Document:

Environmental and Hazardous Substances Indemnity Agreement

 Exhibit 10.10 
 ENVIRONMENTAL AND HAZARDOUS 
 SUBSTANCES INDEMNITY AGREEMENT

 Project Commonly Known As 
 “San Jacinto Esplanade Retail Center, San Jacinto, Riverside County, California” 
 This Environmental and Hazardous Substances Indemnity Agreement (this “Indemnity Agreement”) is executed and delivered as of the 17th day of December, 2010, by TNP SRT SAN JACINTO, LLC, a
Delaware limited liability company having an address of 1900 Main Street, Suite 700, Irvine, California 92614 (“Property Borrower”), TNP SRT SECURED HOLDINGS, LLC, a Delaware limited liability company having an address at
1900 Main Street, Suite 700, Irvine, California 92614 (“Secured Holdings”), TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, LP, a Delaware limited partnership having an address at 1900 Main Street, Suite
700, Irvine, California 92614 (“OP”), TNP SRT MORENO MARKETPLACE, LLC, a Delaware limited liability company (“Moreno”), and TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation having an address at
1900 Main Street, Suite 700, Irvine, California 92614 (“REIT”) (collectively, Property Borrower, Secured Holdings, OP, Moreno and the REIT are referred to herein as, the “Indemnitors” and individually as an
“Indemnitor”), to and for the benefit of KEYBANK NATIONAL ASSOCIATION, a national banking association, as Agent (in such capacity, “Agent”), its successors and assigns, for itself and any other lenders who
become Lenders under the Loan Agreement (as hereinafter defined) (collectively referred to as “Lenders” and each individually referred to as a “Lender”). 

R E C I T A L S: 

A. Property Borrower, Secured Holdings, Moreno, Agent and Lenders are parties to that certain Revolving Credit Agreement
dated as of December 17, 2010 (as amended, restated and/or modified from time to time, the “Loan Agreement”) whereby Lenders agree to provide to Secured Holdings, Moreno, Property Borrower and any other borrowers (collectively
“Borrowers”) who become Borrowers under the revolving credit facility in a maximum principal amount of up to THIRTY-FIVE MILLION DOLLARS ($35,000,000), as later may be increased to ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000)
and which obligations of Secured Holdings, Moreno, Property Borrower and any other Borrowers to the Lenders under the Loan Agreement are evidenced by, among other things, one or more Revolving Credit Notes dated as of December 17, 2010 by
Secured Holdings, Moreno, and Property Borrower (and which may later be amended to include any other Borrowers) in favor of the Lenders and in the original principal amount of THIRTY-FIVE MILLION DOLLARS ($35,000,000) (as amended, restated,
substituted and/or modified from time to time, collectively the “Note”). Capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Loan Agreement. 

B. A portion of the Loan is being used by Property Borrower to refinance the existing deed of trust in favor of KeyBank
National Association, which encumbers approximately 11.54 acres of land located at 2181-2291 Esplanade Avenue, City of San Jacinto, 

 
County of Riverside, State of California, and more particularly described on Exhibit A attached hereto (the “Land”), which Land has been improved by approximately
56,473 square feet in several buildings, together with surface parking for vehicles and additional improvements which may exist now or which are hereafter constructed (collectively, the “Improvements”). The Land and the Improvements
shall be collectively referred to herein as the “Property”). 
 C. As security for the Loan
(but excluding the obligations of Borrowers under this Indemnity Agreement), Property Borrower has executed and delivered to Agent (i) that certain Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated of even date
herewith made by Property Borrower in favor of First American Title Insurance Company, as trustee for the benefit of the Agent (as amended, restated and/or modified from time to time the “Deed of Trust” with respect to the Property,
and (ii) the other Loan Documents (as defined in the Loan Agreement). 
 D. Borrowers, the OP, and the REIT
will derive financial benefit from the Loan evidenced and secured by the Note, the Deed of Trust and the other Loan Documents. 
 E. As a condition to making the Loan, Agent and Lenders require the Indemnitors to indemnify Agent and Lenders upon the occurrence of certain events. 

F. Lenders have relied on the statements and agreements contained herein in agreeing to make the Loan. The execution and
delivery of this Indemnity Agreement by Indemnitors is a condition precedent to the making of the Loan by Lenders. 
 A
G R E E M E N T S: 
 In consideration of the
Recitals set forth above and hereby incorporated herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Indemnitors hereby agree as follows: 

1. Definitions. (a) Capitalized terms used herein shall have the meanings set forth in
Section 1(b) of this Indemnity Agreement or in the specific sections of this Indemnity Agreement. Initially capitalized terms used and not otherwise defined in this Indemnity Agreement shall have the meanings respectively ascribed to
them in the Loan Agreement. 
 (b) For purposes of this Indemnity Agreement, the following terms shall have the
meanings as hereinafter set forth: 
 “Environmental Laws” means, collectively, all Laws
related to or regulating or otherwise related to Hazardous Material, drinking water, groundwater, wetlands, landfills, open dumps, storage tanks, underground storage tanks, solid waste, waste water, storm water run-off, waste emissions or wells.
Without limiting the generality of the foregoing, the term shall encompass each of the following statutes, and regulations promulgated thereunder, and amendments and successors to such statutes and regulations, as may be enacted and promulgated from
time to time: the Comprehensive Environmental Response Compensation and Liability Act (42 U.S.C. §9601 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. §1801 et seq.), the Public Health Service
Act (42 U.S.C. §300(f) et seq.), the Pollution Prevention Act (42 U.S.C. §13101 et seq.), the Federal Insecticide, Fungicide and Rodenticide Act (7 U.S.C. 5136 et seq.), the Resource Conservation and
Recovery Act (42 U.S.C. §6901 et seq.), the Federal Clean 

  
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Water Act (33 U.S.C. §1251 et seq.), the Federal Clean Air Act (42 U.S.C. §7401 et seq.), and any and all applicable California and/or Federal statutes, laws
and regulations regarding Hazardous Materials, as amended or restated from time to time including any successor thereto, and any regulations promulgated pursuant thereto 

“Environmental Proceedings” means any proceedings, hearings or meetings, whether civil (including
actions by private parties), criminal, or administrative proceedings, relating to the environmental conditions or any Hazardous Material at, under, upon, emanating to or from or otherwise related to the Property. 

“Governmental Authority” means any federal, state, county or municipal government, or political
subdivision thereof, any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality, or public body, or any court, administrative tribunal, or public utility. 

“Hazardous Material” means and includes gasoline, petroleum, asbestos containing materials, explosives,
radioactive materials or any hazardous or toxic material, substance or waste which is defined by those or similar terms or is regulated as such under any Law of any Governmental Authority having jurisdiction over the Property or any portion thereof
or its use, including: (i) any “hazardous substance” defined as such in (or for purposes of) the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.A. § 9601(14) as may be amended from time
to time, or any so-called “superfund” or “superlien” Law, including the judicial interpretation thereof; (ii) any “pollutant or contaminant” as defined in 42 U.S.C.A. § 9601(33); (iii) any
material now defined as “hazardous waste” pursuant to 40 C.F.R. Part 260; (iv) any petroleum, including crude oil or any fraction thereof; (v) natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable
for fuel; (vi) any “hazardous chemical” as defined pursuant to 29 C.F.R. Part 1910; and (vii) any other toxic substance or contaminant that is subject to any other Law or other past or present requirement of any Governmental
Authority. 
 “Indemnified Parties” means Agent, each Lender, Agent’s and each
Lender’s parent, subsidiaries and affiliates, each of their respective shareholders, directors, officers, employees and agents, and the successors and assigns of any of them; and “Indemnified Party” shall mean any one of the
Indemnified Parties. 
 “Laws” means, collectively, all federal, state and local laws,
statutes, codes, ordinances, orders, rules and regulations, including judicial and administrative decrees and opinions or precedential authority in the applicable jurisdiction. Any reference above to a Law, includes the same as it may be amended
from time to time, including the judicial interpretation thereof. 
 “Release” shall mean any
spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, storing, escaping, leaching, dumping, or discarding, burying, abandoning, or disposing into the environment. 

“Threat of Release” shall mean a substantial likelihood of a Release which requires action to prevent or
mitigate damage to the environment which may result from such Release. 

  
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 2. Representations and Warranties. Each Indemnitor hereby
represents and warrants to Agent and Lenders (i) that, except as specifically disclosed in the Environmental Reports listed in Exhibit B attached hereto and delivered on or before the date of this Indemnity Agreement (the
“Environmental Documents”) to the best of its knowledge, (a) the Property has been and is free from contamination by Hazardous Material, and (b) no Release of any Hazardous Material has occurred on, onto or about the
Property; (ii) that to its knowledge, except as specifically disclosed in the Environmental Documents or the Loan Documents, the Property currently complies, and will comply based on its anticipated use, with all Environmental Laws;
(iii) that, to Indemnitor’s knowledge in connection with the ownership, operation, and use of the Property, all necessary notices have been filed and all required permits, licenses and other authorizations have been obtained, including
those relating to the generation, treatment, storage, disposal or use of Hazardous Material; (iv) that to the best of its knowledge, except as disclosed in the Environmental Documents, there is no present, past or threatened investigation,
inquiry, judicial or administrative proceeding, complaint, action, notice, order or claim relating to the environmental condition of, or to events on or about, the Property; (v) except for the release and indemnifications by Property Borrower
in favor of the seller set forth in the Agreement of Purchase and Sale and Joint Escrow Instructions pursuant to which Property Borrower acquired the Property, it has not, nor will it, release or waive the liability of any previous owner, lessee or
operator of the Property or any party who may be potentially responsible for the presence of or removal of Hazardous Material from the Property, nor has it made promises of indemnification regarding Hazardous Material on the Property to any party,
except as contained herein and in the Loan Documents; (vi) to its knowledge, there are no existing or closed underground storage tanks or other underground storage receptacles for Hazardous Materials on the Property; (vii) to its
knowledge, except as disclosed in the Environmental Documents, no notice received of a claim by any party that any use, operation or condition of the Property or any of the Property Borrower’s operations has caused any nuisance or any other
liability or adverse condition on any other property nor does the Property Borrower know of any basis for such a claim; and (viii) to its knowledge, except as disclosed in the Environmental Documents, there are no agreements, consent orders,
decrees, judgments, license or permit conditions or other orders or directives of any federal, state or local court, Governmental Authority or agreements, whether settlement agreements or otherwise, with any third parties relating to the ownership,
use, operation, sale, transfer or conveyance of the Property that require any change in the present condition of the Property or any work, repairs, construction, containment, clean up, investigations, studies, removal or other remedial action or
capital expenditures with respect to the Property. 
 3. Covenants. Indemnitors shall 

(a) comply, and cause all other persons and entities on or occupying the Property to comply, with all Environmental Laws
in all material respects; 
 (b) not install, use, generate, manufacture, store, treat, release or dispose of,
nor permit the installation, use, generation, storage, treatment, release or disposal of, Hazardous Material on, under or about the Property except in compliance with all Environmental Laws; 

(c) immediately advise Agent in writing of: 

(i) any and all Environmental Proceedings; 

  
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 (ii) the presence of any Hazardous Material in violation of
any Environmental Law on, under or about the Property of which Agent has not previously been advised in writing; 
 (iii) any remedial action taken by, or on behalf of, any Indemnitor in response to any Hazardous Material on, under or about the Property or to any Environmental Proceedings of which Agent has not
previously been advised in writing; 
 (iv) the discovery by any Indemnitor of the presence of
any Hazardous Material on, under or about any real property or bodies of water immediately adjoining the Property in violation of any Environmental Law; and 

(v) the discovery by any Indemnitor of any occurrence or condition on any real property adjoining or in
the vicinity of the Property that could cause the Property or any part thereof to be subject to any restrictions on the ownership, occupancy, transferability or use of the Property under any Environmental Law; 

For the purposes hereof, the term "discovery" shall mean the date that Indemnitor acquires actual knowledge of such fact or circumstance.

 (d) provide Agent with copies of all reports, analyses, notices, licenses, approvals, orders, correspondences
or other written materials in its possession or control relating to the presence of Hazardous Material at the Property in violation of any Environmental Law or Environmental Proceedings immediately upon receipt, completion or delivery of such
materials; 
 (e) not install or allow to be installed any tanks on, at or under the Property in violation of
any Environmental Law; 
 (f) not create or permit to continue in existence any lien (whether or not such lien
has priority over the lien created by the Deed of Trust) upon the Property imposed pursuant to any Environmental Law; 
 (g) not change or alter the present use of the Property unless Indemnitors shall have notified Agent thereof in writing and Agent shall have determined, in its sole and absolute discretion, that such
change or modification will not result in the presence of Hazardous Material in violation of any Environmental Law on the Property in such a level that would increase the potential liability for Environmental Proceedings; and 

(h) subject to the limitations on indemnity set forth in Section 6 below, upon demand by an Indemnified Party,
diligently defend any Environmental Proceeding or claim related to the noncompliance of any Environmental Law with respect to the Property or the use thereof, all at the Indemnitors' own cost and expense and by counsel approved by Agent in the
exercise of its reasonable judgment; provided, however, that Agent may elect, at any time, to conduct its own defense through counsel selected by Agent at the sole cost and expense of the Indemnitors. 

Notwithstanding subsection (h) above, unless an Event of Default shall have occurred and be continuing, the Indemnitors shall be
entitled to assume the defense of any action for which indemnification is sought hereunder to the extent permitted by Section 9.03(c) of the Loan Agreement. 

  
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 4. Right of Entry and Disclosure of Environmental Reports.
Subject to the Leases (as defined in the Deed of Trust) and the rights of tenants thereunder, Property Borrower hereby grants to Agent its agents, employees, consultants and contractors, an irrevocable license and authorization to enter upon and
inspect the Property, at reasonable times and upon reasonable advance notice, and to conduct such environmental audits and tests, including, without limitation, subsurface testing, soils and groundwater testing, and other tests which may physically
invade the Property, which Agent, in its reasonable discretion, determines are necessary or desirable. With respect to invasive testing, such as soil borings, Agent shall consult with Property Borrower in advance of such tests. Agent agrees,
however, that it shall not conduct any such audits, unless an Event of Default exists under the Loan Documents or Agent has reason to believe that such audit may disclose the Release, Threat of Release and/or presence of Hazardous Material or unless
any previously conducted environmental audit deems further testing necessary. Without limiting the generality of the foregoing, Property Borrower agrees that Agent shall have the right to appoint a receiver to enforce this right to enter and inspect
the Property to the extent such authority is provided under applicable law. All reasonable out-of-pocket costs and expenses incurred by Agent in connection with any inspection, audit or testing conducted in accordance with this Section 4
shall be paid by the Indemnitors upon demand by Agent. The results of all investigations and reports prepared by Agent shall be and at all times remain the property of Agent and under no circumstances shall Agent have any obligation whatsoever to
disclose or otherwise make available to Indemnitors or any other party such results or any other information obtained by it in connection with such investigations and reports; provided, however, that if there exists no Event of Default under the
Loan Documents, if requested by Property Borrower, Agent shall provide to Property Borrower a copy of the written report with respect to any inspection, audit or testing for which Property Borrower has paid hereunder. Agent hereby reserves the
right, and Indemnitors hereby expressly authorize Agent to make available to any party in connection with a sale of the Property any and all reports, whether prepared by Agent or prepared by Property Borrower and provided to Agent (collectively, the
“Environmental Reports”) which Agent may have with respect to the Property. Each Indemnitor consents to Agent notifying any party under such circumstances of the availability of any or all of the Environmental Reports and the
information contained therein. Each Indemnitor further agrees that Agent may disclose such Environmental Reports to any governmental agency or authority if they reasonably believe that they are required to disclose any matter contained therein to
such agency or authority; provided that Agent shall give Property Borrower at least 48 hours prior written notice before so doing. Each Indemnitor acknowledges that Agent cannot control or otherwise assure the truthfulness or accuracy of the
Environmental Reports, and that the release of the Environmental Reports, or any information contained therein, to prospective bidders at any foreclosure sale of the Property may have a material and adverse effect upon the amount which a party may
bid at such sale. Each Indemnitor agrees that Agent (i) owes no duty of care to protect the Indemnitors or any other Person from, or to inform the Indemnitors or any other Person of, any Hazardous Material or any other environmental condition
affecting the Property and (ii) shall not have any liability whatsoever as a result of delivering any or all of the Environmental Reports or any information contained therein to any Indemnitor or any other Person, and each Indemnitor hereby
releases and forever discharges Agent and Lenders from any and all claims, damages, or causes of action arising out of connected with or incidental to the Environmental Reports or the delivery thereof. 

  
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 5. Indemnitor’s Remedial Work. Indemnitors shall promptly
perform or with respect to the corrective actions, if any, described in the Environmental Documents, cause to be performed any and all necessary remedial work (“Remedial Work”) in response to any Environmental Proceedings and/or
required by applicable governmental authority having jurisdiction or the presence, storage, use, disposal, transportation, discharge or release of any Hazardous Material on, under or about any of the Property; provided, however, that Property
Borrower shall perform or cause to be performed such Remedial Work so as to minimize any impairment to Agent’s security under the Loan Documents. 
 All Remedial Work shall be conducted: 
 a. in a
diligent and timely fashion by licensed contractors acting under the supervision of a consulting environmental engineer; 
 b. pursuant to a detailed written plan for the Remedial Work approved by any public or private agencies or persons with a legal or contractual right to such approval; 

c. with such insurance coverage pertaining to liabilities arising out of the Remedial Work as is then
customarily maintained with respect to such activities; and 
 d. only following receipt of any
required permits, licenses or approvals. 
 The selection of the Remedial Work contractors and consulting
environmental engineer, the contracts entered into with such parties, any disclosures to or agreements with any public or private agencies or parties relating to Remedial Work and the written plan for the Remedial Work (and any changes thereto)
shall each be subject to Agent’s prior written approval, which shall not be unreasonably withheld or delayed. In addition, Indemnitors shall submit to Agent, promptly upon receipt or preparation, copies of any and all reports, studies,
analyses, correspondence, governmental comments or approvals, proposed removal or other Remedial Work contracts and similar information prepared or received by Indemnitors in connection with any Remedial Work, or Hazardous Material relating to the
Property. All costs and expenses of such Remedial Work shall be paid by Indemnitors, including, without limitation, the charges of the Remedial Work contractors and the consulting environmental engineer, any taxes or penalties assessed in connection
with the Remedial Work and Agent’s reasonable fees and out-of-pocket costs incurred in connection with monitoring or review of such Remedial Work. Agent shall have the right but not the obligation to join and participate in, as a party if it so
elects, any legal proceedings or actions initiated in connection with any Environmental Proceedings. 
 6.
Indemnity. Subject to the limitations set forth in Section 4 above regarding the defense and settlement of Environmental Proceedings and claims, Indemnitors, each jointly and severally, covenant and agree, at their sole cost and
expense, to indemnify, defend (at trial and appellate levels and with attorneys, consultants and experts reasonably acceptable to Agent) and hold each Indemnified Party harmless against and from any and all liens, damages, losses, liabilities,
obligations, settlement payments, penalties, assessments, citations, directives, claims, litigation, demands, defenses, judgments, suits, proceedings, costs, disbursements or expenses of any kind or of any nature whatsoever (including, without
limitation, reasonable attorneys’, 

  
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consultants’ and experts’ fees and disbursements incurred in investigating, defending against, settling or prosecuting any claim, litigation or proceeding) (collectively,
“Expenses”) which may at any time be imposed upon, incurred by or asserted or awarded against such Indemnified Party or the Property, and arising directly or indirectly from or out of: (A) the Release or Threat of Release of
any Hazardous Materials on, in, under or affecting all or any portion of the Property or emanating from the Property and affecting any areas surrounding the Property, regardless of whether or not caused by or within the control of Property Borrower;
(B) a material violation of any Environmental Law applicable to the Property or the Property Borrower, whether or not caused by or within the control of Property Borrower; (C) the failure of Property Borrower to comply with the terms and
conditions of this Indemnity Agreement in all material respects; (D) the violation of any Laws in connection with other real property of Property Borrower which gives or may give rise to any rights whatsoever in any party with respect to the
Property by virtue of any Environmental Laws; (E) the enforcement of this Indemnity Agreement, including, without limitation, (i) the reasonable costs of assessment, containment and/or removal of any and all Hazardous Materials in
violation of any Environmental Law from all or any portion of the Property or any surrounding areas impacted by any Hazardous Materials emanating from the Property in violation of any Environmental Law, (ii) the costs of any reasonable actions
taken in response to a Release or Threat of Release of any Hazardous Materials on, in, under or affecting all or any portion of the Property to prevent or minimize such Release or Threat of Release, if required by applicable Environmental Laws, and
(iii) reasonable costs actually incurred to comply with all Laws (including all Environmental Laws) in connection with all or any portion of the Property or any surrounding areas impacted by any Hazardous Materials emanating from the Property;
or (F) all foreseeable and all unforeseeable Expenses arising out of: Environmental Proceedings or the use, generation, storage, discharge or disposal of Hazardous Material in violation of any Environmental Law by Indemnitors, any prior owner
or operator of the Project or any person on or about the Project; (ii) any residual contamination affecting any natural resource or the environment in violation of any Environmental Law; or (iii) any exercise by Agent of any of its rights
and remedies hereunder; and 
 Indemnitors’ liability to the aforementioned indemnified parties shall arise
upon the earlier to occur of (1) discovery of any Hazardous Material in violation of any Environmental Law on, under or about the Property, or (2) the institution of any Environmental Proceedings, and not upon the realization of loss or
damage, and Indemnitors shall pay to Agent from time to time, immediately upon request, an amount equal to such Expenses, as reasonably determined by Agent. In addition, in the event any Hazardous Material is removed, or caused to be removed from
the Property, by Indemnitors, Agent or any other person, the number assigned by the U.S. Environmental Protection Agency to such Environmental Proceedings or any similar identification shall in no event be in the name of Agent or identify the Agent
as a generator, arranger or other designation. The foregoing indemnity shall not include Expenses arising solely from (A) the gross negligence or willful misconduct of Agent or any Indemnified Party; (B) Hazardous Material which first
exists on the Property following the date on which the Agent takes title to the Property, whether by foreclosure of the Deed of Trust, deed-in-lieu thereof or otherwise; or (C) Hazardous Material which first exists on the Property following the
date on which Agent releases its security interest in the Property. 
 7. Remedies Upon Default.
In addition to any other rights or remedies Agent may have under this Indemnity Agreement, at law or in equity, in the event that Indemnitors shall fail 

  
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to timely comply with any of the provisions hereof, or in the event that any representation or warranty made herein proves to be false or misleading when made in a material respect, then, in such
event, after (i) delivering written notice to Indemnitors, which notice specifically states that Indemnitors have failed to comply with the provisions of this Indemnity Agreement; and (ii) the expiration of the later to occur of the thirty
(30) day period after receipt of such notice or the cure period, if any, permitted under any applicable law, rule, regulation or order with which Indemnitors shall have failed to comply, Agent may declare an Event of Default under the Loan
Documents and exercise any and all remedies provided for therein, and/or do or cause to be done whatever is reasonably necessary to cause the Property to comply with all Environmental Laws and the cost thereof shall constitute an Expense hereunder
and shall become immediately due and payable without notice and with interest thereon at the Default Rate until paid. Subject to the Leases and rights of tenants thereunder, Indemnitors shall give to Agent and its agents and employees access to the
Property for the purpose of effecting such compliance and hereby specifically grant to Agent a license, effective upon expiration of the applicable period as described above, if any, to do whatever is necessary to cause the Property to so comply,
including, without limitation, to enter the Property and remove therefrom any Hazardous Material in violation of an Environmental Law or otherwise comply with any Environmental Laws. 

8. Obligations. The obligations set forth herein, including, without limitation, Indemnitors'
obligation to pay Expenses hereunder, are collectively referred to as, the "Environmental Obligations". Notwithstanding any term or provision contained herein or in the Loan Documents, the Environmental Obligations are unconditional.
Indemnitors shall be fully and personally liable for the Environmental Obligations hereunder, and such liability shall not be limited to the original principal amount of the Loan. The Environmental Obligations shall survive the repayment of the Loan
and any foreclosure, deed-in-lieu of foreclosure or similar proceedings by or through which Agent, and Lender, or any of their affiliates, nominees, successors or assigns or any other person bidding at a foreclosure sale may obtain title to the
Property or any portion thereof, except as otherwise set forth in Sections 6 and 23 hereof. 
 The liabilities
of Indemnitors under this Indemnity Agreement shall in no way be limited or impaired by, and each Indemnitor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Loan Documents to or with Agent by
Property Borrower, Secured Holdings, Moreno, or any Borrower or Guarantor or any related party to or affiliate of Agent or any Lender who succeeds Property Borrower as owner of the Property. In addition, notwithstanding any terms of any of the Loan
Documents to the contrary, the liability of each Indemnitor under this Indemnity Agreement shall in no way be limited or impaired by: (i) any extensions of time for performance required by any of the Loan Documents; (ii) any sale,
assignment or foreclosure of the Note or the Deed of Trust or any sale or transfer of all or part of the Property; (iii) any exculpatory provision in any of the Loan Documents limiting Agent's or any Lender's recourse to property encumbered by
the Deed of Trust or to any other security, or limiting Agent's or any Lender's rights to a deficiency judgment against Property Borrower or any other Borrower; (iv) the accuracy or inaccuracy of the representations and warranties made by
Property Borrower or any Borrower or Guarantor under any of the Loan Documents; (v) the release of Property Borrower, any Borrower or Guarantor or any other person from performance or observance of any of the agreements, covenants, terms or
conditions contained in the Loan Documents by operation of law, Agent's or any Lender's voluntary act, or otherwise; (vi) the release or substitution, in whole or in part, of any security for the Note; or

  
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(vii) Agent’s failure to record the Deed of Trust or file any UCC-1 financing statements (or Agent’s improper recording or filing of any thereof) or to otherwise perfect, protect,
secure or insure any security interest or lien given as security for the Note; and, in any such case, whether with or without notice to Property Borrower or any Guarantor and with or without consideration. 

Each Indemnitor waives any right or claim of right to cause a marshalling of Property Borrower’s or any other
Borrower’s assets or to cause Agent to proceed against any of the security for the Loan before proceeding under this Indemnity Agreement against any Indemnitor or to proceed against any Indemnitor in any particular order; each Indemnitor agrees
that any payments required to be made hereunder shall become due on demand; each Indemnitor expressly waive and relinquish all rights and remedies (including any rights of subrogation) accorded by applicable law to indemnitors or guarantors.

 9. Waiver. No waiver of any provision of this Indemnity Agreement nor consent to any departure
by Indemnitors therefrom shall in any event be effective unless the same shall be in writing and signed by Agent and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No notice
to or demand on Indemnitors shall in any case entitle Indemnitors to any other or further notice or demand in similar or other circumstances. 
 10. Exercise of Remedies. No failure on the part of Agent to exercise and no delay in exercising any right or remedy hereunder, at law or in equity, shall operate as a waiver thereof. Agent
shall not be estopped to exercise any such right or remedy at any future time because of any such failure or delay; nor shall any single or partial exercise of any such right or remedy preclude any other or further exercise of such right or remedy
or the exercise of any other right or remedy. 
 11. Assignment. Agent may assign its interest
under this Indemnity Agreement to any successor to its respective interests in the Property or the Loan Documents. This Indemnity Agreement may not be assigned or transferred, in whole or in part, by any Indemnitor and any purported assignment by
any Indemnitor of this Indemnity Agreement shall be void ab initio and of no force or effect. 

12. Counterparts. This Indemnity Agreement may be executed in any number of counterparts and by different
parties in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of such counterparts taken together shall constitute but one and the same instrument. 

13. Governing Law. This Indemnity Agreement shall be governed by, and shall be construed in accordance
with, the laws of the State of California. 
 14. Modifications. This Indemnity Agreement may be
amended or modified only by an instrument in writing which by its express terms refers to this Indemnity Agreement and which is duly executed by Indemnitors and consented to in writing by Agent. 

15. Attorneys’ Fees. If Agent commences litigation for the interpretation, enforcement, termination,
cancellation or rescission of this Indemnity Agreement, or for damages for the breach of this Indemnity Agreement, Agent shall be entitled to its reasonable attorneys’ fees 

  
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(including, but not limited to, in-house counsel fees) and court and other costs incurred in connection therewith. 

16. Interpretation. This Indemnity Agreement has been negotiated by parties knowledgeable in the matters
contained herein, with the advice of counsel, is to be construed and interpreted in absolute parity, and shall not be construed or interpreted against any party by reason of such party’s preparation of the initial or any subsequent draft of the
Loan Documents or this Indemnity Agreement. 
 17. Severability. If any term or provision of this
Indemnity Agreement shall be determined to be illegal or unenforceable, all other terms and provisions in this Indemnity Agreement shall nevertheless remain effective and shall be enforced to the fullest extent permitted by law. 

18. Other Laws. Nothing in this Indemnity Agreement, and no exercise by Agent of its rights or remedies
under this Indemnity Agreement, shall impair, constitute a waiver of, or in any way affect Agent’s rights and remedies with respect to Indemnitors under any Environmental Laws, including without limitation, contribution provisions or private
right of action provisions under such Environmental Laws. 
 19. Notices. Any notice, demand,
request or other communication which any party hereto may be required or may desire to give hereunder shall be in writing and shall be deemed to have been properly given (a) if hand delivered, when delivered; (b) if mailed by United States
Certified Mail (postage prepaid, return receipt requested), three Business Days after mailing; (c) if by Federal Express or other reliable overnight courier service, on the next Business Day after delivered to such courier service; or
(d) if by telecopier on the day of transmission so long as copy is sent on the same day by overnight courier as set forth below: 
  

					
	 Property Borrower:
	  	 TNP SRT San Jacinto, LLC

		  	 1900 Main Street, Suite 700

		  	 Irvine, CA 92614

		  	 Attention: C.J. Osbrink

		  	 Telephone:
	  	 (949) 833-8252

		  	 Facsimile: 
	  	 (949) 252-0212

		
	 Secured Holdings:
	  	 TNP SRT Secured Holdings, LLC

		  	 1900 Main Street, Suite 700

		  	 Irvine, CA 92614

		  	 Attention: C.J. Osbrink

		  	 Telephone:
	  	 (949) 833-8252

		  	 Facsimile: 
	  	 (949) 252-0212

		
	 OP:
	  	 TNP Strategic Retail Operating Partnership, LP

		  	 1900 Main Street, Suite 700

		  	 Irvine, CA 92614

		  	 Attention: C.J. Osbrink

		  	 Telephone:
	  	 (949) 833-8252

		  	 Facsimile:
	  	 (949) 252-0212

  
 11 

					
	 Moreno:
	  	 TNP SRT Moreno Marketplace, LLC

		  	 1900 Main Street, Suite 700

		  	 Irvine, CA 92614

		  	 Attention: C.J. Osbrink

		  	 Telephone:
	  	 (949) 833-8252

		  	 Facsimile: 
	  	 (949) 252-0212

		
	 REIT:
	  	 TNP Strategic Retail Trust, Inc.

		  	 1900 Main Street, Suite 700

		  	 Irvine, CA 92614

		  	 Attention: C.J. Osbrink

		  	 Telephone:
	  	 (949) 833-8252

		  	 Facsimile: 
	  	 (949) 252-0212

		
	 Agent:
	  	 KeyBank National Association

		  	 225 Franklin Street, 18th Floor

		  	 Boston, Massachusetts 02110

		  	 Attention: Christopher T. Neil, Senior Relationship Manager

		  	 Telephone 
	  	 (617) 385-6202

		  	 Facsimile 
	  	 (216) 385-6293

		
		  	 with a copy (which shall not constitute notice) to:

		
		  	 Edwards Angell Palmer & Dodge LLP

		  	 2800 Financial Plaza

		  	 Providence, RI 02903

		  	 Attention: Gail E. McCann, Esq.

		  	 Telephone 
	  	 (401) 276-6527

		  	 Facsimile 
	  	 (888) 325-9041

 or
at such other address as the party to be served with notice may have furnished in writing to the party seeking or desiring to serve notice as a place for the service of notice. 

20. Joint and Several Liability. Indemnitors agree that they shall each be jointly and severally liable for
the performance of the Environmental Obligations and all other obligations of Indemnitors contained in this Indemnity Agreement. 
 21. California Provisions. (a) The purpose of this Indemnity Agreement is to protect Agent and Lenders against liability, loss, damage, cost or expense with respect to Hazardous
Materials and Environmental Laws relating to the Property as provided in this Indemnity Agreement, and not as security for payment of the indebtedness of Borrowers to Lenders evidenced by the Notes or performance of the obligations under the Deed of
Trust. The obligations of Indemnitors under this Indemnity Agreement are separate from, independent of and in addition to the indebtedness and obligations under the Notes and the Deed of Trust. The liability of Indemnitors under this Indemnity
Agreement shall not be limited to or measured by the amount of the indebtedness owed under the Notes or the Deed of Trust or the value of the Property. This Indemnity Agreement is intended to be supplemental, and not in derogation of, Agents and
Lenders’ rights under California Civil Code Section 2929.5 and California Code of 

  
 12 

 
Civil Procedure Sections 564, 726.5 and 736 and any successor sections thereof. This Indemnity Agreement is not, and shall not be deemed to be, secured by the Deed of Trust. Indemnitors shall be
fully, personally, jointly, and severally liable for all obligations of Indemnitors under this Indemnity Agreement and a separate action may be brought and prosecuted against Indemnitors on this Indemnity Agreement. 

(b) The liability of Indemnitors under the Indemnity Agreement shall not be subject to any limitation set forth in the
Notes, the Deed of Trust, or any of them, on personal liability for the payment of the indebtedness evidenced by the Notes, or the remedies of Agent and Lenders for enforcement of the obligations under the Notes or the Deed of Trust, or the recourse
of Lender for satisfaction of such obligations. Each Indemnitor acknowledges that no action for the enforcement of, or recovery of damages under, this Indemnity Agreement shall constitute either an action or a failure to foreclose first against the
Deed of Trust within the meaning of California Code of Civil Procedure Section 726, which shall not apply to this Indemnity Agreement, and no judgment against any Indemnitors in any action pursuant to this Indemnity Agreement shall constitute a
money judgment or a deficiency judgment within the meaning of California Code of Civil Procedure Sections 580a, 580b, 580d or 726. Except as otherwise set forth in Sections 6 and 23 hereof, this Indemnity Agreement and the obligations of Indemnitors
hereunder shall survive, and remain in full force and effect after a full conveyance of any foreclosure sale under the Deed of Trust (whether by judicial action, exercise of the power of sale, or otherwise) with respect to any release or threatened
releases or any past, present or future violation of any Environmental Laws at the Property which occurred, or the onset of which occurred, before the reconveyance or foreclosure sale, and Agent and Lenders shall have the right to enforce this
Indemnity Agreement after any such reconveyance or foreclosure sale. 
 (c) This Indemnity Agreement shall not
affect, impair or waive any rights or remedies of Agent and Lenders or any obligations of Indemnitors with respect to Hazardous Materials created or imposed by Environmental Laws (including Agent’s and Lenders’ rights of reimbursement or
contribution under any Environmental Law). The remedies in the Indemnity Agreement are cumulative and in addition to all remedies provided by law. 
 (d) Property Borrower represents and warranties that, to its knowledge, (i) the Land has not been designated as “border zone property” under the provisions of California Health and Safety
Code Section 25220 et seq. or any regulation adopted in accordance therewith; and (ii) and there has been no occurrence or condition on any real property adjoining or in the vicinity of the Land that is reasonably likely to cause the Land
or any part thereof to be designated as border zone property. 
 (e) Each Indemnitor hereby waives and
relinquishes to the fullest extent now or hereafter not prohibited by applicable law all suretyship defenses and defenses in the nature thereof, including without limitation any such defenses that may arise under or by reason of California Civil
Code Sections 2787 to 2855, inclusive. In addition, the provisions of Section 9.15 of the Loan Agreement are hereby incorporated herein by reference. 
 This Section is an unconditional and irrevocable waiver of any rights and defenses any Indemnitor may have in the event that the Loan is secured by real property. These rights and defenses include, but
are not limited to, any rights or defenses based upon Sections 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. 

  
 13 

 22. Captions. The headings of each section herein are for
convenience only and do not limit or construe the contents of any provisions of this Indemnity Agreement. 
 23.
Full Recourse; Survival. The indemnity and other obligations contained in this Indemnity Agreement are not subject to any non-recourse or other limitation of liability provisions contained in any of the Loan Documents, and the
liability of the Indemnitors pursuant to this Indemnity Agreement shall not be limited by any such non-recourse or similar limitation of liability provisions. All representations, warranties, covenants, and obligations of the Indemnitors in this
Indemnity Agreement shall survive the payment or other satisfaction of the Loan. Notwithstanding anything set forth herein to the contrary, after the release by Agent of its security interest in the Property, the Indemnitors shall have the right to
obtain a Phase I environmental site assessment for the benefit of Indemnitors and Agent, and in the event that such environmental site assessment demonstrates that there are no recognized environmental conditions on the Property, and is otherwise
satisfactory to Agent in its sole discretion, Agent shall release the Indemnitors from their covenants and obligations hereunder, and this Indemnity Agreement shall terminate. 

24. Environmental Indemnity Not Secured by Liens. By acceptance of this Indemnity Agreement, Agent and
Lenders confirm their agreement and understanding that the obligations of the Indemnitors under this Indemnity Agreement be and remain unsecured by any interest in the Property. In this regard, Agent's appraisal of the value of the Property is such
that Agent and Lenders are not willing to accept the consequences, under California's "One Form of Action" Rule (i.e., Section 726 of the Code of Civil Procedure) and "Anti-Deficiency Rules" (i.e., Sections 580a, 580b and 580d of the Code of
Civil Procedure) of inclusion of this Indemnity Agreement among the obligations secured by the Deed of Trust. The Indemnitors acknowledge that Agent and Lenders are unwilling to accept such consequences and that Lenders would not make the Loan but
for the personal unsecured liability undertaken by the Indemnitors. 
 25. Independent Obligations;
Conflict; Joint and Several Liability. The obligations of the Indemnitors and the rights and remedies of Agent and Lenders in this Indemnity Agreement are independent from and are in addition to those pursuant to any of the other Loan
Documents. Each party executing this Indemnity Agreement shall be jointly and severally liable for all obligations of the Indemnitors under this Indemnity Agreement. 
 (Signatures on Next Page) 

  
 14 

 IN WITNESS WHEREOF, Indemnitors have caused this Indemnity Agreement
to be executed as an instrument under seal, as of the day and year first above written. 
  

											
	 PROPERTY BORROWER:

	
	TNP SRT SAN JACINTO, LLC, a Delaware limited liability company
		
	By	 	TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	 By:
	 	 TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member

				
		 		 	 By: 
	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ Christopher Cameron

		 		 		 	Name: Christopher Cameron
		 		 		 	Title: CFO- SRT, REIT
	
	 SECURED HOLDINGS:

	
	 TNP SRT SECURED HOLDINGS, LLC, a Delaware

	 limited liability company

		
	 By:
	 	 TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership

			
		 	By:	 	 TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner

				
		 		 	By:	 	 /s/ Christopher Cameron

		 		 		 	Name: Christopher Cameron
		 		 		 	Title: CFO- SRT, REIT
	
	OP:
	
	TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, LP, a Delaware limited partnership
		
	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
						
		 		 	By:	 		 		 	 /s/ Christopher Cameron

		 		 		 		 		 	Name: Christopher Cameron
		 		 		 		 		 	Title: CFO- SRT, REIT

  

							
	 MORENO:

	
	 TNP SRT MORENO MARKETPLACE, LLC, a Delaware limited liability company

		
	 By
	 	TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	 By:
	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member
				
		 		 	 By:
	 	 TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	 /s/ Christopher Cameron

		 		 		 	Name: Christopher Cameron
		 		 		 	Title: CFO- SRT, REIT
	
	REIT:
	
	TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation
		
	 By:
	 	 /s/ Christopher Cameron

		 	 Name: Christopher Cameron

		 	 Title: CFO- SRT, REIT

[Signature Page to Environmental Indemnity Agreement]Cash Collateral Pledge and Security Agreement

 Exhibit 10.11 
 CASH COLLATERAL PLEDGE AND SECURITY AGREEMENT 
 This
CASH COLLATERAL PLEDGE AND SECURITY AGREEMENT dated as of December 17, 2010 (this “Agreement”) is executed by and between TNP SRT SECURED HOLDINGS, LLC, a Delaware limited liability company (the “Borrower”) and
KEYBANK NATIONAL ASSOCIATION, a national banking association in its capacity as Agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Agent”). 

W I T N E S S E T H: 

WHEREAS, Borrower is the owner of the account(s) with KeyBank National Association, a national banking association, as
depository (in such capacity, “KeyBank”) as described on Exhibit A attached hereto, as such account may be amended, substituted, or replaced from time to time (collectively the “Accounts”);

 WHEREAS, the Agent and the other Lenders party to the Credit Agreement have agreed to make a loan to the
Borrower in the maximum principal amount of Thirty-Five Million and 00/100 Dollars ($35,000,000.00) (the “Loan”), as provided in that certain Revolving Credit Agreement of even date herewith, as may be amended from time to
time (the “Credit Agreement”) and other loan documents of even date herewith, as may be amended from time to time (the “Loan Documents”); 

WHEREAS, in order to induce the Agent and Lenders to make the Loan, the Borrower has agreed to enter into this Agreement
and to pledge the Accounts as additional collateral for the Loan; and 
 WHEREAS, capitalized terms used herein,
which are not defined herein, will have the same meaning as provided in the Credit Agreement. 
 NOW, THEREFORE,
in consideration of the premises and of the mutual covenants herein contained, and of the making of the Loan by the Agent and Lenders, the parties hereto agree as follows: 

SECTION 1. Pledge. In order (i) to secure the due and punctual payment and performance of the
obligations and indebtedness of the Borrower under the Loan Documents; (ii) to secure the due and punctual payment and performance of all obligations of the Borrower contained herein; (iii) to secure the due and punctual payment and
performance of all obligations of Borrower under any Hedging Agreement; and (iv) to secure the due and punctual payment and performance of all other indebtedness, liabilities, and obligations of the Borrower to the Agent, of every kind and
description, whether direct, indirect, or contingent, whether now or hereinafter existing and howsoever evidenced or arising (all of the foregoing are hereafter collectively called the “Obligations”), Borrower, as debtor,
hereby pledges, hypothecates, assigns, transfers, sets over unto the Agent, as secured party, and directs KeyBank to hold for the benefit of the Agent, and hereby grants to the Agent, a security interest in, the following (all of which shall be
collectively called the “Collateral”): 

 (i) the Accounts (including, without limitation, the
Distribution Account and the Property Acquisition Account) and all of the Borrower’s right, title and interest therein, all certificates (if any) representing the Accounts, and all cash, certificates, interest, dividends, deposits, deposit
accounts, instruments, credits, investments, claims, contract rights, chattel paper (whether tangible or electronic), money market certificates, repurchase agreements, savings instruments, securities, securities entitlements, investment property,
commercial paper, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), commercial tort claims, general intangibles and other property at any time and from time to time now or hereafter in the Accounts and all such
property received, receivable or otherwise distributed in respect of, in substitution or in exchange for, or in replacement of the foregoing, and all supporting obligations; and 

(ii) all proceeds of the foregoing. 

TO HAVE AND TO HOLD the Collateral, together with all right, title, interest, privileges and preferences appertaining or
incidental thereto, unto the Agent, its successors and assigns, forever, subject, however, to the terms, covenants and conditions hereinafter set forth. 

The parties acknowledge that a portion of the funds in the Distribution Account may consist of proceeds from Equity
Issuances by TNP REIT (“Equity Raise Proceeds”). The parties further acknowledge that prospective investors (“Subscribers”) are subscribing to purchase Equity Interests in TNP REIT. Subscribers deposit
subscription payments for such Equity Interests (“Subscription Payments”) with TNP REIT, and such subscriptions are contingent upon their acceptance by TNP REIT. Notwithstanding anything set forth herein to the contrary,
Agent specifically acknowledges and agrees that its security interest in the Equity Raise Proceeds in the Distribution Account is expressly subordinate to the right of the Subscribers to receive refunds of their Subscription Payments in the event
that their subscriptions are rejected by TNP REIT; provided, however, that within five (5) days after a subscription is rejected by TNP REIT it must inform Agent in writing of such rejection and the amount of the related refund. Such
Subscription Payments relating to subscriptions rejected by TNP REIT are hereinafter referred to as “Rejected Subscription Payments”. 
 SECTION 2. Representations and Warranties. Borrower hereby represents and warrants as follows: 
  

	 	(a)	 As of the date funds are first placed in the Accounts, Borrower will be, and shall continue to be, the owner of the Collateral free and clear of all
pledges, liens, security interests and other encumbrances of every nature whatsoever (except in favor of Agent and except for the right of the Subscribers to receive refunds of their Subscription Payments in the event that their subscriptions are
rejected by TNP REIT). 

  

	 	(b)	 As of the date funds are first placed in the Accounts, Borrower has the full right, power and authority to pledge the Collateral and to grant the
security interest in the Collateral as herein provided, subject to the right of the 

  
 - 2 -

	 	 
Subscribers to receive refunds of their Subscription Payments in the event that their subscriptions are rejected by TNP REIT. 

 

	 	(c)	 The execution, delivery and performance of this Agreement by Borrower will not violate any provision of any law, rule, or regulation or result in
the violation of any mortgage, deed of trust, indenture, material contract, instrument, agreement, judgment, decree, order, statute, rule or regulation to which Borrower is subject or by which it or any of its property is bound.

  

	 	(d)	 From and after the date funds are first placed in the Accounts, Borrower shall not suffer or permit any lien or encumbrance to exist on or with
respect to the Collateral (except in favor of Agent and except for the right of the Subscribers to receive refunds of their Subscription Payments in the event that their subscriptions are rejected by TNP REIT). 

 

	 	(e)	 This Agreement constitutes the legal, valid and binding obligation of Borrower in accordance with the terms hereof and has been duly authorized,
executed and delivered. 

  

	 	(f)	 As of the date funds are first placed in the Accounts, subject to the right of the Subscribers to receive refunds of their Subscription Payments in
the event that their subscriptions are rejected by TNP REIT, this Agreement will create a valid and perfected first priority security interest in and pledge of the Collateral enforceable against all third parties, and all action required to perfect
fully the security interest so contemplated will have been taken and completed. 

 SECTION
3. Withdrawal of Funds; Appointment of Agents. The Accounts may be established due to the requirements of Section 5.20 of the Credit Agreement. The exact title of the Accounts should be substantially similar
to that set forth on Exhibit A hereto. The Accounts shall be subject to withdrawal by order only of such officers and agents of the Agent as the Agent may designate from time to time for the purposes described herein and in the Loan Documents
and Borrower shall not have the right to withdraw any funds from such Accounts unless so permitted, provided, however, that at such time as the Agent determines that any applicable conditions set forth in the Credit Agreement are
satisfied, Borrower may request that monies be released from the Accounts and the Agent shall promptly release said monies to Borrower. The Agent shall have the right to appoint one or more agents for the purpose of retaining physical possession of
the certificates or instruments representing or evidencing any of the Collateral, endorsed or assigned in blank or in favor of the Agent or any nominee or nominees of the Agent or an agent appointed by the Agent. In addition, the Agent shall at all
times have the right to exchange certificates or instruments representing or evidencing Collateral for certificates of instruments of smaller or larger denominations for any purpose consistent with its performance of this Agreement. 

SECTION 4. Investments. The Accounts shall be interest-bearing segregated accounts entitled as set forth on
Exhibit A hereto or a reasonably similar title. This Collateral shall be invested in interest-bearing investments in the Agent’s discretion (and with Borrower’s reasonable 

  
 - 3 -

 
approval, provided no Event of Default then exists and is continuing). All interest earned shall automatically become part of the Collateral. Agent may transfer Collateral into its name or that
of its nominee and may receive the income and any distributions thereon to hold the same as collateral for the Obligations, only after an Event of Default has occurred and is continuing. 

SECTION 5. Events of Default. Each of the following events (each an “Event of Default”)
shall constitute an event of default hereunder: 
  

	 	(a)	 default by Borrower in the observance or performance of any covenant or agreement herein contained which shall remain uncured thirty (30) days
after the Agent has sent written notice of such default to the Borrower provided, however, if the failure cannot be corrected within said thirty (30) days, the Agent will not unreasonably withhold its consent to an extension of
such time if corrective action is instituted by the Borrower within said thirty (30) days and is being diligently pursued until such failure is corrected but in any event not more than one hundred twenty (120) days, or breach by Borrower
of any material representation or warranty herein contained at the time made; or 

  

	 	(b)	 the occurrence of any “Event of Default” as defined in any of the Loan Documents or under any other agreement now or hereafter evidencing
or securing any of the Obligations; or 

  

	 	(c)	 the making of any levy, seizure, or attachment of any of the Collateral that is not dismissed or bonded over (to Agent’s reasonable
satisfaction) within thirty (30) days; or 

  

	 	(d)	 except upon payment in full of the Obligations, and other than because of Agent’s gross negligence or willful misconduct, this Agreement shall
at any time for any reason cease to be in full force and effect or shall be declared to be null and void, or the validity or enforceability thereof shall be contested by the Borrower, or the Borrower shall deny that it has any liability or
obligation hereunder. 

 SECTION 6. Remedies upon Default. If an Event
of Default shall have occurred and be continuing, then in addition to exercising any rights and remedies of a pledgee under the law in effect in the Commonwealth of Massachusetts the Agent may without further notice or demand upon the Borrower:

  

	 	(a)	 apply to the Obligations all or any part of the Collateral and proceeds thereof, whether before or after maturity of the Collateral and without
regard to whether any penalty or premium may result from the liquidation of Collateral prior to its maturity (which liquidation the parties hereto agree shall constitute a commercially reasonable disposition of collateral); or

  
 - 4 -

  

	 	(b)	 exercise any one or more of the rights and remedies of a secured party afforded by the Uniform Commercial Code, as from time to time in effect in
the Commonwealth of Massachusetts or afforded by other applicable law. Agent shall give Grantor at least the greater of the minimum notice required by law or ten (10) days’ prior written notice of the date, time and place of any public
sale thereof, or of the time after which any private sale or any other intended disposition is to be made, which notice shall be given in any manner permitted for notices under the Loan Documents. 

Expenses of enforcing the Agent’s rights hereunder including, but not limited to, preparation for sale, selling or
the like and Agent’s reasonable attorneys’ fees, and other legal expenses shall be payable by Borrower and shall be secured hereby and by the Loan Documents. 

SECTION 7. Use of the Accounts. The Accounts may be used for the payment of all normal service
fees, maintenance fees, and transaction charges relating to the Collateral and as otherwise provided in the Credit Agreement and in Section 3 hereof. 
 SECTION 8. Exoneration, Indemnity. Neither the Agent, nor any director, officer, agent, or employee of the Agent, shall be liable to Borrower for any decline in value of any investment,
loss thereon as a result of a disposition thereof or otherwise prior to payment by the issuer or obligor, or any action taken or omitted to be taken by it or them hereunder in connection herewith, except for its or their own gross negligence or
willful misconduct; nor shall the Agent be responsible for the validity, effectiveness or sufficiency hereof or of any document or security furnished pursuant hereto or in connection herewith. The Agent shall be entitled to rely on any
communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons. Borrower agrees to defend, indemnify and hold harmless the Agent, and/or agent of the Agent from and
against any and all liability incurred by the Agent (or such agent) hereunder or in connection herewith, unless such liability shall be due to willful misconduct or gross negligence on the part of the Agent or such agents. 

SECTION 9. The Agent Appointed Attorney-in-Fact. Borrower hereby appoints the Agent as
Borrower’s attorney-in-fact (which power of attorney shall be exercisable during the continuance of an Event of Default) for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument which
it may deem reasonably necessary or advisable to accomplish the purposes hereof that Borrower does not promptly take or execute, which appointment is irrevocable and coupled with an interest, but such agency conferred by Borrower upon the Agent
shall be automatically revoked upon payment in full of the Obligations. Without limiting the generality of the foregoing, the Agent shall have the right and power to receive, endorse and collect all checks and other orders for the payment of money
made payable to Borrower representing any dividend, interest payment or other distribution payable or distributable in respect of the Collateral or any part thereof and to give full discharge for the same. 

SECTION 10. No Waiver; Cumulative Remedies. No failure on the part of the Agent to exercise,
and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy by the Agent preclude any other further exercise thereof or the exercise
of any other right, power or 

  
 - 5 -

 
remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The Agent shall not be required to marshal any present or future collateral security for
(including but not limited to this Agreement and the Collateral), or other assurances of payment of, the Obligations or any of them, or to resort to such collateral security or other assurances of payment in any particular order. 

SECTION 11. Notices. All communications and notices hereunder shall be given in accordance with the Credit
Agreement, or, as to each party, at such other address as shall be designated by such party in a written notice to the other party complying as to delivery with the terms of this Section. All notices, requests, demands and other communications
provided for hereunder shall be effective upon receipt or refusal to accept delivery. 
 SECTION 12.
Further Assurances. Borrower agrees to do such further act and things, and to execute and deliver such additional conveyances, assignments, agreements and instruments, as the Agent may at any time reasonably request in connection
with the administration or enforcement of this Agreement or related to the Collateral or any part thereof or in order better to assure and confirm unto the Agent its rights, powers and remedies hereunder. Borrower hereby consents and agrees that the
issuers of or obligors in respect of the Collateral or any registrar or transfer agent or trustees for any of the Collateral shall be entitled to accept the provisions hereof as conclusive evidence of the right of the Agent to after the occurrence
and continuation of an Event of Default effect any transfer pursuant to Sections 4 and 6 hereof, notwithstanding any other notice or direction to the contrary heretofore or hereafter given by Borrower or any other person to any of such issuers or
obligors or to any such registrar or transfer agent or trustees. 
 SECTION 13.
Release of Collateral. If the Obligations are paid in full, then the Agent shall promptly release to Borrower any remaining Collateral. 
 SECTION 14. Binding Agreement; Assignment. This Agreement, and the terms, covenants and conditions hereof, shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns, except that Borrower shall not be permitted to assign this Agreement or any interest herein or in the Collateral, or any part hereof. 

SECTION 15. Miscellaneous. This Agreement shall be governed by the laws of the Commonwealth of
Massachusetts. Neither this Agreement nor any provisions hereof may be amended, modified, waived, discharged or terminated orally nor may any of the Collateral be released or the pledge or the security interest created hereby extended, except by an
instrument in writing signed by a duly authorized officer of the Agent. The Section headings used herein are for convenience of reference only and shall not define or limit the provisions of this Agreement. 

SECTION 16. Severability. In case any lien, security interest or other right of any part hereto shall be
held to be invalid, illegal or unenforceable, such invalidity, illegality and/or unenforceability shall not affect any other lien, security interest or other right granted hereby. 

SECTION 17. Costs, Expenses and Taxes. Borrower agrees to pay on demand all reasonable costs
and expenses actually incurred by the Agent in connection with the preparation 

  
 - 6 -

 
execution, delivery, administration, and enforcement of this Agreement and any related documents. 
 SECTION 18. Concerning Revised Article 9 of the Uniform Commercial Code. 
 (a) Perfection by Filing. The Agent may at any time and from time to time, file financing statements, continuation statements and amendments thereto which contain any other information required by
Part 5 of Article 9 of the Uniform Commercial Code as in effect in the state of organization of Borrower (“Article 9”) for the sufficiency or filing office acceptance of any financing statement, continuation statement or amendment,
including whether the Borrower is an organization, the type of organization and any organization identification number issued to the Borrower. Borrower agrees to furnish any such information to the Agent promptly upon request. Any such financing
statements, continuation statements or amendments may be signed by the Agent on behalf of Borrower and may be filed at any time in any jurisdiction whether or not Article 9 is then in effect in that jurisdiction. 

(b) Other Perfection, etc. Borrower shall at any time and from time to time, whether or not Article 9 is in effect
in any particular jurisdiction, take such steps as the Agent may reasonably request for the Agent (i) to obtain an acknowledgement, in form and substance satisfactory to the Agent, of any bailee having possession of any of the Collateral that
the bailee holds such Collateral for the Agent, (ii) to obtain “control” of any investment property, deposit accounts, letter-of-credit rights or electronic chattel paper (as such terms are defined in Article 9) with any agreements
establishing control to be in form and substance satisfactory to the Agent, and (iii) otherwise to insure the continued perfection and priority of the Agent’s security interest in any of the Collateral and of the preservation of its rights
therein, whether in anticipation and following the effectiveness of Article 9 in any jurisdiction. 
 (c)
Savings Clause. Nothing contained in this Section 18 shall be construed to narrow the scope of the Agent’s security interest in any of the Collateral or the perfection or priority thereof or to impair or otherwise limit any of the
rights, powers, privileges or remedies of the Agent hereunder except (and then only to the extent) mandated by Article 9 to the extent then applicable. 
 (The next page is the signature page.) 

  
 - 7 -

 IN WITNESS WHEREOF, the parties hereto have caused this Cash Collateral
Pledge and Security Agreement to be duly executed as an instrument under seal as of the date first above written. 
  

							
	BORROWER:
	
	 TNP SRT SECURED HOLDINGS, LLC, a
 Delaware limited liability company

		
	By:	 	 TNP Strategic Retail Operating Partnership, L.P.,
 its sole member

			
		 	By:	 	 TNP Strategic Retail Trust, Inc., its general
 partner

				
		 		 	By:	 	 /s/ Christopher Cameron

		 		 	Print Name: Christopher Cameron
		 		 	Title: CFO-SRT, REIT
	
	AGENT:
	
	 KEYBANK NATIONAL ASSOCIATION, a
 national banking association, as Agent

		
	By:	 	 /s/ Christopher T. Neil

		 	 Christopher T. Neil, Senior Relationship
 Manager

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