Document:

Form of Master Property Management

 EXHIBIT 10.6 
 FORM OF MASTER PROPERTY MANAGEMENT, LEASING 
 AND CONSTRUCTION MANAGEMENT AGREEMENT 

 Master Property Management, Leasing 
 and Construction Management Agreement 
 This Master Property Management, Leasing
and Construction Management Agreement (“Agreement”) is made and entered into as of the         day of             ,
2009, by and among The GC Net Lease REIT, Inc., a Maryland corporation (“The GC Net Lease REIT”), The GC Net Lease REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), and
The GC Net Lease REIT Property Management, LLC, a Delaware limited liability company (“Manager”). 
 Background

 The Operating Partnership was organized to acquire, own, operate, lease and manage real estate properties on behalf of The GC Net
Lease REIT. Owner (as defined below) intends to retain Manager to manage, coordinate the leasing of, and manage construction activities related to, certain real estate properties acquired for the benefit of The GC Net Lease REIT under the terms and
conditions set forth herein. 
 Agreement 
 Now, Therefore, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1.    Definitions. Except as otherwise specified or as the context may otherwise require, the following terms have the respective
meanings set forth below for all purposes of this Agreement, and the definitions of such terms are equally applicable both to the singular and plural forms thereof: 
 1.1.        “Advisor” means The GC Net Lease REIT Advisor, LLC, a Delaware limited liability company, or any person or entity to which The GC Net Lease REIT
Advisor, LLC, or any successor advisor transfers, assigns or subcontracts substantially all of its functions under that certain Advisory Agreement dated January 1, 2009, as amended. 
 1.2.        “Affiliate” of another Person includes only the following: (i) any Person
directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of
such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned,
controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. Manager shall not be deemed to control or be under common control with another Griffin
Capital Corporation-sponsored program unless (i) Manager owns 10% or more of the voting equity interests of such program or (ii) a majority of the board (or equivalent governing body) of such program is comprised of Affiliates of Manager.

 1.3.        “Improvements” means buildings, structures, and equipment from time
to time located on the Properties and all parking and common areas located on the Properties. 
 1.4.        “Lease” means, unless the context otherwise requires, any lease or sublease made by Owner as landlord or by its predecessor. 

 1.5.        “Owner” means the Operating
Partnership, The GC Net Lease REIT, each of their direct and indirect subsidiaries and any joint venture, limited liability company or other Affiliate of Owner in which Owner owns an interest and which owns, in whole or in part, any Properties or
Improvements. 
 1.6.        “Ownership Agreements” has the meaning set forth in
Section 2.3.B hereof. 
 1.7.        “Person” means any natural person,
partnership, corporation, association, trust, limited liability company or other legal entity. 
 1.8.        “Properties” means all real estate properties owned by Owner and all tracts acquired by Owner in the future containing income-producing Improvements or on which Owner will
construct income-producing Improvements. 
 1.9.        “Total Management Fees” has
the meaning set forth in Section 4 hereof. 
 2.    Appointment of Manager; Services To Be Performed. 
 2.1.        Appointment of Manager. Owner hereby engages and retains Manager as the sole and exclusive
manager of the Properties to perform such functions as are specified herein. Manager hereby accepts such appointment on the terms and conditions hereinafter set forth. It being understood that this Agreement causes Manager to be, at law,
Owner’s agent with respect to the Properties but only for the limited purposes set forth herein upon the terms contained herein. Owner represents that it has authority to grant such agency power. 
 2.2.        Dealings with Advisor. Unless Owner specifically informs Manager to the contrary, Advisor may
perform any of the obligations or exercise any of the rights of Owner under this Agreement; provided that any actions that Advisor takes on behalf of Owner pursuant hereto are subject to the terms of any agreements between Advisor and Owner, and
this Section 2.2 does not expand or modify the authority of Advisor to act on behalf of Owner. 
 2.3.        General. 
 A.        Efforts
of Manager. Manager agrees to perform its duties under this Agreement and to use reasonable commercial efforts to enhance the Properties’ ability to generate income. Manager’s services are to be of scope and quality not less than those
generally performed by professional managers of other similar properties in the areas in which Properties are located. Manager shall make available to Owner the full benefit of the judgment, experience and advice of the members of Manager’s
organization and staff with respect to the policies to be pursued by Owner relating to the management, operation, leasing, construction and/or buildout of the Properties. 
 B.        Ownership Agreements. Manager has received copies of agreements of limited partnership, joint venture partnership agreements, operating agreements, articles of
incorporation and bylaws of Owner and its Affiliates (collectively, the “Ownership Agreements”), as applicable, and mortgages on all Properties and is familiar with the terms thereof. Manager will use reasonable care to avoid any
act or omission which, in the performance of its duties hereunder, in any way conflicts with the terms of the Ownership Agreements or the mortgages in the absence of the express direction of the Board of Directors of The GC Net Lease REIT, and
Manager shall promptly notify Owner if any such conflict arises. 
  

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 2.4.        Specific Duties as Property Manager.
Manager’s duties as property manager for the Properties include the following: 
 A.        Monies Collected. Manager will collect all rent and other monies from tenants and any sums otherwise due Owner with respect to the Properties in the ordinary course of business in
accordance with the terms and conditions of all Leases and other agreements for the use and occupancy of the Properties, including any other charges that may become due at any time from any tenant or from others for services provided in connection
with the use and occupancy of the Properties. In collecting such monies, Manager will inform tenants of the Properties that all remittances are to be in the form of a check, money order or wire transfer. Owner authorizes Manager to request, demand,
collect and receipt for all such rent and other monies and to institute legal proceedings in the name of Owner for the collection thereof and for the dispossession of any tenant in default under its Lease. All monies so collected shall be deposited
in an Account (as defined in Section 2.4.K(1)). Manager shall not write-off any income items without the prior approval of Owner. 
 B.        Lease and Mortgage Obligations. Manager will perform all duties of the landlord under all Leases insofar as such duties relate to operation, maintenance, and day-to-day management.
Manager will also provide or cause to be provided, at Owner’s expense, all services normally provided to tenants of like premises, including where applicable and without limitation, gas, electricity or other utilities required to be furnished
to tenants under Leases, normal repairs and maintenance, and cleaning and janitorial service. Manager shall use its commercially reasonable efforts to comply with the terms and conditions of all Leases and shall promptly advise Owner of any material
breaches. Manager shall also perform all covenants and obligations required to be performed under the provisions of all mortgages, deeds of trust, deeds to secure debt or other like instrument to the extent that the performance of such covenants and
obligations are within the day-to-day control of Manager or as may be requested by Owner. 
 C.        Building Inspections. Manager will conduct complete inspections of the Properties and the surrounding common areas and all of their mechanical facilities as is prudent to determine
that the same are in good order and repair, but no less frequently than once per calendar quarter during the term of this Agreement; provided, however, that any Properties subject to triple-net Leases need only be inspected semi-annually.

 D.        Maintenance. Manager will cause the Properties to be maintained in the same
manner as similar properties in the area. Manager’s duties and supervision in this respect include, without limitation, cleaning of the interior and the exterior of the Improvements and the public common areas on the Properties and the making
and supervision of repairs, alterations, and decoration of the Improvements, subject to and in strict compliance with this Agreement and the Leases. 
 E.        Limitations on Expenditures. Manager will not incur any costs other than those estimated in any approved budget or approved pro forma statements except for:

 (1)            costs incurred in emergency situations in which action is
immediately necessary for the preservation or safety of a Property, or for the safety of occupant or other person (or to avoid the suspension of any necessary service of the Property); 
 (2)            expenditures for real estate taxes and assessments that exceed the amount
budgeted but only to the extent that such additional amounts are the result of a tax rate increase, Property value reassessment or other assessment that occurs after the preparation of the budget; 
 (3)            maintenance and repair costs that are individually under $10,000 so long as
such costs in the aggregate do not exceed the amount budgeted for such items by more than 5%; and 
 (4)            maintenance supplies calling for an aggregate purchase price of less than $5,000. 
  

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 F.        Notice of Violations. Manager will forward to
Owner promptly upon receipt all notices of violation or other notices from any governmental authority, and board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as shall be
appropriate. 
 G.        Personnel. Any personnel Manager hires to maintain and operate a
Property shall be the employees or independent contractors of Manager and not of Owner. Manager agrees to use due care in the selection and supervision of such employees or independent contractors. Manager is responsible for the preparation of and
shall timely file all payroll tax reports and timely make payments of all withholding and other payroll taxes with respect to each employee. 
 H.        Utilities and Supplies. Manager shall enter into or renew contracts for electricity, gas, steam, landscaping, fuel, oil, maintenance and other services as are customarily furnished or
rendered in connection with the operation of similar properties in the area and shall order all necessary supplies and equipment required for the proper operation, maintenance and repair of the Properties. 
 I.        Tenant Complaints. Manager shall maintain business-like relations with the tenants of the
Properties and respond to tenant complaints in a prudent, business-like manner. Manager shall maintain a record of all tenant complaints and Manager’s response to such complaints which record shall be available for review by Owner. 

J.        Signs. Manager shall place and remove, or cause to be placed and removed, such signs upon the
Properties as Manager deems appropriate, subject, however, to the terms and conditions of the Leases and to any applicable ordinances and regulations. 
 K.        Banking Accommodations. 
 (1)            Operating and Maintaining Bank Accounts. Manager shall establish and maintain one or more separate checking accounts (each, an “Account”) in
Owner’s name for funds relating to the Properties. All monies deposited from time to time in each Account shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly
permitted by this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. Each Account shall be maintained, and monies shall be
deposited therein and withdrawn therefrom, in accordance with the following: 
 (a)      All sums received
from rents and other income from the Properties shall be promptly deposited by Manager in an Account. All checks drawn to the order of Owner or Advisor should be endorsed by Manager for deposit only and deposited in an Account. 
 (b)      Manager shall have the right to designate two or more persons who shall be authorized to draw against each
Account, but only for purposes authorized by this Agreement. Manager may not under any circumstances write a check on an Account payable to or in favor of Manager or any Affiliate of Manager other than (i) to reimburse itself for expenditures
made on behalf of the Properties, and (ii) to pay itself the Total Management Fees payable hereunder, provided that any such expenditure, reimbursement or fee shall be reflected in the monthly operating statement provided with respect to the
month in which such expenditure or reimbursement is paid, and all proper procedures for payment have been followed. 
 (c)      All sums due to Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall be a charge against the operating revenues of the Properties and
shall be paid and/or withdrawn by Manager from an Account in accordance with the terms 
  

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 of the approved budgets or pro formas and to the extent funds are available therefor after taking into account other
required expenses of the Properties; provided, that if Manager has received a notice in accordance with Section 7.1 that it is in default of any material provision hereof and has not cured such default within ten (10) business days, then
Manager shall refrain from and be prohibited from withdrawing funds from an Account pursuant to this Section 2.4.K(1)(c) until such default is cured and Owner has consented to a normal resumption of the activity provided for in this
Section 2.4.K(1)(c). In the event that Manager determines that there are insufficient funds in the Accounts for the Properties to pay sums due to Manager hereunder and to pay the other expenses of the Properties, then Manager shall notify Owner
in writing and Owner shall promptly make sufficient funds available to satisfy such obligations. 
 (d)      Unless otherwise directed by Owner, by the 30th day of the first month following each calendar quarter, Manager shall forward to Owner net operating proceeds from the preceding quarter, retaining at all times, however a reserve for each Property provided in the
budget as approved by Owner to meet unbudgeted contingencies. 
 (2)              Closing Bank Accounts. All items relating to bank account closings are to be coordinated through Owner. Manager is required to process cash
activity in accordance with any applicable termination agreement, purchase and sale agreement, merger agreement, etc. Manager is responsible for final bank account reconciliation at the time of close out or transfer of the account. 
 (3)              Bank Account Statements & Reconciliation.

 (a)      Bank account statements will be delivered (via U.S. Mail) to a mailing address stipulated by
Manager directly from the banking institution to Manager’s accounting offices. 
 (b)      Manager should
reconcile all bank accounts in a timely manner and make available such reconciliation(s) on request. Manager shall provide explanations for any large, unusual or recurring reconciling items along with an indication as to when they will be resolved.
Bank reconciliations must be reviewed, approved, and initialed by at least one accounting supervisor independent from the individual preparing the bank reconciliation 
 (c)      Any issues relating to timely receipt of the monthly bank account statement (based on the established bank account statement cut-off date) should be directed towards the banking
institution. Recurring problems relating to the timely receipt of statements should be brought to the attention of Owner. 
 (d)      Unless Owner specifically requires otherwise, bank account service charges/fees will be set up to be billed (by the banking institution) directly to the account. 
 (e)      Outstanding checks (over 6 months old) should be researched and resolved in accordance with instructions from
Owner. 
 (4)              Failure of Depository Institution at
which an Account is Located. Manager shall have no liability to Owner for any amounts in an Account which are lost or not covered by insurance if the depository institution at which the Account is maintained fails or is otherwise placed in the
control of a governmental or quasi governmental authority and the assets of the Account are thereby forfeited in whole or in part, provided such depository institution was selected with reasonable care. 
 L.        Expenses. Manager shall analyze all bills received for services, work and supplies in connection
with the maintaining and operating the Properties, pay all such bills, and pay utility and water charges, sewer rent and assessments, and any other amount payable in respect to the Properties. Manager 
  

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 shall use reasonable commercial efforts to pay all bills within the time required to obtain discounts, if any. Owner may
from time to time request that Manager forward certain bills to Owner promptly after receipt, and Manager shall comply with any such request. It is understood that the payment of real property taxes and assessment and insurance premiums will be paid
out of an Account by Manager. All expenses shall be billed at net cost (i.e., less all commissions, discounts and allowances, however designed, but excluding rebates). Additionally, Manager will be held responsible for all Property Form 1099
reporting to the IRS. Form 1099s must be filed under Manager name and Manager taxpayer identification number (TIN), listing Manager as the “payer”. Manager will provide annually a signed declaration indicating compliance with Form 1099
reporting; Manager will provide this declaration to Owner with the February Quarterly Reporting Package. Penalties for misfilings are not to be charged to the Property, but are payable by Manager. 
 M.        Other Cash Management Items. 
 (1)            To the extent funds are available in an Account, Manager shall pay the
operating expenses of the Properties (including, without limitation, sums due Manager under this Agreement) and any other payments relative to the Properties as required by the terms of this Agreement. 
 (2)            Any interest or other income earned on the assets of an Account shall be
re-deposited in the Account, and shall for federal and state income tax purposes be deemed to be income of Owner. 
 (3)            Unless the bank account structure utilizes an automated cash concentration to Owner (e.g., zero balance account structure), amounts held in reserve should be
forecasted for significant expenditures (e.g. real estate tax payments) and must be held in interest bearing vehicles until the funds are disbursed. 
 (4)            If a Property has petty cash, it is Manager’s responsibility to ensure that petty cash is reconciled to general ledger and replenished on
a monthly basis. 
 N.        Books and Records. 
 (1)            General. Manager shall cause to be kept account books and records for
the Properties. Books and records must show all receipts, expenditures and all other records necessary or convenient for the recording of the results of operations of the Properties. Such account books and records shall be kept in a secure location
at the office(s) where Manager normally keeps all of its records and shall be open to inspection by Owner and its representatives at any reasonable time. Upon the effective date of expiration or termination of this Agreement, all such books and
records shall be forthwith turned over to Owner so as to ensure the orderly continuance of the operations of the Properties. Manager shall take necessary measures to ensure such control over accounting and financial transactions as is reasonably
required to protect Owner’s assets, from theft, error or fraudulent activity on the part of Manager’s employees or other agents. Manager shall indemnify and hold Owner harmless from all such losses, including, but not limited to, the
following: 
 (a)      Theft of assets by Manager’s employees or other agents; 
 (b)      Penalties and interest due to delay in payment of invoices, bills or other like charges if funds of Owner or
funds in an Account were available to make said payments and delays were not the result of any action or inaction on the part of Owner; 
 (c)       Overpayment or duplicate payment of invoices arising from either fraud or error; 
  

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 (d)      Overpayment of labor costs arising from either fraud or error;

 (e)      A sum equal to the value of any form of payment from purveyors to Manager’s employees or
associates arising from the purchase of goods or services for the Properties; and 
 (f)      Unauthorized use
of facilities by Manager’s employees or associates. 
 (2)            Charts of Accounts. The format of all financial reports, documents and other statements prepared by Manager pursuant to this Agreement shall utilize the
format required by Owner, as the same may be changed by Owner from time to time. 
 (3)            Fixed Asset Accounting. For Properties in portfolios requiring maintenance of fixed asset accounting detail and related depreciation (as specified in the
Accounting Policies set forth in Section 2.4.O), Manager will be required to maintain and submit to Owner on a monthly basis, a detailed schedule of all fixed asset additions and the related depreciation/amortization and accumulated
depreciation/ amortization utilizing the useful lives and various depreciation methods specified within the Accounting Policies. All such schedules shall agree to the amounts posted within the general ledger. Manager shall not be responsible for any
errors in data made prior to Manager’s involvement with the data. 
 (4)            Periodic Meetings. As reasonably required by Owner, Manager and other personnel engaged or involved in the management and operation of the Properties shall
meet to discuss the historical results of operations and to consider deviations from budget. 
 (5)            Right to Conduct Audit. Owner shall have the right to conduct an audit of the Properties’ operations by using its own internal auditors or by employing
independent auditors. Costs associated with conducting such audits by internal or independent auditors shall be borne by Owner. Should such audits result in the discovery of either weaknesses in internal control or errors in record keeping, these
shall be communicated to Manager in writing. Manager shall correct such discrepancies either upon discovery or within a reasonable period of time after notification. Manager shall inform Owner in writing of the action taken and to be taken to
correct such audit discrepancies. If any audit conducted by or on behalf of Owner reveals a discrepancy in excess of ten percent (10%), and greater than $10,000, for any material line item (i.e. base rent, operating escalation income, total
cleaning, total repairs and maintenance, etc.), Manager shall be responsible for the reasonable expenses of such audit. 
 (6)            Ownership of Books and Records. The books of accounts and all other records relating to or reflecting the operations of the Properties shall at all times be
the property of Owner, as applicable. 
 O.        Accounting Policies. Manager shall use the
accrual method of accounting with GAAP adjustments shown below (unless and until GAAP changes): 
 (1)            Straight-Line Rent Adjustment – Record straight-line rent over the entire Lease period on a Lease by Lease basis; 
 (2)            Free Rent Adjustment – Recognize any Free Rent as part of the
straight-line rent calculation on a Lease by Lease basis; 
 (3)            Capitalization Policy – Capitalize any expenditure that replace, improve, or otherwise extend the economic life of an asset in excess of $5,000 for any given
project. This includes tenant improvements and Lease acquisition costs (leasing commissions, space planning fees, legal fees, etc) that are in excess of $5,000; 
  

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 (4)            Depreciation Expense –
Record monthly depreciation expense on a straight-line basis over the estimated useful life of a given asset; 
 (5)            Amortization Expense – Record monthly amortization expense on a straight-line basis over the life of the Lease for which the cost was incurred; and 

(6)            Other – Adopt such other accounting policies as Owner may direct from
time to time with written notice to Manager. 
 P.        Reporting. 
 (1)            Monthly Financial Reporting Package. Not later than the 20th day of
each month, Manager shall cause to be delivered to Owner at least two copies of the standard reporting package and the specific financial and property information and reports set forth on Exhibit A hereto. Manager acknowledges that the
transmittal and specific financial statements and/ or schedules required by Owner are subject to change from time to time and may vary based on specific Property or portfolio requirements. All such reports shall be in a form prescribed by Owner. In
addition, Manager shall prepare any forms required by Owner to facilitate the input of financial information into Owner’s accounting system. 
 (2)            Quarterly Reports. On or before the 30th day of the first month following each calendar quarter for which such report or statement is prepared and during the term of this
Agreement, Manager shall prepare and submit to Owner the reports and statements detailed on Exhibit B hereto. 
 (3)            Final Accounting. Following the expiration or earlier termination of this Agreement, by virtue of the termination of this Agreement by Owner for cause or
otherwise, Manager shall nonetheless be responsible for preparing a final accounting within sixty (60) days of said expiration or earlier termination for any or all Properties subject to such termination or expiration. Such final accounting
shall set forth all current income, all current expenses and all other expenses contracted for on Owner’s behalf but not yet incurred in connection with the applicable Properties. The final accounting shall also include all other items
reasonably requested by Owner. 
 (4)            Certification. All
financial statements other than those audited by Owner’s independent public accounting firm shall be certified by an officer of Manager as true and correct in all respects and fairly presenting the financial results of the operation of the
Properties. 
 (5)            Other Reports and Statements. Manager will
furnish to Owner, at Manager’s expense, as promptly as practicable, such other reports, statements and other information with respect to the operations of the Properties as Owner may reasonably request from time to time. 
 Q.        Budgets and Leasing Plans. Not later than October 1 of each calendar year, Manager shall
prepare and submit to Owner for its approval an operating budget and, if Manager is also the leasing agent, a marketing and leasing plan on the Properties for the calendar year immediately following such submission. The budget and leasing plan shall
be in the form of the budget and plan approved by Owner prior to the date thereof and shall note (1) how the Property will be managed and leased, (2) market conditions, (3) demographics, (4) annual planned maintenance schedule,
(5) major leasing assumptions, (6) detail schedules for all revenue and expense items with assumptions, and (7) capital expenditure plans. As often as reasonably necessary during the period covered by any such budget, Manager may
submit to Owner for its approval an updated budget or plan incorporating such changes as shall be necessary to reflect cost over-runs and the like during such period. If Owner does not disapprove any such budget within 30 days after receipt thereof
by Owner, such budget shall be deemed approved. If Owner shall disapprove any such budget or plan, it shall so notify Manager within said 30-day period and explain the reasons therefor. 
  

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 R.        Governmental Approvals. Obtain all governmental
approvals and permits necessary for the operation of the Properties and recommend to Owner such actions or steps as are necessary to cause the Properties to comply with any and all applicable laws, regulations, ordinances, orders and directives of
federal, state or local governmental authorities. 
 S.        Coordination with Property
Manager. To the extent Manager is not also the leasing agent performing the functions described in Section 2.5, Manager will coordinate and cooperate with the leasing agent of the respective Properties to ensure the full leasing and
efficient operation of the Properties. 
 T.        Other Actions. Manager will take such
other action and perform such other functions as Manager or Owner deems advisable or necessary for the efficient and economic management, operation and maintenance of the Properties. 
 2.5.        Specific Duties as Leasing Agent. Manager’s duties as leasing agent for the Properties
include the following: 
 A.        Leasing Functions. Manager will coordinate the leasing of
the Properties and negotiate and use reasonable commercial efforts to secure executed Leases from qualified tenants for available space in the Properties. Such Leases must be consistent with form and terms approved by Owner. Manager will use its
reasonable commercial efforts to bring about complete leasing of the Properties. Manager shall be responsible for the hiring of all leasing agents, as necessary for the leasing of the Properties, and to otherwise oversee and manage the leasing
process on behalf of Owner. Such duties include, without limitation, (1) the preparation and distribution of listings to potential tenants in the market, as well as to reputable and active real estate agents within a reasonable effective area
surrounding each Property and (2) the supplying of sufficient information to cooperating agents to enable them at all times to promote the rental of the Properties. Owner agrees to refer to Manager all offerings and inquiries it receives
regarding leasing activity at the Properties. 
 B.        Advertising. Owner authorizes
Manager to advertise and to place signage on the Properties regarding the leasing, provided, that, such signage complies with all applicable governmental laws, regulations and requirements. Manager, at its expense, will provide its marketing
package, signage and a two-sided flyer. Any additional advertising and promotion will be done at Owner’s expense pursuant to a program and budget agreed upon by Owner and Manager. 
 C.        Payments. Manager will pay such other reimbursable expenses and costs as Owner has approved and
deems advisable or necessary for the efficient and economic leasing of the Properties. 
 D.        Coordination with Property Manager. To the extent Manager is not also the property manager performing the functions described in Section 2.4, Manager will coordinate and
cooperate with the property manager of the respective Properties to ensure the full leasing and efficient operation of the Properties. 
 E.        Other Actions. Manager will take such other action and perform such other functions as Manager or Owner deems reasonably advisable or necessary for the efficient and economic leasing
of the Properties. 
  

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 2.6.        Specific Duties as Construction Manager.
Manager’s duties as construction manager for the Properties include the following: 
 A.        General. 
 (1)            Manager shall secure or assist in securing all licenses, registrations, or permits required by law and shall comply with all ordinances, laws, orders, codes, rules,
and regulations pertaining to building of an Improvement or the services described herein. 
 (2)            In the event a project is suspended for a period of more than thirty (30) days, Manager shall have the right to re-assign the personnel managing such project to
other projects, and upon resumption of the project, Manager shall be given a reasonable amount of time to assign new personnel to the management of the project. In addition, the compensation of Manager shall be equitably adjusted to account for the
suspension of services. If the project is abandoned at any time for any reason, Owner shall give Manager written notice of such decision, and Owner shall pay Manager for amounts due under this Agreement through the date of abandonment, and for any
costs, expenses and damages incurred by Manager as a result of the abandonment of the project. 
 B.        Duties with Respect to New Construction, Tenant Improvements, and Redevelopments. Manager will perform the following duties for construction of Improvements on undeveloped land
(“New Construction”) and for construction of Improvements that are to be made at the direction of, or in conformity with Lease obligations to, tenants (“Tenant Improvements”) or for the improvement to Improvements
that change the size or nature of such Improvements or for the redevelopment of Improvements (collectively, “Redevelopments”): 
 (1)            Provide updated and detailed project budgets to Owner; 
 (2)            Arrange for, coordinate, supervise and advise Owner with respect to the selection of architects, contractors, design firms and consultants, and the execution of
design, construction and consulting contracts; 
 (3)            Review design
documents, and drafts thereof, submitted by the architect or other consultants, and notify Owner in writing of any mistakes, errors or omissions that Manager observes in the documents and any recommendations it may have with respect to such
mistakes, errors or omissions; 
 (4)            Evaluate and make
recommendations to Owner concerning cost estimates prepared by others; 
 (5)            Review and evaluate proposed schedules for construction; 
 (6)            Procure subcontractors through a minimum of three quotes for any jobs estimated to involve in excess of $50,000; 
 (7)            Coordinate the work of subcontractors; 
 (8)            Monitor the progress of construction; 
 (9)            Endeavor to identify any deficiencies in the work performed by
subcontractors; 
 (10)            Provide Owner with monthly written status
reports; 
 (11)            Advise Owner with respect to alterations and
modifications in any design documents submitted by the architect or other consultants that may be in Owner’s interest, including obtaining advantages in terms of cost savings, scheduling, leasing, operation and maintenance issues and other
matters affecting the overall benefit of the project; 
  

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 (12)            Review and advise Owner on
change order proposals and requests for additional services submitted to Owner; 
 (13)            Schedule, coordinate, and attend necessary or appropriate project meetings; 
 (14)            Monitor and coordinate punch list preparation and resolution by the subcontractors; 
 (15)            Make recommendations to Owner concerning, and monitor, the use of the site
by subcontractors, particularly as it relates to staging and storage, ingress and egress, temporary signage, fencing, barricades, restrictions on hours of operation, safety considerations and similar considerations; 
 (16)            Coordinate, monitor, supervise and advise Owner with respect to preparation,
execution, completion and filing of project-related documents, including, but not limited to, contracts, permit applications, licenses, certifications, zoning requirements, land use restrictions, governmental filings applicable to the Project and
any other similar documents; 
 (17)            Review and advise Owner with
respect to draw requests submitted on the project; 
 (18)            Upon
completion of construction, walk the completed New Construction, Tenant Improvements, or Redevelopments with Owner to ensure that everything has been completed in accordance with the specifications. Manager shall cause the subcontractors to repair
or replace any items that are determined to be deficient during this walk; 
 (19)            As instructed by Owner, perform additional related project management functions; and 
 (20)            Collect warranties and operation manuals, certificates, guarantees, as-builts and any similar documentation for the benefit of Owner.

 C.        Additional Duties with Respect to New Construction and Redevelopments. Manager
will perform the following duties with respect to New Construction and Redevelopments: 
 (1)            Provide Owner with a budget for each Improvement to be built prior to beginning construction of the respective Improvement; 
 (2)            Meet on a regular basis with Owner’s leasing agents and representatives
of prospective tenants; and 
 (3)            Arrange for, coordinate, supervise
and advise Owner with respect to various development services prior to design and construction of the Project, including due diligence, site investigations, land use and zoning matters, and similar development services. 
 D.        Additional Duties with Respect to Tenant Improvements. Manager will perform the following duties
related to Tenant Improvements: 
 (1)            Arrange for and supervise the
performance of all installations and improvements in space leased to any tenant which are either expressly required under the terms of a Lease of such space or which are customarily provided to tenants; 
  

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 (2)            Meet with tenants and
prospective tenants and their architects, engineers, consultants and contractors to facilitate design and construction of leasehold improvements; 
 (3)            Maintain separate files as to each tenant, and thereby document the entire design and construction process for each tenant; and 
 (4)            Compile and disseminate such data regarding each tenant as Owner may
reasonably require. 
 E.        Duties with Respect to Tenant Directed Improvements. Manager
will perform the following duties for construction of Improvements that are to be made by or under the supervision of tenants (“Tenant Directed Improvements”) 
 (1)            Schedule, coordinate, and attend necessary or appropriate project meetings;

 (2)            Review and evaluate Lease exhibit language that identifies the
scope and nature of tenant construction of the Tenant Directed Improvements; 
 (3)            Meet with tenants and prospective tenants and their architects, engineers, consultants and contractors to facilitate design and construction of Tenant Directed
Improvements; 
 (4)            Review tenant construction documents for
compliance with landlord criteria and requirements applicable to the Tenant Directed Improvements; 
 (5)            Review and evaluate proposed schedules for tenant construction; 
 (6)            Coordinate delivery of shell space to tenants for construction of Tenant Directed Improvements; 
 (7)            Observe tenant construction with attention to adherence of actual
construction with construction documents; 
 (8)            Evaluate and make
recommendations to Owner concerning the coordination of tenant work and any landlord work; 
 (9)            Make recommendations to Owner concerning, and monitor, the use of the site by tenant contractors, particularly as it relates to staging and storage, ingress and
egress, temporary signage, fencing, barricades, restrictions on hours of operation, safety considerations and similar considerations; 
 (10)            Monitor the progress of tenant construction, and verify such key aspects of tenant construction such as compliance with scheduling requirements, compliance with
rules and regulations of Owner, verifying the tenant has obtained proper permits, etc.; 
 (11)        Serve as an information conduit to Owner from the tenants’ consultants and contractors when questions arise as to matters at the project site, and ensure that questions and issues are
being addressed in a timely manner; 
 (12)            Ensure that tenant design
and construction properly ties into building systems and does not adversely affect their proper operation; 
 (13)            Review and make recommendations to Owner concerning any requests by tenants for draws against allowances established by Owner; 
  

 12 

 (14)        Maintain separate files as to each tenant, and
thereby document the entire design and construction process for each tenant; and 
 (15)        Compile and disseminate such data regarding each tenant as Owner may reasonably require. 
 3.        Expenses. 
 3.1.        Owner’s Expenses. Except as otherwise specifically provided, all costs and expenses incurred hereunder by Manager in fulfilling its duties to Owner shall be for the account of
and on behalf of Owner. Such costs and expenses may include reasonable wages and salaries and other employee-related expenses of all on-site and off-site employees of Manager who are directly engaged in the operation, management, maintenance,
leasing, construction, or access control of the Properties, including taxes, insurance and benefits relating to such employees (“Employee Expenses”), along with legal, travel and other out-of-pocket expenses which are directly
related to the management of specific Properties. Manager shall also allocate a portion of its office, administrative and supplies expense to the extent directly related to the foregoing reimbursable expenses. All costs and expenses for which Owner
is responsible under this Agreement shall be paid by Manager out of an Account. In the event said Account does not contain sufficient funds to pay all said expenses, Owner shall fund all sums necessary to meet such additional costs and expenses.

 3.2.        Manager’s Expenses. Manager shall, out of its own funds, pay all of its
general overhead and administrative expenses not appropriately allocable pursuant to the second or third sentence of the preceding Section 3.1. 
 4.        Manager’s Compensation. For the services provided related to each Property, Owner will pay Manager a fee (collectively, the “Total Management Fees”) as
provided in this Section 4. 
 4.1.        Property Management Fee. For each Property for
which Manager provides property management services, Owner shall pay Manager a property management fee (the “Property Management Fee”) up to 3% of the gross monthly income actually collected from each Property for the preceding
month. Manager may pay some or all of these Property Management Fees to third parties with whom it subcontracts to perform property management services, pursuant to Section 7.3. In the event that Owner contracts directly with a non-affiliated
third-party property manager with respect to a particular Property, Owner shall pay Manager an oversight fee equal to 1% of the total gross revenues of the Property managed (an “Oversight Fee”). In no event will Owner pay both a
Property Management Fee and an Oversight Fee to Manager with respect to a particular Property. For all purposes hereof, “gross monthly income” shall mean the total gross monthly collections received from a Property, including,
without limitation, rents (and any interest or penalties accrued thereon), and miscellaneous gross income items of Owner, as applicable; provided, however, “gross monthly income” specifically excludes: 
 A.        Interest paid on any depository accounts, including all Accounts and any Accounts holding security
deposits; 
 B.        Security deposits unless and not until such deposits are applied as rental
income upon termination of a Lease; 
 C.        Parking revenues when a third party operator is
engaged, sales taxes, taxes paid in lieu of ad valorem taxes, and termination payments, except to the extent of previously uncollected rent or termination payments based in part on and to the extent of the remaining rent payable pursuant to a Lease
terminated prior to its stated expiration date; 
  

 13 

 D.        Imputed revenue related to employee occupied
Improvements or spaces and space allocated or utilized for administrative purposes such as office use or model Improvements; 
 E.        Rents paid in advance of the due date until the month in which such payments are to apply as rental income; 
 F.        Monies collected for any capital items that are paid by tenants (such as tenant finish or other improvements); and 
 G.        Proceeds from a sale, refinancing, condemnation, hazard or liability insurance, title insurance, tax
abatement awards of all or any portion of a Property, other than rental loss insurance payments. Unless otherwise directed by Owner, Manager shall be entitled to withdraw its compensation pursuant to this Section directly from an Account monthly in
arrears, on the tenth (10th) day of each calendar month, except for the reporting period during which this Agreement is terminated, in which case Owner will pay Manager the prorated fees due to Manager for the month of termination. 

4.2.        Leasing Commissions. For each Property for which Manager provides leasing agent services,
Owner shall pay Manager fees as follows: 
 A.        Initial Lease-Up Fee. Manager shall be
entitled to receive a separate fee for the one-time initial rent-up or leasing-up of New Construction in an amount not to exceed one-month’s rent. For this purpose, a Redevelopment constituting a total rehabilitation shall be included in the
term “New Construction.” 
 B.        Leasing Commissions. 
 (1)        New Lease Commission. For each Property for which Manager serves as leasing agent, Owner will
pay Manager, for each new tenant Lease entered into during the term hereof, a commission equal to the fee that is customarily charged by others rendering similar services in the same geographic area, as determined by the Board of Directors of The GC
Net Lease REIT, in its sole discretion. 
 (2)        Renewal Commissions. Owner shall pay to
Manager a commission equal to the fee that is customarily charged by others rendering similar services in the same geographic area, as determined by the Board of Directors of The GC Net Lease REIT, in its sole discretion. For purposes of this
Section 4.2.B(2), a renewal shall include (i) a renewal of any tenant Lease in a Property pursuant to a new agreement that is executed during the term of this Agreement and (ii) a renewal of an existing tenant Lease pursuant to a new
agreement that is executed during the term of this Agreement and prior to the expiration of the term of the existing tenant Lease. Renewal commissions shall be paid out within thirty (30) days of the execution of the applicable renewal or
extension. 
 (3)        Expansion Commissions. Owner shall pay to Manager a commission equal
to the fee that is customarily charged by others rendering similar services in the same geographic area, as determined by the Board of Directors of The GC Net Lease REIT, in its sole discretion with respect to expansion space in a Property for the
remaining portion of the initial Lease term. For purposes of this Section 4.2.B(3), an expansion shall include (i) an expansion of any tenant Lease in the Property pursuant to a new agreement that is executed during the term of this
Agreement and (ii) an expansion of an existing tenant Lease pursuant to a new agreement that is executed during the term of this Agreement and prior to the expiration of the term of the existing tenant Lease. Expansion commissions shall be paid
out within thirty (30) days of the execution of such expansion. 
  

 14 

 (4)        Co-Brokerage. As the exclusive leasing agent
for the Properties, Manager shall cooperate with any independent, affiliated or non-affiliated licensed real estate brokers or agents and may offer co-agency but not sub-agencies with respect to the leasing of the Properties. Notwithstanding any
language to the contrary contained in this Section 4.2 providing for a fee or commission to be paid to Manager, in the event that any such independent, affiliated or non-affiliated broker participates, in good faith (and has a rightful claim to
a brokerage commission), as a procuring cause of a tenant Lease or any renewal, extension, expansion or other modification of any tenant Lease with respect to which Manager would otherwise be due a commission pursuant to Sections 4.2.B(1) through
4.2.B(3) above (such broker or agent being hereinafter referred to as “Co-Agent”), then the commission payable by Owner shall only be as set forth in writing pursuant to a co-brokerage commission agreement by and among Owner,
Manager and Co-Agent. Any such co-brokerage commissions shall be shared between Manager and Co-Agent as they shall agree. 
 C.        Pending Leases. Within fifteen (15) days after the expiration or earlier termination of this Agreement, Manager shall deliver to Owner a list of all parties to whom Manager has
presented a bona fide “Letter of Proposal” or has otherwise taken substantial and material steps evidenced in a manner acceptable to Owner, in Owner’s reasonable discretion, with respect to a good faith effort to enter into a Lease at
a Property during the term of this Agreement regarding the possible leasing of space in a Property, or a possible renewal, extension or of any existing tenant Lease covering space in a Property. Owner agrees that it will pay the commission that
would otherwise be due in accordance with Section 4.2.B hereof in the event Owner or its successor or assign enters into any Lease with any tenant validly included in Manager’s list or any affiliate thereof, or enters into any renewal,
extension or expansion of an existing tenant Lease included in Manager’s list so long as negotiations commence and are a final written agreement is executed by all necessary parties during one hundred eighty (180) days after such
expiration or termination of this Agreement. Owner covenants and agrees that it shall not delay entering into any Lease, or any renewal, extension or expansion thereof, for the purpose of depriving Manager of any commission due Manager pursuant to
this Section 4.2.C. 
 4.3.        Construction Management Fees. For each Property for
which Manager provides construction management services, Manager shall be entitled to fee from Owner equal to a percentage of the cost of tenant improvements, as determined by the Board of Directors of The GC Net Lease REIT, in its sole discretion
(the “Construction Management Fee”). The Construction Management Fee shall equal 5% of the cost of such improvements. Owner shall ensure that any Lease or Lease renewal contains a provision requiring tenant to pay Manager a
comparable Construction Management Fee for any tenant-paid finish-out or improvements not covered by such Lease concessions (i.e., paid by tenant). 
 4.4.        Audit Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an overpayment or underpayment of the Total Management Fees, Owner or Manager
shall promptly pay to the other party the amount of such overpayment or underpayment, as the case may be. If such audit discloses an overpayment of the Total Management Fees for any fiscal year of more than 10% of the correct aggregate Total
Management Fees for such fiscal year, Manager shall bear the cost of such audit. 
 5.        Insurance And
Indemnification. 
 5.1.        Insurance to be Carried. 
 A.        Manager shall obtain and keep in full force and effect, or cause to be obtained and kept in full force
and effect, at Owner’s expense insurance, unless paid directly by a tenant at a Property, (1) on the Properties and (2) on activities at the properties against such hazards as Owner and Manager shall deem appropriate. In any event,
Manager shall procure, for the Properties for which Manager is property manager, insurance sufficient to comply with the Leases and the Ownership Agreements. All liability policies shall provide sufficient insurance satisfactory to both Owner and
Manager and shall contain waivers of subrogation for the benefit of Manager and the applicable Owner. 
  

 15 

 B.        Manager shall obtain and keep in full force and effect,
in accordance with the laws of the state in which each Property is located, worker’s compensation insurance covering all employees of Manager at the Properties and all persons engaged in the performance of any work required hereunder. Manager
shall also obtain and keep in full force and effect, in accordance with the laws of the state in which each Property is located, employer’s liability, employee theft, commercial general liability, and umbrella insurance, and Manager shall
furnish Owner certificates of insurers naming Advisor or Owner as co-insureds and evidencing that such insurance is in effect. If any work under this Agreement is subcontracted as permitted herein, Manager shall include in each subcontract a
provision that the subcontractor shall also furnish Owner with such a certificate evidencing coverage (and any other coverage Manager deems appropriate in the circumstances) and the naming of Advisor or Owner as co-insureds and evidencing that such
insurance is in effect, as well as indemnification as is customary in the discretion of Manager. The cost of such insurance procured by Manager shall be reimbursable to the same extent as provided in Section 3.1. 
 5.2.        Cooperation with Insurers. Manager shall cooperate with and provide reasonable access to the
Properties to representatives of insurance companies and insurance brokers or agents with respect to insurance which is in effect or for which application has been made. Manager shall use its best efforts to comply with all requirements of insurers.

 5.3.        Accidents and Claims. With respect to Properties for which Manager is property
manager, and with respect to Properties for which Manager is construction manager, Manager shall promptly investigate and shall report in detail to Owner and insurance carriers as applicable all accidents, claims for damage relating to the
ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall prepare for approval by Owner all reports required by an insurance company in connection with
any such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly and any report not so given within 10 days after the occurrence of any such accident, claim, damage or destruction shall be noted in the monthly report
delivered to Owner pursuant to Section 2.4.P(1). Manager is authorized to settle any claim against an insurance company arising out of any policy and, in connection with such claim, to execute proofs of loss and adjustments of loss and to
collect and receipt for loss proceeds. 
 5.4.    Indemnification. 
 A.        The Operating Partnership shall indemnify and hold harmless Manager and its Affiliates, including their
respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such
liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Delaware, the limited partnership agreement of the Operating Partnership, or as
specifically provided otherwise in this Agreement. Notwithstanding the foregoing, Manager shall not be entitled to indemnification or be held harmless pursuant to this Section 5.4.A for any activity for which Manager shall be required to
indemnify or hold harmless the Operating Partnership pursuant to Paragraph 5.4.B or pursuant to another specific provision of this Agreement. Any indemnification of Manager may be made only out of the net assets of the Operating Partnership and not
from the partners of the Operating Partnership. 
 B.        Manager shall indemnify and hold
harmless Owner from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed
by insurance and are incurred by reason of Manager’s bad faith, fraud, willful misfeasance, misconduct, reckless disregard of its duties, gross negligence, or material breaches of this Agreement. 
  

 16 

 6.        Term, Termination. 
 6.1.        Term. This Agreement shall commence on the date first above written and shall continue until
terminated in accordance with the earliest to occur of the following: 
 A.        One year from the
date of the commencement of the term hereof. However, this Agreement will be automatically extended for an additional one-year period at the end of each year unless Owner or Manager gives sixty (60) days written notice of its intention to
terminate the Agreement; 
 B.        Sixty (60) days after prior written notice of intention to
terminate the Agreement given by Owner or Manager; or 
 C.        Immediately upon the occurrence of
any of the following: 
 (1)        A decree or order is rendered by a court having jurisdiction
(A) adjudging Manager as bankrupt or insolvent, or (B) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Manager under the federal bankruptcy laws or any similar
applicable law or practice, or (C) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Manager or a substantial part of the property of Manager, or for the winding up or liquidation of its affairs, or

 (2)        Manager (A) institutes proceedings to be adjudicated a voluntary bankrupt or an
insolvent, (B) consents to the filing of a bankruptcy proceeding against it, (C) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar applicable law or practice,
(D) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property, (E) makes an assignment for the benefit
of creditors, (F) is unable to or admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of Owner, or (G) takes corporate or other action in furtherance of any of the
aforesaid purposes. 
 Upon termination, the obligations of the parties hereto shall cease, provided that Manager shall comply with the provisions hereof
applicable in the event of termination and shall be entitled to receive all compensation which may be due Manager up to the date of such termination and as may otherwise be provided in this Agreement, and provided, further, that if this Agreement
terminates pursuant to Section 6.1.C above, Owner shall have other remedies as may be available at law or in equity. 
 D.        Notwithstanding any language to the contrary in this Section 6.1, this Agreement may be terminated as to any individual Property (i) upon thirty (30) days prior written notice
by Owner or Manager, or (ii) upon thirty (30) days prior written notice to Owner and Manager by a lender in the event of a foreclosure of an individual Property. 
 6.2.        Manager’s Obligations after Termination. Upon the termination of this Agreement, Manager
shall have the following duties: 
 A.        Manager shall deliver to Owner, or its designee, all
books and records (including data files in magnetic or other similar storage media but specifically excluding any licensed software) with respect to the Properties. 
  

 17 

 B.        Manager shall transfer and assign to Owner or its
designee, all service contracts and personal property relating to or used in the operation and maintenance of the Properties, except personal property paid for and owned by Manager. Manager shall also, for a period of sixty (60) days
immediately following the date of such termination, make itself available to consult with and advise Owner, or its designee, regarding the operation, maintenance and leasing of the Properties. 
 C.        Manager shall render to Owner an accounting of all funds of Owner in its possession and shall deliver
to Owner a statement of the Total Management Fees claimed to be due Manager and shall cause funds of Owner held by Manager relating to the Properties to be paid to Owner or its designee and shall assist in the transferring of approved signatories on
all Accounts. 
 7.        Miscellaneous. 
 7.1.        Notices. All notices, approvals, consents and other communications hereunder shall be in
writing, and, except when receipt is required to start the running of a period of time, shall be deemed given when delivered in person or on the fifth day after its mailing by a party by registered or certified United States mail, postage prepaid
and return receipt requested, to another party, at the addresses set forth after such party’s respective name below or at such different addresses as such party shall have theretofore advised the other party in writing in accordance with this
Section 7.1. 
  

			
	 The GC Net Lease REIT:
	  	THE GC NET LEASE REIT, INC.
		  	Attn: Kevin Shields
		  	2121 Rosecrans Avenue, Suite 3321
		  	El Segundo, California 90245
		
	 The Operating Partnership:
	  	THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P.
		  	C/O THE GC NET LEASE REIT, INC.
		  	Attn: Kevin Shields
		  	2121 Rosecrans Avenue, Suite 3321
		  	El Segundo, California 90245
		
	 With copy to
	  	
	 Advisor:
	  	THE GC NET LEASE REIT ADVISOR, LLC
		  	Attn: Kevin Shields
		  	2121 Rosecrans Avenue, Suite 3321
		  	El Segundo, California 90245
		
	 Manager:
	  	THE GC NET LEASE REIT PROPERTY MANAGEMENT, LLC
		  	Attn: Julie Treinen
		  	2121 Rosecrans Avenue, Suite 3321
		  	El Segundo, California 90245

 7.2.        Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of California. 
 7.3.        Assignment. Manager may delegate partially or in full its duties and rights under this Agreement but only with the prior written consent of Owner. Except as provided in the
immediately preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. Owner acknowledges and agrees that any or all of the duties of Manager as contained
herein may be delegated by Manager and performed by a person or entity (a “Sub- 
  

 18 

 Manager”) with whom Manager contracts for the purpose of performing such duties. Owner specifically grants
Manager the authority to enter into such a contract with a Sub-Manager; provided that, unless Owner otherwise agrees in writing with such Sub-Manager, Owner shall have no liability or responsibility to such Sub-Manager for the payment of such
Sub-Manager’s fee or for reimbursement to such Sub-Manager of its expenses or to indemnify such Sub-Manager in any manner for any matter; and provided further that Manager shall require such Sub-Manager to agree, in the written agreement
setting forth the duties and obligations of such Sub-Manager, to indemnify Owner for all losses incurred by Owner as a result of the willful misconduct or gross negligence of such Sub-Manager, except that such indemnity shall not be required to the
extent that Owner recovers issuance proceeds with respect to such matter. Any contract entered into between Manager and a Sub-Manager pursuant to this Section 7.3 shall be consistent with the provisions of this Agreement, except to the extent
Owner otherwise specifically agrees in writing. 
 7.4.        No Waiver. The failure of Owner
to seek redress for violation or to insist upon the strict performance of any covenant or condition of this Agreement shall not constitute a waiver thereof for the future. 
 7.5.        Amendments. This Agreement may be amended only by an instrument in writing signed by the party
against whom enforcement of the amendment is sought. 
 7.6.        Headings. The headings of
the various subdivisions of this Agreement are for reference only and shall not define or limit any of the terms or provisions hereof. 
 7.7.        Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement
to produce or account for more than one such counterpart. 
 7.8.        Entire Agreement.
This Agreement and Exhibits hereto contains the entire understanding and all agreements between Owner and Manager respecting the management of the Properties. There are no representations, agreements, arrangements or understandings, oral or written,
between Owner and Manager relating to the management of the Properties that are not fully expressed herein. 
 7.9.        Disputes. If there shall be a dispute between Owner and Manager relating to this Agreement resulting in litigation, the prevailing party in such litigation shall be entitled to
recover from the other party to such litigation such amount as the court shall fix as reasonable attorneys’ fees. 
 7.10.        Other Activities of Manager. 
 A.        General. Nothing herein contained shall prevent Manager from engaging in other activities or business ventures, whether or not such other activities or ventures are in competition
with Owner or the business of Owner, including, without limitation, property management activities for other Persons (including other REITs) and the provision of services to other programs advised, sponsored or organized by Manager or its
Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of Manager or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation,
firm, individual, trust or association. Manager may, with respect to any investment in which Owner is a participant, also render advice and service to each and every other participant therein. Manager shall report to the Board of Directors of The GC
Net Lease REIT the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between Manager’s obligations to Owner and its obligations to or its
interest in any other partnership, corporation, firm, individual, trust or association. 
  

 19 

 B.        Policy with Respect to Allocation of Tenant Rental
Opportunities. Before Manager markets leasable space owned by an Affiliate of Owner to a prospective tenant, the needs of which would in Manager’s judgment be met by leasable space owned by Owner, Manager shall determine in its sole
discretion that the prospective tenant’s needs would be better met by leasable space owned by another owner. In the event that Manager is marketing to a prospective tenant whose needs would, in the sole discretion of Manager, equally be met by
leasable space owned by Owner and another Griffin Capital Corporation-sponsored program, then Manager may more aggressively market the leasable space owned by the other program if it has had the longest period of time elapse since space owned by it
was aggressively marketed by Manager. Manager will use its reasonable efforts to fairly allocate prospective tenant opportunities in accordance with such allocation method and will promptly disclose any material deviation from such policy or the
establishment of a new policy, which shall be allowed, provided (1) the Board of Directors of The GC Net Lease REIT is provided with notice of such policy at least 60 days prior to such policy becoming effective and (2) such policy
provides for the reasonable allocation of prospective tenant marketing opportunities among such programs. Manager shall provide the Board of Directors of The GC Net Lease REIT with any information reasonably requested so that the Board of Directors
of The GC Net Lease REIT may determine that the allocation of prospective tenant marketing opportunities is applied fairly. Nothing herein shall be deemed to prevent Manager or an Affiliate from marketing leasable space that it may own rather than
aggressively marketing space owned by Owner or an Affiliate of Owner so long as Manager is fulfilling its obligation to market vacant space owned by Owner in a manner consistent with the policies and objectives of Owner. 
 7.11.        Severability. If any term, covenant or condition of this Agreement or the application thereof
to any Person or circumstance shall, to any extent, be held to be invalid or unenforceable, then the remainder of this Agreement, or the application of such term, covenant or condition to persons or circumstances other than those as to which it is
held to be invalid or unenforceable, shall not be affected thereby, and each term, covenants or condition of this Agreement shall be valid and shall be enforced to the fullest extent permitted by law. 
 [Signatures appear on next page] 
  

 20 

 In Witness Whereof, the parties have executed this Master Property Management, Leasing and
Construction Management Agreement as of the date first above written. 
  

			
	 THE GC NET LEASE REIT, INC.

		
	 By:
	 	  

		
		 	    Kevin A. Shields
		 	    President
	
	 THE GC NET LEASE REIT
 OPERATING PARTNERSHIP, L.P.

	
	 By: The GC Net Lease REIT, Inc.
 (as General Partner of The GC Net Lease
 REIT Operating Partnership, L.P.)

		
	 By:
	 	  

		
		 	    Kevin A. Shields
		 	    President
	
	 THE GC NET LEASE REIT
 PROPERTY MANAGEMENT, LLC

		
	 By:
	 	  

		
		 	    Kevin A. Shields
		 	    President

  

 21Lease Agreement for Renfro Property

 Exhibit 10.7 
 LEASE 
 by and between 
 RENFRO PROPERTIES LLC, 
 a California limited liability company,

 as LESSOR 
 AND

 RENFRO CORPORATION, 
 a North Carolina corporation 
 as LESSEE 
 July 21, 1998 
 244313 v6/SF 
 58$H06!.DOC 
 072098/1642 

 LEASE 
 LEASE (this “Lease”) is dated as of the 21st day of July, 1998 (the “Effective Date”), and is between RENFRO PROPERTIES LLC, a California limited
liability company (“Lessor”), having an address at 10940 Wilshire Boulevard, Suite 1600, Los Angeles, California 90024, and RENFRO CORPORATION, a North Carolina corporation
(“Lessee”), having its principal office at 661 Linville Road, Mount Airy, North Carolina 27030-0908. 
 ARTICLE 1 

1.1    Leased Property; Term.    Upon and subject to the terms and conditions hereinafter set forth,
Lessor leases to Lessee and Lessee leases from Lessor all of Lessor’s rights and interest in and to the following property (collectively, the “Leased Property”): 
 (a)    the plots, pieces or parcels of land (the “Land”) described in Exhibit A attached hereto;

 (b)    all buildings, structures, Fixtures and other improvements presently situated or hereafter constructed
upon the Land (collectively, the “Leased Improvements”); 
 (c)    all easements, rights and
appurtenances relating to the Land and the Leased Improvements; 
 (d)    all equipment, machinery, fixtures and
other items of property, including all components thereof, now or hereafter located in or on, and used in connection with the operation or maintenance of, the Leased Improvements, which are now or hereafter owned by Lessor, including, without
limitation, all furnaces, boilers, heaters, electrical equipment, heating, plumbing, ventilating, refrigerating, waste disposal, air-cooling and air conditioning apparatus, sprinkler systems and fire and theft protection equipment (other than
Lessee’s Equipment) and which are hereby deemed by the parties hereto to constitute real estate under the laws of the State, together with all replacements, modifications, alterations and additions thereto (collectively, the
“Fixtures”); and 
 (e)    the furniture, equipment, trade fixtures, furnishings and other items
of personal property, if any, owned by Lessor (collectively, the “Personal Property”). 
 SUBJECT,
HOWEVER, to the reservations and other matters, if any, set forth in Exhibit A; to have and to hold for a term of fifteen (15) years (the “Term”) commencing on July
    , 1998 (the “Commencement Date”), and ending at midnight on July     , 2013, unless extended or earlier terminated pursuant to and in accordance with the provisions of this
Lease. The parties intend that this Lease shall be effective and binding on the parties as of the Effective Date of the Lease; provided, however, because Lessor does not currently own fee title to the Property but is in contract to
acquire such, each of Lessor’s and Lessee’s rights and obligations hereunder shall be conditioned upon the close of escrow whereupon Lessor acquires fee title to the Property. 
  

					
	 244313 v6/SF
 58$H06!.DOC
 072098/1642
	 	1.	 	

 ARTICLE 2 
 2.1    Definitions.    As used in this Lease, (a) unless otherwise specified, all references to sections and articles shall refer to sections or articles of
this Lease, (b) all terms defined herein in the singular shall have the same meanings when used in the plural and vice versa, and (c) the following capitalized terms have the respective meanings set after them: 
 “Additional Rent”: As defined in Section 3.2. 
 “Alterations”: As defined in Section 10.1. 
 “Basic Rent”: As
defined in Section 3.1. 
 “Business Day”: Each Monday, Tuesday, Wednesday, Thursday and Friday which is not a
day on which national banks in the City of New York, State of New York are authorized, or obligated, by law or executive order to close. 
 “Commencement Date”: As defined in Section 1.1. 
 “Consolidated Tangible Net Worth”:
The consolidated net worth of any Person and its Subsidiaries less the sum of the following consolidated items: (a) any surplus resulting from any write-up of assets; (b) goodwill, including any amounts (however designated on the balance
sheet of such Person or any of its Subsidiaries) representing the cost of acquisitions of Subsidiaries in excess of underlying tangible assets, unless an appraisal of such assets made by a reputable firm of appraisers at the time of acquisition
shall indicate sufficient value to cover such excess; (c) patents, trademarks, copyrights, leasehold improvements not recoverable at the expiration of a lease and deferred charges (including, but not limited to, unamortized debt discount and
expense, organization expenses, experimental and development expenses, but excluding prepaid expenses and prepaid taxes); (d) any amounts at which shares of capital stock of such Person appear on the asset side of the balance sheet of such
Person or any of its Subsidiaries; and (e) any amount of indebtedness not included in the computation of the consolidated net worth of such Person and its Subsidiaries. 
 “Default”: Any condition or event which constitutes or would constitute an Event of Default either with or without notice or lapse of
time, or both. 
 “Environmental Report”: That certain environmental audit report for the Leased Property entitled
“Environmental Site Assessment for Whitmire Manufacturing, Inc.,” dated May 1998, prepared by EMPE, Inc. 
 “Event of
Default”: As defined in Section 17.1. 
 “Fair Market Rent”: As defined in Section 32.2.

 “Fair Market Value”: As defined in Section 15.4. 
 “Fixtures”: As defined in Section 1.1. 
  

					
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 “Hazardous Materials”: Any flammable explosives, radioactive materials, hazardous
materials, hazardous wastes, hazardous or toxic substances, or related materials, asbestos or any material containing asbestos, or any other substance or material as defined by any federal, state or local environmental law, ordinance, rule, or
regulation including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42 U.S.C. Sections 9601, et seq.), the Hazardous Materials Transportation Act, as amended (49 U.S.C.
Sections 1801, et seq.), the Resource Conservation and Recovery Act, as amended (42 U.S.C. Sections 6901 et seq.) and in the regulations adopted and publications promulgated pursuant to each of the foregoing or by any federal, state or local
governmental authority having or claiming jurisdiction over the Leased Property (including but not limited to the statutes listed on Exhibit C attached hereto. 
 “Impositions”: All taxes (including, without limitation, all ad valorem, sales and use, single business, gross receipts, transaction privilege or similar taxes), assessments (including, without
limitation, all assessments for public improvements or benefits, whether or not commenced or completed prior to the date hereof and whether or not to be completed within the Term), ground rents, water, sewer or other rents and charges, excises,
levies, fees (including, without limitation, license, permit, inspection, authorization and similar fees), and all other governmental and quasi-governmental charges and other charges imposed by or owed to any ground lessor, in each case whether
general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character in respect of the Leased Property and/or the Basic Rent or Additional Rent (including all interest and penalties thereon), which at any time prior to,
during or in respect of the Term hereof may be assessed or imposed on or in respect of or be a lien upon (a) Lessor or Lessor’s Assignees, if any, (b) the Leased Property or any part thereof or any rent therefrom or any estate, right,
title or interest therein, or (c) any occupancy, operation, use or possession of, or sales from, or activity conducted on, or in connection with, the Leased Property or the leasing or use of the Leased Property or any part thereof, or the
acquisition or financing of the acquisition of the Leased Property by Lessor. Nothing contained in this Lease shall be construed to require Lessee to pay any tax, assessment, levy or charge imposed on Lessor or Lessor’s Assignees, if any, for
the privilege of doing business in the State specifically as a corporation, or any capital levy, estate, inheritance, succession, transfer, net income or net revenue tax of Lessor or Lessor’s Assignees, if any, except that if at any time after
the date hereof the methods of taxation prevailing at the date hereof shall be altered so that in lieu of or as an addition to or as a substitute for the whole or any part of the taxes, assessments, rents, rates, charges, levies or impositions now
assessed, levied or imposed upon all or any part of the Leased Property, there shall be assessed, levied or imposed (a) a tax, assessment, levy, imposition or charge based on the gross income or gross rents received therefrom from Lessee
whether or not wholly or partially as a capital levy or otherwise which is calculated without deduction of any portion of such gross income or gross rents so received, or (b) a tax, assessment, levy, imposition or charge measured by or based in
whole or in part upon all or any part of the Leased Property and imposed upon Lessor or Lessor’s Assignees, if any, or (c) a license fee measured by the gross rents received from Lessee which is calculated without deduction of any portion
of such gross rents so received, or (d) any other tax, assessment, levy, imposition, charge or license fee however described or imposed; then all such taxes, assessments, levies, impositions, charges or license fees or the part thereof so
measured or based shall be deemed to be Impositions payable by Lessee hereunder; provided that any tax, assessment, levy, imposition or charge imposed on income from the Leased Property shall be calculated as if the Leased Property is the only asset
of Lessor. 
  

					
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 “Indenture”: Any mortgage, deed of trust or deed to secure debt, as applicable,
constituting a first lien on the Leased Property as the same may be modified, amended or supplemented from time to time, which may be executed as security for any indebtedness of the Lessor. 
 “Insurance Requirements”: All terms of any insurance policy required by this Lease or applicable to the Leased Property, all
requirements of the issuer of any such policy, and all regulations and then current standards applicable to or affecting the Leased Property or any use or condition thereof, which may, at any time, be recommended by either (a) the Board of Fire
Underwriters, if any, having jurisdiction over the Leased Property or (b) the Factory Mutual System (or any other body exercising similar functions). 
 “Insured Property”: As defined in Section 14.1. 
 “Land”: As
defined in Section 1.1. 
 “Leased Improvements”: As defined in Section 1.1. 
 “Leased Property”: As defined in Section 1.1. 
 “Lease Year”: A twelve (12) month period commencing on the Commencement Date or on an annual anniversary date thereof, as the case may be. 
 “Legal Requirements”: All federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations,
ordinances, judgments, decrees and injunctions or private covenants and restrictions of record affecting either the Leased Property or the construction, use or alteration thereof, whether now or hereafter enacted and in force, including any which
may (a) require repairs, modifications or alterations in or to the Leased Property or (b) in any way limit the use and enjoyment thereof, and all permits, licenses and authorizations and regulations relating thereto, and all covenants,
agreements, restrictions and encumbrances contained in any instruments, either of record or known to Lessee, at any time in force affecting the Leased Property. 
 “Lessee’s Equipment”: As defined in Section 6.2. 
 “Lessor’s
Assignees”: Collectively, any assignees now or hereafter designated in any collateral assignment of Lessor’s interest in this Lease as additional security for any indebtedness of Lessor also secured by an Indenture. 
 “Officer’s Certificate”: A certificate of Lessee signed by the president or any vice president or the treasurer, or another officer
authorized to so sign by the board of directors or bylaws of Lessee. 
 “Overdue Rate”: A rate per annum
equal to seven and  170/1000 percent (7.170%) plus four percent (4%). 
  

					
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 “Payment Date”: Any due date for the payment of the installments of Basic Rent.

 “Permitted Use”: Warehousing and distribution of clothing and clothing-related items, and office uses ancillary thereto.

 “Person”: Any individual, corporation, partnership, joint venture, estate, trust, unincorporated association, limited
liability company, any federal, state, county or municipal government, or any bureau, department or agency thereof, and any fiduciary acting in such capacity on behalf of any of the foregoing. 
 “Rent”: Collectively, the Basic Rent and Additional Rent. 
 “State”: The State or Commonwealth in which the Leased Property is located. 
 “Subsidiary”: (a) Any corporation more than fifty percent (50.0%) of whose voting stock is owned or controlled, directly or indirectly, by such entity or one or more other Subsidiaries of such entity, or
(b) any limited partnership of which such entity or any of its Subsidiaries is a general partner, or (c) any other entity (other than a corporation) in which such entity or one or more other Subsidiaries of such entity, or such entity and
one or more other Subsidiaries of such entity, directly or indirectly, owns more than fifty percent (50.0%) of the outstanding capital stock or has the power, through the ownership or voting stock, by contract or otherwise, to direct or cause
the direction of the management and policies of such entity. 
 “Successor Corporation”: As defined in
Section 23.2. 
 “Taking”: A taking or voluntary conveyance during the Term hereof of all or part of the Leased
Property, or any interest therein or right accruing thereto or use thereof, as the result of, or in settlement of any condemnation or other eminent domain proceeding affecting the Leased Property whether or not the same shall have actually been
commenced. 
 “Taking Purchase Offer”: As defined in Section 15.3. 
 “Taking-Termination Date”: As defined in Section 15.3. 
 “Taking-Termination Notice”: As defined in Section 15.3. 
 “Term”: As defined in Section 1.1. 
 “Unavoidable Delays”: Delays due to strikes, lockouts, inability to procure materials, power failure, acts of God, governmental restrictions, enemy action, civil commotion, fire, unavoidable casualty
or other causes beyond the control of Lessee, provided that lack of funds regardless of the cause therefor shall not be deemed a cause beyond the control of Lessee. 
  

					
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 ARTICLE 3 
 3.1    Basic Rent.    Lessee will pay to Lessor in lawful money of the United States of America which shall be legal tender for the payment of public and private
debts at Lessor’s address set forth above or at such other place or to such other Persons as Lessor from time to time may designate in writing, a net basic rental (the “Basic Rent”) in arrears during the Term, as follows:

 For the first five (5) years of the Lease Term, Basic Rent shall be an amount equal to $1,491,750.00 per annum as a fixed obligation
payable in equal consecutive monthly installments of $124,312.50 each, commencing on the Commencement Date, and continuing thereafter on the 1st day of each month, through and including July 31, 2003. For the second five (5) years of the
Lease Term, Basic Rent shall be an amount equal to $1,715,512.50 per annum as a fixed obligation payable in equal consecutive monthly installments of $142,959.38 each, commencing on August 1, 2003, and continuing thereafter on the 1st day of
each month, through and including July 31, 2008. For the third five (5) years of the Lease Term, Basic Rent shall be an amount equal to $1,972,839.38 per annum as a fixed obligation payable in equal consecutive monthly installments of
$164,403.28 each, commencing on August 1, 2008, and continuing thereafter on the 1st day of each month, through and including July 31, 2013. 
 If the Commencement Date is not on the first day of a month, the Basic Rent for the first month of the Lease Term shall be prorated accordingly. The proportionately reduced Basic Rent, if applicable, for any partial
first month of the Lease Term shall be paid on the Commencement Date. 
 Lessee agrees to wire federal or other immediately available funds
in payment of the Basic Rent to Lessor, or as Lessor may direct, on the day each payment is due, or if such day is not a Business Day then on the Business Day prior to such date, so that Lessor shall receive immediately available funds in such
location as Lessor may designate on each such date. Lessee may pay Basic Rent by check only if permitted by Lessor’s Assignees. The Basic Rent shall be paid absolutely net to Lessor, so that this Lease shall yield to Lessor the full amount of
the installments of Basic Rent throughout the Term, all as more fully set forth in Section 5.1. If any portion of the Basic Rent is not paid on or before the date on which it is due, Lessee shall pay to Lessor on demand an amount equal
to the lesser of four percent (4%) of such unpaid portion of Basic Rent or the maximum amount permitted by applicable law, to defray the expense incurred by Lesser in handling and processing such delinquent payment and to compensate Lessee for
the loss of the use of such delinquent payment. 
 3.2    Additional Rent.    In
addition to the Basic Rent, Lessee will also pay and discharge as additional rent (collectively, the “Additional Rent”) all other amounts, liabilities, obligations and, subject to Section 4.1 below, all Impositions relating to,
connected with, or affecting the Leased Property or which Lessee otherwise assumes or agrees to pay under this Lease, and in the event of any failure on the part of Lessee to pay any of the foregoing, every fine, penalty, interest and cost which may
be added for nonpayment or late payment thereof and Lessor shall have all legal, equitable and contractual rights, powers and remedies provided either in this Lease or by statute or otherwise as in the case of non-payment of the Basic Rent. If any
installment of Basic Rent or Additional Rent shall not be paid on or before its due date, Lessee 

  

					
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will pay Lessor on demand, as Additional Rent, interest on such overdue amount (to the extent permitted by law) computed at the Overdue Rate (or at the
maximum rate permitted by law, whichever is the lesser) on the amount of such installment, from the due date of such installment to the date of payment thereof. 
 ARTICLE 4 
 4.1    Payment of Impositions.    Subject
to Section 13.1 relating to permitted contests, Lessee will pay, or cause to be paid, all Impositions before any fine, penalty, interest or cost may be added for non-payment, such payments to be made directly to the taxing authorities
where feasible, and will promptly, upon request, furnish to Lessor and Lessor’s Assignees, if any, copies of official receipts or other satisfactory proof evidencing such payments, except that, with respect to all real estate taxes and
assessments and to the extent required by Lessor’s Assignees. Lessee’s obligation to pay Impositions shall be deemed absolutely fixed upon the date such Impositions, respectively, become a lien upon the Leased Property or any part thereof.
If any Imposition may, at the option of the taxpayer, lawfully be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Lessee may exercise the option to pay the same (and any accrued interest on the
unpaid balance of such Imposition) in installments and in such event, shall pay such installments during the Term hereof as the same respectively become due and before any fine, penalty, premium, further interest or cost may be added thereto. If any
assessment for a public improvement is required to be paid in one lump sum payment, Lessee shall pay such lump sum payment; provided however, that if the term of the Lease (including any extensions exercised by Lessee) expires prior to the end of
the useful life of such public improvement, Lessor shall reimburse Lessee for the unamortized portion of the improvement within 120 days after the expiration of the Lease Term. For purposes hereof, the cost of any such public improvement shall be
amortized over its useful life according to generally accepted accounting principles using straight line amortization. Lessee, at its expense, shall prepare and, to the extent it may legally do so, file all tax returns and reports in respect of any
Imposition as may be required by governmental authorities. If any refund shall be due from any taxing authority in respect of any Imposition paid by Lessee, provided that no Event of Default shall have occurred, the same shall be retained by Lessee.
In the event that an Event of Default shall have occurred, any such refund shall be the property of Lessor and, if received by Lessee, shall be promptly paid over to Lessor. The provisions of this Section 4.1 shall survive termination of
this Lease. 
 4.2    Notice of Impositions.    Lessor shall give prompt notice to Lessee of
all Impositions payable by Lessee hereunder of which Lessor at any time has knowledge, but Lessor’s failure to give any such notice shall in no way diminish Lessee’s obligations hereunder. 
 4.3    Adjustment of Impositions.    Impositions imposed in respect of the calendar year period during
which the Term terminates shall be adjusted and prorated between Lessor and Lessee, whether or not such Imposition is imposed before or after such termination (to the extent the Imposition applies to any period during the Lease Term), and
Lessee’s obligation to pay its prorated share thereof shall survive such termination. The foregoing shall not limit Lessor’s damages in the event such termination is by reason of Lessee’s default. 
  

					
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 4.4    Utility Charges.    Lessee will pay or cause to be
paid all charges for electricity, power, gas, oil, water and other utilities used in connection with the Leased Property. 
 4.5    Insurance Premiums.    Lessee will pay or cause to be paid all premiums for the insurance coverage required to be maintained pursuant to Section 14.1. 
 ARTICLE 5 
 5.1    No Termination, Abatement, etc.    Except as otherwise specifically provided herein, Lessee shall remain bound by this Lease in accordance with its terms and shall neither take any
action to modify, surrender or terminate the same, nor seek nor be entitled to any abatement, deduction, deferment or reduction of Rent, or set-off against the Rent, nor shall the respective obligations of Lessor and Lessee be otherwise affected by
reason of (a) any damage to, or destruction of, the Leased Property or any portion thereof from whatever cause, or any Taking of the Leased Property or any portion thereof, (b) the lawful or unlawful prohibition of, or restriction upon,
Lessee’s use of the Leased Property or any portion thereof, the interference with such use by any Person or by reason of any eviction by paramount title, or any other defect in title, or Lessee’s acquisition of ownership of the Leased
Property otherwise than pursuant to an express provision of this Lease, (c) any claim which Lessee has or might have against Lessor or against any of Lessor’s Assignees, if any, or by reason of any default or breach of any warranty by
Lessor under this Lease or any other agreement between Lessor and Lessee, or to which Lessor and Lessee are parties, (d) any bankruptcy, insolvency, reorganization, composition, readjustment, liquidation, dissolution, winding up or other
proceedings affecting Lessor or any assignee or transferee of Lessor, or any action with respect to this Lease that may be taken by a trustee or receiver of Lessor or any assignee of Lessor or by any court in any such proceeding, or (e) for any
other cause whether similar or dissimilar to any of the foregoing. Lessee hereby specifically waives all rights, arising from any occurrence whatsoever, which may now or hereafter be available to Lessee by law or in equity to (i) modify,
surrender or terminate this Lease or quit or surrender the Leased Property or any portion thereof, or (ii) entitle Lessee to any abatement, reduction, suspension or deferment of the Rent or other sums payable by Lessee hereunder, except as
otherwise specifically provided in this Lease. The obligations of Lessor and Lessee hereunder shall be separate and independent covenants and agreements and the net Basic Rent and Additional Rent and all other sums payable by Lessee hereunder shall
continue to be payable in all events unless the obligations to pay the same shall be terminated pursuant to the express provisions of this Lease. 
 ARTICLE 6 
 6.1    Ownership of the Leased Property.    Lessee acknowledges
that the Leased Property is the property of Lessor and that Lessee has only the right to the possession and use of the Leased Property upon the terms and conditions of this Lease. 
 6.2    Lessee’s Equipment.    Lessee may, at its expense, install or assemble or place on the Land or
in the Leased Improvements, and remove and substitute, any items of machinery, equipment, furnishings or trade fixtures or other personal property owned by Lessee and used or useful in Lessee’s business (collectively,
“Lessee’s Equipment”), and Lessee shall remove the same upon the expiration or prior termination of the Term; provided, however, that Lessee shall 

  

					
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	 	8.	 	

 
have no right to remove any item which constitutes a Fixture. All Lessee’s Equipment shall be and remain the property of Lessee, provided that any of
Lessee’s Equipment not removed by Lessee upon the expiration or earlier termination of this Lease shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving notice
thereof to Lessee and without obligation to account therefor. All costs and expenses incurred in removing, storing and disposing of Lessee’s Equipment shall be paid by Lessee. Lessee will repair, at its expense, all damage to the Leased
Property caused by the removal of Lessee’s Equipment, whether effected by Lessee or Lessor. Lessor shall not be responsible for any loss or damage to Lessee’s Equipment except to the extent caused by Lessor’s (or its agents’ or
employees’) gross negligence or willful misconduct. 
 ARTICLE 7 
 7.1    Condition of the Leased Property.    Lessee has been in occupancy and possession of the Leased
Property since November 15, 1996. Lessee acknowledges receipt and delivery of possession of the Leased Property and that Lessee has examined title to, and the condition of, the Leased Property prior to the execution and delivery of this Lease
and has found the same to be in good order and repair and satisfactory for all purposes hereunder. Lessee is renting the Leased Property “as is” in its present condition. LESSOR MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN
RESPECT OF THE LEASED PROPERTY OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR OTHERWISE, AS TO COMPLIANCE WITH LEGAL REQUIREMENTS, AS TO QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN,
LATENT OR PATENT, OR AS TO LESSOR’S TITLE THERETO OR OTHERWISE, IT BEING AGREED THAT ALL SUCH RISKS ARE TO BE BORNE BY LESSEE. LESSEE ACKNOWLEDGES THAT THE LEASED PROPERTY HAS BEEN INSPECTED BY LESSEE AND IS SATISFACTORY TO IT. 
 7.2    Use of the Leased Property.    Lessee may use the Leased Property only for the Permitted Use.
Lessee agrees that it will not permit any unlawful occupation, business or trade to be conducted on the Leased Property or any use to be made thereof contrary to any Legal Requirements or Insurance Requirements applicable thereto. Lessee shall not
use or occupy or permit the Leased Property to be used or occupied, nor do or permit anything to be done in or on the Leased Property or any part thereof, in a manner that may make it impossible to obtain any insurance thereon which Lessee is, or
may be, required to furnish hereunder, or that will cause or be likely to cause structural or other material injury to any of the Leased Improvements or the Personal Property, or that will constitute a public or private nuisance or waste.

 ARTICLE 8 
 8.1    Compliance with Legal and Insurance Requirements, Instruments, etc.    Subject to Section 13.1 relating to permitted contests, Lessee, at its expense, will promptly
(a) comply with all Legal Requirements and Insurance Requirements in respect of the use, operation, maintenance, repair and restoration of the Leased Property, whether or not compliance therewith shall require structural changes in any of the
Leased Improvements or interfere with the use and enjoyment of the Leased Property, and whether or not such Legal Requirements or 

  

					
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Insurance Requirements represent a change in policy of the entity promulgating or enforcing any such Legal Requirement or Insurance Requirement, and
(b) procure, maintain and comply with all licenses and other authorizations required for any use of the Leased Property then being made, and for the proper erection, installation, operation and maintenance of the Leased Improvements or any part
thereof. 
 ARTICLE 9 
 9.1    Maintenance and Repair.    (a)    Lessee, at its expense, will maintain the Leased Property in good condition, repair and working order (ordinary wear and tear
excepted), and, with reasonable promptness, make all necessary and appropriate repairs thereto of every kind and nature, whether interior or exterior, structural or non-structural, ordinary or extraordinary, foreseen or unforeseen or arising by
reason of a condition existing prior to the commencement of the Term of this Lease (concealed or otherwise). All repairs shall be at least equivalent in quality to the original work. Lessee will not take or omit to take any action the taking or
omission of which might materially impair the value or the usefulness of the Leased Property or any part thereof or commit any waste of the Leased Property or any part thereof. 
 (b)    Lessor shall not under any circumstances be required to build any improvements on the Leased Property, or to make any
repairs, replacements, alterations or renewals of any nature or description to the Leased Property, whether ordinary or extraordinary, structural or non-structural, foreseen or unforeseen (except to the extent necessitated by Lessor’s (or its
agents or employees’) gross active negligence or willful misconduct), or to make any expenditure whatsoever in connection with this Lease, or to maintain the Leased Property in any way. Lessee hereby waives the right to make repairs at the
expense of Lessor pursuant to any law in effect at the time of the execution this Lease or hereafter enacted. 
 (c)    Nothing contained in this Lease and no action or inaction by Lessor shall be construed as (i) constituting the consent or request of Lessor, expressed or implied, to any contractor, subcontractor,
laborer, materialman or vendor to or for the performance of any labor or services or the furnishing of any materials or other property for the construction, alteration, addition, repair or demolition of or to the Leased Property or any part thereof,
or (ii) giving Lessee any right, power or permission to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against Lessor
in respect thereof or to make any agreement that may create, or in any way be the basis for, any right, title, interest, lien, claim or other encumbrance upon the estate of Lessor in the Leased Property. 
 (d)    Upon the expiration or prior termination of the Term, Lessee will vacate and surrender the Leased Property to Lessor in
the condition in which the Leased Property was originally received from Lessor, except as repaired, rebuilt, restored, altered or added to as permitted or required by the provisions of this Lease, ordinary wear and tear excepted. 
 9.2    Encroachments, Restrictions, etc.    If Lessee shall cause or have caused any of the Leased
Improvements to encroach upon any property, street or right-of-way adjacent to the Leased Property, or to violate the agreements or conditions contained in any restrictive covenant or other agreement affecting the Leased Property, or any part
thereof, or shall impair the rights of 

  

					
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others under any easement or right-of-way to which the Leased Property is subject, then promptly upon the request of Lessor or at the behest of any Person
affected by any such encroachment, violation or impairment, Lessee shall, at its expense, subject to its right to contest the existence of any encroachment, violation or impairment and in such case, in the event of an adverse final determination,
either (i) obtain valid and effective waivers or settlements of all claims, liabilities and damages resulting from each such encroachment, violation or impairment, whether the same shall affect Lessor or Lessee or (ii) make such changes in
the Leased Improvements and take such other actions as shall be necessary to remove such encroachment and to end such violation or impairment, including, if necessary, the alteration of any of the Leased Improvements. Any such alteration shall be
made in conformity with the requirements of Section 10.1. 
 ARTICLE 10 
 10.1    Alterations, Substitutions and Replacements.    Lessee, at its expense, may at any time and from
time to time make alterations of, and additions to, the Leased Improvements or any part thereof and substitutions and replacements for the same (collectively, “Alterations”), provided that (a) the market value of the Leased
Property shall not be reduced or its usefulness impaired, (b) the work shall be done expeditiously and in a good and workmanlike manner using new materials of good quality, (c) the plans and specifications for any single Alteration with an
estimated cost in excess of Twenty-Five Thousand Dollars ($25,000.00) shall be approved in advance in writing by Lessor, such approval not to be unreasonably withheld, (d) Lessee shall comply with all Legal Requirements and Insurance
Requirements, if any, applicable to the work, (e) no Leased Improvements shall be demolished unless Lessee shall have first furnished Lessor with such surety bonds or other security acceptable to Lessor as shall assure that the cost of
rebuilding of such Leased Improvements shall be met, and (f) Lessee shall promptly pay all costs and expenses and discharge any and all liens arising in respect of the work. All Alterations shall immediately become and remain the property of
Lessor, shall be deemed part of the Leased Property, and shall be subject to all of the terms and provisions of this Lease. In case the estimated cost of any Alteration exceeds Twenty-Five Thousand Dollars ($25,000.00), such Alteration shall be made
under the supervision of a qualified and licensed architect or engineer who shall have been approved in writing by Lessor, which approval shall not be unreasonably withheld. No Alterations shall be made which would tie in or connect any Leased
Improvements on the Leased Property with any other improvements on property adjacent to the Leased Property 
 ARTICLE 11 

11.1    Environmental Matters.    In the event any activity has been, or in the future will be,
conducted at the Leased Property or any past, present or future use of the Leased Property in any manner (a) which would cause the Leased Property to become a hazardous waste treatment storage or disposal facility within the meaning of, or
otherwise bring the Leased Property within the ambit of, the Resource Conservation and Recovery Act of 1976,42 U.S.C. §§ 6901 et seq., or any other federal, state or local law, rule, ordinance or regulation relating to Hazardous
Materials, (b) so as to cause a release or threatened release of Hazardous Materials from the Leased Property within the meaning of, or otherwise bring the Leased Property within the ambit of, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, 42 U.S.C. §§ 9601-9657, or any other federal, state or local law, rule, ordinance or regulation 

  

					
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relating to Hazardous Materials, or (c) so as to cause the discharge of pollutants or effluents into any water source or system, or the discharge into
the air of any emissions, which would require a permit under the Federal Water Pollution Control Act, 33 U.S.C. §§ 1251 et seq., or the Clean Air Act, 42 U.S.C. §§ 7401 et seq., or any other federal, state or local
law, rule, ordinance or regulation relating to Hazardous Materials, Lessee agrees to promptly notify Lessor and Lessor’s Assignees, if any, and further agrees promptly to so notify such parties of any claim made with respect to any of such
matters. In the event that the Lessee discovers that Hazardous Materials exist on the Leased Property in violation of any applicable law, rule, ordinance or regulation (whether or not disclosed in the Environmental Report) Lessee shall also promptly
notify Lessor of such condition and shall with all due diligence take every action necessary to remove such Hazardous Materials and remediate the Leased Property in a manner and to the extent required by applicable law. Lessee agrees to comply with
each of the recommendations contained in the Environmental Report for the protection, operation and maintenance of the Leased Property. Notwithstanding anything to the contrary contained herein, Lessee shall not be responsible for the removal of
Hazardous Materials which were placed in or on the Property prior to Lessee’s (or its affiliates’) occupancy thereof pursuant to the 1996 Lease, but Lessee shall bear the burden of proof with respect to when Hazardous Materials were placed
in or on the Property. 
 ARTICLE 12 
 12.1    Liens.    Subject to Section 13.1 relating to contests, Lessee will not directly or indirectly create or allow to remain and will promptly discharge
at its expense any lien, encumbrance, attachment, title retention agreement or claim upon the Leased Property or any attachment, levy, claim or encumbrance in respect of the Basic Rent or Additional Rent provided under this Lease arising out of
Lessee’s (or its agents’ or employees’) occupancy of or activities with respect to the Leased Property, not including, however, (a) this Lease, (b) any Indenture, (c) restrictions, liens and other encumbrances which are
consented to in writing by Lessor and Lessor’s Assignees, if any, or any easements which do not materially and adversely affect (1) the marketability of title to the Leased Property, (2) the use of the Leased Property for all purposes
of this Lease, or (3) the fair market value of the Leased Property, provided that Lessee shall first have delivered an Officer’s Certificate to Lessor and Lessor’s Assignees, if any, certifying as to the matters set forth in clauses
(1) and (2), (d) liens for those taxes of Lessor which Lessee is not required to pay hereunder, (e) subleases permitted by Article 24, liens for Impositions or for sums resulting from noncompliance with Legal Requirements so
long as (1) the same are not yet payable or are payable without the addition of any fine or penalty or (2) such liens are in the process of being contested as permitted by Section 13.1, and (f) liens of mechanics,
laborers, materialmen, suppliers or vendors for sums either disputed or not yet due, provided that (1) the payment of such sums shall not be postponed under any related contract for more than sixty (60) days after the completion of the
action giving rise to such lien and such reserve or other appropriate provisions as shall be required by law or sound accounting principles shall have been made therefor or (2) any such liens are in the process of being contested as permitted
by Section 13.1. 
 ARTICLE 13 
 13.1    Permitted Contests.    Lessee, on Lessor’s behalf, but at Lessee’s expense, may contest, by appropriate legal proceedings conducted in good faith and
with due diligence, the 

  

					
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amount or validity or application, in whole or in part, of any Imposition or any Legal Requirement or Insurance Requirement or any lien, encumbrance, charge
or claim not permitted by Section 12.1, provided that (a) in the case of an unpaid Imposition, lien, encumbrance, charge or claim, the commencement and continuation of such proceedings shall suspend the collection thereof from
Lessor and/or from the Leased Property, (b) neither the Leased Property nor any rent therefrom nor any part thereof or interest therein would be in any immediate danger of being sold, forfeited, terminated, cancelled or lost, (c) in the
case of a Legal Requirement, Lessor would not be in any danger of civil or criminal liability for failure to comply therewith pending the outcome of such proceedings, (d) Lessee shall deliver to Lessor, Lessor’s Assignees, if any, and
their respective counsel an opinion of Lessee’s counsel to the effect set forth in clauses (a), (b) and (c), to the extent applicable, (e) in the case of a Legal Requirement and/or an Imposition, lien, encumbrance or charge, Lessee
shall give such reasonable security as may be demanded by Lessor or Lessor’s Assignees, if any, to insure ultimate payment of the same, including, without limitation, all interest and penalties thereon, and to prevent any sale or forfeiture of
the Leased Property, the Basic Rent and any Additional Rent by reason of such non-payment or noncompliance, provided, however, Lessee is not permitted to contest, and the provisions of this Section shall not be construed to permit Lessee to
contest, the payment of Basic Rent, Additional Rent or any other sums payable by Lessee to Lessor hereunder, (f) in the case of an Insurance Requirement, the coverage required by Article 14 shall be maintained, (g) Lessee shall have
set aside adequate reserves for the payment of any unpaid Imposition, Legal Requirement, lien, encumbrance or charge, and (h) if such contest be finally resolved against Lessor or Lessee, Lessee shall, as Additional Rent due hereunder, promptly
pay the amount required to be paid, together with all interest and penalties accrued thereon, or comply with the applicable Legal Requirement or Insurance Requirement. Lessee shall indemnify and save Lessor harmless against any liability, cost or
expense of any kind that may be imposed upon Lessor in connection with any such contest and any loss resulting therefrom. 
 ARTICLE 14

 14.1    Insurance.    So long as this Lease remains in effect, Lessee agrees to
maintain at all times and at its expense insurance, covering the Leased Property as follows: 
 (a)    Property Insurance.    Insurance with respect to the Leased Improvements against any peril included within the classification “All Risks of Physical Loss,” with extended
coverage in amounts at all times sufficient to prevent it from becoming a co-insurer within the terms of the applicable policies, but in any event such insurance shall be maintained in an amount equal to the full insurable value of the Leased
Property and with deductibles acceptable to Lessor’s Assignees. The term “full insurable value” as used herein shall mean the actual replacement cost of the Leased Property (without taking into account any depreciation, and exclusive
of excavations, footings and foundations, landscaping and paving). The policy must include an agreed value clause, which must be updated annually. 
 (b)    Liability Insurance.    Comprehensive general liability insurance, including bodily injury, death and property damage liability, dram shop coverage and umbrella
liability insurance against any and all claims, including all legal 

  

					
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liability to the extent insurable imposed upon Lessor’s Assignees and all court costs and attorneys’ fees and expenses, arising out of or connected
with the possession, use, leasing, operation, maintenance or condition of the Leased Property in such amounts as Lessor’s Assignees may require, but in no event for a combined single limit of less than $1,000,000.00 minimum (or a $3,000,000.00
minimum if the Leased Property contains one or more elevators) with a $2,000,000.00 minimum (or a $6,000,000.00 minimum if the Leased Property contains one or more elevators) general aggregate limit. In the event that any payment of proceeds is made
under any umbrella liability insurance policy, the Lessee shall immediately purchase additional liability insurance coverage so that at all times there shall be no less than a $1,000,00.00 minimum (or a $3,000,000.00 minimum if the Leased Property
contains one or more elevators) of liability insurance coverage per occurrence with a $2,000,000.00 minimum (or a $6,000,000.00 minimum if the Leased Property contains one or more elevators) general aggregate limit. 
 (c)    Workers’ Compensation Insurance. Statutory workers’ compensation insurance (to the extent the
risks to be covered thereby are not already covered by other policies of insurance maintained by it), with respect to any work on, about or regarding the Leased Property. 
 (d)    Business Interruption. Business interruption and/or loss of “rental value” insurance in an
amount sufficient to avoid any co-insurance penalty and to provide proceeds which will cover a period acceptable to Lessor’s Assignees in their sole discretion. 
 (e)    Boiler and Machinery Insurance. Broad form boiler and machinery insurance covering all boilers or other
pressure vessels, machinery and equipment located in, on or about the Leased Property and insurance against loss of occupancy or use arising from any such breakdown in an amount equal to 100% of the actual replacement cost of such machinery (without
taking into account any depreciation) and containing such deductibles as are acceptable to Lessor’s Assignees. 
 (f)    Flood Insurance. If all or any portion of the Leased Property is located within a federally designated flood hazard zone, flood insurance as is generally available and in such amount and with such
deductibles as Lessor’s Assignees may require. 
 (g)    Other Insurance. Such other
insurance (including, without limitation, earthquake insurance, law and ordinance insurance, environmental insurance and malpractice insurance) with respect to the Leased Property against loss or damage of the kinds from time to time required by
Lessor’s Assignees in connection with loans secured by properties comparable to the Leased Property. 
 All insurance policies shall be
in form and substance acceptable to Lessor’s Assignees, shall name Lessor’s Assignees and their successors and assigns as additional insured, mortgagees 

  

					
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	 	14.	 	

 
and/or loss payees, as deemed appropriate by Lessor’s Assignees, and shall provide that all proceeds are payable to Lessor’s Assignees. 

14.2    Policy Provisions and Certificates.    The insurance maintained by Lessee under clauses (a),
(b), (d), (e), (f) and (g) of Section 14.1 shall name Lessor and Lessee, as insureds, as their respective interests may appear, and shall bear a standard non-contributory first mortgagee endorsement, as appropriate, in favor of
Lessor’s Assignees, if any, as loss payees. The insurance maintained by Lessee under clauses (a), (b), (d), (e), (f) and (g) of Section 14.1 shall provide that all property losses insured against shall be adjusted by
Lessee (prior to an Event of Default) (subject to Lessor’s approval of final settlement of estimated losses of Fifty Thousand Dollars ($50,000.00) or more) and that the proceeds thereof shall be paid to Lessor, and Lessor’s Assignees, to
be applied in the manner hereinafter set forth in Section 15.1 and Section 15.3. All insurance maintained by Lessee shall provide that (a) no cancellation or reduction thereof shall be effective until at least thirty
(30) days after receipt by Lessor and Lessor’s Assignees, if any, of written notice thereof, and (b) all losses shall be payable notwithstanding any act or negligence of Lessor, Lessor’s Assignees, if any, or Lessee or their
respective agents or employees which might, absent such agreement, result in a forfeiture of all or part of such insurance payment and notwithstanding (i) the occupation or use of the Leased Property for purposes more hazardous than permitted
by the terms of such policy, (ii) any foreclosure or other action or proceeding taken pursuant to any provision of any Indenture upon the happening of an event of default thereunder, or (iii) any change in title or ownership of the Leased
Property or any part thereof. Lessee will, within fifteen (15) days after the same first becomes due hereunder, furnish to Lessor and Lessor’s Assignees, if any, certificates for the insurance required by Section 14.1, and not
less than thirty (30) days before the expiration of any such insurance, certificates evidencing the replacement or renewal thereof, together with written evidence that the premium therefor has been paid. 
 14.3    Subrogation.    In respect of any real, personal or other property located in, at or upon the
Leased Property, and in respect of the Leased Property itself, Lessee hereby releases Lessor and Lessor’s Assignees, if any, from any and all liability or responsibility to Lessee or anyone claiming by, through or under Lessee, by way of
subrogation or otherwise, for any loss or damage caused by fire or any other casualty whether or not such fire or other casualty shall have been caused by the willful fault or gross negligence of Lessor or Lessor’s Assignees, if any, or anyone
for whom any of said Persons may be responsible. If generally available from insurance carriers, Lessee shall require its fire, extended coverage and other casualty insurance carriers to include in Lessee’s policies a clause or endorsement
whereby the insurer waives any rights of subrogation against Lessor and Lessor’s Assignees, if any. 
 14.4    Other Insurance.    Lessee shall not take out separate insurance concurrent in form or contributing in the event of loss with that required by this Article to be furnished by Lessee
unless Lessor and Lessor’s Assignees, if any, are included therein as named insureds as their respective interests may appear, with loss payable as in this Article provided. Lessee shall immediately notify Lessor and Lessor’s Assignees, if
any, whenever any such separate insurance is taken out and shall deliver the policy or policies or duplicates thereof, or certificates evidencing the same as provided in this Article. 
  

					
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 ARTICLE 15 
 15.1    Notice of Damage, Destruction or Taking; Condemnation Awards.    In case of any material damage to or destruction of the Leased Property or any part thereof or in
case of any Taking, Lessee shall forthwith give notice thereof to Lessor. If Lessor shall be advised by the condemning authority of a proposed Taking, Lessor shall forthwith give notice thereof to Lessee, but its failure to do so shall not affect
the rights of the parties as set forth in this Article. In case of any such Taking (whether permanent or temporary), damage or destruction, Lessor shall be entitled to all awards or insurance payments on account thereof. Lessee may file and
prosecute a separate claim for (i) for the taking of personal property, inventory or trade fixtures belonging to Lessee, (ii) for the interruption of Lessee’s business or its moving costs, (iii) for the value of any leasehold
improvements installed and paid for by Lessee, or (iv) other compensable tenant claims, provided any such claim does not reduce the award to Lessor. Unless an Event of Default shall have occurred, all sums so received by Lessor, shall be
applied in accordance with the provisions of Section 15.3, except that any such sums received with respect to a Taking for temporary use shall be applied in accordance with the provisions of Section 15.2. For the purposes of
this Lease, all amounts paid pursuant to any agreement with any condemning authority in settlement of any condemnation or other eminent domain proceeding affecting the Leased Property shall be deemed to constitute an award made in such proceeding
whether or not the same shall have actually been commenced. For the purposes of this Article, the terms “net proceeds” and “net awards” shall mean, respectively, (i) any insurance proceeds in respect of any damage to or
destruction of the Leased Property or any part thereof, or (ii) any awards in connection with any Taking thereof, in each case, less all costs and expenses, including attorneys’ fees, incurred in connection with the seeking and obtaining
of any such proceeds or awards. 
 15.2    Taking for Temporary Use.    In case of a Taking
for temporary use, there shall be no termination, cancellation or modification of this Lease, and Lessee shall continue to perform and comply with (except as such performance and such compliance may be rendered impossible by reason of such Taking)
all of its obligations under this Lease and shall in no event be relieved of its obligation to pay punctually all Rent or any other charges payable hereunder. If no Event of Default shall have occurred, Lessor shall pay the net awards received by it
(whether by way of damages, rent or otherwise) by reason of such Taking to Lessee. If an Event of Default shall have occurred, any such net award shall be retained by Lessor. In the event there is a temporary Taking and a permanent Taking, and the
condemning authority makes one condemnation award to Lessor, any net award shall be equitably divided and allocated to each of the temporary Taking and the permanent Taking and then disbursed in accordance the terms of this Section 15. For
purposes hereof, a Taking for temporary use shall be a taking of two (2) years or less in duration. For any Taking of a period of more than two (2) years, the provisions of Section 15.3 shall apply. 
 15.3    Other Taking; Damage or Destruction; Repair or Replacement. 
 (a) Except as otherwise provided in Section 15.2 regarding temporary takings, Lessee shall have the option to terminate this Lease if,
as a result of any Taking, (i) all of the Leased Property is taken, or (ii) twenty-five percent (25%) or more of the Leased Property is taken and the part of the Leased Property that remains cannot, within two (2) years, be made
reasonably suitable for the continued operation of Lessee’s business. Lessee must exercise such option within thirty (30) days, to be effective as of the next regularly scheduled date upon which 

  

					
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Rent is required to be paid hereunder occurring not less than ninety (90) days nor more than one hundred and eighty (180) days after such Taking (the
“Taking-Termination Date”) by giving notice (the “Taking-Termination Notice”) to Lessor of its intention to terminate not later than ninety (90) days prior to the Taking-Termination Date. Lessor shall have the
option to terminate this Lease if, as a result of any Taking, (i) all of the Leased Property is taken, or (ii) twenty-five percent (25%) or more of the Leased Property is taken and the part of the Leased Property that remains cannot,
within two (2) years, be made reasonably suitable for the continued operation of Lessee’s business or (iii) there are insufficient proceeds from the insurance proceeds or condemnation award to restore the Leased Property (other than
Lessee’s fixtures and other improvements or alterations made or owned by Lessee) to an architectural whole. Lessor must exercise such option within thirty (30) days, to be effective as of the next regularly scheduled date upon which Rent
is required to be paid hereunder occurring not less than ninety (90) days nor more than one hundred and eighty (180) days after such Taking (the “Taking-Termination Date”) by giving notice (the “Taking-Termination
Notice”) to Lessee of its intention to terminate not later than ninety (90) days prior to the Taking-Termination Date. 
 (b) In the event that (x) Lessee delivers a Taking-Termination Notice to Lessor or (y) Lessor delivers a Taking-Termination Notice to Lessee, then, in either event, the entire proceeds of any Taking and the right thereto
shall be assigned to and shall belong to Lessor and this Lease shall terminate as of the Taking-Termination Date at which time the parties shall be released from any and all obligations and liabilities arising up to and including the
Taking-Termination Notice. 
 (c) Except as otherwise provided in Subsection (a) hereof, in case of any damage to or destruction
of the Leased Property or any part thereof, or in case of any Taking other than for temporary use, Lessee will, at its expense, promptly commence and complete with due diligence (subject to Unavoidable Delays) the replacement and repair of the
Leased Property in order to restore it as nearly as practicable to the value and condition thereof immediately prior to such damage, destruction or Taking, provided Lessor or Lessor’s Assignees has made the insurance proceeds or condemnation
award available to Lessee. If an Event of Default shall have occurred, Lessor may, at its option, retain all or of any portion of net proceeds of insurance and/or net awards for a Taking. Upon completion of construction, Lessee shall deliver to
Lessor (i) a copy of a permanent, unconditional certificate of occupancy for the Leased Property and (ii) an Officer’s Certificate and a certificate of an engineer or architect satisfactory to Lessor certifying to the completion of
the repair or replacement of the Leased Property, the payment of the cost thereof in full, and the amount of such cost, and upon receipt of such certificates by Lessor, any balance of such proceeds and awards or other payments not required to be
held or applied in accordance with the preceding sentence, shall if no Event of Default shall have occurred, (1) in the case of insurance proceeds, be paid over to, and retained by Lessee, and (2) in the case of an award for a Taking, be
paid over to Lessor. In the event of a Taking of such character as not to require any repair or replacement of the Leased Improvements, and upon delivery to Lessor of an Officer’s Certificate certifying that such partial Taking has not
materially affected the condition or use of the Leased Property, any net award or other payment for such Taking shall, if no Event of Default shall have occurred, be paid over to Lessor. If an Event of Default shall have occurred prior to the time
of Lessor’s receipt of any insurance proceeds or awards or other payment for a Taking pursuant to this Section, the same shall be applied in the manner specified in any Indenture. 
  

					
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 ARTICLE 16 
 16.1    Representations and Warranties.    Lessee hereby presents and warrants the following: 
 (a)    the Leased Property has been accepted by Lessee for all purposes of this Lease and there has been no material damage to
the buildings and improvements thereon which has not been repaired nor are any condemnation or eminent domain proceedings pending (or, to the best knowledge of Lessee, threatened) with respect thereto; 
 (b)    all public utilities, including, but not limited to, water, sewer, gas if necessary, and electricity, have been
connected to the Leased Property and are adequate for the intended use of the Leased Property; 
 (c)    means of
ingress and egress, streets, parking and drainage facilities are available to service the Leased Property and are adequate for the intended use of the Leased Property; 
 (d)    all material permits, licenses and certificates (including, without limitation, permanent certificates of occupancy (subject only to minor conditions)) and all environmental permits
and approvals which are necessary to permit the use of the Leased Property in accordance with the provisions of this Lease have been obtained and are in full force and effect; 
 (e)    to the best of Lessee’s knowledge, under applicable zoning and use laws, ordinances, rules and regulations, the
Leased Property may be used for purposes contemplated by this Lease and all necessary subdivision approvals have been obtained; 
 (f)    to the best of Lessee’s actual knowledge, except as may be disclosed in the Environmental Report, (i) no Hazardous Materials have been integrated into any part of the Leased Property in violation
of any applicable law; (ii) no enforcement, cleanup, removal or other governmental or regulatory actions have, at any time, been instituted, completed or threatened against the Leased Property, or against any Person with respect to the Leased
Property, pursuant to any law, ordinance, rule or regulation; (iii) no violation or non-compliance with any such law, ordinance, rule or regulations relating to Hazardous Materials has occurred with respect to the Leased Property at any time;
(iv) no claims have, at any time, been made or threatened by any third party against the Leased Property or against any Person with respect to any Leased Property, relating to damage, contribution, cost recovery compensation, loss or injury
resulting from any Hazardous Materials located on the Leased Property; (v) no activity has been conducted that would cause the Leased Property to become a hazardous waste treatment storage or disposal facility within the meaning of, or
otherwise bring the Leased Property within the ambit of, the Resource Conservation and Recovery Act of 1976, 42 U.S.C. §§ 6901 et seq., or any state or local ordinance or regulation relating to Hazardous Materials; and (vi) no
occurrence or condition on any real property adjoining or in the vicinity of the Leased Property exists to the best knowledge of Lessee that would cause the Leased Property or any part thereof to be classified as “border-zone property”
under the provisions of the California Health and Safety Code, Section 25220, et seq., if located in California (or be subject to an analogous classification 

  

					
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	 	18.	 	

 
under the laws of the jurisdiction in which a Leased Property is located if not in California) or any regulation adopted in accordance therewith, or to be
otherwise subject to any restrictions on the ownership, occupancy, transferability or use of the Leased Property under any similar law, ordinance or regulation; and 
 (g)    (i) no Default by Lessee (nor, to the best of Lessee’s knowledge, by Lessor) exists hereunder and (ii) there exists no offset, defense or claim with respect to any
Rents or other sums to be paid by Lessee hereunder as of the Commencement Date. 
 ARTICLE 17 
 17.1    Events of Default.    If any one or more of the following events (individually, an
“Event of Default”) shall occur: 
 (a)    if Lessee shall fail to make payment of any Basic Rent
or Additional Rent payable by Lessee under this Lease within five (5) days of when the same becomes due and payable; or 
 (b)    if Lessee shall fail to observe or perform any other term, covenant or condition of this Lease and such failure shall continue for a period of thirty (30) days after written notice thereof, unless such
failure cannot with due diligence be cured within a period of thirty (30) days, in which case such failure shall not be deemed to continue if Lessee proceeds promptly and with due diligence to cure the failure and diligently completes the
curing thereof; or 
 (c)    if Lessee or any Subsidiary shall make a general assignment for the benefit of its
creditors, or shall file a voluntary petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file any petition or answer seeking, consenting to, or acquiescing in reorganization, arrangement, adjustment, composition,
liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or failing to deny the material allegations of a petition against it for any such relief, or shall admit in writing
its inability to pay its debts as they mature; or 
 (d)    if any proceeding against Lessee or any Subsidiary
seeking any of the relief mentioned in clause (c) of this Section shall not have been stayed or dismissed within sixty (60) days after the commencement thereof; or 
 (e)    if a trustee, receiver or liquidator of Lessee or any Subsidiary or of any substantial part of its properties or
assets, or of Lessee’s estate or interest in the Leased Property, shall be appointed with the consent or acquiescence of Lessee, or if any such appointment, if not so consented to or acquiesced in, shall remain unvacated or unstayed for a
period of sixty (60) consecutive days; or 
 (f)    if Lessee or any Subsidiary shall be liquidated or
dissolved, or shall begin proceedings toward such liquidation or dissolution, or shall, in any manner, permit the divestiture of substantially all its assets (other than in connection with a merger of Lessee into, or a sale of all or substantially
all of Lessee’s assets to, another corporation provided that the survivor of such merger or the purchaser of such assets shall assume all of Lessee’s obligations under this 

  

					
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	 	19.	 	

 
Lease by a written instrument, in form and substance satisfactory to Lessor and Lessor’s Assignees, if any, accompanied by an opinion of counsel,
satisfactory to Lessor, stating that such instrument of assumption is valid, binding and enforceable against the parties thereto in accordance with its terms, and provided further that immediately after giving effect to any such merger the Lessee or
other corporation (if not the Lessee) surviving the same shall have a Consolidated Tangible Net Worth at least equal to the Consolidated Tangible Net Worth of Lessee immediately prior to such merger); or 
 (g)    if the estate or interest of Lessee in the Leased Property or any part thereof shall be levied upon or attached in any
proceeding and the same shall not be vacated or discharged within sixty (60) days after commencement thereof (unless Lessee shall be contesting such lien or attachment in good faith in accordance with Section 13.01 hereof); or

 (h)    if the then current use or occupancy of the Leased Property shall be permitted pursuant to then
applicable zoning laws only for so long as such use or occupancy shall be continued, and Lessee shall discontinue such use or occupancy without the prior written consent of Lessor, except in the event such use or occupancy is rendered impossible due
to a Taking or damage to the Leased Property and is involuntarily discontinued by Lessee pursuant to Section 15.3(b); or 
 (i)    if any of the representations or warranties made by Lessee in this Lease or in any other document, certificate or instrument delivered in connection herewith proves to be untrue in any material respect; or

 (j)    there shall be rendered against the Lessee or any Subsidiary final judgment or degree and the Lessee or
any Subsidiary, as the case may be, shall have failed to satisfy such judgment or to appeal therefrom (or from the order, decree or process pursuant to which such judgment was granted, passed, entered or affirmed) and to obtain a stay of execution
thereof within the period prescribed by law for appeals, and to have such judgment discharged within sixty (60) days after the expiration of such period or the period of any such stay, whichever shall later expire, then, and in any such event,
Lessor may terminate this Lease by giving Lessee notice of such termination and upon the giving of such notice, the Term shall terminate and all rights of Lessee under this Lease shall cease. Lessor shall have all rights at law and in equity
available to Lessor as a result of Lessee’s breach of this Lease; or 
 (k)    Any report, certificate,
financial statement or other instrument delivered to Lessor by or on behalf of Lessee is false or misleading in any material respect when made or delivered. 
 Upon an Event of Default, Lessor may, at its option and without limitation on any other remedies available to it, (i) terminate this Lease by giving Lessee notice of such termination and upon the giving of such notice, the Term shall
terminate and all rights of Lessee under this Lease shall cease, or (ii) to continue to enforce Lessee’s obligation to pay Basic Rent, Additional Rent, and all other sums due under this Lease (including such amounts as may be due by reason
of acceleration) without terminating this Lease. Lessee will pay as Additional Rent all costs and expenses incurred by or on behalf of Lessor, including, without limitation, reasonable attorneys’ fees and expenses, as a result of any Event of
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 17.2    Surrender; Entry by Lessor.    If an Event of
Default shall have occurred, whether or not this Lease has been terminated pursuant to Section 17.1, Lessee shall, if required by Lessor so to do, immediately surrender the Leased Property to Lessor and quit the same, and if permitted by
applicable law, Lessor may enter upon and repossess the Leased Property by reasonable force, summary proceedings, ejectment or otherwise, and may remove Lessee and all other Persons and any and all personal property from the Leased Property. Lessor
shall be under no liability for or by reason of any such entry, repossession or removal, except to the extent the same constitutes a violation of applicable law. 
 17.3    Reletting by Lessor.    If an Event of Default shall have occurred, whether or not this Lease has been terminated pursuant to Section 17.1, Lessor,
without notice to Lessee, may, but shall be under no obligation to, relet the Leased Property or any part thereof for the account of Lessee, in the name of Lessee or otherwise, for such term or terms (which may be greater or less than the period
which would otherwise have constituted the balance of the then current Term) and on such conditions (which may include concessions or free rent) and for such purposes as Lessor may determine, and may collect, receive and retain the rents resulting
from such reletting. The foregoing shall not be deemed to excuse Lessor from any duty it may otherwise have under applicable law to attempt to mitigate its damages if such an Event of Default occurs. 
 17.4    Current Liquidated Damages.    Neither (a) the termination of this Lease pursuant to
Section 17.1, (b) the repossession of the Leased Property, (c) the failure of Lessor to relet the Leased Property, (d) the reletting of all or any portion thereof, nor (e) the failure of Lessor to collect or receive
any rentals due upon any such reletting, shall relieve Lessee of its liability and obligations hereunder, all of which shall survive any such termination, repossession or reletting. In the event of any such termination, Lessee shall forthwith pay to
Lessor all Rent due and payable to and including the date of such termination. Thereafter, monthly on the days on which the Basic Rent would have been payable under this Lease if the same had not been terminated and until the end of what would have
been the then current Term in the absence of such termination, Lessee, at Lessor’s option, shall pay Lessor as and for liquidated and agreed current damages for Lessee’s default: 
 (a)    an amount equal to the Basic Rent and Additional Rent that would have been payable by Lessee hereunder if the Term had
not been terminated, less 
 (b)    the net proceeds, if any, of any reletting of the Leased Property or
any part thereof, after deducting all of Lessor’s reasonable expenses in connection therewith, including, without limitation, repossession costs, brokerage commissions, attorneys’ fees and expenses and any repair or alteration costs and
expenses incurred in connection with such reletting. 
 17.5    Final Liquidated
Damages.    At any time after the termination of this Lease pursuant to Section 17.1, whether or not Lessor shall have collected any current damages pursuant to Section 17.4, Lessor, at its option,
shall be entitled to recover from Lessee and Lessee will pay to Lessor on demand as and for liquidated and agreed final damages for Lessee’s default (it being agreed that it would be impractical or extremely difficult to fix the actual
damages), and in lieu of all current damages provided in Section 17.4 beyond the date to which the same shall have been paid, 
  

					
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 (a)    the sum of (i) any past due Rent together with interest thereon
(to the extent permitted by law) computed from the due date thereof to the date of payment of all sums due and owing at the Overdue Rate (or at the maximum rate permitted by law, whichever is the lesser), (ii) the remaining payments of Basic
Rent (which would otherwise have become due during the remainder of the then current Term but for such termination) as of the later of the date to which Basic Rent shall have been paid or the date to which Lessee shall have paid current damages
pursuant to Section 17.4 together with interest thereon computed from the later of such dates to the date of payment of all sums due and owing at the Overdue Rate, and (iii) an amount equal to the Additional Rent and other charges
(as reasonably estimated by Lessor) which would be payable hereunder from such date for what would have been the then unexpired current Term had the same not been terminated calculated on a quarterly basis, less 
 (b)    the then fair net rental value of the Leased Property for the period from the date of payment of such liquidated
damages to the date which would have been the then expiration date of the then current Term had this Lease not been terminated (after deducting all reasonable estimated expenses to be incurred in connection with reletting the Leased Property,
including, without limitation, repossession costs, brokerage commissions, attorneys’ fees and expenses and repair and alteration costs and expenses). 
 If any statute or rule of law shall validly limit the amount of such liquidated final damages to less than the amount above agreed upon, Lessor shall be entitled to the maximum amount allowable under such statute or rule of law. 

17.6    Waiver.    If this Lease is terminated pursuant to Section 17.1, Lessee waives, to
the extent permitted by applicable law, (a) any right which may require Lessor to sell its interest in the Leased Property or any part thereof in mitigation of Lessor’s damages as set forth in this Article 17, (b) any notice of
re-entry or of the institution of legal proceedings to that end, (c) any right of redemption, re-entry or repossession, (d) any right to a trial by jury in the event of summary proceedings to enforce the remedies set forth in this
Article 17, (e) the benefit of any laws now or hereafter in force exempting property from liability for rent or for debt, and (f) any other rights which might otherwise limit or modify any of Lessor’s rights or remedies under
this Article 17I. 
 ARTICLE 18 
 18.1    Lessor’s Right to Cure Lessee’s Default.    If Lessee shall fail to make any payment or perform any act required to be made or performed under this
Lease such that an Event of Default has occurred pursuant to Article 17, Lessor, and without waiving or releasing any obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such
act for the account and at the expense of Lessee, and may enter upon the Leased Property for such purpose and take all such action thereon as, in Lessor’s opinion, may be necessary or appropriate therefor. No such entry shall be deemed an
eviction of Lessee. All sums so paid by Lessor and all reasonable costs and expenses (including, without limitation, attorneys’ fees and expenses) so incurred, together with interest thereon (to the extent permitted by law) at the Overdue Rate
(or at the maximum rate permitted by law, whichever is the lesser) from the date on which such sums or expenses are paid or incurred by Lessor, shall be paid by Lessee to Lessor on demand. 
  

					
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 ARTICLE 19 
 19.1    Holding Over.    If Lessee shall for any reason remain in possession of the Leased Property after the expiration of the Term or earlier termination of the Term
hereof (except pursuant to the provisions of Section 6.2) with Lessor’s consent, such possession shall be as a month-to-month tenant during which time Lessee shall pay as rental, one and one-half times the aggregate of
(a) Basic Rent on the first day of each month at a rate equal to the higher of fair market rental or one-twelfth (1/12) of the amount of annual Basic Rent payable during the last Lease Year of the Term, (b) all Additional Rent and
(c) all other sums, if any, payable by Lessee pursuant to the provisions of this Lease. During such period of month-to-month tenancy, Lessee shall be obligated to perform and observe all of the terms, covenants and conditions of this Lease but
shall have no rights thereunder other than the right to continue its occupancy and use of the Leased Property. Nothing contained herein shall constitute the consent, express or implied, of Lessor to the holding over of Lessee after the expiration or
earlier termination of this Lease. 
 ARTICLE 20 
 20.1    No Recourse to Lessor.    No recourse shall be had against Lessor, or its successors or assigns, or its employees, officers, directors, shareholders or members
for any claim based on any failure by Lessor in the performance or observance of any of the agreements, covenants or provisions contained in this Lease. In the event of any such failure, recourse shall be had solely against the Leased Property.
Nothing contained in the foregoing, however, shall restrict the right of Lessee to commence any proceeding against Lessor for the breach of its agreements or covenants contained in this Lease; provided, however, that, in the event that any
judgment is obtained against Lessor, the same shall not be the basis of a right of offset, deferment or reduction of the Rent due hereunder. 
 ARTICLE 21 
 21.1    Risk of Loss.    The risk of loss or of decrease in the
enjoyment and beneficial use of the Leased Property in consequence of the damage or destruction thereof by fire, the elements, casualties, thefts, riots, wars or otherwise, or in consequence of foreclosures, attachments, levies or executions (other
than by Lessor and those claiming from, through or under Lessor) is assumed by Lessee, and Lessor shall in no event be answerable or accountable therefor. None of the events mentioned in this Section shall entitle Lessee to any abatement of Basic
Rent or Additional Rent, except as specifically provided herein. 
 ARTICLE 22 
 22.1    Indemnification by Lessee.    Lessee will protect, indemnify, save harmless and defend Lessor and
Lessor’s Assignees, if any, from and against all liabilities, obligations, claims, damages, penalties, causes of action, costs and expenses (including, without limitation, attorneys’ fees and expenses) imposed upon or incurred by or
asserted against Lessor or any of Lessor’s Assignees, if any, by reason of: (a) the acquisition and ownership of, or the holding of any security in, the Leased Property; (b) any accident, injury to or death of persons or loss of or
damage to property occurring on or about the Leased Property or adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (c) any use, non-use or condition in, 

  

					
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on or about the Leased Property, or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways;
(d) any Impositions; (e) any failure on the part of Lessee to perform or comply with any of the terms of this Lease; (f) performance of any labor or services or the furnishing of any materials or other property in respect of the
Leased Property or any part thereof, except to the extent performed by or at the direction of Lessor; (g) the non-performance of any of the terms and provisions of any and all existing and future subleases of the Leased Property to be performed
by the Lessor thereunder; (h) the presence, disposal, escape, seepage, leakage, spillage, discharge, emission, release, or threatened release of any Hazardous Materials on, from, or affecting the Leased Property or any other property;
(i) any personal injury (including wrongful death) or property damage (real or personal) arising out of or related to such Hazardous Materials; (j) any lawsuit brought or threatened, settlement reached, or governmental order relating to
such Hazardous Materials; or (k) any violation of laws, orders, regulations, requirements or demands of government authorities, which are based upon or in any way related to such Hazardous Materials including, without limitation, the costs and
expenses of any remedial action, attorneys’ and consultant’s fees, investigation and laboratory fees, court costs and litigation expenses. Any amounts which become payable by Lessee under this Section shall be paid on demand, and if not
timely paid, shall bear interest (to the extent permitted by law) at the Overdue Rate (or at the maximum rate permitted by law, whichever is the lesser) from the date of such determination to the date of payment. Lessee, at its expense, shall
contest, resist and defend any such claim, action or proceeding asserted or instituted against Lessor, or any of Lessor’s Assignees, if any, and may compromise or otherwise dispose of the same as Lessee sees fit. Nothing herein shall be
construed as indemnifying Lessor against its own affirmative grossly negligent acts or willful acts. Lessee’s liability for a breach of the provisions of this Section arising during the Term hereof shall survive any termination of this Lease.

 22.2    Lessor’s Indemnification Of Lessee.    Lessor shall indemnify, defend, and
hold harmless Lessee from any claims made or legal actions filed or threatened against Lessee to the extent proximately caused by the gross negligence or willful misconduct of Lessor. 
 ARTICLE 23 
 23.1    Assignment.    Lessee may not assign, mortgage, pledge, hypothecate or otherwise transfer this Lease, its interest in the Leased Property, or any of its rights or obligations hereunder,
or sublease the Leased Property, in whole or in part, by operation of law or otherwise, without the prior written consent of Lessor and Lessor’s Assignees, if any, which consent may be given or withheld in the reasonable discretion of each such
party. Without limiting the circumstances in which it may be reasonable for Lessor to withhold its consent to an assignment or subletting, Lessor and Lessee acknowledge that it shall be reasonable for Lessor to withhold its consent in the following
instances: 
 (a)    the proposed assignee is a governmental agency; 
 (b)    in Lessor’s reasonable judgment, the use of the Leased Property by the proposed assignee would involve occupancy
which would entail any alterations which would lessen the value of the leasehold improvements in the Leased Property, or would require increased services by Lessor; 
  

					
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 (c)    in Lessor’s reasonable judgment, the financial worth of the
proposed assignee is less than that of Lessee or does not meet the credit standards applied by Lessor; 
 (d)    the proposed assignee in the ten years prior to the assignment has filed for bankruptcy protection, has been the subject of an involuntary bankruptcy, or has been adjudged insolvent; 
 (e)    in Lessor’s reasonable judgment, the Leased Property, or the relevant part thereof, will be used in a manner that
will violate any negative covenant as to use contained in this Lease; 
 (f)    the use of the Leased Property by
the proposed assignee will violate any applicable law, ordinance or regulation, or the proposed assignee will use or store Hazardous Materials; 
 (g)    Lessee is in default of any obligation of Lessee under this Lease, or Lessee has defaulted under this Lease on three or more occasions during the 12 months preceding the date that Lessee shall request
consent. 
 No such assignment, mortgage, pledge, hypothecation or transfer of this Lease, sublease or any other relinquishment of possession or rights to
any of the Leased Property shall in any way discharge or diminish any obligations of Lessee to Lessor hereunder and Lessee shall remain directly and primarily liable, as principal rather than as surety, for the prompt payment of the Rent and for the
performance and observance of all of the covenants and conditions contained in this Lease to be performed by Lessee. 
 23.2    Transfer to Successor Corporation.    Lessee may, upon notice to Lessor but without Lessor’s consent, assign or transfer its entire interest in this Lease and the leasehold estate
hereby created to a Successor Corporation, provided that there shall have occurred no Event of Default (which, if curable, remains uncured) hereunder. “Successor Corporation” shall mean (a) a corporation into which or with
which Lessee, its corporate successors or assigns, is merged or consolidated, in accordance with applicable statutory provisions for the merger or consolidation of corporations, provided that by operation of law or by effective provisions contained
in the instruments of merger or consolidation the liabilities of the corporations participating in such merger or consolidation are assumed by the corporation surviving such merger or consolidation; or (b) a corporation acquiring this Lease and
the estate hereby granted, the goodwill and all or substantially all of the other property and assets (other than capital stock of such acquiring corporation) of Lessee, its corporate successors or assigns, and assuming all or substantially all of
the liabilities of Lessee, its corporate successors and assigns; or (c) a corporation which acquires all of the issued and outstanding capital stock of Lessee; or (d) any corporate successor to a Successor Corporation becoming such by
either of the methods described in subdivisions (a) and (b) above; provided that such merger or consolidation, or such acquisition and assumption, as the case may be, is for a good business purpose and not principally for the purpose of
transferring the leasehold estate created hereby, and provided further that the Consolidated Tangible Net Worth of the Successor Corporation is not less than the Consolidated Tangible Net Worth of the Lessee immediately prior to the transfer. The
acquisition by Lessee, its corporate successors or assigns, of all or substantially all of the 

  

					
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obligations and liabilities of any corporation, shall be deemed to be a merger for the purposes of this Article. 
 23.3    Sharing of Excess Rental.    If Lessor’s consent is required hereunder and Lessor
shall give its consent to any assignment of this Lease or to any sublease, Lessee shall in consideration therefor, pay to Lessor, as Additional Rent: 
 (a)    in the case of an assignment, an amount equal to fifty percent (50.0%) of all sums and other considerations paid to Lessee by the assignee for or by reason of such assignment
(including, but not limited to, rent in excess of Basic Rent and Additional Rent hereunder for the remainder of the Term as the same may be extended pursuant to Article 32 below, sums paid for the sale of Lessee’s leasehold improvements,
equipment, furniture, furnishings or other personal property, less, in the case of a sale or a lease thereof, the then fair market value thereof; and 
 (b)    in the case of a sublease, fifty percent (50.0%) of any rents, additional charges or other consideration payable under the sublease to Lessee by the subtenant which is in excess
of the Basic Rent and Additional Rent (other than Additional Rent payable pursuant to this Section) accruing during the term of the sublease in respect of the subleased space (at the rate per square foot payable by Lessee hereunder) pursuant to the
terms hereof (including, but not limited to, sums paid for the sale or rental of Lessee’s leasehold improvements, equipment, furniture or other personal property, less, in the case of the sale or a lease thereof, the then fair market
value thereof. The sums payable under this Section shall be paid to Lessor as and when payable by the subtenant to Lessee. 
 ARTICLE 24

 24.1    Lessor’s Right to Inspect.    Lessee shall permit Lessor and
Lessor’s Assignees, if any, and their respective authorized representatives to inspect the Leased Property during usual business hours upon twenty-four (24) hours prior notice. 
 24.2    Financial Statements.    Lessee shall provide Lessor with Lessee’s audited financial
statements (including but not limited to balance sheets, income statements, and statements of changes in financial position) at least annually, no later than March 31 for the prior year ended December 31. 
 ARTICLE 25 
 25.1    No Waiver by Lessor.    No failure by Lessor to insist upon the strict performance of any term hereof or to exercise any right, power or remedy consequent upon a breach thereof,
and no acceptance of full or partial payment of Rent during the continuance of any such breach, shall constitute a waiver of any such breach or of any such term. No waiver of any breach shall affect or alter this Lease, which shall continue in full
force and effect with respect to any other then existing or subsequent breach. No foreclosure, sale or other proceeding under any Indenture shall effectuate a termination of this Lease or discharge or otherwise affect the obligations of Lessee
hereunder. 
  

					
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 ARTICLE 26 
 26.1    Remedies Cumulative.    Each legal, equitable or contractual right, power and remedy of Lessor now or hereafter provided either in this Lease or by statute or
otherwise shall be cumulative and concurrent and shall be in addition to every other right, power and remedy and the exercise or beginning of the exercise by Lessor of any one or more of such rights, powers and remedies shall not preclude the
simultaneous or subsequent exercise by Lessor of any or all of such other rights, powers and remedies. 
 ARTICLE 27 
 27.1    Acceptance of Surrender.    No surrender to Lessor of this Lease or of the Leased Property or any
part thereof or of any interest therein shall be valid or effective unless agreed to and accepted in writing by Lessor and no act by Lessor or any representative or agent of Lessor, other than such a written acceptance by Lessor, shall constitute an
acceptance of any such surrender. 
 ARTICLE 28 
 28.1    [INTENTIONALLY DELETED] 
 ARTICLE 29 
 29.1    Conveyance by Lessor.    If Lessor or any successor owner of the Leased Property shall convey the
Leased Property other than as security for a debt, Lessor or such successor owner, as the case may be, shall thereupon be released from all future liabilities and obligations of the Lessor under this Lease and all such future liabilities and
obligations shall thereupon be binding upon the new owner, subject to the provisions of Article 21. 
 ARTICLE 30 
 30.1    Quiet Enjoyment.    So long as Lessee shall pay all Rent as the same becomes due and shall fully
comply with all of the terms of this Lease and fully perform its obligations hereunder, Lessee shall peaceably and quietly have, hold and enjoy the Leased Property for the Term hereof, free of any claim or other action by Lessor or Lessor’s
Assignees, if any, or anyone claiming by, through or under any of them, but subject to all liens and encumbrances of record. No failure by Lessor or Lessor’s Assignees, if any, to comply with the foregoing covenant shall give Lessee any right
to cancel or terminate this Lease or abate, reduce or make a deduction from or offset against the Basic Rent or Additional Rent or any other sum payable under this Lease, or to fail to perform any other obligation of Lessee hereunder. 
  

					
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 ARTICLE 31 
 31.1    Notices.    All notices, demands, requests, consents, approvals and other communications hereunder shall be in writing and personally delivered or couriered (by
Federal Express or another reputable, national overnight delivery service), addressed to the respective parties, as follows: 
  

					
	(a)	 	if to Lessee:	  	Renfro Corporation
		 		  	661 Linville Road
		 		  	Mount Airy, North Carolina 27030-0908
		 		  	Attention: Andrew Kilby
			
		 	with a copy to:	  	Kilpatrick Stockton LLP
		 		  	1001 West Fourth Street
		 		  	Winston-Salem, North Carolina 27101-2400
		 		  	Attention: Frank Murphy and Alfred Adams
			
	(b)	 	if to Lessor:	  	Renfro Properties LLC
		 		  	c/o Griffin Capital
		 		  	10940 Wilshire Boulevard, Suite 1600
		 		  	Los Angeles, California 90024
		 		  	Attention: Kevin Shields
			
		 	with a copy to:	  	Cooley Godward LLP
		 		  	One Maritime Plaza, 20th
Floor
		 		  	San Francisco, California 94111-3580
		 		  	Attention: Paul Churchill

 or to such other address as either may hereafter designate, and shall be effective upon receipt as evidenced by a
receipt signed by a Person at such address authorized to accept delivery, or upon refusal to accept delivery. 
 31.2    Amendments and Modifications.    Neither this Lease nor any provision hereof may be amended, waived, discharged or terminated except by an instrument in writing in recordable form
signed by Lessor and Lessee. 
 31.3    Successors and Assigns.    All the terms and
provisions of this Lease shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 31.4    Headings and Table of Contents.    The headings and table of contents in this Lease are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 31.5    Counterparts.    This Lease may be executed in any number of counterparts, each of
which shall be an original, but all of which shall together constitute one and the same instrument. 
 31.6    Governing Law.    THIS LEASE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF SOUTH CAROLINA. 
 31.7    Estoppel Certificates.    Upon twenty (20) days’ prior notice of the request of the
other party, either party will execute, acknowledge and deliver to the other party a certificate 

  

					
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stating (a) that this Lease is unmodified and in full force and effect (or, if there have been modifications, that this Lease is in full force and
effect as modified, and setting forth such modifications), (b) the dates to which Rent and other sums payable hereunder have been paid, and (c) either that to the knowledge of the party no default exists under this Lease or specifying each
such default of which the party has knowledge. 
 31.8    Subordination and
Attornment.    This Lease is subject to and subordinate to all ground leases and Indentures which affect the Land or the Leased Property and which are of public record as of the date Lessor acquires title to the Land, and to
all renewals, modifications, consolidations, replacements and extensions thereof. However, if the lessor under any such ground lease or any of Lessor’s Assignees shall advise Lessor that it desires or requires this Lease to be made prior and
superior thereto, then, upon written request of Lessor to Lessee, Lessee shall promptly execute, acknowledge and deliver any and all customary or reasonable documents or instruments which Lessor and such lessor or Lessor’s Assignee deems
necessary or desirable to make this Lease prior thereto. Lessee hereby consents to Lessor’s ground leasing the Land and/or encumbering the Leased Property as security for future loans on such terms as shall desire, all of which future ground
leases or Indentures shall be subject to and subordinate to this Lease. However, if any lessor under any such future ground lease or any Lessor’s Assignee holding or offering to hold such future mortgage or deed of trust shall desire or require
that this Lease be made subject to and subordinate to such future ground lease, mortgage or deed of trust, then Lessee agrees, within ten days after Lessor’s written request therefor, to execute, acknowledge and deliver to Lessor any and all
documents or instruments requested by Lessor or by such lessor or Lessor’s Assignee as may be necessary or proper to assure the subordination of this Lease to such future ground lessor Indenture, but only if such lessor or Lessor’s
Assignee agrees to recognize Lessee’s rights under this Lease and agrees not to disturb Lessee’s quiet possession of the Leased Premises so long as Lessee is not in default under this Lease. If Lessor assigns the Lease as security for a
loan, Lessee agrees to execute such documents as are reasonably requested by the Lessor’s Assignee and to provide reasonable provisions in the Lease protecting the security interest of such Lessor’s Assignee which are customarily required
by institutional lenders making loans secured by a deed of trust. Without limiting the foregoing, Lessee hereby approves the form of Subordination, Non-Disturbance and Attornment Agreement attached hereto as Exhibit B. 
 31.9    Lessee’s Attornment Upon Foreclosure.    Lessee shall, upon request, attorn (i) to any
purchaser of the Leased Property at any foreclosure sale or private sale conducted pursuant to any Indenture encumbering the Leased Property, (ii) to any grantee or transferee designated in any deed given in lieu of foreclosure of any security
interest encumbering the Leased Property, or (iii) to the lessor under an underlying ground lease of the Land, should such ground lease be terminated; provided that such purchaser, grantee or lessor recognizes Lessee’s rights under this
Lease. 
 31.10    Submission To Jurisdiction; Waivers.    Each of the parties hereto hereby
irrevocably and unconditionally: 
 (a)    submits for itself and its property in any legal action or proceeding
relating to this Lease and the other Operative Agreements to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the United States of America for the
District of South Carolina, and the applicable federal appellate court; 
  

					
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 (b)    consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 (c)    agrees that service of process in any such action or proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of mail) postage prepaid, to such party at its address set forth in Section 29.1 or at such other address of which the parties hereto shall have been notified pursuant
thereto; and 
 (d)    agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by Law or shall limit the right to sue in any other jurisdiction. 
 31.11    Waivers of Jury
Trial.    TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE LESSOR AND THE LESSEE HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS LEASE OR ANY OTHER OPERATIVE
AGREEMENT TO WHICH SUCH ENTITY IS A PARTY AND FOR ANY COUNTERCLAIM THEREIN. 
 31.12    Miscellaneous.    Anything contained in this Lease to the contrary notwithstanding, all claims against, and liabilities of, the Lessee and Lessor arising prior to any date of
termination of this Lease shall survive such termination. If any term or provision of this Lease or any application thereof shall be invalid or unenforceable, the remainder of this Lease and any other application of such term or provision shall not
be affected thereby. If any late charges or interest provided for in any provision of this Lease are based upon a rate in excess of the maximum rate permitted by applicable law, the parties agree that such charges shall be fixed at the maximum
permissible rate. Neither this Lease nor any provision hereof may be changed, waived, discharged or terminated except by an instrument in writing and recordable form signed by Lessor, Lessee and Lessor’s Assignees, if any. All the terms and
provisions of this Lease shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. The headings in this Lease are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. This Lease shall be governed by and construed in accordance with the laws of the State. 
 31.13    Memorandum of Lease.    Lessor and Lessee shall, promptly upon the request of either, enter into a short form memorandum of this Lease, in the form of Exhibit D attached hereto, signed
by Lessor and Lessee and otherwise in recordable form, which memorandum shall then be recorded in the applicable public records in the county where the Land is located and/or in the public records of the State of South Carolina. 
  

					
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 ARTICLE 32 
 32.1    Options To Extend Term.    So long as Renfro Corporation is the Lessee
hereunder and occupies the entirety of the Leased Improvements, and subject to the condition set forth in clause (b) below, Lessee shall have two options to extend the term of this Lease with respect to the entirety of the Leased Property (each
an “Extension Option”), the first for a period of five (5) years from the expiration of the fifteenth (15th) year of the Lease Term (the “First Extension Period”), and the second (the “Second Extension Period”) for
a period of five (5) years from the expiration of the First Extension Period, subject to the following conditions: 
 (a)    Each Extension Option shall be exercised, if at all, by notice of exercise given to Lessor by Lessee not more than fifteen months nor less than twelve months prior to: (i) the expiration of the Lease
Term, or (ii) the expiration of the First Extension Period, as applicable; 
 (b)    Anything herein to the
contrary notwithstanding, if Lessee is in default under any of the terms, covenants or conditions of this Lease, either at the time Lessee exercises either extension option or on the commencement date of the First Extension Period or the Second
Extension Period, as applicable, Lessor shall have, in addition to all of Lessor’s other rights and remedies provided in this Lease, the right to terminate such option(s) to extend upon notice to Lessee. 
 32.2    Fair Market Rent.    In the event the applicable Extension Option is exercised in a timely
fashion, the Lease shall be extended for the term of the applicable extension period upon all of the terms and conditions of this Lease, provided that the Basic Rent for each extension period shall be the “Fair Market Rent” for the Leased
Property. For purposes hereof, “Fair Market Rent” shall mean the Basic Rent agreed upon by Lessor and Lessee within thirty (30) days of Lessee’s notice of its exercise of the applicable Extension Option. In the event Lessor and
Lessee are unable to agree within such thirty (30) day period, the Basic Rent shall be set at the Basic Rent last in effect prior to Lessee’s exercise of the Extension Option, increased to reflect the cumulative change in the Consumer
Price Index-All Urban Consumers, All Items, for the 5 year period ending prior to the exercise of the Extension Option, but in no event shall Base Monthly Rent be increased less than 15%. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

					
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	 	31.	 	

 IN WITNESS WHEREOF, the parties have caused this
Lease to be executed. 
  

									
	LESSOR:	 	 RENFRO PROPERTIES LLC,
 a California limited liability company

			
		 	By:	 	 RENFRO ACQUISITION CORPORATION,
 a California corporation

				
		 		 	By:	 	 /s/ Kevin A. Shields

		 		 		 	Kevin A. Shields, President
		
	LESSEE:	 	 RENFRO CORPORATION,
 a North Carolina corporation

			
		 	By:	 	  

		 	Printed Name:	 	  

		 	Title:	 	  

 IN WITNESS WHEREOF, the parties have caused this
Lease to be executed. 
  

									
	LESSOR:	 	 RENFRO PROPERTIES LLC,
 a California limited liability company

			
		 	By:	 	 RENFRO ACQUISITION CORPORATION,
 a California corporation

				
		 		 	By:	 	  

		 		 		 	Kevin A. Shields, President
		
	LESSEE:	 	 RENFRO CORPORATION,
 a North Carolina corporation

			
		 	By:	 	 /s/ WARREN C. NICHOLS

		 	Printed Name:	 	 WARREN C. NICHOLS

		 	Title:	 	 CHAIRMAN & CEO & PRESIDENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]