confidential
Information” has the meaning set forth in Section 14.15(a).

 

“Contract and
Due Diligence Costs” has the meaning set forth in Section 4.01(b).

 

“Contributing
Member” has the meaning set forth in Section 4.02(c).

 

“Contribution
Deadline” has the meaning set forth in Section 4.02(a).

 

“control”
(including the terms “controlling”, “controlled by” and “under common control with”) means
the possession, direct or indirect, of the power (i) to vote ten percent (10%) or more of the outstanding voting securities
of such person or entity; or (ii) to otherwise direct management policies of such person or entity by contract or otherwise.

 

“Deadlock”
means the failure of the Members to approve a Major Decision after the Members have acted reasonably and in good faith to resolve
any differences, including being available to attend meetings in person or by telephone, participate in conferences in person or
by telephone, consult with third party consultants and professionals, and otherwise take reasonable steps to resolve any differences
with respect to the proposed Major Decision.

 

“Delaware Act”
means the Delaware Limited Liability Company Act, as amended from time to time.

 

“Disposition Fee”
means one percent (1%) of the aggregate Net Sales Proceeds received by the Company from the sales of the Initial Company Property.

 

    	-4-

    	 

    

  

“Effective Date”
has the meaning set forth in the introductory paragraph hereof.

 

“Ensenada Square
Property” means that certain commercial retail center located at 301 S. Bowen Road, Arlington, TX comprising approximately
63,000 square feet of commercial retail space.

 

“Equity Multiple”
means an amount determined by dividing (i) the sum of all distributions of Net Cash Flow received by GAP pursuant to Section
6.03, excluding, however, Section 6.03(a), by (ii) GAP’s Gross Adjusted Capital Contributions.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“Event of Default”
has the meaning set forth in Section 12.01.

 

“Excess Amounts”
has the meaning set forth in Section 4.02(c).

 

“Expenses”
means, for any period, the total gross expenditures of the Company and any Property Companies reasonably relating to the operations
of the Company and such Property Companies, ownership, entitlement, development, maintenance, management, operations, sale, financing
or refinancing of Company Property during such period contemplated by the then applicable Budget or otherwise approved (either
prospectively or retroactively) by GAP, including (a) all cash operating expenses (including, without limitation, real estate taxes
and assessments, personal property taxes, sales taxes, and all fees, commissions, expenses and allowances paid or reimbursed to
any Member or any of its Affiliates to the extent permitted hereunder), (b) all deposits of Revenues to the Company’s
reserve accounts, (c) all debt service payments including debt service on loans made to the Company by the Members or any
of their Affiliates (other than Shortfall Loans), (d) all expenditures which are treated as capital expenditures (as distinguished
from expense deductions included in (a)) under GAAP, and (e) all expenditures related to any acquisition, sale, disposition,
financing, refinancing or securitization of any Company Property; provided, however, that Expenses shall not include
(i) any payment or expenditure to the extent (A) the sources of funds used for such payment or expenditure are not included
in Revenues or (B) such payment or expenditure is paid out of any Company reserves unless the withdrawal of the funds to make
such payment or expenditure was treated as Revenues, and (ii) any expenditure properly attributable to the liquidation of
the Company.

 

“for cause”
means any of the following events: (a) any material breach of (i) this Agreement by Operating Member, including the failure of
Operating Member to fund Required Capital Contributions, or the taking of a Major Decision without having obtained the required
prior approval of the Majority Members, or (ii) the Property Management Agreement by Property Manager (if Affiliated with Operating
Member), or in either case, by any of their respective representatives or Affiliates, (b) any action or omission on the part of
Operating Member, Property Manager (if Affiliated with Operating Member), any Key Person or any of their respective representatives
or Affiliates which amounts to gross negligence, fraud, bad faith, willful misconduct or any misappropriation or intentional misapplication
of Company funds, (c) any Change in Control or Key Person Event, (d) (i) criminal misconduct which has an adverse effect on the
business or affairs of the Company, as determined by GAP in good faith in its sole discretion or (ii) commission of a felony by
Operating Member, Property Manager (if Affiliated with Operating Member), any Key Person or any of their respective representatives
or Affiliates, (e) any default by Operating Member under Section 7.05(c), (f) breach of the representation set forth in
Section 13.01(b); or (g) a Bankruptcy of Operating Member, Property Manager (if Affiliated with Operating Member), or any
Key Person or Key Entity. Each of the above events is referred to herein as a “for cause” event.

 

    	-5-

    	 

    

  

“for lack of performance”
shall mean the Company’s failure to meet the achievements described on Exhibit D attached hereto.

 

“Fundamental Decision”
means (i) any amendment, modification or termination of this Agreement, except for amendments or modifications which would not
have a disproportionate adverse effect on a Member who otherwise would not be permitted to vote, or (ii) dissolving, terminating
or winding up the Company if the Company Property has not been sold in accordance with this Agreement.

 

“GAAP”
means United States generally accepted accounting principles consistently applied.

 

“GAP”
has the meaning set forth in the introductory paragraph hereof.

 

“GAP Organizational
Documents” has the meaning set forth in Section 13.01(d)(i).

 

“GAP Party”
has the meaning set forth in Section 7.05(c).

 

“Governmental
Authority” means any United States or non-United States federal, national, supranational, state, provincial, local or
similar government, governmental, regulatory or administrative authority, branch, agency or commission or any court, tribunal,
or arbitral or judicial body (including any grand jury).

 

“Gross Adjusted
Capital Contributions” means, with respect to each Member, the total amount of Capital Contributions (other than Shortfall
Capital Contributions) contributed by such Member to the Company pursuant to the terms hereof, as adjusted pursuant to Section
4.02(c).

 

“Immediate Family
Member” means the parents, siblings, spouse, children, step-children and in-laws of a Person.

 

“Indemnitees”
has the meaning set forth in Section 10.02(a).

 

“Initial Budget
and Operating Plan” has the meaning set forth in Section 8.06(a).

 

“Initial Capital
Contribution” means, with respect to any Member, any capital contribution made by such Member pursuant to Section 4.01.

 

    	-6-

    	 

    

  

“Initial Company
Property” means the “Property”, as defined in the Purchase Agreement, being the real property identified
on Schedule B hereto, and related personal property to be acquired by the Company from Seller pursuant to the Purchase Agreement.

 

“Interest”
means, with respect to any Member at any time, the interest of such Member in the Company at such time, including the right of
such Member to any and all of the benefits to which such Member may be entitled as provided in this Agreement, together with the
obligations of such Member to comply with all of the terms and provisions of this Agreement.

 

“Internal Rate
of Return” or “IRR” shall be calculated using the XIRR function of Microsoft Excel utilizing the dates
that all Capital Contributions are contributed or deemed contributed to the Company in accordance with the terms of this Agreement
and the dates that all distributions are made or deemed to be made in accordance with the terms of this Agreement.

 

“Investment Notice”
has the meaning set forth in Section 7.05(c).

 

“Key Entity”
means Operating Member.

 

“Key Person”
means Andrew Batinovich.

 

“Key Person Event”
means (i) the death or disability of the Key Person, (ii) the failure of the Key Persons to control Operating Member and Property
Manager; or (iii) the occurrence of a Change in Control; provided, however, a “Key Person Event” shall not be deemed
to have occurred pursuant to clauses (i) or (ii) above if the Key Person is replaced by a successor reasonably acceptable to GAP
within sixty (60) days of the referenced event.

 

“Lender”
means individually and collectively, any lender under a Loan.

 

“Liquidating Member”
means the Member designated as such by GAP; provided, however, that any Member that is then in default hereunder
or that causes the dissolution of the Company under Section 11.01(c) shall not serve as the Liquidating Member (in
which event the Liquidating Member shall be the non-defaulting Member).

 

“Loan”
means any future mortgage loan encumbering some or all of the Initial Company Property entered into by the Company or one or more
of the Property Companies and approved by GAP.

 

“Loan Documents”
means the note(s), the mortgage and the other loan documents executed and delivered by the Company, one or more of the Property
Companies and any applicable guarantor(s) and/or indemnitor(s) to the Lender in connection with a Loan.

 

“Loss”
means, for each taxable year or other period, an amount equal to the Company’s items of tax deduction and loss for such year
or other period, determined in accordance with Section 703(a) of the Code (including all items of loss or deduction required
to be stated separately under Section 703(a)(1) of the Code), with the following adjustments:

 

    	-7-

    	 

    

  

(a)         Any
expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) expenditures
under Treasury Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Loss, will be considered
an item of Loss;

 

(b)         Loss
resulting from any disposition of Company Property with respect to which gain or loss is recognized for federal income tax purposes
will be computed by reference to the Book Basis of such property, notwithstanding that the adjusted tax basis of such property
may differ from its Book Basis;

 

(c)         In
lieu of depreciation, amortization and other cost recovery deductions taken into account in computing taxable income or loss, there
will be taken into account depreciation for the taxable year or other period as determined in accordance with Treasury Regulation
Section 1.704-1(b)(2)(iv)(g);

 

(d)         Any
items of deduction and loss specially allocated pursuant to Section 6.02 shall not be considered in determining Loss; and

 

(e)         Any
decrease to Capital Accounts as a result of any adjustment to the Book Basis of Company Property pursuant to Treasury Regulation
Section 1.704-1(b)(2) (iv)(f) or (g) shall constitute an item of Loss.

 

“Major Decision”
has the meaning set forth in Section 7.01(b).

 

“Majority Members”
means two (2) Members; provided, unless a Vote Loss Event has occurred with respect to GAP, GAP must be one of the two (2) Members;
provided, further, the approval of any Member as to which a Vote Loss Event shall have occurred shall not be required.

 

“Managing Member”
means, initially, Operating Member.

 

“Member”
means GAP, SRT and/or Operating Member, or any other Person who is admitted as a member of the Company in accordance with this
Agreement and applicable law.

 

“Member Minimum
Gain” means the Company’s “partner nonrecourse debt minimum gain” as defined in Treasury Regulation
Section 1.704-2(i)(2).

 

“Member Negotiation
Expenses” has the meaning set forth in Section 4.01(b).

 

“Member Nonrecourse
Deductions” means “partner nonrecourse deductions” as defined in Treasury Regulation Section 1.704-2(i)(2).

 

“Membership Sale”
has the meaning set forth in Section 9.06(a).

 

“Net Cash Flow”
means, for any period, the excess of (a) Revenues for such period over (b) Expenses for such period.

 

    	-8-

    	 

    

  

“Net Loss”
means, for any period, the excess of Losses over Profits, if applicable, for such period.

 

“Net Profit”
means, for any period, the excess of Profits over Losses, if applicable, for such period.

 

“Net Sales Proceeds”
means (i) the gross proceeds payable to the Company from the sale(s) of the Initial Company Property, without reduction for the
repayment of the outstanding principal amount and accrued interest of any indebtedness secured by the Initial Company Property,
minus (without duplication) (ii) all costs of sale chargeable to the Company, including, without limitation, brokerage commissions,
attorneys’ fees, transfer taxes, prorations, title and escrow fees and charges, and loan prepayment, breakage and exit fees.

 

“Non-Contributing
Member” has the meaning set forth in Section 4.02(c).

 

“Nonrecourse Deductions”
has the meaning set forth in Treasury Regulation Section 1.704-2(b)(1).

 

“Notices”
has the meaning set forth in Section 14.02.

 

“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

“OFAC List”
is any list of prohibited countries, individuals, organizations and entities that is administered or maintained by OFAC, including:
(i) Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001) issued by the President of the United States (Executive
Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), any related
enabling legislation or any other similar executive orders, (ii) the List of Specially Designated Nationals and Blocked Persons
(the “SDN List”) maintained by OFAC), and/or on any other similar list (“Other Lists”) maintained
by OFAC pursuant to any authorizing statute, executive order or regulation, or (iii) a “Designated National” as defined
in the Cuban Assets Control Regulations, 31 C.F.R. Part 515.

 

“Operating Member”
has the meaning set forth in the introductory paragraph hereof.

 

“Operating Member
Organizational Documents” has the meaning set forth in Section 13.01(b)(i).

 

“Operating Plan”
means the strategic and comprehensive operating plan covering the Company’s operation of Company Property, including, without
limitation, any anticipated entitlement and/or development work with respect to the Company Property, which is approved by GAP
and in effect from time to time pursuant to Section 8.06.

 

“Partially Adjusted
Capital Account” means, with respect to any Member for any taxable year or other period of the Company, the Capital Account
balance of such Member at the beginning of such year or period, adjusted for all contributions and distributions during such year
or period and all special allocations pursuant to Section 6.02 with respect to such year or period but before giving
effect to any allocations of Net Profit or Net Loss pursuant to Section 6.01.

 

    	-9-

    	 

    

  

“Patriot Act”
has the meaning set forth in Section 13.01(b)(viii).

 

“Percentage Interest”
means with regard to each Member the percentage set forth below opposite its name (in each case subject to adjustment as provided
in this Agreement):

 

	Member	 	 	Percentage Interest	 
	GAP	 	 	80	%
	SRT	 	 	19	%
	Operating Member	 	 	1	%

 

“Person”
means any individual, partnership, corporation, limited liability company, limited liability partnership, trust or other entity.

 

“Profit”
means, for each taxable year or other period, an amount equal to the Company’s items of taxable income and gain for such
year or other period, determined in accordance with Section 703(a) of the Code (including all items of income and gain required
to be stated separately under Section 703(a)(1) of the Code), 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 Profit will be added
to Profit;

 

(b)         Gain
resulting from any disposition of Company Property with respect to which gain or loss is recognized for federal income tax purposes
will be computed by reference to the Book Basis of such property, notwithstanding that the adjusted tax basis of such property
may differ from its Book Basis;

 

(c)         Any
items specially allocated pursuant to Section 6.02 shall not be considered in determining Profit; and

 

(d)         Any
increase to Capital Accounts as a result of any adjustment to the Book Basis of Company Property pursuant to Treasury Regulation
Section  1.704-1(b)(2)(iv)(f) or (g) shall constitute an item of Profit.

 

“Property Company”
and “Property Companies” have the meaning set forth in Section 2.06.

 

“Property Management
Agreement” means the Property Management Agreement in the form attached hereto as Exhibit A, to be entered into by and
between the Company or a Property Company, as applicable, and Property Manager on the Closing Date.

 

    	-10-

    	 

    

  

“Property Manager”
means Glenborough LLC, a Delaware limited liability company, which is Affiliated with Operating Member, or any other Person who
is engaged as a property manager for the Company Property and approved by GAP, whose services will include those specified in the
Property Management Agreement.

 

“Protection Decision”
has the meaning set forth in Section 7.01(d).

 

“Purchase Agreement”
means the Purchase and Sale Agreement, dated as of March 11, 2015, by and among TNP SRT Osceola Village, LLC, a Delaware limited
liability company, SRT Constitution Trail LLC, a Delaware limited liability company, and TNP SRT Aurora Commons LLC, a Delaware
limited liability company, collectively, as seller, and the Company, as amended from time to time.

 

“Reasonable Period”
means, with respect to any defaulting member, a period of ten (10) Business Days after such defaulting Member receives written
notice of its default from a non-defaulting Member; provided, however, that if such breach can be cured but cannot
reasonably be cured within such 10-Business Day period, the period shall continue, if such defaulting Member commences to cure
the breach within such 10-Business Day period, for so long as such defaulting Member diligently prosecutes the cure to completion
up to a maximum of the lesser of (a) twenty (20) Business Days, or (b) the period of time allowed for such performance under any
material agreement affecting the Company Property, including without limitation the mortgage, if any, encumbering Company Property.

 

“Regulatory Allocations”
has the meaning set forth in Section 6.02(g).

 

“Reimbursement
Agreement” means, the Reimbursement and Indemnity Agreement, dated as of March 9, 2015, by and between GAP, Operating
Member, SRT and Strategic Realty Trust, Inc., a Maryland corporation, as amended from time to time.

 

“Required Capital
Contributions” means, the Initial Capital Contribution.

 

“Revenues”
means, for any period, the total gross revenues received by the Company during such period, including all receipts of the Company
from (a) rent, cost, expense and other recoveries and all additional rent paid to the Company (including for parking facilities),
(b) concessions to the Company which are in the nature of revenues, (c) rent or business interruption insurance, and casualty and
liability insurance, if any, (d) funds made available to the extent such funds are withdrawn from the Company’s reserve accounts
and deposited into the Company’s operating accounts, (e) proceeds from the sale or other disposition of any Company Property,
(f) proceeds from the financing, refinancing or securitization of any Company Property, and (g) other revenues and receipts realized
by the Company, including without limitation excess cash from Capital Contributions that were not used as contemplated for the
purpose of funding the Shortfall giving rise to the need for such Capital Contributions or such other Shortfall as the Members
may determine.

 

“ROFO Opportunity”
has the meaning set forth in Section 7.05(c).

 

“Sale Property”
has the meaning set forth in Section 9.06(a).

 

    	-11-

    	 

    

  

“Seller”
has the meaning set forth in the Purchase Agreement.

 

“Senior Foreign
Political Figure” means a senior official of a major non-United States political party or a senior executive of a government-owned
corporation not organized within the United States. In addition, a “Senior Foreign Political Figure” includes any corporation,
business or other entity that has been formed by or for the benefit of a Senior Foreign Political Figure.

 

“Shortfall”
has the meaning set forth in Section 4.02(a).

 

“Shortfall Advance”
has the meaning set forth in Section 4.02(d).

 

“Shortfall Capital
Contribution” has the meaning set forth in Section 4.02(d).

 

“Shortfall Contributing
Member” has the meaning set forth in Section 4.02(d).

 

“Shortfall Election”
shall mean, in the event of a Shortfall, an election by the Contributing Member(s) pursuant to Section 4.02(d) to either
treat the entire Shortfall as (i) a Shortfall Loan or (ii) a Shortfall Capital Contribution.

 

“Shortfall Loan”
shall mean the option, under a Shortfall Election, to treat Shortfall Advances as a loan to the Company instead of a Shortfall
Capital Contribution.

 

“SPE”
has the meaning set forth in Section 7.01(b)(xxi).

 

“SRO”
means a self-regulatory organization.

 

“SRT Investment
Notice” has the meaning set forth in Section 7.05(d).

 

“SRT Material
Breach” means any of the representations and warranties of “Seller” in the Purchase Agreement are found to
have been intentionally false or misleading when made.

 

“SRT Opportunity”
has the meaning set forth in Section 7.05(d).

 

“Substituted Capital
Contributions” has the meaning set forth in Section 4.02(c).

 

“Target Account”
means, with respect to any Member as of the end of any taxable year of the Company or other period, the excess of (a) an amount
(which may be positive or negative) equal to the hypothetical distribution (or contribution) such Member would receive (or be deemed
required to contribute) with respect to its equity interest in the Company if all assets of the Company, including cash, were sold
for cash equal to their Book Basis (taking into account any adjustments to Book Basis for such year or other period), all liabilities
(including Shortfall Loans) were then due and were satisfied according to their terms (limited, with respect to each nonrecourse
liability, to the Book Basis of the assets securing such liability) and all remaining proceeds from such sale were distributed
pursuant to Section 6.03 or 6.04 (whichever is applicable at the time of determination) over (b) the amount
of Company Minimum Gain and Member Minimum Gain that would be charged back to such Member as determined pursuant to Treasury Regulation
Section 1.704-2 immediately prior to such sale.

 

    	-12-

    	 

    

  

“Transfer”
has the meaning set forth in Section 9.01.

 

“Treasury Regulation”
or “Regulation” means, with respect to any referenced provision, such provision of the regulations of the United
States Department of the Treasury or any successor provision.

 

“UBTI”
means “unrelated business taxable income” as defined in Code Sections 512 through 514 and the related Treasury
Regulations.

 

“Value-Add Retail
Joint Ventures” means joint venture retail real estate investment opportunities where the internal rate of return over
a five (5) year holding period is reasonably projected to be in excess of thirteen percent (13%).

 

“Vote Loss Event”
means (a) with respect to Operating Member, (i) Operating Member shall have been removed as Managing Member for cause (unless resulting
from a Change in Control or Key Person Event resulting from the death of the Key Person), (ii) Operating Member shall have failed
to return any distributions pursuant to the provisos in Section 4.02(a) or Section 4.05 and GAP has returned such
distributions, (iii) Operating Member or its Affiliate shall have been removed as Property Manager under the Property Management
Agreement “for cause”, (iv) the occurrence of a “for lack of performance” event or (v) the reduction of
Operating Member’s Percentage Interest to less than one half of one percent (0.5%); (b) with respect to SRT, (i) the occurrence
of any event described in sub-clauses (i) through (iv) of clause (a) above with respect to Operating Member at a time when Operating
Member is the investment advisor of SRT, (ii) SRT shall have failed to return any distributions pursuant to the provisos in Section
4.02(a) or Section 4.05 and GAP has returned such distributions, (iii) the reduction of SRT’s Percentage Interest
to less than ten percent (10%) or (iv) an SRT Material Breach shall have occurred; and (c) with respect to GAP, the reduction of
GAP’s Percentage Interest to less than ten percent (10%).

 

1.02        Other
Defined Terms

 

As used in this Agreement,
unless otherwise specified, (a) all references to Sections, Articles or Exhibits are to Sections, Articles or Exhibits of this
Agreement, and (b) each accounting term has the meaning assigned to it in accordance with GAAP.

 

ARTICLE
II

ORGANIZATION

 

2.01        FORMATION

 

The Company has been formed
as a limited liability company under the Delaware Act by the filing of the Certificate of Formation. The Members hereby agree to
continue the Company as a limited liability company under the Delaware Act, upon the terms and subject to the conditions set forth
in this Agreement. GAP is hereby authorized to file and record any amendments to the Certificate of Formation and such other documents
as may be reasonably required or appropriate under the Delaware Act or the laws of any other jurisdiction in which the Company
may conduct business or own property.

 

    	-13-

    	 

    

  

2.02        Name
and Principal Place of Business

 

(a)         The
name of the Company is set forth on the cover page to this Agreement. Except as otherwise provided in Section 2.07, all business
of the Company shall be conducted under such name, and title to all Company Property shall be held in such name.

 

(b)         The
principal place of business and office of the Company shall be located at c/o 400 South El Camino, 11th Floor, San Mateo, CA 94402-170,
Attention: General Counsel, or at such other place or places as Managing Member may from time to time designate.

 

2.03        Term

 

The term of the Company
commenced on the date of the filing of the Certificate of Formation pursuant to the Delaware Act, and shall continue until the
liquidation and dissolution of the Company pursuant to Article XI.

 

2.04        Registered
Agent and Registered Office

 

The name of the Company’s
registered agent for service of process shall be Corporation Service Company, and the address of the Company’s registered
agent and the address of the Company’s registered office in the State of Delaware shall be Corporation Service Company, 2711
Centerville Road, Suite 400, Wilmington, Delaware 19808. Such agent and such office may be changed from time to time by Managing
Member with written notice to all Members.

 

2.05        Purpose

 

(a)          The
purpose of the Company shall be, either by itself or through one or more Property Companies:

 

(i)          To
perform its obligations and exercise its rights under the Purchase Agreement and any other agreements or contracts contemplated
by the Purchase Agreement, and to carry out the terms of and engage in the transactions contemplated by the Purchase Agreement;

 

(ii)         If
applicable, to own, hold, sell, transfer, exchange, manage and operate its direct or indirect interest in Property Companies;

 

(iii)       To
acquire, own, entitle, develop, manage, operate, lease, improve, finance, refinance, market, sell and otherwise deal with and dispose
of the Company Property; and

 

    	-14-

    	 

    

  

(iv)        To
conduct all activities reasonably necessary or desirable to accomplish the foregoing purposes.

 

(b)         The
Company is not authorized to, and shall not, engage in any business other than as described in Section 2.05(a).

 

2.06       Company
Property

 

In connection with the
acquisition of the Initial Company Property on the Closing Date, the Members may elect to cause the Company, and, if necessary,
one or more wholly owned subsidiaries of the Company, to form one or more Delaware limited liability companies or limited partnerships
to take title to the Initial Company Property (each, a “Property Company” and collectively, “Property
Companies”). It is expressly understood that if the Company elects to utilize one or more Property Companies, the Company
shall conduct its business through the Property Company(ies); provided that it is the intent of the Members that the organizational
documents relating to the formation of the Property Companies shall be interpreted together with the provisions of this Agreement
to have substantially the same effect to the Members as would be the case if all the interests therein were held or all such business
were conducted by the Company pursuant to the terms of this Agreement. Managing Member shall perform, with no additional compensation,
substantially identical services for each Property Company as Managing Member performs for the Company, subject to the terms, conditions,
limitations and restrictions set forth in this Agreement. Managing Member agrees to perform such duties, and in such circumstances
and with regard to such duties, Managing Member shall be subject to the same standards of conduct and shall have the same rights
and obligations with regard to such duties performed or to be performed on behalf of any such Property Company as are set forth
in this Agreement with regard to substantially identical services to be performed for or on behalf of the Company. The Members
agree to make such changes as any Lender(s) may require to this Agreement and to the organizational documents of the Property Companies,
including, without limitation, the addition of a non-member manager and/or independent director to the structure of any of the
Property Companies and incorporation of special purpose entity provisions into this Agreement and/or the organization documents
of the Project Companies.

 

ARTICLE
III

MEMBERS

 

3.01        Members

 

(a)         Effective
as of the Effective Date, the Members of the Company shall be GAP, SRT and Operating Member. Except as expressly permitted by this
Agreement, no other Person shall be admitted as a member of the Company and no additional Interest shall be issued, without the
consent of Majority Members.

 

(b)         Neither
SRT nor GAP shall have any fiduciary duties toward any other Member, the Company or any Property Company. The Managing Member,
while serving in such role, shall have a fiduciary duty towards the other Members, the Company and any Property Company as described
in Section 7.03 of this Agreement.

 

    	-15-

    	 

    

  

3.02        Limitation
On Liability

 

Except as otherwise expressly
provided by the Delaware Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise,
shall be solely the debts, obligations and liabilities of the Company, and no Member shall be obligated personally for any such
debt, obligation or liability of the Company solely by reason of being a Member. Except as otherwise expressly provided in this
Agreement (with respect to liability among Members) or by the Delaware Act, the liability of each Member shall be limited to such
Member’s Interest.

 

3.03        Waiver
of Other Rights

 

The Members have (i) no
right under Section 18-604 of the Act to withdraw or resign and receive the fair value of their Interests, (ii) no right to demand
or receive any distribution from the Company in any form other than cash and in accordance with the provisions of this Agreement
concerning distributions, and (iii) no right under the first sentence of Section 18-606 of the Act.

 

3.04        No
Certificated Interests

 

The Interests shall not
be certificated unless otherwise approved by both Operating Member and GAP. A Member’s Interest shall be personal property
for all purposes.

 

3.05        No
State Law Partnership

 

The Company shall not be
a partnership or joint venture under any state or federal law, and no Member shall be a partner or joint venturer of any other
Member for any purposes, other than under the Code and other applicable tax laws, and this Agreement may not be construed otherwise.

 

ARTICLE
IV

CAPITAL

 

4.01        Initial
Capital Contributions

 

(a)         Intentionally
Omitted.

 

    	-16-

    	 

    

  

(b)         Due
Diligence Costs. Operating Member, SRT, GAP and their respective Affiliates have heretofore incurred, and may hereafter incur,
third party out-of-pocket costs and expenses in connection with the negotiation of the Purchase Agreement, including without limitation,
their due diligence analyses and other evaluations of the Initial Company Property and any engineering and feasibility costs and
expenses (collectively, the “Contract and Due Diligence Costs”; such costs shall include, without limitation,
costs (including, without limitation, attorneys’ fees) incurred by GAP in reviewing and analyzing work conducted by Operating
Member or its agents but will exclude any costs incurred by SRT or Operating Member in connection with the negotiation of the Purchase
Agreement). GAP, GAP Party, SRT and Operating Member have heretofore incurred third party costs and expenses in connection with
the negotiation and execution of this Agreement, and the Property Management Agreement (collectively, the “Member Negotiation
Expenses”). For purposes of this Section 4.01(b), Operating Member’s and SRT’s Member Negotiation
Expenses shall be limited to the actual third party costs and expenses incurred by Operating Member and SRT solely in connection
with the negotiation and execution of this Agreement, and the Property Management Agreement (and shall exclude, without limitation,
any other costs and expenses that Operating Member or SRT may have incurred or may hereafter incur in connection with any prior
negotiations and/or transactions with any Person other than GAP or GAP Party relating to the Initial Company Property. Provided
that the Company acquires the Initial Company Property pursuant to the Purchase Agreement, (i) the Company shall pay or reimburse
GAP for (A) all Contract and Due Diligence Costs, (B) all Member Negotiation Expenses incurred by GAP and GAP Party, and (ii) the
Company shall pay or reimburse Operating Member and SRT for all such Member Negotiation Expenses incurred by Operating Member and
SRT, in each case, to the extent such Member seeking reimbursement has provided the Company and the other Members with documentary
evidence and such other evidence, reasonably satisfactory to the Company, relating to such Member Negotiation Expenses, and so
that each Member’s share of all such costs, expenses and consideration shall be in proportion to their respective Percentage
Interests.

 

(c)         Failure
to Close Purchase; Initial Capital Contributions. Whether the Company shall proceed with the transaction pursuant to the Purchase
Agreement, including, but not limited to, whether it shall close the purchase of the Initial Company Property shall be determined
by GAP in its sole discretion, and no Member or any Affiliate thereof shall have any claim against the Company or any other Member
or Affiliate of a Member or GAP by reason of such determination. In the event GAP decides cause the Company to close the purchase
of the Initial Company Property pursuant to the Purchase Agreement, then two (2) Business Days after any request by the Managing
Member (as directed by GAP) (or upon the closing of the acquisition of the Initial Company Property, if earlier), GAP and Operating
Member shall contribute in cash to the capital of the Company their pro rata shares (based upon their actual Percentage
Interests) of the sum of (i) the amount reasonably determined by the Managing Member to be necessary to close the acquisition of
the Initial Company Property, including, without limitation, the Company’s equity, closing costs, Contract and Due Diligence
Costs, and (ii) a reasonable amount of initial working capital of, and reserves for, the Company, as determined by the Managing
Member (all such amounts shall be credited as provided in Section 4.01(b)). Operating Member’s and GAP’s respective
estimated required Initial Capital Contributions, which are to be funded prior to the acquisition of the Initial Company Property,
as well as the sources and uses for the closing, are described on Schedule A attached hereto. If, either before or after
the acquisition of the Initial Company Property, the Managing Member determines that the Initial Capital Contributions described
on Schedule A do not accurately reflect the matters specified in the second sentence of this paragraph, then the Managing
Member may readjust the Initial Capital Contributions required of each Member. For avoidance of doubt, SRT’s Percentage Interest
is being acquired in exchange for the value of the Initial Company Property that is in excess of the purchase price being paid
for the Initial Company Property by the Company. In no event will SRT be required to make an Initial Capital Contribution in cash
to the Company; provided, as contemplated by the Purchase Agreement, the purchase price for the Initial Company Property shall
be reduced by an amount equal to (i) the sum of the Contract and Due Diligence Costs and Member Negotiation Expenses for which
the Members are entitled to reimbursement under Section 4.01(b) multiplied by (ii) SRT’s Percentage Interest.

 

    	-17-

    	 

    

  

4.02        Additional
Capital Contributions

 

(a)         If
at any time or from time to time after all of the Initial Capital Contributions have been contributed, GAP determines that additional
funds (a “Shortfall”) are required (i) for costs provided by the Initial Budget and Operating Plan, or (ii)
for costs necessary on an emergency basis to protect the Company and any of its assets, including without limitation, the Initial
Company Property, or (iii) for costs and expenses not provided by the Initial Budget and Operating Plan but approved in writing
by GAP, then in connection with any such Shortfall set forth in 4.02(a)(i), (ii), or (iii), GAP shall have
the right to require that the Members make further capital contributions (“Additional Capital Contributions”)
in the amount of such Shortfall. If directed by GAP, each Member shall, within fifteen (15) Business Days thereafter (or such shorter
period, if any, in order to avoid a default under a Loan Document but not less than three (3) Business Days) (the “Contribution
Deadline”), contribute its pro rata share of such Shortfall based on its Percentage Interest, provided however,
that in the event that distributions have been made pursuant to Section 6.03(c), 6.03(d), 6.03(e) or 6.03(f)
at the time the Additional Capital Contributions are to be made, the Shortfall shall be funded by the Members by returning distributions
previously made pursuant Section 6.03(c), 6.03(d), 6.03(e) or 6.03(f), respectively, in accordance
with each Member’s then most recent distribution percentage under Section 6.03(c), 6.03(d), 6.03(e)
or 6.03(f), respectively (but only to the extent of such distributions), and any distributions returned shall be treated
as not having been made for purposes of making future distributions (other than taking into account the timing of such distributions
and their return for purposes of computing the applicable IRR thresholds).

 

(b)         The
Initial Capital Contributions required by Section 4.01 shall be made by wire transfer of funds to an account in the name
of the Company designated by the Managing Member. All other Capital Contributions and the return of any distributions pursuant
to the proviso in Section 4.02(a) or the proviso in Section 4.05 shall be made by wire transfer of funds to accounts
in the name of the Company designated by the Managing Member from time to time.

 

    	-18-

    	 

    

  

(c)         If
any Member (the “Non-Contributing Member”) fails to timely make the Capital Contributions or the return of any
distributions pursuant to the proviso in Section 4.02(a) or the proviso in Section 4.05 (or any portions thereof)
required by Section 4.01 or 4.02(a) (other than in connection with the withdrawal of a Member or following a
decision not to proceed with the acquisition of the Initial Company Property), then one or more of the other Members that is not
an Affiliate of the Non-Contributing Member (the “Contributing Member”) may (but shall not be required to) make
such capital contribution (i.e., the Non-Contributing Member’s share, in addition to the Contributing Member’s share;
provided that if there is more than one Contributing Member who wishes to so contribute the Non-Contributing Member’s share,
such Contributing Members, in the aggregate, must contribute the entire amount of such share in proportion to their then-existing
Percentage Interests), and the Contributing Member may choose one, and only one, of the following options: (X) to make a Shortfall
Election, or, if no Shortfall Election is made, (Y) elect to dilute the Percentage Interest of the Non-Contributing Member. In
the event the Contributing Member elects to dilute the Percentage Interest of the Non-Contributing Member, the Percentage Interest
of each of the Members shall be adjusted to equal the percentage equivalent of the quotient determined by dividing (1) the
positive difference, if any, between (a) the sum of (i) 100% of the aggregate Capital Contributions (excluding Substituted
Capital Contributions (as hereinafter defined)) then or theretofore made by such Member to the Company, plus (ii) 200% of
the Substituted Capital Contributions then or theretofore made by such Member to the Company (the excess of 200% of such Member’s
Substituted Capital Contributions over such Member’s Substituted Capital Contributions is referred to herein as the “Excess
Amounts”), minus (b) the Excess Amounts attributable to the Substituted Capital Contributions then or theretofore
made by the other Member to the Company, by (2) 100% of the aggregate Capital Contributions (including without limitation
Substituted Capital Contributions) then or theretofore made by all of the Members to the Company. As used herein, the term “Substituted
Capital Contribution” shall mean an Additional Capital Contribution made by the Contributing Member equal to the amount
that the Non-Contributing Member failed to timely contribute pursuant to Section 4.02(a). An example of the operation
of such calculation is set forth on Exhibit C attached hereto. If a Contributing Member’s Percentage Interest is increased
pursuant to this Section 4.02(c), then (A) its Gross Adjusted Capital Contributions, as previously adjusted, shall,
in addition to being increased by the amount of Capital Contributions (including without limitation ordinary Capital Contributions
and Substituted Capital Contributions) made by such Member, also be increased by an amount equal to an additional 100% of the Substituted
Capital Contributions made by such Member (which increase for IRR purposes shall be treated as a Capital Contribution on the date
the related Substituted Capital Contribution is made), and the Gross Adjusted Capital Contributions of the other Member shall be
adjusted so that the ratios of the Members’ Gross Adjusted Capital Contributions immediately after such adjustment are equal
to their Percentage Interests immediately after such adjustment, and (B) to the extent determined by the Managing Member, the Capital
Account balances of the Members shall be adjusted so that the Partially Adjusted Capital Accounts immediately after such adjustment
(after taking into account all items of Profit and Loss and other items through the date of the adjustment as deemed appropriate
by the Managing Member) are equal as closely as possible to the Target Accounts at such time, after giving effect to the adjustments
to Target Accounts resulting from changes to the Percentage Interests and Gross Adjusted Capital Contributions required by this
Section 4.02(c).

 

    	-19-

    	 

    

  

(d)         In
the event the Contributing Member does not elect to dilute the Percentage Interest of the Non-Contributing Member pursuant to Section
4.02(c), and instead makes the Shortfall Election pursuant to this Section 4.02(d), then any Contributing Member which
contributes its share of an Additional Capital Contribution with respect to which there is a Non-Contributing Member shall be referred
to herein as a “Shortfall Contributing Member” and the amount advanced to the Company pursuant to Section
4.01(a) and, if applicable, Section 4.01(c) (consisting of the share advanced by the Contributing Member on its own
behalf and, if applicable, the share contributed by the Contributing Member that the Non-Contributing Member failed to contribute)
shall, upon making the Shortfall Election, be referred to herein as the Shortfall Contributing Member’s “Shortfall
Advances.” The Shortfall Election shall be made by notice from the Shortfall Contributing Members to the Non-Contributing
Member within thirty (30) days of the Contribution Deadline or the date on which the Shortfall Contributing Members funded any
amount that the Non-Contributing Member failed to contribute (whichever is later), provided that no Shortfall Election shall be
effective unless all Members other than the Non-Contributing Member are Shortfall Contributing Members with respect to the Shortfall
Advances that are the subject of such Shortfall Election and all Shortfall Contributing Members make the Shortfall Election with
respect to such Shortfall Advances. The Shortfall Election shall specify whether the relevant Shortfall Advances shall be treated
as “Shortfall Capital Contributions” or as “Shortfall Loans”; provided that if two or more
Shortfall Contributing Members fail to agree on such designation, the Member making the largest Shortfall Advance that is the subject
of such Shortfall Election shall have the right to designate the treatment of all such Shortfall Advances as Shortfall Capital
Contributions or as Shortfall Loans. Shortfall Loans shall accrue interest at the rate of twenty percent (20%) per annum, compounded
monthly, until repaid in full, and all amounts remaining due thereunder (after application of Section 6.03(a)) shall be
due and payable in full two (2) years from the date such loans are made (which shall be the date of the respective Shortfall Advances)
or, if sooner, upon an event giving rise to the liquidation of the Company. Shortfall Capital Contributions shall be treated as
provided in Section 6.03(a).  Shortfall Capital Contributions shall be Additional Capital Contributions hereunder,
but shall not be Substituted Capital Contributions, and a Member’s Gross Adjusted Capital Contributions shall in no event
be increased by Shortfall Capital Contributions. A Shortfall Loan shall not be treated as a Capital Contribution or a Substituted
Capital Contribution, and a Member’s Gross Adjusted Capital Contributions shall in no event be increased by a Shortfall Loan.

 

(e)         Each
Member hereby grants to the Company, as secured party, a security interest in such Member’s Interest to secure its obligation
to contribute its Initial Capital Contributions to the Company under this Article IV, and the Company shall have all rights
available to a secured party under the Delaware Uniform Commercial Code and the laws of the state of organization of such Member.
Each Member does hereby irrevocably constitute and appoint each of the other Members, the Company and the agents, officers or employees
thereof, its true and lawful attorneys-in-fact, coupled with an interest, with full power to prepare and execute any documents,
instruments and agreements, and such financing, continuation statements, and other instruments and documents as may be appropriate
to perfect, continue and enforce such security interest in favor of the Company.

 

    	-20-

    	 

    

  

(f)         Each
Member acknowledges and agrees that the other Members would not be entering into this Agreement were it not for (i) the Members
agreeing to make the Capital Contributions or Shortfall Loans provided for in Section 4.01 and this Section 4.02
and (ii) the remedy provisions set forth above in this Section 4.02. Each Member acknowledges and agrees that in the
event any Member fails to make its Capital Contributions pursuant to this Agreement, the other Members will suffer substantial
damages and the remedy provisions set forth above are fair, just and equitable in all respects. In addition to the remedies specified
herein, the Company shall be entitled to exercise its rights and remedies at law and equity against each Non-Contributing Member
which fails to make any Initial Capital Contribution (but only any Initial Capital Contribution, and excluding circumstances where
the Non-Contributing Member is withdrawing as a member) required hereunder. Notwithstanding the foregoing, in the event a Member
fails to make any Additional Capital Contributions, any Contributing Member’s remedies shall be limited to making the Shortfall
Election or electing to dilute the Percentage Interest of the Non-Contributing Member as described in Section 4.02(c), and
all other remedies at law or equity shall be precluded.

 

4.03        Capital
Accounts

 

A separate Capital Account
will be maintained for each Member in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv). Consistent therewith,
the Capital Account of each Member will be determined and adjusted as follows:

 

(a)          Each
Member’s Capital Account will be credited with:

 

(i)         Any
contributions of cash made by such Member to the capital of the Company plus the fair market value of any property contributed
by such Member to the capital of the Company (net of any liabilities to which such property is subject or which are assumed by
the Company);

 

(ii)        The
Member’s distributive share of Net Profit and any items in the nature of income or gain specially allocated to such Member
pursuant to Section 6.02; and

 

(iii)        Any
other increases required by Treasury Regulation Section 1.704-1(b)(2)(iv).

 

(b)          Each
Member’s Capital Account will be debited with:

 

(i)         Any
distributions of cash made from the Company to such Member plus the fair market value of any property distributed in kind to such
Member (net of any liabilities to which such property is subject or which are assumed by such Member);

 

(ii)        The
Member’s distributive share of Net Loss and any items in the nature of expenses or losses specially allocated to such Member
pursuant to Section 6.02; and

 

(iii)        Any
other decreases required by Treasury Regulation Section 1.704-1(b)(2)(iv).

 

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(c)         The
estimated initial Capital Account balance of each Member is set forth in Schedule A, which balances have been determined
in accordance with the provisions of Treasury Regulation Section 1.704-1(b)(2)(iv)(f). Upon any adjustment to the Initial
Capital Contributions, Schedule A shall be revised as reasonably determined by GAP.

 

(d)         Capital
Accounts shall also be subject to adjustment as and to the extent provided in clause (B) of Section 4.02(c) (including the
other provisions in this Agreement that apply with reference to such clause).

 

The provisions of this Section 4.03
and any other provisions of this Agreement relating to the maintenance of Capital Accounts have been included in this Agreement
to comply with Section 704(b) of the Code and the Treasury Regulations promulgated thereunder and will be interpreted and
applied in a manner consistent with those provisions.

 

4.04       No
Further Capital Contributions

 

Except as expressly provided
in this Agreement or with the prior written consent of the Members, and subject to the provisions of this Agreement, no Member
shall be required or entitled to contribute any other or further capital to the Company, nor shall any Member be required or entitled
to loan any funds to the Company. No Member will have any obligation to restore any negative balance in its Capital Account at
any time including upon liquidation or dissolution of the Company.

 

4.05        Loans

 

Following the Effective
Date, the Managing Member shall use diligent efforts to apply for and secure for the Company or, if applicable, a Property Company,
one or more Loans at commercially reasonable rates and on commercially reasonable non-recourse terms (with, if required by a Lender,
customary carve outs, which shall be recourse only to Operating Member, SRT and/or their Affiliates who are not natural persons)
for traditional senior financing, which Loan(s) shall be secured by the Initial Company Property. The Members agree to make such
reasonable changes to this Agreement as may be requested by any current or future Lender; provided, however, that
such changes shall not alter the economic terms, or any fundamental rights of the Members, set forth herein. Operating Member and
its Affiliates who are not natural persons shall provide all recourse for customary carve outs requested in non-recourse Loans
to the extent required by the Lender (the “Recourse Obligations”); provided that, (a) GAP and SRT shall each
reimburse Operating Member and its affiliated guarantors for GAP’s and SRT’s pro rata shares (based on Percentage
Interest, provided that, if distributions have been made pursuant to Section 6.03(c), 6.03(d), 6.03(e) or
6.03(f) at the time any recourse liability arises under a guaranty, the Members’ liability for such recourse obligations,
to the extent such guaranty obligations are paid, payable or demand has been made upon such guarantor, shall be pro rata in accordance
with each Member’s then most recent distribution percentage under Section 6.03(c), 6.03(d), 6.03(e)
or 6.03(f) respectively (but only to the extent of such distributions), and (b) each Member shall be solely responsible
for recourse liability under any guaranty to the extent arising out of an act performed or omitted to be performed by such Member
or an Affiliate of such Member. Notwithstanding the foregoing, prior to Operating Member, or any Operating Member affiliated guarantor,
making any payment under a guaranty with respect to which Operating Member intends to request reimbursement (in whole or in part)
from GAP in accordance with the foregoing, and as a condition to GAP’s obligation to reimburse Operating Member or its affiliated
guarantor in accordance with the foregoing, Operating Member shall notify GAP of the claim giving rise to liability under the applicable
guaranty and shall refrain from making any payment under such guaranty until GAP has approved of such payment; provided,
however, that GAP’s approval shall not be required if GAP is required to reimburse Operating Member for such guaranty
payment under the Reimbursement Agreement.

 

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ARTICLE
V

INTERESTS IN THE COMPANY

 

5.01        Percentage
Interest

 

The Percentage Interests
of the Members may be adjusted only as set forth in this Agreement.

 

5.02        Return
of Capital

 

No Member shall be liable
for the return of the Capital Contributions (or any portion thereof) of any other Member, it being expressly understood that any
such return shall be made solely from the assets of the Company. No Member shall be entitled to withdraw or receive a return of
any part of its Capital Contributions or Capital Account, to receive interest on its Capital Contributions or Capital Account or
to receive any distributions from the Company, except as expressly provided for in this Agreement or under applicable law. No Member
shall have any obligation to restore any negative balance in its Capital Account.

 

5.03        Ownership

 

All Company Property shall
be owned by the Company or, as provided in Section 2.06, by one or more Property Companies, subject to the terms and provisions
of this Agreement. Title to Company Property shall be held by the Company in the Company’s name or, as provided in Section
2.06, by one or more Property Companies in the name of such Property Companies.

 

5.04        Waiver
of Partition; Nature of Interests in the Company

 

Except as otherwise expressly
provided for in this Agreement, and without limiting GAP’s unfettered right to sell all or any portion of the Company Property
as set forth herein, each of the Members hereby irrevocably waives any right or power that such Member might have:

 

(a)         To
cause the Company or any of its assets to be partitioned;

 

    	-23-

    	 

    

  

(b)         To
cause the appointment of a receiver for all or any portion of the assets of the Company;

 

(c)         To
compel any sale of all or any portion of the assets of the Company pursuant to any applicable law; or

 

(d)         To
file a complaint, or to institute any proceeding at law or in equity, to cause the termination, dissolution or liquidation of the
Company.

 

Each of the Members has been induced to enter
into this Agreement in reliance upon the waivers set forth in this Section 5.04, and without such waivers no Member
would have entered into this Agreement. No Member shall have any interest in any specific Company Property. The interests of all
Members in this Company are personal property.

 

ARTICLE
VI

ALLOCATIONS AND DISTRIBUTIONS

 

6.01        Allocations

 

For each taxable year or
portion thereof, Net Profit and Net Loss shall be allocated (after all allocations pursuant to Section 6.02 have been
made) as follows:

 

(a)         Net
Loss shall be allocated among the Members so as to reduce, proportionately, the differences between their respective Partially
Adjusted Capital Accounts (as decreased by such allocation) and Target Accounts for such year; provided, however,
that no portion of the Net Loss for any taxable year shall be allocated to a Member whose Target Account is greater than or equal
to its Partially Adjusted Capital Account for such taxable year.

 

(b)         Net
Profit shall be allocated among the Members so as to reduce, proportionately, the differences between their respective Target Accounts
and Partially Adjusted Capital Accounts (as increased by such allocation) for such year; provided, however, that
no portion of the Net Profit for any taxable year shall be allocated to a Member whose Target Account is less than or equal to
his Partially Adjusted Capital Account for such taxable year.

 

6.02        Allocations
and Compliance with Section 704(b)

 

The following special allocations
shall, except as otherwise provided, be made in the following order:

 

(a)         If
there is a net decrease in Company Minimum Gain or in any Member Minimum Gain during any taxable year or other period, prior to
any other allocation pursuant hereto, such Member shall be specially allocated items of income and gain for such year (and, if
necessary, subsequent years) in an amount and manner required by Treasury Regulation Sections 1.704-2(f) or 1.704-2(i)(4).
The items to be so allocated shall be determined in accordance with Treasury Regulation Section 1.704-2.

 

    	-24-

    	 

    

  

(b)         Nonrecourse
Deductions for any taxable year or other period shall be allocated (as nearly as possible) under Treasury Regulation Section 1.704-2
to the Members, pro rata, in proportion to their respective Percentage Interests.

 

(c)         Any
Member Nonrecourse Deductions for any taxable year or other period shall be allocated to the Member that made or guaranteed or
is otherwise liable with respect to the loan to which such Member Nonrecourse Deductions are attributable in accordance with principles
under Treasury Regulation Section 1.704-2(i).

 

(d)         Any
Member who unexpectedly receives an adjustment, allocation or distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4),
(5) or (6) which causes or increases an Adjusted Capital Account Deficit with respect to such Member shall be allocated
items of Profit sufficient to eliminate such increase or negative balance caused thereby, as quickly as possible, to the extent
required by such Treasury Regulation.

 

(e)          No
allocation of loss or deduction shall be made to any Member if, as a result of such allocation, such Member would have an Adjusted
Capital Account Deficit. Any such disallowed allocation shall be made to the Members entitled to receive such allocation under
Treasury Regulation Section 1.704-1(b)(2)(iv) in proportion to their respective Percentage Interests. If losses or deductions
are reallocated under this Section 6.02(e), subsequent allocations of income and losses (and items thereof) shall be made
so that, to the extent possible, the net amount allocated under this Section 6.02(e) equals the amount that would have
been allocated to each Member if no reallocation had occurred under this Section 6.02(e).

 

(f)          For
purposes of Section 752 of the Code and the Treasury Regulations thereunder, excess nonrecourse liabilities (within the meaning
of Treasury Regulations Section 1.752-3(a)(3)) shall be allocated to the Members pro rata in proportion to their respective
Percentage Interests.

 

(g)         The
allocations contained in Sections 6.02(a), 6.02(c), 6.02(d) and 6.02(e) (the ”Regulatory
Allocations”) are intended to comply with certain requirements of Treasury Regulation Sections 1.704-1 and 1.704-2.
The Regulatory Allocations shall be taken into account in allocating Profits, Losses, Net Profit and Net Loss and other items of
income, gain, loss and deduction among the Members so that to the extent possible, the aggregate of (i) the allocations made to
each Member under this Agreement other than the Regulatory Allocations and (ii) the Regulatory Allocations made to each Member
shall equal the net amount that would have been allocated to each Member had the Regulatory Allocations not occurred as necessary
to effect the intent of Section 6.05. The Managing Member shall take account of the fact that certain of the Regulatory
Allocations will occur at a period in the future for purposes of applying this Section 6.02(g).

 

(h)         Interest
on Shortfall Loans shall be treated as interest under the Code. Items of Profit shall be allocated to Shortfall Contributing Members
to the extent of the accrued return on Shortfall Capital Contributions provided in Section 6.03(a).

 

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6.03        Distributions
and Payments

 

Except as provided in Sections 6.04
and 6.05, the Company shall, as soon as reasonably practical (but no less often than quarterly, if appropriate), make distributions
(or, in the case of Shortfall Loans, payments) of Net Cash Flow to the Members in the following manner and order of priority:

 

(a)         First,
to Shortfall Contributing Members (i) for the repayment of and in proportion to any amounts outstanding under Shortfall Loans (principal
and interest), and then (ii) pro rata (based upon the relative aggregate amounts then distributable under this Section 6.03(a)(ii))
until each of the Shortfall Contributing Members has received aggregate distributions of Net Cash Flow pursuant to this Section 6.03(a)(ii)
in an amount necessary to provide each such Shortfall Contributing Member with a twenty percent (20%) IRR with respect to all of
its Shortfall Capital Contributions. The parties agree that distributions under this Section 6.03(a) with respect to Shortfall
Loans or Shortfall Capital Contributions will be applied first to the interest on Shortfall Loans or to the return on Shortfall
Capital Contributions, respectively, to the extent accrued as of the date of distribution, and then to the return of principal
on such Shortfall Loans or to the return of such Shortfall Capital Contributions, respectively. The parties further agree that
the interest on Shortfall Loans and the return on Shortfall Capital Contributions represents a commercially reasonable rate of
return on such Shortfall Loans and Shortfall Capital Contributions, respectively;

 

(b)         Second,
to the Members, pro rata, in proportion to the amounts required to be distributed pursuant to this Section 6.03(b),
until such time as each of the Members has received aggregated distributions pursuant to this Section 6.03(b) in an amount
equal to its Gross Adjusted Capital Contributions;

 

(c)         Third,
to the Members, pro rata, in proportion to their respective Percentage Interests until such time as GAP has received aggregate
distributions pursuant to Section 6.03(b) and this Section 6.03(c) in an amount necessary to provide a twelve
percent (12%) IRR to GAP with respect to its Gross Adjusted Capital Contributions;

 

(d)         Fourth,
(i) five percent (5%) to Operating Member, (ii) five percent (5%) to SRT and (iii) the balance to Operating Member, SRT and GAP
pro rata in proportion to their respective Percentage Interests, until such time as GAP has received aggregate distributions
pursuant to Section 6.03(b), Section 6.03(c) and this Section 6.03(d) in an amount necessary to provide
to GAP the greater of (x) a seventeen percent (17%) IRR with respect to its Gross Adjusted Capital Contributions and (y) a 1.5x
Equity Multiple;

 

(e)         Fifth,
(i) five percent (5%) to Operating Member, (ii) twelve and one-half percent (12.5%) to SRT and (iii) the balance to the Members,
pro rata, in proportion to their respective Percentage Interests, until such time as GAP has received aggregate distributions
pursuant to Section 6.03(b), Section 6.03(c), Section 6.03(d) and this Section 6.03(e) in an amount
necessary to provide to GAP the greater of (x) a twenty-two percent (22%) IRR with respect to its Gross Adjusted Capital Contributions
and (y) a 1.75x Equity Multiple; and

 

    	-26-

    	 

    

  

(f)         Sixth,
(i) five percent (5%) to Operating Member, (ii) twenty percent (20%) to SRT and (iii) the balance to the Members, pro rata,
in proportion to their respective Percentage Interests.

 

6.04        Special
Payments and Distributions

 

(a)         (i)
From and after the time (A) Operating Member shall have been removed as Managing Member for cause, (B) Operating Member failed
to return any distributions pursuant to the provisos in Section 4.02(a) or Section 4.05 and GAP has returned such
distributions or (C) Operating Member or its Affiliate shall have been removed as Property Manager under the Property Management
Agreement “for cause”, and (ii) provided that at such time (A) SRT has not failed to return any distributions pursuant
to the provisos in Section 4.02(a) or Section 4.05 and (B) an SRT Material Breach has not occurred, Net Cash Flow
shall not be distributed as provided in Section 6.03 but rather pursuant to this Section 6.04(a), and,
except as provided in Section 6.05, the Company shall, as soon as reasonably practical (but no less often than quarterly,
if appropriate), make payments or distributions, as applicable, of Net Cash Flow to the Members in the following manner and order
of priority:

 

(i)         First,
as provided in Section 6.03(a);

 

(ii)        Second,
to GAP and SRT pro rata, in proportion to their respective losses, claims, damages or liabilities arising out of or in connection
with the applicable “for cause” event(s), until GAP and SRT have received distributions under this Section 6.04(a)(ii)
in amounts necessary to compensate GAP and SRT for any losses, claims, damages or liabilities arising out of or in connection with
the applicable “for cause” event(s); and

 

(iii)       Thereafter,
in accordance with Sections 6.03(b) through (f); provided, that any amounts that would have been distributed to Operating
Member in excess of its pro rata share in proportion to its Percentage Interest shall be distributed to the Members in proportion
to their Percentage Interests.

 

(b)          (i)
From and after the time (A) SRT has failed to return any distributions pursuant to the provisos in Section 4.02(a) or Section
4.05 or (B) an SRT Material Breach has occurred and provided (ii) (A) Operating Member has not been removed as Managing Member
for cause, (B) Operating Member has not failed to return any distributions pursuant to the provisos in Section 4.02(a) or
Section 4.05 and (C) Operating Member or its Affiliate has not been removed as Property Manager under the Property Management
Agreement “for cause,” Net Cash Flow shall not be distributed as provided in Section 6.03 but rather pursuant
to this Section 6.04(b), and, except as provided in Section 6.05, the Company shall, as soon as reasonably
practical (but no less often than quarterly, if appropriate), make payments or distributions, as applicable, of Net Cash Flow to
the Members in the following manner and order of priority:

 

(i)         First,
as provided in Section 6.03(a);

 

    	-27-

    	 

    

  

(ii)        Second,
to GAP until GAP has received distributions under this Section 6.04(b)(ii) in an amount necessary to compensate GAP for
any losses, claims, damages or liabilities arising out of or in connection with any SRT Material Breach; and

 

(iii)        Thereafter,
in accordance with Sections 6.03(b) through (f); provided, that any amounts that would have been distributed to SRT
in excess of its pro rata share in proportion to its Percentage Interest shall be distributed to the Members in proportion
to their Percentage Interests.

 

(c)         (i)
From and after the time (A) Operating Member shall have been removed as Managing Member for cause, (B) Operating Member failed
to return any distributions pursuant to the provisos in Section 4.02(a) or Section 4.05 and GAP has returned such
distributions or (C) Operating Member or its Affiliate shall have been removed as Property Manager under the Property Management
Agreement “for cause”, and (ii) provided that at such time (A) SRT has failed to return any distributions pursuant
to the provisos in Section 4.02(a) or Section 4.05 or (B) an SRT Material Breach has occurred, Net Cash Flow shall
not be distributed as provided in Section 6.03 but rather pursuant to this Section 6.04(c), and, except
as provided in Section 6.05, the Company shall, as soon as reasonably practical (but no less often than quarterly,
if appropriate), make payments or distributions, as applicable, of Net Cash Flow to the Members in the following manner and order
of priority:

 

(i)         First,
as provided in Section 6.03(a);

 

(ii)        Second,
to GAP until GAP has received distributions under this Section 6.04(c)(ii) in an amount necessary to compensate GAP for
any losses, claims, damages or liabilities arising out of or in connection with the applicable “for cause” event(s)
or SRT Material Breach; and

 

(iii)        Thereafter,
to the Members in proportion to their Percentage Interests.

 

Upon this Section 6.04
becoming effective, Capital Accounts of the Members shall be adjusted as, and to the extent, specified in clause (B) of Section
4.02(c).

 

6.05        Distributions
in Liquidation

 

Upon the dissolution and
winding-up of the Company, the proceeds of sale and other assets of the Company distributable to the Members under Section 11.02(c)(iii)
shall be distributed, not later than the latest time specified for such distributions pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(b)(2)
to the Members in the manner specified in Section 6.03 or Section 6.04 (whichever is applicable at the time of such
distribution). It is the intent that such distributions be in proportion to the positive balances in the Members’ Capital
Accounts immediately prior to such distributions, and Net Profits, Net Loss and, if necessary, other items of income, gain, loss
or deduction for the year of such distribution (and, if prior to the filing of the tax return for the Company and permitted by
the Code, the prior taxable year) shall be allocated among the Members so as to cause such Capital Account balances to equal the
amounts so distributable. With the approval of GAP, a pro rata portion of the distributions that would otherwise be made
to the Members under the preceding sentence may be distributed to a trust reasonably established, for a reasonable period of time,
for the benefit of the Members for the purposes of liquidating Company Property, collecting amounts owed to the Company, and paying
any contingent or unforeseen liabilities or obligations of the Company arising out of or in connection with the Company. The assets
of any trust established under this Section 6.05 will be distributed to the Members from time to time by the trustee
of the trust upon approval of GAP in the same proportions as the amount distributed to the trust by the Company would otherwise
have been distributed to the Members under this Agreement.

 

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6.06        Tax
Matters

 

The Members intend for
the Company to be treated as a partnership for federal income tax purposes. The Managing Member shall make all applicable elections,
determinations and other decisions under the Code and applicable Treasury Regulations, including, without limitation, the deductibility
of a particular item of expense and the positions to be taken on the Company’s tax return following GAP’s approval
of such elections, determinations and other decisions, and any settlement or compromise of audit matters raised by the Internal
Revenue Service affecting the Members generally shall be subject to GAP’s prior written consent. The Members shall each take
reporting positions on their respective federal, state and local income tax returns consistent with the positions for the Company
approved by GAP. Managing Member shall cause all federal, state and local income and other tax returns to be timely filed by the
Company and shall, after receiving GAP’s approval of such returns, be authorized to execute such returns (provided that Managing
Member shall, for so long as it diligently performs its obligations hereunder, not be responsible for the delays of any other Member
or reputable accountants or auditors retained by Managing Member or at the request of GAP on behalf of the Company).

 

6.07        Tax
Matters Partner

 

GAP shall be the tax matters
partner within the meaning of Section 6231(a)(7) of the Code and, subject to Section 6.06, shall exercise all
rights, obligations and duties of a tax matters partner under the Code; provided, however, that the other Members
shall be kept informed of, and given an opportunity to participate in a non-binding manner in, all such matters which the tax matters
partner deems to be material; provided, however, that if a tax settlement would have a disproportionate material
adverse impact on one of the other Members, such Member shall be given a reasonable period of time to approve the proposed settlement,
which approval shall not be unreasonably withheld, conditioned or delayed.

 

6.08        Allocations
for Income Tax Purposes

 

(a)         Except
as provided in Section 6.08(b) or otherwise as required under Section 704(b) of the Code and the related Treasury Regulations,
each item of income, gain, loss or deduction of the Company for federal income tax purposes shall be allocated to the Members in
the same manner that the corresponding item of Net Profit, Net Loss or other item of income, gain, loss or deduction that affect
the Capital Accounts of the Members was allocated pursuant to Sections 6.01 and 6.02.

 

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(b)         In
accordance with Section 704(c) of the Code and the applicable Treasury Regulations thereunder, income, gain, loss, deduction
and tax depreciation with respect to any property contributed to the capital of the Company, or with respect to any property which
has a Book Basis different than its adjusted tax basis, shall, solely for federal income tax purposes, be allocated among the Members
so as to take into account any variation between the adjusted tax basis of such property to the Company and the Book Basis of such
property. Any elections, accounting conventions or other decisions relating to such allocations shall be made by GAP in a manner
that complies with Code Sections 704(b) and 704(c) and the Treasury Regulations thereunder. For such allocations, GAP may
select any method permitted in the Treasury Regulations under Code Section 704(c) with respect to such allocations, including
the “traditional method”, the “traditional method with curative allocations” and the “remedial allocation
method”.

 

All amounts required to
be withheld pursuant to Section 1446 of the Code or any other provision of federal, state, or local tax law shall be treated as
amounts actually distributed to the Members for all purposes under this Agreement. If the Managing Member determines that the Company
has insufficient liquid assets to satisfy such withholding obligation, the Member as to which withholding applies shall contribute
cash to the Company in an amount sufficient to satisfy such withholding obligation (which amounts shall not be treated as Capital
Contributions and the related payment of tax shall not be treated as a distribution).

 

ARTICLE
VII

MANAGEMENT

 

7.01        Management

 

(a)         Except
to the extent provided elsewhere in this Agreement, the Managing Member shall manage and conduct the operations and affairs of
the Company and make all decisions regarding the Company and its business and assets. The Managing Member shall have all the rights
and powers of a manager as provided in the Delaware Act and as otherwise provided by law. In dealing with the Managing Member acting
on behalf of the Company, no person other than the Property Manager shall be required to inquire into the authority of the Managing
Member to bind the Company. Persons dealing with the Company (other than the Property Manager) are entitled to rely conclusively
on the power and authority of the Managing Member as set forth in this Agreement.

 

(b)         All
decisions made with respect to the management and control of the Company and approved pursuant to the terms of this Agreement shall
be binding on the Company and all Members. The Managing Member may elect officers of the Company to implement the decisions (including
without limitation executing documents) of the Managing Member or the Members, as applicable, from time to time. Without limiting
the generality of the foregoing, except as otherwise expressly provided in Section 7.01(c) or as provided for in any
Budget or Operating Plan, without the prior written consent of Majority Members in each instance, the Managing Member shall not
allow the Company take the following actions (a “Major Decision”):

 

    	-30-

    	 

    

  

(i)         The
execution and delivery of any agreement or instrument to purchase the Initial Company Property and the taking of any action required
or permitted to be taken thereunder (including, without limitation, all action necessary to close the purchase of the Initial Company
Property and an election as to whether or not to purchase same) or any waiver under, amendment of or assignment (in whole or in
part) of any such agreement and the taking of any action required or permitted to be taken thereunder or entering into any agreements
with any governmental agency, any neighboring or adjacent property owner, any community organizations or any other third parties,
or sending any correspondence to or having any other material communications with, any governmental agency which directly binds
the Company or advocates a position on behalf of the Company;

 

(ii)        Any
financing, refinancing or securitization of any Company Property (including, without limitation, a Loan) and the use of any proceeds
thereof, including, without limitation, interim and permanent financing, and any other financing or refinancing of the operations
of the Company and the execution and delivery of any documents, agreements or instruments evidencing, securing or relating to any
such financing;

 

(iii)        Any
material decision with respect to any environmental matters affecting the Company Property;

 

(iv)       (A) Any
sale, assignment, transfer or other disposition of Company Property or any part thereof, including any delegated authority under
the Property Management Agreement or any activity which generates revenues; or (B) any improvement, rehabilitation, alteration,
repair, or completion of construction of any Company Property (other than in the case of an emergency, where such action is required
prior to obtaining consent, and the aggregate cost of such action is less than $25,000) that vary materially from the ranges and
guidelines in the Budget or Operating Plan (for purposes of this Section 7.01(b)(iv), such a material variance shall
be (I) an amount that is not within the ranges established in the Operating Plan or is in excess of the amount set forth in the
Budget for such expenditure or line item by more than $10,000 (in addition to individual expenditures and obligations, such test
shall be applied to aggregate expenditures and obligations made on a monthly basis as well); provided, however, that
any tenant improvement contemplated by any approved lease or lease not requiring approval hereunder shall not be deemed a violation
of this Section 7.01(b)(iv) or (II) terms that materially conflict with the other guidelines in the Operating Plan regarding
such transactions); or (C) taking any action relating thereto which burdens or encumbers Company Property, and (D) any activity
which generates revenues, or which is otherwise on terms, that, vary materially from the ranges and guidelines in the Budget or
Operating Plan;

 

(v)        Any
lease of any space within the Company Property, or any amendment or modification thereto or any termination thereof, other than
any lease, amendment or modification thereto of less than 5,000 square feet of space within the Company Property which is consistent
with the Operating Plan. For purposes of this Section 7.01(b)(v) only, Majority Members’ failure to approve any such
lease, amendment, modification or termination within three (3) Business Days of receipt shall be deemed disapproval thereof;

 

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(vi)        The
making of any recurring operating expenditure or incurring of any recurring operating obligation by or on behalf of the Company
that varies materially from the Budget or entering into (or amending or modifying) of any agreement which was not specifically
included or provided in the Budget or under the Operating Plan, or otherwise approved by the Majority Members (for purposes of
this Section 7.01(a)(vi), such a material variance shall be (A) expenditures or obligations involving an amount that
is in excess of the amount set forth on a monthly basis or on an annual basis in the Budget for such expenditure on a line item
basis by more than $10,000 for such period, (B) expenditures or obligations involving the incurrence of an expenditure or obligation
for any transaction or any series of related transactions when taken with all prior expenditures or obligations during the particular
quarter or fiscal year related thereto exceeds the maximum expenditure amount provided in the Budget or the Operating Plan for
such particular transaction or series of transactions for such period by $10,000, or (C) in the case of any material service, maintenance
or similar agreement proposed to be entered into, such agreement is not terminable (without penalty) by the Company on thirty (30)
calendar days or less written notice to the other party; provided, however, that expenditures made or obligations
incurred or agreements entered into pursuant to, or which are specifically included in or provided under, the Budget or Operating
Plan or otherwise previously approved by Majority Members shall not be Major Decisions to the extent they do not vary (other than
immaterial variances) from the Budget and Operating Plan); provided, further, that expenditures made in connection
with snow removal costs at the Properties under approved agreements shall not be a Major Decision;

 

(vii)       The
establishment of reasonable reserves, determination of the amount of available Net Cash Flow and making of distributions to Members
(subject to the requirements of Sections 6.03 and 6.04);

 

(viii)      The
institution of any legal proceedings in the name of the Company, settlement of any legal proceedings against the Company if the
settlement amount exceeds $50,000 in any single instance or $100,000 in the aggregate, and confession of any judgment against the
Company or any property of the Company other than the institution of any eviction, suits for breach of tenant leases, or similar
proceedings provided for in the Operating Plan;

 

(ix)        (A)
Pursuing any pre-development activities for any horizontal or vertical construction to the extent that such pursuit would cause
the Company to incur expenditures in excess of those provided by the Budget or under the Operating Plan, or (B) commencing any
horizontal or vertical construction on any Company Property;

 

(x)         The
possession or pledge of any Company Property for other than Company purposes (which shall require the consent of all Members);

 

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(xi)         Notwithstanding
any other provisions of this Agreement, the entering into any third party contract with an aggregate cost to the Company in excess
of $25,000 (“Contract Approval Threshold”).

 

(xii)        The
entering into any contracts below the Contract Approval Threshold to the extent that in connection with any such contracts (a)
funds are not explicitly provided for in the Budget and/or Operating Plan, as applicable, or (b) the existence of which is not
contemplated, in the Budget and/or Operating Plan, as applicable;

 

(xiii)       Entering
into, or amending, or modifying or terminating any agreement with any manager, asset manager, leasing agent, listing agent, contractor,
or sales or placement agent or broker not expressly permitted hereunder for the management, asset management, construction, leasing,
disposition, financing or refinancing of any Company Property;

 

(xiv)      Any
other material matter pertaining to the Company’s business that is designated to be a “Major Decision” hereunder;

 

(xv)       Any
election or approval under the Purchase Agreement which the Company may exercise under same;

 

(xvi)      make
any loans that are not provided for in the Budget or Operating Plan. For purposes of clarity, “loans” as used in this
subparagraph (xvi) shall not include tenant workouts that permit a tenant to repay amounts owed to pursuant to a note;

 

(xvii)     amend
this Agreement (provided that all Members hereby agree to make such amendments as may be reasonably requested from time to time
by any lender, if any, to the Company, to the extent the same have been approved by GAP);

 

(xviii)    acquire
any additional real property, or direct or indirect interest in any additional real property, other than the Initial Company Property
unless provided by the Budget or Operating Plan;

 

(xix)       cause
the Company to make any distribution of Company property in kind to any Member;

 

(xx)        change
the nature of the business conducted by the Company or its purposes as described in Section 2.05;

 

(xxi)       (A)
file any voluntary petition in bankruptcy on behalf of the Company or any subsidiary of the Company (each, an “SPE”),
(B) consent to or file any involuntary petition in bankruptcy against the Company or any SPE, (C) the making by the Company or
any SPE of an assignment for the benefit of creditors, or (D) consent to or initiate, or cause or permit any SPE to consent to
or initiate the appointment of a receiver of any Company Property or the property of any SPE;

 

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(xxii)      cause
the Company or any SPE to take any action (A) with the intent to hinder, delay or interfere with the exercise by an administrative
agent or any Lender of any rights and remedies under the applicable Loan Documents, or (B) to contest or in any way interfere,
directly or indirectly, with any foreclosure of any document securing a Loan or with any other enforcement of an administrative
agent’s or any Lender’s rights, powers or remedies under any Loan Documents (whether by making any motion, seeking
any extension, asserting any defense, claim, counterclaim or right of offset, seeking any injunction or other restraint, commencing
any action, seeking to consolidate any such foreclosure or other enforcement with any other action, or otherwise);

 

(xxiii)     sell,
transfer or otherwise dispose of the Initial Company Property;

 

(xxiv)    enter
into, amend or consummate any transaction or arrangement with any Member or any Affiliate of any Member, all of which shall (with
the exception of the transactions described in Section 9.06 which shall not require such approval) require the approval
of the non-interested Member(s) notwithstanding anything contained herein to the contrary;

 

(xxv)     Intentionally
omitted;

 

(xxvi)    approve
any Budget and Operating Plan, and any material amendments or modifications thereto (which shall only be permitted in accordance
with this Agreement).

 

(c)         Subject
to the terms of this Agreement, and the limitations imposed by law, the Managing Member shall have all of the same powers as, but
not the duties of, a general partner of a general partnership under the laws of the State of Delaware, including, without limitation,
the full power and authority to:

 

(i)         Acquire,
hold, operate, sell, transfer, assign, convey, exchange, lease, sublease, mortgage or otherwise dispose of or deal with all or
any part of Company Property;

 

(ii)        In
furtherance of the Company’s purposes and business, borrow money (including, without limitation, a Loan), whether on a secured
or unsecured basis, refinance, recast, modify, amend, extend, compromise or otherwise deal with any such loan, and in connection
therewith, issue evidences of indebtedness and secure the same by mortgages, deeds of trust, security agreements or other similar
documents affecting the assets of the Company;

 

(iii)        Authorize
other persons to execute and deliver such documents on behalf of the Company as the Managing Member may deem necessary or desirable
for the Company’s business, including, without limitation, guarantees and indemnities;

 

(iv)        Perform,
or cause to be performed, all of the Company’s obligations under any agreement to which the Company is a party;

 

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(v)        Enter
into contracts on behalf of the Company and make expenditures as are required to operate and manage the Company and the Company
Properties; and

 

(vi)       Do
any act which is necessary or desirable to carry out any of the purposes of the Company.

 

7.02       GAP
Consultant

 

Notwithstanding anything
to the contrary contained in this Agreement, GAP or its Affiliate may engage an external third party consultant to advise it in
connection with this Agreement or the Company Property and any fees and expenses incurred by GAP or its Affiliate in connection
therewith shall be treated as an expense of the Company and be promptly reimbursed to GAP upon request, provided, however, that
any fee paid to such consultant shall be subject to a cap of $100,000 per year. Notwithstanding any provision to the contrary in
this Agreement, the decision to retain any such external consultant shall be the sole decision of GAP and the same shall not constitute
a Major Decision and Operating Member shall have no right to approve or disapprove the Consultant or the Consultant’s engagement
agreement.

 

7.03        Duties
of managing member

 

(a)         The
Managing Member shall (i) conduct the business of the Company on a day-to-day basis in accordance with the standard of care required
of prudent and experienced third parties performing similar functions, in accordance with customary industry standards in accordance
with the Budget and the Operating Plan and such other guidelines as shall be adopted by the Company pursuant to this Agreement,
which duties may be discharged by delegating the same to Property Manager pursuant to the Property Management Agreement, (ii) retain
Property Manager, or another person or entity approved by GAP, to perform the Company Management Services for the Company, (iii) perform
the duties assigned to it hereunder, and (iv) carry out and implement all decisions and resolutions of the Members. The initial
Managing Member shall be Operating Member, which shall remain Managing Member unless Operating Member is terminated or resigns
as Managing Member pursuant to the terms of this Agreement. Operating Member, as the initial Managing Member, shall have no authority
to retire or resign from its position as the initial Managing Member; provided that Operating Member may resign as Managing Member
only if Property Manager is terminated, or if Property Manager resigns from such position in accordance with the terms of the Property
Management Agreement. In the event that Operating Member or any other Person should retire, resign or be removed as Managing Member,
the Members shall be under no obligation to appoint a replacement thereof. Subject to the limitations set forth in this Agreement,
the Managing Member, on behalf of the Company, shall have the power and authority to enter into contracts and leases on behalf
of the Company in accordance with the current Budget and Operating Plan approved in accordance with this Agreement, to make expenditures
as are required to implement such Budget and Operating Plan, but only to the extent that any such expenditures and amounts required
to be paid by the Company under such contracts, leases and other instruments and documents have either been approved in accordance
with this Agreement do not require approval in accordance with this Agreement. The Managing Member may rely on written instructions
from a representative appointed in writing by GAP from time to time that GAP has approved certain actions and agreements. Subject
to the Managing Member’s right to charge certain matters to the Company as provided in Sections 8.01 and 8.03
and without limiting any compensation or reimbursements Managing Member may be entitled to under the Property Management Agreement,
the Managing Member shall not be entitled to receive any fees or other compensation in respect of its activities as Managing Member,
and will not receive reimbursement for compensation payable to any of its employees or other direct or indirect overhead which
may be attributable to the performance of its duties as Managing Member.

 

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(b)         Notwithstanding
anything to the contrary contained in Section 7.01(b)(iii), if at the beginning of any calendar year the Budget and
Operating Plan or any item or portion thereof shall not have been approved by Majority Members, then:

 

(i)         Any
items or portions of the Budget and Operating Plan and amounts of expenses provided therein which have been so approved shall become
operative immediately and the Managing Member shall be entitled to expend funds in accordance with those operative portions;

 

(ii)        With
respect to the Budget, the Managing Member shall be entitled to, and shall, expend, in respect of noncapital, recurring expenses
in any month of the then-current calendar year, an amount equal to the budgeted amount for the corresponding month of the immediately
preceding calendar year, as set forth on the immediately preceding calendar year Budget after giving effect to any dispositions
or other material changes to Company Property during the prior or current year; provided, however, that if any contract
approved by the Managing Member or entered into pursuant to the provisions hereof or the Property Management Agreement provides
for an automatic increase in costs thereunder after the beginning of the then current calendar year, then the Managing Member shall
be entitled to expend the amount of such increase; and

 

(iii)        The
Managing Member shall be entitled to, and shall, expend funds in respect of debt service on the Company’s financing (including
the expense of curing any defaults thereunder), utilities, real estate taxes and assessments, or insurance premiums with respect
to insurance for the Company Property, regardless of whether the Budget has been approved or whether such expenditures exceed the
amounts provided for in the applicable Budget.

 

(c)         In
addition to and without limiting any other duties set forth in this Agreement, the Managing Member shall, subject to the availability
of adequate funds therefor in the Budget and from Revenues, Capital Contributions or other sources, and provided that Managing
Member may delegate such obligations to Property Manager or any other third parties with whom the Company may contract pursuant
to the terms hereof:

 

(i)         Oversee,
coordinate and process the operations, including without limitation, the management on a day-to-day basis of any and all of the
assets which comprise Company Property, and prepare all communications with the Seller and other relevant third parties;

 

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(ii)        Subject
to the availability of funds therefor, take all proper and necessary actions reasonably required to cause the Company and all third
parties at all times to perform and comply with the provisions (including, without limitation, any provisions requiring the expenditure
of funds by the Company) of any loan commitment, agreement, mortgage, lease, or other contract, instrument or agreement to which
the Company is a party or which affects any Company Property or the operation thereof;

 

(iii)        Subject
to the availability of funds therefor, pay in a timely manner all non-disputed operating expenses of the Company in accordance
with the terms of the Budget and the Operating Plan or as otherwise provided herein;

 

(iv)        To
the extent available, and subject to the availability of the funds therefor, obtain and maintain insurance coverage on Company
Properties as required by the Managing Member and pay all non-disputed taxes, assessments, charges and fees payable in connection
with the ownership, use and occupancy of the Company Properties (provided that if the Managing Member requires that the Company
maintain insurance as part of GAP’s blanket policy, the Company’s allocable share of deductibles and premiums under
the liability insurance policy shall be no greater than those under such policies previously maintained by Property Manager);

 

(v)        Deliver
to the other Members promptly upon the receipt or sending thereof, copies of all material notices, reports and communications between
the Company and any tenant, the Seller, governmental agencies, neighboring property owners, community groups and other relevant
third parties, and material notices, reports, and communications from any tenant, under any lease or any borrower under any mortgage
loan or any holder of a mortgage affecting all or any portion of any Company Property, or any of such other parties, which relates
to any existing or pending default thereunder or to any financial or operational information required by such Person;

 

(vi)        Deposit
all receipts from operations of Company Property to a separate account, or accounts, established and maintained by the Managing
Member in the name of the Company or the applicable Property Company, and not commingle those receipts with any other funds or
accounts of Managing Member;

 

(vii)       Manage
and administer the process of selling and refinancing Company Property;

 

(viii)      If
the Managing Member subcontracts with third parties or any of its Affiliates for the performance of any of the services to be performed
by the Managing Member, then the Managing Member shall supervise and oversee the performance of the services performed by such
third parties or Affiliates (in the event of any such subcontract, references in this Agreement to actions taken or to be taken
by the Managing Member shall include actions taken or to be taken by such subcontractors);

 

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(ix)        Execute
and deliver agreements, certificates and similar documents which are necessary to obtain loans, as well as manage any approved
financing or refinancing, on terms approved by the Managing Member and to acquire the Initial Company Property pursuant to the
Purchase Agreement;

 

(x)         Make
periodic inspections of the Company Property and review all maintenance, repairs and construction on the Company Property;

 

(xi)        Advise
the Company on such action as may be required to comply with any and all laws, ordinances, statutes and deed restrictions applicable
to the Company Property;

 

(xii)        Not
knowingly permit the use of the Company Property for any purpose which might impair any insurance on the Company Property or which
might render any insured loss thereunder uncollectible or which would be in violation of any applicable law;

 

(xiii)       Promptly
recommend from time to time the advisability of contesting either the validity or the amount of personal and real property taxes,
if Managing Member deems such a contest appropriate

 

(xiv)      Fully
cooperate with the Company and the Company’s representatives, including leasing agents, tax consultants, brokers involved
in the sale of all or any portion of the Company Property, any potential purchaser of all or any portion of the Company Property,
appraisers, and counsel with the view that such representatives shall be able to perform their duties efficiently and without interference.
Such parties shall be allowed to visit the Company Property and inspect the same at such times as GAP may request;

 

(xv)       Advise
the Company on such action as may be necessary to comply with any and all laws, ordinances, statutes and deed restrictions applicable
to the Company Property;

 

(xvi)      Notify
GAP of any of the following in any way relating to the Company Property promptly following Managing Member’s receipt thereof:
written notice of any claim of violation of any legal requirement other than those which can be corrected for less than $10,000
(or $150,000 if covered by insurance), and without penalty or fine within thirty (30) days of notification thereof, provided that
notice is required for any claim that names any GAP Party; written notice of any claim of liability; material written complaints
from any contractor, sub-contractor or other party involved in providing or assisting with the operation, maintenance, and repair
of the Company Property; written notice of any default under any Loan Documents secured by the Company Property; any summons or
other legal process; any material damage to the Company Property; any threatened (in writing by an applicable Governmental Authority
or its agent) condemnation or acquisition in lieu of condemnation of the Company Property or any portion thereof; and any actual
or alleged (in writing) personal injury or property damage, and promptly notify GAP of any verbal notice Managing Member receives
related to any of the foregoing, but only if Managing Member, acting reasonably and in good faith, deems the same to be material
to the ownership or operation of the Company Property. For purposes of this subsection (xvi), “material” shall mean
any claim for $10,000 or greater in any one instance, or $50,000 in the aggregate;

 

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(xvii)     Promptly
notify GAP of any material default or alleged (in writing) material default by any party under any lease of all or any portion
of the Company Property of which Managing Member is aware, as well as any other material information particular to the Company
Property;

 

(xviii)    Advise
the Company with respect to any presentations before public agencies at both public and private meetings which relate to or affect
the Company Property, and in all dealings with the press, community leaders, owners of adjacent property, and all other parties
directly or indirectly involved with the Company Property or with interests which may affect the success of the Company Property;

 

(xix)       Comply
at all times with this Agreement, including submitting to the Members for their approval any decisions or matters which may be
subject to their approval under this Agreement; and

 

(xx)        Report
to GAP with respect to Managing Member’s compliance with the foregoing duties.

 

(d)         GAP
shall have the absolute right, power and authority at any time to terminate Operating Member’s appointment as Managing Member
hereunder and to appoint a successor Managing Member, and to remove Property Manager as the manager under the Property Management
Agreement and to terminate the Property Management Agreement (and any other agreements or contracts between the Company and Affiliates
of Operating Member or Property Manager) and/or appoint a new manager pursuant thereto “for cause”, or “for lack
of performance”, or for an Event of Default. GAP’s determination of whether a “for cause” event, a “for
lack of performance” event or an Event of Default by Operating Member shall have occurred shall be conclusive and binding
on the Members unless and until Operating Member shall have obtained a final, non-appealable judgment of a court of competent jurisdiction
finding that no “for cause” event, “for lack of performance” event or Event of Default by Operating Member
has occurred. In the event that Operating Member shall have been removed as Managing Member, or in the event Property Manager is
removed as the manager under the Property Management Agreement, “for cause”, then under such circumstances and from
that time forward (i) Operating Member shall immediately cease to be Managing Member (and Property Manager shall immediately cease
to be the manager under the Property Management Agreement), (ii) Operating Member shall cease to have any right to any distributions
under Section 6.03 and from that time forward distributions to the Members shall be made under Section 6.04,
(iii) Operating Member shall forfeit its right to receive any fees under Section 7.04 and the Property Management Agreement
and (iv) Operating Member shall not have any right to vote on Major Decisions other than as provided in Section 7.01(b).
In the event that Operating Member shall have been removed as Managing Member, or in the event Property Manager is removed under
the Property Management Agreement, as a result of an Event of Default (which does not constitute “for cause”) by Operating
Member or Property Manager, or “for lack of performance”, then Operating Member shall immediately cease to be Managing
Member (and Property Manager shall immediately cease to be the manager under the Property Management Agreement), and Operating
Member shall retain its right to receive distributions hereunder pursuant to Section 6.03 (to the extent of its Interest),
but (A) Property Manager shall be terminated within ninety (90) days after such termination and shall thereafter lose its right
to receive payments under the Property Management Agreement which would otherwise have accrued from and after the expiration of
said ninety (90) day period (provided that GAP, at its election, may accelerate the termination of Property Manager to the date
of the termination of Operating Member as Managing Member for any reason other than for cause, provided that Property Manager shall
remain entitled to receive management fees and reimbursements payable, if applicable, under the Property Management Agreement through
the termination date of said Property Manager), and (B) Operating Member shall not have any right to vote on Major Decisions other
than Fundamental Decisions.

 

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(e)         Operating
Member’s appointment as Managing Member shall automatically terminate if Operating Member’s (or its permitted transferee’s)
Percentage Interest is less than one-half of one percent (0.5%).

 

7.04        Services
and Fees

 

(a)         The
Company and Property Manager shall enter into the Property Management Agreement substantially concurrently with the execution of
this Agreement. The Property Management Agreement shall provide that after the Company’s acquisition of the Initial Company
Property, and while the Company owns the Initial Company Property and Operating Member owns a Percentage Interest of at least one
half of one percent (0.5%), and provided that (i) no Event of Default by Operating Member or any of its Affiliates then exists
hereunder or under the Property Management Agreement, and (ii) Operating Member has not been removed as the Managing Member pursuant
to this Agreement, the Company shall pay Property Manager the Property Management Fee and the Construction Management Fee (each
as defined in the Property Management Agreement) and leasing commissions pursuant to the terms and conditions of the Property Management
Agreement for so long as Property Manager is performing the services required of it under the Property Management Agreement and
under any related agreements.

 

(b)         On
the first day of each month of each year during the term of this Agreement, the Company shall pay (to Operating Member (unless
Operating Member has forfeited its right to receive fees under this Section 7.04) an asset management fee equal to (i) to the weighted
average aggregate Investment Value of the Initial Company Property owned by the Company during the immediately preceding month
multiplied by (ii) 0.02083% (an example of the foregoing is attached as Schedule C). For purposes hereof, “Investment Value”
means, initially, with respect to each property included in the Initial Company Property, the appraised value of such property
as of the Closing Date; provided, the Investment Value of each property shall be (i) reduced pro rata in connection with sales
of portions of such properties and (ii) excluded upon the sale of such property.

 

    	-40-

    	 

    

  

(c)         If
and only if as of the date of calculation GAP has received distributions hereunder in an amount necessary to provide GAP at least
a twelve percent (12%) IRR with respect to its Gross Adjusted Capital Contributions, then promptly following the sale of the last
Initial Company Property, the Company shall pay Operating Member the Disposition Fee.

 

(d)         Except
as set forth in this Section 7.04, any agreements with an Affiliate of any Member must be approved by the non-Affiliated
Members, and no other fees or compensation will be paid by the Company to any Member or any of its Affiliates. Neither Operating
Member nor any of its Affiliates will be entitled to any development, leasing or other fees associated with the management, development
and leasing of any of the Company Properties except as set forth in the Property Management Agreement and will not be entitled
to any reimbursement for its employees or other direct or indirect overhead, except as set forth in the Property Management Agreement
or this Agreement, or as otherwise provided by the Budget.

 

7.05        Duties
and Conflicts

 

(a)         The
Members and their respective officers, employees, the Managing Member and Affiliates shall devote such time to the Company business
as they deem to be necessary or desirable in connection with their respective duties and responsibilities hereunder. Except as
provided hereunder or as otherwise agreed to in writing by the Managing Member and all disinterested Members, no Member nor any
member, partner, shareholder, officer, director, employee, agent or representative of any Member shall receive any salary or other
remuneration for its services rendered pursuant to this Agreement.

 

(b)         Each
of the Members recognizes that each of the other Members and its members, managers partners, shareholders, officers, directors,
employees, agents, representatives, the Managing Member and Affiliates, have or may have other business interests, activities and
investments, some of which may be in conflict or competition with the business of the Company and that each of the other Members
and its members, managers, partners, shareholders, officers and directors, employees, agents, representatives, the Managing Member
and Affiliates, are entitled to carry on such other business interests, activities and investments. Except as set forth below,
each of the Members may engage in or possess an interest in any other business or venture of any kind, independently or with others,
including, without limitation, owning, financing, acquiring, leasing, promoting, developing, improving, operating, managing and
servicing real property and mortgage loans on its own behalf or on behalf of other entities with which any of the Members is affiliated
or otherwise, and each of the Members may engage in any such activities, whether or not competitive with the Company, without any
obligation to offer any interest in such activities to the Company or to the other Members. Neither the Company nor the other Members
shall have any right, by virtue of this Agreement, in or to such activities, or the income or profits derived therefrom, and the
pursuit of such activities, even if competitive with the business of the Company, shall not be deemed wrongful or improper.

 

    	-41-

    	 

    

  

(c)         Notwithstanding
the foregoing, except as provided herein below, during the term of this Agreement, (i) Operating Member shall not pursue an opportunity
or enter into a transaction (whether as lender, owner, shareholder, partner, director, officer, employee, agent, consultant or
other advisor), for the financing, acquisition, ownership, entitlement, management, operation, leasing, construction, or development,
of any other property within a ten (10) mile radius of any Initial Company Property (the “Competitive Area”)
that has a use comparable to the present projected or actual use of the Initial Company Property or otherwise competes with the
Initial Company Property in any way, whether directly or indirectly, including without limitation through any of its Affiliates
or in any other manner (each, a “Competitive Opportunity”). The Members acknowledge and agree that interests
of SRT or its Affiliates with respect to the Ensenada Square Property shall not be deemed a violation of this Section 7.05(c).
If Operating Member desires to pursue a Competitive Opportunity or any Value-Add Retail Joint Venture, then GAP and its Affiliates
(including, without limitation, any affiliates of funds or accounts managed by GAP Capital Management, L.P.) (each, a “GAP
Party”), shall have a right of first offer with respect to any such Competitive Opportunity or Value-Add Retail Joint
Venture so long as such proposed acquisition or development opportunity is a permitted investment under any operating documents
and/or fund documents that the applicable GAP Party is subject to (each, a “ROFO Opportunity”). Operating Member
hereby represents and warrants that, as of the date hereof, neither it nor any Affiliate is involved in any Competitive Opportunity
or any ROFO Opportunity which has not been disclosed in writing to GAP.

 

In the event Operating
Member desires to pursue a ROFO Opportunity, Operating Member shall give GAP notice of such ROFO Opportunity, which notice shall
include the proposed terms and conditions thereof and proposed investment return thereon (in pro forma form) in sufficient detail
to permit GAP to make an informed decision as to its desire to proceed with said ROFO Opportunity on the same terms as set out
in the notice (together with such supporting information as GAP may reasonably request, “Investment Notice”).
GAP shall have thirty (30) days from the date of such notice to determine whether it desires to proceed with said ROFO Opportunity
on the same terms as set out in the Investment Notice. If GAP elects to proceed, it shall do so in a separate joint venture upon
terms and conditions similar to the terms and conditions of this Agreement but subject to said revised economic terms as set forth
in the Investment Notice or otherwise acceptable to GAP and Operating Member. If GAP gives notice within said thirty (30) day period
that it does not desire to proceed with said opportunity on the terms set forth in the Investment Notice or fails to respond to
such Investment Notice within the 30-day period, then Operating Member may proceed with said opportunity either alone, with its
Affiliates or otherwise upon terms and conditions not materially more favorable to any alternate provider of capital for such opportunity
than the terms and conditions set forth in the Investment Notice; provided, however, that in any event the opportunity is modified
to be upon terms materially more favorable to such alternate capital provider than the terms and conditions set forth in the Investment
Notice, then the provisions of this paragraph shall again be applicable and an additional Investment Notice shall be required to
be delivered by Operating Member to GAP pursuant to the terms hereof. For purposes of the preceding sentence, terms and conditions
shall be deemed materially more favorable to such alternate capital provider if the proposed return on investment of GAP would
increase by fifteen percent (15%) or more over that which would be received under the terms set forth in the Investment Notice.
By way of example, if the pro forma included with the Investment Notice indicated a projected return on investment of twenty percent
(20%) to GAP and GAP declined to proceed with the proposed investment, Operating Member would be obligated to again offer the proposed
investment to GAP if the proposed terms and conditions were modified so that the projected return on investment was equal to or
greater than twenty-three percent (23%). If Operating Member has complied with the conditions set forth above, Operating Member
shall have no further obligation to offer the proposed investment to GAP once proposed terms have been accepted by such alternative
capital provider as evidenced by a term sheet signed by Operating Member of its Affiliates, on the one hand, and such alternate
capital provider, on the other hand.

 

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Notwithstanding the foregoing,
GAP, for itself and each GAP Party, acknowledges Operating Member’s obligation to provide investment opportunities to SRT
and agrees that the foregoing obligation of Operating Member to provide ROFO Opportunities to GAP shall be subject and subordinate
to Operating Member’s existing obligations to SRT.

 

If GAP, or any GAP Party,
elects to pursue a ROFO Opportunity, then any agreement entered into between Operating Member and GAP, or the applicable GAP Party,
shall (i) be cross defaulted with this Agreement, such that a for cause event resulting in the removal of Operating Member as Property
Manager, Managing Member or the like under this Agreement shall result in the same under the other agreement and vice versa, and
(ii) provide that Operating Member must contribute not less than ten percent (10%) toward the total capitalization of the ROFO
Opportunity. Notwithstanding the foregoing, should SRT participate in a ROFO Opportunity at a level not less than fifteen percent
(15%), then Operating Member shall be required to contribute not less than five percent (5%) to such ROFO Opportunity.

 

The terms of this Section
7.05(c) shall expire, and Operating Member shall have no further obligation to provide GAP or any GAP Party any ROFO Opportunity
following the earliest to occur of (i) the third anniversary of the Effective Date, (ii) the first anniversary of the Effective
Date if Operating Member and GAP, or a GAP Party, have not entered into an agreement to pursue any ROFO Opportunity or (iii) the
date on which GAP (which for purposes hereof includes each GAP Party) has rejected three (3) ROFO Opportunities which satisfy GAP’s
investment criteria.

 

(d)         SRT
hereby represents and warrants that, except as disclosed to GAP in writing, as of the date hereof, neither SRT nor any of its Affiliates
has an interest in any property within a ten (10) mile radius of any Initial Company Property that has a use comparable to the
present projected or actual use of the Initial Company Property or otherwise competes with the Initial Company Property in any
way, whether directly or indirectly. The Members acknowledge and agree that interests of SRT or its Affiliates with respect to
the Ensenada Square Property shall not be deemed a violation of this Section 7.05(d).

 

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If SRT desires to pursue
(i) any joint venture involving any real estate assets owned by SRT as of the date hereof or (ii) any Value-Add Retail Joint Ventures
(each, an “SRT Opportunity”), then GAP and the GAP Parties shall have a right of first offer with respect to
any such SRT Opportunity. In furtherance thereof, SRT shall give GAP notice of such SRT Opportunity, which notice shall include
the proposed terms and conditions thereof and proposed investment return thereon (in pro forma form) in sufficient detail to permit
GAP to make an informed decision as to its desire to proceed with said SRT Opportunity on the same terms as set out in the notice
(together with such supporting information as GAP may reasonably request, “SRT Investment Notice”). GAP shall
have thirty (30) days from the date of such notice to determine whether it desires to proceed with said SRT Opportunity on the
same terms as set out in the SRT Investment Notice. If GAP elects to proceed, it shall do so in a separate joint venture upon terms
and conditions similar to the terms and conditions of this Agreement but subject to said revised economic terms as set forth in
the Investment Notice or otherwise acceptable to GAP and SRT. If GAP gives notice within said thirty (30) day period that it does
not desire to proceed with said opportunity on the terms set forth in the SRT Investment Notice or fails to respond to such SRT
Investment Notice within the 30-day period, then SRT may proceed with said opportunity either alone, with its Affiliates or otherwise
upon terms and conditions not materially more favorable to any alternate provider of capital for such opportunity than the terms
and conditions set forth in the SRT Investment Notice; provided, however, that in any event the opportunity is modified to be upon
terms materially more favorable to such alternate capital provider than the terms and conditions set forth in the SRT Investment
Notice, then the provisions of this paragraph shall again be applicable and an additional SRT Investment Notice shall be required
to be delivered by SRT to GAP pursuant to the terms hereof. For purposes of the preceding sentence, terms and conditions shall
be deemed materially more favorable to such alternate capital provider if the proposed return on investment of GAP increases by
twenty percent (20%) or more over that which would be received under the terms set forth in the SRT Investment Notice. By way of
example, if the pro forma included with the SRT Investment Notice indicated a projected return on investment of twenty percent
(20%) to GAP and GAP declined to proceed with the proposed investment, SRT would be obligated to again offer the proposed investment
to GAP if the proposed terms and conditions were modified so that the projected return on investment was equal to or greater than
twenty-four percent (24%). If SRT has complied with the conditions set forth above, SRT shall have no further obligation to offer
the proposed investment to GAP once proposed terms have been accepted by such alternative capital provider as evidenced by a term
sheet signed by SRT of its Affiliates, on the one hand, and such alternate capital provider, on the other hand.

 

If GAP, or any GAP Party,
elects to pursue an SRT Opportunity, then any agreement entered into between SRT and GAP, or the applicable GAP Party, shall (i)
be cross defaulted with this Agreement as to rights to remove Managing Member for its gross negligence, fraud, bad faith or willful
misconduct, or any other act that triggers recourse liability under any Loans and (ii) provide that SRT must contribute not less
than fifteen percent (15%) (in cash or real estate or a combination thereof) toward the total capitalization of the SRT Opportunity.

 

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The terms of this Section
7.05(c) shall expire, and SRT shall have no further obligation to provide GAP or any GAP Party any SRT Opportunity following
the earliest to occur of (i) the third anniversary of the Effective Date, (ii) the first anniversary of the Effective Date if SRT
and GAP, or a GAP Party, have not entered into an agreement to pursue any SRT Opportunity or (iii) the date on which GAP (which
for purposes hereof includes each GAP Party) has rejected three (3) SRT Opportunities which satisfy GAP’s investment criteria.

 

7.06       Company
Expenses

 

Except as otherwise provided
in this Agreement or the Property Management Agreement, except for the costs of preparing the reports specifically called for by
the terms hereof and the Budget and the Operating Plan, which shall be the cost of Managing Member (provided that cost of materials
and reasonable third party costs shall be at the Company’s expense), except for costs which are to be borne by Property Manager
pursuant to the terms of the Property Management Agreement, and except for any costs to be borne by any third party under any agreement
with the Company, the Company shall be responsible for paying, and shall pay, all direct costs and expenses related to the business
of the Company and of acquiring, holding, owning, developing, servicing, collecting upon and operating Company Property. Subject
to the preceding sentence, all fees and expenses payable under Section 7.04, costs and expenses relating to any employees,
staff or other personnel approved by the Managing Member to provide day-to-day operations and financial reporting to oversee the
operations of Company Property, costs of financing, fees and disbursements of attorneys, financial advisors, accountants, appraisers,
brokers and engineers, travel expenses, and all other fees, costs and expenses directly attributable to the business and operations
of the Company shall be borne by the Company. In the event any such costs and expenses are or have been paid by any Member, such
Member shall be entitled to be reimbursed for such payment so long as such payment is reasonably necessary for Company business
or operations and has been approved by the Managing Member or is expressly authorized in this Agreement or the appropriate Budget
or Operating Plan (including any permitted variance hereunder). Notwithstanding the foregoing, and without affecting any contrary
terms (if any) in the Property Management Agreement, in no event shall the Company have any obligation to pay or reimburse any
Member for any general overhead expense of such Member.

 

ARTICLE
VIII

BOOKS AND RECORDS

 

8.01        Books
and Records

 

Managing Member shall maintain,
or cause to be maintained, at the expense of the Company, in a manner customary and consistent with good accounting principles,
practices and procedures, a comprehensive system of office records, books and accounts (which records, books and accounts shall
be and remain the property of the Company) in which shall be entered fully and accurately each and every financial transaction
with respect to the ownership and operation of Company Property. Bills, receipts and vouchers shall be maintained on file by Managing
Member. Managing Member shall cause audits to be performed and audited statements and income tax returns to be prepared as required
by Section 8.03 (provided that Managing Member shall, for so long as it diligently performs its obligations hereunder,
not be responsible for the delays of any other non-Affiliated Member or reputable accountants or auditors retained by Managing
Member or at the request of GAP on behalf of the Company). Such books and records of account shall be prepared and maintained by
Managing Member at the principal place of business of Managing Member. Each Member or its duly authorized representative shall
have the right to inspect, examine and copy such books and records of account at the Company’s office during reasonable business
hours. GAP shall have the right from time to time to audit the books and records of the Company, at GAP’s expense.

 

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8.02        Accounting
and Fiscal Year

 

The books of the Company
shall be kept on the accrual basis in accordance with GAAP and on a tax basis and the Company shall report its operations for tax
purposes on the accrual method. The fiscal year and tax year of the Company shall end on December 31 of each year, unless a different
tax year shall be required by the Code.

 

8.03        Reports

 

(a)         The
Managing Member will prepare, or cause to be prepared, at the expense of the Company, and furnish to each Member (provided that
the Managing Member shall, for so long as it diligently performs its obligations hereunder, not be responsible for the delays of
any other non-Affiliated Member or reputable accountants or auditors retained by the Managing Member or at the request of GAP on
behalf of the Company) (i) within twenty-one (21) calendar days after the end of each fiscal quarter of the Company, unless such
fiscal quarter is the last fiscal quarter of any fiscal year of the Company, (A) an unaudited balance sheet of the Company dated
as of the end of such fiscal quarter, (B) an unaudited related income statement of the Company for such fiscal quarter, (C) an
unaudited statement of each Member’s Capital Account for such fiscal quarter, and (D) an unaudited statement of cash flows
of the Company for such fiscal quarter, (ii) within fifteen (15) calendar days after the end of each calendar quarter (or calendar
month, if available), a pertinent market report on sales and leasing activity in the vicinity of each Company Property, and a status
report of the Company’s activities during such calendar quarter, or month, as applicable, including descriptions of additions
to, dispositions of and leasing and occupancy of Company Properties and any material legal issues such as material claims filed
or threatened against the Company, the arising of material claims by the Company against other parties and developments in any
then pending material legal actions affecting the Company during such fiscal quarter, and (iii) within thirty (30) calendar days
after the end of each month, and a reconciliation of actual Expenses and Revenues during such period compared with the Budget amounts
for such items, and an explanation of the discrepancies, all of which shall be certified by the Managing Member as being, to the
best of its knowledge, true and correct.

 

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(b)         The
Managing Member will prepare, or cause to be prepared, on an accrual basis in accordance with GAAP and on a tax basis, at the expense
of the Company, and furnish to each Member no later than January 15 after the end of each fiscal year of the Company (i) an unaudited
balance sheet of the Company dated as of the end of such fiscal year, (ii) an unaudited related income statement of the Company
for such fiscal year, (iii) an unaudited statement of each Member’s Capital Account for such fiscal year, (iv) an unaudited
statement of cash flows of the Company as of the end of the fiscal year, and (v) such other supporting schedules, reports and backup
information as are reasonably requested by GAP, all of which shall be certified by the Managing Member as being true and correct.
In addition, if requested by GAP, the Managing Member will prepare, at the expense of the Company, and furnish to each Member within
forty-five (45) calendar days after the end of each fiscal year of the Company, the final audited amount of net income of the Company
for such fiscal year and, within sixty (60) calendar days after the end of such fiscal year, (i) an audited balance sheet of the
Company dated as of the end of such fiscal year, (ii) an audited related income statement of the Company for such fiscal year,
(iii) an audited statement of cash flows for such fiscal year, and (iv) an audited statement of each Member’s Capital Account
for such fiscal year, all of which shall be certified by the Managing Member as being, to the best of its knowledge, true and correct
and all of which shall be certified in the customary manner by the Company Accountant (which firm shall provide such balance sheet,
income statement and statement of Capital Account in draft form to the Members for review prior to finalization and certification
thereof).

 

(c)         The
Managing Member will furnish to each Member at the expense of the Company, copies of all reports required to be furnished to any
lender of the Company.

 

(d)         The
Managing Member will prepare, or cause to be prepared, at the expense of the Company, and furnish to each Member not later than
each March 15 a schedule of estimated taxable income of the Company for the year ending on the following December 31, which schedule
shall be updated from time to time as needed to reflect material events. All schedules of book income shall be prepared on a GAAP
basis. Promptly after the end of each fiscal year, the Managing Member will cause the Company Accountant to prepare and deliver
to each Member a report setting forth in sufficient detail all such additional information and data with respect to business transactions
effected by or involving the Company during the fiscal year as will enable the Company and each Member to timely prepare its federal,
state and local income tax returns in accordance with applicable laws, rules and regulations. The Managing Member will use its
best efforts to cause the Company Accountant to prepare all federal, state and local tax returns required of the Company, submit
those returns to the Managing Member for its approval not later than February 1st of the year following such fiscal
year and will file the tax returns after they have been approved by the Managing Member. If the Managing Member shall not have
approved any such tax return prior to the date required for the filing thereof (including any extensions granted), Managing Member
will timely obtain an extension of such date to the extent such an extension is available.

 

(e)         The
Managing Member shall prepare, or cause to be prepared, at Company expense, such additional financial reports and other information
as the Managing Member may determine are appropriate.

 

(f)         All
decisions as to accounting principles shall be made by the pursuant to and in accordance with GAAP.

 

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8.04        The
Company Accountant

 

The Company shall retain
as the regular accountant and auditor for the Company (the “Company Accountant”) any nationally-recognized accounting
firm designated by GAP. The Members acknowledge and consent to the engagement of Moss Adams LLP as the initial Company Accountant
for audit purposes and Deloitte LLP as the initial tax advisor to the Company. The fees and expenses of the Company Accountant
shall be a Company expense.

 

8.05        Reserves

 

The Managing Member may,
in its discretion and subject to such conditions as it shall determine, establish reasonable reserves for the purposes and requirements
as it may deem appropriate, subject to the prior written approval of GAP.

 

8.06        The
Budget and Operating Plan

 

(a)         The
Managing Member shall, within thirty (30) days after the acquisition of the Initial Company Property, prepare and submit to GAP
for GAP’s approval a budget and strategic operating plan (as approved, the “Initial Budget and Operating Plan”)
for the Company monthly through December 31, 2015 with annual projections from January 1, 2016 through December 31, 2018,
which sets forth all anticipated revenue, operating expenses, and capital expenditures of the Company, together with an exit valuation/strategy
and projected capital contributions/returns and IRR’s to each Member, all of which is based on the strategic and comprehensive
business plan designed to maximize the Company’s returns on the Initial Company Property, and all of which shall be consistent
with preliminary projections previously provided to the Members by Managing Member. Thereafter, the Budget and Operating Plan shall
be prepared in proposed form and submitted annually by Managing Member to the Members for approval at least forty-five (45) calendar
days prior to the end of each fiscal year with respect to the following fiscal year, together with three (3) year forward projections
(provided if the Managing Member should fail to timely prepare and submit in proposed form any such Budget and Operating Plan,
GAP shall be authorized to prepare such Budget and Operating Plan). In formulating the comprehensive Budget and Operating Plan,
to the extent reasonably feasible at the time of preparation thereof, the Managing Member shall develop (for approval by the Members)
proposed strategies regarding (i) plans for development, leasing, financing and sale of any real property and proposed reductions
of Expenses and other Company costs and expenses and increases in revenues, (ii) preparation and release of all promotional
and advertising material and development related plans relating to, and a marketing plan for, the Company Property or concerning
the Company, (iii) terms for any proposed sale or disposition of any Company Property, or acquisition of additional Company
Property, and (iv) selection of legal counsel, accountants, appraisers and other consultants for the Company to efficiently
implement the Budget and Operating Plan (those professionals identified on Exhibit “B” attached hereto are hereby
approved, subject to GAP’s right to withdraw such approval for poor performance by such professionals). The Managing Member
will also consider and make recommendations to the extent it deems the same appropriate regarding the amendment, modification,
alteration, change, cancellation, or prepayment of any indebtedness evidenced by any mortgage loan presently or hereafter affecting
any Company Property, and procurement of title insurance and other insurance for the Company, or decrease or vary the insurance
carried by or on behalf of the Company and any other matters affecting the Company’s business. The Managing Member shall
provide the Company with detailed analyses comparing actual performance to the goals set forth on Exhibit D and the Budget
and Operating Plan, together with proposals for improving performance, no less frequently than quarterly.

 

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8.07        Accounts

 

All funds of the Company
shall be deposited in such checking accounts, savings accounts, time deposits, or certificates of deposit in the Company’s
name or shall be invested in the Company’s name, in such manner as shall be reasonably designated by GAP from time to time.
Company funds shall not be commingled with those of any other person or entity. Company funds shall be used only for the business
of the Company. The Members acknowledge and consent to the use of Wells Fargo, N.A., as the initial depository institution for
such accounts.

 

ARTICLE
IX

TRANSFER OF INTERESTS

 

9.01        No
Transfer

 

Except as expressly permitted
or contemplated by this Agreement, no Member may sell, assign, give, hypothecate, pledge, encumber or otherwise transfer (“Transfer”)
all or any portion of its Interest, whether directly or indirectly, without the written consent of the other Members. Except as
expressly permitted or contemplated by this Agreement, Operating Member agrees not to permit any Transfer of any equity interest
in such Member, or in its managing member. Any Transfer in contravention of this Article IX shall be null and void. No Member,
without the prior written consent of the other Members, shall resign from the Company except as a result of such Member’s
involuntary dissolution or final adjudication as a bankrupt or in connection with a Transfer permitted by this Article IX.
The same restrictions set forth herein shall apply to a Transfer in or of an interest in Operating Member’ managing member,
and such a Transfer shall have the same effect as a Transfer of an interest in Operating Member.

 

9.02        Permitted
Transfers

 

(a)         GAP
may from time to time and in its sole discretion without the consent of any other Member or the Company, Transfer its Interest
in whole or in part to any Person. Any direct or indirect member of GAP may from time to time and in its sole discretion without
the consent of any Member of the Company, transfer its direct or indirect interest in GAP in whole or in part to any Person.

 

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(b)         Any
permitted Transfer shall not relieve the transferor of any of its obligations prior to such Transfer. The parties hereto agree
to amend the transfer provisions of Article IX if the Members reasonably determine that such amendment is necessary for
the Company to be treated as a partnership for Federal and applicable state income tax purposes. Nothing contained in this Article
IX shall prohibit a Transfer indirectly of any interest in the Company if a direct Transfer would otherwise be permitted under
this Section 9.02. Subject to Section 9.03, any transferee pursuant to this Section 9.02 shall
become a Member of the Company. The provisions of this Section 9.02 will not apply to or be deemed to authorize or
permit any collateral transfer of, or grant of a security interest in, a Member’s interest in the Company, or in Company
Property (which transfer or grant shall be subject to the other provisions of this Agreement).

 

9.03        Transferees

 

Notwithstanding anything
to the contrary contained in this Agreement, no transferee of all or any portion of any Interest shall be admitted as a Member
unless (a) such Interest is transferred in compliance with the applicable provisions of this Agreement, (b) such transferee shall
have furnished evidence of satisfaction of the requirements of Section 9.02 reasonably satisfactory to the remaining
Members, and (c) such transferee shall have executed and delivered to the Company such instruments as the remaining Members reasonably
deem necessary or desirable to effectuate the admission of such transferee as a Member and to confirm the agreement of such transferee
to be bound by all of the terms and provisions of this Agreement with respect to such Interest. At the request of the remaining
Members, each such transferee shall also cause to be delivered to the Company, at the transferee’s sole cost and expense,
a favorable opinion of legal counsel reasonably acceptable to the Company, to the effect that (i) such transferee has the legal
right, power and capacity to own the Interest proposed to be transferred, (ii) if applicable, such Transfer does not violate any
provision of any loan commitment or any mortgage, deed of trust or other security instrument encumbering all or any portion of
Company Property, and (iii) such Transfer does not violate any federal or state securities laws and will not cause the Company
to become subject to the Investment Company Act of 1940, as amended. As promptly as practicable after the admission of any Person
as a Member, the books and records of the Company shall be changed to reflect such admission. All reasonable costs and expenses
incurred by the Company in connection with any Transfer of any Interest and, if applicable, the admission of any transferee as
a Member shall be paid by such transferee.

 

9.04        Section 754
Election

 

In the event of a Transfer
of all or part of the Interest of a Member, at the request of the transferee or if in the best interests of the Company (as determined
by GAP), the Company shall elect pursuant to Section 754 of the Code to adjust the basis of Company Property as provided by
Sections 734 and 743 of the Code, and any cost of such election or cost of administering or accounting for such election shall
be at the sole cost and expense of the requesting transferee.

 

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9.05        INTENTIONALLY
OMITTED

 

9.06        GAP’s
Right to Force Sale

 

(a)         Notwithstanding
anything to the contrary in this Agreement, at any time and from time to time after two (2) years following the Effective Date,
GAP, acting alone, shall have the right and power to cause the Company or any Property Company to sell all or substantially all
of the assets of the Company or such Property Company, or any interest therein, or make any other transfer of the Company Property,
including the Initial Company Property (the “Sale Property”), to any third party other than an Affiliate of
GAP for a price and on terms determined by GAP, subject to this Section 9.06. GAP shall also have the right, in its sole
discretion, at any time and from time to time after two (2) years following the Effective Date, to sell, directly or indirectly,
to one or more third parties other than an Affiliate of GAP, for a price and on terms determined by GAP, subject to this Section
9.06, all or substantially all of GAP’s Interest, and in connection therewith, require Operating Member and SRT to sell
all of their Interests pursuant to and in accordance with the terms and conditions of such sale (the “Membership Sale”).
For purposes of this Section 9.06, GAP’s right to “sell” shall include a right to grant an option or to
dispose of the fee interest or any other interest in the Sale Property, and references below to a “binding agreement”
shall be deemed references to any agreement binding on the owner of the Sale Property by which GAP causes such owner to grant any
such option or to dispose of the Sale Property or, if applicable, any agreement binding on GAP, SRT and Operating Member by which
GAP, SRT and Operating Member shall sell their respective Interests.

 

(b)         If
GAP exercises its right under this Section 9.06, it shall (on behalf of the Company or a Property Company) engage an experienced
real estate broker in the geographic area in which the Sale Property is located and with the assistance of said broker, prepare
marketing materials, market assets, cause the owner of the Sale Property to enter into a binding agreement(s) in connection with
a sale or proposed sale and, in general, cause the owner of the Sale Property to take any acts and make any commitments which are
customary or desirable in connection with the sale of property similar to that being sold by the Company or a Property Company.
If GAP elects the Membership Sale, (i) Operating Member and SRT shall execute all documents, agreements and instruments which GAP
may reasonably request to consummate the conveyance of Operating Member’s and SRT’s Interests, provided that, GAP shall
execute substantially the same documents, agreements and instruments with respect to GAP’s Interest, and (ii) Operating Member
and SRT shall each represent and warrant to the purchaser of GAP’s, SRT’s and Operating Member’s Interests, in
the binding agreement with respect to the Membership Sale, and as of the date of the closing of such Membership Sale, that (A)
each Operating Member and SRT are the sole owners of their respective Interests in the Company and holds the same free and clear
of any liens or other encumbrances, and (B) Operating Member and SRT each have all requisite power and authority to transfer its
Interest to such purchaser pursuant to this Section 9.06. GAP agrees that it will select the winning offer based upon whom
GAP reasonably determines has submitted the best qualified offer when the terms of the offer and the representation of the offeror
are considered as a whole in comparison to other offers made and other offerors. GAP shall notify SRT and Operating Member in writing
of the purchaser selected and shall use commercially reasonable efforts to keep SRT and Operating Member informed regarding the
progress of the sale of the Sale Property or, if applicable, the Membership Sale. Operating Member and SRT hereby represent and
warrant to, and agrees with and for the benefit of, GAP and the Company that GAP has all requisite authority to complete and facilitate
any sale of Operating Member’s and SRT’s Interests in accordance with this Section 9.06, including transferring
Operating Member’s and SRT’s Interests and, if and to the extent Operating Member or SRT fails to transfer Operating
Member’s or SRT’s Interest (as applicable) in accordance with this Section 9.06, Operating Member and SRT
hereby irrevocably appoint GAP as their true and lawful attorney-in-fact (which appointment shall be deemed coupled with an interest)
to individually execute all documents, agreements and instruments which GAP may reasonably request, and take any and all other
action necessary or appropriate, to consummate the conveyance of Operating Member’s and SRT’s Interests in accordance
with this Section 9.06. This Section 9.06 is self-operative and no additional authorization or consent of Operating
Member, SRT or any of their members, managers, officers, directors or owners shall be required for the sale of Operating Member’s
and SRT’s Interests under this Section 9.06.

 

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(c)         In
the event that GAP exercises its rights to sell the Company Property under this Section 9.06, (i) prior to any such sale
which constitutes a sale in bulk of all of the Company’s assets, GAP shall notify SRT in writing of the intended sale of
Company Property pursuant to a written notice (the “Sale Notice”) which sets forth GAP’s intended sales
price for Company Property at the time the Sale Notice is given (the “Proposed Price”) and other material proposed
terms (the “Proposed Terms”), of such sale (which shall be determined by GAP in its sole discretion), and (ii)
for the period commencing with the giving of the Sale Notice and terminating thirty (30) days thereafter (the “ROFO Period”),
SRT shall have the opportunity to elect to purchase Company Property or the Interests of GAP and Operating Member, at a price equal
to or in excess of the Proposed Price (or, in the case of a purchase of only the Interest of GAP and Operating Member, a price
equal to or in excess of the amount that GAP and Operating Member would receive pursuant to the terms of this Agreement if Company
Property were sold for the Proposed Price and the Company was liquidated), and on terms no less advantageous to the Company and
GAP than the Proposed Terms, by giving written notice of such election (the “Acceptance Notice”) prior to expiration
of the ROFO Period. If SRT fails to deliver the Acceptance Notice within the ROFO Period, then GAP shall be free to compel the
Company to sell Company Property on terms determined by GAP in its sole discretion, but only if such sale is consummated within
365 days after the expiration of the ROFO Period (the “Sale Period”) at a price equal to or greater than ninety-five
percent (95%) of the Proposed Price. If such a sale is not completed within 365 days at a price equal to or greater than ninety-five
percent (95%) of the Proposed Price, then GAP shall offer the Company Property to SRT in accordance with this Section 9.06(c)
prior to attempting to effect a sale of the Company Property to a third party. Together with an Acceptance Notice delivered by
the Operating Member, and as a condition to the effectiveness thereof, the Operating Member shall deposit in an escrow established
by parties a non-refundable cash deposit equal to 10% of the Proposed Price (and to be applied to the purchase price at closing)
and consummate such sale within one hundred twenty (120) days after the date of the delivery of the Acceptance Notice. If SRT delivers
the Acceptance Notice but defaults in the performance of its obligations to close the sale in accordance with this Agreement and
any other agreement of the parties relating to such sale, SRT shall forfeit its deposit (which shall be paid to GAP) and shall
have no further rights under this Section 9.06(c), and GAP may elect to (i) cause the Company to sell Company Property at
any time after such default, and on any terms, or (ii) enforce its rights by specific performance (and damages incidental to a
specific performance action which are allowed as part of such action). Notwithstanding the foregoing provisions of this Section
9.06(c), none of SRT’s rights under this Section 9.06(c) shall apply to any Transfer of any Interest by or any
direct or indirect member of or partner in GAP to any of their respective Affiliates; provided, however, that if GAP sells its
Interest to a third party which is not an Affiliate of GAP, such sale shall be subject to the provisions of this Section 9.06(c).
If Operating Member has been removed as Managing Member under this Agreement or Property Manager under the Property Management
Agreement, in any such case, “for cause,” then Operating Member shall have no right of first offer on a sale of the
Company Property or any other rights under this Section 9.06(c). If a Vote Loss Event shall have occurred with respect to
SRT, then SRT shall have no rights under this Section 9.06(c). Notwithstanding anything to the contrary herein, if the Members
unanimously agree to sell Company Property at any time, then the terms of this Section 9.06(c) shall not apply to such sale.

 

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ARTICLE
X

EXCULPATION AND INDEMNIFICATION

 

10.01      Exculpation

 

No Member, Managing Member,
general or limited partner of any Member, shareholder or member or other holder of an equity interest of any Member or manager,
officer or director of any of the foregoing, shall be liable to the Company, any Property Company or to any other Member for monetary
damages for any losses, claims, damages or liabilities arising from any act or omission performed or omitted by it and arising
out of or in connection with this Agreement or the Company’s business or affairs; provided, however, that such
act or omission was taken in good faith, was reasonably believed to be in the best interests of the Company and was within the
scope of authority granted to such Person, and in the case of a Member or related Person other than in its capacity as Property
Manager, was not attributable to such Member’s or Person’s fraud, bad faith, willful misconduct or gross negligence.
No general or limited partner of any Member, shareholder, member or other holder of an equity interest in such Member or manager,
officer of director of any of the foregoing shall be personally liable for the performance of any such Member’s obligations
of this Agreement, but the foregoing shall not relieve any partner or member of any Member from its obligations to such Member.

 

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10.02      Indemnification

 

(a)         The
Company shall, to the fullest extent permitted by applicable law, indemnify, defend and hold harmless each Member, the Managing
Member and each general or limited partner of any Member or such Member’s Affiliate, shareholder, member or other holder
of any equity interest in such Member or its Affiliate, or any manager, officer or director of any of the foregoing (collectively,
the “Indemnitees”), from and against any losses, claims, demands, liabilities, costs, damages, expenses and
causes of action to which such Indemnitee may become subject in connection with any matter arising out of or incidental to any
act performed or omitted to be performed by any such Indemnitee in connection with this Agreement or the Company’s business
or affairs; provided, however, that such act or omission was taken in good faith, was reasonably believed by the
applicable Indemnitee to be in the best interest of the Company and within the scope of authority granted to such member or applicable
Indemnitee, and in the case of a Member or related Indemnitee (other than in its capacity as Property Manager), was not attributable
to such Indemnitee’s fraud, bad faith, willful misconduct or gross negligence, or in the case of Property Manager, was not
attributable to Property Manager’s or related Indemnitee’s fraud, bad faith, willful misconduct or gross negligence.
Any indemnity under this Section 10.02 shall be paid solely out of and to the extent of Company Property and shall
not be a personal obligation of any Member and in no event will any Member be required, or permitted without the consent of all
of the Members, to contribute additional capital under Section 4.02 to enable the Company to satisfy any obligation
under this Section 10.02. All judgments against the Company and the Members, or any one or more thereof, wherein such
Member (or Members) is entitled to indemnification, must first be satisfied from Company Property before the Members shall be responsible
therefor.

 

(b)         The
Company and the other Members shall be indemnified and held harmless by each Member from and against any and all claims, demands,
liabilities, costs, damages, expenses and causes of action of any nature whatsoever arising out of or attributable to (i) any act
performed by or on behalf of any such Member (including, in the case of Operating Member, acts performed as Managing Member or
by Property Manager, if Property Manager is an Affiliate of Operating Member), its managing member or, if Property Manager is an
Affiliate of such Member, Property Manager which is not performed in good faith or is not reasonably believed by such Member, its
managing member or, if Property Manager is an Affiliate of such Member, Property Manager to be in the best interest of the Company
and within the scope of authority conferred upon such Member or its managing member under this Agreement or, with respect to Property
Manager, the Property Management Agreement, (ii) the fraud, bad faith, willful misconduct or gross negligence of such Member, its
managing member or, if Property Manager is an Affiliate of such Member, Property Manager, (iii) the breach by the Company of any
of its representations and warranties made under any purchase, loan or other agreement entered into in connection with the acquisition
of Company Property, which breach was the result of information or matters relating to such Member or, if Property Manager is an
Affiliate of such Member, Property Manager or (iv) any denial of an insurance claim by the Company based on an intentional misstatement
or intentional withholding of information by any Member or, if Property Manager is an Affiliate of such Member, Property Manager.

 

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(c)         The
provisions of this Section 10.02 shall survive for a period of four (4) years from the date of dissolution of the Company,
provided that, if at the end of such period there are any actions, proceedings or investigations then pending, any Indemnitee may
so notify the Company and the other Members at such time (which notice shall include a brief description of each such action, proceeding
or investigation and the liabilities asserted therein) and the provisions of this Section 10.02 shall survive with
respect to each such action, proceeding or investigation set forth in such notice (or any related action, proceeding or investigation
based upon the same or similar claim) until such date that such action, proceeding or investigation is finally resolved.

 

(d)         Notwithstanding
anything to the contrary contained in this Agreement, the obligations of the Company or any Member under this Section 10.02
shall (i) be in addition to any liability which the Company or such Member may otherwise have and (ii) inure to the benefit of
such Indemnitee, its Affiliates and their respective members, managers, directors, officers, employees, agents and Affiliates and
any successors, assigns, heirs and personal representatives of such Persons.

 

ARTICLE
XI

DISSOLUTION AND TERMINATION

 

11.01      Dissolution

 

The Company shall be dissolved
and its business wound up upon the earliest to occur of any of the following events, unless the majority-in-interest of the remaining
Members vote to continue the life of the Company upon the occurrence of such an event:

 

(a)         Three
(3) years after the sale, condemnation or other disposition of all Company Property and the receipt of all consideration therefor;

 

(b)         December
31, 2064;

 

(c)         At
any time on or after the second anniversary of the Effective Date, the written determination of GAP to terminate the Company; provided,
that the foregoing shall not affect the parties’ rights under Section 7.05(c), and any disposition by the Company in connection
with a liquidation under this paragraph (c) shall be subject to the ROFO Opportunity elections provided in Section 7.05(c); or

 

(d)         The
resignation, expulsion, bankruptcy or dissolution of any Member (which shall not include the occurrence of such an event with respect
to any Member’s underlying members or partners which does not cause such an event to occur with respect to the Member itself)
or the occurrence of any other event that terminates the continued membership of any Member in the Company, unless, within ninety
(90) days after such event, each of the remaining Members elects in writing (i) to continue the business of the Company and (ii)
if at such time there exists only one remaining Member, effective as of the date of such event, to admit at least one additional
Member to the Company.

 

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Without limitation on, but subject to, the
other provisions hereof, the assignment of all or any part of a Member’s Interest permitted hereunder will not result in
the dissolution of the Company. Except as otherwise specifically provided in this Agreement, each Member agrees that, without the
consent of the other Members, any Member may not withdraw from or cause a voluntary dissolution of the Company. In the event any
Member withdraws from or causes a voluntary dissolution of the Company in contravention of this Agreement, such withdrawal or the
causing of a voluntary dissolution shall not affect such Member’s liability for obligations of the Company.

 

11.02      Termination

 

In all cases of dissolution
of the Company, the business of the Company shall be wound up and the Company terminated as promptly as practicable thereafter,
and each of the following shall be accomplished:

 

(a)         The
Liquidating Member shall cause to be prepared a statement setting forth the assets and liabilities of the Company as of the date
of dissolution, a copy of which statement shall be furnished to all of the Members.

 

(b)         Company
Property shall be liquidated by the Liquidating Member as promptly as possible, but in an orderly and businesslike and commercially
reasonable manner and subject to the provisions of the Operating Plan then in effect or a liquidating plan approved by GAP. The
Liquidating Member may distribute Company Property in kind only with the consent of all of the Members.

 

(c)         The
proceeds of sale and all other assets of the Company shall be applied and distributed as follows and in the following order of
priority:

 

(i)         To
the payment of (A) the debts and liabilities of the Company (including any outstanding amounts due on any indebtedness encumbering
Company Property, or any part thereof and any Shortfall Loans) and (B) the expenses of liquidation.

 

(ii)        To
the setting up of any reserves which the Liquidating Member and GAP shall determine to be reasonably necessary for contingent,
unliquidated or unforeseen liabilities or obligations of the Company or any Member arising out of or in connection with the Company.
Such reserves may, in the discretion of the Liquidating Member, be paid over to a national bank or national title company selected
by it and authorized to conduct business as an escrow agent to be held by such bank or title company as escrow agent for the purposes
of disbursing such reserves to satisfy the liabilities and obligations described above, and at the expiration of such period as
the Liquidating Member may reasonably deem advisable, distributing any remaining balance as provided in Section 11.02(c)(iii);
provided, however, that, to the extent that it shall have been necessary, by reason of applicable law or regulation,
to create any reserves prior to any and all distributions which would otherwise have been made under Section 11.02(c)(i)
and, by reason thereof, a distribution under Section 11.02(c)(i) has not been made, then any balance remaining shall
first be distributed pursuant to Section 11.02(c)(i).

 

(iii)        The
balance, if any, to the Members in accordance with Section 6.05.

 

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11.03      Liquidating
Member

 

The Liquidating Member
is hereby irrevocably appointed as the true and lawful attorney in the name, place and stead of each of the Members, such appointment
being coupled with an interest, to make, execute, sign, acknowledge and file with respect to the Company all papers which shall
be necessary or desirable to effect the dissolution and termination of the Company in accordance with the provisions of this Article
XI. Notwithstanding the foregoing, each Member, upon the request of the Liquidating Member or GAP, shall promptly execute,
acknowledge and deliver all such documents, certificates and other instruments as the Liquidating Member or GAP shall reasonably
request to effectuate the proper dissolution and termination of the Company, including the winding up of the business of the Company.

 

11.04      Claims
of the Members

 

Members and former Members
shall look solely to the Company’s assets for the return of their Capital Contributions, and if the assets of the Company
remaining after payment of or due provision for all debts, liabilities and obligations of the Company are insufficient to return
such Capital Contributions, the Members and former Members shall have no recourse against the Company or any other Member.

 

ARTICLE
XII

DEFAULT BY MEMBER

 

12.01      Events
of Default

 

If a Member commits a material
violation or breach of any of the provisions of this Agreement, or if Property Manager commits a material violation or breach of
any of the provisions of the Property Management Agreement which is not cured (including, without limitation, by the breaching
Member reimbursing the Company for the resulting material damage or loss) within a Reasonable Period, such Member (Operating Member
in the case of a violation or breach by Property Manager) shall have committed an “Event of Default”. A failure
to make any Additional Capital Contribution shall not constitute an Event of Default.

 

12.02      Effect
of Event of Default

 

Upon the occurrence of
an Event of Default by any Member, Operating Member (if the defaulting Member is GAP) or GAP (if the defaulting Member is Operating
Member or SRT) shall have the right, at any time within one year from the date of such Event of Default and upon giving the defaulting
Member ten (10) calendar days written notice of such election (and provided such Event of Default is continuing through the end
of such ten (10) day period) to take any of the following actions:

 

(a)         Dissolve
the Company;

 

(b)         If
Operating Member is the defaulting Member, terminate Operating Member as Managing Member and as Property Manager under the Property
Management Agreement; and

 

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(c)         Pursue
any other right or remedy available at law or in equity.

 

ARTICLE
XIII

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

13.01       Representations
and Warranties of the Members

 

(a)         Each
Member represents and warrants to the other Member(s) as follows:

 

(i)         It
is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation with all requisite power
and authority to enter into this Agreement and to conduct the business of the Company.

 

(ii)        This
Agreement constitutes the legal, valid and binding obligation of the Member enforceable in accordance with its terms.

 

(iii)        No
consents or approvals are required from any Governmental Authority or other person or entity for the Member to enter into this
Agreement. All limited liability company, corporate or partnership action on the part of the Member necessary for the authorization,
execution and delivery of this Agreement, and the consummation of the transactions contemplated hereby, have been duly taken.

 

(iv)        The
execution and delivery of this Agreement by the Member, and the consummation of the transactions contemplated hereby, does not
conflict with or contravene the provisions of its organizational documents or any agreement or instrument by which it or its properties
are bound or any law, rule, regulation, order or decree to which it or its properties are subject.

 

(v)        Other
than a disposition fee required to be paid by SRT to Glenborough, LLC, in connection with the sale by SRT of the Initial Company
Property to the Company, no Member has retained any broker, finder or other commission or fee agent, and no such person has acted
on its behalf in connection with the acquisition of the Initial Company Property or the execution and delivery of this Agreement.

 

(vi)        It
understands that (A) an investment in the Company involves substantial and a high degree of risk, (B) no federal or state agency
has passed on the offer and sale of the Interest in the Company to such Person, (C) it must bear the economic risk of such Person’s
investment in the Company for an indefinite period of time, since such Person’s Interest in the Company has not been registered
for sale under the Securities Act of 1933 and, therefore, cannot be sold or otherwise transferred unless subsequently registered
under the Securities Act of 1933 or an exemption from such registration is available, and the Interest in the Company of such Person
cannot be sold or otherwise transferred unless registered under applicable state securities or blue sky laws or an exemption from
such registration is available, (D) there is no established market for the Interest of such Person in the Company and no public
market will develop and (E) such Person’s principals have such knowledge and experience in real estate and, other financial
and business matters that they are capable of evaluating the merits and risks of an investment in the Company.

 

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(b)         In
addition to the representations and warranties set forth above, Operating Member represents, warrants and covenants to GAP as follows:

 

(i)         Operating
Member is a limited liability company currently existing pursuant to that certain Certificate of Formation filed
with the Secretary of State of Delaware on January 28, 2015, and that certain limited liability company operating agreement
dated March 6, 2015 (collectively, the “Operating Member Organizational Documents”), and a true and
correct copy of the Operating Member Organizational Documents have been provided to counsel for GAP.

 

(ii)        The
Operating Member Organizational Documents have not been terminated nor modified or amended and continue to be in full force and
effect.

 

(iii)        No
consent or authorization of any other persons or entities, other than those whose consent has been secured, is required for Operating
Member to enter into this Agreement or to take any action or grant any consent or approval under this Agreement.

 

(iv)       The
offer and sale of interests in Operating Member has been undertaken in full compliance with all applicable federal and state securities
laws and no interests in Operating Member have been offered or sold to any person who was not at the time of such offer or sale
an “accredited investor” as defined in Section 2(15) of the Securities Act of 1933 and Rule 501 promulgated thereunder
and under the securities laws of various states.

 

(v)        The
Key Persons own, directly or indirectly, 52% of the Operating Member and have the power to direct the management and policies of
Operating Member.

 

(vi)        Operating
Member hereby covenants and agrees not to amend or permit the amendment of the management and control provisions of the Operating
Member Organizational Documents without the prior written consent of GAP.

 

(vii)      The
issuance of all ownership interests in Operating Member was accomplished in accordance with all laws, including, without limitation,
all securities laws.

 

(viii)     It
is in compliance with all applicable anti-money laundering and anti-terrorist laws, regulations, rules, executive orders and government
guidance, including the reporting, record keeping and compliance requirements of the Bank Secrecy Act (“BSA”),
as amended by The International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, Title III of the USA PATRIOT
Act (the “Patriot Act”), and other authorizing statutes, executive orders and regulations administered by OFAC
applicable to Operating Member, and related Securities and Exchange Commission, SRO or other agency rules and regulations applicable
to Operating Member, and has policies, procedures, internal controls and systems that are reasonably designed to ensure such compliance.

 

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(ix)        Neither:
(a) Operating Member, any Affiliate of Operating Member nor any Person controlled by Operating Member; nor (b) to the
best of knowledge of Operating Member, after making due inquiry, any Person who owns a controlling interest in or otherwise controls
Operating Member; nor (c) to the best of knowledge of Operating Member, if Operating Member is a privately held entity, any
Person otherwise having a direct or indirect beneficial interest (other than with respect to an interest in a publicly traded entity)
in Operating Member; nor (d) any Person for whom Operating Member is acting as agent or nominee in connection with this investment,
is a country, territory, Person, organization, or entity named on an OFAC List, nor is a prohibited country, territory, Person,
organization, or entity under any economic sanctions program administered or maintained by OFAC.

 

(x)         Unless
disclosed in writing to GAP on the date hereof, it is not a Senior Foreign Political Figure, or an Immediate Family Member or a
Close Associate of a Senior Foreign Political Figure, that it is not controlled by a Senior Foreign Political Figure, or an Immediate
Family Member or a Close Associate of a Senior Foreign Political Figure, and that, to the best of Operating Member’s knowledge,
after making due inquiry, none of the direct or indirect owners of Operating Member (other than any owner(s) of any interest(s)
in a publicly traded entity) is a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior
Foreign Political Figure.

 

(xi)        Subject
to any confidentiality obligations existing as of the date of any request by GAP, Operating Member agrees that, upon receiving
a request from GAP, Operating Member shall provide information reasonably required by GAP (a) that indicates that the representations,
warranties and covenants of Operating Member set forth in this Section 13.01(b) are true, and (b) to permit GAP to comply
with its obligations under all applicable anti-money laundering and anti-terrorist laws, regulations and executive orders. Operating
Member consents to the disclosure to United States regulators and law enforcement authorities by GAP and its Affiliates of such
information about Operating Member that GAP reasonably deems necessary or appropriate to comply with applicable anti-money laundering
and anti-terrorist laws, regulations, and executive orders.

 

(xii)       Operating
Member agrees that as a condition of any Transfer of any of its direct or indirect interest in the Company, GAP has the right to
require full compliance with these representations, warranties and covenants, to the satisfaction of GAP, with respect to any transferee
and any Person who owns or otherwise controls the transferee.

 

(xiii)      Operating
Member shall, to the fullest extent permitted by applicable law, indemnify, defend and hold harmless GAP and the Company, and each
general or limited partner of GAP or any Affiliate, shareholder, member or other holder of any equity interest in GAP, or any manager,
officer or director of the foregoing (collectively, the “GAP and/or Company Indemnitees”), from and against
any losses, claims, demands, liabilities, costs, damages, expenses and causes of action to which such GAP and/or Company Indemnitees
may become subject in connection with any breach of these representations, warranties and covenants that causes a breach or violation
or failed condition under any documents by which the Company is bound (such as loan documents).

 

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(xiv)      Operating
Member acknowledges and agrees that if, following its investment in the Company, GAP reasonably believes that Operating Member
has breached its representations, warranties or covenants set forth herein, or that action is otherwise required by law or regulation,
GAP has the right or may be obligated to freeze or block the investment, to prohibit additional investments, to segregate the assets
constituting the investment in accordance with applicable OFAC laws and regulations, to decline any redemption or Transfer requests,
to redeem Operating Member’s investment, and/or to report such action to government authorities. Operating Member further
acknowledges that it will have no claim against the Company and/or GAP or its Affiliates for any form of damages as a result of
any of the foregoing actions.

 

(xv)       Intentionally
Omitted.

 

(xvi)     Operating
Member is a “United States person” for United States federal income tax purposes.

 

(xvii)     To
the best of Operating Member’s knowledge, Operating Member has not knowingly or intentionally withheld or knowingly or intentionally
failed to deliver to GAP any material written documents in its possession or control relating to the Initial Company Property.

 

(xviii)    As
of the Effective Date, Operating Member has not engaged in any business other than, and has no obligations other than, its obligations
under this Agreement.

 

(xix)      To
the best of Operating Member’s knowledge, Seller has not knowingly or intentionally made any material misrepresentations
in the representations and warranties of Seller set forth in the Purchase Agreement.

 

For purposes of the representations,
warranties and covenants set forth in this Section 13.01(b), the term “knowledge” includes the actual knowledge
of Andrew Batinovich. Operating Member represents and warrants to GAP that Andrew Batinovich is the person affiliated with Operating
Member with the most knowledge regarding the representations, warranties and covenants set forth in this Section 13.01(a)
and this Section 13.01(b).

 

(c)         In
addition to the representations and warranties set forth above, SRT represents, warrants and covenants to GAP as follows:

 

(i)         SRT
is a Delaware limited liability company currently existing pursuant to that certain Certificate of Formation filed
with the Secretary of State of Delaware on January 28, 2015, and that certain limited liability company agreement dated
March 6, 2015 (collectively, the “SRT Organizational Documents”), and a true and correct copy of the
SRT Organizational Documents have been provided to counsel for GAP.

 

    	-61-

    	 

    

  

(ii)        The
SRT Organizational Documents have not been terminated nor modified or amended and continue to be in full force and effect.

 

(iii)        No
consent or authorization of any other persons or entities, other than those whose consent has been secured, is required for SRT
to enter into this Agreement or to take any action or grant any consent or approval under this Agreement.

 

(iv)        The
offer and sale of interests in SRT has been undertaken in full compliance with all applicable federal and state securities laws;
except as may be disclosed by the issues raised in the ongoing class action more particularly described on Schedule E attached
hereto.

 

(v)        It
is in compliance with all applicable anti-money laundering and anti-terrorist laws, regulations, rules, executive orders and government
guidance, including the reporting, record keeping and compliance requirements of the Bank Secrecy Act (“BSA”),
as amended by The International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, Title III of the USA PATRIOT
Act (the “Patriot Act”), and other authorizing statutes, executive orders and regulations administered by OFAC
applicable to SRT, and related Securities and Exchange Commission, SRO or other agency rules and regulations applicable to SRT,
and has policies, procedures, internal controls and systems that are reasonably designed to ensure such compliance.

 

(vi)       Neither:
(A) SRT, any Affiliate of SRT nor any Person controlled by SRT; nor (B) to the best of knowledge of SRT, after making
due inquiry, any Person who owns a controlling interest in or otherwise controls SRT; nor (C) to the best of knowledge of
SRT, if SRT is a privately held entity, any Person otherwise having a direct or indirect beneficial interest (other than with respect
to an interest in a publicly traded entity) in SRT; nor (D) any Person for whom SRT is acting as agent or nominee in connection
with this investment, is a country, territory, Person, organization, or entity named on an OFAC List, nor is a prohibited country,
territory, Person, organization, or entity under any economic sanctions program administered or maintained by OFAC.

 

(vii)      Unless
disclosed in writing to GAP on the date hereof, it is not a Senior Foreign Political Figure, or an Immediate Family Member or a
Close Associate of a Senior Foreign Political Figure, that it is not controlled by a Senior Foreign Political Figure, or an Immediate
Family Member or a Close Associate of a Senior Foreign Political Figure, and that, to the best of SRT’s knowledge, after
making due inquiry, none of the direct or indirect owners of SRT (other than any owner(s) of any interest(s) in a publicly traded
entity) is a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political
Figure.

 

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(viii)      Subject
to any confidentiality obligations existing as of the date of any request by GAP, SRT agrees that, upon receiving a request from
GAP, SRT shall provide information reasonably required by GAP (A) that indicates that the representations, warranties and covenants
of SRT set forth in this Section 13.01(c) are true, and (B) to permit GAP to comply with its obligations under all applicable
anti-money laundering and anti-terrorist laws, regulations and executive orders. SRT consents to the disclosure to United States
regulators and law enforcement authorities by GAP and its Affiliates of such information about SRT that GAP reasonably deems necessary
or appropriate to comply with applicable anti-money laundering and anti-terrorist laws, regulations, and executive orders.

 

(ix)        SRT
agrees that as a condition of any Transfer of any of its direct or indirect interest in the Company, GAP has the right to require
full compliance with these representations, warranties and covenants, to the satisfaction of GAP, with respect to any transferee
and any Person who owns or otherwise controls the transferee.

 

(x)         SRT
shall, to the fullest extent permitted by applicable law, indemnify, defend and hold harmless GAP and the Company, and each general
or limited partner of GAP or any Affiliate, shareholder, member or other holder of any equity interest in GAP, or any manager,
officer or director of the foregoing (collectively, the “GAP and/or Company Indemnitees”), from and against
any losses, claims, demands, liabilities, costs, damages, expenses and causes of action to which such GAP and/or Company Indemnitees
may become subject in connection with any breach of these representations, warranties and covenants that causes a breach or violation
or failed condition under any documents by which the Company is bound (such as loan documents).

 

(xi)        SRT
acknowledges and agrees that if, following its investment in the Company, GAP reasonably believes that SRT has breached its representations,
warranties or covenants set forth herein, or that action is otherwise required by law or regulation, GAP has the right or may be
obligated to freeze or block the investment, to prohibit additional investments, to segregate the assets constituting the investment
in accordance with applicable OFAC laws and regulations, to decline any redemption or Transfer requests, to redeem SRT’s
investment, and/or to report such action to government authorities. SRT further acknowledges that it will have no claim against
the Company and/or GAP or its Affiliates for any form of damages as a result of any of the foregoing actions.

 

(xii)       Intentionally
Omitted.

 

(xiii)      SRT
is a “United States person” for United States federal income tax purposes.

 

(xiv)     To
the best of SRT’s knowledge, SRT has not knowingly or intentionally withheld or knowingly or intentionally failed to deliver
to GAP all material written documents in its possession or control relating to the Initial Company Property.

 

For purposes of the representations,
warranties and covenants set forth in this Section 13.01(c), the term “knowledge” includes the actual knowledge
of Andrew Batinovich. Operating Member represents and warrants to GAP that Andrew Batinovich is the person affiliated with Operating
Member with the most knowledge regarding the representations, warranties and covenants set forth in this Section 13.01(a)
and this Section 13.01(b).

 

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(d)         In
addition to the representations and warranties set forth above, GAP represents, warrants and covenants to Operating Member as follows:

 

(i)         GAP
is a limited liability company currently existing pursuant to that certain Certificate of Formation filed with the Secretary of
State of Delaware on September 11, 2014, and that certain limited liability company agreement of GAP in effect as of the Effective
Date (collectively, the “GAP Organizational Documents”).

 

(ii)        The
GAP Organizational Documents have not been terminated and continue to be in full force and effect.

 

(iii)        No
consent or authorization of any other persons or entities, other than those whose consent has been secured, is required for GAP
to enter into this Agreement or to take any action or grant any consent or approval under this Agreement.

 

(iv)        The
offer and sale of interests in GAP has been undertaken in full compliance with all applicable federal and state securities laws
and no interests in GAP have been offered or sold to any person who was not at the time of such offer or sale an “accredited
investor” as defined in Section 2(15) of the Securities Act of 1933 and Rule 501 promulgated thereunder and under the securities
laws of various states.

 

(e)         (i)         Each
Member acknowledges and agrees that, without SRT’s consent, the Company shall not take, nor shall such Members cause the
Company to take, any actions that would (A) cause SRT or its Affiliates to be disqualified as a REIT under the Code or (B) generate
any income other than “rents from real property” and “gains from the sale of real property which is not property
described in Section 1221(a)(i) of the Code.” Each Member shall be responsible for any action taken by it in violation of
the foregoing and in no event will the Company be responsible for the actions of any Member.

 

(ii)         A
Member may request confirmation from SRT, at any time and from time to time, that a proposed action to be taken by a Member or
the Company will not violate the terms of subsection (i) above. If SRT either (A) confirms that such action will not violate the
terms of subsection (i) above or (B) fails to respond to such request within ten (10) days, then the Member(s) and the Company
may pursue such action without any future liability under subsection (i) above if such action is later determined to have violated
the terms of subsection (i) above.

 

(f)          Each
Member agrees to indemnify and hold harmless the Company and each other Member and their officers, directors, shareholders, partners,
members, employees, successors and assigns from and against any and all loss, damage, liability or expense (including costs and
attorneys’ fees) which they may incur by reason of, or in connection with, any breach of the foregoing representations and
warranties by such Member and all such representations and warranties shall survive the execution and delivery of this Agreement
and the termination and dissolution of Operating Member and/or the Company or any other Member.

 

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ARTICLE
XIV

MISCELLANEOUS

 

14.01     Further
Assurances

 

Each Member agrees to execute,
acknowledge, deliver, file, record and publish such further instruments and documents, and do all such other acts and things as
may be required by law, or as may be required to carry out the intent and purposes of this Agreement.

 

14.02     Notices

 

All notices, demands, consents,
approvals, requests or other communications which any of the parties to this Agreement may desire or be required to give hereunder
(collectively, “Notices”) shall be in writing and shall be given by (a) personal delivery, (b) facsimile or
electronic mail transmission, but only to the extent delivery has been confirmed by all recipients by a return facsimile or electronic
mail transmission or (c) a reputable overnight courier service, fees prepaid, addressed as follows:

 

	
         

        If to GAP:
	
        c/o Oaktree Real Estate Group

        333 So. Grand Avenue, 28th Floor

        Los Angeles, CA 90071

        Attn: Cary Kleinman

        Facsimile No.: 213/830-6392

	 	 
	If to Operating Member, to:	
        

        c/o GLB SGO, LLC

        400 South El Camino, 11th Floor

        San Mateo, CA 94402-170

        Attention: Andrew Batinovich

        Facsimile No. 650/343-9690

	 	 
	with a copy to:	
         c/o GLB SGO, LLC

        400 South El Camino, 11th Floor

        San Mateo, CA 94402-170

        Attention: General Counsel

        Facsimile No. 650/343-9690

	 	 
	If to SRT, to:	
         c/o SRT SGO, LLC

        400 South El Camino, 11th Floor

        San Mateo, CA 94402-170

        Attention: Andrew Batinovich

        Facsimile No. 650/343-9690

 

    	-65-

    	 

    

  

	with a copy to:	
        c/o SRT SGO, LLC

        400 South El Camino, 11th Floor

        San Mateo, CA 94402-170

        Attention: General Counsel

        Facsimile No. 650/343-9690

 

Any Member may designate another addressee
(and/or change its address) for Notices hereunder by a Notice given pursuant to this Section 14.02. A Notice sent in
compliance with the provisions of this Section 14.02 shall be deemed given on the date of receipt.

 

14.03     Governing
Law

 

This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware applicable to agreements made and to be performed
wholly within that State.

 

14.04     Attorney
Fees

 

If the Company or any Member
obtains a judgment against any other Member by reason of the breach of this Agreement or the failure to comply with the terms hereof,
reasonable attorneys’ fees and costs as fixed by the court shall be included in such judgment.

 

14.05     Captions

 

All titles or captions
contained in this Agreement are inserted only as a matter of convenience and for reference and in no way define, limit, extend,
or describe the scope of this Agreement or the intent of any provision in this Agreement.

 

14.06     Pronouns

 

All pronouns and any variations
thereof shall be deemed to refer to the masculine, feminine, and neuter, singular and plural, as the identity of the party or parties
may require.

 

14.07     Successors
and Assigns

 

This Agreement shall be
binding upon the parties hereto and their respective executors, administrators, legal representatives, heirs, successors and assigns,
and shall inure to the benefit of the parties hereto and, except as otherwise provided herein, their respective executors, administrators,
legal representatives, heirs, successors and assigns.

 

14.08     Extension
Not a Waiver

 

No delay or omission in
the exercise of any power, remedy or right herein provided or otherwise available to a Member or the Company shall impair or affect
the right of such Member or the Company thereafter to exercise the same. Any extension of time or other indulgence granted to a
member hereunder shall not otherwise alter or affect any power, remedy or right of any other Member or of the Company, or the obligations
of the Member to whom such extension or indulgence is granted.

 

    	-66-

    	 

    

  

14.09     Creditors
Not Benefited

 

Nothing contained in this
Agreement is intended or shall be deemed to benefit any creditor of the Company or any Member, and no creditor of the Company shall
be entitled to require the Company or the Members to solicit or accept any Additional Capital Contribution for the Company or to
enforce any right which the Company or any Member may have against any Member under this Agreement or otherwise or under any guaranty.

 

14.10     Recalculation
of Interest

 

If any applicable law is
ever judicially interpreted so as to deem any distribution, contribution, payment or other amount received by any Member or the
Company under this Agreement as interest and so as to render any such amount in excess of the maximum rate or amount of interest
permitted by applicable law, then it is the express intent of the Members and the Company that all amounts in excess of the highest
lawful rate or amount theretofore collected be credited against any other distributions, contributions, payments or other amounts
to be paid by the recipient of the excess amount or refunded to the appropriate Person, and the provisions of this Agreement immediately
be deemed reformed, without the necessity of the execution of any new document, so as to comply with the applicable law, but so
as to permit the payment of the fullest amount otherwise required hereunder. All sums paid or agreed to be paid that are judicially
determined to be interest shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout
the term of such obligation so that the rate or amount of interest on account of such obligation does not exceed the maximum rate
or amount of interest permitted under applicable law.

 

14.11     Severability

 

In case any one or more
of the provisions contained in this Agreement or any application thereof shall be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein and other application thereof shall not
in any way be affected or impaired thereby.

 

14.12     Entire
Agreement

 

This Agreement contains
the entire agreement between the parties relating to the subject matter hereof and all prior agreements relative hereto which are
not contained herein are terminated. Amendments, variations, modifications or changes herein may be made effective and binding
upon the Members by, and only by, the setting forth of same in a document duly executed by each Member, and any alleged amendment,
variation, modification or change herein which is not so documented shall not be effective as to any Member.

 

    	-67-

    	 

    

  

14.13     Publicity

 

The parties agree that
no Member shall issue any press release or otherwise publicize or disclose the terms of this Agreement or the proposed terms of
any acquisition of the Initial Company Property, without the consent of each of the other Members, except as such disclosure may
be made in the course of normal reporting practices by any Member to its members, shareholders or partners or as otherwise required
by law.

 

14.14     Counterparts

 

This Agreement may be executed
in multiple counterparts, each of which shall be an original but all of which together shall constitute but one and the same agreement.

 

14.15     Confidentiality

 

(a)         Each
Operating Member and SRT represents that it has not and agrees that it will not and will direct its shareholders, partners, directors,
officers, agents, advisors and Affiliates not to, disclose to any Person the terms of this Agreement, the identity of any person
with whom the Company may be holding discussions with respect to any investment, acquisition, disposition or other transaction,
or any other business, financial or other information relating directly to the conduct of the business and affairs of the Company
or the relative or absolute rights or interests of any of the Members that is not already publicly available or that has not been
publicly disclosed by or pursuant to authorization by GAP (collectively, the “Confidential Information”), or
confirm any statement made by third Persons regarding Confidential Information; provided, however, that Operating
Member and SRT (or either of their Affiliates) may disclose such Confidential Information if required by law (it being specifically
understood and agreed that anything set forth in a registration statement or any other document filed pursuant to law will be deemed
required by law), if necessary for it to perform any of its duties or obligations hereunder or in any management agreement to which
it is a party covering any Company Property, and to its attorneys and advisors who agree to maintain a similar confidence.

 

(b)         Subject
to the provisions of Section 14.15(a), Operating Member and SRT each agree not to disclose any Confidential Information
to any Person (other than a Person (including without limitation an attorney or advisor) agreeing to maintain all Confidential
Information in strict confidence or a judge, magistrate or referee in any action, suit or proceeding relating to or arising out
of this Agreement or otherwise), and to keep confidential all documents (including, without limitation, responses to discovery
requests) containing any Confidential Information. Each Operating Member and SRT hereby consents in advance to any motion for any
protective order brought by GAP represented as being intended by GAP to implement the purposes of this Section 14.15,
provided that, if Operating Member or SRT receives a request to disclose any Confidential Information under the terms of a valid
and effective order issued by a court or governmental agency and the order was not sought by or on behalf of or consented to by
Operating Member or SRT, as applicable, then Operating Member or SRT may disclose the Confidential Information to the extent required
if Operating Member or SRT, as applicable, as promptly as practicable (i) notifies GAP of the existence, terms and circumstances
of the order, (ii) consults in good faith with GAP on the advisability of taking legally available steps to resist or to narrow
the order, and (iii) if disclosure of the Confidential Information is required, exercises its best efforts to obtain a protective
order or other reliable assurance that confidential treatment will be accorded to the portion of the disclosed Confidential Information
that GAP designates. The cost (including, without limitation, attorneys’ fees and expenses) of obtaining a protective order
covering Confidential Information designated by GAP will be borne by the Company.

 

    	-68-

    	 

    

  

(c)         The
covenants contained in this Section 14.15 will survive the Transfer of the Interest of any Member and the termination
of the Company.

 

14.16      Venue

 

Each of the Members consents
to the jurisdiction of any court in Wilmington, Delaware for any action arising out of matters related to this Agreement. Each
of the Members waives the right to commence an action in connection with this Agreement in any court outside of Wilmington, Delaware.

 

14.17      Waiver
of Jury Trial

 

EACH OF THE MEMBERS HEREBY
WAIVES TRIAL BY JURY IN ANY ACTION ARISING OUT OF MATTERS RELATED TO THIS AGREEMENT, WHICH WAIVER IS INFORMED AND VOLUNTARY.

 

14.18      Attorney
Representation

 

Each Member hereby acknowledges
and agrees that: (i) in the negotiation and preparation of this Agreement and with respect to the matters contemplated hereby GAP
has been independently represented by the law firm of Jones Day (“Jones Day”), Operating Member and SRT have been independently
represented by the law firm of Boutin Jones Inc. (“Boutin Jones”); (ii) Jones Day has represented both GAP and its
Affiliates in other related and unrelated matters; (iii) each Member hereby waives any potential conflict of interest resulting
from Jones Day’s representation of GAP and GAP’s Affiliates with respect to this Agreement and the Company with respect
to other related and unrelated matters; (iv) Operating Member and SRT agree and acknowledge that in the event of a default on the
part of Operating Member and/or SRT under this Agreement, Jones Day shall be free to represent the Company, GAP and GAP’s
Affiliates in the enforcement of this Agreement; and (v) GAP agrees and acknowledges that in the event of a default on the part
of GAP under this Agreement, Boutin Jones shall be free to represent Operating Member and/or SRT in the enforcement of this Agreement.

 

14.19      Cooperation

 

In the event that GAP in
good faith proposes a restructuring of the Company in order to avoid the imposition of a corporate tax on any income of the Company
or to minimize the effects of any UBTI on GAP and/or its direct or indirect partners, members or shareholders, Operating Member
shall cooperate with and consent to such restructuring, provided same does not materially adversely affect Operating Member or
SRT.

 

[SIGNATURES ON NEXT PAGE]

 

    	-69-

    	 

    

  

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date set forth in the introductory paragraph hereof.

 

	 	Operating Member:
	 	 
	 	GLB SGO, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:  Andrew Batinovich
	 	Title:  President and Chief Executive Officer

 

Signatures Continue on Next Page

 

    	 

    	 

    

  

	 	SRT:
	 	 
	 	SRT SGO, LLC, 
	 	A Delaware limited liability company
	 	 	 
	 	By:	STRATEGIC REALTY OPERATING PARTNERSHIP, L.P., 
	 	 	a Delaware limited partnership,
	 	 	its sole member
	 	 	 	 
	 	 	By:	STRATEGIC REALTY TRUST, INC.,
	 	 	 	a Maryland corporation, 
	 	 	 	its general partner
	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name: Andrew Batinovich 
	 	 	 	Title:  President and Chief Executive Officer

 

Signatures Continue on Next Page

 

    	 

    	 

    

 

 

	 	GAP:
	 	 
	 	GROCERY RETAIL GRAND AVENUE PARTNERS, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Its:  Authorized Signatory
	 	 
	 	By:	 
	 	Name:	 
	 	Its:  Authorized Signatory
	 	 	 	 

Signature Page – Limited Liability
Company Agreement – SGO Retail Acquisitions Venture, LLC

 

    	 

    	 

    

  

EXHIBIT A

 

PROPERTY MANAGEMENT AGREEMENT

 

[SEE ATTACHED]

 

    	 

    	 

    

  

EXHIBIT B

 

INTENTIONALLY OMITTED

 

    	 

    	 

    

  

EXHIBIT C

 

EXAMPLE OF OPERATION OF CALCULATION SET FORTH
IN SECTION 4.02(c)

 

By way of example only,
and without limitation, assume that on the Effective Date, the Members made Capital Contributions aggregating $1,000,000, of which
$800,000 was made by GAP, with a Percentage Interest of 80.0%, $190,000 was made by SRT with a Percentage Interest of 19%, and
$10,000 was made by Operating Member, with a Percentage Interest of 1.0%. Subsequent to the Effective Date, the Managing Member
calls for Additional Capital Contributions of $500,000 in the aggregate (the “Additional Capital Call”), of
which GAP is responsible for $400,000, SRT is responsible for $95,000 and Operating Member is responsible for $5,000. GAP and Operating
Member each make their shares of the Additional Capital Call, but SRT does not, and GAP and Operating Member each (based on their
relative Percentage Interests)* also make the $95,000 contribution on behalf of SRT. Such $95,000 is a “Substituted Capital
Contribution”, and after the Additional Capital Call is funded, the Members’ Percentage Interests shall have been adjusted
as follows, in accordance with Section 4.02(c):

 

1.         GAP:
The adjusted Percentage Interest of GAP, in the aggregate, is calculated by dividing (1) the positive difference, if any, between
(a) the sum of (i) one hundred percent (100%) of the aggregate Capital Contributions (excluding Substituted Capital Contributions)
then or theretofore made by GAP to the Company ($1,200,000), plus (ii) 200% of the Substituted Capital Contributions then
or theretofore made by GAP to the Company ($93,827.16), minus (b) the Excess Amounts attributable to the Substituted Capital
Contributions then or theretofore made by SRT to the Company ($0), by (2) one hundred percent (100%) of the aggregate Capital
Contributions (including without limitation Substituted Capital Contributions) then or theretofore made by all of the Members to
the Company ($1,500,000). This results in a Percentage Interest for GAP of (i) the sum of $1,200,000 plus $187,654.32, divided
by (ii) $1,500,000 = 92.51%.

 

2.         Operating
Member: The adjusted Percentage Interest of Operating Member, in the aggregate, is calculated by dividing (1) the positive difference,
if any, between (a) the sum of (i) one hundred percent (100%) of the aggregate Capital Contributions (excluding Substituted
Capital Contributions) then or theretofore made by Operating Member to the Company ($15,000), plus (ii) 200% of the Substituted
Capital Contributions then or theretofore made by Operating Member to the Company ($1,172.84), minus (b) the Excess Amounts
attributable to the Substituted Capital Contributions then or theretofore made by SRT to the Company ($0), by (2) one hundred
percent (100%) of the aggregate Capital Contributions (including without limitation Substituted Capital Contributions) then or
theretofore made by all of the Members to the Company ($1,500,000). This results in a Percentage Interest for Operating Member
of (i) the sum of $15,000 plus $2,345.68, divided by (ii) $1,500,000 = 1.16%.

 

    	 

    	 

    

  

3.         SRT:
SRT’s adjusted Percentage Interest is calculated by dividing (1) the positive difference, if any, between (a) the
sum of (i) one hundred percent (100%) of the aggregate Capital Contributions (excluding Substituted Capital Contributions)
then or theretofore made by SRT to the Company ($190,000), plus (ii) 200% of the Substituted Capital Contributions then or
theretofore made by SRT to the Company ($0), minus (b) the Excess Amounts attributable to the Substituted Capital Contributions
then or theretofore made by GAP and Operating Member to the Company ($93,827.16 and ($1,172.84, respectively), by (2) one
hundred percent (100%) of the aggregate Capital Contributions (including without limitation Substituted Capital Contributions)
then or theretofore made by all of the Members to the Company ($1,500,000). This results in a Percentage Interest for SRT of (i)
the difference between $190,000 minus $95,000, divided by (ii) $1,500,000 = 6.33%.

 

*Relative Percentage Interests
are calculated by dividing the Percentage Interest of a Member by the aggregate Percentage Interest of all contributing Members
(i.e., 80/(80+1) = 98.77% and 1/(80+1) = 1.23%, respectively).

 

    	-2-

    	 

    

  

EXHIBIT D

 

PERFORMANCE GOALS

 

Investment must (i) achieve 90% of budgeted
NOI based on projections at closing and (ii) maintain leases covering in excess of 75% of the rentable square footage of all properties
comprising the Investment. Oaktree may assign Operating Member’s Incentive Fee to a replacement third party upon a specified
termination event relating to “bad boy” acts of the Operating Member or violation of the Performance Tests.

 

Budgeted Net Operating Income

 

	 	 	Yr 1	 	Yr 2	 	Yr 3	 	Yr 4	 	Yr 5
	Aurora Commons - Office	 	$	103,783	 	 	$	122,995	 	 	$	135,802	 	 	$	144,896	 	 	$	148,587	 
	Aurora Commons - Retail	 	 	554,960	 	 	 	635,590	 	 	 	646,705	 	 	 	636,246	 	 	 	642,877	 
	Constitution Trail	 	 	1,999,228	 	 	 	2,189,356	 	 	 	2,357,942	 	 	 	2,510,337	 	 	 	2,537,873	 
	Osceola Village	 	 	1,440,618	 	 	 	1,635,762	 	 	 	1,658,377	 	 	 	1,628,515	 	 	 	1,468,885	 
	Total Budgeted NOI	 	$	4,098,589	 	 	$	4,583,703	 	 	$	4,798,826	 	 	$	4,919,994	 	 	$	4,798,222	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	% of Budgeted NOI	 	 	90	%	 	 	90	%	 	 	90	%	 	 	90	%	 	 	90	%
	NOI Threshold	 	$	3,688,730	 	 	$	4,125,333	 	 	$	4,318,943	 	 	$	4,427,995	 	 	$	4,318,400	 

 

    	 

    	 

    

  

SCHEDULE A

 

ESTIMATED REQUIRED INITIAL CAPITAL CONTRIBUTIONS

 

	Operating Member: 	 	$239,437.94
	 	 	 
	GAP: 	 	 $19,155,035.46
	 	 	 
	SRT:  	 	$4,549,320.92

 

    	 

    	 

    

  

SCHEDULE B

 

INITIAL COMPANY PROPERTY

 

PROPERTY DESCRIPTION OF AURORA COMMONS PROPERTY

 

The land referred to herein below is situated
in the City of Aurora, County of Portage, State of Ohio, described as follows:

 

TRACT I:

 

Parcel "A"

 

Situated in the City of Aurora, County of Portage,
State of Ohio and known as being part of Original Aurora Township, Lot No. 18 and is further bounded and described as follows:
Beginning at a 7/8" iron pin found at the intersection of the center line of West Garfield Road (State Route 82) (60 feet
wide) with the center line of Bissell Road (50 feet wide). Thence South 89° 41’ 30" East, along said center line
of West Garfield Road, a distance of 808.88 feet to a P.K. nail found at the Northeasterly corner of Parcel No. 4 of land conveyed
to Aurora Commons Phase Two, LLC by deed recorded in Document No. 200205196 of Portage County Records and the principal place of
beginning of the land herein described;

 

Course 1 Thence South 89°-41’-30"
East, continuing along said center line of West Garfield Road, a distance of 483.87 feet;

 

Course 2 Thence South 00°-18’-30"
West, passing through a 5/8" iron pin (Neff-7065) set at 30.00 feet, the Southerly right of way line of said West Garfield
Road, a distance of 214.71 feet to a 5/8" iron pin (Neff-7065) set;

 

Course 3 Thence South 53°-36’-19"
East, a distance of 85.93 feet to a 5/8" iron pin (Neff-7065) set;

 

Course 4 Thence South 08°-09’-00"
East, a distance of 157.55 feet to a 5/8" iron pin (Neff-7065) set in the Northwesterly line of Parcel No. 2 of land so conveyed
to the aforesaid Aurora Commons Phase Two, LLC;

 

Course 5 Thence South 67°-18’-30"
West, along said Northwesterly line of Parcel No. 2, a distance of 28.74 feet to a magnetic nail found at a Northwesterly corner
thereof;

 

Course 6 Thence South 08°-09’-00"
East, along a Westerly line of said Parcel No. 2 and along a Westerly line of a parcel of land conveyed to the City of Aurora by
deed recorded in Document No. 201108720 of Portage County Records, a distance of 1109.28 feet to a Southwesterly corner thereof.
Said corner marked by a 1/2" iron pin found South 66°-58’-29" West, a distance of 0.52 feet;

 

Course 7 Thence North 82°-15’-00"
East, along a Southerly line of land so conveyed to the City of Aurora, a distance of 73.14 feet to a 1/2" iron pin found
at an interior corner thereof;

 

Course 8 Thence South 07°-59’-20"
East, along a Westerly line of land so conveyed to the City of Aurora, a distance of 249.75 feet to a P.K. nail found at a Southwesterly
corner thereof and the center line of West Pioneer Trail (60 feet wide);

 

Course 9 Thence South 82°-00’-42"
West, along said center line of West Pioneer Trail, a distance of 60.00 feet to a P.K. nail found at a Southeasterly corner of
a parcel of land conveyed to the City of Aurora by deed recorded in Document No. 200121047 of Portage County Records;

 

Course 10 Thence North 07°-59’-20"
West, along an Easterly line of land so conveyed to the City of Aurora, as last aforesaid, a distance of 30.00 feet to a P.K. nail
found at an angle point therein and the Northerly right of way line of said West Pioneer Trail;

 

Course 11 Thence North 26°-24’-10"
West, continuing along said Easterly line of land so conveyed to the City of Aurora, as last aforesaid, a distance of 232.11 feet
to a 1/2" iron pin found at an angle point therein;

 

    	 

    	 

    

  

Course 12 Thence North 08°-09’-00"
West, continuing along said Easterly line of land so conveyed to the City of Aurora, as last aforesaid and along the Easterly line
of a parcel of land conveyed to the United States Postal Service by deed recorded in Volume 1087, Page 664 of Portage County Records,
a distance of 625.06 feet to a 1/2" iron pin found at the Northeasterly corner thereof;

 

Course 13 Thence North 61°-16’-00"
West, along the Northeasterly line of land so conveyed to the United States Postal Service, a distance of 218.47 feet to a magnetic
nail found at the Northwesterly corner thereof;

 

Course 14 Thence South 28°-44’-00"
West, along the Northwesterly line of land so conveyed to the United States Postal Service, a distance of 240.00 feet to a magnetic
nail found at the Southwesterly corner thereof;

 

Course 15 Thence South 61°-16’-00"
East, along the Southwesterly line of land so conveyed to the United States Postal Service, a distance of 54.74 feet to a 5/8"
iron pin (Neff-7065) set at an angle point in the Northeasterly line of Parcel No. 2 of land conveyed to TNP SRT Aurora Commons,
LLC by deed recorded in Document No. 201205050 of Portage County Records;

 

Course 16 Thence South 56°-26’-46"
West, along said Northeasterly line of Parcel No. 2, a distance of 66.63 feet to a 5/8" iron pin (Neff-7065) set at an angle
point therein;

 

Course 17 Thence North 61°-09’-00"
West, continuing along said Northeasterly line of Parcel No. 2, a distance of 180.00 feet to a magnetic nail set at an angle point
therein;

 

Course 18 Thence North 73°-09’-00"
West, continuing along said Northeasterly line of Parcel No. 2, a distance of 270.98 feet to a 5/8" iron pin (Neff-7065) set
at the Northwesterly corner thereof and the Easterly line of a parcel of land conveyed to Aurora Manor Limited Partnership by deed
recorded in Document No. 201114790 of Portage County Records;

 

Course 19 Thence North 02°-55’-20"
West, along said Easterly line of land so conveyed to Aurora Manor Limited Partnership and along the aforesaid Easterly line of
Parcel No. 4 of land so conveyed to Aurora Commons Phase Two, LLC, a distance of 322.68 feet to a 5/8" iron pin (Dudley-6747)
found at an angle point therein;

 

Course 20 Thence North 17°-34’-18"
East, along said Easterly line of Parcel No. 4, a distance of 633.33 feet to the principal place of beginning and containing 16.2705
Acres (708,744 Square Feet) of land according to a survey made by Thomas J. Neff, Jr. Registered Surveyor No. 7065-Ohio in April
2012.

 

The subject premises being part of Parcel No.
1 of land conveyed to TNP SRT Aurora Commons, LLC by deed recorded in Document No. 201205050 of Portage County Records.

 

The basis of bearings for the premises surveyed
is South 89°-41’-30" East, as the center line of West Garfield Road (State Route 82) as evidenced by the deed recorded
in Document No. 201205050 of Portage County Records.

 

Parcel "B"

 

Situated in the City of Aurora, County of Portage,
State of Ohio and known as being part of Original Aurora Township, Lot No. 18 and is further bounded and described as follows:
Beginning at a 7/8" iron pin found at the intersection of the center line of West Garfield Road (State Route 82) (60 feet
wide) with the center line of Bissell Road (50 feet wide). Thence South 89°-41’-30" East, along said center line
of West Garfield Road, a distance of 808.88 feet to a P.K. nail found at the Northeasterly corner of Parcel No. 4 of land conveyed
to Aurora Commons Phase Two, LLC by deed recorded in Document No. 200205196 of Portage County Records, the same being the Northwesterly
corner of Parcel No. 1 of land conveyed to TNP SRT Aurora Commons, LLC by deed recorded in Document No. 201205050 of Portage County
Records. Thence South 89°-41’-30" East, continuing along said centerline of West Garfield Road, a distance of 483.87
feet to the principal place of beginning of the land herein described;

 

Course 1 Thence South 89°-41’-30"
East, continuing along said center line of West Garfield Road, a distance of 537.05 feet to a magnetic nail found at the Northwesterly
corner of a parcel of land conveyed to Kallstrom Taylor Partnership, LLC by deed recorded in Document No. 2000025053 of Portage
County Records;

 

    	 

    	 

    

  

Course 2 Thence South 00°-18’-30"
West, along the Westerly line of land so conveyed to Kallstrom Taylor Partnership, LLC, a distance of 270.00 feet to a 1/2"
iron pin found at the Northeasterly corner of Parcel No. 2 of land conveyed to Aurora Commons Phase Two, LLC by deed recorded in
Document No. 200205196 of Portage County Records;

 

Course 3 Thence North 89°-41’-30"
West, along the Northerly line of said Parcel No. 2, a distance of 265.00 feet to a magnetic nail found at a Northwesterly corner
thereof;

 

Course 4 Thence South 00°-18’-30"
West, along a Westerly line of said Parcel No. 2, a distance of 75.00 feet to a 1/2" iron pin found at an interior corner
thereof;

 

Course 5 Thence South 67°-18’-30"
West, along the Northwesterly line of said Parcel No. 2, a distance of 194.93 feet to a magnetic nail set;

 

Course 6 Thence North 08°-09’-00"
West, a distance of 157.55 feet to a 5/8" iron pin (Neff-7065) set;

 

Course 7 Thence North 53°-36’-19"
West, a distance of 85.93 feet to a 5/8" iron pin (Neff-7065) set;

 

Course 8 Thence North 00°-18’-30"
East, passing through a 5/8" iron pin (Neff-7065) set at 184.71 feet, the Southerly right of way line of aforesaid West Garfield
Road, a distance of 214.71 feet to the principal place of beginning and containing 3.7858 acres (164,909 Square Feet) of land according
to a survey made by Thomas J. Neff, Jr. Registered Surveyor No. 7065-Ohio in April of 2012.

 

The subject premises being part of Parcel No.
1 of land conveyed to TNP SRT Aurora Commons, LLC by deed recorded in Document No. 201205050 of Portage County Records.

 

The basis of bearings for the premises surveyed
is South 89°-41’-30" East, as the center line of West Garfield Road (State Route 82) as evidenced by the deed recorded
in Document No. 201205050 of Portage County Records.

 

Parcel "C"

 

Situated in the City of Aurora, County of Portage,
State of Ohio and known as being part of Original Aurora Township, Lot No. 18 and is further bounded and described as follows:
Beginning at a 7/8" iron pin found at the intersection of the center line of West Garfield Road (State Route 82) (60 feet
wide) with the center line of Bissell Road (50 feet wide). Thence South 89°-41’-30" East, along said center line
of West Garfield Road, a distance of 808.88 feet to a P.K. nail found at the Northwesterly corner of Parcel No. 1 of land conveyed
to TNP SRT Aurora Commons, LLC by deed recorded in Document No. 201205050 of Portage County Records.

 

Thence South 17°-34’-18" West,
along the Westerly line of said Parcel No. 1, a distance of 633.33 feet to an angle point therein. Thence South 02°-55’-20"
East, continuing along said Westerly line of Parcel No. 1 and along the Easterly line of a parcel of land conveyed to Aurora Manor
Limited Partnership by deed recorded in Document No. 201114790 of Portage County Records, a distance of 322.68 feet to a 5/8"
iron pin (Neff-7065) set at the Southwesterly corner of said Parcel No. 4 and the principal place of beginning of the land herein
described;

 

Course 1 Thence South 73°-09’-00"
East, along the Southwesterly line of said Parcel No. 1, a distance of 270.98 feet to a magnetic nail set at an angle point therein;

 

Course 2 Thence South 61°-09’-00"
East, continuing along said Southwesterly line of Parcel No. 1, a distance of 180.00 feet to a 5/8" iron pin (Neff-7065) set
at an angle point therein;

 

Course 3 Thence North 56°-26’-46"
East, continuing along said Southwesterly line of Parcel No. 1, a distance of 66.63 feet to a 5/8" iron pin (Neff-7065) set
at a Southeasterly corner thereof and the Southwesterly line of a parcel of land conveyed to the United States Postal Service by
deed recorded in Volume 1087, Page 664 of Portage County Records;

 

Course 4 Thence South 61°-16’-00"
East, along said Southwesterly line of land so conveyed to the United States Postal Service, a distance of 290.81 feet to a 5/8"
iron pin (Neff-7065) set at an angle point in the Northerly line of a parcel of land conveyed to the City of Aurora by deed recorded
in Document No. 200121047 of Portage County Records;

 

    	 

    	 

    

  

Course 5 Thence South 82°-54’-59"
West, along said Northerly line of land so conveyed to the City of Aurora and along the Northerly line of a parcel of land conveyed
to the City of Aurora by deed recorded in Document No. 200121046 of Portage County Records, a distance of 714.79 feet to a 1/2"
iron pin found at the Southeasterly corner of land so conveyed to the aforesaid Aurora Manor Limited Partnership;

 

Course 6 Thence North 02°-55’-20"
West, along the Easterly line of land so conveyed to Aurora Manor Limited Partnership, a distance of 356.99 feet to the principal
place of beginning and containing 3.1379 Acres (136,687 Square Feet) of land according to a survey made by Thomas J. Neff, Jr.
Registered Surveyor No. 7065-Ohio in April of 2012.

 

The subject premises being part of Parcel No.
2 of land conveyed to TNP SRT Aurora Commons, LLC by deed recorded in Document No. 201205050 of Portage County Records.

 

The basis of bearings for the premises surveyed
is South 89°-41’-30" East, as the center line of West Garfield Road (State Route 82) as evidenced by the deed recorded
in Document No. 201205050 of Portage County Records.

 

TRACT II:

 

Together with a non-exclusive Reciprocal Easement
recorded November 22, 1989 as Volume 1087, Page 166 of Portage County Records.

 

TRACT III:

 

Together with a non-exclusive Reciprocal Easement
recorded March 23, 2012 as Document No. 201205052 and First Amendment recorded April 6, 2012 as Document No. 201205965, of Portage
County Records.

 

APN: 
03-018-00-00-032-012 and 03-018-00-00-033-000 and 03-018-00-00-033-001 

 

    	 

    	 

    

 

 

PROPERTY DESCRIPTION
OF CONSTITUTION TRAIL PROPERTY

 

Real property in the City of Normal, County of
McLean, State of Illinois, described as follows:

 

TRACT NO. 1:

 

LOTS 1, 2, 3, 6 AND 8 AND OUTLOTS 5, 7, 12 AND
500, 502, AND 503 IN THE CONSTITUTION TRAIL CENTRE SUBDIVISION, ACCORDING TO THE PLAT THEREOF RECORDED AUGUST 7, 2007 AS DOCUMENT
NUMBER 2007-21949, IN MCLEAN COUNTY, ILLINOIS;

 

EXCEPTING:

 

THE SECOND ADDITION TO CONSTITUTION TRAIL CENTRE
A PLANNED UNIT DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED JUNE 5, 2008 AS DOCUMENT NUMBER 2008-15763,
IN MCLEAN COUNTY, ILLINOIS;

 

EXCEPTING:

 

THE THIRD ADDITION TO CONSTITUTION TRAIL CENTRE
A PLANNED UNIT DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED JUNE 5, 2008 AS DOCUMENT NUMBER 2008-15764,
IN MCLEAN COUNTY, ILLINOIS.

 

EXCEPTING:

 

THE FIRST ADDITION TO CONSTITUTION TRAIL CENTRE
A PLANNED UNIT DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 20, 2009 AS DOCUMENT NUMBER 2009-4743,
IN MCLEAN COUNTY, ILLINOIS.

 

EXCEPTING:

 

THE FOURTH ADDITION TO CONSTITUTION TRAIL CENTRE
A PLANNED UNIT DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED JULY 1, 2009 AS DOCUMENT NUMBER 2009-20923,
IN MCLEAN COUNTY, ILLINOIS.

 

TRACT 1A:

 

EASEMENTS CONTAINED IN THAT CERTAIN RECORD DECLARATION
OF EASEMENT AND OPERATIONS AGREEMENT DATED AUGUST 31, 2007 AND RECORDED SEPTEMBER 11, 2007 AS DOCUMENT NUMBER 2007-00025124, IN
MCLEAN COUNTY, ILLINOIS.

 

TRACT NO. 2:

 

INTENTIONALLY DELETED.

 

    	 

    	 

    

  

TRACT NO. 3:

 

OUTLOT 509 IN THE THIRD ADDITION TO CONSTITUTION
TRAIL CENTRE A PLANNED UNIT DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED JUNE 5, 2008 AS DOCUMENT
NUMBER 2008-15764, IN MCLEAN COUNTY, ILLINOIS.

  

TRACT NO. 4:

 

LOT 20 AND OUTLOTS 506 AND 507 IN THE FIRST ADDITION
TO CONSTITUTION TRAIL CENTRE A PLANNED UNIT DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY
20, 2009 AS DOCUMENT NUMBER 2009-4743, IN MCLEAN COUNTY, ILLINOIS.

 

TRACT NO. 5:

 

LOT 9 AND OUTLOT 510 IN THE FOURTH ADDITION TO
CONSTITUTION TRAIL CENTRE A PLANNED UNIT DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED JULY 1, 2009
AS DOCUMENT NUMBER 2009-20923, IN MCLEAN COUNTY, ILLINOIS.

 

APN's: 

14-16-454-001

14-16-454-002

14-16-454-004

14-16-380-001

14-16-379-004

14-16-380-002

14-16-379-005

14-16-379-001

14-16-454-003

14-16-326-003

14-16-326-002

14-16-405-002

14-16-404-004

14-16-404-003

14-16-404-005

14-16-404-006

14-16-379-008

14-16-379-009

 

    	 

    	 

    

  

PROPERTY DESCRIPTION
OF OSCEOLA vILLAGE PROPERTY

 

Real property in the City of Kissimmee, County of Osceola, State
of Florida, described as follows:

 

PARCEL 1:

 

LOTS 1, 3, 4, 5, 6, 7, AND 8, INCLUSIVE, OSCEOLA VILLAGE, ACCORDING
TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 21, PAGES 17 AND 18, INCLUSIVE, OF THE PUBLIC RECORDS OF OSCEOLA COUNTY, FLORIDA.

 

PARCEL 2:

 

EASEMENT RIGHTS, AS CONTAINED IN THAT CERTAIN ACCESS AND EASEMENT
AGREEMENT, RECORDED IN OFFICIAL RECORDS BOOK 3300, PAGE 2533, OF THE PUBLIC RECORDS OF OSCEOLA COUNTY, FLORIDA.

 

PARCEL 3:

 

EASEMENTS CONTAINED IN THAT CERTAIN DECLARATION OF COVENANTS, CONDITIONS
AND RESTRICTIONS FOR OSCEOLA VILLAGE, RECORDED IN OFFICIAL RECORDS BOOK 4317, PAGE 250, OF THE PUBLIC RECORDS OF OSCEOLA COUNTY,
FLORIDA.

 

APN:  R052529-188200010010 and R052529-188200010030
and R052529-188200010040 and R052529-188200010050 and R052529-188200010060 and R052529-188200010070 and R052529-188200010080 

 

    	 

    	 

    

  

SCHEDULE C

 

SAMPLE CALCULATION OF ASSET MANAGEMENT FEE

 

	 	 	Investment 

Value
	Aurora Commons	 	$	8,500,000	 
	Constitution Trail	 	$	23,100,000	 
	Osceola Village	 	$	22,000,000	 
	 	 	$	53,600,000	 
	 	 	 	 	 
	Asset Fee (monthly)	 	 	0.020830	%
	 	 	 	 	 
	Monthly Fee	 	$	11,164.88	 

 

    	 

    	 

    

  

SCHEDULE D

 

INTENTIONALLY OMITTED

 

    	 

    	 

    

  

SCHEDULE E

 

ONGOING CLASS ACTION AGAINST SRT

 

Case No. 13-CV-04921-JST currently pending
before the United States District Court for the Northern District of California [captioned as LEWIS BOOTH, as Trustee for the Booth
Trust dated 11-20-96, and STEPHEN DREWS, on behalf of themselves and all others similarly situated, Plaintiffs, v. STRATEGIC REALTY
TRUST, INC. (f/k/a TNP STRATEGIC RETAIL TRUST, INC.), THOMPSON NATIONAL PROPERTIES, LLC, TNP STRATEGIC ADVISOR, LLC, TNP SECURITIES,
LLC, ANTHONY W. THOMPSON, CHRISTOPHER S. CAMERON, JAMES R. WOLFORD, JACK R. MAURER, PHILLIP I. LEVIN, ARTHUR M. FRIEDMAN, JEFFREY
S. ROGERS, ROBERT N. RUTH, and PETER K. KOMPANIEZ, Defendants].Exhibit 10.3

  

Purchase
and Sale Agreement

 

THIS AGREEMENT (this
“Agreement”) is executed as of March 11, 2015 (the “Effective Date”), by and among TNP SRT
OSCEOLA VILLAGE, LLC, a Delaware limited liability company (“Kissimmee Seller”), SRT CONSTITUTION TRAIL, LLC,
a Delaware limited liability company (“Normal Seller”), and TNP SRT AURORA COMMONS, LLC, a Delaware limited
liability company (“Aurora Seller”, and together with Kissimmee Seller, Normal Seller, collectively “Seller”),
and SGO RETAIL ACQUISITIONS VENTURE, LLC a Delaware limited liability company (“Buyer”).

 

RECITALS:

 

A.         (i)
Kissimmee Seller is the owner of the fee simple interest in the Kissimmee Property (defined below), (ii) Normal Seller is the owner
of the fee simple interest in the Normal Property (defined below), and (iii) Aurora Seller is the owner of the fee simple interest
in the Aurora Retail Property (defined below) and the Aurora Office Property (defined below).

 

B.         Seller
desires to sell the Kissimmee Property, Normal Property, Aurora Retail Property and Aurora Office Property to Buyer, and Buyer
desires to purchase such Properties, on the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the parties, Buyer and Seller agree as follows:

 

Article
1

Purchase
and Sale

 

1.1         Agreement
of Purchase and Sale. Subject to the terms of this Agreement, Seller agrees to sell and Buyer agrees to purchase all of the
Properties, comprised of the Real Property, the Improvements, the Tangible Personal Property, the Leases and the Intangible Property
(as such terms are defined below).

 

1.2         Definition
of “Properties”. For all purposes hereof, the “Properties” shall be deemed to include the following
real and personal property assets:

 

(a)         Real
Property. (i) The land located in Aurora, Ohio and legally described on Exhibit A-1 hereto (“Aurora Retail
Real Property”), together with the buildings, fixtures and other physical improvements thereon, commonly known as 300-376
Aurora Commons Circle (“Aurora Retail Improvements”), (ii) the land located in Aurora, Ohio and legally described
on Exhibit A-2 hereto (“Aurora Office Real Property”, together with the buildings, fixtures and other
physical improvements thereon, commonly known as 251 West Garfield Road (“Aurora Office Improvements”), (iii)
the land located in Normal, Illinois and legally described on Exhibit A-3 hereto (“Normal Real Property”),
together with the buildings, fixtures and other physical improvements thereon, commonly known as 1710-1730 Bradford Lane (“Normal
Improvements”), and (iv) the land located in Kissimmee, Florida and legally described on Exhibit A-4 hereto (“Kissimmee
Real Property”), together with the buildings, fixtures and other physical improvements thereon commonly known as 3020-3086
Dyer Blvd (“Kissimmee Improvements”), (the Aurora Retail Real Property, the Aurora Office Real Property, the
Normal Real Property, the Kissimmee Real Property are referred to, collectively, as the “Real Property,” and
the Aurora Retail Improvements, the Aurora Office Improvements, the Normal Improvements, the Kissimmee Improvements are referred
to, collectively, as the “Improvements”).

 

    	1

    	 

    

 

(b)         Tangible
Personal Property. Seller’s interest in all tangible personal property located on the Real Property or within the Improvements,
and used exclusively in connection with the ownership, use, maintenance or operation of the Real Property and the Improvements
(the “Tangible Personal Property”);

 

(c)         Leases.
All leases and licenses for the lease and occupancy of space on the Real Property or within the Improvements listed on Exhibit B-1
(“Aurora Retail Leases”), Exhibit B-2 (“Aurora Office Leases”), Exhibit B-3
(“Normal Leases”), and Exhibit B-4 (“Kissimmee Leases”), in each case including any
deposits relating to such Leases held by Seller and not applied to the tenant’s obligations as of the date of Closing (defined
below) (the Aurora Retail Leases, the Aurora Office Leases, the Normal Leases and the Kissimmee Leases are referred to, collectively,
as the “Leases”);

 

(d)         Service
Contracts. All assignable contracts and agreements relating to the upkeep, repair, maintenance or operation of the Real Property,
the Improvements or the Tangible Personal Property or other property used in connection with the operation of the Real Property
and Improvements, which are set forth on Exhibit C-1 (“Aurora Retail Service Contracts”), Exhibit
C-2 (“Aurora Office Service Contracts”), Exhibit C-3 (“Normal Service Contracts”),
and Exhibit C-4 (“Kissimmee Service Contracts”), attached hereto, and which Buyer elects to assume prior
to the Closing Date or is obligated to assume pursuant to the terms hereof (the Aurora Retail Service Contracts, the Aurora Office
Service Contracts, the Normal Service Contracts and the Kissimmee Service Contracts are referred to, collectively, as the “Service
Contracts”); and

 

(e)         Intangible
Property. All assignable existing warranties and guaranties (express or implied) issued to Seller in connection with the Improvements
or the Tangible Personal Property; (ii) all transferable names, marks, logos and designs, used in the operation or ownership of
the Real Property, the Improvements or the Tangible Personal Property or any part thereof, if any; (iii) all transferable licenses,
franchises, entitlements and permits owned by Seller and used in or relating to the ownership, occupancy or operation of the Real
Property, the Improvements or the Tangible Personal Property or any part thereof; (iv) Seller’s tradenames used in connection
with the Real Property and the Improvements; and (v) all studies and reports, promotional materials, surveys, building plans and
property records, including lease files, possessed or controlled by Seller and used exclusively in connection with the Real Property
and the Improvements (the Service Contracts and the items described in clauses (i)-(v) are, collectively, the “Intangible
Property”).

 

    	2

    	 

    

 

1.3         Property
and Related Definitions. The Aurora Retail Real Property, the Aurora Retail Improvements, the Tangible Personal Property associated
with the Aurora Retail Real Property and Improvements, the Aurora Retail Leases and the Intangible Property associated with the
Aurora Retail Real Property and Improvements are collectively called the “Aurora Retail Property”; the Aurora
Office Real Property, the Aurora Office Improvements, the Tangible Personal Property associated with the Aurora Office Real Property
and Improvements, the Aurora Office Leases and the Intangible Property associated with the Aurora Office Real Property and Improvements
are collectively called the “Aurora Office Property”; the Normal Real Property, the Normal Improvements, the
Tangible Personal Property associated with the Normal Real Property and Improvements, the Normal Leases and the Intangible Property
associated with the Normal Real Property and Improvements are collectively called the “Normal Property”; and
the Kissimmee Real Property, the Kissimmee Improvements and the Tangible Personal Property associated with the Kissimmee Real Property
and Improvements, the Kissimmee Leases and the Intangible Property associated with the Kissimmee Real Property and Improvements
are collectively called the “Kissimmee Property”. The Aurora Retail Property, the Aurora Office Property,
the Normal Property and the Kissimmee Property are sometime referred to individually as a “Property” and collectively
as the “Properties.”

 

Article
2

Purchase
Price and Deposit

 

2.1         Purchase
Price. The purchase price (“Purchase Price”) for the Properties is Fifty-Three Million Six Hundred Thousand
and No/100ths Dollars ($53,600,000.00), payable as provided below. The allocation of the Purchase Price among such Properties shall
be as set forth on Schedule 2.1 attached hereto (as to each such Property or interest, the Allocated Purchase Price”).

 

2.2         Intentionally
Omitted.

 

2.3         New
Loan. Buyer intends to finance a portion of the cash portion of Purchase Price through a new loan in an amount not to exceed
Thirty-Four Million and No/100ths Dollars ($34,000,000.00) (the “New Loan”) which will encumber the Properties.

 

2.4         Payment
of Cash Portion of Purchase Price. The cash portion of the Purchase Price, increased or decreased by prorations and adjustments
as provided herein, shall be payable in full at Closing in cash by wire transfer of immediately available federal funds to a bank
account designated by Seller in writing to Buyer and Escrow Agent (defined below) prior to the Closing.

 

2.5         Deposit.
No later than two (2) business days after the Effective Date, Buyer shall deposit with First American Title Company (the “Escrow
Agent”) cash in the amount of One Hundred Dollars ($100) (the “Deposit”). If the Closing hereunder
occurs, the Deposit will be applied towards payment of the Purchase Price. Escrow Agent shall hold and dispose of the Deposit in
accordance with Article 9 hereof.

 

    	3

    	 

    

 

2.6         Consideration.
The Deposit shall be nonrefundable in all cases and, regardless of whether the transaction hereunder closes, the entire Deposit
shall be paid to Seller (at Closing or upon any earlier termination of this Agreement) as independent consideration to support
Seller’s obligations under this Agreement. In addition, Seller acknowledges that (a) in performing its due diligence investigation
of the Properties, Buyer will incur expenses, and such expenses also constitute good, valuable and sufficient consideration for
this Agreement, and (b) Buyer would not have entered into this Agreement without having the opportunity to perform such investigations
and without having the right to terminate this Agreement in accordance with the provisions hereof. Accordingly, in addition to
the $100 referenced above, separate consideration exists to support Seller’s obligations hereunder notwithstanding Buyer’s
right to terminate this Agreement as provided herein.

 

2.7         Intentionally
Omitted.

 

2.8         Issuance
of Membership Interests in Buyer. It shall be a condition to Seller’s obligation to consummate the transaction hereunder
that the following membership interests in Buyer shall be authorized, and on or before the Closing, shall be issued to SRT and
Glenborough, as applicable, and outstanding:

 

2.8.1         SRT
Membership Interest. A nineteen percent (19%) membership interest in Buyer, issued to Strategic Retail Trust, Inc., a Maryland
corporation, or its designated affiliate (“SRT” and the “SRT Membership Interest”).

 

2.8.2         Glenborough
Membership Interest. A one percent (1%) membership interest in Buyer, issued to GLB SGO, LLC, a Delaware limited liability
company and managing member of Buyer (or its designated affiliate) (“Glenborough” and the “Glenborough
Membership Interest”). It shall be a condition to Buyer’s obligation to close escrow that Glenborough pay to Buyer,
through the Closing escrow, by wire transfer or other immediately available funds, of $239,437.94 (the “Glenborough Payment”),
as payment in full for the Glenborough Membership Interest.

 

Article
3

Title
and Survey

 

3.1         Title
Examination. Prior to the Effective Date, Seller provided to Buyer (a) a copy of a preliminary title report or commitment for
title insurance for each Property (the “Title Reports”) prepared by First American Title Company (“Title
Company”), and copies of, or access to, each document referenced in each of the Title Reports as an exception to title,
and (b) copies of any existing surveys of the Properties in Seller’s possession or control (the “Existing Surveys”).

 

3.2         Survey.
Buyer shall, at its expense, either have the Existing Surveys updated or cause a new survey of each Property to be prepared (as
so updated or prepared, the “Surveys”). The Surveys shall be prepared in accordance with the 2011 Minimum Standard
Detail Requirements for ALTA/ACSM Land Title Surveys adopted by ALTA/ACSM, by a licensed surveyor or engineer, and shall be acceptable
to support issuance of an extended coverage title insurance policy at Closing.

 

3.3         Title
Objections; Cure of Title Objections.

 

3.3.1         Objections.
Prior to the Effective Date, Buyer shall have notified Seller in writing and in reasonable detail of what objections, if any, Buyer
has to the Title Reports or Surveys (the “Title Objections”), other than the Permitted Exceptions (as defined
below) to which Buyer may not object.

 

    	4

    	 

    

 

3.3.2         Seller
Cure Right. Seller shall have the right, but not the obligation, to cure Title Objections. Seller has previously notified Buyer
of whether Seller will cause any Title Objections to be removed from title, insured over or cured (either by endorsement or by
“writing over” in a manner reasonably satisfactory to Buyer). Seller’s failure to have provided such notice to
Buyer prior to the Effective Date as to the action Seller will take with respect to any Title Objection is deemed an election by
Seller to not remove from title, insure over or cure the Title Objection. Notwithstanding the foregoing, Seller shall be obligated
to cure any monetary encumbrances on title created or affirmatively permitted by Seller, including, without limitation, for delinquent
taxes and assessments, judgment liens based on actions of which Seller had notice and opportunity to defend, mortgage or deed of
trust liens authorized or assumed by Seller, or mechanics’ liens (to the extent premised on work contracted for by Seller),
regardless of whether Buyer objects thereto. For the avoidance of doubt, but without limiting the foregoing, the exception for
the loan encumbering the Kissimmee Property in favor of American National Insurance Company and referenced in paragraphs 5 through
7 of Schedule B-1 (Requirements) of the Title Report for the Kissimmee Property (the “Kissimmee Loan”) shall
be removed at the Closing, the exception for the loan encumbering the Normal Property in favor of Keybank National Association
(“Keybank”) and referenced in paragraph 5 of Schedule B-1 (Requirements) of the Title Report for the Normal
Property (the “Normal Loan”) shall be removed at the Closing, and the loan encumbering the Aurora Retail Property
and the Aurora Office Property in favor of Keybank and referenced in paragraph 43 of Schedule B-2 of the Title Report for the Aurora
Retail Property and Aurora Office Property (the “Aurora Loan”) shall be removed at the Closing.

 

3.3.3         Buyer
Termination Right. If Seller has notified or is deemed to have notified Buyer under Section 3.3.2 that Seller will not remove,
insure over or cure any or all of the Title Objections, then Buyer shall either elect to (i) proceed with the purchase and
acquire the Properties subject to the Title Objections and without any reduction in the Purchase Price, in which case the Title
Objections shall be deemed approved (and shall be Permitted Exceptions), or (ii) terminate this Agreement, in which case the Deposit
shall be paid to Seller as independent consideration, as provided above, and neither party shall have any further rights or obligations
hereunder, other than those that survive a termination of this Agreement. If Buyer proceeds to close hereunder, it shall be deemed
an election by Buyer to proceed under clause (i) above.

 

3.3.4         Permitted
Exceptions. “Permitted Exceptions” includes and refers to: (i) all exceptions to title shown in the Title
Reports approved or deemed approved by Buyer pursuant to Section 3.3; (ii) the rights and interests of parties claiming under the
Leases; (iii) matters affecting title created by, on behalf of, or with the consent of Buyer; and (iv) liens to secure
taxes and assessments not yet due and payable (subject to proration as provided below). It shall be a condition to Buyer’s
obligation to close the Escrow that at Closing, title to the Real Property and Improvements is subject only to the Permitted Exceptions
and the printed exceptions, if any, which appear in an extended coverage form ALTA Owner’s Policy of Title Insurance issued
by Title Company in the States in which the Properties are located, as applicable.

 

    	5

    	 

    

 

3.3.5         Title
Policy. At Closing, Buyer and Seller shall instruct the Title Company to issue to Buyer an ALTA owner’s extended coverage
title insurance policy for each Property (“Title Policies”), insuring Buyer’s interest in and to the Real
Property and Improvements as of the Closing Date, in the aggregate amount of the Purchase Price, including the value of the non-cash
portion thereof (with such aggregate amount to be allocated among the Properties consistent with the allocation made under Section
2.1), and subject only to the Permitted Exceptions.

 

Article
4

Inspection

 

4.1         Right
of Inspection.

 

4.1.1           Seller
hereby grants to Buyer and Buyer’s agents, consultants and contractors, subject to the conditions set forth below, the right
to enter the Property, commencing on the Effective Date and ending on the Closing Date, in order to inspect and evaluate the Properties.
Buyer shall have access to the Properties during reasonable business hours and upon reasonable prior notice to Seller in order
to perform inspections and tests on the Properties. Buyer will promptly restore the Properties to their prior condition (as nearly
as is practicable), immediately following any such entry, test or inspection. Buyer shall not conduct or allow any physically intrusive
or destructive testing of, on or under any Property, including, without limitation, for Hazardous Materials (defined below), without
Seller’s prior written consent, which consent may be withheld at Seller’s sole and absolute discretion.

 

4.1.2           Buyer
shall be liable for all damage or injury to any person or property resulting from Buyer’s activities on the Property pursuant
to Section 4.1.1, whether due to the acts of Buyer or any person acting by or on behalf of Buyer, and Buyer shall keep the
Property free and clear of any liens arising from work performed on behalf of Buyer in connection with its inspection activities.
Buyer agrees to indemnify, defend and hold harmless Seller and any affiliate of Seller, or any of its or their respective shareholders,
partners, members, managers, officers, directors, employees, contractors, agents, attorneys, successors and assigns (collectively,
the “Seller Related Parties”) from and against any and all claims, costs, damages, liabilities or liens of any
kind arising out of or due to Buyer’s activities pursuant to Section 4.1.1.

 

4.1.3           In
furtherance of Buyer’s exercise of its inspection rights hereunder, promptly following the Effective Date, Seller will make
available to Buyer for Buyer’s review copies of all correspondence, data, memoranda, studies and reports relating to environmental
conditions of each of the Properties or to the Properties’ compliance with Environmental Laws (defined below), engineering
studies, as-built plans, operating statements and other financial materials, correspondence relating to Leases and Service Contracts,
existing title insurance documents, surveys and site plans, warranties and other documentation in Seller’s possession or
control, and relevant to Buyer’s evaluation of the Properties.

 

4.2         Insurance
Requirement. Before Buyer may enter the Properties, Buyer shall provide Seller with a certificate of insurance naming Seller
(and any other persons designated by Seller) as an additional insured and with an insurer satisfactory to Seller and with insurance
limits in a minimum amount of $1,000,000 combined single limit for personal injury or property damage per occurrence, which insurance
shall provide coverage against any claim for personal injury or property damage caused by Buyer or its agents, representatives
or consultants in connection with Buyer’s tests and investigations of the Properties.

 

    	6

    	 

    

 

4.3         Contact
with Tenants and Governmental Authority. From the Effective Date until the Closing, Buyer shall have the right to contact any
governmental authority having jurisdiction over any of the Properties and any tenant under any of the Leases, in connection with
its inspection rights hereunder, but shall provide Seller with notice at least two (2) business days in advance of any such contact
and shall give Seller the right to have a representative present at any meeting with such governmental authorities or tenants.

 

4.4       Condition
of Properties “As-Is”; Waiver of Claims.

 

4.4.1         As-Is.
Except for Seller’s representations and warranties herein and any warranty contained in the deeds (express or implied) or
other documents to be provided by Seller at closing (collectively, the “Warranties”), the sale contemplated
herein is made and will be made without representation or warranty of any kind by Seller, express or implied, regarding the Properties
or any constituent element of the Properties (including the Real Property and Improvements, Tangible Personal Property, Leases,
Service Contracts and Intangible Property) and, in particular, no such representations, warranties, guaranties or promises have
been made with respect to the physical condition or operation of the Real Property or Improvements, title to or the boundaries
of the Real Property or Improvements, soil conditions, the environmental condition of the Real Property or Improvements, including,
without limitation, the presence, discovery, release, threatened release or removal of Hazardous Materials (including, without
limitation, the presence of asbestos or asbestos containing materials), the actual or projected revenue and expenses of any Property,
the zoning and other laws, regulations or rules applicable to the Real Property or Improvements, or the compliance of the Real
Property or Improvements therewith, the quantity, quality or condition of the Tangible Personal Property included in the transactions
contemplated hereby, the use or occupancy of the Real Property or Improvements or any part thereof, or any other matter or thing
affecting or related to any Property or the transactions contemplated hereby, except as, and solely to the extent, specifically
set forth in this Agreement. Except for its reliance on the Warranties, Buyer agrees to accept the Properties “AS IS, WHERE-IS,
AND WITH ALL FAULTS” in their present condition, subject in the case of the Real Property and Improvements, and Tangible
Personal Property, to reasonable use, wear and tear but excluding casualty and condemnation, between the date hereof and the Closing
Date, and further agrees that except for any breach of the Warranties, Seller shall not be liable for any patent or latent defects
in any Property or bound in any manner whatsoever by any guarantees, promises, projections, operating statements, setups or other
information pertaining to any Property made, furnished or claimed to have been made or furnished by any Seller Related Party, whether
orally or in writing. Buyer acknowledges that, except for the Warranties, Seller hereby specifically disclaims any warranty or
guaranty, oral or written, implied or arising by operation of law, and any warranty of condition, habitability, merchantability
or fitness for a particular purpose, in respect to any Property.

 

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4.4.2         Waiver
and Release of Claims. As a material inducement to Seller to agree to sell the Properties to Buyer and to execute this Agreement,
except to the extent specifically provided to the contrary herein or in the Deeds or other instruments to be executed and delivered
by Seller at the Closing, and except for any action for breach of any of the Warranties, Buyer hereby waives, releases and forever
discharges the Seller Related Parties from all claims, causes of action, demands, losses, damages, liabilities, costs and expenses
(including attorney’s fees and disbursements whether suit is instituted or not) which Buyer has or may have in the future
on account of or in any way arising out of the Properties or any of their constituent elements (including the Real Property and
Improvements, Tangible Personal Property, Leases, Service Contracts and Intangible Property), including, without limitation, with
respect to (i) all matters described in Section 4.4.1 above as accepted by Buyer in “as is, where is, with all faults”
condition, (ii) the structural and physical condition of the Real Property or Improvements, or their surroundings, (iii) the financial
condition of the operation of the Properties either before or after the Closing Date, (iv) any law, ordinance, rule, regulation,
restriction or legal requirement which is now or may hereafter be applicable to any Property, (v) the financial condition or status
of any tenant or tenancy for the Properties, (vi) the environmental condition of any Property, including, without limitation, the
presence, discovery or removal of any Hazardous Materials in, at, about or under any Property or the applicability to any Property
of any Environmental Laws (as defined below), as such laws may be amended from time to time, or any other federal, state or local
statute or regulation relating to environmental contamination at, in or under any Property; provided, however, Seller shall remain
liable for, and Buyer does not waive or release claims based on (i) breach by Seller of the Warranties or any of its obligations
under this Agreement or any document delivered by Seller at Closing, (ii) fraud on the part of Seller, or (iii) Seller’s
failure to disclose to Buyer any material fact of which Seller has knowledge (collectively, (i) through (iii) are “Release
Carveouts”). For the avoidance of doubt, and notwithstanding any other provision of this Agreement, Buyer is not assuming,
and has not agreed to assume, any liabilities or obligations of Seller or any prior owner of any of the Properties, with respect
to the environmental condition of the Properties, including, without limitation any environmental liabilities of Seller or any
prior owner of the Properties. Buyer shall not make or institute any claims against any of the Seller Related Parties which are
inconsistent with the foregoing. Buyer agrees that this release shall be given full force and effect according to each of its expressed
terms and provisions. This release includes claims of which Buyer is presently unaware or which Buyer does not presently suspect
to exist, which if known by Buyer, would materially affect Buyer’s release to Seller. In this connection and to the extent
permitted by law, Buyer hereby acknowledges and agrees that factual matters now unknown to it may have given or may hereafter give
rise to causes of action, liabilities, claims, demands, debts, controversies, damages, costs, losses and expenses which are presently
unknown, unanticipated and unsuspected, and Buyer further agrees that the waivers and releases herein have been negotiated and
agreed upon in light of that acknowledgement and that Buyer nevertheless hereby intends to release, discharge, and acquit the Seller
Related Parties from any such unknown causes of action, liabilities, claims, demands, debts, controversies, damages, costs, losses
and expenses.

 

Buyer’s
Initials ______

 

4.4.3         Limitation
on Damages. Notwithstanding Seller’s liability for Release Carveouts, and notwithstanding any Warranties given by Seller
with respect to the condition of the Property, in no event shall Seller be liable to Buyer for damages due to the condition of
the Property other than actual damages, and Buyer and Seller each expressly waives any right to recover any incidental, special,
exemplary, punitive or consequential damages against the other, including, without limitation, loss of profits or revenue, interference
with business operations, loss of tenants, lenders, investors, buyers, diminution in value of any Property, or inability to use
any Property.

 

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4.4.4         Survival.
The provisions of this Section 4.4 shall survive the Closing, the delivery and recordation of the Deeds (as defined below),
and any termination of this Agreement.

 

4.5         Right
of Termination. Seller agrees that Buyer may terminate this agreement for any reason or no reason by giving written notice
to Seller prior to the Closing. Upon such termination, the Deposit shall be paid to Seller as independent consideration, as provided
above, and Seller and Buyer will have no further rights or obligations hereunder except those which expressly survive termination
of this Agreement. Failure to timely deliver a termination notice shall be deemed a waiver of Buyer’s rights to terminate
this Agreement pursuant to this Section 4.5 and an agreement to consummate the purchase of the Properties, in accordance
with the terms of this Agreement. 

 

4.6         Service
Contracts. Prior to the Closing Date, Buyer has advised Seller of which Service Contracts, if any, Buyer elects to assume.
Other than the Service Contracts Buyer has so elected to assume, Seller has terminated all Service Contracts, effective as of the
Closing, at Seller’s sole cost and expense, subject to proration under Section 5.4.5 of any Service Contracts that Buyer
has elected to assume.

 

Article
5

Closing

 

5.1         Time
and Place of Closing. The consummation of the transactions contemplated by this Agreement (the “Closing”)
will take place on March 11, 2015, or on such other date as Buyer and Seller may mutually agree (the “Closing Date”),
through escrow established with Escrow Agent.

 

5.2         Seller’s
Closing Obligations. Not later than one (1) business day prior to the Closing Date, Seller shall deposit, or cause to be deposited,
the following items into escrow with Escrow Agent:

 

5.2.1         Deeds.
A duly executed limited warranty deed for each of the Aurora Retail Property and the Aurora Office Property, in substantially the
form attached as Exhibit D-1, a duly executed special warranty deed for the Normal Property, in substantially the form attached
as Exhibit D-2, and a duly executed special warranty deed for the Kissimmee Property, in substantially the form attached
as Exhibit D-3 (collectively, the “Deeds”);

 

5.2.2         Bill
of Sale and Assignment. Two (2) duly executed counterparts of a bill of sale and assignment and assumption of Leases, Service
Contracts, Tangible Personal Property and Intangible Property, in substantially the form attached as Exhibit E for each
of the Properties (collectively, the “Bills of Sale and Assignments”);

 

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5.2.3         Tenant
Notices. A notice (the “Tenant Notices”) to each tenant under each of the Leases of each Property, informing
such tenant of the sale of such Property to Buyer and of the assignment to Buyer of Seller’s interest in, and obligations
under, the Leases (including the security deposit) and directing that all rent and other sums payable after the Closing under each
such Lease shall be paid as set forth in the notice;

 

5.2.4         Vendor
Notices. A notice (the “Vendor Notices”) to each of the vendors under any Service Contracts that Buyer has
elected to assume pursuant to this Agreement, in such form(s) as are reasonably acceptable to Buyer and Seller;

 

5.2.5         FIRPTA.
An affidavit duly executed by Seller stating that Seller is not a “foreign person” as defined in the Federal Foreign
Investment in Real Property Tax Act of 1980 and the 1984 Tax Reform Act, in the form attached as Exhibit F, together
with the comparable state form for each state in which a Property is located, confirming that no withholding is required in such
state in connection with the sale of any Property in that state (collectively, the “FIRPTA Affidavits”);

 

5.2.6         Title
Affidavit. A customary owner’s affidavit for each Property, if required by the Title Company, duly executed by Seller,
sufficient to allow the Title Company to remove the standard exceptions from the Title Policy and on terms reasonably acceptable
to Seller;

 

5.2.7         Authority.
Such evidence as Buyer or the Title Company may reasonably require as to the authority of the person or persons executing documents
on behalf of Seller;

 

5.2.8         JV
Agreement. Three (3) originals of the Limited Liability Company Agreement of the Buyer, duly executed by Grocery Retail Grand
Avenue Partners, LLC, a Delaware limited liability company, SRT and Glenborough (the “JV Agreement”);

 

5.2.9         Property
Level Deliverables. The Property deliverables specified on Schedule 5.2.9 attached hereto each in a form reasonably
satisfactory to Buyer; provided, however, if escrow closes and any such deliverables were not obtained prior to closing, Buyer
shall be deemed to have waived the requirement that such deliverable be obtained.

 

5.2.10         Intentionally
Omitted.

 

5.2.11         Glenborough
Payment. The Glenborough Payment;

 

5.2.12         Closing
Statement. Subject to agreement with Buyer on the content thereof, an executed counterpart settlement statement, broken out
by Property, setting forth the amounts paid by or on behalf of or credited to Buyer and Seller, consistent with this Agreement
(the “Closing Statement”);

 

5.2.13         Rent
Roll. A rent roll for each Property certified by Seller, dated as of two (2) business days prior to the Closing Date, on Seller’s
standard form, a sample of which is set forth in Exhibit K attached hereto (the “Certified Rent Rolls”);
and

 

5.2.14         Other
Items. Such additional documents as may be reasonably requested by the Title Company or required to consummate the transactions
contemplated by this Agreement.

 

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At the Closing, Seller
also shall deliver directly to Buyer:

 

5.2.15         Property
Items. All keys and originals of the Leases, the Service Contracts being assigned to Buyer, and licenses and permits and any
letters of credit received by Seller as a security deposit from a tenant under any of the Leases, if any, in Seller’s possession
or control, together with completed applicable transfer forms, and the leasing and property files and records which are in Seller’s
possession or control, and possession of the Properties.

 

5.3         Buyer’s
Closing Obligations. Not later than one (1) business day prior to the Closing Date (other than the funds to be delivered pursuant
to Section 5.3.1 below, which shall be delivered no later than 12:00 Noon Pacific Time on the Closing Date), Buyer will
deliver into escrow with Escrow Agent the following items:

 

5.3.1         Purchase
Price. The cash portion of the Purchase Price, as adjusted by prorations
and credits provided for herein, in immediately available federal funds wire transferred
to Escrow Agent’s account;

 

5.3.2         Bill
of Sale and Assignment. Two (2) duly executed counterparts of each of the Bills of Sale and Assignments;

 

5.3.3         Authority.
Such evidence as Seller or the Title Company may reasonably require as to the authority of the person or persons executing documents
on behalf of Buyer;

 

5.3.4         JV
Agreement. Three (3) counterpart originals of the JV Agreement;

 

5.3.5         Property
Management Agreement. Three (3) counterpart originals of the Property Management Agreement, in the form attached hereto as
Exhibit L, duly executed by Glenborough, LLC, a Delaware limited liability company (“Property Manager”),
and Buyer, or a subsidiary of Buyer, as applicable (the “Property Management Agreement”);

 

5.3.6         Intentionally
Omitted.

 

5.3.7         Intentionally
Omitted.

 

5.3.8         Closing
Statement. An executed counterpart of the Closing Statement setting forth the amount paid by or on behalf of or credited to
Buyer and Seller; and

 

5.3.9         Other
Items. Such additional documents as may be reasonably requested by the Title Company or required to consummate the transaction
contemplated by this Agreement.

 

5.4         Credits
and Prorations. All income and expenses in connection with the operation of the Properties shall be prorated, as to each Property
separately, as of 12:01 a.m. (local time) on the Closing Date, as if Buyer were vested with title to such Property during the entire
day upon which Closing occurs. Prorated and credited items shall include, without limitation, the following:

 

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5.4.1         Taxes.
General, special, ad valorem, personal property, and other property taxes and assessments imposed by any governmental authority
and any association assessments, fees and dues (collectively, the “Taxes”) for the then-current calendar year
shall be prorated. If taxes and assessments for the current year have not been paid before the Closing Date, Seller shall be charged
at Closing an amount equal to that portion of such taxes and assessments which relates to the period before the Closing Date and
Buyer shall pay the taxes and assessments prior to their becoming delinquent. Any such proration made with respect to a tax year
for which the tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the tax rate and/or assessed
valuation last fixed. To the extent that the actual taxes and assessments for the current year differ from the amount prorated
at Closing, the parties shall make all necessary adjustments, pursuant to Section 5.4.8 below, following Closing. All necessary
adjustments shall be made promptly after the tax bill for the current year is received.

 

5.4.2         Rent.

 

(a)                    All
rent and other payments made to Seller under the Leases shall be prorated as and when actually collected. Subject to Section
5.4.2(e), after Closing Buyer will pay to Seller upon receipt all rent applicable to periods prior to the Closing Date; provided
that all rent collected by Buyer after Closing will be applied first to unpaid rent due and payable after the Closing Date and
then to unpaid rent accruing prior to the Closing Date;

 

(b)                    The
Leases may contain tenant obligations for taxes, common area expenses, operating expenses or other additional charges that are
subject to a reconciliation following the end of each applicable period and that are payable by the tenants on a monthly estimated
basis (collectively, “Charges”). Such monthly billings of Charges are referred to as “Estimated Charges”
and the actual amount of the Charges owed under the Leases based on the actual expenditures are referred to herein as the “Actual
Charges”. Seller and Buyer will use commercially reasonable efforts to reconcile the Charges no later than April 30 of
the year following the year in which the Closing occurs. Accordingly, on or before April 1 of the calendar year following the year
in which the Closing occurs, Seller shall deliver to Buyer (a) a schedule of the Charges relating to the portion of the applicable
period prior to the Closing Date (such period of time being referred to herein as the “Partial Year”) which
constitute the basis for Actual Charges along with appropriate backup information on such Charges, and (b) a reconciliation of
(i) the Estimated Charges owed under each Lease during the Partial Year, and (ii) the Actual Charges payable under each Lease for
Charges relating to the Partial Year (i.e., where the Actual Charges exceed the Estimated Charges owed under the Lease and paid
by the Tenant, such excess sum is owed to Seller (the “Pre-closing Underpayment”) and where the Estimated Charges
paid by the tenant exceed the Actual Charges owed under the Lease, such excess sum is owed to Buyer (the “Pre-closing
Overpayment”). Concurrent with Buyer’s receipt of Seller’s reconciliation statement, Seller shall pay to
Buyer the aggregate amount of all Pre-closing Overpayments. Promptly after Buyer’s receipt of payment from the tenants of
Pre-closing Underpayments, Buyer shall remit the same to Seller. If, as a result of Buyer’s annual reconciliation of Charges,
any tenants are entitled to payments or credits by the landlord (other than a return of security deposits) for the calendar year
in which the Closing occurs for overpayment of Estimated Charges, Buyer shall be responsible for such payment or credit, provided
Seller has paid to Buyer the Pre-closing Overpayments with respect to such Leases.

 

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(c)                    All
percentage and overage rentals (“Percentage Rent”) under the Leases for any Lease Year ending before the Closing
Date shall be allocated entirely to Seller. As used herein, the term “Lease Year” means the twelve (12) month
period (or, as to tenants for which the Closing occurs during a partial Lease Year, such applicable shorter period) as to which
annual Percentage Rent is owed under each Lease. With respect to Percentage Rent under each Lease for the Lease Year in which the
Closing occurs, Seller shall receive an amount equal to the Pre-Closing Allocable Share of the Percentage Rent payable by such
tenant for such Lease Year, and Buyer shall receive the balance of the Percentage Rental payable by such tenant for the Lease Year.
If Percentage Rents are calculated on an annual basis, then the “Pre-Closing Allocable Share” with respect to
a Lease will be a fraction, the numerator of which is the number of days in such Lease Year occurring up to but not including the
Closing Date and the denominator of which is 365. For any Percentage Rents not calculated on an annual basis, then the “Pre-Closing
Allocable Share” will be a fraction, the numerator of which is the number of days for calculating Percentage Rent in
the period, occurring up to but not including the Closing Date, and the denominator is the total number of days during such period
for calculating Percentage Rent. Prior to the end of the applicable Lease Year and subject to the subsequent proration thereof
provided for in this section below, Seller may retain all Percentage Rents collected by it before the Closing Date, and Buyer may
retain all Percentage Rents collected on or after the Closing Date. Once the Percentage Rents payable by each tenant for the entire
Lease Year in which the Closing occurs are finally determined in accordance with its Lease and are received by Buyer and/or Seller,
Seller and Buyer will make such prorations, adjustments and payments as may be required to ensure that Seller and Buyer each have
received the share of Percentage Rents to which it is entitled pursuant to the foregoing provisions.

 

(d)                    Buyer
shall pay all leasing commissions, finder’s fees and allowances (including tenant improvement allowances) (i) under Leases,
modifications, extensions, renewals and expansions which are set forth on Exhibit G-1, or (ii) attributable to any New Lease,
Lease modifications, extensions, renewals or expansions which commence after the Effective Date and have been approved by Buyer
in writing. In addition, and notwithstanding anything herein to the contrary, at the Closing, (i) Seller shall receive a credit
as to each Property in the amount shown in Exhibit G-2 under the column entitled (“Amount to SRT $$”), as adjusted
based on the Closing Date, and (ii) Buyer shall receive a credit in the amounts shown on Exhibit G-2 in footnote (a) for
Aurora Seller, and in footnote (c) for Constitution Seller, in each case as adjusted based on the Closing Date.

 

(e)                    Buyer
shall use commercially reasonable efforts, after Closing, to collect any past due rent and other amounts due Seller from tenants.
Seller reserves the right both prior to and following the Closing to assert any claims it may have or obtain against tenants on
or prior to the Closing; provided, however, in no event shall Seller have the right to commence any litigation, arbitration or
mediation against any tenant, evict any tenant or terminate any Lease.

 

5.4.3         Tenant
Security Deposits; Prepaid Rent. Buyer shall receive a credit for all non-applied security and other refundable deposits made
by any tenants under the Leases (the “Security Deposits”) and all prepaid rents applicable to the period from
and after the Closing, and Seller will retain the same at Closing.

 

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5.4.4         Utilities.
All utility bills for the Property shall be prorated. In the event Seller has not received utility bills through the Closing Date,
utilities shall be prorated based on the most recent bills, subject to the post-Closing adjustment pursuant to Section 5.4.8
below. Buyer shall pay to Seller all utility deposits paid by Seller with respect to the Property and shall receive an assignment
of Seller’s rights to such deposits at Closing.

 

5.4.5         Service
Contracts. All payments required under the Service Contracts being assumed by Buyer shall be prorated.

 

5.4.6         Additional
Items. Any other operating expenses or other items pertaining to
the Properties which are customarily prorated between a buyer and
a seller in comparable commercial transactions in the areas in which the
Properties are located shall be prorated according to applicable local custom.

 

5.4.7         Closing
Statement; Post-Closing Adjustments. Seller and Buyer shall jointly make such examinations of the books and records pertaining
to the Property as they may deem necessary to make the adjustments and prorations required in this Agreement. All such adjustments
and prorations shall be made in accordance with the provisions of this Agreement and, to the extent not in conflict with the express
provisions of this Agreement, otherwise in accordance with generally accepted accounting principles. Based upon the results thereof,
Seller will prepare and deliver to Buyer for its review and approval prior to Closing a statement of prorations, which shall (i)
contain Seller’s best estimate of the amounts of the items requiring the prorations and adjustments in accordance with this
Agreement (broken out by Property) and (ii) following approval by Buyer, be the basis upon which the prorations and adjustments
provided for herein shall be made at the Closing and be utilized in preparing the Closing Statement.

 

5.4.8         Post-Closing
Adjustment. In the event any prorations or credits made under this Section shall prove to be incorrect for any reason, then
either party shall be entitled to an adjustment to correct the same. Any item that cannot be finally prorated because of the unavailability
of information shall be tentatively prorated on the basis of the best data then available and reprorated when the information is
available. In the event of such an adjustment, the party in whose favor the original incorrect adjustment or error was made shall
promptly pay to the other party the sum necessary to correct such prior incorrect adjustment or error.

 

5.4.9         Survival.
The provisions of this Section 5.4 shall survive the Closing.

 

5.5         Closing
Costs. Buyer and Seller shall each pay the respective fees of any counsel representing such party in connection with
this transaction. Buyer and Seller shall each pay its portion of the following fees for each Property in accordance with the prevailing
custom of the county where such Property is located: (a) any county and city documentary transfer taxes, (b) the fees for recording
the Deeds, (c) the premium for the Title Policy (provided, any curative endorsements that Seller elects to obtain to insure over
any objectionable title matter shall be paid by Seller), (d) the escrow fees charged by Escrow Agent or Title Company, (e) sales
tax on the sale of the Tangible Personal Property (if any), and (f) such other closing costs, if any, not expressly provided herein
that under prevailing custom are charged to buyers and sellers of commercial real property for the county in which the applicable
Property is located. Buyer shall pay the cost of the Surveys or updates thereto, ordered or requested by Buyer. Except as otherwise
provided in this Agreement, all other costs and expenses incident to this transaction and the closing thereof will be paid by the
party incurring such costs.

 

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5.6         Conditions
Precedent to Obligation of Buyer. The obligation of Buyer to consummate the transaction hereunder shall be subject to the fulfillment
on or before the Closing Date of all of the following conditions, any or all of which may be waived by Buyer in writing in its
sole discretion:

 

(a)          Buyer
shall not have terminated this Agreement, pursuant to another provision hereof permitting termination by Buyer.

 

(b)          Seller
shall have delivered, or caused to be delivered, to Buyer or deposited with Escrow Agent all of the items required to be delivered
to Buyer or deposited with Escrow Agent pursuant to the terms of this Agreement, including but not limited to, those provided for
in Section 5.2.

 

(c)          All
of the representations and warranties of Seller contained in this Agreement shall be true and correct in all material respects,
both as of the Effective Date and as of the Closing Date, subject only to Exception Matters (defined below) discovered prior to
Closing.

 

(d)          Seller
shall have performed and observed, in all material respects, all covenants and agreements of this Agreement to be performed and
observed by Seller as of the Closing Date.

 

(e)          Title
Company shall be irrevocably committed to issue the Title Policies insuring Buyer’s interest in and to the Real Property
and Improvements, as of the Closing Date, in the aggregate amount of the Purchase Price (including the value of the non-cash portion
thereof) (with such aggregate amount to be allocated among the Properties as directed by Buyer), and subject only to the Permitted
Exceptions and the lien of any financing that Buyer may elect to obtain, together with such endorsements as Buyer shall reasonably
request.

 

(f)          There
shall have been no release of Hazardous Materials on any of the Properties in violation of Environmental Laws prior to Closing.

 

(g)          Buyer
shall have received an executed Tenant Estoppel (defined below) from tenants of each Property who collectively achieve or exceed
the Estoppel Threshold (defined below) for that Property, executed by such tenant and by each guarantor of such tenant’s
Lease (if any), in form and substance satisfactory to Buyer in its sole discretion, dated not earlier than 30 days prior to the
Closing Date.

 

(h)          Intentionally
Omitted.

 

(i)          The
New Loan shall close concurrently with and as part of the Closing.

 

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(j)          All
other matters, if any, stated herein to be conditions to Buyer’s obligation to consummate the transactions contemplated by
this Agreement shall have been satisfied on or before the date of Closing.

 

5.7         Conditions
Precedent to Obligation of Seller. The obligation of Seller to consummate the transaction hereunder shall be subject to the
fulfillment on or before the Closing Date of all of the following conditions, any or all of which may be waived by Seller in writing
in its sole discretion:

 

(a)          Buyer
shall have delivered to Seller all of the items required to be delivered to Seller pursuant to the terms of this Agreement, including
but not limited to, those provided for in Section 5.3.

 

(b)          All
of the representations and warranties of Buyer contained in this Agreement shall be true and correct in all material respects as
of the Closing Date.

 

(c)          Buyer
shall have performed and observed, in all material respects, all covenants and agreements of this Agreement to be performed and
observed by Buyer as of the Closing Date.

 

(d)          Intentionally
Omitted.

 

(e)          Keybank
shall have agreed to the release of its lien from the Aurora Retail Property and Aurora Office Property, and from the Normal Property.

 

(f)          The
New Loan shall close concurrently with and as part of the Closing.

 

(g)          All
other matters, if any, stated herein to be conditions to Seller’s obligation to consummate the transactions contemplated
by this Agreement shall have been satisfied on or before the date of Closing.

 

5.8         Failure
of a Condition to Closing. If any of the foregoing conditions benefiting a party is not satisfied by the Closing Date (or concurrently
with Closing, for those conditions which are by nature concurrent conditions) and so long as that party is not in default under
this Agreement, such party may either (i) terminate this Agreement by written notice to the other party or (ii) extend the Closing
Date by up to ten (10) business days to allow the other party to satisfy the condition. Upon such termination, Escrow Agent shall
release the Deposit to Seller as independent consideration and the parties shall have no further rights, duties or obligations
under this Agreement, other than those which are expressly provided in this Agreement to survive the termination of this Agreement;
provided, however, that if any of the foregoing conditions has not been satisfied due to a default by Buyer or Seller, then Buyer’s
and Seller’s respective rights, remedies and obligation shall be determined in accordance with Article 7.

 

5.9         Disbursements
and Other Actions by Escrow Agent. On or before the Closing Date, Seller and Buyer shall each deliver written escrow closing
instructions to Escrow Agent consistent with this Agreement. Escrow Agent shall close the transaction contemplated herein on the
Closing Date, by promptly undertaking all of the following in the following order and manner:

 

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(a)          Cause
the Deeds, and any other documents, which the parties hereto may mutually direct to be recorded in the Official Records of respective
counties in which the Properties are located, in such a manner as to enable Title Company to issue the Title Policies;

 

(b)          Disburse
the cash portion of the Purchase Price to Seller (less amounts chargeable to the account of Seller) and pay such amounts chargeable
to Buyer and Seller (or to third parties) in accordance with the Closing Statement;

 

(c)          Deliver
to Seller a fully executed original of each of the JV Agreement, the Bills of Sale and Assignments and the Property Management
Agreement, a copy of the final Closing Statement, a conformed copy of each of the recorded Deeds showing all recording information,
and a copy of each other document deposited by any party into the escrow, including copies of the Tenant Notices and the Vendor
Notices;

 

(d)          Deliver
to Buyer the originals and a conformed copy of each of the recorded Deeds and conformed copies of each of the other documents which
the parties have directed Escrow Agent to record, and a fully executed original of each of the JV Agreement, the Bills of Sale
and Assignments, the Certified Rent Rolls, the FIRPTA Affidavits (including the State forms), the final Closing Statement, the
Property Management Agreement, and a copy of each other document deposited by any party into the escrow, including copies of the
Tenant Notices and the Vendor Notices;

 

(e)          Direct
the Title Company to issue the Title Policies to Buyer;

 

(f)          Cause
the Tenant Notices to be sent to the addressees thereof via U.S. certified mail, return receipt requested (with the receipts directed
to Buyer); and

 

(g)          Cause
the Vendor Notices to be sent to the addressees thereof via U.S. certified mail, return receipt requested (with the receipts directed
to Buyer).

 

5.10     Designation
of Reporting Person. Seller and Buyer hereby designate Escrow Agent as the “Reporting Person” for the transaction
pursuant to Section 6045(e) of the Internal Revenue Code and the regulations promulgated thereunder and agree to provide correct
taxpayer identification numbers and to execute such documentation as is reasonably necessary to effectuate such designation. Escrow
Agent shall accept such designation and agree to perform all duties that are required to be performed by the Reporting Person for
the transaction contemplated herein.

 

Article
6

Representations,
Warranties, and Covenants

 

6.1         Representations
and Warranties of Seller. Each Seller represents and warrants the following statements are true on the date of this Agreement
and shall be true and correct on the Closing Date, and shall survive Closing for twelve (12) months. Each Seller shall be responsible
for the representations and warranties made by such Seller as and to the extent such representation and warranty applies to such
Seller, its sole member, or such Seller’s Property, but no Seller shall be responsible for a breach of representation and
warranty by any other Seller.

 

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6.1.1         Authority.
Seller is duly organized and validly exists as a limited liability company under the laws of the State of Delaware, and is qualified
to do business in the states in which the Properties are located. Seller has the right and authority to enter into this Agreement
and to perform its obligations under this Agreement, including conveyance of the Properties.

 

6.1.2         Enforceability;
No Conflict. This Agreement has been duly authorized, executed and delivered by Seller and is a valid and binding obligation
of Seller and is enforceable against Seller in accordance with its terms. Neither the execution and delivery of this Agreement
and the documents and instruments referenced herein, nor the performance of any of the obligations set forth herein, nor compliance
with the terms of this Agreement conflict with or result in the breach of any terms, conditions or provisions of, or constitute
a default under, any bond, note, or other evidence of indebtedness or any contract, indenture, mortgage, deed of trust, loan, partnership
agreement, lease or other agreement or instrument to which Seller is a party or by which any of the Properties is bound.

 

6.1.3         Insolvency.
Seller has not (i) made a general assignment for the benefit of creditors, (ii) filed any voluntary petition in bankruptcy or suffered
the filing of any involuntary petition by Seller’s creditors, (iii) suffered the appointment of a receiver to take possession
of all, or substantially all, of Seller’s assets, (iv) suffered the attachment or other judicial seizure of all, or substantially
all, of Seller’s assets, (v) admitted in writing its inability to pay its debts as they come due, or (vi) made an offer of
settlement, extension or composition to its creditors generally.

 

6.1.4         Pending
Actions. There is no agreement, to which Seller is a party or that is binding on Seller, which is in conflict with this Agreement.
There is no action or proceeding pending or, to Seller’s knowledge, threatened against Seller or relating to any Property,
which challenges or impairs Seller’s ability to execute or perform its obligations under this Agreement.

 

6.1.5         Leases.
Exhibits B-1 through B-4 attached hereto contain true, correct and complete lists of all of the Leases affecting
the Property as of the Effective Date to which such exhibit relates. Except for the Leases, as of the Effective Date, there are
no agreements relating to the Property with any tenant or occupant of the Property or giving any other party a right to occupy
or use the Property or any portion thereof. The Leases delivered to Buyer pursuant to this Agreement constitute true, correct and
complete copies the Leases. With respect to each of the Leases, except as disclosed on Exhibits B-1 through B-4,
the following information is true and correct: (i) each of the Leases is in full force and effect on the terms set forth therein
and has not been modified or amended in writing or otherwise; (ii) except as set forth in the Leases, Seller, as the landlord under
the Leases, has no outstanding obligation to provide any tenant with an allowance to construct, or to construct at its own expense,
any tenant improvements; (iii) except as set forth on the rent rolls delivered to Buyer, no Tenant has prepaid any rent or other
charges more than 30 days prior to the date due; (iv) no guarantors of any of the Leases have been released or discharged, voluntarily
or to Seller’s knowledge, involuntarily, or to Seller’s knowledge, by operation of law, from any obligation under or
in connection with any of the Leases or any transaction related thereto; (v) no tenant has made its security deposit in the form
of a letter of credit; (vi) except as set forth in Schedule 6.1.5, Seller has not delivered to any tenant and to Seller’s
knowledge has not received from any tenant, any notice of default with respect to any Lease, (vii) except as set forth on Schedule
6.1.5, no tenant or party in possession of any portion of the Property has any right to purchase, or holds any right of first
refusal to purchase, any portion of the Property or any right to possess additional or expanded premises under the terms of its
respective Lease, and (viii) except as set forth on Schedule 6.1.5, there are no broker’s commissions or finder’s
fees currently due and payable in connection with the Leases, nor are there any broker’s commissions or finder’s fees
due in connection with any extension of such Lease, increases in rent under any Lease, or expansion of the existing premises being
leased pursuant to any of the Leases.

 

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6.1.6         Service
Contracts. Exhibits C-1 through C-4 attached hereto contain true, correct and complete lists of all of the Service Contracts
affecting the Property to which such exhibit relates, and showing as to each of the Service Contracts: (i) date of such contract
and each amendment thereof; (ii) name of vendor; (iii) type of service; (iv) termination right under such contract (e.g. on 30-day
notice); (v) monthly charge or other basis for calculating amounts to become due thereunder; and (vi) the term and/or termination
date of such contract. To Seller’s knowledge, as of the Effective Date there are no existing material defaults by Seller
or by any vendors under any of the Service Contracts.

 

6.1.7         Condemnation.
No condemnation proceedings are pending against the Property, nor to Seller’s knowledge has any governmental authority threatened
condemnation of the Property.

 

6.1.8         Litigation.
Seller has received no written notice of any litigation, action, suit, arbitration, claims, proceeding or governmental investigation
in law or equity pending and to Seller’s knowledge, none are threatened with respect to any Property. There is not now pending
or to Seller’s knowledge threatened, any action or proceeding before any court or governmental authority or body against
Seller which would prevent Seller from performing its obligations hereunder.

 

6.1.9         Violations.
Except as disclosed in writing to Buyer, Seller has received no written notice from any governmental authority or third party that
the present use and operation of any of the Properties is in violation of any applicable law (including, without limitation, (i)
the Americans with Disabilities Act, and other similar federal, state and local laws, (ii) building codes, zoning ordinances and
any other laws relating to the use, ownership, construction or design of the improvements on the Property, including, without limitation,
fire, safety, handicapped access, or seismic design, and/or (iii) any Environmental Laws.

 

6.1.10         Licenses.
To Seller’s knowledge, Seller has all licenses, permits and other authorizations necessary for the current use, occupancy
and operation of the Properties.

 

6.1.11         Tax
Bills. Other than the amounts disclosed by the tax bills delivered or to be delivered by Seller to Buyer, or supplemental taxes
imposed as a result of the transfer of the Properties to Buyer, Seller has received no written notice of any pending proceedings
for special assessments of any kind (special, bond or otherwise) to be levied against any Property, or any portion of any Property.

 

6.1.12         Correct
Copies. All information related to the Properties delivered or to be delivered by Seller pursuant to this Agreement, are and
will be true and correct copies of such materials in Seller’s files.

 

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6.1.13         Commissions.
Except as set forth on Exhibit G hereto, no brokerage or leasing fees or commissions or other compensation will be due or
payable following the Closing on account of any of the Leases.

 

6.1.14         FIRPTA.
Seller is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code of 1986.

 

6.1.15         Environmental.
To Seller’s knowledge, Seller possesses and is in compliance with all approvals, permits and licenses required under applicable
Environmental Laws to own and operate the Properties (“Environmental Permits”). Seller has delivered or made
available to Buyer copies of all final environmental studies in its possession with respect to the Properties, including, without
limitation, any reports, studies, analyses, tests or monitoring possessed or initiated by or on behalf of Seller and in its possession
pertaining to Hazardous Materials, if any, in, on, beneath or adjacent to any of the Properties or regarding compliance of Seller
or any of the Properties with applicable Environmental Laws, and such copies are correct and complete as of the date hereof. Seller
has not and, to Seller’s knowledge, no tenant has, caused a Release of Hazardous Materials, on or beneath any of the Properties,
except for inventories of such substances to be used, and wastes generated therefrom, in the ordinary course of business (which
inventories and wastes, if any, were and are stored or disposed of in accordance with applicable Environmental Laws). There is
no Environmental Claim pending or, to Seller’s knowledge, threatened against Seller or any of the Properties. There are no
known present actions, activities, circumstances, conditions, events or incidents, including the Release or, to Seller’s
knowledge, threatened Release of any Hazardous Materials on, any of the Properties. For purposes hereof, (i) “Release”
means any actual or threatened release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal,
leaching or migration into or through the environment (including ambient air, surface water, groundwater, land surface or subsurface
strata) or within any building, structure, facility or fixture, (ii) “Hazardous Materials” means any petroleum
or petroleum products, radioactive materials or wastes, asbestos in any form, urea formaldehyde foam insulation and polychlorinated
biphenyls, and any other chemical, material, substance or waste that is prohibited, limited or regulated under any Environmental
Law, (iii) “Environmental Laws” means all applicable federal, state, provincial, local and foreign laws, judgments,
legally binding agreements and environmental permits issued, promulgated or entered into by or with any governmental authority,
relating to pollution, natural resources, protection or restoration of the environment (including ambient air, surface water, groundwater,
land surface or subsurface strata), endangered or threatened species or, as it relates to pollution, human health or safety, and
(iv) “Environmental Claim” means any claim, action, or cause of action by any natural person, entity, or governmental
authority or political subdivision or investigation by a governmental authority, alleging liability (including liability for cleanup
costs, governmental response costs, investigation costs, natural resources damages, property damages, or personal injuries) arising
out of, based on, or resulting from, the presence, Release or threatened Release of any Hazardous Materials at any of the Properties
or any violation, or alleged violation, of any Environmental Law.

 

6.1.16         Underground
Tanks. To Seller’s knowledge, except as otherwise disclosed in writing to Buyer, there are no underground or other storage
tanks in existence on or under any Property.

 

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6.1.17         Compliance.
Seller is not a person with whom Buyer is prohibited from engaging in this transaction due to any United States government embargos,
sanctions, or terrorism or money laundering laws, including, without limitation, due to Seller or any party that has ownership
in or control over Seller being (1) subject to United States government embargos or sanctions, (2) in violation of terrorism or
money laundering laws, or (3) listed on a published United States government list (e.g., Specially Designated Nationals and Blocked
Persons List maintained by the Office of Foreign Assets Control or other lists of similar import).

 

6.1.18         Financial
Position. The financial statements and all financial data prepared by Seller relating to calendar years 2013 and 2014 (year
to date) and heretofore delivered by Seller to Buyer relating to any of the Properties are true, correct and complete in all respects
as of the date thereof. To Seller’s knowledge, during calendar years 2013 and 2014 no material adverse change has occurred
in the financial positions disclosed by such statements and data subsequent to the date of their delivery to Buyer and except as
disclosed to Buyer in writing no borrowings have been made by Seller since the date thereof which are secured by, or might give
rise to, a lien or claim against any portion of any Property.

 

6.1.19         Permits
and Approvals. To Seller’s knowledge, Seller has all permits, authorizations, certificates, licenses or other approvals
(including without limitation all certificates of occupancy and business licenses) required by any governmental authority for Seller
and its affiliates to lawfully own, operate, lease, and manage the Properties as they are doing so currently.

 

6.1.20         No
Prior Transfers. Seller has not transferred by sale, assignment or otherwise, to any person, partnership, corporation or other
entity all or any portion of any right, title, or interest which Seller may have in and to any of the Properties or the Leases,
other than in connection with this Agreement and as shown on the Title Reports.

 

6.1.21         Utilities.
To Seller’s knowledge, all necessary utilities, including, without limitation, water, waste removal systems, electricity,
gas and telephone, are available to, and connected to, the Improvements in sufficient quantity to adequately service the full use
and occupancy of the Improvements by the tenants thereof subject only to normal charges to the utility supplier. To Seller’s
knowledge, all streets and easements necessary for operation, maintenance and enjoyment of the Properties are available to the
boundaries of the Properties.

 

6.1.22         Intentionally
Omitted.

 

6.1.23         Zoning.
Seller has no knowledge that the zoning for each Property is other than as set forth on Schedule 6.1.23. To Seller’s
knowledge, the present use of the Improvements on each Property is, and the Improvements on each Property themselves are, in all
material respects, in substantial conformity with or excused from conformity with, all applicable zoning Laws and such substantial
conformity is not dependent upon or related in any way to any rights or interest in or to any property other than the such Property.
Seller has no knowledge of any plan by any governmental authority to change the zoning of any Property.

 

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6.1.24         Material
Adverse Effect. Seller has not failed to disclose any contract, lease, loan document (or amendments or modifications of any
contract, loan document or lease), or other agreement that would be binding on Buyer or any of the Properties after Closing, the
Leases, the Service Contracts, documents delivered to Buyer by Seller in connection with Buyer’s diligence, and the documents
and agreements disclosed in the Title Reports, and to Seller’s knowledge, Seller has not failed to disclose any fact or information,
including any liabilities, that could have a material adverse effect on (a) the condition (financial or otherwise) of any of the
Properties, (b) Buyer's ability to continue operating the Properties in the manner they are currently operated or (c) Seller's
ability to fulfill its obligations under this Agreement or any of the documents to be executed and delivered by Seller at Closing.

 

6.1.25         Tangible
Personal Property Owner. Each Seller is the sole owner of all Tangible Personal Property described in the Bill of Sale and
Assignment for the applicable Real Property (other than personal property owned by tenants under the Leases) free of any adverse
claim of any kind whatsoever except for those set forth on the Title Reports.

 

6.2         Knowledge
Defined. References to the “knowledge” of a party shall refer
to the current, actual knowledge, on the Effective Date of Seller’s Designated Representatives
or Buyer’s Designated Representatives (as hereinafter defined), as applicable, without inquiry or investigation,
except as set forth below, and without imputation of matters of public record or other constructive knowledge. Seller represents
and warrants that the Seller’s Designated Representatives are the persons currently within Seller’s organization or
Glenborough’s organization, in its capacity as property manager for Seller, most likely to have knowledge about the matters
covered by Seller’s representations and warranties herein, or, to the extent such persons are not the most likely to have
the relevant knowledge, Seller’s Designated Representatives have made reasonable inquiry of the persons currently within
Seller’s organization or Glenborough’s organization, in its capacity as property manager for Seller, who are most likely
to have the relevant knowledge. The term “Seller’s Designated Representatives”
shall refer to the following persons: (i) Alan Shapiro and (ii) Andrew Batinovich.
The term “Buyer’s Designated Representatives” shall refer to the following persons: (i) Cary Kleinman
and (ii) Justin Guichard. In no event shall the named Designated Individuals have personal liability for a breach of any representation
or warranty on the part of the party for whom they are Designated Representatives, nor shall either party have any personal claim
against the other parties’ Designated Representatives as a result of the reference thereto in this Article 6.

 

6.3         Effect
of Tenant Estoppels. To the extent a Tenant Estoppel meeting the requirements of Section 6.4.4 below is delivered to
Buyer either before or after the Effective Date but prior to the end of the survival period for Seller’s representations
and warranties is substantially the same in whole or in part to a representation and warranty of Seller in Section 6.1.5
above, such portion of Seller’s representation and warranty shall be null and void and Buyer shall rely solely on such Tenant
Estoppel or portion thereof.

 

6.4         Seller’s
Covenants. Seller covenants with Buyer, from the Effective Date until the Closing or earlier termination of this Agreement,
as follows:

 

6.4.1         Operation
of Property. Seller shall operate and maintain the Properties in a manner generally consistent with the manner in which Seller
has operated and maintained the Properties prior to the Effective Date, ordinary wear and tear, casualty and condemnation excepted.

 

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6.4.2         Provide
Copies of Notices. Seller shall furnish Buyer with a copy of all notices received by Seller from any governmental authority
or other party of any alleged violation of any law, statute, ordinance, regulation or order of any governmental or public authority
relating to the Property, or breach or default under any Lease or Service Contract, within three (3) business days following Seller’s
receipt thereof.

 

6.4.3         Execution
of New Leases and Contracts.

 

(a)          From
the Effective Date until the Closing, Seller shall not (i) terminate any of the Leases or modify any of the Leases (other than
in connection with renewals or extensions, as provided below) without first obtaining Buyer’s prior written approval, which
may be given or withheld in Buyer’s sole discretion, or (ii) enter into any new leases, lease renewals or lease extensions
without first obtaining Buyer’s prior written approval, which Buyer shall not unreasonably withhold or delay. With any such
notice or request for approval, Seller shall provide Buyer with information regarding the new lease, amendment, or termination,
including information about the terms and conditions thereof, tenant creditworthiness (for a new lease), any improvement allowances
and commissions payable with respect thereto, the proposed form of lease or amendment, and such other information as Buyer may
reasonably request. If Seller has delivered notice to Buyer of Seller’s request for Buyer’s approval and Buyer has
not responded to Seller’s request for approval within three (3) business days, then Buyer shall be deemed to have approved
the Lease activity in question. Each such new lease, lease renewal or lease extension entered into by Seller with Buyer’s
approval shall constitute a “Lease” for purposes of this Agreement.

 

(b)          From
the Effective Date until the Closing, Seller shall not enter into any new service contract or other agreement, or amend an existing
Service Contract, that will be binding on Buyer or any of the Properties after Closing, without first obtaining Buyer’s prior
written approval, which may be given or withheld in Buyer’s sole discretion, provided notice will be required, but no consent
shall be required if such contract, agreement or amendment is on commercially reasonable terms and can be terminated prior to Closing,
without payment of a penalty or termination fee, and Seller in fact does terminate such contract, agreement or amendment, if Buyer
has elected not to assume the same. Each such new service contract entered into by Seller with Buyer’s approval shall constitute
a “Service Contract” for purposes of this Agreement.

 

6.4.4         Tenant
Estoppel Certificates. Seller will use reasonable efforts to obtain estoppel certificates (the “Tenant Estoppels”)
in the form attached as Exhibit H from (i) the tenants listed on Exhibit H-1 (the “Major Tenants”)
and (ii) tenants of each Property, which, when taken with the Major Tenants of such Property, collectively lease a minimum of 80%
of the gross leased areas of such Property (the “Estoppel Threshold”); provided, however, that Buyer will also
accept, in lieu of the estoppel form set forth on Exhibit H, any other estoppel certificate which is in the form of estoppel
the tenant is required to deliver under its Lease or which is a commercially reasonable, standard form required by a tenant with
a national or regional presence and multiple locations.

 

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6.4.5         SNDAs.
Seller will use reasonable efforts to obtain an executed subordination, non-disturbance and attornment agreement from each of (i)
Schnuck Markets, Inc., (ii) Marc Glassman, Inc., (iii) Gregg Appliances, Inc., and (iv) Publix Super Markets, Inc., either on the
form reasonably required by the lender of the New Loan, or in the form required by the terms of such tenant’s Lease.

 

6.5         Buyer’s
Representations and Warranties. Buyer represents and warrants to Seller that the following statements are true and correct
on the date of this Agreement and shall be true and correct on the Closing Date, and shall survive Closing.

 

6.5.1         Authority.
Buyer is duly organized and validly exists as a limited liability company under the laws of the State of Delaware. Buyer has the
right and authority to enter into this Agreement, acquire the Properties pursuant to this Agreement, and perform the obligations
of Buyer under this Agreement.

 

6.5.2         Enforceability;
No Conflict. This Agreement has been duly authorized, executed and delivered by Buyer and is a valid and binding obligation
of Buyer and is enforceable against Buyer in accordance with its terms. Neither the execution and delivery of this Agreement and
the documents and instruments referenced herein, nor the performance of any of the obligations set forth herein, nor compliance
with the terms of this Agreement conflict with or result in the breach of any terms, conditions or provisions of, or constitute
a default under, any bond, note, or other evidence of indebtedness or any contract, indenture, mortgage, deed of trust, loan, partnership
agreement, lease or other agreement or instrument to which Buyer is a party.

 

6.5.3         Insolvency.
Buyer has not (i) made a general assignment for the benefit of creditors, (ii) filed any voluntary petition in bankruptcy or suffered
the filing of any involuntary petition by Buyer’s creditors, (iii) suffered the appointment of a receiver to take possession
of all, or substantially all, of Buyer’s assets, (iv) suffered the attachment or other judicial seizure of all, or substantially
all, of Buyer’s assets, (v) admitted in writing its inability to pay its debts as they come due, or (vi) made an offer of
settlement, extension or composition to its creditors generally.

 

6.5.4         Pending
Actions. There is no agreement, to which Buyer is a party or that is binding on Buyer, which is in conflict with this Agreement.
There is no action or proceeding pending or, to Buyer’s knowledge, threatened against Buyer, which challenges or impairs
Buyer’s ability to execute or perform its obligations under this Agreement.

 

6.5.5         Compliance.
As of the date of this Agreement and as of the Closing Date, Buyer represents and warrants as follows:

 

(a)                    Buyer’s
funds are derived from legitimate business activities that do not violate any applicable law and are from lawful and permissible
sources.

 

(b)                    Buyer
is not a person with whom Seller is prohibited from engaging in this transaction due to any United States government embargos,
sanctions, or terrorism or money laundering laws, including, without limitation, due to Buyer or any party that has ownership in
or control over Buyer being (1) subject to United States government embargos or sanctions, (2) in violation of terrorism or money
laundering laws, or (3) listed on a published United States government list (e.g., Specially Designated Nationals and Blocked Persons
List maintained by the Office of Foreign Assets Control or other lists of similar import).

 

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6.5.6         Changes
to Representations and Warranties. As used herein, the term “Exception
Matter” shall refer to a matter disclosed to Buyer in writing or discovered by Buyer at any time prior to the Closing,
that would make a Warranty of Seller untrue or incorrect. If Buyer obtains knowledge of any Exception Matter prior to Closing,
as its sole and exclusive remedy, Buyer may terminate this Agreement upon written notice to Seller if Seller elects not to cure
or remedy any such Exception Matter. Buyer shall promptly notify Seller in writing of any Exception Matter of which Buyer obtains
knowledge before the Closing. If Buyer obtains knowledge of any Exception Matter before the Closing, but nonetheless elects to
proceed with the acquisition of the Properties pursuant to this Agreement, Buyer shall consummate the acquisition of the Properties
subject to such Exception Matter and Seller shall have no liability with respect to such Exception Matter. If Buyer elects to terminate
this Agreement on the basis of any Exception Matter, Buyer shall so notify Seller in writing within five (5) days following Buyer’s
discovery of the Exception Matter, the Deposit shall be released to Seller as independent consideration, and neither party shall
have any further rights or obligations hereunder, except for those that survive termination of this Agreement. Seller and Buyer
shall promptly inform each other in writing of any Exception Matter of which either party obtains knowledge.

 

Article
7

Default
and Remedies

 

7.1         Default
by Buyer. If Buyer defaults by failing to close as required under this Agreement, Seller shall be entitled, as its sole remedy,
to terminate this Agreement and receive the Deposit as liquidated damages for the breach of this Agreement, it being agreed between
the parties hereto that the actual damages to Seller in the event of such breach and failure to close are impractical to ascertain
and the amount of the Deposit is a reasonable estimate thereof. THEREFORE, BY PLACING THEIR INITIALS BELOW, THE PARTIES ACKNOWLEDGE
THAT THE DEPOSIT HAS BEEN AGREED UPON, AFTER NEGOTIATION, AS THE PARTIES’ REASONABLE ESTIMATE OF SELLER’S DAMAGES AND
AS SELLER’S EXCLUSIVE REMEDY AGAINST BUYER, AT LAW OR IN EQUITY, IN THE EVENT OF A DEFAULT IN FAILING TO CLOSE UNDER THIS
AGREEMENT ON THE PART OF BUYER. THE PARTIES ACKNOWLEDGE THAT THE PAYMENT OF SUCH LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE
OR PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING
ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF THE DAMAGES
THAT SELLER WOULD INCUR IN SUCH EVENT. BY PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS
MADE ABOVE AND THE FACT THAT SUCH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES
OF THIS LIQUIDATED DAMAGES PROVISION. 

 

Initials:         Seller________         Buyer _________

 

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7.2         Default
by Seller. If the sale of the Property under this Agreement does not occur because of Seller’s default under this Agreement,
then Buyer’s sole and exclusive remedy is to elect one of the following: (a) to terminate this Agreement, or (b) to
bring a suit for specific performance, within forty-five (45) days following Seller’s default.

 

Article
8

Risk
of Loss

 

8.1         Condemnation.
If, prior to Closing, a governmental authority initiates action to take any of the Properties or a portion thereof by eminent domain
proceedings, Buyer shall elect (a) to terminate this Agreement as to all of the Properties without further liability to Seller,
upon which Escrow Agent will return the Deposit to Buyer and neither party shall have any obligation to the other under this Agreement,
except as expressly provided herein, or (b) to continue to Closing on all of the Properties, in which case (i) Buyer shall have
the right to consult with Seller regarding the eminent domain proceedings and Seller shall not settle any such proceedings without
Buyer’s prior written consent, (ii) at Closing Buyer will be assigned the entire award of the condemning authority with respect
to the affected Property, or if already collected by Seller, Buyer will receive a credit against the cash portion of the Purchase
Price, in an amount equal to the entire award received by Seller.

 

8.2         Casualty.
Except as provided in Article 4, Seller assumes all risks and liability for damage to or injury occurring to any
of the Properties by fire, storm, accident, or any other casualty or cause until Closing. If, between the Effective Date and the
Closing Date, any Property suffers Material Damage, Seller shall promptly notify Buyer. Buyer may elect, by written notice delivered
to Seller within fifteen (15) days after receipt of such notice, to (a) terminate this Agreement, and neither party shall have
any further obligation to the other except as may be expressly provided herein, or (b) continue to Closing on all of the Properties,
and award any insurance proceeds resulting from the Material Damage to Buyer, or if already collected by Seller, Buyer will receive
a credit against the cash portion of the Purchase Price, in an amount equal to the entire amount of insurance proceeds received
by Seller.  The Closing Date may be
extended as necessary to permit Buyer and Seller the full fifteen (15) days.
 “Material Damage” means damage which may be cause for the termination of a Major Lease, which
causes required parking for any Property to fall below that required by applicable law or any Lease (and Seller is unable to provide
additional parking for the Property in locations and on terms reasonably acceptable to Buyer), or costing in Buyer’s reasonable
judgment five percent (5%) or more of the Allocated Purchase Price of the applicable Property to repair. If between the Effective
Date and the Closing Date, any Property suffers damage which is not Material Damage, Seller shall convey the Property to Buyer
without making repairs and assign to Buyer all insurance proceeds payable on account of such damage. If Buyer does not terminate
this Agreement pursuant to this section following a casualty (whether or not the casualty results in Material Damage), Seller shall
assign to Buyer at the Closing its right to recover under any insurance policies covering such damage and shall provide a credit
to Buyer at the Closing in the amount of the deductible or other self-insured retention, if any.

 

    	26

    	 

    

 

Article
9

Escrow
Agent

 

9.1         Investment
of Deposit. Escrow Agent shall hold, but need not invest, the Deposit. Escrow Agent shall notify Seller, no later than one
(1) business day after Escrow Agent’s receipt thereof, that Escrow Agent has received the Deposit in immediately available
funds, and is holding the same in accordance with the terms of this Agreement.

 

9.2         Payment
at Closing. If the Closing takes place under this Agreement, Escrow Agent shall deliver the Deposit to Seller on the Closing
Date, as part of the cash portion of the Purchase Price.

 

9.3         Payment
on Demand. In the event that Seller claims the Deposit pursuant to the provisions of this Agreement, Seller shall deliver written
notice of such claim to Escrow Agent and to Buyer and, unless Buyer within ten (10) days thereafter notifies Escrow Agent of any
objection to such requested disbursement of the Deposit, Escrow Agent shall disburse the Deposit to Seller and shall thereupon
be released and discharged from any further duty or obligation hereunder with respect to the Deposit.

 

9.4         Escrow
Instructions. The parties shall promptly deposit a fully executed copy of this Agreement with Escrow Agent and this Agreement
shall serve as escrow instructions to Escrow Agent for consummation of the transactions contemplated hereby. Escrow Agent’s
execution and acknowledgement of this Agreement is not a condition to the effectiveness of this Agreement as between Buyer and
Seller. The Parties agree to execute such additional escrow instructions as may be appropriate to enable Escrow Agent to comply
with the terms of this Agreement; provided, however, that in the event of any conflict between the provisions of this Agreement
and any supplementary escrow instructions, the terms of this Agreement shall control unless such supplementary instructions are
signed by both Buyer and Seller and a contrary intent is expressly indicated in such supplementary instructions.

 

9.5         Execution
by Escrow Agent. Escrow Agent has executed this Agreement solely for the purpose of acknowledging receipt of this Agreement,
duly executed by Buyer and Seller, and agreeing to the provisions of Sections 5.9 and 5.10 and this Article 9.
Escrow Agent’s consent to any modification or amendment of this Agreement other than this Article 9 shall not be required.

 

Article
10

Miscellaneous

 

10.1       Assignment.
Buyer may not assign its rights under this Agreement without
first obtaining Seller’s written approval, which approval Seller may
withhold in Seller’s sole discretion. Notwithstanding the foregoing, Buyer shall have the right to take title to one or more
of the Properties in the name of a subsidiary wholly-owned by Buyer, with notice to, but without consent of, Seller.

 

    	27

    	 

    

 

10.2         Brokers.
Each party represents that it has not engaged a broker in connection with this transaction. Each party agrees that should any claim
be made for brokerage commissions or finder’s fees by any broker or finder by, through or on account of any acts of said
party or its representatives, said party will indemnify, defend, protect and hold the other party free and harmless from and against
any and all loss, liability, cost, damage and expense in connection therewith. The provisions of this section shall survive Closing
or earlier termination of this Agreement.

 

10.3         Notices.
Any notice required or permitted under this Agreement shall be in writing and delivered by hand or overnight courier (such
as United Parcel Service or Federal Express), sent by facsimile or mailed by United States registered or certified mail, return
receipt requested, postage prepaid and addressed to each party at its address as set forth below. Notice is considered given on
the date of hand or courier delivery, confirmed facsimile transmission, deposit with such overnight courier for next business day
delivery, or deposit in the United States mail. The parties’ respective addresses for notice purposes are as follows:

 

	If to Buyer:	SGO Retail Acquisitions Venture, LLC
	 	c/o Oaktree Real Estate Group
	 	333 So. Grand Avenue, 28th Floor
	 	Los Angeles, CA 90071
	 	Attention:  Cary Kleinman and Justin Guichard
	 	Telephone:  (213) 830-6316
	 	Facsimile:  (213) 830-6392
	 	 
	With a copy to:	Jones Day
	 	555 California Street, 26th Floor
	 	San Francisco, CA 94104
	 	Attention:  Barbara Gregoratos and Brad Curtis
	 	Telephone:   	415-875-5830 (Ms. Gregoratos)
	  	 	415-875-5878 (Mr. Curtis)
	 	Facsimile:  	(415) 875-5700
	 	 
	If to Seller:	TNP SRT Osceola Village, LLC
	 	SRT Constitution Trail, LLC
	 	TNP SRT Aurora Commons, LLC
	 	c/o Strategic Retail Trust, Inc.
	 	c/o Glenborough LLC
	 	400 South El Camino, 11th Floor
	 	San Mateo, CA 94402-170
	 	Attention:  Alan Shapiro
	 	Telephone: (650) 343-9300
	 	Facsimile:    (650) 343-9690

 

    	28

    	 

    

  

	With a copy to:	c/o Strategic Retail Trust, Inc.
	 	c/o Glenborough LLC
	 	400 South El Camino, 11th Floor
	 	San Mateo, CA 94402-170
	 	Attention:  G. Lee Burns, Jr., General Counsel
	 	Telephone: (650) 343-9300
	 	Facsimile: (650) 343-9690
	 	 
	If to Escrow Agent/	First American Title Insurance Company
	Title Company:	3281 East Guasti Road, Suite 440
	 	Ontario, CA 91761
	 	Attention:   Wendy Hagen Bowen
	 	Telephone: (909)510-6225
	 	Facsimile:   (877) 461-2090

 

10.4         General
Provisions. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any
gender shall be applicable to all genders.

 

10.5         Governing
Law. This Agreement is governed by the laws of the state of California. All actions or claims arising out of or in connection
with this Agreement or any other actions or claims between the parties hereto shall be brought only in State court in the county
in of Los Angeles or San Francisco.

 

10.6         Counterparts.
This Agreement may be executed in counterparts, and all such executed counterparts shall constitute the same agreement.

 

10.7         Time.
Time is of the essence; however, if the date for performance of any action under this Agreement shall fall on a day other than
a business day, such action shall, and may, be performed on the next succeeding business day. The term “business day”
as used in this Agreement means a day other than Saturday, Sunday or a federal or State of California legal holiday on which banks
located in the State of California are authorized by California law or federal law to close for business; provided, however, if
performance by a party of its obligations hereunder requires performance in a jurisdiction in which a Property is located and cannot
be performed because the date for such performance falls on a state or local holiday in such jurisdiction, such day shall not be
a business day under this Agreement.

 

10.8         Captions.
The section headings appearing in this Agreement are for convenience of reference only and are not intended to limit or define
the text of any section or subsection.

 

10.9         Exhibits
and Schedules. The following schedules or exhibits attached hereto shall
be deemed to be an integral part of this Agreement:

 

    	29

    	 

    

 

	Exhibit A-1	-	Legal Description of Aurora Retail Real Property
	Exhibit A-2	-	Legal Description of Aurora Office Real Property
	Exhibit A-3	-	Legal Description of Normal Real Property
	Exhibit A-4	-	Legal Description of Kissimmee Real Property
	Exhibit B-1	-	Aurora Retail Real Property Leases
	Exhibit B-2	-	Aurora Office Real Property Leases
	Exhibit B-3	-	Normal Real Property Leases
	Exhibit B-4	-	Kissimmee Real Property Leases
	Exhibit C-1	-	Aurora Retail Real Property Service Contracts
	Exhibit C-2	-	Aurora Office Real Property Service Contracts
	Exhibit C-3	-	Normal Real Property Service Contracts
	Exhibit C-4	-	Kissimmee Real Property Service Contracts
	Exhibit D-1	-	Form of Ohio Deed
	Exhibit D-2	-	Form of Illinois Deed
	Exhibit D-3	-	Form of Florida Deed
	Exhibit E	-	Form of Bill of Sale and Assignment
	Exhibit F	-	FIRPTA Affidavit
	Exhibit G-1	-	Leasing Commissions, Finders’ Fees and Allowances
	Exhibit G-2	 	Credits
	Exhibit H	-	Form of Tenant Estoppel Certificate
	Exhibit H-1	-	Major Tenants
	Exhibit I	-	Intentionally Omitted
	Exhibit J	-	Intentionally Omitted
	Exhibit K	-	Sample Rent Roll
	Exhibit L	-	Form of Property Management Agreement
	Schedule 1.3	-	Allocated Purchase Price
	Schedule 6.1.5	-	Right to Purchase or Right of First Refusal
	Schedule 6.1.22	Events of Default Under Loan Documents
	Schedule 6.1.23	Zoning

 

10.10         Entire
Agreement. This Agreement, including Exhibits, contain the entire agreement between the parties pertaining to the subject matter
hereof and fully supersede all prior written or oral agreements and understandings between the parties pertaining to such subject
matter and may not be amended except in writing, signed by both Seller and Buyer.

 

10.11         Attorneys’
Fees. If either party hereto fails to perform any of its obligations under this Agreement or if any dispute arises between
the parties hereto concerning the meaning or interpretation of any provision of this Agreement, then the defaulting party or the
party not prevailing in such dispute, as the case may be, shall pay any and all costs and expenses incurred by the other party
on account of such default and/or in enforcing or establishing its rights hereunder, including, without limitation, court costs
and reasonable attorneys’ fees and disbursements. This Section shall survive Closing or any earlier termination of this Agreement.

 

10.12         Survival.
All provisions of this Agreement which expressly survive the Closing shall survive the Closing, and if limited to a specified term,
only for the stated term. All other provisions of this Agreement which do not expressly survive the Closing but which require performance
after the Closing and are not fully performed as of the Closing shall survive the Closing.

 

10.13         No
Recordation. None of this Agreement, any memorandum of Agreement or any notice relating to the Agreement may be recorded in
any public records.

 

    	30

    	 

    

 

10.14         Jury
Trial Waiver. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THEIR RIGHT
TO A JURY TRIAL IN CONNECTION WITH THIS AGREEMENT, THE TRANSACTION CONTEMPLATED UNDER THE AGREEMENT OR ANY COURSE OF DEALINGS OR
ACTIONS BY THE PARTIES RELATING TO THIS AGREEMENT. THIS WAIVER SHALL SURVIVE CLOSING UNDER OR TERMINATION OF THIS AGREEMENT.

 

10.15         Bulk
Sales Indemnity. Glenborough Property Partners, LLC, a Delaware limited liability company (“Indemnitor”)
hereby agrees to indemnify, protect, and hold Buyer and SGO Constitution Trail, LLC, a Delaware limited liability company ("Constitution
Buyer") harmless against and from any and all damages, losses, liabilities, obligations, penalties, claims, litigation,
demands, defenses, judgments, proceedings, costs, disbursements, or expenses which may be imposed upon or reasonably incurred by
or asserted against Buyer or Constitution Buyer and arising from or out of any demand for unpaid taxes or a claim for lien issued
by the Illinois Department of Revenue pursuant to the Illinois law against Buyer or Constitution Buyer related to events and circumstances
occurring prior to the sale of the Normal Property. This indemnity shall survive the Closing, the delivery and recordation of the
Deeds, and any termination of this Agreement.

 

    	31

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of the Effective Date.

 

“SELLER”

 

	SRT CONSTITUTION TRAIL, LLC, 	 
	a Delaware limited liability company	 
	 	 
	By:	SRT SECURED HOLDINGS, LLC,	 
	 	a Delaware limited liability company, 	 
	 	its sole member	 
	 	 	 	 
	 	By:	SRT SECURED HOLDINGS MANAGER, LLC,	 
	 	 	a Delaware limited liability company, 	 
	 	 	its manager	 
	 	 	 	 
	 	 	By:	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

[Signatures Follow on Next Page]

 

Signature page to Purchase and Sale Agreement 

    	 

    	 

    

  

	TNP SRT AURORA COMMONS, LLC,	 
	a Delaware limited liability company	 
	 	 
	By:	SRT SECURED HOLDINGS, LLC,	 
	 	a Delaware limited liability company, 	 
	 	its sole member	 
	 	 	 	 
	 	By:	SRT SECURED HOLDINGS MANAGER, LLC,	 
	 	 	a Delaware limited liability company, 	 
	 	 	its manager	 
	 	 	 	 
	 	 	By:	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

[Signatures Follow on Next Page]

 

    	2

    	 

    

  

	TNP SRT OSCEOLA VILLAGE, LLC,	 
	a Delaware limited liability company	 
	 	 
	By:	SRT SECURED HOLDINGS, LLC,	 
	 	a Delaware limited liability company, 	 
	 	its sole member	 
	 	 	 	 
	 	By:	SRT SECURED HOLDINGS MANAGER, LLC,	 
	 	 	a Delaware limited liability company, 	 
	 	 	its manager	 
	 	 	 	 
	 	 	By:	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

[Signatures Follow
on Next Page]

 

    	3

    	 

    

 

	 	BUYER:
	 	 
	 	SGO Retail Acquisitions Venture, LLC,
	 	a Delaware limited liability company,
	 	 
	 	By:	GLB SGO, LLC,
	 	 	a Delaware limited liability company
	 	 	its Managing Member
	 	 	 	 
	 	 	By:	 
	 	 	Name: 	 
	 	 	Its:	 

 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGES]

 

Signature page to Purchase and Sale Agreement 

    	 

    	 

    

 

Escrow Agent has executed this Agreement for the limited purposes
set forth in this Agreement.

 

	 	ESCROW AGENT:
	 	 
	 	FIRST AMERICAN TITLE COMPANY
	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

[Signature page to Purchase and Sale
Agreement]

 

    	 

    	 

    

 

Indemnitor has executed this Agreement for the sole purpose
of acknowledging their agreement to be bound by the provisions of Section 10.15.

 

	 	“INDEMNITOR”
	 	 
	 	GLENBOROUGH PROPERTY PARTNERS, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	 
	 	Name:  Andrew Batinovich
	 	Title:  President and Chief Executive Officer

 

[Signature page to Purchase and Sale
Agreement]

 

    	 

    	 

    

 

Exhibit A-1

Legal Description of Aurora
Retail Real Property

 

Real property in the City of Aurora, County of Portage, State
of Ohio, described as follows: 

TRACT I:

 

Parcel "A"

 

Situated in the City of Aurora, County of Portage, State of
Ohio and known as being part of Original Aurora Township, Lot No. 18 and is further bounded and described as follows:

Beginning
at a 7/8" iron pin found at the intersection of the center line of West Garfield Road (State Route 82) (60 feet wide) with
the center line of Bissell Road (50 feet wide). Thence South 89° 41’ 30" East, along said center line of West Garfield
Road, a distance of 808.88 feet to a P.K. nail found at the Northeasterly corner of Parcel No. 4 of land conveyed to Aurora Commons
Phase Two, LLC by deed recorded in Document No. 200205196 of Portage County Records and the principal place of beginning of the
land herein described;

 

Course 1 Thence South 89°-41’-30" East,
continuing along said center line of West Garfield Road, a distance of 483.87 feet;

Course 2 Thence South
00°-18’-30" West, passing through a 5/8" iron pin (Neff-7065) set at 30.00 feet, the Southerly right of
way line of said West Garfield Road, a distance of 214.71 feet to a 5/8" iron pin (Neff-7065) set; Form 5011639 (8-1-09)
Page 4 of 13 ALTA Commitment (6-17-06)

Ohio Course 3 Thence South 53°-36’-19" East, a distance of 85.93 feet
to a 5/8" iron pin (Neff-7065) set;

Course 4 Thence South 08°-09’-00" East, a distance of 157.55 feet to
a 5/8" iron pin (Neff-7065) set in the Northwesterly line of Parcel No. 2 of land so conveyed to the aforesaid Aurora
Commons Phase Two, LLC;

Course 5 Thence South 67°-18’-30" West, along said Northwesterly line of Parcel No. 2,
a distance of 28.74 feet to a magnetic nail found at a Northwesterly corner thereof;

Course 6 Thence South
08°-09’-00" East, along a Westerly line of said Parcel No. 2 and along a Westerly line of a parcel of land
conveyed to the City of Aurora by deed recorded in Document No. 201108720 of Portage County Records, a distance of 1109.28
feet to a Southwesterly corner thereof. Said corner marked by a 1/2" iron pin found South
66°-58’-29" West, a distance of 0.52 feet;

Course 7 Thence North 82°-15’-00" East, along a
Southerly line of land so conveyed to the City of Aurora, a distance of 73.14 feet to a 1/2" iron pin found at an
interior corner thereof;

Course 8 Thence South 07°-59’-20" East, along a Westerly line of land so conveyed to
the City of Aurora, a distance of 249.75 feet to a P.K. nail found at a Southwesterly corner thereof and the center line of
West Pioneer Trail (60 feet wide);

Course 9 Thence South 82°-00’-42" West, along said center line of West
Pioneer Trail, a distance of 60.00 feet to a P.K. nail found at a Southeasterly corner of a parcel of land conveyed to the
City of Aurora by deed recorded in Document No. 200121047 of Portage County Records;

Course 10 Thence North
07°-59’-20" West, along an Easterly line of land so conveyed to the City of Aurora, as last aforesaid, a
distance of 30.00 feet to a P.K. nail found at an angle point therein and the Northerly right of way line of said West
Pioneer Trail;

Course 11 Thence North 26°-24’-10" West, continuing along said Easterly line of land so
conveyed to the City of Aurora, as last aforesaid, a distance of 232.11 feet to a 1/2" iron pin found at an angle point
therein;

Course 12 Thence North 08°-09’-00" West, continuing along said Easterly line of land so conveyed to
the City of Aurora, as last aforesaid and along the Easterly line of a parcel of land conveyed to the United States Postal
Service by deed recorded in Volume 1087, Page 664 of Portage County Records, a distance of 625.06 feet to a 1/2" iron
pin found at the Northeasterly corner thereof;

Course 13 Thence North 61°-16’-00" West, along the
Northeasterly line of land so conveyed to the United States Postal Service, a distance of 218.47 feet to a magnetic nail
found at theNorthwesterly corner thereof;

Course 14 Thence South 28°-44’-00" West, along the Northwesterly
line of land so conveyed to the United States Postal Service, a distance of 240.00 feet to a magnetic nail found at the
Southwesterly corner thereof;

Course 15 Thence South 61°-16’-00" East, along the Southwesterly line of land so
conveyed to the United States Postal Service, a distance of 54.74 feet to a 5/8" iron pin (Neff-7065) set at an angle
point in the Northeasterly line of Parcel No. 2 of land conveyed to TNP SRT Aurora Commons, LLC by deed recorded in Document
No. 201205050 of Portage County Records;

Course 16 Thence South 56°-26’-46" West, along said Northeasterly
line of Parcel No. 2, a distance of 66.63 feet to a 5/8" iron pin (Neff-7065) set at an angle point therein;

Course 17
Thence North 61°-09’-00" West, continuing along said Northeasterly line of Parcel No. 2, a distance of 180.00
feet to a magnetic nail set at an angle point therein;

Course 18 Thence North 73°-09’-00" West, continuing
along said Northeasterly line of Parcel No. 2, a distance of 270.98 feet to a 5/8" iron pin (Neff-7065) set at the
Northwesterly corner thereof and the Easterly line of a parcel of land conveyed to Aurora Manor Limited Partnership by
deed recorded in Document No. 201114790 of Portage County Records;

Course 19 Thence North 02°-55’-20" West,
along said Easterly line of land so conveyed to Aurora Manor Limited Partnership and along the aforesaid Easterly line of
Parcel No. 4 of land so conveyed to Aurora Commons Phase Two, LLC, a distance of 322.68 feet to a 5/8" iron pin
(Dudley-6747) found at an angle point therein;

Course 20 Thence North 17°-34’-18" East, along said Easterly
line of Parcel No. 4, a distance of 633.33 feet to the principal place of beginning and containing 16.2705 Acres (708,744
Square Feet) of land according to a survey made by Thomas J. Neff, Jr. Registered Surveyor No. 7065- Ohio in April 2012.

The
subject premises being part of Parcel No. 1 of land conveyed to TNP SRT Aurora Commons, LLC by deed recorded in Document No.
201205050 of Portage County Records.

The basis of bearings for the premises surveyed is South 89°-41’-30"
East, as the center line of West Garfield Road (State Route 82) as evidenced by the deed recorded in Document No. 201205050
of Portage County Records.

 

    	 

    	 

    

 

Parcel "B"

Intentionally omitted.

 

Parcel "C"

Situated in the City of Aurora, County of Portage, State of
Ohio and known as being part of Original Aurora Township, Lot No. 18 and is further bounded and described as follows:

Beginning
at a 7/8" iron pin found at the intersection of the center line of West Garfield Road (State Route 82) (60 feet wide) with
the center line of Bissell Road (50 feet wide). Thence South 89°-41’-30" East, along said center line of West Garfield
Road, a distance of 808.88 feet to a P.K. nail found at the Northwesterly corner of Parcel No. 1 of land conveyed to TNP SRT Aurora
Commons, LLC by deed recorded in Document No. 201205050 of Portage County Records. Thence South 17°-34’-18" West,
along the Westerly line of said Parcel No. 1, a distance of 633.33 feet to an angle point therein. Thence South 02°-55’-20"
East, continuing along said Westerly line of Parcel No. 1 and along the Easterly line of a parcel of land conveyed to Aurora Manor
Limited Partnership by deed recorded in Document No. 201114790 of Portage County Records, a distance of 322.68 feet to a 5/8"
iron pin (Neff-7065) set at the Southwesterly corner of said Parcel No. 4 and the principal place of beginning of the land herein
described;

Course 1 Thence South 73°-09’-00" East, along the Southwesterly line of said Parcel No. 1, a distance
of 270.98 feet to a magnetic nail set at an angle point therein;

Course 2 Thence South 61°-09’-00" East, continuing
along said Southwesterly line of Parcel No. 1, a distance of 180.00 feet to a 5/8" iron pin (Neff-7065) set at an angle point
therein;

Course 3 Thence North 56°-26’-46" East, continuing along said Southwesterly line of Parcel No. 1, a distance
of 66.63 feet to a 5/8" iron pin (Neff-7065) set at a Southeasterly corner thereof and the Southwesterly line of a parcel
of land conveyed to the United States Postal Service by deed recorded in Volume 1087, Page 664 of Portage County Records;

Course
4 Thence South 61°-16’-00" East, along said Southwesterly line of land so conveyed to the United States Postal Service,
a distance of 290.81 feet to a 5/8" iron pin (Neff-7065) set at an angle point in the Northerly line of a parcel of land conveyed
to the City of Aurora by deed recorded in Document No. 200121047 of Portage County Records;

Course 5 Thence South 82°-54’-59"
West, along said Northerly line of land so conveyed to the City of Aurora and along the Northerly line of a parcel of land conveyed
to the City of Aurora by deed recorded in Document No. 200121046 of Portage County Records, a distance of 714.79 feet to a 1/2"
iron pin found at the Southeasterly corner of land so conveyed to the aforesaid Aurora Manor Limited Partnership;

Course 6 Thence
North 02°-55’-20" West, along the Easterly line of land so conveyed to Aurora Manor Limited Partnership, a distance
of 356.99 feet to the principal place of beginning and containing 3.1379 Acres (136,687 Square Feet) of land according to a survey
made by Thomas J. Neff, Jr. Registered Surveyor No. 7065-Ohio in April of 2012.

 

The subject premises being part of Parcel No. 2 of land conveyed
to TNP SRT Aurora Commons, LLC by deed recorded in Document No. 201205050 of Portage County Records.

 

    	2

    	 

    

 

The basis of bearings for the premises surveyed is South 89°-41’-30"
East, as the center line of West Garfield Road (State Route 82) as evidenced by the deed recorded in Document No. 201205050 of
Portage County Records.

 

TRACT II:

Together with a non-exclusive Reciprocal Easement recorded November
22, 1989 as Volume 1087, Page 166 of Portage County Records.

 

TRACT III:

 

Together with a non-exclusive Reciprocal Easement recorded March
23, 2012 as Document No. 201205052 and First Amendment recorded April 6, 2012 as Document No. 201205965, of Portage County Records.

 

APN:  03-018-00-00-032-012 and 03-018-00-00-033-000 

 

    	3

    	 

    

 

Exhibit A-2

Legal Description of Aurora Office Real Property

 

Real property in the City of Aurora, County of Portage, State
of Ohio, described as follows:

 

TRACT I:

 

Parcel "A"

Intentionally omitted.

 

Parcel "B"

Situated in the City of Aurora, County of Portage, State of
Ohio and known as being part of Original Aurora Township, Lot No. 18 and is further bounded and described as follows:

Beginning
at a 7/8" iron pin found at the intersection of the center line of West Garfield Road (State Route 82) (60 feet wide) with
the center line of Bissell Road (50 feet wide). Thence South 89°-41’-30" East, along said center line of West Garfield
Road, a distance of 808.88 feet to a P.K. nail found at the Northeasterly corner of Parcel No. 4 of land conveyed to Aurora Commons
Phase Two, LLC by deed recorded in Document No. 200205196 of Portage County Records, the same being the Northwesterly corner of
Parcel No. 1 of land conveyed to TNP SRT Aurora Commons, LLC by deed recorded in Document No. 201205050 of Portage County Commons,
LLC by deed recorded in Document No. 201205050 of Portage County Records. Thence South 89°- 41’-30" East, continuing
along said centerline of West Garfield Road, a distance of 483.87 feet to the principal place of beginning of the land herein described;

Course 1 Thence South 89°-41’-30" East, continuing along said center line of West Garfield Road, a distance of 537.05
feet to a magnetic nail found at the Northwesterly corner of a parcel of land conveyed to Kallstrom Taylor Partnership, LLC by
deed recorded in Document No. 2000025053 of Portage County Records;

Course 2 Thence South 00°-18’-30" West, along
the Westerly line of land so conveyed to Kallstrom Taylor Partnership, LLC, a distance of 270.00 feet to a 1/2" iron pin found
at the Northeasterly corner of Parcel No. 2 of land conveyed to Aurora Commons Phase Two, LLC by deed recorded in Document No.
200205196 of Portage County Records;

Course 3 Thence North 89°-41’-30" West, along the Northerly line of said Parcel
No. 2, a distance of 265.00 feet to a magnetic nail found at a Northwesterly corner thereof;

Course 4 Thence South 00°-18’-30"
West, along a Westerly line of said Parcel No. 2, a distance of 75.00 feet to a 1/2" iron pin found at an interior corner
thereof;

Course 5 Thence South 67°-18’-30" West, along the Northwesterly line of said Parcel No. 2, a distance of
194.93 feet to a magnetic nail set;

Course 6 Thence North 08°-09’-00" West, a distance of 157.55 feet to a 5/8"
iron pin (Neff-7065) set;

Course 7 Thence North 53°-36’-19" West, a distance of 85.93 feet to a 5/8" iron pin
(Neff- 7065) set;

Course 8 Thence North 00°-18’-30" East, passing through a 5/8" iron pin (Neff-7065) set at
184.71 feet, the Southerly right of way line of aforesaid West Garfield Road, a distance of 214.71 feet to the principal place
of beginning and containing 3.7858 acres (164,909 Square Feet) of land according to a survey made by Thomas J. Neff, Jr. Registered
Surveyor No. 7065-Ohio in April of 2012.

The subject premises being part of Parcel No. 1 of land conveyed to TNP SRT Aurora Commons,
LLC by deed recorded in Document No. 201205050 of Portage County Records.

The basis of bearings for the premises surveyed is South
89°-41’-30" East, as the center line of West Garfield Road (State Route 82) as evidenced by the deed recorded in
Document No. 201205050 of Portage County Records.

 

    	 

    	 

    

 

Parcel "C"

Intentionally omitted.

 

The subject premises being part of Parcel No. 2 of land conveyed
to TNP SRT Aurora Commons, LLC by deed recorded in Document No. 201205050 of Portage County Records.

 

The basis of bearings for the premises surveyed is South 89°-41’-30"
East, as the center line of West Garfield Road (State Route 82) as evidenced by the deed recorded in Document No. 201205050 of
Portage County Records.

 

TRACT II:

Together with a non-exclusive Reciprocal Easement recorded November
22, 1989 as Volume 1087, Page 166 of Portage County Records.

 

TRACT III:

 

Together with a non-exclusive Reciprocal Easement recorded March
23, 2012 as Document No. 201205052 and First Amendment recorded April 6, 2012 as Document No. 201205965, of Portage County Records.

 

APN: 
03-018-00-00-033-001 

 

    	2

    	 

    

 

Exhibit A-3 

Legal Description of Normal Real Property

 

Real property in the City of Normal, County of McLean, State
of Illinois, described as follows:

 

TRACT NO. 1:

 

LOTS 1, 2, 3, 6 AND 8 AND OUTLOTS 5, 7, 12 AND 500, 502, AND
503 IN THE CONSTITUTION TRAIL CENTRE SUBDIVISION, ACCORDING TO THE PLAT THEREOF RECORDED AUGUST 7, 2007 AS DOCUMENT NUMBER 2007-21949,
IN MCLEAN COUNTY, ILLINOIS;

 

EXCEPTING:

 

THE SECOND ADDITION TO CONSTITUTION TRAIL CENTRE A PLANNED UNIT
DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED JUNE 5, 2008 AS DOCUMENT NUMBER 2008-15763, IN MCLEAN
COUNTY, ILLINOIS;

 

EXCEPTING:

 

THE THIRD ADDITION TO CONSTITUTION TRAIL CENTRE A PLANNED UNIT
DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED JUNE 5, 2008 AS DOCUMENT NUMBER 2008-15764, IN MCLEAN
COUNTY, ILLINOIS.

 

EXCEPTING:

 

THE FIRST ADDITION TO CONSTITUTION TRAIL CENTRE A PLANNED UNIT
DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 20, 2009 AS DOCUMENT NUMBER 2009-4743, IN MCLEAN
COUNTY, ILLINOIS.

 

EXCEPTING:

 

THE FOURTH ADDITION TO CONSTITUTION TRAIL CENTRE A PLANNED UNIT
DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED JULY 1, 2009 AS DOCUMENT NUMBER 2009-20923, IN MCLEAN
COUNTY, ILLINOIS.

 

TRACT 1A:

 

EASEMENTS CONTAINED IN THAT CERTAIN RECORD DECLARATION OF EASEMENT
AND OPERATIONS AGREEMENT DATED AUGUST 31, 2007 AND RECORDED SEPTEMBER 11, 2007 AS DOCUMENT NUMBER 2007-00025124, IN MCLEAN COUNTY,
ILLINOIS.

 

    	 

    	 

    

 

TRACT NO. 2:

 

INTENTIONALLY DELETED.

 

TRACT NO. 3:

 

OUTLOT 509 IN THE THIRD ADDITION TO CONSTITUTION TRAIL CENTRE
A PLANNED UNIT DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED JUNE 5, 2008 AS DOCUMENT NUMBER 2008-15764,
IN MCLEAN COUNTY, ILLINOIS.

 

 

TRACT NO. 4:

 

LOT 20 AND OUTLOTS 506 AND 507 IN THE FIRST ADDITION TO CONSTITUTION
TRAIL CENTRE A PLANNED UNIT DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 20, 2009 AS DOCUMENT
NUMBER 2009-4743, IN MCLEAN COUNTY, ILLINOIS.

 

TRACT NO. 5:

 

LOT 9 AND OUTLOT 510 IN THE FOURTH ADDITION TO CONSTITUTION
TRAIL CENTRE A PLANNED UNIT DEVELOPMENT IN THE TOWN OF NORMAL, ACCORDING TO THE PLAT THEREOF RECORDED JULY 1, 2009 AS DOCUMENT
NUMBER 2009-20923, IN MCLEAN COUNTY, ILLINOIS.

 

APN's: 

14-16-454-001

14-16-454-002

14-16-454-004

14-16-380-001

14-16-379-004

14-16-380-002

14-16-379-005

14-16-379-001

14-16-454-003

14-16-326-003

14-16-326-002

14-16-405-002

14-16-404-004

14-16-404-003

14-16-404-005

14-16-404-006

14-16-379-008

14-16-379-009

 

    	 

    	 

    

 

Exhibit A-4 

Legal Description of Kissimmee
Real Property

 

Real property in the City of Kissimmee, County of Osceola, State
of Florida, described as follows:

 

PARCEL 1:

 

LOTS 1, 3, 4, 5, 6, 7, AND 8, INCLUSIVE, OSCEOLA VILLAGE, ACCORDING
TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 21, PAGES 17 AND 18, INCLUSIVE, OF THE PUBLIC RECORDS OF OSCEOLA COUNTY, FLORIDA.

 

PARCEL 2:

 

EASEMENT RIGHTS, AS CONTAINED IN THAT CERTAIN ACCESS AND EASEMENT
AGREEMENT, RECORDED IN OFFICIAL RECORDS BOOK 3300, PAGE 2533, OF THE PUBLIC RECORDS OF OSCEOLA COUNTY, FLORIDA.

 

PARCEL 3:

 

EASEMENTS CONTAINED IN THAT CERTAIN DECLARATION OF COVENANTS,
CONDITIONS AND RESTRICTIONS FOR OSCEOLA VILLAGE, RECORDED IN OFFICIAL RECORDS BOOK 4317, PAGE 250, OF THE PUBLIC RECORDS OF OSCEOLA
COUNTY, FLORIDA.

 

APN:  R052529-188200010010 and R052529-188200010030 and
R052529-188200010040 and R052529-188200010050 and R052529-188200010060 and R052529-188200010070 and R052529-188200010080 

 

    	 

    	 

    

 

Exhibit B-1

Aurora Retail Real Property Leases

 

	TENANT	 	SECURITY 
DEPOSIT	 
	Ultimate Wash, LTD	 	 	-	 
	Quickchange Operating Company, LTD	 	$	400.00	 
	Marc Glassman, Inc.	 	 	-	 
	Mazzulo Enterprises, LLC	 	$	3,062.50	 
	Chun Ma Taekwondo Academy, Inc.	 	$	1,350.00	 
	Aurora Spirits, LLC	 	$	3,375.00	 
	Angelo’s of Aurora, Inc.	 	$	1,667.67	 
	Hamin, LLC dba Country Club Cleaners	 	$	1,140.00	 
	Steve and John’s Enterprises, Inc. dba Papous	 	$	4,000.00	 
	TOTAL	 	$	14,994.17	 

 

    	 

    	 

    

 

Exhibit B-2

Aurora Office Real Property Leases

 

	TENANT	 	SECURITY 
DEPOSIT	 
	PNC Bank National Association	 	 	-	 
	MIT Products (No lease)	 	$	782.00	 
	Larry Brown & Co. Insurance Agencies, Inc.	 	$	657.08	 
	Tellalian and Khaner, Inc.	 	 	-	 
	Ad Valorem Tax, Inc.	 	 	-	 
	Chandler Everett	 	$	360.00	 
	Harrison Plastic Systems, Inc.	 	 	-	 
	Confour Systems, Inc.	 	$	355.00	 
	WT&L Corp.	 	 	-	 
	List Media, Inc.	 	$	261.00	 
	Iron Horse Logistics	 	$	566.00	 
	Phoenix Metal Sales & Fabrication, LLC	 	$	200.00	 
	Central States Management	 	 	-	 
	TOTAL	 	$	3,181.08	 

 

    	 

    	 

    

 

Exhibit B-3

Normal Real Property Leases

 

	TENANT	 	SECURITY 
DEPOSIT	 
	Dollar Tree Stores, Inc.	 	 	-	 
	Hae C. Song, dba SNS Beauty Fashion	 	$	4,284.50	 
	Michelle Lynn and Jeff Lynn dba Anytime Fitness	 	$	6,750.00	 
	The Digital Store, LLC	 	$	3,556.00	 
	The Hands Group, Inc., dba Great Clips	 	 	-	 
	D&R Plumbing, Heating and Air, Inc.dba D&R Plumbing Heating & Air	 	$	3,173.36	 
	Accelerated Health Systems, LLC	 	$	3,125.00	 
	Subway Real Estate Corp.	 	 	-	 
	Schnuck Markets, Inc.	 	 	-	 
	Blackhawk Restaurant Group LLC Series CT Normal, dba Emma’s Eatery	 	$	2,500.00	 
	Bradford Lane Italian Foods, L.L.C., dba Rosati’s Pizza of Normal	 	$	4,855.77	 
	Boyle Dental, LLC	 	$	3,186.19	 
	Shear Logic, Inc.	 	$	3,947.82	 
	Royal Publishing, Inc.	 	$	3,194.67	 
	OKGO Restaurant Group, LLC, dba Moe’s Southwest Grill	 	 	-	 
	Wise Finance of Normal, LLC dba Wise Finance	 	$	1,405.25	 
	Lien Thi My Huynh, dba Castle Nail Spa	 	 	-	 
	Starplex Operating, LP	 	 	-	 
	Starbucks Corporation	 	 	-	 
	Wenzak, Inc. dba Wendy’s	 	 	-	 
	TOTAL	 	$	39,978.56	 

 

    	 

    	 

    

 

Exhibit B-4

Kissimmee Real Property Leases

 

	TENANT	 	SECURITY 
DEPOSIT	 
	The Pep Boys-Manny, Moe & Jack	 	 	-	 
	Gregg Appliances, Inc.	 	 	-	 
	The Onyx Gentleman’s Barbershop LLC dba The Onyx Barbershop	 	$	6,650.00	 
	The China Gourmet	 	$	6,875.40	 
	Local Liquor, LLC dba Local Liquor	 	$	6,650.01	 
	Muttlee Crew Pet Care, LLC	 	$	3,871.08	 
	Tam Phung dba Bebe Nails	 	$	5,430.25	 
	Keevey, Inc. dba Uni K Wax Center	 	$	2,600.00	 
	Visionary Properties, Inc., dba VisionWorks	 	 	-	 
	Arturo and Claudia Caceres dba Citrine Hair Salon	 	$	3,436.35	 
	Central Florida Karate Academy, LLC	 	$	3,858.44	 
	Publix Super Markets, Inc.	 	 	-	 
	TITC, LLC and Irina Colta, an individual dba Your Dollar Store	 	$	6,300.00	 
	McKelvy Companies, LLC dba The UPS Store	 	 	-	 
	TJMF, Inc. dba The Original Mattress Factory	 	 	-	 
	 	 	 	 	 
	TOTAL	 	$	45,671.53	 

 

    	 

    	 

    

 

Exhibit C-1

Aurora Retail Real Property Service Contracts

 

	SERVICE	 	VENDOR
	LANDSCAPING	 	BRAZYTIS LAWN CARE
	SNOW REMOVAL	 	BRAZYTIS LAWN CARE
	PROPERTY MAINTENANCE	 	KOWIT & COMPANY

 

    	 

    	 

    

 

Exhibit C-2

Aurora Office Real Property Service Contracts

 

	SERVICE	 	VENDOR
	LANDSCAPING	 	BRAZYTIS LAWN CARE
	JANITORIAL	 	ALL-PRO CLEANING SERVICES
	EXTERIOR PEST CONTROL	 	GENERAL PEST CONTROL CO
	HVAC MAINTENANCE	 	W.F. HANN & SONS
	SNOW REMOVAL	 	BRAZYTIS LAWN CARE
	PROPERTY MAINTENANCE	 	KOWIT & COMPANY REAL ESTATE

 

    	 

    	 

    

 

Exhibit C-3

Normal Real Property Service Contracts

 

	SERVICE	 	VENDOR
	BACKFLOW TESTING	 	PIPCO
	
        FIRE EXTINGUISHERS

        (Bldg. Riser Rooms)
	 	GETZ FIRE EQUIPMENT
	FIRE MONITORING	 	ALARM CENTRAL LLC
	
        FIRE PANEL ALARM SYSTEM

        [Maintenance/Testing/Inspection]
	 	SIEMENS
	FIRE PANEL POTS LINES	 	FRONTIER COMMUNICATIONS
	HVAC PREVENTIVE MAINTENANCE	 	HERMES SERVICE AND SALES
	LANDSCAPING	 	BARR LANDSCAPING & LAWNSERVICE
	PARKING LOT SWEEPING	 	SWEEP-A-LOT
	POND MAINTENANCE	 	MARINE BIOCHEMISTS
	PROPERTY MAINTENANCE	 	CHASE REAL ESTATE GROUP
	REFUSE / RECYCLING	 	REPUBLIC SERVICES
	SNOW REMOVAL	 	LKM MOWING & LANDSCAPING

 

    	 

    	 

    

 

Exhibit C-4

Kissimmee Real Property Service Contracts

 

	SERVICE	 	VENDOR
	PARKING LOT SWEEPING	 	PROSWEEP
	AMERICAN FIRE	 	FIRE MONITORING
	LANDSCAPING	 	BAKER LANDSCAPING
	DAY PORTER	 	KRS BUILDING MAINTENANCE
	DAY PORTER (VACANT UNITS)	 	KRS BUILDING MAINTENANCE
	EXTERIOR PEST CONTROL	 	PRO-TEK PEST CONTROL
	FIRE SPRINKLER	 	WIGINGTON FIRE 
	FIRE ALARM TEST/INSPECTION	 	WIGINGTON FIRE 
	BACKFLOW TESTING	 	WIGINGTON FIRE 
	PRESSURE CLEANING	 	MALLARD SYSTEMS
	PRESSURE CLEANING	 	KRS BUILDING MAINTENANCE 
	PROPERTY MAINTENANCE	 	HOLD THYSSEN

 

    	 

    	 

    

 

Exhibit D-1

Form of Ohio Deed

 

LIMITED
WARRANTY DEED

 

KNOW ALL MEN BY THESE
PRESENTS, that TNP SRT AURORA COMMONS LLC, a Delaware limited liability company, whose mailing address is __________________________________
(“Grantor”), for good and valuable consideration, the receipt of which is hereby acknowledged does hereby grant
and convey, with limited warranty covenants, to ______________________________, a ____________________ (“Grantee”),
whose tax mailing address is [_______________________], its successors and assigns, forever, the following described premises,
situated in the City of Portage, County of Aurora and State of Ohio:

 

[See Attached Exhibit A]

 

together with all appurtenant rights, privilege
and easements thereunto belonging (all of the foregoing being hereinafter referred to as the “Premises”), SUBJECT,
HOWEVER, to all municipal ordinances and all easements, restrictions, limitations, reservations and conditions of record, without
reimposition of the same to the extent any of the foregoing have been released, expired or are in any way or wise no longer legally
enforceable.

 

Grantor hereby covenants
with said Grantee that it is lawfully seized of the Premises hereby conveyed in fee simple; that it has good right and lawful authority
to sell and convey said Premises;

 

TO HAVE AND TO HOLD
the above granted and bargained Premises unto the said GRANTEE, her successors and assigns, forever.

 

Prior Instrument Reference: Volume _____,
Page _____.

 

(Signatures on the Following Page)

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Grantor has duly executed this Limited Warranty Deed this ____ day of ____________, 201_.

 

	 	______________________,
	 	a _____________________
	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

ACKNOWLEDGMENT

 

	
        STATE OF ____________

         

        COUNTY OF _____________
	   	  SS:

 

BEFORE ME, a Notary
Public in and for said County and State, personally appeared the above-named _____________, a ___________, by _____________, its
____________________, who acknowledged that he/she did sign the foregoing instrument and that the same is the free act and deed
of said corporation and his/her free act and deed of him/her as such officer.

 

WITNESS my signature
and notarial seal at _____________ this ____ day of ____________, 201_.

 

	 	 
	 	Notary Public

 

This Instrument was prepared by:

________________

________________

________________

 

    	 

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

[Insert Legal Description]

 

Permanent Parcel Number: __________

  

    	 

    	 

    

 

Exhibit D-2

Form of Illinois Deed

 

PREPARED BY:

 

_________________________

_________________________

_________________________

 

RECORDING REQUESTED BY, AND

WHEN RECORDED, RETURN TO:

_________________________

_________________________

_________________________

 

 

 

(Space above this line for Recorder’s
use)

 

SPECIAL WARRANTY DEED

 

THIS AGREEMENT, made
this ___ day of _______, 20__, between SRT CONSTITUTION TRAIL, LLC, a Delaware limited liability company (“Grantor”),
and ___________, a ___________ (“Grantee”).

 

Witnesseth, that Grantor,
for and in consideration of the sum of $10.00 Dollars and other good and valuable consideration in hand paid by the Grantee, the
receipt whereof is hereby acknowledged, and pursuant to the power and authority vested in Grantor, by these presents does REMISE,
RELEASE, ALIEN AND CONVEY unto the Grantee, and to its successors and assigns, FOREVER, all the following described real estate,
situated in the City of Normal, County of Mclean and State of Illinois known and described as follows, to wit:

 

See Exhibit A attached hereto

 

Together with all and
singular the hereditaments and appurtenances thereunto belonging, or in anywise appertaining, and the reversion and reversions,
remainder and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, claim or demand whatsoever,
of the Grantor, either in law or equity, of, in and to the above described premises, with the hereditaments and appurtenances:
TO HAVE AND TO HOLD the said premises as above described, with the appurtenances, unto the Grantee, its successors and assigns
forever.

 

And the Grantor, for
itself, and its successors, does covenant, promise and agree, to and with the Grantee, its successors and assigns, that it has
not done or suffered to be done, anything whereby the said premises hereby granted are, or may be, in any manner encumbered or
charged, except as herein recited; and that it WILL WARRANT AND DEFEND the said premises, against all persons lawfully claiming,
or to claim the same, by, through or under it.

  

    	 

    	 

    

 

IN WITNESS WHEREOF, Grantor has caused its
name to be signed to these presents by its sole member, the day and year first above written.

 

	 	GRANTOR:	______________________,
	 	 	a _____________________
	 	 	 
	 	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 

 

Forward future tax bills to:

 

_________________________

_________________________

_________________________

 

	STATE OF _____________	)	 
	 	)	SS
	COUNTY OF _____________	)	 

 

I, ____________________,
a notary public in and for said County, in the State aforesaid, DO HEREBY CERTIFY THAT ________________, personally known to me
to be the _____________ of _____________________, a ___________, and personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that as such he signed and delivered
the said instrument pursuant to proper authority given said corporation, as his free and voluntary act, and as the free and voluntary
act and deed of said corporation, for the uses and purposes therein set forth.

 

GIVEN under my hand
and notarial seal this ____ day of ________, 20__.

 

	 	 
	 	Notary Public
	 	 
	 	[SEAL]

 

	My commission expires:	 
	 	 
	 	 

 

    	 

    	 

    

 

EXHIBIT A TO SPECIAL WARRANTY DEED

 

LEGAL DESCRIPTION

 

    	 

    	 

    

 

Exhibit D-3

Form of Florida Deed

This instrument prepared
by:

 

_________________________

_________________________

_________________________

 

Tax Folio Nos.:

 

 

SPACE ABOVE THIS LINE RESERVED FOR RECORDING
DATA

 

 

SPECIAL WARRANTY DEED

 

THIS SPECIAL WARRANTY
DEED, is made this ____ day of ___________, 20__, by TNP SRT OSCEOLA VILLAGE, LLC, a Delaware limited liability company (“Grantor”),
whose address is _________________________, to _________________, a ________________ (“Grantee”), whose post
office address is _________________________.

 

WITNESSETH:

 

Grantor, in consideration
of the sum of Ten Dollars ($10.00), and other good and valuable consideration paid by Grantee, the receipt and sufficiency of which
are hereby acknowledged, has granted, bargained and sold, and by these presents does grant, bargain and sell, to Grantee, Grantee’s
successors and assigns, as appropriate, forever, the following property situate in Osceola County, Florida, to-wit (the “Property”):

 

See Exhibit A attached hereto and
made a part hereof.

 

TOGETHER with
all the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining.

 

TO HAVE AND TO HOLD,
the same in fee simple forever.

 

AND, the Grantor
hereby covenants with said Grantee that the Grantor is lawfully seized of said land in fee simple; that the Grantor has good right
and lawful authority to sell and convey said land, and hereby specially warrants the title to said land and will defend the same
against the lawful claims of all persons claiming by, through or under the said Grantor, but against none other.

 

IN WITNESS WHEREOF,
Grantor has executed this Special Warranty Deed as of the day and year first above written.

 

    	 

    	 

    

  

	
        Signed, sealed and delivered

        in the presence of:

         
	 	
         

        GRANTOR:

	WITNESSES:	 	_______________________, a ________

 _________________
	 	 	 
	(1)	 	By:  _______________________
	Print Name:  	 	 	Its:  ________________________
	 	 	 
	(2)	 	 
	Print Name:	 	 	 
	 	 	 

 

[Signature must be notarized]

 

    	 

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

    	 

    	 

    

 

Exhibit E

Form of Bill of Sale and Assignment

 

BILL OF SALE AND ASSIGNMENT

 

For valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, ____________________________, a ______________ (“Seller”),
in connection with the sale of certain real property located in _____________, ____________, with an address of _____________ (the
“Property”), and more particularly described on Exhibit A attached hereto, hereby grants, assigns, transfers,
conveys and delivers to _________________, ____________________________ (“Buyer”), all of Seller’s right, title
and interest in and to:

 

(a)          the
“Tangible Personal Property” and the “Intangible Property” (as such terms are defined in that certain Purchase
and Sale Agreement, dated as of ________________, 20__, between [Seller and Buyer] (the “Purchase Agreement”)) related
to the Property, and all of the refundable cash and other deposits posted with utility companies, or any governmental agencies
or authorities, all of which are listed on Exhibit B attached hereto and incorporated herein by this reference;

 

(b)          those
certain leases described on Schedule 1 attached hereto (collectively, the “Leases”); and

 

(c)          the
contracts described on Schedule 2 attached hereto (collectively, the “Service Contracts”),

 

Buyer accepts the foregoing
transfers and assignments and assumes and agrees to be bound by all of the covenants, obligations, liabilities, and burdens of
Seller under or in connection with the Leases and the Service Contracts, which either arise (i) on or after the date of this Assignment,
or (ii) in connection with an obligation for which Buyer received a credit toward the Purchase Price payable at Closing under the
Purchase Agreement.

 

This Assignment shall
inure to the benefit of and be binding upon the parties hereto and their respective heirs, legal representatives, successors and
assigns.

 

    	 

    	 

    

 

This Bill of Sale and
Assignment shall be governed by the laws of the State of California.

 

If any dispute arises
between the parties hereto concerning the meaning or interpretation of any provision of this Bill of Sale and Assignment, then
the defaulting party or the party not prevailing in such dispute, as the case may be, shall pay any and all costs and expenses
incurred by the other party on account of such default and/or in enforcing or establishing its rights hereunder, including, without
limitation, court costs and reasonable attorneys’ fees and disbursements.

 

This Bill of Sale and
Assignment may be executed in counterparts, each of which shall be deemed an original, and both of which together shall constitute
one and the same instrument.

 

IN WITNESS WHEREOF,
Seller has executed this Bill of Sale and Assignment as of _________, 20__.

 

	 	SELLER:
	 	______________________,
	 	a _____________________
	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	BUYER:
	 	______________________,
	 	a _____________________
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

  

    	 

    	 

    

 

Exhibit A to Bill of Sale and Assignment

Legal Description

 

    	 

    	 

    

 

Exhibit B to Bill of Sale and Assignment

Cash And Other Deposits

 

    	 

    	 

    

 

Schedule 1 to Bill of Sale and Assignment

Leases

 

    	 

    	 

    

 

Schedule 2 to Bill of Sale and Assignment

Service Contracts

  

    	 

    	 

    

 

Exhibit F

FIRPTA Affidavit

 

CERTIFICATION OF NON-FOREIGN STATUS

 

Section 1445 of the
Internal Revenue Code of 1986, as amended, provides that a transferee (buyer) of a U. S. real property interest must withhold tax
if the transferor (seller) is a foreign person. For U.S. tax purposes (including Section 1445), the owner of a disregarded entity
(which has legal title to a U.S. real property interest under local law) will be the transferor of the property and not the disregarded
entity. To inform ____________________________ (“Buyer”) that withholding of tax is not required upon the disposition
of a U.S. real property interest by __________________________, a ________________ (“Seller”), the undersigned
hereby certifies the following on behalf of Seller:

 

1.          Seller
is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal
Revenue Code of 1986, as amended, and Income Tax Regulations).

 

2.          Seller’s
U. S. employer identification number is _____________.

 

3.          Seller’s
office address is: _______________________________

___________________________________________________ Attention:___________.

 

4.          Seller
is not a “disregarded entity” as defined in Section 1.1445-2(b)(2)(iii) of the Internal Revenue Code of 1986, as amended.

 

5.          Seller
understands that this certification may be disclosed to the Internal Revenue Service by the Buyer and that any false statement
contained herein could be punished by fine, imprisonment, or both.

 

Under penalties of
perjury, the undersigned declares that [he] has examined this certification and to the best of [his] knowledge and belief it is
true, correct and complete, and [he] further declares that he has the authority to sign this document on behalf of Seller.

 

Executed as of the
_____ day of _________________, 20__, at _____________, _________________.

 

____________________________

  

    	 

    	 

    

 

Exhibit G-1

Leasing Commissions, Finders’ Fees
and Allowances

 

Leasing Commissions:

 

	Constitution Trail – Emma’s Eatery	 	$	5,500.00	 
	Osceola Village – Pep Boys	 	$	41,060.93	 

  

    	 

    	 

    

 

EXHIBIT G-2

 

CREDITS

  

    	 

    	 

    

 

Exhibit H

Form of Tenant Estoppel Certificate

 

TENANT ESTOPPEL CERTIFICATE

 

_________ ___, 2015

 

	
        ___________________________

        c/o

        _____________________________

        ______________, ___________

        Attention: _________________
	
        _________________________

        c/o Oaktree Capital Management, L.P.

        333 S. Grand Avenue, 28th Floor

        Los Angeles, CA 90071

        Attention: ________________ 

 

Ladies and Gentlemen:

 

_________________________________ (“Tenant”)
acknowledges that (a) _____________________(“Landlord”) has entered into an agreement with __________________(“Purchaser”)
for the sale and purchase of the building commonly known as ___________________________ (the “Building”), (b)
Landlord has requested Tenant to execute and deliver this Tenant Estoppel Certificate to Purchaser and present and future lenders
providing financing with respect to the Building and related property and/or direct or indirect ownership interests in Purchaser
(each, a “Lender”), and (c) Purchaser, Lender and their respective successors and assigns, will rely upon the
certifications by Tenant in this Tenant Estoppel Certificate in connection with the purchase and financing of the Building or interests
therein.

 

Tenant hereby certifies as follows:

 

1.          Tenant
currently leases in the Building the premises (the “Premises”) commonly known as “Suite _____,”
pursuant to the terms and conditions of the ____________, dated _______________, between Landlord and Tenant, [as amended by
________________________] (the “Lease”). A true, correct and complete copy of the Lease is attached hereto
as Exhibit A. Except for the Lease, there are no agreements (written or oral) or documents that are binding on Landlord
in connection with the lease of the Premises. The Lease is valid, binding and in full force and effect, and has not been modified
or amended in any manner whatsoever except as shown on Exhibit A.

 

2.          The
term of the Lease commenced on _______________, and including any presently exercised option or renewal term, ends on ________________,
subject to any rights of Tenant to extend the term expressly set forth in the Lease. Tenant has no rights to extend the term of
the Lease except to the extent expressly set forth in the Lease. Tenant has no option to terminate the Lease.

 

3.          Landlord
has delivered possession of the Premises to Tenant, and Tenant has accepted possession of, and currently occupies, the Premises.

 

    	 

    	 

    

 

4.          The
current monthly base rent payable under the Lease is $___________, and the current monthly payment payable under the Lease on account
of taxes and operating expenses payable under the Lease is $___________________. Tenant’s percentage share of operating expenses
and real estate taxes is _____%. Rent and all other charges payable under the Lease on or before the date hereof have been paid.
No amounts of monthly base rent payable under the Lease have been prepaid except through the end of the current calendar month,
and no other charges payable under the Lease have been prepaid for any period, other than estimated payments of operating expenses
and taxes. There are no applicable abatements on rent or other charges now or hereafter existing under the Lease.

 

5.          All
reconciliations of actual taxes and operating expenses for calendar year 2013 and all previous calendar years with payments made
by Tenant therefor have been made and a report thereof delivered to Tenant. Tenant has no objections to such reconciliations.

 

6.          Tenant
has no options, rights of offer, rights of refusal or other rights to purchase all or any portion of the Building. Tenant has no
options, rights of offer, rights of refusal or other rights to expand the Premises or lease any other premises in the Building,
except to the extent expressly set forth in the Lease.

 

7.          All
obligations, if any, of Landlord under the terms of the Lease with respect to improvements or repairs to the Premises have been
fully performed, and all allowances, reimbursements or other obligations of Landlord for the payment of monies to or for the benefit
of Tenant have been fully paid, all in accordance with the terms of the Lease.

 

8.          To
Tenant’s knowledge, neither Landlord nor Tenant is in default in the performance of any covenant, agreement or condition
contained in the Lease, and no event has occurred and no condition exists which, with the giving of notice or the lapse of time,
or both, would constitute a default by any party under the Lease.

 

9.          Tenant
is not the subject of any bankruptcy, insolvency or similar proceeding in any federal, state or other court or jurisdiction.

 

10.         Tenant
is in possession of the Premises and has not subleased any portion of the Premises or assigned or otherwise transferred any of
its rights under the Lease.

 

11.         Landlord
is holding _____________________ Dollars ($________________) in the form of [cash] [letter of credit], as a security deposit under
the Lease. Tenant has provided no other security to Landlord with respect to the Lease.

 

12.         Upon
notice to Tenant that Purchaser has become the owner of Landlord’s interest in the Premises under the Lease, Tenant will
recognize Purchaser as the landlord under the Lease and will pay rent and other amounts due thereunder to Purchaser.

 

13.         The
individual executing this Tenant Estoppel Certificate has the authority to do so on behalf of Tenant and to bind Tenant to the
terms hereof.

 

	 	[Tenant Name]
	 	 
	 	 	 
	 	By:	 
	 	Its:	 

 

    	 

    	 

    

 

EXHIBIT A TO ESTOPPEL CERTIFICATE

 

LEASE

 

(See Attached)

 

    	 

    	 

    

 

Exhibit H-1

Major Tenants

 

1. Starplex Operating, LP, a Texas limited partnership

2. Schnuck Market, Inc.

3. Marc Glassman, Inc.

4. Gregg Appliances, Inc.

5. Publix Super Markets, Inc.

 

    	 

    	 

    

 

Exhibit K

Sample Rent Roll

 

[ATTACHED]

 

    	 

    	 

    

 

Exhibit L

Form of Property Management Agreement

 

[ATTACHED]

 

    	 

    	 

    

 

Schedule 2.1

Allocated Purchase Price

 

	Property	 	Allocated Purchase Price	 
	Kissimmee Property	 	$	22,000,000	 
	Normal Property	 	$	23,100,000	 
	Aurora Office Property	 	$	1,300,000	 
	Aurora Retail Property	 	$	7,200,000	 

 

    	 

    	 

    

 

Schedule 5.2.9 

Property Level Deliverables

 

Osceola Property

 

		1.	Estoppel from Glenborough, LLC, with respect to Declaration of Covenants, Conditions and Restrictions
for Osceola Village, dated as of August 24, 2012, by Glenborough, LLC, (as successor by assignment) TNP SRT Osceola Village, LLC,
a Delaware limited liability company (“Declarant”) and recorded in Osceola County, Florida as Book 4317, Page 250.

 

		2.	Notification from TNP SRT Osceola Village, LLC, a Delaware limited liability company, to South
Florida Water Management District regarding Environmental Resource Permit, Permit No. 49-00920-P, recorded in the Recording Office
as CFN 2007030429. (To be provided within 30 days of the Effective Date).

 

    	 

    	 

    

 

Constitution
Trail Property

 

		1.	Estoppel from Taco Bell with respect to the Record Declaration of Easement and Operations Agreement,
dated as of August 31, 2007, by Constitution Trail, L.L.C., a Nebraska limited liability company (together with its successors
and assigns, “Developer”), recorded on September 11, 2007, in the Recording Office of McLean County, Illinois, as File
Number 2007-0002512.

 

		2.	Assignment of Sales Tax Receipts Under Development Agreement by and between SRT CONSTITUTION TRAIL,
LLC, a Delaware limited liability company (“SRT”), and SGO CONSTITUTION TRAIL, LLC, a Delaware limited liability company
(“SGO”) (to be delivered to Buyer within 20 days of closing).

 

		3.	Estoppel from American Inn with respect to the Record Declaration of Easement and Operations Agreement,
dated as of August 31, 2007, by Constitution Trail, L.L.C., a Nebraska limited liability company (together with its successors
and assigns, “Developer”), recorded on September 11, 2007, in the Recording Office of McLean County, Illinois, as File
Number 2007-0002512.

 

		4.	A release (the "Bulk Sales Release") issued by the Illinois Department of Revenue (the
"Department") stating that no withholding of the proceeds from the sale is required in connection with the "bulk
sales" provisions of the Illinois Income Tax Act (35 ILCS 5/902(d)) and the Retailers Occupation Tax Act (35 ILCS 5j) (to
be filed within 10 days of closing).

 

    	2

    	 

    

 

Aurora Property

 

		1.	Estoppel from TNP SRT Aurora Commons, LLC, a Delaware limited liability company (“TNP”),
with respect to the Reciprocal Easement Agreement and Declaration of Restrictions, dated March 20, 2012, executed by TNP, and Aurora
Commons Phase Two, LLC, an Ohio limited liability company (“ACPT”), and recorded in the real estate records of Portage
County, Ohio, on March 23, 2012, as instrument or document number 201205052, as amended by the First Amendment to Reciprocal Easement
Agreement and Declaration of Restrictions, dated March 30, 2012, executed by TNP and ACPT, and recorded in the real estate records
of Portage County, Ohio, on April 6, 2012, as instrument or document number 201205965 (as amended, the “REA”).

 

		2.	Assignment of Obligations Under Reciprocal Easement Agreement and Declaration of Restrictions,
dated as of March 11, 2015, by and between TNP SRT Aurora Commons, LLC, a Delaware limited liability company, and SGO Aurora Commons,
LLC, a Delaware limited liability company.

 

		3.	Notice of Transfer from Aurora Seller to ACPT of the transfer of the Aurora Property, identifying
the lots transferred and the name and address of SGO Aurora Commons, LLC, a Delaware limited liability company (to be delivered
within 30 days of closing).

 

    	 

    	 

    

 

SCHEDULE 6.1.5

Right to Purchase or Right of First Refusal

 

1.          Lease
Agreement, dated as of May 17, 2007, by and between MPG Osceola Ltd., a Florida limited partnership, as Landlord, and Publix Super
Markets, Inc., a Florida corporation, as tenant, as amended by First Amendment to Memorandum of Lease, dated as of August 3, 2007,
and Second Amendment to Memorandum of Lease, dated as of August 15, 2008.

 

    	 

    	 

    

 

SCHEDULE 6.1.23 - ZONING

 

1.          Aurora
Retail Property and Aurora Office Property: C-3 (Planned Commercial Shopping)

 

2.          Normal
Property: B-1 (General Business District)

 

3.          Kissimmee
Property: MU-PUC (Mixed-Use Planned Unit Development)

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