Document:

exv10w51

Exhibit 10.51

FOURTH OMNIBUS AMENDMENT AND

REAFFIRMATION OF LOAN DOCUMENTS

     This Fourth Omnibus Amendment and Reaffirmation of Loan Documents (this “Amendment”)
is dated as of the 11th day of August, 2010 (the “Effective Date”) by and among TNP
Strategic Retail Operating Partnership, LP, a Delaware limited partnership having an address of
1900 Main Street, Suite 700, Irvine, California 92614 (“Original Borrower”), TNP Strategic
Retail Trust, Inc., a Maryland corporation having an address of 1900 Main Street, Suite 700,
Irvine, California 92614 (the “REIT”), Thompson National Properties, LLC, a Delaware
limited liability company having an address of 1900 Main Street, Suite 700, Irvine, California
92614 (“TNP”), Anthony W. Thompson, an individual having an address of 1900 Main Street,
Suite 700, Irvine, California 92614 (“Thompson”, and together with the REIT and TNP, the
“Guarantors” and individually, a “Guarantor”), TNP SRT Northgate Plaza Tucson
Holdings, LLC, a Delaware limited liability company, having an address of 1900 Main Street, Suite
700, Irvine, California 92614 (the “Northgate Intermediate Entity”), TNP SRT San Jacinto,
LLC, a Delaware limited liability company, having an address of 1900 Main Street, Suite 700,
Irvine, California 92614 (the “San Jacinto Borrower”, and together with the Original
Borrower, the Guarantors and the Northgate Intermediate Entity, the “Loan Parties” and
individually, a “Loan Party”), and KeyBank National Association, a national banking
association having a principal place of business at 225 Franklin Street, 18th Floor,
Boston, Massachusetts 02110, as agent (in such capacity, “Agent”) for itself and any other
lenders who become lenders under the Credit Agreement (as hereinafter defined) collectively
referred to as “Lenders” and each individually referred to as a “Lender”).

Witnesseth That:

     WHEREAS, the Original Borrower, the Agent and the Lenders are parties to that certain
Revolving Credit Agreement dated as of November 12, 2009, as amended by that certain Omnibus
Amendment and Reaffirmation of Loan Documents dated as of January 12, 2010 among the Original
Borrower, the Guarantors and the Agent (the “First Omnibus Amendment”), as amended by that
certain Second Omnibus Amendment and Reaffirmation of Loan Documents dated as of June 3, 2010 among
the Original Borrower, the Guarantors and the Agent (the “Second Omnibus Amendment”, as
amended by that certain Third Omnibus Amendment and Reaffirmation of Loan Documents dated as of
July 6, 2010 among the Original Borrower, the Guarantors, the Northgate Intermediate Entity and the
Agent (the “Third Omnibus Amendment”, and together with the First Omnibus Amendment and the
Second Omnibus Amendment, the “Omnibus Amendments” and individually, an “Omnibus
Amendment”) (and as further amended, restated and/or modified from time to time, the
“Credit Agreement”), pursuant to which, among other things, the Lenders agreed to provide
to the Original Borrower a revolving credit facility in the maximum principal amount of
$15,000,000, and which obligations of the Original Borrower to the Lenders under the Credit
Agreement are evidenced by, among other things, that certain Revolving Credit Note dated as of
November 12, 2009 by the Original Borrower in favor of the Lenders and in the original principal
amount of $15,000,000 (as amended by the Omnibus Amendments and as further amended, restated and/or
modified from time to time, the “Note”), and are secured by, among other things, (a) that
certain Pledge and Security Agreement dated as of November 12, 2009 by the Original Borrower and
the Northgate Intermediate Entity in favor of the Agent for the benefit of the Lenders (as amended
by the Omnibus Amendments and as further amended, restated and/or modified from time to time, the
“Borrower Pledge Agreement”), (b) that certain Guaranty Agreement dated as of November 12,
2009 by the Guarantors in favor of the Agent for the benefit of the Lenders (as amended by the
Omnibus Amendments and as further amended, restated and/or modified from time to time, the
“Guaranty”), and (c) that certain Pledge and Security Agreement dated as of November 12,
2009 by the REIT in favor of the Agent for the benefit of the Lenders (as amended by the Omnibus
Amendments and as further amended, restated and/or modified from time to time, the “REIT Pledge
Agreement”);

 

 

     WHEREAS, in accordance with the terms and provisions of the Credit Agreement and the related
Loan Documents (as defined in the Credit Agreement), the Original Borrower, from time to time, may
acquire Properties (as defined in the Credit Agreement) and/or direct or indirect Equity Interests
in various Entities (as defined in the Credit Agreement);

     WHEREAS, in connection with the acquisition of each Property and/or Equity Interests in an
Entity, the Original Borrower has agreed to amend and supplement certain of the provisions,
exhibits and schedules attached to the Credit Agreement and related Loan Documents;

     WHEREAS, the Original Borrower holds 100% of the Equity Interests in and to San Jacinto
Borrower;

     WHEREAS, pursuant to that certain Agreement of Purchase and Sale and Joint Escrow Instructions
(California) dated as of July 9, 2010 (as amended from time to time) between the San Jacinto
Borrower (as assignee of TNP Acquisitions, LLC) and Quality Properties Asset Management Company, an
Illinois corporation (the “San Jacinto Seller”), the San Jacinto Seller has agreed to sell,
transfer and convey to the San Jacinto Borrower, all of the San Jacinto Seller’s right, title and
interest in and to the real property and improvements situated in the City of San Jacinto, County
of Riverside, State of California and commonly known as “San Jacinto Esplanade” (the “San
Jacinto Property”);

     WHEREAS, in connection with the acquisition of the San Jacinto Property, the Original Borrower
and the San Jacinto Borrower have requested the San Jacinto Loan (as hereinafter defined) and
certain amendments to the provisions of the Loan Documents, and the Agent and Lender have agreed to
provide the San Jacinto Loan and to make such amendments to the Loan Documents, all upon the terms
and provisions more particularly set forth in this Amendment.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby amend the Loan Documents and agree as follows:

     1. Recitals and Definitions. The foregoing recitals are hereby incorporated by
reference as if set forth at length herein. Capitalized terms used herein without definition shall
have the meaning assigned to such terms in the Credit Agreement.

     2. San Jacinto Acquisition; San Jacinto Loan. As of the date hereof, the Original
Borrower has requested an advance in the original principal amount of Six Million Six Hundred
Thousand and No/100 Dollars ($6,600,000) (the “San Jacinto Loan”), which San Jacinto Loan
will be used by the Original Borrower (and/or the San Jacinto Borrower) to fund a portion of the
costs and expenses related to the acquisition of the San Jacinto Property. In connection with the
San Jacinto Loan, the San Jacinto Borrower has agreed to (x) assume, on a joint and several basis,
the obligations of the Original Borrower under the Loan Documents, all upon the terms and
conditions set forth in this Amendment and (y) to provide certain additional documentation to
secure the obligations of the Borrower, the San Jacinto Borrower and the Obligors under the Loan
Documents.

     For the avoidance of doubt, and for all other purposes of the Loan Documents, (a) the San
Jacinto Loan shall constitute an “Obligation” and a “Loan” under the terms and provisions of the
Credit Agreement and the Loan Documents, and shall be secured by, and be entitled to the benefits
of, the Security Documents (as such term is supplemented in this Amendment), the Loan Documents and
any other document and agreement executed in connection with any of the foregoing, and (b) the San
Jacinto Property shall be deemed a “Funded Property” for purposes of the Credit Agreement and the
Loan Documents.

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     3. Joinder by San Jacinto Borrower. (a) As of the Effective Date, the San Jacinto
Borrower hereby, jointly and severally with the Original Borrower, assumes, and hereby agrees to
perform and observe, as a borrower and primary obligor, and not as a guarantor, indemnitor, or
surety, each and every one of the covenants, rights, promises, agreements, terms, conditions,
obligations, appointments, duties and liabilities of: (i) the “Borrower” under the Credit
Agreement, the Notes and Loan Documents; and (ii) a “Grantor” under the Borrower Pledge Agreement;
and agrees to be bound by all of the liabilities and obligations which binds “Borrower” under the
Credit Agreement and the Loan Documents, and a Grantor under the Borrower Pledge Agreement, and
agrees fully, completely and timely to perform, comply with and discharge each and all of the
covenants, promises, obligations, duties and liabilities under the Credit Agreement, the Notes, the
Borrower Pledge Agreement, and the Loan Documents.

          (b) In furtherance of the foregoing, as of the Effective Date, the San Jacinto Borrower
hereby:

               (i) Joins in the execution of and agrees to be bound by, and is hereby deemed a “Borrower”
under and party to, the Credit Agreement, the Notes and Loan Documents, as a “Borrower” thereunder
for all purposes thereof, and in furtherance of and not in limitation of the foregoing, hereby
jointly and severally with the other “Borrower” thereunder unconditionally and irrevocably assumes
the due and punctual payment and performance by the Borrower of all of the indebtedness,
liabilities and Obligations to the Lenders and the Agent under the Credit Agreement and such Notes
as if it was an original signatory thereof. Any and all references to the term “Borrower” in the
Credit Agreement, the Notes and the Loan Documents or in any other document or agreement executed
and delivered or furnished, or to be executed and delivered or furnished, in connection therewith
shall be deemed to be a reference to, and include, the San Jacinto Borrower.

               (ii) Joins in the execution of and agrees to be bound by, and is hereby deemed a “Grantor”
under and party to, the Borrower Pledge Agreement, as a “Grantor” thereunder for all purposes
thereof, and in furtherance of and not in limitation of the foregoing, and to secure the payment
and performance of all Obligations (as defined in the Borrower Pledge Agreement), the San Jacinto
Borrower does hereby pledge, assign, transfer and deliver to the Agent, and does hereby grant to
Agent a continuing security interest in all of the Collateral (as defined in the Borrower Pledge
Agreement) of the San Jacinto Borrower on the terms and conditions set forth in the Borrower Pledge
Agreement, all as if such San Jacinto Borrower were an original signatory thereto.

          (c) As of the Effective Date, any and all references to the term “Borrower” in the Credit
Agreement, the Notes and the Loan Documents (and to the term “Grantor” in the Borrower Pledge
Agreement), or in any other document or agreement executed and delivered or furnished, or to be
executed and delivered or furnished, in connection therewith shall be deemed to be a reference to,
and include, the San Jacinto Borrower.

          (d) So long as no Event of Default exists at that time, in the event that the San Jacinto
Property is sold and the San Jacinto Loan is repaid in full or at any other time that the San
Jacinto Loan is repaid in full, the San Jacinto Borrower shall be released from all obligations
under the Credit Agreement, the Notes and Loan Documents, and Agent agrees to execute any and all
documents reasonably necessary to evidence such release.

          (e) As a result of the addition of the San Jacinto Borrower, the following changes shall be
made to the Credit Agreement:

               (i) Section 1.2 is hereby amended to read as follows:

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     “1.2 Borrower. Original Borrower is a limited
partnership organized under the laws of the State of Delaware. REIT
is the holder of 100% of the general partnership and either
directly, indirectly or through an affiliate, 75% of the limited
partnership interests in and to Original Borrower. San Jacinto
Borrower is a limited liability company organized under the laws of
the State of Delaware. Original Borrower is the holder of 100% of
the membership interests in and to San Jacinto Borrower.”

          (ii) The first sentence of Section 8.10.1(a) is hereby amended to change the reference
from “Borrower” to “Original Borrower”. In addition, a new sentence is
added which shall be inserted after the first sentence which shall read as follows:

“San Jacinto Borrower is a duly formed and a validly existing
limited liability company under the laws of the State of
Delaware.”

         (f) All references in the Loan Documents and this Amendment to matters, conditions or
circumstances which could reasonably be expected to materially impair the ability of Borrower to
pay and perform its obligations, or phrases of similar import, shall apply to Original Borrower and
San Jacinto Borrower collectively, and not individually.

         (g) All references in the Loan Documents and this Amendment to a material adverse change with
respect to the Borrower, or phrases of similar import, shall apply to Original Borrower and San
Jacinto Borrower collectively, and not individually.

     4. Conditions Precedent to San Jacinto Loan. The Loan Parties acknowledge and agree
that the Credit Agreement contemplates the acquisition of Equity Interests by the Borrower (or
other Entities) in Entities owning Property. Notwithstanding the foregoing, the Borrower has
requested, and the Agent and the Lenders have agreed to provide, the San Jacinto Loan for the
acquisition of the San Jacinto Property by the San Jacinto Borrower. Accordingly, and in
connection therewith, in addition to the Proposed Property Requirements set forth in Section
2.7 of the Credit Agreement, the Borrower agrees to deliver to the Agent the following, and
acknowledges and agrees that the funding of the San Jacinto Loan is subject to satisfaction of the
following conditions precedent:

     (a) The San Jacinto Documents and the other Loan Documents shall have been properly
executed and delivered to Agent; the San Jacinto Deed of Trust and any Loan Documents to be
recorded shall be acknowledged and delivered for recording, and shall have been recorded
prior to or concurrently with the funding of the San Jacinto Loan.

     (b) Borrower shall have provided Lender with evidence satisfactory to Agent that
Borrower has invested cash equity in the aggregate of at least $650,000 in the San Jacinto
Property.

     (c) Agent shall have received a survey of the San Jacinto Property in form and
substance reasonably acceptable to Agent and a title insurance policy evidencing that the
San Jacinto Borrower has good title to the San Jacinto Property, free and clear of all
mortgages, security interests, restrictions, liens and encumbrances of any kind (other than
the Loan and the other matters listed on said title insurance policy), and containing
affirmative insurance on such matters as Lender may reasonably require.

     (d) Agent shall have received evidence satisfactory to Agent in all respects of the
Borrower’s compliance with the provisions of Section 9(a) of this Amendment (regarding the

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obligations of the Borrower to obtain and maintain the insurance coverages and policies
more particularly described therein).

     (e) Agent shall have received and approved a copy of the fully executed organizational
documents of the San Jacinto Borrower.

     (f) Agent shall have received and approved the closing statement (the “San Jacinto
Closing Statement”) for the acquisition of the San Jacinto Property.

     (g) Agent shall have received and approved the flood hazard status certification and
the property condition and environmental reports for the San Jacinto Property and a rent
roll with respect to the San Jacinto Property.

     (h) Agent shall have received and approved (i) an opinion of DE counsel as to
organizational, authorization and related matters for the San Jacinto Borrower and (ii) an
opinion of local counsel admitted to practice in the State of California, as the validity
and effectiveness of the San Jacinto Documents and covering such other matters of law in
connection with the execution, delivery, recording and enforcement of the San Jacinto
documents as Agent may reasonably request.

     (i) Borrower shall have paid (i) Agent’s legal fees and all other of Agent’s reasonable
costs, fees and expenses incurred in connection with the making of the San Jacinto Loan and
(ii) all other costs and expenses incurred in connection with the San Jacinto Closing
Statement and the acquisition of the San Jacinto Property.

     (j) Agent shall have received all of the other documents listed in the closing
checklist supplied by Agent to Borrower with respect to the San Jacinto Loan except for
certain items, such as the appraisal for the San Jacinto Property, which are listed on
Exhibit A of the Open Items Letter being executed as of even date and which must be supplied
to and approved by Agent by the dates stated on the Open Items Letter.

     (k) no Default or Event of Default shall have occurred and be continuing under the
terms and provisions of this Amendment, the Credit Agreement, the Note, or of any of the
Loan Documents.

     (l) Agent shall have received such other documents and certificates as Agent may
reasonably request from Borrower, any Guarantor, and any other Person, in form and content
satisfactory to Agent.

     5. Repayment of the San Jacinto Loan. (a) Notwithstanding the provisions of
Section 2.3.1 of the Credit Agreement, commencing on the Effective Date, and continuing
until such time as the outstanding principal balance of the San Jacinto Loan is equal to the lesser
of (i) fifty percent (50%) of the “as is” appraised value of the San Jacinto Property as shown on
the appraisal described in Section 4(j) of this Amendment, (ii) fifty percent (50%) of the total
acquisition costs as shown on the San Jacinto Closing Statement, or (iii) Three Million Five
Hundred Thousand and No/100 Dollars ($3,500,000) (the “San Jacinto Minimum Balance”), all
Net Proceeds derived from any Equity Issuance by the REIT, any Net Proceed derived from any Capital
Event and any proceeds from any casualty or condemnation with respect to the San Jacinto Property
shall be applied to the amounts outstanding under the San Jacinto Loan. Thereafter, at such time
as the San Jacinto Minimum Balance has been achieved, all Net Proceeds derived from any Equity
Issuance by the REIT, any Capital Event and/or any other casualty or condemnation with respect to
the San Jacinto Property shall be applied to the then outstanding

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Obligations in the order and manner more particularly set forth in the Credit Agreement,
except that any Net Proceeds from the sale of the San Jacinto Property or any other Property shall
first be applied to the amounts outstanding under the San Jacinto Loan.

     (b) In the event that any pad site which is a portion of the San Jacinto Property is sold, the
Agent agrees to release its lien on such pad site so long as Agent determines that the following
conditions have been met:

          (i) no Default or Event of Default then exists under the Loan Documents;

          (ii) the pad site has been separately subdivided and the sale of it complies with all zoning
and subdivision laws;

          (iii) the sale is an arms length sale to a third party and not to a Borrower, a Guarantor or
any Affiliate thereof, and

          (iv) all proceeds from the sale of the pad sites less San Jacinto Borrower’s actual
out-of-pocket closing costs (such as recording fees, documentary stamps, real estate tax
adjustments incident to the closing, brokerage commissions and similar reasonable charges) are paid
to Agent on behalf of Lenders and applied to repay the San Jacinto Loan, with the amount of any
such proceeds being used to reduce the San Jacinto Minimum Balance as provided in Section 5(iii)
above, it being the intent that any such sale proceeds shall not reduce the amount required to be
repaid from the Net Proceeds derived from any Equity Issuance by the REIT or from any Capital
Event.

     6. Additional Amendments to the Credit Agreement. As of the Effective Date, each of
the Loan Parties and the Agent agree that:

          (a) Section 3.1 of the Credit Agreement is hereby amended and supplemented by adding
thereto the following as Section 3.1.4:

“3.1.4. San Jacinto Documents. (a) a first priority Deed of Trust,
Assignment of Rents, Security Agreement and Fixture Filing dated as of August 11,
2010 by the San Jacinto Borrower granted for the benefit of the Agent with respect
to the San Jacinto Property (as amended from time to time, the “San Jacinto Deed
of Trust”), (b) an Environmental and Hazardous Substances Indemnity Agreement
dated as of August 11, 2010 by the San Jacinto Borrower in favor of the Agent for
the benefit of the Lenders (the “San Jacinto Environmental Indemnity”), (c)
an Assignment of Project Contracts dated as of August 11, 2010 by the San Jacinto
Borrower in favor of the Agent for the benefit of the Lenders (the “San Jacinto
Project Assignment”, and together with the San Jacinto Deed of Trust and the San
Jacinto Environmental Indemnity, the “San Jacinto Documents”).”

          (b) Section 3.2 of the Credit Agreement is hereby amended and restated in its entirety
to read as follows:

“3.2. Loan Documents and Security Documents. The Loans shall be made,
evidenced, administered and governed by all of the terms, conditions and provisions
of the “Loan Documents”, each as the same may be hereafter modified or
amended, consisting of: (i) this Agreement; (ii) one or more Revolving Credit Notes
in the original aggregate principal amount of up to Fifteen Million Dollars
($15,000,000) and payable to the order of the Lenders, as the same may be amended,
replaced or substituted from time to time (collectively, the “Notes” and
each individually a “Note”); (iii) the Pledge

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Agreement; (iv) the Guaranty; (v) the San Jacinto Documents; (vi) related UCC
financing statements; and (vii) any other documents, instruments, or agreements now
or hereafter executed to further evidence or secure the Loan. The Pledge Agreement,
the Guaranty, the San Jacinto Deed of Trust, the San Jacinto Project Assignment and
the UCC financing statements are sometimes collectively referred to as the
“Security Documents”.”

          (c) Section 9.6.3 of the Credit Agreement is hereby amended by adding thereto the
following:

     “9.6.3.8. Any Liens or encumbrances permitted pursuant to the San Jacinto Deed
of Trust.”

          (d) Section 11.1 of the Credit Agreement is hereby amended by adding thereto the
following:

     “11.1.10. Waste. Borrower has intentionally committed waste on or to the San
Jacinto Property.”

          (d) The following is hereby added as Section 17 to the Credit Agreement:

     “17. Joint and Several Liability of Borrowers.

     (a) Joint and Several Liability. Each Borrower hereby agrees that such
Borrower is jointly and severally liable for, and hereby absolutely and
unconditionally guarantees to the Agent and Lenders and their respective successors
and assigns, the full and prompt payment (whether at stated maturity, by
acceleration or otherwise) and performance of, all Obligations owed or hereafter
owing to the Agent and Lenders by each other Borrower. Although it is the express
agreement and intent of Agent, Lenders and Borrowers that each Borrower is and shall
be a primary obligor with respect to the obligations set forth herein and not a
guarantor, indemnitor, surety or otherwise only secondarily liable for such
obligations, in the event and to the extent that the obligations of such Borrower
undertaken herein might in the future be construed to consist, in whole or in part,
of the guaranty of obligations of the other Borrower, each Borrower consents and
agrees that such guaranty obligation (as the same may be construed) is and shall be
a continuing guaranty of payment and performance and not of collection, that its
obligations under this Section 17 shall not be discharged until payment and
performance, in full, of the Obligations has occurred, and that its obligations
under this Section 17 shall be absolute, unconditional and irrevocable,
irrespective of, and unaffected by, (i) the genuineness, validity, regularity,
enforceability or any future amendment of, or change in, any Obligation or any Loan
Document, agreement, document or instrument to which any Borrower is or may become a
party; (ii) the absence of any action to enforce any Obligation or Loan Document or
the waiver or consent by the Agent or any Lender with respect to any of the
provisions governing any Obligation or Loan Document; (iii) the insolvency of any
Borrower, Guarantor or other Obligor; and (iv) any other action or circumstances
that might otherwise constitute a legal or equitable discharge or defense of a
surety or guarantor. Each Borrower shall be regarded, and shall be in the same
position, as principal debtor with respect to the Obligations guaranteed hereunder.

     (b) Waivers by Borrowers. Each Borrower expressly waives all rights it
may have now or in the future under any statute, or at common law, or at law or in
equity, or otherwise, to compel the Agent or Lenders to marshal assets or to proceed
in respect of

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the Obligations guaranteed hereunder against any other Borrower, Guarantor or
Obligor, any other party or against any security for the payment and performance of
the Obligations before proceeding against, or as a condition to proceeding against,
such Borrower. Each Borrower consents and agrees that the Agent or the Lenders may,
at any time and from time to time, without notice or demand, whether before or after
an actual or purported termination, repudiation or revocation of this Agreement by
any Borrower, and without affecting the enforceability or continuing effectiveness
hereof as to such Borrower: (i) with the consent of each Borrower, supplement,
restate, modify, amend, increase, decrease, extent, renew or otherwise change the
time for payment or the terms of this Agreement, any Loan Document or any part
thereof, including any increase or decrease of the rate(s) of interest thereon; (ii)
with the consent of each Borrower, supplement, restate, modify, amend, increase,
decrease, or enter into or give any agreement with respect to, this Agreement, any
Loan Document or any part thereof, or any of the Security Documents; (iii) waive,
approve or consent to any action, condition, covenant, default, remedy, right,
representation or term of this Agreement or any other Loan Document; (iv) accept
partial payments; (v) release, reconvey, terminate, waive, abandon, fail to perfect,
subordinate, exchange, substitute, transfer or enforce any security or guarantees,
and apply any security and direct the order or manner of sale thereof as the Agents
or Lenders in their sole and absolute discretion may determine; (vi) release any
person from any personal liability with respect to this Agreement or any part
thereof; (vii) settle, release on terms satisfactory to the Required Lenders or by
operation of applicable Legal Requirements or otherwise liquidate or enforce any
security or guaranty in any manner, consent to the transfer of any security and bid
and purchase at any sale; or (viii) consent to the merger, change or any other
restructuring or termination of the corporate or partnership existence of any
Borrower or any other person, and correspondingly restructure the obligations
evidenced hereby, and any such merger, change, restructuring or termination shall
not affect the liability of any Borrower or the continuing effectiveness hereof, or
the enforceability hereof with respect to all or any part of the obligations
evidenced hereby. It is agreed among each Borrower, the Agent and Lenders that the
foregoing consents and waivers are of the essence of the transaction contemplated by
this Agreement and the other Loan Documents and that, but for the provisions of this
Section 17 and such waivers, the Agent and Lenders would decline to enter
into this Agreement.

     (c) Benefit. Each Borrower agrees that the provisions of this
Section 17 are for the benefit of the Agent and the other Lenders and their
respective successors, transferees, endorsees and assigns, and nothing herein
contained shall impair, as between any other Borrower and the Agent or the other
Lenders, the obligations of such other Borrower under the Loan Documents.

     (d) Waiver of Subrogation, Etc. Notwithstanding anything to the
contrary in this Agreement or in any other Loan Document, and except as set forth in
Section 17(g) of this Agreement, each Borrower hereby expressly and
irrevocably waives any and all rights at law or in equity to subrogation,
reimbursement, exoneration, contribution, indemnification or set off and any and all
defenses available to a surety, guarantor or accommodation co-obligor. Each
Borrower acknowledges and agrees that this waiver is intended to benefit the Agent
and Lenders and shall not limit or otherwise affect such Borrower’s liability
hereunder or the enforceability of this Section 17, and that the Agent,
Lenders and their respective successors and assigns are intended third party
beneficiaries of the waivers and agreements set forth in this Section 17(d).

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     (e) Election of Remedies. If the Agent or any Lender may, under
applicable law, proceed to realize its benefits under any of the Loan Documents, the
Agent or any Lender may, at its sole option, determine which of its remedies or
rights it may pursue without affecting any of its rights and remedies under this
Section 17. If, in the exercise of any of its rights and remedies, the
Agent or any Lender shall forfeit any of its rights or remedies, including its right
to enter a deficiency judgment against any Borrower or any other Person, whether
because of any applicable laws pertaining to “election of remedies” or the like,
each Borrower hereby consents to such action by the Agent or such Lender and waives
any claim based upon such action, even if such action by the Agent or such Lender
shall result in a full or partial loss of any rights of subrogation that each
Borrower might otherwise have had but for such action by the Agent or such Lender.
Any election of remedies that results in the denial or impairment of the right of
the Agent or any Lender to seek a deficiency judgment against any Borrower shall not
impair any other Borrower’s obligation to pay the full amount of the Obligations.

     (f) Limitation. Notwithstanding any provision herein contained to the
contrary, each Borrower’s liability under this Section 17 (which liability
is in any event in addition to amounts for which such Borrower is primarily liable
under Section 2 of this Agreement) shall be limited to an amount not to
exceed as of any date of determination the greater of:

          (i) the net amount of all Loans advanced to any other Borrower under this
Agreement and then re-loaned or otherwise transferred to, or for the benefit of,
such Borrower; and

          (ii) the amount that could be claimed by the Agent and Lenders from such
Borrower under this Section 17 without rendering such claim voidable or
avoidable under Section 548 of the Bankruptcy Code or under any applicable state
Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar
statute or common law after taking into account, among other things, such Borrower’s
right of contribution and indemnification from each other Borrower under Section
17(g) of this Agreement.

     (g) Contribution with Respect to Guaranty Obligations.

          (i) To the extent that any Borrower shall make a payment under this Section
17 of all or any of the Obligations (other than Obligations related to Loans and
other extensions of credit made directly or indirectly to that Borrower, or on such
Borrower’s behalf, in which case such Borrower shall be primarily liable) (a
“Guarantor Payment”) that, taking into account all other Guarantor Payments
then previously or concurrently made by any other Borrower, exceeds the amount that
such Borrower would otherwise have paid if each Borrower had paid the aggregate
Obligations satisfied by such Guarantor Payment in the same proportion that such
Borrower’s “Allocable Amount” (as defined below) (as determined immediately prior to
such Guarantor Payment) bore to the aggregate Allocable Amounts of each of the
Borrowers as determined immediately prior to the making of such Guarantor Payment,
then, following indefeasible payment in full in cash of the Obligations and
termination of the Commitments, such Borrower shall be entitled to receive
contribution and indemnification payments from, and be reimbursed by, each other
Borrower for the amount of such excess, pro rata based upon their respective
Allocable Amounts in effect immediately prior to such Guarantor Payment.

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          (ii) As of any date of determination, the “Allocable Amount” of any
Borrower shall be equal to the maximum amount of the claim that could then be
recovered from such Borrower under this Section 17 without rendering such
claim voidable or avoidable under Section 548 of the Bankruptcy Code or under any
applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act
or similar statute or common law.

          (iii) This Section 17(g) is intended only to define the relative rights
of Borrowers and nothing set forth in this Section 17(g) is intended to or
shall impair the obligations of Borrowers, jointly and severally, to pay any amounts
as and when the same shall become due and payable in accordance with the terms of
this Agreement, including Section 17(a) of this Agreement. Nothing
contained in this Section 17(g) shall limit the liability of any Borrower to
pay the Loans made directly or indirectly to that Borrower, or on such Borrower’s
behalf, and accrued interest, fees and expenses with respect thereto for which such
Borrower shall be primarily liable.

          (iv) The parties hereto acknowledge that the rights of contribution and
indemnification hereunder shall constitute assets of the Borrower to which such
contribution and indemnification is owing.

          (v) The rights of the indemnifying Borrowers against other Borrowers under this
Section 17(g) shall be exercisable on or after the Termination Date, but
shall in all respects be subordinate to any Obligations owing to the Lenders.

     (h) Liability Cumulative. The liability of Borrowers under this
Section 17 is in addition to and shall be cumulative with all liabilities of
each Borrower to the Agent and Lenders under this Agreement and the other Loan
Documents to which such Borrower is a party or in respect of any Obligations or
obligation of the other Borrower, without any limitation as to amount, unless the
instrument or agreement evidencing or creating such other liability specifically
provides to the contrary.

     (i) Stay of Acceleration. If acceleration of the time for payment of
any amount payable by the Borrowers under this Agreement is stayed upon the
insolvency, bankruptcy or reorganization of any of the Borrowers, all such amounts
otherwise subject to acceleration under the terms of this Agreement shall
nonetheless be payable jointly and severally by the Borrower hereunder forthwith on
demand by the Agent made at the request of the Required Lenders.

     (j) Benefit to Borrowers. All of the Borrowers and the Entities are
engaged in related businesses and integrated to such an extent that the financial
strength and flexibility of each such Person has a direct impact on the success of
each other Person. Each Borrower and each Entity will derive substantial direct and
indirect benefit from the extension of credit hereunder.”

          (e) Exhibit A to the Credit Agreement is hereby amended and supplemented by adding
thereto the following defined terms, in the correct alphabetical order:

     “Lease means any lease, license agreement and other occupancy or use
agreement (whether oral or written), now or hereafter existing, which cover or
relate to the Property or any part thereof, together with all options therefor,
amendments thereto and renewals, modifications and guaranties thereof, including any
cash or security

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deposited under the Lease to secure performance by the tenants of its
obligations under the Lease, whether such cash or security is to be held until the
expiration of the terms of the Lease or applied to one or more of the installments
of rent coming due thereunder.

     Major Lease means any Lease for all or any portion of a Property, and
which (a) is in excess of 2,500 square feet, and (b) is not on a month-to-month
basis.

     Rents means all rents, royalties, issues, profits, revenue, income,
accounts, proceeds and other benefits of a Property, whether now due, past due or to
become due, including all prepaid rents and security deposits

     San Jacinto Improvements means the Improvements, as defined and
described in the San Jacinto Deed of Trust.”

          (f) Exhibits B, C, E and F to the Credit Agreement are hereby
amended and supplemented by adding thereto the information set forth on Schedule I attached
to this Amendment, which information is true, correct and complete as of the Effective Date.

     7. San Jacinto Leasing Matters.

          (a) Representations and Warranties Regarding Leases. With respect to the San Jacinto
Property and the San Jacinto Improvements, Borrower represents and warrants to the Agent and the
Lenders that: (i) Borrower has delivered to Agent a true and correct copy of each Lease and any
guaranty(ies) thereof, affecting any part of the San Jacinto Property and/or the San Jacinto
Improvements; (ii) no such Lease or guaranty contains any option or right of first refusal to
purchase all or any portion of the San Jacinto Property and/or the San Jacinto Improvements, or any
present or future interest therein, except for the right of first refusal to purchase in that
certain lease agreement with Fresh N Easy (however, that right has terminated); (iii) Schedule
II, attached to and made a part of this Amendment is, to the best of Borrower’s knowledge, a
complete and correct rent roll for the San Jacinto Property as of the date hereof; (iv) to the best
of Borrower’s knowledge the Leases are currently in full force and effect with no existing default
on the part of the landlord thereunder and no condition existing with respect thereto which, with
the giving of notice or the passage of time, could constitute such a default; and (v) to Borrower’s
knowledge, there is no existing material default by any of the tenants under any of the Leases and
no condition existing with respect thereto which, with the giving of notice or the passage of time,
could constitute such a default, except as otherwise indicated on Schedule III.

          (b) Leasing Matters.

               (i) Agent’s Approval Required. As to any Major Lease executed after the Effective
Date, the Agent’s prior written approval shall be required in each instance as to: (A) the terms of
such Major Lease; (B) each tenant; (C) each guarantor of a tenant’s obligations; (D) any consent to
subletting or assignment; (E) any modification or amendment of the term, rent and/or renewal option
provisions of such Major Lease; and (F) any termination (excluding the expiration of the term of
such lease on the expiration date, as set forth in the applicable lease agreement), cancellation or
surrender of such Major Lease. Agent’s approval shall not be required in connection with any Lease
that is not a Major Lease, any subletting or assignment under such Lease, and any modification,
amendment, termination, cancellation or surrender of any such Lease.

     All references in the Credit Agreement and/or the Loan Documents to the term “Approved Lease”
shall mean, when such reference is applicable to the San Jacinto Property, (a) any (i) Major Lease,
or modification or amendment of the term, rent and/or renewal option provisions of such Major
Lease,

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which has been so approved by the Agent or which does not require Agent’s approval hereunder,
and (ii) as to which the tenant has executed a subordination, non-disturbance and attornment
agreement and estoppel certificate reasonably acceptable to Agent, (b) any Lease that is not a
Major Lease, (c) any subletting or assignment under a Lease that is not a Major Lease, and (d) any
modification, amendment, termination, cancellation or surrender of any Lease that is not a Major
Lease.

               (ii) Borrower’s Requests. Any request by the Borrower for an approval from the Agent
with respect to any Major Lease shall be sent to the Agent and shall be accompanied, at a minimum,
by the following: (A) the proposed Major Lease or amendment or modification of the term, rent
and/or renewal option provisions of such Major Lease complete with all applicable schedules and
exhibits; (B) a complete copy of any proposed guaranty; and (C) comprehensive financial information
with respect to the proposed tenant and, if applicable, the proposed guarantor.

               (iii) Agent’s Response. The Agent shall act on requests from the Borrower for any
approval of a Major Lease in a commercially reasonable manner and shall respond to any such request
within ten (10) Business Days following the Agent’s receipt of all requested information in
connection therewith. The Agent’s response may consist of an approval or disapproval of the
request, or a conditional approval thereof subject to specified reasonable conditions, or a request
for further data or information, or any combination thereof. In order to expedite the processing
of requests for such approvals, the Borrower agrees to provide the Agent with as much advance
information as is possible in a commercially reasonable manner in advance of the Borrower’s formal
request for an approval.

          (c) SNDAs and Estoppels. The Agent shall have the right to request that each tenant
execute and deliver to the Agent, and upon such request the Borrower agrees to use commercially
reasonable efforts to obtain from such tenant, a subordination, non-disturbance of possession and
attornment agreement substantially in the form, attached hereto as Schedule VI, and, from time to
time, an estoppel certificate substantially in the form attached hereto as Schedule VII.

          (d) Additional Documentation. From time to time upon Agent’s request, Borrower shall
promptly deliver to Agent (i) complete executed originals of each Lease of the San Jacinto
Property, including any exhibits thereto and any guaranty(ies) thereof, (ii) a complete rent roll
of the San Jacinto Property in such detail as Agent may require, together with such operating
statements and leasing schedules and reports as Agent may require, (iii) any and all financial
statements of the tenants, subtenants and any lease guarantors at the San Jacinto Property to the
extent available to Borrower, and (iv) such other information regarding tenants and prospective
tenants and other leasing information related to the San Jacinto Property as Agent may reasonably
request. In addition, Borrower shall provide Agent with a copy of all Leases of the San Jacinto
Property and amendments thereto executed after the date hereof promptly following their execution.
Borrower shall have a reasonable time within which to respond to Agent’s request for information
pursuant to this section.

          (e) Additional Agreements of Borrower. Borrower represents, covenants and warrants to
the Agent and the Lenders that Borrower (i) will observe and perform all of the obligations imposed
upon the landlord in the Leases of the San Jacinto Property and will not do or permit to be done
anything to impair the security thereof; (ii) will use its best efforts to enforce or secure, or
cause to be enforced or secured, the performance of each and every obligation and undertaking of
the respective tenants under the Leases of the San Jacinto Property and will appear in and defend,
at Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner
connected with, the Leases of the San Jacinto Property; (iii) will not collect any of the Rents in
advance of the time when the same become due under the terms of the Leases of the San Jacinto
Property; (iv) will not discount any future accruing Rents from the San Jacinto Property without
Agent’s prior written consent, which consent shall not be unreasonably withheld, conditioned or
delayed; (v) without the prior written consent of Agent, will

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not execute any assignment of the Leases or the Rents of the San Jacinto Property; (vi) will
not add or modify any option or right of first refusal to purchase all or any portion of the San
Jacinto Property or any present or future interest therein, without the prior written consent of
Agent; and (g) will execute and deliver, at the request of Agent, all such assignments of the
Leases and Rents of the San Jacinto Property in favor of Agent as Agent may from time to time
require; and (h) shall notify Agent promptly in writing in the event a tenant under a Major Lease
of the San Jacinto Property commits a material default under such Lease.

     8. Additional Representations and Warranties Regarding the San Jacinto Property. The
representations and warranties of the Borrower as set forth in the Credit Agreement and related
Loan Documents are hereby confirmed, affirmed and ratified by each of the Original Borrower and the
San Jacinto Borrower, and each Borrower confirms and affirms that each such representation and
warranty remains true and correct as of the Effective Date. Additionally, each Borrower hereby
further warrants and represents to the Agent and the Lenders as follows:

          (a) Certificates of Occupancy. To Borrower’s knowledge, all certificates of occupancy
and other permits and licenses necessary or required in connection with the use and occupancy of
the San Jacinto Improvements have been validly issued and remain in full force and effect

          (b) Utilities; Roads; Access. To Borrower’s knowledge, all utility services necessary
for the operation of the San Jacinto Improvements for their intended purposes have been fully
installed, including telephone service, water supply, storm and sanitary sewer facilities, natural
gas and electric facilities, including cabling for telephonic and data communication. To
Borrower’s knowledge, all roads and other accesses necessary to serve the San Jacinto Property and
San Jacinto Improvements have been completed, are serviceable in all weather typical for the area
in which the San Jacinto Property is located (excluding any natural disasters), and where required
by the appropriate Governmental Authority, have been dedicated to and formally accepted by such
Governmental Authority.

          (c) Insurance Policies. The insurance policies required to be maintained pursuant to
this Amendment are in full force and effect.

          (d) No Liens. Except for Permitted Title Exceptions and the Loan Documents, Borrower
has not made, assumed or been assigned any contract or arrangement of any kind, the performance of
which by the other party thereto would give rise to a Lien against all or any portion of the San
Jacinto Property. There exists no Lien on any direct or indirect equity or beneficial interest in
Borrower.

          (e) Casualty and Taking. To Borrower’s knowledge, no casualty has occurred to any
material portion of the San Jacinto Property. To Borrower’s knowledge, no condemnation of any
portion of the San Jacinto Property, or modification, realignment or relocation of any streets or
roadways abutting the San Jacinto Property which could reasonably result in the denial of material
access to the San Jacinto Property from a public or private point, has occurred or is threatened or
pending.

          (f) Property Not Border Zone. To Borrower’s knowledge, the San Jacinto Property has
not been designated as “border zone property” under the provisions of California Health and Safety
Code Sections 25220 et seq., or any regulation adopted in accordance therewith, and there has been
no occurrence or condition on any real property adjoining or in the vicinity of the San Jacinto
Property that could cause the San Jacinto Property or any part thereof to be designated as “border
zone property”.

          (g) Good Title and No Liens. The San Jacinto Borrower is the lawful current owner of
the San Jacinto Property. To Borrower’s knowledge, the San Jacinto Borrower has permanent non-

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cancelable appurtenant rights with respect to all areas over, under or on which support,
utility, drainage, passage or other access easements are required to make use of the San Jacinto
Property and all required parking as contemplated hereby, and by all Legal Requirements

          (h) No Litigation. There is no litigation now pending, or, to the best of Borrower’s
knowledge, threatened, against Borrower, any Guarantor, any other Obligor or with respect to the
San Jacinto Property which if adversely decided could reasonably be expected to materially impair
the ability of the Borrower to pay and perform its obligations hereunder or under the Loan
Documents.

     9. Additional Covenants and Agreements Regarding the San Jacinto Property.

          (a) Insurance. Borrower shall maintain, at its sole cost and expense, the insurance
coverages, policies and limits more particularly set forth on Schedule IV attached to, and
made a part of, this Amendment. Each policy of insurance (i) shall be issued by one or more
insurance companies each acceptable to the Agent, (ii) shall provide that such policy shall not be
canceled or modified for nonpayment of premiums without at least ten (10) days prior written notice
to Agent, or for any other reason without at least thirty (30) days prior written notice to Agent,
and (iii) shall provide that any loss otherwise payable thereunder shall be payable notwithstanding
any act or negligence of Borrower which might, absent such agreement, result in a forfeiture of all
or a part of such insurance payment. Borrower shall promptly pay all premiums when due on such
insurance and, not less than ten (10) days prior to the expiration dates of each such policy,
Borrower will deliver to Agent acceptable evidence of insurance, such as a renewal policy or
policies marked “premium paid” or other evidence satisfactory to Agent reflecting that all required
insurance is current and in force. Borrower will immediately give written notice to Agent of any
cancellation of, or change in, any insurance policy. Agent shall not, because of accepting,
rejecting, approving or obtaining insurance, incur any liability for (A) the existence,
nonexistence, form or legal sufficiency thereof, (B) the solvency of any insurer, or (C) the
payment of losses. Borrower may satisfy any insurance requirement hereunder by providing one or
more “blanket” insurance policies, subject to Agent’s approval in each instance as to limits,
coverages, forms, deductibles, inception and expiration dates, and cancellation provisions.
Notwithstanding anything set forth herein to the contrary, Agent has approved the insurance
coverage for the San Jacinto Property evidenced by the insurance certificates provided by Borrower
to Agent prior to the date hereof.

          (b) Casualty and Condemnation. Notwithstanding the provisions of Section 14
of the Credit Agreement, the Borrower shall comply with the terms and provisions of the San Jacinto
Deed of Trust with respect to any casualty or condemnation on or with respect to the San Jacinto
Property and/or the San Jacinto Improvements, including, without limitation, any and all
restoration obligations contained therein.

          (c) Additional Improvements. Other than routine work done in the ordinary course of
business pursuant to reasonable business practices, Borrower will not undertake or permit any
construction, renovation, alteration or expansion of the San Jacinto Improvements without Agent’s
prior written approval.

          (e) Property Management. Borrower shall provide for the competent and responsible
management and operation of the San Jacinto Property and/or the San Jacinto Improvements; Borrower
will not enter into any property management, construction management, leasing, brokerage or any
other similar agreement affecting the San Jacinto Property and/or the San Jacinto Improvements
without Agent’s prior written consent, and all such agreements shall, in any event, be subject to
the semi-annual review and approval of Agent. Any such agreement which is entered into with an
affiliate of Borrower shall (i) be specifically disclosed to and approved by Agent, and (ii)
contain a specific waiver by such vendor of any available lien rights otherwise available. Agent
has approved the Property and

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Asset Management Agreement by and between San Jacinto Borrower and TNP Property Manager LLC
dated of even date herewith.

     10. Additional Amendment to the Borrower Pledge Agreement. Contemporaneous with the
execution and delivery of this Amendment, the Original Borrower is executing and delivering to the
Agent a certain Addendum (as defined in the Borrower Pledge Agreement) to the Borrower Pledge
Agreement, and which Addendum is attached hereto as Schedule V and is hereby made a part
hereof. As of the Effective Date, each of the Loan Parties and the Agent agree that Exhibit A to
the Borrower Pledge Agreement is hereby amended and supplemented to add thereto the Equity
Interests described and set forth in said Schedule V attached to this Amendment.

     11. References in Loan Documents. All references in any of the Loan Documents to the
“Credit Agreement”, the “Note”, the “Guaranty”, the “Borrower Pledge Agreement”, the “REIT Pledge
Agreement”, the “Security Documents” or to the “Loan Documents”, shall, from and after the
Effective Date be deemed to mean and refer to the Credit Agreement, the Note, the Guaranty, the
Borrower Pledge Agreement, the REIT Pledge Agreement, the San Jacinto Documents and each other
Security Document or such Loan Document (as applicable) as amended and affected by this Amendment.
This Amendment shall be deemed to be a “Loan Document” for the purposes of the Credit Agreement and
the other Loan Documents.

     12. Ratification by the Loan Parties. (a) Each Loan Party hereby ratifies, affirms
and confirms the Loan Documents (as modified by this Amendment), and acknowledges and agrees that
the Loan Documents (as modified by this Amendment) remain in full force and effect and are
enforceable against such Loan Party and against the Collateral described therein in accordance with
their respective terms. Each Loan Party hereby further acknowledges and agrees that, as of the
Effective Date, the Loan Documents, as amended by this Amendment, are not subject to any defenses,
rights of setoff, claims or counterclaims that might limit the enforceability thereof, the
obligations created and evidenced thereby or the terms and provisions thereof.

     (b) In furtherance of the provisions of subsection (a) above, and not in limitation or
derogation thereof, by its execution of this Amendment, each Guarantor hereby (a) acknowledges and
consents to the terms and provisions of this Amendment; (b) ratifies, affirms and confirms the
Guaranty; (c) agrees that the Guaranty is and shall remain in full force and effect and that the
terms and provisions of the Guaranty covers and pertains to the Guaranteed Obligations (as defined
in the Guaranty), Notes, Credit Agreement and other Loan Documents; (d) acknowledges that there are
no claims or offsets against, or defenses or counterclaims to, the terms and provisions of the
Guaranty or other obligations created and evidenced by the Guaranty; and (e) certifies that the
representations and warranties contained in the Guaranty, the Credit Agreement, and the other Loan
Documents with respect to each Guarantor remains the true and correct representations and
warranties of such Guarantor as of the Effective Date.

     13. Security and Liens. All Obligations of the Loan Parties under the Loan Documents,
each as amended by this Amendment, shall be secured by and be entitled to the benefits of, and the
Collateral shall remain in all respects subject to the liens, charges and encumbrances of, the
Security Documents and the other Loan Documents, and nothing herein contained, and nothing done
pursuant hereto or in connection herewith shall affect or be construed to affect the liens, charges
or encumbrances or conveyances effected thereby or the priority thereof or to release or affect the
liability of any party or parties whomsoever may now, or hereafter be, liable on account of the
Obligations.

     14. No Waiver. This Amendment is only a modification of the Loan Documents and is not
intended to, and shall not be construed to, effect a novation of any Loan Document, or to
constitute a modification of, or a course of dealing at variance with, the Loan Documents (each as
amended by this

- 15 -

 

Amendment), such as to require further notice by Lenders or Agent to require strict compliance
with the terms the other Loan Documents in the future.

     15. Representations and Warranties. The Loan Parties hereby warrant that all of the
representations and warranties contained in the Loan Documents are true and correct as of the
Effective Date and that no Event of Default has occurred and is continuing or would result by the
execution of this Amendment which constitutes an Event of Default under the Credit Agreement or any
Loan Document or would constitute such an Event of Default but for the requirement that notice be
given or time elapse or both. Each Loan Party further represents and warrants that the execution
and delivery of this Amendment and all related documents have been duly authorized by each such
Loan Party.

     16. Release; Set-off. Each Loan Party hereby unconditionally releases and forever
discharges Agent, each Lender and their respective officers, directors, shareholders, and employees
from any and all claims, demands, causes of action, expenses, losses and other damages of whatever
kind, whether known or unknown, liquidated or unliquidated, at law or in equity, that exists as of
the Effective Date in connection with the Credit Agreement, the Loan Documents and any other
documents relating thereto.

     17. Additional Waivers and Agreements.

          (a) Notwithstanding any provision contained in this Amendment or any other Loan Document to
the contrary, it is the intention and agreement of each Borrower, Guarantor, Obligor and the Agent
that the obligations of each Borrower, Guarantor and Obligor under the Loan Documents shall be
valid and enforceable against each Borrower, Guarantor and Obligor to the maximum extent permitted
by applicable law. Accordingly, if any provision of this Amendment or any other Loan Document
creating any obligation of a Borrower, Guarantor or Obligor in favor of any Lender shall be
declared to be invalid or unenforceable in any respect or to any extent, it is the stated intention
and agreement of each Borrower, Guarantor, Obligor and Lender that any balance of the obligation
created by such provision and all other obligations of each Borrower, Guarantor and Obligor to
Lenders created by other provisions of the Loan Documents shall remain valid and enforceable.
Likewise, if any sums which a Lender may be otherwise entitled to collect from a Borrower,
Guarantor or Obligor under the Loan Documents shall be declared to be in excess of those permitted
under any law (including any federal or state fraudulent conveyance or like statute or rule of law)
applicable to the Obligations and/or the Guaranteed Obligations of such Borrower, Guarantor and
Obligor, it is the stated intention and agreement of such Borrower, Guarantor and Obligor and the
Lenders that all sums not in excess of those permitted under such applicable law shall remain fully
collectible by Lenders from such Borrower, Guarantor and Obligor and such excess sums shall
nevertheless survive as a subordinate obligation of such Borrower, Guarantor and Obligor, junior in
right to the claims of general unsecured creditors, but prior to the claims of equityholders in
such Borrower, Guarantor and Obligor. This provision shall control every other provision of the
Loan Documents.

          (b) Each Borrower, Guarantor and Obligor under the Loan Documents hereby waives:

               (i) any defense based upon Agent or any Lender’s election of any remedy against any Borrower,
any Guarantor or any Obligor, including without limitation, the defense to enforcement of this
Agreement (the “Gradsky” defense based upon Union Bank v. Gradsky, 265 Cal. App. 2d
40 (1968) or subsequent cases) which, absent this waiver, a guarantor or indemnitor would have by
virtue of an election by Agent or any Lender to conduct a non-judicial foreclosure sale of any
Property securing the Obligations, it being understood by each Borrower, Guarantor and Obligor that
any such non-judicial foreclosure sale will destroy, by operation of California Civil Code of Civil
Procedure

- 16 -

 

Section 580d, all rights of any party to a deficiency judgment against any Borrower, and, as a
consequence, will destroy all rights which a guarantor or indemnitor would otherwise have
(including, without limitation, the right of subrogation, the right of reimbursement, and the right
of contribution) to proceed against any Borrower and to recover any such amount, and that Agent and
Lenders could be otherwise estopped from pursuing guarantor or indemnitor for a deficiency judgment
after a non-judicial foreclosure sale on the theory that a guarantor or indemnitor should be
exonerated if a lender elects a remedy that eliminates the guarantor’s or indemnitor’s subrogation,
reimbursement or contribution rights;

               (ii) any rights under California Code of Civil Procedure Sections 580a and 726b, which
provide, among other things: that a creditor must file a complaint for deficiency within three (3)
months of non-judicial foreclosure sale or judicial foreclosure sale, as applicable; that a fair
market value hearing must be held; and that the amount of the deficiency judgment shall be limited
to the amount by which the unpaid debt exceeds the fair market value of the security, but not more
that the amount by which the unpaid debt exceeds the sale price of the security;

               (iii) any rights, under Sections 2845 or 2850 of the California Civil Code, or
otherwise, to require Agent to institute suit against, or to exhaust any rights and remedies which
Agent or the Lenders has or may have against any Borrower, any Guarantor or any Obligor, or against
any collateral for the Obligations provided by any Borrower, any Guarantor, or any Obligor and any
defense arising by reason of any disability or other defense (other than the defense that the
Obligations shall have been fully and finally performed and indefeasibly paid) of Borrowers,
Guarantor, or Obligors or by reason of the cessation from any cause whatsoever of the liability of
any Borrower, any Guarantor, or any Obligor in respect thereof; and

               (iv) (1) any rights to assert against Agent and Lenders any defense (legal or equitable),
set-off, counterclaim, or claim which any Guarantor may now or at any time hereafter have against
Borrowers or any other Person liable to Agent and Lenders; (2) any defense, set-off, counterclaim,
or claim, of any kind or nature, arising directly or indirectly from the present or future lack of
perfection, sufficiency, validity, or enforceability of the Obligations or any security therefor;
(3) any defense any Guarantor has to performance hereunder, and any right any Guarantor has to be
exonerated, provided by Sections 2819, 2822, or 2825 of the California Civil Code, or otherwise,
arising by reason of: the impairment or suspension of the Agent’s or Lenders’ rights or remedies
against any Borrower; the alteration by Agent or Lenders of the Obligations; any discharge of any
Borrower’s obligations to Agent or Lenders by operation of law as a result of any intervention or
omission; or the acceptance by Agent or Lenders of anything in partial satisfaction of the
Obligations; (4) the benefit of any statute of limitations affecting any Guarantor’s liability
under the Loan Documents or the enforcement thereof, and any act which shall defer or delay the
operation of any statute of limitations applicable to the Obligations shall similarly operate to
defer or delay the operation of such statute of limitations applicable to any Guarantor’s liability
under the Loan Documents.

               (v) Each Guarantor absolutely, unconditionally, knowingly, and expressly waives any defense
arising by reason of or deriving from election of remedies by the Agent and Lenders including any
election by Agent or any Lender under Bankruptcy Code Section 1111 (b) to limit the amount of, or
any collateral securing, its claim against Borrowers.

               (vi) without limiting the generality of the foregoing or any other provision hereof, each
Borrower, Guarantor and Obligor absolutely, knowingly, unconditionally, and expressly waives any
and all benefits or defenses which might otherwise be available to such Borrower, Guarantor or
Obligor under any one or more of California Civil Code Sections 2799, 2808, 2809, 2810, 2815, 2819,
2820, 2821, 2822, 2825, 2839, 2845, 2848, 2849, and 2850, California Code of Civil Procedure
Sections

- 17 -

 

580a, 580b, 580c, 580d, and 726, California Uniform Commercial Code Sections 3116, 3118, 3119,
3419, 3605, 9504, and 9507, and Chapter 2 of Title 14 of Part 4 of Division 3 of the California
Civil Code.

               (vii) Each Guarantor hereby acknowledges and agrees that neither Agent, any Lender nor any
other Person shall be under any obligation (i) to marshal any assets in favor of Guarantors or in
payment of any or all of the liabilities of Borrowers under the Guaranty or the obligations of
Guarantors hereunder or (ii) to pursue any other remedy that Guarantors may or may not be able to
pursue themselves, any right to which each Guarantor hereby waives.

               (viii) Each Guarantor warrants and agrees that each of the waivers set forth in this
Section 17 is made with full knowledge of its significance and consequences and after consultation
with legal counsel, and that if any of such waivers are determined to be contrary to any applicable
law or public policy, such waivers shall be effective only to the maximum extent permitted by
applicable law.

          (c) The Loan Documents currently contain jury trial waivers. Such waivers shall
continue to apply to the fullest extent now or hereafter permitted by applicable law. BORROWERS,
AGENT AND LENDERS PREFER THAT ANY DISPUTE BETWEEN THEM BE RESOLVED IN LITIGATION SUBJECT TO A JURY
TRIAL WAIVER AS SET FORTH IN THE LOAN DOCUMENTS. IF, HOWEVER, UNDER THEN APPLICABLE LAW, A
PRE-DISPUTE JURY TRIAL WAIVER OF THE TYPE PROVIDED FOR IN THE LOAN DOCUMENTS IS UNENFORCEABLE IN
LITIGATION IF SUCH LITIGATION OCCURS IN CALIFORNIA (ALTHOUGH THE PARTIES DO NOT INTEND HEREBY TO
WAIVE THEIR CONSENT TO JURISDICTION AND VENUE IN THE COMMONWEALTH OF MASSACHUSETTS), TO RESOLVE ANY
DISPUTE, CLAIM, CAUSE OF ACTION OR CONTROVERSY UNDER THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE
ENVIRONMENTAL AGREEMENT (EACH, A “CLAIM”), THEN, UPON THE WRITTEN REQUEST OF ANY PARTY TO
SUCH LITIGATION, SUCH CLAIM, INCLUDING ANY AND ALL QUESTIONS OF LAW OR FACT RELATING THERETO, SHALL
BE DETERMINED EXCLUSIVELY BY A JUDICIAL REFERENCE PROCEEDING. EXCEPT AS OTHERWISE PROVIDED IN THE
PREVIOUS PARAGRAPH, VENUE FOR ANY SUCH REFERENCE PROCEEDING SHALL BE IN THE STATE OR FEDERAL COURT
IN THE COUNTY OR DISTRICT WHERE VENUE IS APPROPRIATE UNDER APPLICABLE LAW (THE “COURT”).
THE PARTIES SHALL SELECT A SINGLE NEUTRAL REFEREE, WHO SHALL BE A RETIRED STATE OR FEDERAL JUDGE.
IF THE PARTIES CANNOT AGREE UPON A REFEREE, THE COURT SHALL APPOINT THE REFEREE. THE REFEREE SHALL
REPORT A STATEMENT OF DECISION TO THE COURT. NOTHING IN THIS PARAGRAPH, HOWEVER, SHALL LIMIT THE
RIGHT OF ANY PARTY AT ANY TIME TO EXERCISE SELF-HELP REMEDIES, FORECLOSE AGAINST COLLATERAL OR
OBTAIN PROVISIONAL REMEDIES (INCLUDING, WITHOUT LIMITATION, REPLEVIN, INJUNCTIVE RELIEF, ATTACHMENT
OR THE APPOINTMENT OF A RECEIVER). THE PARTIES SHALL BEAR THE FEES AND EXPENSES OF THE REFEREE
EQUALLY UNLESS THE REFEREE ORDERS OTHERWISE. THE REFEREE ALSO SHALL DETERMINE ALL ISSUES RELATING
TO THE APPLICABILITY, INTERPRETATION, AND ENFORCEABILITY OF THIS PARAGRAPH. THE PARTIES
ACKNOWLEDGE THAT ANY CLAIM DETERMINED BY REFERENCE PURSUANT TO THIS PARAGRAPH SHALL NOT BE
ADJUDICATED BY A JURY.

     18. Miscellaneous. (a) all costs and expenses of Agent, including, without
limitation, appraisal fees and reasonable attorney’s fees of counsel to Agent relating to the
negotiation, preparation, execution and delivery of this Amendment and all instruments, agreements
and documents contemplated hereby, shall be the responsibility of Borrower; (b) this Amendment
shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts
applicable to contracts made and

- 18 -

 

performed within such state; and (c) this Amendment may be executed in any number of
counterparts, all of which when taken together shall constitute one agreement binding on the
parties hereto, notwithstanding that all parties are not signatories to the same counterpart.
Delivery of an executed signature page of this Amendment by facsimile transmission or by means of
electronic mail (in so-called “pdf”, “TIF” or any similar format) shall be effective as an in-hand
delivery of an original executed counterpart hereof.

[The Next Page is the Signature Page]

- 19 -

 

     IN WITNESS WHEREOF, the Loan Parties and the Agent have caused this Amendment to be duly
executed by their respective duly authorized officers, as an instrument under seal, as of the date
and year first above written.

	 	 	 	 	 
	BORROWER:  	
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 S. Cameron 	 
	 	 	Print Name  	 Christopher S. Cameron 	 
	 	 	Title           	CFO, Secretary 	 

	 	 	 	 	 
	 	
TNP SRT SAN JACINTO, LLC, a Delaware limited
liability company

 	 
	 	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 S. Cameron 	 
	 	 	Print Name:  	 Christopher S. Cameron 	 
	 	 	Title:           	CFO, Secretary 	 

	 	 	 	 	 
	AGENT AND LENDER:  	KEYBANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Christopher T. Neil 	 
	 	 	Christopher T. Neil 	 
	 	 	Senior Relationship Manager 	 

	 	 	 	 	 
	GUARANTORS and OBLIGORS: 	 TNP STRATEGIC RETAIL TRUST, INC., a Maryland
corporation

 	 
	 	By:  	/s/ Christopher S. Cameron 	 
	 	 	Print Name:  	Christopher S. Cameron 	 
	 	 	Title:           	CFO, Secretary 	 
	 

** Signatures Continued on Next Page**

[Signature Page to Fourth Omnibus Amendment and Reaffirmation of Loan Documents]

 

 

	 	 	 	 	 
	 	THOMPSON NATIONAL PROPERTIES, LLC, a 

Delaware limited liability company

 	 
	 	By:  	/s/ Johnna F. Howard 	 
	 	 	Print Name: Johnna F. Howard

 	 
	 	 	Title:            	CFO 	 
	 

	 	 	 	 	 
	 	 	/s/ Anthony W. Thompson 	 
	 	 	Anthony W. Thompson, an individual 	 

	 	 	 	 	 
	 	TNP SRT NORTHGATE PLAZA TUCSON HOLDINGS, LLC, a
Delaware limited liability
company

 	 
	 	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 S. Cameron 	 
	 	 	Print Name:  Christopher S. Cameron

 	 
	 	 	Title:            	CFO, Secretary 	 
	 

[Signature Page to Fourth Omnibus Amendment and Reaffirmation of Loan Documents]

 

 

Schedule I

     (a) Exhibit B attached to the Credit Agreement is hereby amended and supplemented by
adding thereto the following information:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Jurisdiction of	 	Certificate	 	Nature of Equity	 	Percentage of	 	Description of any
	 	 	Name of Entity	 	Organization	 	Number(s) (if any)	 	Interests	 	Ownership in Entity	 	Excluded Rights
	5.
	 	TNP SRT San	 	Delaware	 	N/A	 	Membership interests	 	100%	 	None
	 
	 	Jacinto, LLC	 	 	 	 	 	 	 	 	 	 

     (b) Exhibit C attached to the Credit Agreement is hereby amended and supplemented by
adding thereto the following information:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 		 	 
	 	 	 	 	 	 	 	 	Outstanding	 	Pending Sales or
	 	 	 	 	 	 	Current Fair Market	 	Principal Balance of	 	Refinancings of
	 	 	Name of Entity	 	Location of Property	 	Value of Property	 	 the Property Loan	 	Property
	4.
	 	TNP SRT San	 	San Jacinto,	 	$$7,088,000	 	$0	 	None
	 
	 	Jacinto, LLC	 	California	 	 	 	 	 	 

     (c) Exhibit E attached to the Credit Agreement is hereby amended and supplemented by
adding thereto the following information:

	 	 	 	 	 	 	 
	 	 	Name of Entity	 	Location of Property	 	Environmental Reports
	4.

	 	TNP SRT San

Jacinto, LLC
	 	San Jacinto,

California
	 	Phase I
Environmental
Assessment dated as
of September 28,
2009, prepared by
Property Solutions
Inc. for Bank of
America, and
Phase II
Environmental Site
Assessment dated
December 15, 2009
prepared by Enercon.

     (d) Exhibit F attached to the Credit Agreement is hereby amended and supplemented
to add that the San Jacinto Borrower’s Taxpayer Identification Number is 27-3186823.

 

 

Schedule II

Rent Roll for San Jacinto Property

[attached hereto]

 

 

Schedule III

Tenant Delinquency Report for San Jacinto Property

[attached hereto]

 

 

Schedule IV

Insurance Requirements

Named Insured (Borrower): TNP SRT San Jacinto, LLC, a Delaware limited liability company

	 	 	 

	Property Address:
	 	2181 — 2291 Esplanade Avenue, San Jacinto, California
	 
	 	 
	Mortgagee:
	 	KeyBank National Association, its successors and/or assignees,
	 
	 	for itself and, when applicable, as agent for other participating lenders
	 
	 	 
	Mortgagee address:
	 	225 Franklin Street, 18th Floor, Boston, Massachusetts 02110

	 	 	 	 	 

	Deductible under any line of coverage must not exceed:
	 	$	 	 
	 
	 	 	 

PROPERTY

	 	 	 	 	 

	Causes of loss insured against:
	 	•	 	“Special Form” equivalent
to ISO standard, or “Risks of loss
not otherwise excluded” for coverage comparable to ISO Special Form, including damage from windstorm and hail

	 
	 	 	 	 
	 
	 	•	 	Boiler & Machinery or Breakdown coverage for buildings with elevators
and central HVAC (not required for per-unit HVAC)
	 
	 	 	 	 
	Additional causes
of loss if
specified:	 	___ Flood — mandatory at NFIP limits ($250,000 per residential bldg.,
$500,000 per commercial bldg.) if        building will be in Special Flood Hazard Area
	 	 	___ Additional flood limits: $_________________________
	 	 	___ Earthquake $_________________________
	 	 	___ Terrorism:
___ certified only

___ certified and non-certified

	 	 	___ Ordinance or Law: (A) Loss of value of undamaged part — within building limit;
(B) Demolition and (C) Increased Cost of Construction:

	 	 	$___________________
	 	 	___ Other ____________________
	 
	 	 	 	 
	Amount of insurance:	 	Building: Sufficient to cover insurable value (cost to construct less standard
exclusions such as
	 	 	foundation):
$___________________________

	 	 	Business interruption: Sufficient to cover 12 months’ revenue or rental income:
	 	 	$________________________

	 
	 	 	 	 
	Additional coverage conditions:
	 	•	 	Replacement cost valuation for building
	 
	
	 	•	 	Actual loss sustained valuation for business interruption/loss of rents
	 
	 
	 	•	 	No coinsurance / coinsurance waived
	 
	 	 	 	 
	Mortgagee Clause:	 	Mortgagee identified as above.

Mortgagee provisions must match standard clause of ISO forms or Lender’s Loss Payable
clause per section C of ISO form CP 12 18

 

 

	 	 	 	 	 

	Documentation:	 	Acord 28 Evidence of Property Insurance extending at least 30 days’ notice of
cancellation (45 days in Washington state) except 10 days’ notice for non-payment of
premium.
	 
	 
	 	•	 	All details specified above must be specifically addressed.
	 
	 
	 	•	 	All deductibles and any sub-limits must be disclosed.
	 
	 
	 	•	 	If program is blanket over other
locations as well as loan property, show policy limits along with values reported to insurer for the subject location.
	 
	 	 	
The use of any form other than Acord 28 (2003/10) may result in agent and/or insurer
having to provide additional coverage documentation.

 

 

INSURANCE REQUIREMENTS FOR COMMERCIAL REAL ESTATE LOANS

PERMANENT LOAN

- continued -

GENERAL LIABILITY

	 	 	 
	Coverage form:

	 	Commercial General Liability — equivalent to ISO standard
occurrence-based form, including BI, PD, PI/AI, Contractual
	 
	 	 
	Limit of liability
per occurrence:

	 	Not less than $                                                             combining primary and excess
	 
	 	 
	Mortgagee as
Additional Insured:

	 	Mortgagee identified on page 1.
	 

	 	Coverage granted per ISO form CG 20 18 or CG 20 26, or equivalent.

Copy of endorsement or verification of underwriter’s intent to
issue must be attached to Certificate of Liability Insurance
	 
	 	 
	Documentation:

	 	Acord 25 Certificate of Liability Insurance extending at least 30
days’ notice of cancellation.

BORROWER’S PROPERTY, GENERAL LIABILITY AND UMBRELLA/EXCESS INSURERS MUST HAVE BEST’S RATINGS NOT
LESS THAN A:X UNLESS OTHERWISE AGREED TO BY LENDER.

OTHER COVERAGES

	 	 	 

	Workers’
Compensation:

	 	Statutory benefits for the state where the building
is located. This requirement may be waived if
borrowing entity has no employees  and general
contractor produces evidence of workers’
compensation coverage.
	 
	 	 
	Employer’s Liability:

	 	$100,000 per accident for accidental injury;
$100,000 per employee and $100,000 aggregate for
occupational illness or disease.
	 
	 	 
	Business Auto
Liability:

	 	Covering owned, non-owned and hired/rented vehicles
	 
	 	 
	Environmental
Liability:

	 	___ Requirement applies only if checked. Form
should cover liability for bodily injury and
property damage claims, both on and off site, and
include mortgagee as an insured along with
borrower. Full quote and specimen forms must be
submitted for lender approval.
	 
	 	 
	 

	 	Required limit: $                                                            

 

 

Schedule V

Pledge Agreement Addendum

to Borrower Pledge and Security Agreement

     The undersigned, being the Grantor under that certain Pledge and Security Agreement dated as
of November 12, 2009 (as amended, restated and/or modified from time to time, the
“Agreement”) in favor of KeyBank National Association, as Agent (“Agent”), by
executing this Pledge Agreement Addendum, hereby acknowledges that Grantor legally and beneficially
owns all of the Equity Interests in and to the Entity (or Entities) described below. Grantor
hereby agrees and acknowledges that (a) the Equity Interests described below constitute
“Collateral” for purposes of the Agreement, and shall be governed by, and subject to all of the
terms, provisions and conditions of the Agreement, (b) Grantor hereby grants to the Agent, for the
benefit of itself and the Lenders, a security interest in all of the Collateral of the Grantor on
the terms and conditions set forth in the Agreement, (c) that this Addendum constitutes a “Pledge
Agreement Addendum” for purposes of the Agreement and that the Agreement is hereby amended to
include the hereinafter described Equity Interests and Collateral, and (d) that after giving effect
to this Addendum, the representations and warranties set forth in the Agreement are materially
true, complete and correct as of the date hereof. Capitalized terms used in this Addendum without
definition shall have the meanings assigned to such terms in the Agreement.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Certificate	 	Nature of Equity	 	Percentage of	 	Description of any
	Name of Entity	 	Organization	 	Number(s) (if any)	 	Interests	 	Ownership in Entity	 	Excluded Rights
	TNP SRT San 

Jacinto, LLC

	 	Delaware
	 	None
	 	Membership Interests
	 	TNP Strategic
Retail Operating
Partnership, LP
holds 100% of the
membership
interests in the
Entity
	 	None

The Next Page is the Signature Page

 

 

     IN WITNESS WHEREOF, Grantor has executed this Addendum this ______ day of August, 2010.

	 	 	 	 	 
	 	

Grantor:

TNP STRATEGIC RETAIL OPERATING 
PARTNERSHIP, LP, a
Delaware limited partnership

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

	 	 	 	 	 
	 	 	 
	 	 By 	
 	 
	 	 	Name 	 	 
	 	 	Title 	 	 
	 

[for Grantor]

STATE OF       
                 
                 

COUNTY OF                 
                 
       

     On August ___, 2010, before me, the undersigned notary public, personally appeared
_____________________, the ______________________of TNP Strategic Retail Trust, Inc., a Maryland
corporation, the general partner of TNP Strategic Retail Operating Partnership, LP, a Delaware
limited partnership proved to me through satisfactory evidence of identification, being (check
whichever applies): o driver’s license or other state or federal governmental document bearing a
photographic image, o oath or affirmation of a credible witness known to me who knows the above
signatory, or o my own personal knowledge of the identity of the signatory, to be the person whose
name is signed above, and acknowledged the foregoing to be signed by him/her voluntarily in said
capacity and the free act and deed of said corporation and limited partnership, for its stated
purpose.

	 	 	 	 	 
	 	 	 
	 	

 	 
	 	Notary Public 	 
	 	Print Name 

My Commission Expires 

[SEAL] 	 
	 

[Signature Page to Borrower Pledge Agreement Addendum]

 

 

Consent, Acknowledgement and Agreement of

TNP SRT San Jacinto, LLC

     Reference is made to that certain Pledge and Security Agreement dated as of November 12, 2009
by TNP Strategic Retail Operating Partnership, LP (the “Grantor”) to KeyBank National
Association (“Agent”), for itself and the Lenders (as defined therein) (as amended,
restated and/or modified from time to time, the “Agreement”).

     TNP SRT San Jacinto, LLC, a Delaware limited liability company (the “Entity”), hereby
consents to the foregoing Pledge Agreement Addendum, with the express confirmation, warranty and
representation that all restrictions on the transfer of the Collateral as set forth in the Entity
Governance Documents (if any), have been waived to permit this pledge and grant of security
interest and any subsequent foreclosure or other disposition of the Collateral by Agent in
accordance with the terms and agreements set forth above, and with the express grant to Agent and
any agent of Agent of the power of attorney set forth in Section 10 of the Agreement. Entity
represents that it has not opted into Article 8 of the applicable Uniform Commercial Code for the
Entity and agrees that the Entity Governance Documents for the Entity shall not be amended to
insert such a provision without the prior written consent of Agent. Entity hereby acknowledges
receipt of notice of the pledge and collateral assignment of the Collateral effected hereby and
hereby agrees to register the Collateral as subject to the security interests and collateral
assignments effected hereby. The Grantor has irrevocably authorized the Entity to accept and act
upon, and the Entity hereby agrees to accept and act upon, all instructions and directions given by
Agent to the Entity with respect to the Collateral in accordance with the Agreement and the Pledge
Agreement Addendum without the necessity of further authorization or consent from, or notice to,
the Grantor.

     Pursuant to the terms of the Entity Governance Documents, each of the undersigned, as a member
of the Entity, hereby (a) consents to the pledge by Grantor of the Collateral to Agent as security
for the Obligations and agrees that the Entity Governance Documents are hereby amended to permit
and reflect the pledge of the Collateral by Grantor to Agent pursuant to the terms and provisions
of the Agreement, the Pledge Agreement Addendum and this Consent, (b) instructs the Entity to
register the lien created hereunder in the Collateral in the books and records maintained by the
Entity, (c) in connection with the exercise by Agent of its rights and remedies under this Consent,
consents to the foreclosure or other disposition or assignment of the Equity Interests and
Collateral to any person or entity (an “Assignee”) and the substitution of such Assignee as
a new member of the Entity, and (d) agrees that no such assignment or substitution and no
foreclosure under the Agreement, the Consent or other remedies in respect thereof shall effect a
termination or dissolution of the Entity.

 

 

     IN WITNESS WHEREOF, the undersigned has executed this Consent, Acknowledgement and Agreement,
as an instrument under seal this ______ day of August, 2010.

	 	 	 	 	 
	 	

Entity

TNP SRT San Jacinto, LLC, a Delaware limited

liability company

 	 
	 	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 	 	 
	 	 	 	Print Name: 

	 	 	 	Title: 

	 

[for Entity]

STATE OF                                         

COUNTY OF                                         

     On August ___, 2010, before me, the undersigned notary public, personally appeared
________________________, the _______________________of TNP Strategic Retail Trust, a Maryland
corporation, the general partner of TNP Strategic Retail Operating Partnership, L.P., a Delaware
limited partnership, the sole member of TNP SRT San Jacinto, LLC, a Delaware limited liability
company, proved to me through satisfactory evidence of identification, being (check whichever
applies): o driver’s license or other state or federal governmental document bearing a photographic
image, o oath or affirmation of a credible witness known to me who knows the above signatory, or o my
own personal knowledge of the identity of the signatory, to be the person whose name is signed
above, and acknowledged the foregoing to be signed by him/her voluntarily in said capacity and the
free act and deed of said entities, for its stated purpose.

	 	 	 	 	 
	 	 	 
	 	

 	 
	 	Notary Public 	 
	 	Print Name 

My Commission Expires 

[SEAL] 	 
	 

[Signature Page to Consent to Borrower Pledge Agreement Addendum]

 

 

Schedule VI

Form of SNDA

Recorded at the Request of and After Recording Return to:

Gail E. McCann, Esq.

Edwards Angell Palmer & Dodge LLP

2800 Financial Plaza

Providence, RI 02903

 

SUBORDINATION, NON-DISTURBANCE

AND ATTORNMENT AGREEMENT

	 	 	 

	Grantor #1 (Landlord):

	 	TNP SRT SAN JACINTO, LLC
	 
	 	 
	Grantor #2 (Tenant):

	 	            
                  
                  
                  
              
	 
	 	 
	Grantee (Agent):

	 	KEYBANK NATIONAL ASSOCIATION, as Agent, its
successors and assigns
	 
	 	 
	Abbreviated Legal Description: 
	 	 
	 
	 	 
	 

	 	Official Legal Description on Exhibit A
	 
	 	 
	Assessor’s Tax Parcel ID #

	 	APN: 436-710-001-0 and 436-710-002-1 and
436-710-003-2 and 436-710-004-3 and
436-710-005-4 and 436-710-006-5 and
436-710-007-6 and 436-710-008-7 and
436-710-010-8
	 
	 	 
	Reference No.

	 	N/A

 

 

SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT

          THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT’ AGREEMENT (the “Agreement”) is
made as of the ____ day of _______ 2010 by and between:

KEYBANK NATIONAL ASSOCIATION,

a national banking association,

having an address at

127 Public Square

Cleveland, Ohio 44114

(“Agent”),

and

 

having an address at

 

(“Tenant”).

RECITALS:

     A. Tenant is the holder of a leasehold estate in a portion of those certain premises located
in the City of San Jacinto, the County of Riverside, State of California, and more particularly
described on Exhibit A attached hereto and made a part hereof (the “Property”)
under and pursuant to the provisions of a certain lease dated _______________ between
_____________________ as landlord, as later assumed by Borrower (as defined below) and Tenant, as
tenant (the “Lease”); and

     B. Agent and other lenders (“Lenders”) have made a loan or are about to make a loan to
TNP SRT San Jacinto, LLC, a limited liability company organized under the laws of the State of
Delaware, having its principal place of business at 1900 Main Street, Suite 700 Irvine, California
92614 (“Borrower”), evidenced or to be evidenced by a revolving credit loan made by TNP
Strategic Retail Operating Partnership, LP and later assumed by Borrower as a Co-Borrower to the
order of KeyBank National Association and other Lenders (the “Note”) and secured or to be
secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the
“Security Instrument”) granted by Borrower to or for the benefit of Agent and encumbering
the Property; and

     C. Borrower is, or is about to become, the owner in fee simple of the Property and the
landlord under the Lease (“Landlord”); and

     D. Tenant has agreed to subordinate the Lease to the Security Instrument and to the lien
thereof, and Agent has agreed to grant non-disturbance to Tenant under the Lease on the terms and
conditions hereinafter set forth.

AGREEMENT:

For good and valuable consideration, Tenant and Agent agree as follows:

 

 

     1. SUBORDINATION. The Lease and all of the terms, covenants and provisions thereof
and all rights, remedies and options of Tenant thereunder are and shall at all times continue to be
subject and subordinate in all respects to the terms, covenants and provisions of the Security
Instrument and to the lien thereof, including without limitation, all renewals, increases,
modifications, spreaders, consolidations, replacements and extensions thereof and to all sums
secured thereby and advances made thereunder with the same force and effect as if the Security
Instrument had been executed, delivered and recorded prior to the execution and delivery of the
Lease.

     2. NON-DISTURBANCE. If any action or proceeding is commenced by Agent for the
foreclosure of the Security Instrument or the sale of the Property, Tenant shall not be named as a
party therein unless such joinder shall be required by law, provided, however, such joinder shall
not result in the termination of the Lease or disturb the Tenant’s possession or use of the
premises demised thereunder, and the sale of the Property in any such action or proceeding and the
exercise by Agent of any of its other rights under the Note or the Security Instrument shall be
made subject to all rights of Tenant under the Lease, provided that at the time of the commencement
of any such action or proceeding or at the time of any such sale or exercise of any such other
rights Tenant shall not be in default under any of the terms, covenants or conditions of the Lease
or of this Agreement on Tenant’s part to be observed or performed beyond any applicable notice or
grace period.

     3. ATTORNMENT. If Agent or any other subsequent purchaser of the Property shall
become the owner of the Property by reason of the foreclosure of the Security Instrument or the
acceptance of a deed or assignment in lieu of foreclosure or by reason of any other enforcement of
the Security Instrument (Agent or such other purchaser being hereinafter referred as
“Purchaser”), and the conditions set forth in Section 2 above have been met at the time
Purchaser becomes owner of the Property, the Lease shall not be terminated or affected thereby but
shall continue in full force and effect as a direct lease between Purchaser and Tenant upon all of
the terms, covenants and conditions set forth in the Lease and in that event, Tenant agrees to
attorn to Purchaser and Purchaser by virtue of such acquisition of the Property shall be deemed to
have agreed to accept such attornment, whereupon, subject to the observance and performance by
Tenant of all the terms, covenants and conditions of the Lease on the part of Tenant to be observed
and performed, Purchaser shall recognize the leasehold estate of Tenant under all of the terms,
covenants and conditions of the Lease for the remaining balance of the term with the same force and
effect as if Purchaser were the lessor under the Lease subject to the terms of Section 4 of this
Agreement; provided, however, that Purchaser shall not be:

	 	(a)	 	liable for the failure of any prior landlord (any such prior landlord,
including Landlord and any successor landlord, being hereinafter referred to as a
“Prior Landlord”) to perform any of its obligations under the Lease which have
accrued prior to the date on which Purchaser shall become the owner of the Property,
provided that the foregoing shall not limit Purchaser’s obligations under the Lease to
correct any conditions that (i) existed as of the date Purchaser shall become the owner
of the Property and (ii) violate Purchaser’s obligations as landlord under the Lease;
provided further, however, that Purchaser shall have received written notice of such
omissions, conditions or violations and has had a reasonable opportunity to cure the
same, all pursuant to the terms and conditions of the Lease;
	 
	 	(b)	 	subject to any offsets, defenses, abatements or counterclaims which shall have
accrued in favor of Tenant against any Prior Landlord prior to the date upon which
Purchaser shall become the owner of the Property;

 

 

	 	(c)	 	liable for the return of rental security deposits, if any, paid by Tenant to
any Prior Landlord in accordance with the Lease unless such sums are actually received
by Purchaser;
	 
	 	(d)	 	bound by any payment of rents, additional rents or other sums which Tenant may
have paid more than one (1) month in advance to any Prior Landlord unless (i) such sums
are actually received by Purchaser or (ii) such prepayment shall have been expressly
approved of by Purchaser;
	 
	 	(e)	 	bound by any agreement terminating or amending or modifying the rent, term,
commencement date or other material term of the Lease, or any voluntary surrender of
the premises demised under the Lease, made without Agent’s or Purchaser’s prior written
consent prior to the time Purchaser succeeded to Landlord’s interest; or
	 
	 	(f)	 	responsible for the making of repairs in or to the Property in the case of
damage or destruction to the Property or any part thereof due to fire or other casualty
or by reason of condemnation unless Purchaser is obligated under the Lease to make such
repairs and Purchaser receives insurance proceeds or condemnation awards sufficient to
finance the completion of such repairs.

     In the event that any liability of Purchaser does arise pursuant to this Agreement, such
liability shall be limited and restricted to Purchaser’s interest in the Property and shall in no
event exceed such interest.

     4. NOTICE TO TENANT. After notice is given to Tenant by Agent that the Landlord is
in default under the Note and the Security Instrument and that the rentals under the Lease should
be paid to Agent pursuant to the terms of the assignment of leases and rents executed and delivered
by Landlord to Agent in connection therewith, Tenant shall thereafter pay to Agent or as directed
by the Agent, all rentals and all other monies due or to become due to Landlord under the Lease and
Landlord hereby expressly authorizes Tenant to make such payments to Agent and hereby releases and
discharges Tenant from any liability to Landlord on account of any such payments.

     5. NOTICE TO AGENT AND RIGHT TO CURE. Tenant agrees to notify Agent by certified
mail, return receipt requested, with postage prepaid, of any default on the part of Landlord under
the Lease which would entitle Tenant to cancel or terminate the Lease or to abate or reduce the
rent payable thereunder, and Tenant further agrees that, notwithstanding any provisions of the
Lease, no cancellation or termination of the Lease and no abatement or reduction of the rent
payable thereunder shall be effective unless Agent has received notice of the same and has failed
within thirty (30) days after both Agent’s receipt of said notice and the time when Agent shall
have become entitled under the Security Instrument (as hereinafter defined) to remedy the same, to
commence to cure the default which gave rise to the cancellation or termination of the Lease or
abatement or reduction of the rent payable thereunder and thereafter diligently prosecutes such
cure to completion, provided that in the event Agent cannot commence such cure without possession
of the Property, no cancellation or termination of the Lease and no abatement or reduction of the
rent payable thereunder shall be effective if Agent commences judicial or non-judicial proceedings
to obtain possession within such period and thereafter diligently prosecutes such efforts and cure
to completion. In addition, if such default is not susceptible of cure by Agent and Agent obtains
possession of the Property, such default shall be waived. Notwithstanding the foregoing, Agent
shall have no obligation to cure any default by Landlord except as provided in Section 3 in the
event Agent shall become the owner of the Property by reason of the foreclosure of the Security
Instrument or the acceptance of a deed or assignment in lieu of foreclosure or by reason of any
other enforcement of the Security Instrument.

 

 

     6. 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:

	 	 	 

	If to Tenant: 

	 	                                        
	 
	 	 
	 

	 	                                        
	 

	 	Attention:
	 
	 	 
	If to Agent:

	 	KeyBank National Association
	 

	 	225 Franklin Street, 18th Floor
	 

	 	Boston, MA 02110
	 

	 	Attention: Christopher T. Neil

or addressed as such party may from time to time designate by written notice to the other parties.
For purposes of this Section 6, the term “Business Day” shall mean a day on which
commercial banks are not authorized or required by law to close in the state where the Property is
located. Either party by notice to the other may designate additional or different addresses for
subsequent notices or communications.

          7. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to the
benefit of Agent, Lenders, Tenant and Purchaser and their respective successors and assigns.

          8. GOVERNING LAW. This Agreement shall be deemed to be a contract entered into
pursuant to the laws of California and shall in all respects be governed, construed, applied and
enforced in accordance with the laws of the State of California.

          9. MISCELLANEOUS. This Agreement may not be modified in any manner or terminated
except by an instrument in writing executed by the parties hereto. If any term, covenant or
condition of this Agreement is held to be invalid, illegal or unenforceable in any respect, this
Agreement shall be construed without such provision. This Agreement may be executed in any number
of duplicate originals and each duplicate original shall be deemed to be an original. This
Agreement may be executed in several counterparts, each of which counterparts shall be deemed an
original instrument and all of which together shall constitute a single Agreement. The failure of
any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other
signatories from their obligations hereunder. Whenever the context may require, any pronouns used
herein shall include the corresponding masculine, feminine or neuter forms, and the singular form
of nouns and pronouns shall include the plural and vice versa.

(Signatures on Next Page)

 

 

     IN WITNESS WHEREOF, Agent and Tenant have duly executed this Agreement as an instrument under
seal as of the date first above written.

	 	 	 	 	 
	 	AGENT:

KEYBANK NATIONAL ASSOCIATION, a national banking
association

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Its: 	 	 
	 
	 	TENANT:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Its: 	 	 
	 

The undersigned hereby joins in the execution of this Agreement in order to evidence its acceptance
of, and agreement to, the provisions of Section 4 hereof.

					
	 	

BORROWER/LANDLORD:

TNP SRT SAN JACINTO, LLC, a Delaware

limited liability company

 	 
	 	By:  	TNP Strategic Retail Operating Partnership, LP, a Delaware limited liability company, its Sole Member
 	 

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

					
	 	
 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

STATE OF CALIFORNIA

COUNTY OF                                         

     On August ____, 2010, before me, the undersigned notary public, personally appeared
________________, the _______________ of TNP Strategic Realty Trust, Inc., a Maryland corporation
and the General Partner of TNP Strategic Retail Operating Partnership, LP, a Delaware limited
liability company and Sole Member of TNP SRT San Jacinto, LLC, a Delaware limited liability company
proved to me through satisfactory evidence of identification, being (check whichever applies): o
driver’s license or other state or federal governmental document bearing a photographic image, o
oath or affirmation of a credible witness known to me who knows the above signatory, or o my own
personal knowledge of the identity of the signatory, to be the person whose name is signed above,
and acknowledged the foregoing to be signed by him/her voluntarily in said capacity and the free
act and deed of said limited liability companies, for its stated purpose.

	 	 	 

	 

	 	             
                  
                  
                  
             
	 

	 	Notary Public
	 

	 	Print Name           
                  
                  
              
	 

	 	My Commission Expires          
                   
           
	 

	 	[SEAL]

(The balance of this page intentionally is blank.)

 

 

EXHIBIT A

LEGAL DESCRIPTION

PARCEL “A”

PARCEL A AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS,
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 4 AND 8 OF PARCEL MAP NO. 33196,
IN THE CITY OF SAN JACINTO, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 216, PAGES
72 AND 73 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY
RECORDER OF SAID COUNTY, LYING WITHIN SECTION 32, TOWNSHIP 4
SOUTH, RANGE 1 WEST, SAN BERNARDINO MERIDIAN, MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHEAST CORNER OF SAID PARCEL 4 OF
SAID PARCEL MAP NO. 33196, SAID POINT BEING ON THE
SOUTHERLY LINE OF SAID PARCEL MAP NO. 33196.

THENCE ALONG THE SOUTHERLY LINE OF SAID PARCEL MAP NO.
33196, NORTH 89° 54’ 46” WEST A DISTANCE OF 83.32 FEET;

THENCE LEAVING SAID SOUTHERLY LINE NORTH 00° 05’ 14” EAST A
DISTANCE OF 124.09 FEET TO A POINT ON THE NORTHERLY LINE OF
SAID PARCEL 4;

THENCE ALONG THE EASTERLY PROLONGATION OF THE NORTHERLY LINE
OF SAID PARCEL 4 SOUTH 89° 54’ 46” EAST A DISTANCE OF 234.80
FEET;

THENCE LEAVING SAID PROLONGATION SOUTH 00° 05’ 14” WEST A
DISTANCE OF 107.09 FEET TO A POINT ON THE SOUTHERLY LINE OF
SAID PARCEL MAP NO. 33196, SAID LINE BEING 73.00
FEET NORTH OF THE CENTERLINE OF ESPLANADE AVENUE AS SHOWN ON
SAID PARCEL MAP NO. 33196;

THENCE ALONG THE SOUTHERLY LINE OF SAID

 

 

PARCEL MAP NO.
33196 THE FOLLOWING COURSES:

SOUTH 45° 05’ 14” WEST A DISTANCE OF 24.04 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 134.48
FEET TO THE POINT OF BEGINNING.

PARCEL “B”

PARCEL B AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS,
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 6, 7 AND 8 OF PARCEL MAP NO.
33196, IN THE CITY OF SAN JACINTO, COUNTY OF RIVERSIDE,
STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK
216, PAGES 72 AND 73, OF PARCEL MAPS, IN THE OFFICE OF
THE COUNTY RECORDER OF SAID COUNTY, LYING WITHIN SECTION 32,
TOWNSHIP 4 SOUTH, RANGE 1 WEST, SAN BERNARDINO MERIDIAN,
MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE MOST NORTHWESTERLY CORNER OF PARCEL 6 OF
SAID PARCEL MAP NO. 33196, SAID POINT BEING THE
NORTHWEST CORNER OF SAID PARCEL MAP NO. 33196, SAID
POINT ALSO BEING 78.00 FEET EAST OF THE CENTERLINE OF
SANDERSON AVENUE AS SHOWN ON SAID PARCEL MAP NO.
33196;

THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL MAP NO.
33196 SOUTH 89° 54’ 40” EAST A DISTANCE OF 389.59 FEET;

THENCE LEAVING SAID NORTHERLY LINE, SOUTH 00° 05’ 14” WEST A
DISTANCE OF 151.01 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 56.33 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 108.16 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 83.75 FEET TO A
POINT ON THE WESTERLY LINE OF SAID PARCEL 7;

THENCE ALONG THE NORTHERLY PROLONGATION
OF THE WESTERLY LINE
OF SAID PARCEL 7 NORTH 00° 05’ 14” EAST A DISTANCE OF 130.00
FEET;

THENCE LEAVING SAID NORTHERLY PROLONGATION

 

 

NORTH 89° 54’ 46”
WEST A DISTANCE OF 18.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 107.17 FEET;

THENCE NORTH 89° 54’ 40” WEST A DISTANCE OF 231.52 FEET TO A
POINT ON THE WESTERLY LINE OF SAID
PARCEL MAP NO. 33196 SAID POINT BEING 78.00 FEET
EAST OF THE CENTERLINE OF SANDERSON AVENUE AS SHOWN ON SAID
PARCEL MAP NO. 33196;

THENCE ALONG THE EASTERLY LINE OF SAID SANDERSON AVENUE,
NORTH 00° 06’ 56” EAST A DISTANCE OF 21.00 FEET TO THE POINT
OF BEGINNING.

PARCEL “C”

PARCEL C AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS,
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 4, 6, 7, AND 8 OF PARCEL MAP NO.
33196, IN THE CITY OF SAN JACINTO, COUNTY OF RIVERSIDE,
STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 216
PAGES 72 AND 73, OF PARCEL MAPS, IN THE OFFICE OF THE
COUNTY RECORDER OF SAID COUNTY, LYING WITHIN SECTION 32,
TOWNSHIP 4 SOUTH, RANGE 1 WEST, SAN BERNARDINO MERIDIAN,
MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHEAST CORNER OF PARCEL 2 OF SAID
PARCEL MAP NO. 33196;

THENCE ALONG THE EASTERLY LINE OF SAID PARCEL 2 THE
FOLLOWING COURSES:

NORTH 00° 05’ 14” EAST A DISTANCE OF 132.26 FEET;

THENCE NORTH 89°54’ 46” WEST A DISTANCE OF 28.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 30.00 FEET THE
NORTHEAST CORNER OF SAID PARCEL 2, SAID POINT BEING ON THE
WESTERLY PROLONGATION OF THE SOUTHERLY LINE OF SAID PARCEL
6;

THENCE ALONG SAID WESTERLY PROLONGATION, SOUTH 89° 54’ 46”
EAST A DISTANCE OF 28.00 FEET TO AN ANGLE POINT ON THE
WESTERLY LINE OF SAID PARCEL 6;

 

 

THENCE ALONG THE WESTERLY LINE OF SAID PARCEL 6 THE
FOLLOWING COURSE:

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 42.50 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 18.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 66.50 FEET;

THENCE SOUTH 89° 54’ 46” EAST A DISTANCE OF 18.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 6.92 FEET TO THE
BEGINNING OF A TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A
RADIUS OF 30.00 FEET WITH A RADIAL BEARING OF SOUTH 89° 54’
46” EAST;

THENCE NORTHWESTERLY AND WESTERLY ALONG SAID CURVE THROUGH A
CENTRAL ANGLE OF 94° 54’ 51” AN ARC LENGTH OF 49.70 FEET;

THENCE SOUTH 85° 10’ 23” WEST A DISTANCE OF 119.40 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 50.00 FEET TO A
POINT ON THE WESTERLY LINE OF SAID PARCEL MAP NO.
33196 SAID POINT BEING 78.00 FEET EAST OF THE CENTERLINE
OF SANDERSON AVENUE AS SHOWN ON SAID PARCEL MAP NO.
33196;

THENCE ALONG THE EASTERLY LINE OF SAID SANDERSON AVENUE,
NORTH 00° 06’ 56” EAST A DISTANCE OF 25.02 FEET;

THENCE LEAVING SAID EASTERLY LINE SOUTH 89° 54’ 40” EAST A
DISTANCE OF 231.52 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 107.17 FEET;

THENCE SOUTH 89° 54’ 46” EAST A DISTANCE OF 18.00 FEET TO A
POINT ON THE NORTHERLY PROLONGATION OF THE WESTERLY LINE OF
SAID PARCEL 7;

THENCE ALONG SAID NORTHERLY PROLONGATION, SOUTH 00° 05’ 14”
WEST A DISTANCE OF 130.00 FEET;

THENCE LEAVING THE WEST LINE OF SAID LOT 7,

 

 

SOUTH 89° 54’
46” EAST A DISTANCE OF 83.75 FEET TO A POINT 10.00 FEET WEST
OF THE SOUTHERLY PROLONGATION OF THE EASTERLY LINE OF SAID
PARCEL 6;

THENCE ON A LINE PARALLEL WITH AND 10.00 FEET DISTANT FROM
THE EASTERLY LINE OF SAID PARCEL 6 NORTH 00° 05’ 14” EAST A
DISTANCE OF 108.16 FEET;

THENCE LEAVING SAID PARALLEL LINE, SOUTH 89° 54’ 46” EAST A
DISTANCE OF 56.33 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 179.76 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 16.80 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 112.56 FEET TO A
POINT ON A LINE THAT IS PARALLEL WITH AND 38.44 FEET DISTANT
NORTHERLY FROM THE NORTHERLY LINE OF PARCEL 4 OF SAID
PARCEL MAP NO. 33196;

THENCE ALONG SAID PARALLEL LINE, SOUTH 89° 54’ 46” EAST A
DISTANCE OF 38.75 FEET;

THENCE LEAVING SAID PARALLEL LINE, SOUTH 00° 05’ 14” WEST A
DISTANCE OF 162.53 FEET TO A POINT ON THE SOUTHERLY LINE OF
SAID PARCEL 4, SAID POINT BEING ON THE SOUTHERLY LINE OF
SAID PARCEL MAP NO. 33196, SAID LINE BEING 56.00
FEET NORTH OF THE CENTERLINE OF ESPLANADE AVENUE AS SHOWN ON
SAID PARCEL MAP NO. 33196;

THENCE ALONG SAID SOUTHERLY LINE THE FOLLOWING COURSE:

NORTH 89° 54’ 46” WEST A DISTANCE OF 94.81 FEET;

THENCE NORTH 44° 54’ 46” WEST A DISTANCE OF 24.04 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 42.00 FEET TO
THE SOUTHWEST CORNER OF SAID PARCEL 4, SAID POINT ALSO BEING
THE SOUTHEAST CORNER OF PARCEL 3 OF SAID PARCEL MAP NO.
33196;

THENCE LEAVING SAID SOUTHERLY LINE, ALONG THE EASTERLY LINE
OF SAID PARCEL 3;

NORTH 00° 05’ 14” EAST A DISTANCE OF 107.09 FEET TO THE
NORTHWEST CORNER OF SAID PARCEL 4 OF SAID PARCEL MAP NO.
33196;

 

 

THENCE CONTINUING ALONG THE EASTERLY LINE OF SAID PARCEL 3
THE FOLLOWING COURSES:

NORTH 00° 05’ 14” EAST A DISTANCE OF 204.87 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 74.22 FEET;

THENCE NORTH 00° 5’ 14” EAST A DISTANCE OF 39.13 FEET TO A
POINT ON THE SOUTHERLY LINE OF SAID PARCEL 2;

THENCE ALONG THE SOUTHERLY LINE OF SAID PARCEL 2 SOUTH 89°
54’ 46” EAST A DISTANCE OF 18.00 FEET TO THE POINT OF
BEGINNING.

PARCEL “D”

PARCEL D AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 6 AND 8 OF PARCEL MAP NO. 33196,
IN THE CITY OF SAN JACINTO, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, AS SHOWN BY MAP IN FILE IN BOOK 216 PAGES 72
AND 73, OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY
RECORDER OF SAID COUNTY, LYING WITHIN SECTION 32, TOWNSHIP 4
SOUTH, RANGE 1 WEST, SAN BERNARDINO MERIDIAN, MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE NORTHEAST CORNER OF SAID PARCEL 8 OF
PARCEL MAP NO. 33196, SAID POINT BEING ON THE
NORTHERLY LINE OF SAID PARCEL MAP NO. 33196.

THENCE ALONG SAID NORTHERLY LINE SOUTH 89° 54’ 40” EAST A
DISTANCE OF 135.33 FEET TO THE TRUE POINT OF BEGINNING;

THENCE LEAVING SAID NORTHERLY LINE SOUTH 00° 05’ 14” WEST A
DISTANCE OF 329.77 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 16.80 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 112.56 FEET TO A
POINT ON A LINE THAT IS PARALLEL WITH AND 38.44 FEET DISTANT
NORTHERLY FROM THE NORTHERLY LINE OF PARCEL 4 OF SAID
PARCEL MAP

 

 

NO. 33196;

THENCE ALONG SAID PARALLEL LINE, SOUTH 89° 54’ 46” EAST A
DISTANCE OF 130.00 FEET;

THENCE LEAVING SAID PARALLEL LINE, NORTH 00° 05’ 14” EAST A
DISTANCE OF 119.33 FEET;

THENCE SOUTH 89° 54’ 46” EAST A DISTANCE OF 20.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 61.33 FEET;

THENCE NORTH 72° 23’ 24” EAST A DISTANCE OF 16.23 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 32.65 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 22.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 224.08 FEET TO A
POINT ON THE NORTHERLY LINE OF SAID PARCEL 8;

THENCE ALONG SAID NORTHERLY LINE NORTH 89° 54’ 40” WEST A
DISTANCE OF 126.67 FEET TO THE TRUE POINT OF BEGINNING.

PARCEL “E”

PARCEL E AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS,
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 8, 9, AND 10 OF PARCEL MAP NO.
33196, IN THE CITY OF SAN JACINTO, COUNTY OF RIVERSIDE,
STATE OF CALIFORNIA, AS SHOWN BY MAP IN FILE IN BOOK 216
PAGES 72 AND 73, OF PARCEL MAPS, IN THE OFFICE OF THE
COUNTY RECORDER OF SAID COUNTY, LYING WITHIN SECTION 32,
TOWNSHIP 4 SOUTH, RANGE 1 WEST, SAN BERNARDINO MERIDIAN,
MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHEAST CORNER OF SAID PARCEL 8 OF SAID
PARCEL MAP NO. 33196, SAID POINT BEING ON THE
NORTHERLY LINE OF SAID PARCEL MAP NO. 33196

 

 

THENCE ALONG SAID NORTHERLY LINE SOUTH 89° 54’ 40” EAST A
DISTANCE OF 133.50 FEET TO A POINT 11.75 FEET WEST OF THE
NORTHEAST CORNER OF SAID PARCEL 9;

THENCE ON A LINE PARALLEL WITH AND 11.75 FEET DISTANT FROM
THE EASTERLY LINE OF SAID PARCEL 9 SOUTH 00° 05’ 14” WEST A
DISTANCE OF 253.17 FEET TO A POINT ON THE EASTERLY LINE OF
SAID PARCEL 9;

THENCE ALONG SAID EASTERLY LINE, LEAVING SAID PARALLEL LINE
SOUTH 25° 06’ 15” WEST A DISTANCE OF 5.32 FEET TO AN ANGLE
POINT ON THE EASTERLY LINE OF SAID PARCEL 9;

THENCE ALONG SAID EASTERLY LINE SOUTH 00° 05’ 14” WEST A
DISTANCE OF 36.00 FEET TO THE SOUTHEAST CORNER OF SAID
PARCEL 9;

THENCE ON A SOUTHERLY PROJECTION OF THE EASTERLY LINE OF
SAID PARCEL 9 SOUTH 00° 05’ 14” WEST A DISTANCE OF 42.17
FEET;

THENCE LEAVING SAID SOUTHERLY PROJECTION NORTH 89° 54’ 46”
WEST A DISTANCE OF 73.00 FEET TO A POINT ON THE EASTERLY
LINE OF SAID PARCEL 8;

THENCE ALONG SAID EASTERLY LINE THE FOLLOWING COURSES:

SOUTH 00° 05’ 14” WEST A DISTANCE OF 119.83 FEET;

THENCE SOUTH 04° 39’ 40” WEST A DISTANCE OF 25.08 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 106.86 FEET TO A
POINT ON THE SOUTHERLY LINE OF SAID PARCEL MAP NO.
33196, SAID LINE BEING 73.00 FEET NORTH OF THE
CENTERLINE OF ESPLANADE AVENUE AS SHOWN ON SAID PARCEL
MAP NO. 33196, SAID POINT BEING THE SOUTHEAST CORNER OF
SAID PARCEL 8;

THENCE ALONG SAID SOUTHERLY LINE NORTH 89° 54’ 46” WEST A
DISTANCE OF 40.00 FEET TO AN ANGLE POINT OF SAID SOUTHERLY
LINE;

THENCE LEAVING SAID SOUTHERLY LINE NORTH 00° 05’ 14” EAST A
DISTANCE OF 107.09 FEET TO A POINT ON THE EASTERLY
PROLONGATION OF THE NORTHERLY LINE OF PARCEL 4 OF SAID
PARCEL MAP NO. 33196;

 

 

THENCE ALONG SAID EASTERLY PROLONGATION
NORTH 89° 54’ 46” WEST A DISTANCE OF 143.61 FEET TO THE
NORTHEAST CORNER OF SAID PARCEL 4;

THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL 4 NORTH 89°
54’ 46” WEST A DISTANCE OF 91.19 FEET;

THENCE LEAVING SAID NORTHERLY LINE NORTH 00° 05’ 14” EAST A
DISTANCE OF 38.44 FEET TO A POINT ON A LINE THAT IS PARALLEL
WITH AND 38.44 FEET DISTANT NORTHERLY FROM THE NORTHERLY
LINE OF SAID PARCEL 4;

THENCE ALONG SAID PARALLEL LINE, SOUTH 89° 54’ 46” EAST A
DISTANCE OF 91.25 FEET;

THENCE LEAVING SAID PARALLEL LINE, NORTH 00° 05’ 14” EAST A
DISTANCE OF 119.33 FEET;

THENCE SOUTH 89° 54’ 46” EAST A DISTANCE OF 20.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 61.33 FEET;

THENCE NORTH 72° 23’ 24” EAST A DISTANCE OF 16.23 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 32.65 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 22.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 224.08 FEET TO A
POINT ON THE NORTHERLY LINE OF SAID PARCEL 8;

THENCE ALONG SAID NORTHERLY LINE SOUTH 89° 54’ 40” EAST A
DISTANCE OF 113.83 FEET TO THE POINT OF BEGINNING.

PARCEL “F”

PARCEL F AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS,
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 9 AND 10 OF PARCEL MAP NO.
33196, IN THE CITY OF SAN JACINTO, COUNTY OF RIVERSIDE,
STATE OF CALIFORNIA, AS SHOWN BY

 

 

MAP IN FILE IN BOOK 216 PAGES 72 AND 73, OF PARCEL
MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID
COUNTY, LYING WITHIN SECTION 32, TOWNSHIP 4 SOUTH, RANGE 1
WEST, SAN BERNARDINO MERIDIAN, MORE PARTICULARLY DESCRIBED
AS FOLLOWS:

BEGINNING AT THE NORTHEAST CORNER OF SAID PARCEL 10 OF SAID
PARCEL MAP 33196, SAID POINT BEING THE NORTHEAST
CORNER OF SAID PARCEL MAP NO. 33196.

THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL 10 NORTH 89°
54’ 40” WEST A DISTANCE OF 179.96 FEET TO A POINT 11.75 FEET
WEST OF THE NORTHWEST CORNER OF SAID PARCEL 10;

THENCE LEAVING SAID NORTHERLY LINE, ON A LINE PARALLEL WITH
AND 11.75 FEET DISTANT FROM THE WESTERLY LINE OF SAID PARCEL
10, SOUTH 00° 05’ 14” WEST A DISTANCE OF 253.17 FEET; TO A
POINT ON THE WESTERLY LINE OF PARCEL 10;

THENCE ALONG SAID WESTERLY LINE, LEAVING SAID PARALLEL LINE,
SOUTH 25° 06’ 15” WEST A DISTANCE OF 5.32 FEET; TO AN ANGLE
POINT ON THE WESTERLY LINE OF SAID PARCEL 10;

THENCE ALONG SAID WESTERLY LINE SOUTH 00° 05’ 14” WEST A
DISTANCE OF 36.00 FEET TO THE SOUTHEAST CORNER OF SAID
PARCEL 9;

THENCE ON A SOUTHERLY PROJECTION OF THE WESTERLY LINE OF
SAID PARCEL 10 SOUTH 00° 05’ 14” WEST A DISTANCE OF 42.17
FEET;

THENCE LEAVING SAID SOUTHERLY PROJECTION NORTH 89° 54’ 46”
WEST A DISTANCE OF 73.00 FEET TO A POINT ON THE WESTERLY
LINE OF SAID PARCEL 10;

THENCE ALONG THE WESTERLY LINE OF THE FOLLOWING COURSES:

SOUTH 00° 05’ 14” WEST A DISTANCE OF 119.83 FEET;

THENCE SOUTH 04° 39’ 40” WEST A DISTANCE OF 25.08 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 106.86 FEET TO A
POINT ON THE SOUTHERLY LINE OF SAID PARCEL MAP NO.
33196, SAID LINE BEING 73.00 FEET NORTH OF THE
CENTERLINE OF ESPLANADE AVENUE AS SHOWN ON SAID PARCEL
MAP NO. 33196 SAID POINT BEING THE SOUTHWEST CORNER OF
SAID

 

 

PARCEL 10;

THENCE ALONG SAID SOUTHERLY LINE SOUTH 89° 54’ 46” EAST A
DISTANCE OF 28.00 FEET TO THE SOUTHWEST CORNER OF PARCEL 5
OF SAID PARCEL MAP NO. 33196;

THENCE ALONG THE WESTERLY LINE OF SAID PARCEL 5 NORTH 00°
05’ 14” EAST A DISTANCE OF 136.36 FEET TO THE NORTHWEST
CORNER OF SAID PARCEL 5;

THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL 5 SOUTH 89°
54’ 46” EAST A DISTANCE OF 228.92 FEET TO THE NORTHEAST
CORNER OF SAID PARCEL 5, SAID POINT BEING ON THE EASTERLY
LINE OF SAID PARCEL MAP NO. 33196.

THENCE ALONG SAID EASTERLY LINE NORTH 00° 07’ 25” EAST A
DISTANCE OF 451.49 FEET TO THE POINT OF BEGINNING.

PARCEL “G”

PARCELS 1 AND 2 OF PARCEL MAP NO. 33196, IN THE CITY
OF SAN JACINTO, AS SHOWN ON A MAP FILED IN BOOK 216,
PAGES 72 AND 73 OF PARCEL MAPS, IN THE OFFICE OF THE
COUNTY RECORDER OF SAID COUNTY.

PARCEL “H”

PARCEL 5 OF PARCEL MAP NO. 33196, IN THE CITY OF SAN
JACINTO, AS SHOWN ON A MAP FILED IN BOOK 216, PAGES 72 AND
73 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY.

PARCEL “I”

NON-EXCLUSIVE, PERPETUAL EASEMENTS FOR THE PURPOSES OF
PEDESTRIAN AND VEHICULAR INGRESS AND EGRESS, DRAINAGE AND
UTILITIES ALONG WITH NON-EXCLUSIVE EASEMENTS FOR PARKING,
BUILDING ENCROACHMENTS AND SIGN MAINTENANCE AS FURTHER
DESCRIBED AND SET FORTH IN A DOCUMENT ENTITLED “DECLARATION
OF COVENANTS, CONDITIONS AND RESTRICTIONS AND RECIPROCAL
EASEMENT AGREEMENT” RECORDED APRIL 4, 2006 AS INSTRUMENT
NO. 2006-0238823 OF OFFICIAL RECORDS.

APN: 436-710-001-0 and 436-710-002-1 and
436-710-003-2 and 436-710-004-3 and
436-710-005-4 and 436-710-006-5 and
436-710-007-6 and 436-710-008-7 and
436-710-010-8

 

 

Schedule VII

Form of Estoppel

	 	 	 	 	 	 	 
	TENANT:
	 	 
	 

	 	 
	PROJECT:
	 	 
	 

	 	 

TENANT ESTOPPEL CERTIFICATE

	 	 	 
	To:

	 	KeyBank National Association, as Agent, its successors and assigns
	 
	 	 
	 

	 	Re:  Lease Pertaining to                                          (the “Project”)

Ladies and Gentlemen:

The undersigned, as tenant (“Tenant”), hereby states and declares as follows:

	1.	 	Tenant is the lessee under that certain lease (the “Lease”) pertaining to the Project which is
dated                     .
	 
	2.	 	The name of the current Landlord is:                     .
	 
	3.	 	The Lease is for the following portion of the Project                                         (the
“Demised Premises”) (if the entire Project, so state):
	 
	4.	 	The Lease has not been modified or amended except by the following documents (if none, so
state):                     
	 
	5.	 	The initial term of the Lease commenced on                     , 2                     and shall expire on                     ,
2                    , unless sooner terminated in accordance with the terms of the Lease. Tenant has no
option to renew or extend the term of the Lease, except as follows (if none, so state):                     
	 
	6.	 	The Lease, as it may have been modified or amended, contains the entire agreement of Landlord
and Tenant with respect to the Demised Premises, and is in full force and effect.
	 
	7.	 	As of the date hereof, Tenant is occupying the Demised Premises and is paying rent on a
current basis under the Lease.

	 	(a)	 	The minimum monthly or base rent currently being paid by Tenant for the Demised
Premises

pursuant to the terms of the Lease is $                     per month.
	 
	 	(b)	 	Percentage rent (“Percentage Rent”), if any, due under the Lease has been paid
through                     

and the amount of Percentage Rent for the last period paid was $                    .

 

 

	 	(c)	 	Common area maintenance, taxes, insurance and other charges (the
“Reimbursables”), if any, due under the Lease have been paid through

	8.	 	Tenant has accepted possession of the Demised Premises, and all items of an executory nature
relating thereto to be performed by Landlord have been completed, including, but not limited
to, completion of construction thereof (and all other improvements required under the Lease)
in accordance with the terms of the Lease and within the time periods set forth in the Lease.
Landlord has paid in full any required contribution towards work to be performed by Tenant
under the Lease, except as follows (if none, so state):
	 
	9.	 	The Demised Premises shall be expanded by the addition of the following space on the dates
hereinafter indicated (if none, so state):                                         .
	 
	10.	 	No default or event that with the passage of time or notice would constitute a default
(hereinafter collectively a “Default”) on the part of Tenant exists under the Lease in the
performance of the terms, covenants and conditions of the Lease required to be performed on
the part of Tenant.
	 
	11.	 	To the best of Tenant’s knowledge, no Default on the part of Landlord exists under the Lease
in the performance of the terms, covenants and conditions of the Lease required to be
performed on the part of Landlord.
	 
	12.	 	Tenant has no option or right to purchase all or any part of the Project.
	 
	13.	 	Tenant has not assigned, sublet, transferred, hypothecated or otherwise disposed of its
interest in the Lease and/or the Premises, or any part thereof.
	 
	14.	 	Neither the Lease nor any obligations of Tenant thereunder have been guaranteed by any person
or entity, except as follows (if none, so state):                                         .
	 
	15.	 	No hazardous substances are being generated, used, handled, stored or disposed of by Tenant
on the Demised Premises or on the Project in violation of any applicable laws, rules or
regulations or the terms of the Lease.
	 
	16.	 	No rentals are accrued and unpaid under the Lease, except for Percentage Rent, if any, or
Reimbursables, if any, which are not yet due and payable.
	 
	17.	 	No prepayments of rentals due under the Lease have been made for more than one month in
advance. No security or similar deposit has been made under the Lease, except for the sum of
$                     which has been deposited by Tenant with Landlord pursuant to the terms of the Lease.
	 
	18.	 	Tenant has no defense as to its obligations under the Lease and asserts no setoff, claim or
counterclaim against Landlord.
	 
	19.	 	Tenant has not received notice of any assignment, hypothecation, mortgage or pledge of
Landlord’s interest in the Lease or the rents or other amounts payable thereunder, except as
follows (if none, so state):                     .
	 
	20.	 	Tenant understands and acknowledges that you are about to make a loan to Landlord and receive
as part of the security for such loan (i) a Mortgage [Deed of Trust] encumbering Landlord’s
fee interest in the Property and the rents, issues and profits of the Lease (the “Security
Instrument”), and (ii) an Assignment of Leases and Rents (“Assignment of Leases”) which
affects the Lease, and that you (and persons or entities to whom the Security Instrument
and/or Assignment of

 

 

	 	 	Leases may subsequently be assigned) are relying upon the representations
and warranties contained herein in making such loan. Further, Tenant has received notice that
the Lease and the rent and all other sums due thereunder have been assigned or are to be
assigned to you as security for the aforesaid loan secured by the Security Instrument. In the
event that you (or any person or
entity to whom the Security Instrument and/or Assignment of Leases may subsequently be
assigned) notify Tenant of a default under the Security Instrument or Assignment of Leases
and demand that Tenant pay its rent and all other sums due under the Lease to you (or such
future lender), Tenant shall honor such demand without inquiry and pay its rent and all
other sums due under the Lease directly to you (or such future lender) or as otherwise
required pursuant to such notice and shall not thereby incur any obligation or liability to
Landlord.
	 
	21.	 	The undersigned is authorized to execute this Tenant Estoppel Certificate on behalf of
Tenant.
	 
	22.	 	This Tenant Estoppel Certificate may be executed in any number of separate counterparts, each
of which shall be deemed an original, but all of which, collectively and separately, shall
constitute one and the same instrument.

	 	 	 	 	 
	 	Very truly yours,

TENANT:
	 
	 	 	 ,
	 
	 	a  	 	 
	 	 	 
	 	By  	
 	 
	 	 	Name:  	
 	 
	 	 	Its: 	
 	 
	 

     Landlord, as landlord under the Lease and mortgagor or grantor under the Security Instrument,
hereby acknowledges and agrees for itself and its heirs, successors and assigns, that in the event
of a default under the Security Instrument and/or Assignment of Leases, Tenant may pay all rent and
all other sums due under the Lease to KeyBank National Association or to such person or entity to
whom KeyBank National Association (or subsequent holder of the Security Instrument) may assign the
Security Instrument or as directed by them, without incurring any obligation or liability to
Landlord as provided in this Tenant Estoppel Certificate, the Security Instrument or any other
document signed by Landlord.

	 	 	 	 	 
	 	LANDLORD:

 	 
	 	 	 
	 
	 	a  	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	
 	 
	 	 	Title:exv10w52

Exhibit 10.52

APN: 436-710-001-0 and 436-710-002-1 and

436-710-003-2 and 436-710-004-3 and 436-

710-005-4 and 436-710-006-5 and 436-710-

007-6 and 436-710-008-7 and 436-710-010-8

PREPARED BY AND UPON

RECORDATION RETURN TO:

Edwards Angell Palmer & Dodge LLP

2800 Financial Plaza

Providence, RI 02903

Attention: Gail E. McCann, Esq.

DEED OF TRUST

ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND

FIXTURE FILING

Project Commonly Known As

“San Jacinto Esplanade Retail Center, San Jacinto, Riverside County, California”

made by

TNP SRT SAN JACINTO, LLC,

as Grantor

to

FIRST AMERICAN TITLE INSURANCE COMPANY,

solely as Trustee

for the benefit of

KEYBANK NATIONAL ASSOCIATION,

as Agent for Lenders,

as Beneficiary

     NOTE: THIS DEED OF TRUST SECURES A PROMISSORY NOTE WHICH BEARS INTEREST AT RATES WHICH VARY
ACCORDING TO CHANGES IN THE “PRIME RATE” AND THE “LIBOR RATE”, AS DEFINED IN THE NOTE (AS
HEREINAFTER DEFINED) AND/OR A BALLOON PAYMENT.

     This instrument is to be filed and indexed in the real estate records and is also to be
indexed in the Index of Financing Statements of Riverside County, California under the name of TNP
SRT SAN JACINTO, LLC, as “debtor,” and KeyBank National Association, as Agent, as “secured party.”
Grantor’s (as defined herein) organizational number in Delaware is 4850435.

 

 

Information concerning the security interest may be obtained from Beneficiary at the following
address: 225 Franklin Street, 18th Floor, Boston Massachusetts 02110.

     THIS DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this “Deed of
Trust”) is made as of August 11, 2010, by TNP SRT SAN JACINTO, LLC, a Delaware limited liability
company (“Grantor”), whose address is 1900 Main Street, Suite 700, Irvine, CA 92614, in favor of
FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, its successors and assigns
(“Trustee”), whose address is 5 First American Way, Santa Ana, California 92707, solely as trustee,
for the benefit of KEYBANK NATIONAL ASSOCIATION, as Agent (in such capacity, “Beneficiary”), 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”).

     Capitalized terms used herein shall have the meanings set forth in Schedule 1 of this
Deed of Trust or in the specific sections of this Deed of Trust. Initially capitalized terms used
and not otherwise defined in this Agreement shall have the meanings respectively ascribed to them
in the Loan Agreement. Any terms used or defined in the California Uniform Commercial Code, as in
effect from time to time, and not defined in this Deed of Trust has the meaning given to the term
in the California Uniform Commercial Code, as in effect from time to time, when used in this Deed
of Trust.

1. Grant and Secured Obligations.

     1.1 Grant. For the purpose of securing payment and performance of the Secured
Obligations defined and described in Section 1.2 of this Deed of Trust, Grantor, as debtor
hereby irrevocably and unconditionally grants, bargains, sells, conveys, mortgages and warrants to
Trustee in trust, for the benefit of the Beneficiary, as secured party, with power of sale and with
right of entry and possession, all estate, right, title and interest which Grantor now has or may
later acquire in and to the following property (all or any part of such property, or any interest
in all or any part of it, as the context may require, the “Property”):

     (a) The real property located in the County of Riverside, State of California, as
described in Exhibit A, together with all existing and future easements and rights
affording access to it (the “Premises”);

     (b) All buildings, structures and improvements now located or later to be constructed
on the Premises (the “Improvements”);

     (c) All existing and future appurtenances, privileges, easements, franchises and
tenements of the Premises, including all minerals, oil, gas, other hydrocarbons and
associated substances, sulphur, nitrogen, carbon dioxide, helium and other commercially
valuable substances which may be in, under or produced from any part of the Premises, all
development rights and credits, air rights, water, water rights (whether riparian,
appropriative or otherwise, and whether or not appurtenant) and water stock, and any
Premises lying in the streets, roads or avenues, open or proposed, in front of or adjoining
the Premises and Improvements;

-2-

 

     (d) All existing and future leases, subleases, subtenancies, licenses, occupancy
agreements and concessions (collectively, “Leases”) relating to the use and enjoyment of all
or any part of the Premises and Improvements, and any and all guaranties and other
agreements relating to or made in connection with any of such Leases;

     (e) All real property and improvements on it, and all appurtenances and other property
and interests of any kind or character, whether described in Exhibit A or not, which
may be reasonably necessary or desirable to promote the present and any reasonable future
beneficial use and enjoyment of the Premises and Improvements;

     (f) All goods, materials, supplies, chattels, furniture, fixtures, equipment,
inventory, machinery and articles of personal property, of every kind and character,
tangible and intangible (including software embedded therein), now owned or hereafter
acquired by Grantor now or later to be attached to, placed in or on, or used in connection
with the use, enjoyment, occupancy or operation of all or any part of the Premises and
Improvements, whether stored on the Premises or elsewhere, including all pumping plants,
engines, pipes, ditches and flumes, and also all gas, electric, cooking, heating, cooling,
air conditioning, lighting, refrigeration and plumbing fixtures and equipment, all of which
shall be considered to the fullest extent of the law to be real property for purposes of
this Deed of Trust;

     (g) All building materials, equipment, work in process or other personal property of
any kind, whether stored on the Premises or elsewhere, which have been or later will be
acquired for the purpose of being delivered to, incorporated into or installed in or about
the Premises or Improvements;

     (h) All rights to the payment of money, accounts (including any rent concession
account), funds, deposit accounts, operating accounts, bank accounts, tenant security
accounts, accounts receivable, reserves, deferred payments, refunds, cost savings, payments
and deposits, whether now or later to be received from third parties (including all earnest
money sales deposits) or deposited by Grantor with third parties (including all utility
deposits), contract rights, construction contracts, commercial paper, warranties,
development and use rights, governmental permits and licenses, development rights,
applications, architectural and engineering plans, specifications and drawings, as-built
drawings, chattel paper, tangible chattel paper, electronic chattel paper, instruments,
documents, notes, acceptances, bonuses, actions, rights, drafts, general intangibles,
payment intangibles, software, trade names, trademarks, commercial tort claims, letter of
credit rights and proceeds, investment property, supporting obligations of every kind and
nature;

     (i) All insurance policies pertaining to the Premises and all proceeds, including all
claims to and demands for them, of the voluntary or involuntary conversion of any of the
Premises, Improvements or the other property described above into cash or liquidated claims,
including proceeds of all present and future fire, hazard or casualty insurance policies, to
the extent permitted by law, and all condemnation awards, to the extent permitted by law, or
payments now or later to be made by any public body or decree by any court of competent
jurisdiction for any taking or in connection with any

-3-

 

condemnation or eminent domain proceeding, to the extent permitted by law, and all
causes of action and their proceeds for any damage or injury to the Premises, Improvements
or the other property described above or any part of them, or breach of warranty in
connection with the construction of the Improvements, including causes of action arising in
tort, contract, fraud or concealment of a material fact;

     (j) All of Grantor’s rights in and to all Interest Rate Agreements, if any;

     (k) All books and records pertaining to any and all of the property described above,
including computer-readable memory and any computer hardware or software necessary to access
and process such memory (“Books and Records”); and

     (l) All products, proceeds of, additions and accretions to, substitutions and
replacements for, and changes in any of the property described above.

     1.2 Secured Obligations.

     (a) Grantor makes the grant, conveyance, and mortgage set forth in Section 1.1
above, and grants the security interest set forth in Section 3 of this Deed of Trust
for the purpose of securing the following obligations (the “Secured Obligations”) in any
order of priority that Beneficiary may choose:

     (i) Payment of all obligations at any time owing under a Revolving Credit Note
(as amended, restated and/or modified from time to time, the “Note”) dated as of
November 12, 2009, payable by TNP Strategic Retail Operating Partnership, LP, a
Delaware limited partnership (“Original Borrower”) (later amended to include Grantor
and any other Borrower) as maker in the stated maximum principal amount of Fifteen
Million Dollars ($15,000,000) to the order of Beneficiary;

     (ii) Payment and performance of all obligations of Grantor under this Deed of
Trust;

     (iii) Payment and performance of all obligations of Original Borrower, Grantor
and any other borrowers (collectively “Borrowers”), Beneficiary, and the Lenders
under a Revolving Credit Agreement dated as of November 12, 2009 (as amended,
restated and/or modified from time to time, the “Loan Agreement”);

     (iv) Payment and performance of any obligations of Original Borrower, Grantor
and any other Borrower under any Loan Documents (except the San Jacinto
Environmental Indemnity Agreement and the Guaranty (each as defined in the Loan
Agreement), which shall remain unsecured), which are executed by Original Borrower
and Grantor;

     (v) Payment and performance of all obligations of Original Borrower, Grantor
and any other Borrower arising from any Interest Rate Agreement;

-4-

 

     (vi) Payment and performance of all future loans, advances and other
obligations that Grantor, Original Borrower or any other Borrower may agree to pay
and/or perform (whether as principal, surety or guarantor) for the benefit of
Beneficiary, when a writing evidences the parties’ agreement that the advance or
obligation be secured by this Deed of Trust.

     (vii) Payment and performance of all modifications, amendments, extensions, and
renewals, however evidenced, of any of the Secured Obligations.

Notwithstanding any other provision of this Deed of Trust or the other Loan Documents to the
contrary, this Deed of Trust does not secure any of the obligations of Grantor under the San
Jacinto Environmental Indemnity, it being the intent and agreement of the parties that the
obligations of Grantor under the San Jacinto Environmental Indemnity be and remain unsecured by any
interest in the Property. It is the intent of the parties that the Property shall secure all of
the Secured Obligations presently or hereafter owed, and that the priority of the lien created by
this Deed of Trust for all such Secured Obligations shall be as of the time of recording of this
Deed of Trust. In addition, this Deed of Trust shall also secure the unpaid balances of all future
advances (i) made by Beneficiary and Lenders as further advances of loan proceeds under the Loan
Agreement, (ii) made by Beneficiary and Lenders with respect to the Property for the payment of
taxes, assessments, insurance premiums, costs or any other advances incurred for the protection of
the Property, and/or (ii) otherwise made by Beneficiary and Lenders as contemplated by this Deed of
Trust or any of the other Loan Documents, together with interest thereon until paid at the Default
Rate, all as contemplated in this Deed of Trust and the other Loan Documents, all of which shall
constitute a part of the Secured Obligations. THIS SECTION SHALL SERVE AS NOTICE TO ALL PERSONS
WHO MAY SEEK OR OBTAIN A LIEN ON THE TRUST ESTATE SUBSEQUENT TO THE DATE OF RECORDING OF THIS DEED
OF TRUST, THAT UNTIL THIS DEED OF TRUST IS RELEASED, ANY DEBT OWED BENEFICIARY BY ORIGINAL
BORROWER, GRANTOR, OR ANY OTHER BORROWER, INCLUDING ADVANCES MADE SUBSEQUENT TO THE RECORDING OF
THIS DEED OF TRUST, SHALL BE SECURED WITH THE PRIORITY AFFORDED THIS DEED OF TRUST AS AND WHEN
RECORDED.

     (b) All persons who may have or acquire an interest in all or any part of the Property
will be considered to have notice of, and will be bound by, the terms of the Secured
Obligations and each other agreement or instrument made or entered into in connection with
each of the Secured Obligations. Such terms include any provisions in the Note or the Loan
Agreement which permit borrowing, repayment and reborrowing, or which provide that the
interest rate on one or more of the Secured Obligations may vary from time to time.

2. Assignment of Rents.

     2.1 Assignment. Grantor hereby irrevocably, absolutely, presently and unconditionally
assigns to Beneficiary all rents, royalties, issues, profits, revenue, income, accounts, proceeds
and other benefits of the Property, whether now due, past due or to become due, including all
prepaid rents and security deposits (some or all collectively, as the context may require,
“Rents”).

-5-

 

     2.2 Grant of License. This assignment of Leases and Rents constitutes an absolute,
irrevocable and present assignment, but Beneficiary hereby confers upon Grantor a license
(“License”) to collect and retain the Rents as they become due and payable, so long as no Event of
Default, as defined in Section 6.2 of this Deed of Trust, shall exist and be continuing.
If an Event of Default has occurred and is continuing, Beneficiary shall have the right, which it
may choose to exercise in its sole discretion, to terminate this License without notice to or
demand upon Grantor, and without regard to the adequacy of Beneficiary’s security under this Deed
of Trust.

     2.3 Collection and Application of Rents. Upon termination of the License granted to
Grantor under Section 2.2 of this Deed of Trust, Beneficiary has the right, power and
authority to collect any and all Rents. Effective upon such termination, Grantor hereby appoints
Beneficiary its attorney-in-fact to perform any and all of the following acts, if and at the times
when Beneficiary in its sole discretion may so choose:

     (a) Demand, receive and enforce payment of any and all Rents;

     (b) Give receipts, releases and satisfactions for any and all Rents; and

     (c) Sue either in the name of Grantor or in the name of Beneficiary for any and all
Rents.

Beneficiary and Grantor agree that the mere recordation of the assignment granted herein entitles
Beneficiary immediately to collect and receive rents upon the occurrence and during the continuance
of an Event of Default, as defined in Section 6.2 of this Deed of Trust, without first
taking any acts of enforcement under applicable law, such as, but not limited to, providing notice
to Grantor, filing foreclosure proceedings, or seeking and/or, except as required by applicable
law, obtaining the appointment of a receiver. Further, Beneficiary’s right to the Rents does not
depend on whether or not Beneficiary takes possession of the Property as permitted under
Subsection 6.3(c) of this Deed of Trust. In Beneficiary’s sole discretion, Beneficiary may
choose to collect Rents either with or without taking possession of the Property. Beneficiary
shall apply all Rents collected by it in the manner provided under Section 6.6 of this Deed
of Trust. If an Event of Default occurs while Beneficiary is in possession of all or part of the
Property and is collecting and applying Rents as permitted under this Deed of Trust, Beneficiary
and any receiver shall nevertheless be entitled to exercise and invoke every right and remedy
afforded any of them under this Deed of Trust and at law or in equity.

     2.4 Beneficiary Not Responsible. Under no circumstances shall Beneficiary have any
duty to produce Rents from the Property. Regardless of whether or not Beneficiary, in person or by
agent, takes actual possession of the Premises and Improvements, unless Beneficiary agrees in
writing to the contrary, Beneficiary is not and shall not be deemed to be:

     (a) A “mortgagee in possession” for any purpose; or

     (b) Responsible for performing any of the obligations of the lessor under any lease; or

-6-

 

     (c) Responsible for any waste committed by lessees or any other parties, any dangerous
or defective condition of the Property, or any negligence in the management, upkeep, repair
or control of the Property; or

     (d) Liable in any manner for the Property or the use, occupancy, enjoyment or operation
of all or any part of it except in the event of gross negligence or willful misconduct of
Beneficiary.

     2.5 Leasing. Grantor shall not accept any deposit or prepayment of Rents (excluding
security deposits) under the leases for any rental period exceeding one (1) month without
Beneficiary’s prior written consent. Grantor shall not lease the Property or any part of it except
in accordance with the provisions of the Loan Agreement.

3. Grant of Security Interest.

     3.1 Security Agreement. The parties intend for this Deed of Trust to create a lien on
the Property, and an absolute assignment of the Rents, all in favor of Beneficiary. The parties
acknowledge that some of the Property and some or all of the Rents may be determined under
applicable law to be personal property or fixtures. To the extent that any Property or Rents may
be or be determined to be personal property, Grantor as debtor hereby grants Beneficiary as secured
party a security interest in all such Property and Rents, including all products and proceeds
thereof, and all supporting obligations ancillary to or arising in any way in connection therewith
to secure payment and performance of the Secured Obligations. This Deed of Trust constitutes a
security agreement under the Uniform Commercial Code of the State in which the Property is located,
covering all such Property and Rents.

     3.2 Financing Statements.

     This Deed of Trust constitutes and is effective as a financing statement covering any of the
Property which is personal property or otherwise subject to Article 9 of the Uniform Commercial
Code. For this purpose, the respective addresses of Grantor, as debtor, and Beneficiary and
Trustee, as secured parties, are as set forth in the preamble of this Deed of Trust. In addition
to the foregoing, Grantor hereby authorizes Beneficiary to file one or more financing statements.
In addition, Grantor shall execute such other documents as Beneficiary may from time to time
require to perfect or continue the perfection of Beneficiary’s security interest in any Property or
Rents. As provided in Section 5.9 of this Deed of Trust, Grantor shall pay all fees and
costs that Beneficiary may incur in filing such documents in public offices and in obtaining such
record searches as Beneficiary may reasonably require. In case Grantor fails to execute any
financing statements or other documents for the perfection or continuation of any security
interest, Grantor hereby appoints Beneficiary as its true and lawful attorney-in-fact to execute
any such documents on its behalf. If any financing statement or other document is filed in the
records normally pertaining to personal property, that filing shall never be construed as in any
way derogating from or impairing this Deed of Trust or the rights or obligations of the parties
under it.

-7-

 

4. Fixture Filing.

     This Deed of Trust constitutes a financing statement filed as a fixture filing under Article 9
of the Uniform Commercial Code in the State in which the Property is located, as amended or
recodified from time to time, covering any Property which now is or later may become fixtures
attached to the Premises or Improvements. For this purpose, the respective addresses of Grantor,
as debtor, and Beneficiary and Trustee, as secured parties, are as set forth in the preamble of
this Deed of Trust.

5. Rights and Duties of the Parties.

     5.1 Representations and Warranties. Grantor represents and warrants that:

     (a) Grantor lawfully possesses and holds, and covenants to maintain, lawful, good and
marketable fee simple title to all of the Premises and Improvements;

     (b) To Grantor’s knowledge, Grantor has, and covenants to maintain, good title to all
Property other than the Premises and Improvements;

     (c) Grantor has the full and unlimited power, right and authority to encumber the
Property and assign the Rents;

     (d) This Deed of Trust creates a first priority lien on the Property except for the
Permitted Encumbrances;

     (e) The Property includes all property and rights which may be reasonably necessary or
desirable to promote the present and any reasonable future beneficial use and enjoyment of
the Premises and Improvements;

     (f) Except for the Permitted Encumbrances, to Grantor’s knowledge, Grantor owns any
Property which is personal property free and clear of any security agreements, liens,
security interests, encumbrances, reservations of title or conditional sales contracts, and,
to Grantor’s knowledge, there is no financing statement affecting such personal property on
file in any public office; and

     (g) Grantor’s place of business, or its chief executive office if it has more than one
place of business, is located at the addresses specified below.

     5.2 Taxes, and Assessments. Grantor shall pay (or shall cause to be paid) all real
estate taxes and assessments and charges of every kind upon the Property before the same become
delinquent, provided, however, that Grantor shall have the right to pay such tax under protest or
to otherwise contest any such tax or assessment, but only if (i) such contest has the effect of
preventing the collection of such taxes so contested and also of preventing the sale or forfeiture
of the Property or any part thereof or any interest therein, (ii) Grantor has notified Beneficiary
of Grantor’s intent to contest such taxes, and (iii) Grantor has deposited security in form and
amount satisfactory to Lender, in its reasonable discretion, and has increased the amount of such
security so deposited promptly after Beneficiary’s request therefor. If Grantor fails to commence
such contest or, having commenced to contest the same, and having deposited

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such security required by Beneficiary for its full amount, shall thereafter fail to prosecute
such contest in good faith or with due diligence, or, upon adverse conclusion of any such contest,
shall fail to pay such tax, assessment or charge, Beneficiary may, at its election (but shall not
be required to), pay and discharge any such tax, assessment or charge, and any interest or penalty
thereon, and any amounts so expended by Beneficiary shall be deemed to constitute Secured
Obligations hereunder (even if the total amount of disbursements would exceed the face amount of
the Note) and shall be secured by this Deed of Trust and the Loan Documents. Upon written request
of Beneficiary, Grantor shall furnish to Beneficiary evidence that taxes are paid at least five (5)
days prior to the last date for payment of such taxes and before imposition of any penalty or
accrual of interest.

     5.3 Performance of Secured Obligations. Grantor shall promptly pay and perform (or
shall cause to be promptly paid and performed) each Secured Obligation in accordance with its
terms.

     5.4 Liens, Charges and Encumbrances. Grantor will not suffer or permit any mechanics’
lien, voluntary or involuntary lien, lien, encumbrance, security interest, claim, charge,
conditional sale or other title retention document to be filed or otherwise asserted against the
Property (or any portion thereof), and will promptly discharge the same in case of the filing of
any claims for lien or proceedings for the enforcement thereof, provided, however, that Grantor
shall have the right to contest in good faith and with reasonable diligence the validity of any
such lien or claim provided that Grantor posts a statutory lien bond which removes such lien from
title to the Property within ten (10) days after Grantor’s receipt of notice of the recording of
such lien. If Grantor shall fail promptly either (i) to discharge any such lien, or (ii) post a
statutory lien bond in the manner provided above, Beneficiary may, at its election (but shall not
be required to), procure the release and discharge of any such claim and any judgment or decree
thereon and, further, may in its sole discretion effect any settlement or compromise of the same,
or may furnish such security or indemnity to the applicable insurance company, and any amounts so
expended by Beneficiary, including premiums paid or security furnished in connection with the
issuance of any surety company bonds, shall be deemed to constitute Secured Obligations secured by
this Deed of Trust and the Loan Documents. In settling, compromising or discharging any claims for
lien, Beneficiary shall not be required to inquire into the validity or amount of any such claim.

     5.5 Insurance and Condemnation.

          (a) Insurance. Grantor shall obtain and maintain (or shall cause to be obtained and
maintained) at Grantor’s sole expense the insurance required to be obtained and maintained pursuant
to the Loan Agreement. Upon any foreclosure hereof or transfer of title to the Property in
extinguishment of the whole or any part of the Secured Obligations, all of Grantor’s right, title
and interest in and to the insurance policies referred to in this Section (including unearned
premiums) and all proceeds payable thereunder shall thereupon vest in the purchaser at foreclosure
or other such transferee, to the extent permissible under such policies. Beneficiary shall have
the right (but not the obligation) to make proof of loss for, settle and adjust any claim under,
and receive the proceeds of, all insurance for loss of or damage to the Property, regardless of
whether or not such insurance policies are required by Beneficiary, and the expenses incurred by
Beneficiary in the adjustment and collection of insurance proceeds shall

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be a part of the Secured Obligations and shall be due and payable to Beneficiary on demand to
the extent permitted by law. Beneficiary shall not be, under any circumstances, liable or
responsible for failure to collect or exercise diligence in the collection of any of such proceeds
or for the obtaining, maintaining or adequacy of any insurance or for failure to see to the proper
application of any amount paid over to Grantor. In the event of any casualty to the Property or
any portion thereof, any such proceeds received by Beneficiary shall within sixty (60) days
following the event of casualty, after deduction therefrom of all reasonable expenses actually
incurred by Beneficiary, including attorneys’ fees, at Beneficiary’s option be (1) released to
Grantor in accordance with the rights of Grantor, or (2) applied (upon compliance with the terms
and conditions set forth in Section 5.5(c) of this Deed of Trust) to the repair or
restoration, either partly or entirely, of the Property so damaged, or (3) applied to the payment
of the Secured Obligations in such order and manner as Beneficiary, in its sole discretion, may
elect, whether or not due; provided, however, that Grantor shall have the right to
require the release of such proceeds if Grantor can demonstrate satisfaction of the conditions set
forth in Section 5.5(c) of this Deed of Trust and any release of such proceeds shall be
upon the terms and conditions more particularly set forth in said Section 5.5(c). In any
event, the unpaid portion of the Secured Obligations shall remain in full force and effect and the
payment thereof shall not be excused. Grantor shall at all times comply with the requirements of
the insurance policies required hereunder and of the issuers of such policies and of any board of
fire underwriters or similar body as applicable to or affecting the Property.

          (b) Condemnation. Grantor shall notify Beneficiary immediately of any threatened or
pending proceeding for condemnation affecting the Property or arising out of damage to the
Property, and Grantor shall, at Grantor’s expense, diligently prosecute any such proceedings.
Beneficiary shall have the right (but not the obligation) to participate in any such proceeding and
to be represented by counsel of its own choice. To the extent permitted by law, Beneficiary shall
be entitled to receive all sums which may be awarded or become payable to Grantor for the
condemnation of the Property, or any part thereof, for public or quasi-public use, or by virtue of
private sale in lieu thereof, and any sums which may be awarded or become payable to Grantor for
injury or damage to the Property. Grantor shall, promptly upon request of Beneficiary, execute
such additional assignments and other documents as may be necessary from time to time to permit
such participation and to enable Beneficiary to collect and receipt for any such sums. All such
sums are hereby assigned to Beneficiary, and shall within sixty (60) days following such taking,
after deduction therefrom of all reasonable expenses actually incurred by Beneficiary, including
attorneys’ fees, at Beneficiary’s option be (1) applied (upon compliance with the terms and
conditions set forth in Section 5.5(c) of this Deed of Trust) to the repair or restoration
of the Property so affected, or (2) applied to the payment of the Secured Obligations in such order
and manner as Beneficiary, in its sole discretion, may elect, whether or not due; provided,
however, that Grantor shall have the right to require the release of such proceeds if
Grantor can demonstrate satisfaction of the conditions set forth in Section 5.5(c) of this
Deed of Trust and any release of such proceeds shall be upon the terms and conditions more
particularly set forth in said Section 5.5(c). In any event the unpaid portion of the
Secured Obligations shall remain in full force and effect and the payment thereof shall not be
excused. Beneficiary shall not be, under any circumstances, liable or responsible for failure to
collect or to exercise diligence in the collection of any such sum or for failure to see to the
proper application of any amount paid over to Grantor. Beneficiary is hereby authorized, in the
name of Grantor, to execute and deliver valid acquittances for, and to appeal from, any such award,
judgment or

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decree. All reasonable costs and expenses (including but not limited to attorneys’ fees)
incurred by Beneficiary in connection with any condemnation shall be a demand obligation owing by
Grantor (which Grantor hereby promises to pay) to Beneficiary pursuant to this Deed of Trust.

          (c) Restoration. In the event there shall be a casualty loss or a condemnation, and
Grantor requests or Beneficiary elects to cause the applicable insurance proceeds or condemnation
award to be applied to restore, repair or replace the Property (“Restoration”), Beneficiary
agrees to disburse such insurance proceeds or condemnation award in accordance with disbursement
procedures reasonably acceptable to Beneficiary, including, without limitation, such procedures as
are customarily utilized by construction lenders to insure the lien free completion of construction
projects. No such insurance proceeds or condemnation award shall be disbursed unless the following
conditions are satisfied promptly upon the occurrence of the casualty loss or condemnation (but in
no event later than ninety (90) days following such occurrence):

     (i) no Event of Default is in existence as of the date of such casualty or
condemnation or on the date of any applicable disbursement of any insurance proceeds or
condemnation award to the Grantor (excluding any Event of Default relating to such casualty
or condemnation);

     (ii) Beneficiary is reasonably satisfied that all payments to be made by Grantor under
the Note will be made in a timely manner;

     (iii) Beneficiary shall have received and approved complete plans and specifications
for the Restoration;

     (iv) Beneficiary shall have received and approved a construction contract for the work
of Restoration with a contractor reasonably acceptable to Beneficiary;

     (v) Beneficiary shall have received copies of all permits and approvals required in
connection with the Restoration;

     (vi) Beneficiary shall be satisfied that the amount of the insurance proceeds or
condemnation award actually received plus any amounts pledged to the Beneficiary by the
Grantor, are sufficient to pay all costs of the Restoration (as evidenced by a cost estimate
prepared by an architect or engineer reasonably acceptable to Beneficiary);

     (vii) Beneficiary shall be satisfied that after the Restoration is completed, the value
of the Property, upon completion of the Restoration, will equal or exceed such value
immediately prior to the applicable casualty loss or condemnation; and

     (viii) Beneficiary shall be satisfied that such Restoration can be completed prior to
the Maturity Date (as defined in the Note).

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     5.6 Maintenance and Preservation of Property.

     (a) Grantor shall insure (or shall cause to be insured) the Property as required by the
Loan Agreement and keep the Property in materially good condition and repair and materially
in accordance with terms of any Major Lease, as applicable.

     (b) Grantor shall not remove or demolish the Property or any part of in a material
respect, or alter, restore or add to the Property in a material respect, or initiate or
allow any change or variance in any zoning or other Premises use classification which
affects the Property or any part of it, except as permitted or required by the Loan
Agreement or with Beneficiary’s express prior written consent in each instance

     (c) If all or part of the Property becomes damaged or destroyed, Grantor shall promptly
and completely repair and/or restore the Property in a good and workmanlike manner in
accordance with sound building practices, provided that Beneficiary agrees to disburse to
Grantor Proceeds or other sums to pay costs of the work of repair or reconstruction under
Section 5.5 of this Deed of Trust so long as the conditions therein are satisfied.

     (d) Grantor shall not commit or allow any act upon or use of the Property which would
violate, in a material respect: (i) any applicable Laws or order of any Governmental
Authority, whether now existing or later to be enacted and whether foreseen or unforeseen;
or (ii) any public or private covenant, condition, restriction or equitable servitude
affecting the Property. Grantor shall not bring or keep any article on the Property or
cause or allow any condition to exist on it, if that could invalidate or would be prohibited
by any insurance coverage required to be maintained by Grantor on the Property or any part
of it under the Loan Agreement.

     (e) Grantor shall not commit or allow waste of the Property, including those acts or
omissions characterized under the Loan Agreement as waste which arises out of Hazardous
Material to the extent the same would be reasonably likely to have a material impact on the
Property.

     (f) Grantor shall perform (or shall cause to be performed) all other acts which from
the character or use of the Property may be reasonably necessary to maintain and preserve
its value to the extent the failure to do so would be reasonably likely to have a material
impact on the Property.

     (g) If Grantor receives a notice or claim from any person that the Property, or any
use, activity, operation or maintenance thereof or thereon, is not in compliance with any
Legal Requirement in a material respect, Grantor will promptly furnish a copy of such notice
or claim to Beneficiary. Grantor has received no notice and has no knowledge of any such
noncompliance.

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     5.7 Releases, Extensions, Modifications and Additional Security. From time to time,
Beneficiary may perform any of the following acts without incurring any liability or giving notice
to any person:

     (a) Release any person liable for payment of any Secured Obligation;

     (b) Extend the time for payment, or otherwise alter the terms of payment, of any
Secured Obligation;

     (c) Accept additional real or personal property of any kind as security for any Secured
Obligation, whether evidenced by deeds of trust, mortgages, security agreements or any other
instruments of security;

     (d) Alter, substitute or release any property securing the Secured Obligations;

     (e) Consent to the making of any plat or map of the Property or any part of it;

     (f) Join in granting any easement or creating any restriction affecting the Property;

     (g) Join in any subordination or other agreement affecting this Deed of Trust or the
lien of it; or

     (h) Release the Property or any part of it.

     5.8 Release. When all of the Secured Obligations have been paid in full and all fees
and other sums owed by Grantor under Section 5.9 of this Deed of Trust and the other Loan
Documents have been received, Beneficiary and Trustee shall release this Deed of Trust, the lien
created thereby, and all notes and instruments evidencing the Secured Obligations. Grantor shall
pay any costs of preparation and recordation of such release.

     5.9 Compensation; Exculpation.

     (a) Grantor agrees to pay reasonable fees actually incurred by Beneficiary when the law
provides no maximum limit, for any services that Beneficiary or Trustee may render in
connection with this Deed of Trust, including providing a statement of the Secured
Obligations or providing the release pursuant to Section 5.8 of this Deed of Trust.
Grantor shall also pay or reimburse all of Beneficiary’s and Trustee’s costs and expenses
which may be incurred in rendering any such services. Grantor further agrees to pay or
reimburse Beneficiary for all reasonable costs, expenses and other advances which may be
incurred or made by Beneficiary or Trustee in any efforts to enforce any terms of this Deed
of Trust, including any rights or remedies afforded to Beneficiary and Trustee under
Section 6.3 of this Deed of Trust, whether any lawsuit is filed or not, or in
defending any action or proceeding arising under or relating to this Deed of Trust,
including attorneys’ fees and other legal costs, costs of any Foreclosure Sale (as defined
in Subsection 6.3(i) of this Deed of Trust) and any cost of evidence of title. If
Beneficiary and/or Trustee, as required by applicable law, chooses to dispose of Property
through more than one Foreclosure Sale, Grantor shall pay all reasonable costs, expenses

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or other advances that may be incurred or made by Beneficiary and/or Trustee in each of
such Foreclosure Sales. In any suit to foreclose the lien hereof or enforce any other remedy
of Trustee or Beneficiary under this Deed of Trust or the Note, there shall be allowed and
included as additional indebtedness in the decree for sale or other judgment or decree all
expenditures and expenses which may be paid or incurred by or on behalf of Trustee and
Beneficiary for reasonable attorneys’ costs and fees (including the costs and fees of
paralegals), survey charges, appraiser’s fees, inspecting engineer’s and/or architect’s
fees, fees for environmental studies and assessments and all additional expenses incurred by
Trustee and Beneficiary with respect to environmental matters, outlays for documentary and
expert evidence, stenographers’ charges, publication costs, and costs (which may be
estimated as to items to be expended after entry of the decree) of procuring all such
abstracts of title, title searches and examinations, title insurance policies, Torrens
certificates and similar data and assurances with respect to title as Trustee and
Beneficiary may deem reasonably necessary either to prosecute such suit or to evidence to
bidders at any sale which may be had pursuant to such decree the true condition of the
title to, the value of or the environmental condition of the Property. All expenditures and
expenses of the nature in this Subsection mentioned, and such expenses and fees as may be
incurred in the protection of the Property and maintenance of the lien of this Deed of
Trust, including the fees of any attorney (including the costs and fees of paralegals)
employed by Trustee or Beneficiary in any litigation or proceeding affecting this Deed of
Trust, the Note or the Property, including probate and bankruptcy proceedings, or in
preparation for the commencement or defense of any proceeding or threatened suit or
proceeding, shall be reasonable, and shall be immediately due and payable by Grantor, with
interest thereon at the Default Rate and shall be secured by this Deed of Trust. Any fees,
costs or expenses described in this Section 5.9(a) shall be subject to such limitations as
may be imposed by applicable California law.

     (b) Neither Beneficiary nor Trustee shall be directly or indirectly liable to Grantor
or any other person as a consequence of any of the following:

     (i) Beneficiary’s or Trustee’s exercise of or failure to exercise any rights,
remedies or powers granted to Beneficiary and/or Trustee in this Deed of Trust;

     (ii) Beneficiary’s failure or refusal to perform or discharge any obligation or
liability of Grantor under any agreement related to the Property or under this Deed
of Trust; or

     (iii) Any loss sustained by Grantor or any third party resulting from
Beneficiary’s failure to lease the Property, or from any other act or omission of
Beneficiary in managing the Property, after an Event of Default, unless the loss is
caused by the willful misconduct and bad faith of Beneficiary.

Grantor hereby expressly waives and releases all liability of the types described above, and
agrees that no such liability shall be asserted against or imposed upon Beneficiary or
Trustee.

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     (c) Grantor will indemnify and hold harmless Beneficiary from and against, and
reimburse them on demand for, any and all Indemnified Matters (hereinafter defined). For
purposes of this Section 5.9, the term “Beneficiary” shall include the directors,
officers, partners, employees and agents of Beneficiary and any persons owned or controlled
by, owning or controlling, or under common control or affiliated with Beneficiary and the
directors, officers, partners, employees, attorneys, agents and representatives of
Beneficiary. Without limitation, the foregoing indemnities shall apply to each indemnified
person with respect to matters which in whole or in part are caused by or arise out of the
negligence of such (and/or any other) indemnified person. However, such indemnities shall
not apply to a particular indemnified person to the extent that the subject of the
indemnification is caused by or arises out of the gross negligence or willful misconduct of
that indemnified person. Any amount to be paid under this Section 5.9 by Grantor to
Beneficiary shall be a demand obligation owing by Grantor (which Grantor hereby promises to
pay) to Beneficiary pursuant to this Deed of Trust. Nothing in this paragraph, elsewhere in
this Deed of Trust or in any other Loan Document shall limit or impair any rights or
remedies of Beneficiary (including without limitation any rights of contribution or
indemnification) against Grantor or any other person under any other provision of this Deed
of Trust, any other Loan Document, any other agreement or any applicable Legal Requirement.

     As used in this Deed of Trust, the term “Indemnified Matters” means any and all claims,
demands, liabilities (including strict liability), losses, damages (including consequential
damages), causes of action, judgments, penalties, fines, costs and expenses (including
without limitation, reasonable fees and expenses of attorneys and other professional
consultants and experts, and of the investigation and defense of any claim, whether or not
such claim is ultimately defeated, and the settlement of any claim or judgment including all
value paid or given in settlement) of every kind, known or unknown, foreseeable or
unforeseeable, which may be imposed upon, asserted against or incurred or paid by
Beneficiary at any time and from time to time, whenever imposed, asserted or incurred,
because of, resulting from, in connection with, or arising out of any transaction, act,
omission, event or circumstance in any way connected with the Property or with this Deed of
Trust or any other Loan Document, including but not limited to any bodily injury or death or
property damage occurring in or upon or in the vicinity of the Property through any cause
whatsoever, any act performed or omitted to be performed hereunder or under any other Loan
Document, any breach by Grantor of any representation, warranty, covenant, agreement or
condition contained in this Deed of Trust or in any other Loan Document, any default as
defined herein, any claim under or with respect to any Lease or arising under the
Environmental Agreement. Notwithstanding anything to the contrary herein, in no event shall
Grantor be liable to, or required to indemnify, Beneficiary for matters arising from or
relating to the gross negligence or willful misconduct of Beneficiary. The provisions of
this Section 5.9 will survive the repayment of the Secured Obligations, the
foreclosure of this Deed of Trust or conveyance in lieu of foreclosure, the termination of
any and all Interest Rate Agreements, the discharge and release of this Deed of Trust and
the other Loan Documents, any bankruptcy or other debtor relief proceeding, and any other
event whatsoever.

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     (d) Grantor shall pay all obligations to pay money arising under this Section
5.9 immediately upon demand by Beneficiary. Each such obligation shall be added to, and
considered to be part of, the principal of the Note, shall bear interest from the date the
obligation arises at the Default Rate and shall be secured by this Deed of Trust and the
other Loan Documents.

     5.10 Defense and Notice of Claims and Actions. At Grantor’s sole expense, Grantor
shall protect, preserve and defend the Property and title to and right of possession of the
Property, and the security of this Deed of Trust and the rights and powers of Beneficiary created
under it, against all adverse claims of a material nature. Grantor shall give Beneficiary prompt
notice in writing if any claim is asserted which does or could affect any such matters, or if any
action or proceeding is commenced which alleges or relates to any such claim.

     5.11 Subrogation. Beneficiary shall be subrogated to the liens of all encumbrances,
whether released of record or not, which are discharged in whole or in part by Beneficiary in
accordance with this Deed of Trust or with the proceeds of any loan secured by this Deed of Trust.

     5.12 Site Visits, Observation and Testing. Subject to the rights of any tenant of the
Property, thereunder, Beneficiary and its agents and representatives shall have the right at any
reasonable time to enter and visit the Property for the purpose of performing appraisals, observing
the Property, taking and removing soil or groundwater samples, and conducting tests on any part of
the Property. Beneficiary has no duty, however, to visit or observe the Property or to conduct
tests, and no site visit, observation or testing by Beneficiary, its agents or representatives
shall impose any liability on any of Beneficiary, its agents or representatives. In no event shall
any site visit, observation or testing by Beneficiary, its agents or representatives be a
representation that Hazardous Material are or are not present in, on or under the Property, or that
there has been or shall be compliance with any law, regulation or ordinance pertaining to Hazardous
Material or any other applicable governmental law. Neither Grantor nor any other party is entitled
to rely on any site visit, observation or testing by any of Beneficiary, its agents or
representatives. Neither Beneficiary, its agents or representatives owe any duty of care to
protect Grantor or any other party against, or to inform Grantor or any other party of, any
Hazardous Material or any other adverse condition affecting the Property. Except in the event of
any emergency, Beneficiary shall give Grantor reasonable notice before entering the Property.
Beneficiary shall make reasonable efforts to avoid interfering with Grantor’s use of the Property
in exercising any rights provided in this Section 5.12.

     5.13 Books and Records. Unless otherwise approved by Beneficiary in writing, all
Property that consists of personal property (other than the Books and Records) will be located on
the Premises and all Books and Records will be located at Grantor’s place of business or chief
executive office if Grantor has more than one place of business.

     5.14 Leasing Restrictions: Default Under Leases. To the extent prohibited by the
Loan Agreement, without the prior written consent of Beneficiary, Grantor and Grantor’s agents
shall not (i) enter into any additional Leases, (ii) modify, amend or terminate any Lease, or (iii)
accept any rental payment in advance of its due date.

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     5.15 Maintenance, Repair and Restoration. In all material respects, Grantor will keep
the Property (or will cause the Property to be kept, as applicable) in first class order, repair,
operating condition and appearance, causing all necessary repairs, renewals, replacements,
additions and improvements to be promptly made, and will not allow any of the Property to be
misused, abused or wasted or to deteriorate. Notwithstanding the foregoing, Grantor will not,
without the prior written consent of Beneficiary, (i) remove from the Property any fixtures or
personal property covered by this Deed of Trust except such as is replaced by Grantor by an article
of substantially equal suitability and value, owned by Grantor, free and clear of any lien or
security interest (except that created by this Deed of Trust), or (ii) make any structural
alteration to the Property or any other alteration thereto which materially negatively impairs the
value thereof. If any act or occurrence of a material nature (including any condemnation or any
casualty for which insurance was not obtained or obtainable) shall result in damage to or loss or
destruction of the Property, Grantor shall give prompt notice thereof to Beneficiary and Grantor
shall promptly, at Grantor’s sole cost and expense, secure the Property as necessary and commence
and continue diligently to completion to restore, repair, replace and rebuild the Property as
nearly as possible to its value, condition and character immediately prior to the damage, loss or
destruction.

     5.16 Operation of Property. In all material respects, Grantor will operate the
Property (or will cause the Property to be operated, as applicable) in a good and workmanlike
manner and in accordance with all Legal Requirements and will pay all fees or charges of any kind
in connection therewith. Grantor will keep the Property occupied so as not to impair the insurance
carried thereon. Grantor will not use or occupy or conduct any activity on, or allow the use or
occupancy of or the conduct of any activity on, the Property in any manner which violates any Legal
Requirement in a material respect or which constitutes a public or private nuisance or which makes
void, voidable or cancelable, or increases the premium of, any insurance then in force with respect
thereto. Grantor will not initiate or permit any zoning reclassification of the Property or seek
any variance under existing zoning ordinances applicable to the Property or use or permit the use
of the Property in such a manner which would result in such use becoming a nonconforming use under
applicable zoning ordinances or other Legal Requirement. Grantor will not impose any easement,
restrictive covenant or encumbrance upon the Property, execute or file any subdivision plat or
condominium declaration affecting the Property or consent to the annexation of the Property to any
municipality, without the prior written consent of Beneficiary, to the extent the foregoing would
have a material adverse effect on the Property. Grantor will not do or suffer to be done any act
whereby the value of any part of the Property may be materially lessened. Grantor will preserve,
protect, renew, extend and retain all material rights and privileges granted for or applicable to
the Property. Except as permitted by the Permitted Encumbrances, without the prior written consent
of Beneficiary, there shall be no drilling or exploration for or extraction, removal or production
of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand and
gravel) from the surface or subsurface of the Land regardless of the depth thereof or the method of
mining or extraction thereof. Grantor will cause all debts and liabilities of any character
(including without limitation all debts and liabilities for labor, material and equipment
(including software embedded therein) and all debts and charges for utilities servicing the
Property) incurred in the construction, maintenance, operation and development of the Property to
be promptly paid.

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     5.17 Financial Matters. Grantor is solvent after giving effect to all borrowings
contemplated by the Loan Documents and no proceeding under any Debtor Relief Law is pending (or, to
Grantor’s knowledge, threatened) by or against Grantor, or any Affiliate of Grantor, as a debtor.
All reports, statements, plans, budgets, applications, agreements and other data and information
heretofore furnished or hereafter to be furnished by or on behalf of Grantor to Beneficiary in
connection with the loan or loans evidenced by the Loan Documents (including, without limitation,
all financial statements and financial information) are and will be true, correct and complete in
all material respects as of their respective dates and do not and will not omit to state any fact
or circumstance necessary to make the statements contained therein not misleading. No material
adverse change has occurred since the dates of such reports, statements and other data in the
financial condition of Grantor or, to Grantor’s knowledge, of any tenant under any lease described
therein.

     5.18 Status of Grantor; Suits and Claims; Loan Documents. Grantor is and will
continue to be (i) duly organized, validly existing and in good standing under the laws of its
state of organization, (ii) authorized to do business in, and in good standing in, each state in
which the Property is located, and (iii) possessed of all requisite power and authority to carry on
its business and to own, operate and lease the Property. Each Loan Document executed by Grantor
has been duly authorized, executed and delivered by Grantor, and the obligations thereunder and the
performance thereof by Grantor in accordance with their terms are and will continue to be within
Grantor’s power and authority (without the necessity of joinder or consent of any other person),
are not and will not be in contravention of any Legal Requirement or any other document or
agreement to which Grantor or the Property is subject, and do not and will not result in the
creation of any encumbrance against any assets or properties of Grantor, or any other person
liable, directly or indirectly, for any of the Secured Obligations, except as expressly
contemplated by the Loan Documents. There is no suit, action, claim, investigation, inquiry,
proceeding or demand pending (or, to Grantor’s knowledge, threatened) against Grantor or, to
Grantor’s knowledge which affects the Property (including, without limitation, any which challenges
or otherwise pertains to Grantor’s title to the Property) or the validity, enforceability or
priority of any of the Loan Documents. There is no judicial or administrative action, suit or
proceeding pending (or, to Grantor’s knowledge, threatened) against Grantor, except as has been
disclosed in writing to Beneficiary in connection with the loan evidenced by the Note. The Loan
Documents constitute legal, valid and binding obligations of Grantor (and of each guarantor, if
any) enforceable in accordance with their terms, except as the enforceability thereof may be
limited by Debtor Relief Laws (hereinafter defined) and except as the availability of certain
remedies may be limited by general principles of equity. Grantor is not a “foreign person” within
the meaning of the Internal Revenue Code of 1986, as amended, Sections 1445 and 7701 (i.e. Grantor
is not a non-resident alien, foreign corporation, foreign partnership, foreign trust or foreign
estate as those terms are defined therein and in any regulations promulgated thereunder). The loan
evidenced by the Note is solely for business and/or investment purposes, and is not intended for
personal, family, household or agricultural purposes. Grantor further warrants that the proceeds
of the Note shall be used for commercial purposes and stipulates that the loan evidenced by the
Note shall be construed for all purposes as a commercial loan. Grantor’s exact legal name is
correctly set forth at the end of this Deed of Trust. If Grantor is not an individual, Grantor is
an organization of the type and (if not an unregistered entity) is incorporated in or organized
under the laws of the state specified in the introductory paragraph of this Deed of Trust. If
Grantor is an unregistered entity (including, without limitation, a general partnership) it

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is organized under the laws of the state specified in the introductory paragraph of this Deed
of Trust. Grantor will not cause or permit any change to be made in its name, identity (including
its trade name or names), unless Grantor shall have notified Beneficiary in writing of such change
at least 30 days prior to the effective date of such change, and shall have first taken all action
required by Beneficiary for the purpose of further perfecting or protecting the lien and security
interest of Beneficiary in the Property. Grantor’s principal place of business and chief executive
office, and the place where Grantor keeps its books and records, including recorded data of any
kind or nature, regardless of the medium of recording including, without limitation, software,
writings, plans, specifications and schematics concerning the Property, has for the preceding four
months (or, if less, the entire period of the existence of Grantor) been and will continue to be
(unless Grantor notifies Beneficiary of any change in writing at least 30 days prior to the date of
such change) the address of Grantor set forth at the end of this Deed of Trust. If Grantor is an
individual, Grantor’s principal residence has for the preceding four months been and will continue
to be (unless Grantor notifies Beneficiary of any change in writing at least 30 days prior to the
date of such change) the address of the principal residence of Grantor set forth at the end of this
Deed of Trust. Grantor’s organizational identification number, if any, assigned by the state of
incorporation or organization is correctly set forth on the first page of this Deed of Trust.
Grantor shall promptly notify Beneficiary (i) of any change of its organizational identification
number, or (ii) if Grantor does not now have an organization identification number and later
obtains one, of such organizational identification number.

     5.19 Certain Environmental Matters. Grantor shall comply with the terms and covenants
of the San Jacinto Environmental Indemnity Agreement.

     5.20 Further Assurances. Grantor will, promptly on any reasonable request of
Beneficiary, (i) correct any defect, error or omission which may be discovered in the contents,
execution or acknowledgment of this Deed of Trust or any other Loan Document; (ii) execute,
acknowledge, deliver, procure and record and/or file such further documents (including, without
limitation, further deeds of trust, security agreements, and assignments of rents or leases) and do
such further acts as may be necessary, desirable or proper to carry out more effectively the
purposes of this Deed of Trust and the other Loan Documents, to more fully identify and subject to
the liens and security interests hereof any property intended to be covered hereby (including
specifically, but without limitation, any renewals, additions, substitutions, replacements, or
appurtenances to the Property) or as deemed advisable by Beneficiary to protect the lien or the
security interest hereunder against the rights or interests of third persons; and (iii) provide
such certificates, documents, reports, information, affidavits and other instruments and do such
further acts as may be necessary, desirable or proper in the reasonable determination of
Beneficiary to enable Beneficiary to comply with the requirements or requests of any agency having
jurisdiction over Beneficiary or any examiners of such agencies with respect to the indebtedness
secured hereby, Grantor or the Property. Grantor shall pay all costs connected with any of the
foregoing, which shall be a demand obligation owing by Grantor (which Grantor hereby promises to
pay) to Beneficiary pursuant to this Deed of Trust.

     5.21 Fees and Expenses. Without limitation of any other provision of this Deed of
Trust or of any other Loan Document and to the extent reasonable and not prohibited by applicable
law, Grantor will pay, and will reimburse to Beneficiary on demand to the extent paid by
Beneficiary: (i) all appraisal fees, filing, registration and recording fees, recordation, transfer

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and other taxes, brokerage fees and commissions, abstract fees, title search or examination
fees, title policy and endorsement premiums and fees, uniform commercial code search fees, judgment
and tax lien search fees, escrow fees, attorneys’ fees, architect fees, engineer fees, construction
consultant fees, environmental inspection fees, survey fees, and all other costs and expenses of
every character incurred by Grantor or Beneficiary in connection with the preparation of the Loan
Documents, the evaluation, closing and funding of the loan evidenced by the Loan Documents, and any
and all amendments and supplements to this Deed of Trust, the Note or any other Loan Documents or
any approval, consent, waiver, release or other matter requested or required hereunder or
thereunder, or otherwise attributable or chargeable to Grantor as owner of the Property; and (ii)
all costs and expenses, including attorneys’ fees and expenses, incurred or expended in connection
with the exercise of any right or remedy, or the defense of any right or remedy or the enforcement
of any obligation of Grantor, hereunder or under any other Loan Document.

6. Accelerating Transfers; Default and Remedies.

     6.1 Accelerating Transfers.

     (a) “Accelerating Transfer” means any Transfer other than a Permitted Transfer
permitted under Section 9.6.3 of the Loan Agreement.

     (b) Grantor acknowledges that Beneficiary is making one or more advances under the Loan
Agreement in reliance on the expertise, skill and experience of Grantor; thus, the Secured
Obligations include material elements similar in nature to a personal service contract. In
consideration of Beneficiary’s reliance, Grantor agrees that Grantor shall not make any
Accelerating Transfer, unless the transfer is preceded by Beneficiary’s express written
consent to the particular transaction and transferee. Beneficiary may withhold such consent
in its sole discretion. If any Accelerating Transfer occurs, Beneficiary in its sole
discretion may declare all of the Secured Obligations to be immediately due and payable, and
Beneficiary may invoke any rights and remedies provided by Section 6.3 of this Deed
of Trust.

     6.2 Events of Default. Grantor will be in default under this Deed of Trust upon the
occurrence of any one or more of the following events (collectively, “Events of Default;” any one
singly, an “Event of Default”).

     (a) Failure to Pay Indebtedness. Any of the Secured Obligations is not paid
when due, regardless of how such amount may have become due, after the expiration of any
applicable grace or notice periods.

     (b) Nonperformance of Covenants. Any covenant, agreement or condition herein
(other than covenants otherwise addressed in another paragraph of this Section, such as
covenants to pay the Secured Obligations) is not fully and timely performed, observed or
kept, and such failure is not cured within the applicable notice and cure period (if any)
provided for herein, in Section 11.2.4 of the Loan Agreement, or in such other Loan
Document.

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     (c) Default under other Loan Documents. The occurrence of any Event of Default
under any other Loan Document.

     (d) Representations. Any material statement, representation or warranty
herein, or in any financial statement or any other writing heretofore or hereafter delivered
to Beneficiary in connection herewith is false, misleading or erroneous in any material
respect on the date as of which such statement, representation or warranty is made, which
continues for a period of thirty (30) days after receipt of written notice from Agent
(except that no notice is required for those related to financial information).

     (e) Bankruptcy or Insolvency. Grantor:

     (i) (A) Executes an assignment for the benefit of creditors, or takes any
action in furtherance thereof; or (B) admits in writing its inability to pay, or
fails to pay, its debts generally as they become due; or (C) as a debtor, files a
petition, case, proceeding or other action pursuant to, or voluntarily seeks the
benefit or benefits of, any Debtor Relief Law, or takes any action in furtherance
thereof; or (D) seeks the appointment of a receiver, trustee, custodian or
liquidator of the Property or any part thereof or of any significant portion of its
other property; or

     (ii) Suffers the filing of a petition, case, proceeding or other action against
it as a debtor under any Debtor Relief Law or seeking appointment of a receiver,
trustee, custodian or liquidator of the Property or any part thereof or of any
significant portion of its other property, and (A) admits, acquiesces in or fails to
contest diligently the material allegations thereof, or (B) the petition, case,
proceeding or other action results in entry of any order for relief or order
granting relief sought against it, or (C) in a proceeding under Debtor Relief Laws,
the case is converted from one chapter to another, or (D) fails to have the
petition, case, proceeding or other action permanently dismissed or discharged on or
before the earlier of trial thereon or sixty (60) days next following the date of
its filing; or

     (iii) Conceals, removes, or permits to be concealed or removed, any part of its
property, with intent to hinder, delay or defraud its creditors or any of them, or
makes or suffers a transfer of any of its property which may be fraudulent under any
bankruptcy, fraudulent conveyance or similar law; or makes any transfer of its
property to or for the benefit of a creditor at a time when other creditors
similarly situated have not been paid; or suffers or permits, while insolvent, any
creditor to obtain a lien (other than as described in subparagraph (iv) below) upon
any of its property through legal proceedings which are not vacated and such lien
discharged prior to enforcement thereof and in any event within sixty (60) days from
the date thereof; or

     (iv) Fails to have discharged (or bonded) within a period of ten (10) days any
attachment, sequestration, or similar writ levied upon any of its property; or

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     (v) Fails to pay immediately any final money judgment against it.

     (f) Transfer of the Property. Any sale, lease, conveyance, assignment, pledge,
encumbrance, or transfer of all or any part of the Property or any interest therein,
voluntarily or involuntarily, whether by operation of law or otherwise, except as may be
permitted under (and in such case, in accordance with) the provisions of the Loan Agreement.

     (g) Transfer of Assets. Any sale, lease, conveyance, assignment, pledge,
encumbrance, or transfer of all or any part of the other assets of Grantor, excluding the
Property, voluntarily or involuntarily, whether by operation of law or otherwise, except:
(i) sales or transfers in the ordinary course of Grantor’s business; (ii) sales or transfers
for which Grantor receives consideration substantially equivalent to the fair market value
of the transferred asset; and (iii) sales or transfers permitted under any Loan Document.

     (h) Transfer of Ownership of Grantor. Except as permitted under the Loan
Documents, the sale, pledge, encumbrance, assignment or transfer, voluntarily or
involuntarily, whether by operation of law or otherwise, of any interest in Grantor (if
Grantor is not a natural person but is a corporation, partnership, limited liability
company, trust or other legal entity), without the prior written consent of Beneficiary
(including, without limitation, if Grantor is a partnership or joint venture, the withdrawal
from or admission into it of any general partner or joint venturer).

     (i) Grant of Easement, Etc. Without the prior written consent of Beneficiary,
Grantor grants any easement or dedication, files any plat, condominium declaration, or
restriction, or otherwise encumbers the Property, or seeks or permits any zoning
reclassification or variance, unless such action is expressly permitted by the Loan
Documents, or does not materially adversely affect the Property, which encumbrance is not
removed or rescinded within thirty (30) days after receipt of written notice from Agent.

     (j) Abandonment. The owner of the Property abandons any of the Property.

     (k) Default Under Other Lien. A default or event of default occurs under any
lien, security interest or assignment covering the Property or any part thereof (whether or
not Beneficiary has consented, and without hereby implying Beneficiary’s consent, to any
such lien, security interest or assignment not created hereunder), or the holder of any such
lien, security interest or assignment declares a default or institutes foreclosure or other
proceedings for the enforcement of its remedies thereunder.

     (l) Destruction. The Property is so demolished, destroyed or damaged that, in
the reasonable opinion of Beneficiary, it cannot be restored or rebuilt with available funds
to a profitable condition within a reasonable period of time and in any event, prior to the
final maturity date of the Note; provided, however, that this subsection
shall not be an Event of Default if no other Event of Default then exists and the San
Jacinto Loan is repaid in full at that time in which case Agent shall execute a discharge of
this Deed of Trust.

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     (m) Condemnation. (i) Any governmental authority shall require, or commence
any proceeding for, the demolition of any building or structure comprising a part of the
Premises or Improvements to the extent the same would have a material impact on the
Property, or (ii) there is commenced any proceeding to condemn or otherwise take pursuant to
the power of eminent domain, or a contract for sale or a conveyance in lieu of such a taking
is executed which provides for the transfer of, a material portion of the Premises or
Improvements, including but not limited to the taking (or transfer in lieu thereof) of any
portion which would result in the blockage or substantial impairment of access or utility
service to the Improvements or which would cause the Premises to fail to comply with any
Legal Requirement; provided, however, that this subsection shall not be an
Event of Default if no other Event of Default then exists and the San Jacinto Loan is repaid
in full at that time in which case Agent shall execute a discharge of this Deed of Trust.

     (n) Enforceability; Priority. Any Loan Document shall for any reason without
Beneficiary’s specific written consent cease to be in full force and effect, or shall be
declared null and void or unenforceable in whole or in part, or the validity or
enforceability thereof, in whole or in part, shall be challenged or denied by any party
thereto other than Beneficiary; or the liens, mortgages or security interests of Beneficiary
in any of the Property become unenforceable in whole or in part, or cease to be of the
priority herein required, or the validity or enforceability thereof, in whole or in part,
shall be challenged or denied by Grantor or any person obligated to pay any part of the
Secured Obligations.

     (o) Loan Documents. Any Event of Default occurs under (and as defined in) the
Loan Agreement, the Note or any other Loan Document.

     6.3 Remedies. At any time after an Event of Default, Beneficiary shall be entitled to
invoke any and all of the rights and remedies described below, in addition to all other rights and
remedies available to Beneficiary at law or in equity. All of such rights and remedies shall be
cumulative, and the exercise of any one or more of them shall not constitute an election of
remedies.

     (a) Acceleration. Beneficiary may declare any or all of the Secured
Obligations to be due and payable immediately and may terminate any and all Interest Rate
Agreements. Upon any such declaration, such Secured Obligations shall thereupon be
immediately due and payable, and such Interest Rate Agreement shall immediately terminate,
without presentment, demand, protest, notice of protest, notice of acceleration or of
intention to accelerate or any other notice or declaration of any kind, all of which are
hereby expressly waived by Grantor. Without limitation of the foregoing, upon the
occurrence of a default described in Section 6.2(e)(i)(A), (C) or
(D) of this Deed of Trust, all of the Secured Obligations shall thereupon be
immediately due and payable, without presentment, demand, protest, notice of protest,
declaration or notice of acceleration or intention to accelerate, or any other notice,
declaration or act of any kind, all of which are hereby expressly waived by Grantor.

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     (b) Receiver. Subject to the requirements (including procedural
requirements) of applicable law, Beneficiary shall, as a matter of right, without notice and
without giving bond to Grantor or anyone claiming by, under or through Grantor, and without
regard for the solvency or insolvency of Grantor or the then value of the Property, to the
extent permitted by applicable law, be entitled to have a receiver appointed for all or any
part of the Property and the Rents, and the proceeds, issues and profits thereof, with the
rights and powers referenced below and such other rights and powers as the court making such
appointment shall confer, and Grantor hereby consents to the appointment of such receiver
and shall not oppose any such appointment. Such receiver shall have all powers and duties
prescribed by applicable law, all other powers which are necessary or usual in such cases
for the protection, possession, control, management and operation of the Property, and such
rights and powers as Beneficiary would have, upon entering and taking possession of the
Property under subsection (c) below.

     (c) Entry. Beneficiary, in person, by agent or by court-appointed receiver,
may enter, take possession of, manage and operate all or any part of the Property, and may
also do any and all other things in connection with those actions that Beneficiary may in
its sole discretion consider necessary and appropriate to protect the security of this Deed
of Trust and the Property. Such other things may include: taking and possessing all of
Grantor’s or the then owner’s Books and Records; entering into, enforcing, modifying or
canceling leases on such terms and conditions as Beneficiary may consider proper; obtaining
and evicting tenants; fixing or modifying Rents; collecting and receiving any payment of
money owing to Beneficiary; completing any unfinished construction; and/or contracting for
and making repairs and alterations. If Beneficiary so requests, Grantor shall assemble all
of the Property that has been removed from the Premises and make all of it available to
Beneficiary at the site of the Premises. Grantor hereby irrevocably constitutes and
appoints Beneficiary as Grantor’s attorney-in-fact to perform such acts and execute such
documents as Beneficiary in its sole discretion may consider to be appropriate in connection
with taking these measures, including endorsement of Grantor’s name on any instruments.

     (d) Cure; Protection of Security. Beneficiary may cure any breach or default
of Grantor, and if it chooses to do so in connection with any such cure, Beneficiary may
also enter the Property and/or do any and all other things which it may in its sole
discretion consider necessary and appropriate to protect the security of this Deed of Trust
and the Property. Such other things may include: appearing in and/or defending any action
or proceeding which purports to affect the security of, or the rights or powers of
Beneficiary under, this Deed of Trust; paying, purchasing, contesting or compromising any
encumbrance, charge, lien or claim of lien which in Beneficiary’s sole judgment is or may be
senior in priority to this Deed of Trust, such judgment of Beneficiary to be conclusive as
among the parties to this Deed of Trust; obtaining insurance and/or paying any premiums or
charges for insurance required to be carried under the Loan Agreement; otherwise caring for
and protecting any and all of the Property; and/or employing counsel, accountants,
contractors and other appropriate persons to assist Beneficiary. Beneficiary may take any
of the actions permitted under this Subsection 6.3(d) either with or without giving
notice to any person. Any amounts expended by Beneficiary

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under this Subsection 6.3(d) shall be deemed Secured Obligations and shall be
secured by this Deed of Trust and the Loan Documents.

     (e) Uniform Commercial Code Remedies; Leases. (i) Beneficiary may exercise any
or all of the remedies granted to a secured party under the Uniform Commercial Code in the
State in which the Property is located.

     (ii) Additionally, prior or subsequent to taking possession of any portion of the
Property or taking any action with respect to such possession, Beneficiary may: (1) collect
and/or sue for the Rents in Beneficiary’s own name, give receipts and releases therefor, and
after deducting all expenses of collection, including attorneys’ fees and expenses, apply
the net proceeds thereof to the Secured Obligations in such manner and order as Beneficiary
may elect and/or to the operation and management of the Property, including the payment of
management, brokerage and attorney’s fees and expenses; and (2) require Grantor to transfer
all security deposits and records thereof to Holder together with original counterparts of
the Leases.

     (iii) It is the express understanding and intent of the parties that as to any personal
property interests subject to Article 9 of the UCC, Beneficiary, upon an Event of Default,
may proceed under the UCC or may proceed as to both real and personal property interests in
accordance with the provisions of this Deed of Trust and its rights and remedies in respect
to real property, as specifically permitted under Section 9-604 of the UCC.

     (f) Foreclosure; Lawsuits. Beneficiary shall have the right, in one or several
concurrent or consecutive proceedings, to foreclose the lien hereof upon the Property or any
part thereof, for the Secured Obligations, or any part thereof, by any proceedings
appropriate under applicable law. Beneficiary or its nominee may bid and become the
purchaser of all or any part of the Property at any foreclosure or other sale hereunder, and
the amount of Beneficiary’s successful bid shall, to the extent permitted by applicable law,
be credited on the Secured Obligations. In addition to the right provided in Section
6.3(a) of this Deed of Trust, upon, or at any time after the filing of a complaint to
foreclose this Deed of Trust, Trustee and Beneficiary shall be entitled to the appointment
of a receiver of the Property by the court in which such complaint is filed, and Grantor
hereby consents to such appointment. A sale may cover not only the real property but also
the personal property and other interests which are a part of the Property, or any part
thereof, as a unit and as a part of a single sale, or the sale may be of any part of the
Property separately from the remainder of the Property.

     (g) Exercise of Power of Sale. Exercise the power of sale contained in this
Deed of Trust and deliver to Trustee a written statement of breach, notice of default and
election to cause Grantor’s interest in the Property to be sold, all in accordance with
applicable law.

     (i) If Beneficiary elects to exercise the power of sale contained in this Deed
of Trust, Beneficiary shall notify Trustee and shall deposit with Trustee

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copies of this Deed of Trust and the Notes and such receipts and evidence of
expenditures made and secured hereby as Trustee may require.

     (ii) Upon receipt of such notice from Beneficiary and at the direction of
Beneficiary, Trustee shall cause to be recorded, published or delivered such notices
of default and notices of sale as may then be required by law or this Deed of Trust.
Trustee shall, only at the direction of Beneficiary and without demand on Grantor,
after such time as may then be required by law and after recordation of such notice
of default and after notice of sale having been given as required by law, sell
Grantor’s interest in the Property at the time and place of sale fixed by it in such
notice of sale, either as a whole, or in separate lots or parcels or items as
Beneficiary shall deem expedient, and in such order as it may determine, at public
auction to the highest bidder for cash in lawful money of the United States payable
at the time of sale, or as otherwise may then be required by law. Trustee shall
deliver to such purchaser or purchasers thereof its good and sufficient deed or
deeds conveying the property so sold, without any covenant or warranty, express or
implied. The recitals in such deed of any matters or facts shall be conclusive
proof of the truthfulness thereof. Any person, including, without limitation,
Grantor, Trustee, Beneficiary, or any Lender, may purchase at such sale, and Grantor
covenants to warrant and defend the title of such purchaser or purchasers.
Beneficiary and Lenders shall have the right to credit bid at any such sale.

     (iii) Trustee or Beneficiary may sell not only the real property but also the
personal property and other interests which are a part of the Property, or any part
thereof, as a unit and as a part of a single sale, or may sell any part of the
Property separately from the remainder of the Property. Neither Trustee nor
Beneficiary shall be required to take possession of any part of the Property or to
have any of the personal property present at any sale of the Property. Trustee or
Beneficiary may appoint or delegate any one or more persons as agent to perform any
act or acts necessary or incident to any sale held by Trustee or Beneficiary,
including the posting of notices and the conduct of sale, but in the name and on
behalf of Beneficiary. If any sale hereunder is not completed or is defective in
the opinion of Trustee or Beneficiary, such sale shall not exhaust the power of sale
hereunder, and Trustee or Beneficiary shall have the right to cause a subsequent
sale or sales to be made hereunder.

     (iv) As may be permitted by, but subject to, applicable law, after deducting
all costs, fees and expenses of Trustee and of this Deed of Trust, including costs
of evidence of title in connection with sale, Trustee or Beneficiary shall apply the
proceeds of sale (A) first, to payment of all costs, fees and expenses, including
attorneys’ fees and expenses incurred by Beneficiary in exercising the power of sale
or foreclosing this Deed of Trust, (B) second, to the payment of the Secured
Obligations (including, without limitation, the principal, accrued interest and
other sums due and owing under the Notes and the amounts due and owing to
Beneficiary and Lenders under this Deed of Trust) in such

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manner and order as Beneficiary may elect, and (C) third, the remainder, if
any, shall be paid to Grantor, or such other persons as may be legally entitled
thereto.

     (v) Trustee may, in the manner provided by law, postpone sale of all or any
portion of the Property by public announcement at such time and place of sale, and
from time to time thereafter may postpone such sale by public announcement or
subsequently noticed sale, and without further notice make such sale at the time
fixed by the last postponement, or may, in its discretion, give a new notice of
sale.

     (h) Other Remedies. In addition to any other right, with or without a
foreclosure, Beneficiary may institute a judicial action for the foreclosure or enforcement
of the assignments, liens, and security interests hereof subject to the terms of the Loan
Documents and applicable California law. Beneficiary may exercise all rights and remedies
contained in any other instrument, document, agreement or other writing heretofore,
concurrently or in the future executed by Grantor or any other person or entity in favor of
Beneficiary in connection with the Secured Obligations or any part thereof, without
prejudice to the right of Beneficiary thereafter to enforce any appropriate remedy against
Grantor. Beneficiary shall have the right to pursue all remedies afforded to a Beneficiary
under applicable law or in equity or otherwise, and shall have the benefit of all of the
provisions of such applicable law, including all amendments thereto which may become
effective from time to time after the date hereof. Subject to applicable California law,
every right, power and remedy granted to Trustee or Beneficiary in this Deed of Trust shall
be cumulative and not exclusive, and in addition to all right, powers and remedies granted
at law or in equity or by statute, and the exercise of any such right, power or remedy shall
not be deemed a waiver of the right to exercise, at the same time or thereafter, any other
right, power or remedy.

     (i) Sale of Personal Property. Beneficiary and/or Trustee, as required by
applicable law, shall have the discretionary right to cause some or all of the Property,
which constitutes personal property, to be sold or otherwise disposed of in any combination
and in any manner permitted by applicable law.

     (i) For purposes of this power of sale, Beneficiary and/or Trustee, as required
by applicable law, may elect to treat as personal property any Property which is
intangible or which can be severed from the Premises or Improvements without causing
structural damage. If it chooses to do so, Beneficiary and/or Trustee, as required
by applicable law, may dispose of any personal property, in any manner permitted by
Article 9 of the Uniform Commercial Code of the State in which the Property is
located, including any public or private sale, or in any manner permitted by any
other applicable law.

     (ii) In connection with any sale or other disposition of such Property, Grantor
agrees that the following procedures constitute a commercially reasonable sale:
Beneficiary shall mail written notice of the sale to Grantor not later than thirty
(30) days prior to such sale. Beneficiary will publish notice of the sale in a
local daily newspaper of general circulation. Upon receipt of any written

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request, Beneficiary will make the Property available to any bona fide
prospective purchaser for inspection during reasonable business hours.
Notwithstanding, Beneficiary shall be under no obligation to consummate a sale if,
in its judgment, none of the offers received by it equals the fair value of the
Property offered for sale. The foregoing procedures do not constitute the only
procedures that may be commercially reasonable.

     (iii) Multiple Security. If (a) the Property shall consist of one or
more parcels, whether or not contiguous and whether or not located in the same
county, or (b) in addition to this Deed of Trust, Beneficiary shall now or hereafter
hold or be the beneficiary of one or more additional mortgages, liens, deeds of
trust or other security (directly or indirectly) for the Secured Obligations upon
other property in the state in which the Premises are located (whether or not such
property is owned by Grantor or by others) or (c) both the circumstances described
in clauses (a) and (b) shall be true, then to the fullest extent permitted by law,
Beneficiary may, at its election, commence or consolidate in a single trustee’s sale
or foreclosure action all of the trustee’s sale or foreclosure proceedings against
all such collateral securing the Secured Obligations (including the Property), which
action may be brought or consolidated in the courts of, or sale conducted in, any
county in which any of such collateral is located. Grantor acknowledges that the
right to maintain a consolidated trustee’s sale or foreclosure action is a specific
inducement to Beneficiary to enter into certain agreements with Grantor, and for
Beneficiary to enter into the Loan Agreement and the other Loan Documents, and
Grantor expressly and irrevocably waives any objections to the commencement or
consolidation of the foreclosure proceedings in a single action and any objections
to the laying of venue or based on the grounds of forum non conveniens which it may
now or hereafter have. Grantor further agrees that if Beneficiary shall be
prosecuting one or more foreclosure or other proceedings against a portion of the
Property or against any collateral other than the Property, which collateral
directly or indirectly secures the Secured Obligations, or if Beneficiary shall have
obtained a judgment of foreclosure and sale or similar judgment against such
collateral (or, in the case of a trustee’s sale, shall have met the statutory
requirements therefor with respect to such collateral), then, whether or not such
proceedings are being maintained or judgments were obtained in or outside the state
in which the Premises are located, Beneficiary may commence or continue any
trustee’s sale or foreclosure proceedings and exercise its other remedies granted in
this Deed of Trust against all or any part of the Property and Grantor waives any
objections to the commencement or continuation of a foreclosure of this Deed of
Trust or exercise of any other remedies hereunder based on such other proceedings or
judgments, and waives any right to seek to dismiss, stay the execution of, remove,
transfer or consolidate either any action under this Deed of Trust or such other
proceedings on such basis. Neither the commencement nor continuation of proceedings
to sell the Property in a trustee’s sale, to foreclose this Deed of Trust nor the
exercise of any other rights hereunder nor the recovery of any judgment by
Beneficiary nor the occurrence of any sale by Beneficiary or any Lender in any such
proceedings shall prejudice, limit or preclude Beneficiary’s right to commence or
continue one

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or more trustee’s sales, foreclosure or other proceedings or obtain a judgment
against (or, in the case of a trustee’s sale, to meet the statutory requirements
for, any such sale of) any other collateral (either in or outside the state in which
the Premises are located) which directly or indirectly secures the Secured
Obligations, and Grantor expressly waives any objections to the commencement of,
continuation of, or entry of a judgment in such other sales or proceedings or
exercise of any remedies in such sales or proceedings based upon any action or
judgment connected to this Deed of Trust, and Grantor also waives any right to seek
to dismiss, stay the execution of, remove, transfer or consolidate either such other
sales or proceedings or any sale or action under this Deed of Trust on such basis.
It is expressly understood and agreed that to the fullest extent permitted by
applicable law, Beneficiary may, at its election, cause the sale of all collateral
which is the subject of a single trustee’s sale or foreclosure action at either a
single sale or at multiple sales conducted simultaneously and take such other
measures as are appropriate in order to effect the agreement of the parties to
dispose of and administer all collateral securing the Secured Obligations (directly
or indirectly) in the most economical and least time-consuming manner

     6.4 Application of Rents and Other Sums. Beneficiary shall apply any and all Rents
collected by it, and any and all sums other than proceeds of a Foreclosure Sale which Beneficiary
may receive or collect under Section 6.3 of this Deed of Trust, in the following manner:

     (a) First, to pay the portion of the Secured Obligations attributable to the costs and
expenses of operation and collection that may be incurred by Beneficiary or any receiver;

     (b) Second, to pay all other Secured Obligations in any order and proportions as
Beneficiary in its sole discretion may choose; and

     (c) Third, to remit the remainder, if any, to the person or persons entitled to it.

Beneficiary shall have no liability for any funds which it does not actually receive.

7. The Trustee.

     7.1 Rights and Obligations of Trustee. Trustee accepts the trusts hereby created and
agrees to perform its duties in this Deed of Trust for the benefit of Beneficiary. To the extent
permitted by and consistent with applicable law, Trustee will not exercise its rights under this
Deed of Trust except upon written direction from Beneficiary.

     7.2 Successor Trustee. Beneficiary may, from time to time, by a written instrument
executed and acknowledged by Beneficiary, mailed to Grantor and recorded in the county in which the
Property is located and by otherwise complying with the provisions of applicable law, substitute a
successor or successors to any Trustee named herein or acting hereunder, and such successor(s)
shall, without conveyance from the Trustee predecessor, succeed to all title, estate, rights,
powers and duties of such predecessor.

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     7.3 Payment of Trustee’s Compensation. Grantor shall pay or cause to be paid the
compensation to which Trustee is entitled hereunder and all proper disbursements and expenses
incurred by Trustee hereunder, to the extent permitted by applicable law.

8. Miscellaneous Provisions.

     8.1 Additional Provisions. The Loan Documents fully state all of the terms and
conditions of the parties’ agreement regarding the matters mentioned in or incidental to this Deed
of Trust. The Loan Documents also grant further rights to Beneficiary and contain further
agreements and affirmative and negative covenants by Grantor which apply to this Deed of Trust and
to the Property.

     8.2 No Waiver or Cure.

     (a) Each waiver by Beneficiary must be in writing, and no waiver shall be construed as
a continuing waiver. No waiver shall be implied from any delay or failure by Beneficiary to
take action on account of any default of Grantor. Consent by Beneficiary to any act or
omission by Grantor shall not be construed as a consent to any other or subsequent act or
omission or to waive the requirement for Beneficiary’s consent to be obtained in any future
or other instance.

     (b) If any of the events described below occurs, that event alone shall not: cure or
waive any breach, Event of Default or notice of default under this Deed of Trust or
invalidate any act performed pursuant to any such default or notice; or nullify the effect
of any notice of default or sale (unless all Secured Obligations then due have been paid and
performed and all other defaults under the Loan Documents have been cured); or impair the
security of this Deed of Trust; or prejudice Beneficiary or any receiver in the exercise of
any right or remedy afforded any of them under this Deed of Trust; or be construed as an
affirmation by Beneficiary of any tenancy, lease or option, or a subordination of the lien
of this Deed of Trust.

     (i) Trustee or Beneficiary, its agent or a receiver takes possession of all or
any part of the Property in the manner provided in Subsection 6.3(c).

     (ii) Beneficiary collects and applies Rents as permitted under Sections
2.3 and 6.6 of this Deed of Trust, either with or without taking
possession of all or any part of the Property.

     (iii) Beneficiary or Trustee receives and applies to any Secured Obligation any
proceeds of any Property, including any proceeds of insurance policies, condemnation
awards, or other claims, property or rights assigned to Beneficiary under
Section 5.5 of this Deed of Trust.

     (iv) Beneficiary makes a site visit, observes the Property and/or conducts
tests as permitted under Section 5.12 of this Deed of Trust.

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     (v) Beneficiary or Trustee receives any sums under this Deed of Trust or any
proceeds of any collateral held for any of the Secured Obligations, and applies them
to one or more Secured Obligations.

     (vi) Beneficiary, Trustee or any receiver invokes any right or remedy provided
under this Deed of Trust.

     8.3 Powers of Beneficiary.

     (a) If Beneficiary performs any act which it is empowered or authorized to perform
under this Deed of Trust, including any act permitted by Section 5.7 or
Subsection 6.3(d) of this Deed of Trust, that act alone shall not release or
change the personal liability of any person for the payment and performance of the Secured
Obligations then outstanding, or the lien of this Deed of Trust on all or the remainder of
the Property for full payment and performance of all outstanding Secured Obligations. The
liability of the original Grantor shall not be released or changed if Beneficiary grants any
successor in interest to Grantor any extension of time for payment, or modification of the
terms of payment, of any Secured Obligation. Beneficiary shall not be required to comply
with any demand by the original Grantor that Beneficiary refuse to grant such an extension
or modification to, or commence proceedings against, any such successor in interest.

     (b) Following an Event of Default that remains uncured, Beneficiary may take any of the
actions permitted under Subsections 6.3(b) and/or 6.3(c) of this Deed of
Trust regardless of the adequacy of the security for the Secured Obligations, or whether any
or all of the Secured Obligations have been declared to be immediately due and payable, or
whether notice of default and election to sell has been given under this Deed of Trust.

     (c) From time to time, Beneficiary may apply to any court of competent jurisdiction for
aid and direction in executing and enforcing the rights and remedies created under this Deed
of Trust. Beneficiary may from time to time obtain orders or decrees directing, confirming
or approving acts in executing and enforcing these rights and remedies.

     8.4 Merger. The parties to this Deed of Trust intend that no merger shall occur as a
result of Beneficiary’s acquiring any other estate in or any other lien on the Property unless
Beneficiary consents to a merger in writing.

     8.5 Joint and Several Liability. If Grantor consists of more than one person, each
shall be jointly and severally liable for the faithful performance of all of Grantor’s obligations
under this Deed of Trust.

     8.6 Applicable Law. The creation, perfection and enforcement of the lien of this Deed
of Trust shall be governed by the law of the State in which the property is located. Subject to
the foregoing, in all other respects, this Deed of Trust shall be exclusively governed by the
substantive laws of the State of California.

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     8.7 Successors in Interest. The terms, covenants and conditions of this Deed of Trust
shall be binding upon and inure to the benefit of the heirs, successors and assigns of the parties.
However, this Section 8.7 does not waive the provisions of Section 6.1 of this
Deed of Trust.

     8.8 Interpretation.

     (a) Whenever the context requires, all words used in the singular will be construed to
have been used in the plural, and vice versa, and each gender will include any other gender.
The captions of the sections of this Deed of Trust are for convenience only and do not
define or limit any terms or provisions. The word “include(s)” means “include(s), without
limitation,” and the word “including” means “including, but not limited to.”

     (b) The word “obligations” is used in its broadest and most comprehensive sense, and
includes all primary, secondary, direct, indirect, fixed and contingent obligations. It
further includes all principal, interest, prepayment charges, late charges, loan fees and
any other fees and charges accruing or assessed at any time, as well as all obligations to
perform acts or satisfy conditions.

     (c) No listing of specific instances, items or matters in any way limits the scope or
generality of any language of this Deed of Trust. The Exhibits to this Deed of Trust are
hereby incorporated in this Deed of Trust.

     8.9 In-House Counsel Fees. Whenever Grantor is obligated to pay or reimburse
Beneficiary for any attorneys’ fees, those fees shall include the reasonable allocated costs for
services of in-house counsel.

     8.10 Waiver of Statutory Rights. To the extent permitted by law, Grantor hereby
agrees that it shall not and will not apply for or avail itself of any appraisement, valuation,
stay, extension or exemption laws, or any so-called “Moratorium Laws,” now existing or hereafter
enacted, in order to prevent or hinder the enforcement or foreclosure of this Deed of Trust, but
hereby waives the benefit of such laws to the extent permitted by law. Grantor for itself and all
who may claim through or under it waives any and all right to have the property and estates
comprising the Property marshalled upon any foreclosure of the lien hereof and agrees that any
court having jurisdiction to foreclose such lien may order the Property sold as an entirety. To
the extent permitted by law, Grantor hereby waives any and all rights of redemption from sale under
any judgment of foreclosure of this Deed of Trust on behalf of Grantor and on behalf of each and
every person acquiring any interest in or title to the Property of any nature whatsoever,
subsequent to the date of this Deed of Trust. The foregoing waiver of right of redemption is made
pursuant to the provisions of applicable law.

     8.11 Severability. If any provision of this Deed of Trust should be held
unenforceable or void, that provision shall be deemed severable from the remaining provisions and
shall in no way affect the validity of this Deed of Trust except that if such provision relates to
the payment of any monetary sum, then Beneficiary may, at its option, declare all Secured
Obligations immediately due and payable.

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     8.12 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:

	 	 	 

	Grantor:

	 	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
	 
	 	 
	With a copy to:

	 	Gregory Kaplan, PLC
	 

	 	7 East Second Street
	 

	 	Richmond, VA 23224
	 

	 	Joseph J. McQuade, Esq.
	 

	 	Telephone       804.916.9027
	 

	 	Facsimile        804.916.9127
	 
	 	 
	Trustee:

	 	First American Title Insurance Company
	 

	 	5 First American Way
	 

	 	Santa Ana, CA 92707
	 
	 	 
	Beneficiary:

	 	KeyBank National Association
	 

	 	225 Franklin Street, 18th Floor
	 

	 	Boston, MA 02110
	 

	 	Attention: Commercial Real Estate Department
	 

	 	Telephone       617.385.6202
	 

	 	Facsimile        617.385.6293
	 
	 	 
	With a copy 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.

     Any notice or demand delivered to the person or entity named above to accept notices and
demands for Grantor shall constitute notice or demand duly delivered to Grantor, even if delivery
is refused.

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     8.13 Future Advances. The total amount of indebtedness secured hereby may increase or
decrease from time to time, but the total unpaid principal balance of indebtedness secured hereby
(including disbursements that Lenders and Beneficiary may, but shall not be obligated to, make
under this Deed of Trust, the Loan Documents or any other document with respect thereto) at any one
time outstanding may be substantially less but the maximum principal amount to be secured shall not
exceed Fifteen Million Dollars ($15,000,000), plus interest thereon, and any disbursements made for
the enforcement of this Deed of Trust and any remedies hereunder, payment of taxes, special
assessments, utilities or insurance on the Property, any other protective advances made relating to
the Property, and interest on such disbursements and all disbursements by Lenders and Beneficiary
pursuant to applicable law (all such indebtedness being hereinafter referred to as the maximum
amount secured hereby). This Deed of Trust shall be valid and have priority to the extent of the
maximum amount secured hereby over all subsequent liens and encumbrances, including statutory
liens, excepting solely taxes and assessments levied on the Property given priority by law.

     8.14 Beneficiary’s Lien for Service Charge and Expenses. At all times, regardless of
whether any Loan proceeds have been disbursed, this Deed of Trust secures (in addition to any Loan
proceeds disbursed from time to time) the payment of any and all loan commissions, service charges,
liquidated damages, expenses and advances due to or incurred by Beneficiary not to exceed the
maximum amount secured hereby. For purposes hereof, all obligations of Grantor to Beneficiary under
all Interest Rate Agreements and any indebtedness or obligation contained therein or evidenced
thereby shall be considered an obligation of Grantor secured hereby.

     8.15 WAIVER OF TRIAL BY JURY. GRANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVES ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN
CONNECTION WITH THIS DEED OF TRUST, THE NOTE, OR ANY OF THE OTHER LOAN DOCUMENTS, THE LOAN OR ANY
OTHER STATEMENTS OR ACTIONS OF GRANTOR OR BENEFICIARY. GRANTOR ACKNOWLEDGES THAT IT HAS BEEN
REPRESENTED IN THE SIGNING OF THIS DEED OF TRUST AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT
LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS DISCUSSED THIS WAIVER WITH SUCH LEGAL
COUNSEL. GRANTOR FURTHER ACKNOWLEDGES THAT (i) IT HAS READ AND UNDERSTANDS THE MEANING AND
RAMIFICATIONS OF THIS WAIVER, (ii) THIS WAIVER IS A MATERIAL INDUCEMENT FOR BENEFICIARY TO MAKE THE
LOAN, ENTER INTO THIS DEED OF TRUST AND EACH OF THE OTHER LOAN DOCUMENTS, AND (iii) THIS WAIVER
SHALL BE EFFECTIVE AS TO EACH OF SUCH OTHER LOAN DOCUMENTS AS IF FULLY INCORPORATED THEREIN.

     8.16 Inconsistencies.

     In the event of any inconsistency between this Deed of Trust and the Loan Agreement, the terms
hereof shall be controlling as necessary to create, preserve and/or maintain a valid security
interest upon the Property, otherwise the provisions of the Loan Agreement shall be controlling.

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     8.17 UCC Financing Statements.

     Grantor hereby authorizes Beneficiary to file Uniform Commercial Code financing statements to
perfect Beneficiary’s security interest in any part of the Property. In addition, Grantor agrees
to sign any and all other documents that Beneficiary deems necessary in its sole discretion to
perfect, protect, and continue Beneficiary’s lien and security interest in the Property.

9. State Specific Provisions.

     9.1 Principles Of Construction. In the event of any inconsistencies between the terms
and conditions of this Article 9 and the other terms and conditions of this Deed of Trust, the
terms and conditions of this Article 9 shall control and be binding.

     9.2 No “Mortgagee-In-Possession” Status. Neither the assignment of Leases and Rents
contained in this Deed of Trust, nor the exercise by Beneficiary of any of its rights or remedies
under this Deed of Trust shall be deemed to make Beneficiary a “mortgagee-in-possession” or
otherwise liable in any manner with respect to the Property, unless Beneficiary, in person or by
agent, assumes actual possession thereof. Nor shall appointment of a receiver for the Property by
any court at the request of Beneficiary or by agreement with Grantor, or the entering into
possession of the Property by such receiver, be deemed to make Beneficiary a
“mortgagee-in-possession” or otherwise liable in any manner with respect to the Property.

     9.3 Environmental Provisions.

          (a) Beneficiary may waive its lien against the Property or any portion thereof, whether
fixtures or personal property, to the extent such property is found to be “environmentally
impaired” or an “affected parcel” in accordance with California Code of Civil Procedure Section
726.5 and may exercise any and all rights and remedies of an unsecured creditor against Grantor and
all of Grantor’s assets and property for the recovery of any deficiency and Environmental Costs (as
hereafter defined), including, but not limited to, seeking an attachment order under California
Code of Civil Procedure Section 483.010. The term “Environmental Costs” shall mean any
costs, damages, expenses, fees, penalties, fines, judgments, indemnification payments to third
parties, and other out-of-pocket costs or expenses actually incurred or advanced by Beneficiary
relating to the cleanup, remediation or other response action required by Environmental Laws or
which Beneficiary reasonably believes necessary to protect the Property. As between Beneficiary
and Grantor, for purposes of California Code of Civil Procedure Section 726.5, Grantor shall have
the burden of proving that Grantor or any related party (or any Affiliate or agent of Grantor or
any related party) was not in any way negligent in permitting the release or threatened release of
the Hazardous Substances. Grantor acknowledges and agrees that, if this clause (a) applies, then
notwithstanding any term or provision contained herein or in the Loan Documents, all judgments and
awards entered against Grantor shall be exceptions to any nonrecourse or exculpatory provision of
the Loan Documents, and Grantor shall be fully and personally liable for all judgments and awards
entered against Grantor relating to Environmental Costs and such liability shall not be limited to
the original principal amount of the obligations secured by this Deed of Trust and Grantor’s
obligations shall survive the foreclosure, deed in lieu of foreclosure, release, reconveyance, or
any other transfer of the Property or this Deed of Trust.

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For the purposes of any action brought by or on behalf of Beneficiary under this Section 9.4,
Grantor hereby waives the defense of laches and any applicable statute of limitations.

          (b) In the event Beneficiary elects, in accordance with California Code of Civil Procedure
Section 726.5, to waive all or part of the security of this Deed of Trust and proceed against
Grantor on an unsecured basis, the valuation of the Property, the determination of the
environmentally impaired status of such security and any cause of action for a money judgment
shall, at the request of Beneficiary, be referred to a referee in accordance with California Code
of Civil Procedure Sections 638 et seq. Such referee shall be an impartial M.A.I. appraiser
selected by Beneficiary and approved by Grantor, which approval shall not be unreasonably withheld
or delayed. If the parties cannot agree on an M.A.I. appraiser approved by Grantor, either party
may apply to the presiding judge of the Superior Court in which the Property is located to make
such appointment. The decision of such referee shall be binding upon both Grantor and Beneficiary,
and judgment upon the award rendered by such referee shall be entered in the court in which such
proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and
645. Grantor shall pay all reasonable costs and expenses incurred by Beneficiary in connection with
any proceeding under California Code of Civil Procedure 726.5, as such Section may be amended from
time to time.

          (c) Beneficiary or its agents, acting by themselves or through a court appointed receiver, may
upon reasonable advance notice to Grantor, enter upon the Property or any part thereof and may
perform such acts and things as Beneficiary deems reasonably necessary or desirable to inspect,
investigate, assess, and protect the security hereof, including without limitation of any of its
other rights: (i) obtain a court order to enforce Beneficiary’s right to enter and inspect the
Premises under California Civil Code Section 2929.5, to which the decision of Beneficiary as to
whether there exists a release or threatened release of any Hazardous Substance onto the Premises
shall be deemed reasonable and conclusive as between the parties hereto; and (ii) have a receiver
appointed under California Code of Civil Procedure Section 564 to enforce Beneficiary’s right to
enter and inspect the Premises for Hazardous Substances. Subject to the Loan Documents, all
reasonable costs and expenses incurred by Beneficiary with respect to the audits, tests,
inspections, and examinations which Beneficiary or its agents or employees may conduct, including
the reasonable fees of the engineers, laboratories, contractors, consultants and attorneys, shall
become part of the indebtedness secured hereby and shall be paid by Grantor upon demand with
interest at the Default Rate from the date when paid by Beneficiary.

          (d) Beneficiary may seek a judgment that Grantor has breached its covenants, representations,
warranties and/or other provisions with respect to this Deed of Trust or the other Loan Documents
by commencing and maintaining an action or actions in any court of competent jurisdiction for
breach of contract pursuant to California Code of Civil Procedure Section 736, whether commenced
prior to or after foreclosure of the Property, and may seek the recovery of Environmental Costs, it
being conclusively presumed between Beneficiary and Grantor that all such Environmental Costs
incurred or advanced by Beneficiary relating to the cleanup, remediation or other response action
of or to the Premises were made by Beneficiary in good faith. Grantor acknowledges that such an
action shall not constitute an action within the meaning of Section 726(a) of the California Code
of Civil Procedure or constitute a money judgment for a deficiency or a deficiency judgment within
the meaning of Sections 580a, 580b, 580d or 726(b)

-36-

 

of the California Code of Civil Procedure. All Environmental Costs incurred by Beneficiary
(including court costs, consultant fees and reasonable attorneys’ fees and disbursements, whether
incurred in litigation or not and whether before or after judgment) shall bear interest at the
Default Rate from the date of expenditure until said sums have been paid. Beneficiary shall be
entitled to bid, at the sale of the Property held under any provision of this Deed of Trust, the
amount of said costs, expenses and interest in addition to the amount of the other obligations
hereby secured as a credit bid, the equivalent of cash.

          (e) Without limiting any of the remedies provided in the Loan Documents, Grantor acknowledges
and agrees that the provisions of this Section 9.4 and the Environmental Indemnity executed
in connection herewith are “environmental provisions” (as defined in Section 736(t)(2) of the
California Code of Civil Procedure) made by Grantor relating to the Premises (the
“Environmental Provisions”). Grantor’s breach or a failure to comply with the
Environmental Provisions shall constitute a breach of contract entitling Beneficiary to all
remedies provided under Section 736 of the California Code of Civil Procedure for the recovery of
damages and for the enforcement of the Environmental Provisions. Pursuant to Section 736,
Beneficiary’s action for recovery of damages or enforcement of the Environmental Provisions shall
not constitute an action within the meaning of Section 726(a) of the California Code of Civil
Procedure or constitute a money judgment for a deficiency or a deficiency judgment within the
meaning of Sections 580a, 580b, 580d and 726(b) of the California Code of Civil Procedure. The
rights and remedies provided for under the Loan Documents are separate and distinct causes of
action that shall not be abrogated, modified, limited or otherwise affected by the remedies
provided under Section 736(a) of the California Code of Civil Procedure.

          (f) Nothing herein shall be deemed to limit the right of Beneficiary to recover, in accordance
with California Code of Civil Procedure Section 736 (as such Section may be amended from time to
time), any reasonable costs, expenses, liabilities or damages, including reasonable attorneys’ fees
and costs, incurred by Beneficiary and arising from any covenant, obligation, liability,
representation or warranty contained in any Loan Document given to Beneficiary (including, without
limitation, the Environmental Indemnity), or any order, consent decree or settlement relating to
the cleanup of Hazardous Substances or any other “environmental provision” (as defined in such
Section 736) relating to the Property or any portion thereof or the right of Beneficiary to waive,
in accordance with the California Code of Civil Procedure Section 726.5 (as such Section may be
amended from time to time), the security of this Deed of Trust as to any parcel of the Property
that is “environmentally impaired” or is an “affected parcel” (as such terms are defined in such
Section 726.5), and as to any personal property attached to such parcel, and thereafter to exercise
against Grantor, to the extent permitted by such Section 726.5, the rights and remedies of any
unsecured creditor, including reduction of Beneficiary’s claim against Grantor to judgment, and any
other rights and remedies permitted by law.

     9.4 Trustee’s Deed Recitals. The recitals of facts in any instrument delivered upon
completion of any sales, as described in Section 6.3, above, such as the existence of a default,
the giving of written notice of default and notice of sale, and other facts affecting the
regularity or validity of such sale or disposition, shall be conclusive proof of the trust of such
facts and any such instruments shall be conclusive against all persons as to such fact recited
therein.

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     9.5 Right Of Entry. In addition to any other rights or remedies granted under this
Deed of Trust but subject to the terms and conditions of the Loan Agreement and the rights of
lessees, Beneficiary and its agents, acting by themselves or through a court appointed receiver,
upon reasonable advance notice to Grantor and an opportunity to be present, shall have the right to
enter upon the Property or any part thereof and perform such acts and things as Beneficiary deems
necessary or desirable to inspect, investigate, assess, and protect the security thereof Without
limitation of any of its other rights and subject to the provisions of the Loan Agreement,
Beneficiary shall have the right to: (i) obtain a court order to enforce Beneficiary’s right to
enter and inspect the Property under California Civil Code Section 2929.5 to which the decision of
Beneficiary as to whether there exists a release or threatened release of Hazardous Substances onto
the Property shall be deemed reasonable and conclusive as between the parties hereto and (ii) have
a receiver appointed under California Code of Civil Procedure Section 564 to enforce Beneficiary’s
right to enter and inspect the Property for Hazardous Substances. Subject to the Loan Agreement,
all reasonable costs and expenses incurred by Beneficiary with respect to the audits, tests,
inspections, and examinations which Beneficiary or its agents or employees may conduct, including
the reasonable fees of the engineers, laboratories, contractors, consultants, and attorneys, shall
be paid by Grantor five (5) Business Days following demand with interest at the Default Rate from
the date paid by Beneficiary. Such costs, if not paid for by Grantor following demand, may be
added to the principal balance of the sums due under the Note and this Deed of Trust and shall bear
interest thereafter until paid at the Default Rate.

     9.6 Reconveyance. If the Obligations are paid and all obligations secured by this
Deed of Trust are fully performed in accordance with the terms of this Deed of Trust, the Note and
the other Loan Documents, then Beneficiary agrees to request Trustee to reconvey the Property or
any applicable portion thereof in accordance with the provisions of the Loan Agreement upon payment
by Grantor of Trustee’s fees and all other sums owing to it under this Deed of Trust and the other
Loan Documents, Trustee will reconvey the Property without warranty to the person or persons
legally entitled thereto. The grantee in the reconveyance may be described as “the person or
persons legally entitled thereto.” No reconveyance hereof shall impair Grantor’s warranties and
indemnities contained herein.

     9.7 Border Zone Property. To Grantor’s actual knowledge and except as disclosed in
the Environmental Report, Grantor represents and warrants that the Premises have not been
designated as Border Zone Property under the provisions of California Health and Safety Code,
Sections 25220 et seq. or any regulation adopted in accordance therewith, and there has been no
occurrence or condition on any real property adjoining the Premises that is reasonably likely to
cause the Premises or any part thereof to be designated as Border Zone Property.

     9.8 Insurance Notice. Beneficiary hereby notifies Grantor of the provisions of
Section 2955.5(a) of the California Civil Code, which reads as follows:

“No lender shall require a borrower, as a condition of receiving or
maintaining a loan secured by real property, to provide hazard
insurance coverage against risks to the improvements on that real
property in an amount exceeding the replacement value of the
improvements on the property.”

-38-

 

This disclosure is being made by Beneficiary to Grantor pursuant to Section 2955.5(b) of the
California Civil Code. Grantor hereby acknowledges receipt of this disclosure and acknowledges that
this disclosure has been made by Beneficiary before execution of any note or security document
evidencing or securing the Loan.

     9.9 Commercial Loan. Grantor represents and warrants that the Loan is for commercial
purposes, and not for personal, household or consumer purposes.

     9.10 Remedies, Generally. Notwithstanding anything to the contrary contained in this
Deed of Trust or any of the other Loan Documents, Agent and Lenders shall have the right to
exercise any and all of their rights and remedies granted them hereunder, as well as all remedies
available to it under California Civil Code Section 2938 or any successor statute.

     9.11 Financing Statement. This Deed of Trust shall constitute a financing statement
pursuant to California UCC §9-402(b), and shall be filed as a fixture filing in the
Official Records of the County Register of the County in which the Property is located and covers
goods which are or are to become fixtures on the Premises.

     9.12 Remedies, Mixed Collateral. Agent and Lenders may exercise all of the rights and
remedies of a secured party under the California UCC with respect to the Property. Pursuant to
Section 9-604(a) of the California UCC, Agent and Lenders shall have an option to proceed with
respect to both the real property portion of the Property and the personal property portion of the
Property, in accordance with its rights, powers and remedies with respect to the real property.
Such Section 9-604(a) also permits Agent and Lenders to proceed separately against the Property in
accordance with the remedy and enforcement provisions of the California UCC. If Agent and Lenders
shall elect to proceed against the Property separately from any proceeding with respect to the real
property, Grantor agrees that 10 days notice of the sale of the Property shall be reasonable
notice.

(Signature on next page)

-39-

 

     IN WITNESS WHEREOF, Grantor has executed this Deed of Trust as an instrument under seal as of
the date first above written.

	 	 	 	 	 	 	 	 	 

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

	 	 	 	 	 	By:
	 	/s/ Christopher S. Cameron
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name: Christopher S. Cameron
	 

	 	 	 	 	 	 	 	Title: CFO, Secretary

STATE OF CALIFORNIA

COUNTY OF                                         

     On August ____, 2010, before me, the undersigned notary public, personally appeared
________________, the _______________ of TNP Strategic Realty Trust, Inc., a Maryland corporation
and the General Partner of TNP Strategic Retail Operating Partnership, LP, a Delaware limited
liability company, and Sole Member of TNP SRT San Jacinto, LLC, a Delaware limited liability
company, proved to me through satisfactory evidence of identification, being (check whichever
applies): o driver’s license or other state or federal governmental document bearing a photographic
image, o oath or affirmation of a credible witness known to me who knows the above signatory, or o my
own personal knowledge of the identity of the signatory, to be the person whose name is signed
above, and acknowledged the foregoing to be signed by him/her voluntarily in said capacity and the
free act and deed of said limited liability companies, for its stated purpose.

	 	 	 	 	 

	 
	 

	 	 

Notary Public
	 	 
	 

	 	Print Name                                         	 	 
	 

	 	My Commission Expires                     	 	 
	 

	 	[SEAL]	 	 

[Signature Page to Deed of Trust]

 

 

Schedule 1

Defined Terms

     “Debtor Relief Laws” means collectively, Title 11 of the United States Code as now or
hereafter in effect or any other federal, state or local law, domestic or foreign, as now or
hereafter in effect relating to bankruptcy, insolvency, liquidation, receivership, reorganization,
arrangement, composition, extension or adjustment of debts, or similar laws affecting the rights of
creditors.

     “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.

     “Interest Rate Agreement” shall mean an interest rate hedging program through the purchase by
Grantor, Original Borrower or another Borrower from Beneficiary of an interest rate swap, cap, or
such other interest rate protection product with respect to the Note.

     “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.

     “Legal Requirement” means any Law, agreement, covenant, restriction, easement or condition
(including, without limitation of the foregoing, any condition or requirement imposed by any
insurance or surety company), as any of the same now exists or may be changed or amended or come
into effect in the future.

     “Permitted Encumbrances” means those matters listed on Exhibit B attached hereto and
made a part hereof.

 

 

     “Transfer” means any sale, transfer, lease (other than a Lease approved or deemed approved by
Agent), conveyance, alienation, pledge, assignment, mortgage, encumbrance hypothecation or other
disposition of (a) all or any portion of the Property or any portion of any other security for the
Secured Obligations, (b) all or any portion of the Borrower’s right, title and interest (legal or
equitable) in and to the Property or any portion of any other security for the Secured Obligations
other than Permitted Encumbrances, or (c) any interest in any Borrower or any interest in any
entity which directly or indirectly holds an interest in, or directly or indirectly controls, any
Borrower.

     “UCC” means the Uniform Commercial Code, as adopted in the State of California, as it may be
amended from time to time.

 

 

EXHIBIT A

LEGAL DESCRIPTION

PARCEL “A”

PARCEL A AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 4 AND 8 OF PARCEL MAP NO. 33196, IN THE
CITY OF SAN JACINTO, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 216, PAGES 72
AND 73 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER
OF SAID COUNTY, LYING WITHIN SECTION 32, TOWNSHIP 4 SOUTH,
RANGE 1 WEST, SAN BERNARDINO MERIDIAN, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHEAST CORNER OF SAID PARCEL 4 OF SAID
PARCEL MAP NO. 33196, SAID POINT BEING ON THE SOUTHERLY LINE
OF SAID PARCEL MAP NO. 33196.

THENCE ALONG THE SOUTHERLY LINE OF SAID PARCEL MAP NO.
33196, NORTH 89° 54’ 46” WEST A DISTANCE OF 83.32 FEET;

THENCE LEAVING SAID SOUTHERLY LINE NORTH 00° 05’ 14” EAST A
DISTANCE OF 124.09 FEET TO A POINT ON THE NORTHERLY LINE OF
SAID PARCEL 4;

THENCE ALONG THE EASTERLY PROLONGATION OF THE NORTHERLY LINE
OF SAID PARCEL 4 SOUTH 89° 54’ 46” EAST A DISTANCE OF 234.80
FEET;

THENCE LEAVING SAID PROLONGATION SOUTH 00° 05’ 14” WEST A
DISTANCE OF 107.09 FEET TO A POINT ON THE SOUTHERLY LINE OF
SAID PARCEL MAP NO. 33196, SAID LINE BEING 73.00 FEET NORTH
OF THE CENTERLINE OF ESPLANADE AVENUE AS SHOWN ON SAID
PARCEL MAP NO. 33196;

THENCE ALONG THE SOUTHERLY LINE OF SAID PARCEL MAP NO. 33196
THE FOLLOWING COURSES:

SOUTH 45° 05’ 14” WEST A DISTANCE OF 24.04 FEET;

 

 

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 134.48 FEET TO
THE POINT OF BEGINNING.

PARCEL “B”

PARCEL B AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 6, 7 AND 8 OF PARCEL MAP NO. 33196, IN
THE CITY OF SAN JACINTO, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 216, PAGES 72
AND 73, OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER
OF SAID COUNTY, LYING WITHIN SECTION 32, TOWNSHIP 4 SOUTH,
RANGE 1 WEST, SAN BERNARDINO MERIDIAN, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

BEGINNING AT THE MOST NORTHWESTERLY CORNER OF PARCEL 6 OF
SAID PARCEL MAP NO. 33196, SAID POINT BEING THE NORTHWEST
CORNER OF SAID PARCEL MAP NO. 33196, SAID POINT ALSO BEING
78.00 FEET EAST OF THE CENTERLINE OF SANDERSON AVENUE AS
SHOWN ON SAID PARCEL MAP NO. 33196;

THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL MAP NO. 33196
SOUTH 89° 54’ 40” EAST A DISTANCE OF 389.59 FEET;

THENCE LEAVING SAID NORTHERLY LINE, SOUTH 00° 05’ 14” WEST A
DISTANCE OF 151.01 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 56.33 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 108.16 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 83.75 FEET TO A
POINT ON THE WESTERLY LINE OF SAID PARCEL 7;

THENCE ALONG THE NORTHERLY PROLONGATION OF THE WESTERLY LINE
OF SAID PARCEL 7 NORTH 00° 05’ 14” EAST A DISTANCE OF 130.00
FEET;

THENCE LEAVING SAID NORTHERLY PROLONGATION NORTH 89° 54’ 46”
WEST A DISTANCE OF 18.00 FEET;

 

 

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 107.17 FEET;

THENCE NORTH 89° 54’ 40” WEST A DISTANCE OF 231.52 FEET TO A
POINT ON THE WESTERLY LINE OF SAID PARCEL MAP NO. 33196 SAID
POINT BEING 78.00 FEET EAST OF THE CENTERLINE OF SANDERSON
AVENUE AS SHOWN ON SAID PARCEL MAP NO. 33196;

THENCE ALONG THE EASTERLY LINE OF SAID SANDERSON AVENUE,
NORTH 00° 06’ 56” EAST A DISTANCE OF 21.00 FEET TO THE POINT
OF BEGINNING.

PARCEL “C”

PARCEL C AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 4, 6, 7, AND 8 OF PARCEL MAP NO. 33196,
IN THE CITY OF SAN JACINTO, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 216 PAGES 72 AND
73, OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY, LYING WITHIN SECTION 32, TOWNSHIP 4 SOUTH,
RANGE 1 WEST, SAN BERNARDINO MERIDIAN, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

BEGINNING AT THE SOUTHEAST CORNER OF PARCEL 2 OF SAID PARCEL
MAP NO. 33196;

THENCE ALONG THE EASTERLY LINE OF SAID PARCEL 2 THE
FOLLOWING COURSES:

NORTH 00° 05’ 14” EAST A DISTANCE OF 132.26 FEET;

THENCE NORTH 89°54’ 46” WEST A DISTANCE OF 28.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 30.00 FEET THE
NORTHEAST CORNER OF SAID PARCEL 2, SAID POINT BEING ON THE
WESTERLY PROLONGATION OF THE SOUTHERLY LINE OF SAID PARCEL
6;

THENCE ALONG SAID WESTERLY PROLONGATION, SOUTH 89° 54’ 46”
EAST A DISTANCE OF 28.00 FEET TO AN ANGLE POINT ON THE
WESTERLY LINE OF SAID PARCEL 6;

THENCE ALONG THE WESTERLY LINE OF SAID PARCEL 6 THE
FOLLOWING COURSE:

 

 

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 42.50 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 18.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 66.50 FEET;

THENCE SOUTH 89° 54’ 46” EAST A DISTANCE OF 18.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 6.92 FEET TO THE
BEGINNING OF A TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A
RADIUS OF 30.00 FEET WITH A RADIAL BEARING OF SOUTH 89° 54’
46” EAST;

THENCE NORTHWESTERLY AND WESTERLY ALONG SAID CURVE THROUGH A
CENTRAL ANGLE OF 94° 54’ 51” AN ARC LENGTH OF 49.70 FEET;

THENCE SOUTH 85° 10’ 23” WEST A DISTANCE OF 119.40 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 50.00 FEET TO A
POINT ON THE WESTERLY LINE OF SAID PARCEL MAP NO. 33196 SAID
POINT BEING 78.00 FEET EAST OF THE CENTERLINE OF SANDERSON
AVENUE AS SHOWN ON SAID PARCEL MAP NO. 33196;

THENCE ALONG THE EASTERLY LINE OF SAID SANDERSON AVENUE,
NORTH 00° 06’ 56” EAST A DISTANCE OF 25.02 FEET;

THENCE LEAVING SAID EASTERLY LINE SOUTH 89° 54’ 4O” EAST A
DISTANCE OF 231.52 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 107.17 FEET;

THENCE SOUTH 89° 54’ 46” EAST A DISTANCE OF 18.00 FEET TO A
POINT ON THE NORTHERLY PROLONGATION OF THE WESTERLY LINE OF
SAID PARCEL 7;

THENCE ALONG SAID NORTHERLY PROLONGATION, SOUTH 00° 05’ 14”
WEST A DISTANCE OF 130.00 FEET;

THENCE LEAVING THE WEST LINE OF SAID LOT 7, SOUTH 89° 54’
46” EAST A DISTANCE OF 83.75 FEET TO A POINT 10.00 FEET WEST
OF THE SOUTHERLY PROLONGATION OF THE EASTERLY LINE OF SAID
PARCEL 6;

THENCE ON A LINE PARALLEL WITH AND 10.00 FEET DISTANT FROM
THE EASTERLY LINE OF SAID PARCEL 6 NORTH 00° 05’

 

 

14” EAST A DISTANCE OF 108.16 FEET;

THENCE LEAVING SAID PARALLEL LINE, SOUTH 89° 54’ 46” EAST A
DISTANCE OF 56.33 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 179.76 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 16.80 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 112.56 FEET TO A
POINT ON A LINE THAT IS PARALLEL WITH AND 38.44 FEET DISTANT
NORTHERLY FROM THE NORTHERLY LINE OF PARCEL 4 OF SAID PARCEL
MAP NO. 33196;

THENCE ALONG SAID PARALLEL LINE, SOUTH 89° 54’ 46” EAST A
DISTANCE OF 38.75 FEET;

THENCE LEAVING SAID PARALLEL LINE, SOUTH 00° 05’ 14” WEST A
DISTANCE OF 162.53 FEET TO A POINT ON THE SOUTHERLY LINE OF
SAID PARCEL 4, SAID POINT BEING ON THE SOUTHERLY LINE OF
SAID PARCEL MAP NO. 33196, SAID LINE BEING 56.00 FEET NORTH
OF THE CENTERLINE OF ESPLANADE AVENUE AS SHOWN ON SAID
PARCEL MAP NO. 33196;

THENCE ALONG SAID SOUTHERLY LINE THE FOLLOWING COURSE:

NORTH 89° 54’ 46” WEST A DISTANCE OF 94.81 FEET;

THENCE NORTH 44° 54’ 46” WEST A DISTANCE OF 24.04 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 42.00 FEET TO
THE SOUTHWEST CORNER OF SAID PARCEL 4, SAID POINT ALSO BEING
THE SOUTHEAST CORNER OF PARCEL 3 OF SAID PARCEL MAP NO.
33196;

THENCE LEAVING SAID SOUTHERLY LINE, ALONG THE EASTERLY LINE
OF SAID PARCEL 3;

NORTH 00° 05’ 14” EAST A DISTANCE OF 107.09 FEET TO THE
NORTHWEST CORNER OF SAID PARCEL 4 OF SAID PARCEL MAP NO.
33196;

THENCE CONTINUING ALONG THE EASTERLY LINE OF SAID PARCEL 3
THE FOLLOWING COURSES:

NORTH 00° 05’ 14” EAST A DISTANCE OF 204.87 FEET;

 

 

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 74.22 FEET;

THENCE NORTH 00° 5’ 14” EAST A DISTANCE OF 39.13 FEET TO A
POINT ON THE SOUTHERLY LINE OF SAID PARCEL 2;

THENCE ALONG THE SOUTHERLY LINE OF SAID PARCEL 2 SOUTH 89°
54’ 46” EAST A DISTANCE OF 18.00 FEET TO THE POINT OF
BEGINNING.

PARCEL “D”

PARCEL D AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 6 AND 8 OF PARCEL MAP NO. 33196, IN THE
CITY OF SAN JACINTO, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, AS SHOWN BY MAP IN FILE IN BOOK 216 PAGES 72 AND
73, OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY, LYING WITHIN SECTION 32, TOWNSHIP 4 SOUTH,
RANGE 1 WEST, SAN BERNARDINO MERIDIAN, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

COMMENCING AT THE NORTHEAST CORNER OF SAID PARCEL 8 OF
PARCEL MAP NO. 33196, SAID POINT BEING ON THE NORTHERLY LINE
OF SAID PARCEL MAP NO. 33196.

THENCE ALONG SAID NORTHERLY LINE SOUTH 89° 54’ 40” EAST A
DISTANCE OF 135.33 FEET TO THE TRUE POINT OF BEGINNING;

THENCE LEAVING SAID NORTHERLY LINE SOUTH 00° 05’ 14” WEST A
DISTANCE OF 329.77 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 16.80 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 112.56 FEET TO A
POINT ON A LINE THAT IS PARALLEL WITH AND 38.44 FEET DISTANT
NORTHERLY FROM THE NORTHERLY LINE OF PARCEL 4 OF SAID PARCEL
MAP NO. 33196;

THENCE ALONG SAID PARALLEL LINE, SOUTH 89° 54’ 46” EAST A
DISTANCE OF 130.00 FEET;

THENCE LEAVING SAID PARALLEL LINE, NORTH 00° 05’ 14” EAST A
DISTANCE OF 119.33 FEET;

THENCE SOUTH 89° 54’ 46” EAST A DISTANCE OF 20.00 FEET;

 

 

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 61.33 FEET;

THENCE NORTH 72° 23’ 24” EAST A DISTANCE OF 16.23 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 32.65 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 22.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 224.08 FEET TO A
POINT ON THE NORTHERLY LINE OF SAID PARCEL 8;

THENCE ALONG SAID NORTHERLY LINE NORTH 89° 54’ 40” WEST A
DISTANCE OF 126.67 FEET TO THE TRUE POINT OF BEGINNING.

PARCEL “E”

PARCEL E AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 8, 9, AND 10 OF PARCEL MAP NO. 33196, IN
THE CITY OF SAN JACINTO, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, AS SHOWN BY MAP IN FILE IN BOOK 216 PAGES 72 AND
73, OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY, LYING WITHIN SECTION 32, TOWNSHIP 4 SOUTH,
RANGE 1 WEST, SAN BERNARDINO MERIDIAN, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHEAST CORNER OF SAID PARCEL 8 OF SAID
PARCEL MAP NO. 33196, SAID POINT BEING ON THE NORTHERLY LINE
OF SAID PARCEL MAP NO. 33196

THENCE ALONG SAID NORTHERLY LINE SOUTH 89° 54’ 40” EAST A
DISTANCE OF 133.50 FEET TO A POINT 11.75 FEET WEST OF THE
NORTHEAST CORNER OF SAID PARCEL 9;

THENCE ON A LINE PARALLEL WITH AND 11.75 FEET DISTANT FROM
THE EASTERLY LINE OF SAID PARCEL 9 SOUTH 00° 05’ 14” WEST A
DISTANCE OF 253.17 FEET TO A POINT ON THE EASTERLY LINE OF
SAID PARCEL 9;

THENCE ALONG SAID EASTERLY LINE, LEAVING SAID PARALLEL LINE
SOUTH 25° 06’ 15” WEST A DISTANCE OF 5.32 FEET TO AN ANGLE
POINT ON THE EASTERLY LINE OF SAID PARCEL 9;

 

 

THENCE ALONG SAID EASTERLY LINE SOUTH 00° 05’ 14” WEST A
DISTANCE OF 36.00 FEET TO THE SOUTHEAST CORNER OF SAID
PARCEL 9;

THENCE ON A SOUTHERLY PROJECTION OF THE EASTERLY LINE OF
SAID PARCEL 9 SOUTH 00° 05’ 14” WEST A DISTANCE OF 42.17
FEET;

THENCE LEAVING SAID SOUTHERLY PROJECTION NORTH 89° 54’ 46”
WEST A DISTANCE OF 73.00 FEET TO A POINT ON THE EASTERLY
LINE OF SAID PARCEL 8;

THENCE ALONG SAID EASTERLY LINE THE FOLLOWING COURSES:

SOUTH 00° 05’ 14” WEST A DISTANCE OF 119.83 FEET;

THENCE SOUTH 04° 39’ 40” WEST A DISTANCE OF 25.08 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 106.86 FEET TO A
POINT ON THE SOUTHERLY LINE OF SAID PARCEL MAP NO. 33196,
SAID LINE BEING 73.00 FEET NORTH OF THE CENTERLINE OF
ESPLANADE AVENUE AS SHOWN ON SAID PARCEL MAP NO. 33196, SAID
POINT BEING THE SOUTHEAST CORNER OF SAID PARCEL 8;

THENCE ALONG SAID SOUTHERLY LINE NORTH 89° 54’ 46” WEST A
DISTANCE OF 40.00 FEET TO AN ANGLE POINT OF SAID SOUTHERLY
LINE;

THENCE LEAVING SAID SOUTHERLY LINE NORTH 00° 05’ 14” EAST A
DISTANCE OF 107.09 FEET TO A POINT ON THE EASTERLY
PROLONGATION OF THE NORTHERLY LINE OF PARCEL 4 OF SAID
PARCEL MAP NO. 33196;

THENCE ALONG SAID EASTERLY PROLONGATION NORTH 89° 54’ 46”
WEST A DISTANCE OF 143.61 FEET TO THE NORTHEAST CORNER OF
SAID PARCEL 4;

THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL 4 NORTH 89°
54’ 46” WEST A DISTANCE OF 91.19 FEET;

THENCE LEAVING SAID NORTHERLY LINE NORTH 00° 05’ 14” EAST A
DISTANCE OF 38.44 FEET TO A POINT ON A LINE THAT IS PARALLEL
WITH AND 38.44 FEET DISTANT NORTHERLY FROM THE NORTHERLY
LINE OF SAID PARCEL 4;

THENCE ALONG SAID PARALLEL LINE, SOUTH 89° 54’ 46” EAST A
DISTANCE OF 91.25 FEET;

 

 

THENCE LEAVING SAID PARALLEL LINE, NORTH 00° 05’ 14” EAST A
DISTANCE OF 119.33 FEET;

THENCE SOUTH 89° 54’ 46” EAST A DISTANCE OF 20.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 61.33 FEET;

THENCE NORTH 72° 23’ 24” EAST A DISTANCE OF 16.23 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 32.65 FEET;

THENCE NORTH 89° 54’ 46” WEST A DISTANCE OF 22.00 FEET;

THENCE NORTH 00° 05’ 14” EAST A DISTANCE OF 224.08 FEET TO A
POINT ON THE NORTHERLY LINE OF SAID PARCEL 8;

THENCE ALONG SAID NORTHERLY LINE SOUTH 89° 54’ 40” EAST A
DISTANCE OF 113.83 FEET TO THE POINT OF BEGINNING.

PARCEL “F”

PARCEL F AS SHOWN ON EXHIBIT “B” OF LOT LINE ADJUSTMENT NO.
07-02 AS EVIDENCED BY DOCUMENT RECORDED MARCH 28, 2007 AS
INSTRUMENT NO. 2007-0211022 OF OFFICIAL RECORDS, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS;

PORTIONS OF PARCELS 9 AND 10 OF PARCEL MAP NO. 33196, IN THE
CITY OF SAN JACINTO, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, AS SHOWN BY MAP IN FILE IN BOOK 216 PAGES 72 AND
73, OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY, LYING WITHIN SECTION 32, TOWNSHIP 4 SOUTH,
RANGE 1 WEST, SAN BERNARDINO MERIDIAN, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHEAST CORNER OF SAID PARCEL 10 OF SAID
PARCEL MAP 33196, SAID POINT BEING THE NORTHEAST CORNER OF
SAID PARCEL MAP NO. 33196.

THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL 10 NORTH 89°
54’ 40” WEST A DISTANCE OF 179.96 FEET TO A POINT 11.75 FEET
WEST OF THE NORTHWEST CORNER OF SAID PARCEL 10;

THENCE LEAVING SAID NORTHERLY LINE, ON A LINE PARALLEL WITH
AND 11.75 FEET DISTANT FROM THE WESTERLY LINE OF SAID PARCEL
10, SOUTH 00° 05’ 14” WEST A DISTANCE OF 253.17 FEET; TO A
POINT ON THE WESTERLY LINE OF PARCEL
10;

 

 

THENCE ALONG SAID WESTERLY LINE, LEAVING SAID PARALLEL LINE,
SOUTH 25° 06’ 15” WEST A DISTANCE OF 5.32 FEET; TO AN ANGLE
POINT ON THE WESTERLY LINE OF SAID PARCEL 10;

THENCE ALONG SAID WESTERLY LINE SOUTH 00° 05’ 14” WEST A
DISTANCE OF 36.00 FEET TO THE SOUTHEAST CORNER OF SAID
PARCEL 9;

THENCE ON A SOUTHERLY PROJECTION OF THE WESTERLY LINE OF
SAID PARCEL 10 SOUTH 00° 05’ 14” WEST A DISTANCE OF 42.17
FEET;

THENCE LEAVING SAID SOUTHERLY PROJECTION NORTH 89° 54’ 46”
WEST A DISTANCE OF 73.00 FEET TO A POINT ON THE WESTERLY
LINE OF SAID PARCEL 10;

THENCE ALONG THE WESTERLY LINE OF THE FOLLOWING COURSES:

SOUTH 00° 05’ 14” WEST A DISTANCE OF 119.83 FEET;

THENCE SOUTH 04° 39’ 40” WEST A DISTANCE OF 25.08 FEET;

THENCE SOUTH 00° 05’ 14” WEST A DISTANCE OF 106.86 FEET TO A
POINT ON THE SOUTHERLY LINE OF SAID PARCEL MAP NO. 33196,
SAID LINE BEING 73.00 FEET NORTH OF THE CENTERLINE OF
ESPLANADE AVENUE AS SHOWN ON SAID PARCEL MAP NO. 33196 SAID
POINT BEING THE SOUTHWEST CORNER OF SAID PARCEL 10;

THENCE ALONG SAID SOUTHERLY LINE SOUTH 89° 54’ 46” EAST A
DISTANCE OF 28.00 FEET TO THE SOUTHWEST CORNER OF PARCEL 5
OF SAID PARCEL MAP NO. 33196;

THENCE ALONG THE WESTERLY LINE OF SAID PARCEL 5 NORTH 00°
05’ 14” EAST A DISTANCE OF 136.36 FEET TO THE NORTHWEST
CORNER OF SAID PARCEL 5;

THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL 5 SOUTH 89°
54’ 46” EAST A DISTANCE OF 228.92 FEET TO THE NORTHEAST
CORNER OF SAID PARCEL 5, SAID POINT BEING ON THE EASTERLY
LINE OF SAID PARCEL MAP NO. 33196.

THENCE ALONG SAID EASTERLY LINE NORTH 00° 07’ 25” EAST A
DISTANCE OF 451.49 FEET TO THE POINT OF BEGINNING.

 

 

PARCEL “G”

PARCELS 1 AND 2 OF PARCEL MAP NO. 33196, IN THE CITY OF SAN
JACINTO, AS SHOWN ON A MAP FILED IN BOOK 216, PAGES 72 AND
73 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY.

PARCEL “H”

PARCEL 5 OF PARCEL MAP NO. 33196, IN THE CITY OF SAN
JACINTO, AS SHOWN ON A MAP FILED IN BOOK 216, PAGES 72 AND
73 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY.

PARCEL “I”

NON-EXCLUSIVE, PERPETUAL EASEMENTS FOR THE PURPOSES OF
PEDESTRIAN AND VEHICULAR INGRESS AND EGRESS, DRAINAGE AND
UTILITIES ALONG WITH NON-EXCLUSIVE EASEMENTS FOR PARKING,
BUILDING ENCROACHMENTS AND SIGN MAINTENANCE AS FURTHER
DESCRIBED AND SET FORTH IN A DOCUMENT ENTITLED “DECLARATION
OF COVENANTS, CONDITIONS AND RESTRICTIONS AND RECIPROCAL
EASEMENT AGREEMENT” RECORDED APRIL 4, 2006 AS INSTRUMENT NO.
2006-0238823 OF OFFICIAL RECORDS.

APN: 436-710-001-0 and 436-710-002-1 and 436-710-003-2 and
436-710-004-3 and 436-710-005-4 and 436-710-006-5 and
436-710-007-6 and 436-710-008-7 and 436-710-010-8

 

 

Exhibit B

Permitted Encumbrances

Those encumbrances listed in the title insurance policy for the Premises being issued as of even
date by First American Title Insurance Company for the benefit of the Beneficiary.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}]]