Document:

Promissory Note (North Mountain Medical Plaza)

 Exhibit 10.6 
 PROMISSORY NOTE
 (North Mountain Medical Plaza) 

 

			
	$3,530,000.00	  	August 16, 2013
		
	Loan No. 706109205	  	

 FOR VALUE RECEIVED, CHP NORTH MOUNTAIN AZ MOB OWNER, LLC, a Delaware limited liability company
(“Borrower”) promises to pay to the order of THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation (“Lender”, which shall also mean successors and assigns who become holders of this Note), at
2100 Ross Avenue, Suite 2500, Dallas, Texas 75201, the principal sum of THREE MILLION FIVE HUNDRED THIRTY THOUSAND AND NO/100 U.S. DOLLARS ($3,530,000.00), with interest on the unpaid balance (the “Balance”) at the applicable rate
or rates set forth in the Loan Agreement (defined below) from and including the Funding Date (as defined in the Loan Agreement) under this Promissory Note (this “Note”) until Maturity, and to be paid in accordance with the terms of
this Note and that certain Loan Agreement dated as of the date hereof by and among Borrower, the Related Borrowers (as defined in the Instrument [defined below]), and Lender (as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time, the “Loan Agreement”). Capitalized terms used without definition in this Note shall have the meanings ascribed to them in the Loan Agreement or that certain Leasehold Deed of Trust and Security Agreement
(North Mountain Medical Plaza - First) dated as of the date hereof (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Instrument”) from Borrower to or for the benefit of
Lender, as applicable. 
 1. Payment Terms. Borrower agrees to pay the principal sum of this Note and interest on the
unpaid principal sum of this Note from time to time outstanding at the rates and at the times specified in the Loan Agreement, and the entire Obligations shall be due and payable on the Maturity Date. 

2. Default and Acceleration. The Loan (as defined in the Instrument) and the Obligations (as defined in the Instrument) shall
become immediately due and payable, at the option of Lender, upon the occurrence of any Event of Default (as defined in the Loan Agreement). 
 3. Notices. All notices or other written communications hereunder shall be delivered in accordance with Section 9.02 of the Loan Agreement. 

4. No Usury. Under no circumstances shall the aggregate amount paid or to be paid as interest under this Note exceed the highest
lawful rate permitted under applicable usury law (the “Maximum Rate”). If under any circumstances the aggregate amounts paid on this Note shall include interest payments which would exceed the Maximum Rate, Borrower stipulates that
payment and collection of interest in excess of the Maximum Rate (the “Excess Amount”) shall be deemed the result of a mistake by both Borrower and Lender, and Lender shall promptly credit the Excess Amount against the Balance
(without Prepayment Premium or other premium) or refund to Borrower any portion of the Excess Amount which cannot be so credited. 
 5. Security and Documents Incorporated. This Note is the North Mountain Note referred to in the Loan Agreement and the Instrument and is the Note secured by the Instrument and the Property (as
defined in the Instrument). Borrower shall observe and perform all of the terms and conditions in the 

  
 1 

Prudential Loan No. 706109205 
 CNL MOB
Portfolio 
 Promissory Note (North Mountain Medical Plaza) 

 
Documents (as defined in the Instrument). All of the provisions of the other Documents (including, without limitation, the limited and full recourse liability provisions of Article VIII of the
Loan Agreement) are incorporated into this Note to the same extent and with the same force as if fully set forth in this Note. 

6. Joint and Several Liability. This Note shall be the joint and several obligation of all makers, endorsers, guarantors and
sureties, and shall be binding upon them and their respective successors and assigns and shall inure to the benefit of Lender and its successors and assigns. 
 7. Certain Waivers. Borrower and all others who may become liable for the payment of all or any part of the Obligations do hereby severally waive presentment and demand for payment, notice of
dishonor, protest and notice of protest, notice of non-payment and notice of intent to accelerate the maturity hereof (and of such acceleration). No release of any security for the Obligations or extension of time for payment of this Note or any
installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Instrument or the other Documents shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower, and any
other who may become liable for the payment of all or any part of the Obligations, under this Note, the Instrument and the other Documents. 
 8. WAIVER OF TRIAL BY JURY. EACH OF BORROWER AND LENDER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM FILED BY EITHER
PARTY, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN, THE DOCUMENTS, OR ANY ALLEGED ACTS OR OMISSIONS OF LENDER OR BORROWER IN CONNECTION THEREWITH. 

9. Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Arizona. 

10. Local Law Provisions. Paragraph 4 is hereby amended to add the following provision as the new first sentence thereof:

 (a) “In the event any amounts paid or to be paid by Borrower to Lender under the Note, the Instrument or any of the
Documents, as the same may hereafter be amended or modified, are deemed to be interest or in the nature of interest, Borrower agrees that they shall be interest for purposes of calculating the agreed-upon rate of interest paid or to be paid by
Borrower for purposes of Arizona Revised Statutes Section 44-1201 et. seq. and shall be part of the agreed-upon and contracted for rate of interest.” 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 [SIGNATURES ON FOLLOWING PAGE]

  
 2 

Prudential Loan No. 706109205 
 CNL MOB
Portfolio 
 Promissory Note (North Mountain Medical Plaza) 

 IN WITNESS WHEREOF, this Note has been executed by Borrower as of the date first set forth
above. 
  

					
	BORROWER:
	
	CHP NORTH MOUNTAIN AZ MOB OWNER, LLC, a Delaware limited liability company
			
	By:	 	 /s/ Joshua J. Taube
	 	[SEAL]
	Name:	 	Joshua J. Taube	 	
	Title:	 	Vice President	 	

  
 3 

Prudential Loan No. 706109205 
 CNL MOB
Portfolio 
 Promissory Note (North Mountain Medical Plaza)Promissory Note (John C. Lincoln Medical Plaza I and II)

 Exhibit 10.7 
 PROMISSORY NOTE
 (John C. Lincoln Medical Plaza I and II) 

 

			
	$4,790,000.00	  	August 16, 2013
		
	Loan No. 706109203	  	

 FOR VALUE RECEIVED, CHP LINCOLN PLAZA AZ MOB OWNER, LLC, a Delaware limited liability company
(“Borrower”) promises to pay to the order of THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation (“Lender”, which shall also mean successors and assigns who become holders of this Note), at
2100 Ross Avenue, Suite 2500, Dallas, Texas 75201, the principal sum of FOUR MILLION SEVEN HUNDRED NINETY THOUSAND AND NO/100 U.S. DOLLARS ($4,790,000.00), with interest on the unpaid balance (the “Balance”) at the applicable rate
or rates set forth in the Loan Agreement (defined below) from and including the Funding Date (as defined in the Loan Agreement) under this Promissory Note (this “Note”) until Maturity, and to be paid in accordance with the terms of
this Note and that certain Loan Agreement dated as of the date hereof by and among Borrower, the Related Borrowers (as defined in the Instrument [defined below]), and Lender (as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time, the “Loan Agreement”). Capitalized terms used without definition in this Note shall have the meanings ascribed to them in the Loan Agreement or that certain Leasehold Deed of Trust and Security Agreement
(John C. Lincoln Medical Plaza I and II - First) dated as of the date hereof (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Instrument”) from Borrower to or for the
benefit of Lender, as applicable. 
 1. Payment Terms. Borrower agrees to pay the principal sum of this Note and interest
on the unpaid principal sum of this Note from time to time outstanding at the rates and at the times specified in the Loan Agreement, and the entire Obligations shall be due and payable on the Maturity Date. 

2. Default and Acceleration. The Loan (as defined in the Instrument) and the Obligations (as defined in the Instrument) shall
become immediately due and payable, at the option of Lender, upon the occurrence of any Event of Default (as defined in the Loan Agreement). 
 3. Notices. All notices or other written communications hereunder shall be delivered in accordance with Section 9.02 of the Loan Agreement. 

4. No Usury. Under no circumstances shall the aggregate amount paid or to be paid as interest under this Note exceed the highest
lawful rate permitted under applicable usury law (the “Maximum Rate”). If under any circumstances the aggregate amounts paid on this Note shall include interest payments which would exceed the Maximum Rate, Borrower stipulates that
payment and collection of interest in excess of the Maximum Rate (the “Excess Amount”) shall be deemed the result of a mistake by both Borrower and Lender, and Lender shall promptly credit the Excess Amount against the Balance
(without Prepayment Premium or other premium) or refund to Borrower any portion of the Excess Amount which cannot be so credited. 
 5. Security and Documents Incorporated. This Note is the Lincoln Note referred to in the Loan Agreement and the Instrument and is the Note secured by the Instrument and the Property (as defined in
the Instrument). Borrower shall observe and perform all of the terms and conditions in the 

  
 1 

Prudential Loan No. 706109203 
 CNL MOB
Portfolio 
 Promissory Note (John C. Lincoln Medical Plaza I and II) 

 
Documents (as defined in the Instrument). All of the provisions of the other Documents (including, without limitation, the limited and full recourse liability provisions of Article VIII of the
Loan Agreement) are incorporated into this Note to the same extent and with the same force as if fully set forth in this Note. 

6. Joint and Several Liability. This Note shall be the joint and several obligation of all makers, endorsers, guarantors and
sureties, and shall be binding upon them and their respective successors and assigns and shall inure to the benefit of Lender and its successors and assigns. 
 7. Certain Waivers. Borrower and all others who may become liable for the payment of all or any part of the Obligations do hereby severally waive presentment and demand for payment, notice of
dishonor, protest and notice of protest, notice of non-payment and notice of intent to accelerate the maturity hereof (and of such acceleration). No release of any security for the Obligations or extension of time for payment of this Note or any
installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Instrument or the other Documents shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower, and any
other who may become liable for the payment of all or any part of the Obligations, under this Note, the Instrument and the other Documents. 
 8. WAIVER OF TRIAL BY JURY. EACH OF BORROWER AND LENDER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM FILED BY EITHER
PARTY, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN, THE DOCUMENTS, OR ANY ALLEGED ACTS OR OMISSIONS OF LENDER OR BORROWER IN CONNECTION THEREWITH. 

9. Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Arizona. 

10. Local Law Provisions. Paragraph 4 is hereby amended to add the following provision as the new first sentence thereof:

 (a) “In the event any amounts paid or to be paid by Borrower to Lender under the Note, the Instrument or any of the
Documents, as the same may hereafter be amended or modified, are deemed to be interest or in the nature of interest, Borrower agrees that they shall be interest for purposes of calculating the agreed-upon rate of interest paid or to be paid by
Borrower for purposes of Arizona Revised Statutes Section 44-1201 et. seq. and shall be part of the agreed-upon and contracted for rate of interest.” 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 [SIGNATURES ON FOLLOWING PAGE]

  
 2 

Prudential Loan No. 706109203 
 CNL MOB
Portfolio 
 Promissory Note (John C. Lincoln Medical Plaza I and II) 

 IN WITNESS WHEREOF, this Note has been executed by Borrower as of the date first set forth
above. 
  

					
	BORROWER:
	
	CHP LINCOLN PLAZA AZ MOB OWNER, LLC, a Delaware limited liability company
			
	By:	 	 /s/ Joshua J. Taube
	 	[SEAL]
	Name:	 	Joshua J. Taube	 	
	Title:	 	Vice President	 	

  
 3 

Prudential Loan No. 706109203 
 CNL MOB
Portfolio 
 Promissory Note (John C. Lincoln Medical Plaza I and II)

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