Document:

Loan Agreement May 20, 2005: Branch Banking and Trust Co & CNL Income Properties

 EXHIBIT 10.21 
  
 Loan Agreement 
 dated as of May 20, 2005 
 by and between 
 Branch Banking and Trust Company, as Lender 
 and 
 CNL Income Properties, as Borrower 

 LOAN AGREEMENT 
  
 This Loan Agreement (the “Agreement”) is made this 20th day of May, 2005 by and
between BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (“Bank”), having an office at 255 South Orange Avenue, Suite 112, Orlando, Florida 32801 and CNL INCOME PROPERTIES, INC., a Maryland corporation
(“Borrower”), having its chief executive office at 450 South Orange Avenue, Orlando, Florida 32801-3336. 
  
 Borrower has applied to Bank for and Bank has agreed to make, subject to the terms of this Agreement, the following loan (hereinafter referred to as the
“Loan”): 
  
 Line of Credit (“Line of Credit”) in the
maximum principal amount not to exceed Five Million Dollars ($5,000,000.00) at any one time outstanding, to be used by Borrower for general working capital needs in such amounts and for such purposes as Borrower may determine in its sole and
absolute discretion. This Line of Credit shall be evidenced by Borrower’s Promissory Note dated on or after the date hereof, including all extensions, renewals, modifications and substitutions thereof (the “Note”) which shall mature
May 20, 2007, when the entire unpaid principal balance then outstanding plus accrued interest thereon shall be paid in full. Prior to maturity or the occurrence of any Event of Default hereunder, Borrower may borrow, repay, and reborrow under the
Line of Credit through maturity. The Line of Credit shall bear interest at the rate set forth in any such Promissory Note evidencing all or any portion of the Line of Credit, the terms of which are incorporated herein by reference. 
  
 Guaranty. Payment and performance of Borrower’s obligations under the Note shall
be unconditionally guaranteed by CNL INCOME PARTNERS, LP, a Delaware limited partnership, CNL INCOME GP CORP., a Delaware corporation, CNL INCOME LP CORP., a Delaware corporation, CNL VILLAGE RETAIL GP, LLC, a Delaware limited liability company, CNL
DMC GP, LLC, a Delaware limited liability company, CNL DMC, LP, a Delaware limited partnership, and CNL DALLAS MARKET CENTER GP, LLC, a Delaware limited liability company (individually, a “Guarantor” and collectively, the “Guarantors)
pursuant to the terms of an Unconditional Guaranty Agreement (each a “Guaranty”) to be executed by each of the Guarantors as of the date hereof. 
  
 Section 1 Conditions Precedent 
  
 Bank shall not be obligated to make the initial disbursement of Loan proceeds hereunder until all of the following conditions have been satisfied by proper evidence,
execution and delivery to Bank of the following items in addition to this Agreement, all in form and substance satisfactory to Bank and Bank’s counsel in their sole discretion: 
  
 Note: The Note evidencing the Loan duly executed by Borrower. 
  
 Commitment Fee: An initial commitment fee of $17,500.00 was paid by Borrower and received by Bank as of the date of execution of the
Commitment Letter, April 27, 2005. An additional commitment fee of $17,500.00 shall be due and payable one (1) year from the date of execution of the Loan Documents. 
  

 1 

	

 Corporate Resolution: A Corporate Resolution duly adopted by the Board of Directors of Borrower and
each corporate Guarantor authorizing the execution, delivery, and performance of the Loan Documents on or in a form provided by or acceptable to Bank. 
  
 Articles of Incorporation: A copy of the Articles or Certificates of Incorporation, as applicable, and all other charter documents of Borrower and each corporate
Guarantor, all filed with and certified by the Secretary of State of the State of Borrower’s or Guarantor’s incorporation. 
  
 By-Laws: A copy of the By-Laws of Borrower and each corporate Guarantor, certified by the Secretary of Borrower or Guarantor as to their completeness and accuracy.

  
 Certificate of Incumbency: A certificate of the Secretary of Borrower
and each corporate Guarantor certifying the names and true signatures of the officers of Borrower or Guarantor authorized to sign the Loan Documents. 
  
 Certificate of Good Standing: A certification of the Secretary of State (or other government authority) of the State of Borrower’s or Guarantor’s
incorporation or organization as to the good standing of Borrower or Guarantor and its charter documents on file. 
  
 Opinion of Counsel: An opinion of counsel for Borrower and Guarantors satisfactory to Bank and Bank’s counsel. 
  
 Guaranty: An Unconditional Guaranty Agreement duly executed by each of the Guarantors.

  
 Limited Partnership Agreement: A copy of each limited partnership
Guarantor’s Limited Partnership Agreement. 
  
 Declaration of Limited
Partnership: A declaration or resolution from the general partners of each limited partnership Guarantor authorizing the execution, delivery and performance of the Loan Documents on or in a form provided by or acceptable to Bank. 
  
 Limited Liability Company Operating Agreement: A copy of each limited liability
company Guarantor’s Limited Liability Company Agreement, certified by each Guarantor’s officers, manager(s) and/or members, as applicable, as to its completeness and accuracy. 
  
 Declaration of Limited Liability Company: A declaration or resolution from each limited liability company Guarantor’s manager(s)
authorizing the execution, delivery, and performance of the Loan Documents on or in a form provided by or acceptable to Bank. 
  
 Limited Liability Company Certificate of Formation: A copy of the Certificate of Formation and all other organizational documents of each limited liability company
Guarantor, all filed with and certified by the Secretary of State of each such Guarantor’s organization. 
  

 2 

 Additional Documents: Receipt by Bank of other approvals, opinions, or documents as Bank may reasonably request.

  
 Section 2 Representations and Warranties 
  
 Borrower represents and warrants to Bank that: 
  
 2.01 Financial Statements. The consolidated balance sheet of Borrower
and its subsidiaries, and the related consolidated statements of income, cash flow and stockholder equity, the accompanying footnotes together with the accountant’s opinion thereon, and all other financial information previously furnished to
Bank, are true and correct in all material respects and fairly reflect the financial condition of Borrower and its subsidiaries as of the dates thereof, including all contingent liabilities of every type, and the financial condition of Borrower and
its subsidiaries as stated therein has not changed materially and adversely since the date thereof. 
  
 2.02 Name, Capacity and Standing. Borrower’s exact legal name is correctly stated in the initial paragraph of the Agreement. If Borrower is a
corporation, general partnership, limited partnership, limited liability partnership, or limited liability company, it warrants and represents that it is duly organized and validly existing under the laws of its state of incorporation or
organization; that it and/or its subsidiaries, if any, are duly qualified and in good standing in every other state in which the nature of its business shall require such qualification, and are each duly authorized by their board of directors,
general partners or member/manager(s), respectively, to enter into and perform the obligations under the Loan Documents. 
  
 2.03 No Violation of Other Agreements. The execution of the Loan Documents, and the performance by Borrower of its obligations thereunder will not
violate any provision, as applicable, of its articles of incorporation, by-laws, articles of organization, operating agreement, agreement of partnership, limited partnership or limited liability partnership, or, of any other agreement, indenture,
note, or other instrument binding upon Borrower, or, to the best of Borrower’s knowledge, any law, or, give cause for the acceleration of any of the respective obligations of Borrower. 
  
 2.04 Authority. To the best of Borrower’s knowledge, no
authority from and approval by any federal, state, or local governmental body, commission or agency is necessary to the making, validity, or enforceability of this Agreement and the other Loan Documents. 
  
 2.05 Asset Ownership. Borrower has good and marketable title to all
of the properties and assets reflected on the balance sheets and financial statements furnished to Bank, and, to the best of Borrower’s knowledge, all such properties and assets are free and clear of mortgages, deeds of trust, pledges, liens,
and all other encumbrances except as otherwise disclosed by such financial statements. 
  

 3 

 2.06 Discharge of Liens and Taxes. Borrower and its subsidiaries and each Guarantor have filed,
paid, and/or discharged prior to delinquency all taxes or other claims, of which Borrower or Guarantor has received notice, which may become a lien on any of its properties or assets, excepting to the extent that such items are being appropriately
contested in good faith and for which an adequate reserve for the payment thereof is being maintained. 
  
 2.07 Regulation U. None of the Loan proceeds shall be used directly or indirectly for the purpose of purchasing or carrying any margin stock in
violation of the provisions of Regulation U of the Board of Governors of the Federal Reserve System. 
  
 2.08 ERISA. Each employee benefit plan, as defined by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
maintained by Borrower or by any subsidiary of Borrower meets, as of the date hereof, the minimum funding standards of Section 302 of ERISA, all applicable requirements of ERISA and of the Internal Revenue Code of 1986, as amended, and no
“Reportable Event” nor “Prohibited Transaction” (as defined by ERISA) has occurred with respect to any such plan. 
  
 2.09 Litigation. There is no claim, action, suit or proceeding pending, or, to the best of Borrower’s knowledge, threatened before any court,
commission, administrative agency, whether State or Federal, or arbitration which will materially adversely affect the financial condition, operations, properties, or business of Borrower or its subsidiaries, if any, or the ability of Borrower to
perform its obligations under the Loan Documents. 
  
 2.10
Other Agreements. The representations and warranties made by Borrower to Bank in the other Loan Documents are true and correct in all material respects on the date hereof. 
  
 2.11 Binding and Enforceable. The Loan Documents, when executed, shall constitute valid and binding obligations of
Borrower, the execution of such Loan Documents has been duly authorized by the Borrower, and are enforceable in accordance with their terms, except as may be limited by bankruptcy, insolvency, moratorium, or similar laws affecting creditors’
rights generally. 
  
 2.12 Brokers. No broker or finder
acting on behalf of Borrower brought about the obtaining, making or closing of the Loan, and Borrower has no obligation to any Person in respect of any finder’s or brokerage fees in connection therewith. 
  

 4 

 Section 3 Affirmative Covenants 
  
 Borrower covenants and agrees that from the date hereof and until payment in full of all indebtedness and performance of all obligations
owed under the Loan Documents, Borrower shall: 
  
 3.01
Maintain Existence and Current Legal Form of Business. (a) Maintain its existence and good standing in the state of its incorporation or organization, (b) maintain its current legal form of business indicated above, and, (c), as applicable,
qualify and remain qualified as a foreign corporation, general partnership, limited partnership, limited liability partnership or limited liability company in each jurisdiction in which such qualification is required. 
  
 3.02 Maintain Records. Keep adequate records and books of account, in
which complete entries will be made in accordance with GAAP consistently applied, reflecting all financial transactions of Borrower. 
  
 3.03 Maintain Properties. Maintain, keep, and preserve all of its properties (tangible and intangible) necessary or useful in the conduct of its
business in good working order and condition, ordinary wear and tear excepted. 
  
 3.04 Maintain Insurance. Maintain insurance with financially sound and reputable insurance companies or associations in such amounts and covering such risks as are usually carried by companies engaged in the
same or similar business, which insurance may provide for reasonable deductibles. 
  
 3.05 Comply With Laws. Comply in all material respects with all applicable laws, rules, regulations, and orders including, without limitation, paying before delinquency all taxes, assessments, and governmental
charges imposed upon it or upon its property. 
  
 3.06 Right
of Inspection. Permit the officers and authorized agents of Bank, at any reasonable time or times, and upon reasonable notice, to visit the properties of Borrower in order to examine and make copies of the records and books of account of
Borrower, and to discuss such matters with any officers, directors, managers, members or partners, limited or general of Borrower, and Borrower’s independent accountant as Bank reasonably deems necessary and proper. 
  
 3.07 Notice of Litigation: Promptly after the receipt by Borrower, or
by any Guarantor of which Borrower has knowledge, of notice or complaint of any action, suit, and proceeding before any court or administrative agency of any type which, if determined adversely, could have a material adverse effect on the financial
condition, properties, or operations of Borrower or Guarantor, as appropriate, Borrower shall promptly provide a copy thereof to Bank. 
  
 3.08 Average Collected Deposit Balances. Maintain average collected deposit balances, tested on a quarterly basis, of at least One Million
Dollars ($1,000,000) in an interest bearing account at Bank. In the event Borrower fails to meet this covenant in any fiscal quarter, the interest rate on the Note shall be increased by one-fourth of one percent (0.25%) for the next fiscal quarter
only. 
  

 5 

 3.09 Conduct of Business. Continue to engage in a business of the same general type as described
in Borrower’s Articles of Incorporation, Bylaws and Prospectus dated April 18, 2005, on file with the Securities and Exchange Commission, as amended from time to time. 
  
 3.10 Reporting Requirements. Furnish to Bank: 
  
 Financial Statements: As soon as available and not more than forty-five (45) days after the end of each quarter,
consolidated balance sheets, and consolidated statements of income, cash flow and stockholder equity for the period ended, all in reasonable detail, and all prepared in accordance with GAAP consistently applied, together with Borrower’s
quarterly 10Q filing and supporting schedules and calculations. 
  
 Annual Financial Statements: As soon as available and not more than ninety (90) days after the end of each fiscal year, consolidated balance sheets and consolidated statements of income, cash flow, and stockholder equity for the
period ended, all in reasonable detail, and all prepared in accordance with GAAP consistently applied, together with Borrower’s 10K filing. The financial statements must be of the following quality or better: Audited. 
  
 Quarterly Certifications. Quarterly certifications of new capital
raised by the tenth (10th) of the month following the end of such quarter showing capital raised in that quarter.
Monthly information shall be provided by Borrower electronically showing new capital raised in the prior month. 
  
 Other Information: Such other financial reports or information as Bank may from time to time reasonably request. 
  
 Section 4 Financial Covenants 
  
 Borrower covenants and agrees that from the date hereof until payment in full of all
indebtedness and the performance of all obligations under the Loan Documents, Borrower shall at all times maintain the following financial covenants and ratios all in accordance with GAAP unless otherwise specified: 
  
 Tangible Net Worth. A minimum Tangible Net Worth of not less than One
Hundred Million Dollars ($100,000,000). Tangible Net Worth is defined as net worth, plus obligations contractually subordinated to debts owed to Bank, minus goodwill, contract rights, and assets representing claims on stockholders or affiliated
entities. 
  
 Maximum Combined Leverage. The maximum
Combined Leverage of Borrower and all subsidiaries of Borrower shall be and remain less than sixty-seven (67%) of Total 
  

 6 

 Assets, defined according to GAAP. “Combined Leverage” means the percentage of Total
Liabilities, defined according to GAAP, (excluding amounts paid to/from affiliates and loans to/from wholly owned subsidiaries) to Total Assets derived from the arithmetic combining of all assets, liabilities (excluding payables to affiliates and
loans to wholly owned subsidiaries) and equity of its consolidated and unconsolidated joint ventures, partnerships and other taxable REIT subsidiaries adjusted for any duplication of assets, liabilities and equity. 
  
 Testing and Reporting. Each of the Financial Covenants set forth in
this Section 5 shall be tested quarterly and certified to Bank by the chief financial officer of Borrower. 
  
 Section 5 Negative Covenants 
  
 Borrower covenants and agrees that from the date hereof and until payment in full of all indebtedness and performance of all obligations under the Loan Documents,
Borrower shall not, without the prior written consent of Bank, which consent shall not be unreasonably withheld: 
  
 5.01 Liens. Create, incur, assume, or suffer to exist any lien upon or with respect to any of Borrower’s properties now owned or hereafter
acquired, except: 
  

	 	(a)	Liens outstanding as of the date hereof; 

  

	 	(b)	Liens for taxes not yet due and payable or otherwise being contested in good faith and for which appropriate reserves are maintained; 

  

	 	(c)	Other liens imposed by law not yet due and payable, or otherwise being contested in good faith and for which appropriate reserves are maintained; 

  

	 	(d)	Purchase money security interests on any property hereafter acquired; and 

  

	 	(e)	Liens as a result of the refinancing (including increases thereto and any future advances) of any of Borrower’s operating assets. 

  
 5.02 Debt. Create, incur, assume, or suffer to exist any debt, except:

  

	 	(a)	Debt to Bank; 

  

	 	(b)	Debt outstanding on the date hereof and shown on the most recent financial statements submitted to Bank; 

  

	 	(c)	Accounts payable to trade creditors and any amounts due to affiliates incurred in the ordinary course of business; 

  

	 	(d)	Debt secured by purchase money security interests as outlined above in Section 5.01 (c); 

  

 7 

	 	(e)	Debt incurred in the acquisition or refinancing (including increases thereto and any future advances) of operating assets of Borrower and its subsidiaries. 

 
 5.03 Guaranties. Assume, guarantee, endorse, or otherwise be or
become directly, or contingently liable for obligations of any Person, except: (i) guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; (ii) guaranties of
obligations and liabilities of any Person which is wholly owned by Borrower; (iii) guaranties of or indemnifications as to obligations or liabilities of any Person relating to compliance with environmental laws or regulations or loss, damage or
expense relating thereto; (iv) guaranties of or indemnifications as to obligations or liabilities of any Person under which Borrower’s liability, if any, for the underlying debt, as such, is limited to circumstances in which such Person or
related parties are in breach or violation of obligations regarding the filing of, or joining in or consenting to the filing of, bankruptcy or insolvency proceedings; (v)guaranties of or indemnifications as to obligations or liabilities with respect
to a borrowing by any Person under which Borrower has liability for obligations for which such Person is liable with respect to such borrowing other than principal of and interest on underlying debt of such Person; and (vi) guaranties of or
indemnifications as to obligations or liabilities of any Person under which Borrower has liability for carveouts to non-recourse liability of such Person, which carveouts are customary in commercial loan transactions of the kind involving such
Person. 
  
 5. 04 Disposition of Assets. Sell, transfer,
assign, pledge, lease, or otherwise dispose of all, or substantially all, of its assets or properties, except in the ordinary and usual course of its business. 
  

5.05 Subordination of Advisor Fees. Upon the occurrence and continuation of an Event of Default, as provided for in Section 6 below, make any
payment of fees to CNL Income Corp. pursuant to the Advisor Agreement between Borrower and CNL Income Corp. 
  
 5.06 Change of Legal Form of Business; Purchase of Assets. Change Borrower’s name or the legal form of Borrower’s business as shown above
without providing Lender with written notice of the same; provided, however, in such event Bank’s consent shall not be required. Borrower shall not purchase all or substantially all of the assets or business of any Person, unless as a result
thereof Borrower remains the majority and controlling owner. 
  
 5.07 Transfer of Ownership. Issue, transfer or sell, in the aggregate, from its treasury stock and/or currently authorized but unissued shares of any class of stock, more than 10% of the total number of all such issued and
outstanding shares as of the date of this Agreement to any one Person, excluding affiliates or related entities of Borrower. 
  

 8 

 Section 6 Events of Default 
  
 The following shall be an “Event of Default” by Borrower; provided, however, there shall be no “Event of
Default” unless such default is not cured within thirty (30) days following written notice thereof to Borrower with respect to non-monetary defaults and ten (10) days written notice thereof to Borrower with respect to monetary defaults.

  
 6.01 The failure to make prompt payment of any installment of
principal or interest on the Note when due or payable. 
  
 6.02
Should any representation or warranty made in the Loan Documents prove to be false or misleading in any material respect. 
  
 6.03 Should any report, certificate, financial statement, or other document furnished prior to the execution of or pursuant to the terms of this Agreement
prove to be false or misleading in any material respect. 
  
 6.04
Should Borrower breach any covenant, condition, or agreement made under any of the Loan Documents. 
  
 6.05 Should a custodian be appointed for or take possession of any or all of the assets of Borrower, or should Borrower either voluntarily or
involuntarily become subject to any insolvency proceeding, including becoming a debtor under the United States Bankruptcy Code, any proceeding to dissolve Borrower, any proceeding to have a receiver appointed, or should Borrower make an assignment
for the benefit of creditors, or should there be an attachment, execution, or other judicial seizure of all or any portion of Borrower’s assets, including an action or proceeding to seize any funds on deposit with Bank, and such seizure is not
discharged within sixty (60) days. 
  
 6.06 Should final judgment
for the payment of money be rendered against Borrower which is not covered by insurance and shall remain undischarged for a period of sixty (60) days unless such judgment or execution thereon be effectively stayed. 
  
 6.07 Upon the termination of existence of, or dissolution of, Borrower.

  
 Section 7 Remedies Upon Default 
  
 Upon the occurrence of any of the above listed Events of Default, Bank may at any time
thereafter, at its option, take any or all of the following actions, at the same or at different times: 
  
 7.01 Declare the balance of the Note to be immediately due and payable, both as to principal and interest, without presentment, demand, protest, or notice
of any kind, all of which are hereby expressly waived by Borrower, and such balance shall accrue interest at the Default Rate as provided herein until paid in full; 
  

 9 

 7.02 Exercise any and all other rights and remedies available to Bank under the terms of the Loan
Documents and applicable law; 
  
 7.03 Notwithstanding any
provision herein to the contrary, in the event of Borrower’s failure to make any payment due pursuant to the provisions of Section 6.01 above on or before the date such payment is due, any obligation of Bank to advance additional funds to
Borrower or any other Person under the terms of the Note shall, without notice to Borrower or opportunity to cure, immediately cease and terminate; until such time as Borrower’s failure to make such payment is cured in accordance with the
provisions hereof. In the event of all other Events of Default referenced above, any obligation of Bank to advance funds to Borrower or any other Person under the terms of the Note and all other obligations, if any, of Bank under the Loan Documents
shall immediately cease and terminate unless and until such Event of Default is cured in accordance with the provisions hereof. 
  
 NOTWITHSTANDING ANY PROVISION HEREIN TO THE CONTRARY, in the event that Borrower is diligently pursuing a cure of any such Event of Default that is
non-monetary in nature, Bank may extend such time to cure beyond the cure periods provided for herein, for such reasonable period or periods of time as Bank may determine in its reasonable discretion. 
  
 Section 8 Miscellaneous Provisions 
  
 8.01 Definitions. 
  
 “Default Rate” shall mean a rate of
interest equal to Bank’s Prime Rate plus five percent (5%) per annum (not to exceed the legal maximum rate) from and after the date of an Event of Default hereunder which shall apply, in Bank’s sole discretion, to all sums owing, including
principal and interest, on such date. 
  
 “Loan Documents” shall mean this Agreement including any exhibit documents attached hereto, the Note, the Guaranty Agreements, and all other documents, certificates, and instruments executed in connection therewith, and all
renewals, extensions, modifications, substitutions, and replacements thereto and therefore. 
  
 “Person” shall mean an individual, partnership, corporation, trust, unincorporated organization, limited liability
company, limited liability partnership, association, joint venture, or a government agency or political subdivision thereof. 
  
 “GAAP” shall mean generally accepted accounting principles as established by the Financial Accounting Standards Board of
the American Institute of Certified Public Accountants, as amended and supplemented from time to time. 
  

 10 

 “Prime Rate” shall mean the rate of interest per annum announced by Bank
from time to time and adopted as its Prime Rate, which is one of several rate indexes employed by Bank when extending credit, and may not necessarily be Bank’s lowest lending rate. 
  
 8.02 Non-impairment. If any one or more provisions contained in the Loan Documents shall be held invalid, illegal, or
unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained therein shall not in any way be affected or impaired thereby and shall otherwise remain in full force and effect. 
  
 8.03 Applicable Law. The Loan Documents shall be construed in
accordance with and governed by the laws of the State of Florida. 
  
 8.04 Waiver. Neither the failure or any delay on the part of Bank in exercising any right, power or privilege granted in the Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude
any other or further exercise of any other right, power, or privilege which may be provided by law. 
  
 8.05 Modification. No modification, amendment, or waiver of any provision of any of the Loan Documents shall be effective unless in writing and
signed by Borrower and Bank. 
  
 8.06 Stamps and Fees.
Borrower shall pay all federal or state stamps, taxes, or other fees or charges, if any are payable or are determined to be payable by reason of the execution, delivery, or issuance of the Loan Documents; and Borrower agrees to indemnify and hold
harmless Bank against any and all liability in respect thereof. 
  
 8.07 Attorneys’ Fees. In the event Borrower shall default in any of its obligations hereunder and Bank believes it necessary to employ an attorney to assist in the enforcement or collection of the indebtedness of Borrower to
Bank, to enforce the terms and provisions of the Loan Documents, to modify the Loan Documents, or in the event Bank voluntarily or otherwise should become a party to any suit or legal proceeding (including a proceeding conducted under the Bankruptcy
Code), Borrower agrees to pay the reasonable attorneys’ fees of Bank and all related costs of collection or enforcement that may be incurred by Bank. Borrower shall be liable for such reasonable attorneys’ fees and costs whether or not any
suit or proceeding is actually commenced. 
  
 8.08 Conflicting
Provisions. If provisions of this Agreement shall conflict with any terms or provisions of the Note, the provisions of such Note shall take priority over any provisions in this Agreement. 
  

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 8.09 Notices. Any notice permitted or required by the provisions of this Agreement shall be deemed
to have been given when delivered in writing to the City Executive or any Vice President of Bank at its offices in Orlando, Florida, and to the Borrower as set forth below, when sent by certified mail and return receipt requested. 
  
 CNL Income Properties, Inc. 
 450 South Orange Avenue 
 Orlando, Florida
32801-3336 
 Attention: Tammie A. Quinlan, Senior Vice President and Chief Financial Officer 
  
 With a copy to: 
  
 CNL Income Properties< Inc. 
 450 South Orange Avenue 
 Orlando, Florida
32801-3336 
 Attention: Amy Sinelli, Vice President and Corporate Counsel 
  
 With an additional copy to: 
  
 Lowndes Drosdick Doster Kantor & Reed, P.A. 
 215 North Eola Drive 
 Orlando, Florida 32801 
 Attention: William T. Dymond, Esq. 
  
 8.10 Consent to Jurisdiction. Borrower hereby irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement may be instituted in any Florida state court or federal court sitting in the state of
Florida, or in such other appropriate court and venue as Bank may choose in its sole discretion. Borrower consents to the jurisdiction of such courts and waives any objection relating to the basis for personal or in rem jurisdiction or to venue
which Borrower may now or hereafter have in any such legal action or proceedings. 
  
 8.11 WAIVER OF JURY TRIAL. UNLESS EXPRESSLY PROHIBITED BY APPLICABLE LAW, THE UNDERSIGNED HEREBY WAIVE THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS AGREEMENT OR ANY OF THE LOAN DOCUMENTS
EXECUTED IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE UNDERSIGNED AND BANK. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK TO MAKE THE LOAN AND ENTER INTO THIS AGREEMENT. FURTHER, THE UNDERSIGNED HEREBY CERTIFY THAT
NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BANK WOULD NOT SEEK TO ENFORCE THIS WAIVER OR RIGHT TO JURY TRIAL PROVISION. 
  

 12 

 NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR
MODIFY THIS PROVISION. 
  
 8.12 Arbitration. Upon
demand of any party hereto, whether made before or after institution of any judicial proceeding, any dispute, claim or controversy arising out of, connected with, or relating to the Agreement and other Loan Documents (“Disputes”) between
or among the parties to this Agreement and other Loan Documents shall be resolved by binding arbitration as provided herein. Institution of a judicial proceeding by a party does not waive the right of that party to demand arbitration hereunder.
Disputes may include, without limitation, tort claims, counterclaims, disputes as to whether a matter is subject to arbitration, claims brought as class actions, claims arising from Loan Documents executed in the future, or claims arising out of or
connected with the transaction reflected by this Agreement and other Loan Documents. Arbitration shall be conducted under and governed by the Commercial Financial Disputes Arbitration Rules (the “Arbitration Rules”) of the American
Arbitration Association (the “AAA”) and Title 9 of the U.S. Code. All arbitration hearings shall be conducted in the city of Orlando. The expedited procedures set forth in Rule 51 et seq. of the Arbitration Rules shall be applicable to
claims less than $1,500,000. All applicable statutes of limitation shall apply to any Dispute. A judgment upon the award may be entered in any court having jurisdiction. The panel from which all arbitrators are selected shall be comprised of
licensed attorneys. The single arbitrator selected for expedited procedure shall be a retired judge from the highest court of general jurisdiction, state or federal, of the state where the hearing will be conducted or if such Person is not available
to serve, the single arbitrator may be a licensed attorney. Notwithstanding the foregoing, this arbitration provision does not apply to disputes under or related to swap agreements. 
  
 8.13 Counterparts. This Agreement may be executed by one or more parties on any number of separate counterparts and
all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
  
 8.14 Entire Agreement. The Loan Documents embody the entire agreement between Borrower and Bank with respect to the Loan, and there are no oral or
parol agreements existing between Bank and Borrower with respect to the Loan which are not expressly set forth in the Loan Documents. 
  

 13 

 SIGNATURE PAGE 
  
 IN WITNESS WHEREOF, Bank and Borrower have caused this Agreement to be duly executed under
seal all as of the date first above written. 
  

			
	 CNL INCOME PROPERTIES, INC., a Maryland
 corporation, as Borrower

		
	By:	 	 /s/ Tammie A. Quinlan

	Name:	 	Tammie A. Quinlan
	Title:	 	Senior Vice President and
	 	 	Chief Financial Officer
	
	BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation, as Bank
		
	By:	 	 /s/ Michael J. Miller

	Name:	 	Michael J. Miller
	Title:	 	Senior Vice President

  

 14Loan Agreement dated as of May 20, 2005: CNL & Sunlife Assurance Co of Canada

 EXHIBIT 10.22 
  
 Loan Agreement 
 dated as of May 20, 2005 
 by and between CNL Income Copper, LP, CNL Income Sandestin, LP, 
 CNL Income Mammoth, LP, CNL Income Snowshoe, LP, 
 and CNL Income Stratton, LP, Borrowers 
 and Sunlife Assurance Company of Canada, Lender 

 LOAN AGREEMENT 
  
 BY THIS AGREEMENT made and entered into as of the 20th day of May, 2005, by CNL INCOME COPPER, LP, CNL INCOME SANDESTIN, LP, CNL INCOME MAMMOTH, LP, CNL INCOME SNOWSHOE, LP, and CNL INCOME STRATTON,
LP, each a Delaware limited partnership, whose address is 450 S. Orange Avenue, Orlando Florida 32801 (hereinafter individually a “Borrower” and collectively “Borrowers”), and SUN LIFE ASSURANCE COMPANY OF CANADA, a
Canadian corporation, whose address is One Sun Life Executive Park, Wellesley Hills, Massachusetts (hereinafter called “Lender”), for and in consideration of the recitals and mutual promises contained herein, confirm and agree as follows:

  
 SECTION 1 
 RECITALS; DEFINITIONS 
  
 1.1 Loan. Borrowers have applied to Lender for a series of loans in the following amounts: CNL Income Copper, L.P.: $12,300,000.00; CNL Income
Sandestin, L.P.: $11,200,000.00; CNL Income Mammoth, L.P.: $13,850,000.00; CNL Income Snowshoe, L.P.: $5,450,000.00; and CNL Income Stratton, L.P.: $3,200,000.00 (individually, a “Loan” and collectively, the “Loans”). 

 
 1.2 Definitions. For the purposes of this Agreement, unless the
context otherwise requires, the following terms shall have the respective meanings assigned to them in this Paragraph. 
  
 “Agreement” means this Loan Agreement, as it may be amended, restated and otherwise modified from time to time.

  
 “Assignment of Rents” means
that Assignment of Rents and Leases dated of even date herewith, executed by each Borrower, as Assignor, for the benefit of Lender, as Assignee, as it may be amended, modified, extended, renewed, restated, or supplemented from time to time.

  
 “Closing Date” means the
date of this Agreement. 
  
 “Event of
Default” means the occurrence of any of the events or conditions listed herein or in the Mortgages. 
  
 “Guarantor” means CNL Income Properties, Inc. 
  
 “Improvements” means all improvements located on the Real Property. 
  
 “Loan Documents” means this Agreement, each
Note, the Security Documents and any other agreements, documents, or instruments evidencing, guarantying, securing or otherwise relating to the Notes, or executed or delivered in connection with the Loans, as such agreements, documents, and
instruments may be amended, modified, extended, renewed or supplemented from time to time. 

 “Mortgage” or “Mortgages” means, individually or
collectively as the context requires, the Mortgages and Security Agreements or Deeds of Trust and Security Agreements, dated of even date herewith, one executed by each Borrowers, as mortgagors or grantors, for the benefit of Lender, as mortgagee or
beneficiary, as they may be amended, modified, extended, renewed, restated, or supplemented from time to time. 
  
 “Note” or “Notes” means, individually or collectively as the context requires, the Promissory Notes, dated of
even date herewith, one executed by each Borrower, payable to the order of Lender, in the original principal amount or amounts set forth in Section 1.1, as they may be amended, modified, extended, renewed, restated or supplemented from time to time.

  
 “Project” means each parcel
of Real Property and Improvements. 
  
 “Real Property” means individually or collectively as the context requires, the real property described in the Mortgages. 
  
 “Security Documents” means the Mortgages, the Assignment of Rents and Leases, and any other agreements, documents or
instruments required by Lender to grant and perfect the liens and security interests required herein, as such agreements, documents, and instruments may be amended, modified, extended, renewed or supplemented from time to time. 
  
 SECTION 2 
 SECURITY 
  
 2.1 Security. Borrower shall cause the Notes, the Loan, and Borrower’s obligations under this Agreement and the Loan Documents to be secured
by the following: 
  
 (a) The Mortgages,
constituting first and prior liens on the Real Property, subject only to such matters as specifically approved by Lender. 
  
 (b) The Assignments of Rents and Leases. 
  
 (c) UCC financing statements for filing and/or recording and any other items required by Lender to fully perfect the liens and security
interests of Lender. 
  
 SECTION 3 
 REPRESENTATIONS AND WARRANTIES 
  
 Borrowers represent and warrant to Lender as follows: 
  
 3.1 Recitals and Statements. The recitals and statements in this Agreement are true and correct. 
  
 3.2 Organization and Good Standing. Each Borrower (and, if applicable,
each partner or member of Borrower) is duly organized, validly existing and in good standing under the laws of the state of its organization and is, to the extent required by law, qualified to do business and is in good standing in the state in
which its Real Property is located. 
  

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 3.3 Power. Each Borrower has full power and authority to own its properties and assets and to
carry on its business as now being conducted. The execution, delivery and performance of the Loan Documents has been duly authorized by all requisite action on the part of each Borrower. 
  
 3.4 Authority. Each Borrower is fully authorized and permitted to enter into this Agreement, to execute the Loan
Documents, to borrow the amounts contemplated herein upon the terms set forth herein and to perform the terms of the Loan Documents, none of which conflicts with any provision of any law, rule or regulation applicable to that Borrower, or any of the
documents under which Borrower is organized. The Loan Documents are valid and binding legal obligations of each Borrower, and each is enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or other
similar laws relating to the rights of creditors generally and general principles of equity. 
  
 3.5 Enforceable Liens. The liens, security interests and assignments created by the Security Documents will, when granted and recorded or filed, be valid, effective, properly perfected and enforceable liens,
security interests and assignments. 
  
 3.6 Enforceable
Guarantees. The Guarantee executed by Guarantor constitutes the legal, valid and binding obligations of Guarantor according to the terms thereof. 
  
 3.7 No Breach. The execution, delivery and performance by each Borrower of the Loan Documents will not result in any breach of the terms,
conditions or provisions of, or constitute a default under, any agreement or instrument under which that Borrower is a party or is obligated. Borrower is not in default in the performance or observance of any covenants, conditions or provisions of
any such agreement or instrument. 
  
 3.8 No Actions. No
actions, suits or proceedings are pending or threatened against any Borrower, the Real Property or any Project that might materially and adversely affect the repayment of the Loan, or the performance by any Borrower under this Agreement. 

 
 3.9 Licenses. Each Borrower has obtained and there remain in full
force and effect all licenses, permits, consents, approvals and authorizations necessary or appropriate for the management and operation of each Project for its intended purpose that are obtainable as of the date hereof. 
  
 3.10 Financial Statements True. All financial statements, profit and
loss statements, statements as to ownership and other statements or reports previously or hereafter given to Lender by or on behalf of each Borrower or the Guarantor are and shall be true, complete and correct as of the date thereof. There has been
no material adverse change in the financial condition or the results of the operation of any Borrower, the Guarantor or any Project since the latest financial statements of each Borrower or the Guarantor given to Lender. 
  

 3 

 SECTION 4 
 AFFIRMATIVE COVENANTS 
  
 Until the Loan has been paid in full and all of Borrowers’ obligations hereunder have been fully discharged: 
  
 4.1 Maintenance of Licenses and Permits. Each Borrower shall maintain in full force and effect all rights and licenses necessary to carry on its
business, and all permits, licenses, consents and approvals necessary for the maintenance and operation of the Projects. Each Borrower shall maintain its present existence and shall maintain executive personnel and management at a level of
experience and ability equivalent to present personnel and management. 
  
 4.2 Compliance with Loan Documents. Each Borrower shall make all payments of interest and principal of the Loan when due and shall keep and comply with all terms, conditions and provisions of the Loan Documents. 
  
 4.3 Further Assurances. Each Borrower shall execute and deliver such
additional documents and do such other acts as Lender may reasonably require in connection with the Loan. 
  
 4.4 Borrower Notices. Each Borrower shall promptly give notice in writing to Lender of (i) the occurrence of any Event of Default, (ii) any change
in the name of Borrower, and in the case of a reorganization, any change in name, identity or corporate structure, or (iii) loss through fire, theft, liability or property damage. 
  
 SECTION 5 
 CROSS-DEFAULT, CROSS-COLLATERALIZATION 
  
 5.1 Cross-Default. Each Borrower acknowledges that the occurrence of an Event of Default, as defined in each Mortgage, under any Mortgage, shall be an Event of Default under all Mortgages. Lender shall have all rights and remedies
available under any Mortgage as against any portion of the Real Property, individually or collectively, to be exercised at Lender’s sole option. 
  
 5.2 Cross-Collateralization. Each Borrower acknowledges that each parcel of Real Property shall secure the Loan, all Notes, and all obligations
under the Security Documents. 
  
 5.3 Adequacy of
Consideration. Each Borrower acknowledges that it is affiliated with, and under common ownership with, all other Borrowers, and that each Loan will provide direct economic benefit to all Borrowers. Each Borrower acknowledges the receipt and
sufficiency of consideration for the covenants, terms and provisions of this Agreement. 
  
 SECTION 6 
 FUTURE LOANS 
  
 6.1 Terms. Lender acknowledges that Guarantor has a right of first
refusal and/or option to purchase other village resort properties that are currently owned or will be developed by Intrawest Corp. or its affiliates. These properties may be near one or more parcels of Real 
  

 4 

 Property or different properties. Lender also acknowledges that it currently has capacity to significantly increase its
overall loan portfolio of village resort properties with a similar description to the Projects and that it desires to make these future loans to borrowers composed of Guarantor and Intrawest Corp. and/or either of them or their respective
affiliates. At any Borrower’s or Guarantor’s written request, Lender will consider issuing a commitment for a loan in connection with a village resort property to be acquired by Guarantor or any affiliate of Guarantor. These possible
future loans would be structured in a similar manner to the Loans (including the cross-default and cross-collateralization provisions) and would be added to this Loan Agreement by amendment thereto. In considering future loan requests, Lender will
apply similar market underwriting parameters to those applied for the Loans. The spread used to calculate the interest rate will be based on Lender’s market spread in effect at the time the new loans are requested by the Borrower. 

 
 6.2 Closing Requirements. In the event Lender issues its commitment
for a future loan, Lender shall be under no obligation to close and disburse funds until its closing requirements have been met. 
  
 SECTION 7 
 DEFAULT;
REMEDIES 
  
 7.1 Event of Default. The occurrence
of an Event of Default under any Mortgage shall be an Event of Default under this Agreement: 
  
 7.2 Remedies. Upon the occurrence of an Event of Default, Lender shall have all remedies available under the Mortgages. 
  

SECTION 8 
 GENERAL

  
 8.1 Survival and Severability. This Agreement
shall survive the making of the Loan and shall continue so long as any part of the Loan, or any extension or renewal thereof, remains outstanding. If any provision of this Agreement is held to be invalid, illegal, or unenforceable in any
jurisdiction, the validity, legality and enforceability of that provision in any other jurisdiction, and the validity, legality and enforceability of the remaining provisions hereof in all jurisdictions, shall not be affected or impaired in any way.

  
 8.2 Discretionary Rights. All rights, powers and
remedies granted Lender herein, or otherwise available to Lender, are for the sole benefit and protection of Lender, and Lender may exercise any such right, power or remedy at its option and in its sole discretion without any obligation to do so. In
addition, if, under the terms hereof, Lender is given two or more alternative courses of action, Lender may elect any alternative or combination of alternatives, at its option and in its sole discretion. All monies advanced by Lender under the terms
hereof and all amounts paid, suffered or incurred by Lender in exercising any authority granted herein, including reasonable attorneys’ fees, shall be secured by the Security Documents, shall bear interest at the highest rate payable on the
Loan until paid, and shall be due and payable by Borrower to Lender immediately without demand. 
  
 8.3 Joint and Several. The liability of Borrowers shall be joint and several but subject to the non-recourse provisions set forth in the Note and
certain other Loan Documents. The provisions hereof shall apply to the parties according to the context thereof and without regard to the number or gender of words or expressions used. 
  

 5 

 8.4 Time of Essence. Time is expressly made of the essence of this Agreement. 
  
 8.5 Governing Law. This Agreement shall be interpreted under the laws
of the State of Delaware. Notwithstanding the foregoing, in the enforcement of any rights or remedies hereunder or under the Loan Documents, Lender, at its sole option, may elect to interpret the provisions of this Agreement under the laws of any
state in which the Real Property is located. 
  
 8.6
Notices. All notices required or permitted to be given hereunder shall be given in the manner set forth in the Mortgages. 
  
 8.7 Counterparts. This Agreement may be executed in counterparts, all of which executed counterparts shall together constitute a single document.
Signature pages may be detached from the counterparts and attached to a single copy of this Agreement to physically form one document. 
  
 IN WITNESS WHEREOF, these presents are executed as of the date first indicated above. 
  

					
	BORROWER:
	
	 CNL INCOME COPPER, LP,
 a Delaware
limited partnership

		
	By:	 	 CNL Income Copper GP, LLC,
 a
Delaware limited liability company,
 its sole general partner

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 CNL INCOME SANDESTIN, LP,
 a Delaware
limited partnership

		
	By:	 	 CNL Income Sandestin GP, LLC,
 a
Delaware limited liability company,
 its sole general partner

			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

	
	[signature block continues]

  

 6 

					
	 CNL INCOME MAMMOTH, LP,
 a Delaware
limited partnership

		
	By:	 	 CNL Income Mammoth GP, LLC,
 a
Delaware limited liability company,
 its sole general partner

			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

	
	CNL INCOME SNOWSHOE, LP,
	a Delaware limited partnership
		
	By:	 	 CNL Income Snowshoe GP, LLC,
 a
Delaware limited liability company,
 its sole general partner

			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

	
	 CNL INCOME STRATTON, LP,
 a Delaware
limited partnership

		
	By:	 	 CNL Income Stratton GP, LLC,
 a
Delaware limited liability company,
 its sole general partner

			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

	
	LENDER:
	
	SUN LIFE ASSURANCE COMPANY OF CANADA
		
	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

		
	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

  

 7

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