Document:

The Convertible Promissory Note

 Exhibit 10.1 

 

			
	$4,000,000.00	  	August 23, 2011

  

					
	CONVERTIBLE PROMISSORY NOTE
	
	  

			
		 	 This Convertible Promissory Note and the securities issuable upon its conversion have not been registered under the Securities Act of 1933, as amended
(the “Act”), and have been acquired for investment and not with a view to, or in connection with, the sale or distribution thereof. No such sale or disposition may be effected without an effective registration statement related thereto or
an opinion of counsel that such registration is not required under the Act.
	  	
	
	  

 FOR VALUE RECEIVED, Dania Entertainment, LLC, a Delaware limited liability company (the
“Company”), promises to pay to Lakes Florida Development, LLC, a Minnesota limited liability company (the “Holder”), the principal sum of Four Million Dollars ($4,000,000.00), in lawful money of the United States of America,
together with interest thereon as, and under the conditions, set forth herein. This Convertible Promissory Note (this “Note”) is subject to the following terms and conditions: 

1. Principal and Interest. The outstanding principal balance of this Note existing from time to time shall accrue interest at a
fixed rate equal to two percent (2%) per annum. The entire principal amount of and interest accrued on this Note shall become immediately due and payable in the event of any Event of Default (as defined below). 

2. [Intentionally omitted]. 
 3. Prepayment. This Note may be prepaid in part or in full at any time without premium or penalty, but together with all interest accrued on the principal amount so prepaid to the date of such
prepayment. 
 4. Mandatory Conversion. 
 A. Mandatory Conversion by Holder. Provided that the Company has secured the financing required for it to consummate (“Close”) the transactions contemplated by the Asset Purchase
Agreement executed on April 29, 2011 by and among the Company, as purchaser, and The Aragon Group, LLC and Summersport Enterprises, LLC, collectively as seller (the “APA”), the outstanding principal balance and accrued interest on
this Note (the “Repayment Amount”) shall be converted in its entirety immediately prior to the Close (such conversion being referred to herein as the “Mandatory Conversion Event”) into fully paid and non-assessable membership
interests of the Company, such conversion to be at such rate, and such membership interests to contain the same economic terms and economic rights as are afforded to third party investors under the Offering (as described below), provided that such
membership interests into which the Repayment Amount shall so convert shall have full voting and other governance rights regardless of the voting and governance rights afforded to such third party investors. 

B. Effect of Holder’s Conversion. The conversion of the Repayment Amount into membership interests of Company shall be
effective only as to the conversion of all, but not less than all, of the total Repayment Amount of this Note at the time of Conversion. 

 C. Mechanics of Conversion. The conversion pursuant to this Section 4 shall
occur automatically with no further action on the part of any party. Such conversion shall be deemed to have been effected as of the start of business on the date on which the Close occurs. 

5. Additional Provisions Applicable to Conversion. Prior to the conversion of this Note, the Holder shall not be entitled under
this Note to any right as a Member of the Company except as may be provided in Exhibit B attached hereto. 
 6. Event of
Default. 
 A. Definition. Any one of the following occurrences shall constitute an “Event of Default”
under this Note: 
 (i) The entry by a court of competent jurisdiction of a decree or order (i) approving a petition
seeking the reorganization of the Company under the Federal bankruptcy laws or any other similar applicable law or statute of the United States of America or any State thereof, or (ii) appointing a trustee or receiver or receivers of the
Company or of all or any substantial part of its property upon the application of any creditor in any insolvency or bankruptcy proceeding or other creditor’s suit, and such decree or order shall have continued undischarged and unstated for an
aggregate period of 90 days; 
 (ii) The adjudication of the Company as a bankrupt by a court of competent jurisdiction; or the
filing by the Company of a petition in voluntary bankruptcy or the making by it of an assignment for the benefit of creditors or the consenting by it to the appointment of a receiver or receivers of all or any substantial part of the property of the
Company; or the filing by the Company of a petition or answer seeking reorganization under the Federal bankruptcy laws or any other similar applicable law or statute of the United States of America or any State thereof; or the filing by the Company
of a petition to take advantage of any debtor’s act; 
 (iii) The adoption of any plan of liquidation, dissolution or
winding up of the Company, or the involuntary occurrence thereof; or 
 (iv) The Mandatory Conversion Event has not occurred on
or before the last date by which the Close must occur under the APA, as such date may be extended. 
 B. Rights of Holder
Upon any Event of Default. Upon the happening of any Event of Default, without presentment or other notice or demand or the requirement that any other action be taken by the Holder prior thereto, the entire principal amount of, and accrued
interest on this Note shall become immediately due an payable, and the Holder may proceed to protect and enforce its rights under this Note by suit in equity or action at law. No right, power or remedy shall be exclusive, and each right, power or
remedy shall be cumulative and in addition to every right, power or remedy now or hereafter available by contract, at law, in equity, or otherwise. Notwithstanding anything provided herein to the contrary, the Holder understands, acknowledges, and
agrees that it shall look solely to the Company for repayment of this Note. 
 7. Additional Agreements. 

A. The parties acknowledge Company is in the process of conducting an offering (the “Offering”) of its member interests for
capital contributions of at least Sixteen Million Dollars ($16,000,000.00, in addition to the proceeds from this Convertible Promissory Note and contributions 

  
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from Dania Holdings, LLC of Ten Million Dollars ($10,000,000.00). Holder shall have the right and option to acquire an additional Six Million Dollars ($6,000,000.00) of member interests of
Company in the Offering (the “Additional Investment”) which shall contain the same economic terms and economic rights as afforded to third party investors, but shall have full voting and other governance rights regardless of the voting and
governance rights afforded to such third party investors. If Holder if it desires to fund some or all of the Additional Investment, such funding shall be made at the same time and in the same manner as third party investors. Holder, in good faith,
will maintain communication with Company and inform it of its desire whether to fund or not to fund additional monies to the Company in the Offering. 
 B. The parties acknowledge the Company has entered into a Development Services and Management Agreement with Lakes Florida Casino Management, LLC, an affiliate of Holder in the form attached hereto as
Exhibit “A” (the “Management Agreement”). If Holder fails to fund the entire Additional Investment, Holder or its affiliates shall not have the right to manage the business of Company in accordance with Management Agreement
(which may be terminated by Company upon notice), but the Holder and Company shall mutually agree upon the development services which will be provided by the Holder in exchange for the payment at the Close of the APA a development fee of Two Hundred
Fifty Thousand Dollars ($250,000.00). 
 C. In the event Holder and Dania Holdings, LLC (including its affiliates) each
contribute Ten Million Dollars ($10,000,000.00) in equity to Company, and the other investors of Company receive non-voting securities of Company, then the Operating Agreement of Company shall provide that Holder and Dania Holdings, LLC shall each
be entitled to elect the same number of directors to the board of Company. If Holder and Dania Holdings, LLC (including its affiliates) each contribute Ten Million Dollars ($10,000,000.00) to the Company, but the other investors in the Offering
require or receive rights to elect directors to the Company, Holder and Dania Holdings, LLC shall negotiate with each other and the other investors in good faith regarding director representation. In the event Holder should contribute at least Ten
Million Dollars ($10,000,000.00) to the Company (including the proceeds of this Convertible Promissory Note), and Dania Holdings, LLC and its affiliates contribute less than Ten Million Dollars ($10,000,000.00), Holder shall be entitled to elect one
(1) more director to the board of Company than Dania Holdings, LLC (and its affiliates). In the event Holder should contribute less than Ten Million Dollars ($10,000,000.00) to the Company (including the proceeds of this Convertible Promissory
Note), and Dania Holdings, LLC and its affiliates contribute Ten Million Dollars ($10,000,000.00) or more to the Company, Dania Holdings, LLC shall be entitled to elect one (1) more director to the board of Company than Holder. 

8. Miscellaneous. 
 A. No Publicity. On and after the date hereof, the Company covenants and agrees not to issue, without the written consent of the Holder, any press release or other communication of any kind to the
press or any other third party that references the Holder’s name. 
 B. Assignment. Except as set forth in the next
succeeding sentence, this Note is not assignable or otherwise transferable by either party hereto without the prior written consent of the other party hereto. Subject to the foregoing, this Note shall be binding upon and shall inure to the benefit
of the Company and the Holder and their respective permitted successors and assigns. 
 C. Survival. Regardless of any
investigation made by or on behalf of any party hereto, all representations and warranties contained in this Note shall survive the termination of this Note or its payment in full. All covenants and agreements contained in this Note shall survive in
accordance with their terms and, if not expressly stated otherwise, shall survive the termination of this Note or its payment in full. 

  
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 D. Expenses. Each party to this Note shall pay all of its own costs and expenses
relating to the negotiation, execution and delivery of this Note and all actions and transactions contemplated hereby and thereby. 
 E. Waiver. The Company, for itself and its permitted successors and assigns, hereby (i) waives all valuation and appraisement privileges, presentment and demand for payment, protest, notice of
protest and nonpayment, dishonor and notice of dishonor, bringing of suit, lack of diligence or delays in collection or enforcement of this Note and notice of the intention to accelerate, (ii) agrees that it is and shall be directly and
primarily liable for the amount of all sums owing and to be owed hereon, and (iii) agrees that this Note and any or all payments coming due hereunder may be extended or renewed from time to time by mutual written consent of the Company and the
Holder, without in any way affecting or diminishing the Company’s liability hereunder. 
 F. Illegality and
Severability. In no event shall the amount paid or agreed to be paid hereunder (including all interest and the aggregate of any other amounts taken, reserved or charged pursuant to this Note which, under applicable law, are deemed to constitute
interest on the indebtedness evidenced by this Note) exceed the highest lawful rate permissible under applicable law; and if under any circumstances whatsoever, fulfillment of any provision of this Note at the time performance of such provision
shall be due, shall involve transcending the limit of validity prescribed by applicable law, then ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any circumstances the Holder should
receive as interest an amount which would exceed the highest lawful rate allowable under law, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance due under this Note and not to the payment
of interest, or if such excess interest exceeds the unpaid balance of principal, the excess shall be refunded to the Company. If any provision of this Note or any payments pursuant to the terms hereof shall be invalid or unenforceable to any extent,
the remaining provisions of this Note and any other payments hereunder shall not be affected thereby and shall be enforceable to the greatest extent permitted by law. 
 G. Governing Law. This Note shall be governed by and construed under the laws of the State of Delaware, without regard to its conflict of laws provisions. 

H. Jurisdiction. Lender hereby waives any plea of jurisdiction or venue as not having its principal place of business in Broward
County, Florida, and hereby specifically authorizes any action brought upon the enforcement of this Note by Lender to be instituted and prosecuted in the state of Federal courts located in Broward County, Florida. 

I. Allocation of Payments. All payments made hereunder shall be credited first to accrued interest on the unpaid balance, then to
the payment of principal; however, in the event of any default hereunder, Holder may, in its sole discretion, and in such order as it may choose, apply any payment to interest, principal, protection of the collateral securing this Note and/or lawful
charges and expenses then accrued. 
 J. Section and Other Headings. The Section and other headings in this Note are for
convenience of reference only and shall not affect the meaning or interpretation of this Note. 
 K. Counterparts. This
Note may be executed in any number of counterparts, all of which when taken together shall constitute one and the same instrument. 

  
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 L. Investment Representation. Holder represents and warrants to the Company that:

 (i) that it has had an opportunity to ask questions and receive answers from the Company regarding the business, affairs,
financial condition and current prospects of the Company and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any
information furnished to such Holder or to which such Holder had access; 
 (ii) The Company membership interests issuable upon
conversion of the Note (the “Securities”), is and will be acquired by Holder for such Holder’s own account for purposes of investment and not with a view to or in connection with the distribution or resale of all or any part thereof,
and that such Holder does not have any (1) present intention of selling, transferring, granting any participation in, or otherwise distributing the same, or (2) contract, undertaking, agreement or arrangement with any person or entity to
sell, transfer, grant any participation in or otherwise distribute all or any part of the Securities; 
 (iii) Holder
understands that the Securities will not be registered under the Act or applicable state “Blue Sky” laws by reason of specific exemptions therefrom, which exemptions depend upon, among other things, Holder’s representations set forth
in this subsection L.; 
 (iv) Holder (a) has sufficient knowledge and experience in financial or business matters that it
is capable of evaluating the merits and risks of its investment in the Securities, (b) is able to protect its interests and fend for itself in the transactions contemplated by this Note, (c) has the ability to bear the economic risks of
this Note, and (d) has not been organized for the purpose of acquiring the Securities; 
 (v) Holder is an Accredited
Investor; 
 (vi) Holder understands that the Securities are characterized as “restricted securities” under the
Federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such Securities may be resold without registration under the Act only
in certain limited circumstances. In this connection, Holder represents that it is familiar with Rule 144 of the Act, as presently in effect, and understands the resale limitations imposed thereby and by the Act; and 

(vii) Holder has all requisite power and authority to enter into this Note and carry out all transactions and other actions contemplated
by this Note. 
 COMPANY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT, DOCUMENT OR INSTRUMENT EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR
WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR HOLDER ACCEPTING THIS NOTE FROM COMPANY. 

THIS INSTRUMENT WAS EXECUTED AND DELIVERED OUTSIDE OF THE STATE OF FLORIDA, AND NO FLORIDA DOCUMENTARY TAX IS DUE HEREON IN ACCORDANCE
WITH F.A.C. 12B-4.053(34). 
 [remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the undersigned Company has duly caused this Note to be signed in its
name by its duly authorized officer by his or her manual signature as of the date first above written. 
  

					
	DANIA ENTERTAINMENT CENTER, LLC, a Delaware limited liability company
			
		 	By:	 	 /s/ Harris Friedman

		 		 	Harris Friedman, its Manager:

  

			
	AGREED TO AND ACCEPTED:
	
	LAKES FLORIDA DEVELOPMENT, LLC
		
	By:	 	 /s/ Timothy Cope

	Name: Timothy Cope, its Manager

  

									
	STATE OF FLORIDA	  	)	  		  		  	
		  	)	  		  		  	
	COUNTY OF BROWARD	  	)	  		  		  	

 Before me, the undersigned authority, personally appeared Harris Friedman, as Manager of DANIA
ENTERTAINMENT CENTER, LLC, who, being duly sworn, deposes and says that he/ has read and executed the foregoing instrument this 23 day of August, 2011. 
  

					
		 		 	 /s/ Irene Alvarez

		 		 	Notary Public Irene Alvarez
		 		 	State of Florida at Large
			
	My Commission expires:	 		 	

  

									
	STATE OF MINNESOTA	  	)	  		  		  	
		  	)	  		  		  	
	COUNTY OF WRIGHT	  	)	  		  		  	

 Before me, the undersigned authority, personally appeared Timothy Cope, as Manager of LAKES FLORIDA
DEVELOPMENT, LLC, who, being duly sworn, deposes and says that he/ has read and executed the foregoing instrument this 25 day of August, 2011. 
  

					
		 		 	 /s/ Lisa M. Jolicoeur

		 		 	Notary Public
		 		 	State of Minnesota at Large
			
	My Commission expires: 1/31/15	 		 	

  
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 EXHIBIT “A” TO 

CONVERTIBLE PROMISSORY NOTE 
 DEVELOPMENT SERVICES AND MANAGEMENT AGREEMENT 
 THIS DEVELOPMENT SERVICES
AND MANAGEMENT AGREEMENT (this “Agreement”) is made and entered into this 23 day of August, 2011 (“Effective Date”) by and among Dania Entertainment Center, LLC a Florida limited liability company (the
“Company”), and Lakes Florida Casino Management, LLC, a Minnesota limited liability company (“Manager”). 
 RECITALS 
 A. The Company (acting either on its own or as a holding
company) has all legal right, title and interest to own and operate the Casino Facilities, which will conduct gaming activities in accordance with all applicable Legal Requirements. 

B. Manager has represented to the Company that it has the managerial and operational capacity and skill to assist in the development and
construction of the Casino Facilities and to operate the Casino; and Manager agrees to provide the management expertise necessary to the conducting of successful gaming operations. 

C. The Company desires to retain the services of a management company, with knowledge and experience in the gaming industry, to manage
and operate its gaming operations at the Casino Facilities. 
 D. Manager is willing to provide such services, subject to the
terms and conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the hereinafter mutual promises and covenants,
and for other good and valuable consideration as set forth herein, the receipt and sufficiency of which are expressly acknowledged, the Company, the Company and Manager agree as follows: 

ARTICLE 1 

Definitions 
 1.1 Definitions. As used in this Agreement, the terms listed below shall have the meanings assigned to them: 
 “Affiliate” means, with respect to any specified Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with the specified Person. For the purposes of this definition, “control” (including the terms controlling, controlled by, or under common control with) means the possession, direct or indirect, or the power to direct or cause the
direction of the management and policies of a person, whether through the ownership of voting securities, partnership or member interests, by contract or otherwise. 
 “Annual Report” has the meaning ascribed thereto Section 6.4(a). 
 “Applicable Rate” means a variable annual rate of interest equal to the prime interest rate of Chase Manhattan Bank U.S.A., N.A. (or any successor bank) plus two percent (2%). The
Applicable Rate shall change when and as the rate used to determine the Applicable Rate changes 

  
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 “Approved Budget” has the meaning ascribed thereto in Section 6.1(b).

 “Casino” means the gaming operation, including the Jai Alai, located within the Casino Facilities.

 “Casino Facilities” means, collectively, the building housing the Casino and Jai Alai stage, hotel,
restaurants, showrooms, retail space and other ancillary facilities (both gaming and non-gaming) and all the parking areas, access drives, walkways, and similar improvements appurtenant to and serving such building and the foregoing, together with
all Furnishings and Equipment and personal property (whether tangible or intangible) and all other components of the physical plant under Company’s ownership or control (including but not limited to mechanical, electrical, water and sewer
systems, but not including components of public utilities which may be located on the premises) used or to be used in connection with the foregoing located on part of the land described on attached Exhibit A, each whether now existing or hereafter
constructed or acquired. The Casino Facilities shall not include property which is leased to a third party. 
 “Company
Loan” means any Emergency Loan or Working Capital Loan (as those terms are defined in the Amended and Restated Operating Agreement of Dania Entertainment Center, LLC) made to the Company, which was subsequently loaned to the Casino for the
development or operation of the Casino. 
 “Control Agreements” shall mean all Loan Documents, any other
development agreement with local governmental authorities, any ground leases, space leases, license agreements, licenses, equipment leases, service contracts, maintenance agreements, construction contracts, utility contracts, insurance policies, any
covenants, restrictions, easements and similar instruments affecting the Casino Facilities or any part thereof, and any other material agreements with other third parties or governmental entities affecting the Casino Facilities or any part thereof.

 “Core Positions” means the General Manager and Chief Financial Officer. 

“Costs of Operations” means the total amount of all expenses and costs of any kind or nature of operating, maintaining
and owning the Casino Facilities in accordance with GAAP, including without limitation: 
 (i) the cost of all food and
beverages sold by the Casino Facilities and of all operating supplies related thereto; 
 (ii) salaries, wages and other
benefits of the Casino Facilities’ personnel, including costs of payroll taxes and employee benefits; 
 (iii) the cost of
all other materials, supplies, goods and services in connection with the operation of the Casino Facilities including, without limitation, utilities, trash removal, office supplies, security and all other services performed by third parties,
telephone and data processing equipment and other equipment; 
 (iv) the cost of repairs to and maintenance of the Casino
Facilities that are not required to be capitalized pursuant to GAAP; 
 (v) insurance and bonding premiums with respect to the
Casino Facilities; 

  
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 (vi) all assessments, water/sewer charges, and other fees and charges payable by or
assessed against the Company with respect to the operation of the Casino Facilities; 
 (vii) legal, consulting, accounting and
other fees for professionals for services related to the operation of the Casino Facilities, including but not limited to the cost of annual audits required under Section 6.4 below; 

(viii) all expenses payable to the Florida Gaming Commission for oversight and regulation, and any and all other regulatory or oversight
expenses payable by the Company; 
 (ix) all expenses for marketing the Casino Facilities, including all expenses of
advertising, sales, and public relations activities; 
 (x) all promotional allowances, including all items “comped”
to customers of the Casino Facilities and described in clause (xv) of the definition of “Revenue Exclusions”; 

(xi) all excise, sales, gross receipts, admission, entertainment, tourist or use taxes, and device fees, real estate taxes, ad valorem
taxes, personal property taxes, utility taxes and other taxes (as those terms are defined by GAAP), assessments for public improvements, and municipal, county and state license and permit fees; and, 

(xii) all rents payable pursuant to any ground lease for the subject property. 

Cost of Operations shall not include federal, state, or local income tax payable by the Company or its members and any costs incurred by
Manager or its Affiliates that are not expressly reimbursable by the Company pursuant to the terms of this Agreement. 

“County” means Broward County, Florida. 
 “Designated Court” means, collectively, (i) the United States District Court for the Southern District of Florida, (ii) for any dispute with respect to which such court lacks
jurisdiction, any circuit or chancery court of competent jurisdiction located within Broward County, Florida, and (iii) in either case, all courts to which an appeal therefrom may be available. 

“Development Services” has the meaning ascribed thereto in Section 3.1(a). 

“EBITDA” means earnings before interest, taxes, depreciation and amortization, which shall be computed prior to the
calculation of the Incentive Fee to Manager of 5%. 
 “Effective Date” means the date referenced in the
pre-amble of this Agreement. 
 “Employment Laws” means, collectively, any federal, state, local and foreign
statutes, laws, ordinances, regulations, rules, permits, judgments, orders and decrees affecting labor union activities, civil rights or employment in the United States, including the Civil Rights Act of 1870, 42 U.S.C. §1981, the Civil Rights
Acts of 1871, 42 U.S.C. §1983 the Fair Labor Standards Act, 29 U.S.C. §201, et seq., the Civil Rights Act of 1964, 42 U.S.C. §2000e, et seq., as amended, the Age Discrimination in Employment Act of 1967, 29 U.S.C. §621, et seq.,
the Rehabilitation Act, 29 U.S.C. §701, et seq., the Americans With Disabilities Act of 1990, 29 U.S.C. §706, 42 U.S.C. §12101, et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 301, et seq., the Equal Pay
Act, 29 U.S.C. §201, et seq., the National Labor Relations Act, 29 U.S.C. §151, et seq., and any regulations promulgated pursuant to such statutes, 

  
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as amended from time to time, and together with any similar laws now or hereafter enacted, including all rules, regulations and policies imposed by Florida Gaming Law now or in the future
concerning employment, such as qualifications and any required certifications, credentialing or licensing of officers, directors, board members and employees. 
 “Facility Loan” means the financing by the Company, as borrower, for any costs of the development and construction of the Casino Facilities. 

“Fiscal Year” means the accounting year used for the operation of the Casino Facilities, which shall be consistent with
the accounting year of the Company. 
 “Florida Gaming Commission” means Division of Pari-Mutuel Wagering of
the Department of Business and Professional Regulation, 
 “Florida Gaming Law” means Chapter 550 Pari-Mutuel
Wagering and Chapter 551 Slot Machines, and any amendments, modifications or additions to Florida law concerning gaming activities. 

“Furnishings and Equipment” means all fixtures, furniture, and equipment required for the operation of the Casino Facilities in
accordance with the standards set forth in this Agreement, including, without limitation: 
 (i) cashier, money sorting and
money counting equipment, surveillance and communication equipment, and security equipment (including software); 
 (ii) slot
machines, video games of chance, table games, keno equipment and other gaming equipment (including software); 
 (iii) office
furnishings and equipment; 
 (iv) furniture, fixtures and equipment necessary for the operation of any portion of the Casino
Facilities for accessory purposes, including equipment for hotel, showrooms, kitchens, laundries, dry cleaning, cocktail lounges, restaurants, public rooms, commercial and parking spaces, and recreational facilities; 

(v) all other signage, trade fixtures, furnishings and equipment now or hereafter located and installed in or about the Casino
Facilities which are used in the operation of the Casino Facilities in accordance with the Operating Standard. 

“GAAP” means generally accepted accounting principles, as set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, consistently applied. 
 “Gaming Laws” means, collectively, the Florida Gaming
Law and any other gaming regulations applicable to the Casino. 
 “Gaming License” means (i) with respect
to Manager, collectively, all necessary governmental permits, approvals, consents and licenses/certifications which Manager may be required to obtain and maintain under any Gaming Laws, as amended, from time to time, or under this Agreement in
connection 

  
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with the operation of the Casino, and (ii) with respect to the Company, collectively, all other necessary governmental permits, approvals, consents and licenses/certifications which the
Company may be required to obtain and maintain under any Gaming Laws, as amended, from time to time (subject to the terms of this Agreement regarding Manager’s responsibilities), in connection with the operation of the Casino. 

“Governmental Authority(ies)” means the United States, the State of Florida, the County and any governmental court,
agency, department, commission, board, bureau or instrumentality of the foregoing and any quasi-governmental authority (including sewer district, storm water management district or tollway authority), but only to the extent it has legal jurisdiction
over gaming at the Casino Facilities, the operation of the Casino, or the obligations of the Company or the Manager under this Agreement or any other Control Agreement. 
 “Legal Requirements” means any and all present and future judicial, administrative, and federal, state or local rulings or decisions, and any and all present and future federal, state or
local ordinances, rules, regulations, permits, licenses and certificates, in any way applicable to the Company, the Manager, or the Casino Facilities, including the Gaming Laws and Employment Laws. 

“Lender” means any third party who makes the Facility Loan or any other loan to the Company. 

“Loan Documents” shall mean any and all notes or other instruments of indebtedness with regard to the Casino Facilities
or the Company (including the Facility Loan, if any), and any mortgages, deeds of trust, loan agreements, credit agreements, security instruments, environmental indemnities or other loan documents executed in connection therewith. 

“Manager IP” has the meaning ascribed thereto in Section 2.5(b). 

“Manager Parent” means Lakes Entertainment, Inc. 

“Management Fees” has the meaning ascribed thereto in Section 6.3(b). 

“Material Breach” has the meaning ascribed thereto in Section 7.1(c) and Section 7.1(d). 

“Opening Date” means the first day that all or any part of the Casino Facilities is open to the public. Manager and the
Company agree that the project schedule shall include the anticipated Opening Date and that, upon the written request of the Company, the Company and the Manager shall execute and deliver written confirmation of the actual Opening Date. 

“Operating Standard” has the meaning ascribed thereto in Section 3.1(d). 

“Person” means any person or entity, whether an individual, trustee, corporation, general partnership, limited
partnership, limited liability company, limited liability partnership, joint stock company, trust, estate, unincorporated organization, business association, instrumentality, firm, joint venture, Governmental Authority, or otherwise. 

“Player Lists” means and includes any documents or records (and any copies thereof), electronic or otherwise, including
any player lists developed as part of a player’s club, similar promotional or incentive program, tracking system or otherwise and any documents or records maintained solely for security purposes, created by or upon the request of Manager, any
Affiliate of Manager, the Company, or any Affiliate of the Company containing any information whatsoever concerning the players, customers, 

  
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visitors or other individuals participating in the gaming operations or other operations of the Casino, together with the information contained therein or otherwise known or developed by Manager
or the Company (or any of their respective Affiliates and any of their respective Employees) in connection with the Casino, which documents and records and information, shall be and remain, at all times, the sole property of the Company. 

“Pre-Opening Period” means the time period prior to the Opening Date. 

“Project Budget” means the budget for the construction and development of the Casino Facilities. 

“Project Employee Policies” has the meaning ascribed thereto in Section 4.2. 

“Proposed Budget” has the meaning ascribed thereto in Section 6.1(b). 

“Revenue Exclusions” means, collectively, any and all (i) gratuities to employees of the Casino Facilities paid
directly by the player or included as a service charge; (ii) amounts paid to or revenues generated by third parties in connection with catering inside or outside the Casino Facilities (including rental of equipment or other personal property);
(iii) sales taxes, excise taxes, gross receipts taxes, admission taxes, entertainment taxes, tourist taxes, use taxes or similar impositions collected directly from players, customers, tenants, licensees or concessionaires or included as part
of the sales price of any goods or services and remitted to the appropriate taxing authorities in the amount collected; (iv) accounts receivable written off as uncollectible, except to the extent amounts are subsequently collected or are
recovered by the sale of such accounts or otherwise; (v) proceeds of insurance (other than (A) business interruption insurance proceeds received by the Company after deducting therefrom all expenses incurred in the adjustment or collection
thereof and (B) any insurance proceeds received by the Company to reimburse it for any Costs of Operations actually incurred); (vi) proceeds of awards received in condemnation (other than compensation received by the Company for loss of
business to the extent attributable to the period in question after deducting therefrom all expenses incurred in obtaining such compensation); (vii) proceeds of the sale or disposition of the Casino Facilities or any portion thereof or any
capital assets or of the refinancing of the Casino Facilities or any portion thereof; (viii) amounts reimbursed by the Company to Manager or otherwise advanced and deposited into a general operating account or other bank accounts used for the
operation of the Casino Facilities; (ix) interest earned on any amounts deposited into any such bank accounts; any security deposits or similar deposits (except as applied or forfeited); (x) credits or refunds to players, customers,
tenants, licensees or concessionaires; (xi) any discounts to players for goods or services provided; (xii) any gain or loss on the extinguishment of debt or any gain or loss on the sale of an asset not in the ordinary course of business or
other extraordinary items; (xiii) all revenues and expenses that would be classified as non-operating for purposes of GAAP; (xiv) revenues of tenants, licensees and concessionaires from their respective business operations at the Casino
Facilities (other than any portion thereof received by the Company in the form of rents and fees pursuant to their respective leases, licenses and concession agreements); (xv) complimentary services, items, goods, promotions, credits or
discounts provided to any player, any permitted or awarded “free play” and credits, coupons and vouchers issued for redemption by a player for use at the Casino; and (xvi) amounts paid by unrelated third-party tenants of the Casino
Facility. 
 “State” means the State of Florida. 

“Surviving Obligations” means, collectively, (i) the obligation of Manager to pay to the Company any amounts under
this Agreement which accrued prior to the date of the expiration or earlier termination of this Agreement, (ii) the obligation of the Company to pay to Manager any amounts under 

  
 12 

 
this Agreement (including any Management Fees) which accrued prior to the date of the expiration or earlier termination of this Agreement, and (iii) any other obligations set forth herein
that expressly survive the expiration or earlier termination of this Agreement. 
 “Terminating Party” has the
meaning ascribed thereto Section 7.1(a). 
 “Termination Report” has the meaning ascribed thereto
Section 6.4(b). 
 “Total Revenues” means all revenues (excluding the Revenue Exclusions and any non-cash
items) received by the Company from the operation of the Casino Facilities in accordance with GAAP. 
 “Working
Capital” means cash and receivables. 
 1.2 Other Interpretive Provisions. 

(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. 

(b) The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” 
 (c) Unless the context requires otherwise, (i) any definition of or reference to any
agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified, subject to applicable Legal Requirements, if any, (ii) any
reference herein to any Person shall be construed to include such Person’s successors, personal representatives, heirs and permitted assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of
similar import when used in this Agreement (including in the Exhibits hereto), shall be construed to refer this Agreement in its entirety and not to any particular provision thereof, (iv) all references in this Agreement to Articles, Sections,
Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement in which such references appear, and (v) any reference to any law shall include all statutory and regulatory
provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time. 

(d) All recitals above and all Exhibits referenced herein are incorporated herein by this reference. 

(e) No provisions of this Agreement shall be construed against or interpreted to the disadvantage of any party hereto by any court or
other governmental or judicial authority by reason of such party having or being deemed to have structured or drafted such provision. 
 ARTICLE 2 
 Casino Site Selection; Construction 

2.1 Casino Site Selection. The Casino Facilities shall be constructed on the land described in Exhibit A. 

2.2 Development Services. Manager and the Company agree that Manager shall provide certain development services as set forth in
the terms and conditions of Exhibit B attached hereto. 

  
 13 

 2.3 Furnishings and Equipment. Manager shall consult with and advise the Company with
respect to the procurement and purchase of Furnishings and Equipment required to operate the Casino Facilities in conformity with the Operating Standard and the terms and conditions of this Agreement, subject to compliance with the Project Budget.

 2.4 Advances for Costs of Construction. Nothing herein contained shall obligate Manager to arrange for a Lender to
advance any costs of the construction of the Casino Facilities, or make advances directly to the Company, for payment of any item not included in or in an amount in excess of the Project Budget. 

2.5 Title to Facility; Other Assets. 
 (a) The Furnishings and Equipment, and all related improvements and assets shall be the sole and exclusive property of the Company. 

(b) During the term of this Agreement, the Casino Facilities shall at all times be known as, operated, and promoted under a name
selected by the Company. The Company shall control the use of the Casino Facilities name and any use of the Casino Facilities name shall inure to the benefit of the Company. In addition, the Company shall control and have all right, title, and
interest in the Casino Facilities name and in any other names, concepts or other forms of intellectual property (including but not limited to game and systems licenses and software, Player Lists and related information, internal casino controls,
developed game concepts, systems or other gaming or administrative improvement rights) to be used, or actually used, or associated with the Casino Facilities, or any part thereof and any use shall inure to the benefit of the Company. The Company
shall have the unlimited right to exploit these names, concepts and other forms of intellectual property, now or hereafter, solely in connection with the Casino Facilities. Manager hereby releases any rights, including trademark and copyright, in
and to all of the names, concepts and other forms of intellectual property to be (or which may be developed to be) used, actually used, or associated with the Casino Facilities. Notwithstanding anything herein to the contrary, Manager shall retain
all right, title and interest in any intellectual property used in connection with the Casino Facilities and developed by Manager (a) prior to the Effective Date, or (b) for use in its ordinary and customary business operations and not
specifically for use in connection with the Casino Facilities (the “Manager IP”). Manager hereby grants to Company a perpetual, nonexclusive, royalty-free license to use the Manager IP (including any employee manuals, employee
training systems and materials) in connection with the Casino Facilities. 
 (c) Manager shall do and execute all and such
further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Section 2.5, as the Company shall reasonably require from time to time 

ARTICLE 3 

Authority and Duty of Manager 
 3.1 Appointment and Operating Standard. 
 (a) Manager shall be deemed to
be an independent contractor to the Company for all purposes under this agreement including but not limited to providing the services described in Section 2.2 hereof and the attached Exhibit B referenced therein (the
“Development Services”) and Manager shall not be the agent of the Company and shall not have authority to act on behalf of the Company except and only to the extent specifically so provided for in this Agreement. 

  
 14 

 (b) Subject to Section 3.1(a) above, the Company hereby appoints the Manager as agent
for and on account of the Company during the term of this Agreement for purposes of providing the services and fulfilling the obligations required of Manager under this Agreement, subject to the terms and conditions hereof. Manager accepts such
appointment as the manager of the Casino Facilities for the term of this Agreement on and subject to the terms and conditions set forth herein and agrees to manage the Casino Facilities, providing such services as are set forth herein and such
additional services as may be customarily provided by operators of other gaming facilities of similar size and scope. 
 (c) In
connection with such appointment, the Manager is hereby granted the necessary power and authority to act in order to fulfill all of its responsibilities under this Agreement, subject to the terms of this Agreement and subject to obtaining the
Company’s approval as and when required under the terms and conditions of this Agreement. Without limiting the generality of the foregoing, subject in each case to obtaining the Company’s approval, the Manager shall have, and the Company
does hereby grant to the Manager, the power and authority, as agent for the Company, to exercise the rights of the Company under and to execute, amend or otherwise modify any contracts associated with the operation of the Casino Facilities,
including, without limitation, purchase orders, equipment and retail leases, and contracts for utilities, maintenance and repair services, and other services relating to the operation of the Casino Facilities. 

(d) Manager agrees to provide the Development Services and to manage the Casino Facilities in accordance with the “Operating
Standard”, which is defined as follows: (i)(A) in a commercially reasonable, prudent, diligent and professional and workmanlike manner and (B) at least at a level of service, operation and quality generally associated with Casino
Facilities similar in size and scope and geographical location to the Casino Facilities, (ii) in accordance with the terms and conditions of this Agreement and in conformity in all material respects with the then current Approved Budget,
(iii) in accordance with the requirements of any carrier having insurance on the Casino Facilities or any part thereof, (iv) in compliance with all Legal Requirements, including all reporting, security, systems and other requirements
imposed by the Florida Gaming Commission, or any other governmental agency with jurisdiction over the Casino Facilities, and (v) in a manner reasonably expected to protect and preserve the assets that comprise the Casino Facilities. In its
capacity, Manager shall deal at arm’s length with all third parties and its Affiliates and the Affiliates of the Company. Manager may not enter into agreements with Affiliates of Manager without the prior written consent of the Company (and, in
such event, Manager shall have advised the Company of the contracting party’s status as an Affiliate of Manager). 
 (e)
The duties and authorities of the Manager shall be subject to the Control Agreements. 
 3.2 Limitations on Power and
Authority. 
 (a) The exercise by the Manager of its power and authority granted pursuant to Section 3.1(b) as the
Company’s agent shall be limited as provided in this Section 3.2 and in the budget provisions of Article 6. 
 (b)
Notwithstanding its appointment as the Company’s agent pursuant to Section 3.1(b): 
 (i) The Manager shall have no
power or authority to act for or represent the Company except as specified in this Agreement. 

  
 15 

 (ii) The Manager shall have no power or authority to exercise the rights of the Company
under or to execute, amend or otherwise modify this Agreement on behalf of the Company, and the Company shall retain the sole and exclusive such power and authority with respect to this Agreement. 

(iii) Except as stated herein, the Manager shall have no power or authority, without the prior written approval of the Company in each
instance unless the specific transaction is described in the Approved Budget approved in writing by the Company, to (A) incur costs which are in excess of the expenditures to be agreed upon in the Approved Budget, (B) sell, encumber or
otherwise dispose of any Furnishings and Equipment or other personal property located in the Casino Facilities, except for inventory sold in the regular course of business and other items which must be replaced due to age, obsolescence, or wear and
tear, subject to the Approved Budget, or (C) subject to the Approved Budget, purchase any Furnishings and Equipment or other personal property or services from the Manager or any Affiliate of the Manager, if such purchase is to be included as a
Cost of Operations, unless such arrangement is specifically approved in writing by the Company. 
 (c) Except as specifically
authorized in this Article 3, the Manager shall not hold itself out to any third party as the agent or representative of the Company. 
 3.3 Overall Responsibilities. 
 (a) The Manager’s responsibilities
shall include, among other things, maintenance and improvement of the Casino Facilities and management of the Casino Facilities, provided that all such responsibilities shall be carried out in accordance with the Operating Standard. The Manager
shall conduct and direct all business and affairs in connection with the day-to-day operation, management and maintenance of the Casino Facilities, including the establishment of operating days and hours, it being understood that the Company and the
Manager intend that the Casino Facilities will be open 24 hours daily, seven days a week, in accordance with the Operating Standard. 
 (b) Without limiting the generality of the foregoing, the Manager’s responsibilities and duties under this Agreement shall include the following: 

(i) The Manager shall use reasonable measures for the orderly physical administration, management, and operation of the Casino
Facilities; 
 (ii) The Manager shall comply with all applicable provisions of the Internal Revenue Code, including the prompt
filing of any cash transaction reports and W-2G reports that may be required by the Internal Revenue Service of the United States; 
 3.4 Compliance with Laws. 
 (a) In managing the Casino Facilities, the
Manager shall comply with all Legal Requirements. The Company agrees to cooperate with the Manager and aid the Manager in ensuring compliance with all such Legal Requirements. Subject to the Approved Budget or subject to the approval of the Company
as to an unbudgeted expenditure, Manager shall promptly remedy any violation of any such laws, rules, regulations, ordinances, compacts or other agreements which comes to its attention and shall give written notice to the Company in the event that
Manager or any Affiliate of Manager receives any notice issued by the applicable governmental authorities pursuant to the Gaming Laws which threatens suspension or revocation of the Company’s license or may be reasonably interpreted to prevent
Manager from fulfilling its duties under this Agreement. Manager shall also promptly give written notice 

  
 16 

 
to the Company in the event that Manager or any Affiliate of Manager receives any notice (written or oral) from any governmental authority relating to any of the other gaming facilities Manager
manages with regard to compliance (or lack thereof) with any laws, regulations, orders, compacts, permits, licenses, rules or contracts or agreements regulating, authorizing or otherwise applicable to gaming operations (including the ability to
conduct such operations). 
 (b) The Company agrees to cooperate with the Manager and the Manager agrees to take all
appropriate steps and execute all appropriate applications and documents to obtain all licenses, approvals and permits required in connection with the Casino Facilities, including all necessary approvals of Governmental Authorities of this Agreement
and all liquor licenses for the contemplated beverage operations at the Casino Facilities. 
 3.5 Security. The Manager
shall provide for appropriate security for the operation of the Casino Facilities in accordance with the Approved Budget. Upon agreement of the Company and the Manager, any security officer may be bonded and insured in an amount commensurate with
his or her enforcement duties and obligations. The cost of any charge for security and increased public safety services will constitute a Cost of Operations. 
 3.6 Accounting, Financial Records, and Audits. 
 (a) The Manager shall
maintain full and accurate records and books of account for operations of gaming activities and related ancillary operations managed by the Manager and shall be made available for immediate inspection and verification at all times. In addition,
Manager shall not, at any time, prevent or hinder the Company’s access to all gaming machines and related systems and system-produced gaming machine financial reports for any applicable period (Manager shall, in addition, provide such reports
promptly upon request of the Company). The books and records and all other records relating to or reflecting the operation of the Casino Facilities shall at all times be the property of the Company. Upon any termination of this Agreement, all of
such books and records forthwith shall be turned over to the Company so as to insure the orderly continuance of the operation of the Casino Facilities. The Company shall be responsible for filing with the IRS all required year-end income tax
returns, and Manager shall cooperate with and provide information requested by the Company’s accountants in regard to the preparation by such accountants and filing by the Company of such tax returns and any other income or other tax returns
required by any governmental authority. 
 (b) During the Pre-Opening Period, the Manager shall establish (subject to the
Company’s approval) and maintain satisfactory accounting systems and procedures that shall, at a minimum: 
 (i) include
an adequate system of internal accounting controls; 
 (ii) permit the preparation of financial statements in accordance with
GAAP; 
 (iii) be susceptible to audit; 
 (iv) permit the calculation of the Management Fees; and 
 (v) provide for the
allocation of operating expenses or overhead expenses among the Company, the Manager and any other user of shared facilities or services. 

  
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 The system of internal accounting controls will require the maintenance of records that, in
reasonable detail: (w) accurately and fairly reflect the transactions and dispositions of the assets of the Casino Facilities; (x) provide reasonable assurance that gaming transactions are recorded as necessary to permit preparation of
Casino Facilities financial statements in accordance with GAAP, and receipts and expenditures of the Casino Facilities are being made only in accordance with authorizations of Casino Facilities management; (y) provide reasonable assurance
regarding prevention or untimely detection of unauthorized acquisition, use or disposition of the Casino Facilities’ assets that could have a material effect on the Casino Facilities’ financial statements; and (z) provide reasonable
assurance of continued compliance with the terms and conditions of all Control Agreements. Supporting records and the agreed upon accounting system shall be sufficiently detailed to permit the calculation and payment of the Management Fees and to
permit the performance of any fee or contribution computations required under applicable laws or regulations. Manager shall promptly caused to be corrected any weaknesses in internal controls or errors in recordkeeping upon discovery. 

(c) Total Revenues and other income and revenue of every kind resulting from the operation of the Casino Facilities will be calculated
by the Manager for purposes of distribution daily and distribution monthly, as the case may be, in accordance with Section 6.3 and copies of such calculations shall be promptly supplied to the Company as required by Section 6.2.

 (d) All records shall be maintained so as to permit the preparation of financial statements in accordance with GAAP. The
Manager shall furnish to the Company monthly financial reports in accordance with Section 6.2. Such reports shall provide reasonable detail as requested by the Company with respect to revenues and expenses of each profit center of the Casino
Facilities. The Manager shall make, or cause to be made, any reports or presentations to the Company as are requested, including any reports as may be required by the Lender or any Governmental Authorities. In connection therewith, Manager shall
provide, or cause to be provided, to the Company, upon request, copies of (i) bank statements, bank deposit slips and bank reconciliations, (ii) detailed cash receipts and disbursement records, (iii) detailed trial balance (if
available), (iv) paid invoices, (v) summaries of adjusting journal entries, (vi) supporting documentation for payroll, payroll taxes and employee benefits, and (vii) all other financial reports and/or information reasonably
requested by the Company. 
 3.7. Cash Monitoring. The Manager will promulgate (subject to the Company’s approval),
and all parties and their respective employees, agents, and representatives will obey, operational policies with respect to the handling of cash, security systems, and access to cash cage, counting rooms, and other places where cash is kept and
handled. For purposes of this Agreement, cash shall include tokens, coupons, chips and other items which can be converted to cash by customers. Manager shall not, at any time, prevent or hinder authorized personnel of the Company in monitoring and
investigating systems for cash management implemented by the Manager and to verify daily revenues and all other revenues and income of any kind and nature of the Casino Facilities. 

3.8 Bank Accounts, Reserve Funds and Permitted Investments. 

(a) Subject to the terms of the Control Agreements, the Company shall create an account or accounts at a commercial bank that is
organized under the laws of the United States of America or any state thereof, and is a member of the Federal Deposit Insurance Corporation. Manager shall deposit, or cause to be deposited, daily all revenues into such accounts. The Manager, with
the approval of the Company, shall also establish other segregated bank accounts for use in connection with the operation of the Casino Facilities (collectively, the “Project Accounts”), each of which must indicate the custodial
nature of the accounts. The Company shall have the right to control such accounts and to authorize deposits and withdrawals of any size, with regard thereto. The signatures of authorized representatives of

  
 18 

 
the Manager shall be the only signatures required to make withdrawals (by check or otherwise) from such accounts for single withdrawals of less than $500,000.00, provided that the monies
withdrawn by the Manager are to be used only in accordance with the Approved Budget and only for the purposes set forth herein. If the amount of any single withdrawal exceeds $500,000 (excluding amounts to be applied to payouts and prizes, transfers
to any designated payroll accounts, taxes, cash for day-to-day operational purposes, or Management Fees), then the signature of the Company’s designated representative will also be required. 

(b) Unless instructed otherwise by the Company, Manager agrees that it shall make, or cause to be made, timely transfers from the
account or accounts established pursuant to Section 3.8(a) of all funds needed to pay Costs of Operations and disbursements required pursuant to Section 6.3. 
 3.9 Enforcement of Rights. 
 (a) During the term of this Agreement, except
as otherwise provided in Section 3.9(b), the Company and the Manager shall mutually agree with respect to the handling of the defense, prosecution or settlement of civil disputes with third parties relating to gaming and other management
activities conducted or contracts executed by the Manager, as agent for the Company. The parties will assist and cooperate with each other with respect to such third-party claims and disputes. All uninsured liabilities incurred or expenses incurred
by the Company and the Manager or any of the employees, officers or directors of any party in defending such claims by third parties or prosecuting claims against third parties shall be considered either Costs of Gaming Operations or Costs of
Ancillary Operations, depending upon the circumstances and nature of the claim. 
 (b) All claims brought against the Company
or the Manager or any of the employees, officers or directors of any party arising out of or relating to gaming or other ancillary operations conducted pursuant to this Agreement that may be settled and released for a total settlement amount of less
than $100,000 may be paid and settled by the Manager on behalf of the Company or the Manager in accordance with the Manager’s good faith business judgment. 
 3.10 Fire and Safety Services. The Manager shall be responsible for obtaining adequate coverage for fire and safety services and may, in its discretion, have such services provided on a contractual
basis by the local fire and police departments, provided the costs of such services are in accordance with the Approved Budget. 

3.11 Timely Payment of Costs of Operations. The Manager shall be responsible for paying, or causing to be paid, Costs of
Operations on behalf of the Company from the general operating account or the Project Accounts, pursuant to procedures approved by Manager, so as to avoid any late-payment penalties (except those incurred as a result of good faith payment disputes)
to the extent funds of the Casino Facilities are available in accordance with the Approved Budget; provided, however, that payment of all such Costs of Operations shall be solely the legal responsibility of the Company, subject to the terms and
conditions of this Agreement. Manager agrees that in the event Costs of Operations are in excess of funds of the Casino Facilities, it shall promptly notify Company of such deficiency. 

3.12 Acquisition of Gaming and Other Equipment. Subject to the provisions of Section 2.3 and 3.21 hereof, all acquisitions of
Furnishings and Equipment for the Casino Facilities shall be purchased by the Manager as agent for the Company in accordance with the Approved Budget, for on behalf of the Casino Facilities on a cash on delivery basis, unless otherwise directed by
the Company. 

  
 19 

 3.13 Hours of Operation. The Manager shall be responsible for the establishment of
operating days and hours. It is intended that the Casino Facilities shall be operated seven days per week and twenty-four hours per day, subject to any restrictions in the Legal Requirements. 

3.14 Access to Operations. Manager shall not take any action to block or hinder immediate access by the Company’s designated
representative to (i) the Casino Facilities, including gaming machine and table software, for inspection and generation of reports on payouts and operations, (ii) reports of all gaming machine and gaming table software’s compliance
with the Gaming Laws, and (iii) all books and records relating to the Casino Facilities. 
 3.15 Increased Public Safety
Services. Increased actual costs of law enforcement and police protection services required as a result of gaming activities in the Casino shall be paid as Costs of Operations in accordance with the Approved Budget. 

3.16 Advertising. The Manager shall contract for and place advertising in accordance with the Approved Budget. Advertising costs
will be included in the operating budgets prepared in accordance with Article 6. 
 3.17 Certain Meetings. To facilitate
oversight of the activities conducted pursuant to this Agreement and to maintain communication generally between the individuals who will be involved in supervising those activities, the Company or its designated representative and the
Manager’s principal individuals will meet at least quarterly (or more often if requested by the Company) to review operations of the Casino Facilities and any current issues pertaining thereto. 

3.18 Maintenance. The Manager will cause the Casino Facilities to be repaired and maintained and operated in a clean, good and
orderly condition, including interior and exterior cleaning, painting and decorating, plumbing, carpentry, grounds and landscaping maintenance, snow and ice removal and such other maintenance and repair work as may be desirable. Repairs and
maintenance will be paid in accordance with the Approved Budget as Costs of Operations. Notwithstanding anything to the contrary contained in this Section, Manager shall not perform the foregoing services with respect to any repairs or improvements
to the Casino Facilities, unless (a) the expenditure thereunder is provided for in the Approved Budget, or (b) such repair or improvement is otherwise agreed to in writing by the Company. In addition, notwithstanding the Approved Budget,
the Company may, from time to time, make such alterations, additions or improvements (including structural changes) to the Casino Facilities and cause Furnishings and Equipment to be changed, upgraded, replaced or added, as the Company deems to be
desirable and all as Costs of the Operations, and Manager shall cooperate with the Company in such regard. 
 3.19 Term.
This Agreement shall become effective on the Effective Date and will remain effective until terminated under Article 7 herein. 

3.20 Representatives. To the extent any authorization, consent or other approval of the Company is required under this Agreement
and the Company shall have provided to the Manager a resolution naming any individual or individuals authorized to represent the Company for purposes of any such authorization, consent or other approval, the Manager, absent actual knowledge that
such individual or individuals are not so authorized, shall be entitled to rely on all decisions, authorizations, consents, and approvals provided by such individual or individuals so named until such time as the Company shall deliver to the Manager
an additional resolution revoking or otherwise modifying such authority. To the extent any authorization, consent or other approval of Manager is required under this Agreement and Manager shall have provided to the Company a resolution naming any
individual or individuals 

  
 20 

 
authorized to represent Manager for purposes of any such authorization, consent or other approval, the Company, absent actual knowledge that such individual or individuals are not so authorized,
shall be entitled to rely on all decisions, authorizations, consents, and approvals provided by such individual or individuals so named until such time as Manager shall deliver to the Company an additional resolution revoking or otherwise modifying
such authority. 
 3.21 Service Contracts; Purchase Orders. Manager shall assist, consult and advise the Company in the
negotiation of service contracts and leases for Furnishings and Equipment reasonably necessary or desirable in connection with the operation of the Casino Facilities in the usual course of business, pursuant to the Approved Budget. Manager shall
assist, consult and advise the Company with respect to the purchase of all Furnishings and Equipment which in the normal course of business are necessary and proper to maintain the Casino Facilities in accordance with the Operating Standard.

 3.22 Taxes; Mortgages. Manager shall, if and when requested by the Company to do so, (i) obtain and verify bills
for real estate and personal property taxes, improvement assessments and other like charges which are or may become liens against the Casino Facilities, and pay such items in accordance with the Approved Budget in time to avoid penalty for late
payment and (ii) make payments on account of any applicable provision of any Control Agreement and the amounts of such projected expenditures shall be included in the Approved Budget. Manager’s responsibility for the foregoing shall be
limited to funds authorized in the Approved Budget and available in the general operating account. 
 ARTICLE 4

 Personnel Matters 
 4.1 Employees. 
 (a) All employees involved with operation of the Casino
Facilities throughout the Casino Facilities subject to management by the Manager under this Agreement shall be employees of the Company. The Manager shall be responsible for (i) making recommendations to the Company as to the hiring, training,
promoting, supervising and firing of all employees and (ii) training employees in Core Positions, in each case as may be required to maintain the standard of quality of management and operation at the level consistent with the Operating
Standard, in accordance with Employment Laws and Project Employee Policies; provided, however, notwithstanding the foregoing, the employment, advancement and termination of employees in any of the Core Positions shall be subject to the mutual
approval of the Company and Manager. Prior to making a recommendation as to the hiring of any employees in any of the Core Positions, Manager shall deliver to the Company the candidate’s resume and any other information reasonably requested by
the Company, including background check information, and shall provide the Company with an opportunity to interview such person, if requested by the Company. With regard to any requests for approvals concerning employees, the Company shall use
reasonable efforts to respond promptly. 
 (b) All salaries, wages, employee insurance, worker compensation premiums,
employment taxes, government exactions of any kind related to employment, benefits, and overhead related to the hiring, supervising, and discharge of employees, will be Costs of Operations, in accordance with and subject to the Approved Budget.

 (c) Notwithstanding any other provision in this Agreement to the contrary, the Company shall indemnify and hold harmless
Manager for any and all claims, demands, obligations or liabilities, including reasonable attorneys’ fees, that may arise against Manager from or as a result of actions, inactions, or decisions made by the Company in connection with any
personnel matters. 

  
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 4.2 Project Employee Policies. The Manager shall prepare a draft of personnel
policies and procedures (the “Project Employee Policies”), including a job classification system with salary levels and scales and job descriptions (including duties), in accordance with all applicable Employment Laws and Gaming
Laws, which policies and procedures shall be subject to approval by the Company. The Project Employee Policies shall include a grievance procedure in order to establish fair and uniform standards for the Casino Facilities employees, which will
include procedures for the resolution of disputes between the Casino Facilities and Project employees. The Manager shall be responsible for administering the Project Employee Policies. Manager will not discriminate against any employee or applicant
for employment because of race, creed, color, sex, age, or national origin nor violate any applicable law, regulation or local ordinance governing employer obligations. 
 4.3 Employee Background Checks. Manager shall be responsible for ensuring that a background investigation is conducted in compliance with all Legal Requirements including Employment Laws, to the
extent applicable, on each applicant for employment as soon as reasonably practicable. No individual whose prior activities, criminal record, if any, or reputation, habits and associations are known to pose a threat to the public interest, the
effective regulation of gaming activities, or to the gaming licenses of the Manager or the Casino, or to create or enhance the dangers of unsuitable, unfair, or illegal practices and methods and activities in the conduct of casino gaming activities,
shall knowingly be recommended for employment by Manager or be employed by the Company. The background investigation procedures shall be formulated by the Manager so as to ensure that personnel meet all applicable regulatory requirements imposed by
the Florida Gaming Commission and to satisfy all Gaming Laws. Any cost associated with obtaining such background investigations shall constitute a Cost of Operations subject to the Approved Budget. 

ARTICLE 5 

Insurance 

5.1 Duty to Maintain. The Company (or the Manager, acting as agent for the Company, at the Company’s sole discretion), shall
obtain and maintain, in accordance with and subject to the Approved Budget, insurance coverages in forms and amounts consistent with comparable facilities that will adequately protect the Company and the Manager, but in no case less than the amounts
set forth in this Article, or as required by any Lender requirements, Legal Requirements or Control Agreements, including the following coverages: 
 (a) Workers’ Compensation. Adequate workers’ compensation insurance in accordance with all applicable laws, including employer’s liability insurance, in amounts consistent with
comparable facilities. 
 (b) Commercial General Liability. Commercial general liability insurance covering operations
of the Casino Facilities, including blanket contractual liability coverage, broad form property liability coverage, and personal injury coverage in a minimum amount of $1,000,000 per person/$3,000,000 per occurrence for bodily injury and $1,000,000
per person/$3,000,000 per occurrence for property damage, with a maximum aggregate of $5,000,000. 
 (c) Automobile.
Comprehensive automobile liability insurance covering operations of the Casino Facilities, including all owned, hired and non-owned automobiles, trucks, buses, trailers, motorcycles or other equipment licensed for highway use with limits and
coverage consistent with comparable facilities. 

  
 22 

 (d) Property Insurance. Replacement value all-risk casualty and extended hazard
insurance in coverage amounts consistent with comparable facilities that shall insure the Casino Facilities and any fixtures, improvements and contents located therein against loss or damage by fire, theft and vandalism. 

(e) Fidelity Bond. Fidelity bonds on Casino Facilities employees in amounts consistent with comparable facilities. 

(f) Unemployment Insurance. Unemployment compensation/disability insurance with respect to the Casino Facilities employees in
amounts consistent with comparable facilities. 
 (g) Professional Liability Insurance. Adequate professional liability
insurance that covers the acts of the senior management of the Company, Casino Facilities and Manager. 
 (h) Employment
Practice Liability. Employment practice liability insurance in amounts consistent with comparable facilities. 
 In the
event there is any disagreement between Company and Manager over the amount of coverage limitations to be obtained under the provisions of this section, the decision of Company shall control. 

5.2 The Manager to be Additional Insured. Insurance policies referred to in Sections 5.1(b) and (c) shall name the Manager as
an additional insured. 
 5.3 Evidence of Insurance. From time to time as reasonably requested by the Company, the
Manager shall supply to the Company and any necessary Governmental Authorities copies of the insurance policies required by this Article applicable to the Casino Facilities. 
 5.4 Insurance Proceeds. The Company shall have sole discretion to determine how to apply any insurance proceeds received with respect to the Casino Facilities, subject only to the terms and
conditions of the Control Agreements; provided, however, that if there is any insurance recovery for a claim related to the operation of the Casino Facilities for which either the Company or the Manager has previously paid from its own separate
funds, then, to the extent of amounts paid by either of such parties, the insurance proceeds will be paid over to them and the balance shall be retained by the Company. 
 ARTICLE 6 
 Budgets, Operating Plans, Compensation and Reimbursement

 6.1 Projections and Budgets. 
 (a) Within sixty (60) days following Manager’s receipt of the project budget relating to the development and construction of the Casino Facilities, the Manager shall use its best efforts to
project expected revenues and expenses for the first two (2) years of the Manager’s operation of the Casino Facilities. 
 (b) The Manager shall prepare an initial operating budget for the first Fiscal Year of Casino Facilities operations under its management pursuant to this Agreement and submit the same to the Company for
approval by the Company at least sixty (60) days prior to the anticipated Opening Date. Annual operating budgets shall be submitted by the Manager to the Company thereafter by no later than thirty (30) days prior to the commencement of the
next Fiscal Year. The proposed initial operating budget 

  
 23 

 
and each subsequent proposed annual operating budget (the “Proposed Budget”) shall be subject to approval or disapproval by the Company within 30 days after receipt, such
approval not to be unreasonably withheld. The Proposed Budget shall (i) set forth an estimated projection of all income and expenses for the ensuing Fiscal Year, projected revenue and miscellaneous income, and (ii) be prepared based on the
best then current information available to Manager and although not intended to be a guarantee thereof, shall constitute Manager’s best efforts to accurately project levels of revenue and expenditures. Manager shall review the Proposed Budget
with the Company. The Company may approve or disapprove of any item on the Proposed Budget. Upon approval by the Company, the Proposed Budget, as and to the extent revised during the review process, shall become the budget for the next full or
partial Fiscal Year, as the case may be (together with the maintenance capital expenditure budget approved by the Company under Section 6.1(d) below for the same period, collectively, the “Approved Budget”). The Proposed
Budget, as well as the Approved Budget shall provide for reserves if and to the extent required under any of the Control Agreements or otherwise directed by the Company. The Company and the Manager recognize that adjustments may be proposed by
Manager and, if approved by the Company, made, to previously Approved Budget from time to time during any Fiscal Year, to reflect the impact of unforeseen circumstances, financial constraints, or other events. The Manager agrees to promptly inform
the Company regarding any items of revenue or expense that are reasonably anticipated to cause a material change in the Cost of Operations or the performance of the Casino Facilities not in keeping with the Approved Budget. The Manager shall operate
the Casino Facilities and make expenditures in connection therewith in accordance with the Approved Budget. In the event the Company does not approve the Proposed Budget before commencement of the Fiscal Year, the Approved Budget for the prior
Fiscal Year shall be deemed to be in effect for that Fiscal Year until such time as the Company approves the Proposed Budget. 

(c) Manager shall monitor the Approved Budget throughout the Fiscal Year and shall meet (on-site or by telephone) not less than one
(1) time per calendar month with the Company for purposes of reviewing Casino Facilities operations and to make any revisions to the Approved Budget as may be required by the Company to maintain or improve profits and margins as originally
budgeted and projected. In addition, upon the request of either party, from time to time, the other party shall meet (on-site or by telephone) with the requesting party to review and discuss the status of the Approved Budget as compared to the
actual income and expenses of the Casino Facilities. To the extent necessary, Manager shall prepare and deliver to the Company revised projections of the income and expenses for the Casino Facilities for the balance of the then current Fiscal Year
and, to the extent approved by the Company, such revised projections shall become part of the Approved Budget. 
 (d) At the
same time that Manager prepares and submits any Proposed Budget to the Company, Manager shall prepare and submit an annual summary of the estimated replacement and maintenance capital expenditures for the ensuing Fiscal Year to the Company for
approval. The proposed capital expenditure budgets shall (i) include estimates of (x) expenditures for Furnishings and Equipment, (y) expenditures for capital equipment not included in Furnishings and Equipment, and
(z) expenditures for renovations, alterations, and rebuilding of the Casino Facilities, and (ii) be subject to approval by the Company. Manager shall review said maintenance capital expenditure budgets with the Company. The Company may
approve or disapprove of any item on such proposed budget. The Company and the Manager recognize that mutually agreeable adjustments may be made to previously approved maintenance capital expenditure budgets from time to time during any Fiscal Year
to reflect the impact of unforeseen circumstances, financial constraints, or other events. The Manager agrees to promptly inform the Company and obtain the Company’s approval regarding any projects or expenditures that are reasonably
anticipated to cause a material change in the Cost of Operations not in keeping with the maintenance capital expenditure budget previously approved by the Company. The Manager shall make maintenance capital expenditures in accordance with such
approved maintenance capital expenditure budget. 

  
 24 

 6.2 Monthly Statements. The Manager shall be responsible for preparation of monthly
financial statements and shall furnish to the Company’s designated representative financial statements identifying, for each day for which such reports are normally available, the Total Revenues and all other revenues and income of any kind or
nature attributable to operation of the Casino Facilities on such day. Within twenty one (21) days after the end of each calendar month, the Manager shall provide verifiable financial statements in accordance with GAAP to the Company covering
the preceding month’s operation of the Casino Facilities, including operating statements, balance sheets, income statements and statements reflecting the amounts computed to be distributed in accordance with Section 6.3. Without limiting
the generality of the foregoing, such monthly financial statements shall also include (i) a profit and loss statement comparing actual results to both budget and the previous year’s actual results (if available), for both the current month
and Fiscal Year to date, (ii) a summary of operating expenses and net operating income, (iii) an accounting of all inflows and expenditures relating to any reserves, (iv) a comparison of capital expenditures to the then current
capital budget, (v) working capital requests (if any), and (vi) a narrative to include an executive summary and discussion of any variances from the Approved Budget with respect to such month or year to date. 

6.3 Distribution of Revenues. 
 (a) Following the Opening Date and continuing thereafter for the remainder of the term of this Agreement, all amounts on deposit in the general operating account, net of amounts for the Costs of
Operations (including interest) in accordance with the Approved Budget and required Working Capital, shall be disbursed on a monthly basis as set forth below, paid on or about the twentieth
(20th) day of each calendar month for the preceding
month, Such amounts shall be disbursed in the following order of priority (subject to adjustment as determined by the Company): 
 (i) Current principal and any other payments due on any obligations to repay funding (other than interest included in Cost of Operations) provided by a Lender in connection the Facility Loan and/or
equipping of the Casino Facilities; 
 (ii) Repayment of any Company Loan; 

(iii) Management Fees due the Manager under Section 6.3(b) below (provided that if the distribution under this subsection in any
month is insufficient to fund such payment in full, the unpaid amount shall be deferred and paid under subsection (iii) below); 
 (iv) Payment of amounts previously payable under subsection (ii) above, but payment of which was previously deferred (including, with respect to any deferred Management Fees, interest accrued thereon
at the Applicable Rate from the date on which such Management Fees and payments otherwise would have been due and payable); 

(v) Any indemnification or other obligations then owing by the Company to Manager under this Agreement and not paid as Costs of
Operations; 
 (vi) Any monthly capital replacement or other reserve contributions which have been created with the written
approval of the Company; and 
 (vii) All remaining of such amounts deposited in the operating account shall be disbursed to
the Company at the same time the Management Fees are paid to the Manager. 

  
 25 

 (b) For so long as this Agreement shall remain in effect during the term hereof and as
provided for in this Agreement: 
 (i) As compensation for the Manager’s management services hereunder, for each Fiscal
Year of the Casino Facilities operation, Manager shall be entitled to compensation equal to a monthly fee in the amount of two percent (2%) of Total Revenues commencing on the Opening Date payable on the first day of each month
(“Monthly Base Fee”), plus an monthly incentive fee equal to five percent (5%) of EBITDA calculated at the end of each month and based upon the audited financial statement of the Company (“Incentive Fee”)
(collectively, the “Management Fees”). 
 (ii) In addition to the Management Fees described above, the Manager
shall also receive a one-time payment of $500,000.00 when the Company obtains a Facility Loan sufficient to proceed with the development of the Casino Facilities. This payment will be distributed to the Manager by the Company upon closing of the
Facility Loan. 
 (c) The Manager, on behalf of the Casino Facilities, is responsible for making the disbursements from the
general operating account, as contemplated by this Section 6.3, to the appropriate parties. 
 6.4 Annual Audit;
Termination Audit. 
 (a) For each Fiscal Year, the Company shall cause an audit to be conducted by an independent
certified public accountant from a nationally recognized accounting firm with more than five (5) years of experience in audits of gaming resort operations selected and approved by the Company and reasonably acceptable to the Manager, and on or
before seventy five (75) days after the end of such Fiscal Year, such accounting firm shall issue a report (an “Annual Report”) with financial statements in accordance with GAAP with respect to the operations of the Casino
Facilities during such Fiscal Year (or portion thereof in the case of the first Fiscal Year), including operating statements, balance sheets, income statements and statements reflecting the amounts computed to be distributed in accordance with
Section 6.3, such Annual Report to be approved at an annual meeting to be held at a location mutually agreed upon by the Company and the Manager. 
 (b) Following termination of this Agreement in accordance with its terms, such accounting firm shall conduct an audit, and on or before ninety (90) days after the termination date shall issue a
report (a “Termination Report”) setting forth the same information as is required in the annual report, in each case with respect to the portion of the Fiscal Year ending on the termination date. 

(c) If any such Annual Report or Termination Report reveals that the amounts paid to the Company or the Manager in accordance with
Section 6.3 above for the relevant period are different from the amount that should have been paid to such party based upon the provisions of this Agreement, then to the extent either party received an overpayment, such party shall pay the
amount of such overpayment to the other party within twenty five (25) days after the receipt by the parties of such report, and to the extent either party was underpaid, such party shall receive a payment from the other party of the amount of
such underpayment within ten (10) days after the receipt by the parties of such report. 
 6.5 Collection of
Revenues. Manager shall use diligent efforts to collect and account to the Company for all revenues and other charges which may become due the Company at any time from occupants or others for sales or services provided in connection with or for
the use of the Casino Facilities or any portion thereof. In addition, Manager shall collect and account to the Company for any income from miscellaneous services provided to occupants or the public, including restaurant income, parking income,
occupant storage and coin-operated machines of all types. 

  
 26 

 ARTICLE 7 
 Termination/Material Breach 
 7.1 Termination for Material Breach.

 (a) Either the Company or the Manager (the “Terminating Party”) may terminate this Agreement if the other
commits or allows to be committed a Material Breach or a Material Breach with respect to the other occurs. 
 (b) Except as
otherwise expressly set forth herein, termination is not an exclusive remedy for claims of a Material Breach, and the parties shall be entitled to other rights and remedies as may be available pursuant to the terms of this Agreement or under
applicable law. 
 (c) For purposes of this Agreement, a “Material Breach” by or with respect to Manager is
any of the following circumstances: 
 (i) failure of Manager to perform any obligation under this Agreement in any material
respect for reasons not excused under Section 9.5 hereof (Force Majeure), and failure to cure such breach within thirty (30) calendar days after receipt of written notice from the Company identifying the nature of the breach in specific
detail and its intention to terminate this Agreement; provided, however, that if the nature of such breach (but specifically excluding breaches curable by the payment of money) is such that it is not possible to cure such breach within thirty
(30) days, such thirty-day period shall be extended for so long as Manager shall be using diligent efforts to effect a cure thereof, but such period shall not be so extended for more than an additional sixty (60) days (i.e., ninety
(90) days in the aggregate); 
 (ii) commission of theft or misappropriation, fraud, felony, and other similar acts if
such act is detrimental to the Casino Facilities, the act was committed by Manager or its Affiliate, or an employee or agent of Manager or its Affiliate, and the Casino Facilities are not made whole and the act is not remedied to Company’s
satisfaction within thirty (30) calendar days after Company becoming aware of the offending act (with the understanding that Manager shall provide Company notice of all such offending acts within three (3) days of its becoming aware of any
such incident if Company has not first provided Manager notice related thereto); 
 (iii) the commission of gross negligence or
willful misconduct in the performance of its duties hereunder; 
 (iv) if Manager loses its Gaming License, commits an act that
causes the Company to lose (through revocation, suspension or other similar means), or is determined to be an “unsuitable party” for purposes of either party’s Gaming License or is subject to any other determination or direction by
any governmental authority by which the Company’s continuation of Manager as the manager of the Casino Facilities under this Agreement would put the Company’s Gaming License at risk of revocation, suspension, termination or similar
material adverse effect, or if Manager’s Gaming License is suspended; 
 (v) any representation or warranty made by the
Manager pursuant to Section 9.9 proves to be false or erroneous in any material respect when made; 

  
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 (vi) Manager’s bankruptcy (whether voluntary or involuntary) or placement into
receivership of Manager; 
 (d) For purposes of this Agreement, a “Material Breach” by or with respect to the
Company is any of the following circumstances: 
 (i) failure of the Company to perform any obligation under this Agreement in
any material respect for reasons not excused under Section 9.5 hereof (Force Majeure) and failure to cure such breach within thirty (30) calendar days after receipt of written notice from the Manager identifying the nature of the breach in
specific detail and its intention to terminate this Agreement; provided, however, that if the nature of such breach (but specifically excluding breaches curable by the payment of money) is such that it is not possible to cure such breach within
thirty (30) days, such thirty-day period shall be extended for so long as the Company shall be using diligent efforts to effect a cure thereof, but such period shall not be so extended for more than an additional sixty (60) days
(i.e., ninety (90) days in the aggregate); or 
 (ii) commission of theft or misappropriation, fraud, felony, and
other similar acts if such act is detrimental to the Casino Facilities and the act was committed by Company or its Affiliate, or an employee or agent of Company or its Affiliate and the Casino Facilities are not made whole and the act is not
remedied to Manager’s satisfaction within thirty (30) calendar days after Manager becoming aware of the offending act (with the understanding that Company shall provide Manager notice of all such offending acts within three (3) days
of its becoming aware of any such incident if Manager has not first provided Company notice related thereto); 
 (iii) the
commission of gross negligence or willful misconduct in the performance of its duties hereunder; 
 (iv) if Company loses its
Gaming License, commits an act that causes the Manager to lose (through revocation, suspension or other similar means), or is determined to be an “unsuitable party” for purposes of either party’s Gaming License or is subject to any
other determination or direction by any governmental authority by which the Company’s continuation of owner of the Casino Facilities would put the Manager’s or Gaming Facility’s Gaming License at risk of revocation, suspension,
termination or similar material adverse effect, or if Company’s Gaming License is suspended; 
 (v) any representation or
warranty made by the Company pursuant to Section 9.10 proves to be false or erroneous in any material respect when made; and 
 (vi) Company’s bankruptcy (whether voluntary or involuntary) or placement into receivership of Company. 
 (e) Any final notice of termination hereunder shall be in writing detailing the reason the Terminating Party considers the Material Breach not to be cured and must be delivered to the other party before
such termination becomes effective. 
 7.2 Mutual Consent or Failure to Fund $10,000,000. 

(a) This Agreement may be terminated at any time upon the mutual written consent and approval of the Company and the Manager.

  
 28 

 (b) This Agreement may be terminated by Company upon the failure of Lakes Florida
Development, LLC or an Affiliate of Manager Parent to fund a total of $10,000,000 to Company as a capital contribution. 
 7.3.
Sale of Company. In the event the Company merges or consolidates with an unaffiliated company, or the Company sells its outstanding stock, or all or substantially all of its assets (“Sale Event”), this Agreement shall
terminate on the date of closing of such Sale Event. 
 7.4 Involuntary Termination Due to Changes in Law. 

(a) Subject to the terms and provisions of this Agreement, the Company and the Manager agree to use commercially reasonable efforts to
conduct gaming activities in accordance with this Agreement and to ensure that such activities and this Agreement conform to and comply with all Legal Regulations. 
 (b) In the event of any change in state or federal law that results in a final determination by a Designated Court that this Agreement is unlawful, the Company and the Manager shall each use good-faith
commercially reasonable efforts to amend this Agreement in a mutually satisfactory manner which will comply with the change in applicable laws and not materially change the rights, duties and obligations of the parties hereunder. In the event such
amendment cannot be legally effected following exhaustion of all such good-faith commercially reasonable efforts (including the lapse of all legal proceedings and appeal periods without favorable results), performance of this Agreement shall be
automatically suspended effective upon the date that performance of this Agreement becomes unlawful by such final determination, and either party shall have the right to terminate this Agreement upon written notice to the other party. 

7.5 Other Rights upon Expiration or Termination; Ownership of Assets and Repayment of Obligations on Termination. 

(a) Following expiration or earlier termination of this Agreement for any reason: 

(i) As between the Manager and the Company, the Company will retain full ownership of the Casino Facilities, the Furnishings and
Equipment and its assets and all assets of the Casino Facilities (including the Casino, all plans and specifications therefor, and any equipment, books and records, materials or furnishings therein the acquisition of which constituted Costs of
Operations). 
 (ii) Whether such termination was voluntary or involuntary, the Company shall have the obligation to pay any
unpaid Management Fees to the extent accruing and attributable to any period prior to the expiration or earlier termination of this Agreement, which obligation shall survive the expiration or earlier termination of this Agreement. 

(iii) The Surviving Obligations shall survive expiration or earlier termination of this Agreement. 

(iv) In the event of the expiration of the term or the termination of this Agreement for any reason, Manager shall cooperate with the
Company in the orderly transition of management of the Casino Facilities, and shall provide the Company or its designee prior to the expiration or termination with any and all books, records, documents, contracts, and all other information relating
to the Casino Facilities, whether such information shall be in electronic, hard copy or any other form. 

  
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 7.6 Notice of Termination. In the event of a proposed termination pursuant to this
Article, the Company shall provide notice of the termination to the Florida Gaming Commission or other appropriate Governmental Authorities within ten (10) days after the termination if and to the extent the Company reasonably determines that
such notice is required under applicable law. 
 7.7 Cessation of Gaming at the Casino. 

(a) If, during the term of this Agreement, the level or type of the gaming operations legally permitted at the Casino Facilities as of
the Effective Date cannot be lawfully conducted at the Casino Facilities by reason of the application of any legislation or court or administrative agency order or decree adopted or issued by a governmental entity having the authority to do so, such
gaming shall be discontinued as of the effective date of the legislation, order or decree; and the Manager shall, within sixty (60) days after such legislation, order or decree becomes effective, elect one of the following three options:

 (i) Suspend the term of this Agreement until such date on which such gaming at the Casino Facilities becomes lawful again
(during which period the term of the Agreement will be tolled until such gaming at the Casino Facilities becomes lawful again and can be recommenced operationally or the Company and the Manager mutually agree otherwise); or 

(ii) Suspend the term of this Agreement until such date on which such gaming at the Casino Facilities becomes lawful again (during which
period the term of the Agreement will be tolled until such gaming at the Casino Facilities becomes lawful again and can be recommenced operationally at the Casino Facilities or the Company and the Manager mutually agree otherwise), and with the
prior approval of the Company (which approval shall not be unreasonably withheld), use the Casino Facilities for any other lawful purpose pursuant to a use agreement containing terms reasonably acceptable to the Manager and the Company; or

 (iii) Terminate this Agreement, whereupon this Agreement shall terminate and of no further force and effect except with
respect to the duties, liabilities and obligations of the parties which arose or accrued prior to termination. 
 The Manager
shall give Company written notice of the Manager’s election within such sixty-day period. If the Manager elects to suspend the term of this Agreement under this Section 7.6 (a)(i) or (ii) above, the Manager shall have the right (but
not the obligation) to reinstate this Agreement within ten (10) days after the date on which gaming becomes lawful. The Manager may exercise such right by giving Manager written notice of such reinstatement within said 10-day period after the
date on which gaming becomes lawful. 
 (b) If, during the term of this Agreement, the Casino Facilities or any portion thereof
is damaged by casualty or other occurrence or taken by eminent domain or similar proceedings to the extent, as reasonably determined by the Manager, that the level or type of the gaming operations conducted at the Casino Facilities as of the
Effective Date cannot be conducted at the Casino Facilities, the Manager shall elect one of the following two options: 
 (i)
suspend the term of this Agreement pending repair, restoration or reconstruction of the Casino Facilities (during which period the term of the Agreement will be tolled until such gaming can again be conducted at the Casino Facilities or the Company
and the Manager mutually agree otherwise), and arrange for such repair, restoration or reconstruction; or 

  
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 (ii) terminate this Agreement, such termination to be effective on the
sixtieth (60th) day after written notice of
termination shall have been delivered to Manager, whereupon this Agreement shall terminate and of no further force and effect except with respect to the duties, liabilities and obligations of the parties which arose or accrued prior to termination.

 The Manager shall give Company written notice of the Manager election under subsection within sixty (60) days after such
casualty or occurrence. The Company alone has the authority to submit, adjust and settle, on behalf of the Company, all insurance claims associated with the casualty or occurrence and conduct and settle or otherwise resolve any condemnation
proceedings; provided, however, that the Manager shall cooperate with the Company’s efforts in such regard and assist in the preparation of any submissions. 
 (c) If for any reason either the Company, Manager or the Casino, as applicable, fails to obtain or loses its Gaming License(s) or any other governmental or quasi-governmental permits, licenses, approvals
or certificates under any applicable Legal Requirements required to operate the Casino, the Company or Manager shall have the right to terminate this Agreement upon written notice to the other party, whereupon this Agreement shall terminate and be
of no further force and effect except with respect to the duties, liabilities and obligations of the parties which arose or accrued prior to termination, unless such failure or loss arose out of or resulted from a Material Breach by the party
providing notice of termination (in which event Section 7.1(b) hereof shall apply). 
 7.8 Cumulative Remedies. All
rights or remedies of the Company or the Manager under this Agreement shall be cumulative and may be exercised singularly in any order or concurrently, at such party’s option, and the exercise or enforcement of any such right or remedy shall
neither be a condition to nor bar to the exercise or enforcement of any other right or remedy. 
 7.9 PUNITIVE DAMAGES
WAIVER. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT OR UNDER APPLICABLE LAW, IN ANY ARBITRATION, LAW SUIT, LEGAL ACTION OR PROCEEDING BETWEEN THE PARTIES ARISING FROM OR RELATING TO THIS AGREEMENT OR THE CASINO FACILITIES, THE
PARTIES UNCONDITIONALLY AND IRREVOCABLY WAIVE AND DISCLAIM, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW ALL RIGHTS TO ANY PUNITIVE, EXEMPLARY, OR TREBLE DAMAGES, AND ACKNOWLEDGE AND AGREE THAT THE RIGHTS AND REMEDIES IN THIS AGREEMENT, AND
ALL OTHER RIGHTS AND REMEDIES AT LAW AND IN EQUITY, WILL BE ADEQUATE IN ALL CIRCUMSTANCES FOR ANY CLAIMS THE PARTIES MIGHT HAVE WITH RESPECT THERETO. THE WAIVER OF PUNITIVE, EXEMPLARY OR TREBLE DAMAGES SHALL NOT APPLY WITH RESPECT AMOUNTS PAYABLE TO
THIRD PARTIES UNDER THE INDEMNIFCATION PROVISIONS OF ARTICLE 8 BELOW. 
 ARTICLE 8 

Release and Indemnity 
 8.1 Third-Party Claims. Except as provided for in Sections 8.2 and 8.3 below, the Company shall not be entitled to recover from, and expressly releases, the Manager, its agents, directors,
officers, employees and Affiliates, and the Manager shall not be entitled to recover from, and expressly releases, the Company and its respective agents, directors, officers, employees and Affiliates, from or for any third-party damages, claims,
causes of action, losses and expenses of whatever kind or nature, including attorneys’ fees and expenses incurred in defending such claims, in connection with the lawful operation of the Casino Facilities in accordance with the terms of this
Agreement; and such claims, damages, losses or expenses (including attorneys fees) shall be considered Costs of Operations and shall be paid as incurred. 

  
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 8.2 Indemnity from the Manager. Notwithstanding Section 8.1, the Manager shall
upon request indemnify and hold the Company and its respective agents, directors, officers, employees and Affiliates harmless against any and all damages, claims, losses or expenses of whatever kind or nature, including reasonable attorneys’
fees and expenses incurred in defending such claims, resulting from the gross negligence or willful or criminal misconduct of the Manager or any Affiliate of Manager or their respective officers or directors of in connection with the Manager’s
performance of this Agreement (including any breach of this Agreement), and no such losses or expenses to the extent paid by Manager shall be considered Costs of Operations. 
 8.3 Indemnity from the Company. Notwithstanding Section 8.1, the Company shall upon request indemnify and hold the Manager, its agents, directors, officers, employees and Affiliates harmless
against any and all damages, claims, losses or expenses of whatever kind or nature, including reasonable attorneys’ fees and expenses incurred in defending such claims, resulting from the gross negligence or willful or criminal misconduct of
the Company or any Affiliate of the Company (other than Manager and its Affiliates) or their respective officers or directors in connection with the Company’s performance of this Agreement (including any breach of this Agreement) and no such
damages, losses or expenses shall be considered Costs of Operations. 
 8.4 Indemnity Against Unauthorized Debt and
Liabilities. Neither this Agreement nor its performance (a) creates or implies a partnership between the Manager and the Company, or (b) authorizes the Company to act as agent for the Manager, or, except to the extent expressly
provided herein, the Manager to act as agent for the Company. The Manager hereby agrees to indemnify and hold the Company harmless from any third-party claims, actions and liabilities, including reasonable attorneys’ fees, on account of
obligations or debts of the Manager or the Company that the Manager is not authorized to undertake pursuant to the terms of this Agreement. The Company agrees to indemnify and hold the Manager harmless from any third-party claims, actions and
liabilities on account of any of the separate obligations or debts of the Company that are not authorized Costs of Gaming Operations pursuant to this Agreement. 
 ARTICLE 9 
 Miscellaneous 

9.1 Assignment and Subcontractors. 
 (a) Manager shall not assign this Agreement or delegate its duties hereunder, in whole or in part, without the express prior written consent of the Company. For purposes of this Agreement, any change in
or any sale, conveyance, transfer or other disposition, whether voluntarily, involuntarily or otherwise, of the ownership interests in or substantially all the assets of Manager Parent shall not be deemed to be an assignment hereunder. 

(b) The Company may assign its rights and obligations under this Agreement at any time, without the consent of Manager; provided
however, that the Company shall notify Manager in writing of any such assignment at least thirty (30) days in advance thereof and any transfer or assignment of this Agreement by the Company shall include an express assumption by the transferee
or assignee of the Company’s obligations hereunder and provided further than such transferee or assignee is either the purchaser, lessee or other transferee of all or substantially all of the Casino Facilities or an Affiliate of the Company
(provided, however, nothing herein shall restrict the Company from assigning this Agreement 

  
 32 

 
to any Lender as security or otherwise as contemplated in any of the Control Agreements). For purposes of this Agreement, any change in, or any sale, conveyance, transfer or other disposition of,
whether voluntarily, involuntarily or otherwise, the direct or indirect ownership interests in the Company resulting in a change in control of the Company shall be deemed to be an assignment hereunder. 

(c) Any assigning party engaging in a permitted assignment described above shall, and shall cause its assignee, to execute and deliver
to the other party such assignment and assumption agreements together with evidence of the due authorization, execution, delivery and enforceability of such assignment documents as may be reasonably requested. Any attempted assignment or
subcontracting without any consent and approval, to the extent such consent and approval is required hereunder, shall be void. Subject to the preceding requirements, this Agreement shall be binding upon and shall inure to the benefit of the parties
and their respective successors and permitted assigns. 
 9.2 Notices. Any notice, consent or any other communication
permitted or required by this Agreement shall be in writing and shall be effective on the date sent and shall be delivered by personal service, via telecopier with reasonable evidence of transmission, express delivery or by certified or registered
mail, postage prepaid, return receipt requested, and, until written notice of a new address or addresses is given, shall be addressed as follows: 
 If to the Company: 
 Harris Friedman, Manager 

Dania Entertainment Center, LLC 
 425 North Federal Highway 
 Hallandale, Florida 33009 

If to the Manager: 
 Timothy J.
Cope 
 President/CFO 
 Lakes Entertainment, Inc. 
 130 Cheshire Lane 

Minnetonka, MN 55305 
 With a
copy to: 
 Gregory J. Blodig, Esq. 
 Greenspoon Marder, P.A. 
 100 W. Cypress Creek Road 

Suite 700 
 Fort
Lauderdale, Florida 33309 
 and 
 Damon E. Schramm 
 Vice President – General Counsel 

Lakes Entertainment, Inc. 
 130 Cheshire Lane 
 Minnetonka, MN 55305 

  
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 9.3 Amendments. This Agreement may be amended only by written instrument duly
executed by all of the parties hereto and with any and all necessary regulatory approvals previously obtained. 
 9.4
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. This Agreement may be executed and delivered by
telecopier or other facsimile or electronic mail transmission all with the same force and effect as if the same were a fully executed and delivered original manual counterpart. 

9.5 Force Majeure. No party shall be in default in performance due hereunder if such failure or performance is due to causes
beyond its reasonable control, including acts of God, war, terrorism, fires, floods, or accidents causing damage to or destruction of the Casino Facilities or property necessary to operate the Casino Facilities, or any other causes, contingencies,
or circumstances not subject to its reasonable control which prevent or hinder performance of this Agreement; provided, however, that the foregoing shall not excuse any obligations of the Company or any other Affiliate of the Company to make
monetary payments to the Manager or any Affiliate of the Manager as and when required hereunder. 
 9.6 Time is Material.
The parties agree that time is of the essence and the time and schedule requirements set forth in this Agreement are material terms of this Agreement. 
 9.7 Further Assurances. The parties hereto agree to do all acts and deliver necessary documents as shall from time to time be reasonably required to carry out the terms and provisions of this
Agreement. 
 9.8 Severability. In the event that any provision of this Agreement is, by final order of a Designated
Court or Governmental Authority, held to be illegal or void, the validity of the remaining portions of this Agreement shall be enforced as if this Agreement did not contain such illegal or void clauses or provisions, and the parties shall use
commercially reasonable efforts to negotiate an amendment to this Agreement which will comply with the judicial order and maintain the originally contemplated rights, duties and obligations of the parties hereunder. 

9.9 Representations and Warranties of the Manager. The Manager hereby represents and warrants as follows: 

(a) This Agreement has been duly authorized, executed and delivered by the Manager and constitutes a valid and binding obligation,
enforceable against the Manager in accordance with its terms. 
 (b) The execution and delivery of this Agreement by Manager,
the performance by the Manager of its obligations hereunder and the consummation by the Manager of the transactions contemplated hereby will not violate any contract or agreement to which the Manager or any Affiliate of Manager is a party or any
law, regulation, rule or ordinance or any order, judgment or decree of any federal, state, or local court or require any regulatory approval beyond those contemplated herein. 
 (c) The Manager has the full legal right, power and authority and has taken all action necessary to enter into this Agreement, to perform its obligations hereunder, and to consummate all other
transactions contemplated by Agreement. 

  
 34 

 (d) The Manager has been validly formed and is in good standing as a corporation,
partnership, limited liability company or other lawful entity, as the case may be and is and shall remain qualified to do business in the State of Florida during the term of this agreement. 

(e) Notwithstanding anything herein to the contrary, the parties hereto acknowledge that Manager has not yet been found suitable or
obtained the necessary licensure from the Florida Gaming Commission. Manager represents and warrants that it will obtain all licenses necessary to provide the management services as contemplated under this Agreement prior to the Opening Date.

 9.10 Representations and Warranties of the Company. The Company hereby represents and warrants as follows: 

(a) This Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and binding obligation,
enforceable against the Company in accordance with its terms. 
 (b) The execution and delivery of this Agreement by the
Company, the performance by the Company of its obligations hereunder and the consummation by the Company of the transactions contemplated hereby will not violate any contract or agreement to which the Company or any Affiliate of the Company is a
party or any law, regulation, rule or ordinance or any order, judgment or decree of any federal, state, or local court or require any regulatory approval beyond those contemplated herein. 

(c) The Company has the full legal right, power and authority and has taken all action necessary to enter into this Agreement, to
perform its obligations hereunder, and to consummate all other transactions contemplated by Agreement. 
 (d) The Company has
been validly formed and is in good standing as a corporation, partnership, limited liability company or other lawful entity, as the case may be. 
 9.11 Applicable Law. This Agreement shall be interpreted and construed in accordance with the laws of the State (without regard to its conflict of laws provisions) and applicable federal laws.

 9.12 Entire Agreement. This Agreement, including all exhibits, represents the entire agreement between the parties and
supersedes all prior agreements relating to management of gaming and ancillary operations conducted by the Company at the Casino Facilities. 
 9.13 No Partnership or Joint Venture; Limited Agency. Nothing contained in this Agreement shall constitute or be construed to be or to create a partnership or joint venture between the Company, its
successors or assigns, and Manager, its successors or assigns. Manager shall act as an independent contractor with the limited powers of agency expressly authorized by the Company in this Agreement (which agency shall not be coupled with an
interest) and, in exercising such powers of agency, Manager shall be an agent of the Company solely for the purpose of performing the applicable management functions for the Company within the scope of this Agreement. This Agreement does not create
in Manager any interest in the Casino Facilities, including any of the Furnishings and Equipment. 

  
 35 

 9.14 Approvals. Whenever pursuant to this Agreement, the Company exercises any right
given to it to approve or disapprove or to provide or withhold consent, or any arrangement or term is to be satisfactory or acceptable to the Company, all such decisions, directions and determinations made by the Company shall be reasonably made and
not unduly withheld or delayed, except as otherwise expressly provided for in this Agreement, and shall be final and conclusive. 
 9.15 No Third-Party Beneficiaries. This Agreement shall not confer any rights or remedies on any Person other than (i) the parties and their respective successors and permitted assigns, and
(ii) any indemnitee to the extent such indemnitee is expressly granted certain rights of defense and indemnification in this Agreement. 
 9.16 Non-disclosure. The parties agree not to divulge to third parties the terms of this Agreement or any other proprietary or confidential information exchanged between the parties pursuant to or
in connection with this Agreement, unless (i) the information is required to be disclosed pursuant to judicial order or Legal Requirements, (ii) the information is at the time of disclosure already in the public domain through no fault of
such party, or (iii) unless mutually agreed. This prohibition shall not apply to disclosures by either party to their attorneys, accountants, potential Lenders or other professional advisers, or disclosure by the Manager or the Company to their
respective Affiliates (provided that the Company and the Manager shall cause their respective Affiliates to comply with the terms of this Section). Notwithstanding anything herein to the contrary, the disclosure restrictions shall not prohibit the
Manager making any filings in compliance with federal or state securities laws as it deems legally necessary. 
 ARTICLE 10

 Dispute Resolution 
 10.1 Disputes Between the Company and the Manager. Except as provided in Section 10.2, disputes between the Manager and either the Company with respect to this Agreement or a party’s
performance hereunder shall be resolved by the following dispute resolution process: 
 (a) The parties shall use their best
efforts to settle the dispute. To this effect, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a mutually satisfactory just and equitable solution. 

(b) If the parties do not reach such a solution within ten (10) days after the initiation of such consultation and negotiation,
then any party to such dispute may, by written notice to the others, require such dispute to be settled by arbitration administered by the American Arbitration Association in accordance with the provisions of its Commercial Arbitration Rules in
effect at the time of submission. Notwithstanding any such provision to the contrary, (i) the question whether such dispute is arbitrable shall be a matter for binding arbitration by the arbitrators, such question shall not be determined by any
court and, in determining any such question, all doubts shall be resolved in favor of arbitrability, and (ii) discovery shall be permitted in accordance with the Federal Rules of Civil Procedure, subject to supervision as to scope and
appropriateness by the arbitrators. Unless the parties otherwise agree to in writing, arbitration proceedings shall be held in Ft. Lauderdale, Florida. 
 (c) The arbitration proceedings shall be conducted before a panel of three neutral arbitrators, all of whom shall be currently licensed attorneys, actively engaged in the practice of law for at least ten
(10) years, one of which shall have five (5) years of experience in the gaming industry. The arbitrator selected by the claimant and the arbitrator selected by respondent shall, within ten (10) days of their appointment, select a
third neutral arbitrator. In the event that they are unable to do so, the parties or their attorneys may request the American Arbitration Association to appoint the third neutral arbitrator. 

  
 36 

 
Prior to the commencement of hearings, each of the arbitrators appointed shall provide an oath or undertaking of impartiality. Any arbitration proceeding held in connection with any dispute with
respect to the this Agreement may be consolidated with any other arbitration proceeding involving the Manager, any Affiliate of Manager, the Company, or any other Affiliate of the Company. 

(d) Any arbitration award shall be in writing signed by each of the arbitrators, state the basis for the award, and set forth in
reasonable detail its findings of fact and law and the basis for the determination of the award form and amount. 
 (e) Except
to the extent such enforcement will be inconsistent with a specific provision of this Agreement, arbitration awards made pursuant to this Article 10 shall be enforceable in state or federal court under any applicable federal or state law governing
the enforcement of arbitration awards. In addition to any basis for appeal stated in any applicable law governing the enforcement of arbitration awards, a party to the arbitration may appeal an arbitration award on the basis that the arbitrator or
arbitrators incorrectly decided a question of law in making the award, or the award was made in an arbitrary or capricious manner or in manifest disregard of the factual evidence. 

(f) Any party to an arbitration shall have the right to seek and obtain a court order from a Designated Court requiring that the
circumstances specified in the order be maintained pending completion of the arbitration proceedings, to the extent permitted by applicable law. 
 (g) Judgment on any arbitration award may be entered in any Designated Court. The arbitrators shall not have the power to award punitive, exemplary or consequential damages, or any damages excluded by or
in excess of any damage limitations expressed in this Agreement. 
 (h) In the event that a dispute submitted to arbitration
under this section involves the right of the Manager to continue to receive compensation under Section 6.3, then any compensation which is asserted to be due to the Manager during such dispute shall, if not paid to the Manager, be deposited
into an interest-bearing escrow account. The documentation governing such escrow account shall be in form and substance acceptable to the Manager, but in any event shall grant the Manager a perfected first priority security interest in such account.
Funds so deposited shall be released to the Manager upon an arbitration award being issued in its favor; provided that, upon final conclusion of such arbitration or agency administrative or judicial appeal, any portion of such escrowed funds not
expressly awarded to the Manager shall be immediately released unconditionally to the Company. 
 Notwithstanding the foregoing
provisions of this Section 10.2, any party may file an action in a Designated Court for an equitable remedy at any time. 

10.3 Collection of Debt. Notwithstanding anything in Section 10.1 to the contrary, the arbitration requirement does not
limit, restrict or prohibit, and the Manager and any Affiliate of the Manager may commence a civil action in any Designated Court against the Company or any other Affiliate of the Company to collect sums of money due to the Manager or any Affiliate
of the Manager. 
 10.4 Confidentiality. Except as required by state or federal law, including but not limited to,
reporting requirements imposed on publicly traded companies, each of the parties agrees that all non-public information exchanged between the parties with respect to the operation of the Casino Facilities shall be kept confidential by each party and
only disclosed to that party’s legal counsel, accountants, financial advisors, Lenders or as reasonably required to be disclosed in connection with the operation of the Casino Facilities. This confidentiality obligation shall survive the
termination of this Agreement for a period of one (1) year. 

  
 37 

 10.5 Exclusivity. During the term of this Agreement, Manager, Manager Parent or any
of their Affiliates shall not develop, operate, manage, or consult with any casino gaming operation within a 50-mile radius of the Casino Facilities; provided, however, that this Section shall not apply to any passive investments made by Manager in
such casino gaming operation. A violation by Manager, Manager’s Parent or any of their Affiliates shall be deemed a material default of Manager under this Agreement. 
 10.6 Work Product. For purposes of this Section, “work product” means any inventions, technology, discoveries, concepts, ideas (whether patentable or not), copyrights, trademarks and
service marks relating to any present or perspective activities of the Casino Facilities. Manager agrees that all rights in Work Product produce by Manager during the term of service for Company pursuant to this Agreement shall be the property of
Company and Manager hereby assigns and agrees to assign to Company all of its rights to work product and to any application for United States and Foreign letters of patent, marks and copy rights and to resulting letters of patent, copyrights and
marks with respect thereto. the Company’s request, Manager shall execute such documents and provide such assistance as may be deemed necessary by Company to apply for United States and Foreign Letter of patents, marks and copyrights on or
related to the work product. Manager shall not have the right or privilege to use such work product except through the operation of the Company. For purposes of clarity, it is agreed that the term “work product” of Manager shall not
include Manager IP. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the above written date.

  

									
	DANIA ENTERTAINMENT CENTER, LLC	 		 	LAKES FLORIDA CASINO MANAGEMENT, LLC
					
	 By:
	 	 /s/    Harris
Friedman        
	 		 	By:	 	 /s/     Timothy
Cope        

					
	 Its:
	 	 Manager
	 		 	 Its:
	 	 Manager

  
 38 

 EXHIBIT A TO MANAGEMENT AGREEMENT 

LEGAL DESCRIPTION 

 EXHIBIT B TO MANAGEMENT AGREEMENT 

DEVELOPMENT SERVICES 
 1.1
This Exhibit is intended to, and shall, govern all work and services provided by Manager and all work and consulting services provided by the Manager for the Development Project (defined below), whether initiated or performed prior or subsequent to
the execution of the Agreement. 
 1.2 As provided in greater detail throughout this Exhibit, Manager has been retained by the Company to advise
and assist the Company in connection with the development, design, construction and commissioning of the Casino Facilities for use as a Casino and the selection, acquisition and installation of Furnishings and Equipment (the “Development
Project”), including the following: 
  

	 	(a)	consult, assist and advise the Company in the development of the Project Budget and the Project Schedule (each as defined herein), as well as the delineation of the
scope and nature of work on the Development Project; 

  

	 	(b)	consult, assist and advise the Company in assessing and monitoring the pre-construction costs and schedule for the purpose of facilitating the performance and
completion of the Development Project within the time and budgetary limitations established as provided herein; 

  

	 	(c)	consult, assist and advise the Company in the selection and acquisition of Furnishings and Equipment; 

 

	 	(d)	consult, assess and monitor costs incurred on the Development Project for compliance with the Project Budget; 

 

	 	(e)	consult, assess and monitor the construction on the Development Project for compliance with the design documents, the project schedule and the construction contracts;

  

	 	(f)	perform such additional consulting services as may be reasonably requested. 

 1.3 Manager shall not be responsible for the acts and/or omissions of the Company’s contractors and/or other persons performing work on the Development Project that are not employed by or on behalf
of Manager. Manager shall have no responsibility pursuant to this Exhibit for design errors, omissions or inconsistencies committed by Architect or any engineer employed by the Company to design the Development Project. Any claims against Manager
for such acts or omissions shall be subject to the indemnification provisions in Article 8 herein. 

  
 40 

 EXHIBIT “B” TO 

CONVERTIBLE PROMISSORY NOTE 
 Company will not take the following actions without the consent of Lakes until Close or until it is determined that the Close will not occur: 

 

	 	(a)	creating any new class of Interests or altering any Membership Rights under the Agreement; 

 

	 	(b)	a sale of all or substantially all of the assets of the Company; 

  

	 	(c)	the authorization or approval of a merger, consolidation or a material change in the capital structure (including the Initial Contributions or reclassification of
membership units) of the Company; 

  

	 	(d)	any amendment to the Articles or the Agreement; 

  

	 	(e)	Approval of the annual operating budget of the Gaming Facility; and 

  

	 	(f)	Approval of the annual capital budget of the Company. 

  

	 	(g)	Any decision that materially affects the development or operations of the Project; 

 

	 	(h)	The hiring of the general manager and chief financial officer of the Gaming Facility. 

 

	 	(i)	Enter into any contract, agreement or other binding relationship for which the Company is not receiving full and fair consideration and/or which is between the Company
and an Affiliate of any Member and/or member of a Member (including, but not limited to any Management Agreement, Construction Agreement, and/or Development Agreement; 

 

	 	(j)	Make, execute or deliver any contract to sell, bill of sale, deed, mortgage, or lease, relating to any Company assets, or its respective interest therein (except for
sales of inventory in the ordinary course of business, if applicable); 

  

	 	(k)	Possess Company property or assign the right of the Company to specific property other than for a Company purpose; 

 

	 	(l)	Make, execute or deliver any general assignment for the benefit of creditors; 

  
 41 

	 	(m)	Assign, transfer, pledge, compromise, or release any claim of the Company except for full payment, or arbitrate or consent to the arbitration of any disputes or
controversies; 

  

	 	(n)	Incur obligations on behalf of the Company which are 10 percent or more of the amount that had previously been approved in the most recent annual Budget;

  

	 	(o)	Employ and establish the compensation payable to relatives of any of the parties hereto; 

 

	 	(p)	Confess a judgment against the Company; 

  

	 	(q)	Create any personal liability for any party other than the personal liability to which any party may have agreed to in writing; 

 

	 	(r)	Loan any money or extend the credit of the Company to another other than in the ordinary course of business; 

 

	 	(s)	Cause or permit the Company to engage in any business or activity unrelated to its regular activities; 

 

	 	(t)	Do any other act set forth in this Agreement which requires the consent of another or all of the parties hereto, without first having obtained such consents; or

  

	 	(u)	Borrow any money from the Company. 

  
 42Senior Secured Term Loan Agreement

 Exhibit 10.1 
 SENIOR SECURED TERM LOAN AGREEMENT 
 DATED AS OF AUGUST 23, 2011

 AMONG 
 TERRENO REALTY LLC, 
 AS BORROWER 

AND 

KEYBANK NATIONAL ASSOCIATION 
 AS ADMINISTRATIVE AGENT 
 KEYBANC CAPITAL MARKETS 

AS LEAD ARRANGER 
 AND 
 THE SEVERAL LENDERS 

FROM TIME TO TIME PARTIES HERETO, 
 AS LENDERS 

 SENIOR SECURED TERM LOAN AGREEMENT 

This Senior Secured Term Loan Agreement (“Agreement”), dated as of August 23, 2011 is among Terreno Realty LLC, a
limited liability company organized under the laws of the State of Delaware (the “Borrower”), KeyBank National Association, a national banking association, both individually as a “Lender” and as
“Administrative Agent”, KeyBanc Capital Markets as “Lead Arranger,” and the several banks, financial institutions and other entities which may from time to time become parties to this Agreement as additional
“Lenders”. 
 RECITALS 
 A. Borrower is primarily engaged in the business of purchasing, owning, operating, leasing and managing industrial properties. 
 B. Borrower’s sole member, Terreno Realty Corporation, a Maryland corporation (“Parent Guarantor”) is qualified as a real estate investment trust under Section 856 of the Code.

 C. Borrower desires to obtain a senior secured term loan to provide interim financing with respect to two of Borrower’s
Projects secured by Borrower’s indirect ownership interests in such Projects and Lenders are willing to do so on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows: 
 ARTICLE I. 
 DEFINITIONS 

As used in this Agreement: 
 “Adjusted EBITDA” means, as of any date, an annualized amount determined by multiplying two (2) times the Consolidated EBITDA for the most recent fiscal quarter of Borrower for which
financial results have been reported and the immediately preceding fiscal quarter (or until Borrower has been existence for two full fiscal quarters, by multiplying four (4) times the Consolidated EBITDA for the most recent such fiscal quarter)
and deducting from such annualized amount an annual amount for capital expenditures equal to $0.15 per square foot times the weighted daily average rentable area of Projects owned by the Consolidated Group or any Investment Affiliate (but only
deducting the applicable Consolidated Group Pro Rata Share of such amount with respect to such Investment Affiliate) during the applicable calculation period for such annualized Consolidated EBITDA. 

“Administrative Agent” means KeyBank National Association in its capacity as agent for the Lenders pursuant to Article
X, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X. 
 “Advance” means a borrowing hereunder consisting of the aggregate amount of the several Loans made by one or more of the Lenders to Borrower of the same Type and, in the case of LIBOR Advances,
for the same LIBOR Interest Period. 
 “Affiliate” of any Person means any other Person directly or indirectly
controlling, controlled by or under common control with such Person. A Person shall be deemed to control another Person 

 
if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct or
cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 
 “Agreement” means this Senior Secured Term Loan Agreement, as it may be amended or modified and in effect from time to time. 

“Agreement Execution Date” means the date this Agreement has been fully executed and delivered by all parties hereto.

 “Anti-Terrorism Laws” is defined in Section 5.28. 

“Applicable Margin” means, as applicable, the Base Rate Applicable Margin or the LIBOR Applicable Margin which are used in
calculating the interest rate applicable to the various Types of Advances. 
 “Article” means an article of this
Agreement unless another document is specifically referenced. 
 “Authorized Officer” means any of the Chief Executive
Officer, President, Chief Financial Officer, Chief Accounting Officer or Vice President of Borrower or Parent Guarantor, acting singly. 
 “Bankruptcy Code” means the Bankruptcy Code of the United States of America, as amended from time to time. 
 “Base Rate” means, for any day, a rate per annum equal to the Floor Base Rate for such day plus the Base Rate Applicable Margin for such day, in each case changing as and when the Floor Base
Rate changes. 
 “Base Rate Advance” means an Advance that bears interest at the Base Rate. 

“Base Rate Applicable Margin” means, as of any date with respect to any Base Rate Advance, the per annum amount then in effect
pursuant to Section 2.3 hereof. 
 “Base Rate Loan” means a Loan that bears interest at the Base Rate.

 “Borrower” means Terreno Realty LLC, a limited liability company organized under the laws of the State of Delaware,
and its successors and assigns. 
 “Borrowing Date” means the date on which the initial disbursement is made
hereunder. 
 “Borrowing Notice” is defined in Section 2.9. 

“Business Day” means (i) with respect to any borrowing, payment or rate selection of LIBOR Advances, a day (other than a
Saturday or Sunday) on which banks generally are open in Cleveland, Ohio and New York, New York for the conduct of substantially all of their commercial lending activities and on which dealings in United States dollars are carried on in the London
interbank market and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in Cleveland, Ohio and New York, New York for the conduct of substantially all of their commercial lending activities.

  
 -2-

 “Capital Stock” means any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all warrants or options to purchase any of the foregoing. 

“Capitalized Lease” of a Person means any lease of Property imposing obligations on such Person, as lessee thereunder, which
are required in accordance with GAAP to be capitalized on a balance sheet of such Person. 
 “Capitalized Lease
Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 

“Cash Equivalents” means, as of any date: 

(i) securities issued or directly and fully guaranteed or insured by the United States Government or any agency or
instrumentality thereof having maturities of not more than one year from such date; 
 (ii) mutual funds
organized under the United States Investment Company Act rated AAm or AAm-G by S&P and P-1 by Moody’s; 

(iii) certificates of deposit or other interest-bearing obligations of the Administrative Agent (or an Affiliate thereof)
or a bank or trust company which is a member in good standing of the Federal Reserve System having a short term unsecured debt rating of not less than A-1 by S&P and not less than P-1 by Moody’s (or in each case, if no bank or trust company
is so rated, the highest comparable rating then given to any bank or trust company, but in such case only for funds invested overnight or over a weekend) provided that such investments shall mature or be redeemable upon the option of the holders
thereof on or prior to a date one month from the date of their purchase; 
 (iv) certificates of deposit or other
interest-bearing obligations of the Administrative Agent (or an Affiliate thereof) or a bank or trust company which is a member in good standing of the Federal Reserve System having a short term unsecured debt rating of not less than A-1+ by
S&P, and not less than P-1 by Moody’s and which has a long term unsecured debt rating of not less than A1 by Moody’s (or in each case, if no bank or trust company is so rated, the highest comparable rating then given to any bank or
trust company, but in such case only for funds invested overnight or over a weekend) provided that such investments shall mature or be redeemable upon the option of the holders thereof on or prior to a date three months from the date of their
purchase; 
 (v) bonds or other obligations having a short term unsecured debt rating of not less than A-1+ by
S&P and P-1+ by Moody’s and having a long term debt rating of not less than A1 by Moody’s issued by or by authority of any state of the United States, any territory or possession of the United States, including the Commonwealth of
Puerto Rico and agencies thereof, or any political subdivision of any of the foregoing; 
 (vi) repurchase
agreements issued by an entity rated not less than A-1+ by S&P, and not less than P-1 by Moody’s which are secured by U.S. Government securities of the type described in clause (i) of this definition maturing on or prior to a date one
month from the date the repurchase agreement is entered into; 

  
 -3-

 (vii) short term promissory notes rated not less than A-1+ by S&P, and
not less than P-1 by Moody’s maturing or to be redeemable upon the option of the holders thereof on or prior to a date one month from the date of their purchase; and 

(viii) commercial paper (having original maturities of not more than 365 days) rated at least A-1+ by S&P and P-1 by
Moody’s and issued by a foreign or domestic issuer who, at the time of the investment, has outstanding long-term unsecured debt obligations rated at least A1 by Moody’s. 

“Change of Control” means (i) any transfer of ownership resulting in Parent Guarantor owning less than 100% of the equity
interests in Borrower or (ii) any change in the membership of Parent Guarantor’s Board of Directors which results in (x) those board members having served for such Board of Directors throughout the preceding twelve (12) month
period (or since the date of Parent Guarantor’s organization in the case of the first twelve (12) months after Parent Guarantor’s organization) (“Existing Directors”) and (y) directors approved by Existing Directors as
of any date constituting less than 50% of the total board members at such time. 
 “Change in Management” means the
failure of at least one of the Parent Guarantor’s Chief Executive Officer and the Guarantor’s President and Chief Financial Officer as of the Agreement Execution Date (or any successor to either such individual hereafter approved by the
Administrative Agent) to continue to be active on a daily basis in the management of Borrower provided that if both of such individuals shall die or become disabled or otherwise cease to be active in the management of Borrower, Borrower shall have
one hundred twenty (120) days to retain a replacement executive of comparable experience which is reasonably satisfactory to the Administrative Agent. 
 “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time. 
 “Collateral” means all of the property, rights and interests of Borrower and its Subsidiaries that are subject to the security interests and Liens created by the Security Documents. 

“Collateral Assets” means the two (2) Projects commonly described as the warehouse distribution
facility located at 14100 NW 60th Avenue, Miami Lakes,
Florida and the multi-tenant industrial building located at 215 SE 10th Avenue, Hialeah, Florida, each of which is legally described on Exhibit A attached hereto and made a part hereof. 
 “Collateral Assignment” means the Collateral Assignment of Interests in the form of Exhibit K attached hereto from Borrower to the Administrative Agent, for the benefit of the
Lenders, as the same may be modified, amended or restated, pursuant to which there shall be granted to the Administrative Agent on behalf of the Lenders a first priority lien and security interest in the applicable Pledged Equity Interests and the
other interests of Borrower in the Collateral described therein, and any further assignments, certificates, powers, consents, acknowledgments, estoppels or UCC-1 financing statements that may be delivered in connection therewith. 

“Collateral Inclusion Conditions” means, with respect to each Collateral Asset: (A) a written opinion of the
Borrower’s counsel addressed to the Lenders in a form reasonably satisfactory to the Administrative Agent regarding the Subsidiary Guaranty and the Collateral Assignment related thereto, (B) evidence that the applicable title company has
committed to issue a title insurance policy insuring the applicable Subsidiary Guarantor’s title to the real property constituting the Project in a form, and with such coverages and endorsements, as are all reasonably satisfactory to the

  
 -4-

 
Administrative Agent, including without limitation a so-called “mezzanine endorsement” in favor of the Administrative Agent for the benefit of the Lenders in an amount not less than 60%
of the cost value basis of such Collateral Asset to the extent such an endorsement is authorized to be issued in the state in which such Project is located; provided, however, Administrative Agent may waive the mezzanine endorsement
requirement if such Project is located in a state in which the cost of issuing such mezzanine endorsement is more than nominal (in Administrative Agent’s sole discretion), and (C) UCC-1 financing statements evidencing and perfecting the
security interest granted in the applicable Pledged Equity Interests. 
 “Collateral Pool Implied DSCR” means, as of
any date, the then-current Collateral Pool NOI divided by the then-current Implied Facility Debt Service. 
 “Collateral
Pool NOI” means, as of any date, the amount determined by multiplying four (4) times the aggregate Net Operating Income attributable to the Collateral Assets for the most recent fiscal quarter of Borrower for which financial results have
been reported but excluding any portion of such Net Operating Income attributable to a tenant who is an Excluded Tenant as of such date. 
 “Consolidated EBITDA” means, for any period without duplication an amount equal to the net income or loss of the Consolidated Group determined in accordance with GAAP (before minority interests
and excluding losses attributable to the sale or other disposition of assets and the adjustment for so-called “straight-line rent accounting”) for such period, plus (x) the following to the extent deducted in computing such
Consolidated Net Income for such period: (i) Consolidated Total Interest Expense for such period, (ii) real estate depreciation and amortization for such period, (iii) other non-cash charges for such period and (iv) acquisition
costs for such period with respect to all Projects acquired by Borrower or another member of the Consolidated Group; and minus (y) all gains attributable to the sale or other disposition of assets or debt restructurings in such period,
adjusted to include the Consolidated Group Pro Rata Share of the net income or loss of all Investment Affiliates for such period, determined and adjusted in the same manner as provided above in this definition with respect to the Consolidated
Group’s net income or loss. Notwithstanding the foregoing, until Consolidated Gross Asset Value is equal to or greater than $600,000,000, the amount of the Consolidated Group’s general and administrative expense for any period to be used
in any calculations made under this definition shall be capped at eight percent (8%) of the aggregate Net Operating Income of all Projects owned by Borrower or another member of the Consolidated Group for all or any portion of such period.

 “Consolidated Fixed Charges” means, for any period, without duplication, the sum of (a) Consolidated Interest
Expense for such period plus (b) the aggregate amount of scheduled principal payments attributable to Consolidated Outstanding Indebtedness (excluding optional prepayments and scheduled principal payments due on maturity of any such
Indebtedness) required to be made during such period by any member of the Consolidated Group plus (c) a percentage of all such scheduled principal payments required to be made during such period by any Investment Affiliate on
Indebtedness taken into account in calculating Consolidated Interest Expense, equal to the greater of (x) the percentage of the principal amount of such Indebtedness for which any member of the Consolidated Group is liable and (y) the
Consolidated Group Pro Rata Share of such Investment Affiliate plus (d) Preferred Dividends with respect to such period plus (e) all rental payments due and payable with respect to such period under ground leases of
Properties at which one or more members of the Consolidated Group are tenants. 
 “Consolidated Gross Asset Value”
means, as of any date, (i) the aggregate Net Operating Income for the two (2) most recent full fiscal quarters of Borrower for which financial results have 

  
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been reported attributable to Projects owned by Borrower or another member of the Consolidated Group as of the last day of such period (excluding both Development Projects and 100% of the
aggregate Net Operating Income attributable to any Projects not so owned for such two (2) most recent full fiscal quarters), multiplied by two (2), with the product thereof divided by the Capitalization Rate, plus (ii) the cost basis value
for any such Projects first acquired by Borrower or a member of the Consolidated Group during such two (2) consecutive full fiscal quarters, plus (iii) Cash and Cash Equivalents owned by the Consolidated Group on the last day of such most
recent fiscal quarter, plus (iv) the Consolidated Group’s Pro Rata Share of the aggregate Net Operating Income for the two (2) most recent full fiscal quarters of Borrower for which financial results have been reported attributable to
Projects owned by Investment Affiliates on the last day of such period (excluding Development Projects and 100% of the aggregate Net Operating Income attributable to any Projects not so owned for such two (2) most recent full fiscal quarters)
multiplied by two (2), with the product divided by the Capitalization Rate, plus (v) the Consolidated Group Pro Rata Share of such the cost value basis of any Projects not so owned for such two (2) most recent full fiscal quarters by an
Investment Affiliate, plus (vi) the cost value basis of all Development Projects of Borrower or any other member of the Consolidated Group, as of the last day of such most recent fiscal quarter, plus (vii) the cost value basis of any
Unimproved Land owned by Borrower or any other member of the Consolidated Group as of the last day of such most recent fiscal quarter. Notwithstanding the foregoing, for purposes of calculating the amount of Net Operating Income to be used in
clauses (i) and (iv) of the preceding sentence of this definition, (A) no Project shall be deemed to have Net Operating Income of less than zero for any period and (B) if any Project is subject to a Lease which has commenced but
provides for an initial period of rent abatement or reduction that falls in whole or in part within the period on which Net Operating Income is being calculated, the Net Operating Income attributable to such Project for such initial abatement or
reduction period shall be determined as if the rental income for such Project included rents paid at the rental rate that will be payable under such Lease during the first full calendar month immediately following such period, provided that
(i) no such period of deemed increase shall continue for longer than the first twenty percent (20%) of the initial term of such Lease and (ii) the portion of Consolidated Gross Asset Value attributable to Projects which have Net
Operating Income then deemed to be increased under this clause (B) shall not at any time constitute more than fifteen percent (15%) of total Consolidated Gross Asset Value. 

“Consolidated Group” means Parent Guarantor, Borrower and all Subsidiaries which are consolidated with it for financial
reporting purposes under GAAP. 
 “Consolidated Group Pro Rata Share” means, with respect to any Investment Affiliate,
the percentage interest held by the Consolidated Group in the aggregate, in such Investment Affiliate determined by calculating the greater of (i) the percentage of the issued and outstanding Capital Stock in such Investment Affiliate held by
the Consolidated Group in the aggregate and (ii) the percentage of the total book value of such Investment Affiliate that would be received by the Consolidated Group in the aggregate, upon liquidation of such Investment Affiliate, after
repayment in full of all Indebtedness of such Investment Affiliate. 
 “Consolidated Interest Expense” means, for any
period without duplication, the sum of (a) the aggregate amount of interest required to be paid, accrued, expensed or, to the extent it could be expensed, capitalized in accordance with GAAP of the Consolidated Group for such period
attributable to Consolidated Outstanding Indebtedness during such period (including the Loans, obligations under Capitalized Leases (to the extent Consolidated EBITDA has not been reduced by such Capitalized Lease obligations in the applicable
period), any Subordinated Indebtedness, original issue discount and amortization of prepaid interest, if any, but excluding any Preferred Distributions) 

  
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plus (b) all amounts available for borrowing, or for drawing under letters of credit, if any, issued for the account of any member of the Consolidated Group, but only if such interest
was or is required to be reflected as an item of expense, plus (c) all commitment fees, agency fees, facility fees, balance deficiency fees and similar fees and expenses in connection with the borrowing of money plus (d) the
Consolidated Group Pro Rata Share of any such interest items, as similarly calculated and determined in accordance with GAAP, of any Investment Affiliate, for such period, whether recourse or non-recourse. 

“Consolidated Net Income” means, for any period, the sum of (i) consolidated net income (or loss) of the Consolidated
Group for such period determined on a consolidated basis in accordance with GAAP plus (ii) without duplication, the applicable Consolidated Group Pro Rata Share of the net income (or loss) of each Investment Affiliate for such period determined
in accordance with GAAP. 
 “Consolidated Total Indebtedness” means, as of any date of determination, without
duplication, the sum of (a) all Indebtedness of the Consolidated Group at such date, determined on a consolidated basis in accordance with GAAP, plus (b) the applicable Consolidated Group Pro Rata Share of any Indebtedness of each
Investment Affiliate other than Indebtedness of such Investment Affiliate to a member of the Consolidated Group, provided that (x) to the extent that any member of the Consolidated Group is providing a completion guaranty in connection with a
construction loan entered into by an Investment Affiliate, Consolidated Total Indebtedness shall include such member’s pro rata liability under the Indebtedness relating to such completion guaranty (or, if greater, such member’s potential
liability under such completion guaranty) and (y) in connection with the liabilities described in clauses (a) and (d) of the definition of “Indebtedness” (other than completion guarantees) Consolidated Total Indebtedness
shall include the portion of the liabilities of such Investment Affiliate which is attributable to the Consolidated Group’s Pro Rata Share of such Investment Affiliate or such greater amount of such liabilities for which any member of the
Consolidated Group is or has agreed to be, liable by way of guaranty, indemnity for borrowed money, stop-loss agreement or the like, it being agreed that, in any case, Indebtedness of an Investment Affiliate shall not be excluded from Consolidated
Total Indebtedness by virtue of the liability of such Investment Affiliate being Non-Recourse Indebtedness. 

“Consolidated Tangible Net Worth” means, as of any date of determination, an amount equal to (a) Consolidated Gross Asset
Value minus (b) Consolidated Total Indebtedness as of such date, provided that any amounts attributable to Projects that are required to be reported as “intangibles” under GAAP pursuant to Financial Accounting Standards Board
Statement of Policy No. 141 and 142 shall be permitted to be added back to “tangible property” for purposes of calculating such Consolidated Tangible Net Worth. 
 “Construction in Progress” means, as of any date, the sum of (i) the total construction cost expended as of the applicable date to construct any Development Project which involves
construction of a new building or to redevelop or renovate any Development Project which includes the redevelopment or renovation of an existing building, plus (ii) the book value of all land not then included in Unimproved Land. 

“Controlled Group” means all members of a controlled group of corporations and all trades or businesses (whether or not
incorporated) under common control which, together with Borrower or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code. 
 “Conversion/Continuation Notice” is defined in Section 2.10. 

  
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 “Default” means an event described in Article VII. 

“Defaulting Lender” means any Lender which fails or refuses to perform its obligations under this Agreement within the time
period specified for performance of such obligation, or, if no time frame is specified, if such failure or refusal continues for a period of five Business Days after written notice from the Administrative Agent; provided that if such Lender cures
such failure or refusal, such Lender shall cease to be a Defaulting Lender. 
 “Default Rate” means the interest rate
which may apply during the continuance of a Default pursuant to Section 2.10. 
 “Development Project”
means a Project which is either (i) under development for which any member of the Consolidated Group is actively pursuing construction of one or more buildings or other improvements or (ii) the subject of a major redevelopment or
renovation, involving extensive capital expenditures beyond those normally incurred in connection with the installation of tenant improvements for a new tenant, to upgrade and reposition such Project to meet prevailing market standards and requiring
such Project to be vacated during such redevelopment or renovation and, in the case of all such developments, redevelopments or renovations, for which construction is proceeding to completion without undue delay from permit denial, construction
delays or otherwise, all pursuant to such member’s ordinary course of business, provided that any such Project will no longer be considered a Development Project following a date twelve (12) months after the first date on which a
certificate of occupancy has issued or reissued for such Development Project or on which such Development Project may otherwise be lawfully occupied for its intended use. 
 “Drop Lots” means any parcel of land unimproved with material revenue producing buildings (e.g., other than small miscellaneous structures such as security, stacks, maintenance sheds, etc.) but
which is accessible from public roads and highways, is fenced or otherwise enclosed and is paved or otherwise prepared to accept the temporary storage of tractor trailers, containers or other freight equipment. 

“Eligible Assignee” means (a) another Lender, (b) with respect to any Lender, any Affiliate of that Lender,
(c) any commercial bank having a combined capital and surplus of $5,000,000,000 or more, (d) the central bank of any country which is a member of the Organization for Economic Cooperation and Development, (e) any savings bank, savings
and loan association or similar financial institution and, unless a Default shall have occurred and be continuing, approved by Borrower (such approval not to be unreasonably withheld or delayed) which (A) has a net worth of $500,000,000 or
more, (B) is engaged in the business of lending money and extending credit under credit facilities substantially similar to those extended under this Agreement and (C) is operationally and procedurally able to meet the obligations of a
Lender hereunder to the same degree as a commercial bank, and (f) any other financial institution (including a mutual fund or other fund) approved by the Administrative Agent and, unless a Default shall have occurred and be continuing, Borrower
(such approval not to be unreasonably withheld or delayed) having total assets of $500,000,000 or more which meets the requirements set forth in subclauses (B) and (C) of clause (e) above; provided that
each Eligible Assignee must either (a) be organized under the Laws of the United States of America, any State thereof or the District of Columbia or (b) be organized under the Laws of the Cayman Islands or any country which is a member of
the Organization for Economic Cooperation and Development, or a political subdivision of such a country, and (i) act hereunder through a branch, agency or funding office located in the United States of America and (ii) be exempt from
withholding of tax on interest. 

  
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 “Eligible Collateral Asset Documents” means, with respect to each Collateral
Asset: 
 (a) A current rent roll and operating statement for such Project; 

(b) A certificate from the Borrower showing the cost value basis of such Project; 

(c) A certification from the Borrower that such Project is free from all material environmental and structural issues; and 

(d) Other documents that may be reasonably requested by the Administrative Agent including, but not limited to copies of rent rolls,
ARGUS runs, Leases, estoppels from all tenants under the Leases (to the extent obtainable after commercially reasonable collection efforts), current title insurance commitment and/or title search, together with copies of all title exceptions,
current ALTA survey, current property condition reports and current environmental assessments. 
 “Entity Acquisition”
means any transaction, or any series of related transactions, consummated on or after the Agreement Execution Date, by which any of Parent Guarantor, Borrower or any of Borrower’s Subsidiaries (i) acquires any going business or all or
substantially all of the assets of any firm, corporation or division thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of
transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a
majority (by percentage or voting power) of the outstanding ownership interests of a partnership, limited liability company or other entity. 
 “Environmental Laws” means any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental
Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any time hereafter be in effect, in each
case to the extent the foregoing are applicable to Borrower or any Subsidiary or any of their respective assets or Projects. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation
issued thereunder. 
 “Excluded Taxes” means, in the case of each Lender or applicable Lending Installation and the
Administrative Agent, taxes imposed on its overall net income, and franchise taxes imposed on it, by any jurisdiction with taxing authority over the Lender. 
 “Excluded Tenant” means, as of any date, any tenant under a Lease who is then either (i) the subject of a voluntary or involuntary proceeding for relief under the Bankruptcy Code or any
state bankruptcy codes or insolvency laws, unless such tenant has assumed such Lease and provided adequate assurances of future performance, all as may be required in such proceeding, or (ii) more than sixty (60) days delinquent in the
payment of any installment of base rent due under such tenant’s Lease. 
 “Executive Order” is defined in
Section 5.28. 
 “Facility Obligations” means all Obligations other than the Related Swap Obligations.

  
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 “Federal Funds Effective Rate” shall mean, for any day, the rate per annum
(rounded upward to the nearest one one-hundredth of one percent (1/100 of 1%)) announced by the Federal Reserve Bank of Cleveland on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal
funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds
Effective Rate.” 
 “Fee Letter” is defined in Section 2.6. 

“Floor Base Rate” means, for any day, a rate of interest per annum equal to the highest of (i) the sum of the Prime Rate
for such day plus 1% per annum, (ii) the sum of the Federal Funds Effective Rate for such day plus 1/2% per annum and (iii) the LIBOR Rate (which includes the LIBOR Applicable Margin) that would apply if such day
were the first day of a LIBOR Interest Period of one month. 
 “Funds From Operations” shall have the meaning
determined from time to time by the National Association of Real Estate Investment Trusts to be the meaning most commonly used by its members, but in no event shall Funds From Operations for any period be reduced on account of any deduction or
amortization of acquisition costs incurred with respect to Projects acquired by Borrower or another member of the Consolidated Group. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time, applied in a manner consistent with that used in preparing the financial
statements referred to in Section 6.1. 
 “Governmental Authority” means any nation or government, any
state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any obligation (determined without duplication) of (a) the guaranteeing person or
(b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counter-indemnity or similar obligation, in either case guaranteeing or
in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including,
without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds
(1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase
property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the
owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business or
environmental or similar indemnities or customary so-called non-recourse carveout guarantees. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the maximum stated amount of the primary obligation relating to
such Guarantee Obligation (or, if less, the maximum stated liability set forth in the instrument embodying such Guarantee Obligation), 

  
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provided, that in the absence of any such stated amount or stated liability, the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated
liability in respect thereof as determined by Borrower in good faith. 
 “Implied Debt Service” means, as of any date,
an imputed annual amount of principal and interest that would be due on the then-current Outstanding Loan Amount if such Outstanding Loan Amount were a fully amortizing loan with equal monthly payments of principal and interest over a period of
thirty years at a per annum interest rate equal to the greater of (a) 7.00% and (b) the then-current weighted daily average interest rate applicable to all Advances outstanding hereunder on such date. 

“Indebtedness” of any Person at any date means without duplication all obligations, contingent or otherwise, which should be
classified or the obligor’s balance sheet as liabilities, or to which reference should be made by footnotes thereto, all in accordance with GAAP, including, in any event, the sum of (without double-counting), (i) all accounts payable of
such obligor on such date, and (ii) all Indebtedness outstanding on such date, in each case whether Recourse, Indebtedness, Non-Recourse Indebtedness or contingent, provided, however, that amounts not drawn as Loans hereunder on such date shall
not be included in calculating Consolidated Total Indebtedness, and provided, further, that (without double-counting), each of the following shall be included in Indebtedness: (a) all Guarantee Obligations of such Person (excluding in any
calculation of consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in respect of primary obligations of any other member of the Consolidated Group); (b) all reimbursement
obligations of such Person for letters of credit and other contingent liabilities (excluding in any calculation of consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in respect of
primary obligations of any other member of the Consolidated Group); (c) all amounts of bonds posted by such obligor guaranteeing performance or payment obligations; (d) all lease obligations (under Capitalized Leases) (e) all
liabilities of such obligor as a partner, member or the like for liabilities (whether such liabilities are Recourse, Indebtedness, Non-Recourse Indebtedness or contingent obligations of the applicable partnership or other Person) of Investment
Affiliates or other Person in which any of them have an equity interest, which liabilities are for borrowed money or any of the matters listed in clauses (a), (b), (c) or (d) above; (f) any Net Mark-to-Market Exposure and (g) all
liabilities secured by any lien (other than liens for taxes not yet due and payable) on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof. For purposes hereof, the amount of
borrowed money shall equal the sum of (1) the amount of borrowed money as determined in accordance with GAAP plus (2) the amount of those contingent liabilities for borrowed money set forth in subsections (a) through
(d) above, but shall exclude any adjustment for so-called “straight-line interest accounting”. 

“Intellectual Property” is defined in Section 5.21. 

“Interest Reserve Fund” is defined in Section 2.22. 

“Investment” of a Person means any loan, advance (other than commission, travel and similar advances to officers and employees
made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade), deposit account or contribution of capital by such Person to any other Person
or any investment in, or purchase or other acquisition of, the stock, partnership interests, notes, debentures or other securities of any other Person made by such Person. 

  
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 “Investment Affiliate” means any Person in which the Consolidated Group, directly
or indirectly, holds an ownership interest whose financial results are not consolidated under GAAP with the financial results of the Consolidated Group. 
 “Leases” shall mean, collectively, all leases, subleases and similar occupancy agreements affecting any Collateral Asset, or any part thereof, now existing or hereafter executed and all material
amendments, material modifications or supplements thereto. 
 “Leasing Commission Reserve Fund” is defined in
Section 2.21. 
 “Lenders” means the lending institutions listed on the signature pages of this Agreement,
their respective successors and assigns, any other lending institutions that subsequently become parties to this Agreement. 

“Lending Installation” means, with respect to a Lender, any office, branch, subsidiary or affiliate of such Lender. 

“Leverage Ratio” means, as of any date, the ratio of Consolidated Total Indebtedness to Consolidated Gross Asset Value.

 “LIBOR Advance” means an Advance that bears interest at the LIBOR Rate. 

“LIBOR Applicable Margin” means, as of any date with respect to any LIBOR Interest Period, the applicable per annum amount then
in effect pursuant to Section 2.3 hereof. 
 “LIBOR Base Rate” means, the rate
(rounded upwards to the nearest 1/1000th) with respect to
a LIBOR Advance for the relevant LIBOR Interest Period, the applicable British Bankers’ Association LIBOR rate for deposits in U.S. dollars as reported by any generally recognized financial information service as of 11:00 a.m. (London
time) two Business Days prior to the first day of such LIBOR Interest Period, and having a maturity equal to such LIBOR Interest Period, provided that, if no such British Bankers’ Association LIBOR rate is available to the Administrative
Agent, the applicable LIBOR Base Rate for the relevant LIBOR Interest Period shall instead be the rate determined by the Administrative Agent to be the rate at which KeyBank or one of its Affiliate banks offers to place deposits in U.S. dollars with
first-class banks in the London interbank market at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such LIBOR Interest Period, in the approximate amount of KeyBank’s relevant LIBOR Loan and having a maturity
equal to such LIBOR Interest Period. 
 “LIBOR Interest Period” means, with respect to each amount bearing interest at
a LIBOR based rate, a period of one, two or three months, commencing on a Business Day, as selected by Borrower; provided, however, that (i) any LIBOR Interest Period which would otherwise end on a day which is not a Business Day shall continue
to and end on the next succeeding Business Day, unless the result would be that such LIBOR Interest Period would be extended to the next succeeding calendar month, in which case such LIBOR Interest Period shall end on the next preceding Business Day
and (ii) any LIBOR Interest Period which begins on a day for which there is no numerically corresponding date in the calendar month in which such LIBOR Interest Period would otherwise end shall instead end on the last Business Day of such
calendar month. 
 “LIBOR Loan” means a Loan which bears interest at a LIBOR Rate. 

  
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 “LIBOR Rate” means, for any LIBOR Interest Period, the sum of (A) the LIBOR
Base Rate applicable thereto and (B) the LIBOR Applicable Margin. 
 “Lien” means any lien (statutory or other),
mortgage, pledge, encumbrance, priority or any other type of security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any Capitalized Lease). 

“Loan” means, with respect to a Lender, such Lender’s portion of any Advance. 

“Loan Amount” means $10,050,000. 
 “Loan Documents” means this Agreement, the Notes, the Parent Guaranty, the Subsidiary Guaranty, the Collateral Assignment and any other document from time to time evidencing or securing
indebtedness incurred by Borrower under this Agreement, as any of the foregoing may be amended or modified from time to time. 

““Loan Maturity Date” means
[                    , 2013], being a date eighteen (18) months after the Agreement Execution Date, subject to extension as provided in
Section 2.3 hereof. 
 “Loan Parties” means, collectively, Borrower, the Parent Guaranty, the Subsidiary
Guarantors and any other party which executes and delivers, or joins in, the Collateral Assignment or any future Collateral Assignment as provided herein. 
 “Management Fees” means, with respect to each Project for any period, an amount equal to (i) the actual management fees payable with respect thereto for such period if the property manager
of such Project is a third party and not Borrower or an Affiliate of Borrower or (B) three percent (3.0%) of the aggregate net and other revenue due under the Leases at such Project for such period if the property manager is the
Borrower or an Affiliate of Borrower. 
 “Material Adverse Effect” means, in the Administrative Agent’s
reasonable discretion, a material adverse effect on (i) the business, Property or condition (financial or otherwise) of Borrower and its Subsidiaries taken as a whole, (ii) the ability of Borrower to perform its obligations under the Loan
Documents, or (iii) the validity or enforceability of any of the Loan Documents. 
 “Materials of Environmental
Concern” means any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including,
without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. 
 “Maximum Legal Rate”
means the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or in the Note or other Loan
Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 
 “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which Borrower or any member of the Controlled Group is a party to which
more than one employer is obligated to make contributions. 

  
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 “Negative Pledge” means, with respect to a given asset, any provision of a
document, instrument or agreement (other than any Loan Document) which prohibits the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an
agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its
assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. 
 “Net Operating Income”
means, with respect to any Project for any period, property rental and other income attributable to such Project accruing for such period minus all expenses and other proper charges incurred in connection with the operation of such Project
(including, without limitation, real estate taxes, Management Fees, payments under ground leases and bad debt expenses) during such period; but, in any case, before payment of or provision for debt service charges for such period, income taxes for
such period, capital expenses for such period, and depreciation, amortization, and other non-cash expenses for such period, all as determined in accordance with GAAP (except that (a) any rent leveling adjustments and (b) any SFAS 141
amortization shall be excluded from rental income). 
 “Non-Recourse Indebtedness” means any Indebtedness with respect
to which the liability of the obligor is limited to the obligor’s interest in specified assets securing such Indebtedness, subject to customary limited exceptions for certain acts or types of liability. 

“Non-U.S. Lender” is defined in Section 3.5(iv). 

“Note” means a promissory note, in substantially the form of Exhibit B hereto, duly executed by Borrower and payable to
the order of a Lender in the amount of its portion of the Loan, including any amendment, modification, renewal or replacement of such promissory note. 
 “Notice of Assignment” is defined in Section 12.3(ii). 

“Obligations” means the Advances, the Related Swap Obligations and all accrued and unpaid fees and all other obligations of
Borrower to the Administrative Agent or the Lenders arising under this Agreement or any of the other Loan Documents. 

“Occupancy Percentage” means, as of any date, with respect to any Project or group of Projects, the percentage of the total
rentable area of such Project or Projects that is then demised under a Lease to tenants who are not an Affiliate of the Borrower and who took initial occupancy of their demised spaces under such Leases (even if any such space is then vacant), but
excluding from such calculation space demised to any tenant who is then an Excluded Tenant. 
 “Other Taxes” is
defined in Section 3.5(ii). 
 “Outstanding Loan Amount” means, at any time, the sum of all then
outstanding Advances. 
 “Parent Guarantor” means Terreno Realty Corporation, a Maryland corporation organized under
the laws of the State of Delaware, and its successors and assigns. 
 “Parent Guaranty” means the guaranty to be
executed and delivered by the Parent Guarantor substantially in the form of Exhibit G, as the same may be amended, supplemented or otherwise modified from time to time. 

  
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 “Participants” is defined in Section 12.2(i). 

“Payment Date” means, with respect to the payment of interest accrued on any Advance, the first day of each calendar month.

 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Percentage” means for each Lender the ratio that such Lender’s portion of the Loan bears to the Loan Amount, expressed as
a percentage and as shown on the signature pages hereto. 
 “Permitted Acquisitions” are defined in
Section 6.15. 
 “Permitted Liens” are defined in Section 6.16. 

“Person” means any natural person, corporation, firm, joint venture, partnership, association, enterprise, trust or other
entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 

“Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards
under Section 412 of the Code as to which Borrower or any member of the Controlled Group may have any liability. 

“Pledged Equity Interests” means, as of any date, collectively, 100% of the applicable legal, beneficial ownership interests in
each Subsidiary Guarantor which owns one or more of the then-current Collateral Assets, which as of the Agreement Execution Date, consist of the ownership interests shown on the Subsidiary Guaranty attached hereto, as pledged under the Collateral
Assignment from time to time. 
 “Preferred Dividends” means, for any period, with respect to any entity, dividends or
other distributions which are payable to holders of any ownership interests in such entity which entitle the holders of such ownership interests to be paid on a preferred basis prior to dividends or other distributions to the holders of other types
of ownership interests in such entity. 
 “Prime Rate” means a rate per annum equal to the prime rate of interest
publicly announced from time to time by KeyBank or its parent as its prime rate (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. In the event that there is a successor to the
Administrative Agent by merger, or the Administrative Agent assigns its duties and obligations to an Affiliate, then the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new
Administrative Agent. 
 “Prohibited Person” is defined in Section 5.28. 

“Project” means any real estate asset operated or intended to be operated as an industrial property. 

“Property” of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or
other assets owned, leased or operated by such Person. 
 “Qualified Ground Lease” means a ground lease that has
(i) a remaining term of at least twenty-five (25) years including, for this purpose, any renewal option exercisable at the sole option of the ground lessee thereunder, with no veto or approval rights by the ground lessor or any lender to

  
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such ground lessor, (ii) can be mortgaged without the consent of the ground lessor thereunder, (iii) contains customary leasehold mortgagee protection rights reasonably satisfactory to
the Administrative Agent; (iv) can be transferred without the consent of the ground lessor thereunder (or if consent of such ground lessor is required, such consent is subject to either an express reasonableness standard or an objective
financial standard for the transferee that is reasonably satisfactory to the Administrative Agent); and (v) that the tenant under the ground lease is entitled to all insurance proceeds and condemnation awards (other than the amount attributable
to landlord’s fee interest in the land if an adjustment in rent is provided for in connection therewith). 
 “Recourse
Indebtedness” means any Indebtedness of Borrower or any other member of the Consolidated Group with respect to which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness,
subject to customary limited exceptions for certain acts or types of liability. 
 “Regulation D” means Regulation D
of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of
the Federal Reserve System. 
 “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve
System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to
member banks of the Federal Reserve System. 
 “Related Swap Obligations” means, as of any date, all of the
obligations of Borrower arising under any then outstanding Swap Contracts entered into between Borrower and any Lender or Affiliate of any Lender. 
 “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such section, with respect to a Plan, excluding, however, such events as to
which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event, provided, however, that a failure to meet the minimum funding standard of Section 412 of
the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice requirement in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code. 

“Required Lenders” means Lenders in the aggregate holding at least 66 2/3% of the aggregate Outstanding Loan Amount.

 “Reserve Funds” is defined in Section 2.23. 

“Revolving Credit Facility” means the revolving line of credit extended to the Borrower pursuant to that certain Amended and
Restated Senior Revolving Credit Agreement dated as of December 31, 2010, as amended by First Amendment to Amended and Restated Senior Revolving Credit Agreement dated as of June 30, 2011 by and among the Administrative Agent, the Lead
Arranger, KeyBank National Association, and certain other lenders and the Borrower 
 “Section” means a numbered
section of this Agreement, unless another document is specifically referenced. 

  
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 “Secured Indebtedness” means any Indebtedness of Borrower or any other member of
the Consolidated Group which is secured by a Lien on a Project, any ownership interests in any Person or any other assets which had, in the aggregate, a value in excess of the amount of such Indebtedness at the time such Indebtedness was incurred.

 “Security Documents” means the Collateral Assignment (and each joinder therein and each additional Collateral
Assignment subsequently delivered pursuant to this Agreement) and any further collateral assignments to the Administrative Agent for the benefit of the Lenders, including, without limitation, any UCC-1 financing statements delivered or authorized to
be filed by the Administrative Agent in connection therewith. 
 “Single Employer Plan” means a Plan maintained by
Borrower or any member of the Controlled Group for employees of Borrower or any member of the Controlled Group. 

“S&P” means Standard & Poor’s Ratings Group and its successors. 

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting
power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, association, joint venture or
similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall
mean a Subsidiary of Borrower. 
 “Subsidiary Guarantor” means each Wholly-Owned Subsidiary of Borrower which owns a
Collateral Asset and therefore has executed the Subsidiary Guaranty. 
 “Subsidiary Guaranty” means the guaranty to be
executed and delivered by those Subsidiaries of Borrower listed on Schedule 6, substantially in the form of Exhibit F, as the same may be amended, supplemented or otherwise modified from time to time. 

“Substantial Portion” means, with respect to the Property of Borrower and its Subsidiaries, Property which represents more than
10% of then-current Consolidated Gross Asset Value. 
 “Swap Contract” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or
liabilities under any Master Agreement. 
 “Swap Termination Value” means, in respect of any one or more Swap
Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap 

  
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Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by
any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Taxes”
means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings, and any and all liabilities with respect to the foregoing, but excluding Excluded Taxes and Other Taxes. 

“Tenant Improvement Reserve Fund” is defined in Section 2.20. 

“Transferee” is defined in Section 12.4. 
 “Type” means, with respect to any Advance, its nature as a Base Rate Advance or LIBOR Advance. 
 “Unfunded Liabilities” means the amount (if any) by which the present value of all vested nonforfeitable benefits under all Single Employer Plans exceeds the fair market value of all such Plan
assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans. 
 “Unimproved
Land” means, as of any date, any land which (i) is not appropriately zoned for industrial development, (ii) does not have access to all necessary utilities or (iii) does not have access to publicly dedicated streets, unless such
land has been designated in writing by Borrower in a certificate delivered to the Administrative Agent as land that is reasonably expected to satisfy all such criteria within twelve (12) months after such date, but excluding in any event any
land which qualifies as a Drop Lot. 
 “Unmatured Default” means an event which but for the lapse of time or the
giving of notice, or both, would constitute a Default. 
 “Unsecured Indebtedness” means all Consolidated Total
Indebtedness that is not Secured Indebtedness. 
 “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary
all of the outstanding voting securities of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries
of such Person, or (ii) any partnership, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. 

  
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 ARTICLE II. 

THE LOAN 
 2.1. Generally. Subject to the terms and conditions of this Agreement, Lenders severally agree to each make one initial Loan through the Administrative Agent to Borrower on the Agreement Execution
Date in an aggregate amount equal to the Loan Amount. 
 The Advances hereunder may be made and continued hereunder as either ratable Base Rate
Advances or ratable LIBOR Advances. This is a term loan and if Borrower shall repay any portion of the Loan Amount Borrower shall not be entitled to reborrow any portion of the Loan Amount. 

2.2. Extension of Maturity Date Borrower shall have one (1) option to extend the Loan Maturity Date for a period of six
(6) months ending on August     , 2013, being the day immediately prior to the second anniversary of the Agreement Execution Date, upon satisfaction of the following conditions precedent: 

(i) As of the date of Borrower’s delivery of notice of its intent to exercise such option, and as of the initial Loan
Maturity Date, no Event of Default shall have occurred and be continuing and Borrower shall so certify in writing; 
 (ii) Borrower shall provide Administrative Agent with written notice of the Borrower’s intent to exercise such option not less than sixty (60) days prior to the initial Loan Maturity Date;

 (iii) As of the date of Borrower’s delivery of notice of its intent to exercise such option and as of the
initial Loan Maturity Date, the Collateral Pool Implied DSCR is not less than 1.25 to 1.0, or, if the Collateral Pool Implied DSCR is less than 1.25 to 1.0 as of the date of delivery of such notice, then not later than the initial Maturity Date
Borrower shall have made sufficient repayments of the Loan so that such criteria is satisfied; and 
 (iv)
Borrower shall pay to the Administrative Agent for the account of the Lenders, along with Borrower’s notice of exercise of such option, an extension fee equal to one quarter of one percent (0.25%) of the then-current Outstanding Loan Amount.

  
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 2.3. Applicable Margins. The interest due hereunder with respect
to the Advances shall vary from time to time and shall be determined by reference to the Type of Advance and the then-current Collateral Pool Implied DSCR. Any such change in the Applicable Margin shall be made on the fifth (5th) day subsequent to the date on which the Administrative Agent
receives a compliance certificate pursuant to Section 6.1(iv) with respect to the performance of the Collateral Assets for the preceding calendar month, provided that the Administrative Agent does not object to the information provided
in such certificate. Such changes shall be given prospective effect only, and no recalculation shall be done with respect to interest accrued prior to the date of such change in the Applicable Margin. If any such compliance certificate shall later
be determined to be incorrect and as a result a higher Applicable Margin should have been in effect for any period, Borrower shall pay to the Administrative Agent for the benefit of the Lenders all additional interest which would have accrued if the
original compliance certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and delivered to Borrower, on the next Payment Date following delivery of such invoice. The per annum Applicable Margins that will be
either added to the Floor Base Rate to determine the Base Rate or added to LIBOR Base Rate (as adjusted for any Reserve Requirement) to determine the LIBOR Rate for any LIBOR Interest Period shall be determined as follows: 

 

					
	 Collateral Pool Implied DSCR
	  	LIBOR Applicable Margin	 	Base Rate
Applicable Margin
	 < 1.25 to 1
	  	3.50%	 	0
	 > 1.25 to 1
	  	2.75%	 	0

 2.4. Final Principal Payment. Any outstanding Advances and all other unpaid Obligations shall be
paid in full by Borrower on the Loan Maturity Date. 
 2.5. Other Fees. Borrower agrees to pay all fees payable to the
Administrative Agent pursuant to Borrower’s letter agreement with the Administrative Agent dated as of July 6, 2011 (the “Fee Letter”). 
 2.6. Principal Payments. Borrower may from time to time pay, without penalty or premium, all or any part of outstanding Base Rate Advances on not less than one (1) Business Day prior notice to
the Administrative Agent. A LIBOR Advance may be paid on the last day of the LIBOR applicable LIBOR Interest Period or, if and only if Borrower pays any amounts due to the Lenders under Section 3.4 as a result of such prepayment, on a
day prior to such last day. 
 2.7. Method of Selecting Types and Interest Periods for New Advances. Each Advance
hereunder shall consist of Loans made from the several Lenders ratably in proportion to the ratio their respective portions of the Loan bear to the aggregate Loan Amount. Borrower shall select the Type of Advance and, in the case of each LIBOR
Advance, the LIBOR Interest Period applicable thereto from time to time. Borrower shall give the Administrative Agent irrevocable notice (a “Borrowing Notice”) in the form attached as Exhibit I (i) not later than
3:00 p.m. Cleveland time on the Business Day immediately preceding the Borrowing Date of each Base Rate Advance, and (ii) not later than 10:00 a.m. Cleveland time, at least three (3) Business Days before the Borrowing Date for each LIBOR
Advance, which shall specify: 
 (i) the Borrowing Date, which shall be a Business Day, of such Advance;

 (ii) the aggregate amount of such Advance; 

(iii) the Type of Advance selected; and 

(iv) in the case of each LIBOR Advance, the LIBOR Interest Period applicable thereto. 

The Administrative Agent shall promptly give each Lender notice of the contents of each Borrowing Notice received from Borrower. Each Lender shall make
available its Loan or Loans, in funds immediately available in Cleveland to the Administrative Agent at its address specified pursuant to Article XIII on each Borrowing Date not later than noon (Cleveland time). The Administrative
Agent will make the funds so received from the Lenders available to Borrower at the Administrative Agent’s aforesaid address. 

  
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 No LIBOR Interest Period may end after the Loan Maturity Date and, unless the Lenders
otherwise agree in writing, in no event may there be more than three (3) different LIBOR Interest Periods for LIBOR Advances outstanding at any one time. 
 2.8. Conversion and Continuation of Outstanding Advances. Base Rate Advances shall continue as Base Rate Advances unless and until such Base Rate Advances are converted into LIBOR Advances. Each
LIBOR Advance shall continue as a LIBOR Advance until the end of the then applicable LIBOR Interest Period therefor, at which time such LIBOR Advance shall be automatically converted into a Base Rate Advance unless Borrower shall have given the
Administrative Agent a Conversion/Continuation Notice requesting that, at the end of such LIBOR Interest Period, such LIBOR Advance either continue as a LIBOR Advance for the same or another Interest Period or be converted to an Advance of another
Type. Borrower may elect from time to time to convert all or any part of an Advance of any Type into any other Type or Types of Advances; provided that any conversion of any LIBOR Advance shall be made on, and only on, the last day of the LIBOR
Interest Period applicable thereto. Borrower shall give the Administrative Agent irrevocable notice (a “Conversion/Continuation Notice”) of each conversion of an Advance to a LIBOR Advance or continuation of a LIBOR Advance not
later than 10:00 a.m. (Cleveland time), at least three Business Days, in the case of a conversion into or continuation of a LIBOR Advance, prior to the date of the requested conversion or continuation, specifying: 

(i) the requested date which shall be a Business Day, of such conversion or continuation; 

(ii) the aggregate amount and Type of the Advance which is to be converted or continued; and 

(iii) the amount and Type(s) of Advance(s) into which such Advance is to be converted or continued and, in the case of a
conversion into or continuation of a LIBOR Advance, the duration of the LIBOR Interest Period applicable thereto. 
 2.9.
Changes in Interest Rate, Etc. Each Base Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is converted from a LIBOR Advance into a Base Rate Advance
pursuant to Section 2.8 to but excluding the date it becomes due or is converted into a LIBOR Advance pursuant to Section 2.8 hereof, at a rate per annum equal to the Base Rate for such day. Changes in the rate of interest on
that portion of any Advance maintained as a Base Rate Advance will take effect simultaneously with each change in the Base Rate. Each LIBOR Advance shall bear interest from and including the first day of the LIBOR Interest Period applicable thereto
to (but not including) the last day of such LIBOR Interest Period at the interest rate determined as applicable to such LIBOR Advance. 
 2.10. Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.7 or 2.8, during the continuance of a Default the Required Lenders may, at
their option, by notice to Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no
Advance may be made as, converted into or continued as a LIBOR Rate Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to Borrower (which notice may be revoked at the option of the Required Lenders
notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each LIBOR Advance shall bear interest for the remainder of the applicable LIBOR Interest Period
at the rate otherwise applicable to such LIBOR Interest Period plus 

  
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3% per annum and (ii) each Base Rate Advance shall bear interest at a rate per annum equal to the Base Rate otherwise applicable to the Base Rate Advance plus 3% per annum;
provided, however, that the Default Rate shall become applicable automatically if a Default occurs under Section 7.1 or 7.2, unless waived by the Required Lenders. 

2.11. Method of Payment. All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in
immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIII, or at any other Lending Installation of the Administrative Agent specified in writing by the
Administrative Agent to Borrower, by noon (local time) on the date when due and shall be applied ratably by the Administrative Agent among the Lenders. As provided elsewhere herein, all Lenders’ interests in the Advances and the Loan Documents
shall be ratable undivided interests and none of such Lenders’ interests shall have priority over the others. Each payment delivered to the Administrative Agent for the account of any Lender or amount to be applied or paid by the Administrative
Agent to any Lender shall be paid promptly (on the same day as received by the Administrative Agent if received prior to noon (local time) on such day and otherwise on the next Business Day) by the Administrative Agent to such Lender in the same
type of funds that the Administrative Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender. Payments received by the
Administrative Agent but not timely funded to the Lenders shall bear interest payable by the Administrative Agent at the Federal Funds Effective Rate from the date due until the date paid. The Administrative Agent is hereby authorized to charge the
account of Borrower maintained with KeyBank for each payment of principal, interest and fees as it becomes due hereunder. 

2.12. Notes; Telephonic Notices. Each Lender is hereby authorized to record the principal amount of each of its Loans and each
repayment on the schedule attached to its Note, provided, however, that the failure to so record shall not affect Borrower’s obligations under such Note. Borrower hereby authorizes the Lenders and the Administrative Agent to extend, convert or
continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any Authorized Officer. Borrower agrees to deliver promptly to the Administrative Agent a written confirmation, if such confirmation
is requested by the Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the Administrative Agent and the Lenders, the
records of the Administrative Agent and the Lenders shall govern absent manifest error. Upon a Lender’s furnishing to Borrower an affidavit to such effect, if a Note is mutilated, destroyed, lost or stolen, Borrower shall deliver to such
Lender, in substitution therefore, a new note containing the same terms and conditions as such Note being replaced. 
 2.13.
Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Advance shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, at maturity, whether by acceleration or otherwise, and
upon any repayment of the Outstanding Loan Amount in its entirety. Interest and all fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day an Advance is made but not for the day of any
payment on the amount paid if payment is received prior to noon (local time) at the place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the
next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. 

  
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 2.14. Notification of Advances, Interest Rates and Prepayments. The Administrative
Agent will notify each Lender of the contents of each Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder not later than the close of business on the Business Day such notice is received by the
Administrative Agent. The Administrative Agent will notify each Lender of the interest rate applicable to each LIBOR Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Floor Base
Rate. 
 2.15. Lending Installations. Each Lender may book its Loans at any Lending Installation selected by such Lender
and may change its Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Notes shall be deemed held by each Lender for the benefit of such Lending Installation. Each Lender may, by
written or telex notice to Administrative Agent and Borrower, designate a Lending Installation through which Loans will be made by it and for whose account Loan payments are to be made. 

2.16. Non-Receipt of Funds by the Administrative Agent. Unless Borrower or a Lender, as the case may be, notifies the
Administrative Agent prior to the time at which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of Borrower, a payment of principal, interest or fees to
the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount
of such payment available to the intended recipient in reliance upon such assumption. If such Lender or Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand by
the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative Agent
until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Effective Rate for such day or (ii) in the case of payment by Borrower, the interest rate
applicable to the relevant Loan. If such Lender so repays such amount and interest thereon to the Administrative Agent within one Business Day after such demand, all interest accruing on the Loan not funded by such Lender during such period shall be
payable to such Lender when received from Borrower. 
 2.17. Replacement of Lenders under Certain Circumstances. Borrower
shall be permitted to replace any Lender which (a) is not capable of receiving payments without any deduction or withholding of United States federal income tax pursuant to Section 3.5, or (b) cannot maintain its LIBOR Loans at
a suitable Lending Installation pursuant to Section 3.3, with a replacement bank or other financial institution; provided that (i) such replacement does not conflict with any applicable legal or regulatory requirements
affecting the Lenders, (ii) no Default shall have occurred and be continuing at the time of such replacement, (iii) Borrower shall repay (or the replacement bank or institution shall purchase), at par all Loans and other amounts owing to
such replaced Lender prior to the date of replacement, (iv) Borrower shall be liable to such replaced Lender under Sections 3.4 and 3.6 if any LIBOR Loan owing to such replaced Lender shall be prepaid (or purchased) other
than on the last day of the LIBOR Interest Period relating thereto, (v) the replacement bank or institution, if not already a Lender, and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative
Agent, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 12.3 (provided that Borrower shall be obligated to pay the processing fee referred to therein),
(vii) until such time as such replacement shall be consummated, Borrower shall pay all additional amounts (if any) required pursuant to Section 3.5 and (viii) any such replacement shall not be deemed to be a waiver of any
rights which Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. 

  
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 2.18. Usury. This Agreement and each Note are subject to the express condition that
at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject any Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If by
the terms of this Agreement or the Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the interest rate or the Default Rate, as the case
may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due
hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated
term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.

 2.19. Collateral Pool. The obligations of Borrower under the Loan Documents shall be secured by a perfected first
priority security interest to be held by the Administrative Agent for the benefit of the Lenders in the Collateral, including the Pledged Equity Interests with respect to those Collateral Assets. Such security interest shall be evidenced from time
to time by the Collateral Assignment and the other Security Documents. The Security Documents with respect to the Collateral Assets shall be executed, delivered and filed not later than the Agreement Execution Date. 

2.20 Tenant Improvement Reserve Fund. Borrower has deposited $491,243 with Administrative Agent on the date hereof to be used to
pay tenant improvement costs in connection with the Collateral Assets, up to $296,132 with respect to the Collateral Asset in Hialeah and up to $195,111 with respect to the Collateral Asset in Miami Springs, provided that any unused amount at one
Collateral Asset shall not be available for use at the other Collateral Asset. The amount so deposited shall hereinafter be referred to as the “Tenant Improvement Reserve Fund”. Administrative Agent shall make disbursements from the Tenant
Improvement Reserve Fund to Borrower or to such payees as Borrower may direct in writing to pay for tenant improvement obligations incurred by Borrower. All such expenses shall be approved by Administrative Agent in its reasonable discretion.
Administrative Agent shall make disbursements as requested by Borrower upon receipt of a certification by the inspecting architect that all such work has been satisfactorily completed pursuant to a Lease entered into in accordance with the
requirements set forth herein, in increments of no less than $5,000.00 upon delivery by Borrower of Administrative Agent’s standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by
Administrative Agent, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment, provided that Borrower shall not be obligated to provide lien waivers from those parties whose contract
payments, in the aggregate, amount to less than $100,000. Disbursements for tenant improvement costs shall be limited to a maximum of $1.00 per square foot leased. 
 2.21 Leasing Commission Reserve Fund. Borrower has deposited $533,024 with Administrative Agent on the date hereof to be used to pay leasing commissions in connection with the Collateral Assets, up
to $242,828 with respect to the Collateral Asset in Hialeah and up to $290,196 with respect to the Collateral Asset in Miami Springs, provided that any unused amount at one Collateral Asset shall not be available for use at the other Collateral
Asset. The amount so 

  
 -24-

 
deposited shall hereinafter be referred to as the “Leasing Commission Reserve Fund”. Administrative Agent shall make disbursements from the Leasing Commission Reserve Fund to Borrower
or to such payees as Borrower may direct in writing to pay for leasing commissions at such Collateral Assets as incurred by Borrower. All such expenses shall be approved by Administrative Agent in its reasonable discretion. Administrative Agent
shall make disbursements as requested by Borrower upon receipt of documentation satisfactory to Administrative Agent. Disbursements for leasing commissions on any single lease shall be limited to a maximum of 20% of the pro forma first year’s
rent under such lease. 
 2.22 Interest Reserve Fund. Borrower has deposited $175,000 with Administrative Agent on the
Agreement Execution Date which shall not be available to Borrower and may be used to pay interest on the Loan at the election of the Administrative Agent at any time that an Event of Default has occurred and is continuing. The amount so deposited
shall hereinafter be referred to as the “Interest Reserve Fund”. Administrative Agent shall not be obligated to make disbursements from the Interest Reserve Fund to pay interest as it becomes due hereunder prior to an Event of Default and
all such interest payments shall be made by Borrower from Borrower’s own funds. 
 2.23 Reserve Funds Generally.

 (a) Borrower grants to Administrative Agent a first-priority perfected security interest in the Tenant Improvement Reserve
Fund, the Leasing Commission Reserve Fund and the Interest Reserve Fund (each a “Reserve Fund”) and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Obligations. Until expended or
applied in accordance herewith, the Reserve Funds shall constitute additional security for the Obligations. At any time after the date that the Collateral Pool Implied DSCR exceeds 1.25 to 1, the Administrative Agent shall, within two
(2) Business Days after receipt of a written request from Borrower for the release of the remaining unfunded Reserve Funds accompanied by a certificate and any supporting documentation reasonably required by Administrative Agent, release and
deliver the Reserve Funds to the Borrower. 
 (b) Upon the occurrence of an Event of Default, Administrative Agent may, in
addition to any and all other rights and remedies available to Administrative Agent, apply any sums then present in any or all of the Reserve Funds to the payment of the Obligations in any order in its sole discretion. 

(c) The Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Administrative Agent. Borrower
shall not be entitled to interest on any of the Reserve Funds. 
 (d) Borrower shall not, without obtaining the prior written
consent of Administrative Agent, further pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing
Statements, except those naming Administrative Agent as the secured party, to be filed with respect thereto. 
 (e) Borrower
shall indemnify Administrative Agent and the Lenders and hold Administrative Agent and the Lenders harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including
litigation costs and reasonable attorneys fees and expenses) arising from or in any way connected with the Reserve Funds or the performance of the obligations for which the Reserve Funds were established, except to

  
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the extent arising from the gross negligence or willful misconduct of Administrative Agent or any of the Lenders or their respective agents or employees. Borrower shall assign to Administrative
Agent for the benefit of the Lenders all rights and claims Borrower may have against all Persons supplying labor, materials or other services which are to be paid from or secured by the Reserve Funds; provided, however, that Administrative Agent may
not pursue any such right or claim unless an Event of Default has occurred and remains uncured. 
 ARTICLE III.

 CHANGE IN CIRCUMSTANCES 
 3.1. Yield Protection. Subject to the provisions of Section 3.6, if, on or after the date of this Agreement, the adoption of any law or any governmental or quasi-governmental rule, regulation,
policy, guideline or directive (whether or not having the force of law), or any change in the interpretation or administration thereof by any governmental or quasi-governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender or applicable Lending Installation with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency: 

(i) subjects any Lender or any applicable Lending Installation party hereto to any Taxes, or changes the basis of taxation
of payments (other than with respect to Excluded Taxes) to any Lender in respect of its LIBOR Loans, or 
 (ii)
imposes or increases or makes applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending
Installation, or 
 (iii) imposes any other condition the result of which is to increase the cost to any Lender
or any applicable Lending Installation of making, funding or maintaining its LIBOR Loans, or reduces any amount receivable by any Lender or any applicable Lending Installation in connection with its LIBOR Loans, or requires any Lender or any
applicable Lending Installation to make any payment calculated by reference to the amount of LIBOR Loans, by an amount deemed material by such Lender as the case may be, 
 and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending Installation, as the case may be, of making or maintaining its LIBOR Loans or to reduce the return
received by such Lender or applicable Lending Installation in connection with such LIBOR Loans then, subject to the provisions of Section 3.6, Borrower shall pay such Lender such additional amount or amounts as will compensate such Lender for
such increased cost or reduction in amount received. 
 3.2. Changes in Capital Adequacy Regulations. If a Lender in good
faith determines the amount of capital required or expected to be maintained by such Lender, any Lending Installation of such Lender or any corporation controlling such Lender is increased as a result of a Change (as hereinafter defined), then,
within 15 days of demand by such Lender, Borrower shall pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital which such Lender in good faith determines is attributable to
this Agreement, its outstanding credit exposure hereunder or its obligation to make Loans hereunder (after taking into account such Lender’s policies as to capital adequacy). “Change” means (i) any change after the date of
this Agreement in the Risk-Based Capital Guidelines (as hereinafter defined) or (ii) any adoption 

  
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of or change in any other law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) after the date of this
Agreement which affects the amount of capital required or expected to be maintained by any Lender or any Lending Installation or any corporation controlling any Lender. “Risk-Based Capital Guidelines” means (i) the risk-based
capital guidelines in effect in the United States on the date of this Agreement, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States implementing the June
2006 report of the Basel Committee on Banking Regulation and Supervisory Practices Entitled “Basel II: International Convergence of Capital Measurements and Capital Standards: A Revised Framework,” including transition rules, and any
amendments to such regulations adopted prior to the date of this Agreement. 
 3.3. Availability of Types of Advances. If
any Lender in good faith determines that maintenance of any of its LIBOR Loans at a suitable Lending Installation would violate any applicable law, rule, regulation or directive, whether or not having the force of law, the Administrative Agent
shall, with written notice to Borrower, suspend the availability of the affected Type of Advance and require any LIBOR Advances of the affected Type to be repaid; or if the Required Lenders in good faith determine that (i) deposits of a type or
maturity appropriate to match fund LIBOR Advances are not available, the Administrative Agent shall, with written notice to Borrower, suspend the availability of the affected Type of Advance with respect to any LIBOR Advances made after the date of
any such determination, or (ii) an interest rate applicable to a Type of Advance does not accurately reflect the cost of making a LIBOR Advance of such Type, then, if for any reason whatsoever the provisions of Section 3.1 are
inapplicable, the Administrative Agent shall, with written notice to Borrower, suspend the availability of the affected Type of Advance with respect to any LIBOR Advances made after the date of any such determination. If Borrower is required to so
repay a LIBOR Advance, Borrower may concurrently with such repayment borrow from the Lenders, in the amount of such repayment, a Base Rate Advance. 
 3.4. Funding Indemnification. If any payment of a LIBOR Advance occurs on a date which is not the last day of the applicable LIBOR Interest Period, whether because of acceleration, prepayment or
otherwise, or a ratable LIBOR Advance is not made on the date specified by Borrower for any reason other than default by the Lenders or as a result of unavailability pursuant to Section 3.3, Borrower will indemnify each Lender for any
loss or cost incurred by it resulting therefrom, including, without limitation, any loss or cost (incurred or expected to be incurred) in liquidating or employing deposits acquired to fund or maintain the LIBOR Advance and shall pay all such losses
or costs within fifteen (15) days after written demand therefor. 
 3.5. Taxes. 

(i) All payments by Borrower to or for the account of any Lender or the Administrative Agent hereunder or under any Note
shall be made free and clear of and without deduction for any and all Taxes. If Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender or the Administrative Agent, (a) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.5) such Lender or the Administrative Agent (as the case may be) receives an
amount equal to the sum it would have received had no such deductions been made, (b) Borrower shall make such deductions, (c) Borrower shall pay the full amount deducted to the relevant authority in accordance with applicable law and
(d) Borrower shall furnish to the Administrative Agent the original copy of a receipt evidencing payment thereof within 30 days after such payment is made. 

  
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 (ii) In addition, Borrower hereby agrees to pay any present or future stamp
or documentary taxes and any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under any Note or from the execution or delivery of, or otherwise with respect to, this Agreement or any Note
(“Other Taxes”). 
 (iii) Borrower hereby agrees to indemnify the Administrative Agent and each Lender
for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by the Administrative Agent or such Lender and any liability (including
penalties, interest and expenses) arising therefrom or with respect thereto. Payments due under this indemnification shall be made within 30 days of the date the Administrative Agent or such Lender makes demand therefor pursuant to
Section 3.6. 
 (iv) Each Lender that is not incorporated under the laws of the United States of
America or a state thereof (each a “Non-U.S. Lender”) agrees that it will, not more than ten Business Days after the date of this Agreement, (i) deliver to each of Borrower and the Administrative Agent two duly completed copies of
United States Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either case that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, and
(ii) deliver to each of Borrower and the Administrative Agent a United States Internal Revenue Form W-8 or W-9, as the case may be, and certify that it is entitled to an exemption from United States backup withholding tax. Each Non-U.S. Lender
further undertakes to deliver to each of Borrower and the Administrative Agent (x) renewals or additional copies of such form (or any successor form) on or before the date that such form expires or becomes obsolete, and (y) after the
occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto as may be reasonably requested by Borrower or the Administrative Agent. All forms or amendments described in the
preceding sentence shall certify that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, unless an event (including without limitation any change in
treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Lender from duly completing and delivering any such form or
amendment with respect to it and such Lender advises Borrower and the Administrative Agent that it is not capable of receiving payments without any deduction or withholding of United States federal income tax. 

(v) For any period during which a Non-U.S. Lender has failed to provide Borrower with an appropriate form pursuant to
clause (iv), above (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration thereof by any governmental authority, occurring subsequent to the date on which a form originally was
required to be provided), such Non-U.S. Lender shall not be entitled to indemnification under this Section 3.5 with respect to Taxes imposed by the United States. 

(vi) Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments under this
Agreement or any Note pursuant to the law of any relevant jurisdiction or any treaty shall deliver to Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate following receipt of such documentation. 

  
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 (vii) If the U.S. Internal Revenue Service or any other governmental
authority of the United States or any other country or any political subdivision thereof asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form
was not delivered or properly completed, because such Lender failed to notify the Administrative Agent of a change in circumstances which rendered its exemption from withholding ineffective, or for any other reason), such Lender shall indemnify the
Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax, withholding therefor, or otherwise, including penalties and interest, and including taxes imposed by any jurisdiction on amounts payable to
the Administrative Agent under this subsection, together with all costs and expenses related thereto (including attorneys fees and time charges of attorneys for the Administrative Agent, which attorneys may be employees of the Administrative Agent).
The obligations of the Lenders under this Section 3.5(vii) shall survive the payment of the Obligations and termination of this Agreement and any such Lender obligated to indemnify the Administrative Agent shall not be entitled to
indemnification from Borrower with respect to such amounts, whether pursuant to this Article or otherwise, except to the extent Borrower participated in the actions giving rise to such liability. 

3.6. Lender Statements; Survival of Indemnity. If any Lender becomes entitled to claim any additional amounts pursuant to
Sections 3.1, 3.2 or 3.5, Borrower shall not be required to pay the same unless they are the result of requirements imposed generally on lenders similar to such Lender and not the result of some specific reserve or similar
requirement imposed on such Lender as a result of such Lender’s special circumstances. If any Lender becomes entitled to claim any additional amounts pursuant to Sections 3.1, 3.2 or 3.5, such Lender shall provide Borrower
with not less than thirty (30) days written notice (with a copy to the Administrative Agent) specifying in reasonable detail the event by reason of which it has become so entitled and the additional amount required to fully compensate Lender
for such additional cost or reduced amount; provided that Borrower is not required to compensate Lender pursuant to Sections 3.1, 3.2 or 3.5 for any increased costs or reductions incurred more than ninety (90) days prior to
the date that such Lender notifies Borrower of the events giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefore. To the extent reasonably possible, each Lender shall designate an
alternate Lending Installation with respect to its LIBOR Loans to reduce any liability of Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of LIBOR Advances under Section 3.3, so long as such
designation is not, in the reasonable judgment of such Lender, disadvantageous to such Lender. Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive
and binding on Borrower in the absence of manifest error. Determination of amounts payable under such Sections in connection with a LIBOR Loan shall be calculated as though each Lender funded its LIBOR Loan through the purchase of a deposit of the
type and maturity corresponding to the deposit used as a reference in determining the LIBOR Base Rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided herein, the amount specified in the written statement
of any Lender shall be payable on demand after receipt by Borrower of such written statement. The obligations of Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination of this Agreement.

  
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 ARTICLE IV. 

CONDITIONS PRECEDENT 
 4.1. Initial Advance. The Lenders shall not be required to make the initial Advance hereunder unless (a) Borrower shall, prior to or concurrently with such Advance or issuance, have paid all
fees due and payable to the Lenders and the Administrative Agent hereunder, and (b) Borrower shall have furnished to the Administrative Agent, with sufficient copies for the Lenders, the following: 

(i) The duly executed originals of the Loan Documents, including the Notes, payable to the order of each of the Lenders,
this Agreement, the Subsidiary Guaranty, the Parent Guaranty, the Collateral Assignment and the other Security Documents; 
 (ii)(A) Certificates of good standing for Borrower, the Parent Guarantor and each Subsidiary Guarantor, from the State of Delaware for Borrower and the states of organization of the Parent Guarantor
and each Subsidiary Guarantor, certified by the appropriate governmental officer and dated not more than sixty (60) days prior to the Agreement Execution Date, and (B) foreign qualification certificates for each Subsidiary Guarantor,
certified by the appropriate governmental officer and dated not more than sixty (60) days prior to the Agreement Execution Date, for each other jurisdiction where the failure of such Subsidiary Guarantor to so qualify or be licensed (if
required) is reasonably expected to have a Material Adverse Effect; 
 (iii) Copies of the formation documents
(including code of regulations, if appropriate) of Borrower, the Parent Guarantor and the Subsidiary Guarantors, certified by an officer of Borrower, Parent Guarantor or such Subsidiary Guarantor, as appropriate, together with all amendments
thereto, provided that a certificate of no change from Borrower may be delivered if no changes have occurred in such documents since their delivery under the Original Credit Agreement; 

(iv) Incumbency certificates, executed by officers of Borrower, Parent Guarantor and the Subsidiary Guarantors, which
shall identify by name and title and bear the signature of the Persons authorized to sign the Loan Documents and to make borrowings hereunder on behalf of Borrower, upon which certificate the Administrative Agent and the Lenders shall be entitled to
rely until informed of any change in writing by Borrower, Parent Guarantor or any such Subsidiary Guarantor and provided further that a certificate of no change from Borrower may be delivered if no changes have occurred in such certificates since
their delivery under the Original Credit Agreement; 
 (v) Copies, certified by a Secretary or an Assistant
Secretary of Borrower, Parent Guarantor and each Subsidiary Guarantor, of the Board of Directors’ resolutions (and resolutions of other bodies, if any are reasonably deemed necessary by counsel for any Lender) authorizing the Advances provided
for herein, with respect to Borrower, and the execution, delivery and performance of the Loan Documents to be executed and delivered by Borrower, Parent Guarantor and each Subsidiary Guarantor hereunder; 

(vi) A written opinion of Borrower’s, Parent Guarantor’s and Subsidiary Guarantors’ counsel, addressed to
the Lenders in form and substance as the Administrative Agent may reasonably approve; 

  
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 (vii) A certificate, signed by an officer of Borrower, stating that on the
initial Borrowing Date no Default or Unmatured Default has occurred and is continuing and that all representations and warranties of Borrower are true and correct as of the initial Borrowing Date provided that such certificate is in fact true and
correct; 
 (viii) The most recent financial statements of Borrower; 

(ix) Copies of the UCC financing statement, judgment, and tax lien searches with respect to Borrower, Parent Guarantor and
each Subsidiary Guarantor from their respective states of organization; 
 (x) Written money transfer
instructions, in substantially the form of Exhibit E hereto, addressed to the Administrative Agent and signed by an Authorized Officer, together with such other related money transfer authorizations as the Administrative Agent may have
reasonably requested; 
 (xi) Evidence that all upfront fees due to each of the Lenders under the terms of their
respective commitment letters have been paid, or will be paid out of the proceeds of the initial Advance hereunder; 
 (xii) Delivery of all Eligible Collateral Asset Documents and the satisfaction of all Collateral Inclusion Conditions with respect to the Collateral Assets; and 

(xiii) Such other documents as any Lender or its counsel may have reasonably requested, the form and substance of which
documents shall be reasonably acceptable to the parties and their respective counsel. 
 Administrative Agent’s execution of this Agreement
and delivery of a fully executed copy to Borrower shall evidence the Administrative Agent’s acknowledgement that either Borrower has satisfied each such condition or such condition has been waived. 

ARTICLE V. 
 REPRESENTATIONS AND WARRANTIES 
 Borrower represents and warrants to
the Lenders that: 
 5.1. Existence. Borrower is a limited liability company duly organized and validly existing under
the laws of the State of Delaware and is duly qualified, properly licensed (if required), in good standing and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except where the failure to
be so qualified, licensed and in good standing and to have the requisite authority would not have a Material Adverse Effect. Each of Parent Guarantor and Borrower’s Subsidiaries is duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 
 5.2. Authorization and Validity. Borrower has the corporate power and authority and legal right to execute and deliver the Loan Documents and to perform its obligations thereunder. The execution
and delivery by Borrower of the Loan Documents and the performance of its obligations thereunder have been duly authorized by proper proceedings, and the Loan Documents constitute legal, valid and binding obligations of Borrower enforceable against
Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 

  
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 5.3. No Conflict; Government Consent. Neither the execution and delivery by Borrower
of the Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on Borrower or any of
its Subsidiaries or Borrower’s or any Subsidiary’s limited liability company agreements, or the provisions of any indenture, instrument or agreement to which Borrower or any of its Subsidiaries is a party or is subject, or by which it, or
its Property, is bound, or conflict with or constitute a default thereunder, except where such violation, conflict or default is not reasonably expected to have a Material Adverse Effect, or result in the creation or imposition of any Lien in, of or
on the Property of Borrower or a Subsidiary pursuant to the terms of any such indenture, instrument or agreement. No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any
governmental or public body or authority, or any subdivision thereof, is required to authorize, or is required in connection with the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, any of the
Loan Documents other than the filing of a copy of this Agreement. 
 5.4. Financial Statements; Material Adverse Effect.
All consolidated financial statements of Parent Guarantor, Borrower and Borrower’s Subsidiaries heretofore or hereafter delivered to the Lenders were prepared in accordance with GAAP in effect on the preparation date of such statements and
fairly present in all material respects the consolidated financial condition and operations of Borrower and its Subsidiaries at such date and the consolidated results of their operations for the period then ended, subject, in the case of interim
financial statements, to normal and customary year-end adjustments. From the preparation date of the most recent financial statements delivered to the Lenders through the Agreement Execution Date, there was no change in the business, properties, or
condition (financial or otherwise) of Parent Guarantor, Borrower and Borrower’s Subsidiaries which could reasonably be expected to have a Material Adverse Effect. 
 5.5. Taxes. Parent Guarantor, Borrower and Borrower’s Subsidiaries have filed all United States federal tax returns and all other tax returns which are required to be filed and have paid all
taxes due pursuant to said returns or pursuant to any assessment received by Parent Guarantor, Borrower or any of Borrower’s Subsidiaries except such taxes, if any, as are being contested in good faith and as to which adequate reserves have
been provided. No tax liens have been filed and no claims are being asserted with respect to such taxes. The charges, accruals and reserves on the books of Parent Guarantor, Borrower and Borrower’s Subsidiaries in respect of any taxes or other
governmental charges are adequate. 
 5.6. Litigation and Guarantee Obligations. Except as set forth on Schedule 3
hereto or as set forth in written notice to the Administrative Agent from time to time, there is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against
or affecting Parent Guarantor, Borrower or any of Borrower’s Subsidiaries which is reasonably be expected to have a Material Adverse Effect. Borrower has no material contingent obligations not provided for or disclosed in the financial
statements referred to in Section 6.1 or as set forth in written notices to the Administrative Agent given from time to time after the Agreement Execution Date on or about the date such material contingent obligations are incurred.

 5.7. Subsidiaries; Investment Affiliates. Schedule 1 hereto contains, an accurate list of all Subsidiaries of
Parent Guarantor, setting forth their respective jurisdictions of incorporation or 

  
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formation and the percentage of their respective capital stock or partnership or membership interest owned by Parent Guarantor, Borrower or other Subsidiaries. All of the issued and outstanding
shares of capital stock of such Subsidiaries that are corporations have been duly authorized and issued and are fully paid and non-assessable. There are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of
any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or
partnership or other ownership interests of any type in, any such Subsidiary. 
 5.8. ERISA. The Unfunded Liabilities of
all Single Employer Plans do not in the aggregate exceed $1,000,000. Neither Parent Guarantor, Borrower nor any other member of the Controlled Group has incurred, or is reasonably expected to incur, any withdrawal liability to Multiemployer Plans in
excess of $250,000 in the aggregate. Each Plan complies in all material respects with all applicable requirements of law and regulations, no Reportable Event has occurred with respect to any Plan, neither Borrower nor any other members of the
Controlled Group has withdrawn from any Plan or initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan. 
 5.9. Accuracy of Information. No information, exhibit or report furnished by Parent Guarantor, Borrower or any of Borrower’s Subsidiaries to the Administrative Agent or to any Lender in
connection with the negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not misleading. 

5.10. Regulation U. Borrower has not used the proceeds of any Advance to buy or carry any margin stock (as defined in Regulation
U) in violation of the terms of this Agreement. 
 5.11. Material Agreements. Neither Parent Guarantor, Borrower nor any
Subsidiary of Borrower is a party to any agreement or instrument or subject to any charter or other corporate restriction which is reasonably be expected to have a Material Adverse Effect. Neither Parent Guarantor, Borrower nor any Subsidiary of
Borrower is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in (i) any agreement to which it is a party, which default is reasonably expected to have a Material Adverse
Effect, or (ii) any agreement or instrument evidencing or governing Indebtedness, which default would constitute a Default hereunder. 
 5.12. Compliance With Laws. Borrower and its Subsidiaries have complied with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any
instrumentality or agency thereof, having jurisdiction over the conduct of their respective businesses or the ownership of their respective Property, except for any non-compliance which would not have a Material Adverse Effect. Neither Borrower nor
any Subsidiary of Borrower has received any notice to the effect that its operations are not in material compliance with any of the requirements of applicable federal, state and local environmental, health and safety statutes and regulations or the
subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment, which non-compliance or remedial action could have a Material
Adverse Effect. 
 5.13. Ownership of Properties. Except as set forth on Schedule 2 hereto, on the date of this
Agreement, Borrower and Borrower’s Subsidiaries will have good and marketable title, free of all Liens other than those permitted by Section 6.16, to all of the Property and assets reflected in the financial statements as owned by
it. 

  
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 5.14. Investment Company Act. Neither Parent Guarantor, nor Borrower nor any
Subsidiary of Borrower or Parent Guarantor is an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 

5.15. Affiliate Transactions. Except as permitted by Section 6.17, neither Parent Guarantor, Borrower, nor any of
Borrower’s Subsidiaries is a party to or bound by any agreement or arrangement (whether oral or written) to which any Affiliate of Borrower or any of Borrower’s Subsidiaries is a party. 

5.16. Solvency. 
 (i) Immediately after the Agreement Execution Date and immediately following the making of each Loan and after giving effect to the application of the proceeds of such Loans, (a) the fair value of
the assets of Parent Guarantor, Borrower and Borrower’s Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of Parent Guarantor, Borrower and Borrower’s
Subsidiaries on a consolidated basis; (b) the present fair saleable value of the Property of Parent Guarantor, Borrower and Borrower’s Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the
probable liability of Parent Guarantor, Borrower and Borrower’s Subsidiaries on a consolidated basis on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured;
(c) Parent Guarantor, Borrower and Borrower’s Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and
(d) Parent Guarantor, Borrower and Borrower’s Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are
proposed to be conducted after the date hereof. 
 (ii) Borrower does not intend to, or to permit any of its
Subsidiaries to, and does not believe that it or any of its Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the
timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary. 

5.17. Insurance. Borrower and its Subsidiaries carry insurance on their Projects with financially sound and reputable insurance
companies, in such amounts, with such deductibles and covering such risks as are required pursuant to the insurance requirements attached hereto as Exhibit J and made a part hereof: 

5.18. REIT Status. Parent Guarantor is qualified as a real estate investment trust under Section 856 of the Code, is a
self-directed and self-administered real estate investment trust and currently is in compliance in all material respects with all provisions of the Code applicable to the qualification of Parent Guarantor as a real estate investment trust.

  
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 5.19. Environmental Matters. Each of the following representations and warranties is
true and correct on and as of the Agreement Execution Date except as disclosed in environmental reports delivered to the Administrative Agent or on Schedule 4 attached hereto and to the extent that the facts and circumstances giving rise to
any such failure to be so true and correct, in the aggregate, are not reasonably be expected to have a Material Adverse Effect: 
 (a) To the best knowledge of Borrower, the Projects of Borrower and its Subsidiaries do not contain any Materials of Environmental Concern in amounts or concentrations which constitute a violation of, or
could reasonably give rise to liability of Borrower or any such Subsidiary under, Environmental Laws. 
 (b) To
the best knowledge of Borrower, (i) the Projects of Borrower and its Subsidiaries and all operations at such Projects are in compliance with all applicable Environmental Laws, and (ii) with respect to all Projects owned by Borrower and/or
its Subsidiaries (x) for at least two (2) years, have in the last two years, or (y) for less than two (2) years, have for such period of ownership, been in compliance in all material respects with all applicable Environmental
Laws. 
 (c) Neither Borrower nor any of its Subsidiaries has received any notice of violation, alleged
violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Projects, nor does Borrower have knowledge or reason to believe that any such notice will be
received or is being threatened. 
 (d) To the best knowledge of Borrower, Materials of Environmental Concern
have not been transported or disposed of from the Projects of Borrower and its Subsidiaries in violation of, or in a manner or to a location which could reasonably give rise to liability of Borrower or any such Subsidiary under, Environmental Laws,
nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Projects of Borrower and its Subsidiaries in violation of, or in a manner that could give rise to liability of Borrower or any
such Subsidiary under, any applicable Environmental Laws. 
 (e) No judicial proceedings or governmental or
administrative action is pending, or, to the knowledge of Borrower, threatened, under any Environmental Law to which Borrower or any of its Subsidiaries is or, to Borrower’s knowledge, will be named as a party with respect to the Projects of
Borrower and its Subsidiaries, nor are there any consent decrees or other decrees, consent orders, administrative order or other orders, or other administrative of judicial requirements outstanding under any Environmental Law with respect to the
Projects of Borrower and its Subsidiaries. 
 (f) To the best knowledge of Borrower, there has been no release or
threat of release of Materials of Environmental Concern at or from the Projects of Borrower and its Subsidiaries, or arising from or related to the operations of Borrower and its Subsidiaries in connection with such Projects in violation of or in
amounts or in a manner that could give rise to liability under Environmental Laws. 
 5.20. Collateral Assets. As of the
Agreement Execution Date: 
 (a) Each of the Collateral Assets is not located in an area that has been identified
by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the 

  
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National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law or, if any portion of the industrial buildings on such Properties are located
within any such area, the applicable Subsidiary Guarantor has obtained and will maintain through the Loan Maturity Date the insurance prescribed in Section 5.17 hereof. 

(b) To Borrower’s knowledge, each of the Collateral Assets and the present use and occupancy thereof are in material
compliance with all material zoning ordinances (without reliance upon adjoining or other properties), health, fire and building codes, land use laws (including those regulating parking) and Environmental Laws (except as disclosed on the
environmental assessments delivered to the Administrative Agent pursuant to this Agreement) and other similar laws (“Applicable Laws”). 
 (c) Each of the Collateral Assets is served by all utilities required for the current or contemplated use thereof. 
 (d) To Borrower’s knowledge, all public roads and streets necessary for service of and access to each of the Collateral Assets for the current or contemplated use thereof have been completed, and are
open for use by the public, or appropriate insured private easements are in place. 
 (e) Except as disclosed in
any property condition reports delivered by the Administrative Agent, Borrower is not aware of any material latent or patent structural or other significant deficiency of the Collateral Assets. Each of the Collateral Assets is free of damage and
waste that would materially and adversely affect the value of such Collateral Asset, is in good condition and repair and to Borrower’s knowledge there is no deferred maintenance other than ordinary wear and tear. Each of the Collateral Assets
is free from damage caused by fire or other casualty. 
 (f) To Borrower’s knowledge, all liquid and solid
waste disposal, septic and sewer systems located on the Collateral Assets are in a good and safe condition and repair and to Borrower’s knowledge, in material compliance with all Applicable Laws with respect to such systems. 

(g) To Borrower’s knowledge, all improvements on each Collateral Asset lie within the boundaries and building
restrictions of the legal description of record of such Collateral Asset, no improvements encroach upon easements benefiting the Collateral Assets other than encroachments that do not materially adversely affect the use or occupancy of the
Collateral Assets and no improvements on adjoining properties encroach upon the Collateral Assets or upon easements benefiting the Collateral Assets other than encroachments that do not materially adversely affect the use or occupancy of the
Collateral Assets. 
 (h) To Borrower’s knowledge, all Leases are in full force and effect. Borrower is not
in default under any Lease and Borrower has disclosed to Lenders in writing any material default, of which Borrower has knowledge, under any Lease which demises any material portion of the related Collateral Asset. 

  
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 (i) There are no material delinquent taxes, ground rents, water charges,
sewer rents, assessments, insurance premiums, leasehold payments, or other outstanding charges affecting the Collateral Assets except to the extent such items are being contested in good faith by appropriate proceedings and as to which adequate
reserves have been provided and there is no risk of loss, forfeiture, or sale of any interest in the Collateral Assets during such proceedings. Each of the Collateral Assets is taxed separately without regard to any other property not included in
the Collateral. 
 (j) No condemnation proceeding or eminent domain action is pending or threatened against any
of the Collateral Assets which would impair the use, value, sale or occupancy of such Collateral Asset (or any portion thereof) in any material manner. 
 (k) Each of the Collateral Assets is not, nor is any direct or indirect interest of Borrower or any Subsidiary Guarantor in any Collateral Asset or in the Pledged Equity Interest with respect to any owner
of a Collateral Asset, subject to any Lien other than Permitted Liens set forth in clauses (i) through (iv) of Section 6.14 or to any Negative Pledge (other than the Liens and Negative Pledges created pursuant to this Agreement
to secure the obligations of Borrower and the Subsidiary Guarantors). 
 (l) The Collateral Assignment creates a
valid first priority security interest in the Pledged Equity Interests, subject only to Permitted Liens. 
 5.21.
Intellectual Property. 
 (i) Parent Guarantor, Borrower and each of Borrower’s Subsidiaries owns or
has the right to use, under valid license agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual
Property”) used in the conduct of their respective businesses as now conducted and as contemplated by the Loan Documents, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other
proprietary right of any other Person. 
 (ii) Parent Guarantor, Borrower and each of Borrower’s
Subsidiaries have taken all such steps as they deem reasonably necessary to protect their respective rights under and with respect to such Intellectual Property. 

(iii) No claim has been asserted by any Person with respect to the use of any Intellectual Property by Parent Guarantor,
Borrower or any of Borrower’s Subsidiaries, or challenging or questioning the validity or effectiveness of any Intellectual Property. 
 (iv) The use of such Intellectual Property by Parent Guarantor, Borrower and each of Borrower’s Subsidiaries does not infringe on the rights of any Person, subject to such claims and infringements as
do not, in the aggregate, give rise to any liabilities on the part of Borrower or any of Borrower’s Subsidiaries that could be reasonably expected to have a Material Adverse Effect. 

5.22. Broker’s Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect
to the transactions contemplated hereby. Except as provided in the Fee 

  
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Letter, no other similar fees or commissions will be payable by any Lender for any other services rendered to Parent Guarantor, Borrower, any of the Subsidiaries of Borrower or any other Person
ancillary to the transactions contemplated hereby. 
 5.23. No Bankruptcy Filing. Neither Parent Guarantor, Borrower nor
any of Borrower’s Subsidiaries is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of its assets or property, and Borrower has no knowledge of any Person
contemplating the filing of any such petition against any of such Persons. 
 5.24. No Fraudulent Intent. Neither the
execution and delivery of this Agreement or any of the other Loan Documents nor the performance of any actions required hereunder or thereunder is being undertaken by Parent Guarantor, Borrower or the Subsidiary Guarantors with or as a result of any
actual intent by any of such Persons to hinder, delay or defraud any entity to which any of such Persons is now or will hereafter become indebted. 
 5.25. Transaction in Best Interests of Borrower and Subsidiary Guarantors; Consideration. The transaction evidenced by this Agreement and the other Loan Documents is in the best interests of Parent
Guarantor, Borrower and the Subsidiary Guarantors. The direct and indirect benefits to inure to Borrower and the Subsidiary Guarantors pursuant to this Agreement and the other Loan Documents constitute substantially more than “reasonably
equivalent value” (as such term is used in §548 of the Bankruptcy Code) and “valuable consideration,” “fair value,” and “fair consideration” (as such terms are used in any applicable state fraudulent
conveyance law), in exchange for the benefits to be provided by Borrower and the Subsidiary Guarantors pursuant to this Agreement and the other Loan Documents, and but for the willingness of each Subsidiary Guarantor to guaranty the Obligations,
Borrower would be unable to obtain the financing contemplated hereunder which financing will enable Borrower and its Subsidiaries to have available financing to conduct and expand their business. Borrower and its Subsidiaries constitute a single
integrated financial enterprise and receive a benefit from the availability of credit under this Agreement. 
 5.26.
Subordination. Borrower is not a party to or bound by any agreement, instrument or indenture that may require the subordination in right or time of payment of any of the Obligations to any other indebtedness or obligation of any such Persons.

 5.27. Tax Shelter Representation. Borrower does not intend to treat the Loans, and/or related transactions as being a
“reportable transaction” (within the meaning of United States Treasury Regulation Section 1.6011-4). In the event Borrower determines to take any action inconsistent with such intention, it will promptly notify the Administrative
Agent thereof. If Borrower so notifies the Administrative Agent, Borrower acknowledges that one or more of the Lenders may treat its Loans as part of a transaction that is subject to Treasury Regulation Section 301.6112-1, and such Lender or
Lenders, as applicable, will maintain the lists and other records required by such Treasury Regulation. 
 5.28.
Anti-Terrorism Laws. 
 (i) None of Parent Guarantor, Borrower and Borrower’s Subsidiaries is in
violation of any laws or regulations relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive Order”)
and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. 

  
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 (ii) None of Parent Guarantor, Borrower and Borrower’s Subsidiaries, or
any of their brokers or other agents acting with respect to or benefiting from this Agreement is a Prohibited Person. A “Prohibited Person” is any of the following: 
 (1) a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (2) a person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order;

 (3) a person or entity with whom any Lender is prohibited from dealing or otherwise engaging in any transaction by any
Anti-Terrorism Law; 
 (4) a person or entity who commits, threatens or conspires to commit or supports “terrorism”
as defined in the Executive Order; or 
 (5) a person or entity that is named as a “specially designated national and
blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list. 

(iii) None of Parent Guarantor, Borrower and Borrower’s Subsidiaries (1) conducts any business or engages in
making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (2) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the
Executive Order, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

None of Parent Guarantor, Borrower and Borrower’s Subsidiaries shall (1) conduct any business or engage in making or receiving
any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or any
other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law (and
Borrower shall deliver to Administrative Agent any certification or other evidence requested from time to time by Administrative Agent in its reasonable discretion, confirming Borrower’s compliance herewith). 

5.29. Survival. All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of
Parent Guarantor, Borrower or any of Borrower’s Subsidiaries to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made
in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of Parent Guarantor, Borrower or any of Borrower’s Subsidiaries prior to the
Agreement Execution Date and delivered to the Administrative Agent or any Lender in connection with closing the transactions contemplated hereby) shall constitute representations and warranties made by Borrower under this Agreement. All such
representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loan. 

  
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 ARTICLE VI. 

COVENANTS 
 During the term of this Agreement, unless the Required Lenders shall otherwise consent in writing: 
 6.1. Financial Reporting. Borrower will maintain, for itself and each Subsidiary, on a consolidated basis with Parent Guarantor, a system of accounting established and administered in accordance
with GAAP, and furnish to the Lenders: 
 (i) As soon as available, but in any event not later than 45 days after
the close of each of the first three fiscal quarters of each year, for the Consolidated Group, an unaudited consolidated balance sheet as of the close of each such period and the related unaudited consolidated statements of income and retained
earnings and of cash flows of the Consolidated Group for such period and the portion of the fiscal year through the end of such period, setting forth in each case in comparative form the figures for the previous year, all certified by an Authorized
Officer; 
 (ii) As soon as available, but in any event not later than 45 days after the close of each fiscal
quarter, for the Consolidated Group, the following reports in form and substance reasonably satisfactory to the Administrative Agent, all certified by the Parent Guarantor’s chief financial officer or chief accounting officer: an updated rent
roll and operating statement for each Collateral Asset and such other information on the Collateral Assets as may be reasonably requested; 
 (iii) As soon as available, but in any event not later than 90 days after the close of each fiscal year, for the Consolidated Group audited financial statements, including a consolidated balance sheet as
at the end of such year and the related consolidated statements of income and retained earnings and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, without a “going concern” or
like qualification or exception, or qualification arising out of the scope of the audit, prepared by independent certified public accountants of nationally recognized standing reasonably acceptable to Administrative Agent; 

(iv) Together with the quarterly and annual financial statements required hereunder, a compliance certificate in
substantially the form of Exhibit C hereto signed by an Authorized Officer showing the calculations and computations necessary to determine compliance with this Agreement and stating that, to such officer’s knowledge, no Default or
Unmatured Default exists, or if, to such officer’s knowledge, any Default or Unmatured Default exists, stating the nature and status thereof; 
 (v) As soon as possible and in any event within 10 days after receipt by an Authorized Officer of Borrower, a copy of (a) any notice or claim to the effect that Borrower or any of its Subsidiaries is
or may be liable to any Person as a result of the release by Borrower, any of its Subsidiaries, or any other Person of any toxic or hazardous waste or substance into the environment, and (b) any notice alleging any violation of any federal,
state or local environmental, health or safety law or regulation by Borrower or any of its Subsidiaries, which, in either case, is reasonably expected to have a Material Adverse Effect; 

  
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 (vi) Promptly upon becoming aware of the same and to the extent Parent
Guarantor, Borrower, or any of its Subsidiaries, are aware of the same, notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any
arbitrator against or in any other way relating adversely to, or adversely affecting, Parent Guarantor, Borrower, any of its Subsidiaries or any of their respective properties, assets or businesses which involve claims individually or in the
aggregate in excess of $5,000,000, and notice of the receipt of notice that any United States income tax returns of Parent Guarantor, Borrower or any of its Subsidiaries are being audited; 

(vii) Promptly upon becoming available, a copy of any amendment to a formation document of Borrower; 

(viii) Promptly upon becoming aware of the same, notice of any change in the senior management of Parent Guarantor,
Borrower, or any of its Subsidiaries, any change in the business, assets, liabilities, financial condition, results of operations or business prospects of Borrower, or any of its Subsidiaries which has or is reasonably be expected to have a Material
Adverse Effect, or any other event or circumstance which has had or is reasonably be expected to have a Material Adverse Effect; 
 (ix) Promptly upon becoming aware of entry of the same, notice of any order, judgment or decree in excess of $5,000,000 having been entered against Parent Guarantor, Borrower, or any of its Subsidiaries
or any of their respective properties or assets; 
 (x) Promptly upon receipt of the same, notice if Parent
Guarantor, Borrower, or any of its Subsidiaries shall receive any notification from any Governmental Authority alleging a violation of any Applicable Law or any inquiry which is reasonably be expected to have a Material Adverse Effect; and

 (xi) Such other information (including, without limitation, financial statements for Parent Guarantor,
Borrower and non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request. 

6.2. Use of Proceeds. Borrower will use the proceeds of the Advances to finance its investment in the Collateral Assets, to
finance Borrower’s or its Subsidiaries’ acquisitions of Projects or for general corporate working capital purposes. Borrower will not, nor will it permit any Subsidiary to, use any of the proceeds of the Advances (i) to purchase or
carry any “margin stock” (as defined in Regulation U) if such usage could constitute a violation of Regulation U by any Lender, (ii) to fund any purchase of, or offer for, any Capital Stock of any Person, unless such Person has
consented to such offer prior to any public announcements relating thereto, or (iii) to make any Entity Acquisition other than a Permitted Acquisition. 
 6.3. Notice of Default. Borrower will give, and will cause each of its Subsidiaries to give, prompt notice in writing to the Administrative Agent and the Lenders of the occurrence of any Default or
Unmatured Default and of any other development, financial or otherwise, which could reasonably be expected to have a Material Adverse Effect. 

  
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 6.4. Conduct of Business. Parent Guarantor and Borrower will do, and will cause each
of their respective Subsidiaries to do, all things necessary to remain duly incorporated or duly qualified, validly existing and in good standing as a real estate investment trust, corporation, general partnership or limited partnership, as the case
may be, in its jurisdiction of incorporation/formation (except with respect to mergers permitted hereunder and Permitted Acquisitions) and maintain all requisite authority to conduct its business in each jurisdiction in which its business is
conducted, in each jurisdiction in which any Project owned (or leased pursuant to an Qualified Ground Lease) by it is located, and in each other jurisdiction in which the character of its properties or the nature of its business requires such
qualification and authorization and where the failure to be so authorized and qualified is reasonably be expected to have a Material Adverse Effect, and to carry on and conduct their businesses in substantially the same manner as they are presently
conducted where the failure to do so is reasonably be expected to have a Material Adverse Effect and, specifically, neither Parent Guarantor, Borrower nor Borrower’s Subsidiaries may undertake any business other than the acquisition,
development, ownership, management, operation and leasing of industrial properties, and ancillary businesses specifically related to industrial properties. Parent Guarantor and Borrower shall, and shall cause each of their respective Subsidiaries,
to develop and implement such programs, policies and procedures as are necessary to comply with the USA Patriot Act and shall promptly advise the Administrative Agent in writing in the event that any of such Persons shall determine that any
investors in such Persons are in violation of such act. 
 6.5. Taxes. Parent Guarantor and Borrower will pay, and will
cause each of their respective Subsidiaries to pay, when due all taxes, assessments and governmental charges and levies upon them of their income, profits or Projects, except those which are being contested in good faith by appropriate proceedings
and with respect to which adequate reserves have been set aside. 
 6.6. Insurance. Borrower will, and will cause each of
its Subsidiaries to, maintain insurance which is consistent with the representation contained in Section 5.17 on all their Projects and Borrower will furnish to any Lender upon reasonable request full information as to the insurance
carried. 
 6.7. Compliance with Laws. Borrower will, and will cause each of its Subsidiaries to, comply with all laws,
rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which they may be subject, the violation of which is reasonably be expected to have a Material Adverse Effect. 

6.8. Maintenance of Properties. Borrower will, and will cause each of its Subsidiaries to, do all things necessary to maintain,
preserve, protect and keep their respective Projects in good repair, working order and condition, ordinary wear and tear excepted. 
 6.9. Inspection. Borrower will, and will cause each of its Subsidiaries to, permit the Lenders upon reasonable advance notice, by their respective representatives and agents, to inspect during
regular business hours any of the Projects, corporate books and financial records of Borrower and each of their respective Subsidiaries, to examine and make copies of the books of accounts and other financial records of Parent Guarantor, Borrower
and each of their respective Subsidiaries, and to discuss the affairs, finances and accounts of Parent Guarantor, Borrower and each of its Subsidiaries with officers thereof, and to be advised as to the same by, their respective officers at such
reasonable times and intervals as the Lenders may designate. 
 6.10. Maintenance of Status; Modification of Formation
Documents. Parent Guarantor shall at all times maintain its status as a self-directed, self-administered real estate investment trust in 

  
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compliance with all applicable provisions of the Code relating to such status. Neither Parent Guarantor nor Borrower shall amend any of its articles of incorporation, limited liability company
agreements, or by-laws, as applicable, without the prior written consent of the Administrative Agent in a manner that is reasonably expected to have a Material Adverse Effect. Parent Guarantor and Borrower shall not, and shall not permit any
Subsidiary of Borrower to, enter into any amendment or modification of any formation documents of Borrower or such Subsidiary which would have a Material Adverse Effect. 
 6.11. Dividends. Provided there is no then-existing Default hereunder with respect to the payment of any of the Obligations, Parent Guarantor shall be permitted to declare and pay dividends on its
Capital Stock from time to time in amounts determined by Parent Guarantor, provided, however, that in no event shall Parent Guarantor declare or pay dividends on its Capital Stock or make distributions with respect thereto (including
dividends paid and distributions actually made with respect to gains on property sales and any Preferred Dividends as Parent Guarantor may be contractually required to make from time to time) if such dividends and distributions paid on account of
any fiscal year of Parent Guarantor, in the aggregate for such period, would exceed (A) 110% of Funds from Operations for the first fiscal year of Parent Guarantor ending after the Agreement Execution Date, (B) 100% of Funds from
Operations for the second fiscal year of Parent Guarantor ending after the Agreement Execution Date and (C) 95% of Funds From Operations for each fiscal year of Parent Guarantor thereafter. Notwithstanding anything to the contrary contained in
this Agreement, including, without limitation, this Section 6.11, Parent Guarantor shall be permitted at all times to distribute whatever amount of dividends is necessary to maintain its tax status as a real estate investment trust.

 6.12. Merger; Sale of Assets. Borrower will not, nor will it permit any of its Subsidiaries to, without prior notice
to the Administrative Agent and without providing a certification of compliance with the Loan Documents enter into any merger (other than mergers in which such entity is the survivor and mergers of Subsidiaries (but not Borrower) as part of
transactions that are Permitted Acquisitions provided that following such merger the target entity becomes a Wholly-Owned Subsidiary of Borrower), consolidation, reorganization or liquidation or transfer or otherwise dispose of all or a Substantial
Portion of their Properties, except for (a) such transactions that occur between Wholly-Owned Subsidiaries or between Borrower and a Wholly-Owned Subsidiary and (b) mergers solely to change the jurisdiction of organization of a Subsidiary
Guarantor, provided that, in any event, approval in advance by the Required Lenders shall be required for transfer or disposition in any quarter of assets with an aggregate value greater than 15% of Consolidated Gross Asset Value, or any merger of
the Parent Guarantor, Company or Subsidiary into another operating entity which would result in an increase to the Consolidated Gross Asset Value of more than 50%. 
 6.13. Subsidiary Guarantors. Borrower shall cause each of its existing Wholly-Owned Subsidiaries which owns a Collateral Asset, as identified on Schedule 5 attached hereto and made a part
hereof, to execute and deliver to the Administrative Agent the Subsidiary Guaranty. 
 6.14. Sale and Leaseback. Borrower
will not, nor will it permit any of its Subsidiaries to, sell or transfer a Collateral Asset in order to concurrently or subsequently lease such Property as lessee. 

  
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 6.15. Acquisitions and Investments. Borrower will not, nor will it permit any
Subsidiary of Borrower to, make or suffer to exist any Investments (including without limitation, loans and advances to, and other Investments in, Subsidiaries of Borrower), or commitments therefor, or become or remain a partner in any partnership
or joint venture, or to make any Entity Acquisition of any Person, except: 
 (i) Cash Equivalents; 

(ii) Investments in existing Subsidiaries of Borrower, Investments in Subsidiaries of Borrower formed for the purpose of
developing or acquiring industrial properties, or Investments in existing or newly formed joint ventures and partnerships engaged solely in the business of purchasing, developing, owning, operating, leasing and managing industrial properties;

 (iii) transactions permitted pursuant to Section 6.12; 

(iv) Investments permitted pursuant to Section 6.23; and 

(v) Entity Acquisitions of Persons whose primary operations consist of the ownership, development, operation and
management of industrial properties; 
 provided that, after giving effect to such Entity Acquisitions and Investments, Borrower continues to
comply with all its covenants herein. Entity Acquisitions permitted pursuant to this Section 6.15 shall be deemed to be “Permitted Acquisitions”. 
 6.16. Liens. Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, or suffer to exist any Lien in, of or on the Property of Borrower or any of its Subsidiaries, except:

 (i) Liens for taxes, assessments or governmental charges or levies on its Property if the same shall not at
the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves shall have been set aside on its books; 

(ii) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and other similar liens
arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside on its
books; 
 (iii) Liens arising out of pledges or deposits under workers’ compensation laws, unemployment
insurance, old age pensions, or other social security or retirement benefits, or similar legislation; 
 (iv)
Easements, restrictions and such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of a similar character and which do not in any material way affect the marketability of the same or
interfere with the use thereof in the business of Borrower or its Subsidiaries; and 
 (v) Liens other than Liens
described in subsections (i) through (iv) above arising in connection with any Indebtedness permitted hereunder to the extent such Liens will not result in a Default in any of Borrower’s covenants herein. 

Liens permitted pursuant to this Section 6.16 shall be deemed to be “Permitted Liens”. 

  
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 6.17. Affiliates. Borrower will not, nor will it permit any of its Subsidiaries to,
enter into any transaction (including, without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate except in the ordinary course of business and pursuant to the reasonable requirements
of Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to Borrower or such Subsidiary than Borrower or such Subsidiary would obtain in a comparable arms-length transaction. 

6.18. Swap Contracts. Borrower will not enter into or remain liable upon, nor will it permit any Subsidiary to enter into or
remain liable upon, any Swap Contract, except to the extent required to protect Borrower and its Subsidiaries against increases in interest payable by them under variable interest Indebtedness. 

6.19. Variable Interest Indebtedness. Borrower and its Subsidiaries shall not at any time permit the outstanding principal balance
of Consolidated Total Indebtedness which bears interest at an interest rate that is not fixed through the maturity date of such Indebtedness to exceed twenty-five percent (25%) of Consolidated Gross Asset Value, unless all of such Indebtedness
in excess of such amount is subject to a Swap Contract approved by the Administrative Agent that effectively converts the interest rate on such excess to a fixed rate. 
 6.20. Consolidated Tangible Net Worth. Borrower on a consolidated basis with Parent Guarantor and Borrower’s Subsidiaries shall maintain a Consolidated Tangible Net Worth of not less than
$145,000,000 plus eighty percent (80%) of the equity contributions or sales of Capital Stock received by Parent Guarantor, Borrower or any of Borrower’s Subsidiaries after the Agreement Execution Date. 

6.21. Indebtedness and Cash Flow Covenants. Borrower on a consolidated basis with Parent Guarantor and Borrower’s
Subsidiaries shall not permit: 
 (i) Intentionally omitted; 

(ii) Intentionally omitted; 
 (iii) Consolidated Total Indebtedness to be more than 0.60 times Consolidated Gross Asset Value at any time; 
 (iv) Adjusted EBITDA to be less than 1.75 times Consolidated Fixed Charges at any time; 
 (v) any Recourse Indebtedness to exist, other than the Obligations under this Agreement and up to $50,000,000 in the aggregate of other Recourse Indebtedness; 

6.22. Environmental Matters. Borrower and its Subsidiaries shall: 

(a) Comply with, and use all reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all
applicable Environmental Laws and obtain and comply with and maintain, and use all reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or
permits required by applicable Environmental Laws, except to the extent that failure to do so is not be reasonably expected to have a Material Adverse Effect; provided that in no event shall Borrower or its Subsidiaries be required to modify the
terms of leases, or renewals thereof, with existing tenants 

  
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(i) at Projects owned by Borrower or its Subsidiaries as of the date hereof, or (ii) at Projects hereafter acquired by Borrower or its Subsidiaries as of the date of such acquisition, to add
provisions to such effect. 
 (b) Conduct and complete all investigations, studies, sampling and testing, and all
remedial, removal and other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except to the extent that
(i) the same are being contested in good faith by appropriate proceedings and the pendency of such proceedings is not be reasonably expected to have a Material Adverse Effect, or (ii) Borrower has determined in good faith that contesting
the same is not in the best interests of Borrower and its Subsidiaries and the failure to contest the same is not be reasonably expected to have a Material Adverse Effect. 

(c) Defend, indemnify and hold harmless Administrative Agent and each Lender, and their respective officers and directors,
from and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature known or unknown, contingent or otherwise, arising out of, or in any way relating to the violation of,
noncompliance with or liability under any Environmental Laws applicable to the operations of Borrower, its Subsidiaries or their Projects (excluding loss arising from actions taken by the owner of any Collateral Asset [or any other person who is not
an Affiliate of the Borrower] from and after the date on which the Pledged Equity Interests in the Subsidiary Guarantor owing such Collateral Asset have been sold pursuant to the exercise of the Lenders’ rights under the Collateral Assignment)
or any orders, requirements or demands of Governmental Authorities related thereto, including, without limitation, attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court costs and litigation expenses,
except to the extent that any of the foregoing arise out of the gross negligence or willful misconduct of the party seeking indemnification therefor. This indemnity shall continue in full force and effect regardless of the termination of this
Agreement. 
 (d) Prior to the acquisition of a new Project after the Agreement Execution Date, perform or cause
to be performed an environmental investigation which investigation shall include preparation of a “Phase I” report and, if appropriate in Borrower’s reasonable discretion, a “Phase II” report, in each case prepared by a
recognized environmental engineer in accordance with customary standards which discloses that the such Project is not in violation of the representations and covenants set forth in this Agreement, unless such violation has been disclosed in writing
to the Administrative Agent and remediation actions satisfactory to the Administrative Agent are being taken and at a minimum comply with all the specifications and procedures attached hereto as Exhibit H. In connection with any such
investigation, Borrower shall cause to be prepared a report of such investigation, to be made available to any Lenders upon reasonable request, for informational purposes and to assure compliance with the specifications and procedures. 

  
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 6.23. Permitted Investments. 

(a) The Consolidated Group’s aggregate Investment in Investment Affiliates and (valued at the greater of the cash
investment in that entity by the Consolidated Group or the portion of Consolidated Gross Asset Value attributable to such entity or its assets, as the case may be) shall not at any time exceed fifteen percent (15%) of Consolidated Gross Asset
Value. 
 (b) The Consolidated Group’s aggregate Investment in Construction in Progress (with each asset
valued at its cost basis) shall not at any time exceed ten percent (10%) of Consolidated Gross Asset Value. 

(c) The Consolidated Group’s aggregate Investment in Unimproved Land (with each asset valued at its cost basis) shall
not at any time exceed five percent (5%) of Consolidated Gross Asset Value. 
 (d) The Consolidated
Group’s aggregate Investment in Unimproved Land and Drop Lots (with each asset valued at its cost basis), in the aggregate, shall not at any time exceed fifteen percent (15%) of Consolidated Gross Asset Value. 

(e) Notwithstanding the foregoing individual limitations by type of asset, the Consolidated Group’s Investment in the
above items (a)-(d) in the aggregate shall not at any time exceed twenty percent (20%) of Consolidated Gross Asset Value. 
 6.24. Lease Approvals. Provided no Default shall have occurred and be continuing hereunder, Borrower may permit any Subsidiary of Borrower to enter into, modify or amend any Lease without the prior
written consent of any Lender, provided such proposed Lease (a) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant, the length of term and the location
and the amount of space rented) as of the date of such Lease is executed by the applicable Subsidiary and (b) is an arm’s length transaction with a bona fide independent third-party tenant whose identity and creditworthiness are
appropriate for a property comparable to the applicable Project. Borrower may also permit any Subsidiary of Borrower to modify, amend or terminate any Lease without the prior approval of any Lender, provided, however, in the event that any such
Subsidiary terminates a Lease, any termination fee shall be reserved by such Subsidiary and used for future leasing commission and tenant inducement costs in connection with reletting such space. 

6.25. Prohibited Encumbrances. Borrower agrees that neither Borrower nor any other member of the Consolidated Group shall
(i) create a Lien against any Project other than a single first-priority mortgage or deed of trust, (ii) create a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate
(other than (A) Liens securing the Facility Obligations as provided herein or (B) Liens against the Capital Stock or other ownership interests in any Subsidiary which owns only one or more Projects encumbered by a Lien permitted under
clause (i) of this Section 6.25 in favor of the holder of the Lien against such Project), or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a Negative Pledge (other than
restrictions on further subordinate Liens on Projects or ownership interests therein permitted to be encumbered under clauses (i) or (ii) of this Section 6.25). 

6.26. Further Assurances; Changes to Covenants. Borrower shall, at Borrower’s cost and expense and upon request of the
Administrative Agent, execute and deliver or cause to be executed and delivered, to the Administrative Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or
advisable in the 

  
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reasonable opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents. Borrower and the Administrative Agent
acknowledge and agree that the financial covenants contained herein regarding Borrower are currently the same as those that apply to the Revolving Credit Facility. In the event of any changes in such covenants in the future, so long as the
Administrative Agent is acting as agent both under this Agreement and the Revolving Credit Facility, the Administrative Agent shall recommend to the Lenders that such financial covenants remain the same under both facilities, with the understanding
that the then-current lenders under such facilities will have final approval rights over any such changes to the financial covenants. 
 6.27. Distribution of Income to Borrower. Borrower shall cause all of its Subsidiaries to promptly distribute to Borrower (but not less frequently than once each fiscal quarter of Borrower unless
otherwise approved by the Administrative Agent), whether in the form of dividends, distributions or otherwise, all profits, proceeds or other income relating to or arising from such Subsidiaries’ use, operation, financing, refinancing, sale or
other disposition of their respective assets and properties after (a) the payment by each such Subsidiary of its debt service and operating expenses for such quarter and (b) the establishment of reasonable reserves for the payment of
operating expenses not paid on at least a quarterly basis and capital improvements to be made to such Subsidiary’s assets and properties approved by such Subsidiary in the ordinary course of business consistent with its past practices or
(c) funding of reserves required by the terms of any deed of trust, mortgage or similar lien encumbering any Projects of such Subsidiary. 
 ARTICLE VII. 
 DEFAULTS 

The occurrence of any one or more of the following events shall constitute a Default: 

7.1. Nonpayment of any principal payment on any Note when due. 
 7.2. Nonpayment of interest upon any Note or of any facility fee or other payment Obligations under any of the Loan Documents within five (5) Business Days after the same becomes due. 

7.3. The breach of any of the terms or provisions of Article VI. 

7.4. Any representation or warranty made or deemed made by or on behalf of Parent Guarantor, Borrower or any of Borrower’s
Subsidiaries to the Lenders or the Administrative Agent under or in connection with this Agreement, any Loan, or any material certificate or information delivered in connection with this Agreement or any other Loan Document shall be false on the
date as of which made the result of which is reasonably expected to have a Material Adverse Effect; provided, however, if such untrue representation and warranty is susceptible of being cured, upon the same not being cured within thirty
(30) days of receipt of notice from the Administrative Agent. 
 7.5. The breach by Borrower (other than a breach which
constitutes a Default under Section 7.1, 7.2, 7.3 or 7.4) of any of the terms or provisions of this Agreement which is not remedied within fifteen (15) days after written notice from the Administrative Agent, or
if such breach is not susceptible of being so remedied using commercially reasonable efforts within such fifteen (15)day period and so long as Borrower shall have commenced and shall thereafter diligently pursue cure of the same, such fifteen
(15) day period shall be extended for such time as is reasonably necessary for Borrower to remedy such breach, such additional period not to exceed ninety (90) days. 

  
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 7.6. Failure of Parent Guarantor, Borrower or any of Borrower’s Subsidiaries to pay
when due any Recourse Indebtedness in excess of $1,000,000 in the aggregate or any other Consolidated Outstanding Indebtedness (other than the Obligations hereunder and Indebtedness under Swap Contracts) in excess of $10,000,000 in the aggregate
(collectively, “Material Indebtedness”); or the default by Parent Guarantor, Borrower or any of Borrower’s Subsidiaries in the performance of any term, provision or condition contained in any agreement, or any other event shall
occur or condition exist, which causes or permits any such Material Indebtedness to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the stated maturity thereof; or, under any Swap Contract, the
occurrence of an “Early Termination Date” (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which Parent Guarantor, Borrower or any Subsidiary of Borrower is the Defaulting Party
(as defined in such Swap Contract) or (B) any “Termination Event” (as so defined) under such Swap Contract as to which Parent Guarantor, Borrower or any Subsidiary of Borrower is an Affected Party (as so defined) and, in either event,
the Swap Termination Value owed by Parent Guarantor, Borrower or such Subsidiary of Borrower as a result thereof is greater than $1,000,000. 
 7.7. Parent Guarantor, Borrower, or any Subsidiary of Borrower shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect,
(ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its
Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it as a bankrupt or insolvent, or seeking dissolution, winding up, liquidation,
reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any
such proceeding filed against it, (v) take any corporate action to authorize or effect any of the foregoing actions set forth in this Section 7.7, (vi) fail to contest in good faith any appointment or proceeding described in
Section 7.8 or (vii) admit in writing its inability to pay its debts generally as they become due. 
 7.8. A
receiver, trustee, examiner, liquidator or similar official shall be appointed for Parent Guarantor, Borrower or any Subsidiary of Borrower or for any Substantial Portion of the Property of Parent Guarantor, Borrower or such Subsidiary, or a
proceeding described in Section 7.7(iv) shall be instituted against Parent Guarantor, Borrower or any such Subsidiary and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of ninety
(90) consecutive days. 
 7.9. Parent Guarantor, Borrower or any of the Subsidiary Guarantors shall fail within sixty
(60) days to pay, bond or otherwise discharge any judgments, warrants, writs of attachment, execution or similar process or orders for the payment of money in an amount which, when added to all other judgments, warrants, writs, executions,
processes or orders outstanding against Parent Guarantor, Borrower or any of the Subsidiary Guarantors would exceed $10,000,000 in the aggregate, which have not been stayed on appeal or otherwise appropriately contested in good faith. 

7.10. Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that it has
incurred withdrawal liability to such Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid to 

  
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Multiemployer Plans by Borrower or any other member of the Controlled Group as withdrawal liability (determined as of the date of such notification), exceeds $1,000,000 or requires payments
exceeding $500,000 per annum. 
 7.11. Borrower or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, if as a result of such reorganization or termination the aggregate annual contributions of Borrower
and the other members of the Controlled Group (taken as a whole) to all Multiemployer Plans which are then in reorganization or being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans for the
respective plan years of each such Multiemployer Plan immediately preceding the plan year in which the reorganization or termination occurs by an amount exceeding $500,000. 
 7.12. Failure to remediate within the time period permitted by law or governmental order, after all administrative hearings and appeals have been concluded (or within a reasonable time in light of the
nature of the problem if no specific time period is so established), environmental problems at Properties owned by Borrower or any of its Subsidiaries or Investment Affiliates that are reasonably expected to have a Material Adverse Effect.

 7.13. The occurrence of any “Default” as defined in any Loan Document or the breach of any of the terms or
provisions of any Loan Document, which default or breach continues beyond any period of grace therein provided. 
 7.14. Any
Change of Control shall occur. 
 7.15. Any Change in Management shall occur. 

7.16. A federal tax lien shall be filed against Parent Guarantor, Borrower or any of Borrower’s Subsidiaries under Section 6323
of the Code or a lien of the PBGC shall be filed against Parent Guarantor, Borrower or any of Borrower’s Subsidiaries under Section 4068 of ERISA and in either case such lien shall remain undischarged (or otherwise unsatisfied) for a
period of sixty (60) days after the date of filing. 
 ARTICLE VIII. 

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 
 8.1. Acceleration. If any Default described in Sections 7.7 or 7.8 occurs with respect to Borrower, the Facility Obligations shall immediately become due and payable without any election or action
on the part of the Administrative Agent or any Lender. If any other Default occurs, so long as a Default exists Lenders may declare the Facility Obligations to be due and payable, whereupon if the Required Lenders elected to accelerate (i) the
Facility Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which Borrower hereby expressly waives and (ii) if any automatic or optional acceleration has occurred, the
Administrative Agent, as directed by the Required Lenders (or if no such direction is given within 30 days after a request for direction, as the Administrative Agent deems in the best interests of the Lenders, in its sole discretion), shall use its
good faith efforts to collect, including without limitation, by filing and diligently pursuing judicial action, all amounts owed by Borrower and any Subsidiary Guarantor under the Loan Documents. 

  
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 If, within 10 days after acceleration of the maturity of the Facility Obligations as a
result of any Default (other than any Default as described in Sections 7.7 or 7.8 with respect to Borrower) and before any judgment or decree for the payment of the Facility Obligations due shall have been obtained or entered, all of
the Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to Borrower, rescind and annul such acceleration. 
 8.2. Amendments. Subject to the provisions of this Article VIII the Required Lenders (or the Administrative Agent with the consent in writing of the Required Lenders) and Borrower may enter
into agreements supplemental hereto for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or Borrower hereunder or waiving any Default hereunder; provided, however, that no
such supplemental agreement or waiver shall, without the consent of all Lenders: 
 (i) Extend the Loan Maturity
Date, or forgive all or any portion of the principal amount of any Loan or accrued interest thereon or reduce the Applicable Margins (or modify any definition herein which would have the effect of reducing the Applicable Margins) or the underlying
interest rate options or extend the time of payment of any such principal, interest or fees. 
 (ii) Release any
Pledged Equity Interest, release the Parent Guarantor from the Parent Guaranty or release any Subsidiary Guarantor from the Subsidiary Guaranty. 
 (iii) Reduce the percentage specified in the definition of Required Lenders. 
 (iv) Increase the Loan Amount. 
 (v) Permit Borrower to assign its
rights under this Agreement. 
 (vi) Amend Sections 8.1, 8.2 or 11.2. 

No amendment of any provision of this Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative
Agent. 
 8.3. Preservation of Rights. No delay or omission of the Lenders or the Administrative Agent to exercise any
right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the existence of a Default or the inability of Borrower to satisfy the
conditions precedent to such Loan shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or
other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.2, and then only to the extent in such writing specifically set
forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the Lenders until the Obligations have been paid in full. 

  
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 8.4. Application of Funds. After the acceleration of the Facility Obligations as
provided for in Section 8.1 (or after the Facility Obligations have automatically become immediately due and payable as set forth in Section 8.1), any amounts received on account of the Obligations shall be applied by the
Administrative Agent in the following order: 
 (i) to payment of that portion of the Obligations constituting
fees, indemnities, expenses and other amounts (including attorney costs and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

(ii) to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal
and interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause
(ii) payable to them; 
 (iii) to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause (iii) payable to them; 

(iv) to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders,
in proportion to the respective amounts described in this clause (iv) held by them; 
 (v) to payment of
that portion of the Obligations constituting Related Swap Obligations ratably among the Lenders and Affiliates of Lenders holding such Related Swap Obligations in proportion to the respective amounts described in this clause (v) held by them;
and 
 (vi) the balance, if any, after all of the Obligations have been indefeasibly paid in full, to Borrower or
as otherwise required by Law. 
 ARTICLE IX. 

GENERAL PROVISIONS 
 9.1. Survival of Representations. All representations and warranties of Borrower contained in this Agreement shall survive delivery of the Notes and the making of the Loans herein contemplated.

 9.2. Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be
obligated to extend credit to Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 
 9.3. Taxes. Any taxes (excluding taxes on the overall net income of any Lender) or other similar assessments or charges made by any governmental or revenue authority in respect of the Loan
Documents shall be paid by Borrower, together with interest and penalties, if any. 
 9.4. Headings. Section headings in
the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents. 
 9.5. Entire Agreement. The Loan Documents embody the entire agreement and understanding among Borrower, the Administrative Agent and the Lenders and supersede all prior commitments, agreements and
understandings among Borrower, the Administrative Agent and the Lenders relating to the subject matter thereof. 

  
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 9.6. Several Obligations; Benefits of this Agreement. The respective obligations of
the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any of its
obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective
successors and assigns. 
 9.7. Expenses; Indemnification. Borrower shall reimburse the Administrative Agent for any
costs, internal charges and out-of-pocket expenses (including, without limitation, all reasonable fees for consultants and fees and reasonable expenses for attorneys for the Administrative Agent, which attorneys may be employees of the
Administrative Agent) paid or incurred by the Administrative Agent in connection with the amendment, modification, and enforcement of the Loan Documents. Borrower also agrees to reimburse the Administrative Agent and the Lenders for any reasonable
costs, internal charges and out-of-pocket expenses (including, without limitation, all fees and reasonable expenses for attorneys for the Administrative Agent and the Lenders, which attorneys may be employees of the Administrative Agent or the
Lenders) paid or incurred by the Administrative Agent or any Lender in connection with the collection and enforcement of the Loan Documents (including, without limitation, any workout). Borrower further agrees to indemnify the Administrative Agent,
each Lender and their Affiliates, and their directors and officers against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, all fees and reasonable expenses for attorneys of the indemnified
parties, all expenses of litigation or preparation therefor whether or not the Administrative Agent, or any Lender is a party thereto) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the
Projects, the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Loan hereunder, except to the extent that any of the foregoing arise out of the gross negligence or willful
misconduct of the party seeking indemnification therefor. The obligations of Borrower under this Section shall survive the termination of this Agreement. 
 9.8. Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the Administrative
Agent may furnish one to each of the Lenders. 
 9.9. Accounting. Except as provided to the contrary herein, all
accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP. 
 9.10. Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative,
unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to
be severable. 
 9.11. Nonliability of Lenders. The relationship between Borrower, on the one hand, and the Lenders and
the Administrative Agent, on the other, shall be solely that of borrower and lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities to Borrower. Neither the Administrative Agent nor any Lender undertakes
any responsibility to Borrower to review or inform Borrower of any matter in connection with any phase of Borrower’s business or operations. 

  
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 9.12. CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY
EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

9.13. CONSENT TO JURISDICTION. BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL
OR OHIO STATE COURT SITTING IN CLEVELAND IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY
SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE
ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY BORROWER AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY
LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN CLEVELAND, OHIO. 

9.14. WAIVER OF JURY TRIAL. BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL
PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER. 

ARTICLE X. 
 THE ADMINISTRATIVE AGENT 
 10.1. Appointment. KeyBank
National Association, is hereby appointed Administrative Agent hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the agent of such Lender. The Administrative Agent agrees
to act as such upon the express conditions contained in this Article X. Notwithstanding the use of the defined term “Administrative Agent,” it is expressly understood and agreed that the Administrative Agent shall not have any
fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Administrative Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly set forth in
this Agreement and the other Loan Documents. In its capacity as the Lenders’ contractual representative, the Administrative Agent (i) does not hereby assume any fiduciary duties to any of the Lenders, (ii) is a
“representative” of the Lenders within the meaning of the term “secured party” as defined in the Ohio Uniform Commercial Code and (iii) is acting as an independent contractor, the rights and duties of which are limited to
those expressly set forth in this Agreement and the other Loan Documents. Each of the Lenders hereby agrees to assert no claim against the Administrative Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all
of which claims each Lender hereby waives. 

  
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 10.2. Powers. The Administrative Agent shall have and may exercise such powers under
the Loan Documents as are specifically delegated to the Administrative Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent shall have no implied duties to the Lenders, or any
obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Administrative Agent. 
 10.3. General Immunity. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable to Borrower, the Lenders or any Lender for (i) any action taken
or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith except for its or their own gross negligence or willful misconduct; or (ii) any determination by the Administrative Agent
that compliance with any law or any governmental or quasi-governmental rule, regulation, order, policy, guideline or directive (whether or not having the force of law) requires the Advances hereunder to be classified as being part of a “highly
leveraged transaction”. 
 10.4. No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent nor
any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (i) any statement, warranty or representation made in connection with any Loan Document or any borrowing
hereunder; (ii) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender;
(iii) the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered to the Administrative Agent; (iv) the validity, effectiveness or genuineness of any Loan Document or any other
instrument or writing furnished in connection therewith; (v) the value, sufficiency, creation, perfection, or priority of any interest in any collateral security; or (vi) the financial condition of Borrower or any Subsidiary Guarantor.
Except as otherwise specifically provided herein, the Administrative Agent shall have no duty to disclose to the Lenders information that is not required to be furnished by Borrower to the Administrative Agent at such time, but is voluntarily
furnished by Borrower to the Administrative Agent (either in its capacity as Administrative Agent or in its individual capacity). 
 10.5. Action on Instructions of Lenders. The Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with
written instructions signed by the Required Lenders, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders. The Lenders hereby acknowledge that the Administrative Agent shall be under no
duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in writing to do so by the Required Lenders. The Administrative Agent shall be
fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur
by reason of taking or continuing to take any such action. 
 10.6. Employment of Agents and Counsel. The Administrative
Agent may execute any of its duties as Administrative Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to

  
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money or securities received by it or its authorized agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent
shall be entitled to advice of counsel concerning all matters pertaining to the agency hereby created and its duties hereunder and under any other Loan Document. 
 10.7. Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice, consent, certificate, affidavit, letter, telegram, statement, paper or document
believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Administrative Agent, which counsel may be employees of the
Administrative Agent. 
 10.8. Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to
reimburse and indemnify the Administrative Agent ratably in proportion to their respective portion of the Loan (i) for any amounts not reimbursed by Borrower for which the Administrative Agent is entitled to reimbursement by Borrower under the
Loan Documents, (ii) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents, if not paid by Borrower
and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative
Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including without limitation, for any such amounts incurred by or asserted against
the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms thereof or of any such other documents, provided that no Lender
shall be liable for any of the foregoing to the extent they arise from the gross negligence or willful misconduct or a breach of the Administrative Agent’s express obligations and undertakings to the Lenders which is not cured after written
notice and within the period described in Section 10.3, The obligations of the Lenders and the Administrative Agent under this Section 10.8 shall survive payment of the Obligations and termination of this Agreement.

 10.9. Rights as a Lender. In the event the Administrative Agent is a Lender, the Administrative Agent shall have the
same rights and powers hereunder and under any other Loan Document as any Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, at any time when the
Administrative Agent is a Lender, unless the context otherwise indicates, include the Administrative Agent in its individual capacity. The Administrative Agent may accept deposits from, lend money to, and generally engage in any kind of trust, debt,
equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with Borrower or any of its Subsidiaries in which Borrower or such Subsidiary is not restricted hereby from engaging with any other Person.
The Administrative Agent, in its individual capacity, is not obligated to remain a Lender. 
 10.10. Lender Credit
Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on the financial statements prepared by Borrower and such other documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents. 

  
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 10.11. Successor Administrative Agent. Except as otherwise provided below, KeyBank
National Association shall at all times serve as the Administrative Agent during the term of this Facility. The Administrative Agent may resign at any time by giving written notice thereof to the Lenders and Borrower, such resignation to be
effective upon the appointment of a successor Administrative Agent or, if no successor Administrative Agent has been appointed, forty-five days after the retiring Administrative Agent gives notice of its intention to resign. If the Administrative
Agent shall be grossly negligent in the performance of its obligations hereunder, the Administrative Agent may be removed by written notice received by the Administrative Agent from all Lenders holding 66 2/3% of that portion of the Outstanding Loan
Amount not held by the Administrative Agent, such removal to be effective on the date specified by the other Lenders. Upon any such resignation or removal, the Required Lenders shall have the right to appoint, on behalf of Borrower and the Lenders,
a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders within thirty days after the resigning Administrative Agent’s giving notice of its intention to resign, then the
resigning Administrative Agent may appoint, on behalf of Borrower and the Lenders, a successor Administrative Agent. Notwithstanding the previous sentence, the Administrative Agent may at any time without the consent of Borrower or any Lender,
appoint any of its Affiliates which is a commercial bank as a successor Administrative Agent hereunder. If the Administrative Agent has resigned or been removed and no successor Administrative Agent has been appointed, the Lenders may perform all
the duties of the Administrative Agent hereunder and Borrower shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders. No successor Administrative Agent shall be
deemed to be appointed hereunder until such successor Administrative Agent has accepted the appointment. Any such successor Administrative Agent shall be a commercial bank having capital and retained earnings of at least $500,000,000. Upon the
acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning
or removed Administrative Agent. Upon the effectiveness of the resignation or removal of the Administrative Agent, the resigning or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the Loan
Documents. After the effectiveness of the resignation or removal of an Administrative Agent, the provisions of this Article X shall continue in effect for the benefit of such Administrative Agent in respect of any actions taken or omitted to
be taken by it while it was acting as the Administrative Agent hereunder and under the other Loan Documents. 
 10.12. Notice
of Defaults. If a Lender becomes aware of a Default or Unmatured Default, such Lender shall notify the Administrative Agent of such fact provided that the failure to give such notice shall not create liability on the part of a Lender. Upon
receipt of such notice that a Default or Unmatured Default has occurred, the Administrative Agent shall notify each of the Lenders of such fact. 
 10.13. Requests for Approval. If the Administrative Agent requests in writing the consent or approval of a Lender, such Lender shall respond and either approve or disapprove definitively in writing
to the Administrative Agent within ten (10) Business Days (or sooner if such notice specifies a shorter period for responses based on Administrative Agent’s good faith determination that circumstances exist warranting its request for an
earlier response) after such written request from the Administrative Agent. Notwithstanding anything to the contrary contained herein, the failure of a Lender to respond with such a written approval or disapproval within such time period shall not
result in such Lender becoming a Defaulting Lender. 

  
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 10.14. Defaulting Lenders. At such time as a Lender becomes a Defaulting Lender,
such Defaulting Lender’s right to vote on matters which are subject to the consent or approval of the Required Lenders, each affected Lender or all Lenders shall be immediately suspended until such time as the Lender is no longer a Defaulting
Lender, except that the amount of the Commitment of the Defaulting Lender may not be changed without its consent. If a Defaulting Lender has failed to fund its pro rata share of any Advance and until such time as such Defaulting Lender subsequently
funds its pro rata share of such Advance, all Obligations owing to such Defaulting Lender hereunder shall be subordinated in right of payment, as provided in the following sentence, to the prior payment in full of all principal of, interest on and
fees relating to the Loans funded by the other Lenders in connection with any such Advance in which the Defaulting Lender has not funded its pro rata share (such principal, interest and fees being referred to as “Senior Loans” for the
purposes of this section). All amounts paid by Borrower or the Guarantor and otherwise due to be applied to the Obligations owing to such Defaulting Lender pursuant to the terms hereof shall be distributed by the Administrative Agent to the other
Lenders in accordance with their respective pro rata shares (recalculated for the purposes hereof to exclude the Defaulting Lender) until all Senior Loans have been paid in full. After the Senior Loans have been paid in full equitable adjustments
will be made in connection with future payments by Borrower to the extent a portion of the Senior Loans had been repaid with amounts that otherwise would have been distributed to a Defaulting Lender but for the operation of this
Section 10.14. This provision governs only the relationship among the Administrative Agent, each Defaulting Lender and the other Lenders; nothing hereunder shall limit the obligation of Borrower to repay all Loans in accordance with the
terms of this Agreement. The provisions of this section shall apply and be effective regardless of whether a Default occurs and is continuing, and notwithstanding (i) any other provision of this Agreement to the contrary, (ii) any
instruction of Borrower as to its desired application of payments or (iii) the suspension of such Defaulting Lender’s right to vote on matters which are subject to the consent or approval of the Required Lenders or all Lenders. 

ARTICLE XI. 
 SETOFF; RATABLE PAYMENTS 
 11.1. Setoff. In addition to, and
without limitation of, any rights of the Lenders under applicable law, if Borrower becomes insolvent, however evidenced, or any Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not
collected or available) and any other Indebtedness at any time held or owing by any Lender or any of its Affiliates to or for the credit or account of Borrower may be offset and applied toward the payment of the Obligations owing to such Lender at
any time prior to the date that such Default has been fully cured, whether or not the Obligations, or any part hereof, shall then be due. 
 11.2. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Loans (other than payments received pursuant to Sections 3.1, 3.2, 3.4 or
3.5) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Loans held by the other Lenders so that after such purchase each Lender will hold its ratable
proportion of Loans. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender
agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to their Loans. In case any such payment is disturbed by legal process, or otherwise, appropriate
further adjustments shall be made. 

  
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 ARTICLE XII. 

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 
 12.1. Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of Borrower and the Lenders and their respective successors and assigns,
except that (i) Borrower shall not have the right to assign its rights or obligations under the Loan Documents and (ii) any assignment by any Lender must be made in compliance with Section 12.3. The parties to this Agreement
acknowledge that clause (ii) of this Section 12.1 relates only to absolute assignments and does not prohibit assignments creating security interests, including, without limitation, (x) any pledge or assignment by any Lender of
all or any portion of its rights under this Agreement and any Note to a Federal Reserve Bank or (y) in the case of a Lender which is a fund, any pledge or assignment of all or any portion of its rights under this Agreement and any Note to its
trustee in support of its obligations to its trustee; provided, however, that no such pledge or assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto
have complied with the provisions of Section 12.3. The Administrative Agent may treat the Person which made any Loan or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with
Section 12.3; provided, however, that the Administrative Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan or which holds any Note to direct payments relating to
such Loan or Note to another Person. Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents. Any request, authority or consent of any Person, who
at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the
rights to such Loan. 
 12.2. Participations. 

(i) Permitted Participants; Effect. Any Lender may, in the ordinary course of its business and in accordance with
applicable law, at any time sell to one or more banks, financial institutions, pension funds, or any other funds or entities (“Participants”) participating interests in any Loan owing to such Lender, any Note held by such Lender,
any Portion of the Loan of such Lender or any other interest of such Lender under the Loan Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents
shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the holder of any such Note for all purposes under the Loan Documents, all amounts
payable by Borrower under this Agreement shall be determined as if such Lender had not sold such participating interests, and Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under the Loan Documents. 
 (ii) Voting Rights. Each Lender shall
retain the sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver with respect to any Loan in which such
Participant has an interest which would require consent of all the Lenders pursuant to the terms of Section 8.2 or of any other Loan Document. 

  
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 (iii) Benefit of Setoff. Borrower agrees that each Participant which
has previously advised Borrower in writing of its purchase of a participation in a Lender’s interest in its Loans shall be deemed to have the right of setoff provided in Section 11.1 in respect of its participating interest in
amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan Documents. Each Lender shall retain the right of setoff provided in
Section 11.1 with respect to the amount of participating interests sold to each Participant, provided that such Lender and Participant may not each setoff amounts against the same portion of the Obligations, so as to collect the same
amount from Borrower twice. The Lenders agree to share with each Participant, and each Participant, by exercising the right of setoff provided in Section 11.1, agrees to share with each Lender, any amount received pursuant to the
exercise of its right of setoff, such amounts to be shared in accordance with Section 11.2 as if each Participant were a Lender. 
 12.3. Assignments. 
 (i) Permitted Assignments. Any
Lender may, in the ordinary course of its business and in accordance with applicable law, at any time assign to any Eligible Assignee all or any portion (greater than or equal to $2,000,000 for each assignee, so long as the hold position of the
assigning Lender is not less than $2,000,000) of its rights and obligations under the Loan Documents. Such assignment shall be substantially in the form of Exhibit D hereto or in such other form as may be agreed to by the parties thereto. The
consent of the Administrative Agent shall be required prior to an assignment becoming effective with respect to an Eligible Assignee which is not a Lender or an Affiliate thereof. Such consent shall not be unreasonably withheld. 

(ii) Effect; Effective Date. Upon (i) delivery to the Administrative Agent of a notice of assignment,
substantially in the form attached as Exhibit “I” to Exhibit D hereto (a “Notice of Assignment”), together with any consents required by Section 12.3(i), and (ii) payment of a $3,500 fee by the
assignor or assignee to the Administrative Agent for processing such assignment, such assignment shall become effective on the effective date specified in such Notice of Assignment. The Notice of Assignment shall contain a representation by the
Eligible Assignee to the effect that none of the consideration used to make the purchase of the portion of the Loans under the applicable assignment agreement are “plan assets” as defined under ERISA and that the rights and interests of
the Eligible Assignee in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such assignment, such Eligible Assignee shall for all purposes be a Lender party to this Agreement and any
other Loan Document executed by the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party hereto, and no further consent or action by Borrower, the Lenders or
the Administrative Agent shall be required to release the transferor Lender, and the transferor Lender shall automatically be released on the effective date of such assignment, with respect to the percentage of the Outstanding Loan Amount assigned
to such Eligible Assignee. Upon the consummation of any assignment to a Eligible Assignee pursuant to this Section 12.3.2, the transferor Lender, the Administrative Agent and Borrower shall make appropriate arrangements so that
replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Eligible Assignee, in each case in principal amounts reflecting their respective portions of the Loan, as adjusted
pursuant to such assignment. 

  
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 12.4. Dissemination of Information. Borrower authorizes each Lender to disclose to
any Participant or Eligible Assignee or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession
concerning the creditworthiness of Borrower and its Subsidiaries, subject to Section 9.11 of this Agreement. 

12.5. Tax Treatment. If any interest in any Loan Document is transferred to any Transferee which is organized under the laws of
any jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5. 

ARTICLE XIII. 
 NOTICES 
 13.1. Giving Notice. Except as otherwise permitted
by Section 2.12 with respect to certain notices, all notices and other communications provided to any party hereto under this Agreement or any other Loan Document shall be in writing or by facsimile or by email (if confirmed in writing
as provided below) and addressed or delivered to such party at its address set forth below its signature hereto or at such other address (or to counsel for such party) as may be designated by such party in a notice to the other parties. Any notice,
if mailed and properly addressed with postage prepaid, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted and any notice, if transmitted by email, shall be deemed given when
transmitted (provided a copy of such notice is also sent by overnight delivery service on the date of such email). 
 13.2.
Change of Address. Borrower, the Administrative Agent and any Lender may each change the address for service of notice upon it by a notice in writing to the other parties hereto. 

ARTICLE XIV. 
 COUNTERPARTS 
 This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. This Agreement shall be effective when it has been executed by Borrower and the
Lenders and each party has notified the Administrative Agent by telex or telephone, that it has taken such action. 

(Remainder of page intentionally left blank.) 

  
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 IN WITNESS WHEREOF, Borrower, the Administrative Agent and the Lenders have executed this
Agreement as of the date first above written. 
  

	
	TERRENO REALTY LLC, a Delaware
	limited liability company

  

			
	By:	 	TERRENO REALTY CORPORATION, a
		 	Maryland corporation, its sole member

  

			
		
	By:	 	/s/ Jaime Cannon
	Print Name: Jaime Cannon
	Title: Vice President

  

	
	Address for Notices:

  

	
	 16 Maiden Lane, Fifth Floor

	 San Francisco, CA 94108

  
 62 

					
	PERCENTAGE: 100%	 	KEYBANK NATIONAL ASSOCIATION,	 	
		 	Individually and as Administrative Agent	 	
			
		 	By: /s/ Joshua Mayers	 	
		 	Print Name: Joshua Mayers	 	
		 	Title: Vice President	 	
			
		 	127 Public Square, 8th Floor	 	
		 	OH-01-27-0839	 	
		 	Cleveland, Ohio 44114	 	
		 	Phone: 216-689-0213	 	
		 	Facsimile: 216-689-5819	 	
		 	Attention: Joshua Mayers	 	
		 	Email: Joshua_Mayers@KeyBank.com	 	
			
	 With a copy to:
	 	KeyBank National Association	 	
		 	800 Superior, 6th Floor	 	
		 	Cleveland, Ohio 44114	 	
		 	Phone: 216-828-7904	 	
		 	Facsimile: 216-828-7523	 	
		 	Attention: John Hyland	 	

  
 -63-

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