Document:

<![CDATA[Subordination, Non-Disturbance & Attornment Agreement]]>

 EXHIBIT 10.8 
 ILLINOIS 
  

			
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	This space reserved for Recorder’s use only.

 SUBORDINATION, NON-DISTURBANCE 

AND ATTORNMENT AGREEMENT 
 by 
 TNP SRT CONSTITUTION TRAIL MASTER LESSEE, LLC, as Tenant

 to and for the benefit of 
 AMERICAN NATIONAL INSURANCE COMPANY, as American National 
 THIS DOCUMENT PREPARED BY
AND 
 AFTER RECORDING RETURN TO: 
 Holland & Knight, LLP 
 131 South Dearborn Street, Suite 3000 

Chicago, Illinois 60603 
 Attention:
Robyn Axberg, Esq. 

  
 1 

 SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT 

(Master Lease Tenant) 
 THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (this “Agreement”) is entered into as of December 16, 2011 between the undersigned TNP SRT CONSTITUTION TRAIL MASTER LESSEE,
LLC, a Delaware limited liability company, (such party together with its successors and assigns including, without limitation, with respect to any individual, such individual’s heirs, administrators, legal representatives and executors, all
of the preceding being collectively herein referred to as “Tenant”) and AMERICAN NATIONAL INSURANCE COMPANY, a Texas insurance company (such party together with its successors and assigns including, without limitation, any purchaser
at any foreclosure sale of the Mortgage, defined below, being herein collectively referred to as “American National”), whose address is: Attn: Mortgage and Real Estate Investment Department, One Moody Plaza, Galveston, Texas 77550.

 RECITALS 
 A. Tenant is the lessee under the lease which, together with any and all modifications and amendments thereto, is completely described on EXHIBIT “B” attached hereto and incorporated
herein (collectively the “Lease”). 
 B. TNP SRT CONSTITUTION TRAIL, LLC, a Delaware limited liability company,
(together with its successors and assigns including, without limitation, with respect to any individual, such individual’s heirs, administrators, legal representatives and executors being herein collectively referred to as
“Borrower”), the lessor or successor to the lessor under the Lease, has requested American National to make to Borrower a mortgage loan secured or to be secured by a Mortgage, Security Agreement and Financing Statement from Borrower for
the benefit of American National (such Mortgage, Security Agreement and Financing Statement collectively together with all renewals, increases, replacements, consolidations, modifications and extensions thereof, the “Mortgage”), covering
the property (the “Property”) described on EXHIBIT A” attached hereto and incorporated herein wherein the premises covered by the Lease are located. 
 C. American National is willing to make the requested mortgage loan, provided Tenant executes this Agreement. 

  
 2 

 AGREEMENT 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and for Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, and in order to induce American National to make the requested mortgage loan, Tenant and American National hereby agree and covenant as follows: 
 1. The Lease and the lien thereof are and shall at all times continue to be subject and subordinate in all respects to the lien of the Mortgage and all rights, privileges and provisions in favor of
American National thereunder. Tenant further waives all rights and claims to assert that the Lease or any provision thereof is superior to the lien or to any other provision of the Mortgage. 

2. So long as Tenant is not in breach or default (beyond any period in the Lease given to Tenant to cure such breach or default) in the
payment of rent or additional sums or in the performance of any of the other terms, covenants or conditions of the Lease on Tenant’s part to be performed, Tenant’s possession under the Lease and Tenant’s rights and privileges
thereunder, or under any extensions or renewals thereof which may be effected in accordance with any option therefor contained in the Lease, shall not be diminished or interfered with by American National acting pursuant to the Mortgage, and
Tenant’s occupancy shall not be disturbed by American National during the term of the Lease or any such extensions or renewals thereof in accordance with any extension or renewal options contained in the Lease. 

3. If the interests of Borrower in the Property or the Lease shall be acquired by American National by foreclosure, by deed in lieu of
foreclosure or by any other method, and American National succeeds to the interests of Borrower under the Lease, then provided that and so long as Tenant is not in default in the payment of any sums due from Tenant under the Lease or in the
performance of any other obligation of Tenant under the Lease, the Lease and the rights of Tenant thereunder shall continue in full force and effect and shall not be terminated, diminished, interfered with or disturbed except in accordance with the
terms of the Lease, and except that Tenant shall be bound to American National under all of the terms, covenants and conditions of the Lease for the balance of the term thereof remaining, and any extensions or renewals thereof which may be effected
in accordance with any option therefor contained in the Lease, with the same force and effect as if American National were the original lessor under the Lease, and Tenant does hereby attorn to American National as its lessor, said attornment to be
effective and self-operative without the execution of any other instruments on the part of either party hereto immediately upon American National’s succeeding to the interest of Borrower under the Lease; provided, however, that unless otherwise
required by applicable law Tenant shall be under no obligation to pay rent to American National by virtue of this Agreement until Tenant receives written notice from American National that American National has succeeded to the interests of Borrower
under the Lease or exercised its assignment of rents. It is the intention of the parties hereto for this purpose to incorporate the Lease into this Agreement by reference for all purposes with the same force and effect as if set forth at length
herein. 
 4. If American National shall succeed to the interests of Borrower under the Lease, American National shall be bound
to Tenant under all of the terms, covenants and conditions of the Lease, and Tenant shall, from and after American National’s succession to the interests of Borrower under the Lease, have the same remedies against American National for the
breach or default by American National of any agreement contained in the Lease that Tenant might have had under the Lease against Borrower for Borrower’s breach or default; provided, however, that American National shall not be: 

(a) liable for any act or omission of any prior or succeeding landlord (including Borrower); or 

  
 3 

 (b) liable for the return of any security deposit unless actually received by American
National; 
 (c) subject to any offsets or defenses which Tenant might have against any prior or succeeding landlord (including
Borrower); 
 (d) bound by any rent or additional sums which Tenant might have paid for more than one month in advance to any
prior or succeeding landlord (including Borrower); 
 (e) bound by any agreement, amendment or modification of the Lease or any
cancellation or termination of the Lease by any prior landlord (including Borrower), made without American National’s prior written consent; 
 (f) liable for the completion of any construction on the Property or tenant improvements to the leased premises commenced, or agreed or represented to by any prior or succeeding landlord (including
Borrower); or 
 (g) bound by any provision of the Lease restricting the use of other properties owned by American National, as
landlord. 
 5. Tenant from and after the date hereof shall send a copy of any notice or statement of a breach or default
(including matters which, but for the passage of time, the giving of notice, or both, would be a breach or default) under the Lease or any notices or statement of any intention to cancel or terminate the Lease by certified mail, return receipt
requested to American National at the address shown above at the same time such notice or statement is sent to Borrower. Tenant further agrees that, in the event of any act or omission by Borrower or other occurrence which would give Tenant the
right to cancel or terminate the Lease or to claim a partial or total eviction (either actual or constructive), or in the event of any other breach or default by Borrower under the terms of the Lease, promptly thereupon, Tenant shall so notify
American National by certified mail, return receipt requested, at the address above. 
 6. American National shall have the
option, within a reasonable time, but not less than sixty (60) days following receipt by American National of notice as provided in paragraph 5 above, to cure any such act, omission, breach, or default of Borrower described in such paragraph 5,
including if necessary, the commencement and prosecution of foreclosure proceedings, and Tenant agrees to accept the performance of American National in lieu of the performance of Borrower and that the Lease shall thereby remain in full force and
effect. Tenant shall not exercise any such right to terminate or claim eviction or any other rights or remedies available at law or in equity for default or breach of the Lease or act or omission by Borrower in connection with the Lease, unless and
until Tenant has notified American National as provided in paragraph 5 hereof and until the time for American National to commence and complete such cure has elapsed. 

  
 4 

 7. Tenant hereby agrees that for so long as the Mortgage encumbers or is a lien on the
Property, or any portion thereof, and thereafter, should American National acquire the Property, or any portion thereof, no covenant, agreement or other obligation of the Landlord which is to be performed or complied with beyond the boundaries of
the Property and no act or omission or occurrence which occurs beyond the boundaries of the Property (including, without limitation, any restrictions prohibiting Landlord’s or its affiliates or other related persons or entities from competing,
operating or leasing in competition with Tenant or to cause or restrict certain actions or activities on other property not encumbered by the Mortgage) shall be a breach or default under the Lease nor permit Tenant to cancel or terminate the Lease
or abate or reduce any rent or other sums. Nothing in this Section 7 shall prevent Tenant from seeking or obtaining a restraining order or injunction against such breach, default, act, omission or occurrence or from obtaining a monetary
judgment against Borrower or any successor landlord other than American National for any such breach, default, act, omission or occurrence. 
 8. In the event the Tenant becomes the owner of the Property or any portion thereof, there shall be no merger of the leasehold interest and the fee interest and the Lease shall remain in existence and,
without limiting the foregoing, American National shall be permitted to collect rent thereunder if a breach or default occurs under the Mortgage or any indebtedness secured thereby or any assignment of leases and/or rents by and/or executed in
connection with any of the preceding. Nothing in this Agreement shall be construed to permit a transfer of Tenant’s interest not expressly permitted by the Lease. 
 9. This Agreement may not be amended or modified orally or in any other manner other than by an agreement in writing signed by the parties hereto or their respective successors in interest. This Agreement
shall inure to the benefit of and be binding upon the parties hereto, their respective successors and assigns including, any applicable, heirs, administrators, legal representatives and executors. 

10. Tenant agrees that it will not, without the written consent of American National, pay rent or any other sums becoming due under the
Lease more than one (1) month in advance. 
 11. Tenant agrees that the Mortgage and the indebtedness secured thereby may
be increased, rearranged, renewed, extended, consolidated and modified from time to time by agreement between Borrower and American National, and American National may exercise any one or more of its rights under the Mortgage from time to time at
American National’s discretion, all without notice to or consent of Tenant, and this Agreement shall continue in full force and effect as to all such renewals, extensions, increases, rearrangements, consolidations and modifications and all such
exercises of rights. 
 12. In no event shall American National be personally liable as landlord under the Lease either by
virtue of any assignment of the Lease, the exercise of any right thereunder or hereunder, the foreclosure of its lien on the Property, the acquisition of the Property or the collection of any rent or other sums under the Lease as Owner or Mortgagee
and Tenant shall look solely to the real estate that is the subject of the Lease and to no other assets of American National for satisfaction of any liability in respect of the Lease; but Tenant shall have reserved to it all other remedies available
to it at law or in equity. 

  
 5 

 13. Except as otherwise described on Exhibit “A” above, the Lease has not been
amended or modified and is in full force and effect as originally executed, and there are no side letters or other arrangements, whether or not constituting amendments to the Lease, for tenant inducements or otherwise. 

14. The Lease is in full force and effect. Neither Borrower nor Tenant is in breach or default under any provision of the Lease nor is
Tenant aware of any act, omission or occurrence which, but for the passage of time, the giving of notice, or both, which would constitute a breach or default or would permit the Tenant to terminate the Lease or reduce or abate any rent thereunder.
Borrower has complied fully and completely with all of Borrower’s covenants, warranties and other obligations under the Lease to the date hereof. Tenant is fully obligated to pay, and is paying, the rent and other sums due from Tenant under the
Lease, and is fully obligated to perform and is performing all of the obligations of Tenant under the Lease, without right of counterclaim, offset or other defense. 
 15. Where appropriate, all references to the singular shall include the plural and vice versa and all references to any gender shall include the others. 

16. This Agreement may not be waived, amended or modified except by subsequent written agreement signed by the party to be bound.

 17. The words “breach” and “default” are used interchangeably in this Agreement for convenience of
drafting and there is no distinction between the meanings of either word. 
 18. This Agreement satisfies Borrower’s
obligation, if any, to provide a subordination, non-disturbance and attornment agreement, or similar document, pursuant to the Lease. 
 19. This Agreement is to be interpreted under the internal laws of the State of Illinois, without regard to conflict of law provisions. 

20. This Agreement may be executed in multiple counterparts, each of which shall be an original instrument and which, taken together,
constitutes one and the same agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 6 

 SIGNATURE PAGE TO SUBORDINATION, NON-DISTURBANCE 

AND ATTORNMENT AGREEMENT 
 TNP SRT CONSTITUTION TRAIL, LLC 
 TO AMERICAN NATIONAL INSURANCE COMPANY

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

  

			
	TENANT:
	
	TNP SRT CONSTITUTION TRAIL MASTER LESSEE, LLC, a Delaware limited liability company,
		
	By:	 	/s/ James Wolford
	Name:	 	James Wolford
	Title:	 	CFO

  

							
	 STATE OF ______________
	  	 	)	  	  	
		  	 	)	  	  	ss
	 COUNTY OF ____________
	  	 	)	  	  	

 On this              day of
                    , 2011, before me, a Notary Public within and for said County, personally appeared
                        , to me personally known, who, being by me duly sworn, did acknowledge before me that
                             as
                                 of TNP Strategic Retail Trust, Inc., a Maryland
corporation, as general partner of TNP Strategic Retail Operating Partnership, L.P., a Delaware limited partnership, as sole member of TNP SRT Constitution Trail, LLC, a Delaware limited partnership, who subscribed to the foregoing instrument as
such                                  appeared before me this day in person and
acknowledged that he/she signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said company for the uses and purposes therein set forth. 

GIVEN under my hand and notarial seal, this              day of
                    , 2011. 
  

	
	  
	NOTARY PUBLIC

 (SEAL) 

  
 7 

 SIGNATURE PAGE TO SUBORDINATION, NON-DISTURBANCE 

AND ATTORNMENT AGREEMENT 
 TNP SRT CONSTITUTION TRAIL, LLC 
 TO AMERICAN NATIONAL INSURANCE COMPANY

  

			
	 AMERICAN NATIONAL INSURANCE COMPANY,
 a Texas insurance company

		
	By:	 	/s/ Scott F. Brast
	Name:	 	Scott F. Brast
	Title:	 	Senior Vice President

  

							
	STATE OF TEXAS	  	 	§	  	  	
		  	 	§	  	  	ss.
	COUNTY OF GALVESTON	  	 	§	  	  	

 On this             day of
                    , 2011, before me, a Notary Public within and for said County, personally appeared
                                    , to me personally known,
who, being by me duly sworn, did acknowledge before me that
                                     as
                                 of AMERICAN NATIONAL INSURANCE COMPANY, a Texas
insurance company, who subscribed to the foregoing instrument as such
                                     appeared before me this
day in person and acknowledged that he/she signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said company for the uses and purposes therein set forth. 

GIVEN under my hand and notarial seal, this              day of
                    , 2011. 
  

	
	  
	NOTARY PUBLIC – STATE OF TEXAS

  
 8 

 EXHIBIT “A” 
 TRACT NO. 1: 
 Lots 1, 2, 3, 6 and 8 and Outlets 5, 7, and 12 and 500, 502, 503 in the Constitution
Trail Subdivision, according to the Plat thereof recorded August 7, 2007 as Document No. 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 No. 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 No. 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 No. 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 No. 2009-20923, in McLEAN COUNTY, ILLINOIS. 
 TRACT NO. 2: 
 Outlet 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 No. 2008-15764, in
MCLEAN COUNTY, ILLINOIS. 
 TRACT NO. 3: 
 Lot 20 and Outlets 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 No. 2009-4743, in MCLEAN COUNTY, ILLINOIS. 

  
 9 

 TRACT NO. 4: 
 Lot 9 and outlet 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
No. 2009-20923, in MCLEAN COUNTY, ILLINOIS. 
 Address: North Main Street and West Raab Road, Normal, Illinois 

Property Index Nos.: 
 Tract 1: 

Lot 1- 14-16-454-001 
 Lot 2- 14-16-454-002

 Lot 3- 14-16-454-004 
 Lot 6-
14-16-380-001 
 Lot 8- 14-16-379-004 

Outlet 5- 14-16-380-002 
 Outlet 7- 14-16-379-005

 Outlot 12- 14-16-379-001 
 Outlot
500- 14-16-454-003 
 Outlet 502- 14-16-326-003 
 Outlot 503- 14-16-326-002 
 Tract 2: 
 Outlot 509- 14-16-405-002 
 Tract 3: 
 Lot 20- 14-16-404-004 
 Outlot 506- 14-16-404-003 

Outlot 507- 14-16-404-005 & 14-16-404-006 
 Tract 4: 
 Lot 9 and Outlot 510 - Underlying Lands Tax No. 14-16-379-006 

  
 10 

 EXHIBIT “B” 

TO 

SUBORDINATION, ATTORNMENT AND NON-DISTURBANCE AGREEMENT 
 The Lease referred to in the foregoing Agreement is a Master Lease Agreement made and entered into on or about December             ,
2011, between TNP SRT Constitution Trail, LLC, a Delaware limited liability company, as landlord, and TNP SRT Constitution Trail Master Lessee, LLC, a Delaware limited liability company, as tenant. The Lease has not been amended or modified.

  
 11Omnibus Amendment to Loan Documents

 EXHIBIT 10.9 
 ILLINOIS 
  

			
		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	 This space reserved for Recorder’s use only.

 

 OMNIBUS AMENDMENT TO LOAN DOCUMENTS 

between 

TORCHLIGHT DEBT OPPORTUNITY FUND III, LLC, a Delaware limited liability company 

and 
 TNP
SRT CONSTITUTION TRAIL, LLC, a Delaware limited liability company 
 Dated as of December 15, 2011 

RECORD AND RETURN TO: 
 Herrick,
Feinstein LLP 
 Two Park Avenue 
 New
York, New York 10016 
 Attention: Dennis M. Sughrue, Esq. 

 OMNIBUS AMENDMENT TO LOAN DOCUMENTS 

THIS OMNIBUS AMENDMENT TO LOAN DOCUMENTS, dated as of December 15, 2011 (this “Amendment”), between TORCHLIGHT DEBT
OPPORTUNTY FUND III, LLC, a Delaware limited liability company having an office c/o Torchlight Investors, 230 Park Avenue, 12th Floor, New York, New York 10169 (“Lender”) and TNP SRT CONSTITUTION TRAIL LLC, a Delaware limited
liability company having an office at c/o Thompson National Properties, LLC, 1900 Main Street, Irvine, California 92614 (“Borrower”). 
 RECITALS: 
 WHEREAS, on October 21, 2011, TL DOF III Holding
Corporation (“Original Lender”) made a loan to Borrower in the original principal amount of $15,543,696 (the “Loan”); 
 WHEREAS, the Loan is evidenced, secured and guaranteed by (i) that certain Promissory Note, dated October 21, 2011, by Borrower in favor of Original Lender (the “Note”),
(ii) that certain Mortgage, Security Agreement and Assignment of Leases and Rents, dated October 21, 2011, by Borrower in favor of Original Lender (the “Mortgage”), which Mortgage is recorded as Document Number 2011-23611
in the Registrar of Deeds of McClean County, Illinois and constitutes a lien against the premises described in Exhibit A annexed hereto (the “Property”), (iii) that certain Assignment of Leases and Rents, dated
October 21, 2011, by Borrower in favor of Original Lender (the “Assignment of Leases and Rents”), which Assignment of Leases and Rents is recorded as Document Number 2011-23622 in the Registrar of Deeds of McClean County,
Illinois, (iv) that certain Collateral Assignment of Agreements, Permits and Contracts, dated October 21, 2011, by Borrower in favor of Original Lender (the “Collateral Assignment”), (v) that certain Recourse
Guaranty, dated October 21, 2011, by Tony Thompson (“Thompson”) and TNP Strategic Retail Trust LLC (“TNP”; Thompson and TNP, hereinafter, “Guarantors”) in favor of Lender (the “Recourse
Guaranty”); (vi) that certain Environmental Indemnity Agreement, dated October 21, 2011, by Guarantors in favor of Lender (the “Environmental Indemnity”) (the Recourse Guaranty and the Environmental Indemnity
collectively, the “Guaranties”); and (vii) certain UCC-1 financing statements in respect of the collateral described therein (the “UCC-1 Financing Statements”). The Note, the Mortgage, the Assignment of Leases
and Rents, the Collateral Assignment, the Recourse Guaranty, the Environmental Indemnity and the UCC Financing Statements are hereinafter defined as the “Loan Documents”. 

WHEREAS, capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Mortgage; 

WHEREAS, pursuant to an (i) Assignment of Mortgage, dated as of November 17, 2011, by Original Lender in favor of Lender, and
submitted for recording in the Office of the Registrar of Deeds, McClean County, Original Lender assigned all of its right, title and interest in and to the Mortgage to Lender, (ii) Endorsement and Allonge to Note, dated as of November 17,
2011, Original Lender endorsed the Note to Original Lender, (iii) Assignment of Assignment of Leases and Rents, dated as of November 17, 2011, by Original Lender in favor of Lender, and submitted for recording in the Office of the
Registrar of Deeds of McClean County, Illinois, Original Lender assigned all of its right, title and interest in and to the Assignment of Leases and Rents to Lender and (iv) General Assignment, dated as of November 17, 2011, by Original
Lender to Lender, Original Lender assigned all of its right, title and interest in and to the Loan Documents to Lender; 

 WHEREAS, pursuant to a Subordination and Intercreditor Agreement, dated as of the date
hereof, between American National Insurance Company, as senior lender, and Lender, as junior lender (the “Subordination and Intercreditor Agreement”), Lender subordinated the lien of the Mortgage and the other Loan Documents to the
lien of the Senior Loan (as defined in the Subordination and Intercreditor Agreement); 
 WHEREAS, on the date hereof, Borrower
has paid the following amounts to Lender on the date hereof: (i) $10,075,981.65, for application to the principal amount of the Loan; and (ii) $100,759.82, for application to the Exit Fee; and 

WHEREAS, Lender and Borrower wish to modify the Loan Documents in the manner hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Borrower and Lender hereby agree as follows: 
 1. Prepayment. Lender hereby acknowledges receipt of
the amounts stipulated in the Recitals to this Agreement. As of the date hereof, the principal amount of the Loan is equal to $5,586,721.79. 
 2. Modification of Note. 
 (a) The Note is hereby supplemented by adding
the following Article 11 thereto: 
 ARTICLE 11 
 REGISTRATION OF NOTE 
 The ownership of the Note shall be registered
on a record of ownership (the “Register”) maintained by Torchlight Loan Services, LLC (“Registrar”), as agent for Borrower. Notwithstanding anything to the contrary in this Agreement, the right to receive
principal or interest payments with respect to the Note (or any portion thereof) may be transferred only if the transfer is registered on the Register and the transferee is identified as the owner of the Note (or
such portion thereof). Upon due presentment of the Note (or a portion thereof) for registration of transfer, the Registrar shall record the transferee as the owner on the Register. Borrower shall be entitled to treat the
registered holder of the Note (or portion thereof), as recorded on the Register, as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in the Note or
hereunder on the part of any other person or entity.” 
 (b) Section 1(h) of the Note is hereby deleted in its
entirety. 

  
 2 

 (c) The Note is hereby amended to provide that Borrower may not prepay the Loan in part,
except in accordance with Section 3 of this Agreement. Borrower may further prepay the Loan in whole, provided, however, that (i) all prepayments must be accompanied by accrued, unpaid interest and the Exit Fee and (ii) any prepayment
of the Loan in whole made prior to the last month of the term of this Agreement must be accompanied by the Prepayment Premium. For purposes of this Note, the term “Prepayment Premium” shall mean the difference obtained by
subtracting (i) the sum of (A) all amounts paid on account of the Obligations (excluding the $76,500 Origination Fee paid pursuant to the Credit Agreement), including any portion of a Partial Release Prepayment Amount applied as a
prepayment premium in accordance with the terms of this Agreement, from (B) the Applicable Amount. For purposes of this Agreement, the term “Applicable Amount” shall mean $8,380,082.69. For purposes of this Note, the
term “Credit Agreement” shall mean that certain Credit Agreement, dated as of June 29, 2011, between Lender and Borrower.” 
 3. Modification of Mortgage. The Mortgage is hereby modified as follows: 

(a) The term “Permitted Encumbrances” is hereby supplemented to include the Senior Loan and the Senior Loan Documents
(as defined in the Intercreditor Agreement). 
 (b) Subject to Borrower’s satisfaction of the Partial Release Conditions
(hereinafter defined), Lender shall release the lien of the Mortgage and the other Loan Documents from each of the following platted lots included within the Property, as shown on the site Plan annexed hereto as Exhibit B (each such lot, a
“Release Lot”) : 
 Lots 4,11,13,15,17,18,19,21,22,25,26 and 27. 

(c) For purposes of this Agreement, the term “Partial Release Conditions” shall mean each of the following conditions:

 (i) Borrower shall demonstrate to Lender’s satisfaction that Borrower has complied with all of the
requirements of Section 11.22 of the Senior Loan Mortgage applicable to the release of the lien of the Senior Loan Mortgage from the Release Lot; 
 (ii) Borrower pay to Senior Lender, for application to the Senior Loan, the greater of (i) all net sales proceeds derived from the sale or ground lease of the applicable Release Lot and (ii) the
applicable Release Minimum Payment (hereinafter defined) for the applicable Release Lot, which payment shall be applied to the principal balance of the Senior Loan. The “Minimum Release Payment” for each Release Lot is as follows:

  

							
	 Lot 4
	  	39,727 SF	  	$	506,516.00	  
	 Lot 11
	  	101,495 SF	  	$	1,217,938.00	  
	 Lot 13
	  	64,033 SF	  	$	768,398.00	  
	 Lot 15
	  	79,933 SF	  	$	959,191.00	  
	 Lot 17
	  	38,594 SF	  	$	424,536.00	  
	 Lot 18
	  	71,438 SF	  	$	714,384.00	  
	 Lot 19
	  	78,408 SF	  	$	784,080.00	  
	 Lot 21
	  	87,120 SF	  	$	479,160.00	  
	 Lot 22
	  	110,207 SF	  	$	606,137.00	  
	 Lot 25
	  	43,996 SF	  	$	527,947.00	  
	 Lot 26
	  	43,560 SF	  	$	522,720.00	  
	 Lot 27
	  	35,719 SF	  	$	428,630.00	  

  
 3 

 (iii) As of the date of Borrower’s request for the release and the
proposed date of the release, there shall not be an Event of Default; 
 (iv) Lender shall provide Borrower with
such endorsement to Lender’s title insurance policy as Lender may request and approve in its sole discretion, including, without limitation, an update endorsement, which shall evidence to Lender’s satisfaction that the Mortgage continues
to be a first lien against the Property (other than the applicable Release Lot); 
 (v) Borrower pays to Lender
all costs incurred in connection with the effectuation of such release, including without limitation, reasonable attorneys’ fees and disbursements, survey costs and the premiums and other charges for the title insurance endorsement; and

 (vi) Lender determines (in its sole discretion) that the Debt Yield, as of the date of the request for the
release, shall equal or exceed 11%. 
 (d) Notwithstanding any contrary term set forth in the Loan Documents or this Agreement,
if Borrower requests that Lender release the lien of the Mortgage and the other Loan Documents from a Release Lot, and Borrower satisfies all of the Partial Release Conditions with respect thereto, other than the Partial Release Condition set forth
in Section 3(c)(vi), Lender shall nevertheless release the lien of the Mortgage and the other Loan Documents from the applicable Release Lot, provided that, simultaneously with such release, TNP pays to Lender an amount equal to the sum of
(A) one-third of the amount paid to Senior Lender and applied to the principal amount of the Senior Loan on account thereof (i.e., one-third of the greater of the applicable Minimum Release Payment and the net sale proceeds derived from
the sale or ground lease of the applicable Release Lot), for application to the principal amount of the Loan and (B) 50% of the amount stipulated in clause (A) of this Section 3(d), as a prepayment premium (it being understood that
such amount will not be applied to the principal amount of the Loan). The aforesaid amount is herein referred to as a “Partial Release Prepayment Amount”. For illustrative purposes, if the net sale proceeds derived from the sale of
a Release Lot are $1,000,000, and the applicable Minimum Release Amount is $1,200,000, the Partial Release Prepayment Amount would equal (I) $400,000, for application to the principal amount of the Loan, plus (II) $200,000, for application as a
prepayment premium, or $600,000. 
 (e) For purposes of this Agreement, the following terms shall have the following meanings:

 (A) “Debt Yield” shall mean, for the period of time for which such calculation is being made,
the ratio of (a) Net Operating Income for the prospective twelve (12) months immediately succeeding the date of calculation to (b) the sum, as of the date of calculation, of (i) the principal amount of the Loan (including any
portion thereof consisting of deferred interest added to the principal amount of the Loan on each Remittance Date) and (ii) the principal amount of the Senior Loan, it being understood that, in calculating the Debt Yield, Lender may make such
modifications as Lender determines are appropriate to reflect accurately the anticipated financial performance of the Premises. 

  
 4 

 (B) “Net Operating Income” shall mean, for any period, all
Operating Income less all Operating Expenses; 
 (C) “Operating Income” shall mean, for any
period, all revenues and receipts of any kind actually received by Borrower during such period which are derived from the operation of the Premises, as determined by generally accepted accounting principles, but excluding (i) federal, state or
local excise or sales taxes collected directly from patrons or included as part of the price of goods or services, (ii) casualty insurance proceeds (other than business interruption insurance proceeds) or (iii) sale, financing, insurance
or other capital proceeds; and 
 (D) “Operating Expenses” shall mean, for any period, all
operating expenses paid, accrued or payable by Borrower in respect of the Premises, as determined in accordance with generally accepted accounting principles, including, without limitation, (i) expenses for cleaning, repair or maintenance of
the Premises, (ii) real estate taxes and impositions (but not income taxes), (iii) leasing commissions, tenant improvement allowances and the dollar value of any work letter or construction allowance paid or payable on account of any
lease, license or occupancy agreement in respect of the Premises, (iv) wages, benefits, payroll taxes and like expenses payable to employees engaged in the on-site operation of the Premises, (v) third party management fees, (vi) the
cost of electricity and other utilities and (vii) insurance premiums. 
 4. Modification of Loan Documents. The Loan
Documents are hereby modified so that references therein to the “Loan Documents” shall be deemed to mean the Loan Documents, as modified by this Amendment. 
 5. Modification and Reaffirmation of Recourse Guaranty. The Recourse Guaranty is hereby supplemented to provide that, in addition to the recourse liability presently contemplated by the Recourse
Guaranty, if Lender exercises the right, pursuant to Section 11 of the Subordination and Intercreditor Agreement, to purchase the Senior Loan, Guarantors shall pay to Lender upon demand any amount paid by Lender to Senior Lender on account of
default interest, late fees or collection or enforcement costs payable under the Senior Loan Documents. Such obligation shall be the joint and several obligations of Guarantors. Guarantors hereby join in the making of this Agreement solely for the
purpose of consenting to this Agreement, reaffirming the Environmental Indemnity and the Recourse Guaranty, as supplemented by this Section 5 and confirming that they have no offsets, counterclaims or defenses to the enforcement to the
Guaranties. 
 6. Ratification of Loan Documents/No Default by Lender. The Loan Documents, as modified hereby, are hereby
ratified and affirmed in all respects. Borrower hereby certifies to Lender that Borrower has no offsets, counterclaims or defenses to the payment of the Loan, and that Lender is not in default of any of its obligations under the Loan Documents.

  
 5 

 7. Counterparts. This Agreement may be executed in counterparts, each of which
constitutes an original but all of which, when taken together, shall constitute but one and the same agreement. 
 IN WITNESS
WHEREOF, Lender and Borrower have mutually executed and delivered to each other this Amendment as of the date and year first above written. 
  

			
	LENDER:
	
	TORCHLIGHT DEBT OPPORTUNITY FUND III, LLC
		
	By:	 	/s/ Abbey Kosakowki
	Name:	 	Abbey Kosakowki
	Title:	 	

  

							
	BORROWER:
	
	TNP SRT CONSTITUTION TRAIL, LLC
		
	By:	 	TNP Strategic Retail Operating Partnership, L.P., a Delaware limited partnership, its General Partner
			
		 	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its general partner
				
		 		 	By:	 	/s/ James Wolford
		 		 		 	     Name: James Wolford
		 		 		 	     Title: CFO

  
 6 

 
	
	Agreed as to Section 5:
	
	/s/ Tony Thompson
	TONY THOMPSON

  

			
	TNP STRATEGIC RETAIL TRUST, INC.,
a Maryland Corporation
		
	By:	 	/s/ James Wolford
		 	     Name: James Wolford
		 	     Title: CFO

  
 7 

			
	 STATE OF NEW YORK
	  	§
		  	§
	 COUNTY OF NEW YORK
	  	§

 Before me, the undersigned authority, a Notary Public, on this day personally appeared
                                ,
                                 of TORCHLIGHT DEBT OPPORTUNITY FUND III, LLC, a
Delaware limited liability company, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged that he executed and delivered the foregoing instrument for the purposes and consideration therein expressed, and
as the act of said corporation. 
 Given under my hand and notarial seal this
             day of December, 2011. 
  

	
	  
	Notary Public
	
	 My Commission Expires:
                            

  
 8 

			
	 State of
                    
	  	)
		  	)                     ss.:
	 County of                 
	  	)

 On the 15th day of December in the year 2011, before me, personally appeared
                    ,
                                 of TNP SRT CONSTITUTION TRAIL, LLC, a Delaware
limited liability company, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. 

 

	
	  
	Notary Public

  

			
	 State of New York
	  	)
		  	)                     ss.:
	 County of New York
	  	)

 On the 15th day of December in the year 2011, before me, personally appeared TONY THOMPSON, personally known to me or proved to me
on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her their signature(s)
on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. 
  

	
	  
	Notary Public

  
 9 

			
	 State of New York
	  	)
		  	)                     ss.:
	 County of New York
	  	)

 On the 15th day of December in the year 2011, before me, personally appeared
                    ,
                                 of TNP STRATEGIC RETAIL TRUST, INC, a Delaware
limited liability company, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. 

 

	
	  
	Notary Public

  
 10 

 Exhibit A 

(The Premises) 

 Exhibit B 

(The Site Plan)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}]]